XRP Wallet Linked to “Musk” May Herald Cryptocurrency’s New Peak

https://coinedition.com/xrp-wallet-linked-to-musk-may-herald-cryptocurrencys-new-peak/

  • XRP Liquidity on X links the “Musk” tagged wallet to potential future price peaks through analysis of its transactions.
  • Investor’s interest in scientific figures reflects in XRP wallet tags, suggesting a strategic investment approach.
  • Previous transfers from a notable XRP wallet preceded the 2017 high, hinting at signs of future market movements.

XRP Liquidity on X, an XRP liquidity tracker, has shed light on a smart wallet that could signal when Ripple’s cryptocurrency, XRP, is poised to reach a new zenith in its value. The focus centers on a smart money wallet with an address tagged “Musk.” 

Moreover, the owner of this wallet exhibits a keen interest in luminaries from the realms of astronomy, science, and technology, which is evident through wallet tags such as Isaac Newton, Andreessen, Turing, Sagan, and Faraday. These wallets, including the one tagged “Musk,” were all activated between 2013 and 2014, following XRP’s debut in the trading sphere.

Additionally, the whale behind these wallets initiated with the Sagan wallet in June 2013, followed by the activation of Isaac Newton and Musk in November of the same year. Subsequently, these wallets played a role in activating other addresses, culminating in the spotlight on an untagged wallet, rpdfM4K, which was brought into play by the Isaac Newton address in August 2017. This wallet received all XRP holdings from the aforementioned addresses on August 26, 2017, amassing 20 million XRP.

This untagged wallet’s behavior in December 2017, transferring 2.99 million XRP to Bitstamp just days before XRP hit its record high of $3.31, has been highlighted as a potential precursor to future price peaks. The transactions occurred amid a bullish wave for XRP, starting December 11, 2017, with the wallet’s transfers executed on December 14. The price of XRP soared to its all-time high just 21 days later.

Since that transfer, the wallet has held onto approximately 17 million XRP. XRP Liquidity on X advises the investment community to monitor this wallet closely, suggesting that similar future transfers could indicate the cryptocurrency is on the brink of another significant price movement.

At press time, XRP was trading at $0.5577, marking a 0.16% increase over the last 24 hours, per CoinMarketCap. This uptick comes amid sentiments of slow growth for XRP compared to other cryptocurrencies, highlighting the challenges and opportunities within the digital asset landscape.

Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.

Ethereum over $2,900, supply outlook better than Bitcoin: Analyst | CoinDesk JAPAN

https://ourbitcoinnews.com/ethereum-over-2900-supply-outlook-better-than-bitcoin-analyst-coindesk-japan/

  • Over the past seven days, Ethereum has outpaced Bitcoin’s rise.
  • Ethereum’s fundamentals appear to be more constructive than Bitcoin’s, as Ethereum’s supply is deflationary.

Ethereum (ETH) has outpaced Bitcoin (BTC) gains over the past week. Ethereum appears to have better fundamentals than Bitcoin, so this trend could continue, said Amberdata’s director of derivatives.greg– Pointed out by Greg Magadini.

Outperforming Bitcoin

According to data from CoinDesk, Ethereum rose more than 16% in seven days and remained above $2,900 (approximately 435,000 yen, equivalent to 150 yen to the dollar) for the first time in nearly two years. Bitcoin prices, on the other hand, rose more slowly, rising 8.5% to $52,300. The Ethereum/Bitcoin ratio rose nearly 7% to 0.055. The CoinDesk 20, which measures the performance of the entire crypto market, rose 10.7%.

Ethereum has been lagging behind Bitcoin for weeks, as traders focused on the launch of a Bitcoin spot ETF in the US and the impending halving, but now Ethereum has reversed its performance. did.

Focus may shift to decreasing supply

Ethereum was moving to a proof-of-stake (PoS) consensus mechanism in September 2022 in an upgrade called “The Merge,” so the focus could soon shift to a significant decline in Ethereum supply. Magadini pointed out. This is in contrast to Bitcoin’s halving, which only slows the rate of supply growth.

“Everyone is talking about the Bitcoin halving in April, but that is nothing compared to the active ‘curtailment’ of Ethereum supply that has already been happening since September 2022,” Magadini wrote in his weekly newsletter. “The next opportunity is Ethereum! Demand is rising due to the low Ethereum/Bitcoin ratio, and (Ethereum’s) fundamental supply situation is better than Bitcoin.”

Since The Merge, 1,047,643 ETH (worth $3.05 billion) has been issued and 1,407,200 ETH has been burned or removed from circulation, representing a net supply of 0.209% year-on-year, according to data tracking website Ultrasound.money. decreased by 359,557 ETH. Bitcoin supply increased by 1.71% during the same period.

This decline is indicative of a deflationary trend due to the Ethereum blockchain burning some of the transaction fees paid to validators. The Merge replaced miners with validators, significantly reducing the Ethereum supply.

Validators participate in the PoS process by staking a minimum of 32 ETH. Ethereum staked on the network exceeded 30.1 million ETH earlier this month, accounting for 25% of the total circulating supply. An upgrade to Dencun scheduled for March is expected to reduce transaction costs.

Possibility of Ethereum ETF approval

Furthermore, the US Securities and Exchange Commission (SEC) is expected to approve a US physical Ethereum ETF this year. Franklin Templeton, BlackRock, Fidelity, Ark and 21Shares, Grayscale, VanEck, Invesco and Galaxy , Hashdex has filed an application for an Ethereum spot ETF.

The SEC approved multiple Bitcoin spot ETFs last month, paving the way for investors to have exposure to Bitcoin without owning or storing the coins. Since its launch on January 11th, the ETF has seen approximately $5 billion in inflows, raising expectations about the potential of the Ethereum ETF.

“When you combine this Ethereum ‘supply burn’ with dormant staked Ethereum and mix it into a physical ETF that actively puts Ethereum into cold storage…all of a sudden, the story around Ethereum’s supply is driven by fundamental factors,” Magadini said. I’m going to be bullish,” he said.

|Translation and editing: Rinan Hayashi
|Image: CoinDesk Indices
|Original text: Ether’s Fundamental Supply Outlook Better Than Bitcoin’s, Analyst Says as ETH Tops $2.9K

The post Ethereum over $2,900, supply outlook better than Bitcoin: Analyst | CoinDesk JAPAN appeared first on Our Bitcoin News.

Things worth reading: 20th February 2024

https://thefinanser.com/2024/02/things-worth-reading-20th-february-2024/?utm_source=rss&utm_medium=rss&utm_campaign=things-worth-reading-20th-february-2024

Things we’re reading today include … Capital One Is Buying Discover Financial – WSJ Rothschild Family: Two Banks Fighting Over Clients, Power And Family Name (bloomberg.com) Bank of England is crushing economy, says former chief economist Andy Haldane | This is Money Brazilian FinTech Stark Bank Tripled Payments Processed in 2023 (pymnts.com) China, Crypto and…

The post Things worth reading: 20th February 2024 appeared first on Chris Skinner’s blog.

Cryptocurrencies Price Prediction: Bitcoin, Render & Ocean Protocol — Asian Wrap 20 February

https://www.fxstreet.com/cryptocurrencies/news/cryptocurrencies-price-prediction-bitcoin-render-ocean-protocol-asian-wrap-20-february-202402200500

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Bitcoin (BTC) price’s bullish breakout appears to be losing steam, with the sentiment spreading across the market and leaving Ethereum (ETH) and altcoins in general susceptible to a crash. Meanwhile, Ripple (XRP) price is an outlier, pushing north on the heels of developments in the legal front. 

Render (RNDR) price is trading with a bullish bias, recording a series of higher highs and higher lows since the last week of January. From a technical and on-chain perspective, the upside potential for the AI crypto coin may not be over just yet as AI tokens rally ahead of Nvidia earnings.

Ocean Protocol (OCEAN) price has soared in February, rallying alongside its peers in the AI crypto sector. The frenzy has been driven by Nvidia earnings euphoria as well as broader market optimism.


UK’s Blend Network Introduces Bridging Product to Support Property Developers

https://www.crowdfundinsider.com/2024/02/221663-uks-blend-network-introduces-bridging-product-to-support-property-developers/

UKs Blend Network, which was once described as a peer to peer (P2P) lending service provider but has now become a specialist development finance lender, recently introduced a bridge product intended to support property developers across the United Kingdom. The Blend Network team has explained… Read More

Dogecoin Price Prediction – DOGE Signals Bullish Break, Bulls Aims For $0.10

https://www.newsbtc.com/analysis/doge/dogecoin-price-prediction-doge-to-0-10/

Dogecoin is showing bullish signs above the $0.0875 zone against the US Dollar. DOGE could extend its rally toward the $0.100 resistance in the near term.

