While the heightened interest in $50,000 BTC call options could signal a bullish sentiment among investors, it may not significantly impact the asset’s price movement.
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Matrixport’s co-founder Jihan Wu, has come out to try and clear the air in response to the negative reactions that a recent Bitcoin report by his firm has gotten. This comes as allegations of market manipulation from the firm continue to resound through the crypto community. Bitcoin Crash Due To Heightened Expectations In a post […]
Quick Take Bitcoin’s performance on Jan. 3 marked a significant downturn as it experienced its largest one-day drop since Dec. 11, a decrease of 4.7%. In the last twelve months, only five instances exhibited a greater one-day drop. This decline triggered over $700 million of liquidations within a 24-hour window, with Bitcoin’s share amounting to […]
The post Bitcoin largest one-day plunge in nearly a month liquidated over $700 million appeared first on CryptoSlate.
In the ever-fluctuating world of cryptocurrencies, crypto analyst CryptoWzrd has expressed an optimistic prediction for XRP, while highlighting a potential bullish hammer for the crypto asset. A Bullish Hammer For XRP Could Take Place The cryptocurrency analyst recently took to X (formerly Twitter) to share the projections with the entire crypto market. The analyst predictions were made using the daily technical outlook of XRP. With a clear observation of the chart, CryptoWzrd noted that XRP could be ready to form a bullish hammer. However, for this pattern to take place, a bullish candle must appear today, January 4. Related Reading: Crypto Analyst Blasts $20,000 XRP Price Target, Reveals Why It’s Impossible Following the prediction, CryptoWzrd noted that the XRP/BTC chart is demonstrating strength against the bears. In addition, it has recovered the majority of its loss and ended the day with a promising pin bar. The analyst was upbeat about XRP’s potential to take control and highlighted that a strong rebound could push the token higher. However, he alluded to the impact of outside variables hindering this rebound, particularly the potential threat of unfavorable SEC news regarding ETFs. CryptoWzrd’s predictions came amidst a notable disruption in the crypto market that took place yesterday. The disruption saw Bitcoin (BTC) plummeting to about $40,000, while XRP fell to nearly reach the October 2023 lows of $0.50. After recovering to a level around $0.57, CryptoWzrd anticipates that a rebound from this area could indicate the daily lower high trendlines’s breaking point. As a result of this, the crypto asset could therefore push closer to and over the $0.7300 mark. In the crypto analyst’s opinion, the strength displayed by the XRP/BTC chart is one major reason behind the optimistic outlook. According to CryptoWzrd, this strength surrounds the positive viewpoint that XRP may orchestrate the bullish rise. The Analyst’s Thoughts From The Intraday Angle CryptoWzrd further turned his attention to the intraday chart while anticipating the next move. The expert noted that his “primary attention” will be on the intraday chart today which he will be looking for a scalp. While acknowledging the volatility that occurred on Wednesday, the analyst has forecasted that it will continue today. However, in spite of the uncertainties, CryptoWzrd has expressed optimism and plans to make another trade. So far, the expert has stressed that two crucial factors will determine XRP’s final trajectory. These include the path that Bitcoin takes and the fundamental data that could emerge in the coming days. Related Reading: XRP Price Could Rally If It Clears This Hurdle – $0.75 Next? As of the time of writing, XRP was trading at $0.578, indicating an over 8% decline in the past 24 hours. Meanwhile, its market capitalization is also down by over 8% over the past 24 hours. Despite the drop in price and market cap, the token’s trading volume appears to have increased significantly over the past day. Data from CoinMarketCap shows that the crypto asset’s trading volume is up by 153.49% as of the time of writing. Featured image from Shutterstock, chart from Tradingview.com
The Role of Tokenomics in Crypto: Understanding Inflationary vs. Deflationary Token Models Cryptocurrency is a rapidly growing industry, with new projects emerging every day. The success of a cryptocurrency is determined by several factors, including its technology, community, and economics. …
The post The Role of Tokenomics in Crypto: Understanding Inflationary vs. Deflationary Token Models appeared first on Coinbackyard.
Bitcoin price declined heavily after rumors of Spot ETF rejections. However, BTC/USD remained well-bid above the 50-day SMA and might start a fresh increase.
The post Bitcoin Price Prediction January 2024 – Is This The Drop Bulls Were Looking For? appeared first on CoinChapter.
