Trading in Metaplanet’s stock was halted for two consecutive days by the Tokyo Stock Exchange due to a significant price surge, following the company’s adoption of a bitcoin investment strategy similar to Microstrategy’s, which led to a 158% increase in its share price over the last week. The company’s stock price rally, which rose 127% […]
Bitcoin News
BTC Price Down 2%, Triggering Liquidation of Over $34M in Bitcoin Longs in Derivatives Shake-Up
On May 9, 2024, bitcoin’s value faced a decline, hitting an intraday low of ,634 at approximately 7 a.m. EDT. The latest downturn has led to the liquidation of about .79 million in bitcoin long positions across various derivatives markets. As Bitcoin’s Value Declines, Heavy Liquidations Follow Bitcoin is facing challenges on Thursday, with its […]
Bitcoin News
Ethereum Blob Inscriptions Exceed 40%, Triggering Unprecedented ‘Blob Contention’
Following the debut of the Dencun upgrade and Ethereum blobs, enthusiasts have devised methods to embed data akin to how Ordinal inscriptions operate. Since this development, inscription-based activities now account for over 40% of blob transactions, leading to a significant increase in network activity. This uptick has resulted in a congestion of blob transactions, pushing […]
Bitcoin News
Bitcoin Plummets Below $40K for First Time in 48 Days, Triggering Market-Wide Crypto Slide
On Monday, Jan. 22, 2024, the value of bitcoin fell below the K mark for the first time in 48 days, as per market analysis. In the last 24 hours, bitcoin witnessed a 4% decline, with a 14.2% decrease observed over the preceding two weeks.
Bears Take the Reigns—Bitcoin Falls Under K Amid Market Turbulence
Since early December 2023, specifically since Dec. 5, 2023, bitcoin’s price has remained above the K threshold. The leading crypto asset in terms of market value reached a peak of ,000 on Jan. 10, 2024. However, this high was short-lived. Subsequently, the price descended to the K bracket. Over the recent days, it has struggled to maintain its stance in the K territory, eventually dipping below this threshold at 2:15 p.m. Eastern Time (ET) on the said Monday afternoon.
Currently, the value of bitcoin has dropped to approximately ,400, with a trade volume of about .81 billion at 2:15 p.m., a significant increase from the .58 billion recorded at 8:00 a.m. (ET). Short-term indicators reveal that bitcoin (BTC) is undergoing a downward trend, marked by heightened volatility and a notable decline in its worth. The surge in trading volume during this downturn hints at a possible panic-induced selling spree, especially as the price falls below the ,000 level, a key psychological support point.
The recent dip in BTC’s price has also filled a CME gap that existed around the ,600 mark. In the hour following the plunge, bitcoin long positions amounting to .57 million have been liquidated, with .78 million in BTC longs eliminated over the entire day.
The ,000 #bitcoin CME Gap has closed
— TMG ₿ (@MartiniGuyYT) January 22, 2024
This downturn in bitcoin’s value has triggered a ripple effect across numerous cryptocurrencies, contributing to the overall .59 trillion crypto market economy’s 3.02% decline on Monday. Ethereum has dropped by 6%, BNB by 4.5%, SOL by 9.4%, and XRP has seen a 4.7% decrease in the same timeframe.
What do you think about bitcoin plunging below the K range on Monday? Let us know what you think about this subject in the comments section below.
Okx to Cut Ties With Privacy Coins Amid Regulatory Heat, Triggering Market Dip
In light of the ongoing dialogue around Binance’s removal of privacy coins, the cryptocurrency exchange Okx has declared the removal of various spot trading pairs linked to privacy tokens such as monero, zcash, and dash. Okx attributes its decision to remove these offerings to “feedback from users” along with the exchange’s established guidelines for delisting.
Privacy Tokens Take a Hit: Okx Joins Binance in Major Delisting Wave
Once more, privacy coins face removals as regulatory and compliance requirements intensified significantly throughout 2023. Okx revealed the removal of 20 trading pairs, set to cease operation after Jan. 5, 2024. Two days prior on Dec. 27, Okx halted deposits for ZEN, XMR, CAPO, DASH, FSN, CVP, ZKS, and ZEC. The suspension of withdrawals for these coins is slated for March 5, 2024.
“In order to maintain a robust spot trading environment, we constantly monitor the performance of all listed trading pairs and review their listing qualifications on a regular basis,” the exchange details. “Based on feedback from users and the Okx Token Delisting / Hiding Guideline, we will be delisting several trading pairs that do not fulfill our listing criteria.”
