Cryptocurrency

This inquiry comes as Bitcoin’s price chart depicts an inverse head and shoulders pattern formation, a technical pattern often seen as a bullish indicator, and which preceded Gold’s breakout in the aforementioned periods.The inverse head and shoulders pattern is a well-known technical analysis formation that typically signals a reversal from a downtrend to an uptrend. This pattern consists of three main components: the left shoulder, which is a price decline followed by a rise, the second a head, which is a more significant price decline, followed by another rise. Third is the right shoulder, which is a smaller decline, followed by another rise.Bitcoin is in the process of completing this pattern, currently forming the right shoulder, according to the BTC chart presented by Brandt, sparking interest in the potential implications for future price movements.Brandt’s question centers on whether Bitcoin’s current chart will follow the fractal patterns of Gold during two distinct periods 2008-2009 and 2020-2024, which saw Gold break out from an inverse head and shoulder pattern.The veteran trader presented two Gold charts from both periods; the 2008 to 2009 era for Gold showed much more substantial gains compared to 2020-2024, which showed lesser gains.The timing of Brandt’s question coincides with a period of uncertainty, with Bitcoin falling to a one-month low as outflows from digital-asset investment products and the possibility of higher-for-longer U.S. borrowing costs weighed down the cryptocurrency market. At the time of writing, BTC was down 1.75% in the last 24 hours to $64,441.As Bitcoin’s chart continues to develop, traders and investors are keenly watching for signs of which historical pattern it might follow. Whether Bitcoin will mirror Gold’s performance from 2008-2009 or 2020-2024 remains to be seen.This article was originally published on U.Today More

He summarized the current state of the cryptocurrency market in just one small sentence.The $65,100 zone has been acting as a support for Bitcoin all this time as BTC has hit this level three times and then bounced from it. Over the last 24 hours, Bitcoin lost close to 3% and fell to $65,090 but then quickly rebounded back to $65,770 to face a decline again.Altcoins have been following Bitcoin’s ups and downs all this time, making the market bleed to death.Billy Markus commented on all those volatility movements, saying, “Wow crypto market you suck.”His followers immediately posted multiple responses to that critical market statement, some agreeing with the DOGE cofounder and others pointing out that the market regularly goes through periods of high volatility, and there is that nothing can be done about this.He confessed that these questions continue to sound funny to him since he believes that nobody can predict “this degenerate casino,” as he referred to the market.Regardless of the overall state of the market, however, Billy Markus made a curious statement on the X platform yesterday, surprising many crypto users. In a “Bitcoin or Dogecoin” debate, he picked BTC, tweeting: “I’d rather have 1 bitcoin than 1 dogecoin tbh.”At the start of this year, the DOGE creator revealed the size of his Bitcoin holdings, 0.006 BTC, which is currently worth $391.07. Should BTC hit $100,000 at some point, Markus said that he would celebrate this fact by having dinner at Olive Garden restaurant.This article was originally published on U.Today More

According to Glassnode Cofounders, who go by the name “Negentropic” on X, Bitcoin bulls might need to keep a vigilant eye on the $64,000 and $65,000 levels, which are emerging as crucial junctures for BTC’s price action.Amid the current price dip, Bitcoin (BTC) now exhibits the potential to rebound toward $67,000, Negentropic stated.However, this level may create resistance, and overcoming it could set BTC on a path toward an even higher target of $69,500. On the flip side, the $65,000 mark is being watched as a crucial psychological support level, one that could play a pivotal role in maintaining investor confidence.Negentropic highlights the importance of the $65,000 level, not merely as a psychological support, and urges Bitcoin traders to keep an eye on it. However, despite the possibility of dips to $62,000 or even $60,000, the market’s sentiment remains cautiously optimistic.As the market waits for Bitcoin’s next major move, investors and traders may want to keep an eye on these important levels to efficiently navigate present market dynamics.At the time of writing, BTC was down 0.48% in the last 24 hours to $64,795 after dipping to lows of $64,555 in today’s trading session. Bitcoin fell to a one-month low as outflows from digital-asset investment products and the possibility of higher-for-longer U.S. borrowing costs dampened the cryptocurrency market.As Bitcoin has dipped below the $65,000 mark, IntoTheblock reveals that on-chain data suggests strong demand levels down to $61,600. The closest significant support level, however, lies around $64,500, where 1.28 million addresses previously acquired BTC.This article was originally published on U.Today More

