Category: Cryptocurrency News

Over the weekend, the LUNC price saw some of the most bullish price action that sent its price soaring over 20%. This rally eventually brought the price above $0.0001 after struggling around $0.00009 for the last two weeks. However, the tides seem to be completely changing for the altcoin, as one analyst expects the rally to continue. Prepare For The LUNC Price To Double The LUNC price, despite having risen so much, is still showing signs of a continuation. This is evident in the Falling Wedge Breakout that was confirmed by crypto analyst Ava Cryptoo on TradingView. This Falling Wedge Breakout is significant as it often precedes some of the most significant rallies in cryptocurrencies, such as LUNC. Related Reading: Dogecoin Adoption Rate Touches New ATH, But Why Is This AI Bearish On DOGE Price? The price of the altcoin is currently retesting the significant resistance at $0.000115. Now, this level is significant because rejection from this level had initially stopped the LUNC price breakout on Saturday. Now that the price is starting to retest it again, it shows that the bulls are far from done with this altcoin. Source: Tradingview.com In a scenario where the LUNC price successfully retests and breaks above this level, then the crypto analyst expects that the price will more than double from its current level. They put the price target for the altcoin as high as $0.00022, and the timeline for this is shown to be a matter of days. However, all of this hinges on the fact that the price makes a “Perfect Retest” and breaks out completely. Token price climbs to $0.000114 | Source: LUNCUSDT on Tradingview.com Why Is The Altcoin Rallying Amid Low Market Sentiment? The LUNC price breaking out during such slow market movements suggests an end to the accumulation that happened below $0.0001. In addition to this, Binance carrying out its scheduled LUNC burn contributed to the rise in price that was seen this weekend. Binance, the largest crypto exchange in the world, has been committed to burning LUNC tokens realized from fees in an effort to help reduce its vast supply. The latest burn which took place on February 1 saw approximately 2.1 billion tokens performantly removed from circulation. Related Reading: Bitcoin Fear & Greed Index Reaches Lowest Level In Three Months, Is The Bleed Over? This is the 18th burn that the crypto exchange has carried out, each time removing hundreds of millions to billions of tokens from circulation. Following this burn, the crypto exchange has helped the LUNC burn figure cross the 51 billion threshold. A wave of excitement naturally followed the monthly burn as the price started to rise rapidly. The LUNC trading volume reportedly surged more than 700% at the time, at first triggering a 10% increase in price. By the time the weekend was over, the LUNC price had already risen more than 20%, and continues to hold on to the majority of its gains. Follow Best Owie on X (formerly Twitter) for market insights, updates, and the occasional funny tweet… Featured image from Dall.E, chart from TradingView.com

Decentralized oracle network Chainlink (LINK) has been making significant strides in the altcoin market, outperforming its peers with an impressive 44.8% price increase over the past 30 days.  Surging to a 24-month high, the cryptocurrency has inched closer to the $20 mark, attracting the attention of bullish investors. Notably, the uptrend for LINK may be far from over, as it can potentially record a substantial 38% price gain by breaking through a critical resistance level. Chainlink Trading Volume Skyrockets Crypto analyst Ali Martinez indicates that Chainlink faces formidable resistance between its current trading price of $19.40 and $20.03, with 5,330 addresses collectively holding over 8.59 million LINK.  Despite this supply wall, if Chainlink manages to break through, Ali Martinez suggests that the next critical resistance level stands at $26.87, presenting an opportunity for a significant 38% price surge. Related Reading: XRP Price Retreats To $0.50 As Whale Unloads 30 Million Tokens – Details Adding to the positive outlook, Chainlink has witnessed a surge in trading volume and an increase in circulating market cap over the past few days.  Data from Token Terminal reveals that while Chainlink’s trading volume has steadily risen over the past 30 days, the token experienced exceptional trading volume of over $9.5 billion in the past three days alone. This surge in trading activity suggests a growing interest from investors in the Chainlink protocol. Examining the circulating market cap, Token Terminal data highlights a positive trend. The circulating market cap of Chainlink stands at $10.53 billion, displaying a notable increase of 32.66% over the past 30 days. In terms of fully diluted market cap, Chainlink records $18.16 billion, indicating a substantial rise of 28.89% over the same period. Institutional Interest In LINK? Recent blockchain data suggests that institutional investors are actively accumulating LINK. According to Spot On Chain data, the emergence of eight wallets withdrawing a substantial amount of LINK tokens, coupled with a price surge shortly after, indicates institutional interest in the cryptocurrency.  Over the past twelve hours, eight new wallets, likely representing a single individual or institution, have collectively withdrawn 227,350 LINK tokens, equivalent to approximately $4.12 million at the withdrawal time.  Notably, a significant portion of these tokens was withdrawn from centralized exchanges (CEX) just before the price experienced a sudden increase of approximately 4.1%. This pattern suggests that institutions may strategically accumulate LINK tokens, anticipating future price appreciation. Related Reading: Ethereum Rally: Crypto Analysts Outline 3 Key Drivers For Price Moreover, as indicated by its performance on the algorithmic market scanner Commando, LINK has consistently been a top performer in the cryptocurrency market.  According to the market intelligence platform Decentrader, with a current score of 1.83 and a green signal on low time frames, Chainlink’s technical analysis suggests a positive outlook for the cryptocurrency. Noteworthy is the recent breakthrough of Chainlink’s price from a range held up by the 200-week moving average (200WMA).  This breakout indicates a shift in market sentiment and a potential upward trend. The cryptocurrency is now aiming to target the “Sniper resistance” level just above $20 while finding support at the top of the previous range, around $16.8, according to Decentrader.  Overall, institutions’ accumulation of Chainlink tokens and the cryptocurrency’s technical breakout point to growing confidence in LINK’s investment potential.  The withdrawals from centralized exchanges suggest a desire to hold LINK tokens outside exchange custody, possibly indicating a longer-term investment strategy.  Currently, LINK is trading at $19.7, up 8% in the last 24 hours. Featured image from Shutterstock, chart from TradingView.com

