BNB ETF Filing Bids, Cardano Drops, & Zero Knowledge Proof openPR.com
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Cardano Founder Bids Temporary Farewell As It Enters New Era Bitcoinist.com
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Bitcoin looks like it’s starting to kick off the week on the right foot, suggesting the end of the correction that lingered throughout June. While investors continue to ponder on Bitcoin’s price trajectory in July, on-chain data, price history, and strategic transactions point to a bullish July. Despite the short-term volatility, many investors remain bullish on Bitcoin’s long-term prospects. Notably, data shows an interesting $500 million increase in bids below the spot price and a rise in open interest, as pointed out by popular crypto analyst Daan Crypto Trades.
Bitcoin Investors Place $500 Million Bids Below Price
Bitcoin traded for the majority of the weekend just above $61,000 as the bulls fought to prevent another drop below $60,000. According to a BTCUSDT chart shared on social media over the weekend by Daan Crypto Trades, many strategic investors have positioned themselves below the price level to jump on Bitcoin in case of a break below $50,000.
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This exciting strategy amounted to over $500 million in buy prices over the weekend across price points stretching from above $60,500 to below $58,500. The bids create a solid foundation of buying pressure that prevents the price from falling much further. This creates intense support levels, making it extremely unlikely we’ll see a capitulation-style price collapse below $60,000 anytime soon.
Furthermore, Daan Crypto Trades pointed out a corresponding increase in the Bitcoin open interest. The latest data from CoinGlass supports this claim, with a 3.11% increase in open interest across various crypto exchanges in the past 24 hours. This increase in open interest represents new money coming into the market, which suggests a bullish, optimistic sentiment among traders.
#Bitcoin $500M+ in bids were placed below price (but mostly pulled) and open interest going up.
Doubt we’ll get our usual weekend price action as mentioned. Quite a lot of action relatively speaking.
End of the quarter usually causes some interesting moves. https://t.co/4rRSjZMGhz pic.twitter.com/7SJh6EYs7J
— Daan Crypto Trades (@DaanCrypto) June 29, 2024
What To Expect In July
Bitcoin’s price action in June definitely surprised many investors. Particularly, the digital asset declined by 9.85% in June to reverse an 11.07% increase in May. This shows the volatile nature of cryptocurrencies and reflects Bitcoin’s ups and downs over the years. Naturally, this has led to more cautious strategies by traders on how they approach their Bitcoin positions in the new month.
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At the time of writing, Bitcoin is trading at $63,200 and is up by 3% in the past 24 hours. If history were to repeat itself, Bitcoin would likely see a rise in July. As noted by crypto analyst Ali Martinez, when Bitcoin has had a negative June, it tends to bounce back strongly in July. In fact, negative price actions in June have preceded an average return of 7.98% and a median return of 9.60% in July. A similar price action could see Bitcoin end the month between $68,000 and $69,500.
Historically, when #Bitcoin has had a negative June, it tends to bounce back strongly in July. In fact, $BTC has shown an average return of 7.98% and a median return of 9.60% during this month. pic.twitter.com/fJaIwc7Eob
— Ali (@ali_charts) June 30, 2024
Bitcoin (BTC) has been under the microscope with several analysts providing insights into its current status and potential future movements. Moreover, crypto analysts have predicted a further correction. Whilst, market traders have placed over $350 million worth of bids for a BTC price lower than $61,000.
Bitcoin Records Substantial Bids On The Downside
In a post on X, Daan Crypto Trader, a notable figure in the crypto space, observed significant bids in the range of $59,000 to $60,000. These bids totaled $350 million. He remarked, “Some big bids appeared between $59-60K. This makes sense in terms of a price level as it’s the range low as well.”
Moreover, he expressed curiosity on how the liquidity factor will play out if the Bitcoin price dips to that level. These bids indicate buying interest in this range, hence, it could potentially lead to increased stability or even upward momentum in its price. If there is sustained buying interest at those levels, it could reinforce confidence among investors.
However, the analyst noted that these bids could be cancelled any time, making it difficult for Bitcoin to leverage the liquidity. Meanwhile, Michaël van de Poppe, another crypto analyst, emphasized the importance of BTC holding its current position. He stated, “#Bitcoin is at the range low. This is technically the area where you’d prefer to see it hold, so the upward momentum continues, and the range holds.”
Moreover, he underscored that if the Bitcoin price breaches lower, a potential correction could be seen in the $52,000 to $55,000 range. Echoing a similar sentiment, analyst Caleb Franzen noted a potential retest of support levels. He mentioned, “Bitcoin has been rejected on the H4 200 moving average cloud. Looks like another retest is coming.”
