Bitcoin
Bitcoin Coinbase Premium Returns To Neutral: Buying Push Already Over?
Published
1 month agoon
By
adminThe positive Bitcoin Coinbase Premium that drove the latest rally above $70,000 has dissipated, suggesting buying has already slowed down.
Bitcoin Coinbase Premium Gap Has Returned To Neutral Levels
CryptoQuant Netherlands community manager Maartunn explained in a post on X that the Bitcoin Coinbase Premium Gap has declined back toward the neutral line.
The “Coinbase Premium Gap” here refers to a metric that keeps track of the difference between the BTC prices listed on cryptocurrency exchanges Coinbase (USD pair) and Binance (USDT pair).
When the value of this metric is positive, it means that the price listed on Coinbase is greater than that on Binance right now. Such a trend implies that the buying pressure on the former is higher than that on the latter platform (or alternatively, the selling pressure on there is just lower).
On the other hand, a negative value can imply the selling pressure on Coinbase is higher than on Binance as the price of the cryptocurrency listed there is lower.
Now, here is a chart that shows the trend in the Bitcoin Coinbase Premium Gap over the past few days:
The value of the metric appears to have been close to the neutral line recently | Source: @JA_Maartun on X
The chart shows that the Bitcoin Coinbase Premium Gap had taken to notably positive values as the latest upward push in the asset’s price had occurred. Since then, though, the metric has fallen, with its value approaching zero.
It would seem that the buying pressure on the platform contributed to the surge. The fact that the rally has slowed since the metric returned to neutral levels may add further evidence.
This isn’t unnatural for this year, however, as the Bitcoin price and Coinbase Premium Gap have shown a pretty tight relationship since the start of 2024.
Coinbase is popularly known as the preferred platform of American institutional investors, while Binance hosts more global traffic. As such, the premium’s value provides insight into how the behavior of the US-based large holders differs from that of world users.
Since the Coinbase Premium Gap has been the driver of the recent price surges, buying from these institutional entities could potentially have provided the fuel.
As the indicator’s value has now neared the neutral mark, it would imply that these whales have lifted their foot off the gas. Given the close relationship the metric and BTC price have held recently, it may be worth keeping an eye on how things develop in the coming days.
BTC may register some decline if the premium flips into the red from here. Naturally, a continuation of positive values would be a bullish sign instead.
BTC Price
At the time of writing, Bitcoin is trading around the $70,100 level, up more than 11% over the past week.
Looks like the value of the asset has been going up over the last few days | Source: BTCUSD on TradingView
Featured image from Kanchanara on Unsplash.com, CryptoQuant.com, chart from TradingView.com
Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.
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Altcoins
Hackers With $182,000,000 Stolen From Poloniex Starts Moving Funds to Tornado Cash
Published
11 hours agoon
May 8, 2024By
adminThe hacker who looted the crypto exchange Poloniex has started moving Ethereum (ETH) to the mixing service Tornado Cash, according to the digital asset de-anonymizing platform Arkham.
Arkham notes the hacker moved 1126.1 ETH worth more than $3.4 million into Tornado Cash across a series of 20 transactions on Monday and Tuesday.
They represent the exploiter’s first moves into the controversial Ethereum-based crypto mixer, which helps users conceal their digital assets.
The hacker raided Poloniex in early November, stealing $56 million worth of ETH, $48 million worth of Tron (TRX) and $18 million worth of Bitcoin (BTC), as well as smaller amounts of other crypto assets.
The exchange, which is owned by Tron founder Justin Sun, offered a 5% white hat bounty that went unaccepted. and the hacker still holds $181.47 million worth of crypto in their primary address, according to Arkham.
Justin Sun-affiliated projects have endured a prolific string of attacks in the past several months: In September, hackers exploited the Sun-linked exchange giant HTX for approximately 4,999 Ethereum worth $7.9 million, according to the blockchain security firm PeckShield.
Then in November, hackers hit HTX and Heco Bridge, another Sun-linked project that’s used to move funds between Ethereum and energy-saving blockchain Heco Chain, for a combined $100 million, according to cybersecurity firm Cyvers.
And in January, hackers once again struck HTX, hitting the exchange with a distributed denial of service (DDoS) attack that caused a brief outage.
A DDoS attack is a malicious attempt by bad actors to flood the target website with traffic to overwhelm the site’s infrastructure.
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In a post on X, crypto analyst Miles Deutscher laid out his strategic predictions for high-performing cryptocurrencies in the upcoming week to his 501,700 followers. His analysis delved deep into Bitcoin’s trading patterns, the surging AI-driven altcoin sector, and specific tokens that are displaying considerable potential due to recent developments and broader market dynamics.
Bitcoin And AI Crypto Tokens Are Set To Dominate This Week
At the forefront of Deutscher’s analysis, Bitcoin has recently returned to its previous trading range between $60,000 and $69,400 after experiencing a sharp drop. This movement was characterized as a significant deviation, suggesting manipulation or a shakeout of weak hands before a potential rally.
“Bitcoin is at the top of my watchlist for this week. Had a big fakeout/deviation to the downside, and now back within the range,” Deutscher stated. He pointed out that the key factor to watch is whether the current range’s lower boundary will hold, which could serve as a strong foundation for an upward trajectory.
