Cryptocurrency

By 06:11 ET (11:11 GMT), Bitcoin had slipped by 4.63% to $43,069.3.The world’s most well-known cryptocurrency had dropped sharply on Wednesday, dragging its value down by as much as 7% from the year’s high of $45,922 reached on Jan. 2.Analysts at AllianceBernstein (NYSE:AB) said the coin’s correction stemmed from a report from independent crypto trading firm Matrixport regarding the potential approval of a Bitcoin spot ETF by the U.S. Securities and Exchange Commission (SEC).In a note, Matrixport Head of Research Markus Thielen argued that the ETF applications will likely be denied because they fall short of a “critical requirement.” Thielen added that SEC Chair Gary Gensler is “not embracing crypto in the U.S., and it might even be a very long shot to expect that he would vote to approve Bitcoin spot ETFs.”According to Reuters, the SEC has a January 10 deadline to approve or reject a spot ETF application from Ark and 21 Shares. The ruling could set the precedent for a host of current ETF applications from several other fund managers for a similar product, including one from the world’s largest asset manager, BlackRock (NYSE:BLK).Goldman Sachs is also in talks to be an authorized participant for the potential spot Bitcoin ETF funds of both BlackRock and Grayscale, CoinDesk reported on Wednesday.Speculation that the bids would get the green light from SEC partly fueled a more than 100% surge in Bitcoin in 2023. Proponents argue that the approval of a spot ETF will spur a deluge of capital inflows for Bitcoin, given that the product allows traders to invest in the token without directly holding cryptocurrency.Analysts have cautioned that the approval may not trigger as large a bull run as expected, particularly in the wake of a string of recent scandals that have dented retail investors’ interest in the crypto industry. Meanwhile, elevated interest rates have also limited the amount of capital flowing into crypto.The SEC has repeatedly rejected applications for a spot bitcoin ETF over the past two years, citing concerns that the token’s decentralized and volatile nature will prevent fund managers from protecting investors against market manipulation. Currently, all U.S.-traded bitcoin ETFs track the futures of the token, which are traded on the Chicago Mercantile Exchange.”We continue to maintain that all price dips to the ETF are market opportunities to buy Bitcoin/Bitcoin miners, and the market will likely bounce materially off the actual approval event,” the AllianceBernstein analysts said. More

William B. Horne, Chief Executive Officer of Ault Alliance, stated, “Reaching this milestone represents a significant stride forward for the Company. We are immensely satisfied with the progress and overall performance of our mining operations, particularly those of Sentinum. We believe that Sentinum is in an excellent position to sustain its track record of producing impressive monthly revenues. This is largely due to our ongoing efforts to streamline operations and the upcoming transfer of some of our mining rigs hosted by Core to our Montana site. It is important to recognize that we believe that the current trading price of our stock does not fully capture the intrinsic value that Sentinum adds to our company.”Ault Alliance notes that all estimates and other projections are subject to the volatility in Bitcoin market price, the fluctuation in the mining difficulty level, the ability to build out and provide the necessary power for miners, and other factors that may impact the results of Bitcoin mining production or operations.For more information on Ault Alliance and its subsidiaries, Ault Alliance recommends that stockholders, investors, and any other interested parties read Ault Alliance’s public filings and press releases available under the Investor Relations section at www.Ault.com or at www.sec.gov. More

Schiff’s original post cautioned against the hype surrounding the anticipated Bitcoin ETFs. He argued that these ETFs, long supported by speculative demand and the hope of attracting institutional investors, might not deliver the expected new wave of investment.Schiff suggested that the actual launch of these ETFs could lead to a disappointing outcome for Bitcoin’s price, as the much-anticipated investor demand might fail to materialize. He further questioned the utility of Bitcoin ETFs, pointing out that individuals can directly buy and store without incurring ETF-related costs, drawing a parallel to owning gold ETFs.In response, Hoskinson, known for his witty and often direct social media presence, made light of Schiff’s early start this year in expressing skepticism toward Bitcoin. This reflects broader sentiment within the crypto community, where Schiff’s long-standing criticism of Bitcoin has become a recurring theme.Critically examining thesis, several points emerge for consideration. Firstly, Schiff’s skepticism about the demand for Bitcoin ETFs potentially overlooks market dynamics. Institutional investors often seek regulated, traditional investment vehicles like ETFs for exposure to new asset classes, including cryptocurrencies. The introduction of a Bitcoin ETF could provide a more accessible and familiar entry point for these investors.Moreover, Schiff’s comparison between Bitcoin and gold ETFs oversimplifies the unique value propositions of each asset. Bitcoin’s digital nature and decentralized infrastructure offer a different set of benefits and risks compared to gold. Owning Bitcoin directly, as Schiff suggests, is not devoid of challenges like security risks and technical complexities.This article was originally published on U.Today More

