BTC?

Bitcoin faces increased selling pressure

Bitcoin (BTC), the largest cryptocurrency, has fallen 2% in the past 24 hours, falling below the $63,000 level, continuing to show signs of sustained selling pressure. Recent on-chain data indicates a shift in sentiment among Bitcoin investors, with fewer buy calls and a significant increase in sell calls.

Bitcoin sell calls increase

The decline in Bitcoin prices has heightened anxiety among cryptocurrency investors, leading to an increase in sell calls on social media platforms. Conversely, buy requests have decreased significantly. This type of change is characterized by fear, uncertainty, and doubt (FUD) and is often seen as a potential period of recovery opportunity.

It is well known that Bitcoin has been under some selling pressure after the fourth block reward halving. Analysis shows that different groups of Bitcoin investors adopt different strategies in response to market dynamics. Large investors, often referred to as "crypto whales," usually sell during price fluctuations to protect their gains, while small investors tend to retain or increase their assets even after the market peaks.

Against this backdrop, medium-sized investors holding 100 to 1,000 Bitcoins tend to exhibit a strategic trading approach. They use complex investment strategies to actively respond to changes in market trends. These investor groups play a significant role in influencing Bitcoin price action and stand out during periods of volatility and price corrections.

High supply rates observed during bull runs from October 2023 to March 2024 typically reflect overbought conditions, indicating a potential market correction. Additionally, Bitcoin volatility fell from 70% to 50% this week, reflecting a significant drop in volatility, indicating a “wait-and-see” trend among investors.

Spot BTC and ETH ETFs Expected to Open in Hong Kong

Looking ahead, market participants expect spot Bitcoin (BTC) and Ethereum (ETH) exchange-traded funds (ETFs) to be launched in Hong Kong on April 30. This development is expected to have a positive impact on the market and stimulate the entire cryptocurrency market.

This development is particularly closely watched as it could attract institutional capital into the Asian cryptocurrency market and have a positive impact on Bitcoin’s price trajectory.

1. AI sector: GPT5 is expected to be released in the middle of summer. Attention targets: WLD, RNDR, FET, LPT, ARKM, NFP, JASMY;

2. MEME series, attention targets: DOGE, PEPE, FLOKI, WIF, SATS, AIDOGE, MEME (getting rich quickly must withstand a big correction)

3. BTC ecology: The sector emphasized by the Hong Kong Carnival this time, the inscription sector has great potential in the second half of the year according to the current financing situation, attention targets: ORDI, SATS, RATS, MUBI;

4. Solana ecology: Solana's annual conference is scheduled to be held in September this year, attention targets: SOL, JTO, JUP, PYTH, BOME, BONK;

5. New public chains: Focus targets: TIA, APT, SUI, SEI are the best in the new public chains;

6. RWA sector: Emerging hot spots, Wall Street institutions layout, focus targets: ONDO, TRU, POLYX; RWA field is most likely to produce a track with 100 times, because with Wall Street background, these people will not easily sell without more than 10 times;

7. Game sector: Focus targets: IMX, YGG, GALA, XAI, PIEXL, ACE;

8. ENA: As a rare innovation in the stablecoin track, it continues to show strong consensus in the controversy. The new coin can enter the top five in terms of transaction volume, which is really amazing!

Bitcoin ETF recorded a net outflow of $83 million for the first time since its launch. Has Bitcoin hit the bottom?

Bitcoin ETF: US spot Bitcoin ETFs continued to perform poorly, with a net outflow of $83.6 million on the last trading day of this week. Grayscale GBTC outflowed $82.4 million, and the outflow was slightly lower than the previous two days, indicating that institutional investors currently lack interest in Bitcoin ETFs.

This is mainly due to the poor performance of Bitcoin in the past few days, which led to the expiration of monthly options and increased inflation in personal consumption expenditures. In addition, DTCC's update on the value of collateral for certain securities, especially ETFs with Bitcoin or other cryptocurrencies as assets, has caused panic in the financial industry.

Bloomberg analyst James Seyffart and Custodia Bank CEO Caitlin Long said that DTCC's announcement that the loan collateral value of Bitcoin-exposed ETFs is zero is actually "healthy" for the crypto market.

Spot Bitcoin ETF outflow of $83.6 million

Earlier this week, Bitcoin ETFs saw net inflows, showing signs of recovery, but outflows have once again affected interest in the ETF market. According to data reported by Bloomberg and Farside Investors on April 27, spot Bitcoin ETFs saw a total net outflow of $83.6 million. Trading volume for the 11 listed spot Bitcoin ETFs once again disappointed, with buying activity falling sharply.

The Ark 21Shares Bitcoin ETF (ARKB) was the only Bitcoin ETF to see inflows. It saw only $5.4 million in inflows due to the sale of all of its holdings in the ProShares Bitcoin Strategy ETF (BITO), which ARK funds were expected to buy. Shares fell 1.84% but rose 0.61% after hours.

On Friday, the Fidelity Bitcoin ETF (FBTC) and the Bitwise Bitcoin ETF (BITB) saw outflows of $2.8 million and $3.8 million, respectively. This is the second consecutive day that the two largest Bitcoin ETFs, which hold a large amount of Bitcoin, have seen outflows.

