The post Bitcoin’s Taker Buy Sell Ratio Surges: Bullish Sentiment on the Rise appeared first on Coinpedia Fintech News

The Taker Buy Sell Ratio for Bitcoin on HTX Global has surged to an astonishing 545, signalling a potential upward price movement. This spike in buy pressure reflects strong bullish sentiment, suggesting Bitcoin could soon see a price increase.

Understanding the Taker Buy Sell Ratio

The Taker Buy Sell Ratio is a key metric that measures market sentiment and liquidity. It is calculated by dividing the Taker Buy Volume (buy orders by takers) by the Taker Sell Volume (sell orders by takers). A ratio above 1 indicates more buy orders than sell orders.

Significance of the Surge 

A ratio of 545 is extraordinarily high, indicating overwhelming buy pressure. This suggests that traders are predominantly executing buy orders, reflecting strong confidence that Bitcoin’s price will rise. The demand for Bitcoin significantly outweighs supply, pushing the price up.

Implications for Bitcoin 

Analysts, like Ali Martinez, are among those who consider the surge as a strong bullish sentiment.  

Someone is buying the #Bitcoin dip! The $BTC Taker Buy Sell Ratio on @HTX_Global surged to 545! This spike in buy pressure indicates bullish sentiment, suggesting an upward #BTC price movement could be on the horizon. pic.twitter.com/Gc5BE8aPzj

— Ali (@ali_charts) June 15, 2024

The immediate effect of the spike could be an increase in Bitcoin’s price as demand outweighs supply. Sustained by pressure may attract more buyers, reinforcing an upward trend. Investors might view this as a signal to enter the market or increase their holdings, anticipating future price growth.

Bitcoin Current Market Snapshot 

The current price of Bitcoin is $66.122. Bitcoin has a positive 30-day change of +0.6%. Conversely, it records a negative 7-day change of -4.5% and 24-hour change of -1.3%. In early this month, Bitcoin made several attempts to cross the $70,000 mark and even to touch the peak of $73,000. 

As buy pressure increases, cryptocurrency traders and investors are closely watching Bitcoin, anticipating potential gains. 

Stay tuned to Coinpedia for the latest updates on this!

Also Read: Top Reasons Why the Crypto Market is Down Today: Good Time to Buy?

The post Crypto Regulations in Russia 2024 -A Pool of Blockchain Development Talent appeared first on Coinpedia Fintech News

Russia, or the Russian Federation, was the world’s largest country by land mass. Situated above Kazakhstan, Mongolia, and China on the map, Russia significantly exceeded China’s geographic coverage but not its population, although it still boasted one of the largest populations globally. The ruble was the national currency of Russia.

In Russia, cryptocurrency usage faced several restrictions due to legislative actions. President Vladimir Putin’s 2020 law legalized cryptocurrency but banned its use for purchasing goods. In 2022, a bill that conflicted with the Bank of Russia classified cryptocurrency as an investment tool rather than legal tender. This bill proposed fines of up to 500,000 rubles for individuals and 1 million rubles for companies involved in crypto trading or issuance.

So in this article, we’ll cover all that is history and also the possible future prospects of cryptocurrencies in the country of Russia.

​​So, what’s happening in the Russian cryptocurrency regulations? Below is the timeline of a series of events and announcements taken towards the crypto industry. Let us find out more!!

Government’s Stand on Cryptocurrencies

The Russian government welcomed blockchain technology but rejected cryptocurrencies due to their lack of transparency. The ruble was the only legal means of payment, and issuing other currencies was prohibited.

Russia’s stance on cryptocurrencies and blockchain was initially unclear. While the Ministry of Finance tried to regulate cryptocurrencies, the Central Bank wanted to ban them. A bill proposing a ban on cryptocurrency issuance and sales was expected to pass in the second half of 2020.

For many years, Russian authorities explored the potential uses of blockchain technology and cryptocurrencies, focusing on preventing money laundering and corruption. The Central Bank and the Ministry of Finance were the key regulators. The Bank of Russia also developed a central bank digital currency, aiming to expand the pilot program by 2023 and fully launch by 2025. Cryptocurrencies could not be used for payments, and strict licensing rules applied to exchanges. Foreign exchanges had to register in Russia, and all crypto-to-fiat transactions required bank accounts and Know Your Customer checks, showing Russia’s cautious approach to cryptocurrency regulation.

Russian Crypto Taxation

The Russian Ministry of Economic Development plans to call for crypto taxing after the conversion of crypto coins to Russian rubles, according to the Ministry of Economic Development planning to tax cryptos when users realize the crypto profits and convert them into Russian rubles.

Russia’s taxation system for cryptographic assets was relatively straightforward compared to other countries. Taxes on cryptocurrencies were levied on legal entities like exchanges and service providers, as well as on individuals investing in cryptocurrencies.

For exchanges and service providers, income from selling cryptocurrencies was subject to corporate income tax: 13% for domestic companies and 15% for foreign companies. Cryptocurrency issuers were exempt from value-added tax. Russian citizens paid a personal income tax rate of 13% on income from selling cryptocurrencies, and capital gains from cryptocurrency investments were also taxed at 13%.

Despite its simplicity, Russia’s cryptocurrency tax system had the potential to generate substantial revenue. The government estimated it could collect up to 1 trillion rubles (approximately $13 billion USD) annually through these taxes. This significant revenue reflected the effectiveness of the direct tax collection methods employed.

The Russian government fears cryptocurrency may cause “significant erosion” to the country’s tax base. The Head of Federal Tax Service, Daniil Egorov, said that cryptocurrencies are potential means of tax evasion. And also called crypto taxation a recent innovative tax evasion scheme by mentioning that

“we are watching this market closely and understand that this payment system can significantly erode the taxation base.”

Russian Crypto Mining

Crypto mining in Russia is partial to individual miners and companies as Individual crypto miners have to pay higher tax rates than businesses involved in the industry. Digital currencies extraction is not yet regulated in Russia whereas authorities are working towards recognizing it as an economic activity by which the Russian government will be benefited by taxing mining profits.

Individual Crypto miners need to pay a 15% tax for the withdrawal of their profits into the traditional financial system. The Head of State Duma Industry Committee, Vladimir Gutenev has recently said that the minimum tax rate for individual crypto traders or companies who engaged in crypto mining must be at least 6% tax. Guten also said that income tax must be paid from miners for cashing out mined crypto coins if they are to be treated as securities in the Russian Federation. 

Russia is yet to define the legal status of crypto mining and other cryptocurrencies-related activities, The Central Bank of Russia proposed a blanket ban on “money surrogates” operations such as issuing, trading, and mining of private virtual currencies. The Russian Regulatory bodies, monetary authorities, and other departments have found themselves isolated in favor of the legalization of crypto under strict rules over complete prohibition.

The Ministry of Economic Development announces about allowing crypto mining only in energy-rich regions and is ready to propose special electricity tariffs. Which does a dream come true for crypto miners of Russia.

TimeLine of Historic Events and Announcements

25-03-2024: CommEx, Binance’s Russian successor, shut down in April.CommEx, Binance’s successor in Russia, officially announced the closure of its operations and ceased accepting deposits. After acquiring Binance’s Russian business in September 2023, CommEx began winding down its platform, posting a closure notice on March 25 and halting new registrations.

27-09-2023: Binance Completes Full Exit from Russia Through Sale to CommEX

Binance announced its complete exit from Russia by selling its operations to a newly launched crypto exchange called CommEX.

Binance has entered into an agreement to sell the entirety of its Russia business to CommEX (https://t.co/JJRKCo9coA).To ensure a smooth process for existing Russian users, the off-boarding process will take up to one year. All assets of existing Russian users are safe and…

— Binance (@binance) September 27, 2023

06-09-2023: Top Binance Executives in Russia Depart Amid Market Exit Consideration

Binance VP Eastern Europe Gleb Kostarev and CIS director Vladimir Smerkis have announced they have quit the company due to major regulatory challenges related to sanctions in the Russian market. On September 6, Gleb Kostarev announced on Facebook that it was his last day at Binance, stepping down from his roles in various regions.

29-03-2022: A push is expected through the foreign exchange act,

Japan’s government is promoting a revision to its Foreign Exchange Act as it seeks to clamp down on crypto’s transactions to evade sanctions imposed on Russia. The move is in line with western powers attempting to close the loophole sanctions.

28-03-2022: A call from the Energy Minister of Russia on Crypto mining,

The Energy Minister of Russia calls for clear crypto mining regulations in another pulse. He said that by local authorities legal framework should be applied to cryptocurrency mining. Russian Deputy Minister of Energy says that the legal vacuum in the field of cryptocurrency mining needs to be eliminated at the earliest.

29-03-2022: Turning tables for Crypto Mining regulation of Russia,

The Russian Deputy Minister of Energy makes an announcement on legalizing cryptocurrency mining in the country as early as possible. Also, addresses the development of the legal vacuum cryptocurrency mining existing in.

27-03-2022: Economy Minister supports Crypto Legalization in Russia,

The Russian Prime Minister, Economy Ministry supports the legalization of cryptocurrencies. It is necessary to integrate cryptocurrency circulation mechanisms into the crypto’s financial system, said Russian Prime Minister Mikhail Mishustin.

26-03-2022:  Bill Targeting Russian Crypto Use Amid Sanctions,

Senator Elizebeth Warren introduces new legislation focused on Russia’s sanctions and potential crypto use. This aims to heighten the focus on Russia and crypto on Capitol Hill.

24-03-2022: Lawmaker’s Bill to stop U.S crypto exchanges from dealing with Russian Wallets.

U.S representative Brad Sherman plans to introduce a bill that would require, U.S-based crypto exchanges to stop facilitating transactions with Russian crypto wallets. Web3 is key to the future of China’s internet, say, regulators.

03-02-2022: Digital financial Assets: The first company included in a register.

The central bank officially announced on Thursday that The Russian Bank registers tokenization service automize as the country’s first digital asset management company. The registration enables its clients with an opportunity to issue digital financial assets.

25-01-2022: Russian Central Bank’s call on Crypto Crackdown. 

A report published by the Central Bank says that use of cryptocurrencies threatens the well-being of Russian citizens and the stability of the financial system”.Russia has argued for many years about the use of cryptocurrency for money laundering or to finance terrorism, ultimately labeling crypto as legal status but banning their use as a means of payment.

25-01-2021: Some Russian officials are forced to declare all their crypto holdings and sell all the crypto assets, as a result many questions have been raised from a decree signed by Vladimir Putin in late 2020. 

01-12-2020: The governor of the Russian Federation introduces a new bill No.1065710-7 in the state Duma (the country’s parliament) on Amendments to parts One and Two of the Tax code of Russian Federation.

10-08-2020: Russia shoots out the short ban of cryptocurrencies by signing new cryptocurrency law and imposes stringent restrictions on its use as a form of monetary currency.

28-07-2020: cybersecurity firms have identified a rise in Russian crypto scams in the first half of 2020, reporting that 23,000 sites involved in scams are still online targeting the new victims.

