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Win over Crypto markets with PrimeXBT’s Valentine’s Day bonus

by CoinNews
written by CoinNews

This Valentine’s Day, PrimeXBT has an enticing new promotion for traders to take advantage of. The platform is offering new users up to $7,000 in bonus funds to bolster your Crypto trading bottom line.

Redeeming the Valentine’s promo

To get the 14% deposit bonus up to $7,000, traders just need to click here and follow the prompts. Then just make a minimum deposit of $500 or more between February 12th and 18th. It’s that easy to begin your love affair with Crypto trading.

Fall in love with PrimeXBT features

There are plenty of reasons why traders love the platform’s features:

For one, PrimeXBT makes it dead simple to short or long major Cryptos like Bitcoin. This flexibility lets traders profit whether flagship assets like BTC and ETH rally or eventually slide. PrimeXBT also aggregates Crypto, Forex, Stock Indices and Commodities together, allowing traders to build a portfolio across asset classes.

Advanced margin tools give traders precision control over risk-taking. Choose between cross margin or isolated margin, as well as how much leverage to use. For those seeking leverage, PrimeXBT fills that need to amplify profit potential on limited capital.

Finally, PrimeXBT lets anyone tap into Crypto riches through its innovative Copy Trading module. By automatically copying skilled traders, beginners circumvent months of frustration and benefit from proven Crypto trading expertise from day one.

Get your heart and Crypto pumping

If you’re seeking excitement, reward and maybe even a little romance this Valentine’s Day, PrimeXBT hits the mark. Don’t miss this limited-time opportunity to fund your ambitions in red-hot Crypto markets.

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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Ethereum, Solana see gains as Bitcoin’s rally above $50,000 causes $184 million liquidations

by CoinNews
written by CoinNews

Bitcoin’s surge past $50,000 catalyzed a broader market upswing, propelling numerous large-cap alternative digital assets such as Ethereum (ETH), Solana (SOL), and others to significant gains.

According to data from CryptoSlate, Ethereum saw a 7% uptick, reaching $2,661, while SOL surged 8% to hit $114. Among the top 10 digital assets, Avalanche’s AVAX spiked 6% to $41, Cardano’s ADA rose by 3.74% to $0.5574, while BNB Coin (BNB) and Ripple’s XRP experienced more modest gains, each climbing by less than 3%.

Market analysts attribute this bullish trend to the buzz surrounding the multiple spot Bitcoin exchange-traded funds (ETFs) in the US. Vetle Lunde, a senior analyst at K33 Research, noted that inflows into these ETFs have remained robust more than a month after their launch.

Bitcoin ETF Flow
Bitcoin ETF Flow. (Source: K33 Research)

“Yesterday saw a net inflow of 9,870 BTC, pushing the net U.S. spot ETF flow since launch to 72,312 BTC. The new nine now hold 228,000 BTC,” Lunde added.

During the past day, BTC’s price crossed the $50,000 threshold for the first time since late 2021. The top crypto’s value has risen 4.2% to $50,146 as of press time, extending a positive run that had seen it gain 16% over the past week.

$184 million in liquidation

The broader crypto market rally resulted in a significant liquidation totaling over $184 million from more than 56,000 traders, according to Coinglass data.

Short traders, or speculators betting against price increases, bore losses amounting to $134 million, while long traders betting on price increases lost approximately $50 million.

Across assets, Bitcoin led the liquidation charts with a total loss of $69.80 million. Short Bitcoin traders accounted for $55.04 million in losses, while long traders lost $14.76 million. Ethereum followed closely, contributing $39.85 million to the overall liquidation.

Other assets like Solana, LINK, and ORDI also experienced liquidations of $10.14 million, $5.93 million, and $4.81 million, respectively.

Across exchanges, Binance witnessed the highest proportion of liquidations at 43.13%, totaling $79.42 million. Other platforms like OKX and ByBit recorded liquidations of $58.29 million and $18.73 million, respectively.

