Category: Cryptocurrency News

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The Avalanche Foundation has disclosed the first set of community coins, also called meme coins, in which the institution has invested under its $100 million Culture Catalyst fund launched in 2022. Coq inu, gecko, kimbo, nochill, and tech are the first five currencies that are part of the foundation’s holdings, and more might be chosen […]

Solana (SOL), the high-speed blockchain darling, has entered a tug-of-war between technical indicators flashing red and a market sentiment surging with exuberance. This paradox leaves investors wondering: is a price correction imminent, or is Solana poised for a major breakout? Related Reading: Bitcoin Miners Brace For Impact As Difficulty Reaches Unprecedented Levels Solana Faces Technical Headwinds Technical analysts are raising red flags. Ali Martinez, a prominent analyst, identified a sell signal on Solana’s daily chart using the TD Sequential indicator. This indicator has a haunting history with SOL, preceding price drops of 17% to 28% in the past. Based on this historical data, Martinez predicts a potential retracement, suggesting Solana could dip as low as $127. This technical analysis injects a dose of realism into the market, reminding investors of the inherent volatility of cryptocurrencies. The TD Sequential presents a sell signal on the #Solana daily chart! Since December 2023, every time this indicator suggested selling, the price of $SOL dropped by 17% to 28%. A similar outlook could see #SOL retrace to $152 or even $127. pic.twitter.com/3JbXdabK3v — Ali (@ali_charts) March 14, 2024 Solana Defies Pressure With Bullish Momentum However, dismissing Solana based solely on technicals would be a mistake. In a surprising turn of events, Solana is currently defying the sell signal. As of this writing, SOL is trading at a robust $190, boasting a significant 24-hour trading volume and a market capitalization exceeding $79 billion. Solana price action. Chart: TradingView More importantly, the price has been on a tear, surging nearly 50% in the past month and a remarkable 24% in the last week. This bullish momentum throws a wrench into the technical analysis, highlighting the unpredictable nature of market sentiment in the crypto sphere. Solana: On Optimism And Caution Looking ahead, the battle between technical indicators and market sentiment is set to continue. Bullish forecasts paint a rosy picture. Changelly, a popular crypto exchange, predicts a 12% increase for SOL by mid-March. Related Reading: Solana’s Biggest Memecoin Gains Over $680,000 In 3 Days As Investors Bet On Its Popularity This aligns with the overwhelmingly bullish market sentiment, with technical indicators showing a 77% positive outlook and the Fear & Greed Index hovering at an “extreme greed” score of 81. Crypto experts are joining the chorus of optimism, projecting an average SOL price of $237 for March, with a potential return on investment exceeding 80%. Buckle Up For A Bumpy Ride Meanwhile, the bitcoin market saw total liquidations of more than $230 million in the last day. Of this, liquidations from long positions totaled around $148 million, while those from short positions totaling about $82 million. Of them, Solana (SOL) had to deal with liquidations of close to $8 million in the same period. Featured image from Pexels, chart from TradingView

