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Ethereum Gears Up For Gains: These Bullish Indicators Signal Potential Upside

bitcoinist.com - Sat, 07/13/2024 - 21:30

Ethereum (ETH), the world’s second-largest cryptocurrency by market capitalization, has currently been showing signs of a potential upside move as key indicators turn bullish. This positive momentum which may be triggered by an increase in the market buying pressure has led to a growing optimism about the digital asset’s near-term prospects.

In this article, As ETH continues gearing up for significant gains we will be diving into the key indicators signaling this upside potential, and discuss what this could mean for Ethereum’s price trajectory.

Technical Indicators: Key Signals Pointing To An Upside Move

Currently, the price of ETH on the 4-hour chart with bullish momentum is attempting a move toward the 100-day Simple Moving Average (SMA) and the 4-hour bearish trendline. The digital asset has been able to maintain its bullish sentiment since breaking above the $3,051 mark. As a result of this price stability, Ethereum could start up a potential rally toward the $3,360 resistance level.

Also, the formation of the 4-hour Relative Strength Index (RSI) suggests that ETH’s price may start a bullish move toward the $3,360 resistance level as the signal line of the RSI indicator has been maintaining its bullish sentiment above 50% and is currently rising toward the overbought zone.

On the 1-day chart, although the price of ETH is still trading below the 100-day SMA and bearish trendline, it can be observed that the crypto asset is attempting a bullish move toward the $3,360 resistance level.

Following the cross above $3,051, Ethereum has been showing bullish resilience thereby keeping its pace above this level. With this recent bullish momentum, if ETH could break above both the bearish trendline and 1-day SMA, the digital asset could potentially start a bullish rally.

Finally, on the 1-day chart, a careful examination of the formation of the 1-day RSI reveals that ETH could sustain its bullish rally above the 1-day SMA and the bearish trendline toward the $3,360 resistance mark as the signal line of the indicator has moved out of the oversold zone and is heading to 50%.

Assessing Ethereum’s Upside Potential

If Ethereum starts up a rally toward the $3,360 resistance level and closes above, it may continue to move upward to challenge the $3,659 resistance. When this level is breached, the digital asset may experience a further price increase toward the $3,975 resistance level and possibly other levels above.

However, should ETH encounter a pullback at $3,360, it will start to decline toward the $3,051 support level. Additionally, the crypto asset may see further price decline to challenge the $2,865 support target and perhaps other levels below if this level is broken.

ETH’s price is currently trading at around $3,156 and has increased by 2.73% in the past day with a market capitalization of over $379 billion and a trading volume of over $11 billion as of the time of writing. There has been a 24-hour increase of 2.77% in its market capitalization and a 27.64% decrease in trading volume.

Spot Bitcoin ETF Inflows Reach 2-Month High – Here’s How Much They Bought

bitcoinist.com - Sat, 07/13/2024 - 19:30

Institutional investors have been buying the dip following Bitcoin’s recent downtrend. This is evident in the increased demand for the Spot Bitcoin ETFs, which recorded their best weekly outing in a long while. 

Spot Bitcoin ETFs Record Best Inflows In Over A Month

According to data from JPMorgan, the Spot Bitcoin ETFs witnessed their best inflows in over a month, with $882 million flowing into these funds in the week that ended July 11. This represents their best weekly inflow since May 23, when they recorded weekly net inflows of $1,022.

Interestingly, an addition of the $310.1 million net inflows that these Spot Bitcoin ETFs witnessed on June 12, according to data from Farside Investors, shows that this was their best weekly outing since March. The Friday tally means these funds took in almost $1.05 million this week. 

Meanwhile, Friday’s total net flows of $310.1 million represent the best daily outing for these Spot Bitcoin ETFs since June 5. BlackRock’s IBIT and Fidelity’s FBTC accounted for most of the flows recorded on the day, with $120 million and $115.1 million flowing into these funds, respectively. 

Bitwise’s BITB, Grayscale’s GBTC, Ark Invest’s ARKB, and VanEck’s HODL also recorded inflows of $28.4 million, $23 million, $13 million, and $6.6 million respectively. The other Spot Bitcoin ETFs failed to register any inflow on July 12. 

According to data from Soso Value, these funds have now taken in total net inflows of $15.81 million since they were approved in January. This includes the $18.64 billion net outflows that Grayscale’s GBTC has recorded during this period. The net inflows that BlackRock’s IBIT ($18.26 billion) has taken in during this period have been able to plug the Grayscale bleed. 

The other Spot Bitcoin ETF issuers have also played their part, with all these funds boasting net inflows. Fidelity’s FBTC is second behind IBIT, with total net outflows of $9.72 billion since launch. ARKB and BITB are third and fourth, with total net inflows of $2.5 billion and $2.13 billion, respectively. 

Worst Is Almost Over For The Crypto Market

The crypto market has been in the red these past weeks thanks to the German government’s Bitcoin selling spree, which began last month. However, the worst looks to be almost over, as data from the on-chain analytics platform Arkham Intelligence shows that the German government has no Bitcoin left in its reserves.

