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XRP Whales Are Active: Here’s Where They Are Sending Coins
On-chain data shows the XRP whales have been active during the past day. Here are the destinations their moves have been heading to.
XRP Whales Have Moved Around Big Amounts In Last 24 Hours
According to data from the cryptocurrency transaction tracker service Whale Alert, several large XRP transactions have been witnessed on the blockchain in the past day.
More specifically, five transfers in total that are of scale often attributed to the whales have occurred on the network inside this window. Since whale transactions involve the transfer of a significant sum of capital, they can sometimes cause fluctuations in the market.
The implications any whale transfers might have for the market depend on their intent. However, the exact purpose behind any transfer can be hard to ascertain. Nonetheless, the address details of the transaction may provide at least some hints about the context surrounding it.
First, here are the details regarding the oldest XRP whale transfer from the past day:
Looks like this massive move only required a minute fee of 0.000015 XRP to be possible | Source: Whale Alert
As is visible above, this transaction involved the movement of 29.74 million XRP, worth $15.7 million at the time of the transfer. The sender was an unknown wallet, likely a whale’s address.
On the other hand, the receiver was a wallet attached to a known centralized platform: the cryptocurrency exchange Bitso. Thus, the whale here made a deposit to the exchange from their personal address.
Investors usually make such transactions whenever they want to use one of the services platforms like these provide, including selling. As such, exchange inflows can prove to be bearish for the price.
The second-oldest whale transaction from the past 24 hours was also an exchange inflow, this one towards Bitstamp. Interestingly, the sending address for this one was the same as the Bitso deposit, so the same whale was probably behind both of these moves.
The large investor shifted 27,430,000 XRP ($14.5 million) to the exchange in this second move. Naturally, if the whale has made these large moves for selling, they could be a bad sign for the asset’s price.
Though, perhaps fortunately for the XRP investors, two exchange outflows have also occurred recently, which may cancel out these inflows. Below are the details of the two larger withdrawals.
The addresses involved in the first of the whale exchange withdrawals today | Source: Whale Alert
In this move, a whale took out around 26.67 million XRP ($14 million) from Binance. Today’s exchange outflow also involved Binance, with another 20.85 million tokens ($10.6 million) leaving the platform.
The fifth and final transfer was the largest during the past day at a whopping 100 million XRP ($53 million), but this move involved unknown wallets on both sides so it’s impossible to say why the move would have been made.
The reason could have been anything, from a change of wallets to selling through over-the-counter (OTC) means.
XRP Price
XRP had recovered to $0.57 earlier in the week, but it appears that the coin has lost this progress; it’s back at $0.52 now.
The price of the asset appears to have seen a decline over the last few days | Source: XRPUSD on TradingView
Featured image from Ole Kloth on Unsplash.com, whale-alert.io, chart from TradingView.com
Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.
Source: NewsBTC.com
The post XRP Whales Are Active: Here’s Where They Are Sending Coins appeared first on Crypto Breaking News.
XRP Whales Have Moved Around Big Amounts In Last 24 Hours
According to data from the cryptocurrency transaction tracker service Whale Alert, several large XRP transactions have been witnessed on the blockchain in the past day.
More specifically, five transfers in total that are of scale often attributed to the whales have occurred on the network inside this window. Since whale transactions involve the transfer of a significant sum of capital, they can sometimes cause fluctuations in the market.
The implications any whale transfers might have for the market depend on their intent. However, the exact purpose behind any transfer can be hard to ascertain. Nonetheless, the address details of the transaction may provide at least some hints about the context surrounding it.
First, here are the details regarding the oldest XRP whale transfer from the past day:
Looks like this massive move only required a minute fee of 0.000015 XRP to be possible | Source: Whale Alert
As is visible above, this transaction involved the movement of 29.74 million XRP, worth $15.7 million at the time of the transfer. The sender was an unknown wallet, likely a whale’s address.
On the other hand, the receiver was a wallet attached to a known centralized platform: the cryptocurrency exchange Bitso. Thus, the whale here made a deposit to the exchange from their personal address.
Investors usually make such transactions whenever they want to use one of the services platforms like these provide, including selling. As such, exchange inflows can prove to be bearish for the price.
The second-oldest whale transaction from the past 24 hours was also an exchange inflow, this one towards Bitstamp. Interestingly, the sending address for this one was the same as the Bitso deposit, so the same whale was probably behind both of these moves.
The large investor shifted 27,430,000 XRP ($14.5 million) to the exchange in this second move. Naturally, if the whale has made these large moves for selling, they could be a bad sign for the asset’s price.
Though, perhaps fortunately for the XRP investors, two exchange outflows have also occurred recently, which may cancel out these inflows. Below are the details of the two larger withdrawals.
The addresses involved in the first of the whale exchange withdrawals today | Source: Whale Alert
In this move, a whale took out around 26.67 million XRP ($14 million) from Binance. Today’s exchange outflow also involved Binance, with another 20.85 million tokens ($10.6 million) leaving the platform.
The fifth and final transfer was the largest during the past day at a whopping 100 million XRP ($53 million), but this move involved unknown wallets on both sides so it’s impossible to say why the move would have been made.
The reason could have been anything, from a change of wallets to selling through over-the-counter (OTC) means.
XRP Price
XRP had recovered to $0.57 earlier in the week, but it appears that the coin has lost this progress; it’s back at $0.52 now.
The price of the asset appears to have seen a decline over the last few days | Source: XRPUSD on TradingView
Featured image from Ole Kloth on Unsplash.com, whale-alert.io, chart from TradingView.com
Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.
Source: NewsBTC.com
The post XRP Whales Are Active: Here’s Where They Are Sending Coins appeared first on Crypto Breaking News.
Shadow Boxing
The always-relevant Marty Bent had Spiral developer Matt Corallo on his podcast this week to address the freaks about urgent Bitcoin mining matters.
To bring everyone up to speed, the concerns stem from recent sleuthing of the blockchain which revealed that some pools have been getting perhaps a little too cozy.
How do we know this? Well, everyone’s favorite snoop mononaut recently pointed out that an unusual percentage of Bitcoin’s mining reward was being consolidated under the control of a single custodian.
How bad is it? Well about 47% of the hashrate, on a good day. Yeah, pretty bad.
Now why in Satoshi’s name would they do such a thing, you ask?
C.R.E.A.M.
To begin with, have you looked at the hashrate chart lately anon? You practically can’t tell it apart from the US debt hockey stick. Backed by hardware advancement, public balance sheets, and increasing forays into cheap energy sources, Bitcoin mining has become an arms race. Since the Chinese mining ban of 2021, the network’s hashrate has more than quintupled.
The effects this has had on miners’ margins are self-explanatory. Everyone is squeezing each other out. The recent bear market saw a bunch of consolidation, particularly on the Western front. At the pool level, Foundry has been the biggest benefactor with nearly 25% of the current hashrate, down from 35% last year.
The reason they attained such dominance so quickly is something Bitcoiners are well acquainted with: volatility. In this case, it’s more often referred to as variance. Others simply call it luck.
Luck, under the conditions described above, can make or break your business. It’s the reason pools exist in the first place. Proof-of-work is a random process and randomness is the bane of cash flow. By combining your hashrate with others, you improve your odds and, perhaps, manage a more reliable revenue stream.
This is important because when your bills come due every month, your utility provider doesn’t care about your misfortunes. The tighter the margins, the more vulnerable you are. In today’s competitive environment, it’s a matter of survival.
What does any of this have to do with Foundry?
Well, it turns out another way to smooth over miners’ income is to adjust your pool’s payout scheme and completely remove variance from the equation. How? Simply pay them for their work regardless of how often you might mine a block. A process referred to as FPPS (Full Pay Per Share).
If that sounds expensive to you that’s because it is. The pool effectively has to front every payment out of pocket and hope they can pay themselves back with the blocks they eventually mine. If you hit a bad streak and your balance sheet isn’t strong enough to absorb the lack of revenue, you’re Sam Bankman Fried.
Enter Foundry. Through a combination of uncanny timing, business savvy, and a DCG-sized war chest, they’ve created a financial moat around their pool operations that makes it very hard for smaller players to come in and compete.
Of course, it’s slightly more complex in practice, but that’s pretty much the gist of it.
Back to our little posse of pools and the mysterious custodian. Have you figured it out yet?
The same game is playing out on the other side of the pond. It’s very likely that the emergence of Foundry as a major player exacerbated the dynamics laid out above and forced smaller pools to capitulate.
The execution appears to be slightly different but it’s essentially the same model. We can validate that several pools now share the exact same block templates. This matches with reports that Antpool is offering white-labeling services.
That’s right — proxy mining is, apparently, a business model.
On top of this, the aggregation of coinbase outputs suggests that an even larger percentage of the hashrate seems to be financing their operations through the same provider.
To put it another way: a single entity writes the checks for almost half of the network’s hashrate.
Dollar dollar bill, y’all.
If what you say is true. The Shaolin and the Wu-Tang could be dangerous
As you would expect, this situation led some talking heads to raise some alarming questions about mining centralization. For context, this is not the first time mining gets awkwardly consolidated.
Seems every cycle there is a doomsday mining centralization brouhaha and like clockwork someone panics and says we should press the red button.
2008-2012 the advent of GPU/ASICs
2012-2016 network latency lead to GHash
2016-2020 Bitmain manufacturing monopoly
2020 till today…
— Alex B (@bergealex4) April 25, 2024
As I wrote in this week’s Weekly Re-Org, time is a flat circle. The Proof-Of-Work centralization Manbearpig comes out of his cave every cycle. It’s a seasonal happening.
What’s rather unusual is for one of the most senior developers in this space to go full DEFCON 1.
Let’s work on a PoW change now.
— Matt Corallo (@TheBlueMatt) April 26, 2024
I will leave it to more serious journalistic outlets like the Bitcoin Bugle to speculate on the strange coincidences between this outburst and the fact that Matt’s employer has mining ambitions.
Look, it’s not pretty. I think we can all agree that such a significant portion of the hashrate being at the mercy of a handful of bankers is gross. Bitcoin’s security relies on miners aligning with their financial incentives. If that is the outcome, something’s wrong and censorship resistance is at risk.
The reaction, though, is unwarranted. Bitcoin mining has followed noticeable growth patterns throughout its history and this particular one is not different. It is a market driven by economics and not by code. Inefficiencies arise at every stage and are subsequently dampened as the industry progresses.
I understand every man who owns a keyboard looks at everything like a bug but the current reality does not fit this framing.
Everyone applauds the work that has gone into StratumV2 to optimize the mining interface but it’s not an answer to the current predicament. Even if they can be custom, transaction templates are still permissioned. The pools can always reject any transaction they deem haram. Patronizing operators for showing little interest in the solution and miners for not demanding it is verging on hubris.
Custom transaction selection cannot be relied upon for censorship resistance. Only the market can realistically address this problem and it just so happens that Bitcoin is explicitly designed to be robust to mining majorities. Using fees, users create a financial incentive for competing miners to drive enough hashrate behind a transaction for it to be mined. Curiously, this implies that, in a perfect world, every miner is mining off of the same template: the most profitable one.
In practice, things are a little more shall we say… spooky. As uncomfortable as this may be, censorship is inevitable. Following this week’s events, the writing is on the wall and while a lot of grief is given to Chinese miners, it seems most likely to come from our side.
By far the most disappointing aspect of this agitation is the endorsement of a change to the Proof-Of-Work algorithm. The threat being levied against us by the State as we currently speak makes the rhetoric around firing miners especially aggravating. It’s tone-deaf and shows a complete lack of discernment about the challenges before us. Divide and conquer, anyone?
To make matters worse, we know that throwing the baby out with the bath water is a recipe for disaster. Changing the algorithm. “Firing the miners.” It achieves nothing.
Again, the technocratic mind is blind to any issue not resolved by a pull request.
By going scorched earth, you ensure that only the most well-capitalized participants will ever participate in your game. Hashrate can be wiped away at the stroke of a key but technical prowess and large enough bags can endure nuclear winter. The ASIC manufacturer market likely resets to a single player, one who already specializes in custom algorithms. Monopolies relish nothing more than good old interventionism to help shed the competition.
From a consensus perspective, the idea is so absurd it flies in the face of the entire premise of the system.
If Bitcoin requires social coordination to throttle the whims of the market and fiddle with its incentives, it is a failed project. Proof-of-work is an economic design, not a technical contraption you can fix with code.
Wu-Tang Financial
Well, I can only humbly propose we begin to consider addressing market dynamics with market solutions.
To the best of my understanding, the underlying issue is related to Bitcoin’s capital markets. Resourceful actors who quickly caught on to the issue faced by smaller mining operations have filled a hole in the market and left no room for anyone else. Economies of scale and the perceived risk associated with mining have kept competitors at bay.
There is an opportunity here for a handful of ambitious players to bring balance to this market and allow pools to source capital without bending the knee to larger competitors. This won’t happen overnight. Relationships must be built and the general information asymmetry that has plagued this market must be addressed.
This is why we must stop burning bridges.
Of course, technical improvements can also be made to mitigate the underlying variance problems but they cannot remedy the growing pains of an immature market.
Bitcoin, in every respect, is going through its teenage years. No one wants to be told what to do and pushing one way will inevitably lead to resistance. Sure, there might be no rhyme or reason to what some participants decide to do but it’s not anyone’s place to decide for them.
This too shall pass. Until then…
Wu‐Tang Clan Ain’t Nuthing ta F’ Wit
Source: Bitcoin Magazine
The post Shadow Boxing appeared first on Crypto Breaking News.
To bring everyone up to speed, the concerns stem from recent sleuthing of the blockchain which revealed that some pools have been getting perhaps a little too cozy.
How do we know this? Well, everyone’s favorite snoop mononaut recently pointed out that an unusual percentage of Bitcoin’s mining reward was being consolidated under the control of a single custodian.
How bad is it? Well about 47% of the hashrate, on a good day. Yeah, pretty bad.
Now why in Satoshi’s name would they do such a thing, you ask?
C.R.E.A.M.
To begin with, have you looked at the hashrate chart lately anon? You practically can’t tell it apart from the US debt hockey stick. Backed by hardware advancement, public balance sheets, and increasing forays into cheap energy sources, Bitcoin mining has become an arms race. Since the Chinese mining ban of 2021, the network’s hashrate has more than quintupled.
The effects this has had on miners’ margins are self-explanatory. Everyone is squeezing each other out. The recent bear market saw a bunch of consolidation, particularly on the Western front. At the pool level, Foundry has been the biggest benefactor with nearly 25% of the current hashrate, down from 35% last year.
The reason they attained such dominance so quickly is something Bitcoiners are well acquainted with: volatility. In this case, it’s more often referred to as variance. Others simply call it luck.
Luck, under the conditions described above, can make or break your business. It’s the reason pools exist in the first place. Proof-of-work is a random process and randomness is the bane of cash flow. By combining your hashrate with others, you improve your odds and, perhaps, manage a more reliable revenue stream.
This is important because when your bills come due every month, your utility provider doesn’t care about your misfortunes. The tighter the margins, the more vulnerable you are. In today’s competitive environment, it’s a matter of survival.
What does any of this have to do with Foundry?
Well, it turns out another way to smooth over miners’ income is to adjust your pool’s payout scheme and completely remove variance from the equation. How? Simply pay them for their work regardless of how often you might mine a block. A process referred to as FPPS (Full Pay Per Share).
If that sounds expensive to you that’s because it is. The pool effectively has to front every payment out of pocket and hope they can pay themselves back with the blocks they eventually mine. If you hit a bad streak and your balance sheet isn’t strong enough to absorb the lack of revenue, you’re Sam Bankman Fried.
Enter Foundry. Through a combination of uncanny timing, business savvy, and a DCG-sized war chest, they’ve created a financial moat around their pool operations that makes it very hard for smaller players to come in and compete.
Of course, it’s slightly more complex in practice, but that’s pretty much the gist of it.
Back to our little posse of pools and the mysterious custodian. Have you figured it out yet?
The same game is playing out on the other side of the pond. It’s very likely that the emergence of Foundry as a major player exacerbated the dynamics laid out above and forced smaller pools to capitulate.
The execution appears to be slightly different but it’s essentially the same model. We can validate that several pools now share the exact same block templates. This matches with reports that Antpool is offering white-labeling services.
That’s right — proxy mining is, apparently, a business model.
On top of this, the aggregation of coinbase outputs suggests that an even larger percentage of the hashrate seems to be financing their operations through the same provider.
To put it another way: a single entity writes the checks for almost half of the network’s hashrate.
Dollar dollar bill, y’all.
If what you say is true. The Shaolin and the Wu-Tang could be dangerous
As you would expect, this situation led some talking heads to raise some alarming questions about mining centralization. For context, this is not the first time mining gets awkwardly consolidated.
Seems every cycle there is a doomsday mining centralization brouhaha and like clockwork someone panics and says we should press the red button.
2008-2012 the advent of GPU/ASICs
2012-2016 network latency lead to GHash
2016-2020 Bitmain manufacturing monopoly
2020 till today…
— Alex B (@bergealex4) April 25, 2024
As I wrote in this week’s Weekly Re-Org, time is a flat circle. The Proof-Of-Work centralization Manbearpig comes out of his cave every cycle. It’s a seasonal happening.