  • DOGE is showing positive signs above the $0.0875 zone against the US dollar.
  • The price is trading above the $0.0880 level and the 100 simple moving average (4 hours).
  • There was a break above a key contracting triangle with resistance at $0.0842 on the 4-hour chart of the DOGE/USD pair (data source from Kraken).
  • The price could extend its rally above the $0.090 and $0.092 resistance levels.

Dogecoin Price Aims Higher

In the past few sessions, Dogecoin price started a decent increase from the $0.082 support zone. DOGE cleared many hurdles near $0.0850 to enter a positive zone.

There was a break above a key contracting triangle with resistance at $0.0842 on the 4-hour chart of the DOGE/USD pair. It even broke the $0.0880 resistance to move further into a positive zone like Bitcoin and Ethereum. A high was formed near $0.0914 and the price is now correcting gains.

There was a move below the 23.6% Fib retracement level of the recent wave from the $0.0820 swing low to the $0.0914 high. DOGE is also trading above the $0.0875 level and the 100 simple moving average (4 hours).

Source: DOGEUSD on TradingView.com

On the upside, the price is facing resistance near the $0.0892 level. The next major resistance is near the $0.0915 level. A close above the $0.0915 resistance might send the price toward the $0.095 resistance. The next major resistance is near $0.100. Any more gains might send the price toward the $0.120 level.

Downside Correction in DOGE?

If DOGE’s price fails to gain pace above the $0.0915 level, it could start a downside correction. Initial support on the downside is near the $0.0865 level.

The next major support is near the $0.0855 level or the 61.8% Fib retracement level of the recent wave from the $0.0820 swing low to the $0.0914 high. If there is a downside break below the $0.0855 support, the price could decline further. In the stated case, the price might decline toward the $0.0820 level.

Technical Indicators

4 Hours MACD – The MACD for DOGE/USD is now losing momentum in the bullish zone.

4 Hours RSI (Relative Strength Index) – The RSI for DOGE/USD is now above the 50 level.

Major Support Levels – $0.0865, $0.0855 and $0.0820.

Major Resistance Levels – $0.0915, $0.095, and $0.10.

Bitcoin’s correlation with Wall Street rises: Good news or bad?

https://ambcrypto.com/bitcoins-correlation-with-wall-street-rises-is-this-good-news-or-bad/

Journalist

Posted: February 20, 2024

  •  Bitcoin outperformed traditional U.S. stocks in 2024.
  • The higher correlation has affected Bitcoin’s safe haven narrative.

The crypto market and traditional finance began to move in tandem in 2024 after a prolonged decoupling last year.

Notably, the correlation between Bitcoin [BTC], and popular stock indices like S&P 500 and NASDAQ 100 jumped to a 2-month high on the 19th of February, per on-chain analytics firm IntoTheBlock.


Bitcoin's correlation with stocks

Bitcoin's correlation with stocks

Source: IntoTheBlock

“Risky” markets come closer

AMBCrypto studied the price trajectories of the two asset classes and detected a degree of bullishness in both.

Bitcoin clearly emerged the victor, rising 16% year-to-date, while the S&P 500 Index recorded decent gains of 5.5% in the same time.

IntoTheBlock attributed the rally to strong expectations of rate cuts by the U.S. Federal Reserve.

With the inflation cooling significantly, market participants were hopeful of a more dovish stance, which would benefit risky assets like Bitcoin and stocks.


Bitcoin and S&P 500 growth

Bitcoin and S&P 500 growth

Source: Trading View

Take it with a pinch of salt

While the strong correlation relied on higher market liquidity and thus higher future prices, such a scenario should be viewed with caution.

Proponents of Bitcoin have long positioned it as a safe haven, or an investment whose value is expected to be steady or even rise during economic downturns, similar to precious metals like Gold.

Put simply, to be seen as an inflation hedge by investors, an asset must display significant detachment from traditional markets

Now if Bitcoin starts behaving like risky assets, this narrative turns upside down.

The other problem, ironically, has been the launch of spot Bitcoin ETFs. The investment vehicle makes it much easier for TradFi participants to trade Bitcoins.

It was highly likely that these investors would treat Bitcoin as another risky asset, causing it to respond to macroeconomic triggers in the same way that Wall Street reacts.

Such volatility may not be ideal for Bitcoin in the long term.


How much are 1,10,100 BTCs worth today?


That being said, Bitcoin’s 1-week realized volatility dropped significantly over the past month, according to AMBCrypto’s analysis of Glassnode’s data.

It remains to be seen if higher inflows into ETFs will inject more volatility into the crypto market.


Bitcoin's realized volatility falls

Bitcoin's realized volatility falls

Source: Glassnode

Latvia’s Investment Platform Eleving Group Reports €77.2M in Earnings, €191.1M in Revenues in Past Year

https://www.crowdfundinsider.com/2024/02/221597-latvias-investment-platform-eleving-group-reports-e77-2m-in-earnings-e191-1m-in-revenues-in-past-year/

Eleving Group has announced unaudited results for the full year of 2023. The company has provided the following operational and financial information: At the end of 2023, Eleving Group has reportedly “recorded €77.2 million in earnings before interest, taxes, depreciation, and amortization (EBITDA) and €191.1… Read More

Altcoins Watchlist: Market Expert Spotlights ETH, BLUR, MATIC, And More For Explosive Gains

https://www.newsbtc.com/news/altcoins-watchlist-market-expert-spotlights-eth-blur-matic-and-more-for-explosive-gains/

Crypto analyst Miles Deutscher has spotlighted several altcoins, with a special focus on artificial intelligence (AI) tokens, that demonstrate strong breakout potential in the current market rebound.  ETH On The Rise In a recent post on X (formerly Twitter), Deutscher suggests that the upcoming Ethereum (ETH) Dencun upgrade, along with advancements in the AI industry, could drive significant price movements in related tokens.  Related Reading: NEAR Skyrockets Nearly 30% – Investors Intrigued By These Metrics Deutscher emphasizes the upcoming ETH Dencun upgrade, noting that while much attention has been directed towards Bitcoin (BTC) and exchange-traded fund (ETF) flows, ETH has been steadily rising against BTC.  Interestingly, the analyst expects an “aggressive” upward movement in ETH at some point, particularly with the first set of ETF decision dates approaching in May.  Deutscher also highlights the strong performance of AI tokens, including AGIX, FET, WLD, and RNDR, attributing their recent success to significant advancements within the AI industry. According to the analyst, the upcoming earnings report from NVIDIA (NVDA) on Wednesday could further bolster the bullish sentiment surrounding AI coins.  Highlighted Altcoins And Their Catalysts BLUR: BLUR is nearing a significant announcement, and Deutscher notes the token’s recent strength, suggesting the $1 mark may soon be within reach. The founder’s association with BLAST, another project, adds to the intrigue. BEAM: Deutscher points out that BEAM’s treasury holds large MAVIA bags, leading to increased balances. As the market begins to reevaluate the native token’s value, Deutscher is intrigued by the fact that BEAM has not gained widespread attention yet. He also mentions Pantera’s recent investment/partnership, further supporting his interest. STRK: Token launch day is Tuesday for STRK, and Deutscher observes that new token launches often present opportunities for investors. He will closely monitor STRK’s performance, as success could lead to airdrop sellers buying back in at higher prices, while continuous selling pressure could result in price declines. SEI: SEI is currently near all-time highs, and Deutscher notes positive sentiment surrounding the project, fueled by an “active team” and endorsements from key figures. If overall market sentiment remains positive, Deutscher sees potential for SEI to lead the way. MAVIA: Deutscher highlights the buzz surrounding MAVIA, drawing parallels to Axie in its early days. The token’s successful launch and endorsements from influential figures have added to its long-term investment appeal. While acknowledging an initial strong run, Deutscher considers MAVIA a potential dip buying opportunity. Related Reading: Bitcoin Open Interest Reaches $69,000 ATH Levels, What This Means For Price As identified by crypto analyst Miles Deutscher, various altcoins, especially AI tokens, are capturing attention due to their breakout potential. Factors such as the upcoming ETH Dencun upgrade and advancements in the AI industry are expected to influence price movements.  Featured image from Shutterstock, chart from TradingView.com

Crypto Funds Weekly Inflows Reach $2.5B, Ether Tops Altcoin Investment

https://thenewscrypto.com/crypto-funds-weekly-inflows-reach-2-5b-ether-tops-altcoin-investment/

  • With a total of $2.4 billion, or 99% of the weekly inflows, the US maintained its supremacy.
  • When looking at altcoin-based funds, Ether came out on top with $21.1 million.

According to the most recent data from CoinShares, crypto funds managed by asset managers including BlackRock, Bitwise, Fidelity, Grayscale, ProShares, and 21Shares had record inflows of $2.45 billion worldwide last week. The new U.S. spot Bitcoin ETFs have been the most successful so far this year, bringing in $5.2 billion for digital asset investment products.

Assets under management at crypto investment companies have reached $67 billion, the biggest amount since December 2021, when the previous bull market was at its apex, according to CoinShares Head of Research James Butterfill. This is in addition to recent price rises.

