At the time of writing, the value of the crypto economy has reached .93 trillion, with bitcoin alone accounting for trillion of this total. Bitcoin and ethereum have experienced increases of 4.2% and 5.3%, respectively. Meanwhile, a few crypto assets have posted even more significant gains against the U.S. dollar. DYM surged by 16.8%, […]
Bitcoin News
Bitcoin Technical Analysis: BTC’s Bullish Momentum Signals Strong Market Confidence on Valentine’s Day
Bitcoin’s price trajectory on Feb. 14, 2024, showcases a robust bullish trend, with the cryptocurrency reaching a 24-hour high of ,814. Amidst a consolidating market, the digital asset has seen significant growth, marking a 3% increase today, and 21% over the past month. Bitcoin Bitcoin (BTC) has demonstrated remarkable resilience and growth, with its price […]
Bitcoin News
Win over Crypto markets with PrimeXBT’s Valentine’s Day bonus
This Valentine’s Day, PrimeXBT has an enticing new promotion for traders to take advantage of. The platform is offering new users up to ,000 in bonus funds to bolster your Crypto trading bottom line.
Redeeming the Valentine’s promo
To get the 14% deposit bonus up to ,000, traders just need to click here and follow the prompts. Then just make a minimum deposit of 0 or more between February 12th and 18th. It’s that easy to begin your love affair with Crypto trading.
Fall in love with PrimeXBT features
There are plenty of reasons why traders love the platform’s features:
For one, PrimeXBT makes it dead simple to short or long major Cryptos like Bitcoin. This flexibility lets traders profit whether flagship assets like BTC and ETH rally or eventually slide. PrimeXBT also aggregates Crypto, Forex, Stock Indices and Commodities together, allowing traders to build a portfolio across asset classes.
Advanced margin tools give traders precision control over risk-taking. Choose between cross margin or isolated margin, as well as how much leverage to use. For those seeking leverage, PrimeXBT fills that need to amplify profit potential on limited capital.
Finally, PrimeXBT lets anyone tap into Crypto riches through its innovative Copy Trading module. By automatically copying skilled traders, beginners circumvent months of frustration and benefit from proven Crypto trading expertise from day one.
Get your heart and Crypto pumping
If you’re seeking excitement, reward and maybe even a little romance this Valentine’s Day, PrimeXBT hits the mark. Don’t miss this limited-time opportunity to fund your ambitions in red-hot Crypto markets.
Dogecoin Stuck In Limbo: Will Valentine’s Day Bring Love (And Price Gains)?
Dogecoin (DOGE), the meme-driven cryptocurrency, remains confined within a narrow trading range of .075-.088 since the beginning of 2024, leaving investors grappling with its future trajectory. While activity has dwindled compared to early 2023, a significant portion of DOGE addresses remain profitable, fueling cautious optimism.
Profitable Addresses Offer Glimmer Of Hope
Approximately 60% of DOGE addresses, totaling roughly 1.34 million, currently hold their tokens at a profit, implying they bought at lower prices. This data, gathered by blockchain analytics firm IntoTheBlock, suggests underlying bullish sentiment despite declining market engagement.
Technical Support And Resistance Levels
Analysts highlight key support levels around .077-.079, where a large number of investors entered the market. This zone could act as a buying floor, preventing further price depreciation.
However, breaching this support could trigger a dip to .07, offering potential entry points for bargain-seeking investors. Conversely, overcoming the .088 resistance level could pave the way for a price climb towards .094.
Dwindling Activity Raises Concerns
A closer look at network activity paints a less rosy picture. Both transaction volume and whale activity, signifying large-scale investments, have decreased significantly, indicating reduced trading interest. This lack of enthusiasm could hamper Dogecoin’s upward momentum.
#Dogecoin is experiencing a decrease in transaction volume and whale transaction count, which typically indicates lower trading activity. This could be a sign that fewer people are buying, selling, or transferring #DOGE, possibly due to reduced interest or confidence in it! pic.twitter.com/SiKNxx4FhN
— Ali (@ali_charts) February 12, 2024
Technical analysis reveals a stalemate between the 50-day Exponential Moving Average (EMA) acting as support and a falling trendline acting as resistance. This pattern signals a lack of clear direction in the near term. Flipping the trendline to support could be a positive indicator, but achieving that requires renewed buying pressure.