The liquidation heat map reveals that Bitcoin and Ethereum were at the epicenter of this unrest. BTC accounted for the majority, with $169 million in liquidations, while followed with $113 million. This mass liquidation might potentially become the worst day for the derivatives market in the new year.The Bitcoin chart analysis indicates a significant level of resistance at approximately $43,300, with local support found near the $37,580 mark. For Ethereum, the support level to watch is around $1,929, with resistance near the $2,250 level. Both assets showed signs of consolidation before the drop, with the subsequent sell-off piercing through multiple layers of technical support.The asset that saw the most liquidation was , which is not surprising given its status as the biggest asset on the market. The sheer value of BTC liquidations shows that risk tolerance among crypto investors is still on an extremely high level.This liquidation cascade is an important reminder of the high risks involved in trading cryptocurrencies, particularly when using leverage. The swift and severe price actions often shake out investors who use poor risk management strategies.In the aftermath of such an event, the market may take time to find its footing as investors and traders assess the new landscape. Whether this liquidation event marks the start of a deeper correction or simply a temporary setback remains to be seen, but what is clear is that volatility will go up from here with more unexpected moves occurring on the market.This article was originally published on U.Today More

The wallet designated as 0x8B20 took a bullish stance, deploying a total of $3 million USD in stablecoins to acquire 35.18 WBTC at $42,641 each and 674.18 at $2,225 each.This strategic action by cryptocurrency whales is a significant indicator of strong market sentiment. Such movements often suggest a belief among experienced investors that any forthcoming dips in price will be short-lived, offering quick recovery and providing upward momentum. Following the whales’ lead, the crypto market has recouped over 5% of its value, suggesting resilience and a possible trend reversal on the horizon.The potential approval of a ETF is a critical factor that could catalyze a market turnaround. Despite the common “sell the news” events that often follow such announcements, the approval of a Bitcoin ETF would likely boost investor confidence, attracting institutional money.As the market navigates through these turbulent waters, the actions of whale investors offer a glimmer of optimism. The significant investments from these large-scale holders suggest a belief in the enduring value of cryptocurrencies like Bitcoin and . If the ETF receives the green light, we may well witness a significant rally, affirming the whales’ bullish maneuvers and potentially leading to a market reversal that could reshape the investment landscape.This article was originally published on U.Today More

Fifteen years ago, mined the inaugural block in the Bitcoin blockchain, earning a reward of 50 . Embedded within that block was a message that resonates to this day: “Chancellor on brink of second bailout for banks.”Little did the world know that this event would lay the foundation for a cryptocurrency market now valued in the trillions, with Bitcoin alone commanding an impressive $888 billion.Source: Currently trading at $45,340, a level unseen since April 2022, Bitcoin’s festive green candles on the price chart signify an upward storm, in stark contrast to the downward trend of the past.The crypto market is buzzing with excitement as Bitcoin’s dominance reaches heights not witnessed since April 2021, standing at an impressive 52.42%. Symbolically aligning with its 15th birthday, Bitcoin awaits a crucial decision on the , set to be unveiled in a week.The unexpected turn of events sees major hedge fund giants like BlackRock (NYSE:BLK) vying to launch their ETFs on the main cryptocurrency, a development few could have foreseen in the early days of 2009 or even 2022.This article was originally published on U.Today More