He added, “Yesterday, I said that a decline to the May 1st AVWAP range was likely in the cards and that’s exactly where price fell last night. The range is $60,140 – $60,800.” In addition, in another post, he issued a warning against the Bitcoin price falling below $59,000 again, which could lead to a further decline.
Additionally, Bitcoin recorded massive long liquidations, potentially accelerating the recent decline. According to Coinglass data, the long liquidations for BTC accounted for $24.80 million, increasing the sell pressure. On the other hand, short sellers led to a $9.14 million liquidation.
Also Read: Bitwise Bitcoin ETF (BITB) Outshines Others With $11M Inflows, What’s Next?
Forbes Report Spotlights Bullish Projection
Despite the above-mentioned observations, a bullish outlook on Bitcoin emerged from a Forbes report. The report highlighted the BTC’s price surge of nearly 50% year-to-date and potential for further growth. The report cited comments by Geoff Kendrick, Standard Chartered’s head of FX and crypto research. He suggested a significant rise in the Bitcoin price, possibly reaching $200,000 by 2025.
Moreover, Kendrick attributed this potential surge to the growing risk of U.S. fiscal dominance and the monetization of government debt by the Federal Reserve. He stated, “We think such a scenario would be broadly supportive of digital assets as investors seek alternative assets.”
Furthermore, Kendrick speculated on the impact of a second Donald Trump administration. He noted that it could be supportive of BTC through looser regulation and the approval of U.S. Spot Bitcoin ETFs. If these factors play in Bitcoin’s favor, it could attain an enormous market valuation of $4 trillion.
Kendrick remarked, “In addition to the passive boost to bitcoin from de-dollarization, we would expect a second Trump administration to be actively supportive of Bitcoin (and digital assets more broadly) via looser regulation and the approval of U.S. Spot ETFs.” At press time, the Bitcoin price was down by 1.98% to $61,001.08 on Thursday, May 9.
Also Read: Reasons Why Bitcoin Price May Cross 70K 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.
NuggetRush (NUGX) Receives Bids From Filecoin (FIL) And Cardano (ADA) Holders As Market Prospect Grows On … Analytics Insight
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Republican Representative Tom Emmer has officially declared his bid for the role of Speaker. In a compelling letter addressed to colleagues on Saturday, the pro-crypto lawmaker expressed his unwavering commitment to fulfilling the promises made to the American people and outlined his vision for the future of the House.
Tom Emmer’s Pledge
Reflecting on the past ten months, Emmer pointed out the pressing issues plaguing the nation, which he promised to help solve, including soaring debt, an open border crisis, economic struggles, and weak foreign policy.
Emmer, if granted the opportunity to become Speaker, also pledged to continue fostering a culture of teamwork, communication, and respect. Furthermore, he held himself accountable and promised to do the same for his colleagues.
“I will also always be honest and direct with all of you, even if we disagree. I will never make a promise I cannot fulfill. I expect to be held accountable, and you can expect that we will also keep you to your word.” Wrote Emmer.
Will Tom Emmer Lead Crypto to Bull Market
Notably, while Emmer’s bid for Speaker signifies a potential shift in momentum within the House, one of the notable aspects of Emmer’s candidacy is his strong support for the cryptocurrency sector.
The lawmaker, 62, has consistently advocated for a more nuanced approach to cryptocurrency regulation, contrasting with the strict policies implemented by the U.S. Securities and Exchange Commission (SEC) under Chair Gary Gensler. In a lunch date hosted by the Blockchain Association earlier this week Emmer underscored the pivotal role that digital assets can assume in tackling the nation’s surging debt crisis.
That said, many feel that Emmer’s support for the cryptocurrency sector could play a crucial role in shaping the regulatory landscape for digital assets in the United States. Importantly, his commitment to transparent and candid leadership is expected to resonate with fellow legislators, a vital factor in the eyes of the cryptocurrency community, which is keenly monitoring developments at Capitol Hill.
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 Commodity Futures Trading Commission (CFTC) calls Bitcoin (BTC), Ethereum (ETH), and USD Coin (USDC) commodities in the latest crypto fraud and misappropriation case. Tug-of-war continues between the U.S. CFTC and U.S. Securities and Exchange Commission (SEC) concerning which has jurisdiction over cryptocurrencies.
The SEC under Chair Gary Gensler continues its action against the crypto industry claiming that all cryptocurrencies, except Bitcoin, are securities. Meanwhile, CFTC under Rostin Behnam reasserts that some cryptocurrencies including Bitcoin, Ethereum, and stablecoins such as USDC are commodities.
