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Crypto Analyst Calls Chainlink An Opportunity of Lifetime: Here Is Why

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4 hours ago

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The crypto market contains millions of cryptos, making it an industry of $2.16T. Not only that, it processes $62 Billion worth of transactions in 24 hours, but calling one specific cryptocurrency a once-in-lifetime opportunity is a big deal. And that big deal is attributed to Chainlink (LINK), as said by the popular crypto analyst Michael Van De Poppe.

LINK is the 14th biggest cryptocurrency in the market based on its market capitalization of $7 Billion. Additionally, it has a trading volume of $208 Million, indicating its decent demand in the market. However, there is much more, as Michael forecasts.

In a recent X post, popular crypto analysts and trader Michael endorsed LINK after bringing everyone’s attention to the bullish behavior of the token on the weekly timeframe. In this post, he clarifies that the “token is consolidating above the crucial resistance and flipping that for support.”

He further revealed that anything between $9-11 is an opportunity to buy before the token hits a high of $35.29. With this post, he forecasted the LINK price to hit a three-year high before challenging the ATH of $52.88.

#Chainlink is still consolidating above the crucial resistance and flipping that for support.

I think anything between $9-11 is an interesting one to buy into.

I mentioned it a few times, but it remains to be an opportunity of a lifetime. pic.twitter.com/3vCTTiYsAe

— Michaël van de Poppe (@CryptoMichNL) October 4, 2024

This crypto analyst also clearly mentioned that he is repeating his previous claims that it is an opportunity of a lifetime. It is not that Michael analyzed the Chainlink price only, as he also analyzed the Bitcoin price performance, which could aid in the former ones’ growth.

In a similar post, he revealed that Bitcoin is bullish in the 12-hour frame, which could boost the rest of the altcoins. Ever since his mentions, the Bitcoin price has been up by 1% after its earlier drop to $60K, currently trading at $62,188, which is a good sign.

Michael posted this forecast on October 4, 2024, when LINK’s price was consolidating between $9-11. However, in the last 24 hours, the price has surged by 2.37%, bringing the value to $11.37 earlier in the day, currently at $11.26. However, this is not significant enough, as the token is only recovering the 13% price plunge of this week.

Chainlink Price AnalysisChainlink Price Analysis

Even on the technical charts, there is strong selling pressure among the holders, where the simple & exponential moving averages and MACD confirm this selling stress. Moreover, the RSI is neutral, indicating the continuity of this trend. Not to forget the Chainlink price has already failed to surge past the Pivot at $11.37, towards the resistance of $13.46, confirming the ongoing consolidation.

Because the price has grown bullishly in the last 24 hours despite the high selling pressure, it can grow further. A few technical indicators, like Momentum and Hull’s moving average, also hint at this possibility. However, if the selling pressure dominates, the price may fall further.

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Pooja Khardia

With a deep-seated passion for reading and five years of experience in content writing, Pooja is now focused on crafting trending content about cryptocurrency market.

As a dedicated crypto journalist, Pooja is constantly seeking out trending topics and informative statistics to create compelling pieces for crypto enthusiasts. Staying abreast of the latest trends and advancements in the field is an integral part of her daily routine, fueling a commitment to delivering timely and insightful coverage

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.





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US CPI In Focus After Jobs Data Dampens 50 BPS Fed Rate Cut Hopes

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1 hour ago

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October 6, 2024

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The crypto market is waiting for the US Consumer Price Index (CPI) data, which is scheduled to be released later this week. The data, crucial to understanding the inflationary pressure in the economy, would be closely watched by investors, especially after the gloomy US Job data weighed on market sentiment. The stronger-than-anticipated nonfarm payroll data has dampened hopes over a potential 50 bps rate cut by the US Fed at their upcoming meeting.

Crypto Market Awaits US CPI Data

The US CPI data, which is scheduled to be released on Thursday, October 10, will be closely watched by the traders. Besides, these data are also evaluated by the US central bank to understand the inflation level in the nation. In other words, it is a crucial metric that helps the US Fed to decide its monetary policy plans.

According to market estimates, the CPI figures are expected to cool down to 0.1% in September, down from 0.2% in the prior month. On a YoY basis, the inflation is anticipated to come in at 2.3%, a decline from 2.5% noted in August.

On the other hand, the Core CPI, which excludes energy and food prices, is expected to show a cooling inflation of 0.2%, down from 0.3% in the previous month. However, the Core CPI, on an annual basis, is estimated to remain unchanged at 3.2%.

