The on-chain analytics firm Santiment has revealed that over 85% of all altcoins in the sector are currently in the historical “opportunity zone.”

MVRV Would Suggest Most Altcoins Are Ready For A Bounce

In a new post on X, Santiment discussed how the altcoin market looks based on their MVRV ratio model. The “Market Value to Realized Value (MVRV) ratio” is a popular on-chain indicator that compares the market cap of Bitcoin against its realized cap.

The market cap here is the usual total valuation of the asset’s circulating supply based on the current spot price. At the same time, the latter is an on-chain capitalization model that calculates the asset’s value by assuming the “true” value of any coin in circulation is the last price at which it is transferred on the blockchain.

Given that the last transaction of any coin would have likely been the last time it changed hands, the price at its time would act as its current cost basis. As such, the realized cap essentially sums up the cost basis of every token in the circulating supply.

Therefore, one way to view the model is as a measure of the total amount of capital the investors have put into the asset. In contrast, the market cap measures the value holders are carrying.

Since the MVRV ratio compares these two models, its value can tell whether Bitcoin investors hold more or less than their total initial investment.

Historically, when investors have been in high profits, tops have become probable to form, as the risk of profit-taking can spike in such periods. On the other hand, a dominance of losses could lead to bottom formations as selling pressure runs out in the market.

Based on these facts, Santiment has defined an “opportunity” and “danger” zone model for altcoins. The chart below shows how the market currently looks from the perspective of this MVRV model.

The data for the MVRV divergence for the various altcoins | Source: Santiment on X

Under this model, when the MVRV divergence for any asset on some timeframe is higher than 1, the coin is considered to be inside the bullish opportunity zone. Similarly, if it is less than -1, it suggests it’s in the bearish danger zone.

The chart shows that MVRV divergence for a large part of the market is in the opportunity zone right now. As the analytics firm explains,

Over 85% of assets we track are in a historic opportunity zone when calculating the market value to realized value (MVRV) of wallets’ collective returns over 1-month, 3-month, and 6-month cycles.

Thus, if the model is to go by, now may be the time to go around altcoin shopping.

ETH Price

Ethereum, the largest among the altcoins, has observed a 3% surge over the past week, which has taken its price to $3,150.

Looks like the price of the asset has gone up over the last few days | Source: ETHUSD on TradingView

Featured image from Shutterstock.com, Santiment.net, chart from TradingView.com

Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

Source: NewsBTC.com

The post 85% Of Altcoins In “Opportunity Zone,” Santiment Reveals appeared first on Crypto Breaking News.

Ethereum price is attempting a recovery wave above the $3,125 zone. ETH must clear the $3,200 resistance to continue higher in the near term.

Ethereum extended losses and tested the $3,075 support zone.

The price is trading below $3,180 and the 100-hourly Simple Moving Average.

There is a key rising channel forming with support at $3,140 on the hourly chart of ETH/USD (data feed via Kraken).

The pair could continue to move down if it trades below the $3,125 support.

Ethereum Price Faces Resistance

Ethereum price struggled to recover and extended losses below the $3,100 level. ETH traded as low as $3,074 and is currently attempting another recovery wave, like Bitcoin.

There was a minor increase above the $3,125 resistance. The price climbed above the 23.6% Fib retracement level of the recent drop from the $3,292 swing high to the $3,074 low. However, the bears are active near the $3,200 resistance zone.

Ethereum is now trading below $3,180 and the 100-hourly Simple Moving Average. There is also a key rising channel forming with support at $3,140 on the hourly chart of ETH/USD. Immediate resistance is near the $3,180 level and the 100-hourly Simple Moving Average.

The first major resistance is near the $3,200 level or the 61.8% Fib retracement level of the recent drop from the $3,292 swing high to the $3,074 low.

Source: ETHUSD on TradingView.com

The next key resistance sits at $3,240, above which the price might gain traction and rise toward the $3,280 level. A close above the $3,280 resistance could send the price toward the $3,350 resistance. If there is a move above the $3,350 resistance, Ethereum could even test the $3,500 resistance. Any more gains could send Ether toward the $3,550 resistance zone.

More Downsides In ETH?

If Ethereum fails to clear the $3,180 resistance, it could continue to move down. Initial support on the downside is near the $3,125 level. The first major support is near the $3,075 zone.

The main support is near the $3,030 level. A clear move below the $3,030 support might set the pace for more losses and send the price toward $2,880. Any more losses might send the price toward the $2,750 level in the near term.

Technical Indicators

Hourly MACD – The MACD for ETH/USD is losing momentum in the bearish zone.

Hourly RSI – The RSI for ETH/USD is now below the 50 level.

Major Support Level – $3,125

Major Resistance Level – $3,200

Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

Source: NewsBTC.com

The post Ethereum Price Faces Crucial Test: Will $3,200 Withstand The Pressure? appeared first on Crypto Breaking News.

On-chain analytics firm Spot On Chain’s team of analysts, using Google Cloud’s Vertex artificial intelligence (AI), has conducted an in-depth analysis to forecast the future price of Bitcoin (BTC). 

Their latest report provides valuable insights into the leading cryptocurrency’s short-, medium-, and long-term outlook.

Bitcoin Price Forecasts

According to Spot On Chain’s report, Bitcoin prices are expected to fluctuate between $56,000 and $70,000 during May, June, and July 2024. 

This projected range indicates the potential for market volatility, with a 48% probability assigned to the scenario where BTC prices may dip below $60,000. Moreover, the report advises a cautious approach, acknowledging the possibility of short-term fluctuations or corrections in the price.

Spot On Chain’s analysis reveals a significant movement in the latter half of 2024, with a compelling 63% probability of Bitcoin reaching $100,000. 

This mid-term projection reflects a prevailing bullish sentiment in the market, further fueled by anticipated rate cuts after the Federal Open Market Committee’s (FOMC) December 2023 meeting. 

These rate cuts aim to bring the federal funds rate down to 4.6% and are expected to boost demand for risk-on assets such as stocks and Bitcoin.

Looking ahead to the first half of 2025, Spot On Chain’s modeling indicates a strong probability that Bitcoin will cross the $150,000 threshold. Specifically, a 42% probability is assigned to this scenario, indicating a bullish outlook for Bitcoin’s price trajectory.

What’s more, looking at the entire year of 2025, the probability of Bitcoin exceeding $150,000 rises to an eye-popping 70%. Based on historical data and patterns in previous cycles, Bitcoin reached a new all-time high approximately 6 to 12 months after the Halving event. 

Price Consolidation On The Horizon?

Crypto analyst Retk Capital has also provided insights into the current Bitcoin price action, shedding light on key resistance levels and the potential for a consolidation phase before an anticipated parabolic upside.

