U.S. spot bitcoin exchange-traded funds witnessed a second day of inflows as they captured .52 million on Thursday. The leader in terms of gains was Fidelity’s FBTC led the pack with a million increase. Modest Inflows for Bitcoin ETFs on Thursday With Fidelity’s FBTC Leading the Pack The 11 spot bitcoin ETFs had a […]
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SkyBridge Capital’s Scaramucci Says Bitcoin Will Reach $250,000 Is This US Presidential Candidate Wins
Anthony Scaramucci, the founder of SkyBridge Capital, has predicted that Bitcoin could reach new all-time highs (ATH) when his preferred presidential candidate wins. He also claimed that crypto “has already won” following recent developments in the industry.
Bitcoin Could Rise To As High As 0,000 When Joe Biden Wins
Scaramucci mentioned during an interview on Unchained that he believes that the market will witness a new ATH for Bitcoin during a second Biden administration if the incumbent US President wins his reelection bid. As to how high Bitcoin can rise, Scaramucci predicts that the flagship crypto will rise to between 0,000 and 0,000.
The SkyBridge Founder also revealed that he would be voting for Joe Biden and claimed that the good news for those who support Biden and crypto is that the “needle” has moved in a positive direction. Scaramucci tried to banish the belief that this current government is anti-crypto, noting that the Spot Ethereum ETFs have been approved, and there could be more layer-1 ETFs.
Scaramucci further stated that although Biden vetoed the SAB 121 bill, he believes there will be a crypto bill in the ensuing congressional term that Biden will be willing to sign. Scaramucci is also bullish on Biden’s second term in relation to crypto because he believes that the “anti-crypto nonsense,” which he says is sponsored by Senator Elizabeth Warren and Gary Gensler, will be in the past by then.
Interestingly, Scaramucci served as the White House Director of Communications under former US President Donald Trump, making his support for Biden surprising. Trump had also recently affirmed his support for cryptocurrencies, suggesting he was more open to Bitcoin and other crypto assets than Biden.
However, despite all these, Scaramucci explained he isn’t supporting Trump because the former US President is “very transactional.” He noted how Trump had an anti-crypto stance while he was still President and has now made a complete turnaround, suggesting that Trump might just be supporting crypto because he wants to get votes from the crypto community.
Why Crypto Has “Already Won”
Scaramucci stated that the crypto industry has already won because it beat Warren and Gensler, who he claims are very Trump-like and “authoritarian and autocratic.” He also noted how the crypto industry has defeated the Securities and Exchange Commission (SEC) in court on several occasions, with some of these cases causing the Commission to pay fines and be rebuked by Judges.
Scaramucci also claimed that the SEC has been pressured by Biden’s administration and his campaign team, who have realized that being anti-crypto is bad for Biden’s campaign. Based on those points he outlined, Scaramuci again reaffirmed that the crypto industry has won against those who are anti-crypto.
Market Turbulence Continues as Crypto Outflows Reach $1.2 Billion
As digital asset markets continue to navigate turbulence, the latest report from Coinshares outlines significant capital outflows, marking a stark shift in investor sentiment. Authored by lead analyst James Butterfill, the findings highlight a consecutive week of outflows totaling 4 million, suggesting a cautious outlook on the prospects of interest rate cuts this year. Coinshares […]
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Top 10 TON Chain Coins Reach $20 Billion in Combined Value
Over the past month, toncoin (TON) has appreciated by 18.4% against the U.S. dollar, achieving a new all-time high last week. Current data indicates that the top ten TON chain coins, including TON, have a combined value of more than billion. Gaming and Meme Tokens Drive TON’s Market Growth to Billion The Open […]
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Here’s Why The Worldcoin (WLD) Price Surged Over 15% In One Day To Reach $3
Worldcoin (WLD) is currently enjoying an upward trend, with the crypto token surging by over 15% in a single day to reach . This development is thanks to the recent strides that the Worldcoin team has made to achieve the goals of the crypto project.
Expansion Of Worldcoin’s World ID Provides Bullish Momentum
The Worldcoin team recently announced that World ID, the project’s global identity network, would be making an entry into Ecuador. Locals in the country can get verified using the Orb to join Worldcoin’s identity network. The team mentioned that verifications will be available at six locations across two Ecuadorian cities.
Verification will begin at the port city of Guayaquil on June 26, while the other verification locations will be set up in the Capital city of Quito on June 27. Worldcoin stated that anyone 18 years or older who is interested in joining the over 5 million people participating in the Worldcoin network can get Orb verified in either of those two cities.
This development undoubtedly provides bullish momentum for the Worldcoin token, considering the role the crypto token plays in achieving the team’s vision of providing a global identity for everyone. Worldcoin’s entry into Ecuador is also a much-needed boost, given the regulatory scrutiny and negative publicity that has overwhelmed Worldcoin’s ecosystem.
