Из жизни альткоинов

The next US presidential election is fast approaching, and the crypto stance of the candidates has become an important campaign point than many would’ve expected. According to a recent survey conducted by Consensys, a majority of crypto owners are planning to vote in the presidential election, with nearly half of these voters considering a pro-crypto stance to be a crucial factor in their selection of political candidates.

The Rise Of Crypto Awareness Among Voters

The recent study carried out by Consensys, in partnership with HarrisX, highlighted the growing importance of the crypto industry among an upcoming young voter base. According to the study, 92% of crypto owners in the US plan to vote for the next president. Interestingly, the number of crypto-motivated respondents willing to vote was more than the last presidential election’s margin of victory in every state the study was conducted. 

The study found that pro-crypto policy was a crucial factor for voters in the election, with 49% believing it’s important for their go-to candidate to be all in on it. What’s more surprising is that 40% of the respondents who are voters are willing to change their preferred party if a candidate expresses pro-crypto views, while a lesser 27% are not.

In terms of governmental policies, many of the respondents believe that the US government is behind in terms of crypto regulations compared to other crypto-forward countries. Particularly, 44% of voters believe that the US government is not doing enough to encourage the growth of the industry. This sentiment is particularly valid, considering the SEC’s history of clamping down on the industry. 

Consensus Moving Forward

The crypto industry’s presence in the United States has grown massively since the last presidential election. Looking ahead, the influence of cryptocurrency on political campaigns is likely to increase. As more voters embrace digital assets, candidates will be compelled to incorporate crypto-related policies into their platforms. 

According to the report, 19% of U.S. voters currently own crypto. This is expected to increase in the coming years, with one in three voters saying they are likely to invest in crypto in the next year. Unsurprisingly, Bitcoin is the most common asset, with 13% of US voters having Bitcoin in their portfolio. 

Looking ahead, respondents’ opinions are divided regarding which political party is best equipped to navigate the crypto industry better. The study shows that 35% of respondents trust the Republican party, while 32% trust the Democratic party to get crypto policies right. On the other hand, 26% have yet to make up their minds. 

However, 56% of respondents are happy about Donald Trump’s recent crypto-positive campaigns, while 54% think Kamala Harris needs to spell out her crypto game plan. 33% of respondents are more likely to change their preferred candidate if she takes a pro-crypto stance.

Featured image from Pexels, chart from TradingView

Bitcoin and the entire crypto market find themselves at a pivotal moment following several weeks of fluctuating price action. As analysts and investors keep a close eye on market trends, many are optimistic about a potential rally in the coming months. A significant factor influencing this sentiment is the recent entry of US spot exchange-traded funds (ETFs) into the market, which often signal the involvement of institutional money and traditional investors.

According to key data from Glassnode, US spot ETFs currently hold 4.6% of the total Bitcoin supply, translating to an impressive valuation of approximately $58 billion. This growing presence of institutional capital not only adds credibility to BTC but also suggests a potential for increased price stability and upward momentum.

As the market continues to evolve, the actions of these spot ETFs may play a crucial role in determining the trajectory of Bitcoin’s price. With investors eagerly anticipating a rally, the upcoming weeks could be critical in shaping the future of BTC and the broader cryptocurrency landscape.

Traditional Investors Buying Bitcoin 

Bitcoin has increasingly become a regular asset for traditional investors seeking exposure to various markets. As the cryptocurrency landscape continues to evolve, institutional money is positioning itself to capitalize on the potential upside that BTC and the broader crypto market offer. The entry of institutional players signifies a maturation of the asset class, as they recognize Bitcoin’s potential to diversify portfolios and hedge against inflation.

Key data from Glassnode indicates that US spot exchange-traded funds (ETFs) currently hold 4.6% of the total Bitcoin supply, valued at approximately $58 billion. This substantial allocation underscores the growing acceptance of BTC as a legitimate investment vehicle among traditional financial institutions. The rise of spot ETFs allows investors to gain regulated exposure to Bitcoin without the complexities of direct ownership, making it more accessible to a broader audience.

Additionally, the recent balance growth in Grayscale’s Bitcoin Mini Trust holdings further illustrates the strong institutional demand for regulated BTC exposure. As more institutions accumulate BTC, it creates a sense of confidence in the market, potentially attracting even more traditional investors.

The increasing institutional demand for BTC not only highlights the opportunities within the crypto space but also serves as a catalyst for further price appreciation. In the coming months, as institutional interest continues to grow, Bitcoin could experience significant upward momentum, reshaping its narrative as a mainstream asset class. This evolving landscape presents a unique opportunity for both seasoned and new investors to participate in what could be a transformative period for BTC and the entire cryptocurrency market.