Cryptocurrencies are distinct from traditional fiat currencies as they are not regulated by a central authority, offering a form of financial autonomy and privacy. They can be used for a variety of purposes, including investment, remittances and as a means of payment. The value of cryptocurrencies can be highly volatile, and their legal status varies across countries. Since the inception of Bitcoin in 2009, cryptocurrencies have sparked significant interest and debate regarding their impact on the global financial system.Bitcoin (BTC) operates on a peer-to-peer network, allowing users to transact directly without an intermediary like a bank. Transactions are verified by network nodes through cryptography and recorded on a public ledger called a blockchain. The Bitcoin (BTC) supply is capped at 21 million coins. Its security and integrity are preserved by a sophisticated process dubbed Bitcoin (BTC) mining or finding hashes of Bitcoin (BTC) blocks by high-performance computers.Ethereum (ETH) was the first mainstream altcoin with programmable functions. Some altcoins aim to address perceived limitations of Bitcoin, such as transaction speed or energy efficiency.Bitcoin (BTC) in 2024Bitcoin (BTC) is the first cryptocurrency and the largest digital asset by market capitalization. Despite being surpassed technically by the majority of altcoins in terms of speed, throughput and resource-efficiency, Bitcoin (BTC) remains the dominant cryptocurrency. In the past years, it evolved into a mature asset compared to Gold, S&P500 Index and so on.Bitcoin (BTC) price chart on log scale // Image by In 2024, Bitcoin (BTC) is set to undergo its fourth halving: Block rewards for miners will be reduced by 50%. This means that BTC as an asset becomes scarcer than ever before. Typically, such events (in 2016 and 2020) were interpreted as bullish catalysts for the Bitcoin (BTC) price. Also, the potential approval of a Bitcoin-based ETF in the U.S. might catalyze a new phase of capital injection into the asset.Ethereum (ETH) in 2024Launched in 2015, Ethereum (ETH) is the largest smart contracts platform. It means that it acts as a distributed computations platform for decentralized applications, a class of cryptocurrency software programs. Although Ethereum (ETH) is lagging behind many of its analogues when it comes to transactional throughput, it still retains the status of the safest and longest-running blockchain for dApps. Also, it is the backbone of L2 solutions’ ecosystem.In 2024, Ethereum (ETH) will see the activation of or “proto-danksharding,” an upgrade that will increase throughput and lower transaction costs by 600%. Also, the implementation of “account abstraction” and zero-knowledge technologies on Ethereum (ETH) is underway. As a result, the community is optimistic about its midterm prospects.Tether (USDT) in 2024U.S. Dollar Tether (USDT) by Tether Limited is the largest stablecoin, i.e., cryptocurrency with its price pegged to the U.S. dollar. It is minted by a centralized entity that controls the basket of assets that is “backing” the circulating USDT supply. As of printing time, its market cap exceeded a whopping .Tether (USDT) market cap soared by almost 50% in 2023 // Image by In 2023, USDT made its portfolio way more conservative: It increased the share of cash and its equivalents and U.S. T-bills. This results in stability of USDT, but the platform remains unaudited. Tether (USDT) only publishes “attestations” to prove sufficiency of reserves.Polygon (MATIC) in 2024Polygon (MATIC) initially launched as the first mainstream second-layer platform on top of Ethereum (ETH): It bundles multiple transactions into a single data structure before validating them on the Ethereum (ETH) mainnet. This allows Polygon (MATIC) users to enjoy Ethereum’s level of stability and reliability, but paying reduced fees and at a much higher speed.In 2024, Polygon (MATIC) will remain the leader of L2 innovation on Ethereum: It acquired a number of zero-knowledge tech startups to offer the most secure and cost-efficient experience. At the same time, within the massive , the MATIC asset will be replaced by POL, a token for Polygon’s staking design.Binance Coin (BNB) in 2024Binance Coin (BNB) is the core native cryptocurrency of Binance (BNB), the largest cryptocurrency exchange in the world, and BNB Smart Chain, an Ethereum-like smart contracts platform. Initially launched on Ethereum (ETH) for Binance ICO, it then migrated to the native blockchain and is now used as a utility token and an optimal fees instrument on Binance (BNB).The BNB price in 2024 will be affected by the outcome of the legal battle between former Binance CEO Changpeng “CZ” Zhao and U.S. regulators. In November 2023, Changpeng Zhao agreed to pay record-breaking fees and step down as CEO. However, the verdict on his personal trial is yet to be announced.Dogecoin (DOGE) in 2024Launched back in 2013 as a fork of Litecoin (LTC), Dogecoin (DOGE) is the first-ever memetic cryptocurrency. It means that it is based on a semi-ironic ethos and a funny narrative instead of