The Nigerian securities regulator said on June 21 that it had amended the digital asset rules to expand their scope and introduced an accelerated process for onboarding virtual asset service providers. The Accelerated Regulatory Incubation Programme provides VASPs with insights into the Commission’s expectations before they fully commence operations. Regulator Threatens Enforcement Action Against Non-Compliant […]
Bitcoin News
US Senators Urge Federal Reserve to Cut Interest Rates — Warn Fed Policy Threatens Economy, Risks Recession
Three U.S. senators have urged Federal Reserve Chair Jerome Powell to cut interest rates, arguing that high rates stifle the economy and raise housing and auto insurance costs, which are key inflation drivers. They warn that prolonged high rates risk a recession and increased unemployment, calling for immediate rate cuts to stabilize the economy. Senators […]
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Abu Dhabi Regulator Prohibits Cryptocurrency Mining on Farms, Threatens Fines Up to $2,700
The Abu Dhabi Agriculture and Food Safety Authority in the UAE has issued a new advisory prohibiting the use of farms for cryptocurrency mining. The advisory explicitly states that farms cannot be repurposed for cryptocurrency mining, which authorities consider a “misuse of the farm for purposes other than its intended use. Farmers caught engaging in […]
Bitcoin News
DOJ’s Unlawful Interpretation Threatens Bitcoin and Crypto Innovation, Lawmakers Warn
Two U.S. senators have criticized the Department of Justice (DOJ)’s new interpretation of “money transmission,” which extends requirements to non-custodial software, citing concerns over its impact on crypto networks and financial innovation. “I’m concerned the DOJ’s interpretation would treat software developers as criminals for merely writing and publishing code used by others,” one of the […]
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End Of The Road For BNB After 200% Surge? Mounting Resistance Threatens Rally
BNB, the native cryptocurrency of the BSC network, has undoubtedly been one of the winning altcoins scene the bull market began. The price has been able to go from around 0 to over 0 in the space of a year, notching over 200% gains in the process. However, it seems that this outperformance by the altcoin is coming to an end, as an analyst predicts that it is about to hit massive resistance that could stop its growth dead in its path.
BNB Headed For Mounting Resistance
In an analysis that was shared on the TradingView website, crypto analyst Trade City Pro revealed that the BNB token might have to fighting massive resistance soon. The analyst points out that this is a culmination of the bullish rally that the altcoin has seen in the last year, and now bears are maki g their stand.
The analyst points to Bitcoin’s performance during this time as something that could help to pinpoint where the BNB price is headed next. As they explain, BNB risks falling into correction and consolidation after that, making its current level a perilous one for investors.
Mainly, the crypto analyst credits the altcoin’s performance from here on what Bitcoin does next. BNB, which is currently the 4th-largest cryptocurrency by market cap, mirrors Bitcoin’s movements to a larger extent compared to smaller altcoins. So, Trade City Pro’s analysis with respect to Bitcoin is not far off.
For confirmation of whether the BNB token continues to be something to sell or hold, the analyst places the ultimate decision around the ,000 level for Bitcoin. They explain that a dump below ,000 would be a sell signal. However, if the Bitcoin price were to maintain strength above ,000, then they would continue to hold the altcoin.
What Happens In The Event Of A Price Crash?
Should the BNB price crash from here, the crypto analyst has prepared an action plan that could help investors take advantage of it. For example, a Bitcoin crash below ,000 could send the BNB price below 0, and at this level, the analyst believes buying would be a good move. This is what the analyst refers to as the “Potential Re-Entry” point.
Then, for “Entering After Resistance,” the analyst advises investors to buy the altcoin if the price is able to reclaim 6 and stay above it. This level is important because the 6-0 range is identified in the analysis as a significant resistance zone, and so beating it is important for the BNB price to continue its rally.
Related Reading: How High Can The XRP Price Go? Crypto Analyst Unveils 6-Month Prediction
Additionally, Trade City Pro adds that the Fibonacci Retracement Levels might offer a level for re-entry into the altcoin. “In case of a correction, the key Fibonacci levels from the last upward wave at 0.5 and 0.618 (between 4 to 0) might offer good entry points. Wait for a reaction or momentum change at these levels before entering,” they stated.
Lastly, the analyst points out that BNB has not really followed the broader market in recent times, which could mean something is coming. “It’s intriguing that BNB seems relatively unaffected by broader market conditions, suggesting Binance might be positioning for something unique,” Trade City Pro said in closing.
House Approves Resolution to Overturn SEC’s Crypto Rules — Biden Threatens to Veto
The U.S. House of Representatives has passed H.J. Res. 109, a resolution aimed at overturning the Securities and Exchange Commission’s SAB 121 regulations on digital assets. The resolution seeks to reduce regulatory burdens and promote safer custodianship of digital assets by regulated banks. However, the White House has backed the SEC, issuing a veto threat, […]
Bitcoin News
Arbitrum’s Massive $107 Million Token Unlock Threatens To Send Price Below $1
Arbitrum (ARB) runs the risk of a significant price decline due to its upcoming token unlock on April 16. These token unlock events are known to be a recipe for high volatility because of what could happen in the aftermath of their occurrence.
