Bitcoin analyst Willy Woo believes it may take up to a decade before bitcoin (BTC) can achieve the valuation predicted by the stock-to-flow (S2F) model.

According to a tweet by Woo, the macroeconomic conditions required to propel BTC to S2F’s valuation would take a long time as “the world simply doesn’t move quickly.”

Bitcoin to Delay S2F Valuation

The analyst’s prediction comes after the Bitcoin network underwent a fourth halving, which reduced its inflation rate by slashing the number of coins produced daily by 50%.

Since BTC’s inflation rate has dropped below that of gold, considered its traditional finance rival, Woo said it would be interesting to see if the cryptocurrency’s market cap would exceed that of the precious metal, per the S2F model’s theory.

It may take time for necessary conditions like adequate custody infrastructure, clear regulations, adequate trading instruments, and asset manager acceptance for Bitcoin to come into place. Hence, Woo believes BTC would lag its S2F valuation by five to ten years.

S2F’s Bitcoin Prediction

PlanB, the creator of the S2F model, has remained adamant in his stance that BTC would outperform gold eventually, especially with the crypto asset’s inflation rate declining after the halving.

With an S2F ratio of 112 post-halving, PlanB believes BTC will take out gold, whose ratio still hovers around 60. The ratio is calculated by dividing the circulating supply of a commodity by its annual production to derive a scarcity gauge. Notably, crypto exchange Bybit reported last week that BTC would become twice as rare as gold after the halving, making the cryptocurrency more valuable than the precious metal.

PlanB has predicted that BTC will soar to $100,000 by year-end and $300,000 by the end of 2025, although the latter price is at the low end of the $250,000 to $1,000,000 range. This indicates that the S2F creator thinks BTC could go higher during this bull cycle.

Bitcoin vs. Gold and Stocks

Meanwhile, Woo’s opinion drew backlash from the gold community. In response, the analyst shared data revealing bitcoin’s annualized returns over four years compared to gold and stocks.

According to the chart, BTC has seen returns of 76%, while gold and the S&P 500 stock index have seen four-year gains of 8.6% and 17%, respectively.

“If you’re young, you can’t afford not to be invested in #Bitcoin,” Woo stated.

The post Here’s Why Bitcoin Will Lag its S2F Valuation By 5-10 Years, According to Willy Woo appeared first on CryptoPotato.

After a period of consolidation and corrective movements, Ethereum’s price has encountered increased selling activity, leading to a slight decline toward the 100-day moving average.

The main question now revolves around whether Ethereum sellers will manage to break below this crucial moving average.

Ethereum Price Analysis: Technicals

By Shayan

The Daily Chart

A thorough analysis of the daily chart reveals that following an extended phase of corrective retracements, with the price testing the critical resistance region of $3.2K, the market experienced heightened selling pressure, resulting in a slight downturn.

Consequently, the Ethereum price is now testing a crucial support level marked by the 100-day moving average at $3086. This range holds significance as it typically attracts considerable demand, potentially limiting further downward pressure from sellers.

However, given the current market sentiment and recent price action, Ethereum appears to lack sufficient momentum and buying activity, increasing the likelihood of a new bearish trend in the short term. Nonetheless, an unexpected breach below this critical support zone could trigger a cascade effect towards the 200-day moving average at $2.5K.

Source: TradingView The 4-Hour Chart

A closer examination of the 4-hour chart reveals that following a period of sideways consolidation near the lower boundary of the wedge pattern, which aligns with the support region around $3K, the price experienced notable buying pressure, leading to a bullish reversal.

This intensified demand resulted in a significant surge towards a critical resistance region, encompassing the 0.5 ($3234) and 0.618 ($3324) Fibonacci levels.

However, sellers regained control and halted the upward momentum, causing a renewed bearish downturn, indicating a notable bearish sign for the market. Nevertheless, despite the prevailing bearish sentiment, Ethereum’s price is expected to remain confined within the crucial range, bounded by support at $2.8 and critical resistance at $3.3, until a breakout occurs.

Source: TradingView Sentiment Analysis

By Shayan

With Ethereum’s price failing to surpass the $3.7K level, investors may be interested in understanding the behavior of futures market traders.

The accompanying chart displays the 14-day moving average of the Taker Buy Sell Ratio, a metric that gauges the aggressiveness of buyers relative to sellers. Values above one signify buyer dominance, while values below one indicate aggressive selling pressure.

As depicted in the chart, not only has the metric failed to recover above one, but it has also been on a sharp decline over the past few weeks. Moreover, the ratio has recently been steadily decreasing, nearing its lowest point since September 2022. This downward trend is concerning and suggests that Ethereum’s bearish trend could last in the mid-term if current conditions persist.

Source: CryptoQuant

The post Is ETH About to Plunge Below $3K or Will the Bulls Step In? (Ethereum Price Analysis) appeared first on CryptoPotato.

XRP turned bearish after sellers took control of the price action earlier this month. Let’s examine a few different technical indicators that may provide important insights into where the market is currently at and where it might be headed next.

Key Support levels: $0.43

Key Resistance levels: $0.54

1. Ripple Price Loses Key Support

Unfortunately for bulls, the support at 54 cents was lost and has now turned into a key resistance. If buyers are unable to reclaim this level, then the XRP price has a good chance to revisit the key support at 43 cents.

Chart by TradingView 2. Momentum Turns Bearish

Since XRP made a lower high in early March, the price entered a prolonged downtrend. This culminated with a local low at 43 cents during the crash in mid-April. The bias is bearish, and the 43-cents level must be maintained to avoid new lows.

