In the past week and a half, the crypto markets have shown a bearish trend, suggesting that the summer slowdown is underway. Many anticipate that bitcoin and the broader crypto economy might face a few uneventful weeks ahead. Onchain analyst Willy Woo believes there could be another one to four weeks of cooling down “before […]
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Summer Consolidation to Precede US Election ‘Fireworks’ in Crypto Markets, Says QCP Capital
Despite several bullish indicators, including a significant bitcoin purchase by Microstrategy and optimistic projections by notable figures, bitcoin’s price action remains subdued. Market analysts at QCP Capital shed light on the underlying factors contributing to this paradox. Bullish Signs Clashing With Market Realities In its market commentary, QCP Capital mentioned how Microstrategy expanded its BTC […]
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SEC Chair Gary Gensler Envisions US Spot Ether ETFs Launching This Summer
U.S. Securities and Exchange Commission (SEC) Chairman Gary Gensler has indicated to lawmakers that he expects spot ethereum exchange-traded funds (ETFs) to launch this summer. The SEC is still working with fund issuers on their S-1 filings, which must be declared effective before the spot ether ETFs can launch. Gary Gensler Answers Crypto Questions The […]
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Quiet Summer Ahead For Bitcoin, But Ethereum Holds Potential for Surprise — QCP Capital
According to the latest report by QCP Capital, options data reveals a plunge in trading volatility, particularly for Bitcoin, meaning cryptocurrency traders could be in for a tamer summer.
The research firm, which is well known for spotting new market trends, points out that the data patterns in the charts suggest that we are likely to have a more shallow trading period for now.
This comes as the market is still recovering from recent highs and lows, consigning traders in limbo trying to make sense of the next big play.
Ethereum Is In For An Active Summer Despite Anticipated Market Lull
The one exception is that the Ethereum options show significantly higher implied volatility than that of Bitcoin. This suggests that although the market, in general, could cool off, Ethereum could still see a relative surge in trade.
In their report, QCP Capital advised traders to consider accumulation strategies, particularly for Ethereum, in preparation for what they term “the long, quiet summer.” This approach could be beneficial if the market maintains its predicted low volatility.
Additionally, they do not foresee any significant price movements for Ethereum in July, aligning with the expectations set around the potential approval of a spot Ethereum spot Exchange-traded funds (ETFs later in the summer.
However, the speculation surrounding the approval of an Ethereum spot ETF is creating a buzz, with traders eyeing the S-1 Form approval that could bring more action to Ethereum’s market.
Ethereum’s implied volatility currently stands at a 10 vol premium to Bitcoin, which QCP analysts expect to narrow as the market begins to price in the anticipated US spot ETF approval.
This suggests that while the summer might be quieter, there could still be critical developments that could influence market dynamics in the latter part of the season.
Bitcoin & ETH Market Performance And Sentiment
Reflecting on recent market performance, Bitcoin and Ethereum have shown noticeable declines. After a bullish phase spurred by the US SEC’s approval of spot Ethereum ETFs last month, cryptocurrencies have closely mirrored each other in market downturns.
Over the past week, Ethereum has seen a significant 8.5% decline, with a 1.4% drop in just the past 24 hours. Similarly, Bitcoin has experienced a 1.4% decrease today, continuing a week-long downtrend that brought its price below ,000.
In light of these fluctuations, Bitcoin maximalist Samson Mow has made intriguing predictions about potential market movements. According to Mow, the likelihood of Bitcoin experiencing a significant price surge—or what he refers to as an “Omega candle”—is increasing as market pressure builds up.
The #Bitcoin coil is super compressed now. The longer we go without a Godzilla candle, the more likely it is to get an Omega.
— Samson Mow (@Excellion) June 13, 2024
Featured image created with DALL-E, Chart from TradingView
Blast From The Past? Analyst Identifies Pivotal Summer For VeChain With This Bullish Fractal
Over the past few weeks, the price of VeChain (VET) has struggled to live up to the promise and vigor it showed at the start of the year. This has been the story with a significant portion of the cryptocurrency market, with several large-cap altcoins down by double-digits in the past month.
However, the VeChain token has been a hot subject of discussion in the circle of cryptocurrency analysts and pundits. Popular crypto analyst Ali Martinez is amongst the latest to put forward future projections for the token.
Can VeChain Price Reach .6 By December 2024?
The crypto pundit took to the X platform to share an interesting update on the monthly chart of the VET price. According to Martinez, the cryptocurrency is gearing up for a price rebound this summer, which might be crucial to its performance in the rest of the year.
