The Bitcoin network has witnessed a surge in trading activity in the days after the halving, as shown by on-chain data. Although the just concluded halving brought a lot of attention to Bitcoin, the recent surge in trading activity can be attributed to something else.

According to data from on-chain analytics platform IntoTheBlock, the number of daily BTC transactions has grown rapidly in the past few days to reach a new high of 927,000 thanks to a new token standard called Runes.

Bitcoin Daily Transactions Reach New All-Time High

Bitcoin’s price has been skyrocketing since the beginning of the year with interest in the top cryptocurrency exploding. All that new interest means more people buying, selling, and trading BTC, which has led to a huge increase in the number of daily transactions.

Despite the increase in activity, the number of daily transactions failed to break above the 724,000 record for the past four months, until recently this week. 

The main catalyst for this activity surge is the recent launch of the Runes token standard on the Bitcoin blockchain. The Runes Protocol is a new token standard on BTC that gives users a more efficient way of creating fungible tokens.

The additional functionality provided by Runes opens up new possibilities for Bitcoin, allowing users to create non-fungible tokens more efficiently than the existing BRC-20 token system.

Bitcoin is now trading at $63.711. Chart: TradingView

The Runes token standard surged immediately among developers and users after launch, constituting over 68% of Bitcoin transactions recorded. According to Dune’s analytics dashboard, the number of Runes transactions surged to 753,000 on Tuesday, April 23. As a result, the total number of transactions on the day crossed over 927,000 to break the 724,000 record set in December 2023.

Bitcoin hit a new all-time high in daily transactions!

Following the launch of Runes, The number of Bitcoin transactions has increased rapidly, hitting 927,000 on Tuesday. This breaks the previous high of 724k set in December of 2023 pic.twitter.com/30JXbrLmdR

— IntoTheBlock (@intotheblock) April 26, 2024

On the other hand, the hype surrounding the Runes token standard seems to have faded so quickly. The number of transactions on Runes has now fallen to 104,800 in the past 24 hours, constituting 26% of the total number of transactions.  

Bitcoin Price Prediction

At the time of writing, Bitcoin is trading at $63,711 with a price resistance now around $64,500. Bitcoin’s price trajectory can be very tough to predict. Many Bitcoin analysts and traders are still looking forward to a bullish effect of the just concluded halving on the price of the cryptocurrency. A Bitcoin bull flag has just been formed which suggests the possibility of an uptrend very soon.

However, crypto expert Peter Brandt believes Bitcoin might have already reached its top in the current market cycle. His theory is based on the exponential decay thesis which shows that the percentage gain of Bitcoin price has reduced in succeeding market cycles.

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 Bitcoin Daily Transactions Just Hit A New ATH – What’s Driving It? appeared first on Crypto Breaking News.

Litecoin (LTC) defied the overall sluggishness of Proof-of-Work (PoW) coins this week, climbing 4% to a two-week high of $86 on April 26. This surge has rattled short sellers and ignited a potential short squeeze, with analysts predicting a bullish run towards the $100 mark.

Litecoin Bulls Flex Their Muscle

While other cryptocurrencies have struggled to gain momentum this week, Litecoin bulls have managed to push slightly ahead. This unexpected rally has added a significant $190 million to Litecoin’s market capitalization, showcasing a renewed investor interest in the digital silver.

Market watchers attribute the surge to a confluence of factors. Firstly, a significant number of traders are betting big on Litecoin’s continued rise, evident in the overwhelming leverage applied in the derivatives market.

Data from Coinglass reveals a bullish sentiment, with the value of long leveraged positions exceeding shorts by a notable margin. This optimistic outlook places immense pressure on short sellers, who stand to incur heavy losses if the price keeps climbing.

Source: Coinglass

Short Squeeze Looms As Price Eyes $100

The current price action suggests that a short squeeze might be brewing. Short sellers borrow LTC tokens, sell them at a higher price in anticipation of buying them back later at a lower price to pocket the difference.

However, if the price goes up instead of down, they are forced to buy back LTC at a loss to cover their positions. This buying activity to mitigate losses further pushes the price up, creating a snowball effect.

LTC is currently trading at $84.42. Chart: TradingView

Analysts estimate that a mere 10% price increase, propelling LTC to $96, could trigger liquidations worth $16 million for short sellers. Conversely, bullish traders have amassed leveraged long positions exceeding $16 million around the current price point. This leverage disparity empowers the bulls to potentially drive the price towards the coveted $100 milestone in the coming days.

Volatility Ahead: A Word Of Caution

While the short-term outlook for Litecoin appears optimistic, experts advise caution. The current rally seems primarily driven by speculation and leveraged trading, not necessarily by fundamental advancements within the Litecoin ecosystem.

This dependence on market sentiment makes the price susceptible to swings. If the bullish momentum fizzles out, a price correction could trigger significant liquidations of overleveraged long positions, causing a reversal.

The coming days will be crucial in determining whether the bulls can maintain control and propel LTC to $100, or if the bears regroup and trigger a reversal of fortunes.

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 Bullish Litecoin: Mystery Signal Points To $100 Price Explosion appeared first on Crypto Breaking News.

According to the latest on-chain revelation, the Bitcoin network has been experiencing a steady decline in high-value transactions over the last few weeks. This sluggish activity has been mirrored by the price of the premier cryptocurrency, which has struggled to break out of consolidation throughout the month of April.

In the past week, the Bitcoin price struggled to hold above $67,000 despite touching the level multiple times. The price of BTC has since been in a tumble and is down by more than 2% in the last seven days, according to data from CoinGecko.

Interestingly, the recent on-chain data suggests that this underwhelming price performance might persist for the market leader unless there is a turnaround, especially in terms of network activity.

Can Whale Activity Push BTC Price Beyond $73,000?

Prominent crypto analyst Ali Martinez took to the X platform to reveal that the Bitcoin whale activity has been declining steadily in the past six weeks. This revelation is based on Santiment’s Whale Transaction Count metric, which tracks the number of BTC transactions worth more than $100,000 and $1 million.

Whales refer to entities or individuals that own substantial amounts of a particular cryptocurrency (Bitcoin, in this case). As such, they hold significant influence over market dynamics due to their capacity to execute large transactions, which can trigger speculation and potential price shifts.

Martinez highlighted in his post that there has been a noticeable decline in Bitcoin whale activity since March 14, the same day the premier cryptocurrency hit a new all-time high price of $73,737. This dip in activity has coincided with the recent underperformance of Bitcoin’s price.

However, the crypto analyst mentioned that an increase in high-value transactions could breathe life into the price of BTC. This is based on the reasoning that a surge in network activity could imply high demand for Bitcoin, leading to elevated prices. 

As shown in the chart below, the peak of the whale transaction count correlates with the new record-high price of BTC.

Source: Ali_charts/X

Active Bitcoin Wallets On The Rise: Santiment

An interesting piece of on-chain data that may suggest increasing demand for Bitcoin and a bullish future for its price has come to light.  According to Santiment, the number of active Bitcoin wallets is increasing rapidly despite the choppy state of the market.

