The Bitcoin Store
First Bitcoin ATM in Canada
Best Value, Safe & Secure
Trusted, Friendly Support
Cryptocurrency ATMs across Canada
Find a Bitcoin ATM Read our BlogCoinGape
CoinGape - 24*7 Crypto Updates
The Ripple-Labs-supported cryptocurrency XRP continues to command attention in the cryptocurrency sphere. The token’s price, which is currently moving at a sluggish pace, has ignited a storm of conjecture among crypto market traders and investors about its future price path.
Notably, amid the volatile price movement taken up by the Ripple-backed token, a renowned XRP whale has dumped nearly 50 million coins to an exchange, further impacting tokenomics. Crypto market participants continue to speculate over the Ripple-backed cryptocurrency’s potential to reach the much-anticipated price target of $1 ahead, as this whale has continued to dump significant amounts of tokens to exchanges.
XRP Whale Dump: A Bearish Concern
According to insights revealed by the on-chain transactions tracking platform Whale Alert, nearly 50 million tokens were noted to have been offloaded in the past 24 hours. As per the data, the well-known XRP whale going by the address Rzn was reported to have been dumping the abovementioned amount to CEXs Bitstamp and Bitso.
The first transaction illustrated 29.28 million XRP, worth $15.40 million, being shifted to Bitstamp. Simultaneously, the second transfer illustrated 19.88 million XRP, worth $10.45 million, being moved to Bitso.
These transactions underscore increased supply pressure on exchanges for the Ripple-backed asset, which in turn acts as a hurdle for XRP’s price to pump. On-chain and technical statistics for the crypto further shroud future price movements in an enigmatic cloud.
Meanwhile, it’s worth remembering that renowned crypto market analysts Dark Defender and Egrag Crypto have continued to hang on to the bullishness surrounding XRP’s potential to top $1 shortly ahead, as reported by CoinGape Media.
Conversely, current market data hints otherwise.
Also Read: Binance Unveils XRP & Other Major Crypto Listings, What’s Next?
XRP Price Fluctuates Near $0.52, What’s Happening?
According to CoinMarketCap data, XRP’s weekly chart shows that the token consolidates between the $0.51 and $0.54 price levels. As of writing, the Ripple-backed token traded at $0.5299, a 0.94% increase from yesterday. Further, the 24-hour lows and highs were recorded as $0.5226 and $0.5326, respectively.
Coinglass data further rationalized XRP’s turbulent movement. The OI jumped 4.07% to $639.03 million, whereas the derivatives volume fell 26.57% to $718.00 million. This data underscored reduced market activity for the asset, although new money entered the futures market, underlining some investor interest despite sluggish price movement.
Besides, the RSI continued to hover at around 51, hinting that the asset is neither overbought nor oversold. Collectively, the data illustrates that the token awaits a takeover by bulls or bears.
Meanwhile, the regulatory uncertainty created by the Ripple vs. SEC lawsuit, further accompanied by the FIT21 crypto bill, adds to the enigmatic scenario for XRP’s future price movements.
Also Read: Crypto Prices Today May 29: Bitcoin Fluxes at $68K, ETH at $3,800, WIF Rallies 23%, & NOT 11%
The post XRP Whale Moves 50M Coins Amid Price Fluctuations at $0.52, $1 Attainable? appeared first on CoinGape.
28 May 2024, 11:39 pmEthereum bulls are setting their sights on the $4,500 mark as the recent approval of the Ethereum Spot ETF injects renewed optimism into the market. This development has sparked significant interest among investors, potentially paving the way for a strong upward momentum in ETH/USD prices. The Ethereum price at press time is $3,876, which signifies a 1.1% increase in the last 24 hours and a 2.2% increase in the past 7 days. Meanwhile, Bitcoin price remains sluggish unable to breach the $70,000 resistance amid the risk of another fall to $65,000.
ETH/BTC Price Analysis: ETH Bulls Getting Ready for $4500 As Bitcoin Price Consolidates
ETH price is trending above the 50-day and 200-day simple moving averages (SMA), reinforcing a bullish narrative on the asset.
The price action is still in an ascending triangle, albeit almost at the end. A breakout to the upside, which is typical for this chart pattern, would lead to an 11% gain in the ETH price in the short term, bringing it to around $4,500.