7 Million Arbitrum Tokens Set To Be Unlocked
Data from TokenUnlock shows that 92.65 million Arbitrum tokens (3.49% of its circulating supply) are set to be unlocked on April 16. 56.13 million (.10 million) of these tokens will be distributed to the team, future team, and advisors, while the remaining 36.52 million (.36 million) will be distributed to investors.
Token unlocks are usually followed by a wave of massive sell-offs from the beneficiaries, which causes the token’s price to drop. As such, Arbitrum’s price could also suffer the same fate once these tokens are distributed. However, this won’t be the first time, considering Arbitrum suffered a significant price decline during its last token unlock on March 16.
Data from CoinMarketCap shows that Arbitrum’s price, which closed the previous day at above , dropped to .8 on March 16. However, it is worth noting that the magnitude of this month’s token unlock is nothing compared to last month’s, when 1.11 billion Arbitrum tokens (41.89% of its circulating supply) were unlocked.
Therefore, the impact of any potential sell-off on the market might not be as severe as the last time. Despite that, Arbitrum still risks dropping below the support level for the first time in a long while, as it is currently hovering around that price range.
Other Token Unlocks To Watch Out For
.96 million worth of Axie Infinity (AXS) tokens (7.6% of circulating supply) will also be unlocked this week on April 17. 3.10 million of these tokens will be distributed as staking rewards, while 6.08 million and 1.69 million tokens will be distributed to the team and ecosystem fund, respectively.
Meanwhile, like Arbitrum, Apecoin (APE) is another token that risks dropping below with its upcoming token unlock on April 17. .57 million worth of Apecoin tokens (2.48% of circulating supply) will be unlocked, with most of these tokens going to the Yuga Labs founder. A significant drop in Apecoin’s price could further compound the bearish outlook of the Yuga Labs ecosystem, as the Bored Ape NFT is already down 90% from its peak.
Ripple’s 500 Million XRP Escrow Unlock Threatens Price As Bulls Struggle To Hold $0.61
XRP has struggled to a higher degree compared to the others in the top 10 cryptocurrencies by market cap and it seems like the bearish sentiment is far from over. Ripple just unlocked a massive amount of tokens from escrow, which could threaten the price further.
Ripple Unlocks 500 Million XRP
In the early hours of Friday, on-chain whale tracking platform Whale Alert posted two transactions carrying a notable number of XRP tokens. The first transaction saw 200 million tokens unlocked from the escrow wallet, worth 2.63 million at the time of the transfer.
The second transaction came minutes later when a total of 300 million XRP tokens were also unclosed from escrow. This second tranche of tokens, being larger than the first, was worth 3.89 million at the time, bringing the total number of unlocked tokens to 500 million. Together, both transactions were worth over 0 million.
These unlocks have, unsurprisingly, stirred concern in the Ripple community for a number of reasons. One of the reasons is that Ripple never does unlocks in the middle of the month. Rather, they do scheduled unlocks at the start of each month. So, these transactions have drawn the attention of the crypto community.
Another cause for concern is the fact that Ripple could be selling these XRP tokens. Hence, putting more tokens in circulation and adding more selling pressure to the already struggling digital asset. However, Ripple has not shown any indication of what these unlocks could be for as there have been no transfer transactions since then, just the unlock transactions.
Unlocks Can Send Price Crashing?
XRP unlocks are not new to the Ripple community, as scheduled unlocks take place every month. These unlocks see 1 billion XRP tokens unlocked from the escrow according to schedule. But most times, the majority of the unlocked tokens are sent back to escrow.
Usually, these unlocks do not negatively affect the altcoin’s price, but that’s when the unlocks are expected. This time around, the unlocks are unplanned, leading to speculation as to why Ripple would be unlocking XRP tokens outside of the unlock schedule.
So far, the XRP price seems to not be reacting to the unlock at all. It continues to trend around .61, with small losses of 0.91% in the last day. However, the altcoin is still seeing 4.74% gains in the last week, showing the positive upside that it saw earlier in the week.
Bitcoin Threatens To Retreat To $60,000 As Bulls Seek Solid Ground
After a spectacular ascent to record highs, Bitcoin (BTC) is facing a reality check. The past week has seen a dramatic price correction, leaving investors wondering if this is a temporary setback or a sign of a more bearish future.
The world’s most popular cryptocurrency reached an intraday low of ,620 on March 17th, a significant drop from its recent peak above ,000. This pullback has triggered a wave of pessimism, with analysts pointing to declining profitability and a drop in daily active addresses on the network.
A Bearish Shadow Looms
According to analysts, investor sentiment has been hurt by a series of descending peaks and failed upturns, while selling pressure remains rampant as we approach the “weekly candle close.” This sentiment is echoed by data from IntoTheBlock, which shows a sharp decline in the number of addresses “In the Money,” signifying a decrease in overall profitability within the Bitcoin network.