Meanwhile, the cooling inflation figures could boost the market sentiment, potentially triggering a rally in the crypto market. However, if the data shows a hotter-than-expected inflation level, the selling pressure in the market could worsen further.

US PPI And Fed Officials Speeches In Focus

The latest US Job data has weighed on the market sentiment, as it indicated a strong labor market. Usually, the decreasing nonfarm payroll data and soaring unemployment rate boost the market sentiment, raising bets over a larger US Fed rate cut. However, the latest data showed otherwise, with many experts like the BlackRock CIO now anticipating a 25 bps rate cut at the central bank’s upcoming meeting.

Meanwhile, amid this, the US CPI data will play a crucial role in shaping the market sentiment. In addition, another essential inflation metric, US PPI data, is also scheduled for next week. This would further shed light on the inflation level in the US, influencing the policy rate decision of the US Federal Reserve.

In addition, a flurry of Fed officials are expected to speak next week. The officials’ comments will also be closely watched by the investors, for cues on the central bank’s next move with their monetary policy plans.

Previously, Fed Chair Jerome Powell showed confidence towards a cooling inflation level in the US. Simultaneously, other Fed officials also leaned towards a larger rate cut of 50 BPS points at the central bank’s upcoming meeting this year.

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Rupam Roy

Rupam is a seasoned professional with three years of experience in the financial market, where he has developed a reputation as a meticulous research analyst and insightful journalist. He thrives on exploring the dynamic nuances of the financial landscape. Currently serving as a sub-editor at Coingape, Rupam’s expertise extends beyond conventional boundaries. His role involves breaking stories, analyzing AI-related developments, providing real-time updates on the crypto market, and presenting insightful economic news.
Rupam’s career is characterized by a deep passion for unraveling the complexities of finance and delivering impactful stories that resonate with a diverse audience.

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.





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Coinbase Reinforces Interlocutory Appeal In SEC Suit

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7 hours ago

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October 5, 2024

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Referencing the SEC’s latest appeal, American cryptocurrency exchange Coinbase have requested that the court revisit its motion for interlocutory appeal. Notably, the US SEC may have shot itself in the leg by appealing Judge Analisa Torres’s July 13, 2024 ruling in favor of Ripple.

Coinbase Seek to Probe Howey Test Clause

According to the document adressed to Judge Katherine Polk Failla, Coinbase has asked that its pending motion to certify interlocutory appeal be granted. The trading platform first filed this motion for interlocutory appeal in April. At the time,the crypto exchange wanted to review a key question in the case: how the Howey Test, the traditional standard for what counts as a security based on a 1946 Supreme Court ruling, applies to digital assets.

The exchange believes that making this request once again will help provide the Second Circuit with a complete picture to better adjudicate the agency’s position on the Howey Test. It is specifically interested in the application of this test to secondary market crypto transactions.

Attorneys representing Coinbase have argued that the SEC’s appeal in Ripple’s case is an admission that the criteria listed in the SEC’s Howey Test were ambiguous and warranted closer examination. They are also of the opinion that the appeal demonstrates how important the application of the Howey test is. Therefore, the exchange wants its case with the agency looked into.

In April, the agency also filed its motion, requesting that Coinbase’s request be denied. It cited the lack of substantial ground for difference of opinion. Until now, Judge Failla is yet to rule on both requests. While Coinbase may have a stronger argument this time around, there is no guarantee that the court will rule in its favor.

SEC Tactics Keep Crypto Community in Suspense

Though it look like Ripple is receiving more heat from the SEC, its lawsuit with the agency is setting precedence for other crypto lawsuits. It is not yet clear if the SEC will go home victorious in the end. However, many pro-crypto lawyers think the Commission does not stand a chance.

The SEC named Ripple CEO Brad Garlinghouse and Chris Larsen, a co-founder, as appellees in the appeal filing. This move has gotten many XRP community members talking, with many wondering what the SEC is up to. The days following the appeal hearing will come with a lot of suspense as the ecosystem await the verdict.

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Godfrey Benjamin

Benjamin Godfrey is a blockchain enthusiast and journalists who relish writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desires to educate people about cryptocurrencies inspires his contributions to renowned blockchain based media and sites. Benjamin Godfrey is a lover of sports and agriculture.

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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.





