Nigerian prison officials have reportedly refused to release Tigran Gambaryan’s medical records. A High Court judge has ordered Kuje Detention Centre prison officials to present Gambaryan’s legal representatives with the records by July 5. Yuki Gambaryan, the wife of the Binance employee, has urged Nigerian authorities to drop charges against her husband. Gambaryan’s Health Deteriorates […]
Bitcoin News
Bitcoin Records Surge In Retail Investors – Is A Price Rebound On?
According to data from CoinMarketCap, the price of Bitcoin declined by 5.25% in the past week falling below the ,000 mark. This price dip adds to the string of negative performances in the last month during which BTC has lost 9.88% of its value.
However, Bitcoin has recently seen an increase in buying interest despite its recent price dips and popular notions that the maiden cryptocurrency is bound to remain in a consolidation state for now. Prominent crypto analyst Ali Martinez has now stated another development that characterizes the resilient interest in Bitcoin amidst its current overall bearish trend.
Retail BTC Investors Return In Numbers: Incoming Price Rally?
In an X post on Saturday, Martinez reported that the number of new Bitcoin (BTC) addresses reached 352,124 on Friday. This figure marks the highest level since April and breaks a downtrend that has persisted since November 2023.
Based on this data, the crypto analyst announced a resurgence in the number of retail Bitcoin investors indicating renewed interest from key players in the market. For context, retail investors refer to individual investors who trade assets for their personal accounts. They typically trade in smaller quantities than organizations but are quite important for market stability and liquidity.
Retail #Bitcoin investors are making a comeback! The number of new $BTC addresses on the network surged to 352,124, marking the highest level since April. pic.twitter.com/GFOHnsokz0
— Ali (@ali_charts) June 29, 2024
Generally, a rise in retail investors represents an increase in the token’s demand due to an influx of new participants to the market which can subsequently translate into a rise in market price. Furthermore, this surge in new addresses can be interpreted as a positive signal stating that individuals have disposable income and are willing to invest in speculative assets like Bitcoin.
Finally, retail investors can also serve as a barometer for market sentiment with their increased activity indicating a broader bullish sentiment on Bitcoin’s future in the market. Interestingly, Bitcoin’s price already saw a slight increase of 0.92% on Saturday, briefly surpassing the ,000 mark. However, it is still too early to determine if this price bounce could trigger a market rebound for the most valuable cryptocurrency.
Bitcoin Price Overview
At the time of writing, Bitcoin is trading at ,884, as it continues to move within the ,100 to ,200 range. The token’s daily trading volume has decreased by 49.16% and is now valued at .7 billion.
If Bitcoin bulls can generate sufficient buying pressure to break out of this sideways movement, the asset could potentially return to ,000. Conversely, if the coin experiences a price breakdown, it could fall as low as ,000.
Argentina Records First Week of Zero Inflation in 30 Years; Milei Claims He’s Redefining Economic Theory
Argentina is reaping its first rewards in the fight against inflation, as a private consulting firm found that the inflation in food and beverages reached 0% during June’s third week. President Javier Milei celebrated this achievement, stating that his administration was rewriting economic theory and that he might receive the Nobel prize if successful. Javier […]
Bitcoin News
Ethereum (ETH) Records Surge In Active Addresses – Incoming Price Rebound?
Ethereum (ETH) is currently down by 0.75% as its price continues a range-bound movement seen all week. However, in its monthly timeframe, the most prominent altcoin displays a concerning performance with a reported loss of 6.40% according to data from CoinMarketCap.
However, popular crypto analyst Ali Martinez has picked up a notable development on the Ethereum network which could spell good fortunes for price action in the coming days.
Ethereum Active Addresses Soar To 3-Month High At 617,170
In an X post on June 22, Martinez reported a significant spike in the active addresses on the Ethereum blockchain. Using data from blockchain analytics company Santiment, the crypto analyst noted there were 617,170 active Ethereum users on June 21, marking the highest value for this metric in the past three months.