BTC Holding Strong Above $60,000

Bitcoin is currently trading at $61,800 after a sharp 10% dip from local highs of around $66,000. The price tested support at the daily 200 exponential moving average (EMA), which sits at $59,950 and has since bounced back, holding above this crucial level. Bulls now face a critical challenge: if they want to maintain momentum, they must reclaim the 1-day 200 moving average (MA) at $63,556 and push above it to retest local highs around $66,000.

This situation is reminiscent of the classic quote, “What goes up must come down,” but in Bitcoin’s case, the next move could define whether it rockets back up or falls further. If the price fails to break through these resistance levels, it could signal a deeper correction, with lower demand expected at around $57,500. This potential dip is something traders and investors alike are watching closely.

The market is at a pivotal moment, as key support and resistance levels will dictate the next move. As always with Bitcoin, “fortune favors the bold,” and whether this boldness will pay off for bulls or bears remains to be seen. Either way, the next few days will be crucial in determining Bitcoin’s short-term trajectory.

Featured image from Dall-E, chart from TradingView

The crypto market recently suffered a significant downturn due to the escalating geopolitical tensions in the Middle East, with several large-cap assets shedding their recently-accrued gains over the past week. Specifically, the price of Ethereum crashed from above $2,600 to as low as $2,300 at some point during the week.

This represents a fresh setback for the “king of altcoins,” which has not had a particularly positive performance in the past few months. Interestingly, a popular crypto pundit on X has come forward with an on-chain observation into the behavior of Ethereum investors over the last quarter.

How Ethereum Whales Shaving Off Their Holdings Will Impact Price

In a recent post on the social media platform X, crypto analyst Ali Martinez revealed that a particular group of Ethereum whales has been shaving their holdings over the past few months. This on-chain revelation is based on the Mega-Whale Address Count, which tracks the number of addresses holding more than 10,000 units of a particular cryptocurrency.

Whales refer to entities (individuals and organizations) that own significant amounts of a specific cryptocurrency (Ether, in this case). Investors usually pay extra attention to whale movements, as these large entities tend to wield notable influence on market liquidity and prices due to their substantial holdings. 

According to Martinez, the number of whale addresses holding over 10,000 ETH has fallen by more than 7% since July 2024. This decline in the population of large Ethereum holders points to some redistribution or profit-taking and suggests a notable shift in market sentiment, especially among large-scale investors and institutional players.

Interestingly, this reduction in whale addresses coincided with a period where the Ethereum price struggled. Despite the approval and launch of spot ETH exchange-traded funds (ETFs), the altcoin’s price fell from above $3,500 in July to as low as $2,200 by August.

As already seen in the token’s price action over the last few months, the decrease in large Ethereum holders could diminish buying pressure on a grand scale, leading to sluggish price movement. Moreover, sustained profit-taking activities by these whales could potentiate downward pressure on the ETH price.

ETH Price At A Glance

As of this writing, the price of Ethereum sits just above the 2,400 mark, reflecting an insignificant 0.1% decrease in the past 24 hours. The cryptocurrency’s performance on the weekly timeframe is not so insignificant, as the ETH price is down by nearly 10% in the past seven days.

Bitcoin is at a critical turning point after facing several days of selling pressure and consolidating above the $60,000 mark. While some analysts and investors are anticipating a massive rally in the coming months, key data indicates that the market may not be ready for a breakout just yet. 

Recent on-chain data from CryptoQuant reveals that miners are offloading BTC, with their reserves showing a noticeable decline. This suggests that selling pressure from miners could be contributing to the current slowdown.

Despite the optimism for a future rally, the combination of recent price action and on-chain indicators implies that Bitcoin’s much-anticipated upward surge may still take time to materialize. As the crypto market remains uncertain, traders are watching closely for signs of whether the next move will be a bullish breakout or if further consolidation is ahead. 

For now, BTC is holding steady, but all eyes are on whether it can maintain strength above $60,000 or if more selling pressure will emerge before the anticipated rally begins.

Bitcoin Miners Taking Profits

Bitcoin’s price action has faced downward pressure recently, driven by a series of selling events that pushed it down from local highs. Key data from CryptoQuant, shared by analyst Ali on X, highlights a significant trend involving Bitcoin miners. According to the data, Bitcoin miner reserves have decreased noticeably over the past few days. Miners sold a total of 2,364 BTC in the last six days, equating to roughly $143 million.

Miners’ sizable sell-off is a critical factor influencing Bitcoin’s current price dynamics. The behavior of miners often provides insight into broader market sentiment, and this recent selling spree suggests that miners may be preparing for a deeper correction. It’s possible they are taking profits after the recent rally or bracing for increased market volatility. The timing of these sales could indicate caution among miners and other big players in the market as they await Bitcoin’s next major move.