Notably, the most significant liquidation order occurred on Bitmex for LINKUSD, amounting to $3.14 million.

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Ethiopia’s Affordable Hydropower and Adoption of Crypto Mining Attracts Chinese Bitcoin Miners

by CoinNews
written by CoinNews

The Ethiopian state electricity company has reportedly signed power supply agreements with 21 mainly Chinese bitcoin miners. The African country’s pursuit of foreign exchange has seemingly taken precedence over the concerns often raised by climate change advocates. Ethiopia Set to Become the Preferred Destination for Chinese Bitcoin Miners Ethiopia’s state power company has entered into […]

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Will Valentine’s Day Bring Love?

by CoinNews
written by CoinNews

Dogecoin (DOGE), the meme-driven cryptocurrency, remains confined within a narrow trading range of $0.075-$0.088 since the beginning of 2024, leaving investors grappling with its future trajectory. While activity has dwindled compared to early 2023, a significant portion of DOGE addresses remain profitable, fueling cautious optimism.

Profitable Addresses Offer Glimmer Of Hope

Approximately 60% of DOGE addresses, totaling roughly 1.34 million, currently hold their tokens at a profit, implying they bought at lower prices. This data, gathered by blockchain analytics firm IntoTheBlock, suggests underlying bullish sentiment despite declining market engagement.

Technical Support And Resistance Levels

Analysts highlight key support levels around $0.077-$0.079, where a large number of investors entered the market. This zone could act as a buying floor, preventing further price depreciation.

However, breaching this support could trigger a dip to $0.07, offering potential entry points for bargain-seeking investors. Conversely, overcoming the $0.088 resistance level could pave the way for a price climb towards $0.094.

BTCUSD trading at $50,093 on the daily chart: TradingView.com

Dwindling Activity Raises Concerns

A closer look at network activity paints a less rosy picture. Both transaction volume and whale activity, signifying large-scale investments, have decreased significantly, indicating reduced trading interest. This lack of enthusiasm could hamper Dogecoin’s upward momentum.

Technical analysis reveals a stalemate between the 50-day Exponential Moving Average (EMA) acting as support and a falling trendline acting as resistance. This pattern signals a lack of clear direction in the near term. Flipping the trendline to support could be a positive indicator, but achieving that requires renewed buying pressure.

Valentine’s Day Prediction Offers Modest Hope

Crypto exchange Changelly offers a moderate prediction for Valentine’s Day, forecasting a 1.12% price increase to $0.082591. While this could bring temporary cheer to DOGE holders, it also underlines the currency’s sensitivity to market sentiment and overall volatility.

Dogecoin: Long-Term Concerns Linger

Meanwhile, Dogecoin’s recent fall from the top 10 cryptocurrency rankings raises concerns about its long-term viability. Unlike competitors offering real-world applications, DOGE primarily relies on celebrity endorsements and internet trends. This raises questions about its ability to compete in the rapidly evolving crypto landscape.

The future of Dogecoin remains uncertain. While a short-term price rise is possible, concerns about its utility and competitive edge compared to other projects persist. Investors should approach DOGE with caution and conduct thorough research before making any investment decisions. Remember, price predictions are merely educated guesses, and the cryptocurrency market remains inherently unpredictable.

Featured image from Pexels, 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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Crypto Community Fires Back at Hillary Clinton’s Criticism of Bitcoin Undermining US Dollar as Reserve Currency

by CoinNews
written by CoinNews

Crypto Community Fires Back at Hillary Clinton's Criticism of Bitcoin Undermining US Dollar as Reserve CurrencyThe crypto industry has responded to criticism from Hillary Clinton, who said that cryptocurrency can undermine the role of the U.S. dollar as the world’s reserve currency. Galaxy Digital CEO Mike Novogratz argued that the only thing that can undermine the U.S. dollar as a reserve currency is reckless spending by both U.S. political parties. […]

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Analyst Highlights Key Resistance And Market Dynamics

by CoinNews
written by CoinNews

The crypto market is currently abuzz with discussions on Bitcoin (BTC), as it teeters on the brink of reaching the $50,000 threshold. This is fueled by the fast-approaching halving as well as a “bullish divergence” observed over the past week, with Bitcoin breaking past the $48,000 mark.

