Category: Cryptocurrency News

Bitcoin (BTC), the largest cryptocurrency in the market, has experienced price volatility amid its struggle to consolidate above the crucial $70,000 resistance line. Recent reports of the collapsed Mt.Gox exchange processing payouts to its creditors have added to the cautious sentiment.  However, wealth management firm Bernstein remains bullish, predicting significant growth in the Bitcoin ETF market and projecting higher price targets for BTC.  In addition, The Birb Nest’s technical analysis reinforces market optimism, highlighting key support levels and indicating positive sentiment.  Long-Term Bullish Outlook For Bitcoin Despite its recent inability to breach the $70,000 resistance level, Bitcoin remains well-positioned to surpass its all-time high of $73,700 reached on March 14. Wealth management firm Bernstein predicts substantial growth in the Bitcoin ETF market, estimating it to reach a remarkable $450 billion.  Related Reading: Why The Bitcoin Halving Is Not Priced In And What’s Next: Expert The report also suggests that over $100 billion will flow into crypto ETFs within two years. Notably, these inflows into the ETF market are expected to be a significant price catalyst for BTC. The firm predicts a target price of $90,000 for Bitcoin by the end of this year and a projected cycle high of $150,000 in 2025. On the other hand, The Birb Nest, a trading firm, conducted a comprehensive technical analysis of the Bitcoin market and highlighted its share of bullish indicators for the Bitcoin price in the long run.  Bullish Indicators Reinforce Market Optimism The analysis conducted by The Birb Nest shows that the 50-week and 200-week simple moving averages (SMAs) are at $43,950 and $35,358, respectively, reinforcing optimism in the market. In addition, the 7-week SPX correlation coefficient is currently at 0.36, which is a bullish sign for BTC.  The 200-day Bitcoin Production Cost (BPRO) trend support is $62,580, while the 200-day SMA support is $53,516. The Relative Strength Index (RSI) is at 59, indicating increased buying interest, although the 50-day Momentum is stalled at 49.  Related Reading: Polkadot (DOT) Price Prediction: Analyst Sparks Bullish Frenzy With $10 Target The Fear & Greed Index stands at 74, indicating “greed” and strong market optimism. However, according to the firm, caution is advised to avoid potential overextensions.  However, The Birb Nest notes that the Net Unrealized Profit and Loss (NUPL) indicator stands at 0.57, suggesting that a significant portion of the market is currently profitable, which could lead to increased selling pressure as investors capitalize on profits.  Currently, BTC is trading at $67,900, down 3% from Monday’s price and over 3% in the past seven days, showing the cryptocurrency’s struggle to break above higher resistance levels, which are located at $69,500 and $70,000 on the BTC/USD daily chart.  Conversely, bulls must hold the next support levels for BTC at $67,000, $66,500, and $63,800 to avoid a potential loss of the cryptocurrency’s key $60,000 milestone.  Featured image from Shutterstock, chart from TradingView.com 

One of the funds was BlackRock’s Strategic Income Opportunities Fund worth over $37.4 billion.

Riot Platforms has announced a proposal to acquire Bitfarms to create “the world’s largest publicly listed bitcoin miner.” This offer includes cash and Riot stock, representing a 24% premium. Despite the initial rejection from Bitfarms’ Board, the proposal will be directly presented to shareholders. Riot asserts that the acquisition will establish a vertically integrated, geographically […]

Dogecoin (DOGE) is currently at a pivotal juncture, confronting substantial resistance levels that could significantly impact its future price trajectory. Crypto analyst Ali highlights a critical resistance zone on DOGE’s chart. Despite the asset’ currently facing a price decline, Ali noted that should the Dogecoin price break above this key resistance, we could see a massive rally for the memecoin. Related Reading: Dogecoin Bulls On The Rise: Analyst Highlight Path To $0.2 DOGE’s Decisive Battle: Overcoming Critical Resistance for Potential Price Surge In a post published on May 28, Ali highlighted a critical resistance zone between $0.166 and $0.171, notably bolstered by the collective holdings of approximately 10 billion DOGE held by 75,500 addresses. This significant aggregation of Dogecoin at these specific price points forms a strong barrier, complicating the asset’s ability to surge in value. Ali posits that if Dogecoin can effectively surpass this resistance, it may trigger a substantial price surge. Breaking through this level could lead to doubling its current price, setting the stage for an assault on the next major resistance mark at $0.322. #Dogecoin is encountering significant resistance between $0.166 and $0.171, where 75,500 addresses have acquired nearly 10 billion $DOGE. However, once this barrier is overcome, #DOGE has the potential to double, with the next key resistance around $0.322 pic.twitter.com/p02Cks63EI — Ali (@ali_charts) May 28, 2024 This scenario presents a potentially lucrative opportunity for investors but also requires navigating a densely packed zone of accumulated holdings that could stall or propel Dogecoin’s ascent in the market. The importance of this resistance zone is further magnified by current market conditions, where Dogecoin has experienced a correction, decreasing by 4.9% in the past 24 hours and settling at a trading price of $1.633. This downturn is part of a broader altcoin retreat. Dogecoin’s open interest declined by 8.26% over the past day, although its open interest volume surged nearly 20% in the same period. Other Predictions And Market Sentiment Around Dogecoin Despite the immediate challenges, some analysts remain optimistic about Dogecoin. Mags, a noted crypto analyst, has recently predicted a potential 700% increase in Dogecoin’s price, propelling it above the $1 mark. This bullish forecast is supported by recent improvements in Dogecoin’s on-chain metrics, suggesting a robust recovery and promising prospects for the meme coin. Related Reading: Dogecoin Whales On The Move: Transactions Surge More Than 50% Amid ETF Speculation Mags shared his enthusiasm on X, indicating his investment in DOGE over the past few months in anticipation of significant gains. $DOGE about to go parabolic.. Last cycle, I shared Dogecoin before it went up by 170x. I’ve been accumulating Dogecoin for the past few months and my bags are loaded. I’m expecting a 7x return this cycle. See you at $1+ 🫡 pic.twitter.com/OeXdDMpJDZ — Mags (@thescalpingpro) May 25, 2024 Featured image from DALL·E, Chart from TradingView