innovation and tech disruption. Dogecoin (DOGE) commemorates Kabosu Shiba Inu dog from the 2013 internet meme.Dogecoin (DOGE) logo // Image by As the new spike of Dogecoin (DOGE) popularity was triggered by shilling on Elon Musk’s accounts, announcements of Starlink, Starship, X and Tesla (NASDAQ:TSLA) products might catalyze new rallies of the Dogecoin (DOGE) price in 2024. At the same time, just like many other meme coins, Dogecoin (DOGE) is subject to increased volatility.Cardano (ADA) in 2024Cardano (ADA) is the second-largest proof-of-stake (PoS) network and one of the most decentralized blockchain networks in the Web3 segment by various indicators. Introduced by Charles Hoskinson in 2017, released staking and smart contracts in the previous bull run.DeFi ecosystem of Cardano (ADA) sees its TVL soaring // Image by For Cardano (ADA), the upcoming rally will be the first one it will meet equipped with a growing dApps ecosystem. Despite much criticism from Ethereum (ETH) maximalists, it gained traction in the NFT and DeFi segments. The net TVL of Cardano-based dApps exceeds $255 million, getting closer to multi-month highs.XRP in 2024XRP, the core native cryptocurrency of the XRP Ledger blockchain is a veteran digital asset known since 2012. Its popularity is associated with Ripple Inc., a U.S.-based fintech heavyweight. Ripple uses XRP as a medium of exchange in its numerous cross-border payments systems known as “on-demand liquidity corridors.”Since December 2020, Ripple and its directors have been accused of illegally selling unregistered securities to U.S. citizens in the form of XRP. However, as Ripple scored in Q3, 2023, the prospects for the XRP price in 2024 might be optimistic. At the same time, the process is very far from being over.Optimism (OP) in 2024Optimism (rebranded as in 2023, but still known under its initial name) is one of the largest second-layer platforms on top of Ethereum (ETH). It means that it indexes transaction data and verifies it on the Ethereum (ETH) mainnet in compressed form to save its computational capacity.Despite the savage rivalry in the L2s segment, Optimism remains a smart bet for dApps thanks to low transactional fees, detailed documentation and the “network effect.” Also, its team released OP Stack, an instrument for the development of Optimism-like commercial blockchains by third parties.Solana (SOL) in 2024SOL is the native cryptocurrency of the Ethereum (ETH) rival Solana, a proof-of-history blockchain launched in 2019. Thanks to advanced tech design, it can process thousands of transactions per second for negligible fees. At the same time, in the past, the network went through a series of painful outages and received strong criticism.In 2024, Solana (SOL) is expected to get rid of its “FTX Legacy”: Many products incubated by FTX and its associated trading platform Alameda Research were running on . As such, SOL might be in the spotlight for the next bull run as it has managed to keep its large and passionate community.Shiba Inu (SHIB) in 2024Launched in August 2020 by an anonymous team, is the second largest meme cryptocurrency inspired by the success of Dogecoin (DOGE). The token started as a typical “meme coin,” but step by step it evolved into a full-stack ecosystem with its own exchange, dApps and even a native Polygon-like L2 blockchain.At the same time, the success of SHIB in 2024 will depend on the overall status of meme coins. Major technical and community announcements might catalyze the SHIB price as well as periodical token burn reports, but these spikes are unlikely to be sustainable.USD Coin (USDC) in 2024Developed by U.S. conglomerate Circle, is the second largest USD-pegged stablecoin. As of early 2024, its market capitalization equals $24.4 billion in equivalent. The USDC cryptocurrency is natively available on all mainstream smart contract platforms and is listed by top cryptocurrency exchanges.USDC’s capitalization started shrinking in March 2023 amid rumors about its fund insufficiency caused by the insolvency of Silvergate and other crypto-friendly banks in the U.S. At the same time, in Q3-Q4, 2023, the team of the stablecoin made a number of hyped tech announcements, so USDC will likely remain a reliable modern alternative to Tether (USDT).Arbitrum (ARB) in 2024Arbitrum (ARB) by Offchain Labs is a dominant second-layer platform on top of Ethereum (ETH). It is responsible for over 51% of all value deposited to second-layer platforms on top of Ethereum (ETH). Hundreds of dApps have been deployed to Arbitrum (ARB) since its launch in mainnet in August 2021.Arbitrum (ARB) remains dominant Ethereum’s L2 // Image by In general, the Ethereum (ETH) community is optimistic about the prospects of the Arbitrum (ARB) price for 2024. The token underpins the leading L2 platform that recently introduced , a protocol designed to move the Arbitrum (ARB) blockchain beyond the Solidity programming language. With Stylus, developers