Cryptocurrency

Deaton, who represented over 75,000 XRP holders in the lawsuit between and the SEC, responded to a tweet about Jim Cramer’s recent BTC prediction, saying, “Glorious news. Literally, bought more Bitcoin.”Cramer, a former hedge fund manager, said in a TV segment on Monday that Bitcoin was “topping out,” just days after claiming the cryptocurrency was “here to stay.”Cramer’s predictions tend to move in the opposite direction, hence the XRP lawyer’s witty response.As expected, Jim Cramer’s prediction turned out to be contrary, as Bitcoin rather climbed to a 21-month high, setting a new yearly high.At the time of writing, Bitcoin was up by 4.31% to $46,855, according to data. Bitcoin reached a high of $47,330 in trading on Monday. It last traded above $47,000 in April 2022.On Wednesday, the SEC will have its first deadline to approve or reject one of the ETF applications, that of Ark 21Shares. It is widely assumed that the regulator might approve multiple applications at the same time.BlackRock (NYSE:BLK), Grayscale and other possible issuers have filed final updates with the Securities and Exchange Commission, including significant fee disclosures that boosted investors’ confidence that an approval is more likely than not.Many investors believe that the day-one effect of an approval might have been overstated but that the event itself will offer new avenues for institutional inflows into Bitcoin in the long term.This article was originally published on U.Today More

This article was originally published on U.Today More

Curiously, in April 2021, Elon Musk did a similar thing prior to his debut on the Saturday Night Live show. The centibillionaire then called himself This pushed the Dogecoin price up significantly, and after Musk’s debut as an SNL anchor, the original meme cryptocurrency, DOGE, surged to an all-time high of $0.7376 on May 8.At the time of this writing, Dogecoin is changing hands at $0.07828, trading almost 90% below the historic peak reached in 2021. A month before that, on April 14, the Bitcoin price jumped to a historic high of $64,800, also thanks to Elon Musk.In February of the same year, Musk shocked the cryptocurrency community with his announcement that Tesla had purchased $1.5 billion worth of Bitcoin and put it on the company’s balance sheet. Aside from that, Tesla started selling its electric automobiles for BTC. A few months later, however, Musk dropped Bitcoin as a payment option over controversial fears that Bitcoin mining is harmful to the environment.He stated that the company will resume accepting BTC for its e-cars as soon as miners begin drawing at least 50% of energy for Bitcoin minting from renewable sources. This milestone was achieved later that year, however, Tesla never again started accepting Bitcoin payments.Earlier today, the flagship cryptocurrency surged by more than 9%, breaking above the $47,000 level.This article was originally published on U.Today More

Market makers, having taken a step back, have primed the market for a dramatic move; the announcement of the Bitcoin ETF in the following week could catalyze a wick above the all-time high with just a few outsized orders.BTC/USD Chart by TradingViewThe technical analysis of the chart reveals a poised asset, with local resistance being tested and support levels holding firm. A glance at the chart indicates that the 50-day moving average is well below the current price, acting as a strong support level, with the 200-day MA tracing an even steeper ascent, further bolstering the bullish setup. The current price hovers near a critical resistance level, and a convincing break above this level could signal the start of a significant rally.The potential for a short squeeze is high, given the number of open positions betting against . If these shorts start to close en masse — either through traders taking profits or being forced out by stop losses — a massive rally could ensue, pushing prices toward psychological levels of $50,000, $55,000 and $60,000. These round numbers often act as mental barriers for traders and could serve as interim points of resistance; however, once broken, the pathway to higher levels seems clear.Furthermore, the volume profile suggests that there has been considerable accumulation in the current range, which supports the idea of a strong foundation for upward movement. The Relative Strength Index (RSI) is trending in the neutral zone, indicating that there is room for growth before the asset becomes technically overbought.This article was originally published on U.Today More

