Cryptocurrency

There is a noticeable similarity between the chart from 2016 and 2024. Bitcoin created a similar cup and handle pattern in 2016 that ultimately resulted in a significant breakout and an extended bull run. Should the past repeat itself, there may be a major upswing in Bitcoin prices soon. In spite of the general market volatility, Bitcoin has recently shown resilience. Bitcoin’s price has been oscillating between important resistance and support levels recently.Currently trading at roughly $66,000, BTC is still above both the 200-day EMA and the 50-day EMA, two critical support levels for bullish momentum. The consistent trading volume suggests a consistent level of interest. As long as it stays in neutral territory, Bitcoin may still move in either direction, according to the RSI. On the other hand, a strong bullish signal is provided by the cup and handle pattern formation, which suggests a potential upward breakout. The way that Bitcoin has performed over the last few months has been noteworthy. Bitcoin saw a dip following its peak, but it was able to find stability and bounce back. The narrative surrounding Bitcoin is still positive on the market due to growing institutional interest and adoption. If the aforementioned pattern plays out, Bitcoin might end up in a great place for a substantial reversal.This article was originally published on U.Today More

Schiff posed the following question in his post: “I’ve been losing 500–1000 followers every night for the past month or so. That keeps me from having more than 1,014,000 followers overall.” He mentioned that he gains followers all day, then wakes up in the morning to find that they have vanished.A conversation about the potential causes of the follower drop was sparked by the X post, which attracted the attention of several users. A few individuals speculated that Schiff’s repeated negative statements about Bitcoin might be the reason for the loss. A humorous comment was posted beneath his post, saying it is no surprise that Schiff does not understand Bitcoin. Perhaps people have grown weary of endless “the end is near” apocalyptic takes on Bitcoin. Schiff implied that Elon Musk, the leader of X, might have something to do with Schiff’s losing followers. However, it is unlikely that Musk is somehow directly interfering with the follower count on certain accounts. Similar to the Bitcoin market that Schiff criticizes, social media is unpredictable. However, the most likely reason behind Schiff’s problem is bots. X is actively fighting spam accounts and different bot farms, which use mass-following tactics.Schiff’s post reminds us of the complicated dynamics of social media platform algorithms that often confuse people. If you are experiencing a drop in follower amount, it is not necessarily the result of poor content management but rather an action taken by the platform you are working on.This article was originally published on U.Today More

The premier cryptocurrency declined by 0.34% in the past 24 hours to $65,764.8 by 06:16 am ET (11:16 GMT). It had risen as high as $66,914 on Sunday.On Wednesday last week, Bitcoin jumped back above the $70,000 mark before pulling back on the day and continuing lower for the rest of the week. The weekend saw a slight push higher, but so far on Monday, Bitcoin has pushed slightly lower.With the Federal Reserve now projecting only one rate cut for the remainder of 2024, risk-driven assets like crypto have been pressured. Higher rates generally provide a headwind for the sector by keeping liquidity levels low, while also driving USD strength.As a result, Bitcoin has moved lower since Thursday.Federal Reserve policymakers said there has been “modest further progress” toward its 2% inflation objective.At the press conference, Federal Reserve Chair Jerome Powell said the central bank doesn’t yet have the confidence to lower rates despite inflation having eased from peak levels. On the other hand, Powell said no one has rate hikes as their base case.Beyond Bitcoin, most major altcoins also fell slightly on Monday morning.World no.2 token Ether declined by 0.37% to $3,496.77, while ADA is down almost 1%. However, XRP has climbed 2.3%, while SOL has gained 1.4% so far on Monday. Among meme tokens, DOGE declined 0.9% and SHIB fell 2.3%.On Thursday, U.S. Securities and Exchange Commission Chair Gary Gensler told senators in a budget hearing that the final approvals for exchange-traded funds (ETFs) trading ether should be finished this summer. More

