According to data, several longtime holders have recently reactivated wallets containing hundreds of bitcoins for the first time in years. One inactive address, created on April 1, 2013, transferred 126.65 BTC valued at .63 million, marking its first transaction in over 11 years. Hundreds and Notably a 1,000 Stack of Vintage Bitcoin Transferred From Idle […]
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Bitcoin To Hit New Heights? Analyst Predicts 10x Growth In Few Years — Here’s How
In a recent surge of online discussion, renowned crypto analyst and entrepreneur Willy Woo has made headlines with his optimistic prediction for Bitcoin’s future on Elon Musk’s social media platform, X.
Woo suggests that Bitcoin, already gaining traction among traditional financial circles as an emerging asset class, could see exponential growth.
He argued that if Bitcoin continues to be perceived at the scale of major asset classes, traditionally valued in the tens of trillions of dollars, it could potentially increase in value tenfold in the coming years.
Current Market Dynamics and Predictions
Woo’s insight comes at a critical time for Bitcoin, which currently faces fluctuating market conditions. Despite the downturn, he projects that Bitcoin could rival the US dollar and emerge as a global reserve asset by the 2030s, aligning with a projected 25-40% global adoption rate.
His stance is rooted in the growing recognition of Bitcoin on Wall Street, highlighting a significant shift in how traditional financial markets are beginning to view digital currencies.
Everyone asking “when?”
I’d say when we into the range of 25-40% world adoption.
I.e. 2030s pic.twitter.com/Sdsw5PNrZM
— Willy Woo (@woonomic) June 25, 2024
Despite Woo’s long-term optimism, Bitcoin’s immediate trajectory remains challenged, with recent data indicating a decline. Over the past week, Bitcoin has seen a reduction of 5.3% in value, with a slight 0.1% drop in the last 24 hours, stabilizing at a market price of ,486.
Keith Alan, Co-founder of TeamBlacknox, remains cautiously optimistic, noting that while Bitcoin could retest its lows, the broader trend could remain “intact” if monthly closures stay between .5k and .8k.
Gauging Bitcoin Potential Rebound and Future Growth
Adding to the discourse, CryptoQuant analyst Gustavo Faria highlighted signs that Bitcoin might have reached a local bottom. The analysis pointed out a reduction in open interest in the futures market and a drop in funding rates for perpetual contracts, suggesting a balance restoration between buyers and sellers.
This equilibrium is crucial for maintaining a healthy market structure without excessive optimism that typically leads to sharp corrections.
Signs of a Local Bottom?
After a 15% correction, #Bitcoin shows potential signs of a local bottom. Open interest has declined, funding rates are near zero, suggesting a more balanced market. Crucial U.S. economic data incoming. Is the tide turning? – By Gustavo Faria
Full post… pic.twitter.com/nRCDVawmFa
— CryptoQuant.com (@cryptoquant_com) June 26, 2024
The ongoing discussion around Bitcoin’s future also considers broader economic indicators such as upcoming US macroeconomic data, including GDP, initial jobless claims, and inflation data. These factors are poised to influence market sentiment significantly in the near term.
Furthermore, Bitcoin’s positioning on the Bitcoin Rainbow Chart, which currently indicates a “Buy” zone, and historical price cycles following Halving events suggest further potential for growth.
Analysts anticipate that these technological and market cycles could propel Bitcoin’s price to as high as 0,000 by around September-October 2025.
Featured image created with DALL-E, Chart from TradingView
Argentina Records First Week of Zero Inflation in 30 Years; Milei Claims He’s Redefining Economic Theory
Argentina is reaping its first rewards in the fight against inflation, as a private consulting firm found that the inflation in food and beverages reached 0% during June’s third week. President Javier Milei celebrated this achievement, stating that his administration was rewriting economic theory and that he might receive the Nobel prize if successful. Javier […]
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Prime Suspect in $2.2M Crypto Fraud Faces Up to 20 Years in Prison
The U.S. Department of Justice (DOJ) announced on Friday that Robert Wesley Robb, 46, from Colorado, pled guilty to wire fraud for deceiving investors with false promises about a Maximum Extractable Value (MEV) cryptocurrency trading bot. Robb solicited investments via social media, claiming high returns and pressuring individuals to invest quickly. On Sept. 8, 2023, […]
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Uniswap A Retailer’s Hub? Average Trade Sizes Fall From $30,000 to $1,000 In 2 Years
Crypto and some key sub-sectors, like decentralized finance (DeFi) or non-fungible token (NFT) trading or minting, remain dynamic. While activity is highly influenced by price, other changes are settled not by how prices gyrate but by time.