Chart by TradingView 3. MACD Shows Bears are in Control

The weekly MACD did a bearish cross this month. The moving averages continue to fall, and the histogram also makes lower lows. As long as this continues, there is little hope of a reversal.

Chart by TradingView

The post Why is the Ripple (XRP) Price Crashing Today? appeared first on CryptoPotato.

Bitcoin’s price has failed to continue its rally beyond the $75K level and has been consolidating over the past few weeks. Yet, sooner or later, the direction of the next major move will be determined.

Bitcoin Price Analysis: Technicals

By TradingRage

The Daily Chart

On the daily chart, the price still ranges between the $60K and $70K levels, failing to break to either side. The Relative Strength Index has also been hovering around the 50% mark, pointing to an equilibrium in momentum.

The BTC price is seemingly dropping back toward the $60K support zone. In this case, the level would likely finally break down, and the cryptocurrency could experience a massive drop down to the $52K area. On the other hand, if the market climbs above the $70K level, a new all-time high would be imminent.

Source: TradingView The 4-Hour Chart

The 4-hour chart shows a very choppy price action, as BTC has been forming a large descending channel pattern since March. The cryptocurrency has recently rebounded from the lower boundary of the pattern but is seemingly dropping back toward it once more.

The RSI is also showing values below 50% in this timeframe, suggesting that the 4-hour momentum is bearish. Either way, while a bullish move typically follows a descending channel pattern, its breakdown is usually catastrophic and is followed by a significant selloff.

Source: TradingView On-Chain Analysis

By TradingRage

Bitcoin Exchange Whale Ratio

While Bitcoin’s price is consolidating below the $70K resistance level, market participants are wondering who is responsible for the halt in the bull market. This chart demonstrates the 30-day exponential moving average of the exchange whale ratio metric. It is the ratio of the top 10 inflows to the total inflows of the exchange. High values indicate whales are using the exchanges in large amounts.

As the chart depicts, the whale ratio metric has risen significantly over the past few weeks. This can be interpreted as a selling behavior by the whales, as they are depositing large amounts to exchanges. Consequently, this selling pressure might be the culprit for the price’s failure to sustain its rally further.

Source: CryptoQuant

The post The Reason Behind Bitcoin’s 5% Daily Crash: BTC Price Analysis appeared first on CryptoPotato.

TL;DR

Despite a recent downturn, analysts predict a potential rise in XRP’s price, forecasting it could reach between $1.20 and $1.80 by mid-year and possibly surge to $4 by September.

The ongoing Ripple v. SEC trial, which challenges the classification of XRP as a security, could significantly impact the asset’s value, with positive developments potentially triggering a market rally.

XRP’s Next Possible Moves

Ripple’s XRP passed through severe turbulence in the past few months. Its price is up 6% on a weekly scale but remains down 20% over a 30-day period, currently hovering at around $0.52 (per CoinGecko’s data).

XRP Price, Source: CoinGecko

Despite the bearish outlook, the community remains predominantly optimistic that a rebound is in the cards. The popular crypto analyst EGRAG CRYPTO presented two potential paths for the asset’s price trajectory in the following months.

The X user believes XRP could trade at the range of $1.20-$1.80 by June-July. The second option is more bullish, depicting a value ascent to an all-time high of $4 by September this year:

“Aiming for $4 is feasible if we follow a similar path to 2021. Additionally, the Blue Trend line aligns with a yellowish fractal, supporting the likelihood of this scenario.”

Other analysts envisioning peaks for XRP are Dark Defender and Mikybull Crypto. The former claimed that the asset’s price is “on the verge of a significant pattern, a moment that could shape its future,” maintaining that it should not be classified as a security. Mikybull Crypto argued that XRP has reached a level that “initiates an explosive rally.”

The Impact of the Ripple v. SEC Trial

An important factor that may fuel an XRP bull run is the outcome of the lawsuit between Ripple and the US SEC. The legal battle, which has been ongoing for over three years, recently entered its trial phase.

The regulator argues that Ripple violated securities rules when conducting certain XRP sales years ago, seeking a $2 billion fine on the company. The firm does not agree with the allegations, claiming its penalty should not exceed $10 million.

Ripple has so far secured three vital (yet partial) court wins, with some expecting a decisive victory on the trial. Such a scenario could trigger a rally for XRP and positively impact the entire cryptocurrency market. If you want to learn more about the lawsuit, feel free to check our video below:

The post Ripple Price Prediction: This Analyst Remains Bullish Despite the XRP Dip appeared first on CryptoPotato.

The industry has displayed several signs of recovery after a tumultuous crypto winter. Although Bitcoin and other major cryptocurrencies have received significant attention, stablecoins have also outpaced other asset types in terms of usage, accounting for more than half of all transaction volume in recent months.

Chainalysis’ latest data suggests that stablecoins are becoming a true global asset.

United States Leads Stablecoin Purchases

The 2024 Crypto Spring report by Chainalysis reveals a significant surge in global demand for stablecoins. The United States led in purchases while witnessing increasing contributions from diverse nations and regions, totaling over $30 billion in January 2024 alone.

While the US and the EU maintain strong representation, emerging markets such as Thailand, Brazil, and especially Turkey stand out regarding stablecoin purchasing as a share of national GDP.

This international interest essentially highlighted a growing reliance on stablecoins like USDT across various regions, particularly in nations experiencing local currency volatility and devaluation, such as Turkey and Georgia. Residents in these countries frequently turn to stablecoins as a means to safeguard their savings amid currency fluctuations, according to insights from industry experts shared with Chainalysis.