BlackRock iShares Bitcoin ETF (IBIT) and other spot Bitcoin ETFs saw zero flows, sparking concerns among retail and institutional investors as zero flow data recorded by some Bitcoin ETFs this week could further dampen investor sentiment.

Grayscale GBTC outflows slowed on Friday compared to the past few days.GBTC outflows fell to $82.4 million from $139.4 million a day ago. With this, the Grayscale BTC ETF currently has a total outflow of $17.14 billion.

Bitcoin can still recover from here

BTC price has fallen more than 2% in the past 24 hours and is currently trading below $63,000. The 24-hour low and high are $62,424 and $64,789 respectively. Moreover, the volume has fallen by 24% as traders cautiously look for further signals.

BitMEX co-founder Arthur Hayes predicts a recovery in the stock market, cryptocurrency market, and Bitcoin next week. The reason behind the bullish outlook is the $200 billion increase in tax revenues from US citizens to the Treasury General Account (TGA) and the announcement of the US Treasury's tax refunds for the second quarter of 2024 next week.

Meanwhile, Republic First Bank became the first regional bank this year to succumb to the pressure of the Federal Reserve to maintain high interest rates.

Bitcoin price is still jumping up and down like a monkey market. Is it a law that a long period of horizontal movement will inevitably fall? Has the bull market of altcoins come?

Recently, the price of BTC is still jumping up and down like a monkey market. The essence is that the trading volume is getting smaller and smaller, and the liquidity is getting worse and worse. Except for the good time from 1:00 to 4:00 in the morning, the rest of the time is like the weekend. It goes down after a little drop and goes up after a little pull, but the narrative of#BTCitself has not changed at all. What changes now is often the mood of investors.

When the narrative does not change, the price will not fluctuate too much, especially at this time. We have been talking about it for a long time. The earlier profitable chips are not in a hurry to leave the market. The BTC that is losing money is also very limited. Even the purchasing power can be seen from the data of spot ETFs. It is not a little bit worse. Now most investors have no trading mood.

In fact, I don’t need to say this. Whether it is from the daily trading volume of tradingview or the data of BTC transferred in and out of the exchange in the past week, it can be seen that the liquidity during this period is the lowest point in the past six months, and it is even worse than the liquidity of some weekends at the beginning of the year.

With so little liquidity, it is unrealistic to say that the price can make a big leap. This also shows that the current trading sentiment of users is even worse than that in November and December last year when the ETF was not passed. You should know that this is not just the buying data, but the selling data is also equally low.

However, judging from the detailed data, today is a little fresh. In the past 24 hours, nearly 160,000 BTC suddenly appeared at the position of $64,000. These BTC have no direct relationship with the exchange. They are not flowing in or out of the exchange, but there is a pile. I checked and found that the number of#BTCin the US government and Mentougou has not changed. Even the BTC holdings of miners have decreased, but it is only a few hundred.

However, I have talked about this with you before, and many of you have witnessed it personally. When the stock of a single price exceeds 1.2 million BTC, the direction is often chosen. The last time was at the end of February and the beginning of March. As a result, the financial reports of MSTR and Coinbase showed a sharp rise. Although there are less than 500,000 BTC at $64,000 and $66,000 now, next week is still the time when these two companies’ financial reports will be announced. Today, with the rebound of U.S. stocks, $MSTR and $COIN have performed well, which is directly opposite to BTC. This is the power of the financial reporting season. As long as the expectations for the financial reports are good, the price trend will not be too bad.

Although the existing BTC at $64,000 has begun to rise, it has not yet broken the support of $65,000. Even $64,000 and $66,000 will form a response. However, no one can say whether this sudden large number of chips will leave in a short time. So at present, I still maintain my previous view. Tomorrow is the weekend, and liquidity will fall further. It's time to eat by the weather again.

Careful friends should remember that we said that the transaction volume of BTC spot ETF is basically the worst every Friday, and the purchasing power data of spot ETF also represents the sentiment of American investors. So at present, although there is not much selling pressure transferred to the exchange in the past 24 hours, only about 5,000 BTC, the purchasing power is ridiculously poor. Basically, we can only see the transfer in, but not the transfer out. Let's see if there will be any improvement around 3 or 4 in the morning.

Will the altcoin bull market not come? No, it has already come.

Bitcoin is 64,000, with a market value of 1.2 trillion, accounting for 53%, and the scale of altcoins is more than 1 trillion:
20 years: Bitcoin is 11,000, with a market value of 258 billion, accounting for 58%, and the market value of Shansai coins is only 183.2 billion.

Therefore, when Bitcoin hits 60,000 in 20 years, it will increase by 6 times; the total market value of altcoins will also increase by 6 times to just over 1 trillion.

Therefore: The current total scale of Shansai coins, especially various L2 and new narratives, is already the high point of the last bull market!!

