Crypto analysts are sounding the alarm on Dogecoin as a classic chart pattern, known for predicting bearish trends, has emerged. Technical analyst Josh Olszewicz, @CarpeNoctom, flagged a potential Head and Shoulders (H&S) formation on the DOGE/USD 12-hour chart on X, hinting at a possible significant price drop if the pattern validates.

The H&S pattern is a technical indicator traditionally viewed as a bearish signal within the trading community. The pattern is composed of three peaks, with the central peak (the head) being the highest and the two outside peaks (the shoulders) being lower and approximately equal in height. The line connecting the lowest points of the two troughs (the neckline) can be horizontal or sloped and represents a critical support level.

Dogecoin Must Hold $0.14

In the case of Dogecoin’s 12-hour chart, the price has completed the left shoulder and the head, with the right shoulder currently forming. The neckline of this H&S pattern is identified at approximately $0.14, as annotated by Olszewicz. This level is crucial; a decisive break below could confirm the bearish forecast suggested by the H&S formation.

Dogecoin head & shoulder pattern, 12-hour chart | Source: X @CarpeNoctom

Another technical detail present on the chart is the Fibonacci retracement levels, which are horizontal lines indicating where support and resistance are likely to occur. They are based on Fibonacci numbers, a sequence famous in mathematics and nature for its proportionality.

Here, the 0.5 Fibonacci level aligns with the left shoulder around $0.18, while the 0 level coincides with the peak at approximately $0.23. These levels are key to determining the potential support and resistance areas in the market.

Olszewicz has also highlighted a projected target area based on the H&S pattern’s typical behavior. This bearish target is identified using the height of the pattern from the head’s peak to the neckline, projected downward from the point of the neckline break. The target box, marked in green, shows a potential decline to $0.10 to $0.09, coinciding with the 1.618 and 2.0 Fibonacci extension levels. A fall to this level could lead to a price crash of 40%.

The importance of the H&S pattern lies in its reliability as a trend reversal signal. It validates when the price breaks below the neckline following the formation of the right shoulder. For traders and investors alike, this pattern serves as a cautionary tale to brace for potential downside risks.

As of the latest chart by Olszewicz, the neckline has not been breached, and the pattern has yet to be confirmed. It is critical for observers to watch the $0.14 level closely, as a break below it would likely activate a sell-off, fulfilling the H&S prophecy. However, until such a break occurs, the pattern remains a watchful indicator rather than a confirmed trend reversal.

In summary, Dogecoin’s price chart is showing signs that could concern bullish investors. If history is any guide, the emerging H&S pattern, closely watched by analysts like Olszewicz, suggests a possible downward move in Dogecoin’s value in the near future. However, only a decisive break below the neckline will validate this pattern, turning a watchful eye into a bearish outlook.

At press time, DOGE traded at $0.1509.

DOGE price, 1-week chart | Source: DOGEUSD on TradingView.com

Featured image created with DALL·E, 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 Head And Shoulders Alert: Dogecoin Could See A Price Crash Soon appeared first on Crypto Breaking News.

The recent Bitcoin halving event, which cut the block reward for miners in half on April 20, 2024, has sparked a wave of optimism in the cryptocurrency market. While a brief dip in a key futures metric hinted at potential short-term bearishness, overall market indicators suggest a bullish trend taking hold.

Analysts at Kaiko, a market data provider specializing in crypto derivatives and futures, reported a shift in Bitcoin’s funding rate leading up to the halving. The funding rate is a fee paid between long and short position holders in futures contracts.

A negative rate signifies that short positions are compensating long positions, potentially indicating a bearish outlook. Notably, Bitcoin’s funding rate dipped into negative territory for the first time this year on April 18th, just two days before the halving.

Bitcoin Bounces Back With Renewed Bullishness

However, this short-lived bearishness seems to have been overshadowed by a broader sense of optimism. Following the halving, Bitcoin’s funding rate swiftly recovered and currently sits at a positive 0.0051. This suggests a return to the status quo where long positions are incentivized, reflecting a more bullish market sentiment.

Funding rates for $BTC perps turned negative for the first time since late 2023 in the lead up to the halving. pic.twitter.com/MjiU4C1L5m

— Kaiko (@KaikoData) April 24, 2024

Further bolstering this positive outlook is the uptick in Bitcoin’s Open Interest (OI), a metric that represents the total amount of outstanding futures contracts. Despite a dip last week, OI has since rebounded to over $17 billion, indicating continued investor engagement in the Bitcoin market.

Bitcoin is now trading at 64.250. Chart: TradingView

Halving Impact Exceeds Historical Trends

Perhaps the most intriguing finding from Kaiko’s analysis is the suggestion that this halving event might be having a more positive impact on Bitcoin’s price compared to previous halvings.

At the time of the report, Bitcoin was up 2.8% since the halving, exceeding the price increases observed immediately after the 2012, 2016, and 2020 halving events. Despite a slight price correction in the following days, Bitcoin remains nearly 3% up since the halving.

However, analysts caution against drawing definitive conclusions from this initial data. The cryptocurrency market is inherently volatile, and short-term fluctuations are to be expected.

Some experts point to historical trends where price increases following a halving event were often followed by periods of consolidation or correction. The true impact of the halving on Bitcoin’s long-term price trajectory might not be fully evident for several months.

Bullish Sentiment Fueled By Macroeconomic Factors

Beyond technical indicators, some analysts believe that broader macroeconomic factors are also contributing to the current bullish sentiment surrounding Bitcoin.

The ongoing global inflationary pressures and geopolitical uncertainties have driven investors towards assets perceived as hedges against inflation. Bitcoin, with its finite supply due to the halving mechanism, fits this profile for some investors.

Additionally, the increasing institutional adoption of cryptocurrency is seen as a positive sign for Bitcoin’s long-term prospects. Major financial institutions are actively exploring ways to offer Bitcoin exposure to their clients, suggesting a growing level of confidence in the asset class.

Featured image from Pexels, 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 Negative Nirvana? Decoding The First Bitcoin Funding Rate Dip Of 2024 appeared first on Crypto Breaking News.

Solana attempted a recovery wave above the $140 level. SOL price is now struggling to clear the $160 and $170 resistance levels.

SOL price recovered higher and tested the $160 resistance against the US Dollar.

The price is now trading below $160 and the 100 simple moving average (4 hours).

There is a key bullish trend line forming with support at $146 on the 4-hour chart of the SOL/USD pair (data source from Kraken).

The pair could start another decline if it stays below $160 and $170 for a long time.

Solana Price Faces Resistance

Solana price started a major decline below the $170 and $160 support levels. SOL tested the $115 zone and recently started an upside correction, like Bitcoin and Ethereum.

