Markets

Cryptocurrencies, Stocks Struggle to Overcome Macroeconomic Concerns, BTC Maintains Support at $63K

Published

11 months ago

8 May, 2024

Cryptocurrencies, Stocks Struggle to Overcome Macroeconomic Concerns, BTC Maintains Support at $63K

(Kitco News) – The cryptocurrency market was in consolidation mode on Tuesday as Bitcoin (Bitcoin) continued above $63,000 while most altcoins recorded small declines amid a slow day in the crypto news cycle.

“Shares rose more [in early trading] on Tuesday, driven by falling Treasury yields as traders looked for further indications of when the Federal Reserve might initiate rate cuts,” said analysts at Secure Digital Markets. “After a positive session on Wall Street, investors continue to build on the previous week’s momentum, bolstered by recent U.S. employment numbers and Fed Chairman Jerome Powell’s rejection of an imminent interest rate hike.”

But the initial rally stalled around midday after Disney’s earnings report disappointed and interest rate concerns returned to investors’ minds.

After a brief dip into the red, the main indices registered a slight recovery at the close of the market, with the S&P and Dow ending up 0.13% and 0.08%, respectively, while the Nasdaq lost 0.10% .

Data provided by TradingView shows that Bitcoin traded in a range between $62,815 and $64,445 on Tuesday, with bulls and bears evenly matched in terms of strength, giving neither side the advantage.

BTC/USD Chart by TradingView

At the time of writing, BTC is trading at $63,010, down 0.5% on the 24-hour chart.

Expected volatility

“Bitcoin has been hovering between $62,700 and $64,700 since Saturday,” noted analysts at Secure Digital Markets. “The continued decline in both the US dollar index and the 10-year Treasury yield has reinforced the valuation of risky assets. A rise beyond the $65,000 mark would undoubtedly signal a bullish purchase.”

Although BTC is currently in a holding pattern, analysts noted that the recent rally has “sparked excitement among crypto options traders: call volume significantly exceeds put volume, suggesting bullish sentiment in the market.” .

“Demand for out-of-the-money call options, with strike prices ranging from $70,000 to $100,000, has increased notably,” the analysts said. “According to data from Deribit, traders have secured more than $688 million in call options at the $100,000 strike across multiple expiries, marking the largest notional open interest on the platform.”

In the spot market, “buyers aggressively entered below $60,000, liquidating short positions at the end of the day.” he said market analyst Bloodgood. “The weekly $58K to $59K level holds for now, however, continuation is necessary or else sooner or later we will return to that level.”

“The daily level we are interested in now is slightly below $65,000, which will tell us if this bounce will take us higher or if we will fall below $60,000,” he added.

“On the daily chart, we can see that a clear downtrend continues, with a new low below $57K,” noted Bloodgood.

“The bulls will want to see a higher high form, which means we need to see Bitcoin above $67K, and the bears will want to see this daily resistance hold and take us back below $60K.” , he said. “It’s going to be a fun week.”

Addressing broader markets and the forces influencing asset prices, Bloogood said: “The macro pendulum continues to swing between hopes for a soft landing and dovish Fed policy on the one hand, and fears that inflation returns with force, on the other.”

“Lately, the movement has been largely in the direction of fear as hopes for substantial rate cuts this year began to evaporate, but then the boost the bulls needed was the Non-Farm Payrolls (NFP) report that came out on Friday,” he said. he said. “The NFP revealed that the US economy created 175,000 jobs in April 2024, a slowdown from the upwardly revised 315,000 jobs created in March and well below market expectations, which predicted an increase of 243,000.”

“Normally, a weaker job market is not what most people would consider good news, but in this context it is great for stocks and crypto as it pushes the Fed towards a more dovish approach,” concluded Bloodgood.

Mixed bag for altcoins

It was a mixed day for altcoins, with most tokens in the top 200 trending lower.

Daily cryptocurrency market performance. Source: Coin360

AIOZ Network (AIOZ) and Jito (JTO) managed to overcome the noise to post gains of 13.9% and 12.9%, respectively, while Ethena (ENA) rose 7.2%. Helium was the biggest loser, falling 5.6%, followed by a 5.6% drop for Book of Meme (BOME) and a 5.5% loss for Celestia (TIA).

The total cryptocurrency market value is now $2.33 trillion and Bitcoin’s dominance rate is 53.4%.

Disclaimer: The opinions expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure the accuracy of the information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes. This is not a request to carry out any exchange of goods, securities or other financial instruments. Kitco Metals Inc. and the author of this article accept no liability for loss and/or damage arising from the use of this publication.

