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High volatility drives spot Bitcoin volume to $26 billion

by CoinNews
written by CoinNews

Quick Take

Recent Glassnode’s data captures intriguing shifts in Bitcoin’s spot volume, tracking the aggregate trading volume of Bitcoin against USD-based currencies, both fiat and stablecoin, across various exchanges. On March 5, there was a surge in spot volume to $26 billion across all exchanges, a pinnacle not reached since the SVB collapse in March 2023.

During the SVB collapse, Binance dominated the spot volume, contributing $22 billion of the total $27 billion, as reported by Glassnode. Now, spot volume has again reached a similar level, spurred by Bitcoin’s surge to a record $69,000 and its subsequent 15% drop. In this latest bout of volatility, the exchange landscape was more distributed, with Binance, Coinbase, and Bybit recording spot volumes of $9 billion, $4 billion, and $4 billion, respectively.

Spot Volume (Stacked): (Source: Glassnode)
Spot Volume (Stacked): (Source: Glassnode)

The data depicts a stark decrease in Binance’s market share over the year, as its spot volume shrank from $22 billion during the SVB event to $9 billion in the following year’s volatility peak.

The post High volatility drives spot Bitcoin volume to $26 billion appeared first on CryptoSlate.

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Optimism Foundation sells $90M in tokens amid market rally and token unlock anticipation

by CoinNews
written by CoinNews

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Bitcoin’s hash rate hits record high after difficulty drop

by CoinNews
written by CoinNews

Quick Take

Bitcoin’s hash rate, an indicator of the computational power used for mining and processing transactions, has recently achieved a historic high. The 14-day moving average hash rate now stands at an unparalleled 586 eh/s, further enhancing the digital assets security. While the one-day hash rate peak of 711 eh/s on March 7 stands out, the 14-day moving average is considered a more reliable indicator as it smooths over short-term volatility.

Bitcoin Hash Rate Percent Change: (Source: Glassnode)
Bitcoin Hash Rate Percent Change: (Source: Glassnode)

This increase in hash rate signals a predicted adjustment of over 3% in the current difficulty epoch, expected on March 14, according to Newhedge.

This adjustment aligns with Bitcoin’s core design principle of maintaining a target block time of 10 minutes, directly influencing the projected timing of the next halving event. Per the Clarkmoody dashboard, if the ten-minute average block time is maintained, the halving event could potentially occur on April 21.

The post Bitcoin’s hash rate hits record high after difficulty drop appeared first on CryptoSlate.

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BNB Price Zooms 10%, Here Are Next Possible Barriers For Bulls

by CoinNews
written by CoinNews

BNB price is gaining bullish momentum above the $450 resistance. The price is signaling a strong uptrend and might soon surpass the $500 resistance.

  • BNB price is showing bullish signs above the $450 resistance level.
  • The price is now trading above $465 and the 100 simple moving average (4 hours).
  • There was a break above a connecting trend line with resistance at $430 on the 4-hour chart of the BNB/USD pair (data source from Binance).
  • The pair could continue to rise toward the $500 resistance zone or even $520.

BNB Price Extends Rally

In the last BNB price prediction, we discussed the chances of more gains above the $400 resistance zone. The bulls did remain active and were able to push the price above the $400 level.

BNB is now outperforming Bitcoin and Ethereum with a move above the $450 resistance. There was a break above a connecting trend line with resistance at $430 on the 4-hour chart of the BNB/USD pair. It is up over 10% today and trading above $470.

A high was formed near $478 and the price is now consolidating gains. It is trading above the 23.6% Fib retracement level of the upward move from the $364 swing low to the $478 high.

The price is now trading above $465 and the 100 simple moving average (4 hours). Immediate resistance is near the $475 level. The next resistance sits near the $488 level. A clear move above the $488 zone could send the price further higher.

BNB Price

Source: BNBUSD on TradingView.com

In the stated case, BNB price could test $500. A close above the $500 resistance might set the pace for a larger increase toward the $520 resistance. Any more gains might call for a test of the $542 level in the coming days.

Dips Supported?

If BNB fails to clear the $475 resistance, it could start a downside correction. Initial support on the downside is near the $4620 level.

The next major support is near the $450 level. The main support sits at $420 or the 50% Fib retracement level of the upward move from the $364 swing low to the $478 high. If there is a downside break below the $420 support, the price could drop toward the $400 support. Any more losses could initiate a larger decline toward the $380 level.

Technical Indicators

4-Hours MACD – The MACD for BNB/USD is gaining pace in the bullish zone.

4-Hours RSI (Relative Strength Index) – The RSI for BNB/USD is currently above the 50 level.