There was a decent increase above the $130 and $140 levels. The price climbed above the 23.6% Fib retracement level of the downward wave from the $205 swing high to the $115 low. It even spiked above the $155 zone and the 100 simple moving average (4 hours).

However, the bears are active near the $160 zone and the 50% Fib retracement level of the downward wave from the $205 swing high to the $115 low. The price struggled and corrected gains.

Source: SOLUSD on TradingView.com

Solana is now trading below $160 and the 100 simple moving average (4 hours). There is also a key bullish trend line forming with support at $146 on the 4-hour chart of the SOL/USD pair. Immediate resistance is near the $155 level. The next major resistance is near the $160 level. A successful close above the $160 resistance could set the pace for another major increase. The next key resistance is near $170. Any more gains might send the price toward the $188 level.

Another Decline in SOL?

If SOL fails to rally above the $160 resistance, it could start another decline. Initial support on the downside is near the $145 level and the trend line.

The first major support is near the $132 level, below which the price could test $120. If there is a close below the $120 support, the price could decline toward the $100 support in the near term.

Technical Indicators

4-Hours MACD – The MACD for SOL/USD is gaining pace in the bearish zone.

4-Hours RSI (Relative Strength Index) – The RSI for SOL/USD is below the 50 level.

Major Support Levels – $146, and $132.

Major Resistance Levels – $155, $160, and $170.

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 SOL Price Topside Bias Vulnerable If Solana Continues To Struggle Below $170 appeared first on Crypto Breaking News.

Ethereum price failed to clear the $3,280 resistance zone. ETH declined below the $3,200 support and is now consolidating losses above $3,100.

Ethereum struggled to clear the $3,250 and $3,280 resistance levels.

The price is trading below $3,200 and the 100-hourly Simple Moving Average.

There was a break below a key bullish trend line with support at $3,190 on the hourly chart of ETH/USD (data feed via Kraken).

The pair could continue to move down if it trades below the $3,100 support.

Ethereum Price Trims Gains

Ethereum price struggled to clear the $3,250 and $3,280 resistance levels. ETH started a fresh decline and traded below the $3,200 support to enter a short-term bearish zone, like Bitcoin.

Besides, there was a break below a key bullish trend line with support at $3,190 on the hourly chart of ETH/USD. The pair even declined below $3,150 and tested $3,100. A low has formed at $3,105 and the price is now consolidating losses.

Ethereum is now trading below $3,200 and the 100-hourly Simple Moving Average. It is testing the 23.6% Fib retracement level of the recent decline from the $3,291 swing high to the $3,105 low.

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 50% Fib retracement level of the recent decline from the $3,291 swing high to the $3,105 low.

Source: ETHUSD on TradingView.com

The next key resistance sits at $3,220, above which the price might gain traction and rise toward the $3,250 level. A close above the $3,250 resistance could send the price toward the $3,280 resistance. If there is a move above the $3,280 resistance, Ethereum could even test the $3,350 resistance. Any more gains could send Ether toward the $3,500 resistance zone.

More Losses In ETH?

If Ethereum fails to clear the $3,200 resistance, it could continue to move down. Initial support on the downside is near the $3,120 level. The first major support is near the $3,100 zone.

The main support is near the $3,030 level. A clear move below the $3,030 support might increase selling pressure and send the price toward $2,850. Any more losses might send the price toward the $2,650 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 – $3,100

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 Rejection, Is This A Fresh Bearish Signal? appeared first on Crypto Breaking News.

According to a recent Bloomberg report, a group of investors and customers of cryptocurrency exchange FTX have agreed to drop their claims against co-founder Sam Bankman-Fried. 

In exchange, Bankman-Fried has agreed to cooperate with the plaintiffs in the ongoing lawsuits against other defendants related to the collapse of FTX.

Sam  Bankman-Fried And Insiders Settle

Per the report, if approved by a judge, this agreement would release Bankman-Fried from civil liability just weeks after being sentenced to 25 years in prison for fraud stemming from allegations of stealing billions of dollars from FTX. 

The settlement, filed in federal court in Miami, stipulates that the plaintiffs in the multi-district litigation will resolve all current and future claims against Bankman-Fried.

Other FTX insiders, including former executives Gary Wang, Caroline Ellison, and Nishad Singh, who testified against Bankman-Fried, were also sued by investors. However, they have agreed to settle and have already started providing information to support the plaintiff’s case, as stated in the court filing. 

Notably, this leaves the high-profile celebrities, sports stars, and social media influencers who promoted FTX to investors and customers as the remaining defendants.

As part of the settlement agreement, Bankman-Fried has committed to assisting the plaintiffs’ lawyers in pursuing the remaining FTX endorsers. Additionally, he will provide all nonprivileged documents related to his assets and his investment in artificial intelligence start-up Anthropic. 

Bankman-Fried will also submit an affidavit certifying his net worth as negative and share documents about other defendants involved in the expansive civil litigation.

The list of defendants in the consolidated FTX lawsuits is extensive, with financiers and celebrity endorsers such as Tom Brady, Shaquille O’Neal, and Gisele Bundchen accused of promoting “unregistered securities” and luring investors into a Ponzi scheme. 

Bankman-Fried’s agreement includes providing any relevant information about venture capital firms that invested in FTX and accountants and lawyers who worked with the exchange.

If successful, the plaintiffs could potentially win substantial amounts in damages. According to court filings, the settlements with the promoters involved in the agreement are estimated to be valued at around $1.3 million.

FTX Scandal Update

Bankman-Fried’s spokesperson, Mark Botnick, stated that his client is determined to make amends. Botnick emphasized that since the collapse of FTX, Bankman-Fried has focused solely on returning the estate’s assets to customers and ensuring they are made whole at current prices. 

Botnick expressed Bankman-Fried’s commitment to continue working with Adam Moskowitz and his team, representing the plaintiffs, to achieve this goal.

In their request for the judge’s approval of the settlement, the plaintiffs’ attorneys acknowledged the uncertainty and litigation risks associated with pursuing Bankman-Fried. They concluded that Bankman-Fried’s cooperation would be “valuable” in the remaining legal proceedings.

Bankman-Fried, who was found guilty at trial late last year and sentenced in late March, is currently in custody at the Metropolitan Detention Center in Brooklyn, New York, before being transferred to the prison where he will serve his term. He intends to appeal both his sentence and conviction.

The daily chart shows FTT’s price trending upwards over the past week. Source: FTTUSD on TradingView.com

Featured image from Reuters, 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 FTX Co-Founder Sam Bankman-Fried’s Civil Liability Released In Settlement With Investors appeared first on Crypto Breaking News.

Bitcoin price failed to clear the $67,000 resistance. BTC trimmed gains and is now struggling to stay above the $63,650 support zone.

Bitcoin started another decline after it failed to surpass the $67,200 resistance zone.

