Category: Cryptocurrency News

Assure DeFi CEO and crypto analyst Chapo predicts Market-Value-to-Realized-Value will peak around 3.2 this cycle, signaling the market top.

Assure DeFi CEO and crypto analyst Chapo predicts Market-Value-to-Realized-Value will peak around 3.2 this cycle, signaling the market top.

The resolution repealing the IRS law needs to pass through the House, then the Senate, and if successful, it can then be sent to US President Donald Trump to sign into law.

The resolution repealing the IRS law needs to pass through the House, then the Senate, and if successful, it can then be sent to US President Donald Trump to sign into law.

The resolution repealing the IRS law needs to pass through the House, then the Senate, and if successful, it can then be sent to US President Donald Trump to sign into law.

Bitcoin price started a fresh decline below the $88,000 support. BTC must stay above the $80,000 zone to avoid more losses in the near term. Bitcoin started a fresh decline from the $92,500 zone. The price is trading below $88,000 and the 100 hourly Simple moving average. There is a connecting bearish trend line forming with resistance at $86,150 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair could start another decline if it fails to stay above the $82,000 zone. Bitcoin Price Dips Further Bitcoin price failed to stay above the $92,500 level and started a fresh decline. BTC declined heavily below the $90,000 and $88,000 support levels. The price even dived below the $85,000 level. It tested the $80,000 zone. A low was formed at $80,525 and the price is now consolidating losses. It is back above the $83,500 level and the 23.6% Fib retracement level of the downward move from the $89,203 swing high to the $80,525 low. Bitcoin price is now trading below $85,200 and the 100 hourly Simple moving average. On the upside, immediate resistance is near the $85,000 level or the 50% Fib retracement level of the downward move from the $89,203 swing high to the $80,525 low. The first key resistance is near the $85,500 level. There is also a connecting bearish trend line forming with resistance at $86,150 on the hourly chart of the BTC/USD pair. The next key resistance could be $87,150. A close above the $87,150 resistance might send the price further higher. In the stated case, the price could rise and test the $88,500 resistance level. Any more gains might send the price toward the $90,000 level or even $90,500. Another Drop In BTC? If Bitcoin fails to rise above the $86,000 resistance zone, it could start a fresh decline. Immediate support on the downside is near the $83,000 level. The first major support is near the $82,000 level. The next support is now near the $81,200 zone. Any more losses might send the price toward the $80,000 support in the near term. The main support sits at $78,500. Technical indicators: Hourly MACD – The MACD is now losing pace in the bearish zone. Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level. Major Support Levels – $82,000, followed by $80,000. Major Resistance Levels – $85,000 and $86,000.

As bitcoin hovers just above $84,000 at 8:45 p.m. Eastern Time (ET) on Wednesday amid heightened volatility, ten critical events—from U.S. tariffs to central bank decisions—could shape crypto markets in the weeks ahead. From Trump’s Tariffs to Fed Rates: Key Factors Driving Bitcoin’s Next Move Bitcoin’s price teeters above $84,000 as global economic tremors—from Trump’s […]