Stablecoin Purchases. Source: Chainalysis

Zooming out, Chainalysis also found that the transfer activity during the recent market surge has surpassed the previous highs observed in late 2020 and 2021. This was indicative of the prevailing sentiment that this market cycle has been considerably more active than the last bull run, and such an accelerated growth rate compared to past cycles may indicate increased market confidence.

Further validating this trend is the number of wallets with a positive balance continues to grow steadily, with over 400 million wallets actively holding cryptocurrency. While one wallet doesn’t necessarily mean one user, as both institutions and individuals can have multiple wallets, the steady increase suggests a growing use of cryptocurrency.

Positive Balance Wallets. Source: Chainalysis Crypto Investment Sees First QoQ Rise Since 2023

Although crypto funding slowed down during the prolonged bear market, there was an increase in crypto investment in Q1 2024, marking the first quarter-over-quarter rise since Q1 2023. Median deal sizes have also rebounded from a steep decline in Q4 2022, staying consistently around the $10 million mark.

Moreover, Bloomberg recently reported that the crypto venture capital fund Paradigm is in discussions to raise between $750 and $850 million, potentially becoming the largest raise for a VC fund in the crypto industry since the market downturn in 2022.

Chainalysis also found that several major deals above $100 million, including early-stage investments, took place in Q3 2023 and continued into Q1 2024.

Notable deals during this period included Swan Bitcoin raising $165 million for asset management and tax purposes, Blockchain.com securing $100 million for its exchange platform, Wormhole receiving $225 million for bridges and interoperability solutions, Totter obtaining $101 million for open-source cloud storage services, together.ai raking in $225 million with a valuation of $2.5 billion for DePIN solutions, and EigenLayer amassing $100 million for developments in the Ethereum protocol.

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The popular bitcoin perma-bear Peter Schiff has carried out another verbal attack on X during the most recent price correction that drove the asset to a multi-day low of around $63,000.

Schiff, known for his support and admiration for gold, believes BTC’s price could plummet even more if it breaks below $60,000.

Not Looking Good?

Although the fourth halving took place less than a week ago, an event typically related to the start of another bull run, many crypto experts, including Arthur Hayes, warned that the largest crypto asset could retrace ahead, during, and shortly after the block reward reduction.

This has indeed been the case so far, as bitcoin dumped hard last week amid the geopolitical issues between Iran and Israel, recovered some ground after the halving but started losing value in the past 24 hours again.

The latest decline drove BTC south by approximately four grand, from almost $67,000 to around $63,000 as of now. Such corrections are usually used by bitcoin critics, such as Peter Schiff, to (perhaps) exaggerate the current market conditions and issue big warnings for HODLers.

In his latest attempt to spread FUD, Schiff said new investors who are not used to the volatile nature of bitcoin, could be “in for a rude awakening.” He also pointed out the $60,000 level as the most important psychological line BTC has to maintain to prevent further declines.

It’s not looking good #HODLers. You guys need to hope #Bitcoin can hold $60K. Otherwise it’s a long way down. All the hard core Bitcoiners are use to big drops. But the newbies who own the ETFs are in for a rude awakening. pic.twitter.com/Dw6mJXXi3r

— Peter Schiff (@PeterSchiff) April 24, 2024

What About Gold?

As mentioned above, Schiff is a well-known gold bug and recently also commented on the yellow metal’s correction. The safe-haven asset went from an all-time high of $2,425/oz to under $2,300 in the span of a few weeks.

However, it managed to bounce off and is currently trading above $2,320. Consequently, Schiff believes the worst for gold is over as he sees $2,300 as the new support level that won’t be broken soon. Moreover, he predicted that the precious metal would go above $2,400 shortly and forecasted another BTC correction.

The pullback in #gold is likely over. $2,300 looks like the new $2,000. There is resistance above $2,400, but I don’t expect it to last long. In contrast, the #Bitcoin pullback is likely just getting started. There is support at $60,000, but I don’t expect it to hold up.

— Peter Schiff (@PeterSchiff) April 24, 2024

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TL;DR

Robinhood now offers Shiba Inu (SHIB), Avalanche (AVAX), and Compound (COMP) to New York residents, building on its crypto services in the USA.

Despite a recent price drop, the meme coin has potential for a rally, bolstered by a significant increase in its burn rate and developments in its layer-2 blockchain network, Shibarium.

Attention New Yorkers

The American-based financial services company – Robinhood – unveiled additional cryptocurrency options for the residents of New York. It said the popular meme coin Shiba Inu (SHIB) and the altcoins Avalanche (AVAX) and Compound (COMP) are now available for locals.

Attention New York Shiba Inu ($SHIB ), Avalanche ($AVAX) and Compound ($COMP) are now available for New York State residents!

Buy, sell and trade your favorite crypto assets on the Robinhood app.

See the full list of assets available: https://t.co/B41xoSGcQA pic.twitter.com/mLBxz3Devx

— Robinhood (@RobinhoodApp) April 24, 2024

Several months ago, Robinhood expanded its crypto presence in the state of Nevada, enabling users to buy and sell 15 digital assets. The two largest meme coins in terms of market capitalization – Shiba Inu (SHIB) and Dogecoin (DOGE) – were included in the list.

The firm initially embraced SHIB in April 2022, triggering a 35% price rally for the token. However, the asset’s valuation did not react positively to the latest announcement. In fact, SHIB is down around 8% on a 24-hour scale amid an overall market decline. 

SHIB Gearing up for a Bull Run?

Despite the recent downtrend, some metrics suggest that the price of Shiba Inu might take off in the short term. The asset’s burn rate exploded by 500% earlier this month, resulting in millions of tokens being removed from circulation. The program’s ultimate goal is to create a scarcity effect, thus propelling a value ascent (assuming demand stays the same or rises).