03-04-2020:- The Chairman of the Russian State Duma Committee on Financial Markets confirmed the completion of the much-awaited Digital Asset Bill which would regulate cryptocurrency. However, the delay was due to the global coronavirus pandemic.

18-02-2020:- The Central Bank of Russia(CBR) announced in Feb 2020, the successful completion of the pilot platform that allows users to tokenize assets, including equities and currencies.

05-12-2019:- The country’s Ministry of External Affairs has confirmed the report of collaborating with the supreme court and other financial institutions to prepare a draft resolution which would allow authorities to seize cryptocurrencies.

05-11-2019:- The country’s regulatory body, Ministry of Finance proposed a new approach for the cryptocurrencies, where they would be divided into three categories,

Virtual Assets

Technical Tokens

Digital Financial Assets

20-06-2019:– The Central Bank of Russia is exploring the possibilities of issuing its own national cryptocurrency which would not be private assets.

23-07-2018:- The Chairman of the Russian State Duma Committee on Financial Markets announced a new bill on cryptocurrencies was considered which intended to enforce taxes on the crypto trading and mining.

02-03-2018:- The Ministry of Economic Development of Russia, proposed new laws in the previously drafted laws which included tax exemptions on profits of transactions involving cryptocurrencies and also an increase in the individual ICO investments ten times.

13-01-2018:- The Ministry of Finance announced the legalization of cryptocurrencies on approved exchanges.

07-12-2017:- The Russian Government working on the laws to regulate cryptocurrencies proposed to declare mining of cryptocurrencies as illegal as per Deputy Finance Minister of Russia, Aleksey Moiseev.

15-10-2017:- Russian President Vladimir Putin directed the government and the Central Bank of Russia to issue the country’s own cryptocurrency ‘Cryptodouble’. It would be a legal tender which cannot be mined.

09-09-2017:- The Russian government plans to subsidize the energy costs to benefit the miners.

28-07-2017:– The Government of Russia unveiled plans to ban ordinary people from buying cryptocurrencies.

11-03-2016:- The Russian Ministry of Finance which treats cryptocurrencies as ‘surrogates’ proposed to punish the citizens who deal with cryptocurrencies with imprisonment up to 7 years.

28-11-2015:- The Russian Finance Ministry is progressive in exploring the ways the blockchain could be implemented. Deputy Finance Minister Alexey Moiseev said the ministry was working on a draft law that would seek to punish those who convert cryptocurrencies into ruble. He said, “We feel that blockchain technology is very important in the development of various internet-based services”

However, he also told the ministry plans to ban cryptocurrencies.

03-12-2014:- The Ministry of Finance has decreased the penalties for the individuals who potentially face charges for creating, issuing or promoting digital currencies. 

13-09-2014:- The Deputy Finance Minister announced the enforcement of the law drafted to ban cryptocurrency transactions by next spring. The miners would face criminal penalties and the exchanges & the online stores accepting bitcoin would be banned.

07-02-2014:- The Central Bank of Russia said, under the current laws, virtual currencies cannot be treated as money but rather be termed as ‘Money surrogates’ which are prohibited. 

15-01-2014:- The security committee of the lower house of the state of Duma, approved a draft of a counterterrorism bill that included restrictions on anonymous transactions which included virtual currencies.

Conclusion

Russia has emerged as the biggest player in each sector it participates. And also in the crypto market, every move of Russia could impact heavily on the crypto market. Although the government is to streamline the crypto activities, the Central Bank is always in favor of a ban fearing the loss of control over the monetary system.

As Russia is standing as the World’s biggest exporter of natural gas and second-largest supplier of Oil it is accepting Bitcoin as payment for its oil and gas exports is a move understood to be aimed to boost the Russian Currency, which has downgraded. UK, US and European sanctions imposed on the invasion of Ukraine are a strain on the Russian ruble, due to the increase in its cost of living.

The post Solana in Dire Straits: Will the Bulls Trigger a 10% Upswing and Save the SOL Price Rally From an Equal Loss? appeared first on Coinpedia Fintech News

After a roller-coaster week, the crypto markets are heading towards the weekly close, which is expected to be somewhat volatile. While the Solana price was expected to initiate a rebound, the latest pullback has caused the levels to drain below the crucial support. Therefore, the SOL price is now believed to be in acute trouble if the bulls fail to close the weekly trade on a bullish note. 

The Solana price has been forming consecutive lower lows and highs after failing to hold above $200, which confirmed the swelling strength of the bulls. This caused the price to lose the crucial support at $175, later at $64 and finally broke below the critical support zone between $155 and $159. Now that the levels have dropped close to $140, the question arises whether the rally may continue with the bearish trend & hit $133 or flip and rise to the support-turned-resistance zone.

As seen in the above chart, the SOL price is trading within a decisive symmetrical triangle and unfortunately failed to hold the support. The bulls are trying hard to push the levels up but the lack of strength is making it a tedious job. Besides, the RSI also ranged within a similar pattern and unfortunately broke down the levels, validating a continuation of a bearish trend. Therefore, the price is now believed to head towards the lower crucial support, while the bulls are expected to try their luck at $140. 

Currently, the technicals are heavily bearish on Solana, with sentiments towards a strong sell. The RSI, StochRSI, ADX, and Bull-Bear power are presently neutral but below the average levels at 37.91, 9.77, 22.41 & -21.96, respectively, indicating the bottoms may not be in. Meanwhile, the moving averages are pointing towards a sell signal and hence the SOL price is expected to drop towards its interim support. 

However, a weekly close above $150 or $155 may invalidate the bearish trajectory but keep up the consolidation phase for the Solana (SOL) price rally.

The post Crypto Market Crash: How Low Can Bitcoin and Altcoins Drop? appeared first on Coinpedia Fintech News

With a 1% drop last night, Bitcoin price struggles to hold above the $66,000 level and the bearish influence over the altcoins increases. Amidst the increasing supply pressure, the crypto market crash intensifies putting additional pressure on the support zones.

Currently, the total market cap of the crypto world excluding Bitcoin taken a dip close to $1 Trillion. This indicates a downfall of almost 10% within 10 days and hints at a continuation of the broader market’s failure to reverse the sentiments. 

Further, with more than $800 million in long liquidations over the last five days, the crypto market is gaining momentum on a downhill. Will the crypto market witness a bullish trend revival this month or will the crash continue for Bitcoin and altcoins? 

Check out our analysis of the Crypto Market Crash to determine how low can Bitcoin and altcoins drop. 

Bitcoin, Biggest Crypto Eyes $58,165 If Supply Persists

Breaking below the support trendline, the BTC price struggles near the $66,000 level at the 23.60% Fibonacci level. With this reversal, the bullish breakout chances of an inverted head and shoulder pattern turn to zero.

Tradingview

As per the trend-based Fibonacci levels, the downfall under the $66,000 level could result in an intense correction phase. In such a case, the bearish trend could extend to the psychological mark of $60,000. 

However, the lower price rejection in the Bitcoin price teases a potential bullish comeback this week. If the buying pressure resurfaces to overcome the bearish influence, then the crypto could reach $71,392. 

Ethereum Double Top Warns Downfall

With the broader market turning red as Bitcoin steps down to the $66,000 mark, Ethereum market price takes a bearish turn. However, with a morning star pattern and intraday rise of 1.60%, the ETH price may soon surge beyond $3,600.

Tradingview

Moreover, with a bullish crossover in the MACD and signal line the upside chances for the Ether is increasing. In the weekly chart, the bullish trend lacks momentum to surpass the $3,842 barries, leading to a double top pattern. 

With a neckline at $2,807, the downside potential in the crypto is substantial is the broader market recovery fails. 

Failed Reversal in Binance Warns $600 Breakdown

With a new all-time high formation at $724, the BNB price trend shows a rounding bottom pattern in the weekly chart. The bullish pattern forms a neckline $662 but fails to get a weekly closing above it.

Amidst the broader market correction, the BNB price fails to surpass the neckline with a weekly drop of 9.69%. This undermines the bullish engulfing candle of 11.65% a week prior. 

Currently, the downfall takes support at the $600 psychological mark and teases a reversal for a breakout. However, a downtrend in the crypto under $600 will put the $564 level at risk. 

Solana Under $150 Soon To Test $125

With a bearish reversal from the $190 mark, the higher price rejection leads to a drop under the $150 psychological mark. The 10% drop this week forms a bearish engulfing candle, a continuation of the long-wick candles over the past few weeks.

The bearish crossover in the MACD and signal lines with the downfall in the Solana’s market price teases a bearish continuation. Further, as per the Fibonacci level, the downfall approaches the 50% Fibonacci level. 

However, the crypto price action teases a double bottom reversal at the crucial support level for a price jump back to $200. 

Will The Crypto Market Bounce Back?

As the broader market correction persists, the buyers stand strong at crucial support level preparing for a bullish reversal. Hence, the double edged position of the crypto market might end on an optimistic note with a recovery in June end.

The post Ripple CEO Blasts Market for Ignoring XRP, Analyst Predicts Price Explosion to $1000 appeared first on Coinpedia Fintech News

Ripple CEO Brad Garlinghouse has voiced his frustration over the lack of recognition for XRP in the crypto market. In spite of its regulatory clarity in the U.S., XRP’s value below $0.5 sparks frustration and negative sentiments, with some calling it a “dead coin”. 

This frustration arises from XRP’s status as one of the worst-performing crypto assets in the current bull market. 

Ripple CEO’s Question XRP’s Position

In a recent interview at the XRP Ledger Apex conference, Brad Garlinghouse highlighted XRP’s distinct regulatory advantage. Unlike many other cryptocurrencies, XRP is one of the few in the U.S. that has been definitively ruled not to be a security. 

After the court ruling in July 2023, XRP’s price soared by over 100% within 24 hours, reaching a peak of $0.93. However, this spike was short-lived, and XRP’s value has since fallen from its July high.

Despite being relisted on major U.S. exchanges like Coinbase, Gemini, Crypto.com, and Kraken, as well as being reinstated in Grayscale’s investment products, XRP’s value has since dropped by approximately 50%.

Garlinghouse expressed his surprise that the market hasn’t rewarded XRP for its regulatory clarity. He differs XRP’s position with Ethereum (ETH), which still faces regulatory uncertainty. “I think it’s strange that XRP is in such a unique position, and the market hasn’t kind of rewarded it.”

XRP Journey From $1 to $1000

Notably, Pro-XRP crypto commentator BarriC recently shared his thoughts on XRP’s potential, suggesting that its current underperformance is only temporary. He predicts that when XRP regains the $1 price point it lost three years ago, the community’s reaction will likely be quiet.

$XRP at $0.51 = frustration, it’s a joke, it’s dead$XRP at $1 = it’s only $1?! Let me buy more meme coins$XRP at $3 = pathetic ATH $XRP at $5 = confusion from the masses. Why is it starting to move?$XRP at $10 = FOMO starts manifesting, people will still be in denial…

— BarriC (@B_arri_C) June 13, 2024

Till the time XRP nears $5, BarriC believes that the fear of missing out (FOMO) won’t truly kick in until it hits $10.