Bitcoin fell Friday to its lowest price in nearly a month, reaching lows of $65,005 before slightly rebounding. The price of Bitcoin currently sits at $66,571, per data from CoinMarketCap, up 0.40% on the day, while the current market performance remains mixed, with a handful of cryptocurrencies posting losses on the 24-hour time frame.As the market is relatively quiet, some, including Saylor, see this as a time for introspection and strategic thinking, hence the call to “learn to think in Bitcoin.”Saylor began purchasing Bitcoin in 2020 as an inflation hedge and alternative to holding cash. Saylor’s firm, MicroStrategy, has amassed around $12.7 billion in Bitcoin, or more than 1% of all Bitcoin ever created. The largest cryptocurrency by market capitalization has increased by more than 600% since Saylor began purchasing.Bitcoin has risen by roughly 60% this year, thanks in part to optimism regarding U.S. Bitcoin spot ETFs approved in January. MicroStrategy’s stock has gained by around 135% over the same period.MicroStrategy upped its convertible note offering by 40% to $700 million last week, announcing plans to utilize the funds to buy more Bitcoin.While the context of Saylor’s tweet remains subject to interpretation, the call to “learn to think in Bitcoin” might be a reminder to look at the bigger picture, beyond the short-term market volatility.On the other hand, Saylor’s message might be a call to embrace the financial paradigm ushered in by cryptocurrencies, heralding a fundamental shift in how value and wealth are perceived.This article was originally published on U.Today More

Hong Kong’s Financial Services and the Treasury Bureau Director Paul Hui has highlighted the region’s strategic positioning as an advantage toward exploring several developmental areas. According to Hui, Hong Kong is the only city enjoying global and Chinese advantages.In a recent presentation, Hui highlighted multiple areas he thinks Hong Kong’s authorities could focus on for developmental advantages. He cited areas like green finance, family offices, virtual assets, etc. The Financial Services Director believes ramping up activities in these areas would allow investors worldwide to understand Hong Kong’s main developmental areas.Meanwhile, Hui noted that about 80% of the over 2,600 companies listed in Hong Kong are from mainland enterprises. According to him, the mainland economic growth of 2023 exceeded 5%, while Hong Kong’s GDP growth reached 3.3% during the same period, confirming the region’s improving economic momentum.The Hong Kong Treasury Bureau Director thinks the administrative region needs to combine an effective government with an efficient market to attract overseas investment. According to him, Hong Kong authorities must be strategic in the areas to focus on, thereby highlighting the opportunity areas for investors around the globe. Hong Kong’s Monetary Authority Governor Xu Zhengyu emphasized the greater need for “connectors” and “value-added providers” in the current context of increasing global uncertainty. According to Zhengyu, implementing such adjustments would allow Hong Kong to play an “irreplaceable” role in the scheme of things. Zhengyu acknowledged Hong Kong has always been a good platform for serving the world with a highly internationalized and rule-of-law-based model. Hence, people who want to obtain capital or invest will always gather in Hong Kong.The post Hong Kong: Strategically Positioned For Global Developmental Relevance appeared first on Coin Edition.See original on CoinEdition More

An in-depth discussion of proof of work (PoW), a crucial component of the Bitcoin network, was provided by Jack Mallers. He outlined the ways in which proof of work (PoW) guards against double-spending, guarantees consensus and secures the network. In order to validate transactions and add them to the blockchain, this mechanism requires miners to solve difficult mathematical operations. Mallers discussed the original Bitcoin concept proposed by Satoshi Nakamoto as well. He emphasized how the decentralized peer-to-peer network’s architecture minimizes the need for a central authority, increasing transparency and lowering the possibility of fraud. What distinguishes Bitcoin from other traditional financial systems is its decentralized nature. In the realm of cryptocurrencies, the ideas that Mallers discusses are actively shaping present and future procedures rather than just being historical anecdotes. Anyone working in the industry, from developers to traders, needs to understand these ideas. Peter Brandt’s sharing of this video doubles down on how important these core ideas are even now. Brandt’s support implies that even if you are a seasoned market player, having a firm grasp of the fundamental ideas behind Bitcoin is extremely important.Nowadays, unfortunately, the average user of digital assets may not be as deeply dedicated to the core fundamentals laid out by Satoshi himself, which may create issues in the future for the whole industry.This article was originally published on U.Today More