Cipher Mining and Stronghold Digital started the new year by announcing significant expansions in their Bitcoin mining capabilities, scaling up operations in response to changing market dynamics. These developments come as Bitcoin miners adapt to an evolving landscape where transaction fees, bolstered by new technologies like Inscriptions, are increasingly vital in revenue generation. Bitcoin transaction […]
The post Bitcoin miners increase capacity though Inscription-fueled transaction fee surge cools ahead of halving appeared first on CryptoSlate.
In a strong turnaround from yesterday’s flash crash, the Bitcoin (BTC) price has staged a recovery, breaching the $43,000 mark. This surge comes after yesterday’s intense volatility, where the cryptocurrency giant witnessed an over 11% flash crash following a controversial report from Matrixport. The report suggested a potential rejection by the US Securities and Exchange Commission (SEC) of the much-anticipated spot Exchange Traded Funds (ETFs), triggering the second-largest liquidation of long positions in the past year. Bitcoin’s price plummeted to as low as $41,500. However, Bitcoin is today stabilizing above $43,000, influenced by a combination of factors. Notably, several experts have disputed the Matrixport report’s validity. Adding to the positive sentiment, a significant SEC related update has caught the market’s attention. Bitcoin ETF Tomorrow? According to a report by Fox Business, SEC staff attorneys from the Division of Trading and Markets were engaging in crucial discussions with representatives from major exchanges such as the New York Stock Exchange, Nasdaq, and the Chicago Board Options Exchange on Wednesday. This engagement is significant as it pertains to the approval of several Bitcoin ETF applications. Related Reading: Bitcoin Crashes To $41,500 As ETF Approval Hangs In Balance: Experts The meetings are seen as a positive sign that the SEC is nearing approval of some or all of the dozen applications by major money managers and crypto firms for the product. An anonymous source familiar with these developments stated, “While the final decision has not been made, sources close to the proceedings say the SEC could begin notifying issuers of approval on Friday with trading beginning as early as next week.” Bloomberg ETF analyst James Seyffart commented on Eleanor Terrett’s report from Fox Business via X, stating: “My view is in line with Eleanor Terrett’s reporting. I think the SEC could begin signaling to issuers to expect approvals tho I’m still expecting official approvals Jan 8 – 10. I also think the gap between approval orders and actual trading will be measured in days — not weeks.” Related Reading: Forget The SEC And Bitcoin ETF Approval Drama, Here’s Why Bitcoin Flash Crashed Echoing Seyffart’s views, Eric Balchunas, his colleague at Bloomberg, commented, “Things you prob don’t do if you going to deny or delay. Hearing similar btw, and why why when we see updated (final) 19b-4s roll in that is sign approval imminent as SEC has been doing back and forth w issuers offline to perfect their 19b-4s vs doing numerous refilings a la S-1s.” Scott Johnsson, a finance lawyer at Davis Polk, weighed in on Balchunas’ statement: “In every past ETF wave, the SEC did not do this. Why? Because (1) this takes up a ton of SEC resources and (2) makes it MUCH harder to successfully survive judicial scrutiny (and after Grayscale, this is like drawing blood from a stone). If you intend to deny, you just deny.” BTC Price Remains Ultra Bullish In light of these developments, the cryptocurrency market remains cautiously optimistic, with indicators strongly pointing towards an ETF approval by January 10, potentially even as early as January 5. Notably, the Bitcoin price has closed its daily candle within the uptrend channel, established in mid-October. At press time, BTC traded at $43,102. Featured image from Shutterstock chart from TradingView.com
In anticipation of the highly awaited Bitcoin ETF decision, Vacabee, a burgeoning digital travel club hailing from Florida, and Crypto Megan, a prominent name in the blockchain space, have joined forces to celebrate the crypto community in a unique way. To mark this significant week, both companies are hosting giveaways to major blockchain events, offering enthusiasts […]
The post Vacabee and Cryptomegan Lead the Way in Blockchain Celebration During Bitcoin ETF Decision Week appeared first on CoinChapter.
In a bid to curb capital flight, money laundering, and potentially risky speculation, the Financial Services Commission of South Korea has proposed an amendment restricting the use of domestic crypto credit cards for purchasing cryptocurrency on foreign exchanges. This move by the country’s top financial regulator targets a loophole that has allowed Korean citizens to […]