Major Support Levels – $460, $450, and $420.

Major Resistance Levels – $475, $500, and $520.

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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Kremlin Reveals Plans to Create a “Politics-Free” BRICS Blockchain-Based Payments System

by CoinNews
written by CoinNews

Kremlin Reveals Plans to Create 'Free of Politics' BRICS Blockchain Based Payments SystemYury Ushakov, an aide of Russian president Vladimir Putin, revealed plans to create a digital blockchain payment system for the BRICS bloc. Ushakov remarked that the countries of the group would benefit from implementing such a system for the use of governments, common people, and businesses, stating that it would be convenient, cost-effective, and “free […]

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Analyst Predicts: Bitcoin On The Brink Of A Monumental Rally

by CoinNews
written by CoinNews

Willy Woo, a crypto analyst, has captured the crypto community’s attention with his latest view on Bitcoin (BTC), suggesting an impending significant surge for the asset.

This optimism follows the approval of spot Bitcoin ETFs, which Woo believes would channel more substantial capital into the market, potentially catalyzing a “monumental rally” in Bitcoin’s value.

Beyond Technical Analysis: Market Sentiments And Prediction

Willy Woo took to X to share his analysis, drawing on Bitcoin’s historical performance to shed light on its future trajectory. Woo reminisced about July 2010, when Bitcoin’s value was a mere 0.7 cents, and how it saw a tenfold increase in just five days, followed by a 1,000x growth over the next two years.

The analyst also attributed this growth to Bitcoin’s exposure to global liquidity, notably through its integration with the Mt. Gox exchange platform. Today, Woo sees a parallel scenario, albeit on a much grander scale, with Bitcoin gaining listings on global stock markets and overseeing around $100 trillion in capital.

According to Woo, the influx of interest and investment from these quarters could dwarf the technical analysis charts that currently signal overbought conditions. This would be reminiscent of the late 2020 cycle, when Bitcoin attracted significant spot purchases from high-net-worth individuals.

While Willy Woo points to the structural conditions setting the stage for Bitcoin’s rally, other market analysts and traders are making their predictions. Peter Brandt, a well-regarded figure in the trading community, has also shared his perspective on Bitcoin’s potential for growth.

Brandt’s analysis suggests that if the bull trend post-April 2024 mirrors the momentum observed since the November 2022 low, Bitcoin could reach as high as $150,000 by October 2025.

Bitcoin Contrasting Views And Market Indicators

Amid the bullish forecasts, contrasting views and indicators suggest a more cautious outlook. Crypto analyst and trader Ali has recently identified potential signs of an impending price retracement for Bitcoin.

Bitcoin (BTC) price chart on TradingView.com
BTC price is moving sideways on the 2-hour chart. Source: BTC/USDT on TradingView.com

Utilizing the Tom DeMark (TD) Sequential indicator, Ali noted a sell signal on Bitcoin’s daily chart. This development warrants close monitoring, given the indicator’s track record of accurately predicting Bitcoin trends since the start of the year.

Earlier instances saw a buy signal in January preceding a 34% price increase, while a 4% price drop followed a sell signal mid-last month. As the TD Sequential develops a sell signal, there’s speculation about a possible short-term correction for Bitcoin.

Featured image from 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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Wall Street Expert Says $100 XRP Price Prediction Has Expired, What Does This Mean?

by CoinNews
written by CoinNews

Wall Street veteran Shannon Thorp has publicly admitted that her earlier bullish price projections for the XRP price have expired. The forecast, which had previously been a source of speculation and expectation within the XRP community, has fallen short of realization, leading market observers to further reflect on XRP’s price dynamics.  

XRP Price Prediction Falls Flat

On Friday, March 1, Thorp took to X (formerly Twitter) to announce that her earlier ambitious forecast of XRP had come to an end. The Wall Street veteran acknowledged that her predictions had fallen flat, describing the unfortunate outcome as a “bittersweet” situation.

Previously, in July 2023, Thorp had made a bold prediction of XRP, projecting that the price of the cryptocurrency would surge between $100 to $500 in four to seven months. The Wall Street expert had provided critical analysis and statistics to back her projections, highlighting XRP’s potential for gaining more liquidity strength and achieving widespread adoption in the financial sector. 

Now in March 2024, almost seven months after Thorp’s price prediction and analysis, XRP has failed to attain the projected $100 price mark. At the time of writing, the cryptocurrency is trading below $1 at $0.62, according to CoinMarketCap. 

