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Bitcoin Exchange Inflow Jumps, BTC Price Drop to $63,000 Likely
Published
1 week agoon
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adminDespite the strong whale activity in the market, the Bitcoin (BTC) price remains under constant selling pressure flirting around $66,000. The recent data from CryptoQuant shows that the Bitcoin exchange inflows have surged amid the surge in Bitcoin spending activity.
The Surge in Bitcoin Spending Can Impact the BTC Price
As per the data from CryptoQuant, wallets holding Bitcoins in the 1M-3M, 3M-6M, and 6M-12M age bands have witnessed a notable increase in Bitcoin spending. Over the weekend, nearly 40% of the Bitcoins sent to exchanges came from wallets holding the 3M-6M range, while 20% came from the 6M-12M range, and the remainder being mixed.
This movement of Bitcoins to exchanges will create further selling pressure. The analysis suggests that the selling activity could lead to a short-term increase in the BTC price, followed by a major downturn, potentially resulting in a market free fall.
$63,000 Coming for Bitcoin?
Popular crypto analyst Michael van de Poppe stated the BTC price has been stuck for a long time between $57K and $73K and he expects it to decline further in the early part of this week. However, the analyst expects the BTC price to hold firmly in the range of $63K and $64.5K.
#Bitcoin remains stuck between $57K-73K and I expect it to continue falling in the first part of the week.
My personal area of support is between $63-64.5K. That area should hold to me. pic.twitter.com/JZkeiWzJyv
— Michaël van de Poppe (@CryptoMichNL) June 17, 2024
Bullish divergence has solidified, with the price attempting to maintain above $66,300. It’s crucial for bulls to step up now and reclaim this range. Bitcoin’s sideways price action has led to some impatience among investors. However, if the BTC price manages to give some surprises on the upside.
Crypto analyst Ali Martinez highlighted a significant potential liquidation event on Binance should Bitcoin’s price reach $67,450. Martinez projected that approximately $19.50 million worth of positions could be liquidated on the exchange under these conditions. This observation underscores the volatility and risk management challenges associated with trading cryptocurrencies at high price levels.
Roughly $19.50 million will be liquidated in @binance alone if #Bitcoin surges to $67,450! pic.twitter.com/zb0t5aynvw
— Ali (@ali_charts) June 17, 2024
Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.
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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Cardano Price Expected To Hit $40 Next Per Crypto Analysts
Published
2 hours agoon
June 26, 2024By
adminCardano, the tenth largest cryptocurrency in the market, has failed to stick to the investors’ expectations with its continuous declines. It is currently at the lowest value in the months following the market downtrend. But it is difficult to call it the single declining moment of the ADA’s career, as the Cardano price has moved 87% away from the best value of $3.10, set three years ago. At the moment of writing, Cardano is trading at $0.3899 after declining 15% over the month, and is the lowest point of this year.
However, that is about to change as Fiery Trading, a crypto analyst, has predicted a roadmap for Cardano price to surge to $40.
Fiery Predicts A Meteoric Cardano Price Rise To $40
Fiery Trading recently published his findings about the possibility of Cardano’s price to rise as high as $40. As per his finding, if the Cardano continues to move in the same channel, it could achieve the $40 target, but there is a catch. As the crypto market is losing its battle with bears, such a huge goal is achievable when the bull market begins.
Fiery also highlighted that the current moment is the best entry for best gains in the future as the value is really low. However, he did acknowledge that the target is in the unimaginable ranges but called it worth the risk. If ADA followed this prediction, the target would be 13X the all-time high of $3.10, which seems past the investor’s expectation.
What Will Happen If This Price Prediction Came True?
Cardano is in a complete dump, and expecting a surge to $40 will push this cryptocurrency into a much better position than this. It has a total supply of 36,994,116,265, and 79% of the total supply is in circulation. With a circulating supply of 35,744,736,995 ADA, Cardano’s market cap is at $13,926,389,968. If the ADA price turned $40 instead of the current price of $0.3899, the market cap becomes $1.42 Trillion, flipping Bitcoin, whose market cap is $1.2 Trillion.
If an investor buys $100 worth of the ADA today, he will receive 256.47 ADA tokens. Once the price reaches $40, it will turn into $10,259, making $10,159 in profits. Similarly, if 1000 dollars worth of tokens is bought, the investor will receive 2564.7 ADA tokens, making $101,590.4 in profit.
Analysts Are Divided On Future Cardano Price
Another crypto analyst, Swallow Premium, has a different prediction than Fiery. As per his analysis, Cardano has just broken the liquidity zone of $0.40 and has a heavy risk of declining to $0.24 within the next few days or weeks.
Another Crypto analyst, Sebastian, predicted the Cardano price to upsurge now as it has already hit the bottom. As per his prediction, there is a high possibility of recovery for Cardano as well as the overall market. Based on this, the market will move to higher lows and higher highs.
Despite the analysts looking way ahead in the future, the current situation speaks of the decline. The technical indicators highlight the increased selling of this altcoin as the STOCH(9,6) is in the overselling zone, supported by the STOCHRSI(14), Bull/Bear Power(13), etc. Also, the moving averages at 10,20-day intervals in the selling zone.
However, the Relative Strength Index (RSI) is 51.077, indicating the balance between the buyers and sellers. It is because of a few factors signaling the buying, including the MACD (12,26) level. The next few hours can be crucial to determine how the Cardano price will move next.
Continue Reading XRP Supply on Exchanges Drops To Months Low; Price To Hit Rock Bottom?