US CFTC Calls Bitcoin, Ethereum, USDC “Commodities”
The Commodity Futures Trading Commission filed a civil enforcement action against former Deutsche Bank investment banker Rashawn Russell in the U.S. District Court for the Eastern District of New York.
“Certain digital assets, such as bitcoin, ether, and USDC, are encompassed in the definition of a “commodity” under Section 1a(9) of the Act, 7 U.S.C. §1a(9), and contracts for their sale are subject to the prohibitions of Section 6(c)(1) of the Act, 7 U.S.C. § 9(1), and Regulation 180.1, 17 C.F.R. § 180.1 (2022).”
The CFTC charges Russell with digital asset trading fund fraud and misappropriating at least $1 million in investor assets. The CFTC seeks restitution, disgorgement, civil monetary penalties, permanent trading and registration bans against the defendant. As well as, a permanent injunction against further violations of the Commodity Exchange Act (CEA) and other CFTC regulations.
Russel assured at least a 25 percent return on investment (RoI) and falsely promised that he would pay investors in USDC stablecoin. He misappropriated $1 million in investor assets to pay personal expenses, gambling companies, and Ponzi-like payments to current investors.
CFTC Director of Enforcement Ian McGinley asserts that the action proves the CFTC is better at protecting investors and holding bad actors accountable for fraud in the crypto industry.
Recently, CFTC classified cryptocurrencies like Bitcoin, Ethereum, and Litecoin as commodities in a lawsuit filed against Binance.
Also Read: Forget Ethereum (ETH), These Altcoins Gearing Up for Next Rally
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.
Ryoshi, cryptocurrency Shiba Inu’s pseudonymous founder has walked away from the SHIB community, and erased all of his tweets and blogs. Shiba Inu was launched as an alternative to Dogecoin (DOGE) in August 2020 by an anonymous person or group under the name Ryoshi. According to its founders, it was created as an experiment in decentralised spontaneous community building.
Ryoshi’s identity has remained unknown since the project was launched in August 2020. The meme-coin founder has often said that he would one day “disappear”. In a deleted Medium post, the founder had reportedly said: “I have said from the beginning, I am a nobody, I am not important. The efforts to unmask my ‘identity’ even if successful would be underwhelming. I am just some guy of no consequence tapping at a keyboard and I am replaceable. I am Ryoshi.”
He tweeted with the handle @RyoshiResearch and is regarded as the person or group of persons behind Shiba Inu, the second most popular memecoin in the cryptocurrency world. Currently, while his Twitter account is active, he has deleted all of his posts and has changed his Twitter profile photo to include a picture of Buddhist Jetsun Milarepa, who was a well-known Tibetan poet and yogi. The header image of his account features a picture of a cloud and a half-moon.
Interestingly, the bio has also been erased from his Twitter account. It read: “SHIB and LEASH Founder. We do it for the people.”
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PremiumAccording to Coinquora, the link to SHIB has been removed from the Medium platform for all of SHIB’s four blogs. All of Ryoshi’s previous blogs have been removed a year after they were written on May 30, 2021.
Meanwhile, lead developers such as Shytoshi Kusama have stated that the project will carry on and continue to “actualize Ryoshi’s vision and plan for this grand experiment” of building a decentralized memecoin ecosystem.
In other news, SHIB is the most held token among the wealthiest Ethereum whales. ‘Whales’ in crypto slang describe individuals or institutions that hold large amounts of coins of a certain cryptocurrency. According to Whale Stats, a crypto whale tracker, Ethereum whales have emerged as one of the largest holders of Shiba Inu, holding up to $1 billion SHIB.
Ross Nicoll, a Dogecoin core developer, has announced his intention to back away from the meme-based cryptocurrency.
His justifications? The coin-making process was too stressful for him, and he has no desire to be associated with a potential conflict of interest in the job.
Dogecoin fell nearly 4% to $0.14 shortly after the news.
For the uninformed, the Dogecoin Foundation is a not-for-profit organization dedicated to the growth of the meme coin.
The foundation was re-formed in August after being created in 2014 but became inactive over time.
Vitalik Buterin, co-founder of Ethereum, is a consultant at DF.
Goodbye, Dogecoin Core Developer Role
Nicoll stated in a blog post Thursday that he is “stepping away” from Dogecoin for a variety of reasons.
Most notably, the stress is unbearable and he said he needs “to take a break to focus on myself for a period.”
Nicoll stated in a LinkedIn message to CoinDesk that his resignation is “neither definitive or instantaneous.”
“I want to be clear that this is a role change, and there will be a transition time. I’m not suddenly gone,” he pointed out.