Based on this and with the aid of the Spot Bitcoin ETFs, Bitcoin looks primed to recover and reclaim the $60,000 support. The Spot Ethereum ETFs are also expected to launch soon, with market experts like Bloomberg analyst James Seyffart predicting they could begin trading next week. This will provide more bullish momentum for Bitcoin and the broader crypto market. 

Featured image from Pexels, chart from TradingView

Техасский суд оправдал директора майнингового объекта Marathon Digital

bits.media/ - Sat, 07/13/2024 - 17:58
Суд присяжных в Техасе оправдал Дэвида Фишера, руководителя майнингового объекта компании Marathon Digital в районе Грэнбери, признав его невиновным в 12 нарушениях, связанных с уровнем шума.

Артур Хейс: «Высказывания Трампа в поддержку криптовалют выглядят неискренними»

bits.media/ - Sat, 07/13/2024 - 17:33
Сооснователь криптобиржи BitMEX Артур Хейс подозревает, что кандидат в президенты США Дональд Трамп может обманывать криптосообщество обещаниями поддерживать цифровые активы ради получения голосов избирателей.

Road To Trillions: Shiba Inu Lead Developer Reveals Where The Project Is Headed

bitcoinist.com - Sat, 07/13/2024 - 17:00

Shiba’s Inu lead developer, Shytoshi Kusama has disclosed his ambitious plans for Shiba Inu (SHIB). His vision for the crypto project involves multifaceted approaches including market capitalization growth and technological advancement.  

Shiba Inu Targets Trillion Dollar Milestone

In his first exclusive interview with Arabian Business, Kusama shared a rare glimpse of his life before becoming Shiba Inu’s lead developer, clarifying that contrary to speculations, he was not SpaceX and Tesla CEO, Elon Musk. The Shiba Inu developer also threw light on his future plans for Shiba Inu, emphasizing the ultimate goal of transforming Shiba Inu into the first trillion dollar decentralized entity. 

Kusama disclosed that Shiba Inu’s goals since its inception have become substantially larger and more exciting over the years. He revealed that the fact that less than 5% of the world’s population have adopted crypto indicates a huge potential for SHIB and the crypto space as a whole.  

The lead developer also emphasized that the Shiba Inu team view meme coins as the gateway to crypto and blockchain technology, with Shiba Inu transforming into a brand that will lead the world from Web2 to Web3.

He also disclosed that Shiba Inu intends to take market share from tech giants like Google and move the world from the era of centralization to decentralization. And to do this, Kusama has stated that Shiba Inu will have to become the first decentralized currency to attain a trillion dollar market capitalization.

Also speaking in the interview was Kaal Dhairya, Shiba Inu’s key programmer who disclosed that to stay relevant, many businesses will need to transition to Web3 technology in the coming years. He revealed that as new brands emerge, offering superior engagement and innovative revenue, Shiba Inu will be committed to assisting these unique brands. 

Dhairya also highlighted that SHIB will focus on devising tailored strategies that would seamlessly integrate them into the Web3 ecosystem, ensuring their relevance and potential success in the evolving digital space. 

Kusama Asserts ‘We Are The Meme Kings’

As one of the most popular meme coins in the space, Shiba Inu has ascended to the position of the second largest meme based cryptocurrency in the space, giving it more authority and credibility than most meme coins in the market. 

“We helped build the meme industry and we are meme kings, whether we like it or not – and that wasn’t our intention. Or the plan,” Kusama stated. 

During his interview, Kusama revealed that his long term ambitious vision for Shiba Inu was to create a technology that would last forever from at least 100 to 1,000 years. To achieve this, Shiba Inu will need to have an incredible framework, a decentralized and robust community, incredible partners and an operating system that is globally accessible and user friendly. 

Kusama has asserted that Shiba Inu already possesses all these qualities, as such it has accomplished feats no other initiatives could even imagine. 

Featured image from Pexels, chart from TradingView

US Senator Reiterates Support For Bitcoin As Reserve Asset

bitcoinist.com - Sat, 07/13/2024 - 14:30

Popular cryptocurrency advocate and US Senator Cynthia Lummis has once again pushed for the adoption of Bitcoin as a reserve asset by the US government. Lummis’ latest show of support for Bitcoin adoption came as the senator also kicked against the creation of a central bank digital currency (CBDC) for the American people.

Bitcoin Reserve Can Help Strengthen The Dollar, Lummis Says

In an interview with Fox TV Station on Friday, Lummis reiterated her endorsement for the use of Bitcoin as a reserve asset to back the value of the US dollar. The senator from Wyoming stated the adoption of this strategy could help boost the value of the US dollar, as she has previously described the asset as a “good store of value.”

Notably, political statements supporting the integration of BTC as a US reserve asset have continued to grow in recent times. Recently, Bitcoinist reported that former President and current Republican presidential candidate Donald Trump has also expressed similar statements, warning an opposite action could likely benefit global rivals Russia and China.