Moreover, the AI sector has been particularly resilient and robust recently, bouncing back significantly amidst broader market recoveries. Deutscher highlighted the sector’s potential for outperformance, driven by several upcoming major events.
These include Apple’s Worldwide Developers Conference (WWDC), NVIDIA’s earnings announcement, and the anticipated release of ChatGPT 5. “AI is one of those unique narratives that retains constant mindshare due to its endless real-life news flow/hype,” Deutscher explained.
One specific AI token which Deutscher watches closely due to its alleged partnership with Apple is Render (RNDR), making it a prime candidate for speculation around the upcoming Apple event. Historically, RNDR has also led the AI token sector during market rotations.
Furthermore, Deutsches focuses on Near Protocol (NEAR), Fetch.ai (FET), AIOZ Network (AIOZ). He grouped these tokens together due to their correlation but noted their recent technical performance, where they bounced cleanly off daily support levels and established higher lows.
More Altcoins To Watch
TON: Recently the center of attention, TON experienced a drop after the Token2049 event in what Deutscher described as a “sell-the-news” scenario. However, recent investments by firms like Pantera signal continued interest and potential undercurrents of growth.
Ethena (ENA): With the market sentiment turning bullish again, Deutscher anticipates a return to positive funding rates, which typically benefit tokens like Ethena. Recent activity from the Ethena team, including increased reward boosts and optimistic social media posts from its founders, further bolster the bullish case. “Also hearing rumors of a T1 exchange listing,” Deutscher added, suggesting an impending increase in liquidity and exposure.
Jito (JTO): Jito is reportedly developing what Deutscher referred to as the “Eigen Layer of Solana,” aiming to replicate the success and hype surrounding the Eigen project’s layer solutions. Despite the challenges of a recent airdrop, Deutscher sees potential if the team executes well, particularly as the restaking narrative has not yet fully penetrated the market.
PopCat (POPCAT): Despite facing some fear, uncertainty, and doubt (FUD) related to copyright issues over the weekend, POPCAT continues to exhibit strong price action, pushing toward new highs. “POPCAT seems the best contender, for now, not a single cat meme coin has yet to hit a $1B market cap,” noted Deutscher, highlighting its standout performance.
Ethereum Finance (ETHFI): In the realm of liquidity reward tokens (LRT), ETHFI remains a notable mention despite a broader sector sell-off post-Eigen. Deutscher believes the selling may have been overreactive, and with total value locked (TVL) still on the rise, a reversion to mean on prices could be imminent.
SEI Network (SEI): As anticipation builds for the launch of the new layer one blockchain, Monad, later this year, SEI is seen as a strategic play. Categorized within the parallelized Ethereum Virtual Machine (EVM) narrative, SEI experienced a substantial sell-off but is poised for recovery as the market focus shifts towards upcoming launches.
Friend (FRIEND): After recommending FRIEND at $1.30, Deutscher continues to see upside potential, particularly as it approaches more significant centralized exchange listings. He advises keeping an eye out for major pullbacks as opportunities to buy.
Featured image from Matt Paul Catalano / Unsplash, chart from TradingView.com
Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.
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Altcoins
Weakening Dollar Could Boost Crypto and Push One Altcoin to Astronomical Price Target: Economist Henrik Zeberg
Published
3 days agoon
May 6, 2024By
adminEconomist Henrik Zeberg says that a loss of strength for the dollar could be the catalyst that breathes new life into crypto assets.
Zeberg tells his 136,000 followers on the social media platform X that lower bond yields and a weakening dollar index (DXY), which pits the dollar against a basket of other major foreign currencies, will create an “amazing environment” for risk assets like crypto.
To ride the crypto rally, Zeberg says he has his eye on JasmyCoin (JASMY), a blockchain-based personal data storage project.
“I think a push lower in DXY and yields will create an amazing environment for crypto into the last phase of this risk asset bull market.
I think the next phase for Jasmy is wave three!
Later wave four into summer (while DXY bounces) – and then the final boost into late summer – early Autumn.
It may be that the target “only” becomes $0.3ish… but for now, the above is my main thesis.
I AM THE JASMY-FATHER!”
The economist appears to be using the Elliott Wave theory in his analysis. The theory states that a bullish asset will witness a five-wave move to the upside before topping out.
Zooming in on JASMY’s technicals, Zeberg says that the moving average convergence divergence (MACD) and the relative strength index (RSI) indicators are in the process of crossing bullish on the daily chart.
The RSI and MACD are both momentum indicators that traders use to spot points of potential trend reversals.
Says Zeberg,
“Bullish cross-over on MACD.
RSI breaking the downward trend.
We have seen that before….. just before the 400-500% Run higher.
This time, I expect the move to be BIGGER!
All onboard?”
At time of writing, JASMY is worth $0.02, up over 6% in the past day.
As for Bitcoin (BTC), Zeberg previously said the crypto king will be ready to enter a “melt-up” phase once its monthly RSI hits 70.
”So I got $110,000-$115,000 for Bitcoin. It is actually a part of a larger pattern. I see that this is either the beginning of a new bull [run], but it needs to take a long break after the blow-off top.
But we haven’t gotten to the really steep part of it yet. We see that we get to [an] RSI above 70, that is really when we see the steep part.”
At time of writing, Bitcoin is trading for $64,400 with its monthly RSI hovering at 68.
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