Analysts at Compass Point Research and Trading attributed the price surge to factors like a tighter BTC coin supply, increased enthusiasm for spot BTC ETF approvals, and expectations of interest rate cuts in 2024. Analysts were looking for Bitcoin to end 2023 at about $36,500 while the world’s largest digital coin closed at above $42,000.Looking forward to this year, analysts see Bitcoin prices averaging $64,400 and ending the year at $85,000. This compares to their previous forecast for $50,900 and $75,000, respectively. “While our outlook for spot BTC ETF approvals in early January has remained our base case for several months now, the run up in BTC prices ahead of the event have outpaced our expectations due to even tighter coin supply than we initially expected,” analysts wrote.They also added that “long-term, large-scale holders continued to accumulate coins without selling, which we believe will persist for the foreseeable future given how long-term holders have acted during prior bull cycles and could potentially intensify after the ETF catalyst materializes.”Another factor that is supporting prices is the improved visibility into interest rate cuts, “which we expect to buoy all risk assets, but BTC in particular.”“Furthermore, BTC prices tend to rise into halving events, so we expect at least some tailwinds ahead of the 2024 halving in April. We believe the set up for 2024 is particularly bullish given these dynamics and believe there could even be upside to our outlook, especially if ETF adoption is stronger than expected,” analysts also noted.As far as 2025 is concerned, Compass Point Research and Trading sees Bitcoin prices averaging $103,500 and ending the year at over $120,000.This projection is based on expectations that “increased liquidity from interest rate cuts in late 2024 will continue to buoy risk assets, bolstered by continued adoption of BTC via spot ETFs as retail and institutional investors get more comfortable with the newly accessible asset class, aswell as generally increased BTC adoption by US institutional investors in particular.”On the other hand, their projection could go wrong “if BTC fails to gain increased adoption, whether via ETF or direct exposure, especially amongst institutional investors, and/or economic conditions deteriorate relative to our expectations.”Bitcoin price is currently trading at $46,487. More

Ripple, the company closely linked with the XRP Ledger, holds a significant portion of XRP with about 45 billion tokens in both escrow and spendable accounts. An analysis of the ledger reveals that the majority of XRP holders possess a modest amount, with twenty to five hundred tokens in each wallet. This distribution indicates a broad base of users with smaller investments in the digital asset.Moreover, data shows that over two million XRP accounts collectively maintain around one hundred eighty-two million XRP. The total value of the XRP supply, which is close to 100 billion tokens, is currently estimated at $56.41 billion USD.This article was generated with the support of AI and reviewed by an editor. For more information see our T&C. More

(Reuters) – Will they, won’t they? U.S. regulators are keeping crypto players on the edge of their seats as they weigh whether to give their blessing to bitcoin exchange-traded funds (ETFs). Derivatives traders are already piling in, though, betting the Securities and Exchange Commission will give the green light to several ETF hopefuls this week and electrify the market. Open interest, the amount invested in bitcoin futures, has steadily increased since October and leapt to $19.2 billion in early December, its highest level in two years, according to information platform Coinglass. It’s now between $17 billon and $18 billion, up from the $9.5-$14.5 billion range seen for most of 2023. “We eagerly await the SEC’s decision,” said analysts at analytics firm Amberdata. “This event has been factored into the options market’s pricing since October, creating a heightened sense of anticipation.”It’s been a long road for U.S.-listed spot ETFs linked to volatile bitcoin, which would allow access to the cryptocurrency via regular stock exchanges in a marriage with mainstream finance that could attract big investors. Multiple asset managers have applied for permission to launch spot bitcoin ETFs since 2013, but the SEC has rejected them, arguing products would be vulnerable to market manipulation. But by the end of 2023, a year in which the discussions and lobbying intensified, the SEC was holding talks with firms keen to issue ETFs, raising hopes that the long-awaited funds would hit market and trigger waves of bitcoin investment. BITCOIN RISE AND SLIDEBitcoin’s funding rates have jumped across most exchanges this year, indicating traders are willing to pay more to maintain long positions, and funding rates have been mostly positive since October, according to Coinglass.Those leaps took place as spot bitcoin rose above the $45,000 level on Jan. 2, following a 170% rise in 2023. Excitement has gripped both retail and institutional investors, with premiums soaring for bitcoin futures on the Chicago Mercantile Exchange (CME). “CME’s front-month BTC premium has averaged 42% since the yearly open, a new all-time high, telling of the massive long bias presently in the market,” analysts at K33 Research said. Beware bumpy bitcoin, though.With so much bullishness baked in, negative news on a spot ETF could spark a wave of selling, many market watchers warn. After its initial jump, bitcoin’s spot price dropped back below $43,000 though it has since recovered. As it slid, it triggered “a wave of liquidations, with bitcoin open interest dropping by more than $1 billion in just a few hours as leverage was flushed out of the market,” said Dessislava Aubert, senior analyst at Kaiko Research. Jag Kooner, head of derivatives at Bitfinex, said even approval of a spot ETF could cause a pullback in prices as investors book profits, which “highlights the market’s sensitivity to news and regulatory developments.” FEAR OF MISSING OUT?In the bitcoin options market, at-the-money implied volatility – the market’s estimate of a likely movement in price – is at its highest levels in a year, according to data from The Block. Options contracts give their buyers the right, but not an obligation, to buy or sell an underlying asset at a fixed price in the future. Coinglass’ crypto fear & greed index, a measure of market sentiment, is at a two-month high and firmly in “greed” territory for the past 30 days, indicating “fear of missing out” sentiment is at elevated levels. More

