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Top News, Bitcoin and Altcoin Volatility, Major Hacks, and DeFi Investments

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Top News, Bitcoin and Altcoin Volatility, Major Hacks, and DeFi Investments

This week in the crypto market, significant events happened, with the latest one being the Consumer Price Index (CPI) news, which came in softer than anticipated. This development led to extreme volatility in the market, with Bitcoin’s price fluctuating between $65,000 and $70,000. In this report, we will dive into the key news and developments that controlled the market this week.

The burning question on everyone’s mind is: “Is the crypto market in a bull run?” Recent weeks have seen a series of significant developments, strengthening the market’s position considerably. This week also brought notable fluctuations, and we’ll explore those details in this section.

Terraform Labs and Do Kwon settle with the SEC for $4.5 billion

A U.S. District Court judge approved a $4.5 billion settlement between the SEC, Terraform Labs, and its ex-CEO, Do Kwon. The settlement permanently bans them from the crypto industry following Terra’s $40 billion collapse.

Donald Trump advocates for U.S. dominance in Bitcoin mining

President Donald Trump has advocated for all future Bitcoin mining to occur within the U.S., following a meeting with Riot Platforms’ CEO Jason Les and head of public policy, Brian Morgenstern. He expressed his support for domestic mining firms on Truth Social, highlighting the strategic importance of keeping Bitcoin operations stateside.

OKX reports identity theft drained several user accounts

OKX revealed in a statement that a hacker exploited forged “judicial documents” to access personal information of a few users, with the matter now under investigation by judicial authorities. The breach, revealed by two compromised user accounts on social media, involved the creation of new API keys following unusual risk notification SMS texts from Hong Kong.

CPI Report triggered a market volatility

The U.S. Consumer Price Index (CPI) remained unchanged in May, outperforming forecasts of a 0.1% increase and showing a year-over-year rise of 3.3%, slightly below the anticipated 3.4%. This news triggered a brief surge in the market; however, it later triggered significant long-liquidation.

MicroStrategy Upsizes Offering to Boost Bitcoin Holdings

MicroStrategy, led by Michael Saylor, has increased its convertible senior notes offering from $500 million to $700 million, according to a recent announcement. This upsized offering will fund further Bitcoin acquisitions and general corporate affairs.

Bitcoin And Altcoin Performance

This week, Bitcoin experienced increased volatility due to two key macroeconomic factors. The Federal Reserve’s announcement after its interest rate decision and the release of the Consumer Price Index (CPI) data both led to significant fluctuations in Bitcoin’s price, pushing it close to the critical $70,000 mark. However, the price later fell.

Over the last seven days, investors continued to accumulate BTC near the dip. Japanese company Metaplanet capitalized on the bearish price movement of Bitcoin to enhance its treasury. On June 11, the firm announced that it had acquired an additional 23.25 Bitcoin, increasing its total holdings to 141.07 Bitcoin. These were purchased at an average price of $65,365.

The altcoin market also witnessed a surge in activity due to Bitcoin’s massive volatility. Purchases were not limited to Bitcoin, as Ether also saw significant buying activity among long-term holders. Julio Moreno, the head of research at CryptoQuant, reported on X that accumulation addresses acquired 298,000 Ether within 24 hours on June 12. This figure was just slightly below the record purchase of 317,000 Ether on September 11, 2023.

This week, the price of BTC reached a peak of $70,035 and dipped to a low of $65,103, ultimately reflecting a 5% decrease overall. On the other hand,

Crypto Dominance

This week was volatile for the crypto market; however, Bitcoin’s market cap surged in dominance. It recorded gains over 0.83%, with the current BTC price dominance at 55.3%. 

On the other hand, the dominance of altcoins (excluding top 10) witnessed a steep decline due to Bitcoin’s surge in buying interest. Data reveals that the dominance of altcoins dropped by nearly 4% to 10.57%.

Bitcoin’s On-Chain Metrics Flashed Mixed Signals

Cumulative Value Coin Days Destroyed (CVDD): The latest data from the Cumulative Value-Days Destroyed (CVDD) metric supports the idea that Bitcoin has not reached its maximum value potential yet. This analysis suggests that there could be further upward movement in the market, making BTC a good buying opportunity.

Decline In Profitable Addresses: Due to this week’s bearish volatility in the BTC price, there was a steep decline in the profitable addresses.