Rapid Acceleration of Net Inflows

With a total of $2.4 billion, or 99% of the weekly inflows, the US maintained its regional supremacy. Small inflows of $16.7 million and $13.3 million were recorded by funds located in Switzerland and Germany, respectively, while the highest outflows of $26.3 million were recorded in Sweden.

Butterfill claims that there is growing interest in the new U.S. spot Bitcoin ETFs due to the rapid acceleration of net inflows and the decrease in withdrawals from incumbents like Grayscale’s converted GBTC fund.

The vast majority of last week’s funds also came from bitcoin investment products, as expected. On the other hand, $5.8 million worth of inflows were added to short-bitcoin instruments as some investors boosted their short holdings.

When looking at altcoin-based funds, Ether came out on top with $21.1 million. Butterfill said that the recent outage on the Solana network dampened sentiment, which contributed to the $1.6 million inflows from Solana investment products.

Highlighted Crypto News Today:

ARK Dumps $90M Worth of Coinbase Shares After Q4 Earnings

ARK Dumps $90M Worth of Coinbase Shares After Q4 Earnings

https://thenewscrypto.com/ark-dumps-90m-worth-of-coinbase-shares-after-q4-earnings/

  • ARK Invest sold nearly 500,000 shares of Coinbase from its three funds, worth around $90 million, on Friday.
  • Coinbase shares rose nearly 27% last week and led to several analyst upgrades.

Coinbase Global (COIN), the Nasdaq-listed cryptocurrency exchange, saw one of its largest institutional supporters, ARK Invest, sell about $90 million worth of its shares on Friday.

This happened after the exchange posted strong fourth-quarter earnings that led to several analyst upgrades. Coinbase shares surged nearly 27% to $180.31 last week, following its fourth-quarter results that exceeded Wall Street expectations.

ARK Invest, the investment firm led by Cathie Wood, sold a total of 499,149 COIN shares from its three funds: 397,924 COIN shares from ARK Innovation ETF (ARKK), 45,433 shares from ARK Next Generation Internet ETF (ARKW), and 55,792 shares from ARK Fintech Innovation ETF (ARKF). 

Mixed Reaction by Analysts

The positive results prompted several analysts to upgrade the stock and raise their price targets. For instance, KBW changed its rating from underperform to market perform and increased its price target from $93 to $160. Wedbush, Canaccord Genuity, and JMP Securities also boosted their price targets.

However, not all analysts were bullish on Coinbase, as some criticized the exchange for its lack of transparency on how the spot bitcoin exchange-traded funds (ETFs) affected its business. JPMorgan said that Coinbase did not provide enough details on the impact of the ETFs on its trading fees and volumes. Mizuho also remained skeptical of Coinbase’s performance and kept its underperform rating and $60 price target.

In addition to selling Coinbase shares, ARK Invest also offloaded $6.72 million worth of shares of Robinhood (HOOD), the online trading platform, on Friday.

Highlighted Crypto News Today:

Grayscale’s GBTC Outflows Slow, Analysts Caution on Further Decline

Backpack Collaborates with Banxa Amidst Surge in Trading Volume

https://thenewscrypto.com/backpack-collaborates-with-banxa-amidst-surge-in-trading-volume/

  • Several analysts see the collaboration as a good development for Backpack users.
  • Backpack CEO warned traders not to get too excited and lose money after volume spike.

For a digital asset on- and off-ramp solution, crypto exchange Backpack teamed up with Banxa, a worldwide crypto on-ramp provider. Banxa announced on twitter on February 19 that the new on-ramp solution would be available to backpack users in more than 130 countries. The developers of Solana’s executable collection of non-fungible tokens (Mad Lads) established Backpack Exchange.

Several analysts see the collaboration as a good development for Backpack users and the exchange’s user experience. Just four days after its trading pre-season began, on February 18, Backpack’s 24-hour trade volume reached $1 billion, prompting the announcement. On February 15th, Backpack’s daily trade volume topped $300 million in less than 24 hours.

Pre-season Just Got Started

The creator and CEO of Backpack, Armani Ferrante, went to twitter after the trading volume spiked to warn traders not to get too excited and lose money.

The CEO stated:

“This is a long-term program for our long-term users, and I’d like to encourage people to trade responsibly. We have *a lot* to build, and the pre-season just got started.”

In October 2023, Backpack Exchange was granted a license to offer virtual asset services by the Dubai Virtual Assets Regulatory Authority. In the second half of 2023, the exchange secured a plethora of additional functioning licenses in various countries across the globe.

Armani Ferrante, said in a post on February 13 that the platform saw 6,000 distinct deposit transactions in the first day of its pre-season debut.

Highlighted Crypto News Today:

ARK Dumps $90M Worth of Coinbase Shares After Q4 Earnings

AllianceBlock Transforms into Nexera Foundation, Unveils Nexera Finance Boosting Future of Tokenization

https://thenewscrypto.com/allianceblock-transforms-into-nexera-foundation-unveils-nexera-finance-boosting-future-of-tokenization/

Nexera Foundation will be the new name of AllianceBlock, the infrastructure platform for decentralized tokenized finance. Conversely, Nexera Finance will lead the way in the coming tokenization era and prioritize business-to-business use cases.

In order to meet the demands of institutions and companies, Nexera Finance aims to become a dominant force in compliant tokenized finance. In order to facilitate the compliance issuance, maintenance, and trading of digital, financial, and tokenized real-world assets for enterprises in every sector, it has developed an extensive suite of tools and services.

It is projected that the total global wealth is around $516 trillion, and by 2030, over 10% of this would have been tokenized. Nexera is in a good position to emerge as a major force and a valuable ally for companies wishing to enter this new era. Serving as a forward-thinking entry point into the financial industry, it combines a flexible approach with a single, standardized infrastructure for all asset classes to assist firms in scaling up and managing the ever-changing regulatory environment.

The Nexera Foundation will focus its efforts on expanding its larger ecosystem in the meantime. Its objectives are to increase the native NXRA token’s usefulness and increase participation in the Nexera DAO. Simultaneously, the Nexera Foundation is dedicated to fostering community development and propelling innovation within the digital asset domain. Building a more dynamic and inclusive financial future has been recognized as a crucial component of that objective.

Embracing The Tokenization Era

Tokenization is the way of the future in finance. A dynamic new method for representing real-world assets on-chain is tokenization. This is made possible by Nexera Finance’s compliance infrastructure, which should enhance company procedures and provide accessibility to financial markets for everybody. Because of Nexera’s transparent tokenization process, there won’t be any need for intermediaries, giving institutions and individual investors direct access to global liquidity pools and new investment possibilities. In addition, the technology will provide new avenues for agri-financing and enhance access to non-bankable and illiquid assets like real estate and high-end art, therefore transforming the way farmers interact with the market and assert their sovereignty. Tokenization will improve markets’ fairness, transparency, and connectivity while fostering inclusion for all parties involved.

After five years of unrelenting, ceaseless development, AllianceBlock has moved to Nexera Foundation, laying the groundwork for the tokenized financial era. In December 2022, NexeraID, a self-sovereign identity solution that manages financial fraud risk by setting adaptable business rules in a simplified all-in-one intelligence platform, was launched. The Nexera Foundation will concentrate on expanding this ecosystem of solutions for builders to use.

In addition to concentrating on developing the underlying technology for tokenization, AllianceBlock has established a number of alliances with significant figures in Web3 and conventional finance. AllianceBlock and ABO Digital, a digital investment business, announced in March 2023 that they will be collaborating to provide tokenized structured products for institutions, crypto projects, and institutions looking for alternate sources of funding. In order to provide Nuklai, their cooperative data-sharing network, with the most extensive investment and financing dataset available globally, AllianceBlock and Crunchbase teamed together that same month. In a striking illustration of the special advantages of tokenization, AllianceBlock pushed the envelope of innovation by collaborating with Artbanx to create the Arkefi platform, which introduces art-backed financing to Web3. This enables art collectors to get loans by pledging actual works of art as security.

With the support of a wide range of partners and developers, Nexera Finance is developing an adaptable framework of interoperable modules that will open the door to a tokenized financial future featuring complete regulatory compliance, blockchain interoperability, and dynamic liquidity that encompasses every market.

Insurtech Kin, the Home Insurance Firm, Shares Latest Operating Results

https://www.crowdfundinsider.com/2024/02/221595-insurtech-kin-the-home-insurance-firm-shares-latest-operating-results/

Kin, the digital, direct-to-consumer home insurance company, today announced operating results through the fourth quarter ended December 31, 2023. Kin is reporting that it has “finished 2023 with $344.1 million in gross written premium and $104.5 million in total revenue.” Kin’s operating income landed at… Read More

Bitcoin and Ethereum futures markets are trading in the $50,000 range, with signs of overheating

https://ourbitcoinnews.com/bitcoin-and-ethereum-futures-markets-are-trading-in-the-50000-range-with-signs-of-overheating/

Macroeconomics and financial markets

Last weekend, on the 24th, the Dow Jones Industrial Average closed down 145 points (0.37%) from the previous day, and the Nasdaq index closed down 130 points (0.82%).