Multiple ETFs saw a net outflow of $218 million per day, causing BTC to plummet

Data from leading ETF analytics platform Soso Value showed that Bitcoin ETFs saw a net outflow of $218 million last Thursday. Reports from Colin Wu, a well-known Chinese cryptocurrency journalist, showed that Grayscale's GBTC accounted for $139 million of Thursday's outflows, making it the ETF with the highest outflows on the day.

In addition, Wu's report showed that the Fidelity ETF (FBTC) saw a net outflow of $22.61 million and the Valkyrie ETF (BRRR) saw a net outflow of $20.16 million. Notably, Thursday's record marked the first time that FBTC and BRRR recorded daily net outflows. However, while other ETFs recorded net outflows, the Franklin ETF (EZBC) was the only Bitcoin spot ETF to see net inflows, with a daily net inflow of $1.8745 million.

Meanwhile, two other ETFs, Ark Invest's ARKB and Bitwise's BITB, also recorded outflows, adding to the overall outflows for the day. According to Soso Value data, ARKB had a daily net outflow of $31.34 million, while BITB had a daily net outflow of $5.99 million.

The significant outflows from Bitcoin ETFs on Thursday had a significant impact on the price of Bitcoin. Amid the battle between bulls and bears, the flagship cryptocurrency experienced a 3.79% drop before beginning to recover. TradingView data showed that Bitcoin fell from a daily high of $665,286 on Thursday to a low of $62,785 before rebounding to $64,493 at the end of the trading day.

The impact of Bitcoin ETF net outflows on BTC yesterday shows the impact that newly launched funds have on the Bitcoin market. Data from Soso Value shows that as of Thursday, the cumulative net inflows of all existing ETFs totaled $12.08 billion. This is a huge volume that has a significant impact on the Bitcoin market.

Bitcoin halving sequelae: Crypto market turbulence intensifies, Ethereum, Solana, and Ripple face huge breakthrough moments!

After a brief rise after Bitcoin halving last week, the cryptocurrency market fell in the second half of this week. Low trading volume is a characteristic of the late stage of Bitcoin halving.

Among the major alternative coins, Ethereum attempted to recover, approaching $3,200, but has not yet seen a clear reversal; Solana faces a similar situation, struggling to break through the $150 resistance; Ripple has been particularly volatile in the ongoing lawsuit against the SEC.

Ethereum seeks a breakthrough after correction

Ethereum's decline eased last week, finding support near $3,000. In trading from April 13 to 19, the daily chart shows that reactive buying activity (reactive buying) appeared in the $2,920 area.

This is consistent with the Fibonacci 0.618 retracement level of the first quarter rally, suggesting that the recent correction may be over.

However, Ethereum's week-long uptrend has struggled to break through the $3,200 resistance due to low trading volume. Selling pressure has intensified over the past 24 hours, with $3,150 acting as a key hurdle.

Analysts warn that a daily close below $3,150 could signal a continuation of the downward trend. A potential weekly close below $2,920 could lead to a further slide to $2,600.

Conversely, if buying increases, pushing Ethereum above $3,150, it would be an important breakout. This would mark the end of the downtrend that began in March and could pave the way for a short-term return to the $3,600 to $3,800 range.

Solana breaks support, faces downside pressure

Solana showed worrying signs in early April, breaking out of the ascending channel it has been following since October 2023. This downside breakout was accompanied by a large volume, pushing Solana to an average price of $127 last week.

The recent price action suggests that Solana is in a corrective phase. While the coin has been attempting a recovery since last week, it remains trapped at an average level of $158.

The $139 to $143 range is crucial for Solana this week. If this level cannot be maintained, Solana could experience significant decline, possibly below $100 as the downside trend intensifies.

A daily close above $160 is crucial to confirm a trend reversal. As long as Solana remains below this price point, selling pressure could push the price further lower.
Holding the $140 average would also be a positive sign that could slow the slide.

On the upside, if Solana is able to establish a solid base at $160, the next potential target could be the $180-$190 range.

Ripple Volatility Faced with Intensifying Legal Fight

The price of Ripple has been on a roller-coaster ride this week, reflecting the ongoing legal battle between Ripple and the SEC. The market reacted negatively to Ripple’s recent rejection of the SEC’s proposed fine, pausing the recovery that Ripple experienced last week.

From a technical perspective, Ripple broke below its long-term ascending channel earlier this month. Despite attempts to recover into the channel last week, a significant resistance level emerged around $0.55, hindering further progress.

In the long term, the outlook for Ripple lies with another hurdle, namely the resistance level at $0.52 (Fib 0.236). A weekly close above this critical $0.52-0.55 range will be crucial for XRP to reverse its current trend. Failure to do so could result in a short-term decline towards the $0.43 support level (Fib 0.144).

Looking ahead, the XRP market is likely to experience heightened volatility in the coming months as XRP files its response and the SEC’s defense is yet to come. The eventual court ruling is expected to be a significant factor influencing XRP’s price as we edge closer to summer.

If this happens, Bitcoin price will soon reach $86,000

Despite Bitcoin (BTC) price fluctuating at the lower boundary of the weekly bullish flag, the cryptocurrency market has remained relatively calm over the past 24 hours. On the hourly chart, Bitcoin price against the US dollar has been moving lower after experiencing a significant resistance level around $67,200.  

