The U.S. Department of Justice (DOJ) and the Federal Bureau of Investigation (FBI) have unveiled charges against three UK nationals for a fraudulent non-fungible token (NFT) scheme involving “Evolved Apes,” promising a game development. “They allegedly took investor funds, never developed the game, and pocketed the proceeds.” US Charges 3 UK Nationals in NFT Rug […]
BNB has been one of the best performers coming out of the long and drawn-out bear market of 2022. Even now, the altcoin continues to show a lot of strength, suggesting that its run is far from over. According to one crypto analyst, this expected run for the BNB price could last longer and drive the price higher than expected, predicting an over 800% increase in price from here. BNB Showing Strength On The Monthly Chart A pseudonymous crypt analyst who goes by the moniker Without Worries on the TradingView website has shared an interesting outlook for the BNB price. The analysis uses the BNB monthly chart, showing that the altcoin remains bullish even after rallying over 150% in the last year already. Related Reading: Dogecoin Price Prediction: Analyst Forecasts Meteoric 21,700% Rise To $17, Here’s When Without Worries points out that the BNB price action looks to be in a legacy uptrend channel. Now, channels like these are rare because it means that the altcoin has been in this uptrend channel since it launched. To put this in perspective, the crypto analyst points out that altcoins like Litecoin is one of the ones which has failed to maintain a legacy uptrend channel. Furthermore, the analyst points out that the BNB price is currently seeing its third test of resistance at the time that the initial analysis was posted, which was on June 3. This third resistance test comes after three years of consolidation. However, this time around, it’s looking more bullish for the altcoin following the resistance test. One major factor driving the bullishness around BNB is the fact that the Stochastic RSI had crossed above 80. This is important because the last time that this had happened was back in May 2020, just before the coin went into a full-blown rally. “This is the same situation as today. Stochastic RSI remains with momentum for 182 days. Should history repeat, momentum continues until August / September,” the analyst stated. Price Breaks Out Of Resistance In a follow-up post, crypto analyst Without Worries revealed that the BNB price has now successfully broken out of the third resistance. Now, going back to the initial analysis, Without Worries points out that such a situation would trigger a massive breakout for the BNB price. Related Reading: Ripple’s 150 Million XRP Sale Keeps Price Surpressed Amid Bearish Headwinds The top of the target for the BNB price is placed at $6,000, which is a more than 800% increase in price from here. “The bull flag pattern confirms a breakout AND support. A measured move from the flagpole of the last resistance breakout takes price action to $6000,” the analyst said. As for the timeframe for when this will happen, the crypto analyst expects the rally to fully play out sometime in September. This means around 16 weeks or a little less than four months from now. If the analysis is correct, then BNB is just getting started. Featured image created with Dall.E, chart from Tradingview.com
According to Osman Kabaloev, the Deputy Director of the Financial Policy Department at Russia’s Ministry of Finance, the recognition of Bitcoin mining as an official economic activity is set to happen soon. Following the approval of a law regulating cryptocurrency mining, this activity would be assigned an OKVED code, which classifies company activities for licensing […]
The commission approved 19b-4 filings from eight asset managers in May, but they won’t begin trading on U.S. exchanges until the SEC signs off on the S-1 registration statements.
Digital asset investment products have witnessed significant inflows totaling $2 billion, marking a strong five-week streak that accumulates to $4.3 billion. As reported by Coinshares, this surge aligns with increased trading volumes and shifting monetary policy expectations. Record-Breaking Week for Digital Assets as U.S. Ethereum ETF Approval Sparks $2 Billion Surge Digital asset investment products, […]
Renowned market expert Michael Van de Poppe has recently shared his insights on the current state of the cryptocurrency market, highlighting potential breakout opportunities for altcoins. As the largest cryptocurrency on the market, Bitcoin (BTC), consolidates in a price range between $67,000 and $70,000, Van de Poppe’s latest market update suggests that this may be the ” final time” to invest in altcoins before a potential breakout. Altcoins Analysis In a series of social media posts, Van de Poppe analyzes specific altcoins, including Sui (SUI), Chainlink (LINK), Floki Inu (FLOKI), Fantom (FTM), and Polkadot (DOT), offering valuable insights for investors. One of the altcoins that has caught Van de Poppe’s attention is SUI, which, according to his analysis, has shown strength in the market with a higher low formation. Van de Poppe suggests that if momentum provides a breakout above $1.17, SUI could continue its uptrend toward $1.60 (currently trading at $1.067). Chainlink (LINK) is another altcoin Van de Poppe considers “heavily undervalued.” Drawing on historical