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Bitcoin Price Forms A Golden Cross Showing BTC All-Time High Is Imminent

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The Bitcoin price saw strong gains over the past week adding another 8-9% and is currently trading around $72,200 levels. Also, charts showing the “Golden cross” formation suggest that we might be seeing news all-time highs for BTC very soon.

Bitcoin price “Golden Cross” Indicator suggests Bullish Momentum

As per the latest data from CryptoQuant, Bitcoin’s active addresses suggest a major shift in momentum as the 30DMA has crossed above the 365DMA, forming a “golden cross” — historically associated with upward price momentum.

Following Bitcoin’s last all-time high in March, a “death cross” pattern had emerged which pushed the Bitcoin price into a bearish territory. Since then, BTC has yet not been able to breach the March levels. However, the momentum seems to be shifting now with bulls in place and the latest formation of the “Golden cross” pattern. Additionally, transaction counts are nearly twice what they were in the 2021 cycle, underscoring heightened market activity.

Courtesy: CryptoQuant

However, CryptoQuant analysts caution that if the 30DMA does not exceed the 365DMA more strongly, BTC’s current trend may mirror the mid-2021 consolidation phase. This critical period is one to watch closely for investors assessing long-term momentum.

BTC Retail Participation On the Rise

During the previous Bitcoin price rallies to all-time highs, it saw strong retail participation along with institutional participation. However, in the past few weeks, retail participation remained subdued with institutional players and whales driving most of the price action.

But the latest development suggests that retail participation is also picking up once again in the market. Also, on-chain data shows that the retail demand for BTC has surged to the seven-month highs recently.

There are some parts of the world such as Europe and Canada where the Bitcoin price continues to make fresh all-time highs. On the other hand, the institutional demand remains intact.

Inflows into spot Bitcoin ETF reached the second highest on Wednesday, October 30, with BlackRock’s IBIT dominating the show entirely. IBIT’s total inflows have surged past $25 billion since inception within a matter of just 10 months of launch.

On the other hand, the largest BTC corporate holder MicroStrategy unveiled its plans to raise a total of $42 billion and buy more Bitcoins. This shows that corporate interest in BTC remains intact. Players across the globe like Metaplanet have adopted Michael Saylor’s Bitcoin adoption blueprint. On the other hand, Microsoft is also considering shareholder vote to put BBTC to its balance sheet.

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Bhushan Akolkar

Bhushan is a FinTech enthusiast with a keen understanding of financial markets. His interest in economics and finance has led him to focus on emerging Blockchain technology and cryptocurrency markets. He is committed to continuous learning and stays motivated by sharing the knowledge he acquires. In his free time, Bhushan enjoys reading thriller fiction novels and occasionally explores his culinary skills.

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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Monthly SHIB Burn Rate Indicates Shiba Inu May Hit $0.0001 in November

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8 hours ago

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October 31, 2024

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The monthly SHIB burn rate garnered substantial attention on Thursday as it landed a remarkable blow to Shiba Inu’s supply. As per burn data surfacing within the market, nearly 125 million coins were incinerated in the past month, sparking optimism over the meme coin’s future price movements. Intriguingly, with the massive burn surge and recent ecosystem developments coming into play, market watchers are eyeing a $0.0001 price target ahead for Shiba Inu.

Monthly SHIB Burn Data Sparks Optimism As Millions Of Coins Destroyed

According to data from the tracker Shibburn on October 31, nearly 85 burns occurred this month, resulting in the destruction of a staggering 124.5 million Shiba Inu tokens. As per the data, this month saw 2.93 burns and 4.291 SHIB burnt on average per day. The massive amount of coins burnt ignited bullish investor sentiments surrounding the coin’s future movements, abiding by the law of supply and demand. As the crypto’s market supply takes a massive blow this month, tokenomics in turn mirror optimism.

Notably, SHIB’s total circulating supply as of writing totaled 589.26 trillion coins, with the massive burn rate surge coming into play. Further, it’s also worth mentioning that burn data showcased nearly 349 million coins burnt in the previous month, September, adding to optimism on the coin’s future movements. Altogether, the massive decline in the coin’s market supply has added a bullish tint to the token’s future movements.

Further, CoinGape Media reported that while the SHIB burn continued witnessing remarkable spikes this month, Shibarium activity also saw notable growth. This saga has poured additional optimism on the meme crypto’s future movements.