What’s rather unusual is for one of the most senior developers in this space to go full DEFCON 1.
Let’s work on a PoW change now.
— Matt Corallo (@TheBlueMatt) April 26, 2024
I will leave it to more serious journalistic outlets like the Bitcoin Bugle to speculate on the strange coincidences between this outburst and the fact that Matt’s employer has mining ambitions.
Look, it’s not pretty. I think we can all agree that such a significant portion of the hashrate being at the mercy of a handful of bankers is gross. Bitcoin’s security relies on miners aligning with their financial incentives. If that is the outcome, something’s wrong and censorship resistance is at risk.
The reaction, though, is unwarranted. Bitcoin mining has followed noticeable growth patterns throughout its history and this particular one is not different. It is a market driven by economics and not by code. Inefficiencies arise at every stage and are subsequently dampened as the industry progresses.
I understand every man who owns a keyboard looks at everything like a bug but the current reality does not fit this framing.
Everyone applauds the work that has gone into StratumV2 to optimize the mining interface but it’s not an answer to the current predicament. Even if they can be custom, transaction templates are still permissioned. The pools can always reject any transaction they deem haram. Patronizing operators for showing little interest in the solution and miners for not demanding it is verging on hubris.
Custom transaction selection cannot be relied upon for censorship resistance. Only the market can realistically address this problem and it just so happens that Bitcoin is explicitly designed to be robust to mining majorities. Using fees, users create a financial incentive for competing miners to drive enough hashrate behind a transaction for it to be mined. Curiously, this implies that, in a perfect world, every miner is mining off of the same template: the most profitable one.
In practice, things are a little more shall we say… spooky. As uncomfortable as this may be, censorship is inevitable. Following this week’s events, the writing is on the wall and while a lot of grief is given to Chinese miners, it seems most likely to come from our side.
By far the most disappointing aspect of this agitation is the endorsement of a change to the Proof-Of-Work algorithm. The threat being levied against us by the State as we currently speak makes the rhetoric around firing miners especially aggravating. It’s tone-deaf and shows a complete lack of discernment about the challenges before us. Divide and conquer, anyone?
To make matters worse, we know that throwing the baby out with the bath water is a recipe for disaster. Changing the algorithm. “Firing the miners.” It achieves nothing.
Again, the technocratic mind is blind to any issue not resolved by a pull request.
By going scorched earth, you ensure that only the most well-capitalized participants will ever participate in your game. Hashrate can be wiped away at the stroke of a key but technical prowess and large enough bags can endure nuclear winter. The ASIC manufacturer market likely resets to a single player, one who already specializes in custom algorithms. Monopolies relish nothing more than good old interventionism to help shed the competition.
From a consensus perspective, the idea is so absurd it flies in the face of the entire premise of the system.
If Bitcoin requires social coordination to throttle the whims of the market and fiddle with its incentives, it is a failed project. Proof-of-work is an economic design, not a technical contraption you can fix with code.
Wu-Tang Financial
Well, I can only humbly propose we begin to consider addressing market dynamics with market solutions.
To the best of my understanding, the underlying issue is related to Bitcoin’s capital markets. Resourceful actors who quickly caught on to the issue faced by smaller mining operations have filled a hole in the market and left no room for anyone else. Economies of scale and the perceived risk associated with mining have kept competitors at bay.
There is an opportunity here for a handful of ambitious players to bring balance to this market and allow pools to source capital without bending the knee to larger competitors. This won’t happen overnight. Relationships must be built and the general information asymmetry that has plagued this market must be addressed.
This is why we must stop burning bridges.
Of course, technical improvements can also be made to mitigate the underlying variance problems but they cannot remedy the growing pains of an immature market.
Bitcoin, in every respect, is going through its teenage years. No one wants to be told what to do and pushing one way will inevitably lead to resistance. Sure, there might be no rhyme or reason to what some participants decide to do but it’s not anyone’s place to decide for them.
This too shall pass. Until then…
Wu‐Tang Clan Ain’t Nuthing ta F’ Wit
Source: Bitcoin Magazine
The post Shadow Boxing appeared first on Crypto Breaking News.
Top 10 Tips for Every Bitcoin Multisig Beginner
Originally published on Unchained.com.
Unchained is the official US Collaborative Custody partner of Bitcoin Magazine and an integral sponsor of related content published through Bitcoin Magazine. For more information on services offered, custody products, and the relationship between Unchained and Bitcoin Magazine, please visit our website.
As technical director on the Concierge team at Unchained, I’ve fielded countless client questions about bitcoin multisig. If you’re just beginning to understand the benefits of multisig and how it works in a collaborative custody context, I hope these ten tips will address some of your questions.
Bitcoin doesn’t live on your device
The phrase hardware wallet might make it seem like your bitcoin live inside the wallet itself, but that’s not the case—bitcoin is never in your device at all. In actuality, your wallet generates and stores your keys only. Your wallet also makes accessing the keys user-friendly by either plugging your device into a general-purpose computer or sharing information with your computer via a microSD card.
So where does bitcoin live, then? The bitcoin blockchain is a ledger that keeps track of every transaction that has ever occurred and the balances of every address on the network. Instead of storing your bitcoin, your hardware wallet protects and stores the keys used to unlock—or spend—bitcoin from those addresses.
Visit Unchained.com for $100 off any Unchained financial services product with code “BTCMAG100“
You can restore your seed phrase to another hardware wallet
When you set up a bitcoin hardware wallet that respects best current practices, you should be prompted to back up your wallet using 12 or 24 words, typically on a slip of paper that the manufacturer suggests you protect in case something happens to your wallet. These 12 or 24 words are your seed phrase, as established in Bitcoin Improvement Proposal 39, or BIP39.
Your seed phrase is like the “key to the castle,” it contains everything you need to recover and use a key to all of the addresses protected by the seed phrase.
The nice thing about BIP39 seed phrases is that they are interoperable among hardware wallets that support the standard, which means you can recover your bitcoin wallet backup (seed phrase) to another brand of hardware wallet. If you initially set up your bitcoin wallet on a Trezor and want to move to a Coldcard, it’s as simple as importing those 12 or 24 words.
Read more: How to replace or upgrade a bitcoin hardware wallet
You don’t need your hardware wallet with you to receive
With physical cash, you have to be physically present to trustlessly and securely transact with another party. Bitcoin fixes this for the digital world. If you want to receive bitcoin but don’t have your hardware wallet at hand, you can still have a payment sent to the appropriate address.
As mentioned above, bitcoin does not live on your hardware wallet; it lives on the bitcoin blockchain. For that reason, as long as you or someone else sends bitcoin to an address that you hold the private keys to control, you’ll always be able to move those funds regardless of whether you have physical access to your device. If bitcoin is sent to an address you know you control, it will arrive perfectly fine in the background without your involvement.
What this means for you: If you create a multisig wallet and store your hardware wallets or seed phrases in secure locations, you don’t need to have physical access to them to deposit funds.
A device used as a key in multisig can still be used as a singlesig wallet
Multisig involves constructing a multisig wallet using the public keys of multiple devices, each of which could also serve as a standalone singlesig wallet without any issues. When you create a multisig wallet following the emerging standard processes, the preexisting singlesig counterparts have no idea the multisig wallet exists.
You could think of it as a group email address that forwards to multiple individual email addresses.
This means that, if you wanted, you could store smaller amounts of bitcoin on a singlesig wallet—all while keeping your primary wealth in a multisig wallet constructed using that device as one of the keys.
Confirm your multisig deposit address
Bitcoin transactions are completely irreversible, which means if you send your bitcoin to the wrong address, it can be lost permanently. Thankfully, you can use hardware wallets to check your multisig bitcoin address on the device before sending funds.
Checking your address on your device confirms three things:
that the address was built correctly (i.e. that it’s 2-of-3 multisig, for example, and not 2-of-5 where an attacker has added two keys and actually controls the funds)
that the computer you’re working on isn’t compromised with malware that finds and replaces bitcoin addresses with an attacker’s address, and
that your device holds a key to the address.
Checking the address on your device should be done before sending meaningful amounts of funds to any address, whether singlesig or multisig. As of this writing, Trezor and Coldcard support checking multisig deposit addresses in the Unchained platform.
Read more: How do I verify the receiving/deposit address on my hardware wallet?
You don’t need your devices physically together to sign
With multisig, you don’t need to have all your keys in the same place at the same time to spend bitcoin. That means you can sign a transaction in Austin with one key and sign a day later in Dallas with the other. The transaction can only be broadcast after all the necessary signatures have been collected (two in a 2-of-3 multisig scheme, for example).
This is a significant advantage over other bitcoin custody models like Shamir’s Secret Sharing Scheme, which allows you to distribute control over your bitcoin private key by splitting it into multiple parts (secrets), but requires all parts to be present at the same time to recompile a single key and author a transaction.
You can make a mistake in multisig and still recover your funds
In all bitcoin multisig setups where m (the number of keys required to sign) is less than n (the total number of keys in the quorum), you are protected from single points of failure and can still recover your funds in the case that one or more critical items are lost, stolen or otherwise compromised.
There are scenarios in 2-of-3 multisig (with a collaborative custody partner like Unchained holding the third key), where as many as three items could be compromised before it becomes impossible to recover your funds.
Some ideal places to store bitcoin wallets and seed phrase backups
Even though fault-tolerance in multisig provides peace of mind, all of these scenarios should still be protected against at all costs by following seed phrase and hardware wallet storage best practices, and you should always regain full control as soon as possible in the event that any of your critical items are lost or compromised. And that leads us to number eight…
Read more: The ultimate guide to storing your bitcoin seed phrase backups
You can replace a key in your multisig setup if needed
When using bitcoin multisig, if you ever lose a wallet or misplace a seed phrase, it’s important to replace this key in your multisig m-of-n scheme. You can do this with any of the popular multisig wallets.
Even if a single compromised key does not alone jeopardize your funds in most common multisig m-of-n schemes, replacing a compromised key will ensure that you regain complete control over your funds and eliminate the possibility that the key could ever be used against you in the future.
In a collaborative custody model like the one we use here at Unchained, replacing a key is straightforward. You can simply log in to our platform, choose the key that has been compromised, and quickly replace it with a new one. You can read the full process for replacing or upgrading a hardware wallet at the link below, and if you’re already an Unchained client, check out our Knowledge Base article.
Visit Unchained.com for $100 off a Bitcoin IRA + 1 year free of Bitcoin Magazine Pro market research with code “btcmag“
Read more: How to replace or upgrade a bitcoin hardware wallet
You can construct multiple multisig wallets using the same devices
As we mentioned in number four on this list, using your hardware wallets/seed phrases for both a singlesig wallet and to construct a multisig wallet doesn’t cause any issues. Similarly, using your hardware wallets/seed phrases for more than one multisig wallet doesn’t cause a conflict among those wallets as long as you aren’t using the same extended public keys (xpubs). This is typically represented as a multiple accounts feature in most bitcoin wallets.
Hardware wallets allow you to use different xpubs from different derivation paths, which is a technical way of saying a different set of bitcoin keys on your hardware wallet generated by the same 12- or 24-word seed phrase. This means you can create multiple multisig wallets that stem from the same set of seed phrases/devices, like using the same devices for a personal vault and an IRA vault. Maybe even a loan vault as well!
Collaborative custody doesn’t introduce a single point of failure
When getting started with multisig collaborative custody at Unchained, one concern I hear a lot relates to dependence on our platform. If Unchained were to cease to exist or have significant downtime, how would you recover your funds if your wallets were constructed using our tools?
Our multisig platform is designed to eliminate all single points of failure, and that includes ourselves. As our platform is fully interoperable with established bitcoin standards, you can always recover access to your vault outside the Unchained platform with compatible software like our open-source multisig coordinator, Caravan, or bitcoin wallets like Sparrow or Electrum. Just make sure to safely back up your wallet configuration file!
Read more: How can I recover my vault funds using Caravan?
Originally published on Unchained.com.
Unchained is the official US Collaborative Custody partner of Bitcoin Magazine and an integral sponsor of related content published through Bitcoin Magazine. For more information on services offered, custody products, and the relationship between Unchained and Bitcoin Magazine, please visit our website.
Source: Bitcoin Magazine
The post Top 10 Tips for Every Bitcoin Multisig Beginner appeared first on Crypto Breaking News.
Unchained is the official US Collaborative Custody partner of Bitcoin Magazine and an integral sponsor of related content published through Bitcoin Magazine. For more information on services offered, custody products, and the relationship between Unchained and Bitcoin Magazine, please visit our website.
As technical director on the Concierge team at Unchained, I’ve fielded countless client questions about bitcoin multisig. If you’re just beginning to understand the benefits of multisig and how it works in a collaborative custody context, I hope these ten tips will address some of your questions.
Bitcoin doesn’t live on your device
The phrase hardware wallet might make it seem like your bitcoin live inside the wallet itself, but that’s not the case—bitcoin is never in your device at all. In actuality, your wallet generates and stores your keys only. Your wallet also makes accessing the keys user-friendly by either plugging your device into a general-purpose computer or sharing information with your computer via a microSD card.
So where does bitcoin live, then? The bitcoin blockchain is a ledger that keeps track of every transaction that has ever occurred and the balances of every address on the network. Instead of storing your bitcoin, your hardware wallet protects and stores the keys used to unlock—or spend—bitcoin from those addresses.
Visit Unchained.com for $100 off any Unchained financial services product with code “BTCMAG100“
You can restore your seed phrase to another hardware wallet
When you set up a bitcoin hardware wallet that respects best current practices, you should be prompted to back up your wallet using 12 or 24 words, typically on a slip of paper that the manufacturer suggests you protect in case something happens to your wallet. These 12 or 24 words are your seed phrase, as established in Bitcoin Improvement Proposal 39, or BIP39.
Your seed phrase is like the “key to the castle,” it contains everything you need to recover and use a key to all of the addresses protected by the seed phrase.
The nice thing about BIP39 seed phrases is that they are interoperable among hardware wallets that support the standard, which means you can recover your bitcoin wallet backup (seed phrase) to another brand of hardware wallet. If you initially set up your bitcoin wallet on a Trezor and want to move to a Coldcard, it’s as simple as importing those 12 or 24 words.
Read more: How to replace or upgrade a bitcoin hardware wallet
You don’t need your hardware wallet with you to receive
With physical cash, you have to be physically present to trustlessly and securely transact with another party. Bitcoin fixes this for the digital world. If you want to receive bitcoin but don’t have your hardware wallet at hand, you can still have a payment sent to the appropriate address.
As mentioned above, bitcoin does not live on your hardware wallet; it lives on the bitcoin blockchain. For that reason, as long as you or someone else sends bitcoin to an address that you hold the private keys to control, you’ll always be able to move those funds regardless of whether you have physical access to your device. If bitcoin is sent to an address you know you control, it will arrive perfectly fine in the background without your involvement.
What this means for you: If you create a multisig wallet and store your hardware wallets or seed phrases in secure locations, you don’t need to have physical access to them to deposit funds.
A device used as a key in multisig can still be used as a singlesig wallet
Multisig involves constructing a multisig wallet using the public keys of multiple devices, each of which could also serve as a standalone singlesig wallet without any issues. When you create a multisig wallet following the emerging standard processes, the preexisting singlesig counterparts have no idea the multisig wallet exists.
You could think of it as a group email address that forwards to multiple individual email addresses.
This means that, if you wanted, you could store smaller amounts of bitcoin on a singlesig wallet—all while keeping your primary wealth in a multisig wallet constructed using that device as one of the keys.
Confirm your multisig deposit address
Bitcoin transactions are completely irreversible, which means if you send your bitcoin to the wrong address, it can be lost permanently. Thankfully, you can use hardware wallets to check your multisig bitcoin address on the device before sending funds.
Checking your address on your device confirms three things:
that the address was built correctly (i.e. that it’s 2-of-3 multisig, for example, and not 2-of-5 where an attacker has added two keys and actually controls the funds)
that the computer you’re working on isn’t compromised with malware that finds and replaces bitcoin addresses with an attacker’s address, and
that your device holds a key to the address.
Checking the address on your device should be done before sending meaningful amounts of funds to any address, whether singlesig or multisig. As of this writing, Trezor and Coldcard support checking multisig deposit addresses in the Unchained platform.
Read more: How do I verify the receiving/deposit address on my hardware wallet?
You don’t need your devices physically together to sign
With multisig, you don’t need to have all your keys in the same place at the same time to spend bitcoin. That means you can sign a transaction in Austin with one key and sign a day later in Dallas with the other. The transaction can only be broadcast after all the necessary signatures have been collected (two in a 2-of-3 multisig scheme, for example).
This is a significant advantage over other bitcoin custody models like Shamir’s Secret Sharing Scheme, which allows you to distribute control over your bitcoin private key by splitting it into multiple parts (secrets), but requires all parts to be present at the same time to recompile a single key and author a transaction.
You can make a mistake in multisig and still recover your funds
In all bitcoin multisig setups where m (the number of keys required to sign) is less than n (the total number of keys in the quorum), you are protected from single points of failure and can still recover your funds in the case that one or more critical items are lost, stolen or otherwise compromised.
