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Ethereum Q2 Potential Promises Double-Digit Gains

by CoinNews
written by CoinNews

Ethereum investors are navigating the second quarter of 2024, cautiously embracing optimism, leveraging insights from historical trends and market data to anticipate potential gains.

Santiment’s recent analysis reveals that the number of Ethereum addresses holding coins has reached highs of more than 118,000, with midterm MVRV suggesting a mild bullish signal. These indicators, combined with past data indicating Ethereum’s tendency for robust performance during Q2, fuel hopes for another season of positive returns.

Ethereum: Historically Strong Q2 Performance

Crypto analyst Ali Martinez recently shared a screenshot of Ethereum’s quarterly returns on social media platform X, highlighting the cryptocurrency’s significant spikes during previous second quarters, notably in 2017 and 2019. These spikes, with increases of 450% and over 100% respectively, have intrigued investors and led them to closely monitor Ethereum’s performance in the current quarter.

Several key financial players, including BlackRock, Fidelity, and Grayscale, have expressed interest in launching a spot Ethereum ETF. However, the regulatory hurdles present significant challenges, raising questions about Ethereum’s integration into traditional financial markets.

Market indicators reflect Ethereum’s current state, with nearly 5% decline in the last 24 hours, trading at $3,380. Despite this dip, Ethereum briefly surpassed $3,500 over the weekend, showcasing resilience amidst market fluctuations.

Ethereum price action in the last three months. Source: Coingecko

While market indicators point towards a potentially bullish period for Ethereum, uncertainty looms over the regulatory landscape, casting a shadow of caution over investors’ optimism.

The impending decision by the Securities and Exchange Commission regarding the approval or rejection of the spot Ethereum ETF by May 23 is eagerly anticipated. Analysts cautiously estimate a modest 25% likelihood of approval, acknowledging the regulatory complexities surrounding cryptocurrency investment vehicles.

Ether market cap currently at $406 billion. Chart: TradingView.com

ETF Approval: Boon For Ether?

Approval of the ETF could herald a new era for Ethereum, opening the floodgates for increased institutional investment and potentially igniting heightened market demand.

Institutional investors, previously hindered by regulatory uncertainties and limited investment avenues, would gain access to a regulated and transparent platform, thus bolstering Ethereum’s legitimacy within traditional finance. Such a development could fuel a surge in Ethereum’s market value, attracting both seasoned investors and newcomers alike.

Related Reading: Get Ready For A Bitcoin Cash Revolution: Analyst Forecasts Historic Breakout

Conversely, a rejection or further delay in approval may deliver a blow to Ethereum’s short-term prospects, potentially triggering short-term volatility and denting investor sentiment. The market, accustomed to swift movements and rapid changes, may experience a period of turbulence as investors reassess their strategies in light of regulatory setbacks.

Ethereum’s second quarter outlook is marked by a delicate balance between historical performance patterns, regulatory uncertainties, and market dynamics. While past trends hint at potential gains, the pending decision on the spot Ethereum ETF introduces a level of unpredictability to the market.

Featured image from Gary Bendig/Unsplash, chart from TradingView

Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.



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Litecoin Soars Above $110, Breaking Out Of Macro Downtrend

by CoinNews
written by CoinNews

Litecoin (LTC) has shown a notable performance in the first quarter of the year, reaching over 30 million transactions by March 30. Last year, this feat was achieved around July when LTC traded at around $113.

The US Commodity Futures Trading Commission (CFTC) recently classified Litecoin as a commodity alongside Bitcoin and Ethereum. The designation and rumors of a Litecoin exchange-traded fund (ETF) sparked bullish sentiment. Analysts and investors have forecasted a strong performance for the token.

Is Litecoin Out Of The Woods?

Litecoin surged 10% last week, seemingly fueled by the positive sentiment from its community. As a result, the token rose above $100 and tested its resistance above the $105 level.

Crypto analyst Rekt Capital confirmed that, as April 1st started, LTC officially broke the macro downtrend for the first time since April 2021.

According to the analyst, after successfully retesting its multi-year macro downtrend and turning it into a new support level, the token had to stay above the $94 price range to confirm the end of the trend.

LTC closed the month above these levels. The token’s price soared past $110 for the second time this year. Nonetheless, the price didn’t hold for long, as it immediately faced a correction and dropped back to the $105-106 range.

After the correction, analyst The Cryptonomist suggested in an X post that if LTC’s price gets a “clean break” above this level, investors could “comfortably see” the price surge to $200.

