Cardano Midnight (NIGHT) Surpasses 57K Holders, Signaling Strong Adoption The Coin Republic
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Geopolitics Experts Predict BTC Could Retrace To $57K, Here’s How It Will Impact ADA & NEAR The Merkle News
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The Bitcoin price could drop to as low as $57,000, according to a recent prediction by popular analyst Justin Bennett. Israel’s imminent attack against Iran could be what leads to this price decline, considering how the flagship crypto dropped to $60,000 following Iran’s missile attacks against Israel. However, BTC’s long-term outlook is still bullish as several tailwinds lie ahead in this fourth quarter.
Bitcoin Price To Drop To $57,000
Bennett predicted on his X platform that BTC could drop to $57,000. This came following his statement that the range between $57,000 and $58,000 is the area to watch for Bitcoin to stay “constructive.”
The analyst also indicated that the flagship crypto was in bearish territory, stating that the only way for the BTC price to flip bullish is if it reclaims $62,000. The analyst claimed that the bears are in control until then and that dropping below $60,000 is possible.
The Bitcoin price and altcoins are currently facing huge selling pressure thanks to the escalation in the Israel-Iran conflict. Although BTC dropped to as low as $60,000 following Iran’s strike on Israel, it has since enjoyed a relief rally back above $61,000. However, Bennett warned market participants to be careful with this rally.
The analyst stated that the failure at $64,700 has opened up a sell-side liquidity. He noted that the BTC price already dropped to his first target of $60,000 and remarked that $57,000 “remains open for business.” Interestingly, he added that a case could be made for a price drop to $51,000, but he said it is unlikely at the moment.
Israel’s Imminent Strike Against Iran Could Spark Price Decline
Israel’s imminent strike against Iran could cause the Bitcoin price to drop to $57,000. Reports coming out of Israel are that the country plans to respond to the Iranian attack, which occurred on October 1. Israel’s Security Cabinet is said to have met and is planning an attack that could be worse than the one in April, which led to the killing of a top Iranian general in Syria.
Israel’s plan to attack Iran has also led to concerns that this could result in a full-blown war in the region. Such a development will lead to more fear and uncertainty in the market, sparking a wave of sell-offs and causing prices to decline further.
The Israel-Iran tension has already affected the crypto market rally, which was meant to begin this ‘Uptober.’ Therefore, a strike from Israel will only worsen things and send the Bitcoin price tumbling, with the broader crypto market also suffering a similar fate.
Long-Term Outlook Is Still Bullish
BTC’s long-term outlook is still bullish, considering several events could act as tailwinds for the flagship crypto. For instance, on the macro side, the US Federal Reserve could still cut interest rates by another 50 basis points (bps) before the year ends. China is already injecting liquidity into its economy. Global liquidity is surging thanks to these monetary easing policies, which is a positive for the Bitcoin price.
Furthermore, FTX will distribute $6 billion as part of customer repayments. These users will receive their repayments in cash and could again pump this liquidity into BTC and the broader crypto market.
Meanwhile, the US presidential election is 34 days away. The aftermath of the election has historically been bullish for the BTC price since it provides certainty to the market. Irrespective of who wins between Donald Trump and Kamala Harris, the flagship crypto could hit a new high once the election ends.
Boluwatife Adeyemi
Boluwatife Adeyemi is a well-experienced crypto news writer and editor who has covered topics that cut across DeFi, NFTs, smart contracts, and blockchain interoperability, among others. Boluwatife has a knack for simplifying the most technical concepts and making it easy for crypto newbies to understand. Away from writing, He is an avid basketball lover and a part-time degen.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Bitcoin (BTC) Price Jumps Above $57K, Dogecoin (DOGE) Rises 6% Daily (Market Watch) CryptoPotato
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- Bitcoin drops below $57K due to major institutional sell-offs and market pressure.
- Short-term holders face unrealized losses, could trigger market volatility if they decide to cut their losses.
- $51K is a crucial support level and long-term investors might see this as a buying opportunity.
Bitcoin (BTC) has once again slipped below $57,000 as its turbulent journey continues. At press time, BTC was trading at $56,749.40, down 5.32% in a week.