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Spot Bitcoin ETFs On Course To Surpass Satoshi Nakamoto BTC Holdings

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10 hours ago

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October 5, 2024

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Institutional demand for Bitcoin rises as US Spot Bitcoin ETFs now hold 4.6% of the total supply, valued at $58 billion, almost surpassing the holdings of the biggest BTC owner, Satoshi Nakamoto.

This surge underscores institutional investors’ preference for regulated investment options over direct crypto purchases.

Spot Bitcoin ETFs Grab Almost 5% of Total BTC Supply

According to data from SoSoValue, a prominent financial research forum, Bitcoin ETFs now hold total net assets of $57.73 billion, translating to 4.68% of Bitcoin’s total supply. BlackRock accounts for most of the BTC supply these funds hold, with $22.91 billion in net assets for its Bitcoin ETF. These funds have witnessed impressive inflows since they launched in January earlier this year.

Just like Bloomberg analyst Eric Balchunas predicted in August, these Spot Bitcoin ETFs are on course to surpass Satoshi Nakamoto’s holdings this month if they continue to witness the inflows they have recorded so far. Estimates put Satoshi’s holdings at 1.1 million BTC ($68.2 billion).

Interestingly, Balchunas also predicted that BlackRock could become the largest Bitcoin holder by late next year, with the world’s largest asset manager holdings surpassing Satoshi’s. He added that BlackRock will likely hold this position for the longest time if it surpasses the Bitcoin founder.

The institutional influence in the Bitcoin market has grown and is reflected in the incremental flows of capital into the Spot Bitcoin ETFs over recent weeks. Institutional investors favor Bitcoin for its long-term potential.

This has also been manifested in the increased involvement of wealth management firms such as Goldman Sachs and Morgan Stanley, which have substantially raised their stakes in Bitcoin-related ETFs.

BlackRock’s IBIT Leads the Charge

The debut of Bitcoin ETFs has been far stronger than expected, with impressive inflows and share price performances. Collectively, these ETFs garnered over $4 billion in first-day receipts, establishing a new record for the most money an ETF has taken in during its opening day.

Investors have poured $17.5 billion into Spot Bitcoin ETFs despite market volatility this year. This is highlighted by the iShares Bitcoin Trust (IBIT), which launched the most successful ETF in history, growing to $21.5 billion in assets in just seven months.

On September 20, the SEC approved options trading of the IBIT listed on Nasdaq under the ticker IBIT. According to Nasdaq, the options would be traded much like other ETF options under the same rules, which is another crucial step in institutionalizing crypto investments.

HBO Claims to Unmask Satoshi, Bitcoin Price Surges

Speculations about who the actual founder of Bitcoin, Satoshi Nakamoto, might be are very much in the public eye. Even the FBI commented on the issue. One theory suggested in an incoming HBO documentary is that Len Sassaman, known in cyberpunk culture and adept in cryptography, might be the inventor.

The crypto market jumped following HBO’s claim that it had unmasked Satoshi Nakamoto’s identity. The price jumped over the critical resistance at $62,000.

In the hour-long documentary by Emmy-nominated filmmaker Cullen Hoback, viewers get a glimpse into the mystery of the world’s biggest cryptocurrency. The possible unraveling of Nakamoto’s identity can send shockwaves through various globally powerful financial systems, reflecting different market moves.

BTC after HBO announcementBTC after HBO announcement
Credit: TradingView

Growing speculation and media attention to Satoshi Nakamoto’s identity could continue to catalyze further upside action with Spot Bitcoin ETFs throughout the week. Should his identity be revealed, there may be questions about who has access to his BTC holdings.

If anything, the timing of the HBO documentary was especially instructive, landing as it does in the run-up to the 2024 presidential election in the United States, in which Bitcoin has become a central issue in political debate.

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Teuta

Teuta is a seasoned writer and editor with over 15 years of experience in macroeconomics, technology, and the cryptocurrency and blockchain industries. Starting her career in 2005 as a lifestyle writer for Cosmopolitan in Croatia, she expanded into covering business and economy for several esteemed publications like Forbes and Bloomberg. Influenced by figures like Don Tapscott and Bruce Dickinson, Teuta embraced the blockchain revolution, believing crypto to be one of humanity’s most crucial inventions. Her fintech involvement began in 2014, focusing on crypto, blockchain, NFTs, and Web3. Known for her excellent teamwork and communication skills, Teuta holds a double MA in Political Science and Law, enjoys punk rock, chablis, and has a passion for shoes.

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.





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