Another factor is the SHIB exchange netflow, which has been predominantly negative in the last week. A shift from centralized entities to self-custody methods is considered bullish since it reduces the immediate selling pressure.

Some industry participants believe that the advancement of Shiba Inu’s L2 blockchain network – Shibarium – could also contribute for a SHIB price rally. The feature underwent a major update as of late, while total transactions surpassed the 400 million mark.

Those curious to learn more about Shibarium’s purposes and specifics can watch our dedicated video below:

The post Shiba Inu (SHIB) Receives Additional Support From Robinhood: Details appeared first on CryptoPotato.

Bitcoin’s price movements over the past several days were quite promising as the asset had recovered from last week’s crash and stood above $66,000 and even $67,000 before the landscape changed for the worse once again today.

The altcoins, though, are in an even worse state, with numerous massive price declines across almost all charts.

BTC Slides Below $64K

CryptoPotato reported the adverse price movements last week that were propelled by the escalating tension between Iran and Israel. This culminated in a price drop to under $59,500 on Friday, hours before the fourth halving.

However, when Iran tried to calm the situation, bitcoin went on the offensive and jumped by over five grand in hours. It faced the completion of the halving at around $65,000 and kept climbing gradually over the next few days to just under $67,000.

The latest failed attempt to overcome that level was yesterday. However, the bears were quick to intercept the move and pushed the cryptocurrency south hard.

In a matter of hours, the asset fell by more than $3,000 and kept dropping to a multi-day low of $63,500 (on Bitstamp). Its current price tag is not much higher amid the growing ETF outflows, and its market cap has declined to $1.260 trillion on CG. Its dominance over the alts has remained at the same level of 50.7%.

Bitcoin/Price/Chart 25.04.2024. Source: TradingView Alts Turn Red

The landscape around the altcoins is even worse today. Aside from BNB, TRX, and LEO, who have been spared by the crash, the rest of the larger-cap alts are deep in the red. ETH is down by 4% and trades inches above $3,100. Similar losses are evident from XRP, LINK, LTC, and NEAR.

More painful declines come from the likes of Solana (-7%), Dogecoin (-8%), Toncoin (-9%), Cardano (-6%), Shiba Inu (-8%), Avalanche (-10%), Bitcoin Cash (-6%), and Polkadot (-8%).

The total crypto market cap has dumped by around $100 billion in a day and is under $2.5 trillion on CG now.

Cryptocurrency Market Overview. Source: QuantifyCrypto

The post These Alts Dumped the Most as Total Crypto Market Cap Lost $100B in a Day (Market Watch) appeared first on CryptoPotato.

After a few days of hovering above $66,000, bitcoin (BTC) has dropped to a low of $63,500 amid heightened volatility.

Coincidentally (or not), the amount of outflows from the United States spot Bitcoin exchange-traded funds (ETF) market on April 24 hit $120 million.

BTC Plunges by 4.5%

Data from CoinMarketCap shows that BTC lost roughly 4.5% of its value within a few hours, plummeting from $66,700 to $63,500. Although the leading cryptocurrency had recovered slightly by the time of writing and was changing hands at $64,000, it was still in the red and down 3.8% from its value the previous day.

Bitcoin’s fall from the $66,000 level dragged a large portion of the crypto market down, wrecking over 91,000 traders with liquidations running into $208 million, per data from CoinGlass. Short liquidations totaled $32.18 million, while long positions were $176 million.

Notably, some large-cap altcoins, including Avalanche, Shiba Inu, Toncoin, Solana, and Cardano, plunged even more than BTC did, recording losses above 7% each.

Spot ETF Outflows Hit $120M

Wednesday saw investors withdraw more than $120 million from spot Bitcoin ETFs, breaking a three-day streak of positive flows. Every other ETF, except Fidelity’s FBTC and Ark Invest’s ARKB, received zero inflows, bringing the total amount received by the funds to $9.8 million.

BlackRock’s IBIT broke its 71-day inflow streak, halting its ascent on the list of the top ten ETFs with the longest inflow streaks. IBIT earned its spot on the elite list on Tuesday after experiencing inflows non-stop since its launch on January 11.

On the other hand, Grayscale’s GBTC continued its outflows, with more than $130 million withdrawn on Wednesday. The ETF, which has witnessed consistent outflows since its launch, now holds around 302,000 BTC worth over $19.3 billion with a volume of $526 million.

Meanwhile, analysts have urged the crypto community to remain calm on days when ETFs record zero inflows, as this is a regular occurrence. Bloomberg ETF analyst James Seyffart said the vast majority of exchange-traded funds would have no inflows on any given day, and it is nothing to be worried about.

The post Bitcoin ETF Outflows Hit $120M as BTC Price Slipped by $4K Daily appeared first on CryptoPotato.

TL;DR

Bitcoin (BTC) rose significantly post-halving, hitting $67K, but recently dropped to $64,000. Future projections suggest a potential rise to $150,000 by end of 2024.

Ripple is currently in a trial phase with the SEC over XRP’s security classification, resisting a $2 billion fine and arguing for a maximum of $10 million. One popular attorney envisioned a potential settlement around $100 million to be reached this summer.

Despite a recent 8% price drop, SHIB’s market indicators, like low exchange reserves and a major upgrade to Shibarium, hint at a possible upcoming price rally.

BTC’s Price Swings

The price of the primary cryptocurrency has been on an uptrend since the halving took place on April 20. Its value gradually rose over the past several days, surpassing the $67K mark on April 24. 