The price is trading below $65,000 and the 100 hourly Simple moving average.

There was a break below a key bullish trend line with support at $66,200 on the hourly chart of the BTC/USD pair (data feed from Kraken).

The pair could correct higher, but the bears might remain active near the $65,500 zone.

Bitcoin Price Dips Again

Bitcoin price struggled to clear the $67,000 and $67,200 resistance levels. BTC formed a short-term topping pattern and started a fresh decline below the $66,000 level.

There was a move below the $65,500 support. Besides, there was a break below a key bullish trend line with support at $66,200 on the hourly chart of the BTC/USD pair. The pair even spiked below $63,650. A low was formed at $63,583 and the price is now consolidating losses.

Bitcoin price is now trading below $65,500 and the 100 hourly Simple moving average. Immediate resistance is near the $64,500 level or the 23.6% Fib retracement level of the downward move from the $67,195 swing high to the $63,583 low.

The first major resistance could be $65,350 or the 50% Fib retracement level of the downward move from the $67,195 swing high to the $63,583 low. A clear move above the $65,350 resistance might send the price higher. The next resistance now sits at $65,850. If there is a clear move above the $65,850 resistance zone, the price could continue to move up. In the stated case, the price could rise toward $67,000.

Source: BTCUSD on TradingView.com

The next major resistance is near the $67,200 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 $65,350 resistance zone, it could continue to move down. Immediate support on the downside is near the $63,500 level.

The first major support is $62,600. If there is a close below $62,600, the price could start to drop toward $61,200. Any more losses might send the price toward the $60,000 support zone in the near term.

Technical indicators:

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

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

Major Support Levels – $63,500, followed by $62,600.

Major Resistance Levels – $65,350, $65,850, and $67,000.

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 Trims Gains Amid War Escalation, Can Bulls Save The Day? appeared first on Crypto Breaking News.

On-chain data shows that the Bitcoin whales’ holdings have grown to 25.16% of the entire supply, and their net accumulation has continued recently.

Bitcoin Investors With 1,000 To 10,000 BTC Have Continued To Buy Recently

According to data from the on-chain analytics firm Santiment, the BTC whales have accumulated more than 266,000 BTC since the start of the year. The indicator of interest here is the “Supply Distribution,” which keeps track of the percentage of the total circulating Bitcoin supply that the various wallet groups are holding right now.

The addresses are divided into these cohorts based on the number of coins they currently have in their balance. The 10 to 100 coins group, for example, includes all wallets that own at least 10 and, at most, 100 BTC.

The Supply Distribution sums up the amount that investors belonging to a particular group as a whole are carrying and calculates what percentage of the supply they contribute.

The 1,000 to 10,000 BTC cohort is of interest in the current discussion. At the current exchange rate, the lower limit for this cohort is $65 million, while the upper one is $650 million.

Clearly, the investors belonging to the group are quite massive, and as such, they are popularly known as “whales.” As the whales can quickly move large amounts, they have the potential to influence the market. Due to this, their behavior can be worth watching.

There are whales beyond this cohort’s 10,000 BTC upper limit as well, but at such massive scales, entities like exchanges also start coming into play, who aren’t exactly normal investors.

Now, here is a chart that shows the trend in the Bitcoin Supply Distribution for the 1,000 to 10,000 coins group over the last few months:

The value of the metric seems to have observed a spike in recent days | Source: Santiment on X

As displayed in the above graph, the Bitcoin Supply Distribution for this key investor group has observed a net rise over the year 2024 so far. The whales have bought 266,000 BTC ($17.2 billion) over this period.

However, this accumulation hasn’t been consistent. As is visible in the chart, the whales sold into the rally that would eventually lead to the asset’s new all-time high, and they bought back in once the drawdown was over.

As BTC has consolidated, so has its supply. Still, the latest change in the metric has been towards the upside, implying that these humongous holders are perhaps backing the current recovery push.

Following the latest accumulation, the 1,000 to 10,000 coins group holds 25.16% of the supply, which means that more than a quarter of all Bitcoin in circulation is sitting in the wallets of these large investors.

While whale buying is bullish, the current investor sentiment may not be so. As the data for the “Weighted Sentiment” metric attached by Santiment in the chart suggests, investors are currently showing FOMO towards the asset.

Historically, Bitcoin has tended to move against the majority’s expectations, so FUD/fear has been ideal for uptrends to start. FOMO/greed, on the other hand, has been where tops have become probable.

BTC Price

At the time of writing, Bitcoin is trading at around $64,700, up more than 7% over the past week.

Looks like the price of the asset has retraced some of its recent recovery over the last few hours | Source: BTCUSD on TradingView

Featured image from Vivek Kumar on Unsplash.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 Bitcoin Whales Continue Buying, Now Hold 25.16% Of All Supply appeared first on Crypto Breaking News.

In a surprising turn of events, the native token of the decentralized ledger platform Hedera, HBAR, experienced a significant price surge of over 100% during the early hours of Tuesday. Starting from a low of $0.0875, HBAR skyrocketed to reach the $0.1821 mark by Wednesday. 

The sudden surge was triggered by the news of BlackRock’s tokenized fund, BUIDL, which generated high expectations among HBAR investors regarding a potential collaboration between the prominent asset manager and the Hedera protocol.

Not Directly Connected To Hedera?

Launched by BlackRock in March 2024, BUIDL operates as a tokenized fund on the Ethereum blockchain, providing US dollar yields through tokenization. 

Initially, an announcement led to confusion among investors, who mistakenly believed that BlackRock would directly tokenize the fund on the Hedera network. This misunderstanding triggered a significant surge in the HBAR price.

Upon closer examination of the announcement, it became clear that BlackRock and Hedera had no direct connection, although the initial reaction to the news was noteworthy. 

Crypto analysts, who use the pseudonym “CrediBull” on social media site X (formerly Twitter), shed light on the situation, emphasizing that explicit permission from BlackRock was unnecessary to list tokenized versions of their funds. 

It was not a deliberate decision by BlackRock to tokenize on Hedera; rather, an existing platform on the network took the liberty of tokenizing one of BlackRock’s funds. However, for the analyst, the fact that a platform on Hedera was among the first to tokenize a BlackRock fund reflects the platform’s leadership in the space.

Analyst Clarifies Misconception

Further examination reveals that Archax, the company behind the tokenized BlackRock fund on Hedera, is a portfolio company of ABRDN Investments, the largest asset manager in the UK, with approximately $500 billion in assets under management (AUM). 

Additionally, CrediBull emphasizes that BlackRock happens to be the fourth-largest shareholder of ABRDN. Notably, around ten months ago, Archax tokenized one of ABRDN’s money market funds, preceding their launch of the BlackRock fund.

