U.S. Securities and Exchange Commission (SEC) Chairman Gary Gensler has outlined a “very real economic difference” between crypto like bitcoin and fiat currencies like the U.S. dollar. “You have a whole central bank, and support for one currency, generally per economic region,” the SEC chief noted, adding that we don’t have the same in bitcoin. […]
Source link
Bitcoin price extended its increase above the $52,000 resistance. BTC is consolidating gains and might aim for more upsides toward the $55,000 resistance.
Bitcoin price started a steady increase above the $50,000 resistance zone. BTC gained strength above the $50,500 and $51,200 levels. It even spiked above the $52,000 resistance zone.
A new multi-week high was formed near $52,493 and the price is now consolidating gains. It is holding gains above the 23.6% Fib retracement level of the recent wave from the $48,240 swing low to the $52,493 high. There are also two bullish trend lines forming with support at $51,450 and $49,200 on the hourly chart of the BTC/USD pair.
Bitcoin is now trading above $51,200 and the 100 hourly Simple moving average. Immediate resistance is near the $52,500 level. The next key resistance could be $53,200, above which the price could extend its rally.
Source: BTCUSD on TradingView.com
The next stop for the bulls may perhaps be $54,400. A clear move above the $54,400 resistance could send the price toward the $55,000 resistance. The next resistance could be near the $56,500 level.
If Bitcoin fails to rise above the $52,500 resistance zone, it could start another downside correction in the near term. Immediate support on the downside is near the $51,500 level and the first trend line.
The first major support is $50,500 and the 50% Fib retracement level of the recent wave from the $48,240 swing low to the $52,493 high. If there is a close below $50,500, the price could gain bearish momentum. In the stated case, the price could dive toward the $49,200 support and the second trend line.
Technical indicators:
Hourly MACD – The MACD is now gaining pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.
Major Support Levels – $51,500, followed by $50,500.
Major Resistance Levels – $52,500, $53,200, and $54,400.
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.
Bitcoin’s open interest has surged past $11 billion for the first time in over two years. This uptick comes when the world’s most valuable coin surges, recently easing past $51,000, the highest level since December 2021.
According to Kaiko, a leading crypto analytics provider, this upswing in open interest comes at a critical time for the coin. When prices zoomed past $48,000 on February 11, there was an order book imbalance. Then, Kaiko observed there were $100 million more bids than asks.
Technically, whenever there is an order book imbalance with more bids than asks, it suggests that buyers are more willing and enthusiastic to purchase at spot rates than sellers are willing to liquidate. Following this imbalance, prices shot higher the following days, breaking above the $50,000 psychological number to over $51,500 when writing on February 14.
Surging open interest, especially as the market trends higher, is bullish. It means that more people are willing to participate in the market, hopeful of riding the trend. Subsequently, their participation translates to a more liquid market, charging the upside momentum.
Bitcoin is racing higher at the back of strong inflows into spot Bitcoin exchange-traded funds (ETFs). Over the past few weeks, spot Bitcoin ETF issuers have been rapidly accumulating the coin. The largest so far is BlackRock’s IBIT, owning over 70,000 BTC.
As a result, prices are edging higher, reflecting the high demand pinned directly to institutional participation. This positive sentiment and expectations of even more price gains, translating to higher open interest, is despite the continued liquidation of the Grayscale Bitcoin Trust (GBTC). Following court approval, GBTC is converted into an ETF, joining others like Fidelity, who also offer a similar product.
Even with the high optimism, a potential cloud hangs over the Bitcoin market. Genesis, a crypto lender under bankruptcy protection, wants the court to allow them to sell over $1.4 billion of GBTC.
If the court green-lights this move, BTC could have more liquidation pressure, possibly unwinding recent gains. So far, the FTX estate sold their GBTC, estimated to be worth over $1 billion, coinciding with Bitcoin dropping to as low as $39,500 in January.
Besides these Bitcoin-specific events, the market is closely watching how the monetary policy scene in the United States will evolve in the next few weeks. The United States Federal Reserve is expected to slash rates in March, a potentially beneficial move for BTC.
Feature image from DALLE, 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.
Mondelēz International, the global food and snacking powerhouse behind iconic brands such as Oreo, Cadbury, and Toblerone, has officially joined the Hedera Council, according to a Feb. 14 press release.
Under the partnership, Mondelēz will leverage the Hedera blockchain to enhance digital transformation, supply chain management, and customer engagement.