In an inverse scenario, the ETH price may find strong support around $3,600. This level has been tested multiple times in the near and distant past, making it resilient.
Jelle, a crypto analyst, shares his insight on X, noting that the Ethereum price has concluded a three-year accumulation phase. He also cites Ethereum ETF approvals as a key catalyst that should “send ETH into the stratosphere.”
This took much longer than I anticipated, but people are finally seeing bull-market ethereum again.
3 years of re-accumulation completed, the ETFs have been approved.
It's time to send $ETH into the stratosphere. pic.twitter.com/ZJH6Mo0XMR
— Jelle (@CryptoJelleNL) May 27, 2024
The spot Ethereum ETFs were approved last week, resulting in an explosive upward move for ETH and an equally generous rally for the entire crypto market. ERC20 meme coins moved the highest and fastest.
On the other hand, Bitcoin price has formed a strong support at $68,000. This, to some extent, assures market watchers of a possible uptrend above $70,000 this week. However, it may not be enough to rule out a correction to collect more liquidity at $65,000.
In May alone the ETH/BTC chart shows that Ethereum has gained more than 25% against Bitcoin. If this uptrend continues, the pair could close the month above $0.06. This move would imply a stronger Ethereum, ushering in the altcoins season.
Ethereum Price Future Outlook
Post-ETF, Ethereum bulls look to continue working the hype to break certain key resistances for the asset. The first of them is around $3,900. This resistance has been tested twice and is proving to be stubborn.
Above that, ETH bulls may have to contend with the previous all-time high ($4,868) as a possible resistance. After that, the ETH price may enter the price discovery zone and fly off.
From the current price to the previous all-time high price, ETH needs to gain about 25%, a small feat for the king of altcoins.
In a recent interview with Beagle, Michael Saylor, CEO of MicroStrategy, expressed his approval of ETH Spot ETFs, citing that they would positively impact the crypto space and Bitcoin in particular.
Bottom Line
Ethereum bulls are targeting the $4,500 mark as the recent approval of the Ethereum Spot ETF fuels renewed optimism in the market. This approval has sparked significant interest among investors, setting the stage for strong upward momentum in ETH/USD prices. Additionally, the Ethereum network plans to launch its Pectra upgrade in early 2025, following the Dencun upgrade in March. The upgrade will help make Ethereum’s PoS more secure and more functionally efficient.
The post ETH/BTC Price Analysis: Ethereum Bulls Eye $4,500, Bitcoin Price Risks Falling To $60,000 appeared first on CoinGape.
28 May 2024, 11:18 pmThe world’s largest cryptocurrency Bitcoin (BTC) has been flirting around $68,000 after facing strong rejection at $70,000 last week. While the BTC price has been showing strong signs of consolidation, the on-chain Bitcoin metrics reflect healthy development ahead.
Bitcoin Futures Demand Bounces Back
Bitcoin analyst Willy Woo has offered insights into Bitcoin’s recent market behavior, suggesting that the 2.5 months of consolidation under bullish demand has been beneficial for the cryptocurrency. According to Woo, this period of consolidation indicates that the price of Bitcoin has more room to rise before reaching a peak.
Woo highlighted that net capital flows into the Bitcoin network hit bottom during the consolidation phase and have been steadily increasing throughout May. As we have seen, the inflows into spot Bitcoin ETFs have bounced back strong over the past two weeks, with BlackRock overtaking Grayscale recently. The daily demand from spot Bitcoin ETFs outweighs the daily BTC mined, by manifold times.
Additionally, Woo noted a resurgence in demand in futures markets, particularly among retail traders showing long demand.
Analyzing the funding rate for perpetual swaps, Woo observed a rebound in demand among retail traders, depicted by the blue-shaded region, while emphasizing that this demand is rising without reaching dangerously high levels of fear of missing out (FOMO).
During this consolidation phase, a large number of Bitcoins have been moving off exchanges amid strong BTC whale accumulation. This could lead to a BTC supply shock going ahead thereby putting upward pressure on the Bitcoin price going ahead.
BTC Resistance and Demand Zones
Bitcoin analyst Willy Woo recently commented on the cryptocurrency’s price dynamics, highlighting the significant resistance level at $73,000. According to Woo, this price point continues to pose a formidable obstacle to Bitcoin’s upward movement.