Bitcoin flows to altcoins

Short-term Bitcoin investors have been allocating profits to the altcoin market to maximize gains. Moreover, Bitcoin’s dominance has retreated by more than 2% since the halving event to around 55% on Friday.  

The ETH/BTC pair has formed a reversal pattern on the weekly and hourly timeframes that favors the future altcoin season. Some altcoins to watch include Binance Coin (BNN), NEAR Protocol (NEAR), and meme coins.

Upcoming high-impact events

The global cryptocurrency community will benefit from spot BTC ETF trading in Hong Kong. The approval of a spot BTC ETF in Hong Kong will add to the bullish sentiment triggered by a similar approval in the United States.

Meanwhile, the third Fed Funds rate will be announced on the first day of next month. Market experts believe that the Fed will keep the benchmark rate unchanged, with a rate cut expected later this year.

Key Bitcoin Levels to Watch in the Future

Captain Faibik is a popular and reputable cryptocurrency analyst who closely follows Bitcoin price and has technical expertise. The cryptocurrency analyst said that Bitcoin price has formed a bullish flag in preparation for the next uptrend. Moreover, the flagship coin has entered the price discovery phase after reaching an ATH of around $74,000 last month.

The analyst expects Bitcoin price to retest the support level of around $61,000 several times before bouncing to a new high above $86,000 soon.

Dogecoin Price Prediction: Is the Current Drop a Buying Opportunity?

Dogecoin Price Prediction: DOGE is a leading meme-based cryptocurrency that has recently experienced a significant drop in value. Over the past day, Dogecoin price has plunged by more than 6% to close at $0.1491. This downward trend reflects investors’ growing concerns about the asset’s volatility.

Over the past 24 hours, Dogecoin has seen a notable surge in trading activity, with trading volumes up 10% to a total of $1.38 billion despite the price drop. As the eighth-largest cryptocurrency by market cap, Dogecoin currently has a market cap of around $21.53 billion.  

Last week, Dogecoin price saw considerable volatility, fluctuating between $0.14 and $0.16 before eventually rising by nearly 2%.

Dogecoin Price Prediction: What’s Next for the Meme Coin?

Most digital currencies are experiencing a downturn, with almost all of the top 100 coins seeing a drop. Bitcoin has fallen by 4% over the past day, with other cryptocurrencies following the same trend. Dogecoin has also felt the market’s chill, falling to a low of $0.1478 after hitting $0.1597 the day before. This broad sell-off marks a bearish phase for the entire cryptocurrency space.

Meme coin Dogecoin has experienced a significant decline, falling by more than 18% since last month. This downward trend began when it broke below the key $0.2 resistance level in early April. Since then, increased selling pressure has continued to cause Dogecoin’s market capitalization to fall, indicating a bearish outlook for the cryptocurrency.

As highlighted by data from Santiment, the downward trend in DOGE market activity has coincided with a clear decline in social media interest. Social volume has continued to decline, indicating less interaction and discussion about this cryptocurrency.

Its social dominance has also declined significantly since late March, indicating a waning curiosity among the public. While this trend is now evident, a change in short-term price action could bring renewed attention to DOGE.

Technical Analysis and Future Price Action for DOGE

If Dogecoin’s value remains above $0.14, expectations are growing that this could fuel further gains. This stability could pave the way for a rise to the $0.8 mark, which could open the way to $1.00 level.
On the other hand, the intensification of the bearish trend could push Dogecoin back to the $0.14 support level. A sustained downtrend could further depress its value, dropping to lows of $0.11 in the coming weeks.

Dogecoin’s daily technical indicators show a continued period of volatility as the cryptocurrency continues to fluctuate within a narrow trading range. The upper Bollinger Band at $0.2054 and the lower band indicating support at $0.132 suggest that Dogecoin is experiencing significant price fluctuations. Furthermore, the Relative Strength Index (RSI) is currently at 41.98, suggesting that the asset is neutral.

Bitcoin (BTC) Price Trading in Post-Halving Danger Zone, How Much More Can It Pull Back?

Bitcoin, the world’s largest cryptocurrency, faced selling pressure earlier this week, falling below $65,000 as U.S. GDP growth and business activity slowed. At press time, Bitcoin (BTC) is trading at $64,256 with a market cap of $1,265 trillion.

Bitcoin Price in Post-Halving ‘Danger Zone’

Crypto analyst Rekt Capital has expressed concerns about the potential “danger zone” following Bitcoin’s recent halving event. Rekt Capital compared historical trends in 2016, highlighting a significant downtrend of about -11% that occurred around 21 days after the halving, followed by an upward reversal.

Currently six days into Bitcoin’s halving, attention is focused on the potential for downside volatility near the lows of the re-accumulation range. Rekt Capital warns that if history repeats itself, such downside volatility could manifest itself in the next 15 days, or the “danger zone.” While this period will end in 15 days, based on historical analysis, there is still a chance of downside volatility at the range low of $60,600 during this period.