Valentine’s Day Prediction Offers Modest Hope
Crypto exchange Changelly offers a moderate prediction for Valentine’s Day, forecasting a 1.12% price increase to .082591. While this could bring temporary cheer to DOGE holders, it also underlines the currency’s sensitivity to market sentiment and overall volatility.
Dogecoin: Long-Term Concerns Linger
Meanwhile, Dogecoin’s recent fall from the top 10 cryptocurrency rankings raises concerns about its long-term viability. Unlike competitors offering real-world applications, DOGE primarily relies on celebrity endorsements and internet trends. This raises questions about its ability to compete in the rapidly evolving crypto landscape.
The future of Dogecoin remains uncertain. While a short-term price rise is possible, concerns about its utility and competitive edge compared to other projects persist. Investors should approach DOGE with caution and conduct thorough research before making any investment decisions. Remember, price predictions are merely educated guesses, and the cryptocurrency market remains inherently unpredictable.
Featured image from Pexels, chart from TradingView
Solana TVL Nears $2 Billion – Will SOL Cruise To $120 Before Valentine’s?
Solana, the high-speed blockchain platform, is back in the green after a rollercoaster week. Its native token, SOL, triumphantly hit the 5 mark today, defying naysayers and sparking renewed optimism. But is this just a fleeting bounce, or the start of a sustained climb towards 0 before Valentine’s Day?
Defi Frenzy Heats Up, Injecting Millions Into Solana
The key driver behind this recent surge seems to be the red-hot DeFi scene on Solana. Total Value Locked (TVL), a metric indicating the combined value of crypto assets deposited in DeFi protocols, has shot up by an impressive 0 million in just 16 days, pushing the network’s TVL at .95 billion.
This influx of capital, primarily directed towards projects like Jito, Kamino, and Blazestake, has fueled demand for SOL, pushing its price upwards.
Not Without Hiccups: Outage Raises Scalability Concerns
However, Solana’s journey hasn’t been entirely smooth sailing. A five-hour network outage on February 6th cast a shadow of doubt on its scalability and reliability. While investors largely held their ground, the incident served as a stark reminder of the challenges facing ambitious blockchain projects.
Technicals Paint A Bullish Picture, But Resistance Looms
Looking at the charts, things appear promising for SOL. The 33.6% price rally over the past two weeks aligns with the rising TVL, suggesting a strong correlation between DeFi activity and token value.
Technical indicators like the upper Bollinger Band point towards a potential resistance zone around 5, the previous local high. If bulls can overcome this hurdle, a push towards 0 could be on the horizon.
While some analysts are bullish, predicting a retest of 0, others urge caution. The crypto market remains inherently volatile, and unforeseen events can quickly alter the course.
Additionally, regulatory developments and broader market trends need to be carefully considered before making any investment decisions.
Solana’s Future: DeFi Ecosystem Holds The Key
Ultimately, the fate of SOL hinges on the continued growth and stability of its DeFi ecosystem. If projects within the network can attract sustained investment and foster user engagement, the positive feedback loop between DeFi activity and token value could propel SOL further upwards.
However, addressing scalability concerns and navigating the ever-evolving regulatory landscape will be crucial for long-term success.
One thing is certain: Solana’s recent price action highlights the growing potential of DeFi and its impact on blockchain platforms. Whether it reaches 0 or not, the story of Solana is far from over, and investors will be watching closely as the DeFi revolution unfolds.
Featured image from VistaCreate, chart from TradingView
Crypto Investors Brace For CPI Report On Valentine’s Day – Will The Figures Be In Their Favor?
Last month’s crypto market rally was caused in part by optimistic investors with positive sentiment in the broader financial market.
Crypto isn’t the only market that rallied, stocks experienced a surge as well with major indices showing gains. However, economic woes seemed to have spread since the onset of February.
In Europe, stocks traded low in the past few days as news about the UK’s zero-percent growth sparked pessimism in the market.
In Asia, stocks were down Monday, sliding on a second weekly retreat as investors fretted about the likelihood of further tightening by the US central bank and the effect on crypto and the US economy.