According to Retk Capital’s analysis, Bitcoin has consistently been rejected from the $65,600 resistance level, failing to regain it as a support level. 

This resistance zone has significantly impeded Bitcoin’s upward movement in recent days, as seen on the cryptocurrency’s daily BTC/USD chart below. 

The daily chart shows that BTC’s price has been trending downward over the past few days. Source: BTCUSD on TradingView.com

Retk Capital further highlights that Bitcoin has been witnessing downside wicks into a pool of liquidity at approximately $60,600. This occurrence has been observed over multiple weeks, indicating the presence of buyers in that price range. 

If Bitcoin experiences further downward movement, the analyst believes that there is a possibility that it may approach this area once again. The analyst further notes:

Price dropping without context can be emotionally challenging. However, understanding that this downside is part of the consolation within a technical range-bound structure that will precede Parabolic Upside makes this experience much more comforting.

As of this writing, BTC is trading at $63,900, down nearly 8% over the past two weeks and the same percentage over the past 30 days.

Featured image from Shutterstock, chart from TradingView.com

Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

Source: NewsBTC.com

The post Vertex AI Price Forecast: Bitcoin Has 60% Chance Of Hitting $100,000, Key Predictions Unveiled appeared first on Crypto Breaking News.

Bitcoin price failed to recover above the $65,500 resistance. BTC is again moving lower and there is a risk of more downsides below $63,000.

Bitcoin started another decline after it failed to surpass the $65,500 resistance zone.

The price is trading below $64,500 and the 100 hourly Simple moving average.

There is a connecting bearish trend line forming with resistance at $64,500 on the hourly chart of the BTC/USD pair (data feed from Kraken).

The pair could accelerate lower if there is a daily close below the $63,000 support zone.

Bitcoin Price Faces Hurdles

Bitcoin price started a recovery wave from the $62,750 support zone. BTC was able to climb above the $64,000 and $64,500 resistance levels. However, the price failed to clear the $65,500 resistance zone.

A high was formed at $65,300 and the price started another decline. There was a move below the $64,500 level. The price tested the 50% Fib retracement level of the recovery wave from the $62,743 swing low to the $65,300 high.

Bitcoin is now trading below $64,500 and the 100 hourly Simple moving average. There is also a connecting bearish trend line forming with resistance at $64,500 on the hourly chart of the BTC/USD pair.

Immediate resistance is near the $64,500 level or the trend line. The first major resistance could be $65,350 or $65,500. A clear move above the $65,500 resistance might send the price higher. The next resistance now sits at $66,200.

Source: BTCUSD on TradingView.com

If there is a clear move above the $66,200 resistance zone, the price could continue to move up. In the stated case, the price could rise toward $67,000. The next major resistance is near the $67,400 zone. Any more gains might send Bitcoin toward the $68,800 resistance zone in the near term.

More Losses In BTC?

If Bitcoin fails to rise above the $64,500 resistance zone, it could continue to move down. Immediate support on the downside is near the $64,000 level.

The first major support is $63,750 or the 61.8% Fib retracement level of the recovery wave from the $62,743 swing low to the $65,300 high. If there is a close below $63,750, the price could start to drop toward $62,750. Any more losses might send the price toward the $61,200 support zone in the near term.

Technical indicators:

Hourly MACD – The MACD is now gaining pace in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level.

Major Support Levels – $64,000, followed by $63,750.

Major Resistance Levels – $64,500, $65,350, and $66,200.

Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

Source: NewsBTC.com

The post Bitcoin Price Turns Red And At Risk of More Downsides Below $63K appeared first on Crypto Breaking News.

Uniswap, one of the world’s largest decentralized exchanges (DEX) by total value locked (TVL), is approaching a major milestone on Arbitrum, the largest layer-2 by TVL on Ethereum.

According to data from Dune Analytics shared by Uniswap Labs, Uniswap on Arbitrum is on the cusp of surpassing a staggering $150 billion in total swap volume.

Riding The DeFi Boom

As of April 25, Uniswap had facilitated over $146 billion in cumulative swap volume on Arbitrum alone. The number has gradually increased over the past three years since June 2021, when it was deployed on Arbitrum, looking at on-chain data. 

Uniswap swap volume on Arbitrum | Source: Dune Analytics

By August 2021, Uniswap was processing less than $5,000 in swap volume. After that, they steadily picked up momentum throughout the crypto bear run of 2022. Notably, a sharp uptick from October 2023 coincided with the start of the crypto boom that eventually propelled Ethereum to over $4,000 in Q1 2024.

The rising swap volume on Arbitrum reflects the increasing preference for Decentralized Finance (DeFi) solutions. As Uniswap on Arbitrum nears $150 billion, more users are increasingly turning to the popular DEX to trade, all without giving up control of their assets.

The surging popularity of Uniswap on Arbitrum can be partly attributed to significantly lower transaction fees compared to the Ethereum mainnet.

Through Arbitrum, the optimistic roll-up solution, swappers enjoy low transaction fees. They can also trade from a scalable environment secured by the Ethereum mainnet. 

Ethereum developers recently implemented Dencun, introducing a new transaction format called “blobs.” Because of this, layer-2 solutions can store large chunks of data off-chain, reducing the mainnet bloat. Subsequently, fees have been lowered, drastically enhancing the user experience for Arbitrum and other layer-2 users like Base and Optimism.

Uniswap V4 And United States Wells Notice

Following Dencun’s activation, Uniswap Labs plans to deploy v4. This iteration introduces features like Hooks that developers say will make the DEX even more efficient and flexible. The launch is set for this year.

Uniswap price trending sideways on the daily chart | Source: UNIUSDT on Binance, TradingView

Though Uniswap V4 is huge for the DEX and DeFi as a whole, the United States Securities and Exchange Commission (SEC) ‘s decision to issue a Wells notice is a setback.

The regulator intends to sue. However, the founder, Hayden Adams, responded in a post on X that they are ready to fight.

Feature image from Shutterstock, chart from TradingView

Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

Source: NewsBTC.com

The post Uniswap On Arbitrum Nears $150 Billion In Swap Volume appeared first on Crypto Breaking News.

The Binance Smart Chain (BNB Chain), developed by the world’s largest cryptocurrency exchange by trading volume, Binance, experienced significant growth and performance in the first quarter (Q1) of 2024. 

As highlighted in a recent report by Messari, Binance Smart Chain has surged in market cap, revenue, average daily active addresses, decentralized finance (DeFi), total value locked (TVL), and average daily decentralized exchange (DEX) volume. 

BNB Outperforms Bitcoin In Q1 2024

During Q1 2024, BNB Smart Chain demonstrated notable market cap growth, soaring by 89% quarter-over-quarter (QoQ). It reached a market cap of $92.5 billion, securing the third position among all tokens, excluding stablecoins. Only Ethereum (ETH) and Bitcoin (BTC) surpassed BNB in market cap. 

