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CoinNews

Whale transactions and ETF records fuel Bitcoin’s push toward $60,000

by CoinNews February 28, 2024

written by CoinNews

Quick Take

Bitcoin is currently demonstrating a robust market performance, bulldozing its way towards the $60,000 benchmark, up from its daily start of around $57,000. In the preceding 24 hours, a significant wave of liquidations hit the digital asset market, amounting to approximately $250 million. The liquidations depict a slight bias towards shorts, with an estimated worth of $140 million, according to Coinglass.

Coinglass data shows that in the same timeframe, Bitcoin experienced $100 million worth of liquidations, majorly shorts accounting for $70 million.

Liquidation Heatmap: (Source: Coinglass)

Simultaneously, the Exchange Traded Fund (ETF) inflows marked their third-best performance day, underlining the growing interest of institutional investors in this digital asset. A noteworthy mention is BlackRock, which recorded a record-breaking single-day performance with net inflows of $520 million.

The day further witnessed the largest Bitcoin withdrawal from Bitfinex since 2021, exceeding $240 million. This substantial offloading, estimated to be the equivalent of 5,000 Bitcoins, was primarily attributed to large whale activities.

The post Whale transactions and ETF records fuel Bitcoin’s push toward $60,000 appeared first on CryptoSlate.

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February 28, 2024 0 comment

CoinNews

Peter Brandt Raises Bitcoin Price Target to $200,000 for the Current Bull Market Cycle

by CoinNews February 28, 2024

written by CoinNews

Peter Brandt Raises Bitcoin Price Target to $200,000 for the Current Bull Market Cycle Veteran trader Peter Brandt has provided an update on his bitcoin price prediction. He explained that the price target for “the current bull market cycle” scheduled to end in Aug/Sep next year has been raised from $120,000 to $200,000. Peter Brandt on Bitcoin Bull Market Cycle Peter Brandt provided an update on his bitcoin price […]

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February 28, 2024 0 comment

CoinNews

ADA Price Ready To Reclaim $3.1 All-Time High?

by CoinNews February 27, 2024

written by CoinNews

Cardano (ADA) could be on the path to breaking new price levels in the coming weeks, as indicated by on-chain data and adoption growth. The creation of new wallets on the Cardano blockchain has seen multiple spikes on various days since the beginning of February, showing a potential influx of new money into Cardano.

According to on-chain data, new addresses on the Cardano network spiked 89% between February 22 and February. Similarly, this metric witnessed a 248% surge earlier in the month between February 1 and February 2. Such a huge influx of new wallets is a very bullish signal for ADA.

Cardano Metrics Points To Increased Interest

One of the major factors to consider when considering the adoption rate of cryptocurrencies is the amount of new wallets created. According to on-chain data, the number of new wallets added to the Cardano blockchain spiked from 1,706 on February 22 to 3,227 on February 23. Similarly, this metric witnessed a larger spike from 1,553 on February 1 to 5,414 on February 2.

While the number of new wallets created daily has slowed down since February 23, it has steadied above 1,500 since the beginning of February. The total number of wallets registered on the Cardano network has also been steadily climbing and is almost at 4.6 million addresses.

Active daily addresses have climbed above 30,000 since the beginning of the year, recently reaching 64,568 active addresses on February 16. This growth on the back end shows that interest in the Cardano ecosystem is skyrocketing as more people want to get their hands on the native ADA token. This could translate into more demand for ADA, leading to a price increase.

ADA To Reclaim $3.1 Price Level?

ADA holders have been left wondering if the price can revisit its all-time high above $3.1 this year. After ranging and trading mostly $0.6 last week, ADA has now broken past the $0.62 mark again after a 6.99% influx into the entire crypto market. At the time of writing, Cardano is now trading at $0.6211, up by 6.23% in the past 24 hours and up 29.85% in the past 30 days.

However, ADA’s path back to the all-time high of $3.1 remains difficult, as it must overcome numerous price resistances. The first stage would be to get significant traction above $0.63. If successful, ADA might launch a new rise above $0.63, reaching $0.66 for the first time since December 2023.

As long as Cardano stays above $0.66, it is in good shape to eventually reach $1.20. Many long-term holders (529,000 addresses) who bought around this price point would likely sell here to break even. But if adoption increases and demand is strong enough, ADA could power right through.