The market intelligence platform IntoTheBlock has revealed how the largest of Bitcoin holders have been the ones applying selling pressure amid the price decline. Bitcoin Mega Whales Have Been Reducing Their Supply Recently In a new post on X, IntoTheBlock has discussed the latest trend in the Bitcoin supply held by the whales. The ‘whales‘ broadly refer to the entities who own more than 1,000 tokens of the cryptocurrency. Related Reading: Bitcoin Headed For $72,000? These Metrics Could Hint So At the current exchange rate, this amount converts to a whopping $88.9 million, so the only investors who would qualify for the cohort would be the big-money ones. In the context of the current topic, the holders of focus aren’t just any ordinary whales, but in fact the largest among them: those carrying more than 10,000 BTC ($889 million) in their balance. This group may be termed as the ‘mega whales.’ Now, here is the chart shared by the analytics firm that shows the trend in the holdings of the Bitcoin mega whales over the past week: As displayed in the above graph, the Bitcoin mega whales sold some of their supply during the price crash. More interesting, though, is the detail that these investors already began their selloff a few days back, a potential indication that they saw the price plunge coming. According to IntoTheBlock, this cohort was the primary seller in this window. In fact, the analytics firm has pointed out that the rest of the groups have shown combined accumulation at the same time, meaning the smaller entities are looking at the plummet as an opportunity to buy. In total, the mega whales have sold 25,740 BTC (almost $2.3 billion) over the last seven days. The behavior of the cohort could now be to keep an eye on in the coming days, as with the rest of the market buying, what these humongous investors do could tip the balance one way or the other for Bitcoin. Related Reading: Bitcoin Loss Holders Highest Since October As BTC Crashes To $87,000 Holder balance is just one way to classify BTC cohorts. Another is through exchanges, as different platforms can host a different demographic of investors. Two exchanges in particular are generally of relevance in this type of analysis: Coinbase and Binance. Coinbase is mainly used by entities from the US, especially large institutional traders, while Binance serves global investors. An indicator that can be used for tracking the difference in behavior between the two user bases is the Coinbase Premium Index. This metric measures the percentage difference between the Bitcoin price listed on Coinbase (USD pair) and that on Binance (USDT pair). As CryptoQuant founder and CEO Ki Young Ju pointed out in an X post, the Coinbase Premium Index has been negative recently. This trend, alongside the fact that Coinbase’s spot volume dominance has shot up recently (left chart), would suggest the American whales have been the main drivers during the crash. BTC Price Bitcoin approached the $86,000 mark during yesterday’s dip, but the coin has since seen a rebound as its price is now trading around $88,700. Featured image from Dall-E, CryptoQuant.com, IntoTheBlock.com, chart from TradingView.com

She said "I hope to get it on the President's desk this year." I'm sorry? THIS YEAR? THIS YEAR??? This woman is moving slower than my grandma hiking up hill with ankle weights! She isn't helping us anytime soon. Any recovery soon will have to come from within because everything she is working on is…
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According to Bloomberg, lawyers representing Justin Sun and the US Securities and Exchange Commission (SEC) are requesting a stay in the ongoing regulatory proceedings against him.  Justin Sun And SEC Seek Case Pause This joint filing, submitted on Wednesday, indicates that both parties believe it is in their mutual interest to pause the case while they explore a potential resolution. They assert that such a stay would not prejudice any involved parties or non-parties, marking a collaborative approach to navigating the complexities of crypto regulation. This follows a similar request for a pause in the case against Binance and reflects a notable shift in the regulatory climate for digital assets in the United States since the inauguration of President Donald Trump.  Related Reading: Panic Sell? Bitcoin’s $86K Fall Wipes Out $1 Billion In Trades Under the acting chair Mark Uyeda, the SEC has recently closed investigations into several crypto entities, including Robinhood, the decentralized finance firm Uniswap, and the non-fungible token (NFT) marketplace OpenSea.  Most significantly, Coinbase announced that the SEC agreed to drop its lawsuit against the largest digital asset exchange in the US, pending commissioner approval.  SEC Favoring Trump’s Business Associates? These actions mark a significant pivot from the previous administration’s approach, which has been criticized by various crypto executives, many of whom celebrated the former SEC Chair Gary Gensler’s resignation in January. Specifically, the SEC sued Justin Sun in 2023, alleging that he collaborated with entities he controls, such as the Tron Foundation and BitTorrent Foundation, to orchestrate the offer and sale of “unregistered securities.”  However, the recent decision to seek a stay in these proceedings suggests a reevaluation of the agency’s priorities, particularly concerning figures like Justin Sun. Related Reading: Strategy (MSTR) Crashes 55%—Is A $44 Billion Bitcoin Liquidation Possible? Corey Frayer, director of investor protection at the Consumer Federation of America and a former adviser to Gensler, noted that the absence of fraud charges in the Justin Sun case signifies a “troubling politicization” of the SEC.  The director remarked that the agency’s current approach appears to be “benefitting Trump’s business associates,” suggesting a shift in regulatory focus that aligns with the interests of the former president. This comes amid significant investments in Trump’s World Liberty Financial (WLFI), with Justin Sun purchasing over $70 million in WLFI token’s to support this upcoming decentralized finance (DeFi) venture. Featured image from the WSJ, chart from TradingView.com