data, he points out that LINK has delivered a 150% return in previous cycles, making it an attractive investment opportunity at its current trading price of $16.037. Related Reading: Shiba Inu Price Could Skyrocket By 1,100%, Predicts Analyst However, Van de Poppe also advises caution with certain altcoins. For instance, FLOKI, despite its substantial 1200% increase since the beginning of its recent run, carries a “higher risk of a heavy correction.” He suggests that interested investors wait for a 30-40% correction before considering an investment. Van de Poppe also draws attention to Fantom’s native token FTM, which has been forming lower highs and lower lows. With multiple tests of the $0.60 support, a price breakdown seems likely. If a breakdown occurs, he identifies two potential areas of interest between $0.4924 and $0.6113 for swing trading. Crucial Support Levels For Ethereum Regarding Polkadot, Van de Poppe highlights its potential as a market leader in the Real-World Asset (RWA) sector. He emphasizes that Polkadot is currently undervalued and is in the process of implementing RWA within its ecosystem. Despite the price not reflecting the “thriving ecosystem,” Van de Poppe expects this will change. Related Reading: Solana Searching For Direction: Will SOL Break Free Or Fall Flat? In addition to these lower-cap altcoins compared to the largest, Van de Poppe provides insight into Ethereum (ETH). In a separate analysis, the market expert suggests that ETH is looking for a higher low and expects confirmation of S-1 filing approval for the long-awaited Ethereum ETFs in the US in the coming weeks. Interestingly, on the 3-day Ethereum/BTC chart, Van de Poppe identifies the 0.05-0.051 BTC range as a key support area for Ethereum. Featured image from DALL-E, chart from TradingView.com
Ricardo Salinas, the third wealthiest man in Mexico, has recently doubled down on his proposal to use Bitcoin as a reserve asset. On social media, Salinas defended the role of Bitcoin as an inflation hedge, commenting on a post that presented inflation as a hidden tax on fiat money and advised his followers to purchase […]
The publicly listed Canadian company announced the purchase of 110 BTC and repayment of $5 million in debt by its subsidiary, Valour.
I bought some crypto for an online purchase and I didn’t end up getting it. I blame myself for not being educated on the crypto market, like the fees and exchange rates. I went to buy $50 CDN worth of bitcoin and I was shocked to see I only got $19.40 for $50. I can’t…
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According to this on-chain indicator, an analyst explained how the next potential local top for Bitcoin could be $89,200. Bitcoin CVDD “Assessing Tops” Metric Could Suggest Next Potential Top In a new post on X, analyst Ali Martinez has talked about where the next top for BTC could be based on the Cumulative Value Days Destroyed (CVDD). The CVDD is an on-chain metric derived from the “Coin Days Destroyed” (CDD). A “coin day” is the quantity that 1 BTC accumulates after sitting dormant on the blockchain for 1 day. When a coin that has accumulated a certain number of coin days is moved on the network, the coin days it was carrying naturally reset back to zero and are said to be “destroyed.” Related Reading: Bitcoin & Ethereum On “Path To Acceleration,” CryptoQuant Explains Why The CDD measures the number of coin days being destroyed across the market on any given day. Since every transaction also carries some USD value based on the price at its time, the CVDD adds another layer of context to the CDD by accounting for the USD value of every coin, breaking dormancy to destroy its coin days. Unlike the CDD, which tracks only the number of coin days being destroyed on any given day, the CVDD is a cumulative sum of the asset’s history. More formally, the CVDD is calculated as a ratio between the cumulative sum of the value-time destruction on the network divided by the age of the cryptocurrency. Analyst Willy Woo devised the original CVDD, which has proven remarkably accurate for locating historical bottoms in the asset’s price. In the context of the current topic, though, the “Assessing Tops” modification from CryptoQuant author Binh Dang is of interest. This indicator combines the 50-day moving average (MA) of the Bitcoin spot price with the CVDD and aims to assess probable points of tops in the asset, as its name suggests. Now, here is a chart that shows how the value of the Bitcoin Assessing Tops has looked like recently: From the chart, it’s visible that the Bitcoin spot price had briefly breached the Assessing Tops back in March. When the asset exceeds this indicator, its price is generally overheated and prone to forming tops. It would appear that this had also held up during this recent break, as the asset had shortly reached a top following it. Related Reading: Bitcoin Investors Beware: Extreme Greed Has Returned In Crypto The Bitcoin Assessing Tops indicator currently has a value of $89,200. While a top may not necessarily form if Bitcoin rises to this level, a peak may indeed at least become close when it does so if this indicator is to go by. BTC Price At the time of writing, Bitcoin is trading at around $69,300, down more than 1% over the past week. Featured image from Dall-E, CryptoQuant.com, chart from TradingView.com