At the $100 mark, he argues, people will start to see XRP’s utility in payments and real-world asset (RWA) tokenization, which will drive more investment interest. Finally, if XRP reaches $1,000, BarriC speculates that the crypto community will view XRP as essential, with people even saving up to buy one XRP at that price.

The post Toncoin (TON) Faces a Hurdle, While Lido DAO (DAO) Rebounds From Critical Levels: Will They Follow the NOT Price Rally? appeared first on Coinpedia Fintech News

After the recent pullback, the crypto markets appear to have ignited a strong recovery phase, as most of the tokens have triggered a decent rebound. While the token Toncoin (TON) marked a fresh high of around $8.24, other altcoins like Lido DAO (LDO) initiated a strong rebound. Here’s what to expect from these tokens if the Bitcoin price fails to hold the crucial support at $66,000. 

Toncoin (TON) Price Hints a 10% Correction

Toncoin price had maintained a strong ascending trend and marked a new ATH above $8 after breaking above the extended consolidation. After reaching new highs, the token is facing a fresh bearish action, which has mounted enough selling pressure over the token. Therefore, in the coming days, the TON price is expected to undergo a 10% drop and mark the bottoms at the lower support levels. 

The token tested the levels at around $7.5 multiple times but failed to sustain them, making the levels one of the crucial points to achieve. However, the levels are expected to drop back within the range as the RSI fails to surpass the upper threshold, initiating a pullback. Therefore, the price is expected to drop by 8% to reach $7.4, which may trigger a rebound to a new ATH above $9 at $9.75 in the first few days of H2. 

Lido DAO (LDO) Eyes at 25% Upswing

Regardless of the bearish influence, the Lido DAO price has been trading within an ascending trend in the long term. The previous attempt to rebound from the lower support seemed to have failed as the token faced a rejection at $2.7. However, the recent rebound has triggered the validation, which may occur following a 15% upswing. 

After two consecutive bearish weeks, the price is heading towards recording a bullish close for the week. Besides, the weekly RSI has triggered a rebound while the MACD has displayed a drop in selling pressure. Therefore, the price is expected to maintain an ascending consolidation and reach the upper resistance zone between $2.5 and $2.6, probably in the first few days of the coming month. 

The post Why Bitcoin Price Crashed To $65K, What Next? appeared first on Coinpedia Fintech News

This week, the cryptocurrency market took a hit as Bitcoin, the leading digital currency, saw a sharp drop in value, hitting its lowest point in four weeks. What started as a hopeful period with easing inflation data quickly turned sour, especially for Bitcoin. 

Other top cryptocurrencies like Solana, Avalanche, Cardano, and Near also fell 15-20%, following Bitcoin’s lead.

New Weekly Low for Bitcoin Price

Bitcoin experienced a sudden decline of over 2% in just one hour, falling from $67,000 to $65,100. This marked a significant 7.5% drop over the past week, causing concern among investors. 

The market saw a tough period with nearly $214 million in leveraged derivatives liquidated in the last 24 hours alone, totaling over $870 million for the week. These liquidations aimed to reduce excessive risk, adding to the downward pressure on Bitcoin’s price. 

Moreover, recent economic data and Federal Reserve projections didn’t match investor expectations for a softer monetary policy, further dampening sentiment. Political uncertainty in Europe, particularly a snap election in France, also boosted the U.S. dollar index (DXY), adding to Bitcoin’s challenges.

Whale Dumping It’s Bitcoin Holding

Reports emerged of significant whale activity, with large Bitcoin holders selling off their holdings. Precisely, one Bitcoin whale transferred 15,975 units of the flagship cryptocurrency on 14 June. 

The coins were allegedly moved in a single transaction to the digital asset exchange Binance. This huge whale dump signals a bearish sentiment and possibly contributed to the slump the coin is recording.

Additionally, mining revenue has dropped, especially after April’s Bitcoin halving event. Analysts noted a substantial increase in mining costs post-halving, further straining Bitcoin’s market dynamics.

What Next For Bitcoin: $61K

Bitcoin is at a crucial point after failing to break above $67,500 this week. If it closes below this level, could trigger a downward spiral towards the 3-month EMA (currently around $64,800). 

Falling below this could push Bitcoin down to $61,000, the lower limit of its long-term rising channel.

Also Read: The Crypto Markets Continue to Drop While Institutions Accumulate ETFs: Who Is Selling BTC?

The post This Week in Crypto: Top News, Bitcoin and Altcoin Volatility, Major Hacks, and DeFi Investments appeared first on Coinpedia Fintech News

This week in the crypto market, significant events happened, with the latest one being the Consumer Price Index (CPI) news, which came in softer than anticipated. This development led to extreme volatility in the market, with Bitcoin’s price fluctuating between $65,000 and $70,000. In this report, we will dive into the key news and developments that controlled the market this week.

Top Trending Crypto News This Week

The burning question on everyone’s mind is: “Is the crypto market in a bull run?” Recent weeks have seen a series of significant developments, strengthening the market’s position considerably. This week also brought notable fluctuations, and we’ll explore those details in this section.

Terraform Labs and Do Kwon settle with the SEC for $4.5 billion

A U.S. District Court judge approved a $4.5 billion settlement between the SEC, Terraform Labs, and its ex-CEO, Do Kwon. The settlement permanently bans them from the crypto industry following Terra’s $40 billion collapse.

Donald Trump advocates for U.S. dominance in Bitcoin mining

President Donald Trump has advocated for all future Bitcoin mining to occur within the U.S., following a meeting with Riot Platforms’ CEO Jason Les and head of public policy, Brian Morgenstern. He expressed his support for domestic mining firms on Truth Social, highlighting the strategic importance of keeping Bitcoin operations stateside.

OKX reports identity theft drained several user accounts

OKX revealed in a statement that a hacker exploited forged “judicial documents” to access personal information of a few users, with the matter now under investigation by judicial authorities. The breach, revealed by two compromised user accounts on social media, involved the creation of new API keys following unusual risk notification SMS texts from Hong Kong.

CPI Report triggered a market volatility

The U.S. Consumer Price Index (CPI) remained unchanged in May, outperforming forecasts of a 0.1% increase and showing a year-over-year rise of 3.3%, slightly below the anticipated 3.4%. This news triggered a brief surge in the market; however, it later triggered significant long-liquidation.

MicroStrategy Upsizes Offering to Boost Bitcoin Holdings

MicroStrategy, led by Michael Saylor, has increased its convertible senior notes offering from $500 million to $700 million, according to a recent announcement. This upsized offering will fund further Bitcoin acquisitions and general corporate affairs.

Bitcoin And Altcoin Performance

This week, Bitcoin experienced increased volatility due to two key macroeconomic factors. The Federal Reserve’s announcement after its interest rate decision and the release of the Consumer Price Index (CPI) data both led to significant fluctuations in Bitcoin’s price, pushing it close to the critical $70,000 mark. However, the price later fell.

Over the last seven days, investors continued to accumulate BTC near the dip. Japanese company Metaplanet capitalized on the bearish price movement of Bitcoin to enhance its treasury. On June 11, the firm announced that it had acquired an additional 23.25 Bitcoin, increasing its total holdings to 141.07 Bitcoin. These were purchased at an average price of $65,365.

The altcoin market also witnessed a surge in activity due to Bitcoin’s massive volatility. Purchases were not limited to Bitcoin, as Ether also saw significant buying activity among long-term holders. Julio Moreno, the head of research at CryptoQuant, reported on X that accumulation addresses acquired 298,000 Ether within 24 hours on June 12. This figure was just slightly below the record purchase of 317,000 Ether on September 11, 2023.

This week, the price of BTC reached a peak of $70,035 and dipped to a low of $65,103, ultimately reflecting a 5% decrease overall. On the other hand,

Crypto Dominance

This week was volatile for the crypto market; however, Bitcoin’s market cap surged in dominance. It recorded gains over 0.83%, with the current BTC price dominance at 55.3%. 

On the other hand, the dominance of altcoins (excluding top 10) witnessed a steep decline due to Bitcoin’s surge in buying interest. Data reveals that the dominance of altcoins dropped by nearly 4% to 10.57%.

Bitcoin’s On-Chain Metrics Flashed Mixed Signals

Cumulative Value Coin Days Destroyed (CVDD): The latest data from the Cumulative Value-Days Destroyed (CVDD) metric supports the idea that Bitcoin has not reached its maximum value potential yet. This analysis suggests that there could be further upward movement in the market, making BTC a good buying opportunity.

Decline In Profitable Addresses: Due to this week’s bearish volatility in the BTC price, there was a steep decline in the profitable addresses.

Data reveals that the metric dropped from the peak of 98.82% to a recent low of 91.85%. This is currently triggering a surge in liquidation for the Bitcoin market.

Bitcoin Price Rainbow Chart: However, the rainbow chart suggested buying opportunities during the price dip. According to the current analysis presented by the rainbow chart, the timing remains favorable for purchasing Bitcoin. 

This suggests that the current market conditions might offer a valuable opportunity for investors looking to capitalize on future price increases.

Drop In Whale Interest: The whale interest for BTC price witnessed a drop this week. 

Data from IntoTheBlock suggests that large transaction volume faced a drop from the peak of $54.84 billion to the low of $47 billion.

Bitcoin’s ETF Data

Bitcoin has remained relatively stable in its price movements over the past few months, even though there has been a record $12 billion in net inflows into spot Bitcoin ETFs. This unexpected stability has caused concern among investors, especially since many analysts had forecasted a very bullish trend for Bitcoin following the launch of these ETFs. 

According to Farside data, on June 10, Bitcoin (BTC) ETFs saw their first outflows since May 10, totaling $64.9 million and ending a 19-day streak of inflows. The outflows were led by Grayscale’s GBTC with $39.5 million, followed by Invesco Galaxy Bitcoin ETF (BTCO) at $20.5 million, Valkyrie’s Bitcoin Strategy ETF (BRRR) at $15.8 million, and Fidelity’s Bitcoin ETF (FBTC) with $3 million. Despite this, the net inflows for these ETFs generally remain positive. 

Ticker ETF Name Price Price Change Volume IBIT iShares Bitcoin Trust $37.3 -0.6 (-1.58%) $838.92M GBTC Grayscale Bitcoin Trust (BTC) $58.18 -0.96 (-1.62%) $295.92M FBTC Fidelity Wise Origin Bitcoin Fund $57.25 -0.88 (-1.51%) $398.52M ARKB ARK 21Shares Bitcoin ETF $65.42 -1.09 (-1.64%) $133.01M BITB Bitwise Bitcoin ETF $35.69 -0.58 (-1.60%) $56.32M

Bitcoin ETFs experienced over $226 million in net outflows on Thursday, marking the third day of withdrawals this week, a pattern similar to late April. Preliminary data from SoSoValue indicates that Fidelity’s FBTC led with $106 million withdrawn, followed by Grayscale’s GBTC with $62 million, and Ark Invest’s ARKB with $53 million in outflows. BlackRock’s IBIT was the exception, gaining $18 million. Valkyrie, Franklin Templeton, Hashdex, and WisdomTree’s ETFs saw no changes in flow. Wednesday was the week’s only day of net inflows, adding $100 million.