Data reveals that the metric dropped from the peak of 98.82% to a recent low of 91.85%. This is currently triggering a surge in liquidation for the Bitcoin market.

Bitcoin Price Rainbow Chart: However, the rainbow chart suggested buying opportunities during the price dip. According to the current analysis presented by the rainbow chart, the timing remains favorable for purchasing Bitcoin. 

This suggests that the current market conditions might offer a valuable opportunity for investors looking to capitalize on future price increases.

Drop In Whale Interest: The whale interest for BTC price witnessed a drop this week. 

Data from IntoTheBlock suggests that large transaction volume faced a drop from the peak of $54.84 billion to the low of $47 billion.

Bitcoin’s ETF Data

Bitcoin has remained relatively stable in its price movements over the past few months, even though there has been a record $12 billion in net inflows into spot Bitcoin ETFs. This unexpected stability has caused concern among investors, especially since many analysts had forecasted a very bullish trend for Bitcoin following the launch of these ETFs. 

According to Farside data, on June 10, Bitcoin (BTC) ETFs saw their first outflows since May 10, totaling $64.9 million and ending a 19-day streak of inflows. The outflows were led by Grayscale’s GBTC with $39.5 million, followed by Invesco Galaxy Bitcoin ETF (BTCO) at $20.5 million, Valkyrie’s Bitcoin Strategy ETF (BRRR) at $15.8 million, and Fidelity’s Bitcoin ETF (FBTC) with $3 million. Despite this, the net inflows for these ETFs generally remain positive. 

Ticker ETF Name Price Price Change Volume
IBIT iShares Bitcoin Trust $37.3 -0.6 (-1.58%) $838.92M
GBTC Grayscale Bitcoin Trust (BTC) $58.18 -0.96 (-1.62%) $295.92M
FBTC Fidelity Wise Origin Bitcoin Fund $57.25 -0.88 (-1.51%) $398.52M
ARKB ARK 21Shares Bitcoin ETF $65.42 -1.09 (-1.64%) $133.01M
BITB Bitwise Bitcoin ETF $35.69 -0.58 (-1.60%) $56.32M

Bitcoin ETFs experienced over $226 million in net outflows on Thursday, marking the third day of withdrawals this week, a pattern similar to late April. Preliminary data from SoSoValue indicates that Fidelity’s FBTC led with $106 million withdrawn, followed by Grayscale’s GBTC with $62 million, and Ark Invest’s ARKB with $53 million in outflows. BlackRock’s IBIT was the exception, gaining $18 million. Valkyrie, Franklin Templeton, Hashdex, and WisdomTree’s ETFs saw no changes in flow. Wednesday was the week’s only day of net inflows, adding $100 million.

Bitcoin’s Technical Analysis

Bitcoin price opened this week at $69,075; however, it failed to maintain this trading range by the end of this week. On 11 June, BTC price dropped toward the low of $66K; however, it later surged ahead of the CPI report and FOMC meeting. As CPI came in softer than expected, Bitcoin and other assets witnessed a steep decline, with the price testing buyers’ patience around $65K. As of writing, BTC price trades at $66,230, declining over 0.6% in the last 24 hours.

The 20-day exponential moving average (EMA) has begun to decline, currently sitting at $67,025, and the relative strength index (RSI) has moved below the midline, suggesting that bears currently have an advantage. A drop below the $65K level might send the BTC price to test $60.1K.

For the bulls, time is critical. They need to push and sustain the price above the 20-day EMA to avert further declines. If successful, the pair could ascend towards $70,000 and possibly extend gains up to $72,000.

Top Cryptocurrency Weekly Analysis

Setting Bitcoin aside, we will now dive into other areas of the cryptocurrency market that have seen significant activity this week. This will cover detailed analyses of memecoins, AI tokens, and stablecoins, as well as a review of the week’s top gainers and losers and key blockchain activities.

Top Gainers/Losers This Week

This week in the cryptocurrency market, several tokens stood out with notable gains. Non-Playable Coin (NPC) led the pack with a remarkable 54.1% increase in its price, followed by Beldex (BDX) and Metaplex (MPLX), which rose by 30.7% and 27.3% respectively. Rocket Pool (RPL) also saw significant growth at 14.5%, showcasing its strong market presence. Rollbit Coin (RLB), while having the smallest gain among the top performers, still managed a respectable 9.2% rise.

