Category: Cryptocurrency News

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Crypto investment products have finally registered a week of outflows after seven weeks of consecutive strong inflows and two weeks of breaking records after records. In fact, data has shown that these investment products have now set a new record for the most outflows in a week, extending the run of record creation. According to data from CoinShares, investors pulled out $942 million from crypto investment products last week to wipe $10 billion off total assets under management (AuM). Interestingly, a larger part of this outflow came from Bitcoin, as Spot Bitcoin ETFs in the US registered outflows every day.  Crypto Outflows Reach New Record High CoinShares’ weekly report on digital investment funds has revealed crypto investment products have been witnessing an influx of money for the past two months. Consequently, these products registered a seven-week run of inflows totaling $12.3 billion. Bitcoin, the largest cryptocurrency, received most of these inflows, which helped push its price to a new all-time high. Related Reading: 7 Days Of Crypto: Key Events That You Should Keep An Eye On This Week However, last week told a different tale for Bitcoin’s investment products, as Spot Bitcoin ETFs in the US registered a weak $1.1 billion in inflows which was unable to offset Grayscale’s significant $2 billion outflows. As a result, Bitcoin investment products witnessed outflows of $904 million throughout last week. Short Bitcoin products also witnessed minor outflows of $3.7 million. The negative sentiment flowed to other investment products such as Ethereum, Solana, Cardano, and multi-asset products witnessed outflows of $34.2 million, $5.6 million, $3.7 million, and $7.3 million, respectively. On the other hand, Litecoin, XRP, and Polkadot saw an increase in their respective inflows of $2 million, $1.2 million, and $5 million. Lastly, the total trading volume fell to $28 billion, two-thirds of the prior week.  In terms of region, the USA had the most outflows of $860 million. Sweden and Switzerland followed with $36.9 million and $25.2 million respectively. According to CoinShares, the reversal into a poor sentiment was largely due to hesitancy from investors. What’s Next For Bitcoin? Interestingly, last week’s outflow from Spot Bitcoin ETFs coincided with a drastic drop in the price of Bitcoin with the cryptocurrency falling to as low as $61,370. This shows how much influence these funds now have over the price of Bitcoin. Last week’s actions show investors seem to be hitting pause on their enthusiasm for spot bitcoin ETFs. Whether that pause lasts for weeks or longer remains to be seen. Related Reading: Why Is The Price Of LUNC And USTC Up Today? However, sentiment can shift quickly in the cryptocurrency market and recent price action shows the industry might be returning to bullish mode. According to data from BitMEX Research, Spot Bitcoin ETFs registered a day of net inflows yesterday. Net inflow recorded was $15.7 million, the lowest inflow day since January 26. Bulls have now taken over to push the price of Bitcoin by 5.38% in the past 24 hours. At the time of writing, Bitcoin is trading at $70,676 and could reach $73,000 again very soon. BTC price drops from $71,000 | Source: BTCUSD on Tradingview.com Featured image from Atlantic Council, chart from Tradingview.com

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The Government of Paraguay will strengthen the measures directed to combat the illegal cryptocurrency mining operations in the country. In a recent meeting, ANDE, the National Power Administration, the Supreme Court, and the Department of Justice, agreed to deal with these crimes swiftly given the damages they cause to the Paraguayan power grid. Paraguay Prepares […]

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PRESS RELEASE. Vave, the premier crypto gambling platform, is set to ignite the gaming scene this spring. With its exciting Porsche Tournament, the company offers players the chance to win big, including the ultimate prize of a brand-new Porsche 911! And that’s just the beginning – luxury watches, exotic resort escapes, and other amazing rewards […]

Renowned XRP analyst EGRAG has ignited a firestorm of excitement and skepticism with his bold prediction for the cryptocurrency. EGRAG, known for his bullish XRP stances, is calling for a potential 90% surge in the near future, with a target price of $1.20. This forecast hinges on a technical pattern identified by EGRAG – a “W” wave formation on XRP’s 3-day chart, which he believes historically precedes bull runs. Related Reading: Analyst Bullish On Polkadot (DOT), Predicts $17 Price Target Before April XRP Long-Term Outlook The prediction has sent ripples through the XRP community. Enthusiasts are buoyed by the prospect of such a significant price jump. However, the forecast is not without its cracks. EGRAG himself acknowledges a potential worst-case scenario where XRP could plummet by 30% to around $0.44. This has some investors wary, questioning the possibility of a revisit to such lows. #XRP Wave 10 ( $1 – $1.2) 🌊🔟: The 10th “W” Pattern is exceptionally well-aligned with the current market setup, signaling a potentially significant move. Target Prices Remain Consistent: 1) Non-Logarithmic: $1 2) Logarithmic: $1.2#XRPArmy STAY STEADY and Appreciate the… pic.twitter.com/PS6xZi1FFv — EGRAG CRYPTO (@egragcrypto) March 24, 2024 Furthermore, EGRAG emphasizes that his bullish outlook extends far beyond the immediate future, projecting an astonishing long-term target of $27 for XRP by November. This audacious forecast is rooted in his meticulous analysis of XRP’s current moving averages juxtaposed with those observed during the remarkable price surge of 2017. Drawing parallels between the two periods, EGRAG highlights the uncanny resemblance, hinting at the potential for history to repeat itself with a resurgence akin to the explosive growth witnessed in the past. He underscores the importance of considering historical patterns and market dynamics in shaping his optimistic perspective, indicating a belief in XRP’s capacity for substantial growth over the coming months. Bitcoin is now trading at $71.123. Chart: TradingView Complex Market Dynamics However, analysts urge caution when interpreting such technical indicators. While historical patterns can offer valuable insights, they are not guarantees of future performance. The cryptocurrency market remains notoriously volatile, and unforeseen events can drastically alter price trajectories. Further complicating the picture is the ongoing legal battle between Ripple Labs, the company behind XRP, and the US Securities and Exchange Commission (SEC). The lawsuit’s outcome holds the potential to significantly impact XRP’s price. A favorable ruling for Ripple could pave the way for wider adoption and a subsequent price increase. Conversely, an unfavorable verdict could cripple investor confidence and send XRP tumbling. XRP seven-day price action. Source: Coingecko Related Reading: Triple-Digit Gains: Ondo Finance (ONDO) Explodes 138% — Should You Invest? Beyond the technical analysis and legal wrangles, XRP’s long-term success hinges on its real-world utility. XRP is designed to facilitate cross-border payments, offering faster and cheaper transactions compared to traditional methods. Widespread adoption by financial institutions for this purpose would be a major driver of XRP’s value. Despite the negativity, #XRP is closing its three-monthly candle in #March by breaking the multi-year resistance. There is one week left to close the last candle. Above it; The initial targets will be $1.8815-$5.8563 (NFA) Enjoy your day!#ripple pic.twitter.com/YzZIWaOhFR — Dark Defender (@DefendDark) March 24, 2024 Meanwhile, the asset’s recent price correction hasn’t deterred pro-XRP analysts, who believe this might be the start of a huge rally in the near future. Dark Defender, an X user, pointed out that in the last six months, XRP has already seen two straight three-monthly green candles. A third candle of this kind, according to the analyst, would spark an exponential rise that raises the token’s price to between $1.88 and $5.85. Featured image from Pixabay, chart from TradingView

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