Bitcoin’s price oscillation between ,182 and ,199 within 24 hours underscores a battlefield where bulls and bears vie for dominance. Bitcoin Bitcoin’s 1-day chart reveals a narrative of volatility, with the asset’s price making significant leaps and bounds. This volatility is encapsulated by long wick candles, highlighting the intense tug-of-war between buyers pushing upwards and […]
Bitcoin News
Binance Stirs The Waters With A 200 Million XRP Transfer – What’s The Plan?
Cryptocurrency exchange giant Binance made a bit of a headline by transferring a substantial amount of XRP tokens—200 million to be exact. The massive amount of the transfer has made nearly everyone in the crypto community come up with guesses as XRP tallied notable 4% increase in value following the transfer, which added an extra layer of intrigue to the situation.
The recent struggles of XRP, reflected in its monthly losses and declining network fundamentals, have created an air of uncertainty around the coin. Santiment data analyzed by NewsBTC indicates a steady drop in daily active addresses and a decrease in the rate of new address creation over the past month. Additionally, XRP’s supply in profit has seen a sharp decline since the beginning of the year.
Whale Alert Detects Binance XRP Movement
Investors’ pessimism about the payment-linked cryptocurrency has been further accentuated by the lack of profitability, evident in the consistently negative Weighted Sentiment for XRP in 2024. As the crypto market evolves, these factors contribute to the dynamic landscape and impact the sentiments of investors and market participants.
200,000,000 #XRP (105,914,024 USD) transferred from #Binance to unknown wallethttps://t.co/H8wJxoRtvA
— Whale Alert (@whale_alert) February 13, 2024
One platform that tracks high-value transactions, Whale Alert, made the flow of XRP tokens visible. At around 6:40 am UTC, Binance started three different transactions totaling 64.41 million XRPs. Trade observers took notice of the subsequent large transfer of 200 million XRP to a “unknown wallet.”
The 200 million token transfer represents almost 5 million at the current XRP selling price, highlighting the importance of this operation. After more research, we discovered that the beneficiary address of the 0 million transfer quickly transferred .28 million in XRP to a different address.
XRP Price Trades Higher After Binance Transfer
The real intent of these moves is still unknown at this point. But the cryptocurrency community has been quick to conjecture, with conversations centered on the potential for whale buildup. The transfers’ timing, which coincided with an increase in XRP’s price, has fueled conjecture even more.
With a respectable rise in value today, XRP, which had been in a protracted downturn, saw some hope. Notably, it traded at .53, increasing in value over the previous day and week to 0.6% and 4.1%, respectively, according to Coingecko data.
It’s possible that the enthusiasm surrounding XRP’s positive turnaround spurred major market participants—also known as “whales”—to take big action.
Related Reading: Solana Surges: Open Interest Hits .75 Billion, Price Up 8% Today
Featured image from Freepik, chart from TradingView
Maxine Waters Questions Meta’s Digital Asset Ambitions
Maxine Waters has sent a probing letter to Meta, querying the tech giant’s recent spate of trademark applications related to digital assets and blockchain technology.
Maxine Waters Suspects Meta’s Renewed Interest in Digital Assets Through Trademark Filings
Maxine Waters, the ranking Democrat of the House Financial Services Committee, has raised concerns over Meta’s recent trademark applications which suggest the tech giant’s potential re-entry into the digital asset space. Waters sent a detailed letter to Meta’s CEO Mark Zuckerberg and COO Javier Olivan, questioning the company’s intentions regarding digital assets and blockchain technology.
In her letter, Waters pointed out five trademark applications filed by Meta over the past year. These applications cover a range of services, including an online social networking and dating service facilitating digital currency exchange, development of blockchain-related computer hardware and software, and cryptocurrency trading services. This move comes despite previous statements from Meta staff indicating no ongoing digital asset projects at the company.
Waters, a vocal critic of Meta’s crypto ventures, particularly the Libra (later Diem) stablecoin project, expressed her concerns about the company potentially delving back into digital asset plans. She highlighted the incongruity between Meta’s trademark filings and their public disavowal of current digital asset ventures.
In 2019, Meta faced significant regulatory and legislative scrutiny over its plans to launch the Libra cryptocurrency and the Calibra digital wallet. Waters, along with other lawmakers, had requested a moratorium on these projects due to privacy and national security concerns. Despite these challenges and the eventual shutdown of the Diem project, Waters’ letter suggests that Meta’s interest in digital assets persists.
The congresswoman’s letter also seeks clarity on whether Meta intends to launch a cryptocurrency payments platform and its plans for the recently filed trademark applications. She emphasized the need for transparency, especially given the company’s troubled past with digital currencies.