 

Bitcoin and digital assets are the future. Here’s my agenda:

 No retail Central Bank Digital CurrenciesClear protections for self-custody Bitcoin walletsRestore Dollar Dominance for the 21st Century pic.twitter.com/yEy9tcxU5b

— Senator Cynthia Lummis (@SenLummis) July 12, 2024

In addition to strong approval of Bitcoin on Fox TV, Lummis also condemned the idea of a US central bank digital currency which she believes will be exploited as a means of surveillance on American citizens. Rather, Lummis has called for the creation of a legal framework that guarantees the integrity and protection of self-custody Bitcoin wallets. The senator believes that these measures combined with the strategic use of Bitcoin as a reserve asset could revive and sustain US dollar dominance for the 21st century.

Related Reading: Senator Lummis Challenges US Crackdown On Crypto Market, Vows To Protect Investor’s Rights US Congressman Calls For Sack Of SEC Chair

In other news, another popular crypto advocate and US Representative Tom Emmer has once again demanded the discharge of Gary Gensler as chairman of the US Securities and Exchange Commission. In an X post on Friday, Tom Emmer who also serves as the Majority Whip of the US House of Representatives accused the SEC of running a regulation-by-harassment operation.

I’d like to report the SEC Chair for regulation-by-harassment. #FireGaryGensler https://t.co/oMyDIEU3o1

— Tom Emmer (@GOPMajorityWhip) July 12, 2024

Emmer, among other crypto enthusiasts, has continuously criticized the SEC regulatory approach towards the digital asset industry which is often described as hostile. Notably in 2023, the US Congressman slammed Gary Gensler, stating the consistent enforcement actions by the SEC depicted him as a “bad-faith regulator” especially as these crackdowns did not affect the actual bad actors in the crypto community.

At the time of writing, the crypto ecosystem continues to recover from the earlier general price slump in July. According to data from CoinMarketCap, the total crypto market cap is currently valued at $2.15 with a 1.87% increase in the last day.

Ethereum Gas Fees At Lowest Level Since May – Impact On ETH Price?

bitcoinist.com - Sat, 07/13/2024 - 12:00

According to the latest on-chain observation, gas fees on the Ethereum network have fallen to their lowest level in nearly two months. How will this impact the price of ETH?

Ethereum Network Activity Wanes Ahead Of Spot ETF

In a new Quicktake post, a pseudonymous analyst revealed that the activity on the Ethereum network has been on a decline, with gas fees touching their lowest level in recent weeks. This comes despite the upcoming approval and launch of the Ethereum spot ETF (exchange-traded fund).

According to data from CryptoQuant, the ETH average gas fees (Gwei) have dropped to their lowest since May 2024. As shown in the chart below, the 7-day moving average, which represents the average ETH gas price, has been on a downward trend since the beginning of June.

Related Reading: Crypto Fear & Greed Index Falls To Extreme Fear For The First Time In 1.5 Years

 

Typically, this indicator’s value reflects the activity level of a particular blockchain (Ethereum, in this scenario). When the network’s traffic becomes clogged up due to several participants transacting on the network, the gas fees tend to witness a spike.

As such, the ETH average gas fees being at a two-month low only implies that activity on the Ethereum network has cooled off in recent weeks. Naturally, this slump in activity signals a decrease in investor demand, as most investors may not be too interested in the Ether token at the moment.

Interestingly, the Quicktake analyst noted that increases in gas fees tend to coincide with price jumps. It appears that an increase in Ethereum prices can be associated with rising network activity, as it only seems natural that bullish market sentiment would encourage the entry of more network participants.

“Could this be the calm before the storm ahead of the upcoming approval of the Ethereum spot ETF?” the analyst added. This implies that the impending Ethereum ETF launch could prove pivotal to the ETH price action, as the trading debut of the funds could catalyze a surge in network activity.

Ultimately, this could result in a significant upward movement of both the average gas fees and the price of ETH.

ETH Price At A Glance

As of this writing, the price of Ethereum stands around $3,139, reflecting a nearly 2% rise in the past 24 hours. According to data from CoinGecko, the altcoin is up by more than 4% in the last seven days

 

Сергей Менделеев: Закон об ограничении оборота криптовалют – диверсия и государственная измена

bits.media/ - Sat, 07/13/2024 - 10:43
Госдума собирается 23 июля рассмотреть законопроект об ограничении свободного хождения криптовалют в России. Основатель InDeFi SmartBank Сергей Менделеев объяснил Bits.media, каким видит будущее индустрии в случае, если проект станет законом:

ICYMI: The German Government Is Not The Only Entity Selling Bitcoin

bitcoinist.com - Sat, 07/13/2024 - 09:30

Over the last month, the crypto airwaves have been filled with reports of the German government selling large amounts of Bitcoin. These sell-offs have negatively impacted the Bitcoin price, as well as the broader crypto market, sending the whole market into the red. However, while the German government has been the most prominent seller during this time, it is not the only entity that has been offloading its Bitcoin holdings.

