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Blockchain
Get the latest news and information on the future of blockchain and crypto, including price predictions from analysts perspectives for the major coins.
Blockchain News from CoinTelegram
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MicroStrategy has already built an application on “MicroStrategy Orange” — Orange For Outlook — which integrates digital signatures into emails to verify the identity of the sender. |
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The Bitcoin LSTs can be used to power the Talus blockchain's virtual artificial intelligence assistants. |
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This edition of Cointelegraph’s VC Roundup highlights Tevaera, AVALON, Uncharted, Contango, and Movement Labs. |
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Crypto firms Aptos Labs, Paxos and Circle also took part in the funding that bodes well for the future of real-world asset tokenization. |
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Meme coin fans think “serious” crypto investors are mid-curving it. Serious crypto investors think meme coin fans are idiots. |
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Institutional staking platform Figment will become an additional infrastructure provider to Dutch exchange Bitvavo. |
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Fans want to journey alongside their favorite musicians as they explore their creativity and expand their catalog. FanSociety hopes to be the Web3 platform that makes this possible. |
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The majority, or $3.52 billion, of the profit stemmed from the firm’s financial gains on Bitcoin and gold, while the additional $1 billion came from operating profits. |
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Chainlink to join Rapid Addition in building blockchain adapter for institutions Chainlink Labs’ Vince Turcotte told Cointelegraph that they expect digitally-native institutions to be the first to adopt the integration. |
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Nodle’s underlying blockchain infrastructure will enable real-time location data of motorcycle taxis in East Africa financed by Watu. |
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Fantom Foundation CEO Michael Kong hopes the blockchain can “replicate the success” of its peers by getting in on the memecoin hype. |
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CryptoQuant CEO Ki Young Ji said that despite a drop in Bitcoin mining revenues since the halving, Bitcoin miners haven’t shown any signs of capitulation. |
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It took less than six weeks for the BlackRock USD Institutional Digital Liquidity Fund to surpass Franklin Templeton’s one-year-old tokenized treasury fund. |
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Data suggests that newer investors are behind Bitcoin’s sell-off, but sell-side exhaustion will eventually mark BTC’s price bottom. |
Blockchain.News
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OKX, a leading cryptocurrency exchange, has recently announced the listing of RSIC•GENESIS•RUNE (RUNECOIN) on its spot trading market. This move aims to provide users with more opportunities to engage with the digital asset and further promote a vibrant and user-centric ecosystem. (Read More) |
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Binance Launches May Missions to Share 1,000,000 Binance Points & Unlock Exclusive Rewards Binance, one of the leading cryptocurrency exchanges, has announced its May Missions campaign, offering users the opportunity to earn Binance Points and unlock exclusive rewards. Participants can complete various missions to receive activity attempts, which can lead to winning Binance Points, trading fee rebate vouchers, and token vouchers. The campaign runs from May 1st to May 15th and is open to eligible users who have completed the KYC process. (Read More) |
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Cryptocurrencies are transforming e-commerce, offering cost-effective alternatives to traditional banking, trustless transactions, and blockchain technology for businesses to protect their financial operations and stay competitive. (Read More) |
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Cryptocurrency trading has evolved significantly since Bitcoin's emergence in 2009. Key trends, tools, and techniques shape the market, with technical and fundamental analysis predicting future price movements. Risk management and regulation are crucial for market growth. (Read More) |
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EigenLayer, the second-largest DeFi protocol with $15.952 billion in total value locked, recently announced its native token's stakedrop. However, the distribution details have sparked disappointment and criticism within the crypto community. This article explores the allocation strategy, criticisms, and potential implications for EigenLayer. (Read More) |
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Binance Promotion: Subscribe to SOL or BNB Locked Products or Stake ETH to Share 7,777 ACE in Airdrop Rewards Binance announces a promotion where users can subscribe to SOL or BNB Locked Products or stake ETH to earn a share of 7,777 ACE in airdrop rewards. The promotion period is from April 30, 2024, to May 13, 2024. Eligible users will be ranked based on their net eligible subscription amount and the top 500 users will qualify for rewards. (Read More) |
