https://www.newsbtc.com/analysis/ada/analyst-foresees-cardano-ada-hitting-new-annual-heights/

Market analyst Ali Charts has recently shared insights on the Cardano (ADA) market trajectory. Observing recent trends, ADA appears to be in a bearish phase. In the last 24 hours, mainly, the asset has witnessed a 2.8% decline, resulting in its trading price falling to $0.37. However, despite the current dip, Ali offers an optimistic outlook, suggesting that Cardano may be gearing up for a significant price surge, possibly reaching its highest point for the year. Related Reading: History Repeats? Cardano (ADA) Set To Skyrocket In December, Predicts Analyst Analyst’s Positive Outlook On ADA: Understanding The Demand Zone In an X post uploaded earlier today, Ali shared his analysis on ADA, highlighting a crucial demand zone around the $0.37 and $0.38 marks. The analyst notes the substantial buying activity in this range, with over 166,470 wallets having purchased ADA at these levels. Ali states this robust demand indicates a strong support level at these price marks. With minimal resistance ahead, Ali’s analyst suggests that ADA could see an increase, potentially surpassing its yearly high of $0.4518. Notably, while the analyst points out that the current buying trend at the demand zone is a positive indicator of ADA’s strength, the analyst also cautions investors to remain vigilant. A failure to maintain support in this zone could result in ADA’s price dropping to lower levels, such as $0.34. #Cardano sits at a key demand zone between $0.37 and $0.38. Here, 166,470 wallets acquired 4.88 billion $ADA. With minimal resistance ahead and solid support below, remaining above this zone could pave the way for $ADA to climb to new yearly highs. Still, watch out, as losing… pic.twitter.com/GDjhspFSVr — Ali (@ali_charts) November 27, 2023 Cardano (ADA) Latest Price Action Recently, ADA has experienced a downturn, with its value decreasing nearly 5% over the past week. This downward trend has continued in the last 24 hours, with a 2.5% decline, bringing its trading price to roughly $0.378. This price point is significant as it aligns with the strong support level identified by analyst Ali. As highlighted above, according to Ali, a drop below this support level could potentially lead to a further decrease to around $0.34. Conversely, if ADA stabilizes or rebounds from this level, it may set the stage for a climb to new yearly highs. While ADA has faced a bearish phase recently, a broader perspective reveals a more positive outlook. Over the past month, ADA has demonstrated a 29% increase, and even considering the past two weeks, it maintains a 3.2% gain. Related Reading: Whale Alert: Big Players Scoop Up These 4 Altcoins, On-Chain Data Indicates Meanwhile, the asset’s daily trading volume has since been on a downward trend over the past weeks. In the past 24 hours, ADA’s daily trading volume has stood at $255 million, a significant plunge from over $600 million in the middle of this month. Featured image from Unsplash, Chart from TradingView

https://www.newsbtc.com/altcoin/market-watch-these-5-altcoins-are-poised-for-breakouts/

A recent analysis by a Crypto Banter pinpointed new notable price levels for prominent altcoins such as  XRP, Solana (SOL), Chainlink (LINK), Fantom (FTM), and Polygon (MATIC). These insights provide a fresh perspective on potential entry points for bullish positions in the current market. Related Reading: Whale Alert: Big Players Scoop Up These 4 Altcoins, On-Chain Data Indicates Altcoins At Crossroads: Key Price Levels To Watch In this analysis, Crypto Banter singles out Solana (SOL) and notes that $48 is an “intriguing” level to watch for any pullback. Additionally, historical data consolidating around this price point on the SOL/USD weekly chart indicates it could be an “optimal” buying zone should prices drop to this mark. In the case of Chainlink (LINK), Crypto Banter identifies $13.3 down to $12.2 as a “hot zone.” A drop below this range might shift focus to the $9 level as a critical reversal point. Polygon (MATIC) also comes under scrutiny, with the analyst observing a break in the 200-day moving average on its weekly chart timeframe. According to the host, this development suggests a potential bounce back at the $0.68 zone, possibly preluding a rally. For clarity, “moving average,” or MA, is a widely used indicator in technical analysis that helps unravel price data by creating a constantly updated average price. This average is typically calculated over a specific period, like 10 days, 20 minutes, 30 weeks; in the case of the Crypto Banter analysis, they based their analysis on the 200-day MA. Fantom’s Surge And XRP’s Pivotal Turnaround On the other hand, Fantom (FTM), Crypto Banter, revealed that the altcoin has shown a significant pump of over 50% since late October. Yet, the analyst suggests a possible retraction towards the 200-day moving average, making the $0.25 region attractive, particularly for those employing a dollar-cost averaging (DCA) strategy. XRP is not left out of this analytical purview. The host points out that XRP is nearing a critical juncture from a technical standpoint. The analyst reveals that the 12-hour chart for XRP shows a recent rebound off the 50-day MA. A turnaround around the $0.54 price region could occur if the ongoing pattern along the downward trendline persists. The analyst further disclosed that this level gains importance due to the convergence of key moving averages that form a support zone around it. Related Reading: 3 Altcoins Set To Skyrocket In Next Crypto Bull Run, According To Analyst Interestingly, among the altcoins highlighted by Crypto Banter as primed for a breakout, SOL and FTM stand out with significant gains. Over the past two weeks, Solana has seen a 13.8% increase, while FTM has climbed by 8.3%. Contrastingly, XRP, LINK, and MATIC  have experienced declines during the same period. XRP’s price fell by 5.5%, LINK by 5.6%, and MATIC by 6.6%, signaling a diverse performance landscape among these notable altcoins. Featured image from iStock, Chart from TradingView

https://www.newsbtc.com/analysis/xrp/xrp-on-the-verge-of-a-surge-analyst-pinpoints-next-bullish-targets/