Advocates of privacy are expressing discontent with the delisting moves by Okx and Binance. Conversely, some argue that they are indifferent and that certain privacy coins will continue to thrive regardless of support from exchanges.
Following the announcement, a significant dip occurred in the value of many privacy coins on Friday, with the entire privacy coin market declining over 6% against the U.S. dollar. XMR fell 3.6%, ZEC decreased by 11.3%, and DASH lost 9% in a 24-hour period.
What do you think about Okx delisting privacy coins? Share your thoughts and opinions about this subject in the comments section below.
Bitcoin Dominance Is Days Away From Triggering A 30% Rally Against Alts
Bitcoin smashing through ,000 gave the cryptocurrency enough momentum and energy to take out ,000 and revisit last year’s highs. But while it did so, it caused altcoins like Ethereum, Chainlink, and dozens more to bleed out relative to BTC.
It has left alts in a precarious position, potentially about to be left for dead by Bitcoin dominance and a possible 30% rally from here.
Remember The Once In A Lifetime Altcoin Season And Bitcoin’s All-Time High
Bitcoin first arrived after the Great Recession of 2008. Within a few years, the underlying technology itself took new life in the form of altcoins, many designed to improve upon the original cryptocurrency in some way.
Ethereum added smart contracts, while Litecoin sought to improve speed and loosen up the tight supply slightly. Others were created to solve scalability.
Related Reading | Crypto Capital Manager Claims Failed Altcoin Promises Won’t Be Forgotten
No altcoins have been able to beat Bitcoin at its own game, but the allure of the next big thing in crypto caused a frenzy of FOMO after Bitcoin exploded to ,000. The hyper-growth across the crypto industry in both capital and in total coins created, caused BTC dominance, a metric measuring the top crypto asset’s weight against the rest of the total crypto market cap, to dive.
A metric that previously never broke below 95%, within a year or two fell to 35% dominance. Ethereum gobbled up a significant chunk, along with XRP, and other top ten assets.
Dominance could close above the middle-BB on two-week timeframes | Source: BTC.D on TradingView.com
BTC Dominance Poised To Wipe Out Alt Rally, Start Slate Clean In 2022
Nearly four years later, and now Bitcoin is on its way back up toward the highs it broke down from, and it could all happen with a two-week timeframe close above the middle-Bollinger Band.
A close above the moving average from which the two standard deviations are derived is a long or short signal. Note that the two previous closes above the middle-BB resulted in an over 30% climb each time. Closing below the middle-BB is what sent BTC.D off the deep end and kicked off the first-ever altcoin season.
TA roadmap shows path to peak in dominance before altcoin season returns | Source: BTC.D on TradingView.com
An inverse head and shoulders bottom on BTC.D peaked as the crypto bubble popped, and a breakout of the neckline took Bitcoin to the 2019 top where altcoins were decimated in its wake.
Related Reading | Crypto Analyst: Altcoins To “Tank” While Bitcoin Runs For All-Time High
Another 30% rally from the middle Bollinger Band that could result from a two-week close above the key level, would take BTC dominance to as high as 85%, coinciding with technical analysis resistance and support levels, as well as retesting a rising wedge pattern and forming the head on yet another reversal pattern.
Combining TA with the technical indicator paints a bearish picture for altcoins | Source: BTC.D on TradingView.com
Combining the technical analysis patterns with the indicator shows how the price action between Bitcoin and altcoins could play out over the next year.
Bitcoin’s new bull run beginning and new all-time highs could cause alts to tank as analysts are expecting, but when it finally turns around in late 2022, another epic altcoin season will be due.
Featured image from Deposit Photos, Charts from TradingView.com
Scarily Accurate Analyst Thinks Bitcoin Will Hold $10,000, Triggering Strong Growth
Bitcoin has flirted with falling under ,000 multiple times over the past week. If you take a look at BTC’s recent price action, you will see a series of bottom wicks just below ,000. This shows that Bitcoin traders do not want the leading cryptocurrency to trade under that pivotal support level.
By NewsBTC’s count, the coin has slipped under ,000 on at least seven occasions over the past week.
Analysts have become worried as they fear the support will eventually be broken. The loss of that level, some have postulated, will trigger a strong collapse that likely takes Bitcoin to the low-,000s,
Fortunately for bulls, a prominent trader believes that Bitcoin will hold the crucial level. The trader in question is one that has historically been accurate in his calls, predicting BTC’s drop to ,000 in 2018, then the recovery to ,000, then the subsequent drop.