Worldcoin also noted that its upcoming launch in Ecuador comes at a time when the project is set to expand further in Argentina through direct investments in the country and the launch of more Orb verification locations. As part of the investment, Worldcoin contributors such as Tools for Humanity (TFH) will sponsor professional opportunities for at least 50 developers, operations specialists, software engineers, data analysts, and other professionals in the country.
Additionally, Worldcoin announced that 50 World ID orb verification locations, including two experience stores, will be set up in over ten cities across Argentina. These locations are expected to open sometime during the summer in the country.
More Good News For Worldcoin
Kenya’s local media, The Star, recently reported that the government has dropped its investigation into Worldcoin. Worldcoin had earlier had to suspend its World ID verifications in the country following allegations of unlawful collection and transfer of personal data belonging to locals.
However, upon investigating and reviewing these allegations, the country’s Directorate of Criminal Investigations (DCI) determined that they had no substance and directed that the investigation be dropped with no further action from law enforcement agencies. The Star noted that this development will likely pave the way for Worldcoin to resume its operations in Kenya.
Worldcoin’s operations in Kenya were largely successful. Over 635,000 Kenyans are said to have downloaded the World App, although more than half of these individuals had yet to verify their identity using the Orb.
Study: Ordinals and Runes Reach $1 Billion Market Cap
In a significant milestone for Bitcoin-based non-fungible tokens (NFTs), the combined market capitalization of popular collections such as Ordinals and Runes has surged past billion, according to Coingecko. This growth is underscored by increasing trading volumes and user adoption, signaling a robust expansion within the Web3 sphere. Report Reveals Emerging Dynamics in Bitcoin Ordinals […]
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Liquidation Alert As High-Risk Loans On Aave Reach $1 Billion – Details
According to a report by data analytics company IntoTheBlock, the volume of high-risk loans on the prominent Aave Protocol is reaching high levels as general loan volume in the DeFi space records multi-year highs. This development is believed to stem from investors exploring various investment strategies in a bid to maximize profits in a highly anticipated crypto bull run.
Aave’s High-Risk Loans 5% Short Of Liquidation Threshold
In its weekly newsletter on June 8, IntoTheBlock highlights that DeFi loans are currently estimated at billion representing the peak value seen in the last two years. As the largest lending protocol, Aave accounts for over 50% of these figures with its users having borrowed about billion.
Notably, billion of this debt is categorized as high-risk loans which are placed against volatile collateral. Currently, these loans present substantial risk, with the values of their collateral asset within 5% of their set liquidation threshold.
For context, the margin call level or liquidation threshold is a predetermined point at which an asset’s value falls to a level where the lender or broker requires the borrower to add more collateral to maintain the loan or position. Failure to meet this requirement may result in the automatic liquidation of such collateral.
When collateral assets hover around this critical threshold as with the high-risk loans on Aave, any minor dip may lead to widespread liquidations. This normally results in the loss of such assets for the borrower. However, in certain conditions where a rapid price decline occurs, the borrower may incur additional losses which may be transferred to their account balance on the lending platform.
Furthermore, liquidations from these high-risk loans may exacerbate market volatility, which may result in more price loss, leading to more liquidations in a downward spiral. In addition, many assets getting liquidated at once can create liquidity crunches which can prevent the Aave protocol from operating smoothly.
AAVE Price Overview
Meanwhile, AAVE has declined by 5.30% in the last day after facing serious resistance at the .20 price zone. The DeFi token is currently valued at .30 after an overall negative performance in the past week resulting in an 11.53% price loss.
However, according to price prediction site Coincodex, the general sentiment around AAVE remains positive. The team at Coincodex backs AAVE to make a remarkable comeback hitting a price point of 3.87 in the next one month.
Bitcoin Hedge Fund Shorts Reach New High Amid Price Fluctuations
Amid Friday’s downturn, following bitcoin’s decline to ,450, the latest Commitments of Traders (COT) report from the Commodity Futures Trading Commission (CFTC) indicates that hedge funds are placing substantial bets against bitcoin. Bitcoin Faces Bearish Sentiment From Hedge Funds While crypto enthusiasts and analysts have been optimistic about bitcoin (BTC) for quite some time, particularly […]
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VanEck Predicts Explosive Ethereum Growth: Could ETH Reach $2.2 Trillion?
Ethereum, the world’s second-largest cryptocurrency, is poised for a meteoric rise, according to a new analysis by VanEck, a leading asset management firm. The report predicts that Ethereum could reach a valuation of .2 trillion by 2030, translating to a price of around ,000 per coin. This ambitious prediction hinges on Ethereum’s dominance in the smart contracts arena and its potential to generate a staggering billion in free cash flow by the end of the decade.