Bitcoin’s woes continue as it faces rejection at the $65,600 resistance level, failing to establish it as support. For weeks, Bitcoin price has continued to fall as it approaches the $60,600 liquidity pool (marked in green).

On the other hand, Bitcoin critic Peter Schiff believes that the $60,000 support level will not last and Bitcoin price will head for lower levels.

Tech stocks plunge puts pressure on Bitcoin

Bitcoin’s decline coincides with a downturn in major U.S. tech stocks, spurred by weaker-than-expected revenue forecasts reported by Meta Platforms Inc (NASDAQ: META). Following Meta’s 15% drop in after-hours trading, industry giants Microsoft Corp (NASDAQ: MSFT) and Alphabet Inc (NASDAQ: GOOGL) also fell 2% and 3%, respectively.

Traditionally, Bitcoin has tended to move in a similar direction to U.S. technology stocks, as both sectors are often viewed as high-risk, high-reward avenues for investment. However, that correlation weakened earlier this year, particularly as the launch of spot exchange-traded funds in the U.S. led to Bitcoin’s outperformance.

However, amid the uncertainty of the macro situation, Bitcoin ETFs experienced net outflows, and overall flows showed a clear deceleration trend. Thursday’s GDP report, which missed expectations, put the Federal Reserve in a difficult position, limiting its options going forward. The impact of the data has led investors to question the likelihood of a Fed rate cut in 2024, thus lowering expectations.

3 Cryptocurrencies with Stable Growth in the Top 100 of the Bull Market

The current bull market defies general expectations. Before the bull market, many traders believed that funds from Bitcoin's upward trend would generally turn to altcoins. Based on data from past bull market cycles, it is clear that Bitcoin's rise precedes the next cryptocurrency's outbreak.

Unfortunately, this time the prediction was not as accurate as expected. Only a few altcoins followed Bitcoin's trend. Instead of pouring into the altcoin market, investors are betting heavily on memecoins in what seems to be another memecoin season.

1. TRON (TRX)

TRON seeks to decentralize Internet infrastructure and enable creators to share their content freely. TRON uses blockchain technology to provide a platform where users can create, store and own data, supporting the rights of digital content creators.

In addition, TRON has shown resilience in recent market changes. Despite volatility, TRON remains an important player in the cryptocurrency market. TRON is currently valued at $0.1141, up 0.58% today, performing well and showing its growth potential. And TRON has risen for 17 consecutive days, accounting for 57%.

However, despite the Fear and Greed Index showing investor greed at 72, the outlook for TRON’s price prediction remains negative. Supported by the market capitalization, TRON still maintains considerable liquidity.

In addition, recent social media updates show high activity on the TRON platform, with a total transaction volume of over 7.5 billion. In addition, TRON has accumulated over 226 million accounts, which highlights its expanding user base and trading activity.

2. Binance Coin (BNB)

After rising above $520, BNB price started a new uptrend. It steadily climbed above the $550 and $565 resistance levels, similar to Ethereum and Bitcoin. The bulls then pushed it above the $580 mark and the 61.8% Fibonacci retracement level of the recent downside wave.

Currently, the price is above $580 and the 100 Simple Moving Average (4-hours), consolidating above the 76.4% Fib retracement level. A bullish trend line is forming on the 4-hour BNB/USD chart with support at $592.

The current resistance is around $608, while the next resistance is near $630.If $630 is decisively breached, the price could rise further to $650. If $650 is breached, it could target the $680 resistance level and could reach $720 in the coming days.

BNB has been boosted by the acquisition of a regulatory license in Dubai, especially after facing scrutiny from regulators in the past six months. However, the recent surge is mainly attributed to the surge in Bitcoin, which has also benefited other top altcoins such as Solana and Avalanche.

Despite the uncertain future outlook, favorable market indicators could lead to a 20% increase in the value of Binance Coin.

3. EOS (EOS)

EOS price has risen to $0.877799, a notable gain. It is up 1.64% in the last day, and the market cap is up 1.45% to $984,462,903. Moreover, the trading volume surged 318.22% to $436,866,201.

Currently, EOS is trading 2.66% above its 200-day moving average ($0.855979). There are 15 green days in the past month, accounting for 50% of the total, and the trend is positive. EOS remains highly liquid, which reassures investors considering its market capitalization.

While the sentiment surrounding the EOS price prediction may appear negative, the Fear and Greed Index shows a reading of 72 (Greed), indicating an increase in coin trading. This suggests a potential shift to an upward trend. Moreover, this potential offers hope for more favorable market sentiment and makes EOS one of the cryptocurrencies that are about to break out.

One hopes that market sentiment will be more favorable and list EOS as one of the cryptocurrencies that are about to break out.

EOS has a strong foundation and loyal crypto community support, and has a bright future. If EOS cooperates with other networks, the price of the token is expected to exceed $3.52 by 2024, providing huge profit potential.

Assuming the current bullish trend in the cryptocurrency market continues, we expect the average price of EOS to hover around $3.19 by 2024, which will enhance the investment prospects. However, if the cryptocurrency market declines, EOS may fall to $2.99 ​​in 2024, indicating the need for cautious optimism.