An interview by the Head of Digital Assets at ABRDN clarifies their involvement in the tokenization process on Archax. A “distribution agreement” was signed permitting the tokenization to proceed. If a similar agreement were reached with BlackRock, it would imply the asset manager’s endorsement of the product.

Ultimately, the interview with the head of digital assets at ABRDN underscores the fact that significant players are utilizing and contributing to the growth of Hedera behind the scenes.

The daily chart shows HBAR’s price correction over the past hours. Source: HBARUSD on TradingView.com

Following the clarification of the situation, the price of HBAR has retraced to $0.1199. Nevertheless, it remains up 8% over the past 24 hours and has recorded an impressive gain of nearly 60% in the past seven days. 

CoinGecko data highlights a substantial surge in HBAR’s trading volume, which has increased by over 1,100% in the past few days. This surge in trading volume indicates the widespread confusion sparked by the initial news announcement.

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 BlackRock’s Tokenized Fund News Sends Hedera (HBAR) Soaring 100%, The Reason May Surprise You appeared first on Crypto Breaking News.

The XRP price has seen some level of recovery over the last two days that has seen positive sentiment returning to the latocin once again. This has carried forward with the expectation that the price will continue to surge. One crypto analyst in particular, who goes by RLinda, has revealed why the cryptocurrency is set to surge 70%.

XRP Price Completes A False Breakdown

In the analysis that was posted on the TradingView website, crypto analyst RLinda outlined a number of reasons why the XRP price may be getting ready for a surge. One of these reasons is the fact that the altcoin has completed a false breakdown.

This is referring to the price crash that sent the price falling from $0.7 to $0.42, recording an almost 50% crash. However, the crypto analyst believes that this crash was bullish for the coin as it was basically a false breakdown, followed by a breakout.

In scenarios such as this, the XRP price could be headed for a breakout similar to the breakdown and eventual recovery between August and November 2023. Such a case could see the price rise 50% with a higher end of 70%.

Source: Tradingview.com

Additionally, the XRP price has also been in long term consolidation, another factor that could contribute to this breakout. “XRPUSDT is forming a technical false break of support, in the long term consolidation above the zone should be formed with the purpose of continuation of growth, the potential of which can be opened by 50-70%,” the analyst stated.

The State Of XRP

XRP has already seen investors returning once it was clear the worst of the crash. Crypto whales, in particular, have been making their bets, moving 600 million XRP tokens. As NewsBTC reported, whales holding between 10 million and 100 million XRP increased their holdings by 30 million in just one week. But even more interesting is the fact that they have moved up to 600 million tokens in the space of two weeks.

These moves come ahead of crypto analysts prediction major upside for the cryptocurrency. One of those is crypto analyst Egrag Crypto who predicted that the XRP price is ready to spike as high as $1.4. This would mean an over 100% increase in price.

However, XRP has not exactly been the market favorite in recent times. Its daily trading volume has seen a notable decline, with Coinmarketcap reporting a 20% drop to $1.33 billion in the last day. Nevertheless, the altcoin remains the 7th-largest in the space, with a market cap of $30.3 billion.

XRP struggles above $0.5 | Source: XRPUSDT on Tradingview.com

Featured image from Coinpedia, chart from Tradingview.com

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

Source: NewsBTC.com

The post XRP Price Ready For 70% Breakout As Long-Term Consolidation Nears Its End appeared first on Crypto Breaking News.

While Bitcoin struggles to extend gains, on-chain data shared by Ki Young Ju, the founder of CryptoQuant, on X shows increased movement of old coins. As the Bitcoin Average Dormancy chart shows, this trend recently hit a 13-year high. 

More Old Whales Moving Coins

The Bitcoin Average Dormancy shows the average number of days each BTC has been dormant. On-chain data indicates that coins held for 3 to 5 years have changed hands and moved to new owners. 

BTC dormancy chart | Source: CryptoQuant

While there was movement, interestingly, data shows that they were not transferred to exchanges. Instead, it is highly likely that they were traded over the counter (OTC).

Usually, any transfer to centralized exchanges like Binance or Coinbase could suggest the intention of selling. The more coins hit these exchanges, especially from whales, the higher the chance of price dumping. However, if trades are made via OTC, the impact on spot rates is negligible, which is a positive for bulls.

Further analysis of these transfers using the Spent Output Profit Ratio (SOPR) indicator suggests that whales moving them made decent profits. Historically, whenever whales dump and register profits, prices tend to dip.

Will Bitcoin Prices Retest All-Time Highs

However, in a post on X, one analyst says prices will likely increase because of the impact of spot Bitcoin exchange-traded funds (ETFs). These derivatives are like a buffer against price drops, considering the pace of inflows in the past weeks.

Spot ETFs allow institutions to gain regulated exposure to BTC. Coupled with decreasing outflows from GBTC, the odds of prices rising remain elevated. 

According to Lookonchain data, GBTC unloaded 750 BTC on April 23. However, Fidelity and other eight spot ETF issuers bought 1,513 BTC on behalf of their clients. Spot Bitcoin ETF issuers sell shares representing BTC holdings. These coins can be purchased from secondary markets like Binance, via OTC platforms, or directly from miners. 

Spot Bitcoin ETF flow data | Source: Lookonchain

BTC prices remain muted and capped below $68,000, representing April 13 highs.

To define the uptrend, there must be a high volume expansion above this liquidation line, reversing recent losses. 

Bitcoin price trending downward on the daily chart | Source: BTCUSDT on Binance, TradingView

Even so, looking at the BTCUSDT candlestick arrangement in the daily chart, bulls must break above all-time highs for a clear trend continuation. Ideally, the uptick above $73,800 and the current range should be with expanding volumes, confirming the presence of buyers.

Feature image from DALLE, 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 Old Bitcoin Whales Moving Coins: Will This Help Push BTC Above $74,000? appeared first on Crypto Breaking News.

Bitwise Chief Information Officer (CIO) Matt Hougan recently shared five interesting predictions for the next Halving of the Bitcoin (BTC) network, scheduled for 2028. In a comprehensive report, Hougan sheds light on the potential transformations for the world’s leading cryptocurrency.

New Investors And ETFs As Catalysts

One of Hougan’s key predictions is that Bitcoin’s volatility will significantly decline by 50%. He argues that the entry of new investors through the spot Bitcoin exchange-traded fund (ETF) market will drive this decline. 

Hougan said that as financial advisors, family offices, and institutions enter the Bitcoin market, their different investment behaviors – such as portfolio rebalancing and steady drip investments – could introduce counter-cyclical flows, ultimately dampening Bitcoin’s volatility.

Hougan’s second prediction revolves around the allocation of Bitcoin in portfolios. He believes that 5% allocations to Bitcoin will become commonplace in target-date portfolios. As BTC’s volatility decreases and becomes more attractive to institutional investors, Hougan expects a rise in typical portfolio allocations. 