However, Woo pointed out that if the price manages to surpass $72,000, there exists a substantial amount of liquidations that could potentially trigger a short squeeze. This scenario, as per Woo’s analysis, could propel Bitcoin’s price to soar past $75,000 and ultimately break its all-time highs.
In Woo’s opinion, it’s only a matter of time before fundamental demand factors trigger a price squeeze in the Bitcoin market.
The post Bitcoin Futures Market Demand Soars, Will Spot BTC Price Follow? appeared first on CoinGape.
28 May 2024, 11:04 pmShiba Inu (SHIB), a popular meme crypto, witnessed a 16% surge in price and has overtaken Cardano (ADA) in market capitalization. This development was highlighted by Shiba Inu’s marketing lead, Lucie, who took to social media to share the news. Moreover, she lauded the recent SHIB price rally.
Lucie On Shiba Inu Flipping ADA
In a post on X, the Shiba Inu marketing lead stated, “$SHIB flipped $ADA (again today).” The flip signifies a noteworthy shift in the dynamics of the crypto market, particularly in the rankings of major digital assets. Furthermore, the SHIB meme coin attained the 10th spot in the crypto ranking by market cap.
Additionally, Shytoshi Kusama, the lead developer in the Shiba Inu ecosystem, became active on X amid the recent surge. He took to X and wrote, “WOOF” to highlight the market optimism around dog-faced cryptocurrencies, especially SHIB. Moreover, the post with just one word was enough to instill further confidence in the SHIB community.
As of today, Shiba Inu’s market cap stands at approximately $16.82 billion. This edges out Cardano, which is holds a market valuation of around $16.5 billion. The surge in SHIB’s market value is attributed to a combination of factors, including increased investor interest, strategic partnerships, and recent technological upgrades.
Moreover, the latest achievement is backed by a perfect technical analysis score of 100 for SHIB, as spotlighted by Lucie. The Shiba Inu market lead posted a video that suggests the SHIB price to have a “very bullish” trajectory in the future. This score suggests that SHIB is poised for further growth, driven by strong market sentiment and technical indicators.
Earlier, during the March 2024 rally, the Shiba Inu meme coin had surpassed Cardano. However, within a month ADA took its place back owing to a massive bearish trend that led to significant losses in the SHIB price. Nonetheless, the latest surge makes up for it.
Also Read: Shiba Inu Coin Team Lauds K9 Finance On Major Listing, KNINE Price Soars
SHIB Price Today
The Shiba Inu price soared nearly 16% today and surpassed the $0.000028 mark, breaking out from the $0.000025 resistance level. This suggests that SHIB could hit the next target set at $0.00003, which could a major milestone. Meanwhile, the Shiba Inu price jumped 15.93% to $0.00002867 at press time on Wednesday, May 29.
Furthermore, the trading volume for SHIB spiked 96.60% to $1.95 billion in the last 24 hours. In addition, the short position holders dominated liquidations with a whopping $1.04 million liquidated, according to Coinglass. These traders are expected to use the sale proceeds buy their positions back to mitigate losses from the latest price hike.
Hence, the buying pressure could boost the SHIB price further, however, the risk of a forthcoming dump is also higher. Thus, investors should consider a cautious approach. Whilst, the SHIB futures open interest rocketed 32.51% to $120.80 million, indicating renewed interest among derivatives traders.
Also Read: SHIB Price Analysis: Why Is Shiba Coin Inu Holding Back $0.000035-Bound Breakout
The post Shiba Inu Marketing Lead Rejoices As SHIB Price Rallies 16%, Flips Cardano appeared first on CoinGape.
28 May 2024, 10:37 pmOn Tuesday, May 28, healthcare firm Semler Scientific (NASDAQ: SMLR) announced purchasing $40 million worth of Bitcoins as part of its treasury. Well, the news was enough to push the Semler (SMLR) stock price soaring by more than 25% ending Tuesday’s trading at $29.0 levels. In the aftermarket hours, the SMLR stock also made an additional run-up of 10%.