Solciety, a new entrant in the crypto’s PolitiFi sector, officially launches today, 18th June at 14:00 UTC, initiating a 30-day presale of its Solciety (SLCTY) tokens.3 billion Solciety (SLCTY) tokens will go on sale, starting at $0.0015, with price increases on the smart contract every 72 hours across ten stages. The final presale price will be $0.0040, giving day one buyers a potential 169% increase on the value of their bags before the project becomes available for public trading.Described as “the political party for degens,” Solciety plans on using the viral potential of memes and political satire to potentially explode alongside the political powder keg that is the 2024 election season.Community numbers have already passed 10,000 across socials before the live presale has even started – an indication that Solciety’s offering of humor and degen politics is resonating with crypto communities around the world.Straddling the Solana meme coin and PolitiFi sectors, worth a combined $10 billion, Solciety is strategically placed across two of crypto’s most powerful narratives. And with Solana displacing Ethereum as the #1 maker of blue-chip meme coins thanks to its drastically lower fees, Solciety has multiple tailwinds behind it.Solciety (SLCTY) tokens will be available to purchase on the Solciety website from the 18th June at 14:00 UTC.Solciety’s mission is underpinned by two main components:Donald Trump-inspired coins rule the roost, with both official and unofficial Trump-themed coins clocking more than $500 million in market cap, making up over half of the sector’s total capitalization.MAGA token growth in 2023-2024 (Source, CoinGecko)Triple-digit rallies (or more) are commonplace here. In the period leading up to the 3rd June, the MAGA token, a tribute to the potential “crypto president,” rallied by more than 80,000% from launch price to recent highs. Super Trump even surged by 10x in one day. It’s not all MAGA, though: Jeo Boden, a parody of the current president, rallied 40x from March to April.With PolitiFi likely to progress further as election season ramps up, Solciety could be the PolitiFi coin that comes out on top and unites degens across the political spectrum.Some SOL memes have performed impressively this year. A Dogwifhat (WIF) holder registered a 13,000x gain on a $310 investment, pocketing $4 million in profit this year. Meanwhile, Iggy Azalea’s MOTHER token recently turned $3k into $9 million for one trader.Plus, with the PolitiFi sector following US election buzz and the baked-in virality offered by Solciety’s Meme Campaigner tool, the team aims to present a high-potential investment to coincide with the bull run.Solciety (SLCTY) tokens will be available to purchase on the Solciety website from the 18th June at 14:00 UTC.For more information and to buy Solciety (SLCTY) users can visit the website.Website | Whitepaper | SocialsContactSolcietySolcietymarketing@solciety.ioThis article was originally published on Chainwire More

Renzo, the Liquid Restaking Protocol, today announced $17M in funding. As of today, nearly $4B is already restaked with Renzo. The funding, which took place across two rounds, was first led by Galaxy Ventures and the second round led by the Nova Fund – BH Digital (based in Abu Dhabi). This follows $3.2m of funding previously via Maven11, Figment Capital and Binance Labs. Restaking is rapidly becoming a core pillar for scaling security on Ethereum, but it’s complicated, risky and expensive thus hindering user growth. Renzo, built on EigenLayer, is being built to make restaking accessible and easy, and its new funding round will expand its restaking services.Renzo acts as a secure user-friendly interface to the EigenLayer ecosystem, securing AVS (Actively Validated Services) and accessing restaking rewards while simplifying the process and allowing for secure integrations with node operators.It is accessible from Arbitrum, Base, Blast, Linea, Mode and BNB Chain with over 100 DeFi integrations. Renzo is the restaking hub of EigenLayer built to streamline and expand access to the most intelligent Liquid Restaking strategies. Powered by institutional-grade node operators, Renzo abstracts away the complexities of securing Actively Validated Services (AVS) while delivering a powerful interface for risk management and rewards tracking on EigenLayer. With Renzo’s ezETH—the most integrated Liquid Restaking Token (LRT)—users can access broad exposure to the EigenLayer (and Ethereum) ecosystems with more opportunities to generate rewards. Uses can earn more by visiting https://www.renzoprotocol.com/ContactContributorLukasz KozinskiRenzo LabsLucas@renzoprotocol.comThis article was originally published on Chainwire More

Memereum (MEME), a new altcoin, has demonstrated notable performance during its initial coin offering (ICO) presale, selling over 23 million tokens and nearing the 24 million mark. The project has attracted more than 8,000 users to its platform. While the Ethereum challenger, Solana, remains under the $150 price level.The pre-sale began at $0.01 and by a strategic move by the team, is now at $0.039. Those who invested in Memereum at the beginning have seen their investments grow almost 400%. Memereum’s appeal stems from its unique position as the first blockchain insurance with its own insured decentralized exchange, MemeSwap.Memereum (MEME) is currently priced at $0.039, but will launch at $0.45 on BitVenus, Toobit, Azbit, and MemeSwap, which is more than 10 times its original price. Memereum ICO also has automatic 183% APY staking for holders, along with free airdrop competitions.Solana (SOL): Analysts Predict a Potential Rise To $215Solana (SOL), one of the top altcoins in the crypto market, is experiencing mixed sentiment on the price chart, remaining under the $150 mark. According to CoinMarketCap, Solana has recorded losses of 9.71% on the weekly chart and shown losses of 14.65% on the monthly chart.Despite the mixed sentiment, some predict that Solana’s price could rise to $215 in the coming weeks. Furthermore, Solana aims to carve out its niche in the digital asset space and establish itself as a rival to Ethereum.About Memereum (MEME)The strong interest in Memereum (MEME) can be attributed to its innovative approach in the blockchain sector and its growing community support. Similarly, Solana is currently experiencing mixed market sentiment but continues to be an active participant in the market.Users can click here to join Memereum’s ongoing presale.ContactBessie CooperMemereumsupport@memereum.netThis article was originally published on Chainwire More

