The price of gold continues to hit unprecedented highs, with one troy ounce of .999 fine gold now trading at ,298. Silver is also beginning to ride the wave of gold’s recent uptrend, with its value climbing 3.64% on Wednesday surpassing the per ounce mark. Gold’s Historic Ascent Continues While One Analyst Eyes Potential […]
Bitcoin News
Telegram Implements Toncoin Payment Integration For Ads, TON Price Sees Impact
Telegram, the renowned messaging platform, recently unveiled a new feature that allows users to promote their channels through advertising. With the launch of this feature, users can now purchase ad space using Toncoins (TON), the native cryptocurrency powered by the TON blockchain.
Telegram Implements TON Blockchain For Ad Payments
Acknowledging the potential for channel owners to generate advertising revenue, Telegram’s announcement highlighted that channels collectively accumulate over 1 trillion views each month.
Realizing this opportunity, Telegram has implemented a revenue-sharing model, enabling channel owners with a minimum of 1000 subscribers to receive 50% of the ad revenue generated from ads displayed on their channels.
The decision to integrate the TON blockchain into this feature was driven by various reasons, as noted in the social media platform’s announcement on Sunday:
We chose the TON Blockchain because it has low fees, high transaction speeds – and holds a record for the number of transactions it can process per second. Anyone can now promote their bot or channel – with budgets as low as a handful of Toncoins. When creating a Telegram ad, you choose the exact channels where you’d like it to appear, so you have full control over their context.
Telegram CEO Pavel Durov had previously emphasized the importance of fast and secure ad payments and withdrawals, expressing that the TON blockchain would be the exclusive platform for these transactions. Durov stated:
To ensure ad payments and withdrawals are fast and secure, we will exclusively use the TON blockchain. Similar to our approach with Telegram usernames on Fragment, we will sell ads and share revenue with channel owners in Toncoin. This will create a virtuous circle, in which content creators will be able to either cash out their Toncoins — or reinvest them in promoting and upgrading their channels.
TON Shows Bullish Momentum
As Telegram unveils these new features and developments that can significantly boost the adoption and usage of the TON token, the cryptocurrency has responded positively.
Over the past 24 hours, TON has surged by more than 5%, reaching a current trading price of .30. This surge adds to its impressive 100% price increase over the past 30 days alone.
Notably, the announcement has also caused a substantial increase in the trading volume of TON, which has soared to 4,869,370 in the past 24 hours. This represents a rise of over 74% compared to Sunday’s trading volume, according to CoinGecko data.
Furthermore, the TON token is approaching its all-time high (ATH) mark of .69, reached on March 25. With the introduction of these new features in Telegram and the notable increase in trading volume, the token appears to be on the verge of setting a new ATH in the coming days if the demand continues to rise.
However, the token must surpass the significant resistance level of .45 for this scenario to unfold. This price level has proven to be a hurdle for the token, as it has attempted three times to break through and consolidate above it to reach a new ATH but has failed. Overcoming this resistance level is crucial before the token can approach new ATH levels.
On the TON/USD 4-hour chart, the support level that could potentially halt a price correction following the recent uptrend is .26. This support level acts as a buffer to prevent a significant downward correction in price.
Featured image from Shutterstock, chart from TradingView.com
Bitwise Sees ‘Raging’ Bitcoin Bull Market — Expects April Halving to Be ‘the Most Impactful We’ve Seen”
Bitwise Asset Management believes that “bitcoin is in a raging bull market” in the long term. Its chief executive anticipates the upcoming bitcoin halving to be “the most impactful we’ve seen.” The firm’s chief investment officer explained that global wealth managers allocating just 1% of their portfolios to bitcoin would mean about trillion of […]
Bitcoin News
Coinbase Sees Largest USDC Inflow Ever, What This Could Mean For Bitcoin
On-chain data shows Coinbase has just witnessed its largest USD Coin (USDC) inflow. Here’s why this may be relevant for Bitcoin.
Coinbase Has Just Seen A .4 Billion USDC Inflow
As pointed out by analyst Maartunn in a post on X, a large amount of USDC has flowed into Coinbase during the past day. The on-chain indicator of interest here is the “exchange inflow,” which keeps track of the total amount of a given asset entering into the wallets associated with a centralized exchange or group of platforms.
A spike in the exchange inflow can indicate that investors are interested in trading away the cryptocurrency. In the case of an asset like Bitcoin, such a trend can naturally be a bearish signal for the price.
In the context of the current discussion, though, a stablecoin is of focus. While USDC exchange inflows would also imply that the holder wants to sell the asset, the transaction wouldn’t affect the price since, by nature, the coin always remains stable at around .
This doesn’t mean that the sale of USD Coin isn’t of interest to the cryptocurrency sector as a whole, however. If investors are swapping stable coins in favor of volatile coins like BTC, then the prices of these latter assets would observe a buying effect.