The total amount of non-empty #Bitcoin wallets are rapidly growing despite choppy prices. #Altcoin wallets for assets like #Dogecoin have flattened after enormous rises earlier this year. #Cardano is one of the few networks to see active wallets drop. https://t.co/itg9qMes7c pic.twitter.com/yrOlEQw3jy

— Santiment (@santimentfeed) April 27, 2024

Active Bitcoin wallets refer to the total number of unique addresses holding BTC. Santiment data shows that the number of these “non-empty BTC wallets” has climbed by more than 2.5% in the last three months.

As of this writing, Bitcoin trades just above $64,000, reflecting a 1.6% price increase in the past day.

BTC price breaks above $64,000 on the daily timeframe | Source: BTCUSDT chart on TradingView

Featured image from Unsplash, 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 Bitcoin Whale Activity Declining – Why A Turnaround Is Important appeared first on Crypto Breaking News.

The bullish predictions for the XRP price are back, even with the bulls struggling to push the crypto on a price surge. EGRAG, a cryptocurrency expert, has made one of these positive forecasts, which is that there will be a price spike of tremendous magnitude. According to the analyst’s recent post on social media, XRP could reach the $4 price level over the long term. 

Crypto Analyst Predicts 700% Bullish XRP Price Action

XRP has experienced a small decline in value over the past few days as the entire crypto market consolidates in price action. XRP’s price movement this year has largely left many of its fervent enthusiasts feeling disappointed, particularly considering the fact that it is yet to reach the $1 mark as predicted by many analysts. 

Data from Coinmarketcap shows XRP now finds itself bouncing around at the $0.51 price mark after retesting the $0.435 on April 13. However, according to EGRAG, this is poised to change soon.

EGRAG, known for this very bullish stance on XRP, recently noted in his analysis that the current XRP price movement mimics the 2021 move which saw it breaking as high as $1.8. According to his analysis, EGRAG divided the price outlook into two sections blue and yellow, each depicting mirror images of 2021 price movement. 

#XRP Imitating 2021 – Move:

Blue Section: The current trajectory suggests a possible reach of $1.4 by June-July, a key target. The price range between ($1.2 – $1.8) is a plausible target.

Yellow Section: Aiming for $4 is feasible if we follow a similar path to 2021.… pic.twitter.com/BMUJSbb5GQ

— EGRAG CRYPTO (@egragcrypto) April 25, 2024

The blue section is more of a narrow price trajectory which suggests that XRP could reach $1.4 by June or July, with a price range between $1.2 to $1.8. Meanwhile, the yellow section is a more bullish price trajectory. According to the analyst, XRP could reach the $4 price level by June or July if it follows the yellow section of 2021’s movement. Interestingly, a surge to the $4 price level would put the price of XRP at a new all-time high.

What’s Next For XRP?

EGRAG is one of the many crypto analysts who are still bullish on XRP’s price trajectory. His long-term price projection for XRP is $27, which he believes is still viable. At the time of writing, XRP is trading at $0.5148, down by 16.8% in the past 30 days.

This means in order to reach $4 in July, the bulls will have to push the crypto on a 677% increase in less than three months. Although the volatile nature of cryptocurrencies suggests this price run is possible, current market dynamics point to modest XRP price gains at best. 

On the other hand, on-chain metrics have revealed that a bullish sentiment might be returning to XRP. Notably, the amount of XRP wallets holding at least 1 million coins has been surging recently, which could be a signal of a coming price surge. 

XRP at $0.51 | 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 Prediction: Analyst Says Prepare For 700% Jump To $4, Here’s When appeared first on Crypto Breaking News.

Crypto expert Peter Brandt has boldly claimed that the Bitcoin top for this market cycle may already be in. He made this conclusion based on his “exponential decay” thesis, which he noted may actually be good for the Bitcoin ecosystem.

Why Bitcoin’s Price Has Topped

Brandt explained that historical data suggests that Bitcoin’s price has topped. He further alluded to an “exponential decay,” which he noted could be used to describe Bitcoin. Brandt’s exponential decay thesis is based on the fact that Bitcoin’s percentage gain has significantly reduced in every subsequent bull cycle. 

For context, Bitcoin, according to the crypto expert, recorded a 122x increase from its market low to market high between 2015 and 2017. However, that was only 21.3% of Bitcoin’s price gain in the previous cycle (between 2011 and 2013).

Source: X

Brandt further noted that the same thing happened between 2018 and 2021. Despite a 22x increase from its market low to market high, Bitcoin only recorded 18% of the price increase it saw in the previous cycle. Having laid this premise, the crypto expert concluded that this market cycle shouldn’t be any different as Bitcoin will likely see about 20% of the price gain recorded in the previous cycle. 

Taking $15,473 as the market low for this cycle, he noted that 20% of the previous cycle’s gain would mean that the market high for this cycle was supposed to be $72,723, a price level that Bitcoin already hit on its way to a new all-time high (ATH) of $73,750. 

Meanwhile, the crypto expert acknowledged that Bitcoin historically records its most price gains after the Bitcoin halving, which just recently occurred. However, he added that the crypto community has to deal with the fact of the exponential decay, which has made him believe there is a 25% chance that Bitcoin has already topped this cycle.”

Why The Exponential Decay Might Be Bullish For Bitcoin

Brandt mentioned that Bitcoin would likely drop to the mid $30,000 or its 2021 lows if it has indeed topped. He, however, added that this decline could be the “most bullish thing that could happen from a long-term view.”

Related Reading: Brace For Price Impact: Dogecoin Whales Move Massive 456 Million DOGE To Exchanges

From a “classical charting point of view,” the crypto expert hinted that Bitcoin was still primed for major parabolic moves to the upside, even though it doesn’t happen now. 

Source: X

He also shared an example of what Bitcoin’s chart could look like when this move happens with the crypto token rallying above $100,000. Brandt also alluded to Gold’s chart from August 2020 to March 2024 as an example of what Bitcoin’s price action could look like soon enough. Interestingly, he recently predicted that Bitcoin will soon be “King over Gold.”

BTC price drops below $63,000 | Source: BTCUSD on Tradingview.com

Featured image from Forkast News, 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 Expert Says Bitcoin Price Has Topped And Is In Exponential Decay, Why This Is Not A Bad Thing appeared first on Crypto Breaking News.

The cryptocurrency world is abuzz with speculation after a deep learning model projected a dramatic price increase for Bitcoin (BTC) within the next month. However, despite the AI’s bullish outlook, financial experts urge investors to approach the prediction with a healthy dose of skepticism.

Bitcoin Price Stagnant, But AI Model Foresees Bright Future

For the past week, Bitcoin has been stuck in a holding pattern, hovering stubbornly around the $64,000 mark. This lack of volatility has left many investors scratching their heads, unsure of the market’s next move. But a deep learning model developed by CryptoQuant, a leading blockchain analytics platform, has thrown a curveball into the mix.

Source: CryptoQuant

The model, trained on a massive dataset of historical price movements and on-chain activity, predicts a significant price surge for Bitcoin in the coming weeks. According to the analysis, Bitcoin could break past the $77,000 barrier within the next 30 days, marking a new all-time high (ATH).