Bitcoin’s Technical Analysis

Bitcoin price opened this week at $69,075; however, it failed to maintain this trading range by the end of this week. On 11 June, BTC price dropped toward the low of $66K; however, it later surged ahead of the CPI report and FOMC meeting. As CPI came in softer than expected, Bitcoin and other assets witnessed a steep decline, with the price testing buyers’ patience around $65K. As of writing, BTC price trades at $66,230, declining over 0.6% in the last 24 hours.

The 20-day exponential moving average (EMA) has begun to decline, currently sitting at $67,025, and the relative strength index (RSI) has moved below the midline, suggesting that bears currently have an advantage. A drop below the $65K level might send the BTC price to test $60.1K.

For the bulls, time is critical. They need to push and sustain the price above the 20-day EMA to avert further declines. If successful, the pair could ascend towards $70,000 and possibly extend gains up to $72,000.

Top Cryptocurrency Weekly Analysis

Setting Bitcoin aside, we will now dive into other areas of the cryptocurrency market that have seen significant activity this week. This will cover detailed analyses of memecoins, AI tokens, and stablecoins, as well as a review of the week’s top gainers and losers and key blockchain activities.

Top Gainers/Losers This Week

This week in the cryptocurrency market, several tokens stood out with notable gains. Non-Playable Coin (NPC) led the pack with a remarkable 54.1% increase in its price, followed by Beldex (BDX) and Metaplex (MPLX), which rose by 30.7% and 27.3% respectively. Rocket Pool (RPL) also saw significant growth at 14.5%, showcasing its strong market presence. Rollbit Coin (RLB), while having the smallest gain among the top performers, still managed a respectable 9.2% rise.

Name Price Volume 7d Change Non-Playable Coin (NPC) $0.02583 $3,835,941 54.10% Beldex (BDX) $0.04459 $1,199,460 30.70% Metaplex (MPLX) $0.3534 $3,058,845 27.30% Rocket Pool (RPL) $23.79 $143,927,905 14.50% Rollbit Coin (RLB) $0.07031 $3,731,547 9.20%

Beercoin (BEER) led the losses with a drastic 47.7% drop, followed closely by Wormhole (W) which decreased by 35.7%. Curve DAO (CRV) also faced a tough week, declining by 32.2%. Echelon Prime (PRIME) and SATS (Ordinals) (SATS) were not far behind, recording losses of 31.7% and 30.1% respectively.

Name Price Volume 7d Change Beercoin (BEER) $0.00002305 $124,931,341 -47.70% Wormhole (W) $0.4582 $93,683,362 -35.70% Curve DAO (CRV) $0.2821 $248,640,668 -32.20% Echelon Prime (PRIME) $10.42 $22,090,479 -31.70% SATS (Ordinals) (SATS) $0.06123 $29,303,237 -30.10%

Top Memecoins Analysis Of This Week

This week in the cryptocurrency market, notable meme coins by market cap have shown varied price movements. Dogecoin (DOGE) experienced an 8.06% decline, while Shiba Inu (SHIB) saw a more substantial drop of 13.88%. Pepe (PEPE) also faced a decrease of 7.98%. Dogwifhat (WIF) recorded a 14.27% decline, marking significant volatility. The most dramatic fall was seen in FLOKI, which plummeted by 28.29%. Despite these declines, there were minor positive changes in the hourly changes, suggesting some level of trading cooldown among meme coin enthusiasts.

Name Price 1h % 24h % 7d % Market Cap Dogecoin (DOGE) $0.1362 0.59% -4.36% -8.06% $19,706,421,135 Shiba Inu (SHIB) $0.00002068 0.60% -3.75% -13.88% $12,185,736,385 Pepe (PEPE) $0.00001195 2.02% -0.95% -7.98% $5,025,420,824 dogwifhat (WIF) $2.43 0.31% -0.41% -14.27% $2,422,507,273 FLOKI (FLOKI) $0.00002057 0.92% -2.97% -28.29% $1,966,723,403

Top AI Coins Analysis Of This Week

This week, top AI-related cryptocurrencies exhibited notable declines. NEAR Protocol saw the largest drop at 18.00%, while Bittensor decreased by 23.33%. Injective and Render also faced significant downturns.

Name Price 1h % 24h % 7d % Market Cap NEAR Protocol (NEAR) $5.60 -0.10% -5.22% -18.00% $6,100,048,038 Render (RNDR) $8.05 0.98% -3.48% -15.45% $3,127,342,483 Injective (INJ) $25.91 0.28% -11.13% -12.84% $2,420,108,447 The Graph (GRT) $0.2387 0.35% -3.57% -11.76% $2,269,864,276 Bittensor (TAO) $298.23 -0.71% -6.58% -23.33% $2,068,294,698

Top Metaverse Tokens Analysis Of This Week

This week’s top metaverse tokens by market cap experienced significant fluctuations. Immutable (IMX) faced the sharpest weekly decline of 16.57%, while Gala (GALA) also dropped considerably by 17.22%. FLOKI saw the most severe downturn at 29.09%. In contrast, Notcoin (NOT) displayed stability with a modest weekly gain of 0.83%. Axie Infinity (AXS) declined by 14.18%.  

Name Price 1h % 24h % 7d % Market Cap Immutable (IMX) $1.73 0.26% -3.70% -16.57% $2,609,235,531 Notcoin (NOT) $0.01946 -0.34% 7.68% 0.83% $1,998,143,481 FLOKI (FLOKI) $0.000204 -1.00% -3.74% -29.09% $1,950,648,966 Gala (GALA) $0.03305 -0.36% -4.16% -17.22% $1,047,225,530 Axie Infinity (AXS) $6.75 0.48% -3.53% -14.18% $984,049,540

Top Stablecoins Analysis

This week in the stablecoin sector, Tether (USDT) continues to lead with a market cap of over $112 billion, despite slight fluctuations in trading volume. USDC and Dai showed modest changes, with market caps of approximately $32 billion and $5 billion, respectively. Notably, Ethana USDe reported a significant 51.6% increase in its market cap, highlighting growing investor interest. Conversely, First Digital USD experienced a sharp 33% decrease.

Coin Price 24h Volume Exchanges Market Cap 30d Change Tether (USDT) $0.9988 $45,015,746,781 352 $112,403,514,928 1.30% USDC (USDC) $0.9998 $6,128,906,377 368 $32,355,569,902 -2.60% Dai (DAI) $0.999 $405,706,788 272 $5,221,305,817 -4.60% Ethana USDe (USDE) $1.00 $119,982,239 9 $3,516,028,181 51.60% First Digital USD (FDUSD) $0.9982 $5,914,936,729 23 $2,541,603,279 -33.00%

Read More About This: Stablecoin Performance and Analysis May Update: An In-depth Monthly Report 

Top Blockchains Weekly Analysis

In this segment, we’ll dive into the major activities across top blockchains, examining their market dominance and total value locked (TVL). We will separately analyze layer-1 and layer-2 blockchains to offer a detailed view on current market trends and sentiments.

Dominance of L1 Chains

This week’s overview of the top layer-1 blockchains shows Ethereum leading significantly in both market dominance at 81.65% and total value locked (TVL) at $61.775 billion. BNB Smart Chain and Solana follow, with market dominances of 6.81% and 5.66%, respectively, and TVLs over $5 billion each. Bitcoin, usually not categorized purely as a smart contract platform, shows a TVL of $1.102 billion with a 1.46% dominance. Avalanche also features, with a TVL of $786 million and a 1.04% market dominance.

Chain 24h Change 7d Change 30d Change 24h Volume TVL Dominance Ethereum 0.10% -4.50% 14.90% $1,704,146,226 $61,775,390,527 81.65% BNB Smart Chain -0.40% -8.70% 16.10% $466,225,871 $5,154,620,039 6.81% Solana -0.90% -7.10% -2.30% $1,258,114,417 $4,280,422,686 5.66% Bitcoin -0.80% -5.30% -2.50% – $1,102,578,965 1.46% Avalanche -2.50% -7.20% 17.20% $33,493,066 $786,784,013 1.04%

Dominance of L2 Chains

This week’s analysis of top layer-2 blockchains reveals varied performance. Arbitrum One leads in market dominance at 28.85% with a notable 12.1% increase over 30 days. Blast showed a significant 35.7% growth, the highest in the group. Base and Optimism recorded moderate long-term gains. Despite recent declines, Polygon POS maintains steady activity.

Chain 24h Change 7d Change 30d Change 24h Volume TVL Dominance Arbitrum One -0.50% -5.20% 12.10% $465,765,028 $2,974,377,689 28.85% Blast 0.10% -6.40% 35.70% $141,082,628 $2,078,697,971 20.16% Base -0.50% -3.20% 7.50% $648,067,948 $1,640,311,770 15.91% Polygon POS -0.60% -6.40% 2.30% $126,634,465 $881,904,360 8.55% Optimism -0.60% -8.70% 7.90% $102,280,789 $730,896,188 7.09%

Also Check Out: Blockchain Monthly Report For May 2024: All You To Need To Know To Stay Ahead

Top Crypto Exchanges Performance Analysis (7-day)

Top Centralized Exchanges

Binance, the largest exchange, boasts a normalized 24-hour volume of approximately $8.6 billion and an actual volume nearing $16.6 billion, attracting about 65.5 million visits monthly. Bybit and HTX follow, with notable volumes and lower visitor counts. Coinbase and Gate.io also show significant trading activity, with monthly visits of 40.9 million and 16.1 million, respectively.

Exchange 24h Volume (Normalized) 24h Volume Monthly Visits Binance $8,598,884,565 $16,641,029,643 65.5 M Bybit $3,995,307,418 $4,583,085,437 30.4 M HTX $2,586,813,439 $2,586,813,439 19.8 M Coinbase Exchange $2,210,586,639 $2,210,586,639 40.9 M Gate.io $2,113,400,227 $2,812,015,036 16.1 M

Top Decentralized Exchanges

Uniswap V3 on Ethereum leads with a 24-hour volume of approximately $1.04 billion, capturing 18.5% of the market share and attracting over 10 million monthly visits. Raydium and Orca follow, with respective market shares of 10.7% and 8.2%, indicating substantial trading activity. Uniswap V3 on Arbitrum One also shows notable engagement, mirroring the Ethereum platform’s visit count. Curve on Ethereum, though smaller in volume, maintains a consistent user base. 