There are scenarios in 2-of-3 multisig (with a collaborative custody partner like Unchained holding the third key), where as many as three items could be compromised before it becomes impossible to recover your funds.
Some ideal places to store bitcoin wallets and seed phrase backups
Even though fault-tolerance in multisig provides peace of mind, all of these scenarios should still be protected against at all costs by following seed phrase and hardware wallet storage best practices, and you should always regain full control as soon as possible in the event that any of your critical items are lost or compromised. And that leads us to number eight…
Read more: The ultimate guide to storing your bitcoin seed phrase backups
You can replace a key in your multisig setup if needed
When using bitcoin multisig, if you ever lose a wallet or misplace a seed phrase, it’s important to replace this key in your multisig m-of-n scheme. You can do this with any of the popular multisig wallets.
Even if a single compromised key does not alone jeopardize your funds in most common multisig m-of-n schemes, replacing a compromised key will ensure that you regain complete control over your funds and eliminate the possibility that the key could ever be used against you in the future.
In a collaborative custody model like the one we use here at Unchained, replacing a key is straightforward. You can simply log in to our platform, choose the key that has been compromised, and quickly replace it with a new one. You can read the full process for replacing or upgrading a hardware wallet at the link below, and if you’re already an Unchained client, check out our Knowledge Base article.
Visit Unchained.com for $100 off a Bitcoin IRA + 1 year free of Bitcoin Magazine Pro market research with code “btcmag“
Read more: How to replace or upgrade a bitcoin hardware wallet
You can construct multiple multisig wallets using the same devices
As we mentioned in number four on this list, using your hardware wallets/seed phrases for both a singlesig wallet and to construct a multisig wallet doesn’t cause any issues. Similarly, using your hardware wallets/seed phrases for more than one multisig wallet doesn’t cause a conflict among those wallets as long as you aren’t using the same extended public keys (xpubs). This is typically represented as a multiple accounts feature in most bitcoin wallets.
Hardware wallets allow you to use different xpubs from different derivation paths, which is a technical way of saying a different set of bitcoin keys on your hardware wallet generated by the same 12- or 24-word seed phrase. This means you can create multiple multisig wallets that stem from the same set of seed phrases/devices, like using the same devices for a personal vault and an IRA vault. Maybe even a loan vault as well!
Collaborative custody doesn’t introduce a single point of failure
When getting started with multisig collaborative custody at Unchained, one concern I hear a lot relates to dependence on our platform. If Unchained were to cease to exist or have significant downtime, how would you recover your funds if your wallets were constructed using our tools?
Our multisig platform is designed to eliminate all single points of failure, and that includes ourselves. As our platform is fully interoperable with established bitcoin standards, you can always recover access to your vault outside the Unchained platform with compatible software like our open-source multisig coordinator, Caravan, or bitcoin wallets like Sparrow or Electrum. Just make sure to safely back up your wallet configuration file!
Read more: How can I recover my vault funds using Caravan?
Originally published on Unchained.com.
Unchained is the official US Collaborative Custody partner of Bitcoin Magazine and an integral sponsor of related content published through Bitcoin Magazine. For more information on services offered, custody products, and the relationship between Unchained and Bitcoin Magazine, please visit our website.
Source: Bitcoin Magazine
The post Top 10 Tips for Every Bitcoin Multisig Beginner appeared first on Crypto Breaking News.
Bitcoin price predictions by The Moon Carl, Davinci Jeremie and Crypto Kid at Blockchain Life 202...
On 15 April 2024, there was a discussion panel at the Blockchain Life 2024 conference in Dubai.
During the interview, crypto experts have been asked to give a Bitcoin price prediction.
Below is the transcript of the interview, regarding this specific question.
Nikita Sachdev: I’d like to start the panel off with what your prediction is after this halving. April 20th is a big day for all of us. What happens after that? What are your predictions?
Davinci Jeremie: I think we’re going to see Bitcoin probably go sideways up until September, most likely, and then we’re going to start to take off from there. That’s generally what happens, but there’s no guarantee of that. That’s how the Cycles normally go through and I think Bitcoin might this time you know go over $100,000 before 2025 so it’ll be interesting if that happens this year.
Carl Runefelt (The Moon): I actually have some Dejavu from back in 2019 or 2020 before the Bitcoin halving. I was making YouTube videos and I was in Thailand and I remember just a few days before the having, the Bitcoin price was around $10,000 probably, way below $20,000 and I told people this is such an incredible moment to buy because you’re buying before the halving and we’re not even above all-time high, so it’s just a fantastic discount and that applied then and it applies now as well, because we saw that craziness two years ago. Now we’re close to all time high, we broke it in dollar terms, but technically adjusted for inflation I actually don’t think we broke the all time high just yet, so that still has to happen, but we’re before the halving and when the inflation rate gets cut in half, that’s a massive supply shock and we didn’t even break $100,000 yet. Imagine the headlines when we break $100,000 that’s going to be more than the all time high because breaking the all time high now it’s not so spectacular. I mean for us it’s amazing, but the media will come in at $100,000 I really see that and combine that with the halving and combine that with inflation and combine that with the ETF and maybe sprinkle some craziness like a war and Global Panic. Everything right now lines up for a potential perfect storm for Bitcoin where the spotlight is shining on it as the saviour in this world of horrible monetary policies and the monetary system is crashing, so I think Bitcoin could surprise us to the upside just like it surprised us to the downside in the previous cycle. We only went to $70K, everyone said $250K-$300K, the stock to flow ratio model, Plan B, so we were surprised and disappointed. This time it’s going to be the opposite. I think people are now saying $150K, $130K. I think we’re going to blast straight through that and we could go to half a million, even the million dollars in the next two years. I don’t think it’s likely, but it would be surprising and for that reason, I think we should actually expect the unexpected. Let’s say to be conservative I think easy $300K-$400k in the next two years is very possible.
Crypto Kid: As Carl said, I think until Bitcoin surpasses a prior all time high we usually do not get that much attention into crypto from the mainstream. They’re like oh wow okay Bitcoin is breaking prior all time highs, but the real retail kicks in after Bitcoin creates a parabolic new high so after Bitcoin broke $20K for the first time and then Bitcoin shot up to $60,000 that’s when all the retail came in, so I think the same thing is going to happen to Bitcoin now. We’re probably going to smash through where we are at this current moment in time which is around $70,000 and in my personal opinion I think the Hong Kong spot ETFs got approved today and if we report incredible numbers of inflows into these ETFs which are likely because the current economic stance in Asia isn’t doing too well and we see a lot of investors fleeing to foreign markets and trying to hedge themselves against inflation. So I think with the approval of the Hong Kong spot ETFs we will probably see billions and billions of dollars more than what’s already flowing into Bitcoin and that should push the price up near the $100K area I think we’ll get very close to $100K and probably surprise a lot of people and bring all the retail back which should create a huge altcoin season so I think in the upcoming months and within this year $100K Bitcoin is possible.
The post Bitcoin price predictions by The Moon Carl, Davinci Jeremie and Crypto Kid at Blockchain Life 2024 in Dubai appeared first on Crypto Breaking News.
During the interview, crypto experts have been asked to give a Bitcoin price prediction.
Below is the transcript of the interview, regarding this specific question.
Nikita Sachdev: I’d like to start the panel off with what your prediction is after this halving. April 20th is a big day for all of us. What happens after that? What are your predictions?
Davinci Jeremie: I think we’re going to see Bitcoin probably go sideways up until September, most likely, and then we’re going to start to take off from there. That’s generally what happens, but there’s no guarantee of that. That’s how the Cycles normally go through and I think Bitcoin might this time you know go over $100,000 before 2025 so it’ll be interesting if that happens this year.
Carl Runefelt (The Moon): I actually have some Dejavu from back in 2019 or 2020 before the Bitcoin halving. I was making YouTube videos and I was in Thailand and I remember just a few days before the having, the Bitcoin price was around $10,000 probably, way below $20,000 and I told people this is such an incredible moment to buy because you’re buying before the halving and we’re not even above all-time high, so it’s just a fantastic discount and that applied then and it applies now as well, because we saw that craziness two years ago. Now we’re close to all time high, we broke it in dollar terms, but technically adjusted for inflation I actually don’t think we broke the all time high just yet, so that still has to happen, but we’re before the halving and when the inflation rate gets cut in half, that’s a massive supply shock and we didn’t even break $100,000 yet. Imagine the headlines when we break $100,000 that’s going to be more than the all time high because breaking the all time high now it’s not so spectacular. I mean for us it’s amazing, but the media will come in at $100,000 I really see that and combine that with the halving and combine that with inflation and combine that with the ETF and maybe sprinkle some craziness like a war and Global Panic. Everything right now lines up for a potential perfect storm for Bitcoin where the spotlight is shining on it as the saviour in this world of horrible monetary policies and the monetary system is crashing, so I think Bitcoin could surprise us to the upside just like it surprised us to the downside in the previous cycle. We only went to $70K, everyone said $250K-$300K, the stock to flow ratio model, Plan B, so we were surprised and disappointed. This time it’s going to be the opposite. I think people are now saying $150K, $130K. I think we’re going to blast straight through that and we could go to half a million, even the million dollars in the next two years. I don’t think it’s likely, but it would be surprising and for that reason, I think we should actually expect the unexpected. Let’s say to be conservative I think easy $300K-$400k in the next two years is very possible.
Crypto Kid: As Carl said, I think until Bitcoin surpasses a prior all time high we usually do not get that much attention into crypto from the mainstream. They’re like oh wow okay Bitcoin is breaking prior all time highs, but the real retail kicks in after Bitcoin creates a parabolic new high so after Bitcoin broke $20K for the first time and then Bitcoin shot up to $60,000 that’s when all the retail came in, so I think the same thing is going to happen to Bitcoin now. We’re probably going to smash through where we are at this current moment in time which is around $70,000 and in my personal opinion I think the Hong Kong spot ETFs got approved today and if we report incredible numbers of inflows into these ETFs which are likely because the current economic stance in Asia isn’t doing too well and we see a lot of investors fleeing to foreign markets and trying to hedge themselves against inflation. So I think with the approval of the Hong Kong spot ETFs we will probably see billions and billions of dollars more than what’s already flowing into Bitcoin and that should push the price up near the $100K area I think we’ll get very close to $100K and probably surprise a lot of people and bring all the retail back which should create a huge altcoin season so I think in the upcoming months and within this year $100K Bitcoin is possible.
The post Bitcoin price predictions by The Moon Carl, Davinci Jeremie and Crypto Kid at Blockchain Life 2024 in Dubai appeared first on Crypto Breaking News.
Ethereum Withdrawals From Exchanges Top 260,000 ETH – What This Means For Price
Ethereum withdraws from centralized exchanges have ramped up over the last week, suggesting a direction for investor sentiment during this time. Given the sheer volume of ETH withdrawn from these exchanges, it is prudent to try to understand what this could mean for the crypto’s price.
260,000 ETH Leaves Exchanges
Amid the uncertainty that has plagued the crypto market, Ethereum investors are making moves to secure their positions for better price prospects. Pseudonymous crypto technical analyst Titan of Crypto took to X (formerly Twitter) to share what Ethereum investors are doing about their holdings right.
Related Reading: Bitcoin Bears Risk Losing $7.2 Billion If BTC Price Reaches This Level
The post revealed that these investors have been withdrawing large amounts of ETH from centralized exchanges. In the one week period that was tracked, the report found that a total of 260,000 ETH were withdrawn from exchanges, which was worth almost $800 million at the time.
#Altcoins
Crypto exchanges witnessed an outflow of over 260,000 #ETH equivalent to more than $781 million within the past 7 days.
It’s time for #Ethereum shine. pic.twitter.com/jT1aocjvbI
— Titan of Crypto (@Washigorira) April 24, 2024
Now, exchange deposits and withdrawals are important for any cryptocurrency because it can often tell how investors are looking at that coin and what they are doing with their holdings. In the case of large deposits to centralized exchanges, it can be very bearish for the price because investors often deposit their coins in order to sell them as exchanges provide deep liquidity.
In contrast, withdrawals from exchanges suggest that investors are not looking to sell their ETH. Rather, they are accumulating the coins to wait for better prices before selling. Naturally, this is bullish for the Ethereum price as a diminished selling pressure gives room for the price to recover.
In this case, the withdrawals are bullish or the Ethereum price, as investors continue to accumulate. It also signals that investors are expecting a price breakout, and as the withdrawals ramp up, demand could surpass supply, leading to a surge in price.
Ethereum Headwinds Still Negative
Ethereum, while currently seeing some positive activity from investors, has still not turned completely bullish. For one, there has been a significant decline in its daily trading volume. According to data from Coinmarketcap, Ethereum’s trading volume is down approximately 20% in the last day.
This decline in volume suggests a declining interest from investors to actually trade the coin. As such, its price may be negatively affected as attention begins to shift elsewhere, with investors looking for better prospects.
Nevertheless, the cryptocurrency still looks bullish for the long term. Ethereum continues to closely mirror the price performance of Bitcoin, which is expected to go on a bull run following the successful completion of its fourth halving event.
For now, Ethereum continues to struggle to hold above $3,100 with small gains of 0.18% in the last day. Over the last month, it has suffered multiple crashes, registering a 12.36% loss in the last 30 days.
ETH price struggles to hold $3,100 support | Source: ETHUSD on Tradingview.com
Featured image from Investopedia, chart from Tradingview.com
Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.
Source: NewsBTC.com
The post Ethereum Withdrawals From Exchanges Top 260,000 ETH – What This Means For Price appeared first on Crypto Breaking News.
260,000 ETH Leaves Exchanges
Amid the uncertainty that has plagued the crypto market, Ethereum investors are making moves to secure their positions for better price prospects. Pseudonymous crypto technical analyst Titan of Crypto took to X (formerly Twitter) to share what Ethereum investors are doing about their holdings right.
Related Reading: Bitcoin Bears Risk Losing $7.2 Billion If BTC Price Reaches This Level
The post revealed that these investors have been withdrawing large amounts of ETH from centralized exchanges. In the one week period that was tracked, the report found that a total of 260,000 ETH were withdrawn from exchanges, which was worth almost $800 million at the time.
#Altcoins
Crypto exchanges witnessed an outflow of over 260,000 #ETH equivalent to more than $781 million within the past 7 days.
It’s time for #Ethereum shine. pic.twitter.com/jT1aocjvbI
— Titan of Crypto (@Washigorira) April 24, 2024
Now, exchange deposits and withdrawals are important for any cryptocurrency because it can often tell how investors are looking at that coin and what they are doing with their holdings. In the case of large deposits to centralized exchanges, it can be very bearish for the price because investors often deposit their coins in order to sell them as exchanges provide deep liquidity.
In contrast, withdrawals from exchanges suggest that investors are not looking to sell their ETH. Rather, they are accumulating the coins to wait for better prices before selling. Naturally, this is bullish for the Ethereum price as a diminished selling pressure gives room for the price to recover.
In this case, the withdrawals are bullish or the Ethereum price, as investors continue to accumulate. It also signals that investors are expecting a price breakout, and as the withdrawals ramp up, demand could surpass supply, leading to a surge in price.
Ethereum Headwinds Still Negative
Ethereum, while currently seeing some positive activity from investors, has still not turned completely bullish. For one, there has been a significant decline in its daily trading volume. According to data from Coinmarketcap, Ethereum’s trading volume is down approximately 20% in the last day.
This decline in volume suggests a declining interest from investors to actually trade the coin. As such, its price may be negatively affected as attention begins to shift elsewhere, with investors looking for better prospects.
Nevertheless, the cryptocurrency still looks bullish for the long term. Ethereum continues to closely mirror the price performance of Bitcoin, which is expected to go on a bull run following the successful completion of its fourth halving event.
For now, Ethereum continues to struggle to hold above $3,100 with small gains of 0.18% in the last day. Over the last month, it has suffered multiple crashes, registering a 12.36% loss in the last 30 days.
ETH price struggles to hold $3,100 support | Source: ETHUSD on Tradingview.com
Featured image from Investopedia, chart from Tradingview.com
Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.
Source: NewsBTC.com
The post Ethereum Withdrawals From Exchanges Top 260,000 ETH – What This Means For Price appeared first on Crypto Breaking News.
Bitcoin Is Built To Last: How The Network Defends Against Attacks
Bitcoin is one of the most robust distributed systems in the history of mankind. For fifteen years it has ticked along block by block with only two disruptions in its first few years that were very quickly handled by responsive developers the minute they manifested themselves. Aside from that, it has ticked along producing a block roughly every ten minutes with no interruptions.
This reliability has set a golden standard of expectations for Bitcoin users, encouraging them to view it as a completely unstoppable system. In many peoples’ minds, Bitcoin has already won, and the world is just catching up with that realization. “Bitcoin is inevitable” as many would say.
This doesn’t mean that Bitcoin is literally unstoppable though, there are possible events that could cause massive damage or disruption to the network if they were to occur. We’re going to go through a few of these examples today and see how they would likely play out.
Government Intervention
Bitcoin represents a serious conundrum for governments worldwide in multiple ways. First, it functions as a system allowing global payments to flow from one user to another, irrespective of borders or financial controls.
