Category: Cryptocurrency News

Bitcoin price extended its decline below the $68,000 level. BTC is now slowly moving lower toward the $66,250 support zone in the near term. Bitcoin extended its downside correction below the $68,000 zone. The price is trading below $68,500 and the 100 hourly Simple moving average. There is a key bearish trend line forming with resistance at $67,900 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair could continue to move down unless there is a close above the $68,500 level. Bitcoin Price Dips Further Bitcoin price extended its downside correction below the $69,000 level. BTC bears were able to push the price below the $68,000 support. Finally, the price tested the $67,000 zone. A low has formed at $67,100 and the price is now consolidating losses. It recovered above the $67,5000 level and the 23.6% Fib retracement level of the downward wave from the $70,600 swing high to the $67,100 low, with a bearish angle. Bitcoin is now trading below $68,500 and the 100 hourly Simple moving average. On the upside, the price is facing resistance near the $68,000 level. There is also a key bearish trend line forming with resistance at $67,900 on the hourly chart of the BTC/USD pair. The first major resistance could be $68,800 or the 50% Fib retracement level of the downward wave from the $70,600 swing high to the $67,100 low. The next key resistance could be $69,250. A clear move above the $69,250 resistance might send the price higher. In the stated case, the price could rise and test the $70,000 resistance. Any more gains might send BTC toward the $72,600 resistance. More Losses In BTC? If Bitcoin fails to climb above the $68,000 resistance zone, it could continue to move down. Immediate support on the downside is near the $67,250 level. The first major support is $67,000. The next support is now forming near $66,250. Any more losses might send the price toward the $65,000 support zone in the near term. 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 above the 50 level. Major Support Levels – $67,100, followed by $66,250. Major Resistance Levels – $68,000, and $68,800.

As Bitcoin flirts with its previous all-time highs, the celebrated ‘diamond hands’—a term in crypto parlance denoting long-term holders (LTHs)—are demonstrating notable restraint, selling their holdings at a rate notably lower than in previous bull markets. According to a recent analysis by on-chain analytics firm Glassnode, despite the near $70,000 valuation, the selling pressure from these seasoned investors remains subdued. Related Reading: Crystal Ball Or Crazy Talk? Analyst Predicts Bitcoin To Hit $156,000 By May 2025 Bitcoin Diamond Hands Loyalty Amid Highs The phenomenon of ‘diamond hands’ holding firm as Bitcoin reaches significant price levels is not new but remains a cornerstone of market stability. These LTHs, defined by Glassnode as wallets holding Bitcoin for over 155 days, display investment maturity that underpins the market’s resilience. Even with Bitcoin’s price hovering around $67,722—down 3.5% over the past week but still up slightly by 0.6% in the last 24 hours—these investors are not rushing to cash out. Additionally, Glassnode’s report highlights that long-term holders are yet to reach the point of selling that typically precedes a market downturn. The market value to realized value (MVRV) ratio, a reliable metric to gauge the profitability of long-held Bitcoins, indicates that many LTHs are sitting on substantial unrealized profits. Historically, LTHs begin to sell once this ratio hits particular highs, which has not yet occurred despite the recent peak. Interestingly, during the surge to $73,800 in March—the latest all-time high—long-term holders were not the primary sellers. Glassnode pointed out that only a modest 519k BTC was sold by LTHs during this period, considerably less than in previous bull runs, where monthly sales approached nearly one million BTC. Of this, 519k BTC sold, “20% originated from Grayscale ETF holders,” as reported by Glassnode. This restrained selling behavior is significant, suggesting a strategic approach to holding and a belief in further price appreciation. The Future Holds Optimism Moving forward, Glassnode anticipates that LTHs will continue to play a pivotal role in the market dynamics. Their recent behavior indicates a shift towards re-accumulation following significant distribution around the $73k all-time high. Such patterns underscore a sophisticated strategy: Bitcoin’s most steadfast supporters may be gearing up for another run, anticipating higher peaks beyond current levels. Related Reading: Crypto Expert Says Market Has Begun A Macro Bullish Expansion – What This Means For Bitcoin And Altcoin Prices Amid these developments, crypto analyst Cryptorphic has forecasted Bitcoin reaching as high as $156,000 by May 2025, adding to the sentiment around Bitcoin, which remains interestingly bullish. #Bitcoin could hit $156,000 by May 27 2025! These green boxes represent the price action after #BTC halvings. We’ve never seen a red year after a halving. Bitcoin halvings are significant events, here are the percentages of Bitcoin’s price increase one year after each halving… pic.twitter.com/QEmNN8OuP2 — Cryptorphic (@Cryptorphic1) May 27, 2024 Featured image created with DALL·E, Chart from TradingView

The Hong Kong Securities and Futures Commission (SFC) has issued a reminder that crypto trading platforms must obtain a license to operate in Hong Kong before the grace period ends on June 1. The regulator warned that operating without a license is a criminal offense and will enforce compliance. Investors are advised to only trade […]

