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Justin Sun Ethereum Exchange Deposits Continue, ETH Price Drop to $2,800 Soon?

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3 days ago

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Tron founder Justin Sun continues with his Ethereum exchange deposits moving an additional 29,153 ETH to crypto exchange HTX earlier this. This is one of the several deposits that Sun conducted this year sparking cell-off concerns. ETH price continues to face selling pressure dropping another 2% while moving closer to $3,300, with analysts predicting to $2,800.

Justin Sun Deposits $96.7M in Ethereum to HTX

Tron founder Justin Sun has made substantial deposits to crypto exchange HTX moving another 29,153 ETH worth $96.7 million in the last 11 hours, as per the data from Spot On Chain. On-chain data shows that since November 10, the Tron founder has deposited a total of 227,000 ETH, worth approximately $807 million, to HTX at an average price of $3,556 per ETH. Sun had acquired a majority of these holdings earlier in 2024 at a cost basis of around $3,036 per ETH.

Source: Spot on Chain

In addition, Justin Sun has initiated the unstaking of 96,580 ETH (valued at $322.7 million) from platforms such as Lido Finance and EtherFi. Analysts suggest these assets are likely intended for further deposits to HTX, indicating continued activity and liquidity management by the crypto magnate.

The recent Ethereum movement by Tron founder has sparked concerns of a major sell-off, however, Sun has denied these rumors calling it a routine part of Ethereum wallet transfers. Interestingly, this ETH movement by Sun coincides with the ETH price drop.

Where Is ETH Price Heading Next?

As we bid adieu to 2024, Ethereum and the broader crypto market have witnessed some selling pressure. ETH bulls have failed to take past the price above the crucial resistance of $3,500 opening the gates for an ETH price drop under $3,000, all the way to its next support of $2,800. As shown in the chart below, Ethereum could be forming an inverse head-and-shoulders pattern wherein it will take a support of $2,800 before reversing the trajectory.

Source: Charting Guy

Amid the latest move from Justin Sun’s exchange, popular analyst Charting Guy expects the ETH price to rally all the way to $7,080 by April 2025. Thus, a major rally for Ethereum could kickstart in the first quarter of 2025. Popular crypto analyst Crypto Rover expects the Ethereum rally to start from January 1, 2025, citing the peak of Bitcoin dominance based on historical trends.

Source: Crypto Rover

As of press time, Ethereum price is trading 1.38% down at $3,340 with a market cap of $402 billion. As per the Coinglass data, the 24-hour liquidations have soared to $38.3 million with $27.52 million in long liquidations.

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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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SHIB Burn Rate Soars 1500% As Shiba Inu Price Eyes Rally To $0.001

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7 hours ago

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January 3, 2025

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The renowned dog-themed meme token Shiba Inu captured noteworthy market attention on Friday, witnessing a remarkable surge in the SHIB burn rate. Notably, intraday burn statistics flagged a whopping 1500% uptick, primarily against the backdrop of over 30 million tokens destroyed. In turn, crypto market participants are now speculating whether Shiba Inu price could hit a $0.001 target this month.

SHIB Burn Rate Shoots Up 1500% Echoing Market Optimism

As per a recent X post by the community’s official tracker Shibburn, the SHIB burn rate was up 1550%, underscoring a massive hit to the circulating supply. Per the data shared, 33.01 million coins were burnt in the past 24 hours, aiding the burn rate uptick.

For context, the Shiba Inu token burn mechanism primarily focuses on permanently reducing the asset’s circulating supply. As a result, market participants anticipate a bullish impact on the top meme coin’s future movements, aligning with the law of supply and demand.

Simultaneously, weekly burn statistics indicated that 44.03 million tokens were taken out of the supply, adding to market optimism surrounding the asset. Also, recent ecosystem developments have further aided the leading dog-themed meme coin in retaining its bullish stance across the market.

CoinGape reported that the crypto’s lead developer, Shytoshi Kusama, recently confirmed the TREAT token launch. This chronicle, expected to support the broader ecosystem substantially, remains much awaited in the market. Simultaneously, the Shiba Inu price also remains extensively eyed by market watchers in anticipation of considerable gains in 2025, primarily in the wake of community advancements and constant SHIB burns.

Price To Hit $0.001 This Month?

SHIB price today showcased gains worth 2% intraday and is currently resting at $0.00002264. The meme coin’s 24-hour low and high were $0.00002198 and $0.00002294, respectively. Notably, the rising price trajectory aligns with the remarkable surge in the SHIB burn rate, as mentioned above.

Moreover, a recent Shiba Inu price analysis by CoinGape further rationalized a $0.001 price target for the token, looming for this month. Breaking through the critical resistance level of $0.000025 remains highly pivotal for the crypto. Besides, the broader ecosystem developments and rising adoption of Shibarium have further weighed the scales towards the bullish side of the coin. As the supply continues to shred in the interim, a $0.001 price target appears to be scalable ahead, as market experts also expect a bull cycle continuation in 2025.