This latest dip is driven by a confluence of factors, including significant institutional sell-offs, the pressure from short-term holders facing unrealized losses, and ongoing spot market selling.
Institutional sell-offs impact Bitcoin price
A major factor behind Bitcoin’s price decline is the heavy selling activity by institutional investors. Prominent players such as Fidelity, Grayscale, Ark Invest, and Ceffu have significantly contributed to the downward pressure.
Fidelity leads the charge, having sold 16,000 BTC, valued at approximately $915 million. Grayscale follows with the offloading of 15,000 BTC, amounting to roughly $858 million. Ark Invest has divested 7,000 BTC worth about $400.4 million, while Ceffu has sold nearly 3,124 BTC, totalling around $178 million.
Institutions are dumping BTC
Since August bottom
Fidelity has sold 16000 BTC worth $915 million.
— Wise Advice (@wiseadvicesumit) September 5, 2024
This institutional sell-off has been a crucial factor in Bitcoin’s drop. The substantial transfers of Bitcoin to exchanges suggest that these major players are either taking profits or rebalancing their portfolios.
Interestingly, while these institutions are actively selling, BlackRock has maintained a neutral stance, avoiding both buying and selling Bitcoin amid the current market fluctuations.
Risk of short-term holders exiting positions en mass
The selling pressure is further exacerbated by the situation of short-term Bitcoin holders, who are currently facing significant unrealized losses.
According to data from Glassnode, short-term holders who acquired Bitcoin in the last six months are experiencing financial stress, with their average cost basis ranging from $59,000 to $65,200, substantially above the current market price.
This cohort’s financial strain is evident in key metrics, and their potential to exit positions en masse poses a considerable risk for increased market volatility.
Despite the average Bitcoin investor remaining profitable, the substantial unrealized losses among short-term holders could potentially trigger broader market weakness if they decide to cut their losses.
The $51,000 price level is highlighted as a critical support that must be maintained to preserve the current market structure.
Potential for market stabilization
As Bitcoin continues to experience strong selling pressure, its market behaviour reflects a complex interplay of institutional actions, short-term holder dynamics, and broader market conditions. While immediate prospects appear uncertain, particularly with the potential for further short-term declines, long-term investors may find value in this period of adjustment.
Analysts have observed some absorption at lower price levels, which might suggest that Bitcoin could be poised for a period of sideways movement before making a decisive move.
Spot still selling off here but at the same time we are seeing some signs of absorption at the lows. Maybe some chop around the lows here for the next few days before we are ready for a real break.
Watching for some ranging PA with potential deviations above/below the BLUE lines… https://t.co/sJpJtIVvLG pic.twitter.com/mGfyiQZLqI
— CrediBULL Crypto (@CredibleCrypto) September 5, 2024
The current dip might present a buying opportunity for long-term investors who can weather short-term volatility.
Bitcoin Sinks Below $57K, Ethereum, Dogecoin Tumble As Crypto Liquidations Surge: Veteran Analyst Spots King Crypto’s Reversal Pattern From Bullish To Bearish Benzinga
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Bitcoin’s value has recently experienced a sharp downturn, surprising many investors and igniting debates within the cryptocurrency community. This selloff appears to be driven by multiple factors, selloff by speculative investors amidst Bitcoin ETFs and the recent halving event, liquidation of overleveraged positions, and unexpected sell-offs such as the German government’s liquidation of seized Bitcoin assets.
The potential impact of Mt. Gox creditor repayments and a cascade of short liquidations have further amplified market volatility. The combination of these factors has led to significant price drops, leaving market participants uncertain about Bitcoin’s next moves in the ever-evolving cryptocurrency landscape.
On-Chain Analysis of Bitcoin Movement
Recent on-chain data reveals interesting patterns in Bitcoin movement, with approximately $2.4 billion worth of Bitcoin aged 3-6 months moving during the price drop. This suggests selling pressure from entities that bought Bitcoin at the beginning of the year, possibly speculators who entered the market due to ETF and halving expectations.
