Cryptocurrency

At one point in the week, Bitcoin traded above $59,000 only to return to near $56,000, even dipping as low as $54,339 in Monday’s trading session.After two prior days of losses, Bitcoin closed Friday’s trading session in green after the U.S. CPI report came out on Thursday with a core CPI gain of 3.3% versus 3.5% projected, appearing bullish for crypto.The monthly inflation rate fell in June for the first time in almost four years, offering additional support for the Federal Reserve to begin cutting interest rates later this year.The rebound sustained at press time with BTC up 2.15% in the last 24 hours to $58,215 after reaching intraday highs of $58,483.The government, which reportedly now has a zero balance in its main account, likely began selling its hoard of more than $2 billion in Bitcoin through exchanges such as Coinbase (NASDAQ:COIN), Kraken and Bitstamp three weeks ago, according to Arkham’s transaction log.Bloomberg citing JPMorgan data reported that spot Bitcoin ETFs received $882 million in the week ending July 11, with an average daily inflow of $175 million. This is the most inflows since the period ended May 23.BlackRock (NYSE:BLK) and Fidelity Bitcoin funds topped the jump, raising $403 million and $361 million, respectively. Meanwhile, Grayscale’s ETF lost about $87 million, continuing its trend of losses.This article was originally published on U.Today More

The daily chart shows that substantial resistance amid Bitcoin’s recent attempts to break above the crucial $60,000 level. With the price of Bitcoin currently at $57,409, it is having difficulty staying above the 200 EMA, which is at $58,165. This barrier has proven to be quite strong, and if Bitcoin is unable to overcome it, more declines may be ahead. Further resistance levels are being provided by the 50 EMA at $60,487 and the 100 EMA at $62,667.The inability to break above these EMAs suggests that the market is currently in a bearish mood. With the Relative Strength Index (RSI) at 37 right now, it appears that Bitcoin is getting close to being oversold. But a reversal might not materialize unless there is a notable uptick in purchasing pressure. The performance of Bitcoin is also significantly influenced by the state of the market as a whole. Bitcoin’s failure to surpass $60,000 raises questions despite the market’s overall recovery.This level represents a significant psychological resistance level that traders and investors closely monitor, so its significance cannot be emphasized. The price of Bitcoin is affected by macroeconomic factors, in addition to technical ones.According to a daily chart analysis, Shiba Inu is currently trading at $0.00001608, indicating a decrease from its most recent peak. The way the market is acting, it appears that SHIB has encountered significant resistance at the 50 EMA, which has prevented it from maintaining its trend upward. Investor sentiment has been depressed by this inability to overcome the crucial resistance level.The bearish outlook is further supported by the current technical indicators. As the asset approaches oversold territory, the Relative Strength Index (RSI) is showing 40. The trading volume has also drastically dropped, indicating a lack of interest from buyers and the possibility of further declines. A worrying indicator is the decreasing volume, which implies that the recent price increases were not backed by robust market activity.SHIB’s immediate support level is at $0.000015, but if the bearish trend persists, the price may drop even lower to test the next support level, which is at $0.000014. This potential 13% decline emphasizes SHIB’s vulnerability in the current market environment.Solana has demonstrated resilience by holding a position above the 200 EMA at $131, even though it is currently trading at $136. By acting as a potential launching pad for another growth phase, this support level has proven essential in halting additional declines.At immediate resistance levels, SOL must overcome the 50 EMA at $141 and the 100 EMA at $146.35 in order to start a new bullish trend. Solana’s price action indicates that it is consolidating and getting ready for its next move despite the recent decline. The asset is neither overbought nor oversold, according to the Relative Strength Index (RSI), which is at 47.In the event that buying pressure builds, this neutral RSI position allows for upward movement. Although there have been some fluctuations in trading volume, it has remained relatively stable, indicating that market participants are cautiously optimistic about SOL’s prospects. If volume increases significantly, Solana might gain the momentum needed to overcome resistance and aim for the $150 mark once more.This article was originally published on U.Today More

In a tweet, Cryptolark noted that Bitcoin’s current price performance is remarkably similar to what was seen in the last two market cycles. BTC has surged 356% since this cycle’s lows, closely aligning with the 351% and 361% increases recorded at the same points in the previous two cycles. “Looks like we’re right on track with the previous two cycles,” the crypto analyst added.Glassnode’s recent analysis matches this same view. In a tweet, Glassnode noted that the Bitcoin market cap has climbed by more than $1.13 trillion, or +370%, as of the current ATH set in March 2024 since the cycle low in November 2022. The overall market capitalization of digital assets is now around $2.56 trillion, with Bitcoin accounting for more than half of that at $1.33 trillion.Bitcoin has also remained the largest digital asset for the past 16 years, accounting for more than 52.7% of total industry value.Following the halving, the 2016 and 2020 cycles enjoyed several months of quiet performance before posting spectacular peak returns of +350% and +650%, respectively. The Bitcoin market in 2024 followed a similar trend in the weeks following the fourth halving in April 2024, with BTC prices fluctuating within a few percentage points since the event.However, the 2024 uptrend has seen comparatively minor drawdowns as compared to prior bull markets. Prices have fallen by 20.3% from their local high, marking the most severe correction since November 2022. Previous cycles witnessed substantially deeper corrections, ranging from 25% to 35% in 2016-2017 and 50% to 63% in 2020-2021.At the time of writing, BTC had dropped 2.32% in the previous 24 hours to $57,280.This article was originally published on U.Today More