Name Price Volume 7d Change
Non-Playable Coin (NPC) $0.02583 $3,835,941 54.10%
Beldex (BDX) $0.04459 $1,199,460 30.70%
Metaplex (MPLX) $0.3534 $3,058,845 27.30%
Rocket Pool (RPL) $23.79 $143,927,905 14.50%
Rollbit Coin (RLB) $0.07031 $3,731,547 9.20%

Beercoin (BEER) led the losses with a drastic 47.7% drop, followed closely by Wormhole (W) which decreased by 35.7%. Curve DAO (CRV) also faced a tough week, declining by 32.2%. Echelon Prime (PRIME) and SATS (Ordinals) (SATS) were not far behind, recording losses of 31.7% and 30.1% respectively.

Name Price Volume 7d Change
Beercoin (BEER) $0.00002305 $124,931,341 -47.70%
Wormhole (W) $0.4582 $93,683,362 -35.70%
Curve DAO (CRV) $0.2821 $248,640,668 -32.20%
Echelon Prime (PRIME) $10.42 $22,090,479 -31.70%
SATS (Ordinals) (SATS) $0.06123 $29,303,237 -30.10%

Top Memecoins Analysis Of This Week

This week in the cryptocurrency market, notable meme coins by market cap have shown varied price movements. Dogecoin (DOGE) experienced an 8.06% decline, while Shiba Inu (SHIB) saw a more substantial drop of 13.88%. Pepe (PEPE) also faced a decrease of 7.98%. Dogwifhat (WIF) recorded a 14.27% decline, marking significant volatility. The most dramatic fall was seen in FLOKI, which plummeted by 28.29%. Despite these declines, there were minor positive changes in the hourly changes, suggesting some level of trading cooldown among meme coin enthusiasts.

Name Price 1h % 24h % 7d % Market Cap
Dogecoin (DOGE) $0.1362 0.59% -4.36% -8.06% $19,706,421,135
Shiba Inu (SHIB) $0.00002068 0.60% -3.75% -13.88% $12,185,736,385
Pepe (PEPE) $0.00001195 2.02% -0.95% -7.98% $5,025,420,824
dogwifhat (WIF) $2.43 0.31% -0.41% -14.27% $2,422,507,273
FLOKI (FLOKI) $0.00002057 0.92% -2.97% -28.29% $1,966,723,403

Top AI Coins Analysis Of This Week

This week, top AI-related cryptocurrencies exhibited notable declines. NEAR Protocol saw the largest drop at 18.00%, while Bittensor decreased by 23.33%. Injective and Render also faced significant downturns.

Name Price 1h % 24h % 7d % Market Cap
NEAR Protocol (NEAR) $5.60 -0.10% -5.22% -18.00% $6,100,048,038
Render (RNDR) $8.05 0.98% -3.48% -15.45% $3,127,342,483
Injective (INJ) $25.91 0.28% -11.13% -12.84% $2,420,108,447
The Graph (GRT) $0.2387 0.35% -3.57% -11.76% $2,269,864,276
Bittensor (TAO) $298.23 -0.71% -6.58% -23.33% $2,068,294,698

Top Metaverse Tokens Analysis Of This Week

This week’s top metaverse tokens by market cap experienced significant fluctuations. Immutable (IMX) faced the sharpest weekly decline of 16.57%, while Gala (GALA) also dropped considerably by 17.22%. FLOKI saw the most severe downturn at 29.09%. In contrast, Notcoin (NOT) displayed stability with a modest weekly gain of 0.83%. Axie Infinity (AXS) declined by 14.18%.  

Name Price 1h % 24h % 7d % Market Cap
Immutable (IMX) $1.73 0.26% -3.70% -16.57% $2,609,235,531
Notcoin (NOT) $0.01946 -0.34% 7.68% 0.83% $1,998,143,481
FLOKI (FLOKI) $0.000204 -1.00% -3.74% -29.09% $1,950,648,966
Gala (GALA) $0.03305 -0.36% -4.16% -17.22% $1,047,225,530
Axie Infinity (AXS) $6.75 0.48% -3.53% -14.18% $984,049,540

Top Stablecoins Analysis

This week in the stablecoin sector, Tether (USDT) continues to lead with a market cap of over $112 billion, despite slight fluctuations in trading volume. USDC and Dai showed modest changes, with market caps of approximately $32 billion and $5 billion, respectively. Notably, Ethana USDe reported a significant 51.6% increase in its market cap, highlighting growing investor interest. Conversely, First Digital USD experienced a sharp 33% decrease.