While these sellers might be classified as “long-term” holders, their behavior resembles that of short-term investors. In contrast, entities holding Bitcoin for over a year haven’t shown significant spending patterns, indicating that true long-term holders are maintaining their positions despite market turbulence. This divergence in behavior between newer and established holders provides valuable insights into the current market dynamics.
Options Market Analysis
The crypto markets have suffered heavy losses due to multiple sell-offs, with Bitcoin falling to $57,000 and Ethereum to $3,100. Options market data shows that Bitcoin’s major short-term implied volatilities are up 10%, with the DVol (realized volatility) up 3%. Ethereum-related parameters have increased slightly less than Bitcoin’s, and skew indicators are clearly tilted in a bearish direction.
Bitcoin block put volume is noticeably rising, with a more complex distribution of transactions. The July 12 $58,000 put option stands out as the largest. Interestingly, options data suggests that whales are not overly concerned about potential downside risk at the moment. They appear to be primarily focused on adjusting their positions following last week’s quarterly delivery, especially for Ethereum, where whales are exhibiting low volatility expectations.
German Government’s Bitcoin Liquidation
The German government has been actively liquidating its seized Bitcoin assets, sending over $300 million worth of Bitcoin to centralized exchanges and unidentified addresses. They still retain approximately $2.32 billion in Bitcoin.
The government’s selling pattern has been consistent since June 19th, with regular transfers to exchanges like Bitstamp, Kraken, and Coinbase, as well as to market makers like Flow Traders. The largest single transfer occurred on July 4th, with 1,300 BTC sent to exchanges. This persistent selling pressure has contributed to market volatility.
In response to these actions, Justin Sun has expressed willingness to negotiate with the German government to acquire all of their Bitcoin holdings off-market, aiming to minimize market disruptions and prevent substantial price volatility in the cryptocurrency market.
Also Read: PEPE Meme Coin Wallet Counts Surges; What It Means For Its Price
Mt. Gox Repayments Looming
Recent activity in Mt. Gox wallets has raised concerns about the impending repayment of $9 billion worth of Bitcoin and Bitcoin Cash to creditors. Arkham Intelligence flagged transactions in three wallets associated with the now-defunct exchange. This event, dubbed the Mt. Gox “Doomsday,” is approaching this month and could potentially lead to a heightened Bitcoin price crash.
The market is already on edge, with Bitcoin extending its decline to $57,000. The uncertainty surrounding these repayments and their potential impact on market liquidity and price action is contributing to the overall bearish sentiment in the cryptocurrency market.
Overall Market Conditions and Technical Analysis
The crypto market appears to be swinging back into bear territory, with the global crypto market cap dropping 20% to a low of $2.13 trillion. Over the last 24 hours alone, the market cap tumbled more than 4.20%. The open interest of bitcoin has declined by 4.89% with a current valuation of $17.6 Billion.
Bitcoin’s price hit a 24-hour low of $57,800, falling back to a key support level and risking a potential collapse to $52,000. Interestingly, Bitcoin has taken out nearly all the available liquidity on the downside, with only about $7 billion in short liquidations remaining at the $72,000 level.
As of the latest data, Bitcoin is trading at $57,428.64, with a 24-hour trading volume of $35.1 billion. The coin has declined 4.74% in the past 24 hours and is currently trading between $60,449.99 and $56,843.13. Bitcoin’s live market cap stands at $1.1 trillion, reflecting the significant market volatility and uncertainty.
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The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Bitcoin News: Dormant Bitcoin wallet addresses have been very active this week as BTC price dropped below $65,000 again. On-chain analyst revealed that a Bitcoin wallet moved 25,000 BTC in six separate transactions today, continuing concerns of BTC price crash amid sky-high uncertainty.
Single Wallet Moves 25,000 BTC
According to Bitcoin Spend output Age Bands data, a single wallet address transferred over 25,000 BTC worth over $1.6 billion. The age of the BTC is from 3 to 5 years, sparking speculation of a selloff as the sentiment for upside wanes.