This projection is based on the return of a previously identified consolidation range in the VeChain price, with the analyst suggesting that the token could follow this historical fractal. Martinez pointed out that the fractal appeared in 2020 when VET’s price reached its all-time high of .281.
Most recently, VET broke out of a consolidation range following its significant price surge to .04664 in February. The altcoin has been experiencing a price correction since then, although what looks like a “resistance retest” seems to be complete.
According to Martinez, the price of VeChain is set for a “rebound” this summer after retesting the channel’s upper boundary at around .32. Following the price recovery, the analyst said the cryptocurrency is likely to experience a “potential explosive growth” in the fall.
As highlighted in the chart above, VET’s price could travel as high as .6 by December 2024. If this fractal does play out as the analyst anticipates, the price target would be a new all-time high and a massive 1,600% surge from the current price point.
VET Price Overview
As of this writing, the VeChain token is valued at .03469, reflecting a 2.6% price dip in the last 24 hours. VET’s struggles in the past day underscore the altcoin’s sluggish performance on even broader timeframes.
According to data from CoinGecko, the cryptocurrency is down by 7% and 23% on the weekly timeframe and monthly timeframe, respectively. Nonetheless, VeChain has managed to retain its position amongst the top 50 largest cryptocurrencies, with a market capitalization of more than .5 billion.
Raoul Pal Signals ‘Banana Zone’ Rally, Predicts Strong ‘Crypto Summer’ for Digital Assets
With cryptocurrency values on the decline and bitcoin down 13% from a month ago, British financial expert Raoul Pal predicts a rebound during the “Crypto Summer.” According to Pal, this rise will generate widespread excitement, and “everything will get caught up in euphoria.” British Financial Guru Spells Out Next Big Crypto Wave: ‘Full Mania’ Expected […]
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What is Macro/Crypto Summer? Don’t Miss Out, Says Expert
In a thread on X (formerly Twitter), Raoul Pal, a renowned trading guru and the founder/CEO of Global Macro Investor and Real Vision, has illuminated the crypto community about the advent of what he terms as the “Macro/Crypto Summer.” This period, according to Pal, is not just a fleeting season but a significant phase in the financial and cryptocurrency markets, deeply rooted in the cyclical nature of the global economy.
Why The Macro/Crypto Summer Matters
Pal elaborates on the concept of the “Macro Summer,” explaining it as a pivotal phase in “The Everything Code” cycle, closely following the Financial Conditions Index, which historically precedes the cycle by approximately ten months. The ISM (Institute for Supply Management) index, a key indicator of economic health, often bottoms out during this period, marking the start of GDP growth.
Pal’s thesis draws attention to the “near-perfect 3 1/2 year cyclicality” in the ISM business cycle, propelled by liquidity dynamics and the debt refinancing cycle at its core. He underscores the significance of liquidity: “And that is driven by liquidity, which bottomed at the end of 2022… macro summer and fall are all about liquidity rising and is a core part of The Everything Code thesis.”
This influx of liquidity is crucial for tech stocks, which historically thrive during these phases. Yet, it’s Bitcoin and, more broadly, the cryptocurrency market that exhibit the most dramatic responses. Pal presents staggering growth figures from past Macro Summer and Fall seasons to underscore his point:
- Bitcoin: Saw increases of “2012/2013: +146x, 2016/2017: +30x, 2020/2021: +8x…”
- Ethereum: As an altcoin during the 2016/2017 and 2020/2021 cycles, it achieved “2016/2017: +1,770x, 2020/2021: +41x.”
- Altcoins (excluding ETH): Witnessed an aggregate market cap rise of “+24x” in the last cycle.
“Wild! When we just look at Altcoins ex-ETH (we only have shorter data for the last cycle), the entire market cap rose +24x! And that includes thousands of worthless tokens that didn’t rise, so I’m not just cherry-picking winners here,” Pal remarked.
DOGE, a popular meme coin, is mentioned by the expert as another prime example of the “power of Crypto Summer and Fall,” with its value experiencing significant multipliers – “2016/2017: +136x, 2020/2021: +370x” – in the aforementioned cycles.
These figures underline the significant influence of macroeconomic cycles on crypto valuations, with Pal pointing out the alignment of these cycles with Bitcoin’s halving events. “Crypto summer has started and fully develops post-halving,” he states, highlighting the interconnectedness of these cycles with the broader financial landscape.
Notably, Pal’s analysis doesn’t stop at the past; it looks forward, suggesting that liquidity is expected to rise all the way into the end of 2025. This anticipation is rooted in a complex interplay of global financial mechanisms, including the potential for increased US money printing in response to a massive ramp-up in interest payments and changes in Fed Net Liquidity and the Treasury General Account (TGA).
