Home CoinNews
Category:

CoinNews

CoinNews

Waiting For The Bitcoin Bull Run To Resume? Here’s The Indicator To Watch For

by CoinNews
written by CoinNews

The bullish momentum of the Bitcoin price has dwindled over the past few weeks, putting the progression of the crypto bull cycle into question. On Friday, April 12, the crypto market witnessed a flash crash, causing the premier cryptocurrency’s value to drop from $70,000 to below $67,000.

This latest downturn underscores the struggle of the Bitcoin price to return to its recent all-time high of $73,737, which was forged in mid-March. On-chain analytics platform Santiment has identified a particular Bitcoin metric that may signal the resumption of the bull run.

Bitcoin Bull Run May Resume If This Metric Falls

In a recent post on X, blockchain intelligence firm Santiment provided an exciting insight into the current cycle and the price performance of Bitcoin. The firm pinpointed the Mean Dollar Invested Age metric as one of the indicators to watch as the market leader moves sideways.

According to Santiment, the Mean Dollar Invested Age metric tracks the average age of investment in an asset that has sat in the same wallet. When this indicator is rising, it means that investments are getting more stagnant and old coins are being held in the same wallets.

Conversely, a decreasing Mean Dollar Invested Age metric implies that investments are flowing back into regular circulation. This “falling line” also suggests an increase in network activity.  

Bitcoin

A chart showing Bitcoin's Mean Dollar Invested Age | Source: Santiment/X

From a historical perspective, Bitcoin exhibited a falling Mean Dollar Invested Age line during the previous bull cycles. According to Santiment, this has been the case for the premier cryptocurrency in the current bull run, which kicked off in late October 2023. 

The on-chain analytics platform, however, noted that Bitcoin’s Mean Dollar Invested Age line has been moving sideways over the past couple of weeks. This phenomenon is even more shocking, considering that the highly-anticipated halving event is about a week away.

The Bitcoin halving will see the miners’ reward slashed in half (from 6.25 BTC to 3.125 BTC). It is a bullish event that has contributed to the optimistic outlook – borne by most investors – for the premier cryptocurrency in 2024.

From Santiment’s latest report, investors might want to keep their eyes peeled for the Bitcoin Mean Dollar Invested Age metric. And the bull run is likely to continue if the BTC’s Mean Dollar Invested Age line resumes its fall, which would imply that major stakeholders (like whales) are back to moving coins into regular circulation.

BTC Price At A Glance

As of this writing, Bitcoin is trading around $66,548, reflecting a notable 6% price decline in the past 24 hours.

Bitcoin

Bitcoin price falls below $67,000 on the daily timeframe | Source: BTCUSDT chart on TradingView

Featured image from iStock, 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.

Source link

0 comment
0 FacebookTwitterPinterestEmail
CoinNews

TON Society Reveals Biometric Proof-of-Personhood Palm Scanning Program

by CoinNews
written by CoinNews

TON Society Reveals Biometric Proof-of-Personhood Palm Scanning ProgramTON Society announced a proof-of-personhood program targeting Telegram users, who can voluntarily scan their palms in exchange for benefits. The organization allocated 1 million TON for this initiative, distributed among 500 million participants in the next 5 years after completing their palm verification using Humancode’s artificial intelligence (AI) biometric tech. TON Society Announces Digital Identification […]

Source link

0 comment
0 FacebookTwitterPinterestEmail
CoinNews

Bitcoin, Altcoins Price Decline As Crypto Liquidations Approaches $900 Million In The Past Day

by CoinNews
written by CoinNews

The crypto market took an unexpected hit on April 12 as a spontaneous decline in the price of Bitcoin and prominent altcoins resulted in massive liquidations. The origin of this widespread price dip remains largely unknown, among a plethora of plausible reasons, including a recent price correction in the US stock markets.

Almost $500 Million Liquidated In An Hour Amidst Crypto Flash Crash

According to data from CoinMarketCap, Bitcoin slipped by 4.49% in the last day, falling as low as $66,052. As expected, BTC’s decline reverberated through the market, with prominent altcoins Ethereum and Solana recording daily losses to the tune of 8.12% and 12.16%, respectively

As earlier stated, these losses translated into 277,843 traders losing their leverage positions as total crypto liquidations reached $877.21 million in the last 24 hours based on data from Coinglass. Of these figures, long positions accounted for $782.98 million, with short traders losing only $94.24 million.