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OpenAI, led by Sam Altman, is engaging in discussions for a potential partnership with Worldcoin, a cryptocurrency-based identity verification and universal basic income firm. However, any collaboration between the two companies is likely to face increased regulatory scrutiny due to Altman's involvement in both organizations. (Read More) |
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Avraham Eisenberg, Mango Markets Exploiter, Charged with Possession of Child Pornography Avraham Eisenberg, convicted of fraud and market manipulation in a $110 million Mango Markets heist, has been charged with possession of child pornography after discovering explicit images of minors on his electronic devices. (Read More) |
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European Parliamentary Research Service (EPRS) Letter on Benefits and Challenges for Children in the Metaverse The European Parliamentary Research Service (EPRS) has highlighted the potential benefits and challenges for children in the metaverse. While the metaverse can enhance creativity and learning, it also poses risks related to privacy, harmful content, and exploitation. Both the European Union and the private sector are taking steps to protect children, but more efforts are needed to ensure their safety in this virtual environment. (Read More) |
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US regulators have closed Philadelphia-based Republic First Bank, marking the first banking failure of 2024. The closure has sparked debate among the crypto community, with Bitcoin and Ether trading down. The bank had approximately $6 billion in total assets and $4 billion in total deposits as of January 31. (Read More) |
Blockchain - Hacker Moon
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Biometrics, with its capabilities in identity verification, content authentication, mitigation of bots and Sybil attacks, and creation of personalized user experiences, offers unique advantages to restore trust, combat misinformation, and establish a secure online media ecosystem. This article outlines the potential benefits and considerations associated with integrating biometric solutions within the digital media realm.Read All |
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Layer-1 blockchains have three sources of funding for the validators supporting their networks: unlocked tokens from the total supply, minting of new tokens and network fees paid by the users. We explore major Layer-1 blockchains to find out how sustainable are their models without token subsidies, pros and cons of different approaches to crypto economy.Read All |
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DePIN (short for Decentralized Physical Infrastructure Networks) extends Web 3--the decentralized internet built on blockchains, cryptocurrencies, and smart contracts--to physical infrastructure and services like energy networks and ride-sharing. Messari, an independent crypto research firm, estimates DePIN’s Total Addressable Market to be $2.2 trillion, growing to $3.5 trillion by 2028. However, DePIN's theoretical market size is the entire non-digital economy, which, according to the World Bank, is nearly $90 trillion.Read All |
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Blockchain technology is not only the foundation for cryptocurrencies, but also for the transformation of numerous industries. With applications in finance, healthcare, and beyond, its decentralized nature and robust data security are reshaping the way we handle information. By bringing transparency, security, and efficiency to various aspects of life and business, blockchain is revolutionizing our interactions. As this technology continues to evolve, we anticipate even more diverse applications and innovations. It's important to stay abreast of its progress and explore new opportunities across industries. Blockchain is making the world more transparent, secure and accessible to everyone.Read All |
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Revolutionizing AI: io.net and Aptos Labs Forge a Path for Decentralized Innovation Discover how io.net's partnership with Aptos Labs is setting the stage for the future of decentralized AI and blockchain integration. Learn about their efforts to make AI more accessible and the impact of their collaboration on the AI and blockchain ecosystems.Read All |
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Ethereum-based Account Abstraction technology gives ultimate power to improve UX, onboard new users to Web3, and build Love Brands in DeFi, gaming, and HoReCa.Read All |
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The ERC-721 standard and OpenZeppelin's implementation allow safe and reliable buying and selling of NFTs with escrow services. We can send an NFT to an escrow, check if an NFT has been delegated to an escrow, and remove an NFT from escrow. The escrow account holder can execute a transfer to a new owner. Using escrow allows all the parties to agree when the transfer happens when all the rules have been met.Read All |
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Solana competes with BNB for the fourth place in the crypto world. Has the coin left all the problems behind?Read All |
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Anonymous, Accountable Contract Wallet System With Account Abstraction: Conclusion & References An academic paper about anonymous yet accountable contract wallet systems utilizing blockchain and accountable ring signatures for secure transactions.Read All |
