The power of ‘I don’t know.’
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Despite XRP lagging in this early stage of this bull run, crypto expert Zach Rector has shared his belief and given reasons why the crypto token is still bound to perform well. He went as far as ranking the token up there with Bitcoin to drive home his point on why the token will make a run soon enough.
“XRP Will Not Miss This Bull Run”
Rector mentioned in an X (formerly Twitter) post that XRP will not miss this bull run. In the accompanying video, the crypto expert highlighted the crypto token’s fundamentals as one of the reasons he holds this belief despite XRP’s tepid price action. Rector further claimed that the token and XRP Ledger (XRPL) have some of the best fundamentals in the crypto space.
Rector even challenged his followers to mention any other crypto token with a better fundamental than XRP. According to him, Bitcoin is the only other token that comes close to XRP in that regard. His statement echoes the sentiments of Ripple’s CEO Brad Garlinhouse, who recently stated the importance of real-world utility in driving a crypto’s growth.
Meanwhile, Rector alluded to XRP’s recent pump as a sign of the great things to come for the crypto token. On March 11, XRP climbed to as high as $0.74 before seeing a sharp correction. However, the community will hope Rector’s conviction is correct, considering that XRP didn’t make any significant statement in the 2021 bull run.
As Rector noted, community members’ faith in the token is fast waning, and there is a belief that a repeat of the altcoin’s sluggish 2021 run will ultimately erode this faith. XRP getting close to or surpassing its all-time high (ATH) of $3 will be a great place to start if it is to make a run in this bull run.
Time For Price Predictions To Come True
Crypto analysts like Crypto Rover and Egrag Crypto had before now made bullish price predictions for XRP, which are meant to be actualized sometime around this period. On his part, Crypto Rover predicted that the altcoin would see a “massive breakout” this March. Meanwhile, Egrag predicted that XRP will rise to $5 between now and April.
Other analysts like Dark Defender have also fuelled expectations for XRP this period. Dark Defender, in particular, recently stated that the next target for toke is the $1.33 price mark and that the $1.88 and $5.85 Fibonacci targets could be attained in the upcoming weeks.
At the time of writing, XRP is trading at around $0.686, down over 1% in the last 24 hours, according to data from CoinMarketCap.
Token price at $0.68 | Source: XRPUSDT on Tradingview.com
Featured image from Bitcoin News, 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.
Coinbase announced plans to launch a $1 billion bond offering to raise funds for its growth and expansion, according to a March 12 filing.
The bonds, designated as unsecured convertible senior notes, are set to mature in 2030, offering investors the option to convert their holdings into Coinbase shares or cash at that time. The offer also includes a 30-day option to buy an additional $150 million principal amount of notes to cover over-allotments.
The strategy is seen as a savvy maneuver to capitalize on the crypto market’s positive momentum while safeguarding shareholder value.
Coinbase has also introduced “negotiated capped call transactions” as part of the bond offering. This measure is designed to mitigate the dilutive impact on shareholders when the debt is converted into equity.
The proceeds from the bond offering are earmarked for a variety of uses, including debt repayment, funding for the capped call transactions, and potential acquisitions, indicating Coinbase’s ambitious agenda for growth and consolidation within the crypto economy.
Coinbase stock surging with crypto
This announcement comes on the heels of a significant upsurge in the value of Bitcoin, which recently hit a record high, crossing the $73,000 mark.
The bullish trend in the crypto market has been paralleled by a 48% increase in Coinbase’s stock price this year to levels last seen in December 2021 — a rally that has prompted some Wall Street analysts to revise their previously cautious outlooks on the company’s stock.
Financial giants like Raymond James and Goldman Sachs have shifted from bearish to more optimistic views, buoyed by the sector’s robust performance.
As of press time, COIN was trading at $256.14, up 11.91% over the past week and 82.45% over the previous month.
Coinbase previously offered $1.25 billion in senior convertible notes in May 2021, which instead took place following a market crash related to the collapse of the TerraUSD stablecoin. The firm has regularly repurchased its outstanding debt.
The post Coinbase looks to raise $1 billion via bond offering amid bullish market trend appeared first on CryptoSlate.