Peter Schiff Takes A Dig At Bitcoin-Buying Companies Liek Semler
Bitcoin critic Peter Schiff took a dig at companies seeking to increase exposure to Bitcoin as part of its treasury. Renowned economist Peter Schiff posed a provocative scenario on social media, suggesting that if all publicly traded U.S. companies sold their assets, ceased operations, and used the proceeds to buy Bitcoin, the value of each Bitcoin could skyrocket to millions. Schiff argued that this move would cause the market capitalization of U.S. stocks to soar, theoretically making everyone wealthy.
One of his followers Pierre responded to Schiff saying “We will be rich. But only you won’t,” considering Schiff’s anti-Bitcoin stand over the years.
Taking a dig further Schiff stated he has significant investments in U.S. oil stocks, expressing confidence that these stocks would surge in value if the companies liquidated their operations to invest in Bitcoin. “I will be rich too,” Schiff remarked, highlighting his optimism about the potential financial gains from such a move.
MicroStrategy, the world’s largest corporate holder of Bitcoin, has given multi-fold returns since the beginning of 2023, consistently outbeating Bitcoin’s returns. This shows that Wall Street investors seem to be a lot more interested in companies that have exposure to BTC.
In addition to Semler Scientific, Japan’s public-listed firm Metaplanet also announced increasing its Bitcoin exposure on Tuesday. The company announced a board resolution to purchase ¥250 million worth of Bitcoin as part of its recent strategic plan.
Schiff Bets on Gold and Silver
Peter Schiff, who prefers commodities doubled down his stand on Gold and Silver. He expects a parabolic rally in both the metal commodities in the coming days.
Schiff noted that the iShares Silver Trust ETF (SLV) recently achieved its highest close since January 2013. At that time, gold was priced below $1,700, whereas it recently closed above $2,360, reflecting a 40% increase. Despite this, silver’s price has remained flat. Schiff suggests that if silver closes this performance gap without any change in gold’s price, silver could rise above $45.
The post Peter Schiff Takes A Dig On Semler Stock Surge After Bitcoin Purchase appeared first on CoinGape.
28 May 2024, 9:58 pmThe crypto prices today once again saw a highly volatile trading session, with Bitcoin and Ethereum witnessing attention-grabbing price fluctuations. ‘dogwifhat’ (WIF) from the meme coins sector emerged among the top gainers, while NOT followed, continuing its pump today.
It’s noteworthy that the global crypto market cap showed a modest increase of 0.53% from the previous day, reaching $2.58 trillion. The total crypto market volume also saw a significant uptick of 3.66%, amounting to $91.06 billion in the past 24 hours.
Here’s a brief overview of some of the top cryptos and their prices today.
Top Crypto Prices Today
Bitcoin Price
As of writing, Bitcoin traded at $68,748.59, a 1.30% increase over the past day. However, the flagship crypto’s chart shows that the price bore the brunt of extreme fluctuations in the past 24 hours. Its 24-hour lows and highs are $67,227.15 and $68,852.46, respectively.
The token’s market cap stood at $1.35 trillion, whereas its 24-hour trading volume saw a 7% upswing, reaching $30.15 billion.
Ethereum Price
Meanwhile, despite the recent buzz ignited by the spot ETH ETF approval in the U.S., Ethereum’s price is in a period of sideways trading, surfing both in red and green territory.
While writing, ETH traded at $3,847.36, a 0.14% increase over the past day. Its 24-hour lows and highs are $3,771.21 and $3,924.90, respectively.
Solana Price
In the interim, SOL’s price witnessed a significant 2.78% uptick in the past 24 hours, resting at $171.73. Its 24-hour lows and highs are $164.97 and $173.02, respectively.
XRP Price
The Ripple Labs-backed crypto also witnessed highly turbulent price action. It is trading at $0.5282, a 0.15% increase over the past day. Further, the 24-hour lows and highs were recorded at $0.5216 and $0.5326, respectively.
DOGE & SHIB Price
Dogecoin (DOGE) witnessed a noteworthy 2.73% jump in price over the past day, standing at $0.1697. Shiba Inu (SHIB) surged exceptionally, rising 15.37% over the past day to $0.00002874.
It’s also worth noting that SHIB is among today’s top gainers, whereas another dog-themed meme coin emerged in the list.
Top Crypto Gainers For Today
dogwifhat (WIF) price noted a 23.13% upswing over the past day to $4.05.
Notcoin (NOT) continued to soar, surging 11.12% over the past day to $0.009077.