Genesis Trading Begins Selling $2 Billion Bitcoin Stash

In the fray of the German Government’s Bitcoin sell-offs, other entities selling BTC have swam into the background, but not for long. One of those is Genesis Trading, which filed for Chapter 11 bankruptcy in New York back in January 2023.

Following a resolution in May 2024, when the court ordered that Genesis Trading return funds to its customers, the entity seems to have begun the early stages of returning these funds to its customers. Some of these customers are being paid in cash and others in cryptocurrency.

Taking to X (formerly Twitter), crypto trader @0xGumshoe revealed that the entity has begun selling BTC out of its massive $2 billion Bitcoin stash. According to data from the on-chain analytics platform Arkham Intelligence, the entity has sold a notable amount of Bitcoin over the last month.

are you serious

I cannot believe that Genesis is now selling their $2B worth of Bitcoin

We’re not even finished with Germany FFS pic.twitter.com/GhW3uUjYjV

— gumshoe (@0xGumshoe) July 11, 2024

Looking through the history, it shows that Genesis Trading has carried out a total of six Bitcoin transactions in the month of June, all headed to the Coinbase exchange. On June 12, 2024, the bankrupt company sent 756.282 BTC to Coinbase, worth $52.93 million at the time.

On June 13, 2024, it sent 670.5 BTC worth $45.8 million to the crypto exchange. The next transaction took place a day later on June 14, 2024, with 1,209.1 BTC, worth $81.16 million, making their way to the exchange.

The fourth notable transaction was on June 18, 2024, when the Genesis Trading wallet sent 1,496.2689 BTC to the Coinbase crypto exchange, worth $97.15 million at the time. Two days later, on June 20, 2024, Genesis Trading sent another 811 BTC to the Coinbase exchange, worth $52.82 million at the time.

Last but not least was the transaction on June 21, 2024, carrying 2,131.268 BTC to the Coinbase exchange, worth $136.79 million. This was the largest single transaction made by the entity to the exchange, and there have been no other Bitcoin transactions since then.

In total, Genesis Trading offloaded 7,074.4189 BTC, bringing the total dollar value to $466.65 million. Although this volume is way less than the German government’s sell-offs, it is still significant nonetheless and has contributed to the selling pressure felt by the pioneer cryptocurrency.

German Government Running Out Of BTC

The German government’s selling may be coming to an end after a particularly scary run for the market. At the start, the German government had a total of 50,000 BTC, which was seized from the operators of the piracy website Movie2k.

However, with the incessant selling, the holdings have been rapidly depleted, with over 40,000 BTC sold off so far. At the time of writing, the German government had less than 5,000 BTC left. This is good news for the market as the sell-offs are expected to ease up once the dumping ends.

UXLINK запустит игровой центр социальных групп на TON

bits.media/ - Sat, 07/13/2024 - 09:05
UXLINK получила грант от TON и запустит игровой центр социальных групп на TON.

DeFi Protocol Dough Finance Exploit Swipes $1.96 Million In User Funds

bitcoinist.com - Sat, 07/13/2024 - 08:00

Another DeFi protocol fell victim to an exploit on Friday morning. Dough Finance, an open-source protocol to create non-custodial liquidity markets, suffered a flash loan attack that took nearly $2 million in user funds. The project’s team announced they are working to resolve the situation promptly.

Dough Finance Protocol Loses $1.96 Million

On July 12, online reports concerning activity from Dough Finance were called out. Web3 blockchain security platform Cyvers informed us that it had detected multiple suspicious transactions involving the DeFi protocol.

Per the report, the hacker manipulated Dough Finance’s smart contract and stole $1.8 million in USDC. The attacker, funded through the zero-knowledge (ZK) protocol Railgun, swapped the misappropriated funds to Ethereum (ETH), initially obtaining 608 ETH.

Olympix, a Web3 security provider, revealed that the exploit occurred due to “calldata within the ConnectorDeleverageParaswap contract.” Seemingly, the contract didn’t properly check the flash loan calls data.

The unvalidated calldata allowed the exploiter to manipulate the contract’s data and send the funds to an Externally Owned Account (EAO). Following the initial reports, a second batch of attacks occurred.

These attacks resulted in the loss of another $141,000 in USDC, raising the total crypto heist to $1.96 million. Nonetheless, Cyvers confirmed that lending protocol Aave’s pools remained unaffected.

Scammers Target DeFi Projects

After the initial reports, the DeFi protocol acknowledged the attack and urged users to withdraw their remaining funds from the protocol. Later, Dough Finance announced it had identified and closed the exploit.

The project confirmed that “a few early Dough DeFi Smart Accounts (DSAs)” were victim to a sophisticated exploit. Moreover, the post assured that Dough Finance’s team is actively working to address the incident, recover the funds, and make investors whole.