With years of love for reading and 5 years of content writing experience, I’m here, working on my favorite writings about cryptocurrency. I’m actively looking for trending topics and informational statistics to curate the best content pieces for crypto enthusiasts. Staying updated with trends and learning the basis and advancements of this field is the best part of the day.
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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Robert Kiyosaki Decodes Bitcoin’s “Banana Zone”, Contrasts with Fiat Currency
Published
6 hours agoon
June 26, 2024By
adminRobert Kiyosaki, renowned financial educator and author of the influential book “Rich Dad Poor Dad,” has recently shared his insights on Bitcoin’s “Banana Zone,” a term popularized by financial expert Raoul Pal. He contrasts this with the inherent weaknesses of fiat currency, shedding light on why Bitcoin’s rules-based monetary system offers a more secure and prosperous future. Through his unique perspective, Kiyosaki continues to educate and guide investors on navigating the evolving financial landscape.
Robert Kiyosaki’s Perspective: Bitcoin’s “Banana Zone” vs. Fiat Currency
Robert Kiyosaki, emphasizes the fundamental differences between Bitcoin and fiat currency, highlighting Bitcoin’s superiority as a store of value. Kiyosaki describes fiat money as “debt-based,” subject to inflation and financial instability due to governments’ ability to print it at will.
In contrast, Bitcoin’s “rules-based” system, with its fixed supply and decentralized nature, makes it a more reliable store of value, designed to appreciate over time. Kiyosaki’s endorsement is bolstered by Raoul Pal, a former Goldman Sachs executive, who predicted Bitcoin’s entry into “the Banana Zone” a phase of parabolic price increase where those who missed out regret not investing earlier.
Pal’s advice led Kiyosaki to invest in Bitcoin at $6,000, with current values around $60,000, showcasing significant growth. This success story underscores Pal’s market predictions and Bitcoin’s long-term potential. As Bitcoin approaches the “Banana Zone,” Kiyosaki advocates understanding its investment benefits over fiat currencies, which may decline in value.
Also Read: US Spot Bitcoin ETFs Record Net Inflows, Has Bitcoin Price Really Bottomed?
Current Bitcoin Market Dynamics
Bitcoin’s price trajectory has illustrated a notable uptick of 0.78% over the past day, with the token trading at $61,639.67 at press time. Its 24-hour lows and highs were $60,626.97 and $62,466.32, respectively. Intriguingly, after a sluggish period of trading in recent days, primarily because of macroeconomic factors and ETF outflows, Bitcoin gains momentum on the backdrop of $31 million inflows in BTC ETFs on June 25, per data by Farside.
This renewed investor interest highlights the resilience and potential of Bitcoin as an asset. Meanwhile, Bitcoin’s dominance in the cryptocurrency market rested at 53.42%, up 0.10% from the previous day, indicating a steady consolidation of its market position. This dominance and price increase signify growing confidence in Bitcoin’s role as a leading digital asset, reinforcing the arguments made by financial experts like Kiyosaki and Pal.
Also Read: VanEck Declares Zero Fee for Spot Ethereum ETF Gearing Up for July 2 Launch
CoinGape comprises an experienced team of native content writers and editors working round the clock to cover news globally and present news as a fact rather than an opinion. CoinGape writers and reporters contributed to this article.
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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Solana and Cardano Lead Top 10 Crypto Rebound
Published
10 hours agoon
June 26, 2024By
adminThe crypto market is picking up gains today with Solana (SOL) and Cardano (ADA) leading the resurgence among top coins. This comes following sharp outflows that saw Bitcoin and other crypto assets plunge deeper into the woods. The total market capitalization now stands at $2.28 trillion, climbing 3.35% today. Before the price correction, the value was over $2.6 trillion with high institutional inflows.
Community-dubbed ETH killers Solana and Cardano recorded inflows in the last 24 hours as the wider gains momentum. Meme coins and decentralized finance (DeFi) tokens also notched gains. As a leading smart contract blockchain, Solana has an impact on DeFi activities and volumes.
Solana Outpaces Top Assets
In the past couple of years, Solana gained the reputation of outpacing top assets during a market rebound. Today, SOL is up 5.98% completely eclipsing weekly outflows. Weekly figures now stand in the green zone with the asset trading at $137.73. However, 30-day numbers are down 17% showing signs of previous losses.
Solana’s market cap soared to $63.5 billion while daily trading volumes fell to $2.5 billion. SOL price fell past many resistance levels after bulls projected a new price run. The rebound could see the asset move up to reclaim lost levels. At press time, the total value locked on Solana is $4.25 billion, a 6.44% increase in the last 24 hours per DeFiLlama. DeFi volumes are also up as activities pick up in the market.
Cardano Follows SOL
Cardano trades at $0.3932 gaining 4.5% inflows in the last 24 hours to wipe out a share of previous losses. ADA’s weekly numbers jumped 3.2% taking its market cap up to $14 billion. Network upgrades remain a major driver of the asset amid present macro factors. While ADA’s long-term gains plunged, institutional investors point to a cut in interest rate as a bullish driver this year. Other crypto assets like Bitcoin (BTC) to Ethereum (ETH) recorded gains.
Also Read: Institutional Investors Are Leaving Ethereum Products: What’s Happening?
David is a finance news contributor with 4 years of experience in Blockchain Technology and Cryptocurrencies. He is interested in learning about emerging technologies and has an eye for breaking news. Staying updated with trends, David reported in several niches including regulation, partnerships, crypto assets, stocks, NFTs, etc. Away from the financial markets, David goes cycling and horse riding.
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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