A crypto influencer recently praised a Nigerian student who agreed to return Solana tokens worth several thousand dollars that were mistakenly sent to his crypto wallet. After the influencer revealed the incident, well-wishers in the crypto community, impressed by the student’s honesty, began sending tips to his crypto wallet. Influencer: Incident Highlights Hope for Crypto […]
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Hashnote Partners With Anchorage Digital to Offer Secure Crypto Investment Returns
Hashnote, a digital asset manager, has announced a partnership with crypto custody firm Anchorage Digital to offer secure investment returns for institutional clients. This collaboration integrates Anchorage’s custody services with Hashnote’s derivative strategies. Hashnote and Anchorage Join Forces to Reduce Counterparty Risk for Institutional Investors Investing in Crypto On Monday, Hashnote stated that the “collaboration […]
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Triangle Formation That Sparked The 2017 XRP Rally Returns, What’s The Target?
The XRP price is seeing another triangle formation on its chart that could point to an impending rally. One important fact about this triangle formation is the fact that it led to a significant rally seven years ago, and if history repeats itself, then XRP may be set for a bullish wave.
XRP Triangle Formation Signals Bullish Continuation
In an analysis on TradingView, crypto analyst TradingShot pointed out that the XRP price is seeing another triangle formation. This formation comes from the culmination of a number of indicators, all of which have become bullish during this time.
The indicators pointed out by the crypto analyst include the price closing below its 1W MA50 and 1W MA200. While, at first glance, this could look bearish, it can be a bit signal that propels the price up as investors start to get back in at low prices. This is also made obvious by the 1W RSI dropping to 40.00, as historically, this indicator at this level has always presented a buying opportunity.
Furthermore, the crypto analyst points out that the XRP price is currently testing the bottom with the higher lows trend line. All of these have come together to form a triangle structure that has not been seen since 2013-2017.
This triangle structure is important given that the last time it appeared in 2013 and eventually broke out in 2017, the XRP price went on to rally to new all-time highs. Therefore, the appearance of this triangle structure this time around could signal the start of another bullish trend that pushes the altcoin’s price toward new all-time highs as well.
How Far Can The Price Go?
In the scenario where the XRP price does follow the 2013-2017 trend and a breakout occurs, the crypto analyst does see the price reaching a new all-time high. However, for this to happen and for the bullish trend to be confirmed, the price will have to break above the 1W MA200, as the analyst explains.
Related Reading: Crypto Research Firm Says Bitcoin Crash Below ,000 May Not Be The End, Here’s Why
In such a case that the altcoin does break this important level, TradingShot puts the price as high as .5. Such a move would mean an over 800% increase in value from where the XRP price is currently sitting at .47.
However, as with any bullish scenario, there is also the possibility that the trend fails to actualize. In the event that the price does not break the 1W MA200, the crypto analyst advises “that the XRP army will need a need narrative to hang on to, as the long-term pattern would have failed them.”
Report: Speculation Returns as Bitcoin Market Shows Signs of Recovery
Glassnode’s latest onchain analysis reveals a resurgence in speculative activity in the bitcoin (BTC) market after months of stagnation. This shift marks a potential change in market sentiment, with both short and long-term holders displaying increased engagement. Mt Gox Preparations Spark New Wave of Bitcoin Speculation Analysts at Glassnode reported the reappearance of speculative behavior […]
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Buy Now, Crypto Bull Market Returns, Says Arthur Hayes
In a new essay titled “Group of Fools,” Arthur Hayes, the outspoken co-founder of crypto exchange BitMEX, casts a critical eye over recent macroeconomic developments and their implications for the crypto market. Hayes, known for his direct and often provocative commentary, employs a blend of technical analysis, central banking critique, and currency market insights to build a case for what he believes is the return of a Bitcoin and crypto bull market.
A “Group Of Fools”
He begins by emphasizing the significance of the dollar-yen exchange rate as a macroeconomic barometer. According to Hayes, this metric crucially influences global financial stability and policy decisions. “The dollar-yen exchange rate is the most important macroeconomic indicator,” he asserts.
Hayes revisits his earlier proposal for the US Federal Reserve (Fed) to engage in extensive dollar-for-yen swaps with the Bank of Japan (BOJ), a move he argues would empower the Japanese Ministry of Finance to bolster the yen through targeted interventions in the forex markets. Despite the theoretical benefits of this strategy, Hayes notes with a mix of irony and frustration that the G7 nations, which he refers to as the “Group of Fools,” have opted for a different route.