Meanwhile, the Bureau of Labor Statistics is scheduled to release the CPI report on Tuesday, February 14 at 8:30 a.m. Eastern Time.
According to economists surveyed by Dow Jones, headline inflation will rise 0.4% per month and 6.2% annually.
On CPI Figures And Its Impact On Crypto
The Consumer Price Index report, which analyzes price changes for goods and services, has the potential to influence the cryptocurrency market in several ways.
First, a higher-than-anticipated CPI figure could cause investors to seek other investments, such as cryptocurrencies that are not tethered to fiat currencies or central banks.
Second, a CPI figure that comes in lower than predicted could have the reverse impact, leading to less interest for cryptocurrencies.
It’s worth noting, though, that the CPI report is just one of several potential market-moving events in the bitcoin space.
Market mood, regulatory changes, and general economic trends can all have an influence on the price of cryptocurrencies.
Monthly CPI Expected To Have Risen Last Month
Last month might be a great time for both stocks and alternative investments like crypto, but macroeconomic indicators show a very different story.
Economists expect that the US monthly CPI might rise from 0.1% last December to 0.5% in January.
This is, however, very contradictory to the year-on-year CPI which is expected to decrease to 6.2% from December’s 6.5% YoY.
This expected increase in month-to-month CPI figures is a sign that economists are pessimistic about the short to medium term improvements for the economy.
This pessimism is somewhat reflected in the recent market movement of major cryptocurrencies like Bitcoin and Ethereum.
US Federal Reserve Governor Michelle Bowman also recently said that the Fed is still eyeing more increases as inflation is still above the 2% target.
With this aggressive policy along with low consumer spending marked by a lower Producer Price Index (PPI) figures, investors might be pessimistic about the same market rally that started in January.
What Can The Crypto Market Expect?
Strong volatility might enter the broader financial market if the MoM CPI data is as expected or lower. Overall, this week will be very important for both equities and crypto as the two markets are strongly correlated with one another.
With the current market pain that crypto is experiencing, we might see lower lows as poorly performing Bitcoin and Ethereum drag investor confidence down.
As the market waits anxiously, investors can only hope that the macros will improve in the coming weeks.
However, recent news shows that there is a chance that a soft recession might happen, with some analysts expecting a short and shallow recession.
Although this might be good news for crypto, this could not off-set the short to medium term consequences of worsening macro.
Investors and traders should also expect more pain to come as the market continues its pessimistic stance.
Still, anything can happen as they await the outcome of the CPI report.
-Featured image from Forbes
Heartbreak Or Romance: What’s In Store For Bitcoin On Valentine’s Day?
Bitcoin is trending in the red in synchrony with a calendar date celebrated by millions, San Valentin; the cryptocurrency is showing anything but love to short-term investors. Following an important rally from a low of ,500, the cryptocurrency began a descent amid an increase in regulatory scrutiny against the industry.
As of this writing, Bitcoin (BTC) trades at ,600 with sideways movement in the last 24 hours. In the previous seven days, BTC records a 6% loss. Other cryptocurrencies in the top 10 by market cap record similar or steeper losses. The whole market is painted red for Valentine’s Day.
Love It Or Hate It, 2 Bitcoin Price Scenario For Valentine’s Day
Valentine’s Day might come second for Bitcoin investors as global markets brace for the upcoming Consumer Price Index (CPI) print, a proxy to gauge dollar inflation. The U.S. will publish the metric tomorrow.
Over the past year, the U.S. Federal Reserve (Fed) has been hiking interest rates to slow down inflation. Bitcoin, crypto, and traditional markets have been rallying under the expectation that the financial institution will pivot its monetary policy.
However, a spike in tomorrow’s CPI print and a strong U.S. market, as shown by recent data, could provide the Fed with room to continue tightening monetary policy. This decision would translate into more pain for Bitcoin.
According to on-chain analytics, Jarvis Labs hints at the market trending downside, with Bitcoin hitting “typical overbought levels on the 30-day returns.” The firm claims that BTC’s price action “usually” pauses after reaching these levels on the metric.
Jarvis Labs records confluence with the metric about, hinting at a pause in BTC’s bullish momentum with other metrics. In addition, BTC holders have been taking profit aggressively as the cryptocurrency pierced ,000.