#Ethereum just saw its largest spike in active $ETH addresses in three months, reaching a total of 617,170 active #ETH addresses. pic.twitter.com/CSqBOnQhEr
— Ali (@ali_charts) June 22, 2024
This development has sparked much speculation in the Ethereum community as a rise in active addresses often signifies an increase in network activity which is quite important following Ethereum’s overall negative performance in the last month.
In theory, this is a positive omen for ETH’s price as higher activity corresponds with a rise in user transactions thus driving higher demand for the cryptocurrency and ultimately producing a price rebound. Many Ethereum enthusiasts would likely hope that this turns out to be the case when the altcoin breaks out of its current condition between ,400 and 3,600.
ETH Propped For Major Rebound
In other news, another crypto analyst Michaël Van De Poppe has also added to Ethereum’s chances of staging market recovery. Using the ETH/BTC price chart, van De Poppe stated that as long as ETH trades above the 0.05 price mark, the token’s downtrend is set to undergo a reversal soon.
Currently, ETH trades around ,504.42 with a 1.56% decline in the past week. Notably, the token’s daily volume is down by a staggering 52.93%, presently valued at .50 billion.
If the bulls are able to mount massive pressure forcing an upward breakout, ETH may return to the ,000 last seen in March. However, if the bears retain market control, Ethereum could fall as low as 00, representing a potential 14% decline from its current price.
It’s worth stating that all predictions are merely speculations and offer no guarantee. Investors are admonished to conduct proper research before buying any asset.
ETH trading at ,511 on the daily chart | Source: ETHUSDT chart on Tradingview.comFeatured image from, chart from Tradingview
Solana Records New Monthly User High Amidst Persistent Price Drop
Solana (SOL) has had a turbulent time lately evident with a consistent decline in its market price. According to data from CoinMarketCap, the “Ethereum Killer” is down by 6.36% on its weekly chart, emerging as the biggest loser among the top 10 tokens.
Interestingly, this price dip depicts the larger negative performance of SOL in which it has lost 24.61% of its value in the last month. However, amidst this mayhem, the Solana network has hit a significant milestone which may spark some excitement for investors.
Solana Records All-Time High Of 30 Million Monthly Users
In an enthralling development for SOL enthusiasts, data from blockchain analytics platform Artemis shows the network has attained a new peak of 30 million active addresses (users). This development was shared on X on Friday by the data analysis handle SolanaFloor.
BREAKING: Monthly active addresses on @Solana surpass 30 million, a new all-time high. pic.twitter.com/F9ujQE2OiC
— SolanaFloor (@SolanaFloor) June 21, 2024
After reaching the 25 million mark in 2022, the Solana blockchain experienced a steep decline in monthly active users going as low as 5 million in 2023. However, the smart contract platform has appeared rather attractive in 2024 with a steady rise in monthly users throughout the year so far.
In the crypto ecosystem, the importance of growth in network users stems mainly from an indication of growing market confidence from investors, which is quite vital considering SOL’s current price dip. For the fifth largest cryptocurrency, this rise in the active addresses is likely due to the current hype around Solana meme coins – a .65 billion ecosystem that has provided investors with an avenue of recording insane trading profits.
In addition, an increase in network users can also translate into larger liquidity, more stable network security, and the development of more use cases, all of which are important features in attracting further investment and boosting a token’s value.
What’s Next For SOL?
At the time of writing, SOL trades at 3.36 following a 0.34% decline in the last day. Furthermore, the token’s daily trading volume is down by 6.81% and valued at t .19 billion.
For Solana, the bulls face strong resistance at the 1 price zone. If the buying pressure proves sufficient to push through this region. SOL could return as high as 0 over the next few weeks. However, a rejection at this zone could result in a further decline in the token’s price reaching as low as 0.
All traders are reminded to perform due diligence before engaging with the cryptocurrency market.