The narrative then shifts to a critical examination of the G7’s central banking strategies. Hayes points out the stark discrepancies in interest rates among the major economies, with Japan maintaining a near-zero rate while other nations hover around 4-5%. He critiques the conventional wisdom that supports rate cuts as a tool to manage inflation, which universally targets a 2% rate among G7 countries, despite their diverse economic conditions.
“The G7 central banks—with the exception of the BOJ—have all raised rates aggressively in response to inflation spikes,” Hayes writes. However, he highlights yesterday’s unexpected rate cuts by the Bank of Canada and the European Central Bank despite prevailing inflation trends, suggesting a deeper, unstated economic strategy aimed at bolstering the yen against a backdrop of geopolitical and economic tensions with China.
He describes this move as a cessation of what he terms “rate hike Kabuki theatre,” a maneuver he believes is designed to maintain the dominance of the Pax Americana-led global financial system.
Why The Bitcoin And Crypto Bull Run Returns
It is in this context that Hayes pivots to the implications for the crypto market. Looking ahead, Hayes turns his gaze to the crypto markets, suggesting that these recent shifts signal a fortuitous environment for investment in digital assets. Hayes speculates that the coordinated actions of central banks to adjust interest rates downward, despite high inflation, are setting the stage for increased liquidity in global markets, which traditionally benefits riskier assets like Bitcoin and subsequently altcoins.
“The June central banking fireworks kicked off this week by the BOC and ECB rate cuts will catapult crypto out of the northern hemispheric summer doldrums. This was not my expected base case. I thought the fireworks would start in August, right around when the Fed hosts its Jackson Hole symposium,” Hayes noted.
He argues that these monetary policy shifts are likely to ignite a bull market in Bitcoin and crypto, particularly as central banks appear to be entering a cycle of rate easing. “We know how to play this game. It’s the same game we have been playing since 2009 when our Lord and Saviour Satoshi gave us the weapon to defeat the TradFi devil. Go long Bitcoin and subsequently shitcoins.” Hayes declares, referencing the pseudonymous creator of Bitcoin.
As the G7 meeting from June 13-15 looms, Hayes anticipates further developments that could influence global financial markets. He expects the communiqué from this gathering will likely address currency and bond market manipulations explicitly, or at least signal continued accommodative policies. Additionally, Hayes forecasts that despite conventional caution against policy shifts near major political events like the US presidential election, unusual circumstances might prompt unexpected moves.
Hayes concludes his essay by reinforcing his bullish stance on Bitcoin and crypto, driven by his analysis of G7 monetary policies and their impact on global exchange rates and financial stability. His call to action for the crypto community is to capitalize on these developments, positioning themselves for what he predicts will be a lucrative phase in the markets.
“For my excess liquid crypto synthetic-dollar cash, […] it is time to deploy it again on conviction shitcoins. […] But suffice it to say, the crypto bull is reawakening and is about to gore the hides of profligate central bankers,” Hayes concludes.
At press time, BTC traded at ,200.
Shiba Inu Open Interest Returns To February 2024 Levels, What Happened Last Time?
Shiba Inu has seen a notable uptick in its open interest that has sent renewed vigor through investors. While the meme coin’s open interest is yet to break its Match 2024 all-time high, it is on a bullish trend that could see an attempt soon.
Shiba Inu Open Interest At February Levels
The total Shiba Inu open interest has climbed back above million across multiple exchanges, bringing it to one of the highest levels so far for the year. According to data from Coinglass, the SHIB open interest is now sitting at .08 million as of June 6, 2024.
This figure is notable because the open interest has been struggling over the last few months. After hitting an all-time high of almost 6 million in March 2024, the Shiba Inu open interest fell rapidly, losing more than half of its value by mid-April.
However, the SHIB open interest began to recover in May, and with June rolling around, the open interest has surged. From the March lows to the currently June figures, the Shiba Inu open interest is now up almost 100%, showing a notable spike in interest from investors.
Currently sitting above 97%, the SHIB open interest is now around 60% away from making a new all-time high. The possibility of this happening has significant implications for the SHIB price hitting a new all-time high as well.
Why A Rise In Open Interest Is Important
The Shiba Inu open interest is on the rise is significant not just to measure investor interest but in how it affects the SHIB price. Looking at the March figures when the SHIB open interest had hit a new all-time high, the price had rallied right alongside it. So the current increase could translate into a price rally as well.