Moreover, crypto investor Crypto Surf pointed out that Litecoin “managed to close at or slightly above the 200-week,” considering it a “not bad” performance. In the charts, Crypto Surf highlights key points from the token’s performance from 2017-2021 and 2021-2024.

The $146 pre-halving top of Litecoin’s second halving event was surpassed approximately three months after breaking out of its 200-week moving average (MA). This breakout was followed by LTC’s all-time high (ATH) of $410 in 2021.

After Litecoin’s third halving event, LTC’s pre-halving top reached the $115 price range. This top was tested and almost matched today when the token traded at $112.

The charts suggest that, if history repeats itself, LTC’s price could be testing higher resistance levels and a new ATH in the coming months. However, market dynamics and external events could hinder the token’s potential targets.

Was LTC’s Rise To $112 An April’s Fool Day Prank?

After briefly reaching its highest price of the year, LTC faced a correction that shredded the gains registered over the weekend.

The token closed its March monthly candle above important metrics and has resisted above $100 during the past three days. Despite this, the price dipped below that important support zone. LTC has hovered around the $98-99 price range for the past hour.

This drop represents a 3.8% decrease from LTC’s price 24 hours ago and a 76.4% dip from its ATH. However, Litecoin’s LTC continues to register green numbers over longer timeframes.

LTC has increased 8.8% and 8.9% in the weekly and monthly timeframes. More notably, the token had a 19.9% biweekly surge.

Similarly, its daily trading volume has significantly surged by 186.5%, reaching $1.61 billion in the past 24 hours. LTC ranks as the 19th largest cryptocurrency by market capitalization, according to CoinMarketCap data. At the time of writing, Litecoin is trading at $99.13.

litecoin, LTC, LTCUSDT, crypto analyst

Litecoin is trading at $99.13 in the 3-day chart. Source: LTCUSDT on Tradingview.com 

Featured Image from Unsplash.com, Chart from TradingView.com

Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.



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Peter Schiff: Something Big Is Happening That Very Few Investors Are Prepared For

by CoinNews
written by CoinNews

Economist and gold bug Peter Schiff has warned that something big is happening that very few investors are prepared for. “More importantly, governments and central banks are not prepared for it either,” he stressed. Schiff explained that Fed rate cuts will make the inflation problem worse. Peter Schiff’s Warnings Economist and gold bug Peter Schiff […]

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Burkett Financial Services buys Bitcoin via ETFs

by CoinNews
written by CoinNews

Burkett Financial Services, a South Carolina-based financial planner, disclosed investments in two Bitcoin exchange-traded funds (ETFs) on April 1.

Burkett’s latest Form 13F filing indicates it holds 602 shares of BlackRock’s iShares Bitcoin Trust (IBIT), a spot Bitcoin ETF. The firm’s holdings are valued at $24,363.

The company also holds 630 shares of ProShares’ Bitcoin Strategy ETF (BITO), which invests in Bitcoin futures. Its BITO shares are valued at $20,344 in total.

Burkett’s two crypto-related holdings comprise just a small portion of the $194 million of investments it disclosed in its 13F filing. The firm’s other holdings include traditional exchange-traded funds (ETFs) and large-cap stocks such as Microsoft and Apple, among other investments.

Burkett is the first traditional financial institution to gain exposure to Bitcoin via the ETFs.

ETF growth

News of Burkett’s investment comes shortly after other discussions around spot Bitcoin ETFs that suggest that the investment category will gain traction.

Some commentators expect Bitcoin ETFs to see more significant inflows in the future. Bitwise CIO Matt Hougan said that Bitcoin spot ETFs could experience $1 trillion in inflows if global wealth managers allocate 1% of their portfolios to Bitcoin.

Those inflows could also improve the price of Bitcoin. Ark Invest CIO and CEO Cathie Wood has stated that Bitcoin could be worth significantly more than $1.5 million if institutions allocate more than 5% of their portfolios to Bitcoin, building on an earlier prediction for 2030.

As of April 1, spot Bitcoin ETFs held $74 billion in assets under management (AUM). This comprises over 5% of Bitcoin’s circulating supply, assuming a market cap of $1.48 trillion.

Bitcoin ETFs saw over $800 million in inflows during the week leading up to April 1, according to a report from CoinShares head of research James Butterfill.

The post Burkett Financial Services buys Bitcoin via ETFs appeared first on CryptoSlate.

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Telegram Implements Toncoin Payment Integration For Ads, TON Price Sees Impact

by CoinNews
written by CoinNews

Telegram, the renowned messaging platform, recently unveiled a new feature that allows users to promote their channels through advertising. With the launch of this feature, users can now purchase ad space using Toncoins (TON), the native cryptocurrency powered by the TON blockchain.