of Rust and C++ will also be able to run their dApps on Ethereum Virtual Machine.Tron (TRX) in 2024Launched in mainnet in 2018, Tron (TRX) was the second-largest blockchain by TVL behind Ethereum (ETH) for years. It gained popularity thanks to very cheap transactions, fast block finality and stable performance. is part of the ecosystem of cryptocurrency services associated with Justin Sun, who is also the owner of BitTorrent and the HTX exchange (formerly Huobi).In 2024, Tron (TRX) will remain the dominant blockchain for USDT transfers: Over 50% of the aggregated USDT supply is issued on top of the Tron (TRX) blockchain. Meanwhile, Justin Sun will face severe legal pressure in 2024: Troubles with U.S. regulators might be an obstacle for TRX’s growth.Chainlink (LINK) in 2024Chainlink (LINK) is the first-ever decentralized network of blockchain oracles. It facilitates the transfer of data between on-chain applications (dApps) and off-chain systems (weather trackers, points of sales and so on). As such, Chainlink (LINK) is a critically important service for integrating blockchains into real-world economies. LINK, the core native cryptocurrency of Chainlink (LINK), gained much traction in the 2020-2021 bull run.In 2024, Chainlink’s (LINK) growth might yet again be catalyzed by an array of solid partnerships or an aggressive social media promotion campaign by “LINK marines,” a group of passionate Chainlink (LINK) supporters.The meme coin segment might be overshadowed by new trending narratives (real-world assets, liquid staking, AI coins and so on), while stablecoins will struggle with macroeconomic uncertainty and regulatory hostility.This article was originally published on U.Today More

The Relative Strength Index is providing hints that the current trend could continue. The RSI, positioned above the median line but not yet in overbought territory, suggests that there might be more room for upward movement before the asset becomes overextended.As Ethereum tests this local resistance, the cryptocurrency community is eagerly anticipating regulatory decisions that could impact the broader market. One of the main catalysts for Ethereum, and indeed the wider cryptocurrency market, is the potential approval of a spot Ethereum ETF or a Bitcoin spot ETF.The approval of a spot ETF has been a long-awaited event within the sector. An ETF, or Exchange-Traded Fund, allows investors to buy shares that represent the value of the underlying asset, in this case, Ethereum, without the need to hold the cryptocurrency itself. This eases entry for investors who are interested in the asset class but are hesitant to deal with the complexities of cryptocurrency ownership, storage and security.As Ethereum hovers near this resistance level, market observers are monitoring the asset’s ability to maintain its upward trajectory and break through the $2,400 price point. A successful breach of this level could pave the way for further gains, possibly leading toward the $2,500 mark.The chart suggests that Cardano has reached a pivotal point. After a period of consolidation, ADA’s price appears to be making a decisive move. The formation of a converging pattern, typically indicative of a price breakout, can be seen. Notably, the price has pushed above the upper trend line of this pattern, hinting at a potential continuation of the rally.Analyzing the moving averages, we notice a bullish setup, with the price trading above the 50-day and 200-day moving averages. This is often interpreted as a positive signal, as it reflects a strong underlying trend with sustained buying interest. The gap between the moving averages and the current price also adds to this bullish narrative.The volume bars do not show a substantial increase, suggesting that the breakout might not have fully captured the market’s attention yet. A rise in trading volume would typically confirm a breakout, indicating increased conviction among traders.The price movement has recently formed what is known as a lower high, often interpreted as one of the initial indicators of a potential correction. This technical pattern occurs when the price peaks at a level lower than the previous high, signaling a decrease in the momentum that has been driving the bull market.The significance of the lower high is underscored when placed within the context of the asset’s recent performance. While the overall trajectory for Solana has been upward, this development suggests that traders and investors might be becoming more cautious, potentially leading to a shift in market sentiment.Volume, a key factor in confirming trend reversals, appears to have lessened as the lower high formed, which may indicate a reduction in buying pressure. Additionally, the Relative Strength Index (RSI), while still at a relatively high level, has begun to show divergence, indicating a weakening in the current trend’s strength.This article was originally published on U.Today More