Interestingly, the report notes that BNB’s performance surpassed that of Bitcoin, which saw a 65% increase in outstanding market capitalization over the same period.

Binance Smart Chain’s market cap and revenue performance during Q1. Source: Messari

Revenue generated by the Binance Smart Chain experienced a substantial boost in Q1. The network collected $66.8 million in revenue, marking a 70% QoQ increase. 

According to Messari, this surge in revenue was primarily driven by the appreciation of BNB’s price. Notably, Q1’s revenue exceeded that of any quarter in 2023. DeFi transactions, particularly gas fees, were significant in revenue contributions, accounting for 46% of the total.

Despite a slight decrease in average daily transactions, BNB Smart Chain experienced a 27% year-over-year (YoY) increase, demonstrating sustained growth in network activity. 

Average daily active addresses surged by 26% QoQ, reaching 1.3 million. Several protocols on the BNB Smart Chain witnessed increased transaction volumes and active addresses, with Tether’s USDT and decentralized exchange (DEX) PancakeSwap leading the way.

DEX Trading Volume Explodes

BNB Smart Chain’s DeFi TVL, denominated in USD, experienced a 67% QoQ surge, reaching $7.2 billion. This growth positioned the Binance Smart Chain as the third-highest chain regarding DeFi TVL, denominated in USD. 

However, when denominated in BNB, TVL decreased slightly by 12%. This indicates that the surge in USD value was primarily driven by BNB price appreciation and capital inflows.

Binance Smart Chain’s DeFi TVL increase in USD and BNB during Q1. Source: Messari

Decentralized exchanges on the Binance Smart Chain witnessed a staggering 193% QoQ increase in average daily trading volume. The total DEX volume for Q1 reached $1.1 billion, with PancakeSwap emerging as the dominant DEX on the platform. 

PancakeSwap’s average daily DEX volume surged by 140% QoQ, surpassing other competitors and solidifying its position as the preferred DEX on the BNB Smart Chain.

Overall, Binance Smart Chain’s performance in the first quarter of 2024 showed significant growth across various parameters, reinforcing its position as an important blockchain platform. 

The daily chart shows Binance Coin’s price trending upwards over the past month. Source: BNBUSD on TradingView.com

The exchange’s native token, Binance Coin, is currently trading at $607, reflecting a 2% price increase over the past 24 hours and a 10% increase over the past 7 days. 

These positive price movements bring the token closer to its all-time high of $686, reached in May 2021.

Featured image from Shutterstock, chart from TradingView.com

Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

Source: NewsBTC.com

The post BNB Smart Chain Shines In Q1: Triple-Digit Surges In Key Metrics appeared first on Crypto Breaking News.

The Bitcoin price continues to fluctuate wildly after crashing from its all-time high price above $73,000. This has triggered a wave of bearish sentiment in the market, causing a large number of crypto traders to go short on the pioneer cryptocurrency. As a result, these bears lose, risking a large amount if the Bitcoin price resumes its bullish rally.

Bears Will Lose $7.2 Billion If Bitcoin Reclaims All-Time High

In a post shared on X (formerly Twitter), crypto analyst Ash Crypto revealed an interesting trend concerning Bitcoin that has been developing. The screenshot shared shows that a large number of short trades have been placed on BTC, with the expectation that the price could continue to fall.

Now, so far, these bulls look to be right as Bitcoin has failed to successfully clear $67,000. However, they stand to lose a lot of money if BTC is able to clear this resistance and resume upward. According to Ash Crypto, there is over $7.2 billion worth of BTC shorts which risk liquidation if Bitcoin were to reach a new all-time high price above $74,000.

At the time, the Bitcoin price had recovered above $66,000, spurring a flurry of bearish activity in the market. However, these bears seem to have succeeded, as the BTC price has fallen below $64,000 at the time of writing.

As a result, bears have been emboldened, with the expectation that the Bitcoin price will still from here. So far, the liquidation trends risks have continued to rise as the BTC price falls. Data from Coinglass shows that if Bitcoin were to recover above $44,000 and reach a new all-time high, bears stand to lose over $10 billion.

Source: Coinglass

BTC Bulls Are Not Giving Up

Even though Bitcoin bears seem to be making bank with the price of Bitcoin falling, the bulls are far from done. Rather, they have been using this price decline as an opportunity to fill up their bags. This accumulation has been even more prominent among Bitcoin whales, who have picked up 1.4% of the total supply in the last month.

On-chain data tracker Santiment reported that in the last four weeks, Bitcoin whales have added 266,000 BTC to their balance. The cohort responsible for this are those holding between 1,000 and 10,000 BTC, making them the mega whales. In total, they spent $17.8 billion on buying BTC in just one month.

As a result of this accumulation, these 1,000-10,000 BTC whales now hold 25.16% of all BTC in existence. Their numbers are also on the rise, with Santiment identifying this as the “Highest crowd bullish bias since all-time high week in early March.”

For now, Bitcoin continues to struggle with the bears to hold the $63,000 support. Its price is down 4.05% in the last day to trade at $63,600, at the time of writing.

BTC bears pull price down | Source: BTCUSD on Tradingview.com

Featured image from Coinpedia, chart from Tradingview.com

Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

Source: NewsBTC.com

The post Bitcoin Bears Risk Losing $7.2 Billion If BTC Price Reaches This Level appeared first on Crypto Breaking News.

Data from analytics platform IntoTheBlock have illuminated a troubling trend within the Cardano (ADA) network, showing a significant dip in ‘profitability’ for its holders.

While cryptocurrencies like Bitcoin and TRX show a high percentage of holders in profit, Cardano stands in stark contrast, with only 35% of its holders currently seeing gains.

This insight into the Cardano ecosystem reveals deeper challenges, as many of ADA’s transactions now appear to be at a loss.

The chart below shows the percentage of holders in profit on several top layer 1 networks

Bitcoin remains king, with $TRX being a close second. $DOGE and $ETH also have the vast majority of holders in profit. $ADA stands out with only 35% of holders in profit. But is this… pic.twitter.com/x9YwfuNIN4

— IntoTheBlock (@intotheblock) April 24, 2024

Details Into ADA Investors Profitability

The report’s specifics indicate that out of 1.59 million addresses holding 14.07 billion ADA, a substantial amount of these tokens were acquired at higher price points that are not profitable under current market conditions.

In particular, 2.73 million addresses are underwater, holding 20.07 billion ADA purchased at price levels between $0.5975 and $0.7265. This significant segment of loss-bearing investments places downward pressure on ADA’s market price, contributing to recent price volatility.