On the Tokyo stock market, the Nikkei Stock Average was down 14.5 yen from the previous day.

connection:Why Sumitomo Mitsui Card Platinum Preferred is rapidly gaining popularity as a new NISA savings investment

Virtual currency market conditions

In the crypto asset (virtual currency) market, Bitcoin (BTC) rose 0.7% from the previous day to 1 BTC = $51,567.

BTC/USD daily

Among the major alts, Ethereum (ETH) rose 2.8%, XRP rose 1.4%, and Solana (SOL) rose 3.2%.

CoinPost app (heat map function)

Michaël van de Poppe mentioned the nature of the market, which tends to go against popular psychology. He points out that “market sentiment tends to overshoot and is often wrong,” and if the market subsequently enters a correction phase, the correction could be as much as 40%. It is said that

Net inflows into exchange-traded investment products (ETPs) hit a record $2.45 billion last week, according to asset manager CoinShares’ weekly report.

CoinShares

99% of this is from Bitcoin spot ETFs (exchange traded funds) listed in the United States. BlackRock and Fidelity Bitcoin ETFs stand out, accounting for a whopping $2.3 billion in last week’s inflows.

While inflows are accelerating, the outflow of Grayscale’s investment trust Bitcoin Trust (GBTC) is $623 million, which is likely to be a positive for the market.

Along with this, the amount of assets under management has returned to the bull market level of December 2021.

connection:What is Bitcoin halving?Outlook for 2024 based on past market price fluctuations

Related: Points to note about virtual currency IEOs Domestic and international examples and how to participate

altcoin market

Ethereum (ETH) has been on the rise since early December 2023, but CryptoQuant analysts pointed out that the futures market is overheated.

OI (open interest), which is a factor in increasing volatility (price volatility), has reached the highest level in the past two years. When OI accumulates, a chain of stop-loss cuts (forced liquidations) is likely to occur when prices fall.

CryptoQuant (purple line: OI transition)

Behind the rise in ETH prices are the upcoming Ethereum Dencun update in March of this year, which aims to reduce layer 2 transaction fees, and expectations for the approval of the Ethereum spot ETF.

connection:Ethereum next upgrade Dencun, mainnet launch on March 13th

Investment company Bernstein has pointed out in a research report that “Ethereum ETF is likely to be approved within this year,” pegging the approval probability by May of this year at about 50%, and predicting approval within 12 months. See it for sure.

Applications for Ethereum ETFs have been filed with the US SEC (Securities and Exchange Commission) by major asset management companies including BlackRock and Fidelity.

Among other stocks, Pixel (PIXEL), a pixel art-like blockchain game based on Ronin (RON), soared. The listing on Binance, the largest crypto asset (virtual currency) exchange, and the announcement of handling on the Binance launch pool are likely to be factors.

connection:Binance newly lists Ronin Chain’s game “Pixels” token 20% higher

Related: Explaining the advantages of staking and accumulation services and the advantages of virtual currency exchange “SBI VC Trade”

Click here for a list of past market reports

The post Bitcoin and Ethereum futures markets are trading in the $50,000 range, with signs of overheating appeared first on Our Bitcoin News.

Ethereum Price Grinds Higher, Will ETH Bulls Be Able to Hit $3K Milestone?

https://www.newsbtc.com/analysis/eth/ethereum-price-grinds-higher-3k/

Ethereum price is showing positive signs above the $2,850 support. ETH eyes more gains and might surge toward the $3,000 resistance zone.

  • Ethereum is slowly moving higher above the $2,800 support zone.
  • The price is trading above $2,850 and the 100-hourly Simple Moving Average.
  • There is a key bullish trend line forming with support at $2,910 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair could continue to move up toward the $3,000 resistance zone.

Ethereum Price Remains Supported

Ethereum price remained well-bid and slowly moved higher above the $2,850 level. ETH even cleared the $2,920 resistance zone and outperformed Bitcoin.

However, there was no test of the $3,000 resistance zone. A new multi-week high is formed near $2,984 and the price is now consolidating gains. Ether is stable near the 23.6% Fib retracement level of the recent wave from the $2,723 swing low to the $2,984 high.

There is also a key bullish trend line forming with support at $2,910 on the hourly chart of ETH/USD. Ethereum is now trading above $2,850 and the 100-hourly Simple Moving Average.

Immediate resistance on the upside is near the $2,940 level. The first major resistance is near the $2,985 level. The next major resistance is near $3,000, above which the price might rise and test the $3,050 resistance zone.

Source: ETHUSD on TradingView.com

If the bulls push the price above the $3,050 resistance, Ether could even rally toward the $3,120 resistance. In the stated case, the price could rise toward the $3,250 level in the near term. Any more gains might call for a test of $3,350.

Downside Correction In ETH?

If Ethereum fails to clear the $2,940 resistance, it could start a downside correction. Initial support on the downside is near the $2,910 level and the trend line zone.

The next key support could be the $2,850 zone or 50% Fib retracement level of the recent wave from the $2,723 swing low to the $2,984 high. A clear move below the $2,850 support might send the price toward $2,840 or the 100-hourly Simple Moving Average. The main support could be $2,780. Any more losses might send the price toward the $2,720 level in the coming sessions.

Technical Indicators

Hourly MACDThe MACD for ETH/USD is gaining momentum in the bullish zone.

Hourly RSIThe RSI for ETH/USD is now above the 50 level.

Major Support Level – $2,850

Major Resistance Level – $2,940

UK Minister Anticipates Fast-Track for Stablecoin and Staking Regulations

https://beincrypto.com/uk-minister-anticipates-fast-track-for-stablecoin-and-staking-regulations/

The UK government appears to be considering an ambitious six-month timeline to implement new regulations governing stablecoins and staking services for cryptoassets.

This initiative comes as the nation braces for a forthcoming general election, with lawmakers feeling the heat to deliver concrete proposals.

UK Turns Up Heat on Stablecoin and Crypto Staking

Economic Secretary to the Treasury Bim Afolami, during an industry event in London, emphasized the government’s dedication to this cause.

“We’re very clear that we want to get these things done as soon as possible. And I think over the next six months, those things are doable.”

This development follows the Treasury’s pledge last October to offer greater clarity on specific crypto areas by 2024. The move is seen as a response to a previous consultation on fiat-backed stablecoins and the enactment of the broader Financial Services and Markets Act.

Read more: Crypto Tax 2024: A Complete UK Guide

Elliptic anticipates these new rules would bring fiat-backed stablecoins and their issuers under existing payment laws. This would then grant the UK’s financial regulator the authority to determine the types of assets backing a stablecoin.

In a January 2024 report, Elliptic said:

“In the UK, the Bank of England will continue to progress work around addressing the risks of systemic payment stablecoins that could have wider implications for financial markets given their size and scale.”

Meanwhile, the UK’s Financial Conduct Authority (FCA) has been ramping up its oversight of cryptocurrency firms. In the final quarter of 2023 alone, the FCA issued 450 consumer warnings against crypto firms for advertising violations.

Number of alerts issued in 2021 to 2023. Source: Financial Conduct Authority

This stringent approach includes the implementation of the s21 license. This particular license allows authorized firms to approve crypto advertisements, albeit under strict regulations. The FCA’s stance underscores its commitment to ensuring investors are not misled or deceived by crypto advertisements.

‘Invest in Britain’

Parallel to these regulatory advancements, Afolami is advocating for a significant shift in investment habits, particularly among the youth. He urged young investors to pivot from the volatile allure of crypto and invest in more stable assets like shares in domestic giants such as NatWest.

“That’s one of the things that I want to change — to say, don’t just own crypto, own a share of NatWest, don’t just own crypto, invest with your savings through automatic enrollment, invest in Britain.”

Read more: Crypto vs. Stocks: Where To Invest Your Money

This call for a balanced approach to investment arrives at a crucial time. The UK stock market is facing challenges, with a marked contraction in the number of liquid stocks, a trend echoed in global markets. Afolami’s strategy aims to mitigate risks for investors and rejuvenate the UK’s financial markets.

As the UK navigates these regulatory and market dynamics, this transition period demands informed decision-making from investors. The government’s swift action in regulating crypto, coupled with the push for diversified investments, illustrates a pivotal moment in shaping the future of the UK.

Best crypto platforms in Europe | February 2024


PrimeXTB
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Disclaimer

In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content.
This article was initially compiled by an advanced AI, engineered to extract, analyze, and organize information from a broad array of sources. It operates devoid of personal beliefs, emotions, or biases, providing data-centric content. To ensure its relevance, accuracy, and adherence to BeInCrypto’s editorial standards, a human editor meticulously reviewed, edited, and approved the article for publication.