If the open interest were to go back to its 6 million ATH, going by how much the price rose the last time, it could see the Shiba Inu price touch .00004 once more, and hit a new yearly high. This is because in March, the SHIB price more than doubled when the open interest surged.
However, in the last 24 hours, there has been a small slow down in the open interest, with an overall 0.42% decrease. The SHIB price is currently trending at .0000256 at the time of writing, representing a 4.41% decrease in the last week.
Bitcoin Whales’ Buying Appetite Returns, On-Chain Data Shows
The Bitcoin price has cooled off after surging to as high as ,000 on the back of the Ethereum ETF approval news last week. Not long after the price spike, the premier cryptocurrency witnessed a correction to ,000 and appears to be back in a consolidation range.
Interestingly, Bitcoin whales seem to be awakening from their slumber, as they have been loading their bags with significant BTC amounts in the past few days. This begs the question – can the returning whales’ appetite push Bitcoin to a new record-high price?
Is A Return To All-Time High Imminent?
A pseudonymous analyst shared in a CryptoQuant Quicktake post that Bitcoin whales are showing an increased buying appetite and getting active in the market once again. The relevant indicators here are the total whale holdings and a moving average tracking a 30-day percentage change in the balance.
Whales are entities (individuals or organizations) that own substantial amounts of a cryptocurrency (typically at least 1,000 BTC, in this case). Due to the size of their holdings, whales are often able to influence price movements and market dynamics through their activities.
In the Quicktake post, the on-chain analyst noted a recent increase in the monthly percentage change in whale address holdings and a steady rise in the total whale balance. The pseundonymous pundit said:
The whales’ appetite for buying Bitcoin has returned strongly, after a two-month decline in buying interest since March.
From the chart above, it was observed that the Bitcoin whales had increased their holdings by more than 11% in March when the BTC price hit a new all-time high of ,737. However, the BTC accumulation rate steadied in April, with the 30-day percentage change falling to around 3% by the end of the month.
Bitcoin accumulation appears to be on the rise in May, with the monthly percentage change returning to above 5% as of May 24. The CryptoQuant analyst said in the post:
They [whales] are now returning with a strong buying force again, indicating that the current prices are suitable for purchasing and accumulating despite the widespread fear.
If the whale accumulation of BTC returns to its March level, there is an increased likelihood of the Bitcoin price returning to and perhaps surpassing its current all-time high. This projection is even more plausible considering that the premier cryptocurrency did forge a new high the last time the whales accumulated BTC at that rate.
Bitcoin Price At A Glance
As of press time, the price of Bitcoin stands at around ,216, reflecting a bare 0.8% increase in the past 24 hours.
Bitcoin Boom: Price Explodes Past $67,000 As Investor Confidence Returns
The cryptocurrency market has been shaken by turbulence over the past year, but Bitcoin is now staging a remarkable comeback, breaking past the ,000 mark for the first time since late 2023.
This unexpected surge has electrified the Bitcoin community, sparking widespread optimism and a sense of renewed hope among investors.
Confidence In Bitcoin High
The collective mood of the Bitcoin community, as measured by Santiment’s “Weighted Sentiment” metric, has reached its most bullish level since the SEC’s landmark approval of Bitcoin spot ETFs in late 2023.
That pivotal regulatory move had significantly bolstered confidence in the cryptocurrency’s legitimacy and legitimized it as an investable asset class.
The crowd’s sentiment has shifted toward #Bitcoin after the surprise bounce above K Wednesday (and now above .2K). Additionally, #Chainlink is seeing its most #bullish sentiment in over a year. #FOMO staying low will help these rises continue. https://t.co/TcEPBdS9Oh pic.twitter.com/czvE1mOgId
— Santiment (@santimentfeed) May 17, 2024
Social media platforms are now abuzz with enthusiastic discussions as Bitcoin enthusiasts express excitement about the cryptocurrency’s potential. Many are drawing parallels to the last major bull run in 2021, when Bitcoin reached its all-time high of over ,000.
Cautionary Notes Amidst The Enthusiasm
While the Bitcoin community celebrates this latest achievement, seasoned analysts are urging investors to tread carefully and avoid the pitfalls of impulsive decision-making. Cryptocurrency markets are notoriously volatile, and Bitcoin’s price history is filled with dramatic ups and downs.
