Following the recent crypto endorsement by former U.S. President Donald Trump, and his criticism of current President Joe Biden, the value of the two meme coins linked to these political figures — TRUMP and BODEN — have significantly increased over the past day. TRUMP Coin Jumps 35%, BODEN Up 16% After Trump’s Crypto Advocacy At […]
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Trump Attacks Biden’s Crypto Awareness, Says ‘Biden Doesn’t Even Know What It Is’ at NFT Gala
Former U.S. President Donald Trump convened with enthusiasts of his non-fungible tokens (NFT) collection on Wednesday and announced to the audience his decision to accept cryptocurrency for campaign contributions. Trump also shared with the group that President Joe Biden “doesn’t even know” what crypto is. Trump Champions Cryptocurrency at NFT Collection Gala At former U.S. […]
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Standard Chartered: Second Trump Term Would Be ‘Broadly Positive’ for Crypto
Standard Chartered Bank predicts that a second term for the Trump administration would create a favorable regulatory landscape, leading to a positive outlook for the crypto sector. The bank has revised its forecast citing improved market sentiment after cautioning that bitcoin’s price could drop to the K range. Standard Chartered on Trump and Crypto Standard […]
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Melania Trump Unveils Personalized Mother’s Day Jewelry Plus Solana NFT
Former First Lady Melania Trump has announced a customizable 5 necklace, “Her Love & Gratitude,” to celebrate Mother’s Day on May 12, 2024; the necklace comes with a flower pendant, an adjustable chain, and options for personalization with names, initials, or dates. Buyers of the necklace will also receive a limited-edition digital collectible minted on […]
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Roger Stone Endorses TRUMP Meme Token, Spurs Double-Digit Growth Amid Market Slump
Roger Stone, a seasoned Republican political strategist, lobbyist, and former adviser to Donald Trump’s campaign, has endorsed the meme coin TRUMP on X, sparking a 17% increase in its value amid a wider downturn in the cryptocurrency market. Meanwhile, the meme token BODEN experienced a 9% uptick against the U.S. dollar over the last 24 […]
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Bitcoin Investors In The Red: Losses Trump Profits As Ratio Dips Below 1
Investors are bracing themselves for a rollercoaster ride as Bitcoin, the flagship digital asset, navigates through choppy waters. Recent data from Glassnode has revealed a noteworthy development: the Realized Profit/Loss Ratio for Bitcoin has dipped below one.
This crucial metric, which compares the sell value of Bitcoin with the price at which it was bought, indicates that investors are currently realizing more losses than profits. Historically, such a dip has often heralded a potential bottoming out of Bitcoin’s price, serving as a vital signal for market watchers.
Sense Of Optimism Despite Bitcoin Price Decline
The past 24 hours have witnessed significant volatility in Bitcoin’s price trajectory. A sharp decline early in the day saw Bitcoin’s price plummet to approximately ,000, worrying many investors.
However, a remarkable recovery ensued, with the price steadily climbing and peaking at around ,000. This robust rebound has instilled a sense of optimism, with a prevailing bullish sentiment taking hold as the day progressed.
Institutional interest in Bitcoin continues to grow, with recent developments signaling potential shifts in capital inflows. The approval of a spot Bitcoin ETF by Hong Kong regulators has opened the floodgates for increased institutional engagement, particularly from Asia.
This move could inject fresh capital into Bitcoin markets, potentially fueling further price momentum. Furthermore, regional dynamics play a significant role in shaping investor sentiment and behavior. Varying investment trends across different regions highlight the diverse responses to prevailing market conditions.
While some regions may exhibit cautious sentiment amidst volatility and geopolitical uncertainties, others may embrace Bitcoin as a hedge against inflation and currency devaluation.
Critical Support Levels
Bitcoin analyst Willy Woo has pinpointed a critical support level at ,000. Breaching this threshold could signify a transition into a bearish market sentiment. Conversely, there’s anticipation among investors for potential short liquidations that could drive the price upwards, potentially reaching between ,000 and ,000, provided that current support levels hold steady.
These anticipated events hinge on market liquidity and investor reactions to the rapidly evolving price movements. As Bitcoin continues its consolidation phase near all-time highs, investors remain cautiously optimistic about its future prospects.
The upcoming halving event adds another layer of complexity to the already intricate market dynamics, with expectations of heightened volatility in the days ahead.
Analysts suggest that this period of lateral movement serves as a crucial stage for the redistribution of assets among investors, potentially laying the groundwork for a more sustainable recovery in the long run.
The cryptocurrency market, particularly Bitcoin, is navigating through a period of heightened uncertainty and volatility. The recent dip in the Realized Profit/Loss Ratio signals a potential turning point in Bitcoin’s price trajectory, while institutional interest and regional dynamics continue to shape market sentiment.
Featured image from Pexels, chart from TradingView
Donald Trump Calls BTC ‘an Additional Form of Currency’ — Says ‘I Sometimes Will Let People Pay Through Bitcoin’
Former U.S. President Donald Trump says bitcoin is an “additional form of currency,” emphasizing that the crypto has taken on a life of its own. He also lets people pay for his merchandise with cryptocurrencies. “There has been a lot of use of that, and I’m not sure that I’d want to take it away […]
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Election Fever Hits Cryptocurrency: TRUMP and BODEN Tokens Surge
As the 2024 US presidential election approaches, memecoins named after Donald Trump (TRUMP) and Joe Biden (BODEN) are experiencing significant fluctuations, reflecting their popularity and potential as prediction markets. The Trump-inspired TRUMP token has recorded a notable increase of 242.9% in a month and 17.9% in a week, while the Biden-inspired BODEN token surged by […]
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Solana’s BODEN Token, Nodding to Joe Biden, Sees Major Uptick After TRUMP Coin Rally
The digital asset known as maga (TRUMP) has experienced significant appreciation, while a newer cryptocurrency, jeo (BODEN), has seen its value skyrocket by 1,597%, as per data from coinmarketcap.com. In the last 24 hours alone, BODEN has witnessed trading volume amounting to .50 million on decentralized exchange platforms such as Raydium and Orca. Biden-Inspired BODEN […]
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Donald Trump’s Crypto Portfolio Soars to $7.5 Million, Fueled by TRUMP Coin’s Ascension and Ethereum Gains
After the former 45th President of the United States, Donald Trump, saw his cryptocurrency holdings exceed million, just ten days later, the value of Trump’s digital asset collection has escalated to .5 million. This increase is largely due to .66 million emanating from the cryptocurrency he holds called TRUMP, which has experienced a significant […]
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