Cryptocurrency

In a recent insight report, CryptoQuant noted that monitoring the Market Value to Realized Value (MVRV) ratio can be a valuable tool for investors, helping them determine if current market conditions align with historical currency trends. While an MVRV ratio of 3.7 indicates historical highs, a ratio of one or below it suggests lows. Bitcoin’s MVRV is currently around 2.1, attempting to break a downtrend. If it can break this downtrend, a potentially sharp price increase after a retest might be anticipated, similar to previous cycles.At the time of writing, BTC was down 0.84% in the last 24 hours to $64,396.In the near term, a break above the $65,000 level is being watched for a continuation of the Bitcoin price rise.If this occurs, Bitcoin might aim for a shot at the $66,000 level. A break above it might see Bitcoin aim for its current all-time high near $74,000.In the event of price declines, Bitcoin seems to be establishing support near the $63,000 level.The support provided by the 200-day SMAs of around $62,700 is close to the zone where approximately 840,920 BTC were previously bought by 1.7 million addresses. Increased demand from this zone might push BTC prices higher in the event of a fall.This article was originally published on U.Today More

The wallet does not contain a lot of Bitcoin, however, there is enough BTC to make its owner a millionaire thanks to the massive profit seen in those 11 years.Back in 2013, this amount of BTC was evaluated at merely $2,598. The difference between these two values constitutes a staggering 63,946.1% increase in Bitcoin value.As reported by U.Today, earlier this week, several other dormant Bitcoin whales got their funds moving after staying dormant for 10 or more years – the times when the shadow of the mysterious Bitcoin creator Satoshi Nakamoto was still around, and certain members of the BTC community remembered chatting with him on the BitcoinTalk forum.Frequently enough, dormant Bitcoin wallets again become active after a decade since their owners manage to recall their lost private keys to their BTC held in cold storage. However, once these wallets are reactivated, the whales begin to sell their Bitcoin partly, or all of it.“Bitcoin’s amount of holders have been dropping aggressively,” Santiment’s tweet stated, naming a key reason for it – traders believe that the world’s flagship cryptocurrency’s price will hardly increase higher than the all-time high reached by Bitcoin in March this year. Back then, BTC skyrocketed to hit $73,750. The overall amount of Bitcoin holders (with more than zero BTC) has dropped by 672,510 compared to June.However, Santiment then pointed out that such mass Bitcoin liquidations only increase the probability of a continued BTC rebound.At the time of this writing, Bitcoin is changing hands at $64,033. Since this Wednesday, Bitcoin has seen an almost 2.8% decline in total.This article was originally published on U.Today More

Despite a strong Q1 performance, Needham sees a challenging backdrop for the remainder of the year, leading them to adjust their forecasts accordingly.According to Needham, “Street forecasts became too bullish following a strong Q1, and now miss the weaker backdrop that includes material declines from Q1 highs for many crypto assets.” The analysts highlight a decline in retail engagement, with most new entrants in the crypto space experiencing losses on their holdings, making them hesitant to invest further in the near term. As a result, Needham is lowering their Q3 forecast and expects cuts to Q2 2024 consensus revenue and EPS expectations.However, Needham remains optimistic about Coinbase’s longer-term prospects. They retain a Buy rating and a price target of $260, noting multiple positive factors expected to impact the company in the second half of 2024 and early 2025. These include the increasing odds of a Trump victory, which is seen as favorable for crypto from a regulatory and volume standpoint, as well as upcoming Ethereum ETFs and the positive outlook for bitcoin post-halving.Despite the current challenges, Needham views Coinbase as a compelling investment opportunity within the growing crypto asset universe. They emphasize Coinbase’s role as a market-leading fiat-crypto on-ramp and its expanding institutional business. “We expect Coinbase to grow its trading revenue as the market-leading, fiat-crypto on-ramp in the quickly growing crypto ecosystem,” the analysts state, adding that the company’s easy-to-use retail application and growing momentum among institutional firms position it well for future growth.In summary, while acknowledging short-term hurdles, Needham sees significant potential for Coinbase in the evolving crypto market landscape. More

Bollinger Bands are at historically low levels. Only in April 2016 and July 2023 have we observed this compression. In each case, over the next 12 months, Bitcoin prices increased dramatically. Bitcoin may hit $140,000 to $190,000 in less than a year if this pattern continues.We observe a pattern of tight Bollinger Bands causing significant price movements when we analyze the data from the screenshots that were supplied. The compression seen in the first chart is comparable to that of 2016 and 2023. This implies that there might be a lot of price movement in the upcoming months.Bitcoin saw a sharp increase in value in 2016, and after July 2023, a similar pattern was noted. These trends lend credence to the prospect of a significant price rise. Still, more factors are important than just the technical indicators. External factors and the general mood of the market will influence the possible rise of Bitcoin. The “Boring Zone” highlighted on the chart, or a time of little price movement, typically comes before the “Banana Zone,” when volatility soars.With the state of the market, recent fluctuations in the price of Bitcoin and past performance, it is possible that the cryptocurrency could rise to unprecedented levels. This may be the quiet before the storm despite the market’s slow performance in Q2. Bitcoin could rise to $140,000 or even $190,000 as a result of the strong price movement indicated by the tight Bollinger Bands.This article was originally published on U.Today More