The Hedera Council, consisting of over 30 diversified organizations, governs the Hedera network, a public ledger designed for decentralized economic activities.
Mondelēz International’s entry into this consortium highlights its commitment to embracing digital innovation and improving business processes by adopting Web3 and DLT technologies.
By joining the Council, Mondelēz International aims to explore and develop DLT-based solutions on the Hedera network. The partnership will allow the company to develop initiatives to enrich the consumer experience and optimize supply chain processes.
The collaboration is poised to streamline operations and foster innovation within the company’s vast network, which spans over 80 countries and employs approximately 91,000 people worldwide.
In addition to its partnership with Hedera, Mondelēz International has initiated a collaboration with SKUx, a fintech and payments platform, to offer a digital payment option that enhances consumer offer experiences.
The venture represents the first real-world application of DLT in tracking the supply chain of consumer-packaged goods (CPG) and digital payment-based offers, setting a new standard for transparency and efficiency in the industry.
In recent months, Hedera has announced several significant partnerships, including a collaboration with Hitachi America, Ltd. The alliance aims to bring Hitachi’s industrial solutions expertise into the Hedera ecosystem, promising to explore end-to-end supply chain and sustainability solutions on the DLT platform.
Hedera has also entered a $250 million partnership with the Saudi Ministry of Investment. This five-year agreement aims to catalyze the development of Web3 technologies and deep tech in Saudi Arabia by launching the DeepTech Venture Studio in Riyadh.
The initiative is expected to accelerate innovation across various sectors, including AI, blockchain, and other emerging technologies, reinforcing Saudi Arabia’s commitment to diversifying its economy and reducing its reliance on crude oil.
These collaborations will enhance Hedera’s position in the blockchain and DLT space and highlight the network’s capability to support wide-ranging applications across different industries.
Bitcoin’s ascent beyond the $51,000 mark has propelled the Crypto Fear and Greed Index (CFGI) into the “greed” territory, registering a notable 74 out of 100. Just a day earlier, the CFGI soared to an impressive peak of 79, denoting “extreme greed” and marking its highest point since 2021. Crypto Fear and Greed Index Score […]
Source link
The Bitcoin landscape has witnessed a significant uptick of Bitcoin whales—entities holding 1,000 BTC or more. Their numbers have surged in recent weeks, coinciding with Bitcoin’s rise from $38,000 to $51,000.
Currently, there are 1,602 Bitcoin whales, a considerable uptick from 1,482 in January. This surge not only eclipses the March and April 2022 peak of 1,601 whales, but also marks a three-year high unseen since March 2021.
The last bull run in 2021, which saw Bitcoin skyrocket from $10,000 to $60,000, conversely triggered a notable decline in whale numbers from 1,884 to 1,601, implying a profit-taking strategy.
The current accumulation trend is influenced by large-scale holders, such as Bitcoin ETFs, including Grayscale, that spread their holdings across multiple wallets. Entities like these, with assets under management exceeding $51 million, now meet the whale criteria according to Glassnode metrics.
Since Jan. 15, whale withdrawals have surpassed deposits, barring two days, underscoring the extent to which whales have accumulated Bitcoin.
The post Bitcoin whales on the rise as numbers hit three-year high as ETFs join cohort appeared first on CryptoSlate.
The US Treasury Department’s Office of Terrorism & Financial Intelligence (TFI) wants enhanced tools and authorities to combat illicit fund movements facilitated by crypto. TFI Under Secretary Brian Nelson presented this request in a prepared Feb. 14 statement to the House Financial Services Committee.
Nelson expressed deep concern regarding the use of virtual assets in illicit financial activities. According to him, the Treasury Department has developed an anti-money laundering framework to address terrorism financing while promoting responsible innovation.
Despite these efforts, Nelson argued that threat actors such as ransomware cybercriminals, scammers, and terrorist groups exploit vulnerabilities such as jurisdictional arbitrage and non-compliant financial institutions to profit from illicit activities using virtual assets.
To tackle these vulnerabilities, the Treasury is implementing new tools. These include efforts to reduce the anonymity associated with digital asset mixers and holding non-compliant firms accountable under the Bank Secrecy Act and sanctions regulations. Nelson said,
“This action seeks to increase transparency in the virtual asset ecosystem and assist U.S. government efforts to mitigate these illicit finance risks by requiring covered financial institutions to report on transactions involving mixing.”
Despite these measures, the official highlighted the need for “additional tools and resources” to “root out illicit finance by players in virtual asset markets and forums.”