Bullish Metrics Support AI’s Vision

While the AI’s prediction is certainly eye-catching, some analysts are taking a wait-and-see approach. They point to several bullish metrics that seem to align with the model’s forecast. The network-to-value (NVT) ratio, a metric used to gauge an asset’s relative valuation, has dipped significantly, suggesting Bitcoin might be undervalued.

Source: Alternative.me

Additionally, exchange reserves have been dropping, indicating a decrease in selling pressure. These factors, coupled with the model’s prediction, paint a potentially optimistic picture for Bitcoin’s immediate future.

However, a lurking shadow of uncertainty remains. The Fear and Greed Index, a measure of investor sentiment in the cryptocurrency market, currently sits firmly in “greed” territory. Historically, periods of extreme greed have often been followed by market corrections.

This raises concerns that the current price stagnation might not be a prelude to a surge, but rather a sign of an overheated market ripe for a pullback.

Bitcoin is now trading at $62.850. Chart: TradingView

Stalemate Before Potential Breakout?

Technical analysis of Bitcoin’s daily chart reveals further complexities. The price has repeatedly failed to breach its 20-day Simple Moving Average (SMA), a key indicator of short-term momentum.

Both the Chaikin Money Flow (CMF) and Relative Strength Index (RSI) are hovering sideways, suggesting a lack of clear direction in the market. These indicators imply that investors might be in for a few more days of sluggish price movement before a potential breakout, either upwards or downwards, occurs.

A Calculated Gamble

The deep learning model’s prediction offers a glimmer of hope for Bitcoin bulls, but it’s crucial to remember that AI forecasts are not infallible. The confluence of bullish metrics certainly adds weight to the model’s argument, but the ever-present risk of a market correction fueled by greed cannot be ignored.

Featured image from Pixabay, chart from TradingView

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

Source: NewsBTC.com

The post The Machines Know: Bitcoin Primed For Epic Price Surge To $77,000 appeared first on Crypto Breaking News.

Following a pullback, the price of Bitcoin has continued on its downward movement. The coin, after failing to break above the 100-day Simple Moving Average (SMA) and the trend line has experienced a drop of over 6% from its previous high.

Will the price of BTC continue to move in a downward direction or will it reverse and start moving in an upward direction?

As of the time of writing, the price of BTC was trading around $62,972 which is about 28% down from its all-time high and was down by 1.27% in the last 24 hours. Although the price is trading below the 100 SMA on the 4-hour chart, on the daily chart it is still trading above the 100 SMA.

Current Condition Of Indicators And What They Suggest

Looking at the chart, technically a support level and a resistance level of $59,653 and  $67,255 were formed respectively. However, there could be more support and resistance levels created if the price continues to move downward.

4-Hour Moving Average: A technical observation of the chart from the 4-hour timeframe as seen in the image below reveals that the price is trending below the 100-day moving average. This suggests that the price is on a downtrend and could potentially move further downward.

4-Hour RSI indicator: The Relative Strength Index (RSI) indicator here suggests a downward trend as the RSI signal has crossed and is trending below the 50% line as observed on the above chart.

The MACD indicator from the 4-hour chart also suggests that the price might continue to move downward as the MACD histograms are trending below the zero line. Both the MACD line and the Signal line have crossed and are trending below the MACD zero line, indicating a bearish trend, as seen in the above image.

Possible Outcome

With the setup of the above indicators, it can be suggested that the price of Bitcoin is still bearish and that there are possibilities that it could still move further downward.

If Bitcoin continues downward and breaks below the support level of $59,653, it could witness a deep correction to create a new support level. However, if the price fails to break below this support level, it could start an upward correctional movement towards its previous level of $67,255 and if it manages to break above this level, the price will begin an uptrend.

BTC trading at $62,950 on the 1D chart | Source: BTCUSDT on Tradingview.com

Featured image from iStock, chart from Tradingview.com

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

Source: NewsBTC.com

The post Bitcoin Drops Below 4-Hour MA – Bearish Trend Ahead? appeared first on Crypto Breaking News.

A bull flag recently formed on the Bitcoin chart, raising the possibility of a trend reversal soon enough as the flagship crypto makes significant moves to the upside. This crypto analyst suggests that the crypto could rise to as high as $100,000 when it makes that move.

Bitcoin’s Bull Flag Suggests More Upside

Denis Baca, Head of Product at Zivoe Finance, noted that the bull flag formation on Bitcoin’s daily chart historically suggests that the crypto token is primed for more upsides. He added that the bullish pattern is “shaping up nicely” and that Bitcoin could potentially shoot up towards $100,000 once the declining volume picks up. 

However, Baca further suggested that Bitcoin could drop below $60,000 before it makes such a parabolic move. He alluded to how the crypto token historically retests the support level of the 20-week SMA (small moving average) in May. This could cause Bitcoin to drop to $56,000, he claimed. 

Total crypto market cap currently at $2.2 trillion. Chart: TradingView

Baca opined that such price dips could be “healthy” for Bitcoin before it experiences a reversal. He elaborated that these dips “offer solid buying opportunities,” which could help spark Bitcoin’s move to record highs.

Crypto analyst Mikybull Crypto also shared his thoughts on what this bullish pattern could mean for Bitcoin. On his part, he suggested that the formation further proves the continuation of Bitcoin’s bull run and that a bearish reversal was unlikely.

#Bitcoin on a daily chart forming a bull continuation pattern.

According to Wyckoff’s law of cause and effect “the longer the consolidation, the more explosive the markup will be” pic.twitter.com/ArH0lNnyc2

— Mikybull Crypto (@MikybullCrypto) April 26, 2024

He also hinted that the next leg up could be massive as he alluded to Wyckoff’s law of cause and effect, which states that “the longer the consolidation, the more explosive the markup will be.”

Bitcoin Needs A Catalyst To Spark This Upward Trend

Andrey Stoychev, Head of prime brokerage at Nexo, remarked that any potential price rise for Bitcoin is unlikely to be realized without a catalyst. He noted that the flagship crypto token has managed to build resilient support at $64,000, but without any catalyst, it will merely continue to trade around the $67,000 range. 

It is worth noting that the Spot Bitcoin ETFs, which previously served as a major catalyst to Bitcoin’s price surges, have recently suffered from declining demand. They have also experienced significant net outflows this month, leading to a wave of Bitcoin sell-offs from the fund issuers to fulfill redemptions. 

Despite this, Stoychev is positive that Bitcoin won’t drop below $60,000. He predicts that the only thing that can cause Bitcoin to retrace to such a level is if high interest rates are maintained longer than expected, as this can affect sentiment toward crypto assets. 

At the time of writing, Bitcoin is trading at around $62,900, down over 2% in the last 24 hours, according to data from CoinMarketCap. 

Featured image from Pixabay, chart from TradingView

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

Source: NewsBTC.com

The post Bitcoin Raises Bull Flag, Formation Triggers Calls For $100,000 appeared first on Crypto Breaking News.

The story has not been any much different for Bitcoin, with its price still stuck in a consolidation range in the past week. The sluggishness of the premier cryptocurrency – and the general market – has continued despite the completion of the halving event over a week ago.