The Bitwise CIO predicts that Bitcoin ETFs will attract over $200 billion in inflows. He highlights their impressive growth and cites their status as the fastest-growing new ETF category of all time. 

Hougan suggests that the ETF market is still in its early stages, with national wirehouses and institutions just beginning their due diligence. Drawing parallels with the rise of gold ETFs, which experienced year-after-year growth in net flows, he anticipates a similar trend for Bitcoin ETFs.

Bitcoin Price Path Toward $250,000

In an intriguing projection, Hougan suggests that central banks will allocate funds to Bitcoin before the next Halving event. He notes that central banks have historically been significant investors in gold, accumulating substantial amounts of the metal. 

However, with Bitcoin’s characteristics as non-debt money and its functional advantages over gold regarding payments and settlement, Hougan believes central banks will be increasingly drawn to Bitcoin. Hougan further noted on this matter:

There is also an element of game theory here. A major central bank adopting Bitcoin as a reserve asset would be a game-changer for Bitcoin and, I believe, would contribute to a dramatic increase in prices. Will one central bank try to front-run the others? 

Hougan’s final prediction revolves around Bitcoin’s price. He forecasts that Bitcoin will trade above $250,000 by 2028, an increase of nearly 280% from current levels. 

The Bitwise CIO attributes Bitcoin’s previous exponential growth to its transition from a speculative asset to one with real-world utility. 

Factors such as declining volatility, improved custody options, low correlations to traditional stocks, enhanced accessibility through ETFs, and growing institutional adoption all contribute to Hougan’s optimism regarding Bitcoin’s future progress. Hougan concluded by stating:

With the ETFs launched and gathering assets—and major Wall Street firms lining up behind bitcoin—I suspect the asset will continue to move further into the mainstream. At $250,000, bitcoin would be a $5 trillion asset. Could it go higher? Of course. But $250,000 would represent solid progress between halvings, and I think we’ll see at least that.

The 1-D chart shows that BTC’s price has decreased in the past 24 hours. Source: BTCUSD on TradingView.com

Currently trading at $64,500, BTC is down nearly 3% in the past 24 hours after retesting the $67,000 mark on Tuesday and failing to consolidate above that level.  

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 Bitwise CIO Unveils 5 Major Forecasts For Bitcoin 2028 Halving, Anticipates A 280% Price Surge appeared first on Crypto Breaking News.

The Shiba Inu ecosystem has been subjected to updates in the last few days as developers look to bolster the cryptocurrency’s prospects in the long term. Behind the scenes, on-chain data also reveals a bullish trend among SHIB investors, with the exchange balance dropping to new lows. 

Adding to the bullish case is the fact that SHIB’s price has bounced right off the key 0.618 Fibonacci ratio level, otherwise known as the “golden ratio.” These metrics, in combination, are particularly setting up the stage for a price surge that could see SHIB surging in the current market cycle.

Exchange Balances For SHIB Hit New Lows

According to CryptoQuant’s SHIB analytics dashboard, the total SHIB reserve on crypto exchanges has been on a free fall for the majority of this year.  At the time of writing, the SHIB exchange reserve now stands at around 150 trillion tokens, compared to 164 trillion SHIB tokens on February 29. This means the total number of SHIB tokens in crypto exchange reserves has fallen by 14 trillion SHIB in less than two months.

The drop in exchange reserve is somewhat of a bullish indicator for SHIB, as it shows that holders are less liable to sell their coins and are instead opting instead to store them in private wallets. This outflow from exchanges has particularly been compounded in the last few weeks, with on-chain data revealing an increase in activity from Shiba Inu whales. An example is a recent accumulation of 237.8 billion SHIB tokens worth $6.9 million by a new whale address. 

Furthermore, recent price action in recent months has seen the price of SHIB bouncing off the 0.618 Fibonacci ratio level on April 14th, setting up the stage for a golden ratio rebound. This is a key support level according to the Fibonacci tool, and the bounce indicated the start of a major uptrend. SHIB encountered this bounce on April 15 around the $0.00002117 price level after a correction of over 51% from its yearly high of $0.00004400. 

Shiba Inu To $0.0001?

At the time of writing, SHIB was trading at $0.00002702, up by 19% in the past seven days. Interestingly, the SHIB price has increased by over 27% since its bounce above the golden cross to confirm the crypto has fully reversed into a bullish sentiment.

Fundamentals point to a continued SHIB price surge in the coming days amid mainstream interest and adoption. One of these is the recent $12 million investment raised by the Shiba Inu team to develop a layer-3 blockchain on top of Shibarium.

With supply on exchanges diminishing and SHIB building surging after bouncing off a key Fibonacci level, the ingredients are in place for a rebound to $0.00004400 or higher. If SHIB can clear this resistance, it opens up a run toward $0.00008616, which would represent a 218% increase from today’s price.

SHIB price sitting at $0.000026 | Source: SHIBUSDT on Tradingview.com

Featured image from Crypto News Flash, 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 Shiba Inu Exchange Balances Reach New Low As SHIB Bounces Off Golden Ratio appeared first on Crypto Breaking News.

The fluctuations in Bitcoin’s price have marked the tempo of the crypto market and the community’s sentiment. While some feel pessimistic about the rally slowdown, some analysts believe the flagship cryptocurrency is just getting ready to reach higher notes.

Next Stop: Bitcoin’s “Parabolic Upside”

Crypto analyst and trader Rekt Capital considers Bitcoin (BTC) is currently awaiting a period of consolidation. In an X post, the trader highlighted that, during the previous “Halvings,” BTC saw “Re-Accumulation Ranges.”

The analyst shared his chart for Bitcoin phases during the “Halving,” which he has previously used to explain BTC was at the “Last Pre-Halving Retrace” before April 19.

At the time, the analyst pointed out that the re-accumulation phase was next. Bitcoin went through one during the previous “Halving,” as seen in the chart.

The re-accumulation consisted of two consolidation periods followed by the “Post-Halving Parabolic Upside,” which saw BTC reach last cycle’s all-time high (ATH) of $69,000.

Bitcoin phases during the "Halving". Source: Rekt Capital on X

Rekt Capital highlighted that, during this cycle, the flagship cryptocurrency has already experienced five re-accumulation ranges. Similarly to the last cycle, the latest re-accumulation phase seems to have started during the “Pre-Halving Rally” phase. Per the analyst, this will be followed by the “Parabolic Upside” if history repeats itself.

Analyst Mikybull seems to share a similar view to Rekt Capital’s, as he highlights that Bitcoin’s “parabolic rally is loading.” The re-accumulation breakout is set to be “explosive,” and “not many are prepared for this,” he added.