Renowned market analyst Ali Charts recently shared his insights, predicting a bullish trajectory for XRP. Ali, known for his market predictions, anticipates that XRP is on the brink of a major breakout, potentially escalating to a significant price range shortly. Expert Analysis Of XRP’s Movement Ali Charts has recently turned the spotlight on XRP. In his latest analysis, Ali predicts a promising upturn for XRP, expecting it to break out from its “descending parallel channel.” This optimistic forecast points to a swift climb, targeting the $0.65-$0.66 range. The analysis is backed by a detailed chart Ali shared, elucidating the potential breakout pattern XRP is forming. Related Reading: From Cool-Off To Takeoff: How XRP’s Current Value Signals An Imminent Market Triumph This projection follows XRP’s peak performance on November 6, when it reached $0.72 per token – its highest valuation since late July. Over the following weeks, XRP saw a slow downturn that brought its price to trade as low as $0.58 on Wednesday. However, the recent chart formations, as analyzed by Ali, suggest a potential reversal in this trend. #Ripple | $XRP appears to be breaking out from a descending parallel channel, which may result in an upswing to $0.65 – $0.66 for #XRP. pic.twitter.com/gvfeEMKIDX — Ali (@ali_charts) November 23, 2023 XRP Latest Price Action Meanwhile, XRP has shown signs of a potential reversal from its recent ‘descending parallel channel,’ as indicated by analyst Ali. In the past 24 hours, the token has experienced a 2.9% uptick, climbing from its low of $0.58 seen yesterday to a current trading price of $0.61 at the time of writing. This shift hints at a developing bullish momentum, aligning with Ali’s prediction of an imminent surge beyond the $0.65 mark. Notably, should the token’s price continue this upward trajectory, it could significantly bolster Ali’s analysis, possibly setting the stage for the digital asset to revisit and potentially surpass the $0.72 price level. Such a development would confirm the accuracy of Ali’s forecasts and inject renewed investor confidence in XRP. However, it’s important to contextualize these recent gains against the broader picture. Over the last two weeks, the altcoin has recorded a decline of over 10%, with a 2.7% decrease in the past seven days. This overall bearish trend is mirrored in the trading volume, which has notably reduced. Related Reading: Evernode Announces Airdrop For XRP Holders, Sets Launch Date Specifically, XRP’s daily trading volume has fallen from a high of approximately $2.4 billion seen earlier this month to around $1.1 billion in the last 24 hours. This dip in trading activity could indicate a cautious approach from investors, awaiting clearer signals of market direction before committing further, or maybe a regular trading activity in the asset. Featured image from Unsplash, Chart from TradingView

https://www.newsbtc.com/altcoin/whale-alert-big-players-scoop-up-these-4-altcoins/

The transactions of ‘whales’ – large-scale investors – often set the tone for market trends. So far, recent on-chain data from Lookonchain, a renowned on-chain analytics platform, has unveiled a notable accumulation pattern in four specific altcoins. Maker (MKR), ssv.network (SSV), Coin98 (C98), and RSS3 have emerged as the latest targets of these accumulative efforts. The data shows a series of substantial withdrawals of altcoins from Binance, a leading crypto exchange, hinting at a growing interest in these altcoins among heavyweight investors. Notably, this trend of whale accumulation is not just a fleeting occurrence but a concerted effort that has been unfolding over recent months. Related Reading: Crypto Whales’ Big Bet: An Examination Of Their 3 New Altcoin Targets Diving Deep Into Whale Transactions: A Closer Look at the Accumulated Altcoins The analysis by Lookonchain reveals intriguing details about the accumulated assets. A new wallet, identified as “0xB4aE”, mainly made waves by withdrawing 10 million RSS3 tokens, valued at approximately $1.44 million, from the OKX exchange. This transaction underscores the growing interest in RSS3, a lesser-known crypto asset. In parallel, another prominent wallet, dubbed “0xb6a7”, substantially withdrew 114,227 SSV tokens from Binance, amounting to a value of about $1.93 million. 1/ We noticed that whale/fresh wallets are accumulating $MKR, $SSV, $C98 and $RSS3.👇 pic.twitter.com/AOIlNTVyux — Lookonchain (@lookonchain) November 22, 2023 This same investor also transferred 2.77 million C98 tokens from Binance, signaling a bullish stance on these specific altcoins. It is worth noting that these transactions exemplify the strategic moves by whales, often aimed at leveraging market dynamics to their advantage. The Maker (MKR) Movement: Whale “0x9e74 Leads the Charge One of the most significant players in this scenario is the whale wallet “0x9e74”. Since July 2023, this investor has consistently withdrawn Maker (MKR) tokens from Binance, totaling roughly 4,776 MKR. The most recent transaction involved moving $1.7 million worth of MKR from the exchange, bringing the total worth of MKR withdrawn by this investor to about $6.9 million. This consistent and targeted accumulation of MKR suggests a strong confidence in the future of this particular altcoin. The Maker token, part of the MakerDAO ecosystem, has been a subject of interest, mainly due to its role in decentralized finance (DeFi) as a lender. These large-scale movements by whales underscore a broader trend within the crypto world, where informed players are increasingly steering towards altcoins with strong fundamentals and potential for substantial growth. Related Reading: Pumping Altcoins All Have One Thing In Common: Crypto Whale Games Amid the accumulation of the altcoins above by whales, RSS3 and Maker are still the top gainers, with both altcoins seeing a surge in price by 34.8% and 10.7%, respectively, over the past two weeks. The remaining two altcoins, however, have seen slight gains and decline, with SSV seeing a mere 4.8% increase and C98 seeing an 8.6% plunge over the same period. Featured image from iStock Chart from TradingView

https://www.newsbtc.com/analysis/xrp/how-xrp-current-value-signals-imminent-market-triumph/

Ben Armstrong, a well-known crypto analyst and YouTuber has recently offered an intriguing perspective on XRP’s current trading value.

XRP, a token closely watched in the crypto community, particularly after its legal battle with the US Securities and Exchange Commission (SEC), currently trades at around $0.60. While this figure might not represent an all-time high, Armstrong highlights why this price point might be pivotal for XRP.

The Bigger Picture: Institutional Interest And Market Dynamics

Armstrong’s analysis begins with the “adamantium” support level of $0.60 for XRP. Drawing an analogy with the fictional character Wolverine, who famously recovers from severe damage, Armstrong sees XRP’s resilience at this price as a sign of robustness.

Each time XRP’s value dips, it seemingly rebounds from this critical support level, suggesting a strong market faith in the token.

Armstrong goes beyond price analysis to consider broader market dynamics in his video. He notes that XRP’s previously traded price level of $0.62 has become particularly attractive to institutional and corporate investors.

Whale transactions involving substantial quantities of XRP have increased significantly, indicating heightened interest from large-scale investors. This trend aligns with a broader global crypto market cap increase, suggesting ample liquidity for significant investments.

Armstrong also touches upon the strategic aspect of XRP’s price following Ripple’s legal victory over the SEC. He posits that a post-verdict price surge might have limited the token’s accessibility to a broader audience.

However, the current steadier price range, a retrace of the previously seen $0.72, allows for a more extensive accumulation of XRP, potentially setting the stage for a bigger bull run.

XRP Latest Price Action

XRP’s market performance has recently shown a notable decline, with its price falling by over 10% in the past two weeks. At the time of writing, XRP is trading at approximately $0.605, reflecting a 2.3% decrease in the past 24 hours.

Despite a significant bullish trend earlier this year, where it surged by 70.3% year to date, XRP remains substantially lower, down by 82.20%, from its all-time high of $3.40 in 2018.

This downward trend extends beyond just XRP’s price. The past two weeks have also decreased the asset’s daily trading volume, descending from highs of around $2.5 billion early last week to roughly $1.1 billion in the past 24 hours.

This decline in trading volume may signal a decrease in investor interest or market activity surrounding the asset, contributing to its reduced price.