The halving event, which saw mining rewards take a significant cut, was expected to usher in another round of bullishness for the Bitcoin price. On the contrary, investors appear to be getting frustrated with the slow activity of the market, with many calling for the dump of BTC.

Bitcoin Sell Calls At Increased Rate: Blockchain Firm

According to a recent report by on-chain analytics firm Santiment, investors are increasingly calling for the sale of Bitcoin across social media following its latest drop toward $63,000. The relevant metric here is the “social volume” indicator, which tracks the number of unique posts and messages on different social platforms that mention a specific topic.

Santiment aggregated data of “buy or bullish”, “sell or bearish,” or related mentions for the premier cryptocurrency over the past week. The on-chain analytics then highlighted a shift in the trend, with the bearish calls looking to drown out the bullish noise on social media.

Social volume for Bitcoin over the past week | Source: Santiment/X

According to Santiment, Bitcoin’s recent fall to $63,000 resulted in the lowest level of buy and bullish calls since April 21st (just before BTC recovered back above $67,000). As shown in the chart above, the social volume for terms related to “sell” shot up after the price decline.

Typically, the increased bearish mentions of Bitcoin suggest a rising level of FUD (fear, uncertainty, and doubt) amongst investors. However, when traders seemingly become frustrated and impatient, there is usually a higher probability of a market rebound.

Almost 90% Of Circulating BTC In Profit – Impact On Price

According to recent on-chain data, about 90% of Bitcoin in supply is in profit. On the surface, this basically implies that the most current holders of the premier cryptocurrency bought at a lower price compared to the current price.

However, this level of profitability can also be an overbought signal, especially after bullish periods like the one that occurred between October 2023 and March 2024. Ultimately, this suggests investors could see Bitcoin shed more of its price gains over the next coming weeks.

As of this writing, Bitcoin is valued at $63,077, reflecting a 2% price decline in the past 24 hours.

Bitcoin price falls to $63,100 on the daily timeframe | Source: BTCUSDT chart on TradingView

Featured image from iStock, 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 Bitcoin Sell Calls Going Through The Roof: But Is It Really Time To Sell? appeared first on Crypto Breaking News.

Following the halving event on April 19, the price of Bitcoin has displayed a puzzling performance. BTC initially gained nearly 10% to trade as high as $67,020 on April 24. However, in the last two days,  the digital asset’s price has declined by 6.49%, falling below the $63,000 price mark. 

As expected, such negative performance has drawn attention from investors and market speculators. In particular, renowned analyst with X handle Rekt Capital has provided a theory on Bitcoin’s price fall and perhaps an insight into the future price movements of the crypto market leader.

BTC Potential Price Decline Ahead?

In an X post on April 26, Rekt Capital stated that Bitcoin has now entered the Post-Halving “Danger Zone.” The analyst described this phenomenon as a period during which Bitcoin has historically experienced price corrections after the halving event. Rekt Capital noted that in 2016, Bitcoin recorded these price retraces in the three weeks following the Halving event. During this time, the token’s price declined by 11%. 

The analyst postulates that Bitcoin is now in the Post-Halving “Danger Zone” of the current bull cycle following its price fall over the last two days. It is worth stating that if Bitcoin mirrors past price movement in this phase, the token could be heading for $60,000. However, Rekt Capital states that if the crypto market leader experiences such a fate, it will be within the next two weeks. 

At the time of writing, Bitcoin trades around $62,672 with a decline of 2.44% in the last day. This price fall underscores BTC’s negative performance in the last month in which it has lost 11.16% of its market value. 

BTC trades at $63,023 on the daily chart | Source: BTCUSD chart on Tradingview.com

Bitcoin ETFs Record Minor Inflow; Net Outflows Hit $217 Million

According to data from SoSoValue, the Bitcoin Spot ETF market recorded net outflows to the tune of $217 million on April 25. Unsurprisingly, Grayscale’s GBTC accounted for $138 million of these figures as its total outflows now approach $17 billion.

Notably, for the first time ever, Fidelity’s FBTC and Valkyrie’s BRRR  produced net outflows estimated at $22 million and $20 million, respectively. Meanwhile, ARK Invest’s ARKB and Bitwise’s BITB also experienced a loss in investment on Thursday.

Interestingly, all other Bitcoin Spot ETFs recorded zero net flows except Franklin Tempton’s EZBC, which saw a net inflow of $1.87 million. At the time of writing, the BTC spot ETFs have a combined value of $128 billion, reflecting a remarkable growth since their trading debut on January 11.

Featured image from The Economic Times, 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 Bitcoin Enters ‘Danger Zone’ Post-Halving, Analyst Warns Of Potential Downside appeared first on Crypto Breaking News.

In a controversial report, Forbes unveiled a list of 20 “crypto billion-dollar zombies,” Layer 1 (L1) tokens, which the news outlet defines as crypto assets with substantial valuations but “limited utility beyond speculative trading.” 

These cryptocurrencies and projects include Ripple, XRP, Ethereum Classic (ETC), Tezos (XTZ), Algorand (ALGO), and Cardano (ADA), among others. 

XRP And Ethereum Classic In The Spotlight

Ripple Labs, the company behind XRP, was highlighted as a prominent crypto zombie. Despite XRP’s active trading volume of around $2 billion daily, Forbes asserts that the token’s primary purpose remains “speculative” and “lacking meaningful utility.” 

However, Ripple Labs and XRP are not alone in this regard. Forbes reveals that 50 blockchains, excluding Bitcoin (BTC) and Ethereum (ETH), currently trade at values surpassing $1 billion, with at least 20 of them classified as “functional zombies.” Collectively, these 20 blockchains hold a market value of $116 billion, despite having “limited user bases.”

The top 20 crypto “zombie” projects according to Forbes. Source: DeFi Ignas on X

According to Forbes, an example of a “functional zombie” is Ethereum Classic, which maintains the distinction of being the original Ethereum chain. 

While ETC has a market value of $4.6 billion, its fee generation in 2023 was less than $41,000, raising questions about the blockchain’s viability for the news organization.

Another crypto project in Forbes’ report is Tezos, which raised $230 million through an initial coin offering (ICO) in 2017. 

Tezos’ XTZ token currently holds a market capitalization of $1.2 billion. However, the blockchain’s fee earnings were meager, with $5,640 in February 2024 and a total of $177,653 for all of 2023. 

Algorand, once hailed as an “Ethereum killer” due to its capability of processing 7,500 transactions per second, faces similar challenges. 

Despite a market cap of $2 billion and a treasury holding of $500 million, Algorand earned $63,000 in blockchain transaction fees throughout 2023. For Forbes, this casts doubt on its actual adoption and utility.

Crypto ‘Zombie’ Blockchains

The zombie blockchains are categorized into two groups by Forbes: spin-offs and direct competitors to established blockchains like Bitcoin and Ethereum. 

Spin-off zombies include Bitcoin Cash (BCH), Litecoin (LTC), Monero (XMR), Bitcoin SV (BSV), and Ethereum Classic. 

These blockchains, collectively valued at $23 billion, reportedly emerged from “disagreements” among programmers regarding the governance and direction of the original chains. 