Analyst Analysis On Bitcoin

Michaël van de Poppe, a prominent figure in the realm of crypto analysis, recently shared insights on the bullish divergence. Van de Poppe pointed out the notable weekly candle that propelled Bitcoin’s value beyond $48,000, signaling a potential challenge at the $50,000 resistance level in the near term.

Further echoing this challenge, IntoTheBlock highlighted a key obstacle Bitcoin faces on its path to $50,000 in the latest post. The firm identified a crucial resistance level, noting that over 800,000 addresses have purchased nearly 270,000 BTC at an average price of $48,491.

Currently, at a loss, these holders may exert selling pressure as Bitcoin approaches its break-even point, potentially impacting its ascent to the coveted $50,000 mark.

Over the past week alone, Bitcoin’s value has increased by more than 10%, igniting discussions among crypto enthusiasts and experts regarding its future trajectory. This bullish momentum and the impending halving event reinforce optimistic stances within the crypto sphere about Bitcoin’s value proposition.

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

Bullish Outlook On BTC And Market Sentiment

Amid this bullish phase, several crypto analysts and market observers have put forward their forecasts regarding Bitcoin’s potential price movement shortly. Crypto Rover, another analyst with a significant following, suggested that surpassing the $48,500 resistance and reaching the 0.618 Fibonacci level could set Bitcoin on a path to the “official trend reversal to a bull market.”

Furthermore, data from IntoTheBlock indicates a positive trend regarding Bitcoin address profitability. Currently, 91% of Bitcoin addresses are profitable, with the total number of addresses in profit at 46.87 million, accounting for 90.53% of all addresses.

This is contrasted with 3.44 million addresses that are still at a loss. IntoTheBlock’s analysis also reveals that most addresses that purchased BTC within the $40,919.92 to $55,413.77 range are now profitable, underscoring a bullish sentiment among Bitcoin holders.

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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Market Capitalization Drops By 29% In 24 Hours

by CoinNews
written by CoinNews

Surprisingly, the newly introduced Ethereum (ETH) token standard, ERC-404, made an impressive debut in the crypto market, outperforming many other digital assets. 

However, as Bitcoin (BTC), the dominant cryptocurrency, began to rally, investors swiftly shifted their focus to the king of crypto. Consequently, this shift led to notable price drops and market capitalization declines across the ERC-404 ecosystem and its associated tokens.

From Skyrocketing Surges To Sharp Corrections

According to data from CoinGecko, the ERC-404 sector has experienced a significant decline, with an overall market capitalization drop of 29% in the past 24 hours. 

Key tokens within this sector, including PANDORA, DeFrogs, RUG, Froggy Friends, and Crystal, have all witnessed substantial price decreases. PANDORA, which had garnered attention and speculation, surged by a staggering 12,000% within a week. 

Opening at $250 on February 3, 2024, its value skyrocketed to over $34,000 per token by February 9, 2024. However, it dropped by 38% from its all-time high (ATH) in just 24 hours.

ERC-404
Top ERC-404 token’s price volatility. Source: CoinGecko

On the other hand, Crystal suffered the most significant losses, with its price plummeting by 28.4% and trading volume declining by over 35%. These figures indicate a stark decline in market activity for the token. Currently, Crystal is down more than 51% from its ATH of $792.74, exemplifying the inherent volatility of the ERC-404 sector.

Following closely behind, Froggy Friends experienced a 16% drop in trading volume and an 81% decrease in price from its peak of $823. CoinGecko data reveals that Froggy Friends currently trades at $150 per token.

But what are the ERC-404 token standards? And what is causing the price and market capitalization to drop?