In the wake of new inflation data, the crypto market experienced $164.52M in liquidations over the past 12 hours, with $119.88M in long positions and $44.64M in short positions being flushed out. Bitcoin accounted for $48.31M of the total liquidations.
The US Market Open again seemed to be a bigger catalyst than inflation data as the open saw another leverage sweep, aligning with yesterday’s analysis of crypto leverage. Bitcoin rose by 1 % to create a new all-time high of $72,940, followed by a decline to $70,900 before returning to around $71,880 as of press time.
The US annual inflation rate unexpectedly increased to 3.2% in February, surpassing forecasts of 3.1% and rising from January’s 3.1%, per the US Bureau of Labor Statistics. The monthly inflation rate also rose to 0.4% from 0.3%, with shelter and gasoline prices contributing over 60% of the increase.
Despite the higher-than-expected inflation figures, core inflation eased slightly to 3.8% from 3.9%, compared to forecasts of 3.7%. The monthly core inflation rate remained steady at 0.4% instead of the predicted 0.3%.
| Calendar | GMT | Reference | Actual | Previous | Consensus | TEForecast |
|---|---|---|---|---|---|---|
| 2024-02-13 | 01:30 PM | Jan | 3.1% | 3.4% | 2.9% | 3.1% |
| 2024-03-12 | 12:30 PM | Feb | 3.2% | 3.1% | 3.1% | 3.2% |
| 2024-04-10 | 12:30 PM | Mar | 2.6% |
(Source: Trading Economics)
However, Aurelie Barthere, Principal Research Analyst at Nansen.ai, does not expect the US CPI release to end the crypto bull market or significantly impact prices in the coming weeks, according to comments made to CryptoSlate. She attributes this to the strong bullish momentum in the crypto space, citing recent announcements such as BlackRock allocating its own BTC ETF to two of its asset management funds.
Barthere anticipates a repricing of expected Fed rate cuts, with future markets likely to adjust from four rate cuts to two or three by December 2024. She said,
“We do not expect a significant sell-off for crypto as this repricing has happened in the past few months without questioning the bull market “
The post Bitcoin leverage again flushed at US Market Open as inflation rises, misses estimates appeared first on CryptoSlate.
Nonalcoholic beer is having a moment.
Once a rarity on store shelves, nonalcoholic beer saw a 39% jump in sales growth in 2020. The trend is proving to outlast the Covid-19 pandemic. Sales of nonalcoholic beer grew 32% in 2023, compared to the year before, adding to data from NielsenIQ.
The pandemic-led adoption of nonalcoholic beer is largely attributed to growing health and wellness trends. Both drinkers and nondrinkers want lower-calorie and healthier options in social settings. Shoppers may have noticed some established names coming out with their own offerings of nonalcoholic beer, including Budweiser Zero and Heineken 0.0.
Founded in 2017, Athletic Brewing Co. opened the doors to its nonalcoholic craft brewing facility within a year. Unlike other brewing companies, Athletic Brewing didn’t cut its teeth making alcoholic beer before pivoting into nonalcoholic options. Instead, Athletic Brewing was founded on the idea that nonalcoholic beer didn’t need to be a niche category with limited offerings.
Fast forward to 2024, and Athletic Brewing is now dominating the nonalcoholic beer market. According to NielsenIQ data, Athletic Brewing represents 19% of the domestic nonalcoholic beer market, making it the top nonalcoholic beer brand in the country.
“Every night, I’d be out to work dinners with friends, family, weddings, bachelor parties, barbecues — everything was a drinking occasion, essentially,” said Athletic Brewing co-founder Bill Shufelt, in an interview with CNBC. “There were no options or offerings to more moderate options. I’d be up at 5 a.m. to work out to start the next day. The market just wasn’t keeping up with my busy, modern lifestyle.”
Watch the video above to learn how Athletic Brewing went from a startup craft brewery in Connecticut to Whole Foods’ top-selling beer brand in under a decade.
Recent data on Bitcoin liquidations and leverage levels indicates unique price discovery activity as longs and shorts have been swept from the market. Much of the leveraged positions were shaken out last week as Bitcoin saw volatile price actions around the US market open.