Forbes notes that when such conflicts arise, hard forks occur, resulting in new networks that share the same transaction history as their predecessors. The agency claims that their market value “often exceeds” their real-world usage.

Overall, The report highlights a growing disparity between the valuations of certain projects in the cryptocurrency industry and their actual utility and usage. Consequently, Forbes refers to these projects as “zombies.”

The daily chart shows the total crypto market cap’s valuation at $2.2 trillion. Source: TOTAL on TradingView.com

Featured image from Shutterstock, chart from TradingView.com 

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

Source: NewsBTC.com

The post Forbes Unveils 20 Crypto ‘Zombies,’ Declares Ripple And XRP Among The Undead appeared first on Crypto Breaking News.

Billionaire investor Anthony Scaramucci, the founder of SkyBridge Capital, recently discussed the viability of financial assets. He took to X, a social media platform previously known as Twitter and owned by Elon Musk, to highlight the decreasing purchasing power of the United States dollar in comparison to the potential of Bitcoin (BTC).

US Dollar Vs. Bitcoin Value Performance

In the post on X, the SkyBridge Capital founder pointed out that a dollar from 2020 is now only worth about 75 cents, underscoring a significant devaluation due to inflation.

According to Scaramucci, this scenario illustrates why investors should reconsider traditional fiat currencies as a reliable store of value, advocating instead for the inherent benefits of digital assets like Bitcoin.

Dollar from 2020 is now worth 75 cents. Buy Bitcoin credit @balajis pic.twitter.com/WzIosKfJv2

— Anthony Scaramucci (@Scaramucci) April 26, 2024

Scaramucci’s critique comes at a time when the global economy grapples with heightened inflation rates, which have eroded the real value of fiat money.

He specifically cited a “25.14% compounded inflation rate” as a critical indicator of why the dollar is losing ground. In contrast, Bitcoin has not only maintained a strong profile but has also appreciated in value, further cementing its position as a viable hedge against inflation and a potential safe haven for investors.

So far, Bitcoin’s market performance has been quite appealing. Particularly, despite the significant downturn experienced in the past few years, the asset has managed to come out of the bloodbath and recently soared to an all-time high above $73,000 in March.

This peak performance labels Bitcoin as not just a digital asset but a major player in the global financial landscape.

However, despite Scaramucci’s bullish outlook, it’s worth noting that Bitcoin has seen its share of volatility. It has been struggling to maintain its appeal recently, with a modest 0.9% increase in the last 24 hours – a slight recovery from a 2% drop over the past week.

BTC price is moving sideways on the 4-hour chart. Source: BTC/USDT on TradingView.com

BTC Shifting Market Sentiments

Further insights into the market’s behavior towards Bitcoin reveal changing dynamics. Data from CryptoQuant highlighted a negative turn in the Bitcoin funding rate for the first time since October 2023, indicating a cooling interest in speculative trading on the asset.

This shift suggests that while the long-term outlook might still be strong, short-term investor sentiment has become cautious, possibly awaiting clearer signals before making further commitments.

The current market sentiment is also reflected in the technical analysis of a prominent crypto analyst, Ali. In Ali’s recent post on X, a notable mention was made of a “death cross” seen in Bitcoin’s 12-hour chart, where the short-term moving average dips below a long-term counterpart, traditionally a bearish signal.

Additionally, the Tom Demark (TD) Sequential indicator points to potential price reversals after a consistent trend, adding another layer of complexity to Bitcoin’s trading strategy.

Despite these potentially bearish indicators, on-chain data from Santiment shows an interesting trend: Bitcoin whales have increased their holdings significantly, now owning 25.16% of the total supply.

This accumulation suggests that while retail sentiment may be bearish, large-scale investors are seeing the dips as buying opportunities, potentially prepping for a future bullish run.

Featured image from Unsplash, 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 Expert Makes Bold Call: It’s Time To Swap Your Dollars For Bitcoin appeared first on Crypto Breaking News.

Bitcoin (BTC), the largest cryptocurrency in the market, has been trading within a re-accumulation range between the $59,000 and $70,000 price levels for the past month and a half. 

Crypto analyst Rekt Capital recently shared its perspective on this phase and its potential duration, drawing from historical patterns and data in a post on social media platform X (formerly Twitter).

Breakout Timing And Historical Patterns

According to Rekt’s analysis, Bitcoin tends to experience a re-accumulation range following the Halving event, which occurs every four years to counteract any inflationary effect on Bitcoin by lowering the reward amount for miners and maintaining scarcity. 

Historically, This consolidation phase lasts up to 150 days before Bitcoin breaks into a parabolic uptrend. Based on this pattern, if Bitcoin continues to consolidate for the next 150 days, Rekt suggests a breakout would be expected in September 2024.

The ideal duration of a re-accumulation range is crucial in determining Bitcoin’s future trajectory. Rekt Capital noted that when Bitcoin reached a new all-time high (ATH) of $73,700 in mid-March, it accelerated its cycle by 260 days. However, with over 49 days of consolidation, the acceleration has reduced to approximately 210 days.

Resetting The Bitcoin Halving Cycle

Repeating historical trends, where Bitcoin consolidates for 150 days after the Halving, would still indicate an acceleration in the current cycle, albeit by a lesser extent of 60 days. 

Nevertheless, Rekt contends that Bitcoin would ideally need to consolidate for at least 210 days to fully resynchronize with its historical Halving cycles and reset the current acceleration in this cycle to 0. This would bring the rate of acceleration to 0 days and potentially lead to a breakout around November 2024.

The analyst further suggested that to achieve a 200+ day post-Halving consolidation and fully resynchronize with historical Halving cycles, Bitcoin would need to replicate its mid-2023 re-accumulation range, which lasted 224 days before a new uptrend emerged. Rekt concluded:

Overall, how long this current Re-Accumulation Range will last will dictate the remaining acceleration in this cycle and ultimately influence where Bitcoin will finally peak in its Bull Market. 

The 1-D chart shows BTC’s sideways price action above the $60,000 mark. Source: BTCUSD on TradingView.com

The largest cryptocurrency, with a market capitalization of $1.2 billion, is currently trading at $64,400, showing minimal fluctuations compared to Thursday’s price movements. 

Recently, Bitcoin has encountered resistance at the $66,000 level, hindering its ability to consolidate above this threshold. Conversely, the $63,400 level may serve as a support base for the cryptocurrency in the event of heightened downward volatility over the weekend.

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 Timing The Breakout: When Will Bitcoin Escape The Post-Halving Consolidation? appeared first on Crypto Breaking News.

Recent on-chain data has shown a transfer of 456 million DOGE tokens into crypto exchange Coinbase amidst a flurry of Dogecoin whale transactions across various exchanges in the past 24 hours. The price of DOGE has majorly traded below the $0.165 price level in the past seven days despite the price uptick among other meme coins. These recent events of whale transfers, however, appear to be leading to a bearish view towards DOGE. Transfers of this nature into a crypto exchange point to the whales getting ready to sell off their bags, which risks crashing the DOGE price. 