Coin Price 24h Volume Exchanges Market Cap 30d Change
Tether (USDT) $0.9988 $45,015,746,781 352 $112,403,514,928 1.30%
USDC (USDC) $0.9998 $6,128,906,377 368 $32,355,569,902 -2.60%
Dai (DAI) $0.999 $405,706,788 272 $5,221,305,817 -4.60%
Ethana USDe (USDE) $1.00 $119,982,239 9 $3,516,028,181 51.60%
First Digital USD (FDUSD) $0.9982 $5,914,936,729 23 $2,541,603,279 -33.00%

Read More About This: Stablecoin Performance and Analysis May Update: An In-depth Monthly Report 

Top Blockchains Weekly Analysis

In this segment, we’ll dive into the major activities across top blockchains, examining their market dominance and total value locked (TVL). We will separately analyze layer-1 and layer-2 blockchains to offer a detailed view on current market trends and sentiments.

Dominance of L1 Chains

This week’s overview of the top layer-1 blockchains shows Ethereum leading significantly in both market dominance at 81.65% and total value locked (TVL) at $61.775 billion. BNB Smart Chain and Solana follow, with market dominances of 6.81% and 5.66%, respectively, and TVLs over $5 billion each. Bitcoin, usually not categorized purely as a smart contract platform, shows a TVL of $1.102 billion with a 1.46% dominance. Avalanche also features, with a TVL of $786 million and a 1.04% market dominance.

Chain 24h Change 7d Change 30d Change 24h Volume TVL Dominance
Ethereum 0.10% -4.50% 14.90% $1,704,146,226 $61,775,390,527 81.65%
BNB Smart Chain -0.40% -8.70% 16.10% $466,225,871 $5,154,620,039 6.81%
Solana -0.90% -7.10% -2.30% $1,258,114,417 $4,280,422,686 5.66%
Bitcoin -0.80% -5.30% -2.50% $1,102,578,965 1.46%
Avalanche -2.50% -7.20% 17.20% $33,493,066 $786,784,013 1.04%

Dominance of L2 Chains

This week’s analysis of top layer-2 blockchains reveals varied performance. Arbitrum One leads in market dominance at 28.85% with a notable 12.1% increase over 30 days. Blast showed a significant 35.7% growth, the highest in the group. Base and Optimism recorded moderate long-term gains. Despite recent declines, Polygon POS maintains steady activity.

Chain 24h Change 7d Change 30d Change 24h Volume TVL Dominance
Arbitrum One -0.50% -5.20% 12.10% $465,765,028 $2,974,377,689 28.85%
Blast 0.10% -6.40% 35.70% $141,082,628 $2,078,697,971 20.16%
Base -0.50% -3.20% 7.50% $648,067,948 $1,640,311,770 15.91%
Polygon POS -0.60% -6.40% 2.30% $126,634,465 $881,904,360 8.55%
Optimism -0.60% -8.70% 7.90% $102,280,789 $730,896,188 7.09%

Also Check Out: Blockchain Monthly Report For May 2024: All You To Need To Know To Stay Ahead

Top Crypto Exchanges Performance Analysis (7-day)

Top Centralized Exchanges

Binance, the largest exchange, boasts a normalized 24-hour volume of approximately $8.6 billion and an actual volume nearing $16.6 billion, attracting about 65.5 million visits monthly. Bybit and HTX follow, with notable volumes and lower visitor counts. Coinbase and Gate.io also show significant trading activity, with monthly visits of 40.9 million and 16.1 million, respectively.

Exchange 24h Volume (Normalized) 24h Volume Monthly Visits
Binance $8,598,884,565 $16,641,029,643 65.5 M
Bybit $3,995,307,418 $4,583,085,437 30.4 M
HTX $2,586,813,439 $2,586,813,439 19.8 M
Coinbase Exchange $2,210,586,639 $2,210,586,639 40.9 M
Gate.io $2,113,400,227 $2,812,015,036 16.1 M

Top Decentralized Exchanges

Uniswap V3 on Ethereum leads with a 24-hour volume of approximately $1.04 billion, capturing 18.5% of the market share and attracting over 10 million monthly visits. Raydium and Orca follow, with respective market shares of 10.7% and 8.2%, indicating substantial trading activity. Uniswap V3 on Arbitrum One also shows notable engagement, mirroring the Ethereum platform’s visit count. Curve on Ethereum, though smaller in volume, maintains a consistent user base. 