The liquidation chart from CoinGlass below highlights how trading activity on March 5 and 8 around 2.30 pm GMT (US market open) led to heavy liquidations of both long and short positions. A roughly 2% increase was followed by a decrease of over 10% on March 5, which swept the order books and flushed out all leverage down to $60,000.
The subsequent rapid V-shaped recovery saw further leverage positions created around $70,000 and $66,000. The market open on March 8 shook these out, leaving little to no leverage above $66,000.
As of March 11, the drop to $67,000, followed by a surge to new highs around $71,500, has again removed most leveraged positions above $66,000, setting a solid floor. The effect of such movements is that Bitcoin now has free reign for natural price discovery above $66,000.
Unlike the bull market of 2021, which was heavily influenced by highly leveraged positions, the current cycle appears to be shaking out leverage before it has the chance to cause significant volatility. Further, key institutional players and market makers may have a hand in clearing the route for Bitcoin’s price discovery through large-scale trading activities.
The role of market makers in price discovery
Market makers and, more recently, ETF-authorized participants heavily influence financial markets, conducting the flow of buy and sell orders with precision, and are responsible for providing liquidity, which is the lifeblood of any asset’s market. By quoting continuous bid and ask prices, they aim to profit from the spread, but their role extends far beyond mere profit generation.
During periods of high volatility, market makers engage in a strategic maneuver known as “sweeping” the order book. This involves placing many orders at varying price levels to probe the market’s depth and ascertain the true balance of supply and demand. This sweeping action is a probe into the market’s present state and a catalyst for price discovery, revealing the levels at which market participants are willing to transact in significant volumes.
The recent sweep of leverage from the Bitcoin market has profoundly impacted price conditions. With the removal of leveraged sell orders, the market has witnessed a reduction in downward pressure, allowing for a more organic price discovery process. This is characterized by a market less influenced by the amplified bets of leveraged traders and more by its participant’s genuine sentiment and valuations.
As the market adjusts to the new equilibrium free from the weight of leveraged positions, the price of Bitcoin is more likely to reflect its actual market value. This is not to say that the path will be linear or devoid of volatility; the crypto market is known for its rapid price swings. However, the current landscape suggests the conditions are ripe for a more sustained upward trend.
Leverage reduction and order book sweeping since December
A closer look at the market forces from December 2022 to March 2023 explains the route for further price discovery and a new $50,000 floor.
In December, the market witnessed substantial liquidations of leveraged positions, with many longs liquidated just above the $41,000 level and shorts liquidated around $45,000. As Bitcoin approached the ETF approval on January 11, many shorts were opened around the $45,000 level, which persisted as the price dropped to around $40,000. Interestingly, there were not many longs at this level, suggesting that the price was supported by holders and general price discovery rather than leveraged positions.
As Bitcoin rebounded from $40,000 and climbed toward $45,000 by early February, several shorts were liquidated along the way. As Bitcoin continued its upward trajectory, longs were positioned from $40,000 to $50,000. By the time Bitcoin reached $50,000, there were substantial leveraged positions, amounting to approximately $27 billion. However, as the price increased, the amount of leveraged positions above $50,000 diminished considerably.
The price action at the beginning of March saw Bitcoin surge to $70,000 and then plummet to $59,000 within a single candlestick, effectively wiping out nearly all leveraged positions in the market. Although there was some leverage around $70,000, the majority of leveraged positions are now concentrated below $50,000.
The liquidation of leveraged positions has led to a more transparent market structure, with a more balanced distribution of longs and shorts. This development could pave the way for a more organic price discovery process driven by genuine market demand rather than leveraged speculation.
The recent liquidations and reduction of leveraged positions in the Bitcoin market suggest a potential shift towards a more fundamentally driven market. With the majority of leveraged positions now concentrated at lower price levels, there is room for the market to experience upward pressure as genuine demand and adoption drive prices higher.
Removing excessive leverage has set the stage for a healthier market dynamic, where price discovery is guided by fundamental factors such as increasing mainstream acceptance, regulatory clarity, and technological advancements in the blockchain space.
The recent liquidations and leverage data provide a compelling case for a potential upward trend driven by organic price discovery.
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