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We are the editorial team of FinCrypt, where seriousness meets clarity in cryptocurrency analysis. With a robust team of finance and blockchain technology experts, we are dedicated to meticulously exploring complex crypto markets with detailed assessments and an unbiased approach. Our mission is to democratize access to knowledge of emerging financial technologies, ensuring they are understandable and accessible to all. In every article on FinCrypt, we strive to provide content that not only educates, but also empowers our readers, facilitating their integration into the financial digital age.

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Markets

Crypto Markets Rebound as Spot Bitcoin ETFs Attract Massive Inflows

Published

8 months ago

17 July, 2024

FinCrypt Staff

Crypto Markets Rebound Ahead of Early Ethereum ETF Approval

This week saw $722 million worth of Bitcoin spot ETF inflows, including the largest daily inflow in a month.

Cryptocurrency markets rallied on Wednesday, driven by inflows into spot Bitcoin exchange-traded funds (ETFs).

The price of Bitcoin (BTC) is up 3% over the past 24 hours to last change hands at $65,200, according to CoinGecko. Ethereum (ETH) is up 2% and is trading at $3,471. Solana (SUN) and Polkadot (POINT) increased by 4%.

Bitcoin spot ETFs saw $422 million in daily inflows on Tuesday, the highest in the past 30 days, according to Far side data, . The all-time record for a single day was $1.05 billion on March 12.

Among Tuesday’s top contributors, BlackRock’s IBIT led with $260 million in inflows, followed by Fidelity’s FBTC with $61 million. This week has already seen more than $722 million in inflows.

Among the top 100 cryptocurrencies by market cap, Worldcoin (WLD) led with a 28% increase, followed by Helium (HNT) with 20% and Lido DAO (LDO) with 15%.

Worldcoin, a decentralized identity project led by OpenAI CEO Sam Altman, announced is extending the lockups for early investors and team members. This means that tokens will be gradually released through 2029, instead of the original 2027 plan. Token unlocks are generally seen as a negative because they increase supply and early investors can sell their tokens for profit.

Meanwhile, XRP, the token of the XRP Ledger network, jumped 8% after the CME and CF benchmarks introduced new indices and reference rates for XRP.

U.S. stocks faced a downturn on Wednesday. The S&P 500 fell 1%, while the Nasdaq Composite and Dow Jones Industrial Average both fell 2%.

Source

Markets

Altcoins on the cusp of a major breakout – WLD, AR, and INJ prices could surge by 20% in the coming days

Published

8 months ago

17 July, 2024

FinCrypt Staff

Altcoins on the cusp of a major breakout – WLD, AR, and INJ prices could surge by 20% in the coming days

Crypto markets appear to have been taken over by the bulls as major tokens have surged above their crucial resistance zone. Bitcoin surged above $65,000 while Ethereum was above $3,500, and XRP, which had remained passive for quite some time, surged over 40% in the past few days to hit $0.6. The uptrend has been captured in most altcoins, with Worldcoin (WLD), Arweave (AR), and Injective (INJ) leading the rally. Here’s what to expect for these tokens in the coming days.

Worldcoin (WLD) Price Analysis

O Worldcoin Price has been trading inside a descending wedge since it marked a new ATH near $12 in the final days of Q1 2024. The recent price action helped the price break out of the upper resistance of the wedge, breaking above the crucial resistance zone between $2.21 and $2.39. Market sentiments have changed, but technicals suggest that the bulls may remain passive for a while, which could offer some room for a bearish pullback.

The price broke out of the wedge with a significant increase in volume, but the current volume suggests that the bulls have taken a step back. Meanwhile, the RSI is about to reach the upper boundary, which could attract bearish forces. Additionally, the DMI has undergone a bullish crossover, but the decline in the ADX suggests that the rally may remain consolidated above the gains. Therefore, the WLD price is expected to maintain a horizontal consolidation between $3 and $3.3 and trigger a fresh rally to $4.4 during the next bullish rally.

Arweave (AR) Price Analysis

Arweave formed a strong base around $25, which helped the rally trigger a recovery during the bearish attack. Mt. Gox and German terror forced the price to fall below $20. However, the recent price action has brought the altcoin within the bullish range and raised expectations of maintaining a decent uptrend for a few more days.

AR price has hit one of the major resistances around $30 to $31.5, which could act as a strong base once overcome. The buying volume is slowly increasing, which could keep the bullish hopes for the rally high. Moreover, the supertrend has just flashed a buy signal, indicating a clean reversal of the trend. Therefore, AR price seems primed to maintain a healthy uptrend and rally above $40. However, if the bulls maintain a similar trend, making new highs above $50 may not be a tedious task for the bulls.