Notably, $467 million in leverage positions were closed within an hour as a result of a general price decline. The highest amount of liquidations at $369.85 million was recorded on Binance, while the single largest liquidation order valued at $7.19 million occurred in the ETH-USD market on the OKX exchange.


Bitcoin
Source: Coinglass

Interestingly, Bitcoin’s price decline correlated with a dip in the US stock market as the S&P 500 index declined by 1.6% to trade as low as $5,108. This market crash was preceded by recent CPI data, which showed that the inflation rate rose to 3.5% year over year in March.

Such reports only indicate that the US Federal Reserve (Fed) could not be implementing any rate cuts soon as it aims to force inflation down to its annual target of 2%. This prediction is quite bearish for the crypto market generally as Fed rate cuts allow investors to comfortably seek risky assets such as BTC with a potential of high yields.

Bitcoin Experiences Network Growth As Halving Approaches 

On a more positive note, Bitcoin has recorded a rise in non-empty wallets on its network ahead of the Halving event on April 19. Blockchain analytics platform Santiment reported an increase of 370,000 BTC wallets holding active coins over the last six days. Interestingly, the analytic team is backing investors to maintain this accumulative trend all through the Bitcoin halving event.

At the time of writing, Bitcoin was trading at $66,882, with a 44.80% increase in its daily trading volume, which is currently valued at $43.80 billion. However, Bitcoin’s price has generally been unimpressive in recent times, with a decline of 1.33% and 6.20% in the last seven and 30 days, respectively. 


BitcoinBitcoin trading at $66,499.00 on the daily chart | Source: BTCUSDT chart on Tradingview.com

Featured image from The Independent, 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.

Source link

0 comment
0 FacebookTwitterPinterestEmail
CoinNews

Paraguayan Senate Supports Selling Power to Crypto Mining Companies, Criticizes Subpar Energy Agreements With Brazil

by CoinNews
written by CoinNews

Paraguayan Senate Supports Selling Power to Crypto Mining Companies, Criticizes Subpar Energy Agreements With BrazilThe Paraguayan Senate has approved a resolution supporting selling the country’s energy surplus to crypto mining companies, given the price and guarantees that these institutions offer. The declaration criticizes the subpar agreements that sell energy to Brazil for 25% of the fees collected for mining activities, calling to direct this energy to 20 new contracts […]

Source link

0 comment
0 FacebookTwitterPinterestEmail
CoinNews

Deutsche Bank Survey: Over Half Expect Crypto to Become ‘Important’ Asset Class and Payment Method

by CoinNews
written by CoinNews

Deutsche Bank Survey: Over Half Expect Crypto to Become 'Important' Asset Class and Payment MethodA new Deutsche Bank survey found that over half of respondents expect cryptocurrencies to become an important asset class and a method of payment. In addition, 10% of respondents expect the price of bitcoin to be above $75,000 by year-end. Deutsche Bank’s Crypto Survey A recent Deutsche Bank survey of over 3,600 consumers, published this […]

Source link

0 comment
0 FacebookTwitterPinterestEmail
CoinNews

Top IRS official says ‘pure crypto tax crimes’ on the rise alongside scams

by CoinNews
written by CoinNews

IRS criminal investigation chief Guy Ficco told CNBC on April 12 that taxpayers are increasingly committing tax crimes involving crypto.

Ficco said the IRS has seen an increase in “pure crypto tax crimes” that fall under Title 26 of the US Code, which includes federal income tax violations.

Crimes considered pure tax crimes involve failing to report income from crypto sales and hiding or shielding one’s actual basis in crypto.

The issue will likely persist. Ficco observed an “uptick” in tax-reporting crimes and expects the IRS to bring forward more charges this year and in the future.

Until recently, IRS investigations have primarily been a part of broader investigations into crypto crimes such as scams and embezzlement.

Ficco acknowledged that crypto is “becoming more pervasive” and will “maintain or probably have a larger part” in broader crimes such as phone scams, romance scams, and pig butchering. Crypto scams are distinct from tax-reporting crimes.

Reporting failures widespread

Ficco’s comments come after the IRS published a reminder that individuals must report taxes if they sold crypto, received crypto as payment, or engaged in other crypto transactions.

The IRS has included some form of tax reporting rules for crypto investors since at least 2014, but past reports suggest that reporting failures remain high.

A 2023 report from Divly found that in the US, just 1.62% of investors paid taxes on crypto as required. The US rate is only slightly above the global average of 0.53%.