The U.S. SEC will reject Ethereum ETFs

The SEC is concerned about market manipulation and will reject Ethereum spot ETF applications. Issuers expect the SEC to reject ETF applications tied to Ethereum prices. The SEC must make a decision by May 23 and May 24, but recent meetings indicate that they may reject the applications. This is a setback for the cryptocurrency industry, which hopes that ETFs will drive cryptocurrencies to the mainstream. If the SEC rejects, it may lead to lawsuits.

On April 25, Reuters reported that the U.S. SEC will reject Ethereum spot ETF applications next month. According to four people familiar with the matter, after meetings with the U.S. Securities and Exchange Commission (SEC) in recent weeks, U.S. issuers and other companies expect the SEC to reject their applications to launch Ethereum spot ETFs tied to Ethereum prices.

VanEck, ARK Investment Management and seven other issuers have submitted applications to the U.S. Securities and Exchange Commission to list ETFs that will track the spot price of the world's second-largest cryptocurrency after Bitcoin. The SEC must decide on the applications from VanEck and ARK, which are first in line, by May 23 and May 24, respectively.
The recent meetings between issuers and the SEC were one-sided, and the agency’s staff did not discuss substantive details of the proposed products, according to four people who attended the meetings.

The people declined to be identified because the talks were private.

The SEC, led by cryptocurrency skeptic Gary Gensler, has rejected spot bitcoin ETFs for more than a decade over market manipulation concerns but was forced to approve them after Grayscale Investments won a court challenge.

The issuers argued at the meeting that these ETFs and an ETF based on ethereum futures approved by the SEC in October set a precedent for spot ether products and sought to address potential regulatory issues, the people said. They added that SEC staff listened to their arguments but did not articulate specific concerns or ask general questions, suggesting the agency would reject the applications.

This would be a setback for the cryptocurrency industry, which had hoped that a spot bitcoin ETF would pave the way for other similar products and push cryptocurrencies into the mainstream.

It looks like approval will be delayed until late 2024, or longer, said Todd Rosenbluth, head of ETF analytics at data firm VettaFi, who is tracking the issue closely. "The regulatory situation still seems unclear."

Some issuers said they still plan to submit additional disclosure documents to the SEC to continue the dialogue.

A spokesman for the SEC said the commission does not comment on individual applications. VanEck CEO Jan van Eck told CNBC this month that the company's application "will most likely be rejected."

ARK did not respond to a request for comment. At an event this week, ARK CEO Cathie Wood said Ethereum could become a major asset class.

Hong Fang, president of cryptocurrency exchange OKX, said the price of ether reflects the expected depreciation. While the cryptocurrency has risen 39% this year, it has struggled to keep up with Bitcoin, which has risen more than 51% and hit a new high last month. Fang said that as people build up such expectations, there will be more downward pressure on prices.

Shiba Inu (SHIB) Suffers Dramatic Reversal

Shiba Inu Fails to Break Through Key Resistance, Enters Pullback

Shiba Inu has reached a turning point. After climbing above the 50-day EMA, SHIB is facing a dramatic reversal at the 50-day EMA. This deviation from the 50 EMA suggests that SHIB’s momentum is cooling, in line with the broader trend of weakening strength in the cryptocurrency market.

This reversal occurred amidst neutral trading volumes, meaning that traders lacked commitment to push SHIB’s price in either direction. The market’s indecision is also reflected in the RSI, which is at a midpoint of 50, which generally indicates neither overbought nor oversold. The RSI reflects the market’s current indecision to a certain extent.

SHIB’s failure to break through the 50 EMA reflects the current state of the market, which is a lack of buying power for different assets. The $0.000021 support level is an immediate bottom for SHIB. A break below this line could signal further declines, with potential support near the lower boundary of the trading channel near the $0.000012 mark.

If SHIB manages to rebound and conquer the 50-day moving average, it will be possible to target higher resistance levels. The first area of ​​contention is the recent high near the $0.00003 range. However, the upward path for SHIB may not be smooth as it requires significant market participation and a change in sentiment to drive such an uptick. SHIB’s next move depends on whether it can find the strength to rebound from current levels or if the pause in the market is a prelude to a deeper correction. We should continue to track the $0.000021 support level and its reversal.  

The probability of a strong and fast bullish pullback is high, and exiting SHIB may prove to be an imprudent decision.

The first half of the Bitcoin bull market is over, and the second half is even more turbulent.

After a round of big gains, the currency circle is now in a state of adjustment. StarEx believes that this is just an adjustment in the middle of the big bull market, and the later market will be more turbulent. The biggest factor driving the bull market should be the large-scale printing of money by the United States.

The founder of bitmex mentioned that all major economic groups (including the United States, China, the European Union, and Japan) are devaluing their currencies to reduce the leverage of government balance sheets.

As the sovereign debt bubble begins to burst, the macro environment that has led to a surge in fiat currency liquidity and promoted the rise of Bitcoin will only become more obvious. The Federal Reserve expands its balance sheet by buying government bonds with printed money, a process called quantitative easing (QE). The rise of Bitcoin is purely a function of a limited number of assets priced in the depreciation of the fiat dollar.