Moreover, the broader crypto market has seen a mix of volatility and bearish trends, which might influence XRP’s performance. So far, Bitcoin has also declined by 2% in the past 24 hours, resulting in the drawdown of the global crypto market cap of 1.3% over the same period.

Featured image from Unsplash, Chart from TradingView

https://www.newsbtc.com/altcoin/3-altcoins-set-to-skyrocket-in-next-crypto-bull-run-according-to-analyst/

Several altcoins have garnered attention for their potential in the next bull run. Nick, a prominent crypto analyst and host of the Cheeky Crypto YouTube channel, has pinpointed three specific altcoins that he believes are poised for significant growth in the forthcoming market surge.

Based on current market trends and developments, Nick’s analysis highlights these altcoins for their unique features and potential growth trajectories. These predictions offer insights into which could be the next big movers in the crypto world.

Three Altcoins Poised For Potential Surge

Solana (SOL) is one of the three altcoins that caught Nick’s eye for its chart structures and potential scalability. Regardless of initial hesitations, the analyst acknowledges Solana’s robust technical setup, which he believes could propel its price to “phenomenally high numbers” in the next bull run.

Nick predicts Solana could hit a target as high as $7,500, although he also offers a more conservative estimate of $2,000, considering potential future developments that might impact its growth.

While Solana currently trades at a price nearing $60, a more practical short-term target, according to Nick, could be $600 to $700.

The analyst advised investors to be cautious about the potential market impact when large amounts of SOL become available for sale after a lock-up period and to consider this in their investment strategy. Nick noted:

Obviously, there are a lot of [Solana] tokens that are locked up for Solana so we basically start seeing a lot of those tokens being distributed and the lockup periods are expiring in 2025 March so this means we really want to make sure that we are out of our positions before those billionaires have the ability to dump on us.

Chainlink (LINK) is also another altcoin found on Nick’s radar. The analyst appreciates Chainlink’s importance in the blockchain industry and anticipates its increasing exposure and adoption could lead to a substantial capital influx.

Nick’s theoretical projection sees Chainlink reaching up to $2,300, while a more grounded expectation places it between $200 and $400 during the next crypto bull run.

Featured image from Unsplash, Chart from TradingView

https://www.newsbtc.com/analysis/xrp/xrp-triple-digit-forecast-top-advocate-casts-doubts/

Bill Morgan, an XRP advocate, has recently expressed skepticism regarding the lofty price targets for XRP circulating on social media. While the digital asset community is often rife with bullish predictions, Morgan’s realistic outlook presents a grounded perspective on the potential of XRP’s value.

The Parabolic Price Move: A Myth Or Reality?

Since the significant ruling in the SEC v. Ripple case on July 23, which brought legal clarity to XRP, the asset has seen an uptick in its trajectory.

The ruling led to multiple exchanges relisting XRP and forming strategic partnerships. Despite these developments, Morgan observed that the price of XRP has only modestly increased from $0.46 to $0.62.

Three great outcomes in the court case since 23 July 2023, legal clarity, multiple exchange relistings, more Ripple partnerships and increasing ODL use and myriad other positive news have moved the price from $0.46 to $0.62 in that time. Better than some coins not as good as… https://t.co/NMwiWqfdWt

— bill morgan (@Belisarius2020) November 17, 2023

Morgan’s analysis delves deeper into the relationship between XRP’s market behavior and Bitcoin (BTC). Contrary to the popular belief that XRP might soon undergo a parabolic price increase, Morgan noted:

We keep being shown charts supporting claims that a parabolic breakout is imminent but price still seems to just go up and down with Bitcoin and generally loses ground on the XRP/BTC pair.

This observation particularly challenges the narrative of a forthcoming surge in XRP’s value, often depicted in the community’s discourse.

The idea of XRP achieving a three-figure value seems even more improbable to Morgan. He questions the likelihood of such a significant increase in XRP’s price in the short, medium, or long term.

While the crypto market is known for its unpredictability and rapid changes, Morgan’s post suggests expecting a meteoric rise in XRP’s price might be overly optimistic. His stance encourages a more measured and realistic approach to understanding XRP’s future market performance.

XRP Latest Price Action

Meanwhile, XRP’s market performance has seen significant fluctuations recently. After an initial surge alongside the broader bullish crypto market trend, the asset has faced a downturn, with a 10% decrease over the past week.

In the last 24 hours alone, XRP’s price has dipped by 4%, currently trading around $0.60, down from its weekly high of $0.69.

This decline is also reflected in its trading volume, which has dropped from $3.5 billion to approximately $1.43 billion, indicating a notable decrease in trading activity.

Featured image from Unsplash, Chart from TradingView

https://www.newsbtc.com/news/cardano/history-repeats-cardano-ada-skyrocket-in-december-analyst/

A recent surge in Cardano (ADA)’s market value has caught the attention of both investors and analysts alike. Over the past 24 hours, ADA has seen a 7% increase, trading at approximately $0.39 at the time of writing.

This uptick in value is not just a momentary blip on the radar but a part of a broader trend that mirrors the 2018-2020 consolidation phase of ADA, according to a well-known crypto trader and analyst, Ali.

Interestingly, the analyst noted this current consolidation phase comes without the dramatic influence of an event like the Covid-19 crash.

Cardano (ADA) To Skyrocket In December

Ali has expressed insights on X (formerly known as Twitter), drawing parallels between ADA’s current market behavior and its historical trajectory. If these patterns hold, Ali suggests that ADA might soon break through the $0.45 resistance level, potentially as early as the first week of December.

#Cardano‘s current consolidation trend eerily mirrors the 2018-2020 phase without the COVID-19 crash!

If so, $ADA could break through the $0.45 resistance around the first week of December. The upswing could send #ADA to $0.75 by late December.

Looking to trade this setup? Head… pic.twitter.com/u3KzOsZj2F

— Ali (@ali_charts) November 16, 2023

Currently, ADA is trading at around $0.39. Despite a recent uptick in its weekly performance, the asset has experienced a minor pullback from its 24-hour high of $0.40. Although this peak approaches the resistance level highlighted by analyst Ali, ADA appears poised for a potential rally.

This is indicated by a significant increase in its daily trading volume, which has risen by over $200 million in the past day, suggesting heightened trading activity for the crypto.

Furthermore, as the year approaches, Ali’s prediction for ADA’s price to reach as high as $0.75 during the festive season seems to gain credibility with the recent surge.

If ADA continues on this trajectory, it could signify a notable milestone in its journey and potentially reshape investor perspectives on Cardano’s role in the competitive crypto landscape.

Media Spotlight And Ethereum’s Alleged Imitation

It is worth noting that the recent spotlight on ADA can be partly attributed to the statements made by Steven Nerayoff, a prominent figure in the crypto sphere known for his critical views on Ethereum. Nerayoff’s declaration of ADA as his “top pick in crypto” has fueled media discussions and increased interest in Cardano.