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Anonymous, Accountable Contract Wallet System With Account Abstraction: Implementation An academic paper about anonymous yet accountable contract wallet systems utilizing blockchain and accountable ring signatures for secure transactions.Read All |
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Anonymous, Accountable Contract Wallet System With Account Abstraction: Proposed System An academic paper about anonymous yet accountable contract wallet systems utilizing blockchain and accountable ring signatures for secure transactions.Read All |
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Anonymous, Accountable Contract Wallet System With Account Abstraction: Preliminaries An academic paper about anonymous yet accountable contract wallet systems utilizing blockchain and accountable ring signatures for secure transactions.Read All |
Blockchain - NewsBTC
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Bitcoin price extended losses and settled below $60,000. BTC is now consolidating losses near $58,000 and remains at risk of more downsides in the near term. Bitcoin extended losses and traded below the $60,000 zone. The price is trading below $59,000 and the 100 hourly Simple moving average. There is a major bearish trend line forming with resistance at $58,000 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair could continue to move down since there is a daily close below the $60,000 zone. Bitcoin Price Takes Hit Bitcoin price remained in a bearish zone and traded below the $60,500 support level. BTC even settled below the $60,000 level to enter a short-term bearish zone. There was a drop below the $58,000 level. A low was formed at $56,378 and the price is now consolidating losses. There was a minor increase toward the $58,000 level and the 23.6% Fib retracement level of the downward move from the $64,740 swing high to the $56,378 low. Bitcoin is now trading below $58,500 and the 100 hourly Simple moving average. Immediate resistance is near the $58,000 level. There is also a major bearish trend line forming with resistance at $58,000 on the hourly chart of the BTC/USD pair. The first major resistance could be $59,200. The next key resistance could be $60,500 or the 50% Fib retracement level of the downward move from the $64,740 swing high to the $56,378 low. Source: BTCUSD on TradingView.com A clear move above the $60,500 resistance might send the price higher. The next resistance now sits at $61,500. If there is a clear move above the $61,500 resistance zone, the price could continue to move up. In the stated case, the price could rise toward $63,500. More Losses In BTC? If Bitcoin fails to rise above the $58,500 resistance zone, it could continue to move down. Immediate support on the downside is near the $57,000 level. The first major support is $56,500. If there is a close below $56,500, the price could start to drop toward $55,000. Any more losses might send the price toward the $53,500 support zone in the near term. Technical indicators: Hourly MACD – The MACD is now gaining pace in the bearish zone. Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level. Major Support Levels – $57,000, followed by $56,500. Major Resistance Levels – $58,500, $60,500, and $61,500. |
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Bitcoin is facing a critical juncture as it has entered a ‘danger zone,’ according to prominent gold advocate Peter Schiff. This investor, known for his skepticism toward Bitcoin, suggests that the cryptocurrency is entering a “do or die” phase, potentially marking the end of its bullish run if current trends continue. Breaking Points And Bearish Signals Peter Schiff has often voiced his bearish outlook on Bitcoin, and his latest comments come as Bitcoin has just slipped below the crucial $60,000 mark. Related Reading: Bitcoin Greed No More: Sentiment Back At Neutral After $57,000 Plunge This level had previously served as strong support during the short-term bull run, and its breach has intensified the bearish sentiment among investors. Schiff warns that staying below this threshold could spell doom for the bullish fervor, potentially derailing Bitcoin’s momentum. At the time of writing, Bitcoin is trading at approximately $57,054, teetering close to its 100-day Exponential Moving Average (EMA). Schiff points out that remaining below this EMA could confirm a bearish trend, signaling an end to the rally. Amidst these developments, the market has seen an increase in trading volume, coupled with the price drop, indicating strong selling pressure. Over the last 24 hours, Bitcoin’s trading volume has dropped from $45 billion to $48 billion, coinciding with a 6.3% price dip during the same period. This heightened activity is a traditional bearish indicator, lending weight to Schiff’s prediction of a downturn. Moreover, investor sentiment is treading thin ice with significant outflows from Bitcoin spot ETFs, hitting a weekly high of $162 million. This departure of funds is particularly poignant as it unfolds just before the FOMC meeting, where potential interest rate hikes are on the agenda. These outflows reflect a broader market trend, with the Grayscale Bitcoin Trust (GBTC) experiencing a substantial daily outflow of $93.23 million. According to SoSoValue, total net outflows from Bitcoin spot ETFs yesterday, April 30, were as high as $162 million. GrayscaleETF