Currently, the "strength" of the US economy is confusing, because many of the major economic variables monitored indicate that a recession is imminent. But as long as the ruling party can borrow at negative interest rates, it can create the economic growth needed to continue to govern. In this case, the government will spend more. The Congressional Budget Office predicts government deficits based on the current and assumed future political environment, and expects a large deficit. It is inevitable that the United States will restart the printing press in the future.

It is unsustainable for the United States to maintain such a high interest rate with a debt scale of 33 trillion US dollars, but the Federal Reserve seems to have been delaying interest rate cuts on the grounds of anti-inflation, and has been hard on the pressure of high interest rates. In addition to the rapid development of artificial intelligence technology, other industries are under great pressure and inflation is "high". The Federal Reserve faces a dilemma: continue to maintain high interest rates for a long time, the debt cannot be sustained, and the economy cannot bear it; let it go or directly start the printing press to ease the debt, which is a blow to the credit of the US dollar.

But obviously defending the interests of the US dollar is the first priority, so it is necessary to maintain high interest rates, and at the same time, disrupt the global situation through various forms of "war" to maintain the attractiveness of the US dollar to other currencies. But the more this is the case, from the perspective of international capital, the less confidence they have, and the more worried they are about the emergence of a US dollar crisis, so capital began to snap up gold and Bitcoin.

So in the long run, whether it is a hedge or waiting for the Fed to release a lot of money, Bitcoin still has the potential for explosive growth. But in the short term, since the first half is over, we still need to be cautious. Why?

10x Research published an analysis article pointing out that the funding rate has turned negative for the first time since mid-October 2023, and the critical moment is coming. Bitcoin rebounded from $60,000 to $67,500 in four days. However, Bitcoin's rebound occurred in four one-hour time periods and seemed to be driven by several larger orders rather than gradual buying in four days. As cryptocurrency futures traders have turned cautious, the real test is whether the spot market can drive this round of rebound higher.  

The trend of market funding rates in the past two months, especially after April, has dropped precipitously, and even turned to the current negative value, which shows that market funds have become cautious and the willingness to continue to be bullish has greatly weakened.

The biggest event in April was the "halving". It is understandable that funds became cautious before and after the halving. After all, past historical cycles have shown that the trend before and after the halving is not optimistic.

StarEx believes that the first half is over, but there is still a second half. However, the opening of the second half requires the Fed to continue to release a lot of money or a new round of prosperity in the crypto ecosystem.

After the ETF was passed, the influx of the first round of funds led to a sharp rise in the market, which made long-term funds and leveraged funds profitable. It is indeed time to adjust and digest. The car is too heavy. ETF funds are long-term funds and a continuous process. In addition, it is sooner or later that the Fed will cut interest rates, and it is inevitable to continue to release a lot of money.

However, the current market has weakened and funds have become cautious. A big reason is the trend of US stocks. Since the US stock market has risen sharply driven by the outbreak of Nvidia AI, there are now signs of weakening, and even this decline is "accelerating". In particular, the Fed has repeatedly postponed interest rate cuts, and market funds are also worried about the economic recession. After all, most of the Fed's interest rate cut cycles in history were forced to be implemented after a crisis. Will it repeat the same mistake this time? There are also concerns.

StarEx believes that the current market funding rate turning negative may indeed indicate that the "critical moment" is coming. I hope the market will have a golden pit to take everyone on the bus to a bright future.

Will DOGE hit $1 this cycle?

As more memecoins enter the market, Dogecoin’s strong community could prevent the cryptocurrency from being forgotten, but analysts are skeptical about traders’ hopes of reaching a $1 price this cycle.

A price of $1 would mean Dogecoin is up 36% from its all-time high of $0.73 in May 2021 and 525% from today’s price of $0.16.

According to CoinMarketCap data, DOGE rose 2.92% last week, significantly lower than other large-cap memecoins over the same period.

The next three memecoins by market cap have all seen significant bullish price action over the past seven days, with PEPE up 49%, Shiba Inu up 19%, and Dogwifhat (WIF) up 20%.

“DOGE is one of the most cyclical altcoins in the space,” said anonymous trader Rekt Capital, adding that the growing popularity of other memecoins will not have a significant impact on investor sentiment towards the largest memecoin.

“The launch of other memecoins does not mean DOGE will be affected.”

Pav Hundal, chief analyst at Australian exchange Swyftx, took a more skeptical view, saying that while DOGE has a “huge user base,” any significant price increase could lead to a significant sell-off by long-term holders.

“A lot depends on the decisions of the millions of small investors who bought DOGE in 2021 and are now suffering paper losses,” said Hundal. He said it was uncertain whether prices would reach $1/ounce before a sell-off occurred.

“It’s a joke. If most of these people decide to take profits quickly within the cycle, you could start to see selling pressure increase.”

Hundal added that Dogecoin “is not seeing the deep order books of the last cycle.” In the derivatives market alone, open interest (OI) has fallen 56% since the beginning of April.
OI measures the total value of all open DOGE futures contracts on exchanges. According to CoinGlass, this figure has fallen from $2.15 billion on April 1 to $928.72 million currently.