Exchange 24h Volume % Market Share by Volume Monthly Visits Uniswap V3 (Ethereum) $1,042,602,699 18.50% 1,03,88,376 Raydium $602,205,436 10.70% 34,21,258 Orca $463,585,969 8.20% 4,80,015 Uniswap V3 (Arbitrum One) $307,392,576 5.50% 1,03,88,376 Curve (Ethereum) $288,704,453 5.10% 2,60,162

Top Derivatives

Binance Futures leads with $19.5 billion in open interest and $54.4 billion in daily trading volume. Bybit follows with $13.2 billion in open interest and $19.4 billion in volume. Bitget, Deepcoin, and CoinW also have significant activity, with billions in both open interest and trading volume.

Exchange 24h Open Interest 24h Volume Binance (Futures) $19,548,348,236 $54,498,982,029 Bybit (Futures) $13,177,264,279 $19,411,986,707 Deepcoin (Derivatives) $10,535,384,835 $7,710,801,075 Bitget Futures $10,269,511,123 $15,522,748,862 CoinW (Futures) $6,781,434,672 $23,015,968,916

Crypto Funding Analysis This Week

Crypto Fundraising Trend

The crypto fundraising trend over the past two weeks shows a significant variation in funds raised. From June 10 to June 15, 2024, $112.8 million was raised across 32 fundraising rounds. This contrasts with the previous week, June 3 to June 9, 2024, which saw $409.43 million raised in 29 rounds. While the number of rounds increased in the more recent week, the total funds raised were notably lower

Week Funds Raised  Number of Fundraising Rounds  June 10– June 15, 2024 $112.8 Million 32 June 3-June 9, 2024 $409.43 Million 29

Active Investors This Week

The table highlights the activity of various investment funds in the crypto space. Electric Capital and Castrum Capital lead with four deals each. Several other funds, including Gains Associates, Kangaroo Capital, and Web3Port, followed with two deals each. Smaller funds like Animoca Brands and Paradigm participated in one deal each.

Funds Deals Electric Capital 4 Castrum Capital 4 Gains Associates 2 Kangaroo Capital 2 Web3Port 2 Pantera Capital 2 Big Brain Holdings 2 CSP DAO 2 Mask Network 2 Animoca Brands 1 Delphi Ventures 1 Framework Ventures 1 Outlier Ventures 1 Paradigm 1

Crypto Fundraising by Category

According to Cryptorank’s data, DeFi was the most invested category this week, with Electric Capital and Castrum Capital leading the way. Blockchain infrastructure and GameFi also attracted significant investments, reflecting a diverse interest in various sectors of the market.  

Top Hacks This Week

The UwU Lend protocol was hacked for nearly $20 million on June 10. Another exploit resulted in $3.5 million being stolen from UwU during the reimbursement process. Additionally, the cryptocurrency exchange Lykke was breached on June 10, losing $22 million in digital assets.

Holograph’s native token fell 79.4% after a hacker exploited its operator contract, minting 1 billion HLG tokens worth $14.4 million. Holograph confirmed the hack on June 14 and is working to freeze the hacker’s accounts.

Hack Total Amount Stolen Date UwU Lend protocol (first hack) $20 million Jun-10 UwU Lend protocol (second hack) $3.5 million June 13 Lykke cryptocurrency exchange $22 million Jun-10 Holograph (HLG token exploit) $14.4 million Jun-14

As a result, nearly $60 million was stolen this week from four different hacks.

Conclusion

This week in the crypto market witnessed significant events, including softer-than-expected CPI news that led to market volatility, with Bitcoin fluctuating between $65,000 and $70,000. Major developments included Terraform Labs settling with the SEC for $4.5 billion and Donald Trump advocating for U.S. dominance in Bitcoin mining. Hacks were a major concern, with nearly $60 million stolen from UwU Lend protocol, Lykke exchange, and Holograph. Despite the turbulence, notable investments were made in DeFi, blockchain infrastructure, and GameFi. 

The post Why Bitcoin Price Crashed To $65K, What Next? appeared first on Coinpedia Fintech News

This week, the cryptocurrency market took a hit as Bitcoin, the leading digital currency, saw a sharp drop in value, hitting its lowest point in four weeks. What started as a hopeful period with easing inflation data quickly turned sour, especially for Bitcoin. 

Other top cryptocurrencies like Solana, Avalanche, Cardano, and Near also fell 15-20%, following Bitcoin’s lead.

New Weekly Low for Bitcoin Price

Bitcoin experienced a sudden decline of over 2% in just one hour, falling from $67,000 to $65,100. This marked a significant 7.5% drop over the past week, causing concern among investors. 

The market saw a tough period with nearly $214 million in leveraged derivatives liquidated in the last 24 hours alone, totaling over $870 million for the week. These liquidations aimed to reduce excessive risk, adding to the downward pressure on Bitcoin’s price. 

Moreover, recent economic data and Federal Reserve projections didn’t match investor expectations for a softer monetary policy, further dampening sentiment. Political uncertainty in Europe, particularly a snap election in France, also boosted the U.S. dollar index (DXY), adding to Bitcoin’s challenges.

Whale Dumping It’s Bitcoin Holding

Reports emerged of significant whale activity, with large Bitcoin holders selling off their holdings. Precisely, one Bitcoin whale transferred 15,975 units of the flagship cryptocurrency on 14 June. 

The coins were allegedly moved in a single transaction to the digital asset exchange Binance. This huge whale dump signals a bearish sentiment and possibly contributed to the slump the coin is recording.

Additionally, mining revenue has dropped, especially after April’s Bitcoin halving event. Analysts noted a substantial increase in mining costs post-halving, further straining Bitcoin’s market dynamics.

What Next For Bitcoin: $61K

Bitcoin is at a crucial point after failing to break above $67,500 this week. If it closes below this level, could trigger a downward spiral towards the 3-month EMA (currently around $64,800). 

Falling below this could push Bitcoin down to $61,000, the lower limit of its long-term rising channel.

The post Why Crypto Market is Down Today? appeared first on Coinpedia Fintech News

A majority of major cryptocurrencies witnessed heightened volatility this week as a wave of market news floods investors with uncertainty. From the early week’s U.S. CPI and PPI data, negative inflow in spot ETFs, and Bitcoin miner capitulation, the crypto investors faced a series of developments that led BTC price to a four-week low of $65078. Will this correction be extended for the second half of June?

Bitcoin Faces Bearish Pressure Amid Miners’ Capitulation and Long-Liquidation

 Source-Tradingview

Over the past three months, the Bitcoin price has traded sideways resonating within two parallel-walking trendlines of daily charts. On June 7th, the BTC price witnessed its latest reversal from the overhead resistance at $71000, leading 8.37% to $66114.

The downfall was initially accelerated by Pre-CPI Data uncertainty among traders, which failed to recover despite lower-than-expected inflation.

As per the recent data from Coinglass, Bitcoin investors have experienced notable long liquidation over the past four days. The notable green bars in the Total Liquidations Chart show the buyers faced a $163.8 Million liquidation, which accelerated the bearish momentum.

Currently, the BTC miners’ capitulation is among the major factors contributing to the falling prices. As per a recent tweet from CryptoQuant’s CEO Ki Young Ju, the 18-month uptrend in Bitcoin’s hashrate has come to a halt, hinting at possible miner capitulation. This decline in hashrate suggests the miners dumping BTC to bear the operation cost after the Fourth halving.

#Bitcoin hashrate's 18-month upward trend has broken, suggesting some miners are capitulating.h/t @jjcmoreno pic.twitter.com/JOyIUpAIKj

— Ki Young Ju (@ki_young_ju) June 13, 2024

Reversal Pattern Emerged as Bitcoin ETFs Record Significant Outflows

In addition, the spot Bitcoin ETFs have witnessed net outflows in four of the past five days this week. On Friday, the Spot ETFs recorded a substantial outflow of $190 million, indicating a cautious approach from investors amid the current correction trend.

On June 14, Bitcoin spot ETFs had an outflow of $190 million. There were net outflows in four of the past five days. Grayscale ETF GBTC had an outflow of $52.3448 million, and BlackRock ETF IBIT had an inflow of $1.4899 million. https://t.co/npjWVH3bMi

— Wu Blockchain (@WuBlockchain) June 15, 2024

An analysis of the daily chart shows the Bitcoin price developed a bearish double-top pattern utilizing the supply pressure at the $71000 ceiling. This chart pattern commonly spotted at major and local market tops indicates renewed selling pressure among investors after a substantial rally. 

With a 1.1% fall on Friday, the BTC price breached the $66730 neckline support and the 50-day EMA slope. The daily RSI slope also plunged below the 50% midline indicating that term market sentiment turning bearish. If the breakdown sustains, the sellers could lead another 6.5% fall to hit the $61500 mark.

Even with this potential downfall, the leading digital asset holds above the healthy retracement level of 23.% indicating the buyer holds a firm grip over this asset.

Final Takeaway:

The Bitcoin price is barely 10% down from the all-time high of $73750. As per the record, a 20-30% is still normal for the volatile asset BTC which allows it to recuperate the exhausted bullish momentum. This broader trend remains positive and the current correction allows investors to hunt for dip opportunities.

The post Ripple’s Legal Battle with SEC: Experts Weigh in on XRP’s Future  appeared first on Coinpedia Fintech News

Ripple’s ongoing legal battle with the SEC is nearing its climax, with potential implications for the cryptocurrency market. Experts are divided on the future impact of this lawsuit on XRP’s price and legal status. Read on to uncover the differing viewpoints and understand what lies ahead for Ripple and XRP.

Experts’ Perspectives on XRP’s Future 

Moon Lambo’s Perspective 

Moon Lambo, an XRP expert and youtuber, believes that the price of XRP might increase when the SEC lawsuit concludes. However, he argues that such a price rise would be irrational since XRP has already had legal clarity for almost a year. This clarity means that the lawsuit’s outcome should not significantly impact everyday XRP holders.

I’m not say $XRP price won’t run when the SEC v. Ripple lawsuit ends. I’m just saying if that happens it’s completely irrational as $XRP already has legal clarity and has for almost a full year now.However the lawsuit concludes, it doesn’t matter to your everyday $XRP holder.

— Moon Lambo (@MoonLamboio) June 14, 2024

Contrasting Option 

Another expert, identified as ‘cryptopoll’, contends that XRP will achieve true legal clarity only after Ripple pays any fines for selling XRP without proper registration. He also suggests that the court should prevent Ripple from selling its escrowed XRP to ensure regulatory compliance.

xrp will have real clarity once ripple pays their fees for selling unregistered securities. The court should ban them from selling their escrow

— #CryptoPoll (@cryptogeek101) June 14, 2024

XRP’s Status as a Non-Security: An Expert’s Observation 

Moon Lambo opposes the contrasting view, emphasising that XRP has already been declared a non-security, providing clear legal status. He funds it unfair to ban Ripple from selling XRP they own, noting that a judge permitted Ripple to sell XRP nearly a year ago.