Whales Move 456 Million DOGE To Crypto Exchange

Whale Alerts, a crypto whale transaction tracker, has shown various instances of whale transactions in recent hours. Amidst these transactions is the transfer of 456.83 million DOGE tokens worth $68.7 million into popular crypto exchange Coinbase. Interestingly, the transfer of DOGE was made to Coinbase in two bouts of 228 million DOGE, each worth over $34 million.

Related Reading: Renowned Economist Reveals What Will Happen If Bitcoin Can’t Hold $60,000

However, considering these transactions were sent in quick succession, the nature of their movement points to them being controlled by the same whale entity. 

228,105,810 #DOGE (34,341,747 USD) transferred from unknown wallet to #Coinbasehttps://t.co/G8TGqtW5Ws

— Whale Alert (@whale_alert) April 26, 2024

228,725,906 #DOGE (34,435,104 USD) transferred from unknown wallet to #Coinbasehttps://t.co/ACnqjOBCAO

— Whale Alert (@whale_alert) April 26, 2024

A further look into the two whale addresses involved, “DFBx6m” and “DCTpBb”, showed that they no longer hold any tokens at the time of writing. This lends additional credibility to the idea that the transfers were made with the intention of selling off tokens.

Notably, on-chain data shows that both addresses have been holding their DOGE tokens since last year, considering the last inflow of DOGE occurred on November 1, 2023. During this time, the price of Dogecoin was trading around $0.068. It is worth noting that DOGE has gone on an over 120% price increase since then, putting the holdings at a significant profit.

What’s Next For Dogecoin?

At the time of writing, DOGE is trading at $0.1511. The crypto is now on a correction path after failing to substantially break above $0.164 in the past week. The recent movement of nearly half a billion Dogecoin suggests major price volatility could be on the horizon. Furthermore, the recent DOGE rally seems to have stalled out as other altcoins and meme coins gain momentum.

While DOGE is currently down by 0.64% in the past seven days, Shiba Inu, PEPE, Dogwifhat, and FLOKI are up by 13.8%, 47.5%, and 32.5% in the same timeframe. 

The future of DOGE can be hard to predict. As with any meme coin, Dogecoin remains highly speculative. Its price continues to be volatile and heavily influenced by hype and social media. According to a crypto analyst, DOGE could continue to drop in the short term. Other analysts are bullish on DOGE, with analyst Ali Martinez even predicting a rally to the $1 price mark. 

DOGE price falls below $0.15 | Source: DOGEUSDT on Tradingview.com

Featured image from Bitcoinist, 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 Price Impact: Dogecoin Whales Move Massive 456 Million DOGE To Exchanges appeared first on Crypto Breaking News.

As the crypto industry navigates the waves of this bull run, projects like NEAR Protocol (NEAR) are edging forward with new partnerships and developments. NEAR’s remarkable performance has crypto analysts considering that the toke is getting underway for a massive surge.

Is NEAR Protocol A “Market Leader”?

At the beginning of the week, crypto analyst World of Charts recognized a bullish flag pattern formed on NEAR’s monthly chart. According to the analyst, a successful breakout could be followed by a 60-65% bullish wave in the coming days.

On Thursday, NEAR tested the $7.00 resistance level, reaching above the $7.50 mark before retracing as the day ended.

NEAR breaking out of the bullish flag pattern on Thursday. Source: World of Charts

Affirming his previous forecast, the analyst stated that if the token successfully holds above the breakout level, investors could expect the price to move towards $14-$15. Since then, the token has remained above the $7.00 mark, hovering between $7.3-$7.1.

Another crypto analyst has been following NEAR’s performance this week similarly. According to Bluntz, the token “has been one of the strongest movers from the lows and will probably be one of the first to make fresh highs.”

Moreover, he considers NEAR “one of the better performers” in the top 20 cryptocurrencies. Previously, the trader displayed a chart identifying an ABC zigzag pattern followed by a still-forming impulse wave pattern.

NEAR's forming a impulse wave pattern according to the analyst. Source: Bluntz

As NEAR broke out of the $7,00 resistance, the analyst reaffirmed his prediction for the token’s movements, considering it “a market leader right now.”

Bluntz added that the token kept “plodding along making fresh highs while everything else has stalled out and continued accumulating.”

Network Expansion And Price Surge

The NEAR Protocol is a Layer-1 “user-friendly and carbon-neutral” blockchain focused on performance, security, and scalability. According to its team, the “blockchain for everyone” was built with “usability in mind.”

NEAR’s total value locked (TVL) of $309 million makes it the 16th largest blockchain by this metric. Notably, the network has doubled its TVL since Q4 2023, when it sat in the 25th spot with $128 million.

The protocol collaborates with other projects constantly to continue “expanding financial horizons.” Projects like NodeKit and TrueZK have recently integrated NEAR’s solution designed for Ethereum rollups, NEAR DA.

Similarly, on Thursday, it announced its partnership with Colombian fintech Lulo X and Peersyst Technology “to redefine the parameters of digital finance.” These collaborations have been seemingly well-received by the NEAR community.

Despite being down by 6.25% in the monthly time frame and 65% below its all-time high (ATH) of $20,44 set in January 2022, the blockchain’s token has shown a remarkable performance during this bull run. In the last three months, NEAR has soared over 146%.

Moreover, the token’s daily trading volume has increased by 6.5% in the past day, with over $800 million traded. Likewise, its market capitalization has risen 5% during the same timeframe, making it the 17th biggest cryptocurrency by this metric.

As of this writing, NEAR is trading at $7.2, representing a 7.3% jump in the last 24 hours and a 26% rise in the past week.

NEAR's performance in the one-week chart. Source: NEARUSDT 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 NEAR Protocol Soars 7.3%, Is It Poised To Go Higher? appeared first on Crypto Breaking News.

While Bitcoin prices struggle for momentum and are caged inside a narrow range, on-chain data tells a different story. Taking to X, one analyst notes that whales, which are large crypto holders, are actively accumulating the world’s largest coin by market cap. 

BTC whales accumulating | Source: Analyst via X

Bitcoin Whales Accumulating Despite Weakness

By the time this data was shared, Bitcoin whales held over 5.1 million BTC worth a staggering $331 billion. That there is still demand when the coin moves in a narrow range flies in the face of recent market weakness and skeptics betting on even more price dumps.

Currently, Bitcoin is inside a range, with caps at $73,800 and $60,000. Despite overall market confidence, the coin has failed to pull higher, breaking above $70,000 even after Halving on April 20. Even though prices are firm, the absence of follow-through after April 21 and 22 hints at weakness.

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

From the BTCUSDT price chart, the coin could explode should it break above the middle BB. If the leg up is accompanied by positive fundamental events, momentum could push the coin to all-time highs.

On the flip side, BTC is likely to slip even lower should sellers flow back. The sharp rejection of bulls on April 24 is bearish. As such, this might set a wave of lower lows in motion, taking the coin below April 2023 lows.

Traders Panicked Sold, Register Huge Losses

Parallel market data shows panic sellers on Binance and OKX, two major crypto exchanges by trading volumes, have dumped a combined 5,137 BTC at a loss over the past two weeks. As data shows, prices have been weaving lower during this time, with bulls failing to counter the dump, especially after two consecutive losses on April 12 and 13.