Shiba Inu To $0.0001 Possible?

At press time, SHIB price traded at $0.00001857, down nearly 2% in the past 24 hours. The coin’s intraday low and high were recorded as $0.00001823 and $0.0000192, respectively. Notably, the monthly chart showcased a slight 1% gain value despite the abovementioned massive SHIB burn. This has sparked contrasting speculations among market participants over the meme token’s potential to hit $0.0001 in November.

However, recent ecosystem developments, coupled with the massive burns, have urged investors to keep their eyes on the token. A recent CoinGape Media report revealed that Shiba Inu emerged among the leading cryptocurrencies, which crypto investors have been holding the longest. This data, underscoring increased market confidence in the asset, has added to bullish projections.

Simultaneously, it’s also worth mentioning that the token’s lead developer, Shytoshi Kusama, added to the market frenzy surrounding the meme coin, spotlighting how it outshined BTC. This chronicle has added to market optimism surrounding the meme-themed digital asset’s potential to pump ahead.

Also, a recent SHIB price analysis by CoinGape Media further reveals that a $0.000081 price target looms for the token in light of the broader market’s recent bullish movement, coupled with looming U.S. elections and surging market cap for the meme coin. Given the meme coin tops this level, a run to $0.0001 could also be seen ahead.

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Coingape Staff

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.

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 CEO Says No Slowdown Post Election, Reveals 2026 Pro-Crypto Efforts

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11 hours ago

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October 31, 2024

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Coinbase CEO, Brian Armstrong, announced that Coinbase would not scale back on its crypto advocacy following the U.S. election results, which are expected in six days. Armstrong’s statement emphasized that they are committed to securing a favorable environment for crypto in U.S. legislation post-November US election.

Consequently, Coinbase has pledged an additional $25 million to support the pro-crypto super PAC, Fairshake PAC to back crypto-friendly candidates leading into the 2026 midterm elections.

Coinbase CEO Brian Armstrong Reveals What’s Next Post US Election

In a recent post on X, Brian Armstrong stated that Coinbase remains steadfast in its advocacy for crypto legislation. Despite the outcome of the U.S. election, Coinbase CEO emphasized that the firm would continue its pro-crypto efforts, highlighting a new $25 million commitment to Fairshake PAC, a super PAC that supports crypto-friendly candidates. 

The donation will boost crypto representation in Congress during the 2026 midterm elections and improve the crypto regulatory environment in the U.S.

Fairshake PAC, known for its advocacy through digital and broadcast platforms, has previously utilized industry contributions to back candidates who support innovation and growth in the crypto space. Josh Vlasto, Fairshake spokesman added, 

“We look forward to continuing to build a long-term sustainable crypto coalition that will pass responsible regulation to protect consumers and ensure the United States continues to lead the way in technological innovation, growth, and jobs.”

This latest initiative adds to Coinbase’s cumulative $75 million in political spending this cycle.

Coinbase CEO Brian Armstrong also mentioned their support for its affiliate advocacy group, Stand with Crypto (SWC), which aims to increase its membership to 4 million by 2026. The group’s mission is to engage more crypto-friendly voters, educate them on policy issues, and mobilize them in key swing states. Currently, the group has registered over 100,000 new voters across states where crypto regulation remains a pressing issue.

The crypto community has continued to gain traction as a voting bloc, with nearly 1 in 5 Americans reportedly owning some form of digital asset. With this sustained momentum, Coinbase CEO aims to solidify the crypto vote as a key component of U.S. politics.

 More so,  Brian Armstrong  emphasized, 

“The crypto voter is already a force to be reckoned with, but it will continue to grow.“

Q3 Earnings Miss As Market Challenges Persist

In its recent Q3 earnings report, Coinbase noted lower-than-expected results due to decreased trading volumes, which led to a 27% decline in transaction fees. Revenue for the quarter fell below analyst expectations, attributed to ongoing market challenges. Despite this, Coinbase continues to diversify its offerings, with growth in staking, USDC transactions, and custody services contributing to a more resilient revenue stream.

Moreover, the digital asset platform recently partnered with Visa, allowing Visa debit card holders to instantly deposit funds into their accounts. This collaboration will provide users with 24/7 access to trading. 

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Ronny Mugendi

Ronny Mugendi is a seasoned crypto journalist with four years of professional experience, having contributed significantly to various media outlets on cryptocurrency trends and technologies. With over 4000 published articles across various media outlets, he aims to inform, educate and introduce more people to the Blockchain and DeFi world. Outside of his journalism career, Ronny enjoys the thrill of bike riding, exploring new trails and landscapes.