As of now, Meta has not publicly responded to the letter.
Is Meta pursuing several potential digital asset related business opportunities? Share your thoughts and opinions about this subject in the comments section below.
Circle Report Shows USDC Navigating Challenging Waters in 2023
Despite a challenging 2023 with a substantial decline in circulating supply, a Circle report claims USDC emerges resilient, experiencing a surge in real-world applications and a decrease in speculative trading.
A Resilient Year for USDC Amidst Market Shifts
Circle, the issuer of the USD Coin (USDC), released its “State of the USDC Economy,” covering current key trends and shifting dynamics in USDC and the “new internet financial system.”
2023 was a challenging year for USDC. The stablecoin, which is pegged to the U.S. dollar and backed by liquid cash and cash-equivalent assets, witnessed a decrease in its circulating supply from billion to billion – a 44% decline. This reduction was largely attributed to a shift of assets from the crypto ecosystem to traditional markets, spurred by opportunities brought on by rising interest rates, regulatory pressures, industry bankruptcies, and fraud incidents.
However, in a counterbalancing act, the number of wallets holding at least of USDC soared by 59%, totaling over 2.7 million. This growth occurred amidst a broader contraction in the crypto sector, a move the report considers a signal of confidence in USDC. The stablecoin was an important bridge between the crypto asset economy and traditional finance, with over 7 billion of USDC issued or burned throughout the year.
The Asia-Pacific region, in particular, has witnessed a surge in USDC usage for remittances, with 0 billion flowing into the region in 2022. Circle’s efforts in this region included a partnership with Coins.ph, a Philippines-based exchange, targeting the billion remittance market. The report also states that USDC is playing an important role in addressing the 0 billion trade finance gap in emerging markets.
The report highlights a significant increase in the use of USDC for practical purposes, like remittances and trade finance. Concurrently, it notes a substantial decrease in USDC’s role in speculative trading, which has declined by 90% over the past five years.
What is your stablecoin of preference? Share your thoughts and opinions about this subject in the comments section below.
Bitcoin Technical Analysis: BTC Navigates Choppy Waters and Uncertainty
As bitcoin trades between ,850 to ,075, investors are eyeing several charts, oscillators, and moving averages for clues about the leading crypto asset’s next move. Oscillators signal neutrality, while moving averages paint a mixed picture, indicating a critical juncture for the cryptocurrency.
Bitcoin
On the 4-hour chart, bitcoin’s (BTC) trajectory shows a downtrend, marked by consistent lower highs and lower lows. A significant drop is notable, where the price plummeted from approximately ,440 to ,513. This pattern is underpinned by increased selling pressure, as evidenced by significant volume during downward movements. The formation of the current bearish candlestick formation further suggests the possibility of the downtrend persisting.
In contrast, the daily chart offers a different perspective, previously highlighting a bullish run where prices escalated from around ,378 to ,729. However, this trend has recently inverted, now characterized by a sequence of downturns. The intensified selling volume on these down days could be indicative of a strong bearish sentiment in the market, possibly forecasting further declines.
Oscillator readings present a more neutral stance. The relative strength index (RSI) at 52, Stochastic at 33, and the commodity channel index (CCI) at -27 all hover in the neutral range. The average directional index (ADI) at 37 and the awesome oscillator at 2230 also maintain this neutrality. However, the momentum indicator at -3227 and the moving average convergence/divergence (MACD) level at 1092 suggest selling action, adding complexity to the current market analysis.
The moving averages offer a divergent view. Short-term exponential (EMA) and simple moving averages (SMA) for 10 and 20 days indicate a sell signal with values at ,891, ,260, ,291, and ,683, respectively. Conversely, longer-term EMAs and SMAs (30, 50, 100, 200 days) signal a buying opportunity, with the 200-day EMA and SMA at ,057 and ,845, showcasing a bullish long-term trend amidst short-term volatility.
The current scenario suggests caution for traders. For short positions, a break below the last low of ,513 could be a potential entry point, with a stop loss above the most recent high or a lower high. Conversely, for long positions, a reversal pattern, such as a bullish engulfing candle or a higher low setup accompanied by increased buying volume, would be key indicators to watch.
Bull Verdict:
The long-term perspective for bitcoin remains optimistic. Despite recent downward trends on the 4-hour and daily charts, the stronger moving averages over longer periods (30, 50, 100, and 200 days) showcase a robust bullish undercurrent. The market’s resilience, as indicated by the 200-day EMA and SMA positioned well below the current price level, suggests that this could be a temporary consolidation phase before a potential upward breakout.