submitted by /u/Omn1Crypto [link] [comments]

submitted by /u/kirtash93 [link] [comments]

The flagship cryptocurrency, Bitcoin, looks to be at a crossroads as it continues to trade flat, indecisive about whether to move downward or upward. Commenting on this current price action, crypto analyst Eric Krown Crypto reveals key factors that will decide Bitcoin’s next move.  Bitcoin In “Outlier Land” In a video posted on his YouTube channel, Eric Krown used the Stochastic indicator to analyze Bitcoin’s current price and predict what direction the crypto token was likely headed. Based on his analysis, Krown noted that the current Stochastic level was pointing to a potential correction that was well overdue for Bitcoin.  Related Reading: Why This Crypto Report Suggests Solana As A Main Focus For The Next Bull Market The analyst claimed that a correction would likely see Bitcoin drop to the $30,000 range, with him marking the $28,000 price level as the “worst-case scenario.” Meanwhile, he noted that the 5-day HPDR bands were still showing that the median was around $44,500. As such, he expects that BTC could still see a move to that price level or $45,000 in the short term.  Krown believes that Bitcoin staying below $46,000 means that the correction is likely to come at some point, hinting that Bitcoin could end up closing February in the red. However, a move above $46,000 will validate a move to the upside, with the crypto token likely to rise above $50,000 and climb to as high as $53,000, the analyst claimed.  BTC To Follow History Or Defy Expectations?  Krown also alluded to historical data to prove that Bitcoin’s monthly close in the red was imminent. He stated that Bitcoin usually averaged about three consecutive three months in the green before having a red month. The longest number of months in which Bitcoin has gone in the green is said to be seven.  Related Reading: Bitcoin Holders Moving Big: Number Of Whale Wallets Reaches Highest Count In 15 Months Therefore, he was suggesting that it wasn’t out of place for February to be a red month for the flagship crypto token, considering that it has ended every month in the green since September. Those gains came largely due to the excitement over the potential approval of the Spot Bitcoin ETFs.  Bitcoin has recently continued to defy expectations, and there is the possibility that February could still end up being a bullish month for BTC. Interestingly, data from Coinglass shows that February (alongside October) is the most bullish month for the flagship crypto token, with Bitcoin closing February in the red on just two occasions.  At the time of writing, Bitcoin is back above $43,000, up in the last 24 hours, according to data from CoinMarketCap.  BTC price trending at $43,100 | Source: BTCUSD on Tradingview.com Featured image from Milk Road, chart from Tradingview.com

In a move that could have ripple effects across Europe, Spain is tightening its grip on crypto monitoring and seizing digital assets for tax debts. The Ministry of Finance, led by María Jesús Montero, is spearheading legislative reforms to grant the Spanish Tax Agency enhanced powers to identify and seize crypto holdings from taxpayers with outstanding debts. This follows a February 1st decree expanding the entities obligated to report tax information to the Treasury, encompassing banks, savings banks, and even electronic money institutions. The measures come amidst Spain’s proactive approach to regulating the digital asset landscape ahead of the European Union’s Markets in Crypto-Assets Regulation (MiCA) framework, set for full implementation in December 2025. Related Reading: Meme Coin Blues: Nearly 70% Of Shiba Inu Investors Underwater As Price Flops Key Provisions Of The Crackdown The proposed crackdown on cryptocurrency in Spain includes several key provisions aimed at strengthening the government’s ability to regulate and collect taxes in the digital asset space. One major aspect of the legislative changes is the expansion of the Tax Agency’s authority, granting it the power to directly identify and seize assets associated with taxpayers having overdue debts. Additionally, the February 1st decree widens the scope of entities obligated to report tax-related data to the Treasury. This now includes not only banks, savings banks, and credit cooperatives but also electronic money institutions. This expanded list potentially provides a broader framework for tracking digital currency transactions. Spanish residents holding crypto assets on foreign platforms are subject to a mandatory declaration to the tax authorities by the end of March 2024. Initiated on January 1st, 2024, this declaration period requires individuals and corporations to disclose the value of their crypto holdings abroad as of December 31st, 2023. Total crypto market cap at $1.61 trillion on the daily chart: TradingView.com While all Spanish residents with foreign crypto holdings are required to make a declaration, only those exceeding €50,000 (approximately $54,000) are obliged to declare them for wealth tax purposes. Individuals holding their crypto in self-custodied wallets, outside of exchange platforms, must report them through the standard wealth tax form. These measures collectively aim to establish a more robust regulatory framework for cryptocurrency transactions and holdings in Spain. Spain At The Forefront Of Crypto Regulation Spain’s proactive stance on crypto regulation positions the country as a frontrunner within the European Union. Notably, the country is implementing its own crypto regulatory framework ahead of the EU-wide MiCA framework coming into effect in late 2025. This preemptive approach underscores Spain’s commitment to establishing clear regulations within the crypto space. Furthermore, Spanish tax authorities issued over 325,000 warnings in 2023 to residents who failed to declare their crypto holdings, marking a significant increase from the 150,000 warnings issued in 2022. This highlights the government’s growing focus on ensuring compliance within the crypto tax landscape. Challenges And Considerations While Spain’s efforts to regulate and tax cryptocurrencies are notable, some potential challenges remain. The rapid implementation of these changes might pose regulatory hurdles, requiring careful calibration to ensure effectiveness and minimize unintended consequences. Additionally, accurately tracking and seizing self-custodied crypto assets, held outside of exchange platforms, could prove difficult due to the inherent anonymity associated with such wallets. Global Implications Spain’s move could serve as a precedent for other countries seeking to establish frameworks for monitoring and taxing cryptocurrencies. As the global crypto market continues to evolve, Spain’s proactive approach offers valuable insights for policymakers worldwide navigating the complexities of regulating this dynamic asset class. Related Reading: The $50K Quest: Bitcoin Oracle’s Pre-Halving Proclamation Sparks Excitement Featured image from Pixabay, chart from TradingView