The latest price action, combined with these on-chain indicators, underscores the uncertainty surrounding Bitcoin’s short-term trajectory. Miners, known as significant market participants, seem to be playing it safe, which signals that the next few weeks could be pivotal for Bitcoin’s price. Investors are closely watching for further signs of consolidation or a potential breakout as the crypto market navigates this volatile period.

BTC Price Analysis: Holding Above $60,000

Bitcoin is currently trading at $61,900, demonstrating strength as it holds above the crucial 4-hour 200 exponential moving average (EMA) at $61,684. Maintaining this level as support is vital for bullish momentum, as a successful push towards $66,000 could confirm the upward trend and open the door to new highs.

Analysts believe that if BTC can decisively break above this key resistance, it would signal a robust recovery and attract further buying interest. This could potentially drive the price to test even higher levels, reinforcing the positive sentiment surrounding the cryptocurrency.

Conversely, if BTC fails to maintain its position above the 4-hour 200 EMA, it could trigger a retracement to lower demand levels, with support anticipated around $57,500. A move below this level would raise concerns about the sustainability of the recent bullish action and might lead to increased selling pressure.

Traders are closely monitoring these price points, as they will determine Bitcoin’s short-term direction. The next few trading sessions will be crucial in establishing whether BTC can continue its bullish trajectory or face a correction back to lower demand zones.

Featured image from Dall-E, chart from TradingView

Ethereum (ETH) co-founder Vitalik Buterin has drawn much applause by donating a substantial amount of assets in legal aid of the Tornado Cash developers. Notably, this act comes after the prominent crypto figure stirred the market’s attention with a massive sell-off from his memecoin holdings.

Vitalik Buterin Supports Tornado Cash Founders With $242,000 ETH

In an X post on Saturday, Wu blockchain reported that Vitalik Buterin swapped different amounts of memecoins in his wallet for about 140.6 ETH valued at $340,000. The tokens sold included 70.71 million Neiro, 11.76 billion MOONDENG, 7.8 million DEGEN, 16.03 billion KABOSU, as well as 100,000 USDT donated by the CATE project. 

Following these transactions, blockchain analytics platform Spot on Chain noted that the Ethereum co-founder contributed 100 ETH, worth $242,000 to the legal defense fund of Tornado Cash developers Alexey Pertsev and Roman Storm. This follows a previous donation of 30 ETH valued then at $112,000 by Buterin in May to the same cause. 

Pertsev and Storm are two of the three founders of the crypto mixer platform Tornado Cash which has come under criticism by national authorities as a tool for enabling criminal activities. According to the US Department of Justice, Tornado Cash has facilitated over $1 billion in money laundering since its launch in 2019.

Currently, both developers are stuck in legal battles with Pertsev serving a five-year sentence in the Netherlands while Roman Storm is awaiting trial in the US following his arrest in August 2023. Meanwhile, the location of the third co-founder Roman Semenov remains unknown. It is currently uncertain if Buterin had diverted the profits from his memecoin sale to the “Free Alexey & Roman” defense campaign. However, the Ethereum co-founder has a history of offloading memecoins to donate to a charitable cause. 

Notably in August, Buterin sold off his entire holdings of 17.15 billion Neiro for around 44.42 ETH valued then at $119,000, before donating 200 ETH worth $532,398 to a certain animal welfare fund chosen by the Neiro development team.

Tornado Cash Developers Retain Robust Support From Crypto Community 

Tornado Cash is a well-known decentralized platform that mixes crypto assets to obscure their transaction history. It has previously been utilized by hackers and malicious actors in attempts to launder money and conceal stolen funds. This use of Tornado Cash has led to national authorities arresting Alexey Pertsev and Roman Storm on charges of aiding money laundering, by creating, operating, and promoting Tornado Cash. 

So far, this enforcement action has been met with much opposition from the crypto community who claim that developers cannot dictate the individual use of protocol and are not responsible for the actions of these bad actors.  Aside from Vitalik Buterin, other prominent crypto entities such as Matter Labs and the Uniwao DAO have made substantial donations of $100,000 and $1.5 million to the legal defense fund of these developers.

For many crypto enthusiasts, these legal cases are quite pivotal as an affirmative victory by the government could disenfranchise developers’ participation in the crypto industry. At the time of writing, data from Juicebox shows the defense fund for Alexey Pertsev holds 56.19 ETH worth $135,230 while 327.41 ETH valued at $787,967 has been pledged to the defense of Roman Storm.

Американская компания MicroStrategy, разработчик программного обеспечения и один из крупнейших публичных держателей биткоинов, опубликовала вакансию «менеджера по пропаганде» первой криптовалюты.

Аналитики компании Crypto Insights Group опубликовали отчет, согласно которому управляющие инвестиционных фондов «демонстрируют один из самых высоких уровней криптооптимизма» за год. Число фондов, вложивших средства в криптовалюты, превысило 1600, заявили эксперты.