Online reports revealed that the team reached out to the exploiter. In an on-chain message, the Defi protocol informed the exploiter it had contacted the appropriate authorities.

The team also offered to discuss a bounty if the attacker had “exploited this vulnerability as a white or grey hat,” and attached the address where the funds should be directly transferred.

The exploiter has until Monday, July 15, 2024, at 23:00 UTC to contact the DeFi protocol. Per the message, if the team doesn’t receive an answer, they will “assume you appropriated the funds with unlawful intent and will pursue all criminal, legal, and administrative avenues available” to recover the misappropriated funds.

Scammers have heavily targeted the sector. This week, various DeFi projects, including Compound Finance, were compromised in a phishing attack. Seemingly, the projects were victims of a DNS domain attack that redirected users to a fake website.

The copy website was a drainer tool that could drain users’ funds if they interacted with it. As a result, the projects’ teams urged customers not to interact with the websites until further notice.

Solana-Based Pump.fun Emerges As The Go-To Platform For Memecoin Creation, Report

bitcoinist.com - Sat, 07/13/2024 - 06:30

The ongoing frenzy over memecoins created on top blockchains over the past year has found a notable competitor in the Solana-based marketplace Pump.fun, a crypto project reminiscent of the anonymous social media platform on the Ethereum blockchain 4chan. 

Over One Million Memecoins Created In 7 Months

According to a Bloomberg report, since its launch in January 2024, Pump.fun has witnessed the creation of more than one million memecoins on the Solana and Blast blockchains, establishing itself as the go-to platform for retail investors to create and trade these tokens. 

However, the report notes that Pump.fun has faced criticism for perpetuating the perception of crypto as a “gambling arena.” Bloomberg reported that the “well-known” issue of “pump-and-dump” schemes in the crypto space has raised concerns about the integrity of the tokens created in the marketplace.

While Pump.fun has attracted the attention of retail investors and even celebrities like rapper Iggy Azalea, who launched her token called Mother Iggy (MOTHER) on the platform, the report suggests that skeptics argue that Pump.fun allegedly reinforces the perception of crypto as a “speculative casino,” diverting attention from the technology’s true potential. 

Critics of tokens issued on the platform also emphasize that these coins often lack utility beyond their meme status, potentially undermining the credibility of the broader crypto industry.

SEC’s Crackdown Fueling Preference For Memecoins?

Rachel Lin, CEO of decentralized derivative exchange SynFutures, observes that Pump.fun’s success reflects the “increased appetite” among retail investors for memecoins. 

SynFutures’ CEO believes that many retail investors, tired of traditional venture-backed token investments, find memecoins appealing because of their perceived transparency and potential for high returns, stemming from the notion that VC projects favor the interests of venture capitalists and the projects themselves, leading investors to seek alternative avenues.

The rise of memecoins can also be attributed partly to the US Securities and Exchange Commission’s (SEC) approach to regulating crypto markets and its recent crackdown on the industry, influencing retail investors’ preference for memecoins. 

Michael Selig, a partner at law firm Willkie Farr & Gallagher LLP, explains that memecoins stand in stark contrast to securities, which has led investors to buy memecoins primarily to express opinions, participate in communities, speculate on the attention value of cat pictures, or for entertainment.

Pump.fun In A Nutshell 

Pump.fun aims to provide a rapid and cost-effective means for anyone to launch memecoins while allegedly mitigating the risks associated with rug pulls

The project’s anonymous co-founder, Alon, shared during a podcast interview in March that Pump.fun allows users to financially share “funny content” with friends by granting them a stake in the meme’s success. 

To achieve this, Pump.fun utilizes an automated process wherein users can upload their favorite memes or JPEGs, a commonly used method of lossy compression for digital images, along with a name and ticker for the token, resulting in the instant creation of a token for a minimal fee of less than $2. 

The platform employs a mathematical model to determine the price of memecoins, which increases as more users purchase the token. Notably, new tokens on Pump.fun are created through a fair launch method, issuing all tokens at once without presales, often at a fraction of a cent.

At the time of writing, Solana price stands at $138, indicating no changes to Thursday’s price, as the token has been in a consolidation range between $131 and $144 for the past week. 

Featured image from DALL-E, chart from TradingView.com 

Bitcoin Dominance Chart Forms Bearish Wedge Pattern, Altcoin Season On The Horizon

bitcoinist.com - Sat, 07/13/2024 - 05:00

Crypto analyst Titan of Crypto has highlighted a bearish pattern on Bitcoin’s dominance chart, suggesting that altcoin season might be on the horizon. The analyst expects these altcoins to make massive moves soon enough, having experienced significant declines for some time now. 

Bitcoin Dominance Chart Forms Bearish Pattern

Titan of Crypto mentioned in an X (formerly Twitter) post that the breakout on the rising wedge on Bitcoin’s dominance has been confirmed. As such, Bitcoin’s dominance is expected to experience a decline to the downside. The crypto analyst added that this could be a good time for altcoins to recover after weeks of corrections. 