However, the crypto market flashed red today (April 25), with Bitcoin (BTC) nosediving by 4% on a daily scale to approximately $64,000.

BTC Price, Source: CoinGecko

Many analysts and industry experts believe the following months will be quite successful for the asset, predicting new all-time high prices. Most recently, Geoff Kendrick – head of digital assets research at Standard Chartered – forecasted that BTC may ascend to $150,000 by the end of 2024.

What’s New on the Ripple v. SEC Front?

The legal battle between Ripple and the US Securities and Exchange Commission (SEC) recently entered its trial phase. The dispute is centered on allegations of XRP sales violations, while the company argues that its native token should not be classified as a security, thus not falling under the regulator’s jurisdiction.

Last month, the SEC sought a whopping $2 billion fine on Ripple. The company filed its opposition to the request earlier this month, suggesting the penalty should not exceed $10 due to numerous important reasons.

It claimed there is no allegation that Ripple deceived or misled individuals and entities who purchased XRP years ago. It also insisted that most of its transactions involving its native cryptocurrency were lawful, adding they caused no substantial financial losses to investors.

Despite the start of the trial, it remains unclear when the case will be officially closed. The popular lawyer Jeremy Hogan recently argued that the resolution may occur sometime this summer, envisioning a $100 million settlement.

If you are curious to learn more about the lawsuit and its impact on XRP’s price, feel free to take a look at our dedicated video below:

SHIB’s Potential

While the latest market correction resulted in an 8% daily price decrease for the meme coin, it remains well in the green on a weekly scale. Moreover, some essential factors indicate that the token is yet to experience another significant rally.

As CryptoPotato reported, SHIB exchange reserves have sunk to a two-year low of approximately 150 trillion assets this week. A reduction in that metric means fewer Shiba Inu coins are available for trading, leading to enhanced scarcity and a possible price spike in the future (assuming demand stays the same or rises).

The development of the meme coin’s layer-2 scaling solution – Shibarium – may also trigger a bull run. Earlier this month, the network underwent a major upgrade, with the team introducing a new user interface (UI) update, describing it as “faster, smoother, and more accessible than ever.” The developers also expanded compatibility with popular self-custody wallets such as Coinbase Wallet, MetaMask, Trust Wallet, and others.

The post Important Ripple v. SEC Lawsuit Developments, Bitcoin (BTC) Volatility, and More: Bits Recap April 25 appeared first on CryptoPotato.

Bitcoin’s price stood tall above $66,000 for a few days and even challenged $67,000 on a couple of occasions but to no avail. The subsequent rejection brought enhanced pain for the bulls and over-leveraged traders with long positions, as the total value of liquidations on a daily scale has soared to more than $200 million.

However, the altcoins also have a big say in this, as most have plummeted even more than bitcoin.

Bitcoin/Price/Chart. Source: TradingView

Last week was quite painful for the primary cryptocurrency as the asset plunged below $60,000 on two separate occasions amid the ongoing growing tension between Iran and Israel.

As the former said it will refrain from retaliating, at least for now, bitcoin’s price regained a lot of value and jumped to around $65,000 by the time the fourth halving was completed.

Since then, BTC was gradually increasing in value and jumped to over $67,000 on Tuesday and Wednesday morning. Yet, the bears stepped up at this point and reversed bitcoin’s trajectory.

In a matter of a few hours, the asset slumped to $64,500 before another leg down pushed it to a multi-day low of under $63,600. Despite recovering a few hundred grand since then, BTC is still well in the red at just over $64,000.

Even more painful declines are evident from the likes of Solana (-7%), Toncoin (-7%), Dogecoin (-7%), Avalanche (-10%), Shiba Inu (-8%), and many others.

As such, it’s no wonder that almost 100,000 traders have been wrecked in the past day, most of them with long positions. The total value of liquidations on a daily scale is at just over $210 million on CoinGlass.

24-hour Liquidation Heat Map. Source: CoinGlass

The post Bitcoin’s Drop to Under $64K Results in Over $200 Million in Liquidations appeared first on CryptoPotato.

Standard Chartered Bank analyst and head of digital assets research, Geoff Kendrick, believes bitcoin (BTC) will likely trend higher following the halving due to lower leveraged positions in the market.

Speaking to BNN Bloomberg during an interview over the weekend, Kendrick said the current market environment, which has lower leverage, could propel the value of BTC upwards toward Standard Chartered’s end-of-year price target of $150,000.

A Lower Leveraged Market

The week preceding the Bitcoin halving weekend ended with the crypto market witnessing millions of liquidations in short and long positions as tensions escalated in the Middle East. BTC plunged by almost ten grand as news of Iran’s attacks against Israel made the rounds, leaving a trail of ruin in its wake.

Bitcoin fell from $71,000 to $65,000 and then to $61,000 within a day. Over 300,000 traders were wrecked, with liquidations running into $1.8 billion. The bloodshed from that weekend flushed out millions of leveraged Bitcoin positions, with April 13 alone marking the highest daily liquidation since October 2023.

Kendrick said the liquidation of leveraged positions has cleared a pathway for the crypto market to trend higher and that it is poised to move up from its current position. Since the market went into the halving squared in terms of leverage, it could rebound and surge to new levels.

ETF Inflows to Drive BTC Uptrend

Besides the lesser leveraged positions in the market, Kendrick also mentioned inflows into the spot Bitcoin exchange-traded funds (ETF) and positive news expected from the situation between Iran and Israel as potential catalysts for higher BTC trends.