Генеральный директор компании Auradine, занимающейся производством микросхем для майнинга криптовалют, заявил, что децентрализация добычи биткоина является вопросом национальной безопасности США.

Сервис Google Trends определил, какие поисковые запросы о криптовалютах были самыми популярными у российских пользователей за последние 30 дней.    

Замоскворецкий суд Москвы отправил под арест до 30 ноября бизнесмена Сергея Иванова, которого российское следствие считает организатором криптовалютной биржи Cryptex. Ранее Минюст США предложил $10 млн за информацию, которая помогла бы привести к задержанию этого человека.

PEPE’s recent price action is raising concerns among traders, as bullish momentum appears to be fading. After attempting to rebound, the token faced strong resistance at the $0.00000963 mark, signaling a potential shift in market sentiment. 

With bulls struggling to maintain control and selling pressure mounting, the door is now open for further downside movement, leaving investors to question whether PEPE can recover or if more losses are on the horizon.

The purpose of this article is to examine the token’s loss of bullish momentum after failing to break past the $0.00000963 resistance. By analyzing current market trends and technical signals, the aim is to highlight the increasing downside risks and explore whether the meme coin is set for additional declines or a potential reversal shortly.

Bulls Lose Steam: PEPE Set For Further Decline

PEPE has recently entered bearish territory on the 4-hour chart, dipping just below the 100-day Simple Moving Average (SMA) and approaching the crucial $0.00000766 support level. This drop below the 100-day SMA indicates weakening strength, and with sellers taking control, the cryptocurrency faces the possibility of more losses.

An analysis of the 4-hour Relative Strength Index (RSI) indicates that the signal line has dropped to 43%, following a brief rise to the 50% threshold suggesting that buying pressure is weakening, as the RSI moves deeper into bearish territory. Typically, an RSI reading below 50% implies that sellers are gaining control, which could lead to further downward pressure on the price.

Also, the meme coin is demonstrating notable negative momentum on the daily chart, having encountered resistance at $0.00000963, as evidenced by a bearish candlestick formation. With sellers gaining the upper hand, the meme coin is on the verge of breaking below the 100-day SMA, a crucial support level that, if breached, could intensify selling pressure potentially setting the stage for more losses.

A closer look at the RSI formation on the 1-day chart shows that the RSI signal line has decreased to 53%, previously reaching 55% suggesting that buying pressure is beginning to wane. Particularly, the RSI remaining above the 50% threshold indicates that the asset is still in a relatively strong position, but the downward movement could signal an impending loss of bullish strength.

Price Action Breakdown: Can The Meme Coin Find Support?

After facing resistance at $0.00000963, PEPE’s price has begun to show weakness, dropping below the 100-day SMA and moving toward the $0.00000766 support level. A break below this threshold could unleash heightened selling pressure, potentially resulting in an extended decline toward the $0.00000589 support level and beyond.

Meanwhile, a recovery above the $0.00000963 threshold could reignite bullish momentum, which could spark a price surge toward the $0.00001152 resistance level. Successfully breaking through this level may pave the way for further price growth and boost traders’ optimism, indicating a more sustained upward trend.

David Carmona, founder of the cryptocurrency Ponzi scheme IcomTech, has received a 10-year prison sentence following a court ruling in the last week. This development was revealed on October 4  by the US Attorney’s Office, Southern District of New York.

Carmona To Serve 121 Months In Jail For Crypto Fraud

According to the statement released, Carmona alongside other individuals launched IcomTech in 2018 which was presented as a crypto mining and trading company that helped investors earn profits by acquiring supposed crypto-related investment products.

Carmona and other promoters of IcomTech sold these fake investment funds to unsuspecting victims on which they guaranteed daily returns and promised to double their capital within six months. It was noted that purchases were made via cash, checks, transfers, and even cryptocurrencies.

Each investor was usually granted access to an online portal where they monitor their supposed accruing gains. However, these victims always found difficulty in withdrawing their profits or capital from the online platform resulting in complaints that were appeased with excuses, delays, and hidden charges for the few successful withdrawals. With increasing levels of complaints and rising tensions, IcomTech began offering native digital coins known as “Icoms” as compensation which they claimed would rise in value and could be utilized as a medium of exchange for goods and services.

This initiative also proved false leading to the ultimate collapse of the IcomTech Ponzi scheme. 

Investigations by the US authorities soon revealed that Carmona and other co-conspirators of IcomTech had sold fake crypto investment products to unsuspecting investors, funds from which were diverted to lure more victims through flamboyant expositions as well as personal luxurious expenditure.