Despite the decline in memecoin derivatives activity, Rekt Capital believes that “cyclical nature in the DOGE chart” suggests that Dogecoin is “most likely” to reach a price of $1 during this cycle.

He reiterated that Dogecoin has a "historical legacy" and a largely predictable cycle, which traders often point out on social media.

In an April 24 post, anonymous trader Blockchain Mane said that looking at past data generally shows that DOGE prices rise in May.

Rekt also sees billionaire Elon Musk's social media posts as a price catalyst, claiming that Musk remains "very interested in Dogecoin."

Since April 17, Musk has regularly interacted with well-known KOL DOGE DogeDesigner on X.

In April 2023, Musk asked a U.S. judge to dismiss a $258 billion lawsuit filed against him by investors, accusing him of running a pyramid scheme to promote Dogecoin. Despite this, Musk has recently hinted that his interest in cryptocurrencies has waned.

"I don't spend a lot of time thinking about cryptocurrencies. Almost nothing," Musk told Ark Invest CEO Cathie Wood in December 2023.

Ethereum sees declining whale interest amid rising bearish threats: what’s next for ETH price?

Ethereum sees declining whale interest amid rising bearish threats: what’s next for ETH price? appeared first on Coinpedia Fintech News
A few days ago, the price of Ether fell sharply and is currently failing to maintain its trading position near $3,300. Whenever ETH approaches the $3,000 mark, buyers step in to defend the support. However, these short-term buyers then exit the market at the highest price. As a result, whale interest has dropped sharply, leading to a drop in volatility in ETH price.

Large trades drop by billions

According to CoinGlass’ liquidation data over the past 12 hours, $110 million worth of positions have been liquidated. Notably, Ethereum and BTC positions dominated, with HBAR also witnessing a large number of liquidations worth $7 million, attributed to a surge in trading volume of over $1 billion for the token. Additionally, PEPE liquidations amounted to $2.3 million.

Last week, the market experienced a strong recovery following the Bitcoin halving event, due to increased accumulation. However, the market is currently correcting as short-term holders begin to sell off, with Ethereum prices facing a sharp sell-off at resistance levels.

Data from IntoTheBlock shows that large transactions involving Ethereum have declined over the past week, from a high of $7.7 billion to $5 billion. This reduction suggests that the recent price drop has deterred major investors from buying Ethereum, resulting in a drop in volatility. In fact, Ethereum’s volatility has dropped to 53% from 62% at its peak.

However, the NVT ratio (which compares network value to transaction volume) has declined over the past 48 hours as Ethereum attempts to break through $3,300. The rapid growth in transaction volume compared to network value has caused the NVT ratio to drop to 60, indicating that Ethereum may be undervalued. This could signal the potential for a strong rally in the coming days.

Where does ETH price go next?

Ethereum price surged towards the $3,300 mark; however, it faced significant selling pressure around that level, resulting in a small pullback. As a result, ETH price is currently trading below Fibonacci levels, testing buyers’ patience at $3,100.As of the time of writing, ETH price is trading at $3,162, down more than 2.1% in the past 24 hours.

The 20-day EMA seems to be leveling off and the relative strength index (RSI) is falling below the midpoint, indicating a rising bearish dominance. If the ETH price turns down from the 20-day EMA, a drop to $3,056 is possible. It will be crucial for the bulls to hold this level; failure to do so could result in a further drop to $2,850.

Conversely, if ETH bounces above the 20-day EMA, it could strengthen the power of buyers. Subsequently, the price could move up to the 50-day simple moving average (SMA) at $3,586 and possibly $3,700. A breakout of this resistance would indicate that the downturn could be over, leading to a consolidation of ETH price around $4,000.

When the bull market pulls back, remember to hold on, be patient, and don't trade randomly. Here are some suggestions for you:

1. The currency market cycle is about four years. Understanding this can help you better grasp the rhythm.

2. Long-term holding is a good way to accumulate wealth. The low point of the pullback in the early stage of the bull market or between the first and second stages is usually a good time to enter the market.

3. The potential coins that are currently underestimated by the market may rise sharply in the future, it just depends on the time. So you must have the vision to identify value and dare to hold.

4. In the bull market, many people regret not holding for a long time, not not buying. So you must have determination and don't be affected by short-term market fluctuations.

5. Don't rush for success. The time to really make money is often the moment when the market rises rapidly. Many projects will fluctuate and consolidate for a long time in the early stage, but once they break through, the income may double several times.

In the bull market, we should look at the final result and don't care too much about the process. The fluctuations in the process will affect emotions, but as long as the final income is satisfactory, the operation is successful.

Many people say that the bull market has gone and now is a bear market

I want to laugh when I hear this. The bull market has just begun. Now is the early stage of the bull market. Bitcoin has just been halved. The main uptrend has not come yet, and the altcoin season has not arrived. It will take several months for 10,000 coins to rise and 1,000 coins to take off

Don't ask me why I know this so clearly, because I am chasing the bull