Although the inflows of spot Bitcoin ETFs have stalled for now, the Standard Chartered analyst expects capital inflows of $50-$100 billion within the next 18 to 24 months as the market matures. Likening the Bitcoin ETF space to that of gold, Kendrick predicted that it could grow by 4.3x as inflows continue over time, propelling BTC to $150,000 by the end of 2024 and $200,000 by 2025.

Meanwhile, Standard Chartered predicted that BTC could hit $250,000 in 2025 if Bitcoin ETF inflows reach the mid-point estimate of $75 billion.

The post Here’s What Will Drive Bitcoin to $150K After the Halving: Standard Chartered appeared first on CryptoPotato.

Balaji Srinivasan – the popular venture investor and Coinbase’s former Chief Technology Officer (CTO) – believes Bitcoin Maximalism is due to gain steam as a philosophical and economic belief system.

In a Twitter post on Wednesday, the entrepreneur argued why faith in the existing financial system is bound to erode over time as the U.S. dollar inflation pushes a new generation into Bitcoin.

Unstoppable Inflation

According to the U.S. Bureau of Labor Statistics, twelve-month consumer inflation in the United States rose to 3.5% in March, now having stayed substantially higher than the nation’s 2% target for three years straight.

While the Federal Reserve has raised its policy interest rate substantially to fight higher prices, Balaji claims this method brings harsh side effects for consumers – such as higher interest payments on loans and cars.

“There’s really nothing they can do,” wrote Balaj. “High rates mean the regime is piling up interest costs in an unsustainable way, so they can’t keep rates elevated forever.”

Federal Reserve data shows that personal interest payments in the U.S. have risen from $240 billion in 2021 to $520 billion today.

Meanwhile, Bank of America research shows that U.S. Treasury interest payments have skyrocketed to $1.1 trillion per year, and are projected to reach $1.6 trillion by Q4 2024 if rates remain stable. If the Fed were to cut rates by 150 basis points before then, such payments would still rise to $1.2 trillion.

Adding to its interest burden is the nation’s continual debt issuance through notes, bonds, and bills, which rose back to $7 trillion in Q4 2023. According to the US debt clock, the nation’s total debt burden has now surpassed $34.6 trillion after Congress voted to suspend its debt ceiling last year.

A Bitcoin Maximalist Revolution

Balaji believes the country’s debt levels will lead it to print “gigantic quantities of money” – a dangerous prospect given that 64% of 18 to 29-year-olds view inflation as their top national issue.

“That is the stuff of which revolutions are made,” he said. “That’s why it the next one really is the people vs the government, the network vs the state, and — most of all — the dollar vs Bitcoin.”

“I am no maximalist, but Bitcoin Maximalism will rise,” he added.

Bitcoin maximalism is a movement and belief system that views Bitcoin as superior to all other financial assets. That includes precious metals, fiat currencies, bonds, stocks, and even other cryptocurrencies.

Michael Saylor – executive chairman of MicroStrategy, the world’s largest corporate BTC holders – has referred to himself as a Bitcoin maximalist.

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São Paulo-based Nubank announced the launch of a new feature that allows withdrawals and deposits of Bitcoin and cryptocurrencies.

With this latest move, customers will now be able to send and receive Bitcoin, Ethereum, and Solana using the Nubank app. The withdrawal and deposit options are now available, allowing users to check the functionality on the app’s main crypto screen.

Nubank Adds Bitcoin and Cryptocurrency Features to App

The launch includes an initial selection of three cryptocurrencies, but Nubank plans to add support for more in the near future.

According to the report by Livecoins, users are advised to consider some important points before completing a transaction. For one, withdrawals may be subject to variable fees depending on the chosen network, and crypto transactions may take approximately 60 minutes.

A loosely translated statement from the bank reads,

“We are releasing the Withdrawal and Deposit options, and you can check if you already have the new functionality on the main crypto screen of the app. For now, it’s possible to send and receive Bitcoin, Ethereum, and Solana, but we plan to add new coins soon.”

Users are also required to verify if the selected network and currency are supported by the Nubank wallet. The Brazilian bank emphasizes the importance of ensuring that assets are sent to supported networks and correct addresses, as incorrect transfers may result in irreversible loss of funds.

Brazil’s Crypto Landscape

Nubank’s latest feature, enabling withdrawals and deposits of Bitcoin and cryptocurrencies, is poised to boost Brazil’s growing crypto environment further. As the largest fintech bank in Latin America, with a massive customer base of 80.4 million in Brazil and additional millions in Mexico and Colombia, Nubank’s move into cryptocurrency signals a significant step in mainstream acceptance.

The latest development closely follows Brazil’s largest bank, Itau Unibanco’s, debut in the cryptocurrency exchange market in early December 2023.

Brazil is one of the top Latin American countries with a high level of cryptocurrency adoption. Additionally, it is one of three nations showing strong “grassroots adoption” and is ranked within the top 20 on Chainalysis’ Global Crypto Adoption Index.

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Bankrupt cryptocurrency exchange FTX is looking to offload its remaining Solana native tokens, SOL, via an auction this week.

According to a Bloomberg report, people familiar with the matter said the bankruptcy estate would auction an unspecified amount of SOL in the hopes of receiving a higher price than that which they would have gotten through direct sales.

FTX to Sell SOL Via Auction

The blond auction represents a shift from the fixed-price sales the bankruptcy estate has engaged in over time. Notably, most creditors have expressed dissatisfaction with the direct sales approach as it undermines the value of the FTX’s assets, minimizing creditors’ potential recovery.

Since FTX began offloading its SOL via direct sales, it has attracted the interest of major crypto firms like Pantera Capital, Neptune Digital Assets Corp, and Galaxy Trading, a division of Mike Novogratz’s Galaxy Digital.