Now, here is a chart that shows the trend in the USDC exchange inflow over the past month:
The above graph shows that the USDC exchange inflow has just registered a huge spike. According to Maartunn, this inflow was headed towards the cryptocurrency exchange Coinbase.
In total, .4 billion worth of the stablecoin has entered the platform’s wallets with this inflow, the largest the exchange has ever observed. Given the extraordinary scale, this could prove to be quite bullish for Bitcoin and others if the entity behind the inflow is planning to go on a buying run with this dry powder.
There also exists the scenario, however, where the whale actually intends to trade away the USD Coin stack in favor of fiat rather than using it to buy other cryptocurrencies. In such a case, a net amount of capital would be exiting the sector, which would be a bearish sign.
It now remains to be seen whether the massive USDC deposit indeed ends up causing any noticeable fluctuations in the volatile side of the market, particularly in the price of Bitcoin.
Bitcoin Price
Bitcoin had observed sharp bullish momentum earlier to cross above the ,000 level, but since then, the asset has fallen back to sideways movement, with its price remaining unchanged.
Grayscale Bitcoin ETF Sees Drastic 60% Drop In Outflows, Why This Is Important
The outflows from the Grayscale Bitcoin ETF rocked the market hard last week, leading to a dramatic decline in the BTC price. However, with the new week, there has been a change in direction as investors begin to get bullish on Bitcoin once more. As a result, the outflows from the Grayscale ETF have slowed down, reaching one of its lowest points for the month.
Grayscale Bitcoin ETF Outflows Drop 60%
Grayscale outflows ramped up last week, spearheading what would turn out to be a full week of outflows from Spot Bitcoin ETFs for the first time ever. The outflows rose rapidly over the week, even moving into the new week. However, inflows into Spot Bitcoin ETFs have been on the rise, which have overshadowed the outflows from GBTC.
Despite the outflows from the GBTC continuing, it has begun to spin into a more positive narrative as the number of BTC flowing out of the fund is declining fast. To put this in perspective, data shows there was 299.8 BTC moved out of the fund on Wednesday, March 27, and on Thursday, March, 20204, this figure dropped to 104.9 BTC, representing a 60% drop.
This marks the second day with the lowest outflows from the Grayscale Bitcoin ETF right behind the March 12 outflows of 79 BTC. It also points to a decline in the volume of outflows as investors start to level out and find their footing elsewhere.
Nevertheless, the GBTC has remained the loser of the Spot Bitcoin ETF race, nursing a full month of outflows so far. Since the ETFs were first approved in January until now, there has been more than .6 billion moved out of the fund, which accounts for around 50% of its total balance. These BTC have presumably found a home in other Spot ETF funds which have been seeing massive inflows.
Unlike last week, inflows have also dominated Spot Bitcoin ETFs this week. Total inflows for the week crossed above 0 million, bringing the total Assets Under Management (AuM) to almost billion in less than three months.
Why This Could Trigger A BTC Price Rally
The last time that GBTC outflows saw a slowdown after rising for about a week, it triggered a response from the Bitcoin price in the form of a rally. Inflows also continued to dominate for the next couple of weeks and during this time, the BTC price enjoyed a long stretch of recovery. It went from ,000 to over ,000 in the space of two months.
If this trend repeats itself this time around, then another massive BTC price rally could be around the corner. A similar price increase would also put Bitcoin right above 0,000 in the next few months. In this case, the uptrend would be far from over.
At the time of writing, Bitcoin is still struggling to break ,000 after a 1% drop in the last day.
Bitcoin Next Stop $80,000? Crypto Analyst Sees BTC Soaring Ahead Of 2024 Halving
As the crypto market braces for the upcoming Bitcoin (BTC) halving in April 2024, the discussion surrounding Bitcoin’s price trajectory has continued to gain momentum. Particularly, Michaël van de Poppe, a well-regarded figure in the crypto analysis domain, has shared his latest analysis on Bitcoin.
Next Stop ,000?
In a post shared on X, Van de Poppe suggests that Bitcoin is on the cusp of a notable rise, eyeing a target range between ,000 to ,000 in the lead-up to the halving event.
This prediction is based on the current consolidation phase of Bitcoin, indicating a buildup toward testing its all-time high with the potential for a subsequent correction.
#Bitcoin consolidating.
I think that we’re close to the peak of this run, but I think we’ll have another ATH test, perhaps even -80K pre-halving and then we’re correcting.
During that consolidation / correction phase, I expect altcoins to outperform. pic.twitter.com/bnQjYuIzrr
— Michaël van de Poppe (@CryptoMichNL) March 27, 2024
Notably, Bitcoin halving plays a crucial role in this scenario, serving as a pivotal event that historically influences Bitcoin’s market dynamics.
The halving, scheduled to occur in April 2024, will see the reward for mining new blocks halved, thereby reducing the rate at which new BTC are created and entering the market.
This event, occurring approximately every four years, is anticipated to create scarcity, pushing the demand and possibly the price higher than past patterns have suggested.