GBTC had a single-day net outflow of US$93.2277 million, and the current historical net outflow of GBTC is US$17.303 billion. The total net asset… pic.twitter.com/jSCtfVrW8l — Wu Blockchain (@WuBlockchain) May 1, 2024 The Bitcoin ETF Conundrum And Market Forecasts It is worth noting that last month was quite challenging for US Bitcoin ETFs. After a promising start with positive inflows in the initial months following their launch, April witnessed collective outflows amounting to $182 million across all active spot Bitcoin ETFs in the US. Related Reading: If History Repeats, This Is How Bitcoin Price Will Perform In The Next 6 Months This pullback is attributed to macroeconomic concerns and geopolitical tensions, which have clouded the investment landscape. As the market braces for further turbulence, analysts such as Micheal Van de Poppe are forecasting an additional correction, potentially pushing Bitcoin’s price down to $55,000 before any sign of recovery. Monthly close approaching for #Bitcoin and FOMC day tomorrow. I think we’ll see that sweep beneath $60K and potentially cascade towards $55-58K from which we’re finding the low and rotate back upwards. From there: Ethereum ETF hype in May to pick up momentum. pic.twitter.com/Iki4De9mSF — Michaël van de Poppe (@CryptoMichNL) April 30, 2024 Featured image from Unsplash, Chart from TradingView |
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Co-founder and Chief Executive Officer (CEO) of Real Vision, Raoul Pal has shed light on the current market state and the future outlook of Bitcoin, the world’s largest cryptocurrency. Despite the cryptocurrency witnessing declines of more than 15%, the financial expert has uncovered a significant pattern that indicates a potential bull flag following Bitcoin’s price correction. Crypto Expert Unveils “Banana Zone” Rally For Bitcoin In an X (formerly Twitter) post published on Tuesday, April 28, Pal shared a yearly chart depicting Bitcoin’s price movements from October 2023 to April 2024. At the time of writing, Bitcoin’s price is trading below the $60,000 mark, at $59,185, marking monthly declines of 15.12% and weekly lows of 11.31%, according to CoinMarketCap. Related Reading: Ethereum Flashes Bullish Signals, Can It Rally 50% From Here? The crypto analyst has suggested that Bitcoin’s recent price correction was a temporary setback. He predicts that once the market fully refreshes, what he calls “the Banana zone” will kick in. He also described Bitcoin’s recent price declines as a “pause that refreshes.” The pause emphasizes the final days of the crypto spring, a period marked by renewed optimism after bearish markets. A prime illustration of this phase occurred when Bitcoin surged to new all-time highs, surpassing $73,000 in March, following its decline from 2022 to 2023. On the other hand, the Banana zone represents a phase characterized by intense market excitement and the possibility of significant price increases. However, Pal has described this distinctive period as “when the market begins to anoint the new big L1 or L2, which explodes even vs SOL.” The financial expert noted that once the Banana zone commences, it may pick up momentum towards the end of the year and continue well into 2025, potentially reaching peak mania. He also shared a historical pictorial analysis illustrating his Bitcoin predictions. In the chart, the price of Bitcoin witnessed a Banana zone rally from $1,000 to $5,000 between 2014 and 2016 and from $10,000 to $60,000 between 2019 and 2020. Basing his predictions on this unique historical pattern, Pal suggested that Bitcoin’s price action from 2022 to 2024, starting at $50,000 could potentially skyrocket to a new all-time high of $300,000. Crypto Summer Is The Start Of Altcoin Season Pal has predicted that after the crypto spring, a new season for cryptocurrencies will occur, termed “the crypto summer.” The financial expert has confirmed that this period will be the start of the altcoin season, highlighting that it is typically marked by an intense bubble in the crypto fall. Related Reading: Crypto Funds Mark 3rd Consecutive Weeks Of Outflows With $435 Million In Withdrawals During the crypto summer, Pal projects that Ethereum would begin to outperform Bitcoin while Solana would accelerate its outperformance of both Bitcoin and Ethereum. The financial CEO disclosed that the crypto summer and fall are often confusing, as cryptocurrencies tend to adopt a narrative and may get caught up in the prevailing euphoria. He predicts another two or more “nasty corrections” triggered by excessive leverage before the onset of the Banana zone. Additionally, Pal has indicated that three or four cryptocurrencies are set to lead the altcoin season, with one particular cryptocurrency emerging as the “Big new entrant,” much like Solana did during the previous cycle alongside Avalanche and Polygon. BTC crashes below $60,000 support | Source: BTCUSD on Tradingview.com Featured image from RBK, chart from Tradingview.com |
