Category: Cryptocurrency News

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Bitcoin continues to dominate discussions, with its recent price movements drawing particular attention. As the asset struggles to reclaim its March all-time high of over $73,000, with recent attempts peaking above $71,000 earlier this week, the price has since receded to approximately $68,231 at the time of writing. This retracement marks a 7.3% drop from its March peak, signifying a volatile period for the cryptocurrency, influenced by various underlying market factors. Related Reading: Bitcoin’s Network Strengthens: Mining Difficulty And Hash Rate Spike Amid ETH ETF Buzz Long-Term Holders Lessen Selling, What This Spell For BTC Glassnode, a renowned market intelligence platform, highlights a significant development in Bitcoin’s market behavior. According to a recent analysis of the platform, there has been a notable decline in the distribution pressure from Bitcoin’s long-term holders (LTHs). Glassnode’s “Long-Term Holder Binary Spending Indicator” tracks the sell-off activity of long-standing Bitcoin holders, and its recent data points to a marked reduction in this group’s selling pressure. Historically, when long-term holders reduce their selling, it alleviates downward pressure on the price, potentially giving rise to more bullish market conditions. Further insights into Bitcoin’s price behavior come from prominent crypto analyst RektCapital, who noted on social media platform X that Bitcoin typically faces resistance at the range high post-Halving and suggests a prolonged re-accumulation phase. As the crypto asset trades just below $69,000, RektCapital discloses that Bitcoin might only break out from its current re-accumulation range around 160 days post-Halving, projecting a significant breakout as late as September 2024. This analysis is crucial as it sets expectations for investors looking for signs of Bitcoin’s next big move. #BTC Historically, Bitcoin has always rejected from the Range High on the first attempt at a breakout after the Halving Moreover, history suggests this Re-Accumulation should last much longer Bitcoin tends to breakout from these Re-Accumulation Ranges only up to 160 days after… https://t.co/Jw7FcQui2Q pic.twitter.com/beLdOPqZOi — Rekt Capital (@rektcapital) May 24, 2024 Meanwhile, recent price action from Bitcoin has led to substantial losses for some traders, with Coinglass data showing about $41.68 million in liquidations for Bitcoin long traders and $14.34 million for short traders over the past 24 hours. Overall, the crypto market has seen total liquidations amounting to $292.07 million during the same period, affecting 78,874 traders. Upcoming Challenges For The Bitcoin Market According to Greeks.Live, the imminent expiry of a significant volume of Bitcoin and Ethereum options adds another layer of complexity to the market’s immediate future. 21,000 BTC in options are set to expire soon, with a Put Call Ratio of 0.88 and a Maxpain point at $67,000, representing a notional value of $1.4 billion. Similarly, 350,000 ETH options are nearing expiration, and their dynamics could influence the broader market due to their $1.3 billion notional value and a Put Call Ratio of 0.58. May 24 Options Data 21,000 BTC options are about to expire with a Put Call Ratio of 0.88, Maxpain point of $67,000 and notional value of $1.4 billion. 350,000 ETH options are about to expire with a Put Call Ratio of 0.58, Maxpain point of $3,200 and notional value of $1.3… pic.twitter.com/rftA9kBm4q — Greeks.live (@GreeksLive) May 24, 2024 In this context, a put option gives the holder the right to sell an asset at a predetermined price within a specific timeframe, which is often used as protection against a decline in the asset’s price. Related Reading: Bitcoin On The Verge? Analyst Breaks Down What A $71,500 Weekly Candle Close Means For BTC Conversely, a call option offers the right to buy under similar conditions and is typically utilized in anticipation of a price increase. The Put Call Ratio is a tool that helps gauge market sentiment, with a higher ratio indicating a bearish outlook and a lower ratio suggesting bullish conditions. Featured image created with DALL·E, Chart from TradingView

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Veteran trader Peter Brandt has issued a stark warning about the future of crypto staking, calling it “the biggest disasters yet to come in crypto.” He predicts significant disasters, bankruptcies, and personal financial losses within the sector. His warning followed the approval of spot ethereum exchange-traded funds (ETFs) by the U.S. Securities and Exchange Commission […]

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The recent approval of the Ethereum ETF applications by the US Securities and Exchange Commission (SEC) on Thursday has sparked speculation on the next price movements for the market’s second-largest cryptocurrency as the trading launch date approaches.  However, significant transfers of Ethereum (ETH) to cryptocurrency exchanges have raised concerns about profit-taking, portfolio rebalancing, and potential market speculation.  Sell-Off Amidst Ethereum ETF Greenlight? According to crypto analyst Ali Martinez, these developments coincide with Ethereum founder Jeffrey Wilke transferring 10,000 ETH, valued at approximately $37.38 million, to the cryptocurrency exchange Kraken.  Furthermore, the surge in Ethereum balances on cryptocurrency exchanges indicates a notable increase in tokens available for sale.  Related Reading: Ready For Liftoff: XRP Price Primed To Skyrocket Before November The chart below shows that more than 242,000 ETH have been transferred to cryptocurrency exchange wallets over the past two weeks, signaling increased trading activity that can contribute to price volatility.  This trend, coupled with Wilke’s transfer, suggests the possibility of a sell-off or an increase in profit-taking among market participants. While industry experts like Anthony Pompliano view the Ethereum ETF approval as a positive sign for the entire industry, traders are advised to exercise caution. For Martinez, the growing number of ETH deposits to exchange wallets implies a potential market reaction characterized by profit-taking or selling pressure.  Additionally, the analyst notes that the Tom DeMark (TD) Sequential indicator has presented a sell signal on Ethereum’s daily chart, indicating the potential for a retracement or a new downward countdown phase before the upward trend resumes. Ethereum’s Price Outlook In Focus Diving into the price analysis, considering the IOMAP (Input-Output Model and Profitability) data, Martinez highlights that Ethereum has a strong demand zone between $3,820 and $3,700, where over 1.81 million addresses bought approximately 1.66 million ETH.  This range could provide support amid increasing selling pressure. However, if this zone fails to hold, the next key area of support lies between $3,580 and $3,462, where 3.13 million addresses acquired over 1.50 million ETH. Related Reading: Bitcoin Disappoints With Fall To $67,000, But Analyst Says Investors Should Not Be Fazed. Here’s Why On the upside, Ethereum’s most significant resistance barrier is between $3,940 and $4,054, with over 1.16 million addresses purchasing around 574,660 ETH.  Martinez suggests that a daily candlestick close above $4,170 would invalidate the bearish outlook and potentially trigger a new upward countdown phase, with a target towards $5,000. As of this writing, ETH’s price is $3,719, reflecting a 2.5% retracement over the past 24 hours. However, according to the analyst’s assessment, Ethereum remains within a crucial demand zone.  As the market approaches the launch and commencement of trading for all eight spot Ethereum ETF applications by the world’s largest asset managers, the exact impact on price action is yet to be fully realized. Featured image from Shutterstock, chart from TradingView.com

Marathon Digital, one of the world’s leading Bitcoin mining operations, announced a collaboration to overhaul Kenya’s renewable energy sector.