Bullish On Bitcoin
In addition to Van de Poppe’s predictions, other analysts have shared their optimistic outlooks regarding Bitcoin’s potential price movement. Jelle, another esteemed crypto analyst, posits that Bitcoin is poised for a significant leap, potentially breaching the 0,000 mark sooner than expected.
This bullish sentiment is also echoed by Doctor Profit, who highlights the importance of understanding Bitcoin’s current market behavior, including its recent sideways movement. He identifies this movement as an accumulation phase poised to catalyze a surge past the ,000 mark, aiming for 0,000.
#Bitcoin – What’s Next?
The big Sunday report, all you need to know:
TA/LCA/Psychological Analysis: In last week’s Sunday report, we discussed an anticipated sideways movement in the larger timeframe. As observed, Bitcoin is perfectly moving in this sideways region as… pic.twitter.com/BhE5Weycxv
— Doctor Profit
(@DrProfitCrypto) March 24, 2024
The significance of accumulation in this context cannot be overstated. As recently reported by NewsBTC, there is an increase in the number of addresses holding at least 1,000 BTC, suggesting that institutions and large-scale investors are gearing up for what may come post-halving.
However, despite this accumulation, Bitcoin over the past 24 hours has declined by nearly 2%, with a current market price below ,000.
Featured image from Unsplash, Chart from Tradingview
Robert Kiyosaki Sees Bitcoin as ‘Perfect Asset at the Right Time’ — Calls US Dollar ‘Giant Ponzi Scheme’
Rich Dad Poor Dad author Robert Kiyosaki has answered multiple questions about bitcoin and the U.S. dollar. Declaring that he is a bitcoin bull, the famous author said the cryptocurrency “is the perfect asset at the right time.” While acknowledging the possibility of bitcoin “going to zero,” he countered by suggesting that fiat currencies like […]
Bitcoin News
Bitcoin’s Dormant Giants: March Sees Unprecedented Movement of Vintage BTC
In recent times, bitcoin has consistently remained above the ,000 mark throughout the entire month of March. With its value soaring, many long-standing holders have started to transfer substantial quantities of dormant bitcoins from wallets that have not seen activity for years. March has emerged as a pivotal month for transactions involving these vintage bitcoins. […]
Bitcoin News
Robert F Kennedy Jr Sees Cryptocurrency as the ‘Best’ Inflation Hedge — Says Crypto ‘Takes Control Away From the Government’
U.S. presidential candidate Robert F. Kennedy Jr. (RFK Jr.) says cryptocurrency is the “best hedge against inflation.” He stressed that crypto “takes control away from the government and from the monopolistic banking system which uses money printing to shift wealth upward to the oligarchy of billionaires while impoverishing regular Americans.” RFK Jr. Says ‘Crypto Equals […]
Bitcoin News
Ethereum Sees Notable Rise In Daily Activity, But Why Is Price Down?
Ethereum’s network has seen notable growth recently in both daily active users and daily transaction volume, yet the price of ETH, Ethereum’s native cryptocurrency, has undergone corrections in the past few days. Notably, Ethereum is down by over 10% in the past seven days, underperforming Bitcoin and the S&P 500.
While this decline can be felt through the majority of large cryptocurrencies in the industry, the number of daily active Ethereum addresses has been steadily rising over the past month.
Ethereum’s Network Activity Surges But Price Remains Stagnant
An increase in network activity is usually a bullish sign for the price of cryptocurrencies as more activity means more demand. Interestingly, the number of daily active Ethereum addresses has increased by over 46% since January 3.
This increase in active addresses largely came with a surge in price over the past few months. Ethereum shot up from ,909 on February 24 to reach a two-year high of over ,000 on March 12, representing a surge of over 39%. According to data from YCharts, the number of daily active addresses increased simultaneously from 432,647 to 515,145 during the same time frame.
However, Ethereum has been on a price decline since its brief cross over ,000 and is currently down by 17% in the past 10 days. On the other hand, the network has witnessed a continued surge in activity in terms of on-chain data, with the number of daily active addresses now at 618407 in the past 24 hours, its highest point since October 2023.
According to data from IntoTheBlock, ETH’s daily average volume has been steadily growing in a similar manner to the one recorded in 2020’s early bull market. This growth has now pushed the amount of ETH transferred on Ethereum to its highest level since May 2022 this week.
Can Ethereum Resume Its Uptrend?
At the time of writing, Ethereum is trading at ,355. The price of any cryptocurrency, including ETH, depends heavily on market sentiment and speculation. While growing adoption and network activity are positive signs for long-term price growth, speculation is what really drives the price, at least in the short term.
At the same time, its price remains under pressure from several areas. One of such pressures is a recent report that the SEC is poking around Ethereum and the Ethereum Foundation and is looking to classify ETH as a security.
As the second-largest cryptocurrency, ETH’s classification as a security could cause chaos that would eventually cascade into other crypto assets.
Ethereum seems to have now formed a minor support at the ,280 price level. Failure to hold above this price point could mean a further move to the downside.
Featured image from Pexels, chart from TradingView