Cardano (ADA) holders metric. | Source: IntoTheBlock

Despite the immediate bearish outlook, ADA has shown resilience with a weekly gain of 4.2%, bringing its price to $0.4661 at the time of writing. This slight recovery suggests that while short-term pressures are evident, investor confidence remains in the token’s fundamentals.

Notably, the crypto community is buzzing about potential future gains for ADA based on historical data and technical analysis. Prominent crypto analyst Ali has pointed out that ADA’s Market Value to Realized Value (MVRV) ratio is lower than -22%, indicating that the asset is significantly undervalued.

This situation is similar to June 2023, following which ADA experienced a substantial 75% increase in value. Ali forecasts a potential surge in ADA’s price to $0.80 from these past trends, which would mark a significant recovery and the highest value for the token in over a year.

The last time #Cardano‘s MVRV Ratio dipped below -22%, $ADA ‘s price soared by over 75%. With the #ADA MVRV Ratio back under -22%, we could see another impressive rebound! pic.twitter.com/ABf0mp4pR4

— Ali (@ali_charts) April 19, 2024

Cardano Technical Analysis Supports Bullish Predictions

Another analyst, Trend Rider on X, further supported the optimistic projections for ADA and noted that Cardano’s technical indicators signal a potential bull run.

According to Trend Rider, ADA’s Relative Strength Index (RSI) and Simple Moving Average (SMA) crossovers form a pattern that mirrors previous setups, leading to major price increases. For instance, a similar formation was observed before ADA’s monumental rise from $0.05 to $3.00.

This confluence of technical and market value analyses presents a compelling case for Cardano’s potential turnaround. While current holder profitability is low, the technical indicators and historical performance suggest that ADA could be on the cusp of a significant upward trajectory.

ADA price is moving sideways on the 4-hour chart. Source: ADA/USDT on TradingView.com

Featured image from Unsplash, Chart from TradingView

Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

Source: NewsBTC.com

The post Cardano Crisis Or Comeback? ADA’s Key Metric Hits Low, What This Means For Investors appeared first on Crypto Breaking News.

An analyst has explained how Bitcoin is forming both a death cross and TD sell signal, which may lead to potential dips in these targets.

Bitcoin Looking In Trouble As 12-Hour Chart Forms Two Bearish Signals

In a new post on X, analyst Ali discussed two signals that have recently formed in Bitcoin’s 12-hour chart. The first of these is a “death cross,” which occurs when an asset’s short-term simple moving average (SMA) dips below its long-term SMA.

Regarding the death cross, the 50-day and 100-day SMAs make up for the short-term and long-term trend lines. Historically, such formations have been considered bearish signals, with the price potentially suffering once the pattern is confirmed.

The other signal that has appeared for the cryptocurrency involves the Tom Demark (TD) Sequential. This indicator is popularly used for finding locations of probable tops and bottoms in any asset’s price.

The TD Sequential has two phases: the “setup” and “countdown.” The first phase, the setup, is said to be complete once the asset has gone through nine candles of the same polarity. After these nine candles, the price may have reached a likely reversal point.

Naturally, if the candles in the setup’s formation were red, then the signal would be a buy one, while if the prevailing trend were bullish, the reversal would be towards the downside.

Once the setup is complete, the countdown phase begins. This phase works much like the setup, except that candles are counted up to thirteen instead of nine. After the countdown’s completion, the commodity may be assumed to have reached another potential top/bottom.

Now, here is the chart shared by Ali that highlights how signals about both of these technical analysis patterns have been witnessed in the 12-hour price of Bitcoin recently:

The two signals that the 12-hour BTC price has formed in recent days | Source: @ali_charts on X

As is visible in the graph, the 12-hour price of Bitcoin first saw a death cross form with the 50-day SMA moving under the 100-day SMA. Then, it observed the completion of a TD Sequential setup, with the indicator suggesting a reversal to the downward direction.

Since this double bearish pattern has appeared, BTC has been heading down, suggesting that these signals may already be in effect. “If BTC falls below $63,300, brace for possible dives to $61,000 or even $59,000,” says the analyst.

From the current price of the cryptocurrency, a potential drawdown to the first of these targets would mean a decline of 4.6%, while one to the latter level would suggest a drop of nearly 8%.

BTC Price

So far, Bitcoin has managed to prevent falls under the $63,300 target listed by the analyst, as it currently floats around $64,000.

Looks like the price of the coin has lost its earlier recovery during the past 24 hours | Source: BTCUSD on TradingView

Featured image from Shutterstock, charts from TradingView.com

Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

Source: NewsBTC.com

The post Bitcoin Forms Death Cross & TD-9 Sell Signal: Brace For Impact? appeared first on Crypto Breaking News.

Dogecoin (DOGE), the foremost meme coin, is down over 6% in the last 24 hours according to data from CoinMarketCap. This downtrend can be attributed to the price movement of the flagship crypto, Bitcoin. 

Dogecoin Drops Alongside Bitcoin

Dogecoin’s price also experienced a sharp decline as the flagship crypto dropped from over $66,000 to below $64,000 in the last 24 hours. Altcoins like DOGE are known to experience a similar downtrend whenever Bitcoin’s price records a correction like the way it has done. Generally, the global crypto market is down over 4%, thanks to this occurrence. 

Several factors are believed to have contributed to Bitcoin’s recent decline (and, by extension, Dogecoin and other altcoins). One is the upcoming release of the Personal Consumption Expenditures (PCE) inflation data on April 26. Despite estimates from the Cleveland Fed, predicting that the PCE data will show that inflation has slowed, crypto investors are still wary, given that the March Consumer Price Index (CPI) data didn’t show any disinflationary progress. 

Crypto investors are also still apprehensive about the conflict in the Middle East. Although tensions between Israel and Iran seem to have subsided, there is still the belief that things could quickly get heated again. The impact this geopolitical conflict has on the crypto market has become evident, and investors want to avoid getting burned again. 

Meanwhile, the Spot Bitcoin ETFs, which now significantly impact the crypto market, have seen their inflows slow this month. The demand for these investment funds has drastically dropped, contributing to the unimpressive price action among crypto tokens like Dogecoin, given the amount of liquidity they brought into the market at their peak. 

Interestingly, the world’s largest asset manager, BlackRock, recorded zero daily inflows into its iShares Bitcoin Trust (IBIT) for the first time on April 24, further underscoring how bad things have become. 

DOGE Still Expected To Experience Further Price Declines

Based on crypto analyst CrediBULL Crypto’s recent analysis, the foremost meme coin is still expected to experience further price declines even when the crypto market picks up again. The analyst mentioned that the crypto market is getting to the point where liquidity in memes like Dogecoin and other altcoins will get sucked by Bitcoin as it makes its move to $100,000. 