Jarvis Labs offered two scenarios for tomorrow’s CPI print and its potential for Bitcoin in the coming weeks:
Based on the resistance and support levels, investors have two paths moving forward. If the CPI print is at par or lower than the market expectation of 6.2%, prices may run higher for a bit this week, where potential buyers may look for an entry after confirmation. However, given the spike in sentiment and risk metric, the second path toward ,750 appears more likely. A revisit to ,000 would represent bargain purchase levels for traders (…).
At those levels, the firm believes BTC would operate at “bargain prices.” These levels could represent an opportunity for optimistic investors, Jarvis Labs said.
Valentine’s Day Launch of Shibarium Uncertain, Developer Confirms
The team behind Shiba Inu, the second largest meme coin by market cap, is currently developing its Layer 2 blockchain, Shibarium. The new project aims to ensure higher scalability and faster transaction speed while maintaining lower network costs. Also, it will provide an elaborate development framework for the Shiba ecosystem.
The protocol team plans to launch Shibarium this year, but nobody knows the exact date for its release. While some people, both within and outside the Shiba community, anticipate the new blockchain to kick off on Valentine’s day, a lead developer has a contrary opinion.
Shibarium Has No Fixed Date of Release Yet
While responding to a query, the lead developer of Shiba Inu, Shytoshi Kusama, stated that there are no given details on the launch date. So, he can’t state any particular date for it.
Further, the developer explained that a switch button could not complete the launch event. Instead, it passes through stages and phases that would ensure the functionality and stability of the network.
Earlier this year, SHIB developers announced the release of the Shibarium beta. Also, they highlighted some features and functions of the layer 2 network while trying to correct the wrong information surrounding the protocol.
According to the details, the birth of Shibarium serves as a fulfillment of the founder’s vision in the crypto space. This is because the network will allow users to build and grow the project while earning through the entire advancement flow. Furthermore, it will welcome new users and help them learn the development processes through its secured ecosystem.
Further, the team pointed out that patience is an essential virtue, and frowned at the wrong assumption that Shibarium’s primary focus is to hike prices for the SHIB token. Instead, the design of the layer 2 blockchain is to set a transitional evolution for the Shiba ecosystem, the team said.
Additionally, the team mentioned that the layer 2 blockchain would handle all the issues associated with entering all transaction types.
It would support the development of decentralized applications (DApps) and integrate non-fungible tokens (NFTs) into the network. Also, it will increase the speed and scalability of transactions while running at lower costs for users.
SHIB Might Spike in Prices Through Layer 2 Upgrade
Though the Shiba Inu team stated that the main focus of Shibarium is not on raising SHIB’s price, a key feature in the upgrade will ensure that. The upgrade comes with a burning mechanism for SHIB.
The team noted that the burning mechanism would occur once a transaction is made on the network. Also, there will be an implicit burn amount for SHIB on all transactions, which is expected to positively impact the value of SHIB in the long run.
Featured image from Pixabay and chart from TradingView.
Nearly $2B Liquidated In Valentine’s Day Bitcoin Plunge
Bitcoin price has been trending upward for months, but the general consensus amongst crypto investors is that the point of no return hasn’t been reached yet, so there’s still plenty of time to get into position for the next move up.
Overly eager long traders, however, had their hearts broken when .9 billion in positions were liquidated during a late evening Valentine’s Day massacre. Here’s what happened and the result of all the carnage.
Valentine’s Day Bitcoin Massacre Wipes Out Billion In Longs
Over the weekend, Bitcoin price climbed to its highest price traded at yet, nearly making it above ,000 and making headlines across the web.
Related Reading | Altcoins Bleed After Tesla Bitcoin Buy, BTC Dominance Hints At Deception
Traders eagerly “going long” ahead of the Valentine’s Day weekend hoping to score big with Bitcoin, were ultimately left in tears when nearly billion in positions were liquidated.
Rather than a bottle of bubbly popping, Bitcoin price began dropping. Instead of red roses and scented candles, investors were greeted by a three-hour-long Japanese candlestick from hell.
During the three-hour candle, the cryptocurrency sank over ,000 and shaved 6% off its price tag. However, given the strength of the uptrend Bitcoin has unsurprisingly already recovered, and is targeting ,000 again.