Celestia (TIA) rallied 16.13% over the past day to reach $11.39.
Shiba Inu (SHIB) price jumped 15.37% over the past day to $0.00002874.
Also Read: BlackRock’s IBIT Becomes Largest Bitcoin Fund Overtaking Grayscale
Top Crypto Losers Today
Lido DAO (LDO) Price dipped 5.75% in the past 24 hours to $2.32.
Pendle (PENDLE) price stood at $6.48, down 5.21% in the past 24 hours.
Arweave (AR) price slipped 2.08% in the past 24 hours to $38.12.
AIOZ (AIOZ) Network price tumbled 3.71% over the past day to $0.7602.
The hourly timeframe charts for Bitcoin and Ethereum illustrated a packed trading session, with BTC noting a slight 0.01% upswing and ETH gaining 0.10%. Crypto market participants eagerly await a significant shift in prices and market sentiment.
Also read: Pro XRP Lawyer John Deaton Calls for Gary Gensler’s Resignation
The post Crypto Prices Today May 29: Bitcoin Fluxes at $68K, ETH at $3,800, WIF Rallies 23%, & NOT 11% appeared first on CoinGape.
28 May 2024, 9:41 pmIn a major milestone, BlackRock’s spot Bitcoin ETF IBIT has emerged as the largest Bitcoin fund in the market overtaking Grayscale’s GBTC. The flippening happened on Tuesday, May 28, as the BlackRock Bitcoin ETF recorded more than $100 million in inflows. The Bitcoin price is up by 1% in the last 24 hours moving past $68,700 levels.
BlackRock Holds ~$20 Billion Worth of Bitcoins
In just four months, BlackRock’s spot Bitcoin ETF ($IBIT) has amassed an impressive AUM of nearly $19.79 billion. Meanwhile, Grayscale’s GBTC AUM has declined by ~$18 billion during the same period, now standing at $19.75 billion.
With this rapid growth and Grayscale’s net outflows, BlackRock has managed to surpass Grayscale as the world’s largest Bitcoin spot ETF by AUM.
On May 28, Bitcoin ETFs saw total net inflows of 632 BTC, equivalent to $43.3 million. It has been the eleventh consecutive day of Bitcoin ETF inflows. BlackRock led the way with an addition of 1,505 BTC ($102 million), surpassing Grayscale to become the largest Bitcoin ETF. Fidelity also saw an increase, adding 505 BTC ($34 million). In contrast, Grayscale experienced a net outflow of 1,550 BTC ($105 million).
In another interesting development, BlackRock also added nearly $4.1 million worth of IBIT shares to its two other funds. As per the SEC filing on Tuesday, BlackRock added $3.6 million of its IBIT shares to its BlackRock Strategic Income Opportunities Portfolio (BSIIX), and $486,000 worth of IBIT shares to its BlackRock Strategic Global Bond Fund (MAWIX).
ETFs Alone Control 5% of Total BTC Supply
Amid the strong support given by institutional investors, Bitcoin ETF funds trading worldwide now cater to 5% of the total Bitcoin supply.
Spot Bitcoin ETFs now hold nearly 5% of Bitcoin’s total supply of 21 million coins. According to data from the blockchain analytics platform Dune, U.S. Spot BTC ETFs collectively hold approximately 842,000 BTC, valued at around $57.2 billion.
This accounts for 4.27% of the current BTC supply. Globally, BTC ETF issuers hold about 1,002,343 BTC, as shared in a screenshot on X (formerly Twitter) by MicroStrategy co-founder and former CEO, Michael Saylor.
The BTC price has been showing a mild upside move, however, continues to trade under its crucial resistance of $70,000. Some of the BTC on-chain data hints at a bullish move going ahead.
The post BlackRock’s IBIT Becomes Largest Bitcoin Fund Overtaking Grayscale appeared first on CoinGape.
28 May 2024, 9:16 pmJohn Deaton, a pro-XRP lawyer, has called for the resignation of SEC Chairman Gary Gensler. This demand comes amid legal squabbles and criticisms of the SEC’s approach to cryptocurrencies’ regulation and enforcement.
