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In a week of positive market movements, Bitcoin (BTC) experienced a price surge to $71,000, reportedly due to optimism over potential Ethereum ETF approval by the US SEC. Despite a slight retraction, BTC is currently trading at around $69,500, marking a 6% weekly and 13% monthly increase. Analysts remain bullish, with predictions of a potential jump to $138,000 this summer. Dogecoin (DOGE) also saw significant growth, briefly surpassing the $0.17 mark and achieving a near $25 billion market cap. Key metrics within the DOGE ecosystem have risen, with approximately 85% of all DOGE holders currently in profit. Ripple's XRP has seen a modest increase, with bullish indicators suggesting further gains. The outcome of Ripple’s ongoing lawsuit with the SEC could cause significant volatility. One analyst has set a bullish target of $15-$20 for XRP's value, citing a major converging point and a positive RSI pattern.

In a week of positive market movements, Bitcoin (BTC) experienced a price surge to $71,000, reportedly due to optimism over potential Ethereum ETF approval by the US SEC. Despite a slight retraction, BTC is currently trading at around $69,500, marking a 6% weekly and 13% monthly increase. Analysts remain bullish, with predictions of a potential jump to $138,000 this summer.

Dogecoin (DOGE) also saw significant growth, briefly surpassing the $0.17 mark and achieving a near $25 billion market cap. Key metrics within the DOGE ecosystem have risen, with approximately 85% of all DOGE holders currently in profit.

Ripple's XRP has seen a modest increase, with bullish indicators suggesting further gains. The outcome of Ripple’s ongoing lawsuit with the SEC could cause significant volatility. One analyst has set a bullish target of $15-$20 for XRP's value, citing a major converging point and a positive RSI pattern.

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Blockchain intelligence firm TRM Labs reports a significant increase in cryptocurrency deposits to Chinese drug precursor manufacturers in early 2024, more than doubling compared to the same period in 2023. In 2023, these networks received over $26 million in cryptocurrency, with 97% of the 120 manufacturers studied offering payment options in digital currencies. Bitcoin remains the dominant cryptocurrency for these transactions, accounting for approximately 60% of the total payment volume. The TRON blockchain saw about 30% of transactions, while Ethereum was used for roughly 6%. The report also highlighted that 11 manufacturers were responsible for over 70% of all crypto-denominated sales of drug precursors. These manufacturers receive funds from unhosted wallets, cryptocurrency exchanges, and payment services, with their wallets most commonly hosted at exchanges. In addition to cryptocurrencies, Chinese manufacturers also accept fiat currencies through platforms like PayPal, MoneyGram, Western Union, and traditional bank transfers. The report revealed that Chinese drug precursor manufacturers mainly target countries including Canada, the Netherlands, Australia, Germany, and the United States. China's role in the global illicit fentanyl trade has been highlighted, with the country manufacturing over 97% of the precursors used.
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In the latest Bitcoin price analysis, the cryptocurrency has failed to hold above the $66K mark, indicating a correction phase. Despite this, optimism remains as the bull market may not be over yet. The Relative Strength Index (RSI) has dropped below 50%, suggesting a bearish momentum and a possible decline towards the $60K support zone. However, the 4-hour chart presents a more positive picture, with the price consolidating within a horizontal channel. Despite a recent dip below the channel, the price quickly rebounded. If the price remains within the channel, it could test the upper boundary around $72K. Conversely, if the channel breaks down, a drop towards $60K could be imminent. Despite the current correction, the market outlook remains positive.
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Ethereum's recent rally has stalled, unable to break the $4,000 resistance level. However, the market remains optimistic for a potential bullish recovery. In the past two weeks, the ETH/USDT price has been on a short-term downtrend after being rejected from the $4,000 mark. The $3,500 level is currently acting as a support, preventing further decline. A bearish breakout could see the price drop towards $3,000 and the 200-day moving average. This is a crucial area as a further drop could alter the overall trend. However, the 4-hour chart shows a potential rebound from the $3,500 support zone. A falling wedge pattern has formed and broken above, indicating a bullish reversal. If the market can surpass the recent high of $3,650, a rally back to the $4,000 resistance zone is likely. With the RSI climbing back above 50%, a bullish scenario seems more probable. Despite the recent dip, the market remains hopeful for Ethereum's recovery.
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Despite a challenging week for the crypto market, Ethereum (ETH) maintains a bullish outlook. After a 4.4% loss, it's now resting at a key support level of $3,500. However, the recent pullback could be a normal retest following the ETF confirmation. As long as the price stays above $3,500, the market sentiment remains optimistic. The price continues to make higher lows on the weekly chart, indicating a bullish trend. Ripple (XRP) and Polkadot (DOT) are currently in a bearish phase. XRP closed the week with a 4% loss after being rejected by the 54 cents resistance. Similarly, DOT failed to break the $7.6 resistance and fell by 5.5%. Both cryptocurrencies need to break their respective key resistances to regain buying interest. Cardano (ADA) and Dogecoin (DOGE) also experienced losses this week. ADA's price fell by 6.5% and DOGE by 7.4%. However, ADA's key support at 37 cents and DOGE's at 13.5 cents could potentially halt their downtrends. Despite the short-term bearish outlook, the long-term perspective for the crypto market remains positive. The market's resilience and potential for recovery continue to attract investors.
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Grayscale's GBTC, once the world's largest exchange-traded fund tracking Bitcoin's performance, has lost its position due to significant outflows since mid-January. In a surprising turn of events, Fidelity's FBTC took the lead in outflows in the last two trading days of the week, marking the first time another ETF has surpassed GBTC in this regard. Data from FarSide reveals that four out of five trading days saw negative flows, with a total of $881.4 million withdrawn from the 11 ETFs. Notably, GBTC, which has seen over $18 billion in outflows since its conversion, was not the leader on Thursday and Friday, with outflows of $61.5 million and $52.3 million respectively. In contrast, FBTC saw outflows skyrocket to $106.4 million on Thursday and $80.1 million on Friday. This shift in outflows has had a significant impact on Bitcoin's price, which fell to $66,000 on Friday, its lowest in a month. Despite this, the market remains optimistic, highlighting the influence of ETFs on the price movements of the underlying asset.
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