Metrics reveal that cryptocurrency premiums in South Korea consistently outpace the global average. As of now, bitcoin exchanges hands at $69,245 per piece globally, while on the South Korean platform Upbit, it’s being traded at $73,513 each. Additionally, March witnessed a notable increase in Upbit’s trade volume, skyrocketing by 172.25% from February’s data. Ethereum, Solana, […]
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Grayscale Investments has removed cardano from its Digital Large Cap Fund. The crypto fund now holds bitcoin, ethereum, solana, XRP, and avalanche. The crypto asset manager also adjusted the holdings of its Smart Contract Platform Ex-Ethereum Fund. Cardano Removed From Grayscale’s Large Cap Fund Grayscale Investments, the world’s largest crypto asset manager, announced Thursday that […]
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The recent ratio between Bitcoin (BTC) and Ethereum (ETH) prices suggests a potential decline in risk appetite within the crypto market. The ratio has reached its highest level since April 2021, indicating a stronger demand for Bitcoin than its smaller rival, Ethereum.
This development has led crypto asset trading firm QCP Capital to speculate that this shift in the ratio could be an early indication of a transition from “fear of missing out” (FOMO) to outright fear.
Regarding recent market trends, the second quarter of 2024 has begun with relatively subdued activity. Bitcoin’s price has dipped below the $70,000 mark and has remained range-bound between $65,000 and $68,000 for the past few days despite briefly touching the $70,000 mark on Monday.
According to QCP’s analysis, the inflow of funds into the spot Bitcoin Exchange-Traded Fund (ETF) market has not been substantial enough to drive significant price movements in either direction.
As a result, the company has observed that funding rates have stabilized, and the front end of the forward curve has declined from previous highs of 50% to less than 20% currently.
Interestingly, while the front end of the forward curve has decreased, the back end remains elevated. This has led to interest in rolling spot-forward basis positions further out, potentially driven by the continued demand for long-dated Bitcoin calls extending into 2025.
On the other hand, Ethereum’s performance has been relatively weak. QCP also notes that the ETHBTC ratio cross-tests a critical support level after breaking below 0.05. Notably, there has been sustained selling of Ethereum calls, resulting in lower volatility and downward pressure on the price.
Ultimately, QCP finds that these developments are prompting speculation as to whether this could be an early sign of FOMO turning into fear, particularly about Ethereum’s role as a proxy for altcoins.
While Bitcoin may find support from topside demand and ETF inflows, Ethereum’s performance and its impact on altcoins will be important factors to watch closely.
Renowned crypto analyst Crypto Con has raised an intriguing question about whether BTC is poised for a double top similar to the patterns observed in 2013 and 2021.
Analyzing previous market cycles, Crypto Con highlights that more evident double tops, such as those witnessed in the first and third cycles of 2021, triggered significant initial surges on the Fisher Transform indicator.
In contrast, the 2017 double-top formation showed a more subtle initial rise in June. Notably, all final cycle tops ended with a regular bearish divergence, where the price reached higher levels while the indicator declined, as seen in the chart below.
Currently, Bitcoin is approaching levels similar to those seen in 2017, as seen in the lower part of the chart. Crypto Con suggests that if the Fisher Transform indicator can consolidate around these levels without spiking to the line seen in 2013 and 2021, it could indicate a higher likelihood of a single top formation, which is the analyst’s most likely outcome, for December 2024, marking the top of this cycle.
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.
Bitcoin may be dripping lower at spot rates. Still, one analyst is unfazed, expecting the coin to reverse recent losses and snap up firmly before peaking in December 2024. At spot rates, BTC is down roughly 11% from 2024 peaks and struggling to generate sufficient buying pressure, looking at the formation in the daily chart.
Taking to X, the analyst highlights historical price patterns using the 2-week Fisher Transform indicator, a tool for picking out potential reversal zones like double tops or bottoms. Though the technical indicator lags, it has accurately picked out peaks in the past.
In 2021, when Bitcoin soared to over $69,000, the Fisher Transfer indicator printed a signal, highlighting potential peaks. In the coming weeks following this signal, prices crashed.
By the end of 2022, Bitcoin had fallen to as low as $16,000, accelerated by the collapse of FTX and the bankruptcy of several other popular crypto hedge funds, including Three Arrow Capital (3AC).
The analyst also emphasizes the importance of the indicator in differentiating between a double top, mirroring 2017 and 2021, and a potential single peak later this year.
Presently, the trader said prices are approaching 2017 levels. Then, prices created what the analyst described as a “more subtle initial rise” before peaking six months later at over $20,000.
If this leads, and the indicator “pauses” where it is, Bitcoin will likely record a “single top.” However, only time will tell where this top will be at.
This prediction comes amid significant bearish bets by leveraged hedge funds. Data from the United States Commodities Futures Trading Commission (CFTC) reveals that these funds held record “short” positions in Bitcoin futures contracts by last week.
Observers note this was the largest short position since 2017, at over 16,000 contracts. By shorting, they expected prices to dump, which is precisely what’s happening at spot rates.