Last month, the bankruptcy estate sold between 25 million and 30 million locked-up SOL at $64 each, netting as much as $1.9 billion. Although the deal seemed juicy enough, the buyers acquired FTX’s SOL at a price 67% down from the token’s value at the time. While FTX is yet to disclose its SOL sales for April, previous reports show the asset has sold tokens worth roughly $2.6 billion.

Unidentified sources revealed that the deadline for the auction is Wednesday, April 24, with the results to be announced on Thursday.

Figure Markets Declares Interest

One of the firms that has publicly declared interest in the FTX SOL blind auction is the crypto exchange Figure Markets. The company’s co-founder and CEO, Mike Cagney, disclosed that the firm would create a Special Purpose Vehicle (SPV) open to non-U.S. and U.S. investors for the auctions.

The SPV will take investments in the U.S. dollar and Circle (USDC), with community consensus on bid prices to be determined on a $1:1 vote basis. The vehicle also allows retail investors and FTX creditors to participate in the auction with a minimum investment of $5,000, starkly contrasting the $5 million set by the estate for direct sales.

FTX creditor activist Sunil Kavuri commended Cagney’s approach to the auction, insisting that Sullivan & Cromwell, the law firm overseeing FTX’s bankruptcy proceedings, was adamant on selling the locked SOL at a heavy discount to their clients, regardless of objections from creditors.

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The creator of the popular ‘Bitcoin Power Law’ has unveiled a chart detailing his price model’s exact BTC price targets for the next several market cycles.

The model predicts that Bitcoin will reach $218,875 at its cycle peak in November 2025, before descending to $96,677 at its bottom in December 2026.

What Is The Bitcoin Power Law?

The Bitcoin Power Law is a long-term price model that forecasts Bitcoin’s future market value as if it were bound by the laws of physics. The man behind the model – Giovanni Santostasi – is a former physics professor, who believes Bitcoin’s long-term price trajectory follows a “power law” relationship with time.

“Price is a power law, hash rate is a power law, adoption is a power law,” wrote Santostasi to Twitter on Monday. “We even understand why and have a full Theory about it.”

A power law is a perfect relationship between two quantities such that one is proportional to a fixed power of the other. One example is the law of planetary motion, which states that a planet’s distance from the sun is directly proportional to the time it takes to fully orbit around the sun.

Power laws have even been discovered in the financial realm, having been used to predict the average waiting time for a stock price’s directional change.

Because such laws maintain themselves at any scale, the Bitcoin Power Law Theory is supposed to stay relevant across any span of time, and can forecast the asset’s price range indefinitely. For example, the model expects BTC to peak at $1,212,799 in November 2033, before retracing back to $802,399 in December 2034.

Santostasi insists that the Power Law model is no “model” at all, but a “ full and coherent theory of what Bitcoin is and how it works.” For instance, the price floor of the power law is not based on technical analysis, but instead on the “physics of mining” and a point of “miner capitulation.”

“We actually put a lot of time in developing meaningful indicators that use both the power law and the cyclic nature of Bitcoin using the Bitcoin clock,” the physicist wrote on Tuesday.

What About the Stock to Flow Model?

Santostasi is a non-believer in other popular price models, such as Plan B’s “stock-to-flow” model, which predicts exponential gains for Bitcoin in the future without diminishing returns. The model attempts to forecast Bitcoin’s price as a function of its diminishing supply inflation following each Bitcoin halving.

Technical indicators, such as Bitcoin’s “Pi Cycle Top” indicator for identifying market peaks, have been “lucky” in achieving historical accuracy, he claims.

“S2F is deeply wrong conceptually, logically, mathematically, from a construction point of view,” Santostasi said on Tuesday. “it is almost poison because gives really the wrong information about Bitcoin, basically a magic trick and a lie.”

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Tether has announced that all wallets associated with Venezuela’s attempts to bypass U.S. sanctions on oil exports will be frozen.

The decision follows recent reports indicating an increased use of Tether’s USDT by Venezuela’s state-run oil company, PDVSA, to avoid sanctions imposed by the United States.

Venezuela’s PDVSA Turns to Tether Amid Sanctions

According to a Reuters report, Venezuela’s state-run oil company, PDVSA, transitioned to using Tether’s USDT after facing renewed sanctions on its oil exports.

Tether took a similar stance in December last year, freezing 161 wallets in compliance with U.S. sanctions.

A spokesperson for the stablecoin issuer emphasized the company’s commitment to upholding sanctions by stating, “Tether respects the OFAC SDN list and is committed to working to ensure sanction addresses are frozen properly.”

PDVSA’s increased use of cryptocurrency payments is part of a broader strategy to mitigate the repercussions of U.S. sanctions re-imposed due to Venezuela’s failure to implement electoral reforms.

By using cryptocurrencies like USDT, PDVSA can conduct transactions while minimizing the risk of assets being seized by U.S. authorities. Reuters notes that PDVSA uses intermediaries to hide the trail and evade tracking in USDT transactions.

However, a recent PDVSA scandal has complicated matters, as investigations uncovered around $21 billion in unexplained receivables from oil exports. This scandal is partly linked to prior transactions involving other cryptocurrencies, adding complexity to the situation.

USDT Prepayment for Oil Deals

In 2024, PDVSA restructured its spot oil deals to require prepayment for half of each cargo’s value in USDT. This requires new customers interested in buying Venezuelan oil to possess a digital wallet capable of conducting cryptocurrency transactions.

Furthermore, the U.S. government has conditionally permitted the resumption of business with PDVSA. This decision came in October when Washington issued a six-month license, allowing trading houses and former PDVSA customers to resume business with Venezuela. However, due to digital transaction requirements, many of these entities had to rely on intermediaries to facilitate the transactions.