In a remarkable showcase of growth and enthusiasm, Penguiana, the unique penguin-themed meme coin on the Solana blockchain, has successfully launched its $PENGU token on Raydium. Buy $PENGU here on Raydium. This milestone comes after a highly successful presale, confirming strong investor interest and community support. As the $PENGU token gains traction on the market, […]

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A recent market report by research firm Kaiko noted how Grayscale’s Spot Ethereum ETF could have a negative impact on Ethereum’s (ETH) price. This is based on the firm’s expectations that Grayscale’s Ethereum Trust (ETHE) could follow a similar path to Grayscale’s Bitcoin Trust (GBTC). Ethereum Could Face Significant Selling Pressure From Grayscale’s Outflows Kaiko noted that Ethereum could face significant selling pressure from Grayscale’s ETHE once the Spot Ethereum ETFs begin trading. This is because the fund has been trading at a discount between 6% and 26% over the past three months, with a wave of profit-taking likely to concur. It is worth mentioning that Grayscale’s ETHE has previously operated as a closed-end fund, with Grayscale simply applying to convert it to an exchange-traded fund (ETF).  Related Reading: Crypto Analyst Says XRP Price Will Crash 80% To $0.10, What’s The Trigger? The research firm noted that Grayscale’s ETHE has over $11 billion in assets under management (AuM). That means that $110 million of daily average outflows could leave the fund if Grayscale’s Ethereum ETF sees a similar magnitude of outflows to Grayscale’s Bitcoin ETF, whose $6.5 billion outflows in the first month of trading amounted to 23% of the fund’s AuM.  Grayscale’s Bitcoin Trust (GBTC) also operated in a similar fashion before it was converted to an ETF. This is believed to have contributed to the $6.5 billion outflows the fund recorded in the first month of trading, with many investors taking profit since they purchased the fund at a discount. Therefore, Kaiko expects that something similar could happen with Grayscale’s ETHE.  The outflows that Grayscale’s Spot Bitcoin ETF is known to have exerted significant selling pressure on Bitcoin’s price, causing the flagship crypto to decline significantly. As such, the same thing can be expected with Ethereum’s price if Grayscale’s Spot Ethereum ETF suffers a similar fate.  However, besides investors taking profit from Grayscale’s Bitcoin ETF, Grayscale’s fund fee is believed to be another factor that sparked the significant outflows it recorded back then. For context, Grayscale’s fee was the highest among all the Bitcoin ETF issuers. As such, the potential outflows from Grayscale’s Ethereum ETF could be minimally reduced if the asset manager makes it fee competitive this time around.  Ethereum’s Future Trajectory Still Bullish Kaiko suggested that Ethereum is still bound to make significant price gains once other Ethereum Spot ETFs begin to record impressive inflows that can overshadow the outflows from Grayscale’s ETHE. Something similar happened with Bitcoin, as Kaiko noted that Grayscale GBTC’s outflows were offset and surpassed by inflows from other Bitcoin ETFs by the end of January.  Related Reading: Crypto Analyst Predicts 28,900% Rally To $154 For XRP Price, Here’s When Thanks to the impressive demand that these Bitcoin ETFs recorded, the flagship crypto hit a new all-time high (ATH) in March earlier this year. The Ethereum ETFs could also trigger such a rally for ETH’s price depending on the amount of inflows these funds record once they begin trading.  Meanwhile, Kaiko noted that even if the inflows disappoint in the short term, the mere approval of these funds already has “important implications for ETH as an asset” since it confirms that it isn’t a security. This has helped remove the regulatory uncertainty that has weighed on Ethereum’s price for some time now.  Featured image from NewsBTC, chart from Tradingview.com

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