Ripple’s Battle with the SEC: A General Overview 

Ripple, based in San Francisco, is close to concluding its significant legal battle with the SEC. The SEC claims that Ripple’s XRP transactions are unregistered securities offerings, seeking fines totalling $2 billion. A US District Judge previously ruled against Ripple, declaring its $728.9 million XRP sales to sophisticated investors unlawful.

Despite these challenges, Ripple’s CTO, David Schwartz, recently highlighted the company’s global resilience. He noted that regulatory compliance was easier outside the US, providing a strategic advantage for Ripple.

Ripple is now a growing company, globally.

Anyway, the conclusion of Ripple’s legal battle with the SEC will be a pivotal moment for XRP and the broader cryptocurrency market. 

Stay tuned to Coinpedia for the latest updates around this!  

Also Read : XRP Price Wobbles as SEC Questions Ripple’s ODL Practices

The post Mollars Token Now Listed on Bitmart Crypto Exchange appeared first on Coinpedia Fintech News

The rivalry between Bitcoin and newcomer altcoin, “Mollars,” is heating up. Just a few weeks ago the ERC-20 token closed its ICO presale, with over 1.7 million dollars raised. It listed on Uniswap [view here] almost immediately after, where the price lept from $0.65 to an all-time high of $1.10 before a correction.

Now holding stable at $0.367, holders of the new store-of-value asset are braced for another upward spike in price as Bitmart exchange listed $MOLLARS token this morning [link].

The listing is no surprise as it was announced previously. The decentralized exchange tweeted it would list the Mollars token nearly 1 month ago.

What crypto exchanges have listed Mollars?

This is the third crypto exchange to list the new altcoin. Uniswap and Lbank Exchange have both added it to their listings.

The Bitmart listing could result in a sudden sleuth of investors for the store-of-value asset, which is primarily to be used by investors to retain value on their money against global inflation; As the value of fiat currency goes down against commercial product values, such low supply cryptocurrencies are meant to increase in value as investors buy and hold more of it.

How many users does Bitmart have?

Bitmart reported it had 9 million users in 2022.  The massive amount of crypto traders using the exchange would make it the second largest to list the Mollars token, only behind Uniswap.  

The Mollars token has a total token supply of only 10 million tokens. This is less than half of Bitcoin’s 21 million coins.

While the $MOLLARS token is listed on exchanges like Uniswap and Bitmart, it will also be a native currency to its decentralized crypto exchange; an industry first for a token with its overall infrastructure and project design.

Native DEX

Mollars token will be used as a ‘bridging’ device for the coming decentralized exchange: Mollars. CC.   It’s slated to launch on or before September 15th, but Reddit community members have been speculating it could launch as soon as August.

Continuing to grow and improve in branding value, the Mollars token can now be traded (buy, sell) on Bitmart.

It’s believed 2 other exchanges will also list the Mollars token before the DEX launches. 

Such listings could see the price spike to over 200% from today’s price with slight traction from ‘first-day’ investor crowds.

The post How $200 Investments in These Cryptos Today Can Make Thousands by the End of 2024 appeared first on Coinpedia Fintech News

The ongoing market rally in 2024 offers exciting opportunities for investors. With the chance to transform a modest $200 into a sizeable return, strategic investments in select cryptocurrencies could be highly rewarding. This article explores promising cryptocurrencies poised for growth and details how smart investments today could lead to significant earnings by the end of the year. Readers can discover which cryptos have the potential to deliver impressive gains.

CYBRO Presale: A Golden DeFi Investment Chance

CYBRO is drawing significant interest from major crypto investors with its exclusive token presale. As a pioneering DeFi platform, CYBRO provides investors with unmatched opportunities to boost their earnings, irrespective of market conditions.

Analysts are forecasting a potential ROI of 1200%, with CYBRO tokens priced at just $0.025 each during the presale. This distinctive and technologically advanced project has already caught the eye of leading crypto whales and influencers, showcasing strong confidence and enthusiasm.

CYBRO token holders will reap numerous benefits, including high staking rewards, exclusive airdrops, cashback on purchases, reduced fees for trading and lending, and a comprehensive insurance program within the platform.

With only 21% of the total tokens available in this presale and around 25 million already sold, this is a prime opportunity for savvy investors to secure their stake in a truly unique project.

NEAR Protocol Faces Mixed Market Sentiment Despite Long-Term Gains

NEAR Protocol is currently navigating mixed market sentiment. Short-term indicators suggest caution, with recent price drops and fluctuating averages. However, the substantial long-term increase highlights underlying strength. This could attract cautious optimism from investors aware of NEAR’s innovative blockchain solutions, its focus on developer-friendly features, and its progress in creating a scalable, efficient platform.

Polygon (MATIC) Shows Bearish Signals Amid Current Market Conditions

Polygon’s market sentiment appears negative with declining short-term and mid-term price changes, alongside key indicators pointing downwards. The price struggles to stay within a narrow range with minimal support and resistance levels nearby. This bearish trend might hinder investor confidence and affect Polygon’s utility in decentralized applications and layer-2 solutions. The ongoing price drop could impact MATIC’s adoption and integration in various blockchain projects.

Polkadot Faces Uncertain Market Sentiment Amidst Mixed Indicators

Polkadot is displaying mixed signals with its prices fluctuating within a limited range. While it has faced recent setbacks, key indicators like moving averages and RSI suggest neither strong upward nor downward momentum. The market sentiment remains cautious. This could result in Polkadot experiencing periods of volatility, influencing its acceptance and use in decentralized applications and staking, as investors navigate the uncertain path.

Jito (JTO) Market Sentiment Shows Mixed Signals Amid Recent Decline

The market sentiment surrounding Jito seems mixed. Despite its recent decline, it shows potential for recovery. Current prices are between its nearest support and resistance levels. Short-term averages are lower than long-term ones, pointing to bearish trends. Stochastic is high, suggesting the coin might be overbought. RSI indicates neutral momentum. These conditions suggest Jito may experience volatility shortly, with the potential for both upward and downward movements. Traders should stay alert to changes.

Conclusion

NEAR, MATIC, DOT, and JTO have shown promise but may yield less in the short term. However, CYBRO, set to release in Q2 2024, stands out. It uses the Blast blockchain to maximize yield. Early investors can benefit by participating in the CYBRO token presale. This strategic entry could offer significant returns by the end of 2024.

Site: https://cybro.ioTwitter: https://twitter.com/Cybro_ioDiscord: https://discord.gg/xFMGDQPhrBTelegram: https://t.me/cybro_io

The post Shiba Inu and Solana Holders Find New Hope in Furrever Token’s Adorable Ascent appeared first on Coinpedia Fintech News

As the cryptocurrency market continues to evolve, investors are constantly on the lookout for new and promising opportunities. Recently, holders of Shiba Inu (SHIB) and Solana (SOL) have found a refreshing alternative in Furrever Token, a new player in the crypto space that is capturing attention with its unique charm and innovative approach. This article explores why Shiba Inu and Solana investors are turning to Furrever Token, while also delving into the current status and dynamics of SHIB and SOL.

Shiba Inu: A Meme Coin with a Loyal Community

Shiba Inu, often dubbed the “Dogecoin killer,” gained immense popularity in 2021 as part of the meme coin frenzy. Its vibrant community and the potential for high returns attracted a substantial number of retail investors. Despite its initial hype, SHIB has faced considerable market volatility, leading to periods of significant price fluctuations.

Recently, Shiba Inu has remained in a consolidation phase, primarily trading around the $0.00002 mark. The token’s price has been influenced by whale activity, with large holders moving significant amounts of SHIB to exchanges. This movement has sparked fears of potential sell-offs, contributing to market uncertainty. However, amidst these challenges, the Shiba Inu community remains hopeful for a bullish rally, with some analysts projecting potential price targets ranging from $0.000054 to $0.000088 in the medium to long term.

Solana: High-Speed Transactions Amid Market Volatility

Solana, known for its high-speed transactions and low fees, has established itself as a leading blockchain platform for decentralized applications (dApps) and DeFi projects. Its unique proof-of-history (PoH) consensus mechanism allows for greater scalability, making it an attractive option for developers and users alike.

However, Solana has recently experienced increased market volatility, largely due to substantial whale transactions. Over 2.5 million SOL tokens, valued at approximately $372.4 million, were moved by anonymous large holders within 24 hours, causing significant price fluctuations and investor concerns. Despite these challenges, Solana’s robust technology and growing ecosystem continue to attract interest from both retail and institutional investors.

Furrever Token: The New Crypto Darling

Amidst the market dynamics of Shiba Inu and Solana, Furrever Token has emerged as a new and promising contender. Unlike traditional cryptocurrencies, Furrever Token leverages the universal appeal of adorable cat-themed imagery to create a delightful and engaging user experience. This whimsical approach sets it apart, making it an attractive option for a broad audience.

One of the standout features of Furrever Token is its innovative referral system, which allows users to earn 10% in $FURR Tokens for every deposit made through their personal referral link. This system incentivizes community growth and offers participants an easy way to earn additional tokens without direct purchases. The project has already raised over $1.3 million in nearly three months and is currently in stage 9 of its presale, promising up to 15X returns.

Furrever Token’s tokenomics are robust, with a total supply of 9 billion tokens. Of these, 65% are available during the presale, 25% are allocated for decentralized exchanges (DEXs), and 10% are locked for the team for one year. Additionally, the project’s security is backed by an audit from Securi Lab, ensuring transparency and trustworthiness.

The project emphasizes community engagement through regular challenges and exclusive cute cat content. This community-centric approach not only drives organic growth but also fosters a loyal and active user base. The active engagement on platforms like Telegram further highlights the strong community support behind the Furrever Token.

Conclusion

As Shiba Inu and Solana navigate their respective market challenges, Furrever Token offers a refreshing and innovative alternative for investors. Its unique blend of charm, community engagement, and attractive referral incentives positions it as a promising new player in the crypto market. For Shiba Inu and Solana holders seeking new opportunities, Furrever Token provides a delightful and potentially lucrative option in the ever-expanding world of cryptocurrencies.Join Furrever Token Presale Now:

Furrever Token Official Website

Visit Furrever Token Presale

Join Official Telegram Group

Follow Official X Account

The post Top Mid-Cap Altcoins Poised for a 10X Rally After the Current Market Correction appeared first on Coinpedia Fintech News

The crypto market is showing signs of recovery after recent dips. With the 2024 bull run in full effect, some promising mid-cap altcoins are catching the eye of investors. Analysts are identifying which of these digital currencies have the potential to see significant gains. Discover the altcoins that might be on the brink of a huge rally and could offer impressive returns.

CYBRO Presale: The Investment Opportunity You Can’t-Miss

The CYBRO token presale is generating significant buzz among crypto whales. As an innovative platform, CYBRO offers unmatched opportunities for investors to maximize their returns, regardless of market fluctuations.

Experts are forecasting a remarkable potential ROI of up to 1200%, with presale tokens priced at a mere $0.025 each. This advanced project has already attracted key crypto whales and influencers, signalling strong confidence and keen interest.