In December 2022, The US Attorney’s Office, Southern District of New York announced an indictment against Carmona accusing him of conspiracy to commit wire fraud to which he pled guilty.  In October 2024, Judge Jennifer L. Rochon issued a 121-month imprisonment sentence to the crypto fraudster which will be followed by three years of supervised release.

Commenting on this development, US Attorney for the Southern District of New York, Damian Williams expressed much appreciation of Carmona’s prison sentence saying: 

Carmona’s days of scamming honest people are at an end, and he now faces substantial time in prison. 

Meanwhile, former CEO of IcomTech Marco Ruiz, Ochoa remains in jail following a five-year sentence in January.

Crypto Market Overview 

In other news, the total crypto market cap is valued at around $2.16 trillion following a 1.75% increase in the last day. The market leader Bitcoin, continues to trade around $62,206 with a 1.70% gain in the past 24 hours.

Shiba Inu (SHIB) rallied over 5% in the last 24 hours, leaving Dogecoin (DOGE) behind, as the largest meme coin by market cap recorded lesser gains. Onchain data shows that crypto whales, considering the whale activity for both meme coins, seem to be favoring Shiba Inu over Dogecoin at the moment. 

Why Shiba Inu Price Rallied Over 5%, Leaving Dogecoin Behind

The Shiba Inu Price has rallied over 5%, leaving Dogecoin behind as crypto whales accumulate the second-largest meme coin by market cap. Shiba Inu’s whale activity has exploded in the last few days, with large investors actively accumulating the meme coin. Specifically, data from the market intelligence platform IntoTheBlock shows that the large holders’ netflow has skyrocketed by over 258% in the last seven days.

 

It is worth mentioning that the macro side has also contributed to this price rally. The September US job report, released on October 4, showed the country’s economy is strong. This further boosted Shiba Inu whales’ confidence to continue actively accumulating the meme coin, leading to the price rally witnessed in the last 24 hours. IntoTheBlock shows that these whales traded 4.3 trillion SHIB tokens amid the positive job report. 

More eyes are also on Shiba Inu ahead of the inaugural ShibaCon conference in November. The Shiba Inu team is expected to make game-changing announcements at the event, providing more bullish momentum for the meme coin. One potential announcement includes an update on the launch of the layer-3 privacy chain, which they are currently working on. 

Meanwhile, Shiba Inu’s Marketing Lead, Lucie, recently hinted that a stablecoin was already in the works. Therefore, there could also be an announcement about this stablecoin’s launch. This could drive more decentralized finance (DeFi) activity in the Shiba Inu ecosystem. 

DOGE Could Catch Up Soon Enough

Shiba Inu has been outperforming Dogecoin since the start of the year, with the former boasting a year-to-date (YTD) gain of over 54% compared to DOGE’s 15% YTD gain. However, that could change soon enough, with Dogecoin witnessing a run of its own. Crypto analyst Ali Martinez recently predicted that the foremost meme coin could enjoy a price rally to $0.16. 

Dogecoin’s fundamentals support such a bullish outlook for the meme coin. Bitcoinist recently reported how DOGE’s new addresses jumped by over 72% in one week. 

This indicates that new investors are flocking to Dogecoin’s ecosystem, which could lead to significant price surges as these investors begin to accumulate the meme coin. Dogecoin’s utility is also expected to grow soon enough, with the QED Protocol recently announcing plans to enable smart contracts on the meme coin’s network. 

Meanwhile, Dogecoin whales are regaining confidence in the meme coin’s potential. These whales recently accumulated $108 million DOGE in 24 hours. 

The price of Bitcoin (BTC) experienced a steep decline in the past week, falling as low as $60,000 based on data from CoinMarketCap. However, the BTC market has made some recovery in the last day in line with positive jobs data news from the US. Diving into this development, financial industry analysts at Kobeissi have tipped the US Federal Reserve to implement a 25% rate cut in November.

US Jobs Rise Higher Than Expected As Inflation Slips By 1%

On Friday, the US Bureau of Labor Statistics released the latest employment situation summary for the North American country. This is a monthly statement that measures aspects of the US labor force including unemployment by demographics, and nonfarm employment, hours, and earnings by various industries. 

Providing a commentary on this report, Kobeissi highlights that jobs in the US economy rose by 254,000 in September, marking an unexpected 107,000 increase in the last month over popular expectations.

On the same “hawkish”’ note, the unemployment rate crashed to 4.1% falling below common predictions of stability at 4.2% recorded in August. In fact, Analysts at Kobeissi highlight that the exact unemployment rate was 4.051% which is 0.002% shy of being rounded off to 4.0%.

Based on this report, Kobeissi states the Fed is 93% likely to adopt a 25 bps rate cut at the next Federal Open Market Committee (FOMC) meeting on November 7 which also falls below former market expectations of a 50% cut.