But while governments can’t stop the overall Bitcoin system from continuing to function, they can introduce regulations to impact its participants. In order to really disrupt the Bitcoin network itself governments would have to go after the miners that actually add new blocks to the blockchain to keep the system progressing forward.
This was done before in 2021, when the Chinese government banned bitcoin mining. Almost 50% of the network hashrate went offline as Chinese miners began migrating to the rest of the world.
The network kept on ticking.
In the worst-case scenario, the Chinese government could have enforced confiscation of mining hardware. That would have left the CCP in control of all of those miners, which could have been put to use engaging in a 51% attack on the network. But that didn’t happen. Even if the confiscatory approach had been taken, rather than simply enforcing a mining ban, it would have been deeply unlikely to succeed in attacking the network given the complexity of coordination among collaborators.
For example, one of the places large amounts of hashrate migrated to was Iran. Lots of rumors circulated at the time of miners bribing Iranian military officials in order to get their machines past customs into the country.
If governments attempted to seize mining equipment and closed borders preventing equipment from being shipped internationally, the possibility of bribing government officials or illegally smuggling them out is very real given the financial incentive to do so. For such a seizure event to present an existential risk to the network itself, a government would need to be able to seize over 51% of the active network hashrate. All it would take is a small enough percentage to sneak through the borders to ensure that what was left to be seized did not surpass that 51% threshold and the network would remain safe.
As hashrate further decentralizes around the globe, the possibility of such an action creating a risk to Bitcoin itself continues to shrink. While it still remains a possibility, the more governments that would be required to cooperate to pull off such a move, the less likely such an event is. Bitcoin’s resilience shines through, as empirically demonstrated by the actions of the CCP in 2021.
Power Grid Failure
Bitcoin miners cannot function without electricity. They’re computers at the end of the day, so that’s an obvious reality. This presents a big risk to miners who depend on power generation and delivery infrastructure.
Many natural disasters can cause power failures and issues with the grid. Hurricanes, wildfires, extreme weather events like cold snaps can disrupt power infrastructure. A prime example of a of such events impacting hashrate was seen in Texas during winter storm Uri in 2021. The scale of these events, however, do not directly pose a systemic risk to the Bitcoin network. Texas losing power, even with ~30% of the network hashrate located within the state, would not bring down or destroy the Bitcoin network.
As shown in 2021 during the Chinese mining ban, even with ~50% of the network hashrate going offline in an incredibly short period of time, the network continued to function. Yes, the blocktime interval increased dramatically and induced a large spike in transaction fees to confirm transactions quickly, but the network itself continued functioning and processing transactions without interruption.
Even if we were to imagine a much larger scale event, such as a massive solar storm knocking out power for half of the entire planet, the other half would still have functioning power. The miners located in that half of the globe would continue mining, continue confirming transactions, and the network would march along functioning just fine for half of the planet. Even people on the half of the globe without power, as long as they have maintained a physical backup of their seed phrase, will still have access to their funds whenever power is restored or they can make their way to a place with a functioning grid.
Power would need to be taken out for essentially the entire planet to actually kill Bitcoin, otherwise, it will keep chugging away in a corner somewhere until power is brought back online and it can “regenerate” itself expanding back around the globe.
Internet Disruptions
While the internet is composed of decentralized protocols in a similar fashion to Bitcoin, the actual infrastructure underlying it is owned mostly by large multinational corporations and governments (again similar to Bitcoin infrastructure like miners). The ownership of this infrastructure is still relatively distributed among many players globally, but it is not the same degree of distribution as a highly decentralized system like a mesh network.
There are still rather large chokepoints and bottlenecks that if disrupted or attacked can cause a massive degradation of reliability and functionality. Almost everyone connects to the wider internet through an Internet Service Provider (ISP), this market is dominated in most of the world by a handful of large providers in any given region. There isn’t much choice between providers, and this represents a large chokepoint for people interacting with the internet. If an ISP filters or denies you access and there isn’t another provider to choose from, you’re in trouble.
Similarly, your ability to talk to someone on the other side of the world is due to larger “backbone” networks run by major corporations, and underwater fiber-optic cables along the ocean floor. These cables are highly centralized chokepoints for communications between different countries and continents. If the operators were to begin filtering information passing through them, or someone were to physically sever the cables themselves, it could cause massive disruption of global internet traffic.
So what could actually be done if either of these things happened? If an ISP started filtering Bitcoin traffic to users, people would have their nodes disconnected from the network. Broadcasting transactions might be impossible, depending on how harshly the ISP filters traffic. But the rest of the network would keep chugging along. Services like Blockstream’s satellite feed exist, and a bitcoin transaction is such a small piece of data that any momentary connection to an unfiltered network would be enough to broadcast your payments.
Even larger-scale interruptions of connections between countries or regions amount to a simple irritation in the grand scheme of things. Let’s say a country like Russia had its internet connection to the outside world completely severed. If Russian miners didn’t shut down, the blockchain would fork into two separate chains because miners inside and outside Russia would not receive each others’ blocks. Whenever that connection was repaired, whichever group of miners had mined a longer chain would simply “overwrite” the shorter one, erasing the transactions that took place on the other shorter chain.
There is also a high possibility such a chainsplit doesn’t even occur in such a situation. Blockstream’s satellite service offers a way for people even without the internet to continue receiving blocks in real time from the rest of the network. This, in combination with satellite uplinks (which are not as simple to block), or even radio relays, could allow Russian miners to continue mining a single blockchain with the rest of the network through an outage.
Yet again, Bitcoin’s resilience can find a way.
Wrapping Up
Bitcoin is not quite literally invincible, or unstoppable, but it is unbelievably resilient in the face of disruption or adversarial attack on the network. It was literally designed to function this way. The entire point of decentralized networks is to be robust in the face of threats and disruptions, and Bitcoin has succeeded amazingly in that design goal.
The world has, and will continue to see, incredibly massive destructive events. Whether that entails weather events or cosmic events, acts of intentional sabotage or warfare, or just plain old government regulation, Bitcoin has survived many of them already. It will most likely continue to survive everything thrown at it into the future.
It’s not invincible, but it is resilient. The type of event or disaster it would take to actually take Bitcoin offline permanently would be something of such a massive scale of destruction, that in the unlikely event it does occur, we will all have much bigger problems than Bitcoin ceasing to function.
Source: Bitcoin Magazine
The post Bitcoin Is Built To Last: How The Network Defends Against Attacks appeared first on Crypto Breaking News.
This reliability has set a golden standard of expectations for Bitcoin users, encouraging them to view it as a completely unstoppable system. In many peoples’ minds, Bitcoin has already won, and the world is just catching up with that realization. “Bitcoin is inevitable” as many would say.
This doesn’t mean that Bitcoin is literally unstoppable though, there are possible events that could cause massive damage or disruption to the network if they were to occur. We’re going to go through a few of these examples today and see how they would likely play out.
Government Intervention
Bitcoin represents a serious conundrum for governments worldwide in multiple ways. First, it functions as a system allowing global payments to flow from one user to another, irrespective of borders or financial controls.
But while governments can’t stop the overall Bitcoin system from continuing to function, they can introduce regulations to impact its participants. In order to really disrupt the Bitcoin network itself governments would have to go after the miners that actually add new blocks to the blockchain to keep the system progressing forward.
This was done before in 2021, when the Chinese government banned bitcoin mining. Almost 50% of the network hashrate went offline as Chinese miners began migrating to the rest of the world.
The network kept on ticking.
In the worst-case scenario, the Chinese government could have enforced confiscation of mining hardware. That would have left the CCP in control of all of those miners, which could have been put to use engaging in a 51% attack on the network. But that didn’t happen. Even if the confiscatory approach had been taken, rather than simply enforcing a mining ban, it would have been deeply unlikely to succeed in attacking the network given the complexity of coordination among collaborators.
For example, one of the places large amounts of hashrate migrated to was Iran. Lots of rumors circulated at the time of miners bribing Iranian military officials in order to get their machines past customs into the country.
If governments attempted to seize mining equipment and closed borders preventing equipment from being shipped internationally, the possibility of bribing government officials or illegally smuggling them out is very real given the financial incentive to do so. For such a seizure event to present an existential risk to the network itself, a government would need to be able to seize over 51% of the active network hashrate. All it would take is a small enough percentage to sneak through the borders to ensure that what was left to be seized did not surpass that 51% threshold and the network would remain safe.
As hashrate further decentralizes around the globe, the possibility of such an action creating a risk to Bitcoin itself continues to shrink. While it still remains a possibility, the more governments that would be required to cooperate to pull off such a move, the less likely such an event is. Bitcoin’s resilience shines through, as empirically demonstrated by the actions of the CCP in 2021.
Power Grid Failure
Bitcoin miners cannot function without electricity. They’re computers at the end of the day, so that’s an obvious reality. This presents a big risk to miners who depend on power generation and delivery infrastructure.
Many natural disasters can cause power failures and issues with the grid. Hurricanes, wildfires, extreme weather events like cold snaps can disrupt power infrastructure. A prime example of a of such events impacting hashrate was seen in Texas during winter storm Uri in 2021. The scale of these events, however, do not directly pose a systemic risk to the Bitcoin network. Texas losing power, even with ~30% of the network hashrate located within the state, would not bring down or destroy the Bitcoin network.
As shown in 2021 during the Chinese mining ban, even with ~50% of the network hashrate going offline in an incredibly short period of time, the network continued to function. Yes, the blocktime interval increased dramatically and induced a large spike in transaction fees to confirm transactions quickly, but the network itself continued functioning and processing transactions without interruption.
Even if we were to imagine a much larger scale event, such as a massive solar storm knocking out power for half of the entire planet, the other half would still have functioning power. The miners located in that half of the globe would continue mining, continue confirming transactions, and the network would march along functioning just fine for half of the planet. Even people on the half of the globe without power, as long as they have maintained a physical backup of their seed phrase, will still have access to their funds whenever power is restored or they can make their way to a place with a functioning grid.
Power would need to be taken out for essentially the entire planet to actually kill Bitcoin, otherwise, it will keep chugging away in a corner somewhere until power is brought back online and it can “regenerate” itself expanding back around the globe.
Internet Disruptions
While the internet is composed of decentralized protocols in a similar fashion to Bitcoin, the actual infrastructure underlying it is owned mostly by large multinational corporations and governments (again similar to Bitcoin infrastructure like miners). The ownership of this infrastructure is still relatively distributed among many players globally, but it is not the same degree of distribution as a highly decentralized system like a mesh network.
There are still rather large chokepoints and bottlenecks that if disrupted or attacked can cause a massive degradation of reliability and functionality. Almost everyone connects to the wider internet through an Internet Service Provider (ISP), this market is dominated in most of the world by a handful of large providers in any given region. There isn’t much choice between providers, and this represents a large chokepoint for people interacting with the internet. If an ISP filters or denies you access and there isn’t another provider to choose from, you’re in trouble.
Similarly, your ability to talk to someone on the other side of the world is due to larger “backbone” networks run by major corporations, and underwater fiber-optic cables along the ocean floor. These cables are highly centralized chokepoints for communications between different countries and continents. If the operators were to begin filtering information passing through them, or someone were to physically sever the cables themselves, it could cause massive disruption of global internet traffic.
So what could actually be done if either of these things happened? If an ISP started filtering Bitcoin traffic to users, people would have their nodes disconnected from the network. Broadcasting transactions might be impossible, depending on how harshly the ISP filters traffic. But the rest of the network would keep chugging along. Services like Blockstream’s satellite feed exist, and a bitcoin transaction is such a small piece of data that any momentary connection to an unfiltered network would be enough to broadcast your payments.
Even larger-scale interruptions of connections between countries or regions amount to a simple irritation in the grand scheme of things. Let’s say a country like Russia had its internet connection to the outside world completely severed. If Russian miners didn’t shut down, the blockchain would fork into two separate chains because miners inside and outside Russia would not receive each others’ blocks. Whenever that connection was repaired, whichever group of miners had mined a longer chain would simply “overwrite” the shorter one, erasing the transactions that took place on the other shorter chain.
There is also a high possibility such a chainsplit doesn’t even occur in such a situation. Blockstream’s satellite service offers a way for people even without the internet to continue receiving blocks in real time from the rest of the network. This, in combination with satellite uplinks (which are not as simple to block), or even radio relays, could allow Russian miners to continue mining a single blockchain with the rest of the network through an outage.
Yet again, Bitcoin’s resilience can find a way.
Wrapping Up
Bitcoin is not quite literally invincible, or unstoppable, but it is unbelievably resilient in the face of disruption or adversarial attack on the network. It was literally designed to function this way. The entire point of decentralized networks is to be robust in the face of threats and disruptions, and Bitcoin has succeeded amazingly in that design goal.
The world has, and will continue to see, incredibly massive destructive events. Whether that entails weather events or cosmic events, acts of intentional sabotage or warfare, or just plain old government regulation, Bitcoin has survived many of them already. It will most likely continue to survive everything thrown at it into the future.
It’s not invincible, but it is resilient. The type of event or disaster it would take to actually take Bitcoin offline permanently would be something of such a massive scale of destruction, that in the unlikely event it does occur, we will all have much bigger problems than Bitcoin ceasing to function.
Source: Bitcoin Magazine
The post Bitcoin Is Built To Last: How The Network Defends Against Attacks appeared first on Crypto Breaking News.
Bitcoin Bearish Signal: Analyst Warns Of Potential Drop To $59,000
Amidst the anticipated positive effect of the recently concluded Bitcoin Halving event, Ali Martinez, a well-known cryptocurrency analyst and trader has issued a noteworthy warning about BTC’s trajectory, predicting that the price of the crypto asset could undergo a correction to the $59,000 mark.
Potential Declines For Bitcoin
Martinez’s analysis delves into the potential for Bitcoin to experience possible dives on the downside in the short term. Considering the BTC’s chart in the 12-hour timeframe, the analyst noted that two signals have manifested signaling potential price declines.
Related Reading: Analyst Points To Possible 30% Bitcoin Correction, Calls For Caution
These include a red candlestick from the TD (Tom Demark) Sequential and a death cross between the 50 and 100 Simple Moving Average (SMA). As a result, Martinez believes that the development could trigger a price drop to $63,300. Additionally, he urged the community to be ready for further dips to around $61,000 and $59,000.
Two signals that BTC could decline | Source: Ali Martinez on X
Martinez previously highlighted that the TD Sequential indicator on the 12-hour chart has flashed a sell signal. This signal came in light of Bitcoin experiencing a mid-level resistance of a parallel channel. Given this, he underscores a cautious approach amidst times like this, given the history of this indication, especially in the event that the digital asset falls below the $65,500 support level.
According to the expert, the trend score for the coin’s accumulation has fallen to zero. Specifically, this suggests that whales are either distributing or not hoarding BTC at the moment.
It seems Martinez’s forecast has taken place as BTC is already trading below the aforementioned support level. Following the price decline, Bitcoin has also seen a notable drop in accumulation.
Over the past few weeks, there has been consolidation in Bitcoin’s price as it has been unable to sustain its surge over its all-time high of $73,000 achieved in March. On Thursday, BTC witnessed a notable drop to around $63,000, which higher inflation and slower growth in the United States were considered to be a catalyst for the drop.
BTC’s Path To $1 Million
Even though there have been some short-term swings with Bitcoin, its long-term trend is still positive. Jack Mallers, the Chief Executive Officer (CEO) of Strike has predicted a long-term growth for BTC to a whopping $1 million.
Mallers shared his perspective on the digital asset’s future trajectory during an interview with David Lin. The financial instability in the bond markets, which significantly involves banks, is the foundation upon which Maller draws his projection.
He asserts that significant liquidity infusions could result from the possible rescue needed to stabilize these markets, driving up the price of assets like Bitcoin. Mallers believes BTC’s value will rise, underlining the limited availability of BTC when paired with rising demand.
At the time of writing, BTC was trading at $64,207, indicating a 0.72% increase in the last 24 hours. Despite the crypto asset showing positive signs, its trading volume is down by over 8% in the past day.
BTC trading at $64,371 on the 1D chart | Source: BTCUSDT on Tradingview.com
Featured image from iStock, chart from Tradingview.com
Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.
Source: NewsBTC.com
The post Bitcoin Bearish Signal: Analyst Warns Of Potential Drop To $59,000 appeared first on Crypto Breaking News.
Potential Declines For Bitcoin
Martinez’s analysis delves into the potential for Bitcoin to experience possible dives on the downside in the short term. Considering the BTC’s chart in the 12-hour timeframe, the analyst noted that two signals have manifested signaling potential price declines.
Related Reading: Analyst Points To Possible 30% Bitcoin Correction, Calls For Caution
These include a red candlestick from the TD (Tom Demark) Sequential and a death cross between the 50 and 100 Simple Moving Average (SMA). As a result, Martinez believes that the development could trigger a price drop to $63,300. Additionally, he urged the community to be ready for further dips to around $61,000 and $59,000.
Two signals that BTC could decline | Source: Ali Martinez on X
Martinez previously highlighted that the TD Sequential indicator on the 12-hour chart has flashed a sell signal. This signal came in light of Bitcoin experiencing a mid-level resistance of a parallel channel. Given this, he underscores a cautious approach amidst times like this, given the history of this indication, especially in the event that the digital asset falls below the $65,500 support level.