Investing in CYBRO tokens provides holders with numerous benefits, such as generous staking rewards, exclusive airdrops, cashback on platform purchases, reduced trading and lending fees, and a robust insurance program.

With only 21% of the total tokens available for this presale and around 25 million already sold, savvy investors have a golden opportunity to invest in a truly standout project.

Render Token Faces Bearish Market Sentiment Amid Recent Price Declines

Render Token is currently facing bearish sentiment. The price has dropped significantly in the past week and month, though there’s notable growth over six months. Its price is underperforming against short-term averages and indicators. The coin’s value may continue to hover near the lower support levels unless buying interest picks up. As a platform offering GPU rendering solutions, market performance may improve with increased adoption in graphics-intensive industries.

Altlayer (ALT) Shows Mixed Signals Amidst Volatile Market Conditions

The market sentiment for Altlayer appears mixed. Prices are within a volatile range, with significant recent declines. However, longer-term growth remains strong. Oscillators present varying signals, and the asset is hovering close to its support levels, suggesting caution. These dynamics may cause investors to approach ALT with prudence, considering the potential for both substantial gains and further corrections.

GMT Faces Bearish Sentiment Amid Recent Weak Performance

The recent price trend for GMT shows a bearish sentiment. The nearest support and resistance levels indicate downward pressure. Stagnant averages further affirm limited momentum. Indicators suggest the coin lacks strong buying interest. GMT’s market condition may lead to cautious investor behaviour, potentially dampening its growth.

Ondo Price Analysis Suggests Potential Consolidation Phase

Ondo’s recent price data reflects a mixed sentiment. Despite a significant rise over the months, the short-term decline hints at caution among traders. The coin is nearing its average range with limited room to move until it hits resistance or support levels. The moderate trading activity suggests the potential for a consolidation phase. This could provide a foundation for either stabilization or further volatility, depending on market developments and investor confidence.

Conclusion

RNDR, ALT, GMT, and ONDO show less potential for short-term gains. On the other hand, CYBRO stands out. This unique earn marketplace uses the Blast blockchain’s benefits. Investors have a chance to join early by participating in the CYBRO token presale. The first release is set for Q2 2024, making now an ideal time to get involved. The emphasis is on CYBRO as a promising opportunity in the growing crypto scene.

Site: https://cybro.ioTwitter: https://twitter.com/Cybro_ioDiscord: https://discord.gg/xFMGDQPhrBTelegram: https://t.me/cybro_io

The post Rebel Satoshi (RECQ) Presale Frenzy Intensifies as Whales Pivot from Shiba Inu (SHIB) and PEPE appeared first on Coinpedia Fintech News

Early adopters of the Rebel Satoshi’s RECQ token will enjoy significant gains as it progresses through the presale stages, making it the best crypto to buy now.

Shiba Inu (SHIB) has struggled with inconsistent bullish movements due to waning investor support. This has led to decreased whale transactions and increased selling from holders, causing a price drop.

PEPE defied a quiet crypto market weekend with a significant price increase driven by a whale’s massive acquisition of 231 billion PEPE tokens for $2.9 million.

The crypto market is volatile, with memecoins often leading the charge in capturing investor interest and media attention. Here, we explore the latest trends and significant movements within the memecoin sector, focusing on Rebel Satoshi (RECQ), Shiba Inu (SHIB), and PEPE.

Here is why Shiba Inu and Pepe whales are strategically shifting their investments into Rebel Satoshi’s RECQ presale!

Rebel Satoshi: A Revolutionary Memecoin Boosting a Decentralized Crypto Market

Rebel Satoshi is a groundbreaking memecoin project that offers many exclusive benefits to the participants in its active dual-token ecosystem. RBLZ offers massive staking rewards and governance rights in the decentralized Rebel Satoshi community.

Furthermore, RBLZ raised over $2.5 million in its public presale and is now available for $0.025 on several mainstream exchanges, including Uniswap DEX. The token’s current price reflects a remarkable 150% increase from the initial presale price of $0.010. Interestingly, experts say RBLZ will increase exponentially over the coming weeks.

Similarly, early RECQ adopters will enjoy 184% gains when the token reaches its listing price of $0.0125. RECQ is valued at just $0.0044 in Stage 2 of its presale, a 120% rise from its Early Bird price of $0.0020. Furthermore, investors can expect to enjoy a 25% profit when RECQ transitions to a Stage 3 price of $0.0055, making it the best crypto to buy now.

Furthermore, RECQ offers excellent physical world utility as Rebel Satoshi’s base currency for all kinds of transactions and interactions. Therefore, holders can use RECQ to engage in the unforgettable gaming experience of the Rebel Satoshi Arcade and dive into Rebel Satoshi’s cool NFT collection.

Nonetheless, RECQ holders also gain access to Rebel Satoshi’s lucrative rewards program. Thus, most experienced traders and whales have recently adopted RECQ as one of the top presale memecoins in the current crypto market.

Thus, RECQ is the most rewarding investment for the next crypto bull run. Do not hesitate to join the remarkable Rebel Satoshi movement!

Shiba Inu: Struggles Persist Amid Investor Skepticism

Shiba Inu has been struggling to record consistent bullish movements for weeks, and analysts say the trend might continue into the second half of 2024. The reason why the top memecoin is struggling is that the little support SHIB had gained from its investors seems to be disappearing.

In that context, Shiba Inu is expected to record some pullback or volatility because of SHIB holders’ growing skepticism. Evidence of this can be seen in the whales’ activity and retail investors’ actions.

Crypto whales are the most important investors since their actions directly impact the price of Shiba Inu. A positive move pushes SHIB higher, while a negative move causes a price drop. Shiba Inu whale transactions recently dropped, and their transaction volume plunged during the first week of June.

The drop in transaction volume was also met with an increased sell-off from SHIB holders, intensifying SHIB’s bearishness. Investors were selling SHIB to offset losses.

Shiba Inu was valued at $0.00002291, down 7.02% in the second week of June. However, experts say SHIB will rise to $0.00002715 in June, powered by investors buying the dip. Hence, it is not a good crypto to buy due to uncertainties in its market.

PEPE: Whale Acquisition Sparks Optimism in a Quiet Market

The crypto market recorded a quiet weekend, with most of the best altcoins showing minimal movement. Nonetheless, PEPE defied the trend with a massive price increase.

A crypto whale’s massive acquisition of 231 billion PEPE tokens for $2.9 million helped push PEPE’s price up 5%. This strategic move means the whale is convinced PEPE will keep rising in the long term.

Notably, this PEPE whale capitalized on a recent price drop, acquiring PEPE tokens at an undervalued price. The ‘buying the dip’ mentality mostly appeals to investors seeking lucrative investments, which helps boost the long-term growth potential.

The massive acquisition increased optimism in PEPE’s market, signalling confidence from the whale. This positive sentiment can result in increased buying activity from retail investors, which proves renewed interest in trending memecoins.

Despite the recent price correction of more than 26% from its all-time high, the dedicated PEPE community is optimistic about the token’s future. The community now focuses on propelling PEPE to challenge the dominance of top altcoins like DOGE and SHIB.

PEPE was trading at $0.00001226, down 15.42% in the second week of June. Nevertheless, experts say PEPE will rise to $0.00001725 in June, supported by growing whale demand.

For the latest updates and more information, be sure to visit the official Rebel Satoshi Website or contact Rebel Red via Telegram.

The post Spot Ethereum ETF Trading Set to Begin on July 2, Says Bloomberg Analyst  appeared first on Coinpedia Fintech News

Following the approval of all eight Spot Ethereum ETFs, attention has turned to the expected launch of these highly anticipated financial products. According to Bloomberg ETF analyst Eric Balchunas, this launch is likely to occur on July 2nd. 

Balchunas sheds light on the SEC’s latest developments, hinting at a potential green light for ETF trading.

SEC Approval Process and Timeline

Eric Balchunas revealed that the SEC has issued light comments on S-1 filings to ETF issuers, with a request for responses within a week. This indicates a strong likelihood of the SEC declaring the ETFs effective in the following week. 

UPDATE: we are moving up our over/under date for the launch of spot Ether ETF to July 2nd, hearing the Staff sent issuers comments on S-1s today, and they're pretty light, nothing major, asking for them back in a week. Decent chance they work to declare them effective the next… https://t.co/XJZ8JLwEFF

— Eric Balchunas (@EricBalchunas) June 14, 2024

However, the SEC has already approved 19b-4 forms for eight Ethereum ETF issuers, including major firms like BlackRock, Fidelity, and VanEck. Meanwhile, the final approval of the S-1 forms is necessary before trading can commence.

However, SEC Chair Gary Gensler recently hinted at the possibility of approving S1 forms for Ethereum ETFs during the summer, suggesting a favorable outlook for crypto investment products during his testimony at a Senate Appropriations Committee hearing.

Growing Institutional Demand

Meanwhile, asset manager VanEck projects a bullish future for Ethereum, forecasting a price target of $22,000 by 2030. This optimism is based on the anticipated generation of $66 billion in “free cashflows” by Ethereum over the coming decade.

Moreover, the launch of spot Ethereum ETFs is anticipated to attract substantial institutional capital, with projections ranging from $15 to $45 billion in inflows within the first year as estimated by Standard Chartered’s Geoff Kendrick.

In line with these expectations, Singapore-based crypto trading firm QCP Capital predicts a substantial price rally for Ethereum. The approval of spot Ethereum ETFs could trigger a 60% surge in ETH prices, mirroring the market response witnessed after the approval of spot Bitcoin ETFs earlier this year.

Ethereum Price Struggle Continues

Despite bullish projections for Ethereum’s future, price struggles persist in the short term and currently stand at $3544. Ethereum’s failure to breach key resistance levels has left traders cautious, with the price hovering below $3,550.

Analysts warn of potential downside risks if Ethereum fails to maintain support above $3,420, with further declines likely towards the $3,250 level.

Also Read : Crypto Trading Expert Shares Key Insights on Bitcoin and Ethereum Strategies 

The post 3 Best Altcoins To Buy Today, Why 5thScape Is The Best Cryptocurrency? appeared first on Coinpedia Fintech News

Early adopters looking for a significant profit in the blockchain industry must invest their money in crypto presales. Every week numerous altcoins are being launched in the crypto market. The ICO events are crucial to reap maximum profits if you know the right strategy and have deeper insights into various crypto segments. This article brings you 3 of the best altcoins to buy today in 2024. Platforms that indulge in the VR realm and decentralized finance are blooming in the industry. Cryptocurrency based on these technologies will shape the future of the market and reach potential heights in future.

A Brief Overview Of Altcoins

Altcoins, short for “alternative coins,” encompass cryptocurrencies beyond Bitcoin and Ethereum. Derived from these parent cryptocurrencies through forking, altcoins employ diverse consensus mechanisms to create new blocks, verify transactions, and distinguish themselves from their predecessors. With innovative functionalities and applications, altcoins serve various purposes. They include Payment tokens, Stablecoins, Security tokens, Utility tokens, Meme coins, and Governance tokens, each designed for specific uses within the crypto ecosystem.

