Cryptocurrency

The timing of this call indicates a very bearish short-term outlook, as it coincides with one of Hayes’ first open public announcements of his short position on Bitcoin. Hayes recently posted, saying Bitcoin is looking heavy, and he is aiming at the sub-$50,000 price level, opening a short and asking for prayers.This attitude is consistent with the market’s general bearishness, as institutional investors have been noticeably leaving the market, and the general pessimism regarding the price of Bitcoin is still present. A further indication of the dire situation is the significant withdrawals from Bitcoin spot ETFs that have been occurring for the past seven days, indicating a decline in institutional investor interest.A net outflow of $211 million occurred on Sept. 5, with Grayscale’s GBTC ETF accounting for $23.2 million of that total. The outflow from Bitwise’s BITB ETF added another $30 million, and the outflow from Fidelity’s FBTC ETF was even more striking at $149 million. As investors are still reluctant to enter or hold positions in the current market environment, this ongoing capital outflow has significantly pushed down the price of Bitcoin. The extent of institutional withdrawal from Bitcoin spot ETFs is demonstrated by the fact that the total net asset value of these funds has now fallen to $50.727 billion. Hayes’ prediction that Bitcoin would fall below $50,000 does not seem implausible, given the current bearish sentiment.The graph unmistakably depicts Bitcoin as being in a downward price channel and surpassing important support levels like the 200 EMA. A decline to levels below $50,000 may be feasible in the upcoming days, due to ongoing outflows and impending uncertainty.This article was originally published on U.Today More

Brandt, an expert trader who has been operating in the financial markets since the 1970s, revealed what he identifies as an inverted expanding triangle pattern on the price chart of the major cryptocurrency. Also known as the “megaphone,” the pattern suggests a test of its lower boundary at around $46,000 per BTC. For instance, Bitcoin is currently trading at $55,500, which means another 17% drop is possible if this pattern plays out.This means that until the first cryptocurrency touches $74,000 per BTC, nothing will be granted to those who remain on the buying side. We are talking about a 32% upside before the tables turn for the bulls, which is double the target for Brandt’s megaphone pattern.The trading veteran concludes his prediction by saying that the selling is stronger than the buying in this pattern. Just how strong it is will be seen in the near future.This article was originally published on U.Today More

Earlier this year, Polkadot streamlined its governance model to enable simultaneous voting on multiple issues, all directly managed by the community. Polkadot’s OpenGov system is a major advancement in decentralized governance, giving DOT holders full control over the network without any central authority.In a decentralized network like Polkadot, resilience against corruption and disruption is key. The absence of a single controlling entity ensures that no individual or group can dominate other community members or interfere with the network’s underlying technology.Moreover, Polkadot’s OpenGov system enables community-driven decision-making on matters like runtime upgrades and treasury allocations. Any DOT holder can propose changes or ideas directly on-chain, beginning with gathering community feedback through discussions..Proposals are then categorized into different tracks, such as infrastructure deployments, security measures, marketing initiatives, and events. Each track follows its own timeline for decision-making, confirmation, and implementation.The voting process operates on a “1 DOT = 1 vote” basis. During the decision period, DOT holders can vote “Aye” or “Nay” with or without conviction. Those who lack time or expertise to review all proposals can delegate their votes to trusted community members.Platforms like Polkadot’s governance interface, SubSquare, Talisman, and Subwallet provide avenues for voting, delegating, and browsing proposals. Additionally, Nova Wallet offers a built-in governance user interface for these activities.That said, Polkadot’s governance has rapidly matured since the launch of OpenGov in 2022, moving from theory to practice with hundreds of community-led referenda.Polkadot’s treasury, currently valued at around €300 million, is allocated for various projects across different spending categories. The community can vote on proposals over 7 to 28 days, depending on their complexity and importance. The recent “Decentralized Voices” initiative balances voting power by giving more influence to active community members. More

This channel shows a consistent downward trend with lower highs and lower lows, indicating that there will probably be pressure on Bitcoin for some time to come. The black line, which represents the 200-day EMA breaking below it, is a critical sign of declining momentum. Bitcoin’s price has historically declined further when it hits this mark. The inability to sustain above this level contributes to the market’s general bearish attitude. The clearly visible descending price channel indicates that Bitcoin will probably keep trending lower until it finds a strong level of support within this range. Based on the chart, the lower edge of the descending channel, or about $53,000, looks to be the next significant support level. This level might serve as a stopgap for the price of Bitcoin, but if it breaks, it might go down even further and test the psychological $50,000 barrier. Furthermore, the decreasing volume that has accompanied the price decline indicates a lack of significant buying interest, which may make it more difficult for Bitcoin to buck the current downtrend. Because of current market conditions, Dogecoin is becoming more and more vulnerable, as evidenced by its price action. The given chart shows that Dogecoin has been steadily declining for a number of months, failing to break above the important resistance levels that its moving averages have established. A bearish long-term outlook is indicated by the 200-day EMA, which is well above the current price level.Additionally supporting the bearish outlook is the 50-day and 100-day EMAs’ continuous downward trends. An even more dire outlook is reinforced by the volume profile. The unusually low trading volume indicates that there is not much interest in purchasing Dogecoin. With little buying pressure to offset the selling, the low volume suggests that the downtrend may continue even longer. Because there are no buyers, Dogecoin is vulnerable to additional drops, with the next potential support levels being around $0.08 or even lower. Furthermore, the relative strength index, or RSI, is hovering near the lower end and exhibiting a weakening momentum, though it does not yet indicate an oversold situation. This implies that before any notable reversal could be anticipated, there might still be more room for downward movement.Looking at the provided chart, SOL is trading just above $130, an area that has served as a pivot point for several price reversals in the past. The price recently fell below its 50-day and 200-day EMAs, signaling a bearish phase, but the current volume profile suggests that selling pressure is beginning to diminish. This could create an opportunity for buyers to step in, pushing the price higher in the short term.In addition, the RSI (Relative Strength Index) is showing signs of being near oversold territory, hovering around 42. This could indicate that SOL is nearing a point where sellers have exhausted their momentum, potentially making it ripe for a bounce. A reversal from these levels could easily push Solana back toward the 50-day EMA, which currently lies at around $145.However, it is important to note that overall market conditions remain a bit uncertain. While Solana has a history of rebounding at these price levels, the lack of significant volume in recent days could pose a challenge. For a sustainable recovery, we need to see a surge in buying interest accompanied by higher trading volumes, especially as the price approaches key resistance levels around $140 to $145.This article was originally published on U.Today More