The crypto analyst predicts that Dogecoin could drop to as low as $0.5 when this happens, suggesting there wouldn’t be enough liquidity for the meme coin to maintain any uptrend. However, crypto analyst Kevin (formerly OG Yomi) offered a different opinion, noting that nothing on the monthly time frame suggests Dogecoin will drop to as low as $0.5.

DOGE price drops below $0.15 | Source: DOGEUSDT on Tradingview.com

Featured image from Cryptoast, chart from Tradingview.com

Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

Source: NewsBTC.com

The post Why Is The Dogecoin Price Down Today? appeared first on Crypto Breaking News.

A strategic trader has made the most of his money after making over 1,000x profit with PEPE.  Despite the recent frog-themed token slump, the memecoin investor gained millions. Similarly, whales have continued accumulating PEPE while it resumes its upward trajectory.

Memecoin Trader Makes Millions

According to Lookonchain data, a memecoin trader named James Wynn multiplied its PEPE investment by 1,503. Wynn bought the token in its earlier stages, acquiring 2.83 trillion PEPE for $8,524. When the token started gaining momentum, he sold over half his holdings, 1.81 trillion tokens, for $4.57 million.

jwynn.eth(@JamesWynnReal) – A smart trader who made $12.8M(1,503x) on $PEPE .

He also traded $BOBO and $ANDY recently, making another $818K!

1/ Let’s dig into his trades. pic.twitter.com/2vOkjObVPr

— Lookonchain (@lookonchain) April 24, 2024

After the frog-themed memecoin became a market sensation, the trader’s unrealized profits on his remaining bag exponentially increased. Currently, Wynn holds 1.02 trillion PEPE in three wallets worth $8.25 million.

The trader’s total profits from PEPE total $12.8 million. However, if he had held onto his tokens, the gains would have exceeded $20 million.

Per the blockchain research platform, Wynn’s feat doesn’t end with PEPE. He has also made over $800,000 trading other memecoins over the week. He recently bought five tokens, two of which remain profitable: BOBO and ANDY.

At the time of the report, the trader bought over 273.62 billion BOBO for $138.263, making a profit of $430,000. Similarly, he acquired 4.711 billion ANDY for $115.493, gaining over $338,000.

Nonetheless, not all of Wynn’s trades resulted in success. According to the X post, the trader has a 45% success rate, gaining over $13.7 million with nine memecoins and losing around $350,000 on eleven tokens, including some rug pulls.

Breakdown of the 20 tokens traded by Wynn. Source: Lookonchain

Whales Go On PEPE Buying Spree

As reported by NewsBTC, recent data showed that PEPE’s price decline over the last month has reduced the number of addresses carrying gains. However, this has not stopped whales from accumulating the token.

This week, a whale accumulated 211.6 billion PEPE from Binance, Gateio, and Uniswap. The address bought the tokens at an average of $0.000007291, spending $1.54 million. The buying spree turned profitable as, some hours later, the token’s price increased by 17%.

According to Spot On Chain, the holdings’ worth surged to $1.72 million, making $173,000 in unrealized profits. Other reports suggest that whales have continued accumulating and taking profits from their PEPE holdings.

However, the token’s market activity decreased by 22.1% in the last 24 hours, with a $1.2 billion daily trading volume. PEPE’s market capitalization has also dropped 1.58%.

Despite this, the token has regained its spot as the third largest memecoin by this metric, as dogwifhat (WIF) lost 13.88% of its market cap on the last day. It’s worth noting that WIF flipped PEPE on March 28 after becoming the newest sensation in the crypto market.

As of this writing, PEPE is changing hands for $0.000007821, representing an 11.4% drop in the monthly timeframe. Nonetheless, the token continues recovering, registering a 52.2% surge in the last seven days.

PEPE's recovery in the seven-day chart. Source: PEPEUSDT on TradingView

Featured Image from Unsplash.com, Chart from TradingView.com

Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

Source: NewsBTC.com

The post 1,503x Profit: How A Memecoin Trader Made $13 Million With PEPE appeared first on Crypto Breaking News.

ENO is blazing a trail with its entry as both an innovator in social tokens and in transforming social clubs. The time when conversations about ENO were limited to specific groups interested in wine and cryptocurrency is now behind us. ENO aims to draw in a broad spectrum of people, seamlessly connecting the cryptocurrency domain with establishing vibrant communities.

ENO spearheads the creation of the world’s inaugural decentralized platform dedicated to celebrating the variety of wine culture. Its mission is to bring together connoisseurs of wine and cryptocurrency from around the globe, using cutting-edge blockchain technology to nurture a dynamic community dedicated to cultivating and appreciating fine wines. The dynamic ecosystem of ENO includes a wide array of platforms, from the esteemed ENO Social Clubs and the innovative ENO Swap to the enchanting ENOVERSE and several other fascinating initiatives.

ENO is trailblazing by integrating the venerable wine industry with the forefront of technology, creating a novel economic framework within its ecosystem. This venture into digital assets, including Non-Fungible Tokens (NFTs) and special event access, represents a significant shift in our engagement with value and passions.

Let’s see what kind of assets are supporting and fueling the ENO ecosystem.

ENO token – the backbone of the whole ecosystem

Throughout an extensive exploration and development phase, ENO identified significant gaps within various sectors, including wine, real estate, music, and art. These disconnects were primarily linked to marketing and the inability to resonate with the evolving preferences of newer generations.

ENO believes that these divides can be bridged by creating all-encompassing social club ecosystems and cultivating trust and connectivity within its community. To achieve these objectives, ENO plans to deploy various tools, among which the ENO token stands out as a fuel for the ecosystem. This fundamental utility token is integral to all future systems deployed by ENO, with the level of token possession influencing a community member’s level of engagement within ENO’s expanding infrastructure.

In addition, the ENO tokens are accessible at services offered by ENO Labs and ENO Academy, which provide expansive toolsets tailored to their specific applications and benefit all participants. Holders of the ENO tokens can access a wealth of educational resources, including various courses, virtual and in-person workshops, educational videos, articles, and much more.

The ENO token, essential for participation across ENO’s forthcoming services, will dictate the depth of a community member’s involvement. Available on LAtoken, Bitmart, and Uniswap, the asset will soon be highlighted in a thorough token sale campaign scheduled for April.

ENO Digital Assets – One-way ticket to a world of entertainment

The initiative proudly offers many distinct and thrilling advantages through the ENO digital asset (EDA). Among these EDAs, NFTs stand out, providing a foundation for an economy where members can capitalize on their asset ownership for benefits like event participation and beyond.

Yet, the scope of ENO digital assets transcends wine alone. These assets unlock a myriad of novel and thrilling opportunities within the ENO ecosystem, including NFTs that facilitate the establishment of an economy. Asset ownership can be leveraged for perks such as event access.