Since last year, the price of XRP has struggled to keep up with the market’s bullish trends and has been consolidating around the price of $0.50 for months. However, recently, the cryptocurrency witnessed a surge in its value after breaking through crucial resistance levels around the $0.6 price mark. The unexpected price gain has heightened anticipation for a significant price movement, suggesting a potential uptrend during this bullish period.

Wall Street Expert Remains Optimistic

After acknowledging the unmet $100 XRP price prediction, Thorp highlighted XRP’s accomplishments, underscoring the cryptocurrency’s resilience in overcoming challenges that could have severely disrupted other digital currencies under similar circumstances. 

According to the Wall Street veteran, XRP has shown its immense potential by enduring an extensive lawsuit filed by the United States Securities and Exchange Commission (SEC). She revealed that XRP has continued to prevail, holding its title as one of the top 10 cryptocurrencies despite facing multiple adversaries and regulatory hurdles during its developmental and advancement stages. 

“Are we really to believe that XRP will fail? Well, I refuse to believe that because still to this day, I know what I hold,” Thorp stated. 

Despite her predictions not coming to fruition, the Wall Street veteran has remained optimistic about XRP’s prospects, staying consistent with her support for the cryptocurrency and its development team.

XRP price chart from Tradingview.com

XRP at $0.62 | Source: XRPUSDT on Tradingview.com

Featured image from Crypto News, 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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Uzbekistan taps Tether to boost crypto, blockchain development and regulation

by CoinNews
written by CoinNews

Stablecoin issuer Tether Limited has entered a Memorandum of Understanding (MOU) with the Republic of Uzbekistan’s National Agency of Perspective Projects (NAPP) to develop a regulatory and legal framework for digital assets in the country, according to a March 7 press release.

NAPP is the primary government agency overseeing crypto regulation and development, according to the release.

The agreement signifies a strategic effort to make Uzbekistan a central hub for blockchain and peer-to-peer telecommunication technologies, aiming to spark innovation and economic growth within the region.

Regulatory framework for crypto

A primary focus of the collaboration is to support the creation of a legal framework and regulatory policies conducive to the growth of crypto and other digital assets in Uzbekistan.

This includes facilitating the development and implementation of a digital currency, exploring asset tokenization mechanisms, and enhancing the country’s digital currency payment infrastructure for more efficient transactions.

Additionally, Tether and NAPP aim to develop a robust, independent communication and financial system that would enable cheaper, faster, and more secure transactions.

The partnership also emphasizes educational initiatives, engaging local academic institutions to develop programs that enhance understanding of blockchain technology, stablecoins, and their applications.

These educational efforts are intended to equip individuals with the knowledge and skills necessary for success in the evolving digital asset industry.

Uzbekistan aims to raise standing

The collaboration between Tether and the Republic of Uzbekistan represents a concerted effort to strengthen the blockchain ecosystem, foster innovation, and promote Uzbekistan as a global leader in blockchain and peer-to-peer technologies.

This partnership is expected to benefit the local startup community but also enhance Uzbekistan’s attractiveness as a destination for technology companies and professionals worldwide.

NAPP director Lee Dmitriy Romanovich said:

“A well-integrated and responsibly introduced blockchain ecosystem can have a profound impact on improving the lives of all Uzbekistan citizens.”

Uzbekistan began efforts to regulate the digital assets industry in 2022 through a directive that introduced a preliminary regulatory framework for the industry and included establishing the NAPP.

Since then, the country has taken significant steps to integrate digital assets into its economy while ensuring a balanced regulatory framework.

Uzbekistan’s regulatory framework legally recognizes crypto but does not consider it legal tender. The country permits trading and other activities exclusively through licensed local virtual asset service providers (VASPs) under stringent guidelines.

Additionally, the country has established a special zone that offers crypto-related firms tax benefits and streamlined regulatory procedures to attract investments.

Mentioned in this article
SEABC 2024 First SE Asia-Exclusive Blockchain Event

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Mogo Takes a Further Leap Into BTC, Eyes Long-Term Gains With $5M Bitcoin Reserve Investment

by CoinNews
written by CoinNews

Mogo Takes a Further Leap Into BTC, Eyes Long-Term Gains With $5M Bitcoin Reserve InvestmentIn a statement released on March 7, the Canadian fintech entity Mogo disclosed its strategy to diversify its portfolio by investing in bitcoin and bitcoin exchange-traded funds (ETFs), earmarking an initial outlay of as much as $5 million. Canadian Fintech Mogo Dives Deeper Into Bitcoin The publicly traded Canadian enterprise Mogo (Nasdaq: MOGO) (TSX: MOGO) […]

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Crypto Analyst Identifies 8 Altcoins To Turn $1,000 Into $1 Million

by CoinNews
written by CoinNews

Popular crypto analyst on X, cyclop (@nobrainflip) with 346,000 followers made a compelling argument for investors looking to maximize their returns through strategic altcoin investing. With Bitcoin (BTC) making a new all-time high, the focus has shifted to altcoins, which are poised for significant growth in the current bull cycle.