Related Reading: CNBC’s “Mad Money” Host Jim Cramer Is Finally Buying Bitcoin
Bitcoin Will Hold ,000, Says Historically Accurate Trader
One pseudonymous trader only known as “PentarhUdi” thinks Bitcoin will hold the pivotal ,000 level moving forward.
In an analysis published September 8th to TradingView, the individual wrote:
“As you can see, k level is very important for Bitcoin and was under siege multiple times in the past. From downside… Now the battle is going on from upside. It takes more time than I personally expected, but this doesn’t surprise me much when I look backwards. If Bitcoin hold k on weekly basis (i.e. weekly candle will not close below) – it will be a strong ground for further growth. And I’m sure it will.”
This latest remark comes shortly after PentarhUdi said that Bitcoin could hit ,000 by October or November. Referencing the chart shared below, he wrote:
“This is not more than 4 months prediction, as I spotted new bullish channel . According to my idea price may reach ATH area in 2 months with following some triangle-like consolidation. For EW lovers – I think price is in starting local III wave with all 3rd-wave-specific bullish drama around. Wave length is around 2 months.”
Chart from TradingView.com
It’s worth giving some context about this mysterious trader.
In a now-famous analysis, the trader noted that Bitcoin would bottom around the ,000s in December 2018. Then, he predicted that the asset would bounce towards ,000 in the middle of 2019, prior to dropping back towards the ,000s by late 2019.
Related Reading: Here’s Why This Crypto CEO Thinks BTC Soon Hits ,000
Far from the Only Notable Bull
Mike Novogratz of Galaxy Digital is another analyst expecting Bitcoin to move higher into the end of the year:
“Great bubbles usually end with policy moves… It doesn’t look like the Fed is going to raise rates … The liquidity story isn’t going to go away. We’re going to get a big stimulus. Bitcoin still has a lot of retail interest in it. A lot of that retail interest shifted to the story stocks, to the tech stocks, because they were just more fun … Yesterday you saw a lot of money shift back over to gold and bitcoin.”
Related Reading: This European Crypto Exchange Was Just Hacked for Million
Featured Image from Shutterstock Price tags: xbtusd, btcusd, btcusdt Charts from TradingView.com Scarily Accurate Analyst Thinks bitcoin Will Hold ,000, Triggering Strong Growth
What’s Really Triggering This Epic Ethereum Rally? 3 Key Factors Behind Upsurge
The number two crypto asset by market cap, Ethereum, has been outperforming most of the rest of the market over the last few weeks, including Bitcoin.
But what is causing this epic rally? Here are the three most important factors fueling the latest Ethereum bull run.
Three Major Factors Influencing Ethereum’s Latest Bull Rally
Since the start of January, Ethereum has more than doubled in USD value and has risen over 30% against Bitcoin, outperforming the number one cryptocurrency by market cap by a wide margin.
The number two cryptocurrency has also outperformed many other altcoins, including XRP, Litecoin, and thousands more.
Related Reading | Proceed With Caution: Ethereum and Altcoins Reach Critical Resistance
But what has been the reason for Ethereum pumping far more so than the rest of the crypto market, Bitcoin and altcoins included?
There are actually a number of reasons for Ethereum’s recent rally, but the three most important factors include the growth in decentralized finance, weak hands being shaken out of the market, and an epic short squeeze that took bearish crypto traders by surprise.
DeFi Growth Causes Spike of Interest in Ethereum
DeFi, or decentralized finance, is a movement to leverage cryptocurrency platforms and their underlying protocols to replace traditional finance with solutions that do not require a third-party intermediary.
The total USD value locked away in decentralized finance applications reached a milestone of billion recently.
Related Reading | Over 359 Companies Are Building The Future On Ethereum
The explosive growth in crypto-backed loans and the emergence of the Ethereum-based DAI stablecoin, have increased demand for the Ether token. This surging demand combined with a low available supply due to the next key factor, has caused values to spike over recent weeks.
Ethereum takes the cake when it comes to decentralized finance and centralized finance (cefi) applications as well, with projects like Maker, Compound, and Instadapp. Defi applications on ETH touched a milestone on February 6, when the total value lockedTVL surpassed billion pic.twitter.com/rTyZSs7XbI
— Jason (@Jasonvalliere2) February 9, 2020
Early ICO Investors and Weak Hands Fully Shaken Out
While demand is rising for Ethereum, the available supply being sold into the market is diminishing by the day.
Following two full years of drawdown and bear market, Ethereum has reached critically oversold levels.