His recent public criticism of Ethereum, accusing the platform of imitating Cardano’s innovations, has added a layer of intrigue to the ongoing narrative. This controversy particularly concerns Ethereum revisiting its Plasma scaling solution, first introduced in 2017.

What timing! This is why I just said @Cardano_CF is my top pick in crypto. You will hear on the recording me telling @VitalikButerin he made a major mistake in getting rid of @IOHK_Charles & should bring him back.

Are the clueless smug @ethereum cultists who got rid of Charles… https://t.co/x5w6yDRB4M

— Steven Nerayoff (@StevenNerayoff) November 15, 2023

Members of the Cardano community have not hesitated to point out the similarities between Ethereum’s Plasma and Cardano’s Hydra, a Layer-2 scaling solution. They argue that Plasma’s recent developments closely resemble Hydra’s functionalities.

Whether substantiated or not, such claims contribute to the broader conversation about innovation and originality in the blockchain space.

Featured image from Unsplash, Chart from TradingView

https://www.newsbtc.com/bitcoin-news/cme-overtakes-binance-in-bitcoin-futures-crypto-investments/

The Chicago Mercantile Exchange (CME) has recently clinched the title of the largest Bitcoin futures exchange by open interest, overtaking the renowned crypto exchange, Binance.

Data from Coinglass reveals that CME’s open positions have reached roughly $4.04 billion across 108,900 Bitcoin contracts, accounting for 24.22% of the entire Bitcoin futures market.

Open interest in the context of futures trading refers to the total number of outstanding derivative contracts, such as futures, that have not yet been settled. This metric is crucial as it indicates the market’s liquidity level and trading activity.

For BTC futures, it represents the total value of all positions yet to be closed, offering insights into market sentiment and investor behavior. The rise of CME to the top position signifies a notable shift in the market dynamics, indicating a growing preference among institutional investors for regulated derivatives products.

Institutional Appetite For BTC And Implications For SEC Spot ETF Approvals

Binance, once the leader in BTC futures open interest, now trails CME with $3.90 billion in open interest, comprising 23.37% of the total market. This change underscores a significant trend: institutional investors increasingly favor Bitcoin as an investment vehicle, as evidenced by entities like MicroStrategy.

This enterprise software company, known for its substantial Bitcoin holdings, recently acquired an additional 155 BTC for $5.3 million. With Bitcoin’s current trading price above $37,000, MicroStrategy’s investment boasts roughly $1.1 billion in paper profits, underscoring the asset’s appeal to corporate investors.

In October, @MicroStrategy acquired an additional 155 BTC for $5.3 million and now holds 158,400 BTC. Please join us at 5pm ET as we discuss our Q3 2023 financial results and answer questions about the outlook for #BusinessIntelligence and #Bitcoin. $MSTR https://t.co/w7eRUcGobi

— Michael Saylor (@saylor) November 1, 2023

The overtaking of Binance by CME in Bitcoin futures open interest has captured market participants’ attention and raised crucial questions among regulatory observers.

Notably, Bloomberg Intelligence ETF research analyst James Seyffart, echoing sentiments from Will Clemente, has speculated on whether CME’s growing Bitcoin futures open interest might address the US Securities and Exchange Commission’s (SEC) concerns about market depth and potential manipulation in Bitcoin markets.

Okay this is interesting… Does this constitute ‘market of significant size’ now? haha https://t.co/eQb7QXvO3H

— James Seyffart (@JSeyff) November 9, 2023

This shift in market leadership from a crypto exchange like Binance to a traditional and regulated derivatives marketplace like CME could signal a maturing BTC market. Such a development might influence the SEC’s stance on approving spot Bitcoin ETFs.

Bitcoin Latest Price Action

While CME is overthrowing Binance regarding Bitcoin’s open interest, the crypto asset has recently reclaimed its $37,000 zone in the past hours after retracing slightly below that price mark following the quick spike on Thursday.

Notably, BTC currently trades for $37,350 at the time of writing, up by 2.1% in the past 24 hours and nearly 10% over the past 7 days.

Featured image from Unsplash, Chart from TradingView

https://www.newsbtc.com/news/crypto-current-climb-jpmorgan-suggests-rally-may-be-reaching-its-peak/

JPMorgan analysts have cast a skeptical eye over the recent crypto rally, indicating it may be built on sand rather than solid ground. Their latest report conveys a guarded stance, suggesting that the market’s exuberance may be outpacing the underlying fundamentals.

As the market’s enthusiasm swells, fueled by pivotal developments such as the US Securities and Exchange Commission’s (SEC) potential green light of the spot Bitcoin exchange-traded fund (ETF), these financial experts are urging caution, advocating a closer examination of the elements at play.

A Closer Look At ETF Approval And Regulatory Battles

Within the crypto sphere, JPMorgan analysts disclosed that two significant events have captured investor interest and driven prices upward.

These events include anticipating a US-approved spot Bitcoin ETF, which has ignited hopes of new capital inflows. At the same time, recent legal tussles involving the SEC have raised expectations for a more permissive regulatory environment.

However, the JPMorgan team, led by analyst Nikolaos Panigirtzoglou, presents a contrarian view, deconstructing these drivers and their probable impact on the market. They argue that an ETF approval would usher in fresh capital, which might be misleading.

The analysts propose that rather than attracting new investment; the approval could redirect existing funds from current Bitcoin investment products into the new ETFs. The JPMorgan team noted:

First, instead of fresh capital entering the crypto industry to be invested in the newly-approved ETFs, we see as a more likely scenario existing capital shifting from existing bitcoin products such as the Grayscale bitcoin trust, bitcoin futures ETFs and publicly listed bitcoin mining companies, into the newly-approved spot bitcoin ETFs.

This shift, they assert, would not necessarily expand the market’s capital base. JPMorgan’s team points to the tepid response to similar products in Canada and Europe as evidence, suggesting that a US spot Bitcoin ETF might encounter the same lukewarm reception.

Legal victories against the SEC in high-profile cases like Ripple and Grayscale are also interpreted as potential precursors to a regulatory softening. Yet, the analysts remain unconvinced, citing the lingering aftereffects of the FTX scandal and the inherent risks of an under-regulated market.

They further disclosed that these factors will likely keep the regulatory tightening trend intact, with little room for significant easing.

Bitcoin Halving: A Pre-Priced Crypto Event?

The report delves into the much-discussed Bitcoin halving, which traditionally stokes bullish forecasts. However, JPMorgan’s analysts believe the market has already factored in the halving’s supply-squeeze implications. They noted:

This argument seems unconvincing as the Bitcoin halving event and its effect are predictable and in our opinion are well factored into Bitcoin price.

They calculate that based on current data, the production cost of Bitcoin post-halving should double, particularly from the current $ $21,000 to $43,000.