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In a month marked by a challenging correction in the crypto market, Layer 2 (L2) blockchain protocol Optimism has emerged as a standout performer. Within the past 24 hours, Optimism’s native OP token skyrocketed by 9%, positioning it as the best-performing token among the top 100 cryptocurrencies. Behind this surge lies venture capital firm a16z, which has reportedly invested around $90 million in Optimism’s OP token, signaling further institutional support for the layer 2 protocol. OP Receives Major Investment Sources familiar with the matter have revealed to Unchained that a16z has acquired a significant stake in Optimism’s OP token. The investment, which comes with a two-year vesting period, underscores a16z’s interest in the Layer 2 protocol and aligns with its growing involvement in crypto. Notably, a16z’s portfolio already includes crypto exchange Coinbase. Related Reading: Machine Learning Algorithm Predicts Dogecoin Price For May 2024 The investment by a16z comes amidst notable activity and growth within the Optimism ecosystem. Optimism’s OP Stack has experienced increased usage, further validating its value proposition. The protocol’s ability to increase scalability and reduce fees on the Ethereum blockchain has also garnered significant attention. Optimism’s spokesperson expressed enthusiasm for the investment, acknowledging the energy and momentum surrounding the protocol. The partnership with a venture capital firm like a16z is expected to fuel further development and innovation within the Optimism ecosystem. On March 7, the Optimism Foundation disclosed the sale of approximately 19.5 million OP tokens, valued at nearly $90 million, to an undisclosed buyer. These tokens were reportedly sourced from a 30% pool of OP’s original treasury, dedicated to the foundation’s working budget. Reports indicated that the buyer could delegate their tokens to third parties, enabling them to participate in Optimism’s governance. The foundation clarified that, due to the private nature of the sale, specific details regarding the terms and purchaser were not disclosed. Key Levels To Watch For Optimism Despite the recent surge in the Optimism ecosystem and its native token OP, the token still trades well below its all-time high (ATH) reached on March 6, 2024, currently down over 47% from that level. However, OP’s trading volume has experienced a notable surge, indicating continued interest in the token. According to CoinGecko data, the OP trading volume has increased by over 113% compared to the previous trading day on April 30, amounting to nearly $600 billion in 24 hours. Related Reading: Bitcoin Euphoria Cools Off As BTC Distribution Enters Fear Zone Key levels to monitor for the token soon include OP’s significant resistance at the $2.62 price mark and a potential retest of the $3 zone. However, a clear indication of a positive trend for the Optimism token would require a successful consolidation above the $3.92 zone, marking the end of the month-and-a-half downtrend structure. Conversely, the $2.37 zone has proven to be a crucial support level for OP, as it has held for the past five days and prevented further price decline for the token. Digging deeper, the $2.25 mark is also a key support, with the most critical support level at $2.11. This level holds the key to Optimism’s macro bullish structure, as it initiated the token’s current uptrend. Featured image from Shutterstock, chart from TradingView.com |
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Bitcoin has recently concluded April, marking its most significant monthly decline. Despite the bearish momentum, leading market analysts, including Michael van de Poppe, believe that the worst may soon be over, suggesting that Bitcoin is nearing the end of its current correction phase. Bitcoin At The End Of Correction? April was challenging for Bitcoin, as its value plunged nearly 20%, dipping below $57,000, the lowest level traded since late February. Related Reading: Bitcoin’s Profit Crunch: Hash Price Hits Record Low Post-Halving—What’s Next For Miners? This drop is part of an intense market sell-off that has slashed the combined cryptocurrency market cap by nearly 10%, bringing it down to $2.2 trillion. Amid these declines, Michael van de Poppe, a revered figure in the crypto analysis space, provided hope. In his recent statements on the social platform X, Van de Poppe suggested that Bitcoin’s current price levels might be nearing the bottom of this correction cycle. He highlighted the critical price range of $56,000 to $58,000 as pivotal for Bitcoin’s short-term trajectory, indicating potential areas for a rebound. #Bitcoin is at the end of the correction. It’s already down 20% from the highs and we’ll have some more downside to happen from here. If the correction continues, then I think the green zones between $56-58K are essential to watch.#Altcoins to bounce before. pic.twitter.com/4Mu3NA1HSg — Michaël van de Poppe (@CryptoMichNL) May 1, 2024 A Closer Look At Predictions And Market Sentiments Van de Poppe isn’t alone in his optimistic outlook. Other analysts, like Checkmate, an on-chain expert, have analyzed Bitcoin’s historical data to predict future movements. Checkmate introduced the term “chopsolidation,” describing it as a phase of stagnant yet volatile market conditions that could precede a significant bullish run. He expects this phase to last about six months, followed by a potential 6 to 12 months of explosive growth reminiscent of past cycles. Furthermore, historical data from Bitcoin’s Halving years support the theory that after a halving event, the market tends to perform strongly towards the end of the year. Related Reading: Expert Makes Bold Call: It’s Time To Swap Your Dollars For Bitcoin However, there are not all optimistic forecasts in the crypto realm. The spot Bitcoin ETF market witnessed over $300 million in net outflows in April, breaking a three-month streak of inflows, reflecting a broader sentiment of caution among investors. Moreover, Charles Edwards, founder of Capriole Investments, has voiced concerns over the market’s extraordinary bullishness, warning of the necessity for corrections within such a volatile asset class. “Sell in May and go away.” This looks like distribution to me. As long as we trade below $61.5K, scenario (1) is technically more likely. A strong reclaim of $61.5K would give some hopes to the bulls for scenario (2). A flush would also be good for the sustaining continuation of… pic.twitter.com/6E3oJ1vgs3 — Charles Edwards (@caprioleio) May 1, 2024 Featured image from Unsplash, Chart from TradingView |
