Bitcoin’s Range Low Crypto analyst Michaël van de Poppe believes Bitcoin (BTC) needs to maintain its current price levels to avoid a significant drop. If support fails, BTC could potentially lose $10,000 in value, reaching a low of $52,000-$55,000. Promising Altcoins AIOZ Network (AIOZ) Van de Poppe highlights AIOZ as a promising altcoin. He recommends…
Binance, the world’s largest cryptocurrency exchange, has been fined $4.4 million by Canada’s financial regulator, FINTRAC, for violating anti-money laundering rules. Compliance Violations FINTRAC found that Binance: Failed to register as a foreign money services business Failed to report virtual currency transactions of $10,000 or more FINTRAC’s Response FINTRAC’s CEO, Sarah Paquet, emphasized the importance…
Network Fundamentals and Hashrate Ki Young Ju, CEO of CryptoQuant, predicts that Bitcoin’s price could skyrocket to $265,000. He believes that the cryptocurrency’s network fundamentals, particularly the Hashrate/Market Cap ratio, support this bullish outlook. Comparison to Previous Market Cycle Young Ju notes that Bitcoin’s hash rate is currently three times higher than it was at…
Democrats and Republicans Unite On May 8th, 207 Republican and 21 Democrat House Representatives voted in favor of a resolution (H.J.Res.109) to overturn the SEC’s Staff Accounting Bulletin (SAB) 121. This bulletin requires crypto custodians to treat crypto assets as liabilities, which has hindered banks from holding them. House Votes to Overrule SEC The resolution…
Expanded Custody and Stablecoin Services WisdomTree, a leading Bitcoin ETF issuer, has obtained a New York State charter that allows it to: Store digital assets securely Offer digital wallet services Issue and exchange approved stablecoins Manage stablecoin reserves This charter enhances customer protection, particularly in safeguarding assets. WisdomTree Prime App and Visa Debit Card Launch…
Correlation with Traditional Markets Data from IntoTheBlock shows that Bitcoin (BTC) and Ethereum (ETH) have recently shown little correlation with traditional markets and commodities. This means that the crypto market is charting its own course. Correlation Coefficients The correlation coefficient (r) measures the connection between two quantities. A value above zero indicates a positive correlation,…
Ethereum’s Bearish Fundamentals Ethereum’s price has been closely following Bitcoin’s downward trend. However, analysts believe that Ethereum has weaker fundamentals, suggesting a further decline. Liquidity Concerns Crypto analyst Shin Forex points out that liquidity is flowing away from Ethereum and towards Bitcoin. This indicates waning investor interest in Ethereum. Support Break The ETH/BTC pair has…
Market analysis firm Glassnode reveals a key reason why Ethereum (ETH) has fallen behind Bitcoin (BTC) in the recent market cycle. New Buyer Interest Glassnode notes that Ethereum has not attracted the same level of capital from new buyers as Bitcoin. This influx of new capital has driven Bitcoin to record highs. Bitcoin ETF Approval…
SEC’s Concerns The Securities and Exchange Commission (SEC) Chair, Gary Gensler, believes that many crypto assets are actually securities. He argues that investors are not receiving the necessary information about these assets. Robinhood’s Woes The SEC recently sent a warning to Robinhood’s crypto division, indicating plans for legal action. Gensler declined to comment on specific…
Analyst Benjamin Cowen believes Ethereum (ETH) may face further declines due to: Monetary Policy Headwinds Cowen expects tighter monetary policy to negatively impact ETH, as investors may blame the recent rejection of the spot exchange-traded fund (ETF) and sell off. Bitcoin’s Influence Cowen predicts that ETH can only rise significantly if Bitcoin (BTC) also experiences…
