crypto

Crypto Industry Leaders Lash Out at Democrats in Meeting Hosted by Congressman Ro Khanna: Report

Published

4 months ago

August 11, 2024

Crypto executives reportedly expressed their dismay about how Democrats have targeted the digital asset industry in the last four years at a meeting hosted by Congressman Ro Khanna.

FOX Business reports that on Thursday, Democrats had a Zoom meeting with crypto leaders to clear the air over the multiple enforcement actions unleashed by the Biden Administration against the industry.

According to the report, about 20 people attended the meeting, including Deputy Treasury Secretary Wally Adeyemo, Deputy Director of the National Economic Council Lael Brainard and White House Deputy Chief of Staff Bruce Reed.

On the side of crypto, executives from Coinbase, Ripple, Kraken and other digital asset firms joined billionaire Mark Cuban and SkyBridge Capital founder Anthony Scaramucci.

But instead of patching things up, a meeting attendee who wished to remain anonymous says the crypto executives lashed out at Democratic leaders for the hostility shown by regulators toward the digital asset industry.

“Executives didn’t hold back on telling the administration reps how much damage they’ve done to the crypto industry and to the Democrat Party with their actions against digital assets. They basically just got yelled at.”

When asked if their firms were denied access to the US banking system due to the administration’s policies, almost all of the crypto representatives raised their hands, according to two meeting attendees.

Congressman Ro Khanna arranged the Zoom meeting last week to help Vice President Kamala Harris’ campaign mend fences with the crypto industry.

The move comes as Republican candidate Donald Trump, once a vocal crypto critic, has since reframed himself as a digital asset advocate.

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Bitcoin

Why $99,800 Is An Important Resistance To Break

Published

2 days ago

December 21, 2024

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Este artículo también está disponible en español.

The Bitcoin price is approaching the $100,000 level again after experiencing significant declines these past weeks. A crypto analyst has pointed out that the critical resistance level at $99,800 is crucial for Bitcoin’s next move. If the pioneer cryptocurrency can break through this level, it could trigger a significant breakout, potentially propelling Bitcoin past the $100,000 mark.

Bitcoin Price Faces Resistance At $99,800

Prominent crypto analyst Ali Martinez has shared a chart showing an In/Out of the Money Around Price (IOMAP) analysis of the distribution of Bitcoin wallets based on their purchase price. According to the analyst, the Bitcoin price is facing extreme resistance between the $97,500 and $99,800 price levels as it tries to breach $100,000 again.

Martinez noted that around this price range, approximately 923,890 wallet addresses had purchased over 1.19 million BTC. This price zone acts as an important resistance level because many Bitcoin holders may look to sell and break even, potentially exerting selling pressure.

In the IOMAP chart shared by Martinez, the green dots that signal ‘In the Money’ represent price levels below the current Bitcoin price, where wallet holders are in profit because they bought BTC at a lower value. On the other hand, the red dots that represent ‘Out of the Money’ show price levels of Bitcoin’s present value, where wallet holders are at a loss because they bought BTC at a higher price.

BTCUSD trading at $97,429 on the daily chart: TradingView.com

Lastly, the white dot indicates ‘At the Money’ and represents the current price of Bitcoin at an average of $98,676, where some crypto wallets see neither profit nor loss.

Below Bitcoin’s current price, the chart shows strong buying zones, which could provide strong support if the pioneer cryptocurrency experiences a potential pullback. Martinez has forecasted that breaking through the critical resistance range between $97,500 and $99,800 would signal the start of a bullish rally for Bitcoin, potentially leading it to a new all-time high.

Currently, the Bitcoin price is trading at $98,652, steadily rising to return to previous highs above $100,000. To a new all-time high, Bitcoin will have to surge by over 7%, surpassing its present ATH above $104,000.

Bitcoin’s Biggest Gains To Come After Christmas

A popular crypto analyst identified as the ‘Crypto Rover’ has expressed optimism about Bitcoin’s near-term price potential this Q4. According to the analyst, Bitcoin has historically experienced its most significant gains right after Christmas during the halving years.

The analyst shared a price chart showing Bitcoin’s market performance during each halving cycle. In the 2012 halving year, Bitcoin started a significant price rally, which extended into the following year. The same bullish trend occurred in the next halving years in 2016 and 2020, with Bitcoin hitting exponential price highs.

Based on this historical trend, Crypto Rover projects that Bitcoin could witness a similar bullish surge before the end of 2024, with the rally potentially continuing into 2025.

Featured image from Bloomberg Images, chart from TradingView

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Bitcoin

Bitcoin Drops Below $98K—Is This the Perfect Buying Opportunity for Investors?

Published

2 days ago

December 21, 2024

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Bitcoin, the leading cryptocurrency by market capitalization, has recently experienced a significant and sudden price correction, sparking debate among investors.