Why? He emphasizes that these ETFs represent bets on volatility rather than price direction, indicating a preference for shorting these instruments as part of a strategic risk management approach.With 50 years of market experience, Brandt’s perspective highlights the importance of distinguishing between sound and unsound risk. His observations reveal that the type of speculator attracted to leveraged and inverse ETFs often seeks quick profits, a mentality he advises against.Thus, on July 11, the total net inflow of spot Bitcoin ETFs was $78.93 million, continuing a five-day trend of positive net inflows. Specifically, the Grayscale ETF (GBTC) experienced a single-day outflow of $37.69 million, while the BlackRock (NYSE:BLK) ETF (IBIT) and the Fidelity ETF (FBTC) saw single-day inflows of $72.09 million and $32.69 million, respectively.This article was originally published on U.Today More

Nine Bitcoin ETFs added 1,661 BTC, or $95.82 million in total, according to a recent update released on July 11. This inflow is a reliable sign of the market’s resurgence of interest and confidence. Fidelity added 1,006 Bitcoin, or roughly $58 million, to their total holdings, which now stand at 174,437 Bitcoin, or $10 billion.This noteworthy development underscores Fidelity’s positive assessment of Bitcoin’s prospects for expansion and recuperation. Conversely, the Bitcoin Trust owned by Grayscale experienced a decline of 659 BTC valued at $38 million, bringing their total holdings to 273,483 BTC, or $15.77 billion.Even with this cutback, Grayscale continues to dominate the market, and fund rebalances frequently result in these kinds of adjustments. We can see that the price of Bitcoin is currently around $57,284 by looking at the daily chart. The 200 EMA major support level, $58,163, is the level that the price is fighting to stay above.As immediate resistance levels, the 50 EMA and the 100 EMA are in place. In contrast, if the current support is broken, there may be more downside. A persistent move above these EMAs could indicate a bullish reversal. The fact that BTC is being actively added to Bitcoin ETFs is supportive of the general market sentiment.This pattern indicates a generalized institutional belief in the long-term benefits of Bitcoin. Furthermore the market capitalization of all cryptocurrencies combined — Bitcoin excluded — has surpassed the noteworthy $2 trillion threshold. This stage indicates possible stability and advancement ahead and acts as a technical and psychological support zone.This article was originally published on U.Today More

The advocacy for Bitcoin from Samson Mow is not bogus. It is worth noting that the spot Bitcoin ETF market has played a crucial role in shaping the supply of the coin. Recently, the sell-off from Germany and the bearish sentiment that trailed Mt. Gox’s Bitcoin redistribution drove the price of BTC to a low of $53,717.38 over the past month.While many are choosing to focus on the negative impact of these sell-offs, Mow believes the accumulation by Bitcoin ETF products is properly counterbalancing the impact. With his projections, he has maintained his stance that the coin will hit a $1 million price mark overall.MicroStrategy is also helping to boost the reality check for the coin with consistent accumulation in a mutually beneficial setup for its share price. The company initiated a 10-for-1 stock split recently, underscoring how the coin has triggered its growth since 2020.This article was originally published on U.Today More

A spokesperson confirmed to CoinDesk that former President Trump will speak for 30 minutes at 2 p.m. CT on the last day of the conference, which runs from July 25 to 27.”Donald Trump’s newfound support for blockchain and cryptocurrencies marks a pivotal moment for the industry,” Dunkley told Investing.com. “His advocacy for a balanced regulatory environment that promotes innovation, coupled with his opposition to central bank digital currencies (CBDCs) due to privacy concerns, underscores a robust embrace of digital assets.”Trump has recently shown his support for the crypto industry. Last month, in a post on the social media platform Truth Social, he stated: “Bitcoin mining may be our last line of defense against a CBDC. Biden’s hatred of Bitcoin only helps China, Russia, and the Radical Communist Left. We want all the remaining Bitcoin to be MADE IN THE USA!!! It will help us be ENERGY DOMINANT.”In May, the Trump campaign announced it would start accepting cryptocurrency donations. Dunkley believes that “by accepting cryptocurrency donations, Trump’s campaign not only signals a commitment to the future of digital finance but also paves the way for unprecedented growth and regulatory clarity in the crypto space.””This bullish stance positions the U.S. to lead in blockchain technology and digital currencies,” he adds.Meanwhile, Tristan Dickinson, CMO at exSat told Investing.com that “Trump attending BTC Nashville, the world’s largest Bitcoin conference, is a positive development for the entire crypto ecosystem.””The uncertainty surrounding U.S. regulations and the lack of clear direction from the SEC have hindered growth in one of the largest markets,” says Dickinson. “Bitcoin’s global adoption is on the rise, and having a U.S. presidential candidate speak at a crypto conference for the first time is very promising.”  More

Sun expressed confidence in Bitcoin’s future but clarified that he did not take a long position at the $69,000 price level.This clarification came in response to a claim by Ki Young Ju, CEO of CryptoQuant, who alleged that Sun had opened a substantial Bitcoin long position using stUSDT as collateral.He pointed out that the USDT reserve was around $24 million and questioned the source of the collateral, stating that Sun used $460 million worth of stUSDT, a stablecoin project with a high annual percentage yield, with 89% of the supply in HTX.Interestingly, Ju later deleted his post, explaining that he intended to clarify matters with the exchange team. He emphasized that he was not being compensated for this action and did not want to harm their business before they had a chance to comment.While Sun denied purchasing BTC at the $69,000 level, he did not address allegations regarding his Ethereum acquisitions. Recently, Spot On Chain reported that since Feb. 8, Sun may have bought 362,751 ETH, worth approximately $1.11 billion, via three wallets.This article was originally published on U.Today More