IRS enforcement efforts around crypto could become especially strong starting this year. In February, the agency hired two experts to focus on crypto, and past reports from CNBC suggest that tax professionals are preparing for a “tidal wave” of scrutiny.

Ficco’s predecessor, Jim Lee, also suggested an increased focus on tax issues in December 2023. Lee said half of 2023’s then-active crypto investigations involved tax issues.

The post Top IRS official says ‘pure crypto tax crimes’ on the rise alongside scams appeared first on CryptoSlate.

Source link

0 comment
0 FacebookTwitterPinterestEmail
CoinNews

PEPE Preparing For A 54% Move? Analyst Thinks So

by CoinNews
written by CoinNews

An analyst has explained how a PEPE daily close outside of a certain price range could lead its value to go on a rally of 54%.

PEPE Symmetrical Triangle May Hint At The Next Move For The Memecoin

In a new post on X, analyst Ali discussed the recent trend forming in the PEPE price. According to the analyst, the memecoin is currently forming a symmetrical triangle pattern on its one-day chart.

The “symmetrical triangle” here refers to a pattern in technical analysis (TA) that, as its name suggests, looks like a triangle. In this pattern, there are two lines of interest between which the asset’s price consolidates for a period.

The upper line connects successive tops, while the lower one joins together bottoms. The main feature of the pattern is that these two lines approach each other at a roughly equal and opposite slope (hence the “symmetrical” in the name).

There are other triangle patterns in TA, but those have either differently angled lines (as is the case with wedges) or one line parallel to the time-axis (ascending and descending triangles).

Like other TA patterns that represent a consolidation phase, the lines of the symmetrical triangle also serve as a point of potential reversal for the price. The upper line usually offers resistance (meaning tops can occur), while the lower line may provide support (bottom formation).

When a break takes place from either of these lines, the price may likely see sustained momentum in that direction. This implies that a break above the triangle could be a bullish signal, while one below may be bearish.

The symmetrical triangle may be viewed as a phase of the market in which the bulls and bears are at a standstill, hence why the price is ranging sideways. During a break, one of these wins out, and price action follows in that direction.

Naturally, as the lines converge towards a center point in this pattern, a breakout becomes increasingly probable the closer to the apex of the triangle the asset’s price gets.

Now, here is the chart shared by Ali that highlights the symmetrical triangle pattern that PEPE has been trading inside recently:

PEPE Symmetrical Triangle

Looks like the asset's price is getting closer to the converging point of the pattern | Source: @ali_charts on X

As is visible in the graph, the 1-day price of PEPE has been approaching the triangle’s apex recently, implying that a break in a direction may be coming for the memecoin.

“Watch out for a daily close outside of the $0.00000793 – $0.00000664 range, which could lead to a 54% move for PEPE,” explains the analyst. Given the pattern that has been forming, it now remains to be seen how the asset’s price will play out from here.

PEPE Price

At the time of writing, PEPE is trading around $0.000006868072, up 3% over the past week.

PEPE Price Chart

The price of the memecoin appears to have gone down recently | Source: PEPEUSD on TradingView

Featured image from Shutterstock.com, charts 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.



Source link

0 comment
0 FacebookTwitterPinterestEmail
CoinNews

A Single Custodian Oversees Nearly Half of Bitcoin’s Block Rewards

by CoinNews
written by CoinNews

A Single Custodian Oversees Nearly Half of Bitcoin's Block RewardsOnchain data indicates that a single custodian now manages the coinbase addresses for at least nine prominent mining pools, which collectively account for 47% of Bitcoin’s total hashrate. The analysis shows that substantial miners’ rewards from pools like F2pool, Antpool, Binance Pool, and Braiins are being funneled to this particular custodian. Onchain Data Reveals Single […]

Source link

0 comment
0 FacebookTwitterPinterestEmail
CoinNews

Bitcoin’s crash to $64k causes meltdown for alts

by CoinNews
written by CoinNews

Bitcoin’s (BTC) value plummeted below $65,000 on April 12, a stark drop from its $71,000 peak earlier in the day, as a wave of selling hit the crypto and equities markets, causing some altcoins to fall more than 15% in a matter of minutes.

The decline mirrored a broader selloff across asset classes amid heightened global economic uncertainties and geopolitical risks.

Bitcoin has slightly recovered since the violent drawdown, trading at around $67,300 as of press time, based on CryptoSlate data.

Ethereum, the second-largest crypto by market capitalization, fell 12% to $3,100 before paring some losses to close 8% lower at $3244 as of press time.