Telegram Implements TON Blockchain For Ad Payments

Acknowledging the potential for channel owners to generate advertising revenue, Telegram’s announcement highlighted that channels collectively accumulate over 1 trillion views each month. 

Realizing this opportunity, Telegram has implemented a revenue-sharing model, enabling channel owners with a minimum of 1000 subscribers to receive 50% of the ad revenue generated from ads displayed on their channels.

The decision to integrate the TON blockchain into this feature was driven by various reasons, as noted in the social media platform’s announcement on Sunday:

We chose the TON Blockchain because it has low fees, high transaction speeds – and holds a record for the number of transactions it can process per second. Anyone can now promote their bot or channel – with budgets as low as a handful of Toncoins. When creating a Telegram ad, you choose the exact channels where you’d like it to appear, so you have full control over their context.

Telegram CEO Pavel Durov had previously emphasized the importance of fast and secure ad payments and withdrawals, expressing that the TON blockchain would be the exclusive platform for these transactions. Durov stated:

To ensure ad payments and withdrawals are fast and secure, we will exclusively use the TON blockchain. Similar to our approach with Telegram usernames on Fragment, we will sell ads and share revenue with channel owners in Toncoin. This will create a virtuous circle, in which content creators will be able to either cash out their Toncoins — or reinvest them in promoting and upgrading their channels.

TON Shows Bullish Momentum

As Telegram unveils these new features and developments that can significantly boost the adoption and usage of the TON token, the cryptocurrency has responded positively. 

Over the past 24 hours, TON has surged by more than 5%, reaching a current trading price of $5.30. This surge adds to its impressive 100% price increase over the past 30 days alone.

Notably, the announcement has also caused a substantial increase in the trading volume of TON, which has soared to $234,869,370 in the past 24 hours. This represents a rise of over 74% compared to Sunday’s trading volume, according to CoinGecko data.

Furthermore, the TON token is approaching its all-time high (ATH) mark of $5.69, reached on March 25. With the introduction of these new features in Telegram and the notable increase in trading volume, the token appears to be on the verge of setting a new ATH in the coming days if the demand continues to rise.

However, the token must surpass the significant resistance level of $5.45 for this scenario to unfold. This price level has proven to be a hurdle for the token, as it has attempted three times to break through and consolidate above it to reach a new ATH but has failed. Overcoming this resistance level is crucial before the token can approach new ATH levels.

On the TON/USD 4-hour chart, the support level that could potentially halt a price correction following the recent uptrend is $5.26. This support level acts as a buffer to prevent a significant downward correction in price.

Telegram
The 4-hour chart shows TON’s price consistently trending upwards over the past month. Source: TONUSD on TradingView.com

Featured image from Shutterstock, chart from TradingView.com

Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Bitcoin Miners’ Earnings Hit Record $2 Billion in March Ahead of Halving Event

by CoinNews
written by CoinNews

Bitcoin Miners' Earnings Hit Record $2 Billion in March Ahead of Halving EventIn March, bitcoin miners amassed an unprecedented level of revenue not seen in the previous 12 months, hitting a high of $2.01 billion from rewards and transfer fees. Of this total, $85.81 million was earned from transaction fees over the past month. Historic Month for Bitcoin Miners — Income Peaks at $2 Billion As we […]

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Bitcoin Flash Crash Washes Out 81,000 Crypto Traders For Over $220 Million

by CoinNews
written by CoinNews

Bitcoin has started out the new week on a rather bearish note after a flash crash sent the price below $69,000 once more. There has since been some recovery in the price of the largest cryptocurrency in the space. However, the damage has already been done as tens of thousands of crypto traders were flushed out of their leveraged positions as a result.

81,000 Crypto Traders Lose $220 Million

The Bitcoin flash crash hit support just above $68,800 but crypto traders are already feeling the brunt of the large move. In the last day, more than 81,000 traders have lost their leveraged positions and the volume of their liquidations have piled up.

According to data from Coinglass, the numbers have climbed above 81,400 crypto traders who were liquidated as a result of the crash. In total, over $223 million was also lost during this time from all of the flushed positions. Then, the single largest liquidation took place on the OKX exchange across the ETH-USD-SWAP pair. This trader alone lost $7 million when their position was liquidated.

As expected, the majority of the losses have come from long traders, with Coinglass showing a total of 70.01% of the liquidated positions being longs. This means that long liquidation volumes climbed above $156 million during the last 24 hours.