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Altcoins have suffered more in the crypto market following the Bitcoin price crash, leaving a lot of investors in losses. This is not out of the ordinary as these altcoins are known to have a higher volatility compared to Bitcoin, hence, their price swings can be more pronounced. Given the recent decline, the expectation is that the altcoins will recover. However, one analyst does not agree with that assessment. Altcoins Headed For 40% Crash In an analysis posted on X (formerly Twitter), seasoned crypto analyst Benjamin Cowen shocked the crypto community with his expectations for altcoins. According to the analysis, the worst is far from over for the altcoin market, as there are still more crashes to come. Related Reading: Crypto Analyst Reveals Why $59,800 Is An Important Level For Bitcoin Cowen explained that this was analyzed using altcoins versus Bitcoin pairs, and it seems each one looks weak against the apex cryptocurrency. This is due to the expected rate cuts, and historical performance suggests that a decline will follow. The crypto analyst pointed to the 2019 rate cuts and how altcoins had reacted to that development back then. Following the rate cuts, altcoins plunged against Bitcoin, with major players recording up to 40% losses during this time. “Perhaps this time is not different? This would mean ALT/BTC pairs drop another 40% from here over the next few months,” Cowen said. Cowen expects this to place out regardless of what happens in the market in the meantime. He explains that even if the market does recover in the short term, it does not invalidate the thesis. “Short-term countertrends do not invalidate this view,” he stated. If this repeats, then it could turn an already harsh market trend even bloodier. The altcoin market cap has already fallen below $1 trillion as of the time of writing, but a 40% decline from here could send it as low as $600 billion. Bitcoin Crash Drags Down Crypto Market While the Bitcoin crash has been brutal, the impact on altcoins has been much more pronounced. Ethereum has held up nicely with less than a 4% decline during this time, but others such as Stacks (STX), Arweave (AR), Neo (NEO), and Sei (SEI) are down an average of 9% in the last 24 hours. Related Reading: Ethereum Price Prediction: Crypto Expert Says ETH Is Yet To Bottom Against Bitcoin Meme coins were also not left out of the bloodbath, with market leader Dogecoin dropping 6% to $0.126 and Pepe (PEPE) plunging 7.74% to $0.0000063. Bonk (BONK) recorded a 5% decline to eliminate some of its gains from last week, and Shiba Inu fell 4.18%. Amid all of this, though, there have been some market winners, with Optimism (OP) recording 12% gains. Cosmos (ATOM) followed with a 9.8% increase, and Starknet (STRK) rose 9%, making them the top gainers of the day, according to data from Coinmarketcap. Altcoin market cap at $952 billion | Source: Altcoin total market cap from Tradingview.com Featured image from Analytics Insight, chart from Tradingview.com |
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As May 1st started, Bitcoin (BTC) faced a new correction that made the price stumble under the $60,000 support level. The flagship cryptocurrency has seen several retraces during this bull cycle, with BTC swiftly recovering the crucial support zones each time. However, in the past 24 hours, the largest cryptocurrency by market capitalization has struggled to regain its momentum. Some analysts believe Bitcoin’s bottom this cycle might be in as this correction officially became its deepest retrace. Related Reading: If History Repeats, This Is How Bitcoin Price Will Perform In The Next 6 Months Is The Bitcoin Bottom Here? In the early hours of Tuesday, Bitcoin started to plunge from the $64,000 price range. As the day continued, BTC prolonged its fall to briefly trading around $59,958 – $59,191 before recovering. This time, the recovery didn’t last long as Bitcoin’s price resumed its downward trajectory to $57,000. In an X thread, crypto trader Milkybull examined some data suggesting the bottom might finally be in. According to the analyst, BTC is “following the 2017 PA.” This would suggest that “either the bottom is in or close.” Moreover, he urged investors to remember that while good news “usually signals the top,” bad news signals a bull market’s bottom. In the thread, the trader pointed out that the Bitcoin Bull Market Support Band indicator historically serves strong support during BTC’s bull cycles. As a result, he considers that the flagship cryptocurrency might “wick through the support and bounce back.” 2024's Bitcoin Bull Market Support Band indicator resembling 2017's. Source: MilkybullCrypto on X According to the analyst, Bitcoin and global liquidity are also strongly correlated, with BTC currently at a level it has previously bounced back from. These bouncebacks initiated “huge rallies across the crypto market” in October 2022 and October 2023. Lastly, the