Bear Verdict:
The immediate outlook for bitcoin leans towards bearishness. The prevailing downward momentum observed in the 4-hour and daily charts, coupled with short-term moving averages signaling sell, paints a cautionary picture for the near future. The presence of consistent lower highs and lower lows, along with increased selling volume, indicates strong bearish sentiment.
Register your email here to get weekly price analysis updates sent to your inbox:
What do you think about bitcoin’s market action on Monday morning? Share your thoughts and opinions about this subject in the comments section below.
Shibarium Surpasses 1 Million Wallets in Meteoric Rise, But SHIB and Associated Tokens Face Turbulent Waters
Shiba Inu’s layer two (L2) scaling endeavor, Shibarium, has successfully crossed the 1 million wallet threshold since its inception, as evidenced by data from shibariumscan.io. Yet, the project’s native token, SHIB, has seen a decline of over 4% in the past week and a substantial drop of more than 18% in the previous month.
Shiba Inu’s Shibarium Booms With Wallets, But Tokens Navigate Choppy Waters
On August 30, 2023, Bitcoin.com News highlighted that Shiba Inu’s L2 scaling solution, Shibarium, was operating smoothly after facing initial challenges. Back then, the count stood at roughly 157,685 wallets. Fast forward to today, and that number has catapulted to over 1.1 million — marking a 598% surge in just under a week.
On the transaction front, Shibarium recorded a peak of 132,000 transfers on August 24, 2023. Since that peak, the daily transaction volume has oscillated between 40,000 and 99,000 transfers. In total, 986,716 transactions have been logged. With blocks being validated every 5 seconds, over 455,000 Shibarium blocks have been authenticated to date. Additionally, figures from defillama.com on September 4, 2023, show Shibarium L2 boasting a total value locked (TVL) of .05 million.
However, it’s worth noting a decline in Shibarium’s TVL, which was .46 million on August 29. A bulk of this value is anchored in two Shibarium-focused decentralized exchange (dex) platforms: Dogswap and Marswap. Of the total, Dogswap claims 0,362, while Marswap stands at an estimated 1,547. The third in line, Woofswap, has a reserve of around ,102. Stats show that all nine Shibarium-centric platforms registered a drop in their TVL in the past day.
Zooming in on the tokens, SHIB has depreciated by 4% this week and stands 18% weaker against the U.S. dollar. BONE, too, hasn’t been spared, plunging over 16% this week and 39% in the past month. LEASH didn’t fare much better, dipping 14% in a week, and over the last month, it’s down by 32%. Despite Shibarium’s smooth operational curve, the crypto tokens under the Shiba Inu umbrella have seen brighter days.
What do you think about Shibarium’s activity and the recent decline of Shiba Inu project tokens? Share your thoughts and opinions about this subject in the comments section below.
Binance In Murky Waters? Analyst Explains Why BNB Must Stay Above This Price
The last few days have been eventful for the crypto market following a major crash on Thursday that resulted in the loss of billion in market cap. In another unnerving development, it appears that Binance, the world’s largest exchange, may be in some form of trouble as a crypto analyst shares some insight on the company.
Binance To Record Heavy Losses If BNB Trades Below 2, Analyst Says
According to an X post on Friday, a crypto analyst with the name MartyParty painted a rather gloomy picture for Binance and its 150 million users. The analyst began by stating there was a reason the Binance Coin (BNB) is yet to fall below 2.
After Bitcoin tumbled on Thursday, BNB, like most cryptocurrencies, also plummeted in value, falling from 1.85 to 5.02. Although the token did attempt a market rebound on Friday, it soon fell again but found support at the 4 price zone.
There is a reason $BNB has not dropped below 2.
Binance has a $BNB backed loan liquidating at 2 down from 0 after margin was added in June.
Rationale:
– @cz_binance is in self preservation mode selling BTC from the bc1qm34lsc65zpw79lxes69zkqmk6ee3ewf0j77s3h wallet… pic.twitter.com/bVD5qzpiX4
— MartyParty (@martypartymusic) August 18, 2023
MartyParty believes there is a reason why BNB is gaining support at these levels away from the 2 price mark. According to the analyst, the Binance exchange has a BNB-backed loan set to liquidate at 2.
Initially, the liquidation price for the said loan was 0, but it was later shifted in June. Although the analyst didn’t reveal the exact amount of this supposed loan, it seems massive as he stated it could lead to a “fatal margin call” for the Binance exchange upon liquidation.
According to MartyParty, Binance is presently in “self-preservation mode” with its CEO Changpeng “CZ” Zhao selling BTC from a particular wallet to purchase TUSD, which in turn is invested in BNB to keep the Binance native token above 2.