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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Top 5 Politicians Opposing Cryptocurrency In The USA

Published

18 hours ago

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October 30, 2024

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With the US election almost here, it has become necessary to highlight the top US politicians who oppose cryptocurrency in the country. This is important, considering that the crypto industry’s fate in the country could depend on whether these individuals are elected.

Top Five Politicians Opposing Cryptocurrency In The US

The top five politicians opposing crypto in the US include Senator Elizabeth Warren, Senator Sherrod Brown, Senator Lindsey Graham, Senator Bernie Sanders, and Congressman Brad Sherman. These politicians have made their anti-crypto stance known at one point or the other. Given their positions, these anti-crypto politicians could negatively impact any crypto bill the US Congress deliberates on.

Elizabeth Warren Leads The Pack

Senator Elizabeth is arguably the US politician who has been the most vocal against cryptocurrencies. Her anti-crypto stance led her to propose the controversial Digital Asset Anti-Money Laundering Act (DAAMLA). This bill aimed to bring the crypto industry under the country’s existing anti-money laundering and counter-terrorism financing framework.

The Senator is among individuals who believe that crypto assets are mainly used to finance illicit activities. DAAMLA also proposed subjecting crypto service providers to the Bank Secrecy Act, including decentralized wallet providers, validators, and miners.

Warren’s anti-crypto looks to be one of the primary reasons pro-XRP lawyer John Deaton is running against her for the Massachusetts senatorial seat. Stakeholders in the crypto industry, including Coinbase co-founder Brian Armstrong, have endorsed Deaton’s campaign.

Sherrod Brown Might Be Second In Command In The Anti-Crypto Crusade

Ohio Senator Sherrod Brown is arguably up there with Elizabeth Warren regarding their opposition to the crypto industry. As the chair of the Senate Banking Committee, Brown has supported Warren’s anti-crypto bill. Brown also believes that the crypto industry is centered around scams and thefts.

Crypto stakeholders are ensuring that the US politician doesn’t return to the Senate, especially considering his position. At the top of this list is the Pro-Crypto Political Action Committee (PAC) Fairshake, which has spent nearly $40 million on its efforts to unseat Senator Sherrod Brown.

Senator Lindsey Graham Is Not Far Behind

Senator Lindsey Graham’s opposition to cryptocurrencies seems even stronger than his opposition against Democrats. The Republican US politician also backed Elizabeth Warren’s proposed Digital Asset Anti-Money Laundering Act.

Back then, the Senator explained the reason he was supporting the bill. According to him,

Our legislation will help create transparency and provide oversight in an industry that in many cases helps facilitate criminal activity. When it comes to transparency and legality, many of the same rules that apply to the dollar should exist for crypto.

Graham also mentioned that cryptocurrency is “often” used to “move illicit funds for drug cartels, criminal gangs, terrorist groups and kidnappers.” Luckily for the Senator, his name won’t be on the ballot in this upcoming US election, as his tenure doesn’t end until 2027.

Senator Bernie Sanders Is A Silent Crypto Antagonist

Senator Bernie Sanders isn’t the most vocal against crypto, but he made it clear long ago where he stands on digital assets. In 2022, Sanders mentioned that he is not a “big fan” of cryptocurrencies.

According to Stand With Crypto, the US politician was among the members of Congress who voted against the pro-crypto SAB 121 bill. The bill proposed to remove the limitations on financial institutions to provide custody services for digital assets.

Brad Sherman Is “Strongly Against” Cryptocurrencies

Stand With Crypto has called Brad Sherman someone who is strongly against crypto. The US congressman is said to have made 81 statements about crypto, including the one where he says digital assets mean “hidden money.” The US Rep also voted against the pro-crypto bills, FIT21 and SAB 121.

Sherman’s opposition to crypto has also led him to criticize former US President Donald Trump for his pro-crypto stance. He claims that Trump only changed his stance because he realized what he stood to gain from crypto billionaires. Like Graham, Sherman’s name won’t be on the ballot in this upcoming US election.

The crypto community will undoubtedly watch to see whether these anti-crypto US politicians get re-elected. Regardless of what happens, the next US Congress is likely to be the most pro-crypto ever, which is a positive for the crypto industry.

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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.





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