The post UK Minister Anticipates Fast-Track for Stablecoin and Staking Regulations appeared first on BeInCrypto.

Bitcoin’s Golden Projection: Analyst Envisions $600K Price Tag, Assessed In Gold Ounces

https://www.newsbtc.com/bitcoin-news/bitcoins-golden-projection-analyst-envisions-600k-price-tag-assessed-in-gold-ounces/

Renowned Bitcoin analyst PlanB, known for his stock-to-flow model for BTC, has made a bold prediction regarding the future price of BTC. What sets this forecast apart is its evaluation in terms of gold ounces, shedding light on a unique perspective. The PlanB Projection: Bitcoin Meteoric Rise According to PlanB’s recent post on X, he foresees a monumental shift in Bitcoin’s value, expected to rise significantly in the coming years. Drawing a comparison with gold, PlanB highlighted that currently, one Bitcoin is equivalent to 26 ounces of gold, valuing an ounce of gold at $2,000. Bitcoin = 26 ounces of Gold. It would surprise me if BTC would stay below 100 ounces of Gold in 2024/2025. pic.twitter.com/IghU4u7gCy — PlanB (@100trillionUSD) February 19, 2024 Looking ahead to 2024-2025, PlanB predicts that Bitcoin’s price could skyrocket to roughly 100 gold ounces, translating to $200,000 in fiat currency terms. Related Reading: 16,000 Bitcoin Dormant Since 5+ Years Suddenly Moves, What’s Going On? Delving deeper into the charted trajectory, PlanB anticipates Bitcoin to climb to 35 gold ounces ($70,000) by 2024 and surge to 300 gold ounces by 2025. This projection would place Bitcoin’s value at a price target of $600,000, marking a monumental milestone in its journey. Correct. And more if gold price rises too. — PlanB (@100trillionUSD) February 19, 2024 Bullish Momentum Fuels Bitcoin’s Rise As Bitcoin continues to capture the attention of investors, recent weeks have witnessed a notable bullish momentum propelling the cryptocurrency forward. With a surge of more than 20% over this period, Bitcoin has crossed the $1 trillion market cap threshold, accompanied by a trading volume hovering above $20 billion in the past week alone. This surge in activity has ignited optimism among investors and traders, leading to a significant accumulation of the asset. Notably, Whale Alert data reveals that earlier today a substantial withdrawal of approximately $962.15 million from the leading US crypto exchange, Coinbase, to an undisclosed address, underscoring the heightened interest in Bitcoin. 🚨 🚨 🚨 🚨 🚨 🚨 🚨 🚨 🚨 🚨 9,322 #BTC (485,247,899 USD) transferred from #Coinbase to unknown new wallethttps://t.co/AEyqa8qFQ9 — Whale Alert (@whale_alert) February 19, 2024 Meanwhile, the Bitcoin open interest has surged to over $24 billion, marking a 50% increase since the start of 2024. This surge in open interest, a metric representing the total value of outstanding derivative contracts, signifies heightened market activity and interest in Bitcoin futures and options trading. Related Reading: Bitcoin Open Interest Reaches $69,000 ATH Levels, What This Means For Price Notably, this surge in open interest levels has not been witnessed since the peak of Bitcoin’s price in November 2021 when it soared to an all-time high of $69,000. JUST IN: #Bitcoin futures Open Interest hits highest level since 2021 bull market. 🔥 pic.twitter.com/TseW6AosaN — Bitcoin Archive (@BTC_Archive) February 19, 2024 This trend has been consistent across various crypto exchanges, with platforms like CME, Binance, and ByBit leading the charge and commanding over 50% of the open interest in the market, according to data from Coinglass, Featured image from Unsplash, Chart from TradingView

Bitcoin Price Consolidates Below Resistance, Are Dips Still Supported?

https://www.newsbtc.com/analysis/btc/bitcoin-price-consolidates-52500/

Bitcoin price is correcting gains from the $52,500 resistance. BTC must stay above the $50,500 support to remain in a bullish zone this month.

  • Bitcoin price is struggling to clear the $52,800 resistance zone.
  • The price is trading below $52,200 and the 100 hourly Simple moving average.
  • There was a break below a key bullish trend line with support at $52,200 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair could start a fresh increase unless there is a clear move below the $50,500 support.

Bitcoin Price Faces Hurdles

Bitcoin price made another attempt to gain strength above the $52,000 resistance zone. BTC broke the $52,200 level, but the bears were still active near the $52,500 level.

A high was formed near $52,475 and the price is now correcting gains. There was a move below the $52,000 level. The pair traded below the 50% Fib retracement level of the upward move from the $50,581 swing low to the $52,475 high.

Besides, there was a break below a key bullish trend line with support at $52,200 on the hourly chart of the BTC/USD pair. Bitcoin is now trading below $52,000 and the 100 hourly Simple moving average.

Source: BTCUSD on TradingView.com

Immediate resistance is near the $52,000 level. The next key resistance could be $52,200, above which the price could rise toward the $52,500 resistance zone. The main resistance is still near the $52,800 level. A clear move above the $52,800 resistance could send the price toward the $53,500 resistance. The next resistance could be near the $55,000 level.

More Losses In BTC?

If Bitcoin fails to rise above the $52,200 resistance zone, it could start another decline in the near term. Immediate support on the downside is near the $51,300 level and the 61.8% Fib retracement level of the upward move from the $50,581 swing low to the $52,475 high.

The first major support is $51,000. If there is a close below $51,000, the price could gain bearish momentum. In the stated case, the price could decline toward the $50,500 support zone, below which the price might turn bearish in the short 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 – $51,300, followed by $50,500.

Major Resistance Levels – $52,200, $52,500, and $52,800.

Y Combinator, a startup nurturing company, recommends working on stable coins

https://ourbitcoinnews.com/y-combinator-a-startup-nurturing-company-recommends-working-on-stable-coins/

“Stablecoins will become important in the future”

On the 14th, startup incubation company Y Combinator announced a list of areas it would like startups to work on. “Finance using stable coins” is also listed as one of the recommended areas.

Y Combinator is an incubator that has previously backed Airbnb, Coinbase, Dropbox, and more. Brad Flora of the company explained the future of stablecoins as follows:

It seems clear that stablecoins will be an important part of the future of money.

The companies we have developed are effectively incorporating stablecoins into their operations for a variety of uses, including international payments, reducing transaction fees, avoiding fraud, and protecting users’ savings from hyperinflation. This is why we see the potential of stablecoins.

He also opined that traditional finance will likely follow this trend. One example is that payment giant PayPal has issued its own stablecoin.

Last August, PayPal launched a stablecoin called PayPal USD (PYUSD) using the Ethereum (ETH) blockchain.

This is the first stablecoin issuance by a major global company, and is expected to encourage the entry of large companies into Web3 and promote competition in the stablecoin market.

connection:
Analysis of PayPal’s new stablecoin issuance, industry evaluation and future impact

What is a stablecoin?

Refers to a virtual currency whose price is always stable. Stablecoins are a type of crypto asset that, unlike volatile assets such as BTC, ETH, and XRP, are backed by currencies such as the US dollar and aim to maintain their value. In addition to stable coins backed by the US dollar (USDT/USDC), there are also stable coins that use algorithms.

▶Virtual currency glossary

“Huge opportunity for stablecoins”

Flora points out that more than 500 million people worldwide live in countries where inflation is over 30%, and that U.S. banks hold $17 trillion (approximately 2,550 trillion yen) in customer deposits. , also argued that the opportunity for stablecoins is huge.

Relative to the size of the opportunity, he continues, there are currently only a small number of major stablecoin issuers and liquidity providers.

The number of financial institutions getting involved in stablecoins has been increasing in recent years.

For example, a subsidiary of French banking giant Société Générale launched the euro-denominated stablecoin EUR CoinVertible (EURCV) in December last year. In the same month, Deutsche Bank’s DWS Group and others also announced that they would establish a company to issue euro-denominated stablecoins.

connection:
A major French bank issues its first stablecoin “EURCV” on Ethereum and lists it on Bitstamp.

connection:
Deutsche Bank DWS to issue euro-denominated stablecoin with Galaxy Digital and others

In Japan, in November last year, Mitsubishi UFJ Trust and Banking, Progmat, and JPYC began joint discussions on expanding the issuance of the stable coin “JPYC (trust type).”

“JPYC” is a Japanese yen-based stablecoin that began issuing in January 2021, and is positioned as a “prepaid payment instrument” under the Payment Services Act.

connection:
JPYC plans to partner with Mitsubishi UFJ Trust and Progmat to expand stable coins and enter the domestic and international SC exchange industry

CoinPost Special feature for virtual currency beginners

The post Y Combinator, a startup nurturing company, recommends working on stable coins appeared first on Our Bitcoin News.

BLUR’s price can hit $1 soon, IF this prediction comes true

https://ambcrypto.com/?p=370937

Journalist

Posted: February 20, 2024

  • BLUR formed a range in December but broke out beyond it in January.
  • The recent bullish impetus across the market was also reflected keenly on BLUR’s charts.

