Justin Sun, the founder of Tron (TRX), has been buying up Ethereum (ETH) worth hundreds of millions of dollars as the crypto market experiences a correction. Accumulating Ethereum According to blockchain-tracking service Lookonchain, Sun has acquired 176,117 ETH, valued at approximately $559.7 million, since April 8th. This represents an average purchase price of $3,170 per…
Current State of Bitcoin Bitcoin’s price has struggled to stay above $65,000 since the halving event. It’s currently trading around $62,000, down slightly from the previous day. SOPR Ratio: A Bullish Indicator According to CryptoQuant analyst Phi Deltalytics, Bitcoin’s Adjusted Spent Output Profit Ratio (aSOPR) remains bullish. This means that, on average, people are still…
Past Halving Cycles as a Guide According to Rekt Capital, a cryptocurrency expert, Bitcoin’s price has historically surged after each Halving, an event that reduces the supply of new Bitcoin. In the past two cycles, Bitcoin peaked within 518 to 546 days after the Halving. If this pattern holds, Bitcoin could reach its peak in…
Analyst’s Perspective A leading analyst predicts that Bitcoin’s bull market will continue even if it experiences a correction to $52,000. DonAlt, with a large YouTube following, believes that a 30% dip from Bitcoin’s peak is not unexpected given its recent surge. DonAlt explains that a drop to $52,000 would not weaken Bitcoin’s long-term strength. He…
Legendary Trader’s Analysis Peter Brandt, a seasoned trader, has analyzed Bitcoin’s price behavior and suggests it may have peaked in its current cycle. He believes Bitcoin is showing signs of “Exponential Decay,” indicating a weakening in the momentum of its bull market cycles. Historical Bull Cycle Analysis Brandt analyzed Bitcoin’s previous bull cycles and observed…
Crypto Restrictions Russian lawmakers are planning to restrict cryptocurrencies, with a vote expected in the coming weeks. The ban would target crypto exchanges and exchangers outside a special legal framework. Mining and Testing Allowed Crypto miners, mining pools, and projects approved by the Central Bank would still be allowed to operate under the experimental legal…
Zero Inflows for the First Time BlackRock’s Bitcoin ETF, iShares Bitcoin Trust (IBIT), has seen a surprising lack of interest from investors. For three days straight (April 24-27), there were zero inflows into the ETF. This is the longest period of zero inflows since its launch. Outflows from Other Bitcoin ETFs While IBIT saw no…
Stagflation Spooks Crypto Prices Bitcoin and other cryptocurrencies are taking a hit as investors worry about stagflation in the US. Stagflation is a nasty combo of high inflation and slow economic growth, which makes investors nervous. Bitcoin is down 1.5% to $62,559, while Ethereum (ETH) has dropped 3.30% to $3,187. This reflects concerns that stagflation…
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Ethereum, the second-biggest cryptocurrency, has seen its transaction fees plummet to a record low of $1.12. Fees as a Market Mood Indicator Crypto analysts believe that transaction fees reflect the overall sentiment in the market. When investors are bullish and expect big gains, fees tend to be higher. Conversely, during downturns, fees drop. Low Fees:…