 

Implications For Bitcoin Price 

Despite the change in expected bps cut, Kobeissi describes this situation to remain bullish for financial markets including the crypto space even if the expected rate cut has already been “priced-in”. 

The analysts explain that generally, investors continue to retain a high risk appetite therefore all news is being received as good news. In addition, many financial market enthusiasts are hopeful of a “soft landing” as they predict inflation could continue falling (closer to the 2% target) while the economy remains stable. 

Following the release of the employment situation report, Bitcoin already showed a positive reaction rising by 2.53% to trade above $62,000 on Friday. Therefore, the confirmation of the expected rate cut by the Fed in November will contribute to Bitcoin’s highly anticipated bullish performance in Q4 2024.

Despite a bearish start to the quarter, the premier cryptocurrency is expected to record hefty market gains based on historical reports. Amidst high levels of optimism, multiple analysts expect Bitcoin to attain a six-figure price value soon. At press time, Bitcoin continues to trade at $62,874, following a 7.65% gain in the last month.

The Bitcoin price having an outstanding Q4 to close the year 2024 has been one of the most prominent narratives in the cryptocurrency market in recent weeks. Interestingly, a popular blockchain firm has weighed in with unique on-chain insights into the BTC’s price trajectory.

Can Bitcoin Price Reach $100,000 By December 2024?

In a new report, CryptoQuant revealed that the price of Bitcoin is entering a period of positive seasonal performance with the historically bullish Q4 yet to take its usual course. The on-chain analytics firm highlighted that the premier cryptocurrency usually performs well in the last three months of a halving year.

According to data from CryptoQuant, the Bitcoin price increased by 9%, 59%, and 171% in 2012, 2016, and 2020 (the first three halving years), respectively. Meanwhile, the value of the premier cryptocurrency is up by 46.79% so far in 2024.

Interestingly, CryptoQuant put forward an end-of-the-year target of between $85,000 to $100,000 for the Bitcoin price. It is worth noting that the Q4 rally to this new price high would place the coin’s yearly performance between 100% and 138%.

However, the blockchain firm has identified certain factors that need to align for the Bitcoin price to resume its bull run and potentially reach a new record high. One of these critical factors is demand, which has been mostly stagnant over the last few months.

CryptoQuant data shows that Bitcoin demand growth has been swinging between -23,000 to +69,000 BTC since July. For context, demand soared as high as a staggering 498,000 BTC in April when the market leader danced around the $70,000 price level. Ultimately, this suggests burgeoning demand could have a positive impact on the Bitcoin price in the latter part of 2024.  

BTC Demand From US Spot ETFs On The Rise

Propitiously, demand for Bitcoin from spot exchange-traded funds (ETFs) in the United States has been picking up in recent weeks. According to CryptoQuant data, the Bitcoin funds went from net selling 5,000 BTC in early September to net buying 7,000 BTC by the month’s end.

In comparison, the US spot ETF market purchased nearly 9,000 BTC daily in 2024’s first quarter, catapulting the premier cryptocurrency to the current all-time high of $73,737 by mid-March. If this positive trend continues, investors could see the Bitcoin price revisit its all-time high or even higher before the year is out.

As of this writing, the price of Bitcoin sits just above the $62,000 mark, reflecting a 2.3% increase in the last 24 hours.

An analyst has explained how the data of an on-chain indicator could suggest a bullish trend is still on for Bitcoin despite the latest pullback.

Bitcoin Coinbase Flow Pulse Is Still Signaling Bull Market

In a new post on X, CryptoQuant author Axel Adler Jr has talked about the latest trend in the Bitcoin Coinbase Flow Pulse. The “Coinbase Flow Pulse” refers to an indicator that keeps track of the total amount of BTC flowing into Coinbase from other centralized exchanges.

Here is the chart shared by the analyst, which shows the trend in the 30-day and 90-day simple moving averages (SMAs) of this indicator over the last few years:

As displayed in the above graph, the Bitcoin Coinbase Flow Pulse has seen both of these SMAs moving up since early 2023, suggesting that there has been a long-term trend of increasing inflows to Coinbase from other platforms.

At present, the 30-day is still above the 90-day, which means the inflows are continuing to accelerate. From the perspective of this indicator, whenever these two lines are arranged in this manner, Bitcoin can be assumed to be in a bull market.

The periods where this condition held true are highlighted in green on the chart. It would appear that the metric has only seen a bearish crossover a few times since this uptrend began, with each ‘bear’ period lasting just momentarily.

In recent days, the Bitcoin price has observed some notable bearish momentum, but so far, this indicator has shown no signs of a bearish cross. “Despite the local pullback, the bullish trend persists,” notes the analyst.