Related Reading | Litecoin Creator Praises Dogecoin, Can The Token Get Its Bark Back?
DOGE total market cap at $18.76 billion in the daily chart | Source: TradingView.com
Dogecoin Price Sluggish
At the time of publication, DOGE was trading lower alongside other major coins, as the global cryptocurrency market cap plunged 5.5% to $1.86 trillion.
Just a few weeks ago, Dogecoin co-founder Billy Markus pleaded with followers to “be calm” as the cryptocurrency has struggled to gain traction since last month.
Markus urged members of the DOGE community in a tweet against being “toxic, crazy, and attacky,” since this may undermine the brand.
Friday saw a decline in the value of risk assets as geopolitical tensions resurfaced and investors braced for upcoming interest rate hikes.
United States President Joe Biden is likely to announce an executive order next week on the regulation of cryptocurrencies, which impacted mood as well.
Related Reading | Tesla To Accept Dogecoin For Merchandise, Token Soars 30%
The Musk Factor
Dogecoin’s success is inextricably linked to Tesla CEO Elon Musk’s enthusiasm for it.
The billionaire first mentioned Dogecoin on Twitter in early 2021, sharing a Lion King DOGE meme.
This sparked a frenzied DOGE rise — punctuated by temporary drops — culminating in Musk’s appearance on Saturday Night Live.
DOGE collapsed following Musk’s SNL performance, despite his vows to push its price up.
Musk appeared to lose interest in the ensuing months, and the price of DOGE has fallen more than 70% from its all-time high.
Musk, though, retains control of Dogecoin, as rare tweets reveal.
Protecting DOGE
Nicoll has been doing his darnedest to defend Dogecoin against trademark registrations by unaffiliated parties.
Dogecoin’s evolution is in the hands of its “co-creators,” he said, “in a way that I do not have the mindset for.”
Featured image from , chart from TradingView.com
Sotheby’s has announced that it will be holding another auction where it will accept payment in Ethereum. This is not the first time that the auction house will accept crypto payment for pieces. However, it will be the first time that it will be accepting live bids in Ethereum. Sotheby’s had made its mark in the space as one of the first auction houses to accept payment in crypto earlier in the year.
Sotheby’s had also begun to expand its footprint in the space by turning famous artworks into NFTs. In July, the auction house had auctioned off a rare artwork of Muhammad Ali’s “Fight of the Century” as an NFT.
Related Reading | Ethereum Surges past $4,800 To New ATH, Crypto Analyst Says Brace For Further Upside
It also holds the world record for the largest diamond sale for crypto. Sotheby’s had successfully sold a 1010.38-carat diamond in a world record crypto sale of $12.3 million that was processed using Coinbase Commerce. Accepting live bids in Ethereum is another notch in its hat when it comes to redefining how art is collected and paid for.
Auctioning Off Banksy Pieces With Ethereum
Banksy is arguably one of the most famous street artists of recent times. The pseudonymous artist who remains unknown to the public has had pieces sell for tens of millions at auction. This will not be the first time that Sotheby’s will be selling pieces from the artist. Back in May, a Banksy artwork had sold for $12.9 million at the 300-year-old auction house.
ETH price trading below $4,700 | Source: ETHUSD on TradingView.com
Sotheby’s will be auctioning two of the artist’s pieces. This time, both of the pieces are physical works and not NFTs. The auction is scheduled to take place next week and will feature live Ethereum bids for both pieces for the first time ever.
A live auction will be held by Sotheby’s where Banksy’s “Love is in the Air” and “Trolley Hunters” will be available for collectors to bid on. The final price for the piece can be settled by the buyer in crypto (ETH, BTC, USDC), or fiat currency.
Sotheby’s Enters Into The Metaverse
The metaverse is all the rave right now, especially after social media giant Facebook had announced that it would be changing its name to Meta in anticipation of its metaverse launch. Metaverse-related tokens had soared after the Facebook announcement. However, before Facebook, now Meta, had made its announcement, Sotheby’s had made one of its own.
Related Reading | Ethereum Fees Spike Significantly Following Success Of ENS
Sotheby’s had launched itself fully into the NFT space with the launch of its very own metaverse marketplace. It features Ethereum NFTs curated by the auction house available for sale. This has propelled Sotheby’s forward as a force to be reckoned with in the NFT space.
Michael Bouhanna, Sotheby’s co-head of digital art sales, said of the metaverse launch; “With Sotheby’s Metaverse, we will create a new industry ecosystem that serves as a destination for the most sophisticated digital art sales and auctions, positioning Sotheby’s at the center of some of the most important NFT industry activity.”
Featured image from Nairametrics, chart from TradingView.com
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