Price Analysis of Injective (INJ)

Injective price has been showing sharp strength since the beginning of the year and hence, the recent turnaround is expected to revive a good uptrend going forward. The bears engulfed the rally to a large extent, but the recent price action suggests that the bulls have regained their dominance. Therefore, INJ price is expected to maintain a strong uptrend with a bearish interference on the way down.

INJ price has surged above the lower support zone and has registered consecutive bullish candles. Although the volume is below the required levels, the OBV is maintaining a sharp uptrend. Furthermore, the Ichimoku cloud lead span B is heading towards the lead span A and a healthy crossover indicates the start of a new uptrend. However, INJ price may be out of the bears’ reach once it secures the resistance zone between $30.77 and $32.12, which seems to be on the horizon.

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Markets

Ethereum at $3.5K, Exchange Supply Hits 34-Month High

Published

8 months ago

17 July, 2024

FinCrypt Staff

Ethereum at $3.5K, Exchange Supply Hits 34-Month High

Ethereum (ETH) supply on exchanges has hit a 34-month high as the asset’s price surpassed the $3,500 mark.

ETH has risen 2.3% over the past 24 hours and is trading at $3,490 at the time of writing. The second-largest cryptocurrency — with a market cap of $419 billion — briefly touched an intraday high of $3,517 earlier today.

ETH Price, Whale Activity, RSI, and Exchange Supply – July 17 | Source: Santiment

Ethereum’s daily trading volume also increased by 7.6% to reach $19.8 billion.

According to data provided by Santiment, the supply of Ethereum on exchanges has reached $19.52 million ETH. This level was last seen in September 2021, when the asset was trading around the same price.

On the other hand, data from the market intelligence platform shows that the number of whale transactions has fallen by 12% in the last day — falling from 8,730 to 7,629 unique transactions per day.

The move shows that the supply of Ethereum on exchanges has been increasing with small deposits rather than large transactions from whales.

Additionally, the ETH Relative Strength Index (RSI) is currently hovering at the 60-mark, per Santiment. The indicator shows that Ethereum is slightly overbought at this price point, but it may not be in a critical position due to its large market cap.

One of the main drivers of Ethereum price increase is ETH spot expectations ETFs in the US Investment products are scheduled to start trading on July 23rd.

Source

Markets

Bits + Beeps: How to Play the ‘Trump Trade’ in Cryptocurrencies After the Assassination Attempt

Published

8 months ago

17 July, 2024

FinCrypt Staff

Bits + Bips: How to Play the ‘Trump Trade’ in Crypto After the Assassination Attempt

Also, how much will the Fed cut rates (and when)? What will be the inflows into ETH ETFs? And what is the near future for Bitcoin?

Posted on July 17, 2024 at 12:00 PM EST.

Listen to the episode at Apple Podcasts, Spotify, Capsules, Source, Podcast Addict, Pocket molds, Amazon Musicor on your favorite podcast platform.

In this episode of Bits + Bips, hosts James Seyffart, Alex Kruger and Joe McCann, joined by guest Jack Platts, dive into the market reaction to the recent assassination attempt on former President Donald Trump, analyzing how this event will influence the 2024 US presidential election and the cryptocurrency markets.

They also cover potential rate cuts: Could there be a cut in July? How big could the September rate cut be? Could the decision be influenced by the upcoming election?

They also give their predictions on what percentage of BTC ETF inflows the ETH ETFs will reach, and James talks about what he expects for Grayscale’s ETHE (hint: his outlook would be positive for ETH).

Finally, they delve into what’s next for Bitcoin as the German government runs out of BTC and Mt. Gox distributions begin. Just now?

Program Highlights:

Whether Trump’s shooting decided the election and whether the event caused a “flight to safety”
How election markets are becoming a place to watch election probabilities and whether cryptocurrencies “lean right”
Whether rate cuts will occur in July or September and by how much they will cut: 25 bps or 50 bps
How Joe sees the relationship between global liquidity cycles, rate cuts, and the potential rise of Bitcoin
What are the new updates about Ethereum ETFs and their expected launch?
Why Solana Hasn’t Performed Significantly Better Since Trump News
What Market Breadth Indicates About the Current Market Rally and the Impact of Rates on Small Caps
Everyone’s predictions on ETH ETF inflows and how much outflow we’ll see on Grayscale’s ETHE
What’s Next for BTC After German Government Exits Bitcoin and Mt. Gox Giveaways Starting This Week