Below is a list of the best altcoins to buy today that could undergo a 15x to 25x surge in the coming days.

List Of 3 Best Altcoins To Buy Today To Multiply Your Profits

5thScape (5SCAPE)

DarkLume (DLUME)

Polkadot (DOT)

Review Of The Best Altcoins To Buy Today

Today, the market boasts hundreds of altcoins, with varying degrees of legitimacy. Evaluating whitepapers and other documentation can aid in discerning which altcoins hold promise. Here are three top alternative coins to consider adding to your portfolio, offering potential risk mitigation.

5thScape (5SCAPE)

The presale for 5SCAPE aims to raise $15 million and employs a progressive pricing structure, wherein prices will escalate following key milestones. Early investors can acquire tokens at the current rate of $0.00376 each, with a subsequent increase to $0.01 upon listing. Token holders receive lifetime access to a vast VR content library and enjoy notable discounts on advanced VR hardware developed by 5thScape, including VR headsets and ergonomic chairs. 

With a total token supply of 5.21 billion, 80% is designated for the presale. The platform’s mission centers on delivering immersive VR gaming experiences while harnessing the advantages of blockchain gaming, offering users a fusion of both realms. Those interested can join the 5thScape Telegram group and follow its Twitter account (‘X’) for updates on listings and other developments.

Join Presale Event here

DarkLume (DLUME)

DarkLume emerges as a socio-economic metaverse, empowering users to shape their ideal virtual environment. Here, the fusion of luxury and modernity creates an immersive experience that invites investment in this pioneering venture.

At the heart of the platform lies the DLUME token, facilitating a plethora of captivating social activities within the metaverse. Blur the boundaries between reality and the digital realm as you customize your space, obtain virtual citizenships, cultivate friendships, embark on romantic escapades, and more.

Visit DarkLume VR

With groundbreaking concepts on the horizon, DarkLume aims to capture the attention of traders as it prepares for its listing debut. Positioned as a promising contender within the realm of low-cap cryptocurrencies, it presents a compelling investment opportunity before its value soars to new heights.

Polkadot (DOT)

Our next spotlight is on Polkadot, a central platform facilitating seamless data exchange among a variety of blockchains. Serving as a governance platform, Polkadot empowers token holders to vote on network updates. It provides developers with a niche for crafting scalable, customized, and secure projects using cutting-edge blockchain technology.

DOT, the platform’s native currency, contributes to network security protocols and can be staked to earn additional token rewards. Staking DOT assists in validating transactions, ensuring smooth operations across diverse blockchains. For independent blockchains or parachains seeking integration with Polkadot, providing DOT tokens as a depository fee is required. Increased adoption of this altcoin holds the potential to bolster its success.

Potential Reasons Why 5thScape Is One Of The Best Altcoins To Buy Today

5thScape is poised to revolutionize the crypto gaming landscape, marking a significant departure from traditional crypto games. Positioned as a pioneering crypto gaming coin, it promises substantial returns of up to 100x for savvy investors who engage during the presale phase. Here are several compelling reasons why 5thScape stands out as the premier altcoin to include in your portfolio in 2024.

Innovative Concept: 5thScape introduces a groundbreaking concept to the crypto gaming sphere, offering a fresh and unique experience for investors and gamers alike.

Early Investment Potential: Investing during the presale presents a lucrative opportunity to capitalize on the coin’s early stages, potentially yielding exponential profits as the project gains traction.

Forward-Thinking Vision: With a forward-thinking vision, 5thScape aims to redefine the boundaries of crypto gaming, setting itself apart as a trailblazer in the industry.

Strong Growth Prospects: Backed by a solid roadmap and strategic development plan, 5thScape demonstrates strong growth prospects, positioning itself for success in the dynamic crypto market.

Engaged Community: Supported by a vibrant and engaged community, 5thScape benefits from a dedicated following that actively contributes to its growth and success.

Conclusion On The Best Altcoins To Buy Today

The cryptocurrency market often carries a negative reputation due to its inherent volatility, where today’s bullish trends can swiftly give way to significant downturns overnight. The reasons behind these fluctuations are often unpredictable, complicating the selection of altcoins that can ensure profitable investments. However, despite these challenges, we’ve compiled a list of the best altcoins to buy today, with 5thScape standing out as the prime choice.

While investing in the cryptocurrency market carries inherent risks, 5thScape’s potential for success in the evolving landscape of virtual reality gaming makes it a standout choice among our recommended altcoins. We believe that this guide will equip you with the insights needed to make informed investment decisions in April 2024 and beyond.

The post New AI Project Raises $500K in a Single Day as Market Goes Red, Solana and Cardano Bleed appeared first on Coinpedia Fintech News

The cryptocurrency market is a force to be reckoned with. While established players like Solana (SOL) and Cardano (ADA) have witnessed price drops recently, a new project has emerged, defying the odds and raising a staggering $500,000 in a single day. This project, aptly named Algotech, isn’t just another crypto hopeful – it’s a rising star in the world of artificial intelligence (AI).

Let’s explore this viral AI project along with SOL and ADA market conditions. 

Algotech (ALGT) on a Mission to Democratize Algorithmic Trading

Algorithmic trading, once a domain reserved for seasoned professionals, is now accessible to everyone with Algotech (ALGT). This innovative platform shatters the traditional barriers by offering a user-friendly interface powered by cutting-edge AI technology.

Imagine a world where you, regardless of experience, can leverage the power of algorithmic trading. Algotech makes this a reality. Its intuitive design allows for effortless navigation, eliminating the need for complex coding. Additionally, Algotech comes pre-loaded with a suite of powerful trading strategies, including arbitrage, mean reversion, and breakout strategies. This empowers you to participate in the market without any manual coding required.

Algotech doesn’t stop at the ease of use. Real-time analysis tools provide valuable insights, allowing you to make informed decisions with confidence. With Algotech, the power of algorithmic trading is finally in your hands, putting you on a level playing field with experienced traders.

Solana Struggles Despite Long-Term Growth: Can Upcoming ETFs Lift the Price?

Solana (SOL) is currently trading at around $148, a significant drop from its all-time high. This comes amidst concerns about the project’s scalability and the broader market downturn triggered by the FTX collapse. Despite these recent struggles, Solana has managed a respectable 60% increase year-to-date, demonstrating some resilience.

However, the future remains uncertain. While upcoming exchange-traded fund (ETF) approvals for Proof of Stake (PoS) tokens like Solana could potentially boost its value, this hinges on the SEC’s continued positive outlook. The recent approval for Ether ETFs offers some hope, but it’s not a guaranteed win for Solana.

Short-term price movements paint a concerning picture. Solana has seen a 2.2% drop in the past day and a 13% decline over the past week. Investors should be cautious and conduct thorough research before making any investment decisions in Solana, considering the current market volatility and the project’s historical challenges.

Cardano (ADA) in Downturn: Can Voltaire Era Save the Day?

Cardano’s (ADA) price performance paints a concerning picture. The past few months haven’t been much kinder, and analysts fear a downward trend might persist in the coming weeks.

Despite the upcoming Voltaire-era hard fork, a critical development stage in the Cardano ecosystem, positive price movements seem elusive. The Voltaire era, slated for Q2 2024, follows the Basho era initiated by the Chang hard fork. While the Chang upgrade aims to update all nodes by August, its impact on ADA’s price remains to be seen.

The current price of $0.422 reflects a 1.93% dip in the last 24 hours. Even more concerning is the intense selling pressure pushing ADA down. Over the past week alone, the price has plummeted 13%. If ADA fails to hold the crucial $0.42 support level, a further decline to the $0.39 support level appears likely. 

Major Milestone: Algotech Secures Listing on Leading Crypto Exchange Bitmart

Algotech’s (ALGT) recent announcement of its upcoming arrival on Bitmart, a leading global exchange known for its vast user base, high liquidity, and security focus, marks a monumental moment. This listing will grant Algotech instant exposure to millions of potential investors worldwide. In a market facing challenges, Algotech’s success story showcases the power of innovation and AI’s transformative potential. As the crypto market evolves, projects like Algotech offer a glimpse into an exciting future brimming with possibilities. 

For more details about this project:

Visit Algotech Presale

Join The Algotech Community

The post Crypto Trading Expert Shares Key Insights on Bitcoin and Ethereum Strategies  appeared first on Coinpedia Fintech News

Crypto trading expert Jacob Canfield has recently shared his insights on two potential scenarios for Bitcoin and his investment strategy for Ethereum. Canfield’s analysis and strategic plan offer valuable guidance for crypto investors. Read on to understand his perspective and how it might impact your crypto investments. Before we explore the insights of the expert, let’s understand the current market scenario of Bitcoin and Ethereum.

Bitcoin Recent Market Performance 

The current price of Bitcoin is $66,326. In mid-March 2024, Bitcoin’s price was above $73,000. It has attempted to touch this peak several times in early April, late May and early June. The 7-day change of Bitcoin is -4.5%, while the 30-day change is +0.6%.

Ethereum Recent Market Performance   

Ethereum is currently priced at $3,552. In mid-March 2024, its price was over $4,000. Similar to Bitcoin, Ethereum also attempted to touch its peak in late May and early June. The 7-day change of Ethereum is -4.2%, while the 30-day change is +17.2%. 

Canfield’s Insights: Two Possible Scenarios for Bitcoin 

Scenario 1: A Minor Drop and Quick Rebound 

Canfield predicts that if Bitcoin’s price drops to around $66,000, it could quickly bounce back and rise to $70,000. This scenario suggests a minor correction followed by a strong upward trend.

Scenario 2: A Deeper Decline 

In this more bearish scenario, Canfield sees Bitcoin falling sharply to between $60,000 and $62,000. This deeper drop would require more caution and could signal a more prolonged correction period.

$BTC / #Bitcoin – Two scenarios I’m watching: 1.) Sweep $66,000 low with a strong reaction bounce reclaim to head towards $70,000. 2.) Deep capitulation wick down to $60k-$62k. No positions at the moment, but observing the reaction at the lows. I think $ETH will be a good…

— Jacob Canfield (@JacobCanfield) June 14, 2024

Canfield’s Current Crypto Trading Strategy: Observation and Patience 

Currently, Canfield is not holding any positions. He is waiting and watching how Bitcoin behaves at these critical lower price points before making any trading moves. This cautious approach underscores the relevance of strategic timing in crypto trading.

Canfield’s Ethereum Investment Plan 

Canfield believes Ethereum will be a good buy if its price drops to between $3,250 and $3,300. This specific price range represents a strategic entry point for Ethereum investments.

The crypto trading expert is waiting to see how Bitcoin performs at its lower prices before making any decisions on Ethereum. His analysis provides a clear and strategic approach to navigating the current crypto market.   

Stay tuned to Coinpedia for more such interesting crypto trading-related updates!

Also Read: Veteran Crypto Trader Predicts Bitcoin’s Market Cap to Equal Global Gold Reserves