Blur [BLUR] was in a strong uptrend in recent weeks, rising 110% since the 8th of January. It exhibited an uninterrupted bullish market structure on the one-day chart as well.

The technical indicators outlined buyer dominance.

The flip of the $0.55 level to support was achieved in mid-January. A retest in the first week of February was followed by an explosive rally. Could the rally breach the $1 mark?

BLUR continued to break out past key resistance levels


Blur 1-day Price Chart

Blur 1-day Price Chart

Source: BLUR/USDT on TradingView

The orange dotted lines marked the significant lower highs that BLUR set on its journey downward from $0.7 to $0.15. This downtrend took place from May to October 2023.

In the latter half of October, BLUR managed to break the bearish market structure.

The strong move higher in mid-November was used to plot a set of Fibonacci retracement levels (pale yellow). It showed that the 61.8% and 78.6% retracement levels were tested as support in January.

The recent gains came alongside a rising OBV, and the RSI also reflected bullish momentum. At press time, the 23.6% extension level has been broken.

This meant that the 61.8% and 100% extension levels at $0.93 and $1.07 were the next bullish targets.

The short-term charts showed rising demand for the token

AMBCrypto also analyzed the lower timeframe charts of futures and spot market data. The Open Interest has climbed swiftly over the past week, from $120 million to $160 million.


Is your portfolio green? Check out the BLUR Profit Calculator


This came alongside BLUR’s surge from $0.7 to $0.81. The Funding Rate was also strongly in favor of the longs.

The spot CVD has also ticked higher in the past five days after trending downward the previous week. This showed that demand was rising in the spot market and could fuel the rally to $1, and likely beyond it too.

Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion.

Top 3 Price Prediction Bitcoin, Ethereum, Ripple: BTC shows weakness, likely to provoke a cascade of chops

https://www.fxstreet.com/cryptocurrencies/news/top-3-price-prediction-bitcoin-ethereum-ripple-btc-shows-weakness-likely-to-provoke-a-cascade-of-chops-202402192200

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  • Bitcoin price could drop 10% after a weeklong consolidation with BTC bulls showing exhaustion.
  • Ethereum price is likely to revisit $2,800, a 5% fall that could trigger a cascade of losses.
  • Ripple price eyes $0.6000 as XRP bulls show strength on the heels of SEC lawsuit conclusion.

Bitcoin (BTC) price’s bullish breakout appears to be losing steam, with the sentiment spreading across the market and leaving Ethereum (ETH) and altcoins in general susceptible to a crash. Meanwhile, Ripple (XRP) price is an outlier, pushing north on the heels of developments in the legal front.

Also Read: Bitcoin price likely to drop 10% as US markets commemorate Presidents’ Day

Bitcoin likely to correct before next leg up

Bitcoin (BTC) price is confronting resistance at $52,768 blockade, a roadblock that has stood for the past week. With the Relative Strength Index (RSI) dejected and moving horizontally, coupled with its position at 79, BTC is overbought, a status that often precipitates a correction.

Likely targets in a southbound directional bias would be the 78.6% and 61.8% Fibonacci levels, at $49,786 and $47,445, respectively. In a dire case, Bitcoin price could roll over to the 50% Fibonacci level at $45,801, 12% below current levels.

The Spent Output Profit Ratio (SOPR) indicator also suggests a possible correction, having increased above 1 as a 30-day Simple Moving Average (SMA). This is bolstered by fading histogram bars on the Moving Average Convergence Divergence (MACD) indicator.

BTC/USDT 1-day chart

Notably, however, the bulls still have a presence in the BTC market, seen with the status of the MACD in positive territory. If these traders act, Bitcoin price could push north, clearing the $52,768 blockade and potentially record a new range high.

Also Read: Bitcoin price bullish outlook inspires IntoTheBlock’s 85% forecast of BTC at a new ATH by August

Ethereum price likely to revisit $2,800

Ethereum (ETH) price has outperformed BTC. However, it appears to be delaying the inevitable as altcoins await the Bitcoin cue. The RSI shows ETH is already overbought, worsened by the SOPR above 1, hinting at possible correction.

A move south could see Ethereum price lose the immediate support at $2,874, potentially extending the fall to the $2,800 base, 5% below current levels. In a dire case, ETH could roll over to the confluence between the midline of the channel and the horizontal line at $2,689. A break and close below this level would invalidate the bullish thesis.

ETH/USDT 1-day chart

On the other hand, a reentry by the bulls could send Ethereum price further north, clearing the $2,944 range high and potentially extend the gains to the $3,000 psychological target, almost 3% above current levels.

Also Read: Ethereum outperforms Bitcoin with double-digit weekly gains and spike in Open Interest

Ripple price eyes $0.6000

Ripple (XRP) price remains bullish despite the broader market showing weakness, an optimism inspired by hopes of a conclusion in the legal saga against the US Securities & Exchange Commission (SEC).

With RSI at 58 and leaning north, Ripple price could increase amid rising momentum and the fact that there is still more room north before ETH is overbought.

Enhanced activity among the bulls could see XRP price shatter the resistance due to the upper boundary of the descending parallel channel bringing the $0.6000 psychological level into focus. A tag of this milestone would constitute a 7% climb above current levels.

XRP/USDT 1-day chart

On the other hand, a rejection from the channel’s upper boundary could send Ripple price south, first losing support due to the $0.5368 buyer congestion level. An extended fall could see Ripple price test the midline of the channel at $0.5145, or in a dire case, slip to the support floor at $0.4734, 15% below current levels.

Also Read: XRP price steadies above $0.56 ahead of deadline in SEC v. Ripple lawsuit

Bitcoin, altcoins, stablecoins FAQs

Bitcoin is the largest cryptocurrency by market capitalization, a virtual currency designed to serve as money. This form of payment cannot be controlled by any one person, group, or entity, which eliminates the need for third-party participation during financial transactions.

Altcoins are any cryptocurrency apart from Bitcoin, but some also regard Ethereum as a non-altcoin because it is from these two cryptocurrencies that forking happens. If this is true, then Litecoin is the first altcoin, forked from the Bitcoin protocol and, therefore, an “improved” version of it.

Stablecoins are cryptocurrencies designed to have a stable price, with their value backed by a reserve of the asset it represents. To achieve this, the value of any one stablecoin is pegged to a commodity or financial instrument, such as the US Dollar (USD), with its supply regulated by an algorithm or demand. The main goal of stablecoins is to provide an on/off-ramp for investors willing to trade and invest in cryptocurrencies. Stablecoins also allow investors to store value since cryptocurrencies, in general, are subject to volatility.

Bitcoin dominance is the ratio of Bitcoin’s market capitalization to the total market capitalization of all cryptocurrencies combined. It provides a clear picture of Bitcoin’s interest among investors. A high BTC dominance typically happens before and during a bull run, in which investors resort to investing in relatively stable and high market capitalization cryptocurrency like Bitcoin. A drop in BTC dominance usually means that investors are moving their capital and/or profits to altcoins in a quest for higher returns, which usually triggers an explosion of altcoin rallies.


Render price uptrend likely not over amid AI crypto coin euphoria

https://www.fxstreet.com/cryptocurrencies/news/render-price-uptrend-likely-not-over-amid-ai-crypto-coin-euphoria-202402192359

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  • Render price has soared almost 50% in less than two weeks as the AI crypto coin narrative drives markets.
  • RNDR could extend the gains 15% to $7.0000 as AI tokens take center stage ahead of Nvidia earnings.
  • The bullish thesis will be invalidated upon a break and close below the 61.8% Fibonacci at $4.7330.

Render (RNDR) price is trading with a bullish bias, recording a series of higher highs and higher lows since the last week of January. From a technical and on-chain perspective, the upside potential for the AI crypto coin may not be over just yet as AI tokens rally ahead of Nvidia earnings.  

Also Read: AIT, GRT, OCEAN: Crypto data coins see massive rally alongside Bitcoin and AI tokens

Render eyes $7.0000 psychological level

Render (RNDR) price has soared almost 50% since February 7 before a rejection from the peak of the market range at $6.4350. However, with AI tokens currently taking center stage, the bulls could have a second chance at the roadblock with the potential to boulder through.

The Relative Strength Index (RSI) remains northbound despite RNDR being overbought, suggesting momentum is still rising. This is accentuated by the strong presence of the bulls in the RNDR market, seen with the large volumes of green histogram bars of the Moving Average Convergence Divergence (MACD) and the Awesome Oscillator (AO) in positive territory.

The MACD is also moving above its signal line (orange band) suggesting a new bullish cycle is looming. If the bulls make another go at the roadblock, Render price could shatter past it to hit the $7.0000 psychological level, nearly 15% above current levels.