As for why a transfer from other exchanges to Coinbase is considered bullish, the reason lies in the type of users that do their trading activities on the platform. Coinbase is primarily used by US-based investors, especially the large institutional entities, who tend to be the drivers of the market.

Inflows to Coinbase imply demand from such users is up, which can end up reflecting into the cryptocurrency’s value. The Coinbase Flow Pulse isn’t the only indicator that’s used for gauging demand from the American investors, there is also the Coinbase Premium Gap, which tells us about the short-term changes in demand.

This indicator measures the difference between the Bitcoin prices listed on Coinbase (USD pair) and Binance (USDT pair). Binance is used by a global traffic, so this metric’s value basically represents the difference in behavior between US and world users.

Below is a chart for the 1-hour version of this indicator shared by an analyst in a CryptoQuant Quicktake post.

As the quant has highlighted in the graph, the 1-hour Bitcoin Coinbase Premium Gap has shown a break above the daily recently, which can be a sign that buying from Coinbase users is starting to pick up.

BTC Price

Bitcoin has taken to sideways movement since its plunge to start the month as its price is still trading around $61,300.

On Friday, crypto asset manager Bitwise, filed with the US Securities and Exchange Commission (SEC) to convert three existing futures-based exchange-traded funds (ETFs) into a new series of funds utilizing “Trendwise strategies” approach. 

This strategy is expected to rotate investments between cryptocurrencies and US Treasuries based on prevailing market conditions, aiming to optimize returns and mitigate risks.

New Strategies Set To Launch By December 2024

According to Friday’s announcement, the proposed funds will implement Bitwise’s proprietary “Trendwise” rotation strategy, which is designed to minimize downside volatility while seeking long-term capital appreciation. 

Under this approach, the exchange-traded funds will shift their allocations from crypto assets to Treasuries when the cryptocurrency markets show signs of retreat, thereby protecting investors from potential losses during downturns.

The conversion is anticipated to take effect around December 3, 2024, with the following name and strategy changes:

• BITC: The Bitwise Bitcoin Strategy Optimum Roll ETF will become the Bitwise Trendwise Bitcoin and Treasuries Rotation Strategy ETF.
• AETH: The Bitwise Ethereum Strategy ETF will transition to the Bitwise Trendwise Ethereum and Treasuries Rotation Strategy ETF.
• BTOP: The Bitwise Bitcoin and Ether Equal Weight Strategy ETF will be renamed the Bitwise Trendwise BTC/ETH and Treasuries Rotation Strategy ETF.

Bitwise also assured investors of these funds that there will be no alterations to the funds’ expense ratios or tax treatments, meaning existing investors will not need to take any action as these transitions occur. 

This filing marks a significant development in what has already been a busy year for the firm, which launched its first spot Bitcoin and Ethereum ETFs in January and July, respectively, acquired the European crypto fund provider ETC Group in August, and filed for a spot XRP ETF earlier this week.

Crypto And US Treasury Investments

Matt Hougan, Chief Investment Officer at Bitwise, emphasized that momentum is a critical factor across various asset classes, especially in the “highly volatile crypto market.” The new Trendwise strategies aim to leverage this momentum through a trend-following approach. 

Specifically, the strategy relies on a proprietary signal that evaluates the 10- and 20-day exponential moving averages (EMA) of Bitcoin and Ethereum prices. When the 10-day EMA is above the 20-day EMA, the funds will invest in the respective cryptocurrencies. Conversely, when the 10-day EMA dips below the 20-day EMA, the funds will rotate into US Treasuries.

Teddy Fusaro, President of Bitwise, highlighted the firm’s commitment to offering diverse access points to the evolving asset class of cryptocurrencies. He stated:

We believe there are many different ways in which investors will want to gain access to this new and emerging asset class. We’re excited to introduce new groundbreaking strategies for these three ETFs to give investors more options for accessing the market

At the time of writing, the largest cryptocurrency on the market is trading at $61,750, up 2.5% over the past 24 hours.

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

Bitcoin (BTC) has faced a rough start to the historically bullish month of October, impacted by escalating geopolitical tensions in the Middle East. Despite this, bulls remain hopeful for a turnaround later in the month.

Bitcoin’s “Uptober” Off To A Patchy Start

The leading digital asset by reported market cap had a tumultuous beginning to its most bullish month since 2013. The chart below depicts how October has historically been the most bullish month for Bitcoin, giving a median return of 21.2%.

Yesterday, BTC briefly plunged below the critical $60,000 level before rebounding to $61,179 at press time. During this see-sawing price movement, BTC witnessed liquidations worth over $32 million, while ETH liquidations stood slightly above $18 million.

Over the past seven days, Bitcoin has tumbled by 6.9%, while major altcoins have experienced even greater losses. Ethereum (ETH) is down 11.2%, Solana (SOL) has dropped 10.9%, and BNB has declined by 9.9%.