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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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Robert Kiyosaki Predicts Bitcoin Price To $175K And $350K This Year

Published

10 hours ago

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January 3, 2025

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Robert Kiyosaki, the author of the famous ‘Rich Dad Poor Dad’ has revealed his expectations for a whopping rise in the value of Bitcoin in 2025. Kiyosaki values BTC price between $175,000 and $350,000 as he continued to take a bullish approach towards the popular cryptocurrency. The following forecasts come after Bitcoin’s outstanding year in 2024, which saw the crypto rise by 121% and hit a record $108,135 in December.

Robert Kiyosaki Says Bitcoin Will Surge to $175K-$350K In 2025

In a post on X, Robert Kiyosaki reiterated his bullish outlook on Bitcoin, predicting that the cryptocurrency could climb to $175,000 or even $350,000 in 2025. He attributed this to the growing market demand and the enhanced usage of Bitcoin as an investment instrument.

Bitcoin, the world’s largest crypto by market capitalization, surged 121% in an year and hit a record high of $108,135 in mid-December. As of the time of this writing, Bitcoin has made a sharp recovery: from the low of $94,280, the cryptocurrency has managed to rise above $96,900.

The price increase represents a 2.72% gain within the last 24 hours, with trading volumes spiking by 87.07% to $45.93 billion. This rally shows a rising market sentiment as Bitcoin price nears the $97k mark and increasing the market capitalization near $2T.

Similarly, in December, the Rich Dad Poor Dad author warned of an impending global economic depression, highlighting downturns in Europe, China, and the U.S. Robert Kiyosaki advised individuals to protect their wealth by investing in assets such as Bitcoin, gold, and silver. 

Therefore, he stressed the need for self-custody of Bitcoin and discouraged investors from focusing on the institutional investment products such as ETFs. Interestingly, Kiyosaki did not change his stand that Bitcoin price could reach $350,000 by 2025.

Bitcoin Price Actions and Other Analysts’ Predictions

Other market experts have echoed Robert Kiyosaki bullish sentiments for Bitcoin. Fundstrat’s Tom Lee has projected a target of $250,000 for Bitcoin in 2025, while Galaxy Digital anticipates the cryptocurrency could surpass $150,000 within the first half of the year. Analysts point to growing institutional interest and macroeconomic conditions as drivers for these projections.

Additionally, an economist, Alex Krüger, suggests that a dovish stance from the Federal Reserve in 2025 could act as a catalyst for BTC price rally. He explains that reduced interest rates may create a risk-on environment, boosting assets like Bitcoin. Krüger also notes that a strong equities performance in March or April could further amplify Bitcoin’s upward momentum.

Moreover, Jeff Park, Head of Alpha Strategies at Bitwise, suggested that Bitcoin could reach $1 million in 2025. However, he cautioned that this would depend on the implementation of a U.S. Bitcoin Strategic Reserve, which he estimated has less than a 10% chance of occurring. Market optimism remains high, fueled by Robert Kiyosaki’s predictions and prospect of enhanced adoption and regulatory clarity.

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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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Circle’s Exec Corrects Key Compliance Misconceptions

Published

14 hours ago

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January 2, 2025

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The compliance with the European Union’s Markets in Crypto Assets (MiCA) law is barely three days in and has already drawn major misconceptions. On this premise, Circle’s Policy Head Patrick Hansen took to X to clear a few of the misconstrued takes.

Crypto Exchanges, Travel Rule and MiCA

The Circle executive admitted to seeing several post from people who were mixing up EU’s Transfer of Funds Regulation (TFR) Travel Rule and the newly implemented MiCA. The former mandates financial service providers to gather and exchange customers data amongst others. The Travel Rule also came into force on December 30, 2024, the same day as MiCA.

As a result of its implementation, Hansen said Crypto Asset Service Providers (CASPs) like custodian and brokers are now required to request for more information from users. This applies to both sender and receiver in any transactions. In addition, he added that CASPs are at liberty to exchange this information within themselves.

The Circle Policy Head said this info exchange might take place through encrypted channels or travel rule networks like Trust or Notabene. The aim is to ensure that customers are not exposed to scams while trying to complete their crypto transactions. CASPs can also take some more delicate steps, depending on the amount of funds involved.

Specifically, Hansen said CASPs would request that a customer verify ownership of his self-custody wallet once the transaction tops €1,000. Noteworthy, TFR or Travel Rule, like MiCA is designed to combat money laundering and terrorist financing.

However, Hansen stated clearly that both rules are entirely unrelated, the major miscommunication among users.

MoonPay Secures Approval Under New Regime

Several crypto asset service providers are making efforts to ensure that they are not left out of the new crypto regulation dispensation in the EU. Renowned crypto infrastructure service provider MoonPay is one of firms that has taken a monumental stride by securing MiCA approval.

By all means, the move aligns with the firm’s expansion plans in Europe. Meanwhile it has also positioned MoonPay as a crypto regulation-compliant entity in Europe.

In the past, it has gained significant traction while empowering crypto payments across the region. With this achievement and the continuous bull cycle in 2025, MoonPay is likely to capture more EU market share.

 

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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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