Their analysis concludes with a sobering outlook, anticipating a potential “buy the rumor, sell the fact” scenario post-ETF approval. Such a dynamic could see prices climb on anticipation and plummet once the event materializes, a pattern familiar to seasoned market observers.

Echoing similar sentiments, financial commentator Peter Schiff has cast doubt on the longevity of Bitcoin’s price surges driven by ETF speculations.

Schiff warns that post-approval, Bitcoin might face a shortage of positive triggers, potentially culminating in a market sell-off as the ‘buy the rumor, sell the news’ phenomenon unfolds.

How many times can #Bitcoin rally on the same ETF rumor? Once a U.S. Bitcoin EFT is approved, or $GBTC is able to convert into an ETF, there will be no more “good” news for Bitcoin to rally on. After years of buying the rumor, everyone will finally be able to sell the news.

— Peter Schiff (@PeterSchiff) October 16, 2023

Meanwhile, Bitcoin has seen quite a significant move in the past few hours. The asset has now marked a new high for 2023, surging above $37,000, up by nearly 10% in the past day.

Featured image from Unsplash, Chart from TardingView

https://www.newsbtc.com/bitcoin-news/bitcoin-on-the-brink-analyst-predicts-open-interest/

Bitcoin’s open interest—the total number of outstanding derivative contracts that have not been settled—has surged to levels not seen in over six months. Amid these high-interest levels, market analysts warn that Bitcoin may see a 20% price correction.

Analysts Weigh In On Market Implications

The surge in open interest has been linked to a substantial increase in derivatives market activity. Financial commentator Tedtalksmacro hinted at the potential market shifts, noting a significant addition to open interest, which could indicate impending “fireworks” in the market.

Almost 10k BTC (~$350MM USD) in open interest added today.

Fireworks soon.

— tedtalksmacro (@tedtalksmacro) November 7, 2023

With more than $16 billion in open interest recorded currently, according to data from CoinGlass, the market is witnessing noticeable fluctuations that could spell out more significant changes in Bitcoin’s valuation.

So far, analysts are keenly observing these fluctuations, interpreting them as signals for future market movements. James Van Straten from CryptoSlate pointed out the record open interest in the CME exchange, often “preferred by institutional investors.” The analyst noted:

The CME exchange, preferred by institutional investors, has achieved a new record in open interest, with 105,380 BTC contracts open, valued at $3.68 billion. Binance has edged past this figure with open interest of approximately 113,500 BTC.

With Binance’s open interest slightly surpassing the CME’s figures, Van Straten suggests that this trend could indicate a growing interest in Bitcoin futures, which may reflect a “positive shift” in market sentiment or a strategic move by investors to adopt “protective strategies.”

The implications of this rising open interest, however, are not universally seen as positive. J. A. Maartunn from CryptoQuant cautioned that such high open interest levels have historically preceded price drawdowns of at least 20% for Bitcoin.

This pattern, he argues, warrants “significant attention” as it could indicate an upcoming price correction. 

Bitcoin Latest Price Action

The current trajectory of Bitcoin’s market performance has been discussed among analysts, particularly in light of the recent surge in open interest. Despite this interest, Bitcoin has experienced a slight pullback from its recent growth spurt.

At the time of writing, the cryptocurrency has seen a 1% decrease over the last day, now valued at $34,722. Meanwhile, over the last week, Bitcoin’s growth has been modest, charting a 1.4% increase, while the bi-weekly figures show a slightly 3.1% rise.

This corrective movement in Bitcoin’s price is mirrored by a notable drop in its daily trading volume, which has fallen sharply from last week’s high of $21 billion to a current figure of just $3.8 billion within the past day. This reduction in volume may be indicative of a cooling off in trading activity.

Featured image from Unsplash, Chart from TradingView

https://www.newsbtc.com/news/crypto-forecast-analyst-predicts-santa-claus-squeeze/

Markus Thielen, the Head of Crypto Research and Strategy at Matrixport, has hinted at a potential pre-Christmas rally with Bitcoin leading the charge.

This anticipation comes amid a backdrop of macroeconomic shifts that could set the stage for a significant surge in crypto prices, which Thielen describes as the “Santa Claus squeeze.”

Thielen’s analysis is rooted in recent market movements where some altcoins began to outperform Bitcoin, suggesting a momentum build-up that could translate into substantial gains.

Macroeconomic Indicators Fueling Crypto Optimism

This concept of a “Santa Claus squeeze” in the crypto market, a term coined to describe the seasonal rally often seen in equity markets, is not new. Thielen, in his Deribit Insights report, noted that Bitcoin has historically seen an average rally of 23% during the festive months of November and December.

This trend, coupled with last week’s performance where alternative cryptocurrencies gained an edge over Bitcoin, lends credibility to the forecast of a year-end rally, according to the Head of Crypto Research and Strategy at Matrixport.

Notably, the potential for a “Santa Claus squeeze” is underpinned by several macroeconomic indicators that Thielen has identified. Thielen points to a trio of events that collectively signal an interest rate peak, setting a conducive stage for risk assets like cryptocurrencies.

The US Treasury’s pivot towards “slowing the pace of issuing longer-dated debt” is the first sign Thielen identified,  implying expectations for a decline in interest rates, which historically benefit growth assets such as tech stocks and, by extension, digital currencies.

Adding to the mix is Federal Reserve Chair Jerome Powell’s “dovish” tone at the post-FOMC meeting press conference. His statements have been interpreted as a potential halt in rate hikes, with the possibility of cuts in 2024, bringing a dose of positiveness into the markets.

For context, during the conference, Fed Chair Jerome Powell discussed the balanced nature of inflation risks, referencing the term “symmetric” twice, which suggested a tone of accomplishment in the Federal Reserve’s efforts to reduce inflation. Additionally, Powell expressed his view that a recession is not on the horizon.

Furthermore, a less-than-stellar US nonfarm payroll reported last Friday suggests a “weakening labor market,” according to Thielen, reducing the chances of aggressive rate hikes in the future.

Bitcoin And Ethereum: A Potential Rally In Sight?

Drawing parallels with the past, Thielen recalled Bitcoin’s response at the end of the last Fed rate hike cycle in January 2019, which saw the cryptocurrency’s price rally by approximately 400%.

While Thielen tempers expectations for a repeat of such dramatic gains, the Head of Crypto Research and Strategy at Matrixport anticipates that Bitcoin and some other altcoins the analyst calls “higher beta crypto assets” could see considerable growth in the coming years.

The Head of Crypto Research and Strategy at Matrixport backed this bullish outlook further by the potential approval of a BlackRock spot Bitcoin ETF, which could act as a catalyst for a more widespread crypto rally.

Thielen’s observations extend beyond Bitcoin in another report. He notes the Ethereum ecosystem’s nascent signs of recovery, evidenced by increasing revenues and ETH’s resilience in holding the crucial support level of $1,550.