According to data from CoinGlass, most of BTC’s price appreciation typically occurs in the latter part of October. The chart below illustrates that the initial days of October have historically been less favorable for BTC prices.

Notably, October 1 has been positive for Bitcoin only once since 2013, while October 2 has shown gains five times out of eleven. In contrast, later dates, such as October 28, have delivered positive returns nine times out of eleven, followed by October 20, which has had eight positive days out of eleven.

It’s worth noting that Bitcoin’s most bearish month, September, closed with gains of 7.29% this year, clocking in its best performance since 2013.

Multiple Factors Weighing On Bitcoin Price Action

Bitcoin underwent its fourth halving in April 2024, followed by the US Federal Reserve’s (Fed) interest rate cuts in September, two events typically considered bullish for BTC’s price outlook. 

However, rising geopolitical escalations have overshadowed these positive developments and the uncertainty surrounding the results of the closely-contested US presidential elections in November 2024.

That said, some crypto analysts are confident about Bitcoin’s bounce back later in the year. For instance, an analyst from Standard Chartered sees BTC’s slump below $60,000 as a tremendous buying opportunity.

Similarly, 10x Research’s Markus Thielen foresees “exceptionally high” chances of a crypto rally in Q4 2024. Some of the factors for this prediction are the declining Bitcoin dominance and the rise in Ethereum gas fees.

In contrast, BitMEX co-founder Arthur Hayes opines that interest rate cuts might lead to a short-term market crash. BTC trades at $61,179 at press time, up 2.2% in the last 24 hours.

Billionaire and crypto advocate Mark Cuban criticized the US Securities and Exchange Commission (SEC) Chairman for his crackdown on the industry, arguing that FTX and Three Arrows Capital (3AC) would still be in business if it weren’t for the US regulator.

SEC Chairman Under Fire For Crypto Crackdown

Mark Cuban recently joined two podcasts on Thursday to discuss industry-related topics, including the US elections, crypto adoption, and the SEC’s regulatory stance. The billionaire heavily criticized the US regulator and its chairman, Gary Gensler, for their “regulation via enforcement” approach to the sector.

In an interview with Farokh Sarmad, Cuban reiterated his long-standing discontent with the Commission, asserting he is a “big fan of bright line regulation” rather than “regulation via litigation.”

The crypto advocate slammed the SEC’s lack of transparency and argued that the Commission has been trying to make the law based on the rulings of its lawsuits instead of setting clear rules from the start, which has been a common criticism for the regulatory agency.

He revealed he confronted Gensler last week in CNBC’s green room, detailing the reasons for his criticism. “I told him this: You’re screwing the whole thing up you’re pushing Industries overseas (…) that’s just wrong because it starts with crypto but expands into other applications,” he recalled.

However, Cuban believes the SEC’s chairman did not “really get it.” The billionaire suggested that Gensler “got some of that Elizabeth Warren in him,” explaining that the SEC’s chair might be “trying to be a public servant that’s saving the world” with his attempt to crack down on the sector and its “bad actors.”

In the All-In podcast, the entrepreneur continued to slam the US regulator, claiming that if it weren’t for Gensler, crypto companies like FTX and 3AC wouldn’t be out of business. He argued that if the US regulator had taken the appropriate approach, companies would have been able to operate responsibly and protect investors:

What he should be doing is saying here’s the bright line regulations. If FTX wants to loan out all their Ethereum, you have to do what they did in Japan and have 95% collateral, and 95% of anything needs to be put in Cold Storage. If he had followed the same rules for crypto that Japan did, FTX would still be in business. Bankman-Fried might still be in jail, but FTX and 3AC would still be in business.

Harris’ Campaign ‘Knows Gensler Screwed It Up’

The billionaire shared the details of his conversations with US Vice President Kamala Harris and her campaign. Cuban has publicly endorsed the Democratic nominee for the upcoming November Presidential elections.

In the interview with Farokh, he shared that, despite his bias, he considers that having Gensler as SEC’s chairman was a bad look for the Biden-Harris administration as it automatically makes all the resolutions “f*cked up.”

Cuban also claims that Harris and her campaign are aware of it, “they understand that he screwed it up, that’s why you haven’t heard her say anything positive to support him.” He considers not endorsing Gensler as a “huge” and positive signal for her crypto stance, which has been heavily questioned.

Lastly, he revealed he was “trolling” when he offered to be the SEC’s new chairman under Harris’ administration. Instead, the billionaire wanted to open a conversation and send a message to Gensler: “that he’s doing it all wrong.”

Власти американского штата Массачусетс вернули 69-летнему Алексею Мадану криптовалюту на сумму $140 000, которую он потерял при вложениях в мошенническую схему SpireBit.