A drop in Bitcoin’s dominance is usually bullish for altcoins. Such development could usher in the altcoin season when these crypto tokens are known to decouple from the flagship crypto and outperform it. 

Data from the Blockchain Center suggests that the altcoin season might be on the horizon, as there has recently been an increase in the number of altcoins outperforming Bitcoin. Altcoin season is confirmed when 75% of the top 50 coins by market cap have outperformed Bitcoin over the last 90 days. 

Crypto experts like Michaël van de Poppe had previously suggested that the launch of the Spot Ethereum ETFs might be the catalyst to kickstart the altcoin season. These funds are expected to spark a significant rally for Ethereum (ETH), which could lead to massive moves for other altcoins. 

Ethereum is known to usually lead other altcoins into this altcoin, especially as its dominance against Bitcoin begins to rise. Titan of Crypto predicted that ETH’s dominance against BTC could significantly increase in the coming weeks and months, which he stated could lead altcoins to surge. 

“Face-Melting” Altcoin Season Is On The Way

Crypto analyst Lark Davis recently claimed that a “face-melting” altcoin season is on the way and that all the crypto community needs to do is to be patient. The analyst also alluded to a recent analysis by crypto analyst Mikybull Crypto. Mikybull Crypto stated that the macro short-term correction for altcoins is about to end. He told the crypto community to prepare for the upcoming markup phase as the altcoin season for this cycle is still in play.

In a recent X post, Mikybull Crypto stated that this cycle’s altcoin season will be “glorious.” He made this statement while revealing that the ETH/BTC pair is preparing to leave its 3-year Wyckoff re-accumulation range. He added that a bullish divergence is currently playing out as it did in 2020. 

While the altcoin season may be on the horizon, crypto analyst Andrew Kang has warned that most altcoins have topped out in this cycle and are likely to re-record new highs. As such, crypto investors might have to be very selective in what altcoins they invest in. 

Controversial 3-Year SEC Investigation Into Bitcoin L2 Stacks Concludes With No Charges

bitcoinist.com - Sat, 07/13/2024 - 03:30

The US Securities and Exchange Commission (SEC) has concluded its three-year investigation into Bitcoin Layer 2 (L2) blockchain Stacks (STX) and Hiro Systems without taking any action. 

SEC Ends Probe Into Stacks

Muneeb Ali, co-creator of the Stacks protocol, announced the termination of the SEC investigation through a social media post on Friday, expressing satisfaction with the outcome and stating that after providing all requested information and explaining the workings of the Stacks network and Hiro’s role as a developer tooling company, the SEC decided to drop the investigation. Ali stated:

We’re pleased that the SEC dropped the investigation after this time and effort. This is the best outcome a company in our industry could ask for, but the US can do better. We need a regulatory system that meets builders of innovative open protocols where they are. We’ll continue working with policymakers and developers to help make this happen. The closing of the Stacks investigation gives us hope for a bright future for decentralized technologies for Bitcoin and the next-generation internet. 

This development marks another setback for the regulator after it recently dropped another case against brokerage firm Paxos after a year-long investigation involving Binance’s BUSD stablecoin, which a court ultimately ruled was not a security under the SEC’s Howey test.

No Exoneration Or Guarantee Of Future Action

The SEC, in a letter dated July 9, informed the Stacks protocol that it had concluded the investigation and did not intend to recommend any enforcement action against Hiro Systems, formerly known as Blockstack. 

However, the SEC clarified that the notice should not be interpreted as a dismissal or a guarantee that no action may result from the staff’s investigation. The letter further reads:

We are providing this notice under the guidelines set out in the final paragraph of Securities Act Release No. 5310, which states in part that the notice “must in no way be construed as indicating that the party has been exonerated or that no action may ultimately result from the staff’s investigation.

Hiro Systems, in a blog post summarizing the events of the past year, stated that the SEC’s Enforcement Division initiated an investigation into Hiro and the Stacks blockchain in January 2021, for which the firm complied with information requests and clarified the role of the Stacks network and Hiro’s involvement. The blog post noted:

Our belief in enabling developers is also why we still believe strongly in the need to create a clear path and regulatory framework in the US, and we look forward to continued opportunities to help shape policy to meet builders of innovative open protocols where they are. The closing of the Hiro and Stacks investigation gives us hope for a bright future for Bitcoin and the next generation of the internet.

Stacks’ native token STX is trading at $1.68, surging over 5% in the 24-hour time frame following the regulatory victory against the US SEC. 

Featured image from DALL-E, chart from TradingView.com

Litecoin Whales Are Active: Over 50% Of Market Cap Being Shifted Around Daily

bitcoinist.com - Sat, 07/13/2024 - 02:00

On-chain data shows that Litecoin whales have been active recently, as the network has handled many large moves.

Litecoin Large Transaction Volume Has Been At $2.85 Billion Recently

According to data from the market intelligence platform IntoTheBlock, the Litecoin network has been witnessing some high activity from the whale entities recently.

