CryptoQuant CEO Ki Young Ju reports that Bitcoin whales have taken massive long positions on the exchanges Bybit and HTX. These positions were opened at $69,000. Whales’ Previous Success Ju points out that whales also opened significant long positions in August 2023, which preceded a sharp rally that saw BTC rise from $25,000 to over…
Factors Contributing to the Decline 1. Federal Reserve Meeting Jitters Investors are holding back before the Federal Reserve’s meeting on Wednesday. The Fed is expected to keep interest rates unchanged but may adopt a more cautious stance. Higher interest rates tend to make non-yielding assets like Bitcoin less attractive. 2. Increased Selling Pressure A surge…
Bitcoin has taken a tumble this week, dropping below several support levels. After falling below $71,000, it’s now hovering around $67,000, signaling a potential downtrend. Consolidation Zone Crypto analyst Bitcoin Signals has identified a consolidation zone between $67,000 and $72,000. This suggests a short-term correction is underway, with the price fluctuating within this range. Falling…
Bitcoin (BTC), the top cryptocurrency, is facing further declines as the market becomes increasingly pessimistic. Key Support Levels Breaking BTC is struggling to hold onto crucial support levels, signaling a potential for more losses. Factors Contributing to Bearishness Economic pressures Regulatory concerns Technical indicators Technical Analysis Indicates Further Decline 4-hour chart: BTC has fallen below…
Crypto Mining as a Money Laundering Tool Europol, a European law enforcement agency, has raised concerns about the use of crypto mining to launder money. Criminals are using mining operations to hide the origins of their ill-gotten gains and even make profits in the process. Mining pools, especially those used by ransomware operators, have been…
Interest Rate Cut Prospects Moody’s Analytics economist Mark Zandi believes the US Federal Reserve (Fed) should consider cutting interest rates. He argues that financial conditions are favorable, with inflation showing signs of cooling. Zandi also highlights the strong employment rate, suggesting that the Fed can afford to ease interest rates. Fed’s Inflation Target The Fed…
Ripple’s Commitment to East Asia Ripple has launched a massive fund to support the growth of the XRP Ledger (XRPL) in Japan and Korea. The XRPL Japan and Korea Fund, worth approximately $490 million, will invest in various initiatives to enhance the adoption and utility of XRPL in these regions. Key Focus Areas The fund…
Adoption and Acceptance on the Rise As Bitcoin gains wider acceptance, US Bitcoin Spot Exchange-Traded Funds (ETFs) have acquired a significant amount of BTC in the past week: approximately 25,729. This aligns with the growing trend of financial institutions and businesses embracing Bitcoin, solidifying its position in the global financial system. ETF Accumulation Matches Mining…
Ethereum’s price took a hit after failing to break through the $3,720 mark. It’s now hovering around $3,550, with further losses likely. Resistance at $3,720 Ethereum tried to climb above $3,650 but faced resistance from sellers. The price reached $3,710 before dropping sharply. Support at $3,550 If Ethereum can’t regain $3,650, it could continue to…
Inflows and Market Enthusiasm Ethereum has seen a surge in inflows and renewed market enthusiasm after the SEC approved Ethereum ETF applications. This follows a recent price spike that brought Ethereum close to $4,000. Best Week for Ethereum Since March According to CoinShares, digital asset investment products have experienced $2 billion in inflows, with Ethereum…