In addition, ENO digital assets will be accessible to pay for tangible rewards at ENO social club gatherings, whether through augmented reality or in-person at various Bosque Real property events. Every EDA is distinct, granting its owner special access to specific experiences within the ecosystem.

Exceptional EDAs might even allow their owners to attend private and exclusive ENO social club events or enjoy additional high-end ecosystem features.

In a strategic partnership, ENO has joined forces with Bosque Real to host club events and activities. This alliance brings exclusive perks to NFT owners, including access to an elite golf course, a specialized workspace, and the distinctive ENO Embassy. Additionally, membership opens the door to engaging experiences, such as virtual reality experiences featuring the Bosque Real Logo, special dining discounts at the hub, and exclusive brand merchandise.

As for the things to come

Having done the heavy lifting, ENO doesn’t hold back and strives to innovate and reinvent once more. In the near future, according to ENO’s roadmap, we can expect launches of various NFT tools ranging from the ENO embassy badge and different NFTs to an exciting new marketplace. Most of these additions to the ENO ecosystem will be accomplished with the use of Arbitrum, a supporter of ENO from the very get-go.

With its steps further, ENO is set to embark on a journey that redefines blockchain technology and cryptocurrency possibilities. The team is excited to welcome users, developers, and enthusiasts to join in building a greener, more sustainable future for the digital asset industry. Stay tuned for updates on new features, partnerships, and initiatives as ENO grows and prospers.

Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

Source: NewsBTC.com

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Dubai, April 17, 2024 – The 12th edition of the Blockchain Life Forum, known as the leading gathering for global cryptocurrency leaders, concluded with an impressive turnout of 10,162 attendees despite the unprecedented storm that happened in Dubai.

Representatives of the crypto industry have always stood apart, largely due to their unique character and the nature of their activities. After all, they are pioneers. And the most massive flood in Dubai in the last century did not prevent 10,162 people from meeting at the long-awaited Blockchain Life 2024, even despite the postponement of the second day of the forum. Needless to say, the atmosphere on the site was indescribable – a very special unity saturated the air.

 

Throughout the event, the crypto community engaged in insightful discussions, made valuable connections, and struck important deals. Forum stages featured over 160 renowned speakers and industry leaders, including heads and management of Binance, Chainlink, Tron, Bybit, OKX, DFINITY, Ledger, Animoca Brands, Ton, Cardano, Singularity Net, LayerZero, Tether, Ripple, Trust Wallet and more.

The exhibition of crypto companies featured 133 booths, which makes it the largest web3 expo in 2024. Such giants as OKX, HTX, Bybit, Bitget, BingX, Listing.Help, and Uminers presented their services, products and teams. This offered attendees a firsthand look at the latest technologies and innovations shaping the ecosystem.

 

“This year, we reached a milestone with 10,162 attendees. They know that the current market growth is just the beginning of a real explosion. The next wave is coming, which is why top projects, insiders, and funds gathered at Blockchain Life to finalize their preparations. Now, we are gearing up for a historic bull run that will be remembered for years.” commented the organizer of Blockchain Life, Sergei Khitrov.

As a grand conclusion to the forum, participants were treated to the celebrated Legendary AfterParty at one of the world’s premier clubs. Hours of informal networking with the cream of the industry took place in an all-inclusive format. The highlight of the event was an incredible live concert by the internationally acclaimed hitmaker, Alan Walker. With his chart-topping songs, Alan Walker captivated over 1,400 participants, showcasing the event’s impressive global reach.

Looking ahead, the 13th edition of Blockchain Life is scheduled to be held on October 22-23, 2024, providing participants with an opportunity to highlight their accomplishments and set the groundwork for future success. 

 

Presale tickets and sponsorship applications for the upcoming Blockchain Life event are currently available – please visit https://blockchain-life.com for more information.

 

The organizers of Blockchain Life 2024 – Listing.Help and Jets.Capital.

General Sponsor of Blockchain Life 2024 and the Official AfterParty – Uminers.

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Beck & Bulow, a nationally acclaimed meat and seafood company based in Santa Fe, New Mexico, has announced its decision to accept Bitcoin as payment online and in-store, as well as include it in their employee 401k program. The company has also committed to holding Bitcoin and revenue generated in Bitcoin in its reserves indefinitely.

Founded in humble beginnings, working farmers markets and selling meat door-to-door, Beck & Bulow has grown to play a much bigger role in the meat supply chain in New Mexico. The company now serves over 1,000 restaurants and retailers across the United States, including luxury hotels and high-end markets, and has recently begun exporting bison to Mexico.

The decision to adopt Bitcoin aligned with Beck & Bulow’s philosophy of financial sovereignty and food sovereignty, the company said in a press release sent to Bitcoin Magazine. Beck & Bulow believes that “Just as every cut of meat tells a story of quality and craftsmanship, every Bitcoin block verifies a step towards a more decentralized and liberated future.”

The company will also hold all Bitcoin payments as savings and has committed to converting 20% of its assets to BTC to keep in its treasury reserves.

By extending the use of Bitcoin to their employee 401k program, Beck & Bulow says they want to invest in the financial futures of their team members and foster a culture of empowerment and forward-thinking.

Click the image to learn more.

The adoption of Bitcoin by Beck & Bulow follows a growing trend of businesses, both large and small, following the lead of companies like MicroStrategy in adopting the Bitcoin standard. Reserving in Bitcoin has become increasingly popular among small businesses, not only for its potential financial benefits but also for the marketing opportunities it presents.

As more companies embrace Bitcoin as a means of payment and a store of value, Bitcoin continues to gain mainstream acceptance. Beck & Bulow’s decision to adopt Bitcoin demonstrates the growing intersection between traditional industries and Bitcoin.

Source: Bitcoin Magazine

The post Beck & Bulow Adopts Bitcoin as a Treasury Reserve Asset appeared first on Crypto Breaking News.

Packed TOKEN2049 Dubai conference proves the resilience of the global crypto community, with attendees overcoming travel disruptions to participate

Going from strength to strength, TOKEN2049 Singapore will return in September 2024 as the industry’s largest international gathering of the year, with 20,000 attendees

Photo caption: ‘Pavel Durov, CEO of Telegram, onstage at TOKEN2049 Dubai’

Dubai, UAE — April 23, 2024 — TOKEN2049, the premier crypto event, saw record-breaking success for its inaugural Dubai conference, which took place from April 18-19, during TOKEN2049 Week.

Throughout the event, attendees experienced an impressive range of panel discussions, keynotes, workshops, and exclusive networking opportunities, overcoming torrential rain to show up in force. Tickets for TOKEN2049 Dubai sold out nearly three weeks prior to the event, with 10,000 attendees expected. Despite the UAE’s heaviest rainfall in 75 years, the conference opened to a full-house.