The on-chain indicator of relevance here is the “Large Transactions Volume,” which keeps track of the total amount of LTC being moved on the blockchain by transactions valued at $100,000 or more.

As only the whales can move amounts this large with single transfers, this volume can be considered to represent the activity of these humongous investors.

When the value of this metric is high, it means the network is observing a large amount of shifts from the whales. Such a trend indicates that this cohort currently has an active interest in asset trading.

On the other hand, the low indicator’s value can imply that large investors aren’t paying too much attention to the cryptocurrency right now as they aren’t moving that many coins.

Now, here is a chart that shows the trend in the Litecoin Large Transactions Volume over the past week or so:

The above graph shows that the Litecoin Large Transactions Volume has been high recently. More specifically, the network has been observing $2.85 billion in whale transactions on average daily.

The analytics firm has noted that this is more than most Layer 1 cryptocurrency networks, even those larger than LTC. “For example, Dogecoin sees $590 million in large transactions, despite having roughly 3x Litecoin’s market cap,” says IntoTheBlock.

Naturally, this high volume would suggest that whales have been rather active on the blockchain. To put the recent average figure into perspective, here’s how LTC’s market cap looks.

As is visible above, Litecoin has a market cap of $5.1 billion right now, which means that the whales have been shifting around volume equivalent to more than half the asset’s total valuation.

Now, what does the high whale activity mean for the cryptocurrency? Generally, a high transaction count from these humongous investors can lead to more asset price volatility. However, its direction depends on what sort of activity whales participate in, buying or selling.

In some other news, Litecoin has been the number one coin by transaction count on the BitPay payments processor this year, according to the official LTC X handle.

LTC Price

Whereas Bitcoin and other top assets have barely been able to recover, Litecoin has seen a surge of more than 14% over the past week to get back to the $68 level.

Госдума готовится принять закон о запрете свободного обращения криптовалют

bits.media/ - Sat, 07/13/2024 - 01:16
Комитет Государственной думы по финансовому рынку в пятницу, 12 июля, одобрил финальную версию проекта закона об ограничениях оборота криптовалют в России. Первое чтение думой назначено на 23 июля.

Study Reveals: Global Crypto Market Volume to Exceed $108 Trillion With Europe Dominating

bitcoinist.com - Fri, 07/12/2024 - 23:00

According to a study released by CoinWire, the global cryptocurrency trading volume will see a notable increase, boosting it to over $108 trillion before the end of 2024.

This figure is almost 90% higher than the trading volumes seen in 2022, signaling that a major potential increase in crypto transactions worldwide is on the horizon.

According to CoinWire, the study was compiled by gathering a list of centralized exchanges (CEX) on Coingecko with trust scores greater than 6.

CoinWire also disclosed that it collected other data such as “web traffic by country of every CEX, peak trading timezone of every country, supported languages of every CEX, and headquarters of every CEX.”

Projected Volume and Europe Taking the Lead

The report from CoinWire revealed that the US is currently the world’s largest crypto trading nation in terms of single-country trading volume. However, Europe, as a region, stands out as the leader in cumulative cryptocurrency transaction value, commanding 37.32% of the global market.

On the other hand, Asia comes in with 36.17% of the world’s digital currency transaction value, which puts it closely behind Europe in second place, highlighting geographic diversity and general growth.

This global market volume dominated by Europe can likely be attributed to their “progressive” approach to crypto regulation, according to CoinWire.

The legislators on the European continent have been leading the way so far, working heavily to develop a comprehensive policy that provides some definition and stability in the market and supports innovation within fintech.

These regulations are essential, as they play an important role in guiding exchanges and traders within the crypto space in the region to have a structured trading environment. CoinWire particularly noted:

Europe is a hub for crypto innovation and investment due to progressive regulatory frameworks and a tech-savvy populace.

In the CoinWire report, Europe is forecasted to see the largest share during the crypto trading volume boom, reaching $40.5 trillion by 2024 – a significant gain on its $15 trillion from just last year (an increase of 2.7 times). CoinWire added:

This significant growth emphasizes Europe’s growing influence in the global crypto market, which is due to a strong financial infrastructure, progressive regulations, and rising adoption of digital assets.

How Popular Are These Exchanges?

Furthermore, according to the report, Binance still leads the world in global trading volume as a goliath within the crypto exchange sector, boasting $2.77 trillion traded. Notably, Binance has a footprint in over 100 countries reflecting its big reach and adoption within the digital currency-trading community.

Other major players include OKX and Cex.io, each maintaining a strong presence across numerous countries and contributing significantly to the global trading volume.

In contrast, exchanges like Coinbase and Bybit have served fewer countries but still managed $662 billion and over $1.14 trillion in trading volume, respectively.