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The Bitcoin (BTC) market has been on a wild ride recently, hitting a new all-time high (ATH) before experiencing notable volatility that resulted in an 8% drop to the $65,500 level on Friday.  Meanwhile, Marathon Digital, one of the largest US-based Bitcoin mining companies, is preparing to acquire more power infrastructure and streamline operations to meet the challenges posed by a reduction in revenue due to the upcoming April halving event.  Bitcoin Miners Brace For Post-Halving Shakeout According to a Bloomberg report, Marathon Digital plans to acquire additional power infrastructure and expand its mining capacity to keep costs low and maintain profitability.  By optimizing operations and scaling up, Marathon aims to mitigate the impact of the impending revenue drop and secure wider margins in the post-halving landscape. Related Reading: Solana’s Biggest Memecoin Gains Over $680,000 In 3 Days As Investors Bet On Its Popularity Marathon Digital recently announced an agreement to purchase a 200-megawatt data center in Garden City, Texas, for over $87 million. This acquisition marks the company’s second major investment in power infrastructure after it acquired multiple sites for $179 million earlier this year.  By increasing its ownership of mining capacity infrastructure to 53%, up from a meager 3% in the previous year, Marathon is positioning itself for greater operational efficiency and cost-effectiveness, Bloomberg notes.  However, post-halving, the Bitcoin mining industry is expected to undergo significant changes, with some miners facing profitability challenges and potential exits.  Profitability Crisis Looms Marathon Digital’s CEO, Fred Thiel, highlights the impact of revenue reduction, estimating that the industry’s average break-even point will rise from around $23,000 per Bitcoin to approximately $43,000. Thiel stated: Post halving, there will be some miners to lose profitability, maybe challenged, or maybe looking for an exit as their revenues will drop because of the Bitcoin rewarded will drop. The simple math is, if the industry average break-even point was around $23,000 per Bitcoin, it will now go up to around $43,000. It is worth noting that this does not necessarily mean that Bitcoin’s price will fall to $43,000 from its current trading price of $69,300. The breakeven price refers to the price at which miners like Marathon Digital can cover their operating costs and achieve profitability. It is not directly correlated to the market price of Bitcoin. Related Reading: Crypto Pundit Says God Candle Is Imminent For This Solana-Based Meme Coin As of the time of writing, BTC is trading at $69,300 and is on the verge of reclaiming the significant milestone of $70,000. The cryptocurrency experienced a notable spike in volatility during the early hours of Friday’s trading session but has since recovered, mitigating its losses from 8% down to 2.5%. Featured image from Shutterstock, chart from TradingView.com 

Two U.S. senators have urged U.S. Securities and Exchange Commission (SEC) Chairman Gary Gensler to refrain from approving additional crypto exchange-traded fund (ETF) applications. The lawmakers cautioned: “However vulnerable bitcoin may be to fraud and manipulation, markets for other cryptocurrencies are far more exposed to misconduct.” Lawmakers Say SEC Should Not Approve Spot Crypto ETFs […]

Bitcoin’s futures market is showcasing signs that have historically signalled bullish sentiment. Analysts are turning their attention to the Bitcoin futures basis—a metric representing the differential between the futures price of Bitcoin and its spot price. Recent data has revealed that this basis has escalated to unprecedented levels since Bitcoin’s all-time high of $69,000 in November 2021. Related Reading: Bitcoin’s 2024 Forecast: Analyst Predicts $60,000 Surge Before Halving And New ATH By Q4 Bullish Indications From Bitcoin Futures Deribit’s Chief Commercial Officer, Luuk Strijers, has highlighted the current state of the Bitcoin futures basis, which ranges between 18% to 25% annually, a rate reminiscent of the market conditions in 2021. According to Strijers’s comment, this elevated basis is not just a number but a lucrative opportunity for derivatives traders. By engaging in trades that involve buying Bitcoin in the spot market and simultaneously selling futures contracts at a premium, traders can secure a “dollar gain” that will materialize at the contract’s expiry, irrespective of Bitcoin’s price volatility. Strijers further noted that this strategy is particularly appealing in the current climate, fueled by the influx of new investments following the approval of Bitcoin ETFs and anticipation surrounding the Bitcoin halving event. The significance of the heightened futures basis extends beyond the mechanics of derivatives trading. It further reflects broader market optimism, “bolstered” by recent regulatory approvals and macroeconomic factors influencing cryptocurrency. The disparity between Bitcoin’s spot and futures prices suggests a confident market outlook, propelled by the anticipation of continued investment inflows and the impact of the upcoming Bitcoin halving. Such conditions create a fertile ground for Bitcoin’s value to surge, as historical precedents have often linked bullish futures basis rates with periods of substantial price appreciation. Market Sentiment And Halving Cycles While Bitcoin’s current market performance exhibits a bearish trajectory, with a 3.9% dip bringing its price to $68,203, market analysts advise against interpreting this as a negative signal. Rekt Capital, a respected figure in crypto analysis, views the recent price correction as a “positive adjustment” preceding the much-anticipated Bitcoin halving in April. Halving events, which reduce the block reward for miners, thus slowing the rate of new Bitcoin entering circulation, have traditionally catalyzed significant price rallies due to the resulting supply constraints. Rekt Capital’s analysis parallels current market movements and historical patterns observed in previous halving cycles. Related Reading: The $69,000 Bitcoin Question: Expert Forecasts When Price Will Breakout According to the analyst, despite the swift pace of these cycles, they exhibit a consistent sequence of a pre-halving rally followed by a retracement phase—both of which align with Bitcoin’s current trajectory. This cyclical perspective suggests that the recent dip is merely a temporary setback, setting the stage for the next bullish phase post-halving. #BTC Though there are signs of BTC experiencing an Accelerated Cycle… History still continues to repeat, nonetheless$BTC broke out into a “Pre-Halving Rally” right on schedule And now, #Bitcoin is transitioning into its “Pre-Halving Retrace” right on schedule#Crypto https://t.co/Egqxs9ritl pic.twitter.com/lj0IdQtBEE — Rekt Capital (@rektcapital) March 15, 2024 Featured image from Unsplash, Chart from TradingView