The analyst also noted the outshining of Ethereum and other altcoins over Bitcoin, a shift reflected in their growing market dominance and trading volumes. The perpetual futures funding rate for both Bitcoin and Ethereum is also on the rise, mirroring a more confident stance among traders.

So far, Bitcoin is only up 1.3% in the past week and 0.3% in the past day, while Ethereum has recorded a higher gain of 5% in the past 7 days and 1% over the past 24 hours. BTC currently trades at $34,987 and ETH  at $1,897 at the time of writing.

Featured image from Unsplash, Chart from TradingView

https://www.newsbtc.com/news/cardano/cardanos-whale-watch-ada-market-cap-jumps/

Cardano (ADA) has recently experienced a notable surge in market capitalization. Blockchain analytics firm Santiment reported a 9% increase in ADA’s market cap over the past day, which adds to a more than 20% rise over the last two weeks.

This growth spurt in valuation aligns with heightened activity on the Cardano network, specifically among large-scale holders, commonly referred to as ‘whales.’

Cardano On-Chain Data Signals Bullish Behavior For ADA

Before this latest rise in value, several on-chain metrics hinted at the potential for a short-term increase in ADA’s price. Santiment’s analysis pointed out that two key indicators—address activity and whale transactions—had spiked to levels not seen in three months.

This kind of on-chain behavior often precedes market movements, drawing the attention of investors and analysts alike.

Digging deeper into the Cardano blockchain data, there’s been a 23% rise in address activity over the past three weeks, according to Santiment, suggesting a growing use case or increased speculation about the altcoin’s future.

Concurrently, whale transactions, which are large transfers of ADA often indicative of deep-pocketed investors’ movements, have shot up by more than 32%. Such significant transactions can substantially impact market sentiment, potentially leading to price volatility or, in this case, a bullish trend for ADA.

#Cardano has been the big story Thursday, with its market cap growing +9% in the past 24 hours and now +36% over 2 weeks. As usual, #onchain activity hinted at this #bullish action with $ADA address activity & whale transaction at their highest in 3+ months.… pic.twitter.com/IYBBk3ssf4

— Santiment (@santimentfeed) November 2, 2023

ADA Latest Price Action: Market Surges Over 10%

Meanwhile, in a development that aligns with market expectations, ADA’s price has sustained a bullish trend over recent weeks. Correspondingly, the altcoin’s market capitalization has reflected this positive momentum, swelling by approximately 11.4% in the past week and by nearly 30% in the past two weeks.

Significantly, ADA’s market cap has surpassed the $11 billion mark, climbing from the earlier monthly low of around $9 billion. This uptick in market cap value has seen ADA achieve a trading price of $0.32 at the current time, marking an increase of close to 5% in just the last 24 hours.

Further bolstering the optimistic market sentiment, ADA’s daily trading volumes have experienced a substantial increase. Where just last Friday, the trading volume hovered around $214 million, there has been a remarkable swell, with the figure soaring to nearly $500 million in the past day.

This enhanced trading activity, coupled with the market cap growth, signals a robust investor interest in ADA, potentially indicative of broader market confidence in the altcoin’s prospects. 

Featured image from Unsplash, Chart from TradingView

https://www.newsbtc.com/altcoin/altcoins-at-turning-point-analyst-says-time-to-load-on-the-dips-its-a-different-sentiment/

The crypto market is bullish, with several altcoins charting notable gains. Solana (SOL) leads this charge, which has seen a roughly 35% increase in value over the past week.

This uptrend is not isolated to Solana alone; other major altcoins like XRP and Cardano (ADA) also enjoy significant upticks. This trend signals a potentially broader market recovery and offers a positive outlook for investors who have weathered a prolonged bear market.

Buying On The Dip: A Strategy For Growth 

Michaël van de Poppe, a renowned analyst in the crypto analysis sphere, has recently spoken out about the shift in market dynamics. In his view, altcoins are not just rising; they are breaking out, signaling a more profound change in the crypto ecosystem.

This breakout could be the indicator of an even more substantial growth phase for these digital assets, according to the analyst.

Amid this resurgence, Michaël van de Poppe has offered strategic advice to the crypto investment community. The analyst believes that the current prices of altcoins represent a dip in the market, presenting a prime opportunity for buying. With a clear shift in sentiment, the analyst encourages investors to capitalize on these lower entry points.

The analyst also draws an alignment between the current market conditions and the end of the bear market cycle 2018, suggesting that we may be on the cusp of a similar reversal.

With the US monetary policy tightening phase seemingly coming to an end, there’s an air of optimism that the bearish grip on the market may be loosening, according to the analyst.

Van de Poppe’s analysis also posits that the market is transitioning, setting the stage for the conclusion of the bear cycle and the beginning of sustained growth.

#Altcoins are breaking out significantly and I think majors are going to follow suit.

Time to load on the dips, it’s a different sentiment. Hiking policy is coming to an end -> end of bear market in 2018. End of bear market as we speak.

Enjoy the ride!

— Michaël van de Poppe (@CryptoMichNL) November 1, 2023

Altcoins: SOL And XRP Record Double Digit Gains Except For ADA

Meanwhile, before Van de Poppe’s analysis, Solana and XRP had recorded double-digit gains, with Solana taking the lead, recording a massive gain of 35% in the past 7 days. XRP saw a 10.5% gain over the same period.

Both assets currently trade at $41.51 and $0.60, respectively, at the time of writing, with SOL recording a mere increase of 0.2% over the past 24 hours and XRP gaining 1.4% in the same period.

While ADA has only seen a slightly lesser gain of just 5.8% in the past 7 days, the altcoin records the highest gain among these three top altcoins in the past day. ADA trades at $0.30, up by 6.5%, over the past 24 hours.

Featured image from Unsplash, Chart from TradingView

https://www.newsbtc.com/altcoin/november-to-witness-over-450m-aptos-and-avalanche/

The crypto market is set to experience significant token unlocks in November, with projects such as Aptos (APT), Avalanche (AVAX), and Hashflow (HFT) leading the way.

These unlocks are anticipated to release more than $320 million worth of tokens, contributing to the overall $450 million set to enter circulating supplies in the crypto market this month.

It is worth noting that such substantial releases could have immediate and long-term effects on both the price and availability of these digital assets.

Aptos And Top Players In November’s Token Release

Token unlocks are events where previously locked tokens become available for trading, often increasing a project’s circulating supply. These events are critical moments for projects, as they can signal maturation and a new phase of market dynamics. 

Aptos, a Layer 1 blockchain created by former Meta executives, is expected to have the most significant token unlock by value, releasing 24.8 million APT tokens, currently representing about $165.6 million at today’s price.

Aptos’s upcoming unlock on November 12 is not just substantial in value but also notable for its distribution, with core contributors, investors, the community, and the Aptos Foundation all set to receive portions of the release.