Not only does this make Ethereum a more attractive buy for long-term investors, but it also means that over the last two years, those who were in profit and interested in selling Ethereum, have already done so, and what’s left is people willing to hold for the long run.
Related Reading | Room To Fall: Ethereum May Be Down 90% But ICO Investors Are Still Up Over 400x
According to data, the aggregated ETH balance of all 8,893 genesis wallets – the very first investors in the Ethereum ICO – have sold off most of their holdings in profit. Those that remain, are likely not interested in selling at current prices if they have failed to do so over the last two years of a selloff.
81% of these wallets only have 1% or left in ETH, suggesting that the supply available to be sold is extremely low.
Aggregated ETH balance of the 8,893 genesis wallets.
Aka the wallets that participated in Ethereum's own ICO. pic.twitter.com/w9i6nP7xl4
— Alex Svanevik (@ASvanevik) February 11, 2020
Epic Short Squeeze of Over-Confident Crypto Traders
Finally, while low supply and rising demand caused the initial surge in Ethereum, it’s likely been crypto traders in short positions covering as prices rise, that’s further fueled the parabolic push.
When short trades are closed, it acts as a “buy” of an asset. So as more buy pressure drives up the price of Ethereum, it further forces short traders to close out their positions, increasing the force and momentum of the price movement in what analysts refer to as a short squeeze.
With two years of a bear market, crypto traders have been mentally conditions to always expect more downside, causing them to open short positions at each key resistance level.
Related Reading | Crypto Comeback: After Two Years of Bear Market, Bitcoin And Ethereum May Be Ready To Rebound
But as Ethereum and other crypto assets have pushed through each level with ease, shorts have only piled up further, causing a massive short squeeze and epic rally for the history books.
The only fear is, once the short squeeze has ended, a violent long squeeze could occur in the opposite direction, and with prices reaching parabolic levels, a steep crash cannot be ruled out in the days ahead.
NewsBTC
XRP, Ethereum and Bitcoin Cash Dive in Altcoin Purge: What’s Triggering It?
Top bitcoin rivals suffered major losses on Thursday after bulls failed to extend the last week’s wild upside price rally.
Bitcoin SV’s BSV, after its stupefying climb before mid-January session, led the march downwards. The token fell by more than 9 percent on a 24-hour adjusted timeframe. Stellar’s XLM and Binance’s BNB followed suit, dipping by more than 6 and 5 percent, respectively.
The least affected coins included Ethereum, XRP, and Bitcoin Cash, all of which fell in the range of 2-3 percent.
Collectively, the ongoing altcoin purge prompted the market capitalization to fall from .24 billion to as low as .77 billion. That brought its total intraday loss to negated 3.6 percent.
The cryptocurrency market cap (excluding bitcoin) fell by more than 3.5% on Thursday | Source: TradingView.com, CoinMarketCap
Bitcoin Correlation
The fall in altcoin prices closely followed similar downside movements in the bitcoin market. The benchmark cryptocurrency, which has a positive median correlation with almost every rival asset, itself plunged by as much as 3.25 percent on Thursday, as shown in the chart below.
Bitcoin extended its downside correction on Thursday by another 3.25% | Source: TradingView.com, Coinbase
So it appears, assets with the highest correlation with Bitcoin (like Ethereum) fell in similar proportions, while a few with medium-to-little correlation registered gains. Tezos’s XTZ, for instance, served as an intraday hedge for bitcoin investors as it rose by close to 3 percent on Thursday.
$xtz looking so strong given $btc's morning moves…….
— CryptoBenz.618 (@CryptoBenz618) January 23, 2020
Chainlink’s LINK and Cosmos’ ATOM, which are two least-correlated assets to bitcoin, meanwhile posted elevated losses. The LINK-to-dollar exchange rate plunged by 8.47 percent on a 24-hour adjusted timeframe. At the same time, ATOM was down by circa 5 percent.
Tailing the King
The intraday activity showed bitcoin as a trend driver to a majority of alternative cryptocurrencies. The top asset last week swelled its market rate by 6.32 percent (data from Coindesk). At the same time, the altcoin market cap surged by more than 16 percent.
Similarly, bitcoin’s 3.21 percent loss on a week-to-date timeframe matched shoulders with altcoins’ market cap loss of more than 1.5 percent. That said, further escalation in the king cryptocurrency’s downside moves could spell troubles for its rival assets. A reversal, on the other hand, could help the latter recover in the near-term session.
As covered earlier by NewsBTC, bitcoin would likely continue its plunge until it retests a crucial support area near its 200-weekly moving average (blacked wave in the chart below).