CryptoQuant verified on-chain analyst Maartunn on June 22 said an unknown entity made two large transfers, moving more than 11,000 in two transactions. The entity moved more than 20,000 BTC in five transactions.
The same wallet again moved 5,577 BTC after a few hours. Therefore, the entity has moved over 25,000 today, which sparked speculation of further drop in BTC price.
Also Read: Is This The End of Bitcoin Bull Market? Top Analysts Issue Dire Warning
Why BTC Price Risks Falling Further?
The next week is going to be crucial for the crypto market as Bitcoin and altcoins remain under selling pressure. In a month, Bitcoin has tumbled 10% and altcoins have dropped 20-30%.
Over 104K BTC options of notional value $6.72 billion are about to expire on June 28, per the largest derivatives exchange Deribit. With a put-call ratio of 0.52 and the max pain point at $57,000, it indicates Bitcoin price is more likely to remain under selling pressure next week.
Traders also brace for U.S. GDP growth rate data on Thursday and the Fed’s preferred inflation data PCE inflation data on Friday. This coincides with the $6.72 billion options expiry. Investors are holding onto their coins, but high volatility and selling pressure amid these factors can cause Bitcoin price to sink below $60,000 and even dip to $57,000.
Moreover, there’s an additional selling pressure on the Bitcoin price due to strong Bitcoin ETF outflows shooting past $500 million during the past week. At the same time, the German government has been sending huge BTC from its holdings to exchange.
BTC price currently trades at $64,286, up 1% in the last 24 hours. The 24-hour low and high are $63,437 and $64,475, respectively. Trading volume has dropped 47% in the past 24 hours, which indicates a lack of interest from traders amid negative sentiment.
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The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
The top crypto prices today witnessed continued declines as the Bitcoin (BTC) price plunged to the $57,000 level. In addition, the Ethereum (ETH) price geared up for a dip below the $2,900 mark, losing hold on a crucial level. However, other top altcoins, such as Solana (SOL), XRP, Cardano (ADA) rebounded significantly, defying the bearish turn.
Major Crypto Prices Today
1. Bitcoin Price
The Bitcoin price plunged by 4.43% reaching $57,419.91 at the time of writing on Thursday, May 2. On the other hand, it’s trading volume soared 30.72% to $49.54 billion in the last 24 hours. Whilst, the crypto’s market capitalization slipped to $1.13 trillion.
2. Ethereum Price
The Ethereum price lost 2.86% to $2,912.84 at press time with a market valuation of $355.33 billion. Whilst, ETH saw its trading volume surge 12.01%, reaching $20.16 billion.
3. Solana Price
The Solana price rebounded and inched closer to the the $130 mark today. The Solana price gained 2.75%, settling at $129.31. In addition, SOL witnessed a 19.65% surge in trade volume to $4.16 billion in the last 24 hours.
4. DarkLume (DLUME)
DarkLume is a gamified socioeconomic system that runs in a virtual world. It offers a distinct blend of fantasy and social interaction. DarkLume enables users to become citizens of virtual countries by participating in recreational activities. It serves as a platform for interaction in a dynamic social ecosystem. To reinvent luxury living and entertainment in the digital age, catering solely to the needs and preferences of modern societies.
The token is currently running a presale for 40000000000 DLUME tokens. It has already raised $25,033 at $0.0005. The next price is expected to be $0.00060, while the listing price might be $0.0015. These price estimates are entirely situational and subject to change as presale activity increases.
5. XRP Price
Whilst, the XRP price inched closer to drop below the $0.50 level amid the broader market crash. The XRP price recorded a slump of 2.66%, reaching $0.5026. On the other hand, XRP’s trading volume soared 24.41% to $1.36 billion.
6. Cardano Price
Meanwhile, the Cardano crypto price slipped 2.96% to $0.442 today. Whilst, ADA recorded a hike of 40.13% in its 24-hour trading volume, settling at $416.32 million.
7. Dogecoin & Shiba Inu Price
The Dogecoin price crashed by 7.29% to $0.1324 while its rival, Shiba Inu price tumbled 7.57% and traded at $0.00002215.
Also Read: How Will Bitcoin Price React To FOMC Meeting?