Exchange 24h Volume % Market Share by Volume Monthly Visits
Uniswap V3 (Ethereum) $1,042,602,699 18.50% 1,03,88,376
Raydium $602,205,436 10.70% 34,21,258
Orca $463,585,969 8.20% 4,80,015
Uniswap V3 (Arbitrum One) $307,392,576 5.50% 1,03,88,376
Curve (Ethereum) $288,704,453 5.10% 2,60,162

Top Derivatives

Binance Futures leads with $19.5 billion in open interest and $54.4 billion in daily trading volume. Bybit follows with $13.2 billion in open interest and $19.4 billion in volume. Bitget, Deepcoin, and CoinW also have significant activity, with billions in both open interest and trading volume.

Exchange 24h Open Interest 24h Volume
Binance (Futures) $19,548,348,236 $54,498,982,029
Bybit (Futures) $13,177,264,279 $19,411,986,707
Deepcoin (Derivatives) $10,535,384,835 $7,710,801,075
Bitget Futures $10,269,511,123 $15,522,748,862
CoinW (Futures) $6,781,434,672 $23,015,968,916

Crypto Funding Analysis This Week

Crypto Fundraising Trend

The crypto fundraising trend over the past two weeks shows a significant variation in funds raised. From June 10 to June 15, 2024, $112.8 million was raised across 32 fundraising rounds. This contrasts with the previous week, June 3 to June 9, 2024, which saw $409.43 million raised in 29 rounds. While the number of rounds increased in the more recent week, the total funds raised were notably lower

Week Funds Raised Number of Fundraising Rounds
June 10– June 15, 2024 $112.8 Million 32
June 3-June 9, 2024 $409.43 Million 29

Active Investors This Week

The table highlights the activity of various investment funds in the crypto space. Electric Capital and Castrum Capital lead with four deals each. Several other funds, including Gains Associates, Kangaroo Capital, and Web3Port, followed with two deals each. Smaller funds like Animoca Brands and Paradigm participated in one deal each.

Funds Deals
Electric Capital 4
Castrum Capital 4
Gains Associates 2
Kangaroo Capital 2
Web3Port 2
Pantera Capital 2
Big Brain Holdings 2
CSP DAO 2
Mask Network 2
Animoca Brands 1
Delphi Ventures 1
Framework Ventures 1
Outlier Ventures 1
Paradigm 1

Crypto Fundraising by Category

According to Cryptorank’s data, DeFi was the most invested category this week, with Electric Capital and Castrum Capital leading the way. Blockchain infrastructure and GameFi also attracted significant investments, reflecting a diverse interest in various sectors of the market.  

Top Hacks This Week

The UwU Lend protocol was hacked for nearly $20 million on June 10. Another exploit resulted in $3.5 million being stolen from UwU during the reimbursement process. Additionally, the cryptocurrency exchange Lykke was breached on June 10, losing $22 million in digital assets.

Holograph’s native token fell 79.4% after a hacker exploited its operator contract, minting 1 billion HLG tokens worth $14.4 million. Holograph confirmed the hack on June 14 and is working to freeze the hacker’s accounts.

Hack Total Amount Stolen Date
UwU Lend protocol (first hack) $20 million Jun-10
UwU Lend protocol (second hack) $3.5 million June 13
Lykke cryptocurrency exchange $22 million Jun-10
Holograph (HLG token exploit) $14.4 million Jun-14

As a result, nearly $60 million was stolen this week from four different hacks.

Conclusion

This week in the crypto market witnessed significant events, including softer-than-expected CPI news that led to market volatility, with Bitcoin fluctuating between $65,000 and $70,000. Major developments included Terraform Labs settling with the SEC for $4.5 billion and Donald Trump advocating for U.S. dominance in Bitcoin mining. Hacks were a major concern, with nearly $60 million stolen from UwU Lend protocol, Lykke exchange, and Holograph. Despite the turbulence, notable investments were made in DeFi, blockchain infrastructure, and GameFi. 

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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

FinCrypt Staff

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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%.

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

FinCrypt Staff

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

FinCrypt Staff

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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.

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

FinCrypt Staff

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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

Hosts:

Guest:

  • Jack PlattsCo-Founder and Managing Partner of Hypersphere Ventures

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