thread highlighted that Bitcoin “is at a critical decision point for the local bottom.” The trader considers that while some call for a $48,000 bottom, the $51,000 support level might be where BTC bounces back to resume its cycle to this cycle’s top. Bitcoin’s Deepest Retrace This Cycle According to crypto analyst and trader Rekt Capital, this correction has officially been the deepest BTC retrace this cycle. Per the post, today’s -23.64% retrace surpasses the -22.91% retrace seen in February 2023. The analyst also compared this cycle’s “Post-Halving” pullback to 2016’s. Moreover, the trader considers that this bullish cycle might be more similar to the 2016 one than investors think. #BTC We are here (orange circle) And we've seen Post-Halving pullbacks like this in the past (e.g. 2016)$BTC #Bitcoin #BitcoinHalving pic.twitter.com/OvOcmJTzFk — Rekt Capital (@rektcapital) May 1, 2024 Previously, Rekt Capital listed three reasons these two cycles might be similar. Per the trader, the resemblances include the “Pre-Halving Re-Accumulation Range Breakout,” the “Pre-Halving Retrace Beginning,” and the “Similar Initial Reaction after the beginning of the Pre-Halving Retrace.” After today’s retrace, the analyst added the “Continued downside in the three weeks after the Halving” as a fourth similarity between the 2016 and 2024 cycles. Like eight years ago, Bitcoin faces an “additional downside below the Range Low of its Re-Accumulation Range” in the three-week window after Bitcoin’s “Halving.” Moreover, the analyst suggests that the current price development comes “as no surprise,” as it mirrors 2016’s “post-Halving Danger Zone.” As of this writing, the flagship cryptocurrency is trading at $57,794.89. This correction represents a 6.2% drop in the past 24 hours. Similarly, BTC is registering 13.4% and 17.7% price decreases in the weekly and monthly timeframes. Related Reading: Bitcoin Price Nosedives, Can Bulls Save The Key Support at $60K? Bitcoin's price performance in the weekly chart. Source: BTCUSDT on TradingView Featured Image from Unsplash.com, Chart from TradingView.com |
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Stablecoin issuer Tether, a prominent player in the cryptocurrency market behind the widely used USDT stablecoin, has released its audit statement for the first quarter of 2024, accompanied by a report conducted by independent accounting firm BDO. The report, which provides additional financial information beyond the reserves backing Tether’s fiat-denominated stablecoins, shows the company’s profit for the first quarter of the year, which saw an increased influx of capital into the market. Tether Q1 2024 Financials Soar Digging into the numbers, the first quarter of 2024 proved highly profitable for Tether, with a net profit of $4.52 billion. The main contributors, the entities responsible for issuing stablecoins and managing reserves, reportedly generated approximately $1 billion of this profit from net operating gains, primarily from US Treasury holdings. The remaining profits were attributable to mark-to-market gains on Bitcoin (BTC) and gold positions. Related Reading: Bitcoin Price Dips Below $57,000: 4 Key Reasons The report also highlighted Tether’s success in increasing its direct and indirect holdings of US Treasuries to over $90 billion. This includes indirect exposure through overnight reverse repurchase agreements collateralized by US Treasuries and investments in US Treasuries through money market funds. In a sign of significant growth, Tether also disclosed its net equity for the first time, revealing a figure of $11.37 billion as of March 31, 2024. This is an increase from the $7.01 billion equity reported as of December 31, 2023. The report also highlighted a $1 billion increase in excess reserves, which support the company’s stablecoin offerings, bringing the total to nearly $6.3 billion. CEO Emphasizes Transparency And Stability The BDO confirmation reiterated that Tether-issued tokens are 90% backed by cash and cash equivalents, underscoring the company’s stance on maintaining liquidity within the stablecoin ecosystem. Furthermore, the report revealed that over $12.5 billion worth of USDT was issued in the first quarter alone. Tether Group’s strategic investments, which exceed $5 billion as of the report date, span various sectors, including artificial intelligence (AI) and data, renewable energy, person-to-person (P2P) communication, and Bitcoin Mining. Related Reading: Machine Learning Algorithm Predicts Dogecoin Price For May 2024 In response to the latest report, Paolo Ardoino, CEO of Tether, expressed the company’s commitment to transparency, stability, liquidity, and responsible risk management. Ardoino highlighted Tether’s record-breaking profit benchmark of $4.52 billion and the company’s efforts to increase transparency and trust within the cryptocurrency industry. Ardoino further claimed: In reporting not just the composition of our reserves, but now the Group’s net equity of $11.37 billion, Tether is again raising the bar in the cryptocurrency industry in the realms of transparency and trust. Featured image from Shutterstock, chart from TradingView.com |