In addition, this crypto analyst also made another interesting theory behind Binance’s supposed problem. He stated that US financial regulators are allegedly selling crypto holdings of the US Marshals Service in order to forcibly liquidate Binance’s loan position and kick CZ out of the crypto industry.
Crypto Community Reacts To Worrying Post On Binance
Following MartyParty’s post, there have been multiple reactions, with some crypto users siding with the analyst and nudging investors to dump the BNB token, saying that Binance is currently in a similar position as the FTX exchange in 2022.
The FTX exchange collapsed in November 2022 due to a cascade of events triggered by reports which stated that Alameda Research – FTX’s trading arm – held an unusually large amount of FTT – FTX native cryptocurrency similar to Binance’s BNB.
During the hype of the debacle, an inside source revealed that Alameda Research was quietly collecting loans from FTX, which were collateralized by the FTT token.
However, on the other hand, some other crypto analysts have disagreed with MartyParty’s post calling it false and only aimed at spreading FUD. A particular analyst with the handle Alice on X has described the whole report as a “bizarre conspiracy theory” as the loan in question was not taken out by the Binance exchange but rather by Venus Protocol, a lending protocol on the BNB chain.
For now, Binance, CZ, or the US government are yet to issue any statement confirming or denying the post by the analyst MartyParty.
At the time of writing, BNB is trading at 5.55, with a 1.59% decline in the last day, according to data from CoinMarketCap. Meanwhile, the token boasts a market cap of .16 billion and ranks as the fourth biggest cryptocurrency in the market.
Rep. Waters Opens Libra Hearing With Indictment of Facebook’s Past Mistakes
n Rep. Maxine Waters opened todays hearing on Facebooks Libra project by noting the firms past behavior regarding user data and privacyn
CryptScout #BitFeed RSS – Bitcoin and Cryptocurrency News 24/7
Prominent Crypto Investor Expects “Choppy Waters” For Bitcoin Over 2019
Since 2018 went on the way out, optimists have remarked that they expect for Bitcoin and the broader blockchain ecosystem to get some much-needed reprieve in 2019. Yet, a rally, recovery, or run of similar caliber still seems like a quixotic dream, as cryptocurrencies have failed to reverse a multi-month downturn. And interestingly, a number of analysts, including those with an immense vested interest in Bitcoin, expect for this bearish trend to continue well into 2019.
Bitcoin Investors Should Expect Choppy Waters
Joey Krug, a co-founder of preeminent Ethereum-based project Augur and the co-chief investment officer at Pantera Capital, recently sat down with Bloomberg TV to discuss his thoughts on cryptocurrencies moving forward.
Bloomberg host Emily Chang, sticking to the script, asked Krug about how the digital asset space will develop during 2019. Unsurprisingly, the Pantera C-Suite member, an American tech-centric entrepreneur, noted that he expects for “choppy waters” to continue to haunt Bitcoin and other cryptocurrencies throughout 2019.
Krug isn’t alone in claiming that 2019 won’t bring mark a “knock your socks off” bull rally for cryptocurrencies. In fact, a number of preeminent analysts and commentators have claimed that 2019 will be rife with price shortcomings. In an early-January Youtube appearance, Murad Mahmudov, a Princeton graduate turned well-respected crypto trader, explained that as a number of altcoins, like Ether, EOS, XRP, are still drastically overvalued, the broader market could be overvalued. Mahmudov subsequently noted that Bitcoin could bottom within the ,800 to ,400 range, recently citing crypto’s historical drawdowns.
Regardless, a number of industry insiders and onlookers believe that 2019’s crypto sector will be full to the brim with fundamental developments, rather than collapsing startups, depressed markets, and irritated investors.
Pundits Believe Crypto Bottom Still Months Away
Fred Wilson, a world-renowned venture capitalist who founded Union Square, recently touched on this thought process in a recent installment of AVC, his personal blog. Wilson noted that while a bottom of cryptocurrency markets is festering, the process of finding a floor could occupy much of 2019. However, Wilson went on to explain that he expects for 2019 to be a positive year for this industry’s fundamentals, explaining that many of 2017’s unfulfilled crypto-related promises will come to fruition in 2019.
Wilson added that he expects for “next-gen” smart contracts platforms, like Cosmos, to begin making a move on Ethereum’s hegemony, creating a pro-innovation ecosystem that is rife with competition. Lastly, the Union Square co-founder and partner noted that he expects for “blockchain 3.0” platforms, coupled with stablecoins and non-fungible tokens, to make a move on the mainstream consciousness.