RNDR/USDT 1-day chart

On-chain metrics support Render price bullish outlook

Data according to Santiment’s daily active addresses metric shows that between February 14 and 19, 167 new or unique addresses have been created for RNDR, moving from 1,141 to 1,308. This points to increasing crowd interaction, which is bullish.

Social dominance and social volume metrics have decreased, however, which is bullish, according to Santiment analysts, who write, “a dangerously low amount of discussions about the asset allows the rest of crypto to surge,” adding, “The times in which crypto is most prone to downturns is when altcoins and sh**coins are the projects traders are actively focused on.”

RNDR Santiment: Daily active addresses, social dominance, social volume

In addition, the volume of transactions metric has recorded a significant spike, moving 139.63 million to 265.14 million between February 17 and 19. This represents almost a 90% surge in less than two days. Coupling this with the drop in supply of exchange from 15.58 to 15.48 in two days, lesser and lesser traders are inclining toward selling RNDR, pointing to reduced short-term sell pressure on the asset.

Meanwhile, the exchange flow balance metric is negative, indicating that more RNDR tokens have flowed out of exchanges than in, translating to a reduced intention to sell.  

RNDR Santiment: Volume, Exchange flow balance, Supply on exchanges

On the other hand, if traders start cashing in on the 50% gains, Render price could drop, likely retracing the 78.6% Fibonacci level of $5.4810. In a dire case, the slump could send the AI crypto coin to the 61.8% Fibonacci level of $4.7330, nearly 25% below current levels. A break and close below this level would invalidate the bullish thesis, likely sending RNDR to the 50% Fibonacci level at $4.2070. 


Bitcoin price likely to drop 10% as US markets commemorate Presidents’ Day

https://www.fxstreet.com/cryptocurrencies/news/bitcoin-price-likely-to-drop-10-as-us-markets-commemorate-presidents-day-202402191900

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  • Bitcoin price has consolidated below the $52,768 roadblock for almost a week amid buyer momentum exhaustion.
  • BTC could drop 10% to the most critical Fibonacci level, 61.8% at $47,445, a formidable blockade between January 8 -12.
  • Invalidation of the bearish thesis will occur if the price records a new local top above the $52,816 range high.

Bitcoin (BTC) price continues to trade horizontally, stepping into  the week when the US market is in holiday spirits, commemorating some of the country’s founding fathers. 

Also Read: Bitcoin price bullish outlook inspires IntoTheBlock’s 85% forecast of BTC at a new ATH by August

Bitcoin stalls as US markets remember President Washington

Presidents’ Day, which celebrates first President George Washington’s birthday, gives many Americans the day off on February 19. He is remarked upon as the first leader of a new republic — not a tyrant.

The celebration has become a consumerism bonanza with certain states making it a public holiday. The actual birthday is on February 22, but Congress voted to move the holiday to Monday. In doing so, lawmakers noted clear benefits to the economy, including enhanced retail sales and travel on three-day weekends.

Bitcoin price outlook amid Presidents’ Day lull

After a week of consolidation, Bitcoin price is likely to drop, as markets tend not to wait so long. The Relative Strength Index (RSI) at 78 also shows BTC is already overbought. This status often precipitates a pullback.

In addition, Bitcoin price’s current Spent Output Profit Ratio (SOPR) indicates a possible correction. This is because it has increased above 1 as a 30-day Simple Moving Average (SMA). For the layperson, this ratio suggests that BTC holders who are sitting on unrealized profits at current Bitcoin prices may soon cash in on their gains.

With the possibility of a correction as suggested by the RSI and the SOPR indicators, investors should not succumb to the fear of missing out (FOMO) after a striking surge in Bitcoin price. Instead, they should consider waiting for the SOPR rate to fall below 1 before they can enter the market.

If sellers pull the trigger, Bitcoin price could make a 5% fall to the 78.6% Fibonacci level, or in a dire case, retrace the 61.8% Fibonacci level of $47,445, which barred BTC upside potential between January 8 and 12.

The Moving Average Convergence Divergence (MACD) is also showing fading histogram bars, suggesting a waning bullish cycle.

BTC/USDT 1-day chart

On the other hand, if the bulls fasten their grip on BTC, Bitcoin price could extend north, shattering the $52,768 roadblock to record a new local top. A higher high above this level would invalidate the bearish thesis, bringing $55,000 into focus. In a highly bullish case, the gains could extrapolate to the $60,000 psychological level, 15% above current levels.

Also Read: Week Ahead: AI Coins take center stage ahead of Nvidia earnings

Bitcoin, altcoins, stablecoins FAQs

Bitcoin is the largest cryptocurrency by market capitalization, a virtual currency designed to serve as money. This form of payment cannot be controlled by any one person, group, or entity, which eliminates the need for third-party participation during financial transactions.

Altcoins are any cryptocurrency apart from Bitcoin, but some also regard Ethereum as a non-altcoin because it is from these two cryptocurrencies that forking happens. If this is true, then Litecoin is the first altcoin, forked from the Bitcoin protocol and, therefore, an “improved” version of it.

Stablecoins are cryptocurrencies designed to have a stable price, with their value backed by a reserve of the asset it represents. To achieve this, the value of any one stablecoin is pegged to a commodity or financial instrument, such as the US Dollar (USD), with its supply regulated by an algorithm or demand. The main goal of stablecoins is to provide an on/off-ramp for investors willing to trade and invest in cryptocurrencies. Stablecoins also allow investors to store value since cryptocurrencies, in general, are subject to volatility.

Bitcoin dominance is the ratio of Bitcoin’s market capitalization to the total market capitalization of all cryptocurrencies combined. It provides a clear picture of Bitcoin’s interest among investors. A high BTC dominance typically happens before and during a bull run, in which investors resort to investing in relatively stable and high market capitalization cryptocurrency like Bitcoin. A drop in BTC dominance usually means that investors are moving their capital and/or profits to altcoins in a quest for higher returns, which usually triggers an explosion of altcoin rallies.


Ocean Protocol Price Prediction: OCEAN could provide another buying opportunity before next leg up

https://www.fxstreet.com/cryptocurrencies/news/ocean-protocol-price-prediction-ocean-could-provide-another-buying-opportunity-before-next-leg-up-202402200200

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  • Ocean Protocol price has exploded over 100% since the onset of February prior to a rejection.
  • OCEAN could drop 8% to provide another buying opportunity before retaking the $0.8041 range high.
  • The bullish thesis will be invalidated if the crypto data token breaks and closes below $0.5963.

Ocean Protocol (OCEAN) price has soared in February, rallying alongside its peers in the AI crypto sector. The frenzy has been driven by Nvidia earnings euphoria as well as broader market optimism.

Also Read: AIT, GRT, OCEAN: Crypto data coins see massive rally alongside Bitcoin and AI tokens

Ocean Protocol price to provide a buy opportunity

Measured from a market range between $0.3895 and $0.8031, Ocean Protocol price is trading below the 78.6% Fibonacci level, which provides immediate resistance at $0.7061. However, the Relative Strength Index (RSI) shows OCEAN is overbought and could soon be ripe for selling as the momentum indicator is southbound.

If the trajectory of the RSI continues, effectively suggesting falling momentum, Ocean Protocol price could fall around 8% to the most critical Fibonacci level of 61.8% at $0.6451. Such a move would provide sideline investors an easy entry point before OCEAN price resumes its intermediate trend.

OCEAN/USDT 1-day chart

On the flip side, with the bulls still maintaining a strong presence in the OCEAN market, the Ocean Protocol price could extend north, flipping the 78.6% Fibonacci into support and using it as the jumping-off point to retake the $0.8031 range high. A break and close above this level, effectively signifying a higher high, would invalidate the bearish thesis. 

The large volumes of green histogram bars on the Moving Average Convergence Divergence (MACD) and the Awesome Oscillator (AO) indicators in positive territory support the case for the bulls. This is underscored by the position of the MACD above the signal line (orange band) hinting at a possible new bullish cycle underway. 