“That is why we are eager to work with Congress to adopt common-sense reforms that update our tools and authorities to match the evolving challenges we face today.”
Last year, Treasury Department Deputy Secretary Wally Adeyemo emphasized the need for enhanced sanctions and authorities to strengthen efforts against illicit actors.
This statement follows recent scrutiny of virtual assets used in illicit activities, particularly in conflict regions like Israel/Palestine and Russia/Ukraine. Some critics, including Senator Elizabeth Warren, allege that the emerging industry significantly facilitates terrorism financing and money laundering.
However, major crypto stakeholders such as Coinbase, Binance, and Elliptic refute these claims, asserting that blockchain technology offers numerous benefits that can be used to safeguard the broader financial system.
In the dynamic realm of cryptocurrencies, Avalanche (AVAX) is causing a stir, riding the waves of a recovery rally that commenced last month. As the broader spectrum of alternative coins experiences a resurgence, AVAX stands at the forefront, ready to extend its ascent, with whispers in the market hinting at a potential surge towards the coveted $50 mark.
Presently, the AVAX price confidently stands above the 50% retracement level at $39.91, signaling a robust support level within the market range spanning from $28.00 to $49. Technical indicators add to the positive sentiment, with the Simple Moving Averages (SMA) gracefully trending upwards. This suggests that the path of least resistance favors continued price appreciation, creating an optimistic atmosphere among market observers.
This is a big opportunity for Avalanche builders and validators to learn all the ins and outs of Durango 🌀
Going live right here on X or on YouTube this Wed. at 12pm ET 👇
— Avalanche 🔺 (@avax) February 12, 2024
The buzz surrounding AVAX reaches a crescendo as the eagerly anticipated AVAX Durango upgrade gears up for implementation on the 13th of February. The community’s anticipation has been steadily building since the pre-release of the upgrade’s code on February 2.
This upgrade brings forth a suite of exciting features, including the Avalanche Warp Messaging (AWM) functionality. The AWM is poised to revolutionize communication capabilities on-chain and across chains, promising a more interconnected and resilient network. This enhancement is set to facilitate seamless interoperability of protocols on the ever-evolving Avalanche platform.
AVAX currently trading at $41.31 on the daily chart: TradingView.com
Market analysts, fueled by the palpable excitement, predict that the mounting buying pressure could propel a substantial 20% surge, potentially propelling AVAX to $49.95, effectively filling the current market range.
In a more bullish scenario, the gains might extend to $54.92, marking levels not witnessed since the bloom of May 2022 and showcasing an impressive 35% climb from current valuation.
AVAX social dominance volume. Source: Santiment
Examining the coin’s on-chain metrics, an additional layer of support for this positive outlook can be seen. Both social dominance and social volume metrics for AVAX have gracefully eased, painting a picture of serenity in the market. This tranquility often lays the foundation for sustained price growth, steering clear of premature topping out fueled by heightened volatility from mainstream attention.
As the imminent AVAX Durango upgrade takes center stage, traders and investors are on the edge of their seats, eagerly awaiting the potential surge that might unfold. With technical indicators, on-chain metrics, and market sentiment aligning favorably for AVAX, the cryptocurrency seems poised to continue its upward trajectory, potentially scaling new heights in the unfolding weeks.
Featured image from Pixabay, 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.
Investors in the bankrupt cryptocurrency exchange Voyager Digital are suing the National Basketball Association (NBA), and New Jersey’s oldest law firm, McCarter & English. This emerging legal battle illustrates how even some of the largest and most reputable brands and companies can quickly become ensnared in controversy in an industry marred by a tangled web […]
Source link
Currently, Bitcoin’s value is around $51,500, successfully surpassing the $1 trillion market cap. This ascension places it above some of the world’s leading corporations. Berkshire Hathaway’s market cap hovers around $850 billion, marking it the eleventh-largest entity. Meanwhile, Meta, standing ninth in the global ranking, carries a market cap of $1.173 trillion.
Bitcoin last experienced a $1T market cap in November 2021. Bitcoin’s value is roughly 25% lower than its all-time November 2021 high of $69,000.
Further, $53m in liquidations, primarily from short liquidations, occurred in the past hour, per Coinglass data. This figure significantly increases when accounting for the past 24 hours, with over $217m liquidated.
The post Bitcoin hits $1 trillion market cap again as $217 million liquidated in 24 hours appeared first on CryptoSlate.