ADA price chart from Tradingview.com (Cardano)

ADA price at $0.619 | Source: ADAUSD on Tradingview.com

Featured image from Eightcap EN, 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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February 27, 2024 0 comment

CoinNews

Uniswap Introduces Wallet Extension and Limit Orders, UNI Jumps 83% in 30 Days

by CoinNews February 27, 2024

written by CoinNews

Uniswap Introduces Wallet Extension and Limit Orders, UNI Jumps 83% in 30 Days Uniswap Labs has unveiled a collection of new features designed to refine the trading journey for users of its decentralized exchange (dex). This collection encompasses the Uniswap browser extension, limit orders for precise trading strategies, and advanced data and insights for making well-informed choices. Uniswap Labs explained on Tuesday that the expansion aims to make […]

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February 27, 2024 0 comment

CoinNews

Do Kwon unlikely to be extradited before start of SEC trial

by CoinNews February 27, 2024

written by CoinNews

Do Kwon’s lawyers told a US court on Feb. 26 that the Terraform Labs co-founder will be unable to attend the initial hearings of the SEC trial.

The lawyers did not request an adjournment and said the trial could begin as scheduled on March 25 without Kwon’s presence, according to court filings.

Unforeseen complications

Kwon’s lawyer, David Patton, said that Kwon, currently in Montenegro, may not be extradited by the end of March due to unforeseen complications in the legal process. He added that these have derailed earlier expectations of a quick extradition.

Patton said the delay is primarily caused by “unanticipated mistakes” made by the Montenegrin court in charge of Kwon’s extradition case.

The filing includes a declaration from Kwon’s Montenegrin defense attorney, Goran Rodic, which highlights several issues with the high court’s extradition ruling.

Rodic criticized the Feb. 21 decision, claiming it was based on incorrect information regarding the timing of extradition requests by the US and South Korea. He also raised concerns over several procedural errors during the legal process.

Legal saga continues

Kwon was arrested by Montenegro in March 2023 for using falsified travel documents and has remained there since. The arrest came amid ongoing investigations following the collapse of Terra in May 2022, with Kwon’s whereabouts previously unknown.

Montenegro found him guilty of possessing forged documents and sentenced him to four months in prison. His extradition case has been ongoing in tandem.

The legal battle over his extradition involves both South Korea and the US. The two countries filed extradition requests with Montenegro following Kwon’s arrest.

The SEC’s lawsuit against Kwon and Terraform, filed in February 2023, and subsequent criminal charges by the US Attorney’s Office have placed Kwon at the center of allegations involving billions in crypto asset securities fraud.

In December 2023, Judge Jed Rakoff granted summary judgment in favor of the SEC, with the trial scheduled for late March 25.

Meanwhile, South Korea wants him extradited to face trial in his home country. Some of his former associates, including Terra co-founder Daniel Shin, have already faced trial over fraud charges.

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February 27, 2024 0 comment

CoinNews

Can Ethereum Touch $4,000? Crypto Analyst Says ETH Rally Far From Over

by CoinNews February 27, 2024

written by CoinNews

Like Bitcoin, Ethereum has also picked up steam, with the second-largest crypto token crossing the $3,000 resistance level for the first time since 2021. Interestingly, this crypto analyst believes the rally is far from over, as he highlighted a key price level that ETH could hit soon enough.

Ethereum Could Rise To As High As $4,000

Crypto analyst Altcoin Sherpa suggested in an X (formerly Twitter) post that Ethereum could rise to as high as $4,000. His prediction looks feasible when one considers crypto analyst Bitcoin Ape’s recent analysis of Ethereum from a technical analysis perspective.

In his X post, Bitcoin Ape noted that the ADX (average directional index) indicator is currently “very high,” signalling that ETH’s bullish trend is strong. Indeed, this bullish momentum might be very strong as the crypto token has since crossed the $3,130 price level, which Bitcoin Ape highlighted in his post as ETH’s new resistance level.

Interestingly, the analyst noted that Ethereum had already faced four resistance levels in February alone and has so far broken all of them, having also crossed the $3,130 mark. Although Bitcoin Ape failed to give his short-term prediction for ETH, he expects the crypto token to hit its all-time high (ATH) of $4,891 when the bull run returns in full force.

