Author: dfmines

On April 30, a judge sentenced the former Binance CEO to four months in federal prison but did not set a reporting date at his hearing.

According to Ki Young Ju, CEO of CryptoQuant, the Bitcoin current market dynamics suggest a bullish phase that could extend well into April 2025. Ju’s analysis comes amid BTC’s current uptrend, which appears to be a continuation of that seen in March, when BTC achieved a new all-time high, surging above $73,000 for the first time. Related Reading: Analyst Utilizes Supply And Demand Principles To Determine Bitcoin Price Bitcoin Market Cap Growth Indicates Prolonged Uptrend, Says CryptoQuant CEO Notably, Ki Young Ju’s prediction stems from an analysis of Bitcoin’s market capitalization growth, which has been outpacing its realized capitalization — a measure of the market’s aggregate cost basis. This trend is a classic indicator of a strong bullish cycle and has been a reliable harbinger of sustained upward momentum in past market cycles. Ju’s analysis highlights that the market cap’s rapid growth compared to the realized cap suggests increased investor confidence and market momentum. This pattern has historically signaled prolonged bullish phases. If the current trends persist, this cycle is expected to continue, leading to significant gains in Bitcoin’s value over the next year and a half. #Bitcoin is in the middle of the bull cycle. Its market cap is growing faster than its realized cap, a trend that typically lasts around two years. If this pattern continues, the bull cycle might end by April 2025. pic.twitter.com/o4k8B1Rkhv — Ki Young Ju (@ki_young_ju) May 17, 2024 Bitcoin has shown a positive trend, with a 1.9% increase in the past 24 hours and an over 12% rise in the past two weeks. At the time of writing, it is trading around $67,201. Institutional Adoption And Market Sentiments Underpin Bullish Outlook The optimistic outlook for BTC is not just based on historical trends and market cap analysis. Recent developments in institutional adoption provide further support for this positive trajectory. Anthony Scaramucci, the founder and managing partner of SkyBridge Capital and a notable Bitcoin advocate, recently discussed on CNBC’s Squawk Box how US pension funds are beginning to invest in BTC. “When you do the homework on Bitcoin, you go towards Bitcoin…sometimes when you’re early you get some bumps and scrapes, but I think it pays to be early in Bitcoin and we are still early in Bitcoin,” says SkyBridge Capital’s Anthony Scaramucci. pic.twitter.com/HTfbwH5VJG — Squawk Box (@SquawkCNBC) May 16, 2024 This move by institutional investors, such as the State of Wisconsin Investment Board’s approximately $100 million investment in BTC, signals a broader acceptance and integration of BTC into traditional financial portfolios. Scaramucci emphasized that institutional BTC adoption is unfolding rapidly, and he anticipates more pension funds will pursue Bitcoin investments. He pointed out that regulatory approvals have opened the doors for large-scale institutional participation in BTC. This endorsement will make Bitcoin a staple in these institutions’ long-term asset allocation strategies. According to Scaramucci, understanding Bitcoin and the history of money is key to recognizing its potential. Related Reading: Bitcoin To $100,000: Infamous Head And Shoulders Pattern Appears To Signal The Start Of Another Rally He remarked, Being early in Bitcoin is profitable, and “we are still early… sometimes when you’re early you get some bumps and scrapes.” Featured image created with DALL·E, Chart from TradingView

Project DESFT is meant to encourage trade between small businesses using a CBDC and a stablecoin, with an emphasis on credentialing.

The team behind the Bitcoin layer-2 developer has successfully frozen some exploited crypto after the attacker tried to cash out by sending funds to exchanges.

VeChain (VET), a blockchain platform focused on supply chain management, is stirring excitement in the crypto’s fan base. After a period of consolidation, VET is experiencing a surge in investor confidence, buoyed by a recent price increase and positive technical indicators. However, analysts remain cautious, highlighting the inherent volatility of the crypto market and the need for a measured approach. Related Reading: Filecoin On Fire: Analyst Torches Doubters With $15 Target Resurgence And Resistance Since the top altcoin has been trading sideways for more than a month, investors are turning to other potentially profitable cryptocurrencies. But, the last 24 hours have offered a different perspective that could potentially change the narrative in favor of VeChain. In the last day, VET has defied the broader market malaise with a commendable 3% price increase. This resilience comes after encountering a crucial support level, indicating a potential reversal of its recent downtrend. Currently, VET faces a critical test at the $0.04 resistance level. A successful breakout above this barrier could propel the price further upwards, while a rejection could lead to a pause or even a downturn. Technicals Whisper Bullish, Analysts Take Cautious Note The recent price action has triggered bullish signals from technical analysts. The breakout from a “Falling Wedge” pattern, a technical indicator suggesting a trend reversal, has instilled optimism. Popular crypto analyst World of Charts has set a lofty target price increase of 500% in the coming weeks. $Vet Bouncing From Solid Support (Accumulation Zone Area) Successful Retest Can Lead Massive Bullish Wave In Coming Weeks Expecting 400-500% Bullish Wave#Crypto #Vet #Vechain pic.twitter.com/r2eryHNEDL — World Of Charts (@WorldOfCharts1) May 16, 2024 However, seasoned investors know that technical analysis is just one piece of the puzzle. The overall market sentiment and unforeseen events can significantly impact VET’s price trajectory. VET’s Long-Term Potential While the short-term price predictions paint a rosy picture, the true value of VET lies in its underlying technology. VeChain’s focus on supply chain solutions has attracted partnerships with major corporations like Walmart China and DNV GL. These collaborations demonstrate the real-world applications of VeChain’s blockchain platform and its potential to disrupt traditional supply chain management practices. Increased adoption of VeChain’s technology by businesses could translate to long-term growth for the VET token, regardless of short-term price fluctuations. Related Reading: Did A Dogecoin Whale Just Sink The DOGE Ship? The $30-Million Transfer Mystery A Calculated Approach Is Key For VeChain, the coming weeks will be a test of its technical strength and market confidence. A successful breakout above the $0.04 resistance level could usher in a period of sustained growth. But regardless of the short-term price action, VeChain’s long-term potential hinges on its ability to deliver real-world value through its innovative blockchain solutions. Featured image from PBR, chart from TradingView

This week’s Crypto Biz features Galaxy Digital and CoinShares earning results, Franklin Templeton’s CEO betting on blockchain, Polymarket’s funding raise, and a leadership transition at dYdX.

Following the policymaker’s survey, U.S. Representative Thomas Massie (R-Ky.) announced the introduction of H.R. 8421, known as the “Federal Reserve Board Abolition Act.” This legislation aims to dismantle the Board of Governors of the Federal Reserve and close its branches across the continental United States. Federal Reserve Board Abolition Act Resurfaces Two days ago, Massie, […]

The investment figures come alongside a record high 2.9 million daily unique active wallets (dUAW) for the month.