Bitcoin’s recent resurgence also coincides with a broader upswing in traditional markets, raising questions about the extent to which the cryptocurrency’s performance is intertwined with the wider financial ecosystem. A potential downturn in the stock market, for example, could negatively impact Bitcoin’s momentum as investors shift their funds accordingly.
Managing FOMO, Maintaining A Long-Term Perspective
As Bitcoin’s price climbs, so too does the risk of FOMO – the fear of missing out. This psychological phenomenon can drive investors to make impulsive decisions, fearing they’ll miss out on significant gains.
The resurgence of Bitcoin has reinvigorated the cryptocurrency community, but seasoned investors know that the road ahead may not be smooth sailing. Extreme bullish sentiment can sometimes act as a contrarian indicator, suggesting that the market might be nearing a peak.
Meanwhile, market volatility remains a constant concern, capable of triggering significant price swings at any moment. Moreover, regulatory scrutiny looms large, with governments worldwide grappling to establish frameworks that balance innovation with investor protection.
At the time of writing, Bitcoin was trading at ,096, down a measly 0.2% in the last 24 hours, but managed to sustain a 10.0% rally in the last seven days, data from Coingecko shows.
Featured image from iStock, chart from TradingView
GameStop Stock And Wolverine Memecoins Explode As Roaring Kitty Returns To The Spotlight
GameStop, the video game retailer that took Wall Street by storm in 2021, has once again become the talk of the town as its share price surges 100%.
Fueling this rally is the return of the influential social media figure Keith Gill’s “Roaring Kitty.” After a long hiatus, Roaring Kitty’s recent activity on social platforms, including an image and video, has ignited excitement among investors and triggered a renewed frenzy for GameStop’s meme stock and the emerging world of memecoins.
GameStop Memestock Frenzy
The meme-stock phenomenon gained widespread attention in 2021 when cash-rich investors pumped up the stock market and bet against short-selling hedge funds.
Keith Gill’s “TheRoaringKitty” account and the subreddit “WallStreetBets” played a pivotal role in the meme stock frenzy, driving stocks like GameStop and AMC Entertainment to surge over 1,000% by the end of the same year.
While some early investors reaped rich returns, hedge funds such as Gabe Plotkin’s Melvin Capital Management suffered significant losses, leading to closures.
According to Bloomberg, short sellers betting against GameStop initially enjoyed gains in the year’s first four months. Still, the volatile nature of meme stocks quickly erased those paper gains. Per the report, “skeptics” were up an estimated 0 million from January to April before slipping into the red by Monday morning.
The percentage of GameStop shares sold short relative to those available for trading has remained at approximately 24%, a relatively high level for a typical company but significantly lower than the 140% levels witnessed during the 2021 mania.
As GameStop’s shares gained momentum, the cost to bet against the company increased. Recent data from S3 indicates borrowing costs exceeding a 10% annual financing fee range.
Roaring Kitty’s Ripple Effect
Roaring Kitty’s influence extended beyond GameStop, as Wolverine-themed memecoins flooded various blockchains. In response to a social media post featuring a video of Marvel superhero Wolverine, more than 30 new tokens were launched on platforms like Ethereum and Solana, as data by Dextools shows.
Notably, the newly minted “Roaring Wolverine” token on the Ethereum blockchain experienced an astonishing 80% surge within hours of its release.
Furthermore, the memecoin market has witnessed a notable resurgence, with tokens such as Dogecoin (DOGE), Shiba Inu (SHIB), Pepe (PEPE), Dogwifhat (WIF), Floki Inu (FLOKI), and Bonk Inu (BONK) recording significant gains, according to CoinGecko data.
For instance, PEPE, the market leader, surged by 15% in the past 24 hours, complementing its 20% uptrend over the previous week. It reached a new high of .00001077 during early Monday trading.
Ultimately, GameStop’s meme stock resurgence, fueled by the return of Roaring Kitty, inflicted substantial losses on short sellers of the meme stock on Monday.
The impact of Roaring Kitty’s social media presence has extended to the memecoin market, with several Wolverine-themed tokens experiencing significant surges.
Featured image from Shutterstock, chart from TradingView.com
Gamestop Shares Surge 70% as Roaring Kitty Returns to Social Media
Gamestop shares climbed by 70% today, representing the most significant gain since 2021, triggered by a mysterious social media post from Roaring Kitty, the figurehead of the earlier meme stock and Wall Street Bets craze. This sharp rise in the stock’s value occurred alongside pronounced trading instability and numerous suspensions. The Return of Roaring Kitty […]
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