Chris Burniske, a partner at Placeholder Ventures, echoed this sentiment, recently claiming that he expects for prominent projects to ship viable product in 2019, just like how Ethereum launched in 2015.
Then again, there are some even more cynical than the aforementioned three. Civic’s Vinny Lingham, a South African entrepreneur that appears on the nation’s installment of Shark Tank, recently remarked that he expects for Bitcoin to continue to range trade, rather than breaking out.
Yet, in the aforementioned interview, Krug provided an optimistic outlook to Bloomberg viewers, balancing out the dichotomy between Lingham’s harrowing comments and bullish quips from Wilson and crew. Pantera’s investment head, who has presumably allowed his firm to thrive in questionable conditions, explained that “moving forward,” there will be a notable focus on acquiring users and pushing product, adding that he’s “optimistic overall.”
The Silicon Valley-based investor added that he expects for cryptocurrencies to eventually undergo a long-term “grind” higher, likely on the back of scalable crypto networks that may single-handedly catalyze global adoption.
Related Reading: Crypto Pundits Skeptical Of “Better Bitcoin” Plan From MIT, Stanford
Featured Image from Shutterstock
The post Prominent Crypto Investor Expects “Choppy Waters” For Bitcoin Over 2019 appeared first on NewsBTC.
Bitcoin Technical Analysis: SEC Testing The Waters With Bitcoin ETNs
Bitcoin ETFs is not yet a yes from the main US regulator, the SEC. However, as things stand, there is Bitcoin Tracker One and though it is tradable via broker’s OTC market, investors can now invest their USDs in Bitcoin. Nevertheless, technical are not that positive and still oscillating inside a descending triangle with triggers at ,800 on the upside and ,800—the base of our triangle to the downside. Since prices are in between, we consider taking a neutral approach.
From the News
Bitcoin Exchange Traded Funds or ETFs are yet to become a reality for US investors keen on sinking their hard-earned capital to this coveted security instrument. However according to boosting news from Bloomberg, NASDAQ Stockholm is now creating opportunities for investment through exchange traded notes or ETNs called Bitcoin Tracker One.
These ETNs are now tradable at US brokerage accounts via an Over the Counter market as a foreign debt instruments. Initially, this instrument was available for trading in Euros or Swedish Krona under the ticker symbol CXBTF.
Bitcoin Tracker One was first availed for investors at the NASDAQ Stockholm back in 2015 and as an instrument that is finding its way to US’s brokerage firms through an OTC market, cryptocurrency and Bitcoin investors would have options to trade.
People are excited about the potential launch of a Bitcoin ETF in 2019.
There is already a Bitcoin ETN which does a similar job and allows accredited investors to invest in Bitcoin in US markets.
Mark Cuban invested in Bitcoin through it in 2017, in a Swedish stock market.
— Joseph Young (@iamjosephyoung) August 17, 2018
Even though there is custodial risk associated with the ETN–since the firm holds investors Bitcoins, this will be covered by the annual management fees that the firm will charge investors. Aside from Bitcoin Tracker One, there is Bitcoin Investment Trust that is available for investment through an OTC platform marketed by Grayscale Investments.
Despite this, ETNs is inferior to ETFs. The latter are more liquid, widespread and would definitely spur widespread adoption igniting this boom in prices that investors are eagerly waiting on.
Bitcoin (BTC) Technical Analysis
Weekly Chart
Regardless of recent price “boom”, odds are heavy against Bitcoin buyers even from a fundamental perspective-the lack of approval from SEC is a big deal.
Now, on the technical front, sellers are pushing hard clipping buyer’s effort. As mentioned in previous Bitcoin (BTC) technical analysis, our buys are far from being active and for that to happen, we need to see gains above ,800 and ,000—levels which were last tested in late July before that price collapse.
In my view, taking longs now is being too optimistic and while many want to see price appreciation, we prefer taking a neutral stand until either prices dip below week ending Aug 12 and ,800 or thrusting past ,800—our main support line and 2018 triggers.
Daily Chart
From the chart, our main support zone stands at ,800 and ,000. It’s easy to see why: ,800 and ,000 are June and August 2018 lows and are important levels in our technical analysis.
So, going forward, we shall take a neutral as we wait for price action to trigger our buy or sell triggers. Regardless, we shall take a heavy leaning towards bears.
Disclaimer: Views and opinions expressed are those of the author and aren’t investment advice. Trading of any form involves risk and so do your due diligence before making a trading decision.
The post Bitcoin Technical Analysis: SEC Testing The Waters With Bitcoin ETNs appeared first on NewsBTC.