According to the expert, the trend score for the coin’s accumulation has fallen to zero. Specifically, this suggests that whales are either distributing or not hoarding BTC at the moment.
It seems Martinez’s forecast has taken place as BTC is already trading below the aforementioned support level. Following the price decline, Bitcoin has also seen a notable drop in accumulation.
Over the past few weeks, there has been consolidation in Bitcoin’s price as it has been unable to sustain its surge over its all-time high of $73,000 achieved in March. On Thursday, BTC witnessed a notable drop to around $63,000, which higher inflation and slower growth in the United States were considered to be a catalyst for the drop.
BTC’s Path To $1 Million
Even though there have been some short-term swings with Bitcoin, its long-term trend is still positive. Jack Mallers, the Chief Executive Officer (CEO) of Strike has predicted a long-term growth for BTC to a whopping $1 million.
Mallers shared his perspective on the digital asset’s future trajectory during an interview with David Lin. The financial instability in the bond markets, which significantly involves banks, is the foundation upon which Maller draws his projection.
He asserts that significant liquidity infusions could result from the possible rescue needed to stabilize these markets, driving up the price of assets like Bitcoin. Mallers believes BTC’s value will rise, underlining the limited availability of BTC when paired with rising demand.
At the time of writing, BTC was trading at $64,207, indicating a 0.72% increase in the last 24 hours. Despite the crypto asset showing positive signs, its trading volume is down by over 8% in the past day.
BTC trading at $64,371 on the 1D chart | Source: BTCUSDT on Tradingview.com
Featured image from iStock, chart from Tradingview.com
Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.
Source: NewsBTC.com
The post Bitcoin Bearish Signal: Analyst Warns Of Potential Drop To $59,000 appeared first on Crypto Breaking News.
Analysts Call It: XRP Primed For A 700% Surge – Details
Ripple’s XRP token finds itself navigating through turbulent waters. Over the past few months, XRP has experienced significant price fluctuations, leaving investors pondering the trajectory ahead. Despite a modest weekly gain, XRP remains below its 30-day average, signaling a bearish sentiment prevailing in the market.
XRP Price Wobbles: Downward Trend Or Temporary Dip?
At its current value of approximately $0.52, XRP reflects a market sentiment characterized by uncertainty. However, amidst the downward trend, a chorus of analysts is singing a different tune, foreseeing a potential surge in XRP’s price.
#XRP Imitating 2021 – Move:
Blue Section: The current trajectory suggests a possible reach of $1.4 by June-July, a key target. The price range between ($1.2 – $1.8) is a plausible target.
Yellow Section: Aiming for $4 is feasible if we follow a similar path to 2021.… pic.twitter.com/BMUJSbb5GQ
— EGRAG CRYPTO (@egragcrypto) April 25, 2024
Notable crypto analyst Egrag Crypto has outlined optimistic scenarios, projecting price ranges between $1.20 to $4 – or an increase of around 360%-700% – by mid-summer and September, respectively. These predictions, anchored in historical data and technical analysis, envision a bullish trajectory akin to XRP’s performance in 2021.
XRP market cap currently at $28.7 billion. Chart: TradingView.com
Beyond The Hype: Reasons For Caution
Amidst the fervor surrounding bullish predictions, a note of caution resonates within the cryptocurrency community. The inherent volatility of the market and lingering regulatory uncertainties serve as sobering reminders of the risks associated with investing in XRP.
While past performance may hint at future possibilities, it offers no guarantees in the ever-evolving landscape of digital assets. Moreover, even in the event of a favorable verdict for Ripple, regulatory scrutiny could persist, casting a pall over XRP’s potential growth trajectory.
Legal Battle: A Catalyst For Change?
Fueling the bullish sentiment are analysts like Dark Defender, who emphasize the pivotal role of Ripple’s ongoing legal battle with the US Securities and Exchange Commission (SEC). The outcome of this protracted lawsuit, which alleges Ripple’s violation of securities laws, holds significant implications for XRP’s future.
Prepare your coffee so as not to get #distracted.$XRP is on the verge of a significant pattern, a moment that could shape its #future.
Remember, XRP is not a Security.
Focus on the last candle,
April, May, & June (3 Monthly),
which has no room anymore.
Perseverance. pic.twitter.com/xUFCSqTiGG
— Dark Defender (@DefendDark) April 23, 2024
Despite the regulatory cloud looming over Ripple, partial victories in court have bolstered optimism among supporters, hinting at a possible turnaround in XRP’s fortunes. Dark Defender, in particular, highlights the prospect of a “momentous pattern shift” upon a favorable resolution of the legal dispute, underlining its potential to catalyze a substantial price rally.
Investors On The Edge
The lawsuit, simmering for over three years, has cast a long shadow over XRP’s trajectory. With the SEC seeking a hefty $2 billion fine against Ripple for alleged securities violations, the stakes are undeniably high.
Ripple, on the other hand, maintains its innocence and contests the charges, offering a counter-penalty of a mere $10 million. Yet, the uncertainty stemming from the legal standoff has left investors on edge, wary of the potential ramifications on XRP’s classification and market dynamics.
Featured image from Science Photo Gallery, chart from TradingView
Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.
Source: NewsBTC.com
The post Analysts Call It: XRP Primed For A 700% Surge – Details appeared first on Crypto Breaking News.
XRP Price Wobbles: Downward Trend Or Temporary Dip?
At its current value of approximately $0.52, XRP reflects a market sentiment characterized by uncertainty. However, amidst the downward trend, a chorus of analysts is singing a different tune, foreseeing a potential surge in XRP’s price.
#XRP Imitating 2021 – Move:
Blue Section: The current trajectory suggests a possible reach of $1.4 by June-July, a key target. The price range between ($1.2 – $1.8) is a plausible target.
Yellow Section: Aiming for $4 is feasible if we follow a similar path to 2021.… pic.twitter.com/BMUJSbb5GQ
— EGRAG CRYPTO (@egragcrypto) April 25, 2024
Notable crypto analyst Egrag Crypto has outlined optimistic scenarios, projecting price ranges between $1.20 to $4 – or an increase of around 360%-700% – by mid-summer and September, respectively. These predictions, anchored in historical data and technical analysis, envision a bullish trajectory akin to XRP’s performance in 2021.
XRP market cap currently at $28.7 billion. Chart: TradingView.com
Beyond The Hype: Reasons For Caution
Amidst the fervor surrounding bullish predictions, a note of caution resonates within the cryptocurrency community. The inherent volatility of the market and lingering regulatory uncertainties serve as sobering reminders of the risks associated with investing in XRP.
While past performance may hint at future possibilities, it offers no guarantees in the ever-evolving landscape of digital assets. Moreover, even in the event of a favorable verdict for Ripple, regulatory scrutiny could persist, casting a pall over XRP’s potential growth trajectory.
Legal Battle: A Catalyst For Change?
Fueling the bullish sentiment are analysts like Dark Defender, who emphasize the pivotal role of Ripple’s ongoing legal battle with the US Securities and Exchange Commission (SEC). The outcome of this protracted lawsuit, which alleges Ripple’s violation of securities laws, holds significant implications for XRP’s future.
Prepare your coffee so as not to get #distracted.$XRP is on the verge of a significant pattern, a moment that could shape its #future.
Remember, XRP is not a Security.
Focus on the last candle,
April, May, & June (3 Monthly),
which has no room anymore.
Perseverance. pic.twitter.com/xUFCSqTiGG
— Dark Defender (@DefendDark) April 23, 2024
Despite the regulatory cloud looming over Ripple, partial victories in court have bolstered optimism among supporters, hinting at a possible turnaround in XRP’s fortunes. Dark Defender, in particular, highlights the prospect of a “momentous pattern shift” upon a favorable resolution of the legal dispute, underlining its potential to catalyze a substantial price rally.
Investors On The Edge
The lawsuit, simmering for over three years, has cast a long shadow over XRP’s trajectory. With the SEC seeking a hefty $2 billion fine against Ripple for alleged securities violations, the stakes are undeniably high.
Ripple, on the other hand, maintains its innocence and contests the charges, offering a counter-penalty of a mere $10 million. Yet, the uncertainty stemming from the legal standoff has left investors on edge, wary of the potential ramifications on XRP’s classification and market dynamics.
Featured image from Science Photo Gallery, chart from TradingView
Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.
Source: NewsBTC.com
The post Analysts Call It: XRP Primed For A 700% Surge – Details appeared first on Crypto Breaking News.
Spot Bitcoin ETFs Rocked By Outflows, BTC Price Succumbs To Bears
The Spot Bitcoin ETFs have seen their demand drop since the start of this month, and this was again evident in the considerable outflows recorded on April 26. This poor run has had far-reaching effects on the broader crypto market as Bitcoin’s price has succumbed to unfavorable market conditions.
Spot Bitcoin ETFS Record $217 Million Of Outflows
Farside Investors revealed in an X (formerly Twitter) post that the Spot Bitcoin ETFs recorded $217 million of net outflows on April 25, one of their largest this month. Grayscale’s Bitcoin Trust (GBTC) accounted for most of these outflows, with investors moving $139.4 million out of the fund.
Related Reading: Why Is The Dogecoin Price Down Today?
Some other funds also recorded individual outflows. Ark Invest’s Spot Bitcoin ETF recorded $31.3 million in outflows, while Valkyrie and Bitwise’s ETFs saw $20 million and $6 million in daily outflows, respectively. Notably, Fidelity’s Wise Origin Bitcoin Fund (FBTC) recorded a net daily outflow for the first time since these funds were approved, with $22.6 being moved out of the fund on Thursday.
Meanwhile, BlackRock’s dry spell continued with its iShares Bitcoin Trust (IBIT) recording zero inflows for the second consecutive day. Although the fund has yet to record net daily outflows since launching, this undoubtedly represents a setback, considering that it had, before April 24, recorded 71 consecutive days of daily inflows.
These Spot Bitcoin ETFs’ outflows have led to a wave of sell-offs from the fund issuers to fulfill redemptions. As a result, Bitcoin’s price action has been rather unimpressive as of late, with the flagship crypto experiencing significant price declines due to the heightened selling pressure. This development has put the bears firmly in control, with data from Coinglass showing that more Bitcoin longs than shorts have been liquidated in the last 24 hours.
Macro Economic Factors Also Affecting Bitcoin’s Price
An initial estimate released by the Bureau of Economic Analysis on April 25 showed that the US Gross Domestic Product (GDP) grew at an annual rate of 1.6% in the first quarter, which was way below expectations. This data report further diminishes hopes of rate cuts this year and looks to have played out in investors’ minds as Bitcoin briefly dropped below $63,000 following the report’s release.
Meanwhile, the Personal Consumption Expenditures (PCE) inflation data is set to be released on April 26. This PCE report could come in higher than expectations, adding to the growing concerns about the unlikelihood of rate cuts this year.
Interest rates have significant implications on risk assets, including crypto, and if the Federal Reserve decides to take a hawkish stance, it could negatively impact the crypto market.
BTC price falls toward $63,000 | Source: BTCUSD on Tradingview.com
Featured image from Islam and Bitcoin, chart from Tradingview.com
Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.
Source: NewsBTC.com
The post Spot Bitcoin ETFs Rocked By Outflows, BTC Price Succumbs To Bears appeared first on Crypto Breaking News.
Spot Bitcoin ETFS Record $217 Million Of Outflows
Farside Investors revealed in an X (formerly Twitter) post that the Spot Bitcoin ETFs recorded $217 million of net outflows on April 25, one of their largest this month. Grayscale’s Bitcoin Trust (GBTC) accounted for most of these outflows, with investors moving $139.4 million out of the fund.
Related Reading: Why Is The Dogecoin Price Down Today?
Some other funds also recorded individual outflows. Ark Invest’s Spot Bitcoin ETF recorded $31.3 million in outflows, while Valkyrie and Bitwise’s ETFs saw $20 million and $6 million in daily outflows, respectively. Notably, Fidelity’s Wise Origin Bitcoin Fund (FBTC) recorded a net daily outflow for the first time since these funds were approved, with $22.6 being moved out of the fund on Thursday.
Meanwhile, BlackRock’s dry spell continued with its iShares Bitcoin Trust (IBIT) recording zero inflows for the second consecutive day. Although the fund has yet to record net daily outflows since launching, this undoubtedly represents a setback, considering that it had, before April 24, recorded 71 consecutive days of daily inflows.
These Spot Bitcoin ETFs’ outflows have led to a wave of sell-offs from the fund issuers to fulfill redemptions. As a result, Bitcoin’s price action has been rather unimpressive as of late, with the flagship crypto experiencing significant price declines due to the heightened selling pressure. This development has put the bears firmly in control, with data from Coinglass showing that more Bitcoin longs than shorts have been liquidated in the last 24 hours.
Macro Economic Factors Also Affecting Bitcoin’s Price
An initial estimate released by the Bureau of Economic Analysis on April 25 showed that the US Gross Domestic Product (GDP) grew at an annual rate of 1.6% in the first quarter, which was way below expectations. This data report further diminishes hopes of rate cuts this year and looks to have played out in investors’ minds as Bitcoin briefly dropped below $63,000 following the report’s release.
Meanwhile, the Personal Consumption Expenditures (PCE) inflation data is set to be released on April 26. This PCE report could come in higher than expectations, adding to the growing concerns about the unlikelihood of rate cuts this year.
Interest rates have significant implications on risk assets, including crypto, and if the Federal Reserve decides to take a hawkish stance, it could negatively impact the crypto market.
BTC price falls toward $63,000 | Source: BTCUSD on Tradingview.com
Featured image from Islam and Bitcoin, chart from Tradingview.com
Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.
Source: NewsBTC.com
The post Spot Bitcoin ETFs Rocked By Outflows, BTC Price Succumbs To Bears appeared first on Crypto Breaking News.
After WIF, BONK, BODEN: Top Crypto Trader Now Buys These 2 Memecoins
Memecoins are once making waves in the crypto market. In the last 24 hours, 4 of the 10 best-performing cryptocurrencies in the top 100 are meme coins. The biggest gainers include BONK (+10.2%), PEPE (+4.8%), WIF (+4.7%) and FLOKI (+4.1%). With meme coins slowly regaining, crypto traders are seemingly focusing on lesser-known coins.
Top Crypto Trader Focuses On These 2 Memecoins
According to data from on-chain analysis service Lookonchain, the renowned crypto trader known as “paulo.sol” has been making significant moves into new memecoin territories. Paulo.sol, who has previously amassed substantial profits from meme coins like BONK, WIF, and BODEN, is now shifting his focus to acquiring significant stakes in PUPS and POPCAT.
What a legend!
paulo.sol has realized profits of $9.51M on $WIF , $7.04M on $boden and $6.28M on $BONK .
1/ Let’s dig into his trades to see what he’s buying. pic.twitter.com/2axUwHb3el
— Lookonchain (@lookonchain) April 26, 2024
Lookonchain’s recent posts on X (formerly Twitter) provide a deep dive into paulo.sol’s past and present investment patterns. “What a legend! Paulo.sol has realized profits of $9.51M on WIF, $7.04M on BODEN, and $6.28M on BONK,” Lookonchain tweeted. In total, the crypto trader has made $22 million in realized profits.
The posts further reveal that paulo.sol bought into BONK early in November 2023, capturing substantial gains as its value surged. “As early as Nov 11, 2023, paulo.sol noticed the rising of BONK and bought BONK. He made ~$6.28M by buying BONK at low prices and selling at high,” the data provider stated.
The crypto trader continued his strategy by investing in WIF and BODEN in December 2023 and March 2024, respectively, following their sharp price increases. Notably, “paulo.sol did not buy WIF and BODEN when they first went online, but paid attention to and bought heavily when they first rose sharply,” Lookonchain observes.
As of now, paulo.sol continues to hold 12.87 million BODEN tokens valued at approximately $7.6 million and 1.87 million WIF tokens worth around $5.7 million. However, his most recent activities show a pivot towards new meme coins, PUPS and POPCAT, sparking interest among investors and analysts alike.
Lookonchain noted, “We noticed that paulo.sol is buying PUPS and POPCAT recently. He spent $1.77M to buy 4.3M POPCAT at $0.42 today. And he has spent $5.97M to buy 101,712 PUPS at $59 since Apr 11, becoming the largest holder of PUPS on Solana.”
The impact of paulo.sol’s investment has been palpable in the market dynamics of the newly favored meme coins. Despite a general downturn in the memecoin sector, POPCAT’s price surged by 52% today, trading at approximately $0.51 with a trading volume increase of 51% to $166 million. Over the past nine days, POPCAT has risen a whopping 410%.
On the other hand, PUPS is seeing a price drop of 4.2% today, trading at $36.96, with a 27% fall in trading volume to $2.82 million. Since reaching an all-time high above $152 on April 14 (on Coinex), the PUPS price is down more than 78%.
PUPS price, 4-hour chart | Source: PUPSUSD on TradingView.com
Featured image from Binance Academy, chart from TradingView.com
Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.