Bitcoin Blockchain Records $3.82 Billion in NFT Sales, Secures Fourth-Largest Spot
Since the launch of Ordinal inscriptions, Bitcoin-based non-fungible tokens (NFTs) have proliferated, with the blockchain documenting .82 billion in NFT sales across more than 3 million transactions. Bitcoin has now ascended to the fourth-largest blockchain by total NFT sales. From Counterparty to Ordinal: Bitcoin NFTs Hit .82 Billion in Sales In the first week of […]
Bitcoin News
$2.7 Billion Reduction — Coinbase Records 40,406 BTC Outflow in 60-Day Period
In recent weeks, Binance and Robinhood observed a modest influx of approximately 1,302 BTC or million in bitcoin, with Robinhood acquiring the majority of these assets. Conversely, Coinbase experienced a noticeable decrease in its bitcoin reserves, witnessing an outflow of 40,406 BTC valued at .7 billion in the past two months. Coinbase, Binance, and […]
Bitcoin News
May Shatters Bitcoin Transaction Records, Highlighting a Year of Unparalleled Achievements
According to recent data, May has set new records for milestones within the Bitcoin network. Following the record-breaking number of transactions confirmed on April 23, four of the top five days with the highest transaction counts settled on the Bitcoin blockchain occurred in May. 2024: A Banner Year for Bitcoin Records The year 2024 has […]
Bitcoin News
Bitcoin Spot ETF Records Consecutive Weeks Of Inflows As Investor Confidence Grows
Ethereum exchange-traded funds (ETF) have been the talk of the town – and rightly so – after the United States Securities and Exchange Commission (SEC) approved the listing of the investment products during the week. Meanwhile, the Bitcoin spot ETF market continued its resurgence on one side, marked by a second consecutive week of positive inflows.
This streak of positive inflows represents a complete shift from previous weeks when investment activity was dangerously low. However, this recent turnaround reflects a rise in investor confidence over the past two weeks.
Bitcoin Spot ETF: 2 Million In Net Inflows In One Day
On Friday, May 24, the US Bitcoin spot ETF market saw another day of positive inflows, marking the 10th consecutive day of significant investment into these funds. According to data from SoSoValue, the market recorded a total net inflow of approximately 2 million to close the week.
Breaking this down, BlackRock amassed a substantial percentage of the total daily investment, with the IBIT ETF posting an inflow of 2 million. Grayscale Bitcoin Trust (GBTC), on the other hand, did not attract any capital on Friday, ending the week with zero daily outflows and inflow.
Other ETF issuers, such as Fidelity, Bitwise, and ARK Investment, also witnessed impressive inflows on Friday. Most notably, Fidelity’s FBTC came second to BlackRock’s fund after attracting about .7 million on the last day of the week.
More importantly, this positive inflow day means that the Bitcoin spot ETF market has amassed significant investment every day for the second week in a row. And after the close of Friday’s trading session, the net inflow in the past week stood at an impressive .06 billion.
This sustained positive trend in terms of capital inflow suggests that investor confidence in Bitcoin ETFs might be back at an all-time high. The last time there was a consistent positive capital inflow into these products, the Bitcoin price rose to a new all-time high.
With Ethereum spot ETFs on the brink of trading in the US, crypto exchange-trade products seem to be in fashion at the moment. And they might just be the catalyst that the crypto market – particularly Bitcoin – needs to resume what is left of the bull cycle.
Bitcoin Price At A Glance
As of this writing, Bitcoin is valued at ,868, reflecting a 2.5% price increase in the last 24 hours. According to data from CoinGecko, the premier cryptocurrency is up by 3% on the weekly timeframe.
UK Shuts Down Crypto Advisory Firm for Misleading Investors and Poor Financial Records
The UK government announced this week that the Insolvency Service has secured a winding-up order against cryptocurrency advisory firm Amey Finance Academy Ltd at the High Court. The company, created by Desmond Amey in 2018, claimed to offer investment advice and financial education. However, complaints emerged that consumers lost money, and the Financial Conduct Authority […]
Bitcoin News