Alex Fiskum, Co-Founder of TOKEN2049 said: “This week we witnessed the determination of the crypto industry first hand. Our team worked around the clock to ensure that the conference proceeded without any disruptions, maintaining the highest standards of hospitality for our attendees. Our programme proceeded and our doors opened as planned, welcoming attendees to a comfortable, immersive, and action-packed event. We are immensely proud of everyone who contributed to making TOKEN2049 Dubai an overwhelming success.”

TOKEN2049 Dubai was host to 90% international attendees hailing from over 160 countries worldwide. The global crypto community came out in full strength to participate, showcasing the growing reputation of Dubai as a hub for crypto innovation. The global representation also cemented TOKEN2049 as the marquee industry event in the crypto calendar, not to be missed.

Travel disruptions early in the week saw large numbers of speakers and attendees diverted across the Middle East, all of whom surmounted significant obstacles to attend and participate at TOKEN2049 Dubai. Amongst the 200+ leading industry voices who took to the stage to share their insights, discuss the most prevalent topics in Web3, and unveil exciting news announcements were Pavel Durov, the visionary CEO of Telegram; Richard Teng, CEO of Binance; Paolo Ardoino, CEO of Tether; and Arthur Hayes, Co-Founder of BitMEX.

Some standouts include a joint announcement onstage by Tether and Telegram that USDT will launch on the The Open Network (TON) and Telegram wallet; Polkadot’s Gavin Wood introduced a new JAM chain graypaper; Berachain announced a collaboration with Google Cloud; and Telos unveiled a partnership with Ponos Technology to develop a hardware-accelerated Ethereum L2 zkEVM network, amongst many more ground-breaking announcements.

Fiskum continued: “We have received overwhelmingly positive feedback from all participants across TOKEN2049 Dubai. Energized by this success, we now shift focus to prepare for the industry’s largest event of the year — TOKEN2049 Singapore, taking place on September 18-19 before the Formula 1 Grand Prix weekend. TOKEN2049 Singapore will welcome 20,000 attendees to the iconic Marina Bay Sands, continuing to set new standards for the industry.”

TOKEN2049 Dubai will return in 2025, promising an even more immersive experience for prolific industry leaders, Web3 builders, global entrepreneurs, and tens of thousands of crypto enthusiasts.

TOKEN2049 is hosted annually in Dubai and Singapore. For more information and updates on TOKEN2049, please visit: https://www.token2049.com.

About TOKEN2049

TOKEN2049 is a global conference series, where decision-makers in the global crypto ecosystem connect to exchange ideas, network, and shape the industry. TOKEN2049 is a global meeting place for entrepreneurs, institutions, industry insiders, investors, builders, and those with a strong interest in the crypto and Web3 industry. TOKEN2049 is hosted annually in Dubai and Singapore.

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On April 24, 2024, an event of significant convergence between the worlds of cryptocurrencies and boxing will take place — the listing of the inaugural Ready to Fight (RTF) boxing token on the world’s leading crypto exchanges, including WhiteBIT. The sale is set to commence at 10:30 UTC.

Ready To Fight is an innovative SocialFi project that combines social networks and decentralized finance, enabling creators to monetize their content! It is the first social network for the 50 million-strong global boxing community, founded by Oleksandr Usyk and Sergey Lapin. The project’s strategic partners are the World Boxing Council (WBC), the Saudi Arabian Boxing Federation, and Riyadh Season. The project’s ambassadors include such prominent world athletes as Mike Tyson, Amir Khan, and Ebani Bridges. Ready To Fight brings together boxers, trainers, agents, managers, and fans by integrating boxing with the power of Web3.0.

The RTF ecosystem includes over 20 unique services:

Subring: SocialFi platform that uses the friend.tech model to engage and interact with users. Supported by tokens, this model allows creators to profit from their content or knowledge.

Cyber Ring: a game that integrates boxing with blockchain technologies, offering seasonal gameplay with NFT rewards.

Questing Platform: an interactive system with rewards for completing tasks.

Web3 Wallet: an application that supports all major blockchain networks.

$RTF token: the first boxing token and the key component that drives the platform.

The $RTF token will be listed on WhiteBIT and other major crypto exchanges on April 24, 10:30 (UTC).

WhiteBIT users will enjoy the following benefits. The first tokens will be credited to investors, ambassadors, and active users of RTF 15 minutes after the start of sales on April 24, followed by a cliff period and accrual, the terms of which will be specified. Also, from April 22 to May 17, RTF and WhiteBIT will hold a Bounty campaign, the details of which will be published soon on the social media of the exchange.

Thus, Oleksandr Usyk’s RTF project opens up new opportunities of blockchain technology for boxing fans around the world.

WhiteBIT is one of the largest European centralized crypto exchanges founded in 2018. The exchange offers 350+ trading pairs, 270+ digital assets, and 10 state currencies. The company is an official partner of the Ukrainian national football team, FC Barcelona, FC Trabzonspor, FACEIT. The goal of WhiteBIT is the mass implementation of blockchain technology worldwide.

The post On April 24, the $RTF Token from Oleksandr Usyk’s READY TO FIGHT Project Will be Listed on WhiteBIT appeared first on Crypto Breaking News.

Chief economist and Bitcoin critic, Peter Schiff has issued a somber prediction regarding the world’s largest cryptocurrency, Bitcoin. The financial expert has cautioned investors of the potential repercussions should BTC drop below critical resistance levels.

Economist Predicts Bitcoin Price Decline

In a recent X (formerly Twitter) post, Schiff shared a price chart of Bitcoin against the United States Dollar (USD), pinpointing Bitcoin’s price at the time of the post at $63,814, alongside key support levels around $60,000. The economist has argued that Bitcoin’s current price position was not conducive for HODLers. 

Emphasizing the importance of BTC maintaining a stronghold above $60,000, Schiff urged investors to proceed with caution and hope that the cryptocurrency successfully sustains support levels. He also predicted that if Bitcoin failed to hold critical support levels, a substantial price decline would be inevitable. 

While Schiff’s predictions may appear to align with his usual skepticism towards Bitcoin, the timing of his warnings coincides with a period of heightened uncertainty and volatility surrounding Bitcoin’s price. 

The cryptocurrency is currently trading at $63,909, marking a notable decrease from its previous all-time high of over $73,000 before the halving event. Data from CoinMarketCap has revealed a series of declines, with Bitcoin experiencing a 3.75% drop in the last 24 hours and a 4.38% decrease over the past month. 

This underscores the uncertain price condition of the pioneer cryptocurrency, hinting at the possibility of further declines unless the cryptocurrency makes a quick price correction. 