However, even as hedge funds short, another analyst, responding to the trend, said the futures premium remained high. This is a development that some of these crypto hedge funds are taking advantage of.
The number of shorts could increase in the days ahead as United States Federal Reserve officials appeared to be hawkish and upbeat economic data started pouring in. Being a data-driven central bank, the Federal Reserve might not slash rates as fast as initially projected.
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.
Prominent crypto asset management firm Grayscale has removed two high-profile digital assets, Cardano and Cosmos, from its multi-asset funds as part of its quarterly fund rebalancing.
In an April 4 press statement, the firm revealed that it removed Cardano from its Grayscale Digital Large Cap Fund (GDLC) and Cosmos’s ATOM token from the Grayscale Smart Contract Platform Ex-Ethereum Fund (GSCPxE).
According to the firm, the changes were prompted by CoinDesk’s recent rebalancing of its industry sector indices. Grayscale further explained that the components and weightings of each asset are determined according to each index’s methodology and are subject to change without notice.
Consequently, the Cardano held in GDLC was sold off, with the proceeds reinvested in other fund components based on their weightings. The fund’s current weightings include over 70% Bitcoin, 21.84% Ethereum, 4.52% Solana, and less than 3% in XRP and Avalanche.
Similarly, Cosmos was divested from GSCPxE, and the proceeds were utilized to acquire other fund components in proportion. As such, the fund has shifted in its weightings, now encompassing 58.4% of Solana, 14.56% Cardano, 12.25% Avalanche, 8.53% Polkadot, and 6.25% Polygon.
Meanwhile, no new tokens were added or removed from the DeFi Fund, which consists of 48% of Uniswap, 20.41% of MakerDAO, and 13.17% of liquid staking protocol Lido. The lending platform Aave holds 9.99% of the funds, and Synthetix holds 7.69%.
ADA and ATOM have faced notable declines during the past day, corresponding with the broader crypto market struggles during the reporting period.
According to CryptoSlate’s data, the top two digital assets, Bitcoin and Ethereum, recorded losses of 0.61% and 3.66%, respectively.
Similarly, Cardano’s ADA and Cosmos’s ATOM fell by approximately 4% to $0.56 and $10.7, respectively, continuing a downward trend that has seen them shed double-digits during the past month.
Meanwhile, other large-cap assets like Solana and Avalanche’s AVAX saw bigger losses, plunging by more than 5% during the reporting period.
The post Grayscale drops Cardano and Cosmos from its crypto funds in quarterly rebalancing appeared first on CryptoSlate.
Cardano (ADA) is again in the spotlight as crypto analysts continue to deliberate on its future trajectory. This time, crypto analyst Alan Santana has laid out a bearish narrative for the crypto token, which could cause its price to drop drastically.
In his analysis, Santana stated that ADA’s breakout below the $0.58 price level, which has acted as support for the crypto token for five weeks, signals a bearish sentiment toward it. In line with this, he suggested that ADA’s price could further dip significantly even though it has already experienced a 30% decline from its recent price peak.
The crypto analyst mentioned that a further price dip for ADA could cause its price to drop between $0.4444 and $0.3450. However, this isn’t necessarily bad for the crypto token as Santana revealed that altcoins, which have in the past seen a 2x to 3x increase in their prices, experienced corrections of such magnitude before then.
He added that before the end of their correction, all these altcoins moved to test a price range between 0.618 and 0.786 Fibonacci retracement level. From the chart he shared, one can see that the analyst stipulated that ADA could drop to as low as $0.34 because that is the price level for the 0.786 Fibonacci retracement level.
Source: Tradingview.com
Furthermore, Santana acknowledged that ADA could move higher from its current price level but seemed skeptical because the crypto token has continued to lag, making further price declines more feasible.
He also revealed that ADA’s weekly chart is producing a “break below the EMA10 (Exponential Moving Average) with a very strong bearish candle as the RSI (Relative Strength Index) turns red. “Once support is found and established, we become bullish again,” the analyst concluded.
Cardano’s founder, Charles Hoskinson, sounded bullish on the Cardano ecosystem in a recent X (formerly Twitter) post, stating that “Cardano always wins.” Hoskinson’s statement came in response to a poll to rank the best Layer-1 network. Hoskinson suggested that the poll was already biased and that Cardano would surely come out on top if it were a “fair vote.”
Meanwhile, this occurrence again highlights Hoskinson’s confidence in the Cardano network he founded. He once even compared the network to Bitcoin, noting how it was growing organically like the flagship blockchain. At different times, he also insinuated that Cardano has real network value, unlike networks like Solana.
However, so far, Cardano’s network value has failed to positively affect ADA’s price, which is undoubtedly a cause for concern among ADA holders.
At the time of writing, ADA is trading at around $0.56, down over 2% in the last 24 hours, according to data from CoinMarketCap.
ADA drops down to $0.56 | Source: ADAUSDT on Tradingview.com
Featured image from Forbes, 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.