Meanwhile, Avalanche, another Layer 1 blockchain, is preparing for its considerable token unlock later in the month on November 24, which will see 9.54 million AVAX tokens (valued at approximately $99.3 million at today’s price) released, marking 2.7% of its circulating supply.

Hashflow, a multi-chain decentralized exchange, is slated to have the largest token release by circulating supply percentage. It is poised to unlock 160.38 million HFT tokens, approximately 73.9% of its circulating supply, on November 7, injecting roughly $42 million into the market.

The distribution of these tokens will span early investors, ecosystem development, the core team, and community rewards, adding another layer to the economic activities of the project.

Other Notable November Token Unlocks

Other projects like Optimism (OP), ApeCoin (APE), and Sui (SUI) are also scheduled for significant token unlocks this November. However, they pale in comparison to the top three in terms of value. Optimism is set to unlock 24.16 million OP tokens worth $32.4 million.

Apecoin (APE) is poised for an unlock of 15.60 million APE tokens worth $19.5 million, and SUI is to unlock 34.62 million tokens valued at $14.6 million at today’s market prices.

Each unlock carries potential implications for the broader crypto market, as they may affect liquidity, trading volume, and investor sentiment. Furthermore, out of these six tokens above set to unlock this month, Aptos and Avalanche are the top gainers.

Currently, both assets are up 38% and 22%, respectively, in the past 14 days. APT trades at $6.82, down by 2% over the past 24 hours, while AVAX trades at $11.02, down by 2.7% over the same period, at the time of writing.

Featured image from Unspkash, Chart from TradingView

https://www.newsbtc.com/bitcoin-news/bitcoin-price-tide-could-asic-miner-values-signal/

Adam Back, the co-founder and CEO of Blockstream, has recently drawn attention to a notable correlation, which is that the prices of ASIC (Application-Specific Integrated Circuit) miners tend to align with Bitcoin prices.

This parallel trend has been confirmed historically, with the miners peaking in price during the 2021 Bitcoin bull run, just as BTC reached its peak of $69,000.

Back’s analysis shows that even as the market navigates through changing tides, the fate of mining equipment is an important piece of the puzzle for understanding the overall ecosystem.

The CEO of Blockstream also suggests that the price of ASIC miners is not just a reflection of manufacturing costs or technological advancements but also an indicator of market sentiment toward Bitcoin itself.

The Miners’ Market: A Reflection Of Bitcoin’s Value

According to Back in a video posted on X (formerly known as Twitter), during the prelude to the 2021 bull market, the price of ASIC miners was low, mirroring the anticipation and optimism of the Bitcoin community for a significant rally.

However, as Bitcoin’s value skyrocketed, so did the price for these mining machines, hitting a peak of $120/Terrahash (TH) alongside Bitcoin’s all-time high. Yet, with the subsequent decline in BTC value, the demand and price for ASIC miners plummeted, currently trading hands at under $15/TH—a stark contrast to their previous highs.

Despite a positive momentum for Bitcoin this year, ASIC miner prices have remained subdued. However, Back maintains an optimistic outlook for a potential resurgence in ASIC miner prices.

Historically there’s been a high correlation between ASIC miner and #Bitcoin prices. Learn how the new the Blockstream ASIC (BASIC) Note investment opportunity capitalizes on this thesis. Blockstream CEO Dr. @adam3us explains: pic.twitter.com/zHAqhLsGet

— Blockstream (@Blockstream) October 31, 2023

The CEO of Blockstream suggests that as Bitcoin enters deeper into a bull phase, the value of these essential mining components is likely to increase.

Back points to the upcoming Bitcoin Halving — an event that historically impacts Bitcoin’s price due to the reduced rate at which new Bitcoins are generated — as a possible catalyst for Bitcoin’s price surge and a parallel rise in ASIC miner values.

Bitcoin Path To Reclaim $35,000

Despite several predictions and analyses about Bitcoin, the top crypto has continued to move at its own pace. After retracing from the previously tapped $35,000, the asset has begun to thrive to reclaim that price zone.

Currently, the asset trades at $34,269, down by 1.1% in the past 24 hours. However, looking at its weekly performance, Bitcoin still appears to be in gains. Though it has dropped by 0.7% in the past 7 days, it is still up by 20% in the past two weeks.

Back mentioned that the Bitcoin Halving appears as a significant milestone that could precede a notable increase in Bitcoin’s price, typically starting around six months post-halving.

While the CEO of Blockstream hesitates to make a definitive prediction about the exact outcome this time, he remains optimistic about Bitcoin’s prospects, positing that the cryptocurrency could still grow further this year or next year.

Featured image from Unsplash, Chart from TradingView

https://www.newsbtc.com/bitcoin-news/bitcoin-on-chain-data-points-to-bullish-outlook-but-theres-a-catch/

Santiment, a leading blockchain intelligence platform, has recently provided insights pointing to a favorable short-term scenario for Bitcoin (BTC). However, according to other signals that seem ‘hidden,’ there’s a catch.

These on-chain metrics can serve as the north star for investors looking to strategize their next steps. However, according to another metric, though recent revelations by Santiment might hint at continued positive momentum for Bitcoin, there’s also a possible contrary move that could play out.

Bitcoin Sentiments Bullish On-Chain Indications

Santiment’s recent post revealed a positive narrative for BTC’s immediate future. One of the key metrics supporting this bullish outlook is the significant number of active Bitcoin addresses.

It is worth noting that an increase in active addresses can indicate enhanced adoption, investor interest, and overall network health. Furthermore, a surge in previously dormant tokens moving actively hints at a renewed trader interest.

According to Santiment, such activity has often coincided with bullish trends, making this an essential metric to monitor.

If you’re concerned about a #crypto retrace, note that #Bitcoin still maintains a high pace of active addresses. Additionally, the top market cap asset is seeing a high level of dormant tokens now moving, typically synonymous with #bullish conditions. https://t.co/bvjDL2Shga pic.twitter.com/NvxKkQpkg8

— Santiment (@santimentfeed) October 26, 2023

Given these disclosed metrics by Santiment, Bitcoin may still have more rallies to squeeze out. However, to add another layer of intrigue to the current market scenario is the behavior surrounding meme coins, especially PEPE.

According to Onchain Capital co-founder and Crypto Banter host, Ran Neuner, meme coins, with their viral nature and swift price movements, sometimes act as a barometer for market sentiment, albeit unconventional.

PEPE’s Performance: A Market Temperature Check?

While Santiment’s report offers optimism, some market observers utilize unique indicators to sense potential market shifts. PEPE, a meme coin, has recently caught the attention of several prominent crypto figures.

Ran Neuner recently mentioned that PEPE might act as an indicator of an overheated market. The logic? When traders and investors flock to such tokens, and they see significant price pumps, it might be a sign of excessive optimism in the market. An event to walk with caution.