Navigating The ERC-404 Ecosystem

Ethereum, known for its smart contract platform, has been a breeding ground for various token standards. While ERC-20 and ERC-721 gained widespread adoption for fungible and non-fungible tokens (NFTs), a new contender emerged: ERC-404. 

Named after the popular website error code “404,” ERC-404 introduces the concept of “semi-fungibility” to Ethereum. It combines the divisibility of ERC-20 tokens with the uniqueness of ERC-721 tokens, bridging the gap between these two types.

ERC-404 tokens are associated with specific NFTs, allowing fractional transfers of linked NFTs. Full ownership results in minting the linked NFT to the holder’s wallet, while fractional transfers trigger the burning of the associated NFT. New NFTs are automatically minted when sufficient fractions are accumulated to form a complete token.

DN-404 Prepares To Challenge ERC-404’s Dominance? 

According to a recent report by The Block, transaction fees increased as ERC-404 tokens gained traction, prompting developers to work on an alternative implementation called Divisible NFT (DN-404). 

This new standard aims to optimize code and reduce transaction fees, addressing the rising costs associated with ERC-404 tokens. The DN-404 implementation is set to be released soon, potentially alleviating network congestion caused by the influx of ERC-404 tokens.

While there were initial discussions between the Pandora team, the creators of ERC-404, and the developers working on DN-404, the two groups did not reach an agreement and are not collaborating, according to the report. 

This introduces uncertainty for traders and investors who navigate between supporting the original ERC-404 or the upcoming DN-404 implementation.

Overall, the introduction of ERC-404 brought excitement and volatility to the crypto market. While semi-fungibility and fractional transfers of linked NFTs hold promise, challenges such as rising transaction fees and the emergence of DN-404 have impacted the ERC-404 ecosystem. 

Traders and investors now face the dilemma of choosing between the original implementation and the upcoming alternative. As the market evolves, it will be interesting to see how the ERC-404 sector adapts and whether it can regain stability and investor confidence.

ERC-404
The 1-hour chart shows ETH’s price trending to the upside. Source: ETHUSDT 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 Halving 2024 — Grayscale Study Reveals Unprecedented Market Evolution

by CoinNews
written by CoinNews

Bitcoin Halving 2024 — Grayscale Study Reveals Unprecedented Market EvolutionAccording to the latest data, the countdown to the Bitcoin network’s halving event shows fewer than 10,000 blocks from becoming a reality. Further analysis suggests that the halving is anticipated to take place between April 19 and April 21, 2024, reducing the block rewards from the existing rate of 6.25 bitcoins per block to 3.125 […]

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Why Grayscale says this one’s different

by CoinNews
written by CoinNews

The countdown to Bitcoin’s highly anticipated halving event is on, with fewer than 10,000 blocks left as of Feb. 12.

According to the Bitcoin Halving Clock, approximately 9,843 blocks remain before the event, which is estimated to occur by April 17.

The halving event is significant for the crypto industry because it enhances Bitcoin’s scarcity by reducing miner rewards. CryptoSlate Insight reported that the event would slash the number of BTC produced daily by miners to 450 BTC from 900 BTC.

Historically, BTC halving has usually been followed by an increased difficulty in mining the top crypto asset and a bullish price movement.

Bitcoin upcoming halving is ‘different’

Crypto asset management firm Grayscale said the impending halving event carries distinct implications compared to its predecessors due to the notable surge in BTC’s utility over the past year.

“Despite miner revenue challenges in the short term, fundamental onchain activity and positive market structure updates make this halving different on a fundamental level,” Grayscale wrote.

Bitcoin Halving
Bitcoin Halving Impact on Issuance. (Source: Grayscale)

According to the firm, the recent introduction of Bitcoin Exchange-Traded Funds (ETFs) presents a stable demand outlet that could counteract the downward pressure from mining issuance.

It said:

“ETFs, in general, create access to Bitcoin exposure to a greater network of investors, financial advisors, and capital market allocators, which in time could lead to an increase in mainstream adoption.”