According to the analyst, the market moves in a predictable cycle, starting with a surge in BTC and ETH, followed by high-cap altcoins, and finally, the lower-cap coins. “We’re entering a phase where the real growth will be seen in altcoins, especially those that are new to the market. The first wave with Bitcoin and Ethereum has passed, and now it’s the altcoins’ turn to shine,” the analyst explained. He further claims:

You can still turn $1k into million this cycle. MATIC made 300x after the BTC pump last bull run. Wanna find the next MATIC? Ape in new shiny projects, no ADA, XRP, ATOM. Here’re 8 plays with 100x potential for this cycle.

Highlighting the strategic importance of choosing newer altcoins over veterans like ADA, XRP, and ATOM, the analyst pointed out, “New altcoins are not just about the novelty; they bring to the table advanced technologies, rapid development, and an eagerness to capture market share. This is not merely speculation; it’s a pattern supported by historical market behavior.”

The analyst’s selection of eight altcoins spans sectors with burgeoning potential: AI, GameFi, Layer 2 solutions, and meme coins, each chosen for its unique value proposition and growth trajectory.

Top 8 Altcoins To Turn $1,000 Into $1 Million

enqAI (formerly known as noiseGPT) (ENQAI) emerges as a beacon in the artificial intelligence sector within crypto, boasting a market cap of $119 million. The platform’s dedication to uncensored, unbiased AI sets a new standard. “In a market hungry for innovation, enqAI represents the cutting edge of AI within the crypto space,” the analyst elaborates, underscoring the project’s unique position to capitalize on the AI revolution.

Jito Network (JTO) stands out with its strategic enhancements to the Solana ecosystem, featuring a market cap of $300 million. Through its JitoSOL liquid staking pool and MEV products, it aims to redefine efficiency. “Jito Network is not just supporting Solana; it’s propelling it forward,” says the analyst, highlighting its pivotal role in the ecosystem’s expansion.

ChainGPT (CGPT) introduces an avant-garde AI infrastructure designed for the Web3, Blockchain, and Crypto spaces, flaunting a market cap of $156 million. The integration of AI technologies heralds a new era for blockchain functionality. “ChainGPT is at the forefront of the AI and blockchain convergence,” the analyst notes, emphasizing its innovative approach.

Starknet (STRK), with a $1.7 billion market cap, shines as a ZK-Rollup Layer 2 scaling solution, championing Ethereum’s scalability without compromising security. The involvement of Ethereum co-founder Vitalik Buterin further elevates its stature. “Starknet’s innovation, backed by Ethereum’s own Vitalik Buterin, is set to play a crucial role in the next phase of blockchain scalability,” the analyst reflects, indicating a significant endorsement.

Celestia (TIA) marks a revolution in blockchain technology with its modular approach, boasting a $2.6 billion market cap. This innovation paves the way for simplified blockchain launches. “Celestia is redefining blockchain architecture, making it more accessible and scalable for future innovators,” the analyst explains, showcasing its potential to transform the blockchain landscape.

In the GameFi arena, Heroes of Mavia (MAVIA) captures attention with its strategic gameplay and immersive world, supported by a market cap of $178 million. This Web3 MMO strategy game merges gaming with blockchain in novel ways. “MAVIA isn’t just a game; it’s the future of integrated blockchain gaming,” the analyst states, highlighting its potential to redefine gaming experiences.

Milady Meme Coin (LADYS), adorned with a lively NFT collection and an engaging community, carves its niche with a market cap of $97 million. “Milady Meme Coin embodies the spirit of crypto’s culture, merging art with community in an unprecedented way,” the analyst comments, capturing the essence of its appeal.

SatoshiVM (SAVM) rounds out the list with its innovative Bitcoin ZK Rollup Layer 2 solution, showcasing a market cap of $51 million. Its approach to utilizing BTC for gas fees introduces a novel utility for Bitcoin. “SatoshiVM’s pioneering solution leverages Bitcoin’s security in a way that could redefine its application in the broader DeFi ecosystem,” the analyst anticipates, envisioning a new trajectory for Bitcoin’s utility.

At press time, JTO traded at $2.8677.

crypto JTO price
JTO price, 1-day chart | Source: JTOUSD on TradingView.com

Featured image created with DALL·E, 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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