John Deaton Advocates for SEC Leadership Change
Following a ruling where the SEC was penalized $1. 75 million for misleading conduct in the Debt Box case, Pro XRP Lawyer John Deaton has begun to rally for the resignation of SEC Chairman Gary Gensler. Moreover, because of the SEC’s overreach, Deaton has taken part in amicus curiae in major cases against firms like Ripple, LBRY, and Coinbase.
He argues that the SEC, under the leadership of Gensler, has used strategies that are financially damaging to the companies that it investigates, especially criticizing how the agency handled the LBRY case.
Deaton also mentioned that SEC representatives publicly declared their goal to bring LBRY to its knees via legal fees and this revelation has sparked outrage among the members of the crypto community.
I am very proud of the fact that I was one of the very first people to battle @GaryGensler’s @SECGov, serving as amici curiae in the @Ripple, @LBRYcom and @coinbase cases. I sued the SEC on January 1, 2021 and for more than three years I argued lawyers at the SEC were… https://t.co/ssOgWzgGuK
— John E Deaton (@JohnEDeaton1) May 28, 2024
Furthermore, John Deaton has pointed out that the SEC has been similarly harassing Ripple executives Brad Garlinghouse and Chris Larsen, which he stated shows the bad faith of the SEC under the current leadership. This aggressive regulatory posture has led Deaton and others to demand an accounting and change within the agency.
Why Call for a SEC Chair Change?
The debate is mainly centered on how the SEC approaches and implements the securities laws to the digital asset market. The SEC has brought several enforcement actions to claim that specific digital assets are securities and thus are regulated by the commission. This approach has resulted in litigations with consequences to the legal framework governing the crypto markets.
Besides the Debt Box case, the actions by the SEC in its confrontation with other crypto organizations have not been friendly. For instance, Ripple Labs has been involved in a legal battle over the classification of its XRP token as a security. Critics, including Deaton, have accused the SEC of being unpredictable and overbearing in its regulation of the sector, which they have claimed could harm the development of the emerging industry of digital assets.
John Deaton’s frustration is evident in his calls for accountability at the highest levels of the SEC, urging figures like Senator Elizabeth Warren and Senator Sherrod Brown to take action.
During this time, Chris Giancarlo, the former Chairman of the Commodity Futures Trading Commission (CFTC), has been recommended by Deaton for SEC chair to create a more innovation-oriented regulatory system. This change can be traced back to Giancarlo’s period at the CFTC as he was more amenable to cryptocurrency advancements than Gensler is today at the SEC.
Read Also: El Salvador and Cathie Wood To Boost Capital Markets Using Bitcoin
The post Pro XRP Lawyer John Deaton Calls for Gary Gensler’s Resignation appeared first on CoinGape.
28 May 2024, 4:50 pmEl Salvador’s President Nayib Bukele has collaborated with Cathie Wood, CEO of ARK Invest, to explore Bitcoin’s (BTC) potential to enhance the country’s capital markets and promote technological innovation. This partnership aligns with El Salvador’s ongoing efforts to solidify its position as a leading player in the blockchain and cryptocurrency sectors, potentially drawing global investors and fostering economic growth.
Bukele and Wood Champion Bitcoin Integration
President Bukele and Cathie Wood’s meeting underscores a shared vision for incorporating Bitcoin more integrally into Salvadorian’s economic framework. Their discussion focused on using Bitcoin to create new opportunities for capital mobilization and innovation within the country. This initiative not only supports El Salvador’s commitment to blockchain technology but also aims to position it as a pioneering force in cryptocurrency adoption worldwide.
Furthermore, the collaboration between these two influential figures could attract significant attention and investment from the international community. Their goal is to leverage Bitcoin’s unique properties to revolutionize financial interactions and economic development in El Salvador. This move is seen as a pivotal step in transforming the nation into a hub for financial technology and innovation, leveraging the decentralized nature of cryptocurrencies.
El Salvador Leads in Bitcoin Adoption
Salvadorian’s proactive stance on Bitcoin has also sparked interest from neighboring countries, as demonstrated by the recent interactions with Argentina‘s National Securities Commission (CNV). The CNV has expressed admiration for El Salvador’s leadership in adopting Bitcoin and is keen to gain insights from the Central American nation’s regulatory experiences. This cross-border dialogue is crucial as it enhances regional cooperation on cryptocurrency regulation and adoption.