Amid ongoing selling pressures in the Ethereum market, prominent investors are seizing the opportunity to accumulate ETH in anticipation of the next bull market phase. In a post on X yesterday, on-chain analyst Ali Martinez called attention to the significant activity of Ethereum whales. Citing data from the market intelligence platform Santiment, Martinez revealed that ETH whales have purchased over 700,000 tokens in the last three weeks, amounting to a substantial $2.45 billion influx into the Ethereum market despite the current downturn.This latest update from Martinez follows an earlier one in which he disclosed that Ethereum whales bought about 240,000 tokens worth about $840 million in one day during the asset crash to $3,434. Notably, these whales are investors holding between 10,000 and 100,000 ETH tokens. During the final days of May, when the ETF frenzy pushed Ethereum close to the $4,000 price level, these whales’ on-chain activities contrasted with the bullish trend. Meanwhile, as the market pulled back from this surge, the holdings of these whales gradually increased. As the accompanying chart shows, the buying frenzy gained particular momentum in the last few days as the value of ETH retested the $3,400 threshold.At press time, ETH is trading at $3,563, marking a 3.5% loss from its value last week, yet maintaining over 18% of the gains accrued in the past 30 days.In a separate analysis, Martinez highlighted the TD Sequential technical indicator, which issued a buy signal on the Ethereum daily chart. According to Martinez, the market can expect a rebound of one to four daily candlesticks for ETH. This projection is now partly materializing as the asset has posted a 1% gain in the last 24 hours.The post Ethereum Whales Accumulate $2.45 Billion ETH as Prices Dip appeared first on Coin Edition.See original on CoinEdition More

XRP’s relative lack of movement has generated significant FUD across the cryptocurrency ecosystem, leading to some of the altcoin’s critics referring to it as a “dead coin.” Ripple’s CEO Brad Garlinghouse has expressed frustration about XRP’s current state despite its status as a cryptocurrency with a well-defined regulatory status in the U.S.A U.S. Judge declared that XRP is not a security for secondary transactions in a July 2023 court ruling. Following the judgment, the embattled cryptocurrency’s price soared over 100% in less than 24 hours, reaching a seasonal peak of $0.93. However, the price didn’t stay high for long, as XRP dropped by about 50% shortly afterward and has remained in that range for several months.Meanwhile, Garlinghouse has expressed surprise at the non-recognition of XRP’s regulatory status despite being relisted on major U.S. exchanges like Coinbase (NASDAQ:COIN), Gemini, Crypto.com, and Kraken. Grayscale’s investment products also reinstated XRP, but the altcoin remains within the post-July 2023 levels.BarriC, a renowned XRP supporter on X, recently shared his opinion on XRP’s potential and debunked the notion that the altcoin’s price has been stagnant since 2017. In a recent post, BarriC highlighted XRP’s price ranges across different seasons, showing how the cryptocurrency has performed over the years despite facing significant challenges.The pro-XRP commentator noted that the altcoin performs differently than the rest of the crypto market because of the Ripple lawsuit and delistings that reached peak FUD and hysteria in 2021. According to BarriC, XRP has not registered new all-time highs since its initial surge in 2018 because of the challenges.Furthermore, he noted that anyone pushing the narrative that XRP’s price is stagnant is lying, advising crypto users to look into the crypto project’s future and expect an explosive move in the next bull run.The post Ripple CEO Suprised At XRP’s Non-Recognition By The Crypto Market’s Dynamics appeared first on Coin Edition.See original on CoinEdition More