If you want to know when a pull back is coming, just watch $PEPE. It’s literally an index for when the market is getting overheated. When people are confident enough to go there and it pumps, that’s your sign to exit. Works every time. pic.twitter.com/vMcqiddHwp

— Ran Neuner (@cryptomanran) October 26, 2023

Notably, PEPE has surged by more than 80% in the past week. The meme coin has soared from a low of $0.00000650 seen last Friday, to as high as $0.00000118 at the time of writing. Following the recent increase in price, PEPE is currently down 1.1% in the past 24 hours.

Furthermore, in what seems to complement Neuner’s proposed indicator, Bitcoin has seen quite a notable retrace from its recent spike above $35,000. The asset currently trades at $33,620, at the time of writing down by 1.1% in the past hour.

Featured image from ShutterStock, Chart from TradingView

https://www.newsbtc.com/bitcoin-news/bitcoins-stellar-surge-whats-next-expert-deciphers-the-crypto-labyrinth/

Gareth Soloway, an analyst and Chief Market Strategist at InTheMoneyStocks.com and President of VerifiedInvesting.com, has recently dived deep into the dynamics and offers a glimpse into Bitcoin and its future.

Bitcoin’s rally, which boasts a 30% uptick in the past fortnight, has reignited the bullish sentiments within the crypto community. This performance has been linked to the anticipation surrounding the potential approval of a spot Bitcoin Exchange-traded fund (ETF). What happens once this approval is granted?

The Power Of Speculation And Potential Spot Bitcoin ETF Impact

Gareth Soloway believes the approval, which might see daylight by the end of this year or early 2024, could trigger a price correction. “If Bitcoin is still up here, you may not go higher,” Soloway posits.

Soloway argues that the crypto space might already be factoring in the spot Bitcoin ETF approval. This implies that the news, once official, might paradoxically catalyze a sell-off, dampening the current momentum.

Soloway’s projection sees the “maximum upside” of Bitcoin in this bull phase reaching around $47,000 – potentially the next resistance level.

The expert hints that many institutional ETF players might have pre-emptively accumulated Bitcoin, anticipating an eventual spot ETF approval. This could mean fewer buyers once the spot Bitcoin ETF comes to life. Soloway elucidated:

Many of these ETF institutions have probably been accumulating for the last couple of months, knowing that eventually an approval will come. And so, there may not be as many buyers for the spot ETF.

A Glimpse Into 2024: Economic Predictions And Crypto

While Bitcoin’s immediate future is in the limelight, Soloway takes a broader macroeconomic stance for the coming year. The analyst paints a cautious picture, predicting an impending economic recession in 2024. This, coupled with a stock market correction of around 35%, might significantly impact Bitcoin. 

Soloway noted predicting a possible plunge to $15,000:

What happens if the stock market goes down 35%? Fear and panic will take over, even in Bitcoin holders. Remember, there are a lot of people who hold Bitcoin that also have big stock portfolios. And if I’m down huge at some point, do I start to panic and start selling everything? That’s the worry that could drive us back to $15,000 or even lower.

Backing his bleak economic prediction, Soloway further highlights soaring credit card debts, skyrocketing interest rates, and the “risky” state of several banking institutions.

The expert stressed the lurking dangers within the banking sector, many of which he called “zombie banks,” operating with unsustainable “dead paper on their balance sheet.”

Despite the grim financial outlook, Soloway shared his bullish sentiment on gold, anticipating new all-time highs. The analyst underscores the importance of aligning with “smarter money,” referring to central banks that oversee and implement monetary policies. 

Soloway concluded:

If they [Central Banks are] loading the boat on gold, then it probably says we need to do the same

Featured image from iStock, Chart from TradingView

https://www.newsbtc.com/analysis/uni/uniswap-foundations-unexpected-43-million-token-sale/

The spotlight has recently turned towards the Uniswap Foundation following notable shifts in its holding patterns. Uniswap Foundation, which backs the development and expansion of the Uniswap (UNI) protocol, made headlines for its sale of the platform’s native tokens. 

Uniswap’s UNI token has maintained its position as a prominent digital asset in decentralized finance (DeFi). Yet, the recently reported sale by the foundation responsible for its proliferation raises questions regarding its long-term strategy and the implications for the wider UNI ecosystem.

$43 Million Uniswap Token Sale Capture Attention

Recent data suggests that the Uniswap Foundation moved roughly $43.3 million worth of UNI tokens within three days. This activity becomes even more interesting when considering that substantial movements of UNI tokens from the foundation’s wallet have been rare over the past two years, according to data from Etherscan.

In a disclosure by the renowned on-chain analytics platform Lookonchain, the foundation reportedly transferred 6.8 million UNI tokens (valued at $29.16 million) to a new digital wallet.

A segment of these tokens also reached FalconX, a recognized digital asset trading platform. Adding another layer to this saga, Lookonchain unveiled that three million UNI tokens, translating to $13 million, were sold via the Kraken exchange deposit address affiliated with the automated market maker Wintermute.

The timing of this sale coincided with a period of significant gains for the UNI token, according to Lookonchain.

Note that #Uniswap Foundation transferred 6.8M $UNI($29.16M) to a new address and #FalconX 30 minutes ago.

Uniswap Foundation dumped 3M $UNI ($13M) via #Kraken deposit address of #Wintermute yesterday after $UNI rose.

Watch for another sell-off!https://t.co/KFGHYCc6wu pic.twitter.com/IcBry2RlhB

— Lookonchain (@lookonchain) October 25, 2023

Further Insights Into The Foundation’s Token Activities

PeckShieldAlert, a renowned market risk assessment entity, also highlighted that the Uniswap Foundation had relocated nearly ten million UNI tokens to four distinct addresses.

With the cumulative value pegged at approximately $43.3 million, according to PeckShieldAlert, these revelations raise further questions about the foundation’s objectives behind these token sales.

#PeckShieldAlert #Uniswap Foundation Custody-labeled address has transferred a total of ~9.8M $UNI (worth ~$43.3M) out within the last 3 days. ~3.4M $UNI (worth ~$15M) has been sent to #FalconX, and ~3M $UNI (worth ~$13M) has been sent to #Wintermute: #Kraken Deposit pic.twitter.com/ImtI0kHXVU

— PeckShieldAlert (@PeckShieldAlert) October 25, 2023

Shedding light on the inflow of tokens to the foundation’s wallet, data from Etherscan documented the receipt of 10,685,984 UNI from a wallet labeled “Uniswap V2: UNI Timeblock” on October 20.

Meanwhile, regardless of the sell-off from the Uniswap Foundation, the UNI token has been in green over the past week, up by 7.5%. This bullishness appears due to the current global crypto uptrend sentiment, especially with Bitcoin up by more than 20% in the past 7 days.

Featured image from Unsplash, Chart from TradingView