Moreover, the partnership between El Salvador’s government and iFinex, the parent company of Bitfinex, marks another milestone in establishing a solid regulatory framework for digital assets. The collaboration aims to guide El Salvador in creating conducive conditions for digital financial instruments and cryptocurrency exchanges. Bitfinex Securities’ venture into token bond issuance for infrastructure projects further exemplifies innovative financial solutions being explored in the country.
The introduction of the world’s first “Volcano Bond,” backed by Bitcoin, is a testament to the innovative strategies being employed in El Salvador. This financial instrument aims to harness the economic potential of digital assets to fuel further national development projects, such as the construction of a new Hilton Hampton Hotel at El Salvador International Airport. The project, with a fundraising goal of $6.25 million, illustrates the practical applications of cryptocurrency in large-scale infrastructure funding.
Also Read: Donald Trump Jail Discussions Unsettle Markets; Bitcoin Price Down 3%
The post El Salvador and Cathie Wood To Boost Capital Markets Using Bitcoin appeared first on CoinGape.
28 May 2024, 4:11 pmThe broader digital currency ecosystem has taken a new twist with the price of Bitcoin (BTC) slipping by 2.02% in 24 hours to $68,186.09. This price action generally contrasts with the combined industry’s market capitalization that is up 7.93% to $2.56 trillion. Despite this trend, more than 3 Bitcoin metrics show that a bullish price rally might be ahead.
Key Bitcoin Price Metrics To Watch
According to on-chain data, the Bitcoin trading volume over the past 24 hours shows a 26.17% surge to $32,682,766,117. This data in its simplest form shows that beyond the short-term knee-jerk reaction in the market, buying interest is existing among swing traders.
The market appears to be recovering after news of alleged jail conversations of pro-Bitcoin US Presidential Candidate Donald Trump started making the rounds. After Bitcoin dropped by as much as 3%, it is now in recovery mode.
On a more advanced stretch, the premier coin’s Open Interest is currently in recovery mode, jumping marginally by 0.7% at the time of writing to $18.63 billion. This figure commensurate with the whale transactions recorded in the trailing 24 hour period.
Per data from crypto analytics platform IntoTheBlock (ITB), the whale transaction is up by 13.45% to $38.69 billion. This is a reasonably bullish trend, one that negates the current losses the price is flashing. Besides this whale activities, the number of daily active addresses on the Bitcoin blockchain has jumped by 11.64% to 612.32K, higher than any other coin.
In all this, there is a relatively limited pressure for selloff in the Bitcoin blockchain. This is why the price has largely maintained the support at the $67,000 price mark. Per the ITB data, BTC addresses in profit has jumped to 95.51%, a complementary metric that is setting the price up for a massive rebound ahead.
How High Can Bitcoin Soar?
Bitcoin is generally considered to be in a bull cycle, despite dropping from its All-Time High (ATH) price of $73,750.07 by 7.44%. With the spot Bitcoin ETF products still capturing significant inflow on a daily basis, the supply crunch is still in effect.
With Bitcoin currently trading above its 100 and 200-day Moving Averages, it might reboot its rally with the next potential trigger. This trigger as many speculates might be linked to the approval of S-1 Filings for spot Ethereum ETF products. Should these events align, Bitcoin might test $80,000 before the end of the first half.
Read More: Hong Kong’s Regulator Spotlights Crypto Platforms Registration Deadline
The post Multiple Bitcoin (BTC) Metrics Hints Bull Rally Is Ahead appeared first on CoinGape.
28 May 2024, 3:01 pmHong Kong’s financial regulator has emphasized the non-contravention period for virtual asset trading platforms (VATPs) to register before the deadline. The Securities and Futures Commission (SFC) noted that the timeline for platforms operating under the Anti-Money Laundering and Counter-Terrorist Financing Ordinance (AMLO) will end on June 1. The Commission reminded investors and stakeholders of the risks and implications of non-registration after the deadline.
Non-Registration Is a Criminal Offense
In a May 28 announcement, the regulator pointed out that a breach of the AMLO is a criminal offense prompting the SFC to take appropriate actions against the offender. According to the release, all firms operating in Hong Kong must either be registered or “deemed-to-be-licensed” under the law.