Bitcoin gets violent on Valentine's Day. | Source: BTCUSD on TradingView.com
Which Crypto Platform Saw The Most Action While Cupid Called?
Binance traders saw the most action, according to data, followed by Huobi Global, ByBit, and OKEx.
.9B of Positions Liquidated Due to $BTC Drop Below k
– 3M on @Binance
– 0M on @HuobiGlobal
– 2M on @Bybit_Official
– 1M on @OKEx
– M on @BitMEX
– M on @FTX_Official
– M on @DeribitExchange
– M on @Bitfinex pic.twitter.com/3ubwaXrRK0— CryptoRank Platform (@CryptoRank_io) February 15, 2021
Interestingly, BitMEX, which used to be the biggest heart-breaker of the bunch, barely ranks compared to other platforms, showing its fall from grace.
To no surprise, Bitfinex is at the bottom of the list. The platform keeps leverage at lower levels than the rest of the market, so liquidation is far less likely on the exchange.
Related Reading | Stablescoins Act As “Rocket Fuel,” Propels Bitcoin To Another ATH
Given the themes surrounding Valentine’s Day, it shouldn’t be too surprising that bears made a showing, and the day turned red in the end. However, Bitcoin has already recovered and is ready for another round.
The bull market has only recently begun so a climax could be a far ways off, according to past cycles. Trajectories point to the leading cryptocurrency by market cap reaching prices of 5,000 per BTC before its all said and done.
Investors who can hold through getting dumped on occasionally like they did this Valentine’s Day, could end up making a lot of money in the end.
Featured image from Deposit Photos, Charts from TradingView.com
Bitcoin Be Mine: Celebrate Valentine’s Day the Crypto Way
It’s Valentine’s Day and crypto investors are currently sitting on early 2020 profits from Bitcoin and altcoins. Love is in the air and money is filling pockets across the market.
This means that crypto enthusiasts can spoil their special someone all the more this holiday. Whether it’s boxes of chocolates bought with crypto profits or a pair of Bitcoin wallets, we’ve compiled the very best ways to celebrate the day dedicated to love.
Celebrating Valentine’s Day as a Crypto Enthusiast
It’s Valentine’s Day, and all across the crypto market investors will have to pull themselves away from price charts and watching gains pile up to pay extra special attention to their significant others.
Related Reading | Meet Bitcoin Market’s Most Accurate Technical Indicator: Lamborghini
Crypto enthusiasts have a number of ways to bring their favorite asset class and hobby into the forefront of the celebration.
Warm Their Hard with the Gift of Cold Storage
In terms of gifts, Ledger is offering a deal on their Nano X crypto hardware wallet where anyone who purchases the company’s flagship product, they get a free Nano S for a loved one to have as well.
Show your significant other they’re really special by sticking with the S yourself and offering up the X to them. It could earn you some X-rated fun later in the evening.
Be Mine, Bitcoin
For those looking for something cheaper, but still thoughtful and crypto-related, ShapeShift has produced a number of adorable crypto-focused Valentine’s Day cards you send to others. Phrases include making my heart Ripple, or how like Bitcoin love has no borders.
Crypto analysts claim that women won’t want the gift of crypto itself, however, after explaining that Bitcoin could be worth 0K in the future should be enough to score you all the relationship points you could ask for. Especially if the price predictions do come true someday – and give your love story a fairy tale ending where you all live happily ever after.
Valentine’s Advice:Please don’t buy any cryptocurrencies for your girlfriend or wife.
There are only a tiny percentage of women that would appreciate that.
Always remember, something is better than nothing.
If you forgot everything, just write a note on a piece of paper
— Jacob Canfield (@JacobCanfield) February 14, 2020
Cash Out Profits For the Perfect Date Night
But if they really won’t like anything crypto-related, investors should be up anywhere from between 40% and 180% this year, depending on if you bought Bitcoin or something like Tezos at the start of the year.
Investors who are up in profit can take a little off the table, and take their loved ones out to dinner at the restaurant’s most romantic table.
Related Reading | Research Shows That Holidays Cause FOMO Fireworks in Bitcoin Price Charts
Just beware that the color most associated with the holiday is the color red: a sight crypto investors do not want to see on what should be a happy day full of love.
Featured image from Shutterstock
NewsBTC