Category: Cryptocurrency News

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Arthur Hayes, the founder of the crypto exchange BitMEX, recently made a move on an altcoin he had held since 2022. This move saw the transfer of over 230,000 GMX tokens to Wintermute Trading, seemingly making a profit of $3.2 million. Related Reading: XRP Price Drops After Massive Whale Dump, Casting Doubt On $1 Target In April Altcoin Dropped By Its Largest Personal Holder Blockchain research platform Lookonchain revealed that Arthur Hayes seemingly sold his GMX holdings yesterday. Hayes was the largest holder of GMX, the native token of decentralized perpetual exchange GMX. Throughout 2022, the BitMEX founder spent a total of 3,383 ETH, worth $5.17 million, to buy 200,581 GMX tokens. In 2023, Hayes spent another 60 ETH to buy 2,328 GMX, around $105,000. From July to December 2023, Hayes withdrew 215,428 GMX tokens from centralized exchanges (CEX). By the end of 2023, he had bought 218,337 GMX for $6.5 million from CEX and decentralized exchange (DEX) Uniswap. As of April 7, 2024, Hayes had GMX holdings worth $9.7 million, per Lookonchain data. The post revealed that Hayes had unstaked all 237,672 tokens and transferred them to an address linked to crypto algorithmic trading firm Wintermute Trading. The transaction sparked rumors of a possible token sale by the former CEO of BitMEX. According to the report, the average cost of buying through Haye’s accumulation phase is around $29.74.  After selling, Hayes’s profits would total over $3.2 million. GMX investors reacted to the news, suggesting that “nothing changed” and the altcoin was “in that buy zone again.” Did Arthur Hayes Accept Capitulation? Crypto analyst and trader JJcycles suggested that the transaction looked like “Hayes capitulation.” Later, the trader speculated why the GMX price didn’t “tank hard” after one of its largest personal holders sold his tokens. To the analyst, the incident looked “like the price of ETH during the FTX debacle.” Based on his perception, the trader decided to buy more GMX tokens. One of the largest holders of GMX send his bags to a market maker. Speculation goes that he is selling which is the most logical conclusion to make. My question, why is price not tanking hard? Feels a bit like the price of ETH during the FTX debacle.I'm buying more.$GMX pic.twitter.com/jZi91vIghT — JJcycles (@JJcycles) April 8, 2024 In a later post, the analyst clarified what he meant with his previous statement. According to him, GMX’s capitulation looks like ETH’s capitulation in 2023. As reported by NewsBTC, the number of Ethereum traders selling at a loss increased around August 2023. ETH’s price bounced back from the capitulation and has continued an upward trajectory ever since. Per the analyst charts, GMX appears to be showing an ascending triangle pattern at writing time, like the one made by ETH during its capitulation. To the trader, this suggests GMX could begin an upward trajectory like ETH. GMX Price Reaction The GMX token displays red numbers in most timeframes, as it’s currently 55.5% lower than its all-time high (ATH) of $91.07. The token registers a 7.9%, 28.9%, and 48.9% price drop on the weekly, monthly, and yearly timeframes. After the news of Hayes’ transaction broke, the price went from hovering between the $40.8-$40.7 price range to $37.1, plunging 9% in just an hour. Nonetheless, the altcoin quickly started to recover from the initial dip.  At the time of writing, GMX is trading at $40.47, a 1% drop from 24 hours ago. Notably, the token’s market activity skyrocketed 467.6% in the last day, with a daily trading volume of $54.77 million. Related Reading: Sleeping Giant Awakens! Ethereum Whale With Over 12,000 ETH Creates Noise GMX performance in the 3-day chart. Source: GMXUSDT on Tradingview  Featured Image from Unsplash.com, Chart from TradingView.com

Cryptocurrency exchange Coinbase says bitcoin dips are likely to be “more aggressively bought compared to previous cycles, even as volatility persists during price discovery.” The crypto firm noted that the impact of U.S. spot bitcoin exchange-traded funds (ETFs) and the larger inflow of institutional demand can be seen in the open interest of bitcoin futures. […]

Crypto Expert BarriC has raised eyebrows with his recent analysis of the XRP price, in which he stated that the crypto token could rise to $1,000. As part of his analysis, he also elaborated on why this price level is attainable and not an “arbitrary number” he has pulled out for fun.  When Will The XRP Price Rise To $1,000? BarriC suggested in an X (formerly Twitter) post that the XRP price will rise to $1,000 in the next five to ten years. He explained that this would happen due to the new money flowing into the crypto space during that period. Specifically, he alluded to the “400 trillion dollars of personal wealth” and also institutional money yet to come into crypto, which could help drive up XRP’s price.  Related Reading: $115-Million Bitcoin Whale Wakes Up From 10-Year Slumber – What’s Next? To drive home his point, he drew his followers’ attention to the Spot Bitcoin ETFs and how they have so far contributed to Bitcoin’s bullish momentum and price surge. As such, he believes that XRP could also benefit from such institutional demand once institutions begin to show interest in other crypto ETFs like a potential XRP Spot ETF. BarriC boldly claimed that to say that XRP will not hit $1,000 “is to say that the entire crypto market as a whole will never grow or evolve or that new money will not come in.” He also suggested that the only way the XRP price wouldn’t hit $1,000 was if Ripple somehow failed in everything they had set out to do.  However, he believes all that is unlikely and that the crypto space and Ripple will continue to grow the same way they have since 2016, even though he admitted that people “aren’t ready to fathom price action like a $1,000 $XRP.” He added that this is the same way no one in 2016 could have fathomed Bitcoin at $74,000, but it eventually happened.  XRP To $2,500 Is Also A Possibility Crypto analyst Egrag Crypto once raised the possibility of the XRP price hitting $2,500 by 2029 while sharing his encounter with a top banker. Egrag mentioned that the banker told him XRP would hit this price level, and he agreed. Like BarriC, Egrag claimed that the banker spoke about how ETH hitting $2,500 seemed impossible then, but it happened.  Related Reading: ADA Price Ready To Soar As Cardano Network Hits New 88.6 Million Transaction Milestone However, XRP YouTuber Moon Lambo will have reservations about these price predictions. He once suggested that there isn’t enough money in the world to drive XRP’s price to four or five digits. He also noted that any new money that flows into crypto won’t only go into the XRP ecosystem. As such, one can’t base such an ambitious price prediction solely on money that has yet to come into crypto.  At the time of writing, the XRP price is trading at around $0.60, up in the last 24 hours according to data from CoinMarketCap. XRP price sitting at $0.6 | Source: XRPUSD on Tradingview.com Featured image from CryptoRank, chart from Tradingview.com

Ark Invest CEO Cathie Wood sees bitcoin as a hedge against currency devaluations and wealth erosion. “I think this is an insurance policy against rogue regimes or against just horrible fiscal and monetary policies,” she explained, attributing the recent bitcoin price surge to a “flight to safety.” ‘I Think This Is a Flight to Safety’ […]