Meanwhile, Altcoin Sherpa isn’t the only one who believes that ETH could rise to $4,000 soon enough. Standard Chartered Bank had also predicted that the crypto token would hit this price level by the time the Spot Ethereum ETF is approved in May.

Crypto analyst Rager also recently gave a bullish prediction for ETH’s price, although he put his short-term target at $3,500. However, he added that this price level is only the beginning, stating that it isn’t the “peak high by any means.”

Ethereum’s Rally Not Hinged On Bitcoin’s Success

There is reason to believe Ethereum’s current bullish momentum isn’t due to Bitcoin’s price surge, as the Ethereum ecosystem also has narratives that may be driving ETH’s rally. For one, the Ethereum network’s ‘Dencun’ upgrade is set to take place on March 13. This much-anticipated event is significant as it would usher in advancements in the scalability, security, and usability of the Ethereum network.

Meanwhile, talks about a Spot Ethereum ETF likely being approved in May have created a lot of excitement for investors who have chosen to double down on their investments in the second-largest crypto token in anticipation of this happening.

The increased interest in ETH is expected to spark significant rallies in its price ahead of the May deadline, when the SEC will have to approve or deny VanEck’s Spot Ethereum ETF application.

Ethereum price chart from Tradingview.com (Crypto analyst)

ETH bulls maintain hold above $3,200 | Source: ETHUSD on Tradingview.com

Featured image from Bitcoinist, chart from Tradingview.com

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February 27, 2024 0 comment

CoinNews

Bitcoin Futures’ Open Interest Reaches Lifetime High, Surpassing 2021 Bull Run

by CoinNews February 27, 2024

written by CoinNews

Bitcoin Futures' Open Interest Reaches Lifetime High, Surpassing 2021 Bull Run Bitcoin’s value has been on an impressive rise over the past month, and by the start of the week, the leading digital currency surpassed the $57,000 range for the first time since Nov. 2021. This upward trend in value has stimulated bitcoin-based derivatives, causing open interest in bitcoin futures to hit an unprecedented level, exceeding […]

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February 27, 2024 0 comment

CoinNews

Why This Could Be A Signal To Sell

by CoinNews February 27, 2024

written by CoinNews

On-chain data shows the Bitcoin supply in profit has reached levels that led to some tops in the past, like the peak of the April 2019 rally.

Bitcoin Supply In Profit Has Shot Up Following BTC’s Latest Run

As pointed out by an analyst in a CryptoQuant Quicktake post, Bitcoin supply in profit has hit very high levels after the asset’s latest rally. The “supply in profit” here refers to a metric that measures the percentage of the total circulating BTC supply that’s currently carrying some amount of unrealized gain.

This indicator works by going through the transaction history of each coin (more precisely, each UTXO) on the blockchain to see what price it was last moved at. Assuming that the previous transfer of the coin was the last time it changed hands, the price at that instance would act as its current cost basis.

As such, if the previous transfer price for any coin was less than the spot value of the cryptocurrency right now, then that particular coin would be holding a profit currently. The supply in profit sums up all such coins and calculates what percentage of the total supply they make up for.

A counterpart indicator called the “supply in loss” does the same for coins of the opposite type (that is, those with a cost basis lower than the current price). This metric’s value can also simply be found by subtracting the supply in profit from 100 (since the total supply must add up to 100%).

Now, here is a chart that shows the trend in the Bitcoin supply in profit over the past few years:

Bitcoin Supply In Profit

The value of the metric seems to have been going up in recent days | Source: CryptoQuant

As displayed in the above graph, the Bitcoin supply in profit has naturally shot up recently as the asset’s price has gone through its rally. After the latest continuation of the run towards the $57,000 level, the metric has hit the 95% mark.

This means that 95% of all UTXOs in existence is carrying a profit at the moment. This may not entirely be a positive thing, however, if history is anything to go by.

As the quant has highlighted in the chart, the BTC rally that started in April 2019 topped out just as the supply in profit hit the same high levels as right now. Similarly, the local top in 2020 at the beginning of the last bull market also coincided with these levels.

The reason behind this pattern is likely to be the fact that investors in profit are more likely to sell their coins at any point. Thus, when a large percentage of holders are carrying gains, the probability of a mass selloff can spike up.

That said, in the 2017 and 2021 bull runs, as well as during the November 2021 peak, the indicator did manage to surpass these levels for a while before the top was encountered.