The analyst explained that “the RSI on a macro scale is at the same level as it was in 2017, which was followed by a huge rally to cycle top.” Based on this, he believes the current consolidation comes from institutions preparing “for a huge rally to cycle top.”

Analyst Sets Crucial Level For Bitcoin’s Breakout

A day before Bitcoin’s “Halving,” the cryptocurrency faced a correction that shredded 7% of its price in a few hours. BTC went from hovering between the $64,000-$63,000 price range to trading below the $60,000 support zone.

Since then, the largest cryptocurrency by market capitalization appears to have steadily recovered from the drop. Over the weekend, Bitcoin regained the $65,000 support level before testing the $66,000 one, which it reclaimed on Monday.

Over the last few days, BTC has hovered between $66,000 and $67,000. However, it has not been able to successfully test the resistance level set at the $67,000 price range.

According to the crypto analyst Bluntz, Bitcoin’s most recent performance suggests that the price will continue to move sideways between the $66,000 and the $67,000 range.

However, he also considers that BTC is “gagging for a breakout soon,” as the chart displays a bullish pennant pattern forming. Per the analyst, “once we clear 67k,” the whole market will fly above the latest ATH.

As of this writing, Bitcoin is trading at $66,665, a 7.5% increase from a week ago and a 66.22% in the last three months.

Bitcoin's performance in the weekly chart. Source: BTCUSDT on TradingView

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

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

Source: NewsBTC.com

The post Is Bitcoin Getting Ready For An Explosive Breakout? These Analysts Believe So appeared first on Crypto Breaking News.

Crypto analyst Egrag Crypto has singled out VeChain (VET) and XRP as two crypto tokens that could soon witness significant price surges. The analyst also outlined price targets crypto investors can expect these tokens to attain.

VeChain Could Rise To As High As $2.5

From the chart Egrag shared in his X (formerly Twitter) post, one could see that he was hinting that VeChain hit $2.5 at its market peak. He also elaborated on how the crypto token will rise to that level by breaking its price action into three targets. The first target was the yellow channel, which he highlighted on the chart. 

Source: X

VeChain is expected to rise to as high as $0.18 when this target is fully achieved. Egrag noted that this will mark the “forging of the MACRO-Bottom.” The second target will see the crypto token rise to almost $0.9. The analyst pointed out that this channel “aligns with the Fib 0.702 & 0.786 levels,” forming what he referred to as the “Mid-Bull-Cycle.”

VeChain is expected to rise to as high as $2.5 when the last target is achieved. Egrag remarked that this target aligns with “key Fib levels 1.236, 1.414, & 1.618, suggesting the potential cycle top for #VET.” This isn’t the first time the crypto analyst has laid a bullish narrative for the VeChain token. 

In February, he predicted that the crypto token could witness a 140x price increase if it repeats its price action from around 2021 when it rose by 14.638%. 

XRP Run To $1.4 Still In Play

Egrag provided his bullish analysis of XRP in a separate X post. He stated that the crypto token’s double formation was giving a “strong bullish signal.” He added that he is confident that the “thrust will soon.” This recent analysis was an update to a previous one where he predicted that XRP would rise to $1.4 soon enough. 

Source: X

 Back then, he was also confident that this move to the upside was imminent, noting that the bulls had accumulated all the XRP tokens that the bears had dumped. He urged XRP holders to “stay steady” in anticipation of the life-changing opportunities that may arise due to the crypto token’s parabolic surge. 

Egrag has remained bullish on the XRP token despite its unimpressive price action. He has predicted at different times that the crypto token could rise to as high as $27 at its market top. 

At the time of writing, XRP is trading at around $0.54, up in the last 24 hours, according to data from CoinMarketCap.

VET price at $0.04 | Source: VETUSDT on Tradingview.com

Featured image from Watcher Guru, 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 Analyst Singles Out VeChain And XRP For Parabolic Surge, Here Are The Targets appeared first on Crypto Breaking News.

On-chain data shows the new whale entrants in the Bitcoin market now hold almost twice as much as the veterans. Here’s what could be behind this shift.

Bitcoin Newbie Whale Holdings Have Been Rapidly Growing Recently

In a new post on X, CryptoQuant founder and CEO Ki Young Ju has discussed about how the holdings of the new whales compares against the old ones in the market right now.

The on-chain indicator of interest here is the “Realized Cap,” which, in short, keeps track of the total amount of capital that the investors have used to purchase their Bitcoin.

This capitalization model is in contrast to the usual market cap, which simply measures the total value that the holders as a whole are carrying based on the current spot price.

In the context of the current topic, the Realized Cap of the entire market isn’t of interest, but rather specifically that of two segments: the short-term holder whales and long-term holder whales.

Whales are defined as entities on the network who are holding at least 1,000 BTC in their balance. At the current exchange rate, this amount is worth $66.6 million, so the whales are clearly quite massive holders. Because of these large holdings, these investors can hold some influence in the market.

Based on holding time, the whales can be subdivided into two categories. The short-term holder (STH) whales are those who acquired their coins within the past 155 days, while the long-term holder (LTH) whales have been holding since longer than this timespan.

Now, here is the chart shared by Ju that reveals the Realized Cap breakdown between these two Bitcoin whale cohorts:

Looks like the metric has shot up for the STH whales recently | Source: @ki_young_ju on X

As is visible in the above graph, the Realized Cap of the STH whales has historically not been too different from that of the LTH whales, but that appears to have changed recently.

The metric has pulled away for these new whales this year with some very sharp growth, as its value has now reached the $110.6 billion mark. This means that the STH whales have collectively bought their coins at an initial investment of a whopping $110.6 billion.

The Realized Cap of the LTH whales, on the other hand, has continued its usual trajectory, floating around $66.9 billion currently. This means that there is now a massive gap between the indicator for these two cohorts.

But what’s the reason behind the sudden emergence of this brand-new trend? As mentioned before, the STH cutoff stands at 155 days, which means that the Realized Cap of the STH whales would signify the total value of the purchases made by the whales over the last five months.

In the past five months, there has been one event in particular that has stood out, which has also never been present in any of the prior cycles: the approval of the spot exchange-traded funds (ETFs).

The spot ETFs provide an alternative mode of investment into the asset through a means that’s familiar to traditional investors. These funds have been bringing in some unprecedented demand into BTC and as their holdings also fall under the 155 days mark, they would count as STH whales.

Bitcoin has also been rallying this year, so all this new investment would have had to purchase at relatively high prices, thus causing the Realized Cap, which correlates to direct capital flows, to inflate even further.

BTC Price

Bitcoin is now trading at $66,400 after witnessing a surge of more than 6% over the past week.