Ripple’s chief legal officer has urged the U.S. Securities and Exchange Commission (SEC) to own up to its multiple missteps in enforcement actions against the crypto industry. He referenced court rulings that criticized the SEC for “gross abuse of power,” lack of “faithful allegiance to the law,” and being “arbitrary and capricious.” Ripple’s Legal Chief […]
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Crypto expert Michaël van de Poppe has repeatedly stated that altcoins are still greatly undervalued heading into this bull run. Now, he has published a list of altcoins that he believes can provide investors with maximum returns.
In an X (formerly Twitter) post, Van de Poppe listed Chainlink (LINK) as the number one altcoin he believes has so much potential. He explained that Chainlink’s valuation is currently at a cycle low and has dropped by 40% since its recent peak. As such, this decline presents a “massive opportunity” since LINK is still likely to make more moves to the upside.
The second altcoin that Van de Poppe listed is Celestia (TIA). He noted that TIA is a relatively new project and would likely be a “massive gainer” in this market cycle. Considering that TIA is currently down 61% from its recent peak, the crypto expert claims this is a “giant opportunity” for those interested in investing in the token.
The third token on Van de Poppe’s list is Arbiturm (ARB). The crypto expert alluded to the massive ARB token unlock in March, which caused a lot of selling pressure. He also suggested that this is probably one of the reasons its valuation has dropped by 60% in the past month. However, he is bullish on Arbitrum as he considers the network a “strong Layer 2 Rollup system” and believes the ARB token could be one of the strongest gainers in this cycle.
Polkadot (DOT) is the next altcoin Van de Poppe mentioned. The analyst claims DOT’s valuation is still at a cycle low, which has opened up a “large opportunity” to invest in it. ATOM (Cosmos) is another altcoin that the crypto expert believes is still greatly undervalued and could provide significant returns for investors.
Van de Poppe mentioned DYDX (DYDX) as another altcoin with great potential. He revealed that the crypto token is reaching a cycle-low level in the Bitcoin pair. He expects the token to make a significant move to the upside once it is done consolidating. The crypto expert also listed WooNetwork (WOO) as another DeFi token that is greatly undervalued.
Meanwhile, SEI (SEI), like TIA, is another relatively new project he believes will likely outperform other major crypto tokens in this upcoming cycle. He also acknowledged that newer coins also have the potential to enjoy more gains than tokens that have been around for a while.
Skale Network (SKL) and Covalent (CQT) completed Van de Poppe’s list of ten altcoins that he believes are undervalued and could do well in this bull run.
Total market cap trending at $2.4 trillion | Source: Crypto Total Market Cap on Tradingview.com
Featured image from Coinpedia, 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.
Over 35 cryptocurrency entities, spearheaded by Nexo, have initiated a campaign to introduce a bitcoin emoji, uniting more than 170 million community members in the process. Campaign for Official Bitcoin Emoji Gains Momentum In a push for digital culture recognition, Nexo, alongside more than 35 cryptocurrency organizations, has launched a campaign aimed at securing a […]
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CoinList, a leading Web3 launchpad platform, has selected ten promising crypto projects for its 2024 spring batch Seed projects, according to an April 2 statement shared with CryptoSlate.
The projects were selected from over 350 applicants vying for inclusion in the Seed list with notable alumni like Injective Protocol, Biconomy, Mystiko, and Rabbithole.
According to the firm:
“Seed was originally designed as a private fundraising platform, [but] one common point of feedback we’ve heard from projects is that visibility, not capital, is the most scarce resource for crypto projects.”
Consequently, CoinList Seed has undergone a significant transformation, partnering with Lattice, an early-stage venture fund, to shift its focus from a fundraising-centric model to one emphasizing sustainable growth.
The latest list comprises Aarc, Earn Alliance, Grove, Plato Protocol, Pocket Universe, Sleepagotchi, Spaces Protocol, Sustainable Bitcoin Protocol, Unstable Protocol, and Watches.io.
Each project brings a unique value proposition to the table. For instance, Aarc aims to facilitate borderless decentralized applications (dApps) through its modular layer, while Earn Alliance is poised to disrupt the gaming industry with its web3 gaming aggregator.
Grove offers a platform for cashless investments using illiquid assets, while Plato Protocol introduces an innovative Eat2Earn concept. Meanwhile, Pocket Universe focuses on Web3 fraud detection, and Sleepagotchi presents an NFT-powered gaming experience centered around sleep.
Spaces Protocol enables the creation of scalable identities on the Bitcoin network, while the Sustainable Bitcoin Protocol bridges the gap between climate-conscious investors and Bitcoin. Unstable Protocol offers a leverage layer for restaked ETH, while Watches.io introduces a blockchain-based platform for tracking and trading luxury watches.
Although some of these projects have already launched, their inclusion in the CoinList Seed platform promises increased exposure and visibility to CoinList’s extensive network of over 10 million crypto adopters.
Additionally, they stand to enjoy other benefits like access to CoinList’s network of founders, discounts on select CoinList products, and hands-on support from Lattice.