“Will the US join the summer party? […] I know it seems impossible now, but the US is on the verge of a massive ramp-up in interest payments. […] at some point – the balance sheet will stop shrinking, which is enough to unleash liquidity into the system. […] I cannot see how they don’t massively expand liquidity, one way or another.
Meanwhile, Pal predicts that it won’t be just the US injecting liquidity into the financial systems in the coming months. “I’ve no idea whether it’s China, the EU, Japan or the US that drives this or maybe a bit of all. Time will tell,” he remarked.
Pal attributes his investment strategies, especially in tech and crypto, to the insights gained from The Everything Code. This approach has prepared him for the unfolding Macro Summer, with a keen eye on the altcoin market and the so-called “Banana Zone.” He concludes:
But the bigger game is yet to be played out as Alt season arrives and we fully enter the Banana Zone. The Banana Zone cometh, and it is a huge wealth-generating machine. Patience will be rewarded. In the meantime, don’t fuck this up. #DFTU
At press time, BTC traded at ,003.
Dai (DAI) investors buy Pushd (PUSHD) early to see summer profits while Bitcoin (BTC) hits $52k
Some crypto projects are not as volatile as other projects on the blockchain, they are called stablecoins, Dai (DAI) is one of such coins. Dai (DAI) is linked to the US dollar by 1:1. Investors use stable coins like Dai (DAI) to escape the level of uncertainty that comes with regular coins. Bitcoin (BTC) is the oldest cryptocurrency on the blockchain. Bitcoin (BTC) paved the way for other cryptocurrency projects. We do not know the identity of the creator(s) of Bitcoin (BTC), they use the moniker, Satoshi Nakamoto.
Pushd (PUSHD) is the new project on the scene that has investors talking, they all want to get a piece of the action. Pushd (PUSHD) has now gone through four presale stages and is currently on its fifth. In these stages, Pushd (PUSHD) has been able to get over 25,0000 sign-ups.
Dai (DAI) and the end of stablecoins
The argument for stablecoins like Dai (DAI) is that even though it records red lines, it will not stray too far even if a stablecoin goes below the line by 0.05% it is still a cause for concern. Dai (DAI) has spent more than half of last week below the line. Dai (DAI) holders are worried because Dai (DAI) is not as stable as they would like and they would rather just make profits with projects with great predictions like Pushd (PUSHD).
Bitcoin (BTC) is still in good shape
Being the first decentralized cryptocurrency project, Bitcoin (BTC) has already made its mark in history. Bitcoin (BTC) holders are satisfied with their investments as Bitcoin (BTC) keeps climbing in the charts. In the last year, Bitcoin (BTC) has grown by 109% but experts believe that Pushd (PUSHD) will be a better investment for 2024.
Pushd (PUSHD) has the market singing its praise
The news of Pushd (PUSHD) has spread all over the decentralized market but what is this new project that even experts are excited about? Pushd (PUSHD) is going to be the first decentralized project that allows people to buy and sell items online. Pushd (PUSHD) will usher in the world to the era of decentralized online marketplaces. Pushd (PUSHD) will change the way the world looks at online shopping and the decentralized economy.
Experts predict that there will be many more people joining the Web3 world because they want to shop on Pushd (PUSHD). Why would they come to shop in Pushd (PUSHD)? Because Pushd (PUSHD) has so many benefits that traditional marketplaces will not be able to keep up. For example, Pushd (PUSHD) will enjoy the lowest transaction fees possible, this is because, unlike traditional marketplaces, Pushd (PUSHD) has no middleman between buyer and seller. Users will also enjoy faster transactions and a safer shopping environment.
Pushd (PUSHD) has even more benefits that have investors buying into its fifth presale stage at .094. Find out more about the Pushd (PUSHD) presale by visiting the website here.
Find out more about the PUSHD presale by visiting the website here
XRP Summer Showdown: Trading Hype Versus Price Reality, What Lies Ahead?
XRP, the fifth-largest cryptocurrency in the market, has entered a phase of macro consolidation following a significant decline that began on July 20. This consolidation has maintained the token’s price within a range of .4858 and .5505, before Ripple Labs’ legal victory against the US Securities and Exchange Commission on July 13.
XRP Consolidation Continues Despite Strong Trading Activity
According to insights from crypto market data provider Kaiko, XRP demonstrated extreme trade volume during the summer. XRP’s average trade volume in the previous month reached 2 million, four times higher than the following most prominent altcoins by trade volume.
The question arises as to why XRP failed to sustain its price gains despite its impressive trade volume.