Source: NewsBTC.com
The post After WIF, BONK, BODEN: Top Crypto Trader Now Buys These 2 Memecoins appeared first on Crypto Breaking News.
Top Crypto Trader Focuses On These 2 Memecoins
According to data from on-chain analysis service Lookonchain, the renowned crypto trader known as “paulo.sol” has been making significant moves into new memecoin territories. Paulo.sol, who has previously amassed substantial profits from meme coins like BONK, WIF, and BODEN, is now shifting his focus to acquiring significant stakes in PUPS and POPCAT.
What a legend!
paulo.sol has realized profits of $9.51M on $WIF , $7.04M on $boden and $6.28M on $BONK .
1/ Let’s dig into his trades to see what he’s buying. pic.twitter.com/2axUwHb3el
— Lookonchain (@lookonchain) April 26, 2024
Lookonchain’s recent posts on X (formerly Twitter) provide a deep dive into paulo.sol’s past and present investment patterns. “What a legend! Paulo.sol has realized profits of $9.51M on WIF, $7.04M on BODEN, and $6.28M on BONK,” Lookonchain tweeted. In total, the crypto trader has made $22 million in realized profits.
The posts further reveal that paulo.sol bought into BONK early in November 2023, capturing substantial gains as its value surged. “As early as Nov 11, 2023, paulo.sol noticed the rising of BONK and bought BONK. He made ~$6.28M by buying BONK at low prices and selling at high,” the data provider stated.
The crypto trader continued his strategy by investing in WIF and BODEN in December 2023 and March 2024, respectively, following their sharp price increases. Notably, “paulo.sol did not buy WIF and BODEN when they first went online, but paid attention to and bought heavily when they first rose sharply,” Lookonchain observes.
As of now, paulo.sol continues to hold 12.87 million BODEN tokens valued at approximately $7.6 million and 1.87 million WIF tokens worth around $5.7 million. However, his most recent activities show a pivot towards new meme coins, PUPS and POPCAT, sparking interest among investors and analysts alike.
Lookonchain noted, “We noticed that paulo.sol is buying PUPS and POPCAT recently. He spent $1.77M to buy 4.3M POPCAT at $0.42 today. And he has spent $5.97M to buy 101,712 PUPS at $59 since Apr 11, becoming the largest holder of PUPS on Solana.”
The impact of paulo.sol’s investment has been palpable in the market dynamics of the newly favored meme coins. Despite a general downturn in the memecoin sector, POPCAT’s price surged by 52% today, trading at approximately $0.51 with a trading volume increase of 51% to $166 million. Over the past nine days, POPCAT has risen a whopping 410%.
On the other hand, PUPS is seeing a price drop of 4.2% today, trading at $36.96, with a 27% fall in trading volume to $2.82 million. Since reaching an all-time high above $152 on April 14 (on Coinex), the PUPS price is down more than 78%.
PUPS price, 4-hour chart | Source: PUPSUSD on TradingView.com
Featured image from Binance Academy, chart from TradingView.com
Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.
Source: NewsBTC.com
The post After WIF, BONK, BODEN: Top Crypto Trader Now Buys These 2 Memecoins appeared first on Crypto Breaking News.
DOGE Price Prediction – Dogecoin Below $0.14 Could Spark Larger Degree Drop
Dogecoin is struggling to rise above the $0.1650 resistance zone against the US Dollar. DOGE could decline heavily if it settles below the $0.140 support.
DOGE is facing many hurdles near the $0.1650 and $0.170 levels against the US dollar.
The price is trading below the $0.1620 level and the 100 simple moving average (4 hours).
There is a major bearish trend line forming with resistance at $0.1620 on the 4-hour chart of the DOGE/USD pair (data source from Kraken).
The price must settle above $0.170 to move into a positive zone and start a fresh surge.
Dogecoin Price Signals Downturn
After a major decline, Dogecoin price started a recovery wave from the $0.1280 zone. A low was formed at $0.1283 and DOGE climbed above $0.1350, like Bitcoin and Ethereum.
There was a move above the $0.1385 and $0.140 resistance levels. The price climbed above the 23.6% Fib retracement level of the downward move from the $0.2092 swing high to the $0.1283 low. However, the bears protected more gains above the $0.170 resistance.
The price failed to test the 50% Fib retracement level of the downward move from the $0.2092 swing high to the $0.1283 low. There is also a major bearish trend line forming with resistance at $0.1620 on the 4-hour chart of the DOGE/USD pair.
Dogecoin is also below the $0.160 level and the 100 simple moving average (4 hours). On the upside, the price is facing resistance near the $0.160 level.
Source: DOGEUSD on TradingView.com
The next major resistance is near the $0.1680 level. The main hurdle is at $0.170. A close above the $0.170 resistance might send the price toward the $0.1850 resistance. Any more gains might send the price toward the $0.20 level.
More Losses in DOGE?
If DOGE’s price fails to gain pace above the $0.160 level, it could start another decline. Initial support on the downside is near the $0.1475 level.
The next major support is near the $0.1400 level. If there is a downside break below the $0.1400 support, the price could decline further. In the stated case, the price might decline toward the $0.120 level.
Technical Indicators
4 Hours MACD – The MACD for DOGE/USD is now gaining momentum in the bearish zone.
4 Hours RSI (Relative Strength Index) – The RSI for DOGE/USD is now below the 50 level.
Major Support Levels – $0.1475, $0.1400 and $0.1200.
Major Resistance Levels – $0.1600, $0.1680, and $0.1700.
Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.
Source: NewsBTC.com
The post DOGE Price Prediction – Dogecoin Below $0.14 Could Spark Larger Degree Drop appeared first on Crypto Breaking News.
DOGE is facing many hurdles near the $0.1650 and $0.170 levels against the US dollar.
The price is trading below the $0.1620 level and the 100 simple moving average (4 hours).
There is a major bearish trend line forming with resistance at $0.1620 on the 4-hour chart of the DOGE/USD pair (data source from Kraken).
The price must settle above $0.170 to move into a positive zone and start a fresh surge.
Dogecoin Price Signals Downturn
After a major decline, Dogecoin price started a recovery wave from the $0.1280 zone. A low was formed at $0.1283 and DOGE climbed above $0.1350, like Bitcoin and Ethereum.
There was a move above the $0.1385 and $0.140 resistance levels. The price climbed above the 23.6% Fib retracement level of the downward move from the $0.2092 swing high to the $0.1283 low. However, the bears protected more gains above the $0.170 resistance.
The price failed to test the 50% Fib retracement level of the downward move from the $0.2092 swing high to the $0.1283 low. There is also a major bearish trend line forming with resistance at $0.1620 on the 4-hour chart of the DOGE/USD pair.
Dogecoin is also below the $0.160 level and the 100 simple moving average (4 hours). On the upside, the price is facing resistance near the $0.160 level.
Source: DOGEUSD on TradingView.com
The next major resistance is near the $0.1680 level. The main hurdle is at $0.170. A close above the $0.170 resistance might send the price toward the $0.1850 resistance. Any more gains might send the price toward the $0.20 level.
More Losses in DOGE?
If DOGE’s price fails to gain pace above the $0.160 level, it could start another decline. Initial support on the downside is near the $0.1475 level.
The next major support is near the $0.1400 level. If there is a downside break below the $0.1400 support, the price could decline further. In the stated case, the price might decline toward the $0.120 level.
Technical Indicators
4 Hours MACD – The MACD for DOGE/USD is now gaining momentum in the bearish zone.
4 Hours RSI (Relative Strength Index) – The RSI for DOGE/USD is now below the 50 level.
Major Support Levels – $0.1475, $0.1400 and $0.1200.
Major Resistance Levels – $0.1600, $0.1680, and $0.1700.
Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.
Source: NewsBTC.com
The post DOGE Price Prediction – Dogecoin Below $0.14 Could Spark Larger Degree Drop appeared first on Crypto Breaking News.
Is SUI Sinking? TVL Tanks As Crypto Price Fails To Keep Afloat
For crypto investors, the last several weeks have been a rollercoaster, with many assets seeing price dips and failing to post meaningful gains. The short-term outlook is bleak, despite some analysts’ continued optimism on the market’s long-term prospects.
Halving Hype Fades
Even the granddaddy of cryptocurrencies, Bitcoin (BTC), hasn’t been immune to the market downturn. Currently trading around $63,400, BTC is down 5% in the past day and a staggering 13% from its all-time high of over $73,000.
This sluggish performance follows the recent Bitcoin halving event, which some enthusiasts believed would trigger a price surge. However, market experts had predicted otherwise, and it seems their forecasts were on point.
The halving, which cuts the number of new Bitcoins entering circulation in half every four years, is intended to control inflation and theoretically increase scarcity over time. However, its impact on short-term price movements appears minimal.
SUI Ecosystem Feels The Squeeze
One cryptocurrency experiencing a particularly harsh beating is Sui (SUI), the native token of the Sui blockchain ecosystem. SUI has been on a downward trajectory for the past week, plummeting a staggering 30% from its all-time high of $2.20.
This week alone, SUI has dipped as low as $1.15 before experiencing a brief uptick, only to fall again. The current price sits around $1.18, reflecting a 10% loss in the past 24 hours.
SUI 24-hour price action. Source: Coingecko
SUI’s TVL Tumbles
Adding to Sui’s woes is the significant decline in its total value locked. TVL refers to the total amount of cryptocurrency locked in DeFi (Decentralized Finance) protocols within a particular blockchain ecosystem.
Source: Defillama
A high TVL indicates strong user activity and locked funds, which are seen as positive indicators for the health of the ecosystem. Unfortunately for Sui, its TVL has tumbled 30% from its record high earlier this year, currently sitting at around $535 million according to DefiLlama data.
This drop in TVL suggests a decrease in user engagement and locked funds within the Sui ecosystem, mirroring the broader negative sentiment.
SUIUSD trading at $1.18 on the daily chart: TradingView.com
Broader Market Correction Or Underlying Issues?
The current market slump isn’t limited to Sui or even Bitcoin. Major altcoins like Ethereum, Solana, and Curve DAO have also seen losses ranging from 4% to 6% over the past week. This suggests a broader market correction rather than an issue specific to Sui.
Analysts point to several factors potentially contributing to the downturn, including rising inflation concerns, ongoing geopolitical tensions, and a general risk-off sentiment among investors.
What Lies Ahead For Crypto?
While the short-term outlook for the crypto market appears uncertain, many analysts remain optimistic about the long-term potential of the technology. The underlying innovation and potential for disruption across various sectors continue to attract interest.
However, navigating the current volatility will likely require a strong stomach and a long-term investment horizon for those looking to weather the storm.
Featured image from Charleston Dermatology, chart from TradingView
Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.
Source: NewsBTC.com
The post Is SUI Sinking? TVL Tanks As Crypto Price Fails To Keep Afloat appeared first on Crypto Breaking News.
Halving Hype Fades
Even the granddaddy of cryptocurrencies, Bitcoin (BTC), hasn’t been immune to the market downturn. Currently trading around $63,400, BTC is down 5% in the past day and a staggering 13% from its all-time high of over $73,000.
This sluggish performance follows the recent Bitcoin halving event, which some enthusiasts believed would trigger a price surge. However, market experts had predicted otherwise, and it seems their forecasts were on point.
The halving, which cuts the number of new Bitcoins entering circulation in half every four years, is intended to control inflation and theoretically increase scarcity over time. However, its impact on short-term price movements appears minimal.
SUI Ecosystem Feels The Squeeze
One cryptocurrency experiencing a particularly harsh beating is Sui (SUI), the native token of the Sui blockchain ecosystem. SUI has been on a downward trajectory for the past week, plummeting a staggering 30% from its all-time high of $2.20.
This week alone, SUI has dipped as low as $1.15 before experiencing a brief uptick, only to fall again. The current price sits around $1.18, reflecting a 10% loss in the past 24 hours.
SUI 24-hour price action. Source: Coingecko
SUI’s TVL Tumbles
Adding to Sui’s woes is the significant decline in its total value locked. TVL refers to the total amount of cryptocurrency locked in DeFi (Decentralized Finance) protocols within a particular blockchain ecosystem.
Source: Defillama
A high TVL indicates strong user activity and locked funds, which are seen as positive indicators for the health of the ecosystem. Unfortunately for Sui, its TVL has tumbled 30% from its record high earlier this year, currently sitting at around $535 million according to DefiLlama data.
This drop in TVL suggests a decrease in user engagement and locked funds within the Sui ecosystem, mirroring the broader negative sentiment.
SUIUSD trading at $1.18 on the daily chart: TradingView.com
Broader Market Correction Or Underlying Issues?
The current market slump isn’t limited to Sui or even Bitcoin. Major altcoins like Ethereum, Solana, and Curve DAO have also seen losses ranging from 4% to 6% over the past week. This suggests a broader market correction rather than an issue specific to Sui.
Analysts point to several factors potentially contributing to the downturn, including rising inflation concerns, ongoing geopolitical tensions, and a general risk-off sentiment among investors.
What Lies Ahead For Crypto?
While the short-term outlook for the crypto market appears uncertain, many analysts remain optimistic about the long-term potential of the technology. The underlying innovation and potential for disruption across various sectors continue to attract interest.
However, navigating the current volatility will likely require a strong stomach and a long-term investment horizon for those looking to weather the storm.
Featured image from Charleston Dermatology, chart from TradingView
Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.
Source: NewsBTC.com
The post Is SUI Sinking? TVL Tanks As Crypto Price Fails To Keep Afloat appeared first on Crypto Breaking News.
Shiba Inu Price Prediction: Can Meme Coin Hit $0.001 This Year? Investor Makes Daring Call
The world of cryptocurrencies is abuzz with speculation once again, this time centered around Shiba Inu (SHIB), the Dogecoin-inspired meme coin. Prominent Bitcoin investor Armando Pantoja has thrown down the gauntlet, predicting a price surge for SHIB, potentially reaching $0.001 by the end of 2025. This ambitious target has reignited discussions about SHIB’s potential and its ability to carve a niche beyond its meme-coin origins.
SHIB’s past is a story of remarkable growth. In 2021, the meme coin defied expectations, experiencing a meteoric rise of over 800,000%. This phenomenal journey minted crypto millionaires and captured the imagination of retail investors. However, unlike established players like Bitcoin and Ethereum, SHIB’s initial value proposition was primarily driven by its meme status and community enthusiasm.
My #crypto price targets for 2024-2025$BTC: $100k-$250k$ETH: $10k-$15k$XRP: $3-$6$SHIB : $0.001+$DOGE: $1$SOL: $500-$1000$AVAX: $100+$ICP: $100+$INJ: $100-$200$PRO: $10-$20$HBAR: $5-$10
— Armando Pantoja (@_TallGuyTycoon) April 24, 2024
However, the tides appear to be shifting. Recognizing the need for more than just viral appeal, the Shiba Inu team has been actively developing its ecosystem. A central initiative in this effort is the upcoming Shibarium hardfork, scheduled for launch on May 2nd. This upgrade aims to introduce Shibarium, a layer-2 scaling solution designed to address scalability concerns and enhance user experience.
Shibarium: A Potential Ethereum Killer?
The potential impact of Shibarium is drawing comparisons to the highly anticipated Ethereum 2.0 upgrade. Ethereum, the world’s second-largest cryptocurrency by market cap, has long grappled with scalability issues, leading to high transaction fees and network congestion.
Ethereum 2.0 promises to address these challenges by transitioning to a proof-of-stake consensus mechanism, offering faster processing times and lower fees. However, its development has faced delays, leaving a gap in the market for user-friendly alternatives.
SHIB market cap currently at $15 billion. Chart: TradingView.com
Shibarium’s success could position SHIB as a more attractive option for developers seeking to build decentralized applications (dApps). By offering faster and cheaper transactions, Shibarium could potentially lure developers away from Ethereum, especially those focused on projects requiring frequent interactions and lower costs. This scenario could mirror the way Ethereum itself disrupted the dominance of Bitcoin in the early days of decentralized finance (DeFi).
1/ SHIBARMY, we are on the brink of a transformative upgrade for Shibarium.
Through an upcoming hard fork expected to go live on May 2nd, we’re introducing a suite of new features designed to enhance user experience and empower our community of innovators and developers.
— Shib (@Shibtoken) April 25, 2024
A Major Obstacle
Despite the optimism surrounding Shibarium, reaching $0.001 by 2025 remains a significant hurdle. The cryptocurrency market is inherently volatile, and unforeseen events can drastically impact prices. Widespread adoption of Shibarium is crucial for long-term growth, and its success hinges on attracting developers and users to build a robust ecosystem.
As of the time of publication, Shiba Inu is trading at $0.00002459, indicating a decrease of 9% over the previous day. For Shiba Inu to potentially reach a price higher than $0.001 this year, it needs to increase by nearly 4,000%.
Meanwhile, some analysts remain cautious. While acknowledging SHIB’s past gains, they point to the dominance of established cryptocurrencies like Ethereum and the overall market conditions. Platforms like Telegaon offer a more conservative outlook, predicting a maximum price of $0.0000728 for SHIB by 2025, falling short of its all-time high.
Featured image from Pixabay, chart from TradingView
Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.