Meanwhile, there have been sharp outflows from ARKB, the spot Bitcoin exchange-traded fund (ETF). Data shows that ARKB sold 490 BTC, worth $31 million, on April 25. This is the third-largest single-day outflow in history.

ARKB outflows | Source: Analyst via X

Recent price pressures on BTC coincide with a marked drop in spot ETF inflows in the second half of April. On April 25, Lookonchain data revealed that GBTC and all the nine spot ETF issuers decreased over 2,100 BTC worth roughly $135 million.

Feature image from Shutterstock, chart from TradingView

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

Source: NewsBTC.com

The post Bitcoin Under Pressure But Whales Hold Over $331 Billion Of BTC: A Sign To Buy? appeared first on Crypto Breaking News.

Despite BTC’s recent unimpressive price action, crypto analyst Doctor Profit has shared his bullish sentiment for Bitcoin and the broader crypto market. The analyst further suggested that a parabolic move was imminent and that crypto investors should position themselves accordingly. 

Crypto Market Preparing For A “Third Industrial Revolution”

Doctor Profit mentioned in an X (formerly Twitter) post that the crypto market “is preparing itself for the third Industrial Revolution,” thereby hinting at a trend reversal for Bitcoin and altcoins soon enough. “Be part of it, or regret for [a] lifetime,” the crypto analyst added as he warned crypto investors of missing this market rally.  

Related Reading: HBAR Prices Crashes 35% As BlackRock Denies Any Ties To Hedera

In a previous X post, Doctor Profit gave an idea of what to expect from the crypto market (Bitcoin in particular) when it makes its next leg up. He stated that the flagship crypto will rise to $84,000 after it is done trading the sideway range between $60,000 and $72,000. In another X post, he claimed that the super cycle will start after Bitcoin hits $72,000. 

Meanwhile, Doctor Profit suggested that the price corrections experienced were normal and usually occur in each crypto cycle. He further remarked that the 10 to 20% price fluctuations weren’t big moves. His statement echoes the sentiment of Alex Thorn, Head of Research at Galaxy Digital, who previously warned that bull markets weren’t “straight lines up.”

Bitcoin Is In The Re-Accumulation Period 

In a recent X (formerly Twitter) post, crypto analyst Rekt Capital confirmed that Bitcoin is currently in the Re-Accumulation phase, which occurs after the Bitcoin Halving. He further noted that the goal now “is for Bitcoin to move sideways to catch a breather, for the market to cool off after [a] fantastic Pre-Halving price performance.  

According to Rekt Capital, this Re-Accumulation period can last for multiple weeks “and even up to 150 days.” The analyst revealed that once this period is over, Bitcoin will experience a breakout from this sideways range, followed by a parabolic uptrend. 

This uptrend phase is said to last for over a year. However, with the probability of this being an accelerated market cycle, Rekt Capital remarked that the duration for this uptrend could be cut in half. Crypto analysts like Tom Dunleavy, Partner and Chief Investment Officer (CIO) at MV Capital, predict that the flagship crypto will rise as high as $100,000 when that time comes. 

At the time of writing, Bitcoin is trading at around $64,360, up in the last 24 hours according to data from CoinMarketCap.

BTC bears pull down price | Source: BTCUSD on Tradingview.com

Featured image from Kapersky, chart from Tradingview.com

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

Source: NewsBTC.com

The post Crypto Analyst Predicts Massive Move For Bitcoin, What’s The Target? appeared first on Crypto Breaking News.

On-chain data shows the XRP whales have been active during the past day. Here are the destinations their moves have been heading to.

XRP Whales Have Moved Around Big Amounts In Last 24 Hours

According to data from the cryptocurrency transaction tracker service Whale Alert, several large XRP transactions have been witnessed on the blockchain in the past day.

More specifically, five transfers in total that are of scale often attributed to the whales have occurred on the network inside this window. Since whale transactions involve the transfer of a significant sum of capital, they can sometimes cause fluctuations in the market.

The implications any whale transfers might have for the market depend on their intent. However, the exact purpose behind any transfer can be hard to ascertain. Nonetheless, the address details of the transaction may provide at least some hints about the context surrounding it.

First, here are the details regarding the oldest XRP whale transfer from the past day:

Looks like this massive move only required a minute fee of 0.000015 XRP to be possible | Source: Whale Alert

As is visible above, this transaction involved the movement of 29.74 million XRP, worth $15.7 million at the time of the transfer. The sender was an unknown wallet, likely a whale’s address.

On the other hand, the receiver was a wallet attached to a known centralized platform: the cryptocurrency exchange Bitso. Thus, the whale here made a deposit to the exchange from their personal address.

Investors usually make such transactions whenever they want to use one of the services platforms like these provide, including selling. As such, exchange inflows can prove to be bearish for the price.

The second-oldest whale transaction from the past 24 hours was also an exchange inflow, this one towards Bitstamp. Interestingly, the sending address for this one was the same as the Bitso deposit, so the same whale was probably behind both of these moves.

The large investor shifted 27,430,000 XRP ($14.5 million) to the exchange in this second move. Naturally, if the whale has made these large moves for selling, they could be a bad sign for the asset’s price.

Though, perhaps fortunately for the XRP investors, two exchange outflows have also occurred recently, which may cancel out these inflows. Below are the details of the two larger withdrawals.

The addresses involved in the first of the whale exchange withdrawals today | Source: Whale Alert

In this move, a whale took out around 26.67 million XRP ($14 million) from Binance. Today’s exchange outflow also involved Binance, with another 20.85 million tokens ($10.6 million) leaving the platform.

The fifth and final transfer was the largest during the past day at a whopping 100 million XRP ($53 million), but this move involved unknown wallets on both sides so it’s impossible to say why the move would have been made.

The reason could have been anything, from a change of wallets to selling through over-the-counter (OTC) means.

XRP Price

XRP had recovered to $0.57 earlier in the week, but it appears that the coin has lost this progress; it’s back at $0.52 now.

The price of the asset appears to have seen a decline over the last few days | Source: XRPUSD on TradingView

Featured image from Ole Kloth on Unsplash.com, whale-alert.io, chart from TradingView.com

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

Source: NewsBTC.com

The post XRP Whales Are Active: Here’s Where They Are Sending Coins appeared first on Crypto Breaking News.

The always-relevant Marty Bent had Spiral developer Matt Corallo on his podcast this week to address the freaks about urgent Bitcoin mining matters.

To bring everyone up to speed, the concerns stem from recent sleuthing of the blockchain which revealed that some pools have been getting perhaps a little too cozy.

How do we know this? Well, everyone’s favorite snoop mononaut recently pointed out that an unusual percentage of Bitcoin’s mining reward was being consolidated under the control of a single custodian.

How bad is it? Well about 47% of the hashrate, on a good day. Yeah, pretty bad.

Now why in Satoshi’s name would they do such a thing, you ask?

C.R.E.A.M.

To begin with, have you looked at the hashrate chart lately anon? You practically can’t tell it apart from the US debt hockey stick. Backed by hardware advancement, public balance sheets, and increasing forays into cheap energy sources, Bitcoin mining has become an arms race. Since the Chinese mining ban of 2021, the network’s hashrate has more than quintupled.