Concerns have surfaced about whether this downturn signals the conclusion of the current bull cycle or merely represents a temporary setback.

While short-term holders face losses, long-term metrics provide a broader perspective on Bitcoin’s trajectory, as analyzed by CryptoQuant’s Avocado Onchain in a recent report.

Opportunity Or End of The Bull Cycle?

According to Avocado Onchain, the realized price for investors who entered the market during Bitcoin’s recent peak at $98,000 places them in a loss-making position.

However, for those who invested between one to three months ago, the realized price is significantly lower at $71,000, offering a cushion against the current correction.

Bitcoin UTXO Age bands.

Avocado pointed out that historical patterns from Bitcoin’s 2021 bull cycle reveal similar alternations between record highs and sharp corrections, suggesting that these dips may not necessarily indicate the end of the cycle. Instead, they have historically been “opportunities” for market rebalancing and subsequent growth.

A key indicator analyzed is the 30-day moving average of the short-term SOPR (Spent Output Profit Ratio). This metric tracks whether recent market participants are selling at a profit or a loss.

The current SOPR data reveals that recent short-term inflows into Bitcoin have yet to result in substantial profit-taking. Unlike previous cycle peaks characterized by aggressive selling, the ongoing correction appears subdued, indicating that the market may still have room for upward movement.

Bitcoin short-term Spent Output Profit Ratio

Bitcoin Short-Term Dips vs. Long-Term Trends

Additionally, Avocado Onchain highlights the importance of distinguishing between short-term corrections and broader cycle trends. Bitcoin’s tendency to rebound after corrections in past bull cycles reinforces the notion that the current downturn might not mark the cycle’s end.

These insights align with the behaviour of long-term holders, who often use corrections to consolidate their positions, strengthening market resilience.

Avocado concluded the analysis, noting:

For investors who have yet to enter the market, this may be an excellent opportunity to buy Bitcoin at a discount. Instead of succumbing to panic selling during short-term downturns, adopting a long-term perspective and a dollar-cost averaging (DCA) strategy could be a more effective approach.

At the time of writing, Bitcoin is seeing a gradual rebound in its price surging by 1.3% in the past 1 hour. Regardless, the asset still appears to be overshadowed by the bears as BTC remains down by 3.5% in the past day and 10.5% from its peak of $108,135 recorded last week.

Bitcoin (BTC) price chart on TradingView

Featured image created with DALL-E, Chart from TradingView

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Analyst

Here’s Why The Bitcoin Price Continues To Hold Steady Between $96,000 And $98,000

Published

3 days ago

December 20, 2024

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Este artículo también está disponible en español.

The Bitcoin price has dropped below the $100,000 psychological level and is now holding between the $96,000 and $98,000 range. Crypto analyst Ali Martinez provided insights into why Bitcoin could be holding well within this range.

Why The Bitcoin Price Is Holding Steady Between $96,000 And $98,000

In an X post, Ali Martinez noted that one of the most important support levels for the Bitcoin price is between $98,830 and $95,830, where 1.09 wallets bought over 1.16 million BTC. This explains why Bitcoin is holding steady between $96,000 and $98,000 as investors who bought between this level continue to provide huge support for the flagship crypto.

As Martinez suggested, it is important for these holders to continue to hold steady as a wave of sell-offs could send the Bitcoin price tumbling even below $90,000. The flagship crypto dropped below $100,000 following the Federal Reserve Jerome Powell’s recent speech, in which he hinted at a hawkish stance from the US Central Bank.

This sparked a massive wave of sell-offs, as a Hawkish Fed paints a bearish picture for risk assets like Bitcoin. However, despite the Bitcoin price drop below, most Bitcoin holders remain in profit, which is a positive for the flagship crypto. IntoTheBlock data shows that 86% of Bitcoin holders are in the money, 4% are out of the money, and 9% are at the money.

These Bitcoin holders still seem bullish on the leading crypto as they continue to accumulate more BTC. In an X post, Ali Martinez stated that so far in December, 74,052 BTC have been withdrawn from exchanges, and this trend doesn’t seem to be slowing down.

Traders Anticipate A Bullish Reversal

Ali Martinez suggested that crypto traders anticipate a bullish reversal for the Bitcoin price from its current level. This came as he revealed that traders on Binance nailed the top, with 62.17% shorting Bitcoin while it was trading at $108,000. Now, Martinez stated that sentiment has flipped, with 55.44% of these trading now longing dips below $96,000.

Meanwhile, it is crucial for the Bitcoin price to hold this $96,000, as Martinez warned that if BTC loses this support, it could drop below $90,000. The analyst stated that based on the Fibonacci level, if Bitcoin loses $96,000, the next point of focus becomes $90,000 and $85,000. Meanwhile, from a bullish perspective, crypto analyst Justin Bennett suggested that the $110,000 target is still in focus for the Bitcoin price.