In a recent report by market intelligence firm Chainalysis, it has been revealed that global crypto gains in 2023 amounted to a staggering $37.6 billion. This profit surge reflects improved asset prices and market sentiment compared to 2022.  Although this figure falls short of the $159.7 billion gains witnessed during the 2021 bull market, it signifies a significant recovery from the estimated losses of $127.1 billion experienced in 2022. Sharp Surge In Crypto Gains The report suggests that despite similar growth rates in crypto asset prices in 2021 and 2023, the total gains for the latter year were lower. According to Chainalysis, this discrepancy could potentially be attributed to investors’ decreased inclination to convert their crypto assets into cash.  The analysis further suggests that investors in 2023 seem to have anticipated further price increases, as crypto asset prices did not exceed previous all-time highs (ATHs) during the year, unlike in 2021. Related Reading: Altcoins Fall: Will Ethereum And Solana Bulls Surpass Expectations? Cryptocurrency gains remained relatively consistent throughout 2023, except for two consecutive months of losses in August and September, as seen in the image above. However, gains surged sharply thereafter, with November and December eclipsing all previous months. United States Leads Leading the pack in cryptocurrency gains was the United States, with an estimated $9.36 billion in profits in 2023. The United Kingdom secured the second position with an estimated $1.39 billion in crypto gains.  Notably, several upper and lower-middle-income countries, particularly in Asia, such as Vietnam, China, Indonesia, and India, achieved significant gains, each surpassing $1 billion and ranking within the top six countries worldwide.  Chainalysis had previously observed strong cryptocurrency adoption in these income categories, particularly in “lower-middle-income” countries, which demonstrated resilience even during the recent bear market. The gains estimates indicate that investors in these countries have reaped substantial benefits from embracing the asset class. Related Reading: Crypto Pundit Says God Candle Is Imminent For This Solana-Based Meme Coin Ultimately, the Chainalysis report suggests that the positive trends observed in 2023 have carried over into 2024, with prominent cryptocurrencies such as Bitcoin (BTC) hitting all-time highs of $73,700 following the approval of Bitcoin exchange-traded funds (ETFs) and increased institutional adoption.  If these trends persist, the firm believes that it is conceivable that gains in 2024 will align more closely with those witnessed in 2021.  As of this writing, the total crypto market cap valuation stands at $2.5 trillion, a sharp drop of over 4% in the last 24 hours alone, and down from Thursday’s two-year high of $2.7 trillion. Bitcoin, on the other hand, is trading at $68,400 after dropping as low as $65,500 but has quickly regained its current trading price, limiting losses to 4% over the past 24 hours. Featured image from Shutterstock, chart from TradingView.com 

Galaxy Digital CEO Michael Novogratz says he doesn’t believe the price of bitcoin will fall back down to the $50K-$55K level. “I think that’s the new floor unless something dramatic happens,” he described. “This has been a wild ride of an asset,” he added, noting that we’re in price discovery mode and if you look […]