Schiff has stated that while experienced Bitcoin holders are accustomed to large price drops and periods of volatility, new investors who have recently entered the Spot Bitcoin Exchange Traded Fund (ETF) market should be prepared for a “rude awakening.”

Crypto Analyst Says Potential Upsurge In Store For BTC

On Monday, April 22, prominent crypto analyst, Ali Martinez shared insights on Bitcoin’s future price trajectory in an X post. Martinez noted that the price of Bitcoin was steadily rising, aiming to secure new highs around $66,000. 

The crypto analyst predicts that if Bitcoin can successfully break past key support levels at $66,000, the cryptocurrency’s next critical resistance level would be between $69,900 and $71,200. Despite this optimistic forecast, Martinez has also warned investors about a potential pullback, emphasizing the importance of exercising caution and closely monitoring Bitcoin’s price if it falls below $65,500.

With Bitcoin currently priced at $63,909, it has fallen notably below the key support level highlighted by Martinez. This continuous price decrease could be attributed to recent trends indicating that Bitcoin’s accumulation score has dropped to zero. This suggests that whales may be moving away from the pioneer cryptocurrency or refraining from accumulating Bitcoin at its present price level. 

BTC price falls toward $63,000 | Source: BTCUSD on Tradingview.com

Featured image from AMBCrypto, chart from Tradingview.com

Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

Source: NewsBTC.com

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Yesterday, the US Department of Justice (DOJ) charged Keonne Rodriguez and William Lonergan Hill, co-founders of Samourai Wallet, a privacy-focused bitcoin wallet that also serves as a mixer, with money laundering and operating an unlicensed money transmitting business.

Many, including activists and human rights defenders, spoke out about the significance of this legal action soon after the news broke.

A monumentally bad day for privacy on the internet

The implications of this are so dire

A real “before and after” moment https://t.co/ou6CgT9E0T

— Alex Gladstein (@gladstein) April 24, 2024

Lyudmyla Kozlovska, President of the Open Dialogue Foundation, who educates policymakers and regulators about how bitcoin mixing services are tools for pro-democracy activists living under authoritarian regimes who need to preserve their anonymity, voiced her concerns about a broader international effort to outlaw privacy-preserving tools related to Bitcoin.

“Looking at this event and regulatory language in the G7 countries, including the AMLR passed by the European Parliament today, we can already see the beginning of this process to criminalize private payment tools,” Kozlovska told Bitcoin Magazine.

“Crimes can be committed with any technology, but this is not a reason to criminalize or ban by definition a private payment tool, and especially not its developers,” she added.

“Since law enforcement agencies were able to identify a money laundering offense using this particular wallet, it means that they have all the means to detect such crimes and there is no need to criminalize such technology and its developers.”

Kozlovksa went on to explain how most major money laundering schemes happen via the traditional financial rails and exist in the form of expensive real estate deals or payments for consultations with former high-ranking government officials.

Anna Chekhovich, CFO for the Anti-Corruption Foundation and non-profit Bitcoin adoption lead at the Human Rights Foundation, also relies on bitcoin mixers and is worried that the powers that be don’t take into consideration the human rights activists who need to use this technology for their own safety.

“As an activist, I don’t like the trend that they’re trying to control tools like mixers that provide us with privacy, because they are crucial for those who fight against dictatorships — activists, human rights defenders, freedom fighters,” Chekhovich told Bitcoin Magazine.

“At the Anti-Corruption Foundation, we use mixers because we need to protect [the identity of] our donors. We’re responsible for the safety of our donors because we encourage them to support us financially, and for supporting us, they risk being imprisoned up to eight years. We have a huge responsibility to do everything we can not to let that happen,” she added.

“We also need mixers to protect [the identity] of the recipients of our funds.”

With that said, both Kozlovska and Chekhovich implore those who run other bitcoin mixers to not invite bad actors to use their services the same way that the Samourai Wallet founders did.

In the following tweet, which was cited in the charges against Rodriguez and Hill, Samourai openly encouraged Russian oligarchs to use Samourai’s mixing service to circumvent sanctions.

Welcome new Russian oligarch Samourai Wallet users https://t.co/WBhB6J89SR

— Samourai Wallet (@SamouraiWallet) June 30, 2022

“This is total childishness,” Kozlovska told Bitcoin Magazine. “Such rhetoric certainly gives more reason to attack both developers and private payment tools.”

Chekhovich echoed and furthered Kozlovska’s point.

“I absolutely do not support and do not tolerate those who encourage Russian oligarchs to use bitcoin or any Bitcoin-related tools like mixers,” Checkhovich told Bitcoin Magazine. “It was wrong to say such things, and not only was it bad for the owners of the platform, but it’s also bad for the bitcoin community in general.”

Source: Bitcoin Magazine

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Today, Bitcoin mining pool ViaBTC auctioned off its “epic sat” for a sum of 33.3 BTC, equivalent to over $2.1 million. The auction, conducted on the CoinEx exchange platform, witnessed fervent bidding as collectors and enthusiasts competed for this satoshi.

JUST IN: The first satoshi of #Bitcoin's fourth halving block just auctioned off for 33.3 #BTC worth over $2.1 million pic.twitter.com/Sw1tHxWVyR

— Bitcoin Magazine (@BitcoinMagazine) April 25, 2024

The term “epic sat” refers to the first satoshi (the smallest unit of Bitcoin) of each halving epoch. A halving epoch occurs approximately every four years, coinciding with a reduction in the block reward for Bitcoin miners. These “epic sats” are part of the Ordinals numbering system, which categorizes satoshis based on rarity and significance within Bitcoin’s historical milestones.

ViaBTC recently mined block 840,000, initiating the fourth Bitcoin halving and receiving this “epic sat” in the process. With the auction starting at a bid of 1 BTC, currently worth $64,000, bidders battled and drove up the price to the winning bid of 33.3 BTC worth $2,134,452 at the time of writing.

The Ordinals numbering scheme has sparked both controversy and excitement since its inception, creating an emerging market for satoshi collectors and investors. The rarity levels within Ordinals range from “common” to “mythic”, with “epic sats” standing out as among the rarest and most sought-after satoshis due to their occurrence only at each halving epoch.

Marketplaces specializing in Ordinals have seen increased activity, with rare satoshis fetching prices well above their nominal value. This trend has garnered widespread attention from miners, developers, investors, and collectors alike, due to their rarity and the growing interest in collectible satoshis. The winning bid of 33.3 BTC reflects the high demand for these sats and the willingness of collectors to pay a premium for them.

The auction of this “epic sat” for over $2.1 million signifies the cultural and historical significance these rare sat” hold within the Bitcoin community. As Bitcoin’s ecosystem continues to evolve, the market for rare satoshis and related assets is expected to grow, offering new opportunities and strategies for participants in the Bitcoin market.

Source: Bitcoin Magazine

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