Meanwhile, BNB and Solana (SOL) dropped almost 14% before recovering some losses. Both tokens were down roughly 12% over the past 24 hours as of press time — trading at $593 and $153, respectively.

Smaller cryptocurrencies faced even steeper declines, with tokens like Cardano (ADA), Avalanche (AVAX), and Bitcoin Cash (BCH) recording losses ranging from 15% to 20%.

The crypto market’s downturn triggered one of the largest leverage washouts of the month, erasing approximately $850 million in leveraged derivatives positions, with CoinGlass data indicating that $770 million of these were long positions expecting price increases.

Traditional stock markets also suffered losses as investors feared an escalation in Middle Eastern conflicts following warnings from US officials about potential aggressive actions by Iran against Israel.

This uncertainty drove investors toward safer assets, boosting Treasury bonds and the US dollar. Meanwhile, the S&P 500 and Nasdaq 100 each dropped about 1.7%. Gold prices briefly soared to an all-time high of over $2,400, and oil prices increased by 1%.

Ryze Labs commented on the day’s events, forecasting continued volatility for cryptocurrencies in the short term due to the upcoming tax season. Despite the immediate market jitters, the firm maintains a positive long-term view, anticipating that an easing monetary policy and a slowdown in quantitative tightening might stabilize and boost the crypto sector.

As global markets navigate through economic indicators and geopolitical tensions, the crypto sector remains particularly sensitive to such developments, preparing for possible further fluctuations as it approaches tax season and beyond.

The post Bitcoin’s crash to $64k causes meltdown for alts appeared first on CryptoSlate.

Source link

0 comment
0 FacebookTwitterPinterestEmail
CoinNews

5 Million Long-Term Holders Signal Major Market Shift

by CoinNews
written by CoinNews

Recently, reports from IntoTheBlock revealed that the Litecoin (LTC) network has exceeded five million long-term holders. This achievement represents approximately 62.5% of all LTC addresses with a balance, underscoring Litecoin’s widespread adoption and long-term viability within the crypto community.

Rising Long-Term Holder Trend Signals Optimism 

The surge in long-term holders has been particularly noticeable in recent months, underscoring a growing inclination towards holding LTC for quite a long time. In February’s closing days alone, the number of long-term holders soared by 170,000, signaling robust investor confidence in Litecoin’s long-term prospects.

In tandem with this surge in long-term holders, the number of individuals holding LTC for more than a year has steadily risen, now totaling 2.54 million addresses. Apart from the numerical growth, the profitability of holding LTC over the long term adds another dimension of interest.

According to on-chain data, roughly 67.67% of all LTC addresses currently stand in profit, collectively holding 49.76 million LTC. In contrast, approximately 26.8% of LTC holders, totaling 2.15 million addresses, are currently at a loss.

Meanwhile, a smaller segment, constituting 5.53% of holders, is situated at breakeven, which means they are neither in a loss nor a profit.

Addresses currently holding in Litecoin (LTC).
Addresses are currently held in Litecoin (LTC). | Source: IntoTheBlock

Bullish Sentiment Surrounds Litecoin Amidst Rumors of ETF Approval

So far, Litecoin has seen relatively stable movement, experiencing a minor increase of 0.3% over the past week, followed by a slight downturn of 0.1% in the last 24 hours. As of the current writing, LTC is trading at $96.72.

Litecoin (LTC) price chart on TradingView
LTC price is moving sideways on the 4-hour chart. Source: LTC/USDT on TradingView.com

Despite the altcoin’s current stability in price, analysts such as World of Charts anticipate a potential surge in the coming months, with projections suggesting a climb to $400. This bullish momentum is fuelled by growing institutional interest, particularly surrounding rumors of a potential LTC Exchange-Traded Fund (ETF).

Fox Business journalist Eleanor Terrett has hinted at institutional intrigue towards a Litecoin ETF, citing LTC’s functional similarities to Bitcoin as a potential factor in its approval by the US Securities and Exchange Commission (SEC).

Additionally, Coinbase Derivatives’ recent launch of futures contracts for Litecoin further contributes to the buzz surrounding the cryptocurrency.

Renowned crypto analyst Luke Martin echoes this sentiment, suggesting that the approval of an Ethereum ETF could pave the way for other “old altcoins” like Litecoin to gain regulatory approval. Martin emphasizes that LTC and Dogecoin may have a stronger case for not being classified as securities, particularly in comparison to Ethereum.

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.



Source link

0 comment
0 FacebookTwitterPinterestEmail
Newer Posts
Older Posts