The effects this has had on miners’ margins are self-explanatory. Everyone is squeezing each other out. The recent bear market saw a bunch of consolidation, particularly on the Western front. At the pool level, Foundry has been the biggest benefactor with nearly 25% of the current hashrate, down from 35% last year.

The reason they attained such dominance so quickly is something Bitcoiners are well acquainted with: volatility. In this case, it’s more often referred to as variance. Others simply call it luck.

Luck, under the conditions described above, can make or break your business. It’s the reason pools exist in the first place. Proof-of-work is a random process and randomness is the bane of cash flow. By combining your hashrate with others, you improve your odds and, perhaps, manage a more reliable revenue stream.

This is important because when your bills come due every month, your utility provider doesn’t care about your misfortunes. The tighter the margins, the more vulnerable you are. In today’s competitive environment, it’s a matter of survival.

What does any of this have to do with Foundry?

Well, it turns out another way to smooth over miners’ income is to adjust your pool’s payout scheme and completely remove variance from the equation. How? Simply pay them for their work regardless of how often you might mine a block. A process referred to as FPPS (Full Pay Per Share).

If that sounds expensive to you that’s because it is. The pool effectively has to front every payment out of pocket and hope they can pay themselves back with the blocks they eventually mine. If you hit a bad streak and your balance sheet isn’t strong enough to absorb the lack of revenue, you’re Sam Bankman Fried.

Enter Foundry. Through a combination of uncanny timing, business savvy, and a DCG-sized war chest, they’ve created a financial moat around their pool operations that makes it very hard for smaller players to come in and compete.

Of course, it’s slightly more complex in practice, but that’s pretty much the gist of it.

Back to our little posse of pools and the mysterious custodian. Have you figured it out yet?

The same game is playing out on the other side of the pond. It’s very likely that the emergence of Foundry as a major player exacerbated the dynamics laid out above and forced smaller pools to capitulate.

The execution appears to be slightly different but it’s essentially the same model. We can validate that several pools now share the exact same block templates. This matches with reports that Antpool is offering white-labeling services.

That’s right — proxy mining is, apparently, a business model.

On top of this, the aggregation of coinbase outputs suggests that an even larger percentage of the hashrate seems to be financing their operations through the same provider.

To put it another way: a single entity writes the checks for almost half of the network’s hashrate.

Dollar dollar bill, y’all.

If what you say is true. The Shaolin and the Wu-Tang could be dangerous

As you would expect, this situation led some talking heads to raise some alarming questions about mining centralization. For context, this is not the first time mining gets awkwardly consolidated.

Seems every cycle there is a doomsday mining centralization brouhaha and like clockwork someone panics and says we should press the red button.

2008-2012 the advent of GPU/ASICs

2012-2016 network latency lead to GHash

2016-2020 Bitmain manufacturing monopoly

2020 till today…

— Alex B (@bergealex4) April 25, 2024

As I wrote in this week’s Weekly Re-Org, time is a flat circle. The Proof-Of-Work centralization Manbearpig comes out of his cave every cycle. It’s a seasonal happening.

What’s rather unusual is for one of the most senior developers in this space to go full DEFCON 1.

Let’s work on a PoW change now.

— Matt Corallo (@TheBlueMatt) April 26, 2024

I will leave it to more serious journalistic outlets like the Bitcoin Bugle to speculate on the strange coincidences between this outburst and the fact that Matt’s employer has mining ambitions.

Look, it’s not pretty. I think we can all agree that such a significant portion of the hashrate being at the mercy of a handful of bankers is gross. Bitcoin’s security relies on miners aligning with their financial incentives. If that is the outcome, something’s wrong and censorship resistance is at risk.

The reaction, though, is unwarranted. Bitcoin mining has followed noticeable growth patterns throughout its history and this particular one is not different. It is a market driven by economics and not by code. Inefficiencies arise at every stage and are subsequently dampened as the industry progresses.

I understand every man who owns a keyboard looks at everything like a bug but the current reality does not fit this framing.

Everyone applauds the work that has gone into StratumV2 to optimize the mining interface but it’s not an answer to the current predicament. Even if they can be custom, transaction templates are still permissioned. The pools can always reject any transaction they deem haram. Patronizing operators for showing little interest in the solution and miners for not demanding it is verging on hubris.

Custom transaction selection cannot be relied upon for censorship resistance. Only the market can realistically address this problem and it just so happens that Bitcoin is explicitly designed to be robust to mining majorities. Using fees, users create a financial incentive for competing miners to drive enough hashrate behind a transaction for it to be mined. Curiously, this implies that, in a perfect world, every miner is mining off of the same template: the most profitable one.

In practice, things are a little more shall we say… spooky. As uncomfortable as this may be, censorship is inevitable. Following this week’s events, the writing is on the wall and while a lot of grief is given to Chinese miners, it seems most likely to come from our side.

By far the most disappointing aspect of this agitation is the endorsement of a change to the Proof-Of-Work algorithm. The threat being levied against us by the State as we currently speak makes the rhetoric around firing miners especially aggravating. It’s tone-deaf and shows a complete lack of discernment about the challenges before us. Divide and conquer, anyone?

To make matters worse, we know that throwing the baby out with the bath water is a recipe for disaster. Changing the algorithm. “Firing the miners.” It achieves nothing.

Again, the technocratic mind is blind to any issue not resolved by a pull request.

By going scorched earth, you ensure that only the most well-capitalized participants will ever participate in your game. Hashrate can be wiped away at the stroke of a key but technical prowess and large enough bags can endure nuclear winter. The ASIC manufacturer market likely resets to a single player, one who already specializes in custom algorithms. Monopolies relish nothing more than good old interventionism to help shed the competition.

From a consensus perspective, the idea is so absurd it flies in the face of the entire premise of the system.

If Bitcoin requires social coordination to throttle the whims of the market and fiddle with its incentives, it is a failed project. Proof-of-work is an economic design, not a technical contraption you can fix with code.

Wu-Tang Financial

Well, I can only humbly propose we begin to consider addressing market dynamics with market solutions.

To the best of my understanding, the underlying issue is related to Bitcoin’s capital markets. Resourceful actors who quickly caught on to the issue faced by smaller mining operations have filled a hole in the market and left no room for anyone else. Economies of scale and the perceived risk associated with mining have kept competitors at bay.

There is an opportunity here for a handful of ambitious players to bring balance to this market and allow pools to source capital without bending the knee to larger competitors. This won’t happen overnight. Relationships must be built and the general information asymmetry that has plagued this market must be addressed.

This is why we must stop burning bridges.

Of course, technical improvements can also be made to mitigate the underlying variance problems but they cannot remedy the growing pains of an immature market.

Bitcoin, in every respect, is going through its teenage years. No one wants to be told what to do and pushing one way will inevitably lead to resistance. Sure, there might be no rhyme or reason to what some participants decide to do but it’s not anyone’s place to decide for them.

This too shall pass. Until then…

Wu‐Tang Clan Ain’t Nuthing ta F’ Wit

Source: Bitcoin Magazine

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