The price of the asset seems to have been overall consolidating sideways recently | Source: BTCUSD on TradingView

Featured image from Todd Cravens on Unsplash.com, CryptoQuant.com, chart from TradingView.com

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

Source: NewsBTC.com

The post Newbie Bitcoin Whales Hold 2x As Much As Veterans: What’s Behind This Trend? appeared first on Crypto Breaking News.

The Open Source Justice Foundation is a 501(c)(3) tax-exempt public charity dedicated to spreading access to justice globally through open-source protocols and technology. Learn more about OSJF’s work at opensourcejustice.org.

Most people in the world are denied access to justice. An estimated four billion people live outside the protection of the law. Fifty-four percent of the world’s population lives under some form of authoritarian rule. And even in relatively stable democracies, the justice gap between low- and high-income earners is well documented.

The state has failed to provide courts that offer equal justice to all.

This is not a secret. For decades, politicians, lawyers, and charities have publicly decried the lack of affordable and accessible legal services. But politicians’ solution has been to simply funnel more taxpayer money into the failing court system. Lawyers continue to lobby for restrictive licensing requirements on the practice of law, jealously guarding their monopoly over justice. Legal aid charities do not exist to change this system, but to work within it. For these groups, “access to justice” means a wider door on the courthouse. They have no incentive to fundamentally alter the state-based justice system, a system that directly benefits them.

Those with the incentive to enact meaningful alternatives to this broken system are those that are excluded from it. These individuals and communities must take justice into their own hands. They should be empowered to resolve their own disputes peacefully and voluntarily without resort to the state, and guided by their own norms and standards of acceptable social conduct. Only once justice ceases to be the exclusive domain of the state can it spread freely to all.

Private, Alternative Dispute Resolution (ADR) systems and Online Dispute Resolution (ODR) technologies have the potential to drastically increase global access to justice. But the transformative power of conventional ADR and ODR tools are hindered by proprietary software licenses that shield source code from view. Without a way for users to verify the operation of these black-box solutions, they suffer from perceptions of unfairness or bias, which disincentivize use. And such closed-source licenses prevent communities from modifying the ODR tools to fit their specific needs.

By taking conventional ADR and ODR designs, however, and deploying them through free open-source software and protocols, communities and individuals can harness the full potential of these private dispute resolution systems. The result is Open Source Justice.

The tenets of the free and open-source software (FOSS) movement are aligned with the goal of advancing equal access to justice. FOSS is permissionless, inclusive, transparent, and anti-discriminatory.

Consider Richard Stallman’s four essential freedoms for open source software:

The freedom to run the program as you wish, for any purpose.

The freedom to study how the program works, and change it so it does your computing as you wish. Access to the source code is a precondition for this.

The freedom to redistribute copies so you can help others.

The freedom to distribute copies of your modified versions to others. By doing this you can give the whole community a chance to benefit from your changes. Access to the source code is a precondition for this.

Freedom 0, the freedom to run a program for any purpose, embodies respect for the choices and sovereignty of others. Sovereign communities should be free to set their own norms and values, and decide for themselves how disputes should be resolved consistent with those norms and values.

Freedom 1, the freedom to access, study, and change source code, is essential to empowering sovereign individuals and communities to make those choices for themselves. This freedom further embodies the value of transparency, which is necessary for any dispute resolution system to gain legitimacy, trust, and perceptions of fairness.

Freedom 2, the freedom to redistribute copies to help others, will accelerate the spread of ODR and ADR tools to those jurisdictions where justice is lacking or diminished.

Freedom 3, allowing modification and redistribution of modified software, allows communities to adapt dispute resolution tools to fit their circumstances and values. It also allows communities that have created their own open-source dispute resolution systems to share their tools with other similarly situated or sympathetic communities — again accelerating access to justice.

The FOSS movement places user freedom above all else. The user should be in control of the software, the software should not control the user.

Likewise, the Open Source Justice movement places the disputant’s freedom above all else. While communities should be empowered to define their own concepts of justice and design their own procedures for provisioning that justice, individuals must be given the choice to opt in to their chosen justice system. Voluntaryness and non-coercion are hallmarks of Open Source Justice.

This is a call to all developers, lawyers, entrepreneurs and other stakeholders interested in real access to justice to devise, build, and support new ODR and ADR systems consistent with the values of the FOSS movement.

Join the Open Source Justice movement today.

Source: Bitcoin Magazine

The post Open Source Justice Manifesto appeared first on Crypto Breaking News.

Edward Snowden has called the recent renewal of FISA 702, “the biggest encroachment on your privacy rights since the Patriot Act.”

In the middle of the night, in secret, the US Senate voted to renew FISA Section 702 as a part of a broader bill called the Reforming Intelligence and Securing America Act (RISSA) H.R.7888.

The bill had passed through the House the week prior and was set to be voted on Wednesday but the vote was delayed. As Friday came and went, it appeared that we, the People, might have another weekend to rally against the Senate vote.

Alas, Americans woke up Saturday morning to find that the vote had taken place overnight and was signed into law over the weekend.

Mainstream Media would have you believe that the bill is vital for National Security and that the United States was in immediate and dire need of warrantless spying powers. The NY Times published an article titled, “Government Surveillance Keeps Us Safe.”

There is, of course, much more to the story.

Many members of the Senate were told by the House Intelligence Committee that the urgent vote was vital for national security but they were not told that FISA had already granted approval for Section 702 surveillance to continue until April 2025, even if the bill expired. The vote was held under the pretense of a blatant lie.

Warrantless spying not only lives on, it expands.

Liza Goitein is the Co-Director of the Liberty and National Security Program at the Brennan Center for Justice and has been following the renewal closely.

The bill didn’t just renew the FISA provision, which provides targeted warrantless spying powers to the administrative state, it also greatly expanded those powers by changing a few key definitions.

The amended provision will allow the government to require everyday Americans and regular businesses to spy on fellow citizens, effectively turning everyone into a spy. With the new provision in place, FISA courts can now compel anyone with access to communications equipment to cooperate with the NSA in collecting messages and communications. Previously the statute only authorized the collection of data and communications stored by U.S. internet service providers like Google, Facebook and Microsoft or telecom providers such as AT&T and Verizon.

With the new rules in place, nearly anyone, with few exceptions, can be compelled to access and turn over your data, giving US intelligence agencies extensive new powers.

Senator Ron Wyden, addressing the Senate floor, points out that the new powers could “for example, by forcing an employee to insert a USB thumb drive into a server at an office they clean or guard at night.”

It must be considered how bitcoin and crypto companies could now be compelled to turn over full access to their records of every transaction ever facilitated. While such access already exists under BSA regulations there are still some checks and balances in place providing transparency to the process. This is not the case within the FISA court process. Furthermore, a case potentially could be made that the new regulations define node runners as facilitators of communication, opening up anyone running a bitcoin node to the threat of participation with the secret courts.