The world’s biggest cryptocurrency clocked a strong rebound this week on bets that a Donald Trump presidency will yield a better regulatory environment for crypto, given that Trump has touted friendlier crypto regulation as part of his reelection campaign. This helped offset concerns over selling pressure from token distributions by Mt Gox, which began mobilizing billions of dollars of Bitcoin to return them to creditors after a 2014 hack.Bitcoin fell 0.9% to $64,296.7 by 09:24 ET (13:24 GMT). It was trading up 8.5% over the past week.Crypto markets were also pressured byThe world’s largest cryptocurrency rebounded from four-month lows this week after Trump appeared to have gotten a massive boost in popularity after a failed assassination attempt last week. He was formally nominated as the Republican presidential candidate this week. The former president has maintained a largely pro-crypto stance during his recent campaigning efforts, stating that the future of crypto should be built in the U.S. His campaign also accepts donations in crypto.Trump is set to speak at the Bitcoin Conference in Nashville later this month, where social media speculation suggested the presidential frontrunner could potentially outline plans to declare Bitcoin as a “strategic reserve asset.” But there appeared to be no credible grounds for this speculation. But concerns over distributions by Mt Gox remained in play, especially as wallets linked to the exchange were seen mobilizing nearly $3 billion of tokens earlier this week.Fears of the distributions- which are expected to greatly increase Bitcoin supplies- had sparked steep losses in Bitcoin earlier in July, although the token has since recovered. Still, it remains unclear just how large Mt Gox’s distribution will be. Traders also speculated that given Bitcoins massive gains in the past decade, receivers of the token will be more inclined to sell- a scenario that presents heavy selling pressure on the token.Among broader crypto markets, major altcoins also retreated as a recent rebound cooled, although losses were limited by speculation over more spot exchange-traded fund launches in the U.S.Ether fell 2.5% to $3,397.9 as recent reports said the Securities and Exchange Commission could approve a spot Ether ETF as soon as next week.SOL rose 1% after recent reports also showed a spot SOL ETF was in the works.ADA and XRP fell 4.7% and 4.5%, respectively, while among meme tokens, DOGE fell 3% and SHIB slid 1.5%.The North Korea-linked hacker responsible for draining $230 million from Indian crypto exchange WazirX has converted most of the stolen funds into ether, according to blockchain tracker Lookonchain. As of Friday morning, the hacker reportedly holds over 59,097 ETH, valued at $200 million, and an additional $15 million in various alternative tokens.By Friday morning, nearly all tokens listed on WazirX were trading at significant discounts compared to their global and local prices, indicating poor liquidity and heavy selling pressure. The bitcoin/rupee trading pair had dropped 22% in the past 24 hours, significantly more than the 2% decrease seen on other local exchanges like CoinDCX and Zebpay. The Shiba Inu/rupee pair fell by 30%.WazirX experienced a security breach in one of its multisig wallets on Thursday, resulting in the loss of over $100 million in SHIB and $52 million in ETH, among other assets. The stolen funds represented over 45% of the exchange’s total reserves as reported in June 2024, notably diminishing users’ hopes for recovery. More

While momentum is growing, the price movement is sparking debate. Some skeptics believe it might be overvalued.Before the incident, Bitcoin price traded lower in recent weeks due to massive liquidations by Gemini creditors, Mt. Gox creditors, and the German government.The German government has been offloading bitcoins that were previously seized in criminal activities.As J.P. Morgan analysts noted in a recent publication, these liquidations are expected to subside after July. “We continue to look for a rebound in the CME bitcoin futures position proxy into August to catch up with the recent rise in gold futures position proxy,” the report stated.That said, J.P. Morgan analysts caution that any recovery in the crypto market is likely to be tactical rather than the start of a sustained bullish trend. “This is because the bitcoin price is too high at present, not only against its production cost (at $43k currently) but also its vol-adjusted comparison to gold, which currently stands at $53k,” analysts wrote in a note.The bank’s analysis highlighted a key metric that tracks the difference between the bitcoin price and the implied price that matches the market value of total private sector holdings of gold on a vol-adjusted basis. “This metric points to mean reversion around the zero line, thus constraining any upside potential for bitcoin prices over the longer term,” J.P. Morgan explains.The probability of a Trump win increased further following last weekend’s events, with betting odds rising to around 70%, up from 60% before last weekend and 50% before the June 27th presidential election debate. Bitcoin price is benefiting from the higher chances of a Trump win as his second presidency is seen by some investors as more favorable from the regulatory viewpoint.  More

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