Alameda Research’s Worldcoin Investment Hits All-Time High, Exceeding $50M As WLD Price Climbs

https://www.newsbtc.com/news/alameda-researchs-worldcoin-investment-hits-all-time-high-exceeding-50m-as-wld-price-climbs/

Worldcoin, the digital identity token ERC-20 project on the Ethereum (ETH) blockchain, has garnered significant attention. Its native token, WLD, emerges as the top performer among the top 100 cryptocurrencies by market capitalization.  The token has experienced a remarkable 31% uptrend in just 24 hours and a staggering 217% surge over the past fourteen days. This surge not only marks a new all-time high for WLD but also positively impacts Alameda Research, the now-bankrupt trading arm of the defunct FTX exchange, which holds a substantial stake in Worldcoin. Alameda Research’s Stake In Worldcoin Reaches $186 Million According to on-chain data, Alameda Research, a cryptocurrency trading firm co-founded by Sam Bankman-Fried and Tara Mac Aulay in 2017, has witnessed a surge in its Worldcoin holdings.  As WLD reached a new all-time high of $7.9788 on Monday, the trading firm’s investment in the project surged by $50 million, reaching a new record. Currently, Alameda Research holds 25 million WLD tokens, valued at $186 million, representing 33% of their total portfolio.  Related Reading: Bitcoin Spot ETFs: Issuers Set New Record As Weekly Inflows Cross $2.2 Billion This portfolio also includes other digital assets such as Bitcoin (BTC), BitDAO (BIT), Ethereum (ETH), Stargate Finance (STG), and the FTX token FTT. Whale Activity And AI Hype Drive WLD’s Price Surge Analysts such as Zameer Attar attribute the WLD price spike to strong whale activity, with one notable whale wallet withdrawing 2.09 million WLD tokens ($5.82 million) from Binance. This withdrawal caused a 25% surge in the price of Worldcoin, resulting in the whale’s holdings reaching an impressive $8.03 million. Additionally, the launch of OpenAI Sora by Sam Altman, one of the founders of Worldcoin, has triggered bullish action in WLD tokens.  Interestingly, Sora can create videos of up to 60 seconds with highly detailed scenes, complex camera movements, and multiple characters with emotions, which surrounding the hype of artificial intelligence (AI) has spurred investor interest, leading to more bullish sentiment surrounding WLD. Related Reading: NEAR Skyrockets Nearly 30% – Investors Intrigued By These Metrics Worldcoin, founded by Sam Altman, Alex Blania, and Max Novendstern, aims to revolutionize the global identity and financial network by creating a public utility known as World ID.  This privacy-preserving identity network enables users to verify their humanness online while maintaining their privacy through zero-knowledge proofs. The project has garnered significant funding, raising over $250 million across various funding rounds from investors, including a16z, Khosla Ventures, Bain Capital Crypto, Blockchain Capital, and Tiger Global. The combination of whale activity and positive market sentiment surrounding AI technologies has contributed to the considerable surge in Worldcoin’s price. Featured image from Shutterstock, chart from TradingView.com 

Cryptocurrency investment products record net inflow of approximately 370 billion yen in one week – CoinShares

https://ourbitcoinnews.com/cryptocurrency-investment-products-record-net-inflow-of-approximately-370-billion-yen-in-one-week-coinshares/

Driven by Bitcoin spot ETF

According to data from crypto asset (virtual currency) investment company CoinShares, the amount of funds flowing into existing virtual currency investment products in the week ending on the 16th sharply increased to $2.45 billion (approximately 368 billion yen). became.

The total assets under management (AUM) of the target funds is estimated to be $67 billion (approximately 10 trillion yen). The amount of assets under management appears to have returned to its highest level since December 2021.

Source: CoinShares

Regionally, the United States accounts for 99% of the inflow. Additionally, more than 99% of the inflow amount was Bitcoin (BTC), with a total value of $2.4 billion (approximately 360 billion yen).

The top inflows by provider are Bitcoin ETFs, with BlackRock’s iShares ETF at approximately $1.6 billion (approximately 240 billion yen) and Fidelity’s ETF at approximately $650 million (approximately 97.7 billion yen). , ARK 21 Shares is approximately $400 million (approximately 60.1 billion yen).

As of the 13th, BlackRock’s Bitcoin spot ETF “IBIT” had assets under management (AUM) of over 100,000 BTC (market value equivalent to 780 billion yen).

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BlackRock’s Bitcoin spot ETF holds over 100,000 BTC (770 billion yen)

Coinbase, a major cryptocurrency exchange, pointed out on the 16th that a total of $3.3 billion (approximately 496 billion yen) has flowed into the Bitcoin Spot ETF in the month since its release, far exceeding prior expectations.

We predicted that the event of physical ETF approval and currency reflation would support the market for several months.

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Coinbase predicts Bitcoin market will be supported for several months due to inflows from physical ETFs

What is Bitcoin ETF?

An Exchange Traded Fund that includes Bitcoin as an investment. An investment trust is a financial product that collects money from investors into a single fund and invests it in stocks, bonds, etc. The system is such that the investment results are distributed according to each investor’s investment amount. Among investment trusts, ETFs are listed on stock exchanges, so they can be bought and sold like stocks.

▶Virtual currency glossary

connection:
Learn about Bitcoin ETFs from the beginning: Explaining the advantages and disadvantages of investing and how to buy US stocks

Bitcoin ETF special feature

Inflow status to Ethereum etc.

Year-to-date, inflows into various virtual currency investment products have reached $5.2 billion (approximately 781 billion yen), driven by Bitcoin.

In the week ending on the 16th, there was an inflow of $5.8 million (approximately 870 million yen) due to some investors accumulating short positions in Bitcoin.

Ethereum (ETH) also received an inflow of $21 million (approximately 3.2 billion yen). Regarding Solana (SOL), $1.6 million (approximately 240 million yen) was leaked, probably due to the temporary chain suspension for about 5 hours that occurred on the 6th, which affected sentiment.

Avalanche (AVAX) received $1 million (approximately 150 million yen), Chainlink (LINK) and Polygon (MATIC) each received $900,000 (approximately 140 million yen), and steady inflows have occurred since the beginning of this year. continues.

connection:
Cryptocurrency Solana’s blockchain stopped operating for about 5 hours due to a failure, but has now been restored

connection:
Avalanche announces new scaling technology “Vryx” to achieve 100,000 TPS

The post Cryptocurrency investment products record net inflow of approximately 370 billion yen in one week – CoinShares appeared first on Our Bitcoin News.

Bitcoin Forecast: Analyst Predicts $58,000 Surge Before Halving, But There’s A Catch

https://www.newsbtc.com/bitcoin-news/bitcoin-forecast-analyst-predicts-58000-surge/

As Bitcoin continues its bullish momentum, renowned analyst Michaël van de Poppe has offered an optimistic outlook on the cryptocurrency’s price trajectory. Van de Poppe highlights the “massive” momentum behind Bitcoin, signalling a bullish trend in the market.  The analyst anticipates Bitcoin embarking on a “final surge” towards the $54,000 to $58,000 range, marking the culmination of the current pre-halving rally. However, there’s a catch: Van de Poppe predicts a short-term correction before this “final push.” The #Bitcoin chart looks great as the momentum is massive. I’m expecting a short-term correction before a final push to $54-58K and then we’re likely done with this current pre-halving run. pic.twitter.com/sq9GWn0N8M — Michaël van de Poppe (@CryptoMichNL) February 19, 2024 Analyst Insights And Market Trends Van de Poppe’s forecast comes amid Bitcoin’s current price hovering around the $52,000 mark, reflecting a 0.5% increase over the past 24 hours. This upward trajectory builds upon a week-long bullish trend, propelling Bitcoin’s market capitalization to $1.02 trillion. Related Reading: 16,000 Bitcoin Dormant Since 5+ Years Suddenly Moves, What’s Going On? However, Van de Poppe isn’t the sole analyst expressing bullish sentiments towards Bitcoin. Another cryptocurrency analyst with the name ‘James CryptoGuru’ on X has also issued a bullish prediction, setting a target of $61,000 for Bitcoin’s price in the near future. #BITCOIN TRADE TARGET $61,000 & $DOGE BREAKING NEWS!!! $btc $doge short-term correction pic.twitter.com/cAerjhjexY — James CryptoGuru (@Jamyies) February 19, 2024 CryptoGuru’s analysis points to various chart setups and indicators supporting Bitcoin’s upward trajectory. The analyst notes an increase in trading volume across the daily candles on the BTC/USD chart. This observation is coupled with the identification of notable bullish signals, particularly the formation of a hammer candle. For context, a hammer candlestick pattern typically appears during a downtrend and signals a potential reversal in the price of an asset. It is characterized by a small body near the top of the candlestick with a long lower shadow, resembling a hammer. This formation suggests that sellers drove the price lower during the trading session, but buyers were able to push the price back up, indicating strength in the market. In the case of Bitcoin, CryptoGuru suggest that the Bitcoin market is charged up for a rally given the sightings of hammer candle. Additionally, CryptoGuru identifies a resistance level around $52,000 on the 4-hour chart, indicating a consolidation phase and the formation of a bullish signal known as a “bull flag.” Factors Driving Bitcoin Rally And Optimistic Predictions The bullish forecasts for Bitcoin are buoyed by several factors, including the upcoming Bitcoin halving event scheduled for April. The BTC halving, a programmed reduction in the rate at which new BTC are created, typically results in decreased supply and historically has led to price appreciation. Related Reading: Bitcoin Spot ETFs: Issuers Set New Record As Weekly Inflows Cross $2.2 Billion Furthermore, heightened demand for Bitcoin in the wake of spot ETF approval has fuelled optimism among investors. Last week, alone, Coinshares saw a record inflows totalling $2.45 billion into crypto funds globally, with US Spot Bitcoin exchange-traded funds (ETFs) dominating the inflows. Featured image from Unsplash, Chart from TradingView