Traditional Finance Embraces Ethereum With ETF Approval
A key driver behind VanEck’s bullish outlook is the recent approval of spot Ether ETFs on US stock exchanges. These ETFs allow traditional financial institutions and investors to gain exposure to Ethereum without the complexities of directly holding the cryptocurrency.
This increased accessibility has broadened Ethereum’s appeal, attracting financial advisors, institutional investors, and even Big Tech firms. The influx of these new players has bolstered Ethereum’s legitimacy and instilled confidence in its long-term potential.
A Network Powerhouse With Room For Growth
The Ethereum network boasts a robust user base, processing around trillion worth of transactions and facilitating .5 trillion in stablecoin transfers over the past year. This impressive activity highlights Ethereum’s position as a vital cog in the decentralized finance (DeFi) machine.
VanEck’s analysis factors in Ethereum’s ongoing evolution, including the rising adoption of applications built on its platform, the increasing scarcity of ETH tokens due to burning mechanisms, and its potential to capture a larger share of the burgeoning blockchain market. The report estimates the total addressable market (TAM) for blockchain applications to be a staggering trillion, indicating vast room for Ethereum’s growth.
Will Ethereum Become The Silicon Valley Of Blockchain?
VanEck’s analysis paints a picture of Ethereum as a potential “Silicon Valley of Blockchain,” a platform that fosters innovation and disrupts traditional industries. The ability to build and deploy smart contracts on Ethereum empowers developers to create new applications and financial instruments that could revolutionize sectors like supply chain management, identity verification, and even voting systems. As Ethereum’s ecosystem flourishes, the value proposition of holding ETH tokens strengthens, potentially fueling the predicted price surge.
Ether Price Prediction
Meanwhile, according to the latest forecast, Ether is expected to rise by 2.13%, reaching ,861 by July 6, 2024. This projection is supported by a set of technical indicators that currently signal a bullish sentiment. The overall market sentiment for Ethereum is optimistic, with a Fear & Greed Index reading of 78, indicating “Extreme Greed.” This index measures market emotions and sentiment from various sources, and a high level like this often signals that investors are becoming overly confident, which can sometimes precede a market correction.
In terms of recent performance, Ethereum has experienced 17 green days out of the last 30, translating to a 57% rate of positive daily performance. This indicates a generally upward trend with consistent gains. However, over the past 30 days, Ethereum has shown an 11.30% volatility rate. This level of volatility is relatively high, implying that while the price is expected to rise, it could experience significant fluctuations.
Featured image from InvestorsObserver, chart from TradingView
Analyst Says Get Ready As Dogecoin Enters ‘Expansion Stage’, Can DOGE Reach $12?
Dogecoin is one of the cryptocurrencies getting a lot of interest from analysts recently. With meme coins expected to outperform once again during this bull cycle, crypto analyst Crypto Kinfolk has pointed out where the Dogecoin price could end up as this bull cycle manifests.
Dogecoin Enters Expansion Stage
In an analysis posted on the TradingView platform, crypto analyst Crypto Kinfolk laid out a possible scenario that could see the Dogecoin price soar from here. Starting out with a brief history, the crypto analyst highlighted how far the meme coin has come since being created back in 2013 as a joke. Also, having such a long history has made it possible for historical analysis to be drawn for the meme coin.
One of these historical analyses is how the price of Dogecoin has performed in previous bull markets. In the last two bull markets, meaning the 2017-2018 and 2020-2021 bull markets, the DOGE price saw massive gains of 21,000% and 50,000%, respectively.
Given this, a continuation of this trend could suggest that the meme coin could outperform in another bull market. As Crypto Kinfolk points out, Dogecoin has created a habit of mimicking its performance from the last bull cycle. So if there is a repeat, then this bull cycle could be just as explosive as the last, leading to what the analyst calls “a mind melting bull run.”
Can DOGE Price Rise To This Bull Cycle?
Pointing to the chart, Crypto Kinfolk explains that Dogecoin has finally completed its bear market trend, which is now giving way for recovery. More importantly, the meme coin is breaking out of accumulation, something that is historically bullish for price. As a result of this, the crypto analyst believes that the DOGE price has now entered an “expansion stage.”
In this expansion stage, the meme coin is expected to outperform, and even if it replicates just a small percentage of its previous bull runs, its price could quickly rise to unprecedented levels. The first target put forward by the analyst in this stage is .20. Hitting this first target would mean an almost 2,500% increase from its current price level of .1626 at the time of writing.
However, the analyst does not stop there, expecting further outperformance from the meme coin. The second target is a 6,100% increase to hit the .10 level. Last but not least, the third target was placed at , representing an expected 7,200% increase in price.
“With rumors shooting around the internet that Elon may add DOGE as the local currency for the X platform and this being a real possibility, I think it is counterproductive to think these type of gains are not in the cards,” Crypto Kinfolk concluded.