Venezuela’s venture into cryptocurrencies dates back to 2018, when it introduced the “petro” token to mitigate the economic turbulence induced by U.S. sanctions. However, the petro’s poor adoption led to its shelving earlier this year.

Meanwhile, OFAC has recently intensified its scrutiny of the cryptocurrency industry. In December, OFAC imposed fines on crypto exchange CoinList amounting to $1.2 million for facilitating Russian users in evading sanctions. Before this, the agency sanctioned a crypto mixer allegedly used by hackers in North Korea.

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Polkadot’s recent price movement has seen it finding support from the crucial 200-day moving average, prompting a bullish retracement. However, despite this upward trajectory, the cryptocurrency faces several critical resistance levels ahead, casting doubt on the sustainability of the bullish retracement.

Technical Analysis

By Shayan

The Daily Chart

A thorough daily chart analysis reveals a modest bullish reversal near the key 200-day moving average of $7, following a quick decline in Polkadot’s price. However, the lack of substantial bullish momentum raises questions about the longevity of the recent action.

Additionally, significant resistance lies ahead. Notably, the 100-day moving average at $8.1 aligned with the 0.382 Fibonacci retracement level ($8), potentially hindering upward movement. These levels, combined with the crucial support from the 200-day MA, serve as pivotal reference points for Polkadot in the short term. A breakout from this critical range will likely determine the market’s next move.

Source: TradingView The 4-Hour Chart

A closer examination of the 4-hour timeframe reveals a period of indecisive consolidation near the pivotal $6 mark, culminating in a notable bullish reversal. The subsequent surge in buying pressure propelled the price towards a significant resistance region, delineated by the 0.5 ($7.4) and 0.618 ($7.8) Fibonacci levels.

This critical range carries a substantial supply, making it an important area to monitor. Therefore, the price action in this region holds significant implications for Polkadot’s future trajectory. A breakthrough above this critical region would likely extend the current uptrend toward the critical resistance level at $9.

Source: TradingView Sentiment Analysis

By Shayan

Polkadot’s recent price action has shown a bullish retracement, signaling a potential revival in positive sentiment. In light of this, it’s helpful to analyze futures market sentiment and liquidity levels to anticipate future market direction.

The accompanying chart depicts the Binance DOT/USDT heatmap, which predicts price levels where significant liquidation events may occur. When price levels indicate the likelihood of a liquidation cascade, highlighted in yellow, making these levels noteworthy support and resistance regions.

According to the chart, there is a notable concentration of liquidation levels above the $9 threshold, accompanied by many buy-stop orders. This suggests that the price will likely move towards the $9-$10 zone in the mid-term, with a notable liquidation of short positions expected.

Source: Coinglass

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TL;DR

Core (CORE) has significantly outperformed Bitcoin and many other major cryptocurrencies with a 350% price surge this year.

Other digital assets related to BTC’s ecosystem, such as Sovryn (SOV) and Ordiswap (ORDS), also reported notable gains, with increases of 210% and 100%, respectively.

CORE Leads the Pack

Bitcoin (BTC) has been making serious waves since the beginning of the year, with its price rising from approximately $42,000 on January 1 to almost $67,000 on April 24 (a 60% increase). However, some cryptocurrencies related to its ecosystem have witnessed even more substantial gains over the same period, and Core (CORE) is the perfect example.

It is a new blockchain that leverages the advantages of Bitcoin’s Proof-of-Work network and the delegated Proof-of-Stake consensus mechanism to offer more security, scalability, and decentralization. 

Its native token, CORE, is currently worth around $2.51 (per CoinGecko’s data), a 350% surge compared to the $0.55 observed at the start of 2024.

CORE Price, Source: CoinGecko

The asset’s price was even higher at the beginning of April, briefly surpassing the $4 mark, while its market capitalization crossed the $3.5 billion milestone before settling at its current level of around $2.2 billion.

Sovryn (SOV) Comes Next

The protocol, running on a Bitcoin sidechain called Rootstock Smart Contract (RSK), has also witnessed a significant resurgence in the past several months. 

Its native token – SOV – has been up 210% since New Year’s Eve, currently trading at approximately $2.10. However, its price performance is far from its glory days in 2021, when a single coin was worth over $35.

SOV Price, Source: CoinGecko Ordiswap (ORDS)

Ordiswap is the first Automated Market Maker (AMM) designed for the BTC blockchain. Its main purpose is to provide liquidity provision and decentralized trading directly to Bitcoin’s native layer.

The governance cryptocurrency of the AMM—ORDS—was launched at the end of December last year and has jumped by 100% since then. Last month, it soared to an all-time high of $0.26 before retracing to its current mark of $0.10.

ORDS Price, Source: CoinGecko LeverFi (LEVER)

This is a decentralized leverage trading platform with a native token called LEVER. The latter ascended by 98% since January 1, 2024. It is also among the notable gainers today (April 24), registering a 10% increase on a daily scale.

LEVER Price, Source: CoinGecko

LEVER’s market capitalization recently jumped above $120 million for the first time while currently hovering around $100 million.

Bitcoin Cash (BCH)

The popular hard-fork blockchain, split from Bitcoin in 2018, finds a place in the list, too. Earlier in April, it completed its second halving, with its price ascending substantially in the months prior to the event. Two weeks ago, BCH hit a multi-year high of more than $700, but it has been on a downtrend as of late. 

Currently, a single token is worth around $500, which is still a 93% increase compared to the figure observed at the beginning of the year.

BCH Price, Source: CoinGecko

 

 

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