Top Crypto Gainers Today
- Axelar (AXL): The Axelar crypto surged 8.11% and traded at $1.17.
- Polkadot (DOT): The DOT crypto price rallied 5.22% to $6.86.
- EOS (EOS): The EOS crypto price was up 3.33% and was valued at $0.7813.
- Optimism (OP): The TRX crypto price rose 2.97% to $2.66.
Top Crypto Losers Today
- Helium (HNT): The HNT price plummeted 7.84% to $4.95.
- Toncoin (TON): The Toncoin price plunged 6.60% to $4.72.
- Cronos (CRO): The CRO crypto slumped 6.28% to $0.1233.
- Sei (SEI): The Sei price witnessed a dip of $0.5098 to 6.02%.
Despite the bearish turn, Solana, Dogwifhat, and Pepe made it to the top gainers list today. However, millions worth of crypto liquidations were noted in the past 24 hours, which could have expedited the latest crash for BTC and ETH. According to Coinglass, Bitcoin alone witnessed $145.55 million liquidations in the last 24 hours. Out of this, $109.13 million has been attributed to longs.
Also Read: Here’s Why Pepe Coin Price Sees a 20% Breakout Rally in May
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
The top crypto prices today witnessed a mixed action as the Bitcoin (BTC) price sustained $57,000 while several altcoins tumbled significantly. In addition, Ethereum inched closer to $3,300. Meanwhile, other top altcoins, such as XRP and Dogecoin soared in value while Cardano (ADA), XRP, Solana (SOL) dipped.
Major Crypto Prices Today
The Bitcoin price continued gains and extended above the $57,000 level. The Bitcoin price was up by 2.02%, reaching $57,085.74 at the time of writing on Wednesday, Feburary 28. On the other hand, it’s trading volume plunged by 10.54% to $40.35 billion in the last 24 hours. Meanwhile, the crypto boasted a market cap of $1.12 trillion.
Turning to altcoins, the Ethereum price surged 1.41% to $3,266.14 at press time with a market valuation of $392.37 billion. Whilst, ETH saw its trading volume drop by 19.73%, reaching $17.07 billion. Meanwhile, the Binance Coin (BNB) price defied the gaining momentum by dipping 0.18%, reaching $397.48. In addition, its 24-hour trade volume plummeted by 29.69% to $1.52 billion.
The Solana price drifted away from the $110 mark. The Solana price was up by 1.06%, settling $108.63. In addition, SOL witnessed a 24.66% slump in trade volume to $2.20 billion in the last 24 hours. Whilst, the XRP price soared past the $0.58 level. The XRP price recorded a gain of 4.62%, settling at $0.5813. Moreover, XRP’s trading volume spiked by 68.69% to $2.35 billion.
Meanwhile, the Cardano price recorded a dip of 0.10% to $0.6224 today. Furthermore, ADA recorded a 8.64% dip in its 24-hour trading volume, settling at $652.50 million. As the top crypto prices experienced volatility, the meme coin arena followed suit. The Dogecoin price soared by 6.20% to $0.09565 while its rival, Shiba Inu, registered a 6.23% gain in value and traded at $0.00001085.
Also Read: Is Tron ETF Next? TRX Founder Justin Sun Teases Potential Launch
Top Crypto Prices Today Are
Pepe Coin Surges 30%
The Pepe Coin (PEPE) crypto, a popular meme crypto, registered a massive surge and emerged as one of the top crypto gainer today. At press time, the Pepe Coin price surged by 30.23% to $0.00000275 with a market valuation of $1.15 billion. In addition, its 24-hour trade volume soared by 93.95% to $1.40 billion.
Arweave Surges 52%
The Arweave (AR) crypto registered a po phenomenal surge of nearly 52% and was crowned the top crypto gainer today. The Arweave price soared by 51.47% to $24.55 at the time of reporting. Moreover, its trade volume skyrocketed by 186.66% to $214.91 million. Furthermore, the AR crypto attained a high of $23.76 amid the rally today.
Also Read: Top Reasons Why Bitcoin Price Will Hit $100k Soon
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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