The crypto exchange with the largest liquidation volumes was the OKX exchange, accounting for 46.87%, or $104.61 million, of all liquidations. Binance came in second place with 38.72%, or $86.41 million. Meanwhile, Bybit saw the third-largest liquidation volume at 8.4%, or $18.75 million.

Bitcoin, Ethereum, And Dogecoin Lead Liquidations

Naturally, the crypto assets with the largest liquidation volumes have been Bitcoin and Ethereum, with $36.1 million and $28.98 million. However, meme coins such as Dogecoin and PEPE have seen their own numbers ramp up as well.

Dogecoin’s liquidation volumes came out at $10.4 million for the 24-hour period, which put it ahead of Solana with $8.3 million. Then coming up behind Solana is PEPE, with liquidation volumes climbing as high as $7.1 million.

Across all of these cryptocurrencies, long traders continue to suffer massive losses. Even in the shorter timeframe, the trends for long traders continue to look bleak. Coinglass data shows that in the last 12 hours, long traders accounted for 85.64% of liquidations. Then, in the 4-hour and 1-hour timeframes, they account for 6.182% and 72.62%, respectively.

As for the Bitcoin price, bulls continue to struggle as resistance at $69,500 mounts. The price is currently trading at $69,450 at the time of this writing, with a 1.1% decline in the last day, according to data from Coinmarketcap.

Bitcoin price chart from Tradingview.com

BTC price drops below $70,000 | Source: BTCUSD on Tradingview.com

Featured image from Coinpaprika, chart from Tradingview.com

Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Polygon Labs CEO sees layer-3s like new Degen Chain as a risk to Ethereum

by CoinNews
written by CoinNews

Polygon’s CEO Marc Boiron emphatically stated that the layer-2 network was not considering developing layer-3 protocols because of the potential risks they pose to Ethereum’s security.

Boiron made this statement on the back of the early success of Degen Chain, a layer-3 network running on the Coinbase-backed scaling solution Base.

Layer 3 protocols enhance scalability by building upon Layer 2 infrastructure, allowing developers to tailor application-specific blockchains to their requirements.

Degen Chain

Degen Chain is a layer-3 network built using Arbitrum Orbit for the DEGEN token. The digital asset has swiftly emerged as the primary community token among Farcaster users, the rapidly expanding web3 social media platform.

Since its launch on March 28, the network has captured substantial attention and transactional activity within the crypto industry, witnessing an impressive surge of over 200% in the past week.

Available data indicates that the network has facilitated the bridging of more than $30 million, alongside powering over 3.5 million transactions as of March 30.

Community debates layer-3

Degen Chain’s early successes have attracted debates from the crypto community, who hold differing views about the network.

In a March 31 post on X (formerly Twitter), Boiron asserted that layer-3 networks divert value from Ethereum onto the layer-2 platforms hosting them.

According to him, such a trajectory doesn’t align with Polygon’s commitment to Ethereum’s scaling, which the company already addresses through its proof-of-stake (PoS) and zero-knowledge Ethereum Virtual Machine (zkEVM) chains.

Additionally, Boiron pointed out the potential adverse effects of layer-3 adoption, highlighting their minimal performance enhancements and the looming threat to Ethereum’s security. He said:

“If all L3s settled to one L2, then Ethereum would capture basically no value and, thus, Ethereum security would be at risk.”

He added:

“If Ethereum earns no fees and has no prospect of earning fees other than a tiny amount of fees from this one L2, then the value of ETH will drop and, when it is clear that it’ll continue to drop because there is no economic future for it, validators will no longer be willing to hold ETH and, thus, no longer be willing to secure the network.”

Meanwhile, blockchain expert Cygaar explained that layer-2 networks are not yet “matured” and have yet to inherit Ethereum’s security level because of existing challenges like network centralization, upgradeable bridge contracts, and developing proving systems.

Consequently, he argued that integrating layer-3 networks atop layer-2s could exacerbate risks and compromise the security of these blockchain networks.

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Composable Data Assists Dapp Developers in Unlocking Rich Data Applications – Swaroop Hegde

by CoinNews
written by CoinNews

Composable Data Assists Dapp Developers in Unlocking Rich Data Applications - Swaroop HegdeComposable data, a flexible and modular approach in the field of data analytics, benefits decentralized application (dapp) developers constrained by the limitations of current data protocols. Swaroop Hegde, co-founder of Powerloom, explains that composable data maintains a decentralized database of data points verified through a consensus mechanism. Clean Insights Versus Actionable Intelligence Hegde, a thought […]

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Tether becomes seventh largest Bitcoin holder with recent $618 million purchase

by CoinNews
written by CoinNews

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