BTC/USD looking to fall towards the blacked wave | Source: TradingView.com, Coinbase
As for altcoins, they could lad behind but would still likely to tail the bitcoin trend. The post appeared first on NewsBTC.
NewsBTC
Bitcoin SV Surges 33% on the Day: What’s Triggering the Rally?
Following the backlash over Craig Wright’s claim of being Satoshi Nakamoto, which culminated in Binance delisting Bitcoin SV, everyone assumed it would die a death. However, Bitcoin SV is far from done. This morning, it was up 72% to peak at 4.
Bitcoin SV Volume Spikes On Fake News
Markets woke to the news that Bitcoin SV had risen to a new all-time-high. Today’s performance pips the previous high of 9 during mid-November 2018, which happened close to its inception date.
Data shows Upbit, Korea’s largest exchange, makes up the majority of the volume, at 16%. This is closely followed by OkEx and Huobi, which when combined account for a third of the total volume. This currently stands at .2 billion – another all-time-high for Bitcoin SV.
Some have attributed the spike in volume to “fake news” of Binance relisting Bitcoin SV. Dovey Wan, investor, and cryptoanalyst noted an image of that scenario, making the rounds on Chinese crypto media. She was quick to tweet about the incident, which Binance CEO, Changpeng Zhao has since confirmed as bogus.
The trick is easy and constantly used by many scams – all chinese crypto media circulate the breaking news via picture as above in wechat, instead of news link. So anybody can just use the same theme template and photoshop one
like above
— Dovey Wan
![]()
(@DoveyWan) May 29, 2019
Wright Files Copyright Claim On Bitcoin Whitepaper
In addition to “fake news” influencing Bitcoin SV’s price, Wright continues to maintain his claim of being Satoshi Nakamoto. His motivations for doing so are unclear. Alex Frenkel, General Manager of Kin Ecosystem, believes his actions are detrimental to Bitcoin. Speaking to Forbes, he said:
“The attempt to associate bitcoin to a single person or company works against the bitcoin idea. The power of bitcoin is in the masses holding it, and if it is associated with a single source, it can be blocked.”
And whoever Satoshi Nakamoto is, it’s clear from the circumstances of his last known actions; he wishes to remain anonymous. All the same, since the Binance delisting, Wright has intensified his efforts in legitimizing his claim.
Last week, Wright filed a copyright registration, with the US Copyright Office, laying claim to the original Bitcoin whitepaper. This saw the Bitcoin SV price spike 80% and was the start of a comeback, which has seen the project languishing in limbo since being dropped by Binance.
However, not everyone is convinced over the validity of Wright’s filing. Jerry Brito, Director of Coincentre, said:
“Registering a copyright is just filing a form. The Copyright Office does not investigate the validity of the claim; they just register it. Unfortunately there is no official way to challenge a registration. If there are competing claims, the Office will just register all of them.”
Lawsuit
Not only that, but Wright is following through with threats to sue influencers who challenge his claims. One such influencer is Peter McCormack, who recently updated the community regarding the libel case against him.
As things stand, McCormack must decide on whether to contest, or not, by tomorrow. The possible outcomes are to fight and win, to fight and lose, or not to contest the case, and pay the sum of £100,000 to settle the claim. Should McCormack fight and lose, the estimated costs could reach £1.5 million.
1/ People have been asking for an update on the legal case with CSW, so here it is. I am being sued for libel and have until Friday at 12.00 to make a decision. The claim is for £100k and includes a number of other requirements.
— Dr. Peter McCormack (@PeterMcCormack) May 29, 2019
Some in the community have rallyed to support McCormack and others like him. ChangPeng Zhao has set up a program to raise money for those affected by the litigation. And rather magnanimously, McCormack has refused the financial help, he said:
“Thanks for this CZ but I really don’t think people should donate their hard-earned Bitcoin to my fund. I got myself into, it is up to me to deal with. Also, it may cost more to fight it than what they want.”
CSW is picking on the people who have a hard time fronting their legal fees. How about we do a @BinanceBCF charity program to raise money from the community for legal fees for anyone CSW sues?@PeterMcCormack @rogerkver @jihanwu
— CZ Binance (@cz_binance) May 7, 2019
The events of the past few weeks have seen Bitcoin SV come back from the dead. While the source of the fake news is unclear, what is apparent is Wright’s unwillingness to concede claims of being Nakamoto. Taking this into account, we all need to be mindful of what we say.
The post Bitcoin SV Surges 33% on the Day: What’s Triggering the Rally? appeared first on NewsBTC.