As such, it remains to be seen if the current rally is similar to the likes of the April 2019 run, in which case a top might be hit here, or if it’s a proper bull run, meaning that there might still be a while to go before the peak.

BTC Price

At the time of writing, Bitcoin is trading around the $56,500 level, up 8% over the past week.

Bitcoin Price Chart

Looks like the price of the asset has enjoyed a sharp rally today | Source: BTCUSD on TradingView

Featured image from Kanchanara on Unsplash.com, CryptoQuant.com, chart from TradingView.com

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February 27, 2024 0 comment

CoinNews

Is this the Bitcoin ETF supply squeeze playing out already?

by CoinNews February 27, 2024

written by CoinNews

Seven days after the new Bitcoin ETFs launched, I analyzed how they could put pressure on Bitcoin’s supply dynamics in an article called “If BlackRock continues 6k BTC daily buys, we get a supply crunch within 18 months; here’s why.’ On the day of publication, Jan. 18, Bitcoin closed at $41,248 after falling from a high of $49,000 on Jan. 11. Since then, the flagship digital asset has soared 37% to break $57,000.

While Bitcoin had fallen consistently after the ETF launched, CryptoSlate noted the persistent BTC inflows, which, at the time, averaged around 6,266 BTC per day for BlackRock alone. The analysis identified that were such inflows continue, the liquid supply of Bitcoin could be absorbed this year, with the exchange balances or very liquid supplies targetable by mid-2025.

Hypothetical Bitcoin supply absorbed by BlackRock

As noted at the time, the analysis was purely hypothetical and did not consider the outflows from Grayscale GBTC. Additionally, it only looked at BlackRock, the largest fund’s inflows, to simplify the data at that point. The exercise aimed to emphasize the potential for a supply squeeze and the lack of liquid Bitcoin to facilitate persistent ETF pressure on the supply. On Jan. 18, BlackRock had 25,067 BTC under management, valued at $1 billion.

Interestingly, while the inflows into BlackRock did not maintain the 6,266 BTC daily average pressure, inflows into the Newborn Nine have surpassed this level. BlackRock currently has 130,231 BTC under management, whereas the fund would have 275,707 BTC if it continued at 6,266 BTC daily. However, on Jan. 18, 6,266 BTC was valued at $258 million, which would now represent an inflow of $357 million, given the dramatic price surge.

It’s important to remember that the spot Bitcoin ETFs are purchased with dollars and denominated in dollars in a brokerage account. Thus, while inflows into the ETF have been consistent in dollar terms, they have been reduced in terms of Bitcoin purchases.

Across the Newborn Nine, 303,002 BTC is now held under management per K33 Research. Looking at the CryptoSlate table used for the Jan. 18 article, this aligns with inflows projected for BlackRock by March 2, 2024.

BlackRock ETF inflows — 300k BTC BlackRock ETF inflow projections

Using this data, should the Newborn Nine continue to absorb Grayscale’s declining outflows and purchase additional Bitcoin from the broader market at this pace, 1 million BTC could be under management by June. Further, this rate would swallow the BTC equivalent of the entire current liquid supply of Bitcoin (roughly 1.3 million BTC) by September.

On Feb. 8, I discussed the potential for the ‘Mother of all Supply Squeezes‘ for Bitcoin, which is akin to the GameStop saga but even more effective. The price has surged 29% since that article went live in just 19 days, an average of 0.65% per day. Bitcoin ETFs have continued to buy, and Grayscale’s outflows are slowing.

The requirements for a supply squeeze appear to be present; the only question I see is, at what level does the demand become affected by the price? Do Bitcoin ETF purchasers continue to buy if Bitcoin is at $100,000? Well, at that price, BlackRock’s IBIT would be around $60 per share. That doesn’t sound quite as expensive to new investors now, does it?

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February 27, 2024 0 comment

CoinNews

Exploring the Capabilities of the Cross Finance Ecosystem

by CoinNews February 27, 2024

written by CoinNews

Cross Finance is a next-generation digital ecosystem of cutting-edge payment solutions, bridging the worlds of banking and blockchain. CrossFi seamlessly integrates these two pivotal segments of the global economy into a unified ecosystem, offering unparalleled scalability and processing speed of up to 1 million transactions per second through the core of the CrossFi Chain—a modular […]

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February 27, 2024 0 comment

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