Source: NewsBTC.com
The post Shiba Inu Price Prediction: Can Meme Coin Hit $0.001 This Year? Investor Makes Daring Call appeared first on Crypto Breaking News.
SHIB’s past is a story of remarkable growth. In 2021, the meme coin defied expectations, experiencing a meteoric rise of over 800,000%. This phenomenal journey minted crypto millionaires and captured the imagination of retail investors. However, unlike established players like Bitcoin and Ethereum, SHIB’s initial value proposition was primarily driven by its meme status and community enthusiasm.
My #crypto price targets for 2024-2025$BTC: $100k-$250k$ETH: $10k-$15k$XRP: $3-$6$SHIB : $0.001+$DOGE: $1$SOL: $500-$1000$AVAX: $100+$ICP: $100+$INJ: $100-$200$PRO: $10-$20$HBAR: $5-$10
— Armando Pantoja (@_TallGuyTycoon) April 24, 2024
However, the tides appear to be shifting. Recognizing the need for more than just viral appeal, the Shiba Inu team has been actively developing its ecosystem. A central initiative in this effort is the upcoming Shibarium hardfork, scheduled for launch on May 2nd. This upgrade aims to introduce Shibarium, a layer-2 scaling solution designed to address scalability concerns and enhance user experience.
Shibarium: A Potential Ethereum Killer?
The potential impact of Shibarium is drawing comparisons to the highly anticipated Ethereum 2.0 upgrade. Ethereum, the world’s second-largest cryptocurrency by market cap, has long grappled with scalability issues, leading to high transaction fees and network congestion.
Ethereum 2.0 promises to address these challenges by transitioning to a proof-of-stake consensus mechanism, offering faster processing times and lower fees. However, its development has faced delays, leaving a gap in the market for user-friendly alternatives.
SHIB market cap currently at $15 billion. Chart: TradingView.com
Shibarium’s success could position SHIB as a more attractive option for developers seeking to build decentralized applications (dApps). By offering faster and cheaper transactions, Shibarium could potentially lure developers away from Ethereum, especially those focused on projects requiring frequent interactions and lower costs. This scenario could mirror the way Ethereum itself disrupted the dominance of Bitcoin in the early days of decentralized finance (DeFi).
1/ SHIBARMY, we are on the brink of a transformative upgrade for Shibarium.
Through an upcoming hard fork expected to go live on May 2nd, we’re introducing a suite of new features designed to enhance user experience and empower our community of innovators and developers.
— Shib (@Shibtoken) April 25, 2024
A Major Obstacle
Despite the optimism surrounding Shibarium, reaching $0.001 by 2025 remains a significant hurdle. The cryptocurrency market is inherently volatile, and unforeseen events can drastically impact prices. Widespread adoption of Shibarium is crucial for long-term growth, and its success hinges on attracting developers and users to build a robust ecosystem.
As of the time of publication, Shiba Inu is trading at $0.00002459, indicating a decrease of 9% over the previous day. For Shiba Inu to potentially reach a price higher than $0.001 this year, it needs to increase by nearly 4,000%.
Meanwhile, some analysts remain cautious. While acknowledging SHIB’s past gains, they point to the dominance of established cryptocurrencies like Ethereum and the overall market conditions. Platforms like Telegaon offer a more conservative outlook, predicting a maximum price of $0.0000728 for SHIB by 2025, falling short of its all-time high.
Featured image from Pixabay, chart from TradingView
Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.
Source: NewsBTC.com
The post Shiba Inu Price Prediction: Can Meme Coin Hit $0.001 This Year? Investor Makes Daring Call appeared first on Crypto Breaking News.
Crypto Bull Run Set To Return Next Week, Predicts Arthur Hayes
Arthur Hayes, co-founder and former CEO of the cryptocurrency exchange BitMEX, took to X to provide a detailed analysis of the US economic landscape and its potential effects on the crypto market. With a reputation for incisive commentary and a deep understanding of both traditional and digital finance, Hayes’s insights are closely watched by industry participants.
Why The Crypto Bull Run Will Return As Soon As Monday
In a post, Hayes noted a significant increase in the Treasury General Account (TGA), which he attributed to an influx of approximately $200 billion from tax receipts. “As expected tax receipts added roughly $200bn to TGA,” Hayes stated, setting the stage for a broader discussion on potential implications for financial markets.
Hayes then shifted focus to upcoming decisions by US Treasury Secretary Janet Yellen concerning the management of the TGA. With a tone mixing respect and sternness, he outlined several potential scenarios, each with profound implications for market liquidity. “Forget about the May Fed meeting. The 2Q24 refunding announcement comes out next week. What games will [Janet] Yellen play, here are some options,” Hayes remarked.
Firstly, he suggested that by “stopping issuing treasuries by running down the TGA to zero,” Yellen could unleash a $1 trillion liquidity injection into the economy. This strategy would involve using the accumulated funds in the TGA for federal spending without issuing new debt, thus directly boosting the money supply.
Secondly, Hayes speculated about “shifting more borrowing to T-bills, which removes money from RRP,” resulting in a $400 billion liquidity boost. This maneuver would involve the Treasury opting for shorter-duration debt instruments, which typically carry lower interest rates but increase the turnover of government securities. This could potentially draw funds away from the overnight reverse repo market, where financial institutions temporarily park their excess cash.
Combining these two approaches, according to Hayes, could lead to “a $1.4 trillion injection of liquidity” if Yellen decides to both cease long-term bond issuance and ramp up the issuance of bills while depleting both TGA and RRP accounts. Hayes emphatically noted, “The Fed is irrelevant, Yellen is a bad bitch, you best respect her.” This statement underscores his belief in the significant impact of Treasury actions over Federal Reserve policies in the current economic setup.
Hayes predicted that these actions could lead to a bullish response in the stock market and, more crucially, a rapid acceleration in the crypto market. “If any of these three options happen, expect a rally in stonks and most importantly a re-acceleration of the crypto bull market,” he explained.
The implications of such fiscal strategies are significant. Increased liquidity typically diminishes the appeal of low-yield investments like bonds and encourages the pursuit of higher returns in riskier assets, including equities and cryptocurrencies. Moreover, a shift in market sentiment toward ‘risk-on’ could see substantial capital flows into the crypto space, perceived as a high-growth, albeit volatile, investment frontier.
In conclusion, Hayes’ analysis suggests that the coming week – the refunding announcement comes on Monday, April 29 – could be critical for market watchers. His perspective, drawing from deep financial expertise, points to a possible pivotal shift in US fiscal policy that could ripple through global markets. For crypto investors, these developments could signal important movements, underlining the need for vigilance and readiness to respond to new economic signals.
At press time, BTC traded at $64,483.
Bitcoin price, 4-hour chart | Source: BTCUSD on TradingView.com
Featured image from Shutterstock, chart from TradingView.com
Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.
Source: NewsBTC.com
The post Crypto Bull Run Set To Return Next Week, Predicts Arthur Hayes appeared first on Crypto Breaking News.
Why The Crypto Bull Run Will Return As Soon As Monday
In a post, Hayes noted a significant increase in the Treasury General Account (TGA), which he attributed to an influx of approximately $200 billion from tax receipts. “As expected tax receipts added roughly $200bn to TGA,” Hayes stated, setting the stage for a broader discussion on potential implications for financial markets.
Hayes then shifted focus to upcoming decisions by US Treasury Secretary Janet Yellen concerning the management of the TGA. With a tone mixing respect and sternness, he outlined several potential scenarios, each with profound implications for market liquidity. “Forget about the May Fed meeting. The 2Q24 refunding announcement comes out next week. What games will [Janet] Yellen play, here are some options,” Hayes remarked.
Firstly, he suggested that by “stopping issuing treasuries by running down the TGA to zero,” Yellen could unleash a $1 trillion liquidity injection into the economy. This strategy would involve using the accumulated funds in the TGA for federal spending without issuing new debt, thus directly boosting the money supply.
Secondly, Hayes speculated about “shifting more borrowing to T-bills, which removes money from RRP,” resulting in a $400 billion liquidity boost. This maneuver would involve the Treasury opting for shorter-duration debt instruments, which typically carry lower interest rates but increase the turnover of government securities. This could potentially draw funds away from the overnight reverse repo market, where financial institutions temporarily park their excess cash.
Combining these two approaches, according to Hayes, could lead to “a $1.4 trillion injection of liquidity” if Yellen decides to both cease long-term bond issuance and ramp up the issuance of bills while depleting both TGA and RRP accounts. Hayes emphatically noted, “The Fed is irrelevant, Yellen is a bad bitch, you best respect her.” This statement underscores his belief in the significant impact of Treasury actions over Federal Reserve policies in the current economic setup.
Hayes predicted that these actions could lead to a bullish response in the stock market and, more crucially, a rapid acceleration in the crypto market. “If any of these three options happen, expect a rally in stonks and most importantly a re-acceleration of the crypto bull market,” he explained.
The implications of such fiscal strategies are significant. Increased liquidity typically diminishes the appeal of low-yield investments like bonds and encourages the pursuit of higher returns in riskier assets, including equities and cryptocurrencies. Moreover, a shift in market sentiment toward ‘risk-on’ could see substantial capital flows into the crypto space, perceived as a high-growth, albeit volatile, investment frontier.
In conclusion, Hayes’ analysis suggests that the coming week – the refunding announcement comes on Monday, April 29 – could be critical for market watchers. His perspective, drawing from deep financial expertise, points to a possible pivotal shift in US fiscal policy that could ripple through global markets. For crypto investors, these developments could signal important movements, underlining the need for vigilance and readiness to respond to new economic signals.
At press time, BTC traded at $64,483.
Bitcoin price, 4-hour chart | Source: BTCUSD on TradingView.com
Featured image from Shutterstock, chart from TradingView.com
Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.
Source: NewsBTC.com
The post Crypto Bull Run Set To Return Next Week, Predicts Arthur Hayes appeared first on Crypto Breaking News.
85% Of Altcoins In “Opportunity Zone,” Santiment Reveals
The on-chain analytics firm Santiment has revealed that over 85% of all altcoins in the sector are currently in the historical “opportunity zone.”
MVRV Would Suggest Most Altcoins Are Ready For A Bounce
In a new post on X, Santiment discussed how the altcoin market looks based on their MVRV ratio model. The “Market Value to Realized Value (MVRV) ratio” is a popular on-chain indicator that compares the market cap of Bitcoin against its realized cap.
The market cap here is the usual total valuation of the asset’s circulating supply based on the current spot price. At the same time, the latter is an on-chain capitalization model that calculates the asset’s value by assuming the “true” value of any coin in circulation is the last price at which it is transferred on the blockchain.
Given that the last transaction of any coin would have likely been the last time it changed hands, the price at its time would act as its current cost basis. As such, the realized cap essentially sums up the cost basis of every token in the circulating supply.
Therefore, one way to view the model is as a measure of the total amount of capital the investors have put into the asset. In contrast, the market cap measures the value holders are carrying.
Since the MVRV ratio compares these two models, its value can tell whether Bitcoin investors hold more or less than their total initial investment.
Historically, when investors have been in high profits, tops have become probable to form, as the risk of profit-taking can spike in such periods. On the other hand, a dominance of losses could lead to bottom formations as selling pressure runs out in the market.
Based on these facts, Santiment has defined an “opportunity” and “danger” zone model for altcoins. The chart below shows how the market currently looks from the perspective of this MVRV model.
The data for the MVRV divergence for the various altcoins | Source: Santiment on X
Under this model, when the MVRV divergence for any asset on some timeframe is higher than 1, the coin is considered to be inside the bullish opportunity zone. Similarly, if it is less than -1, it suggests it’s in the bearish danger zone.
The chart shows that MVRV divergence for a large part of the market is in the opportunity zone right now. As the analytics firm explains,
Over 85% of assets we track are in a historic opportunity zone when calculating the market value to realized value (MVRV) of wallets’ collective returns over 1-month, 3-month, and 6-month cycles.
Thus, if the model is to go by, now may be the time to go around altcoin shopping.
ETH Price
Ethereum, the largest among the altcoins, has observed a 3% surge over the past week, which has taken its price to $3,150.
Looks like the price of the asset has gone up over the last few days | Source: ETHUSD on TradingView
Featured image from Shutterstock.com, Santiment.net, chart from TradingView.com
Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.
Source: NewsBTC.com
The post 85% Of Altcoins In “Opportunity Zone,” Santiment Reveals appeared first on Crypto Breaking News.
MVRV Would Suggest Most Altcoins Are Ready For A Bounce
In a new post on X, Santiment discussed how the altcoin market looks based on their MVRV ratio model. The “Market Value to Realized Value (MVRV) ratio” is a popular on-chain indicator that compares the market cap of Bitcoin against its realized cap.
The market cap here is the usual total valuation of the asset’s circulating supply based on the current spot price. At the same time, the latter is an on-chain capitalization model that calculates the asset’s value by assuming the “true” value of any coin in circulation is the last price at which it is transferred on the blockchain.
Given that the last transaction of any coin would have likely been the last time it changed hands, the price at its time would act as its current cost basis. As such, the realized cap essentially sums up the cost basis of every token in the circulating supply.
Therefore, one way to view the model is as a measure of the total amount of capital the investors have put into the asset. In contrast, the market cap measures the value holders are carrying.
Since the MVRV ratio compares these two models, its value can tell whether Bitcoin investors hold more or less than their total initial investment.
Historically, when investors have been in high profits, tops have become probable to form, as the risk of profit-taking can spike in such periods. On the other hand, a dominance of losses could lead to bottom formations as selling pressure runs out in the market.
Based on these facts, Santiment has defined an “opportunity” and “danger” zone model for altcoins. The chart below shows how the market currently looks from the perspective of this MVRV model.
The data for the MVRV divergence for the various altcoins | Source: Santiment on X
Under this model, when the MVRV divergence for any asset on some timeframe is higher than 1, the coin is considered to be inside the bullish opportunity zone. Similarly, if it is less than -1, it suggests it’s in the bearish danger zone.
The chart shows that MVRV divergence for a large part of the market is in the opportunity zone right now. As the analytics firm explains,
Over 85% of assets we track are in a historic opportunity zone when calculating the market value to realized value (MVRV) of wallets’ collective returns over 1-month, 3-month, and 6-month cycles.
Thus, if the model is to go by, now may be the time to go around altcoin shopping.
ETH Price
Ethereum, the largest among the altcoins, has observed a 3% surge over the past week, which has taken its price to $3,150.
Looks like the price of the asset has gone up over the last few days | Source: ETHUSD on TradingView
Featured image from Shutterstock.com, Santiment.net, chart from TradingView.com
Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.
Source: NewsBTC.com
The post 85% Of Altcoins In “Opportunity Zone,” Santiment Reveals appeared first on Crypto Breaking News.
Ethereum Price Faces Crucial Test: Will $3,200 Withstand The Pressure?
Ethereum price is attempting a recovery wave above the $3,125 zone. ETH must clear the $3,200 resistance to continue higher in the near term.
Ethereum extended losses and tested the $3,075 support zone.
The price is trading below $3,180 and the 100-hourly Simple Moving Average.
There is a key rising channel forming with support at $3,140 on the hourly chart of ETH/USD (data feed via Kraken).
The pair could continue to move down if it trades below the $3,125 support.
Ethereum Price Faces Resistance
Ethereum price struggled to recover and extended losses below the $3,100 level. ETH traded as low as $3,074 and is currently attempting another recovery wave, like Bitcoin.
There was a minor increase above the $3,125 resistance. The price climbed above the 23.6% Fib retracement level of the recent drop from the $3,292 swing high to the $3,074 low. However, the bears are active near the $3,200 resistance zone.
Ethereum is now trading below $3,180 and the 100-hourly Simple Moving Average. There is also a key rising channel forming with support at $3,140 on the hourly chart of ETH/USD. Immediate resistance is near the $3,180 level and the 100-hourly Simple Moving Average.
The first major resistance is near the $3,200 level or the 61.8% Fib retracement level of the recent drop from the $3,292 swing high to the $3,074 low.
Source: ETHUSD on TradingView.com
The next key resistance sits at $3,240, above which the price might gain traction and rise toward the $3,280 level. A close above the $3,280 resistance could send the price toward the $3,350 resistance. If there is a move above the $3,350 resistance, Ethereum could even test the $3,500 resistance. Any more gains could send Ether toward the $3,550 resistance zone.
More Downsides In ETH?
If Ethereum fails to clear the $3,180 resistance, it could continue to move down. Initial support on the downside is near the $3,125 level. The first major support is near the $3,075 zone.
The main support is near the $3,030 level. A clear move below the $3,030 support might set the pace for more losses and send the price toward $2,880. Any more losses might send the price toward the $2,750 level in the near term.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is losing momentum in the bearish zone.
Hourly RSI – The RSI for ETH/USD is now below the 50 level.
Major Support Level – $3,125
Major Resistance Level – $3,200
Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.
Source: NewsBTC.com
The post Ethereum Price Faces Crucial Test: Will $3,200 Withstand The Pressure? appeared first on Crypto Breaking News.
Ethereum extended losses and tested the $3,075 support zone.
The price is trading below $3,180 and the 100-hourly Simple Moving Average.
There is a key rising channel forming with support at $3,140 on the hourly chart of ETH/USD (data feed via Kraken).