Furthermore, Grayscale highlighted the significance of Non-Fungible tokens (NFTs)-like ordinal inscriptions in the BTC ecosystem. The firm said these assets “present a new path toward sustaining network security through increased transaction fees.”

Beyond that, the emergence of ordinal inscriptions has invigorated on-chain activity, yielding over $200 million in transaction fees for miners as of February 2024. This trend is anticipated to endure, buoyed by renewed developer engagement and ongoing innovations within the blockchain.

In addition, Grayscale noted that miners have been proactively preparing for the halving’s financial implications by liquidating their BTC since late 2023. This proactive stance positions them favorably ahead of the halving event.

Even if some miners were to exit the network, Grayscale said the subsequent decrease in hash rate would prompt an adjustment in mining difficulty, safeguarding network stability.

“While [BTC] has long been heralded as digital gold, recent developments suggest that [it] is evolving into something even more significant,” Grayscale concluded.

BTC Price & Market Data

At the time of press, Bitcoin is ranked #1 by market cap and the BTC price is up 3.52% over the past 24 hours. BTC has a market capitalization of $980.27 billion with a 24-hour trading volume of $30.81 billion. Learn more about BTC ›

BTCUSD Chart by TradingView

Market summary

At the time of press, the global cryptocurrency market is valued at at $1.86 trillion with a 24-hour volume of $62.28 billion. Bitcoin dominance is currently at 52.66%. Learn more ›

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ERC-404 Euphoria Push Ethereum Gas Fees To 8 Month High

by CoinNews
written by CoinNews

The new ERC-404 tokens have swiftly taken the spotlight, dominating the cryptocurrency market and consistently attracting interest from investors and traders. This surge in euphoria has led to a substantial increase in Ethereum gas fees, pushing costs to their highest levels in the past eight months. 

Ethereum Gas Fees Skyrocket

Ethereum gas fees have surged to record highs, reaching unseen levels since March 2023, when the average gas price peaked at 101.26 Gwei. The sudden spike in Ethereum gas prices has been attributed to the recent hype surrounding ERC-404 tokens, an experimental token standard that enables native fractionalization of Non-fungible Tokens (NFTs). 

Presently, reports from Etherscan, an Ethereum block explorer and analytics platform, reveal that on Friday, February 9, 2024, Ethereum gas fees reached an average gas price of 71.4 Gwei, with a maximum and minimum gas price of 59,956 Gwei and 34.4 Gwei respectively.

This price is the highest Ethereum gas fees have reached since its explosive peak in May 2023, when the average gas price surged to 155.8 Gwei.

Ethereum ERC-404 ETH ETHUSDT
Ethereum gas fees are on an uptrend. Source: Etherscan

The popularity of the ERC-404 can be attributed to the Pandora team heralding the unofficial token and taking advantage of its high liquidity. Additionally, various cryptocurrency traders have shown immense interest in the new token, aiming to capitalize on its potential and maximize its liquidity.

One trader recently made $59,000 from the popular ERC-404 token. He revealed that his “secret to making money” was buying and selling the ERC 404 token, MINER, using the high gas fees as an advantage. 

The co-founder of Gaslite GG, identified as ‘Pop Punk’ on X (formerly Twitter), has also predicted that introducing ERC-404 tokens will lead to a continuous daily rise in the average Ethereum gas price. 

About The ERC-404 Token Standard

Earlier Thursday, the market capitalization of ERC-404 tokens soared to $296 million, announcing their arrival in the crypto market. The token standard was launched on February 5 and has gained immense traction in crypto. 

Although ERC-404 tokens remain unofficial due to the absence of a complete audit and endorsement by Ethereum developers, they have witnessed a significant surge in the days following their launch. One of the prominent ERC-404 tokens, Pandora, recently saw a rise of over 400%.

The experimental tokens have gained widespread popularity due to their unique approach of bridging the gap between fungible and non-fungible tokens for better liquidity and fractionalization. 

ethereum eth ethusdt erc-404
ETH’s price trends to the upside on the daily chart. Source: ETHUSDT on Tradingview

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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