Finding Support: A Beacon of Hope?
However, not everyone is hitting the panic button. Technical analysis suggests a potential support zone for buyers between ,000 and ,000. Popular trader Skew highlights this area as a possible turning point, while also acknowledging significant spot selling from major exchanges like Coinbase and Binance.
$BTC Spot Market Data Thread, in partnership @_WOO_X $BTC Binance Spot
Weekend spot buyer hereSpot Supply (K – K)
Spot Demand (K)Interestingly last bounce which was sold into also resulted in a stack of limit bids being quoted lower.
~ Keep an eye on those bids… pic.twitter.com/3PKHyddNlv— Skew Δ (@52kskew) March 17, 2024
Bulls On The Horizon: Are The Giants Awakening?
While the immediate future appears uncertain, some analysts remain bullish on Bitcoin’s long-term prospects. They view the current correction as a natural and healthy part of any bull run, pointing to historical data where similar pullbacks paved the way for further growth.
Related Reading: Bitcoin Crashes: Dip To ,000 Triggers Over 0 Million Liquidation Avalanche
Adding fuel to the fire of optimism is the potential return of institutional capital. The recent resumption of buying from US Bitcoin ETFs and the prospect of a significant influx of funds from hedge funds and investment advisors in the coming months are seen as potential catalysts for a rebound.
Thomas Fahrer, CEO of Apollo, a decentralized online cryptocurrency platform renowned for its comprehensive crypto reviews and analysis of ETF inflows, echoes sentiments regarding X.
Fahrer characterizes the current state as a “Bear Trap” and pinpoints the resumption of buying from US Bitcoin ETFs on March 18 as a potential catalyst for an upward surge in X’s value.
Related Reading: Forget Dogecoin, Shiba Inu Set To Become The Top Dog: Expert Predicts 0 Billion Market Cap
Emphasizing the significance of increased institutional acceptance, Fahrer anticipates a surge in liquidity within Bitcoin ETFs, suggesting that substantial capital inflows from institutional investors have yet to materialize.
The Verdict: Brace For A Volatile Week
This week will be crucial for Bitcoin. The coming days will be a test of the cryptocurrency’s resilience and its ability to overcome the current selling pressure. If bulls can regain control and positive sentiment prevails, a return to record highs remains a possibility. However, if the downtrend continues, Bitcoin could face a more extended period of correction.
Featured image from Pexels, chart from TradingView
Massive $29.3 Million Whale Transfer Threatens XRP Price With More Sell Pressure
The XRP price has yet to recover from the latest exploit, which resulted in Ripple’s co-founder Chris Larsen being hacked and 213 million XRP worth 0 million carted away. This seems to have further spooked a depleting whale account base, as on-chain data points to XRP whales already exiting their positions in the past few weeks.
Particularly, on-chain data from whale transaction tracker WhaleAlerts points to a recent transaction of 29 million XRP tokens transferred from an unknown wallet to the crypto exchange Bitstamp.
Massive XRP Whale Transfer To Crypto Exchange
The actions of whales or large holders of cryptocurrencies seem to always tell the nature of general market sentiment. XRP, for instance, has been under selling pressure in the past week, as the crypto is currently down by 5.51% in a 7-day timeframe.
However, recent data points to continued selling pressure in the near term. For instance, according to whale alerts, 29 million XRPs worth .7 million were sent to Bitstamp. Similarly, 28.85 million XRP worth .6 million was sent to Bitstamp in another transaction. The nature of these transactions likely points to whales dumping their holdings, and moves like this could foreshadow further declines.
28,850,000 #XRP (14,628,631 USD) transferred from unknown wallet to #Bitstamphttps://t.co/ujvPfK3ezM
— Whale Alert (@whale_alert) February 5, 2024
On-chain data from Santiment Supply by Addresses metric, which tracks the number of wallet addresses holding more than 1 million XRP tokens, tells a similar tale. According to this metric, the number of addresses in this category saw a steady increase, reaching 1,986 on January 28. This figure dropped to 1,957 on February 3rd, which indicated that 29 whale wallets cut down on their holdings during this period. At the time of writing, the metric stands at 1,962 wallets.
XRP Price Selling Pressure To Continue?
XRP recently crossed below .5 for the first time since October after news of the hack broke out. However, the price has since made a slight recovery from .49 and is trading at the .50 level at the time of writing.
Despite seeing a 27.43% increase in trading volume, the XRP price has failed to post gains in the past 24 hours and is down by 0.35%. On a larger timeframe, the crypto is down by 10.6% in 30 days, with price movement indicating the formation of lower highs and lower lows. Consequently, if the selling pressure continues and the current minor support at .501 fails to hold, XRP could break below to form a lower low around .48
According to crypto analyst EGRAG CRYPTO, known for his bullish stance on XRP, the current decline is a perfect opportunity to accumulate more tokens while suggesting the XRP price could spike to very soon.