The 200-day EMA is a critical long-term indicator that many investors watch to determine market trends. A break below this line can often suggest bearish sentiment. However, for the astute investor, this can also present an attractive entry point, especially for those looking to DCA or accumulating during dips in anticipation of future gains.Despite the current breach, SHIB’s approach to this level has historically been met with a strong reaction from buyers, sometimes resulting in a notable price reversal. If the pattern holds true to its historical behavior, the price of SHIB may soon find sufficient support to halt the decline and initiate an upward trajectory.Nonetheless, it is crucial to acknowledge that SHIB has been facing consistent selling pressure, evident every time there is an attempt to push the price higher. This consistent sell-off following attempts to rise has created a challenging environment for SHIB to sustain any substantial gains. The current market scenario for is a delicate balancing act between bearish pressure and the potential for a bullish reversal. For new investors looking to enter the market, the area just below the 200 EMA could prove to be a significant level, provided they are comfortable with the inherent risks involved with such volatile assets. Older investors can use the price level to dollar cost average their holdings. The chart reveals that has decisively exited its previous uptrend, characterized by higher highs and higher lows, and has entered a correction phase. The volume profile during this downturn suggests that the selling pressure has intensified, leading to a breakdown below critical support levels. This pattern is often a precursor to further declines as market confidence wanes.For those looking for a scenario in which Solana could rebound, a relief rally could emerge from oversold conditions, indicated by RSI approaching lower bounds. Such a rally would require a catalyst, possibly in the form of positive developments within the Solana ecosystem or broader crypto market sentiment shifts. A rebound scenario might also be supported by traders looking for value buys at lower price points, thus creating sufficient buying pressure to counter the recent downtrend.The 50-day EMA has historically been a stronghold for Ethereum’s price, acting as a pivot point between the bullish and bearish territories. After a period of decline, Ethereum’s approach to this level suggests that we may be on the cusp of a reversal. This is particularly compelling given Ethereum’s past performance, where touches of the 50 EMA have often led to a resurgence in buying activity, driving the price upward.Currently, the intersection with the 50 EMA aligns with a descending trading volume, indicating a potential decrease in selling pressure. This trend could signify market consolidation before a bullish reversal, as lower volume alongside support touchpoints often precedes a shift in momentum.The implications of this volume decrease are twofold. First, it may suggest that the recent sell-off is losing steam, and the market is running out of sellers at current price levels. Second, it may imply that the market is awaiting further catalysts or developments within the Ethereum ecosystem, such as updates on Ethereum 2.0 or broader crypto market trends, before initiating the next significant move.This article was originally published on U.Today More