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On Wednesday, Bitcoin sharply declined, dropping below the crucial $60,000 support level. Despite this recent market downtrend, Bitcoin investors remain confident as they believe the flagship crypto can still reach new heights in this market cycle. Some say this might be what Bitcoin needs before making another parabolic run to the upside. Bitcoin’s Decline Is Nothing To Be Scared Of Raoul Pal, the CEO of Real Vision, reassured in an X (formerly Twitter) post that Bitcoin’s recent price decline was not unusual, stating it was “pretty ordinary stuff.” He also pointed out that this was Bitcoin’s fourth 20% correction in the past 12 months, underscoring how normal these price movements are. Related Reading: Crypto Funds Mark 3rd Consecutive Weeks Of Outflows With $435 Million In Withdrawals Source: X Alex Thorn, Head of Research at Galaxy Digital, had previously warned that price declines of such magnitude were to be expected, stating that “bull markets are not straight lines up.” He noted that the same thing happened in the 2021 and 2017 bull runs when Bitcoin experienced about 13 price drawdowns of over 10% or more. Meanwhile, crypto analyst Rekt Capital claimed in an X post that “this is exactly what the cycle needs to resynchronize with historical price norms and the traditional Halving Cycle.” He added, “The longer this goes on, the better.” In another X post, he reassured his followers that Bitcoin is getting closer to its final bottom with each passing day. Like Rekt Capital, crypto analyst Mikybull Crypto also sounded confident that Bitcoin’s recent decline was just a part of the bigger picture for its move to the upside. They claimed this would be the “final shakeout before up, only rally to a cycle top.” Thomas Fahrer, the CEO of Apollo, also shared his bullish sentiment towards Bitcoin, as he suggested that the crypto token’s volatility is what makes it a great investment. “Price might fall to $40K, but it might rise to $400K. That’s just how it is, and it’s a great bet. Bitcoin is still the best asymmetric opportunity in the market,” he wrote on X. Bitcoin Bull Run Is Far From Over Crypto analyst Ali Martinez suggested that Bitcoin’s bull run was far from over while comparing Bitcoin’s current price action to the last two halving events. According to him, Bitcoin consolidated for 189 and 87 days around the halving in 2016 and 2020, respectively, before the bull run resumed. Source: X He further noted that Bitcoin has only consolidated for 60 days this time around, meaning that the flagship crypto will continue its run eventually. In a subsequent X post, the analyst stated that Bitcoin might be 538 days away from hitting its next market top if it follows its trend from the previous two bull runs. Related Reading: Ethereum Flashes Bullish Signals, Can It Rally 50% From Here? Before now, Martinez mentioned that Bitcoin could rise to a new all-time high (ATH) of $92,190 if it breaches the resistance level of $69,150. At the time of writing, Bitcoin is trading at around $59,600, down over 5% in the last 24 hours, according to data from CoinMarketCap. BTC price succumbs to bears | Source: BTCUSD on Tradingview.com Featured image from CriptoFacil, chart from Tradingview.com |
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Despite Bitcoin’s 13% drop in the past week, which saw it break below the psychological $60,000 level and drop 20% from its all-time highs, one analyst on X remains resolute. Drawing from the weekly chart, the trader maintains a bullish outlook, saying the coin will shake off weakness in the coming session. This aligns with bulls for the better part of Q4 2023 and Q1 2024. Bitcoin Is Falling, Losses $60,000 Bitcoin is under intense liquidation pressure, struggling against the deluge of sellers. Earlier today, BTC broke below $60,000, melting below April 2024 lows. Related Reading: Bitcoin Price Dips Below $57,000: 4 Key Reasons This dump confirmed sellers of April 13, signaling a possible start of a bear formation that may see BTC lose ground, peeling back February and March 2024 gains. Nonetheless, the analyst maintains that the uptrend will remain as long as Bitcoin stays above the $49,000 to $52,000 support zone, soaking up all selling pressure. This assessment, based on candlestick arrangement, can serve as a reassurance to BTC holders. The trader maintains that despite the sell-off, panic is unwarranted at this point. Referring to the Elliott Wave Principle, a technical analysis indicator, the analyst points out that the coin is simply pausing. For those with a more aggressive trading strategy, the dip, ideally towards the above support zone, could present an opportunity to buy on dips in anticipation of Wave 5. Currently, the analyst notes Bitcoin is in Wave 4, a stage that will take approximately the same time as Wave 2. Then, prices dumped after a brief rally, peaking in May 2023. However, prices rally in Wave 3, pushing prices below $30,000 to fresh all-time highs, peaking at $73,800. The drop from all-time highs to spot rates, looking at the Elliot Wave Theory, could indicate that prices are in Wave 4 before the eventual leg up, ending at Wave 5. What’s Next? Will BTC Breach $100,000 In Wave 5? Even so, when BTC will bottom up remains to be known. As things stand, the analyst said traders should watch two exponential moving averages (EMAs) of the 21 and 50 periods. A retest of these dynamic levels could offer support, preparing traders to buy on dips in anticipation of the final Wave 5. Related Reading: Machine Learning Algorithm Predicts Dogecoin Price For May 2024 However, the analyst didn’t lay out the next possible target even from the chart. Still, if Wave 3 is around the same length as Wave 5, Bitcoin has a strong chance to surpass $100,000 after the current volatile price action ends. Feature image from DALLE, chart from TradingView |