Analyzing the average share of sell volume for XRP provides some insights. Notably, the largest Korean exchange, Upbit, and OKX experienced significant selling pressure, while buying activity was more prominent on US-based Coinbase throughout the previous month.
Another interesting observation is the rise in average trade size for XRP on Coinbase, surpassing all other top ten altcoins.
This suggests that buying demand may have been driven by large traders in the United States, as investors regained access to the token following the July court ruling.
However, it is essential to note that even though XRP tops the list on offshore markets, its share of trading volume in the United States remains lower, ranking it as the sixth most traded altcoin by cumulative trade volume.
Currently, XRP is trading at .5063, displaying a stable price within 24 hours. Moreover, the token has maintained a consistent consolidation phase, experiencing a slight decrease of 2.7% and 1.4% over the past seven and fourteen days, respectively.
This raises whether XRP’s uptrend will prevail or if further downside movements are looming.
Is A Bullish Resurgence Or Downtrend Imminent?
Crypto analyst Egrag Crypto recently took to the social media platform X (formerly known as Twitter) to present two contrasting scenarios for XRP’s price movement.
The first scenario suggested a potential dip to .43 or even .35, which could be seen as a shakeout before a rebound. The second scenario proposed a more optimistic outlook, with XRP potentially aiming for heights of .60 and .67 before skyrocketing to new levels.
To gain further insights into the likelihood of these scenarios, it is crucial to examine XRP’s resistance and support lines on the daily chart above.
The chart reveals that while surpassing the next resistance level of .5401 and regaining bullish momentum, XRP could potentially experience a substantial 27% uptrend toward .6700, as predicted by Egrag Crypto. However, the token currently faces two significant hurdles in achieving this.
XRP’s 200-day and 50-day Moving Averages (MAs) can act as solid resistance levels if the token’s trading volume is not accompanied by sufficient buying pressure. Presently, XRP is trading below these two lines, which adds to the challenge of surpassing the resistance.
If XRP fails to overcome these resistances and sustain its consolidation phase, another correction may soon be on the horizon for the token.
On the other hand, bullish investors will need to defend the nearest support floor for XRP at .4524. If this level is breached, the token could decline further to the .3495 zone or even the .2854 line, representing XRP’s one-year support.
Considering the various scenarios and the resistance and support lines depicted in the chart, the absence of catalysts that could propel XRP to higher price territories, coupled with a failed attempt to maintain its macro consolidation zone, may lead XRP towards continuing its downtrend and potentially reaching a new yearly low.
Featured image from iStock, chart from TradingView.com
Binance Launching New Crypto Trading Platform in Japan This Summer to Comply With Regulations
Global cryptocurrency exchange Binance says it has created a new crypto trading platform for Japan residents that will be available this summer. The new exchange will fully comply with Japanese crypto regulations and will offer trading of a limited number of tokens initially, according to the exchange.
Binance Has Created New Crypto Trading Platform for Japan Users
Global cryptocurrency exchange Binance has announced that it is launching a local crypto trading platform for residents of Japan this summer. Binance wrote:
We are pleased to announce that we have created a new platform for residents in Japan in order to fully comply with local regulations.
“The new platform will be available this summer. We will inform the launch date and provide further details in the coming months,” the global crypto exchange continued.
The services offered by Binance’s global platform will be discontinued for Japan residents on Nov. 30, the announcement adds. “Users of the global platform will be able to migrate to the new local platform through a new identity verification process (KYC), which will be available after August 1, 2023.”
From Dec. 1, all Binance.com accounts held by local Japanese resident users will be set to “withdrawal-only mode,” Binance detailed. In addition, Binance noted that its new Japan platform “will not provide derivatives services at the initial stage to comply with local regulations.”
Regarding which crypto tokens will be available on the new Binance Japan platform, the crypto firm explained:
Binance Japan will have a limited number of tokens available for spot trading at the initial stage, and there are limitations on certain product offerings to comply with local regulations. We will add more products and services when it is possible to do so.
Binance further noted: “We aim to provide over 30 tokens as a first step. We will provide updates and more information once new tokens are confirmed.”
In November last year, Binance said it had acquired 100% of Sakura Exchange Bitcoin (SEBC), a Japanese crypto exchange service provider regulated by Japan’s top financial regulator, the Financial Services Agency. “The Japanese market will play a key role in the future of cryptocurrency adoption. As one of the world’s leading economies with a highly-developed tech ecosystem, it’s already poised for strong blockchain uptake,” said Takeshi Chino, general manager of Binance Japan.
What do you think about Binance launching a local platform for Japan residents to comply with regulations? Let us know in the comments section below.