Crypto analyst Cold Blooded Shiller has provided insight into the Shiba Inu (SHIB) future trajectory in relation to Dogecoin. The analyst suggested that the second-largest meme coin by market cap could be coming for Dogecoin’s position soon enough, given its recent bullish strength.  Shiba Inu Is Poised To Rip Through The Charts Cold Blooded Shiller mentioned in an X (formerly Twitter) post that he believes Shiba Inu will soon “send,” meaning that the meme coin will soon experience a parabolic move to the upside. He noted that Shiba Inu’s performance has been “unusual” over the last few days. Based on his technical analysis, he claimed that Shiba Inu is “positioned very well” on the higher time frame (HTF). Related Reading: $2.9 Billion In Mt. Gox Bitcoin On The Move For The First Time In 5 Years, Where Is It Headed? On the lower time frame, the crypto analyst added that Shiba Inu has “been very strong” compared to Dogecoin, which he noted isn’t “typical.” Cold Blooded Shiller also remarked that Shiba Inu has had one of the quickest and strongest market recoveries in the last 24 hours. Indeed, Shiba Inu’s performance in the last 24 hours has been impressive.  The meme coin has experienced a price gain of over 13% in the last 24 hours, which has caused it to overtake Cardano and climb into the tenth spot among the top cryptocurrencies by market cap. Crypto analyst and influencer Ansem also suggested that this is just the beginning of Shiba Inu’s price rally, stating that the meme coin is about to get “jiggy” while sharing a chart that hinted at an imminent price breakout for Shiba Inu.  Shiba Inu’s rise is believed to be due to several factors, including the sentiment around the Ethereum Spot ETFs. Ethereum-based tokens are bound to benefit from the hype around these funds. Coinbase International Exchange also recently announced that it will add support for Shiba Inu perpetual on its platform starting May 30th.  The recent market trend has also contributed to Shiba Inu’s double-digit rally, with meme coins arguably the leading narrative at the moment. This is why other meme coins like Pepe (PEPE) and Dogwifhat (WIF) have also recorded significant price gains lately, up 9% and 33%, respectively, in the last seven days.  SHIB Team Reacts To Price Gain Shiba Inu’s Marketing Lead, Lucie, reacted to Shiba Inu flipping Cardano. She attributed the meme coin’s success largely to the SHIB community, noting that the “incredible milestone wouldn’t be possible without the amazing support from our community.” Lucie also highlighted the developments in the Shiba Inu ecosystem as another factor that has helped the meme coin rise to become the 10th-largest crypto token by market cap.  Related Reading: XRP Price Moves To Break Out Of 7-Year Accumulation, Analyst Highlights Possible 1,200% Rally These developments include the launch of the layer-2 network Shibarium, which has become an integral part of the ecosystem. More recently, the team also raised $12 million in funding for its proposed layer-3 network, which will boost Shiba Inu’s image.  At the time of writing, Shiba Inu is trading at around $0.0000274, up over 12% in the last 24 hours, according to data from CoinMarket Cap.  Featured image created with Dall.E, chart from Tradingview.com

BlackRock updated its Form S-1 for its spot Ether ETF, which analysts say is a “good sign” that issuers and the SEC are working on ETF launches.

Cathie Wood, CEO of asset management firm Ark Invest, recently met with El Salvador’s President Nayib Bukele and discussed bitcoin. She praised his progressive approach to economic and educational reforms. “President Bukele’s determination to transform El Salvador into a hub for the bitcoin and AI communities — two of the most significant economic and technological […]

Mastercard has announced the launch of a peer-to-peer (P2P) platform for cryptocurrency users in Europe and Latin America. This initiative allows users on supported exchanges to send and receive cryptocurrencies using Mastercard Crypto Credential aliases, streamlining the transaction process.  Mastercard Crypto Credential Pilot  As announced on Wednesday, the platform extends its services to users in Argentina, Brazil, Chile, France, Guatemala, Mexico, Panama, Paraguay, Peru, Portugal, Spain, Switzerland, and Uruguay, enabling them to conduct cross-border and domestic transfers across multiple currencies and blockchains.  This expansion is further boosted by including Foxbit, a crypto wallet provider, and Lulubit, through its integration with Lirium, into the Mastercard Crypto Credential pilot ecosystem, reportedly broadening its reach to a larger consumer base. Related Reading: Research Firm Projects Ethereum Explosion To $15,000 With ETF Inflows The Mastercard Crypto Credential acts as a verification mechanism for interactions between consumers and businesses on blockchain networks. It is designed to simplify transactions by exchanging metadata, eliminating the need for users to know the recipient’s supported assets and chains, thus increasing trust and security in each transaction. Moreover, Mastercard Crypto Credential complies with regulatory requirements, including the Travel Rule, which promotes transparency and prevents illegal activities in cross-border transactions.  Notably, this framework paves the way for additional use cases in the future, such as Non-Fungible Tokens (NFTs), ticketing, and other payment solutions based on market demand and compliance standards. For users, the process begins with verifying the user against Mastercard Crypto Credential standards and issuing an alias to conduct transactions across all supported exchanges.  When a transfer is initiated, the platform validates the recipient’s alias and verifies that the recipient’s wallet supports the specific digital asset and associated blockchain.  If the recipient’s wallet does not support the asset or blockchain, the sender is immediately notified, protecting all parties from potential loss of funds. The announcement further reads: This milestone marks the first real-world application of the Mastercard Crypto Credential vision, which was unveiled at Consensus in 2023. The live Mastercard Crypto Credential P2P transactions represent the potential to further expand and support the domestic and cross-border remittance market.  Access To Secure Crypto Transactions?  Walter Pimenta, Executive Vice President of Product and Engineering for Latin America and the Caribbean at Mastercard, expressed enthusiasm for the project, stating that the continued investment in technology, standards, and partnerships aims to deliver safe, simple, and secure payments. Partners, including Bit2Me, Foxbit, Lirium, and Mercado Bitcoin, have also expressed their commitment to innovation and the development of crypto solutions that drive alternative payment options and increase user experience.  Related Reading: Time To Stack Stellar (XLM)? Analyst Calls For Epic 500% Price Breakout Initially, a select group of crypto wallet users will have access to Mastercard Crypto Credential on a first-come, first-serve basis. Over the following months, wider availability will be rolled out to more than 7 million users across the participating exchanges, “democratizing” access to “secure and efficient” crypto transactions. Featured image from Shutterstock, chart from TradingView.com