Featured image created with DALL-E, Chart from TradingView

Сенатор Синтия Ламмис: «Доллар должен быть обеспечен биткоином»

bits.media/ - Fri, 07/12/2024 - 21:52
Сенатор-республиканец от штата Вайоминг Синтия Ламмис предложила обеспечить доллар биткоином. Она также выступила против внедрения цифрового доллара из опасений, что он нарушит конфиденциальность граждан.

Runes Dominate Bitcoin, Accounts For Roughly 70% Of All Transactions

bitcoinist.com - Fri, 07/12/2024 - 21:30

Bitcoin, Solana, Ethereum, and even Cardano are slowing down following sharp price contractions in the past few days. The price drop means enthusiasm is punctured, negatively impacting on-chain activity.

Runes Taking Over Bitcoin

However, as the crypto market recovers from the sting of last week, it is emerging that the Runes Protocol is taking over the Bitcoin network. Its creator claims that Runes, which releases a new token minting standard on the Bitcoin network, is responsible for 69.1% of all transactions in the past 24 hours.

This means that only about 40% of all other transactions were from users keen on moving capital from one address to another. Bitcoin is designed to enable the borderless transfer of funds cheaply and efficiently.

This was the case until the Taproot upgrade, which meant to scale the Bitcoin network and make transactions more private. However, the update also led to a flaw that opened a vector for users to store files, including images or audio, on-chain.

For this reason, the number of inscriptions on the network boomed in 2021, coinciding with the NFT boom. Since the Bitcoin Halving on April 20, more Runes have been “minted” on-chain despite decreasing the number of transactions processed over the past three months.

Users can mint non-fungible tokens (NFT)-like inscriptions—stored on-chain through Runes. This is possible because the standard takes advantage of the network’s structure.

The protocol leverages Bitcoin’s UTXO model and introduces improvements that allow users to mint and manage inscriptions efficiently. The standard enhances BRC-20 by introducing a 13-character limit for ticker symbols and reducing the number of steps for users seeking to mint tokens. For this reason, there is a significantly lower “on-chain footprint,” leading to less spam.

Rising BTC Transaction Fees Benefit Miners

Still, whether more Runes will be minted going forward remains to be seen. The spike in the number of inscriptions, especially on platforms like Bitcoin, which inherently lacks smart contracts, has been blamed for rising transaction fees.

At spot rates, the average transaction fee is down but still above $1, according to Blockchain.com. It has dropped since April 20, when users scrambled to inscribe their items on the Halving block, pushing transaction fees above $50.

Though frowned upon in some quarters, the rise of Runes and inscriptions on Bitcoin is welcomed by miners now that revenue was slashed by half after April 20. The more transactions posted, the higher their revenue since every block, regardless of the inscription density, is confirmed and added to the longest chain.

Crypto Fear & Greed Index Falls To Extreme Fear For The First Time In 1.5 Years

bitcoinist.com - Fri, 07/12/2024 - 20:00

The Crypto Fear & Greed Index measures how investors feel toward the market at any given time, ranking their willingness to put money into the market. Over the last year, this index has stayed reasonably high, completely avoiding Extreme Fear territory. However, this impressive streak came to an end after the Crypto Fear & Greed Index fell into Extreme Fear in the early hours of Friday.

Crypto Fear & Greed Index Sees Lowest Level Since November 2022

As of Friday morning, the Crypto Fear & Greed Index has officially returned to the Extreme Fear level. The index shows a score of 25 after stalling in the Fear territory for the better part of the last week. This decline is in stark contrast to last month when the index was still firmly in the greed territory.

While the Crypto Fear & Greed Index flashing Extreme Fear is not new, what makes this one stand out is how long it has been since sentiment has been this low. Looking at the chart, it shows that the last time that the Crypto Fear & Greed Index was in Extreme Fear was during the FTX exchange collapse of 2022.

Since that time, the market had rebounded and been in a bull market for around a year, eventually reaching Extreme Greed in 2024. However, the turn in investor sentiment suggests a fatigue in the rally as sellers have now taken control of the market.

Presently, the Crypto Fear & Greed Index’s score of 25 means that it is at the very top end of the Extreme Fear territory. This means that it could easily be tipped back into the Fear level. But it also gives bears the opportunity to push sentiment further toward Extreme Fear.

Why This Could Be Good For Price

The Crypto Fear & Greed Index falling into the Extreme Fear is historically a good development for bulls given that it gives ample time to get into cryptocurrencies at low prices before the market recovers. The same thing was seen in the FTX crash of November 2022 when the Bitcoin price rebounded from $16,000 to cross $40,000 in the space of one year.

By the year 2024, which was less than two years later, the Bitcoin price would go on to reach $73,000, a new all-time high. This suggests that buying when the market is fearful is the best time to position for what could be an explosive rally.

A age-old saying among seasoned investors is “Buy when there is blood on the streets.” This simply means that buying when everyone is fearful, like now, is usually the best time to get in the market. If there is a repeat of the 2022 trend, then the market could trade sideways for a while before a rebound that could send prices to new all-time highs.

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