The pair could continue to move down if it trades below the $3,125 support.
Ethereum Price Faces Resistance
Ethereum price struggled to recover and extended losses below the $3,100 level. ETH traded as low as $3,074 and is currently attempting another recovery wave, like Bitcoin.
There was a minor increase above the $3,125 resistance. The price climbed above the 23.6% Fib retracement level of the recent drop from the $3,292 swing high to the $3,074 low. However, the bears are active near the $3,200 resistance zone.
Ethereum is now trading below $3,180 and the 100-hourly Simple Moving Average. There is also a key rising channel forming with support at $3,140 on the hourly chart of ETH/USD. Immediate resistance is near the $3,180 level and the 100-hourly Simple Moving Average.
The first major resistance is near the $3,200 level or the 61.8% Fib retracement level of the recent drop from the $3,292 swing high to the $3,074 low.
Source: ETHUSD on TradingView.com
The next key resistance sits at $3,240, above which the price might gain traction and rise toward the $3,280 level. A close above the $3,280 resistance could send the price toward the $3,350 resistance. If there is a move above the $3,350 resistance, Ethereum could even test the $3,500 resistance. Any more gains could send Ether toward the $3,550 resistance zone.
More Downsides In ETH?
If Ethereum fails to clear the $3,180 resistance, it could continue to move down. Initial support on the downside is near the $3,125 level. The first major support is near the $3,075 zone.
The main support is near the $3,030 level. A clear move below the $3,030 support might set the pace for more losses and send the price toward $2,880. Any more losses might send the price toward the $2,750 level in the near term.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is losing momentum in the bearish zone.
Hourly RSI – The RSI for ETH/USD is now below the 50 level.
Major Support Level – $3,125
Major Resistance Level – $3,200
Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.
Source: NewsBTC.com
The post Ethereum Price Faces Crucial Test: Will $3,200 Withstand The Pressure? appeared first on Crypto Breaking News.
Vertex AI Price Forecast: Bitcoin Has 60% Chance Of Hitting $100,000, Key Predictions Unveiled
On-chain analytics firm Spot On Chain’s team of analysts, using Google Cloud’s Vertex artificial intelligence (AI), has conducted an in-depth analysis to forecast the future price of Bitcoin (BTC).
Their latest report provides valuable insights into the leading cryptocurrency’s short-, medium-, and long-term outlook.
Bitcoin Price Forecasts
According to Spot On Chain’s report, Bitcoin prices are expected to fluctuate between $56,000 and $70,000 during May, June, and July 2024.
This projected range indicates the potential for market volatility, with a 48% probability assigned to the scenario where BTC prices may dip below $60,000. Moreover, the report advises a cautious approach, acknowledging the possibility of short-term fluctuations or corrections in the price.
Spot On Chain’s analysis reveals a significant movement in the latter half of 2024, with a compelling 63% probability of Bitcoin reaching $100,000.
This mid-term projection reflects a prevailing bullish sentiment in the market, further fueled by anticipated rate cuts after the Federal Open Market Committee’s (FOMC) December 2023 meeting.
These rate cuts aim to bring the federal funds rate down to 4.6% and are expected to boost demand for risk-on assets such as stocks and Bitcoin.
Looking ahead to the first half of 2025, Spot On Chain’s modeling indicates a strong probability that Bitcoin will cross the $150,000 threshold. Specifically, a 42% probability is assigned to this scenario, indicating a bullish outlook for Bitcoin’s price trajectory.
What’s more, looking at the entire year of 2025, the probability of Bitcoin exceeding $150,000 rises to an eye-popping 70%. Based on historical data and patterns in previous cycles, Bitcoin reached a new all-time high approximately 6 to 12 months after the Halving event.
Price Consolidation On The Horizon?
Crypto analyst Retk Capital has also provided insights into the current Bitcoin price action, shedding light on key resistance levels and the potential for a consolidation phase before an anticipated parabolic upside.
According to Retk Capital’s analysis, Bitcoin has consistently been rejected from the $65,600 resistance level, failing to regain it as a support level.
This resistance zone has significantly impeded Bitcoin’s upward movement in recent days, as seen on the cryptocurrency’s daily BTC/USD chart below.
The daily chart shows that BTC’s price has been trending downward over the past few days. Source: BTCUSD on TradingView.com
Retk Capital further highlights that Bitcoin has been witnessing downside wicks into a pool of liquidity at approximately $60,600. This occurrence has been observed over multiple weeks, indicating the presence of buyers in that price range.
If Bitcoin experiences further downward movement, the analyst believes that there is a possibility that it may approach this area once again. The analyst further notes:
Price dropping without context can be emotionally challenging. However, understanding that this downside is part of the consolation within a technical range-bound structure that will precede Parabolic Upside makes this experience much more comforting.
As of this writing, BTC is trading at $63,900, down nearly 8% over the past two weeks and the same percentage over the past 30 days.
Featured image from Shutterstock, chart from TradingView.com
Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.
Source: NewsBTC.com
The post Vertex AI Price Forecast: Bitcoin Has 60% Chance Of Hitting $100,000, Key Predictions Unveiled appeared first on Crypto Breaking News.
Their latest report provides valuable insights into the leading cryptocurrency’s short-, medium-, and long-term outlook.
Bitcoin Price Forecasts
According to Spot On Chain’s report, Bitcoin prices are expected to fluctuate between $56,000 and $70,000 during May, June, and July 2024.
This projected range indicates the potential for market volatility, with a 48% probability assigned to the scenario where BTC prices may dip below $60,000. Moreover, the report advises a cautious approach, acknowledging the possibility of short-term fluctuations or corrections in the price.
Spot On Chain’s analysis reveals a significant movement in the latter half of 2024, with a compelling 63% probability of Bitcoin reaching $100,000.
This mid-term projection reflects a prevailing bullish sentiment in the market, further fueled by anticipated rate cuts after the Federal Open Market Committee’s (FOMC) December 2023 meeting.
These rate cuts aim to bring the federal funds rate down to 4.6% and are expected to boost demand for risk-on assets such as stocks and Bitcoin.
Looking ahead to the first half of 2025, Spot On Chain’s modeling indicates a strong probability that Bitcoin will cross the $150,000 threshold. Specifically, a 42% probability is assigned to this scenario, indicating a bullish outlook for Bitcoin’s price trajectory.
What’s more, looking at the entire year of 2025, the probability of Bitcoin exceeding $150,000 rises to an eye-popping 70%. Based on historical data and patterns in previous cycles, Bitcoin reached a new all-time high approximately 6 to 12 months after the Halving event.
Price Consolidation On The Horizon?
Crypto analyst Retk Capital has also provided insights into the current Bitcoin price action, shedding light on key resistance levels and the potential for a consolidation phase before an anticipated parabolic upside.
According to Retk Capital’s analysis, Bitcoin has consistently been rejected from the $65,600 resistance level, failing to regain it as a support level.
This resistance zone has significantly impeded Bitcoin’s upward movement in recent days, as seen on the cryptocurrency’s daily BTC/USD chart below.
The daily chart shows that BTC’s price has been trending downward over the past few days. Source: BTCUSD on TradingView.com
Retk Capital further highlights that Bitcoin has been witnessing downside wicks into a pool of liquidity at approximately $60,600. This occurrence has been observed over multiple weeks, indicating the presence of buyers in that price range.
If Bitcoin experiences further downward movement, the analyst believes that there is a possibility that it may approach this area once again. The analyst further notes:
Price dropping without context can be emotionally challenging. However, understanding that this downside is part of the consolation within a technical range-bound structure that will precede Parabolic Upside makes this experience much more comforting.
As of this writing, BTC is trading at $63,900, down nearly 8% over the past two weeks and the same percentage over the past 30 days.
Featured image from Shutterstock, chart from TradingView.com
Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.
Source: NewsBTC.com
The post Vertex AI Price Forecast: Bitcoin Has 60% Chance Of Hitting $100,000, Key Predictions Unveiled appeared first on Crypto Breaking News.
Bitcoin Price Turns Red And At Risk of More Downsides Below $63K
Bitcoin price failed to recover above the $65,500 resistance. BTC is again moving lower and there is a risk of more downsides below $63,000.
Bitcoin started another decline after it failed to surpass the $65,500 resistance zone.
The price is trading below $64,500 and the 100 hourly Simple moving average.
There is a connecting bearish trend line forming with resistance at $64,500 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair could accelerate lower if there is a daily close below the $63,000 support zone.
Bitcoin Price Faces Hurdles
Bitcoin price started a recovery wave from the $62,750 support zone. BTC was able to climb above the $64,000 and $64,500 resistance levels. However, the price failed to clear the $65,500 resistance zone.
A high was formed at $65,300 and the price started another decline. There was a move below the $64,500 level. The price tested the 50% Fib retracement level of the recovery wave from the $62,743 swing low to the $65,300 high.
Bitcoin is now trading below $64,500 and the 100 hourly Simple moving average. There is also a connecting bearish trend line forming with resistance at $64,500 on the hourly chart of the BTC/USD pair.
Immediate resistance is near the $64,500 level or the trend line. The first major resistance could be $65,350 or $65,500. A clear move above the $65,500 resistance might send the price higher. The next resistance now sits at $66,200.
Source: BTCUSD on TradingView.com
If there is a clear move above the $66,200 resistance zone, the price could continue to move up. In the stated case, the price could rise toward $67,000. The next major resistance is near the $67,400 zone. Any more gains might send Bitcoin toward the $68,800 resistance zone in the near term.
More Losses In BTC?
If Bitcoin fails to rise above the $64,500 resistance zone, it could continue to move down. Immediate support on the downside is near the $64,000 level.
The first major support is $63,750 or the 61.8% Fib retracement level of the recovery wave from the $62,743 swing low to the $65,300 high. If there is a close below $63,750, the price could start to drop toward $62,750. Any more losses might send the price toward the $61,200 support zone in the near term.
Technical indicators:
Hourly MACD – The MACD is now gaining pace in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level.
Major Support Levels – $64,000, followed by $63,750.
Major Resistance Levels – $64,500, $65,350, and $66,200.
Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.
Source: NewsBTC.com
The post Bitcoin Price Turns Red And At Risk of More Downsides Below $63K appeared first on Crypto Breaking News.
Bitcoin started another decline after it failed to surpass the $65,500 resistance zone.
The price is trading below $64,500 and the 100 hourly Simple moving average.
There is a connecting bearish trend line forming with resistance at $64,500 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair could accelerate lower if there is a daily close below the $63,000 support zone.
Bitcoin Price Faces Hurdles
Bitcoin price started a recovery wave from the $62,750 support zone. BTC was able to climb above the $64,000 and $64,500 resistance levels. However, the price failed to clear the $65,500 resistance zone.
A high was formed at $65,300 and the price started another decline. There was a move below the $64,500 level. The price tested the 50% Fib retracement level of the recovery wave from the $62,743 swing low to the $65,300 high.
Bitcoin is now trading below $64,500 and the 100 hourly Simple moving average. There is also a connecting bearish trend line forming with resistance at $64,500 on the hourly chart of the BTC/USD pair.
Immediate resistance is near the $64,500 level or the trend line. The first major resistance could be $65,350 or $65,500. A clear move above the $65,500 resistance might send the price higher. The next resistance now sits at $66,200.
Source: BTCUSD on TradingView.com
If there is a clear move above the $66,200 resistance zone, the price could continue to move up. In the stated case, the price could rise toward $67,000. The next major resistance is near the $67,400 zone. Any more gains might send Bitcoin toward the $68,800 resistance zone in the near term.
More Losses In BTC?
If Bitcoin fails to rise above the $64,500 resistance zone, it could continue to move down. Immediate support on the downside is near the $64,000 level.
The first major support is $63,750 or the 61.8% Fib retracement level of the recovery wave from the $62,743 swing low to the $65,300 high. If there is a close below $63,750, the price could start to drop toward $62,750. Any more losses might send the price toward the $61,200 support zone in the near term.
Technical indicators:
Hourly MACD – The MACD is now gaining pace in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level.
Major Support Levels – $64,000, followed by $63,750.
Major Resistance Levels – $64,500, $65,350, and $66,200.
Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.
Source: NewsBTC.com
The post Bitcoin Price Turns Red And At Risk of More Downsides Below $63K appeared first on Crypto Breaking News.
Uniswap On Arbitrum Nears $150 Billion In Swap Volume
Uniswap, one of the world’s largest decentralized exchanges (DEX) by total value locked (TVL), is approaching a major milestone on Arbitrum, the largest layer-2 by TVL on Ethereum.
According to data from Dune Analytics shared by Uniswap Labs, Uniswap on Arbitrum is on the cusp of surpassing a staggering $150 billion in total swap volume.
Riding The DeFi Boom
As of April 25, Uniswap had facilitated over $146 billion in cumulative swap volume on Arbitrum alone. The number has gradually increased over the past three years since June 2021, when it was deployed on Arbitrum, looking at on-chain data.
Uniswap swap volume on Arbitrum | Source: Dune Analytics
By August 2021, Uniswap was processing less than $5,000 in swap volume. After that, they steadily picked up momentum throughout the crypto bear run of 2022. Notably, a sharp uptick from October 2023 coincided with the start of the crypto boom that eventually propelled Ethereum to over $4,000 in Q1 2024.
The rising swap volume on Arbitrum reflects the increasing preference for Decentralized Finance (DeFi) solutions. As Uniswap on Arbitrum nears $150 billion, more users are increasingly turning to the popular DEX to trade, all without giving up control of their assets.
The surging popularity of Uniswap on Arbitrum can be partly attributed to significantly lower transaction fees compared to the Ethereum mainnet.
Through Arbitrum, the optimistic roll-up solution, swappers enjoy low transaction fees. They can also trade from a scalable environment secured by the Ethereum mainnet.
Ethereum developers recently implemented Dencun, introducing a new transaction format called “blobs.” Because of this, layer-2 solutions can store large chunks of data off-chain, reducing the mainnet bloat. Subsequently, fees have been lowered, drastically enhancing the user experience for Arbitrum and other layer-2 users like Base and Optimism.
Uniswap V4 And United States Wells Notice
Following Dencun’s activation, Uniswap Labs plans to deploy v4. This iteration introduces features like Hooks that developers say will make the DEX even more efficient and flexible. The launch is set for this year.
Uniswap price trending sideways on the daily chart | Source: UNIUSDT on Binance, TradingView
Though Uniswap V4 is huge for the DEX and DeFi as a whole, the United States Securities and Exchange Commission (SEC) ‘s decision to issue a Wells notice is a setback.
The regulator intends to sue. However, the founder, Hayden Adams, responded in a post on X that they are ready to fight.
Feature image from Shutterstock, chart from TradingView
Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.
Source: NewsBTC.com
The post Uniswap On Arbitrum Nears $150 Billion In Swap Volume appeared first on Crypto Breaking News.
According to data from Dune Analytics shared by Uniswap Labs, Uniswap on Arbitrum is on the cusp of surpassing a staggering $150 billion in total swap volume.
Riding The DeFi Boom
As of April 25, Uniswap had facilitated over $146 billion in cumulative swap volume on Arbitrum alone. The number has gradually increased over the past three years since June 2021, when it was deployed on Arbitrum, looking at on-chain data.
Uniswap swap volume on Arbitrum | Source: Dune Analytics
By August 2021, Uniswap was processing less than $5,000 in swap volume. After that, they steadily picked up momentum throughout the crypto bear run of 2022. Notably, a sharp uptick from October 2023 coincided with the start of the crypto boom that eventually propelled Ethereum to over $4,000 in Q1 2024.
The rising swap volume on Arbitrum reflects the increasing preference for Decentralized Finance (DeFi) solutions. As Uniswap on Arbitrum nears $150 billion, more users are increasingly turning to the popular DEX to trade, all without giving up control of their assets.
The surging popularity of Uniswap on Arbitrum can be partly attributed to significantly lower transaction fees compared to the Ethereum mainnet.
Through Arbitrum, the optimistic roll-up solution, swappers enjoy low transaction fees. They can also trade from a scalable environment secured by the Ethereum mainnet.
Ethereum developers recently implemented Dencun, introducing a new transaction format called “blobs.” Because of this, layer-2 solutions can store large chunks of data off-chain, reducing the mainnet bloat. Subsequently, fees have been lowered, drastically enhancing the user experience for Arbitrum and other layer-2 users like Base and Optimism.
Uniswap V4 And United States Wells Notice
Following Dencun’s activation, Uniswap Labs plans to deploy v4. This iteration introduces features like Hooks that developers say will make the DEX even more efficient and flexible. The launch is set for this year.
Uniswap price trending sideways on the daily chart | Source: UNIUSDT on Binance, TradingView
Though Uniswap V4 is huge for the DEX and DeFi as a whole, the United States Securities and Exchange Commission (SEC) ‘s decision to issue a Wells notice is a setback.
The regulator intends to sue. However, the founder, Hayden Adams, responded in a post on X that they are ready to fight.
Feature image from Shutterstock, chart from TradingView
Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.
Source: NewsBTC.com
The post Uniswap On Arbitrum Nears $150 Billion In Swap Volume appeared first on Crypto Breaking News.
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