According to H.C. Wainwright, the event featured panel discussions with executives from Coinbase, BlackRock (NYSE:BLK), ARK Invest, and others, covering key topics such as spot BTC ETFs, payments and stablecoins, tokenization of real-world assets, and the political and regulatory environment in the U.S. and abroad.Institutional interest in crypto is on the rise, but adoption is still in the early stages. The approval and launch of spot BTC ETFs in the U.S. in January catalyzed a massive price rally for Bitcoin and other digital assets this year.Meanwhile, H.C. Wainwright sees three near-term positive catalysts for the crypto industry: the approval of spot BTC ETFs by large broker-dealers and investment advisory platforms, greater regulatory clarity in the U.S., and the launch of spot ETH ETFs. “Institutional interest is certainly on the rise, but we are still in the early days of adoption,” H.C. Wainwright noted.The U.S. spot BTC ETFs have collectively attracted over $15 billion in net inflows in just five months and now manage $63.5 billion in total assets under management (AUM). Coinbase serves as the custodian for about 90% of these U.S. spot ETF assets. According to Samara Cohen, Chief Investment Officer of ETF and Index Investments at BlackRock, “80% of the total inflows to date have come from retail investors.”Most large broker-dealer and investment advisory platforms in the U.S. are still undergoing due diligence processes before approving these products for client portfolios. There are roughly 15,000 Registered Investment Advisors (RIAs) in the U.S. managing a combined $114 trillion of wealth for their clients. Even a small portfolio allocation from this massive pool of wealth could impact an asset class with a combined market cap of $2.4 trillion.H.C. Wainwright further details that stablecoins settled $10 trillion in total volume, exceeding the total transaction volume of Mastercard (NYSE:MA), the world’s second-largest payment network. According to BlackRock, “56% of Fortune 500 companies are actively working on projects on the blockchain.” BlackRock has also tokenized real-world assets on the Ethereum blockchain and now has the largest tokenized treasury fund, the BlackRock USD Institutional Digital Liquidity Fund (BUIDL), with $382 million in AUM. Boston Consulting Group (BCG) data projects that tokenized assets will reach $16 trillion by 2030, up from $310 billion in 2022.H.C. Wainwright reiterated its Buy rating and $315 price target for Coinbase, reflecting a 12.5x EV/revenue multiple on the 2024 total revenue estimate of $6.3 billion. Risks to this bullish stance include retail trading revenue concentration, volatility in crypto asset values, a dynamic regulatory environment, and intense competition. More

The bearish trend includes sales from miners, adding to the selling pressure amid a hawkish outlook from the Federal Open Market Committee (FOMC) on Wednesday. “Long-term holder selling may not be catalyzed by a specific event, but their buying and selling activity usually dictates short-term market movements as the wallets of large holders are closely tracked by the Bitcoin community,” the report reads.The spot Bitcoin ETFs had their worst week of outflows since mid-March, with the 11 U.S. ETFs reporting a total net outflow of $580.6 million last week, according to data from Farside Investors.Last week, Bitcoin declined by 4.3% to finish just above the $66,600 mark, underperforming major equity indices. Meanwhile, mining stocks rallied another 15.7% week-over-week on continued positive sentiment on the political front. On June 11, executives from some of the largest Bitcoin mining companies in the U.S. met with Republican Presidential candidate Donald Trump at his Mar-a-Lago resort in Palm Beach, Florida. They discussed how miners can help strengthen the country’s energy grid and increase job creation domestically. Trump showed his support in a statement released on Truth Social, his social media app, where he posted, “Bitcoin mining may be our last line of defense against a CBDC (Central Bank Digital Currency)… We want all the remaining Bitcoin to be made in the USA! It will help us be energy dominant!”Following the recent rally in mining stocks, the combined market cap for the 19 Bitcoin miners in H.C. Wainwright’s dataset reached a record high of $26 billion as of June 14. The network hash rate declined by 3.9% week-over-week to 581 EH/s, while network difficulty remained at 83.7T after the latest -0.8% negative adjustment on June 6. Moreover, the report highlighted that hash prices fell by 12.4% week-over-week to $0.054/TH/day due to lower Bitcoin prices and transaction fees.Elsewhere, Texas-based miners have responded positively to the statement. RIOT’s head of public policy, Brian Morgenstern, stated that getting miners on board to help support the grid will create a more flexible power load and help keep the power grids balanced in the state. More