I am a noob. As far as I understand, both Eigenlayer and Celestia are trying to solve the same problem (that is, data availability) via different approaches. However, how do they differ fundamentally? I read some articles online but are really technical. Celestia (as I understood) use light nodes to guess the validity of some…
Read more

On-chain data shows a bullish breakout brewing in the Binary CDD indicator for Bitcoin, a sign that a strong price rise could be ahead for the asset. Bitcoin Binary CDD Is Breaking Out Of Accumulation Zone As pointed out by an analyst in a CryptoQuant Quicktake post, the Binary Coin Days Destroyed (CDD) appears to be forming a pattern for the cryptocurrency that has usually been the starting point of a bullish trend. A “coin day” refers to a quantity that 1 BTC accumulates after staying dormant on the blockchain for “1” day. When a token that had been dormant for some number of days finally moves on the network, its coin days counter naturally resets back to zero. Related Reading: Chainlink Surges 12% To $18: Price Set To Retest $20 Next? The coin days that this token was carrying are thus said to be “destroyed.” The CDD keeps track of the total number of such coin days being reset through transactions across the network. The Binary CDD, the actual metric of interest here, compares the current CDD against its historical average to tell us whether the CDD is higher or lower than the norm right now. As its name suggests, it can only assume one of two values: 0 or 1. Now, here is a chart that shows the trend in the Bitcoin Binary CDD over the last few years: The value of the metric appears to have been getting more dense recently | Source: CryptoQuant From the graph, it’s visible that the Bitcoin Binary CDD didn’t register a value of 1 too frequently between the end of the 2021 bull run and the final parts of 2023. Since around November of last year, though, the density of instances where Binary CDD observed 1 has grown stronger. When the Binary CDD is 1, it means that the CDD is greater than its historical average currently. This implies that old coins are observing more movement than usual right now. The “long-term holders” (LTHs) are investors who carry large amounts of coin days at any given point, as they tend to keep their BTC dormant for long periods (the cutoff for a holder to be included in the cohort is 155 days). As such, spikes in the CDD tend to signal that these HODLers are on the move. “In an upward cycle, the movement of long-term holders increases as the price rises (orange boxes), and in a downward cycle, it decreases (blue boxes),” notes the quant. “This pattern has been repeating since the previous cycles.” Since the LTHs have started to move now, it’s possible the market is now in the same phase as during the previous bullish periods, highlighted with the orange boxes by the analyst. A similar pattern is also visible in the 182-day moving average (MA) of the Binary CDD, as the chart below shows. Looks like the metric is starting to show a breakout | Source: CryptoQuant As is apparent from the graph, the 182-day MA of the Bitcoin binary CDD is beginning to break out of the accumulation zone, which is something that has historically led to sustained price surges for the cryptocurrency. Related Reading: These Are The Four Key Bitcoin Price Levels To Watch, Reveals Analyst “It’s still worth monitoring, but finally, it has broken out of this range,” says the quant. “If it strongly surpasses this range, there is a high possibility that a full-fledged upward price cycle is beginning.” BTC Price After its dip towards the $42,200 mark over the weekend, Bitcoin appears to have kicked off the week with a return back above $43,000. The price of the coin has already bounced back today | Source: BTCUSD on TradingView Featured image from Shutterstock.com, charts from TradingView.com, CryptoQuant.com

submitted by /u/John_Sknow [link] [comments]

submitted by /u/partymsl [link] [comments]