Uniswap Users Are Increasingly Posting Small Trade Sizes
Events in Uniswap, a leading decentralized exchange (DEX) on Ethereum, draw the interest of Token Terminal, a blockchain analytics platform.
According to Token Terminal, a curious trend is happening in Uniswap: While the Ethereum ecosystem is expanding and expected to grow even more, trade sizes on Uniswap are shrinking rapidly.
Over the last two years, the average trade size on the popular DEX has fallen from around ,000 registered in 2022 to roughly ,000 at press time. Commentators speculate that this trend could point to increasing adoption, especially among retailers.
Compared to institutions or crypto hedge funds that might want to trade huge chunks, most retailers lack those resources. They are more comfortable with lower trade sizes.
This observation makes sense, especially with the explosion of meme coins deployed on the mainnet or layer-2 platforms like Base.
Though Uniswap first launched on the Ethereum mainnet, it is also available on Base, Arbitrum, and Polygon. It enables the trading of tokens in a low-fee environment.
On these platforms, market participants can trade on smaller sizes since they know the fee impact will be lower than on the mainnet.
Another perspective suggests that the rise of competing DEXs built on alternative blockchains like Solana and BNB Chain might be drawing activity away from Uniswap.
Modern blockchains like Solana offer faster transaction speeds and lower fees. With Ethereum processing 15 TPS at optimum, the higher scalability and interoperability with the first smart contracts platform can appeal to some traders.
DEX Users Rapidly Climbing As Ethereum Finds Regulatory Clarity
The decline in trade size comes surprisingly alongside a surge in overall DEX activity. Another Token Terminal report shows that monthly active traders across leading DEXs, including Uniswap, stand at 11.2 million.
It is roughly 3 million short of the all-time posted in December 2021. This observation suggests that though more traders post smaller sizes, more users are keen on exploring and participating.
Even as Uniswap’s average trade size falls, analysts are bullish on the protocol and UNI, its native token. The platform plans to launch Uniswap v4 while Ethereum now has regulatory clarity, especially with a spot Ethereum exchange-traded fund (ETF) on the way.
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According to statistics from Token Terminal, monthly stablecoin transfer volumes have multiplied ten times over the past four years, increasing from 0 billion to trillion per month. Data Highlights Explosive Growth in Monthly Stablecoin Transfers In recent years, stablecoin assets have gained significant importance. On June 20, 2024, the market capitalization of all stablecoins […]
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SEC’s Crypto Enforcement Chief Departs After 9 Years
The head of the Crypto Asset and Cyber Unit at the U.S. Securities and Exchange Commission (SEC)’s Division of Enforcement has left the agency after nine years of service. Under his guidance, the SEC took many enforcement actions against crypto firms, including major crypto trading exchanges Binance and Coinbase. SEC’s Crypto Enforcement Unit Leader Departs […]
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CBDC Interest Climbs Steadily Over Five Years, Google Trends Data Shows
Google Trends data reveals a consistent increase in search interest for “CBDC,” which stands for central bank digital currency, over the past five years. The term has maintained a score above 20 since August 2022, on a scale of 1 to 100, where 100 signifies peak interest. CBDCs See Consistent Search Growth, Top Regions Include […]
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Crystal Intelligence Report Reveals $19 Billion Lost in Crypto Crimes Over 13 Years
In a comprehensive new report, Crystal Intelligence, a blockchain analytics firm, details a significant billion in losses due to cryptocurrency crimes over the past thirteen years. The study covers a timeline from June 19, 2011, to March 6, 2024, and delves into the various types of criminal activities within the digital currency space. Study […]
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‘First Citizen’ of Bitcoin City Leaves El Salvador After Waiting Over 2 Years for Its Construction
Corbin Keegan, a U.S. national who self-proclaimed himself as the first citizen of Bitcoin City, has temporarily left El Salvador after waiting over two years for the state to build the settlement. President Nayib Bukele first announced this infrastructure proposal for Bitcoin City in November 2021. He also explained that the settlement would be constructed […]
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