The RISAA renewal of FISA Section 702 not only abolishes the Fourth Amendment rights of US Citizens, it is also being used to bypass First Amendment rights. A report from 2023, for example, showed that the FBI used Section 702 to spy on protestors and journalists. And that the FBI abused the authority of Section 702 over 300,000 throughout 2020 and 2021.

The Foreign Intelligence Surveillance Act of 1978, FISA, was originally enacted to “provide judicial and congressional oversight of foreign intelligence surveillance activities while maintaining the secrecy necessary to effectively monitor national security threats.” BJA

The USA Patriot Act, first passed in 2001 and reauthorized in 2006, expanded FISA to allow the government to obtain the personal records of ordinary Americans from libraries and Internet Service Providers, even when they have no connection to terrorism.

Section 702 is a key provision of the FISA Amendments Act of 2008.

The 2024 renewal of FISA Section 702 extends the provision for two years, under the new definitions. It’s vital that anyone who cares about their right to privacy or about our First and Fourth Amendment rights as citizens of the United States make their voices heard so that when the time comes to renew the act, it cannot be done in the shadows of the night.

This is a guest post by Michelle Weekley. Opinions expressed are entirely their own and do not necessarily reflect those of BTC Inc or Bitcoin Magazine.

Source: Bitcoin Magazine

The post The Patriot Act 2.0 appeared first on Crypto Breaking News.

Worldcoin (WLD) could be the victim of a significant downtrend in the coming weeks. The team plans to sell as many as 1.5 million WLD tokens over the next six months, which could bring about massive selling pressure and affect the token’s price. 

Details About The Proposed WLD Token Sale

Worldcoin revealed in a blog post that World Assets (a subsidiary of the Worldcoin Foundation) will sell between 500,000 and 1.5 million Worldcoin tokens weekly to a group of institutional trading firms outside the United States. This token sale will be done through private placements and is expected to last up to six months. 

Therefore, as many as 36 million WLD tokens could be sold under this arrangement. Interestingly, these tokens do not form part of the current circulating supply, as Worldcoin stated that “the circulating supply of WLD will thus increase correspondingly” as the token sales progress. That means Worldcoin’s circulating supply could see an 18.6% increase to over 229 million WLD tokens once the private sale is done. 

This development is undoubtedly a cause for concern for WLD holders, given the impact it could have on the crypto token’s price action. However, Worldcoin tried to downplay the effect of this token sale, noting that a weekly sale of between 500,000 and 1.5 million WLD tokens represents “less than 0.1% to 0.4% of the current weekly trading volume.

Meanwhile, World Assets “may seek to include a 40-day lock-up period restricting the resale of WLD by trading firms,” Worldcoin remarked. This could also help reduce the high volatility that could arise from an immediate sell-off by these trading firms. 

The Worldcoin Ecosystem

WLD is the native token of Worldcoin, a project that focuses on the digital verification of humans. Users in the Worldcoin ecosystem get verified through a device called the “Orb.” Since launching last year, the project, co-founded by Open AI’s CEO Sam Altman, has drawn criticism, with many, including Ethereum’s co-founder Vitalik Buterin, raising privacy and legal concerns. 

Authorities in different countries have investigated the project as they believe its data collection method may have breached certain privacy laws. NewsBTC also recently reported that Worldcoin faces a potential fine of $1.2 million in Argentina for violating the country’s National Consumer Protection Law.

Despite the regulatory scrutiny, the team is still looking to expand. In the blog post, they hinted that the proceeds from this token sale will be directed towards meeting the “increasing demand for orb-verified World IDs around the world.”

At the time of writing, Worldcoin is trading at around $5.4, down over 6% in the last 24 hours, according to data from CoinMarketCap. 

WLD price falls to bearish pressure | Source: WLDUSDT on Tradingview.com

Featured image from The Block, 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 Brace For Impact: Worldcoin Team Plans To Sell 1.5 Million WLD Tokens Every Week For 6 Months appeared first on Crypto Breaking News.

Prior to the Bitcoin Halving event, BTC’s price saw considerable instability, but it has since rebounded, reaching the $66,000 level, triggering bullish predictions from top crypto analysts regarding the coin’s future path.

Captain Faibik, a crytocurrency analyst and trader, has emerged with an intriguing prediction, underscoring a narrative that could potentially propel the price of Bitcoin to the coveted $100,000 mark in the upcoming months.

Bitcoin Poised For A Notable Rally To $100,000 

According to Captain Faibik, Bitcoin has managed to hold the $60,000 support level in the wake of bullish investors in the market. As a result, the largest crypto asset by market cap is currently making a strong comeback.

These bullish investors, according to Faibik must reclaim the crucial $72,000 resistance level in order to see a major rally to the $100,000 price level. This scenario acts as a ray of hope for the cryptocurrency community, igniting speculations and influencing projections about Bitcoin’s potential for future growth. Given the anticipated impact of the Bitcoin Halving and bulls, the $72,000 level could be realized in the short term.

Possible rally to $100,000 | Captain Faibik on X

The expert previously highlighted that the Bitcoin weekly candle closed above the Exponential Moving Average (EMA) 10, demonstrating that the bulls are still very much in charge of the market. Following the Descending Channel break out in October last year, BTC Bulls has firmly secured the weekly EMA10, prompting the crypto analyst to put his next price target for the digital asset at $100,000.

Faibik also noted that the daily Relative Strength Index (RSI) for Bitcoin has emerged from a falling wedge pattern. This breakout suggests that a 15% to 20% bullish rally in Bitcoin’s value is on the horizon.

Meanwhile, in the daily timeframe, a bullish flag formation is underway, and in the event of an upward breakout from the bullish flag, Faibik anticipates a new all-time high for Bitcoin by May.

Is A $1.5 million Price Level Possible For BTC?

One of the most bullish predictions for Bitcoin this year came from Ark Invest Chief Executive Officer (CEO) Cathie Wood. The CEO foresees the digital asset to rise by over 2,000% reaching a whopping $1.5 million by 2030.

During an interview in Hong Kong, Wood reiterated her projections for BTC, which were supported by a thorough investigation that included institution surveys and evaluations of market volatility.

She stated:

I have been asked this question from different angles, and our analysis from multiple perspectives indicates that by 2030, Bitcoin could rise to $1.5 million. This price prediction is based on a survey of institutions, using a discount rate and volatility analysis.

Initially, Wood’s forecast for Bitcoin was estimated at $600,000 in the next six years. However, considering the effect of the Bitcoin Spot Exchange-Traded Funds (ETFs), she now believes the coin has the potential to hit $1.5 million.

BTC trading at $66,567 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 Analysts Identify Key Scenario For Bitcoin Hitting $100,000 appeared first on Crypto Breaking News.