Category: Cryptocurrency News

Bitcoin prices have been stagnant, trading below the psychological $30,000 level. The coin is technically under pressure, declining from its peaks of around $31,800 recorded in early July 2023. Amid this development, on-chain data reveals that the Bitcoin miner reserve has been increasing, notwithstanding prevailing market conditions, bouncing back from May 2023 lows. According to data from CryptoQuant, the BTC miner reserve stands at 1.841 million as of July 30, up from 1.826 million on May 27. Bitcoin Miner Reserve Rising The increasing BTC miner reserve and relatively stable and steady coin prices suggest a sense of optimism among miners. This could improve sentiment and confidence among miners, possibly boosting prices and preventing sellers from pressing the coin even lower. Presently, as mentioned earlier, BTC is trending below $30,000. In crypto, the Bitcoin miner reserve measures all BTC in the hands of all miners and mining pools. It shows the total number of BTC that is yet to be liquidated. Price-wise, this is important. Miners frequently sell their coins to cover operational costs and realize profits. Therefore, trackers often monitor their trading patterns for valuable insights into market sentiment. Related Reading: Shibarium Hype: Shiba Inu Whales Boost Appetite, Snag 1 Trillion SHIB Tokens Bitcoin miner reserve trends are important for traders. However, other critical factors could influence prices in future sessions, some of which might have adverse effects. One key consideration is how different countries decide to regulate cryptocurrencies, including Bitcoin, as their move can impact liquidity and investor perception.  Regulation, Energy Consumption Criticism Negative For Prices In the United States, for instance, the approval or rejection of a Bitcoin Spot ETF by the Securities and Exchange Commission (SEC) could significantly affect Bitcoin’s price in the months ahead. The approval of a Bitcoin ETF would enable institutional players to include Bitcoin in their portfolios, injecting capital into the crypto markets and potentially increasing liquidity. Currently, Grayscale’s GBTC, a close-ended trust, allows institutions to get exposure to Bitcoin without directly buying BTC.  Related Reading: Here’s How Long The Majority Of New Ethereum Wallets Are Used Before They’re Dumped Beyond price-related factors, Bitcoin’s proof-of-work network has faced criticism for its substantial energy consumption to power its operations. In response to environmental concerns, China banned Bitcoin and crypto mining activities, resulting in a drop in the network’s hash rate and negatively impacting BTC prices. Whether the US and Europe will follow a similar path in the future could also have implications for Bitcoin’s price trajectory. Featured image from Canva, chart from TradingView

Brian Armstrong claimed SEC staff said all cryptocurrencies but Bitcoin are securities and requested the exchange delist all other cryptocurrencies.

Memecoin traders have been buying up obscure tokens such as Bald and Based, which have each seen staggering price gains despite questionable utility.

The highest recently generated block reward was 584 ETH, created by a MEV bot front-running transactions during the DeFi chaos.

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

Dogecoin is showing positive signs above the $0.075 resistance against the US Dollar. DOGE could extend its rally if it breaks the $0.0835 resistance zone. DOGE is currently trading in a bullish zone above $0.075 resistance against the US dollar. The price is trading well above the $0.0765 zone and the 100 simple moving average (4 hours). There is a major bullish trend line forming with support near $0.0760 on the 4-hours chart of the DOGE/USD pair (data source from Kraken). The price could start another increase if it clears $0.0820 and $0.0835. Dogecoin Price Remains In Uptrend In the last Dogecoin price prediction, we discussed how DOGE rallied over 10%. The price extended its increase above the $0.0820 resistance, outperforming Bitcoin and Ethereum. Finally, it tested the $0.0840 zone. A high was formed near $0.0837 and recently there was a downside correction. There was a minor decline below the $0.080 level. The price traded below the 23.6% Fib retracement level of the upward move from the $0.0695 swing low to the $0.0837 high. However, the bulls were active near the $0.0765 support. DOGE is trading well above the $0.0765 zone and the 100 simple moving average (4 hours). There is also a major bullish trend line forming with support near $0.0760 on the 4-hours chart of the DOGE/USD pair. Source: DOGEUSD on TradingView.com On the upside, the price is facing resistance near the $0.080 level. The first major resistance is near the $0.082 level. A close above the $0.082 resistance might send the price toward the $0.0835 resistance. The next major resistance is near $0.0855. Any more gains might send the price toward the $0.088 level. Are Dips Limited in DOGE? If DOGE’s price fails to gain pace above the $0.0820 level, it could continue to move down. Initial support on the downside is near the $0.0765 level. The next major support is near the $0.0760 level and the trend line. If there is a downside break below the $0.0760 support, the price could decline further. In the stated case, the price might decline toward the $0.070 level. Technical Indicators 4 Hours MACD – The MACD for DOGE/USD is now losing momentum in the bullish zone. 4 Hours RSI (Relative Strength Index) – The RSI for DOGE/USD is now above the 50 level. Major Support Levels – $0.0765, $0.0760, and $0.072. Major Resistance Levels – $0.080, $0.082, and $0.0835.