In a recent post, Schiff pointed out the big difference in returns between Bitcoin and gold ETFs. While the first ones have seen modest gains of less than 17% since they launched in January, the ETF on precious metal is up over 24% despite significant outflows. In Schiff’s opinion, this shows investors made a mistake by favoring Bitcoin ETFs.However, the expert has long been critical of Bitcoin ETFs. The investor has been saying for a while now that cryptocurrencies are fundamentally flawed assets with no intrinsic value. His latest comments also come at a tough time for the industry, as the price of Bitcoin keeps struggling.On the other side, the Bitwise ETF BITB managed to attract a net inflow of $9.46 million on Sept. 4, but it was not enough to offset the overall outflow trend.This article was originally published on U.Today More

This whale has experienced a mammoth growth on his initial Bitcoin investment, made when the shadow of the mysterious BTC creator Satoshi Nakamoto still hung over the crypto community.Over the past month, the aforementioned data source has shared that at least a dozen Bitcoin whales had brought their previously dormant BTC wallets back from dormancy. Each of them showed massive percentage gains in profits.As for the rest of the ETF cohort, Fidelity, Grayscale and VanEck faced outflows of $7.6 million, $34.2 million and $4.9 million on Sept. 4.The rest of the Bitcoin ETFs, including BlackRock’s IBIT, the largest spot BTC fund, have seen zero inflows and outflows. Overall, the ETFs lost $37 million worth of Bitcoin on Wednesday.These ETFs seeing big Bitcoin outflows for a week already have been contributing to the overall bearish impact on the market recently. Besides, yesterday, Bitcoin’s 5.37% price crash was also impacted by the staggering sell-off in the U.S. stock market, with approximately $1 trillion worth of stocks sold. According to financial commentator Jim Cramer, that sell-off targeted AI/data center/computing companies and also those dealing in the housing and oil businesses. That coincided with the U.S. Department of Justice issuing a subpoena against the Nvidia (NASDAQ:NVDA) behemoth and several other chip-making companies, suspecting them of violating antitrust laws.This article was originally published on U.Today More

A decrease in active addresses shows less overall activity on the Bitcoin network, implying that fewer transactions are taking place, which could reflect a lack of interest in using the network at this time.This lack of interest could impact the price of Bitcoin, correlating with evidence of low trading volumes.Less network activity often results in less volatility, which can lead to a period of price stability emanating from range trading or consolidation. Bitcoin has traded sideways for about 180 days, with prices ranging from $49,050 and $73,000.For some investors, a drop in active addresses and price can be interpreted as a buying opportunity, however, this can vary. If the market views the decrease as a sign of weakness or lack of relevance in the current macroeconomic environment, new supports might emerge, thus creating fresh entry points.According to Glassnode, a noteworthy shift has occurred in the last three months, with downward pressure increasing and causing the market to endure its most substantial fall of the cycle.Nonetheless, from a larger perspective, Bitcoin’s spot price is trading roughly 22% below its recent ATH of nearly $74,000, indicating a relatively modest fall compared to previous bull market regimes.Although the average Bitcoin investor is still profitable overall, the short-term holder group is still significantly underwater on their holdings, making them a source of risk currently.At the time of writing, BTC was up 1.55% in the last 24 hours to $57,148 according to CoinMarketCap data.This article was originally published on U.Today More

It is worth noting that when the 100 and 200 day moving averages cross, it is a significant event. These moving averages are key indicators used by traders to assess long-term trends. The 100-day moving average shows the average closing price of Bitcoin over the past 100 days, while the 200-day moving average does the same for the past 200 days. When the shorter term crosses the longer term, it forms a golden cross, which is generally considered a bullish signal.The golden cross indicates that Bitcoin’s price momentum may be shifting upward. This is because the shorter-term trend is now outpacing the longer-term trend. This pattern is often seen as a precursor to extended upward price movements. This is because it indicates growing market confidence and increasing demand for the asset.This means that if this golden cross plays out, we may not see a spike in the price of Bitcoin, but rather a further decline.While the golden cross is a positive indicator, it is important to note that technical analysis is not foolproof. Other factors such as macroeconomic conditions, regulatory developments and investor sentiment can also influence the price of Bitcoin.This article was originally published on U.Today More