On the forgoing, investors are urged to trade with only SFC-licensed firms and confirm the firm’s status from the website. For deemed-to-be-licensed firms, the SFC warned that they are not yet licensed. However, they have been operating before the legal regime and undertook to enhance certain policies and structures.
On their part, deemed-to-be-licensed VATP must comply with all guidelines. These firms are not expected to onboard new retail clients until guidelines are obeyed. Per the release, firms are to comply with guidelines and prevent mainland Chinese residents from utilizing services.
“…including but without limitation, preventing Mainland Chinese residents from accessing any of their virtual asset-related services, and to take all necessary measures to procure the VATPs’ controlling entities and related parties to do the same.”
Hong Kong Tightens Crypto Regulation
Hong Kong regulators have increased crypto scrutiny in the past months citing investor protection to prevent market collapses. The country has released a series of guidelines to regulate the crypto market. The jurisdiction regarded as crypto-friendly saw a shift in regulatory framework with some analysts suggesting a future change in mainland China.
Globally crypto regulation takes shape as authorities seek clear rules for crypto firms and users. From the landmark Markets in Crypto Assets (MiCA) regulation, lawmakers seek to tighten rules.
Also Read: Why Bitcoin Price Is Down Today?
The post Hong Kong’s Regulator Spotlights Crypto Platforms Registration Deadline appeared first on CoinGape.
28 May 2024, 2:48 pmBitcoin price saw a pullback today after reports of Mt. Gox’s massive BTC move to an unknown wallet address triggered a broader market selloff. Mt Gox later denied claims of selling $10 billion worth of Bitcoin and Bitcoin Cash reserves for making repayments to creditors. However, the crypto market failed to rebound despite denial by a former executive.
Why Bitcoin Price Is Going Down Today
Mark Karpeles, former CEO of Mt. Gox, said “Everything is fine with MtGox. The trustee is moving coins to a different wallet in preparation of the distribution that will likely happen this year, there is no imminent sale of bitcoins happening.”
However, large amounts of Bitcoin have been moved causing a net drop of BTC held by 1K-10K and 10K-1ooK BTC wallet addresses. This caused sentiment to remain down as traders considered other factors.
Bitcoin still holds firm above key support level at $66K, but headwinds such as US PCE inflation data and crypto market expiry on May 31 are likely factors traders considered staying away from the market.
CoinGape reported that over 68,383 BTC options of a notional value of $4.66 billion are set to expire, with a put-call ratio of 0.57. The max pain point is $65,000, indicating high odds of Bitcoin selloff after days of low trading volumes. Implied volatility (IV) witnessing significant declines across all major terms, which means volatile price movements can likely cause a further pullback in BTC price.
Crypto Liquidations
Crypto market saw $170 million liquidated in the last 24 hours, as per CoinGlass data. Ethereum (ETH) outpaced Bitcoin in liquidation, with BTC recording $25 million in long positions liquidation. The largest single liquidation order happened on crypto exchange Binance as someone traded ETHUSDT valued at $4.92 million.
BTC price fell over 3% in the past 24 hours, with the price currently trading near $68,243. The 24-hour low and high are $67,227 and $70,479, respectively. Trading volumes rise over 25%, indicating interest among traders but with caution.
The US dollar index (DXY) rose above 104.54 after the recent drop in dollar index. Meanwhile, the US 10-year Treasury yield also climbed to 4.54% after poor results of the 5-year and the 2-year auctions triggered a selloff. In addition, Minneapolis Federal Reserve President Neel Kashkari noted that the current policy stance is restrictive but emphasized that officials haven’t entirely ruled out additional rate hikes.
Also Read:
- Binance Unveils XRP & Other Major Crypto Listings, What’s Next?
- Ripple CEO Garlinghouse Confident on Crypto’s Win in Elections and XRP Lawsuit
- Wall Street Reverts To T+1 Settlement, What It Means For Crypto
The post Why Bitcoin Price Is Down Today? appeared first on CoinGape.
28 May 2024, 2:37 pmFantom (FTM), the Directed Acyclic Graph (DAG) protocol has unveiled it has onboarded Google Cloud as one of its major node validators.
Fantom and Google Cloud: Beyond Node Validation
It is worth noting that beyond the role of the tech giant in validating Fantom transactions as a node validator, it will also help in incentivizing innovation on Fantom. With this incentivization scheme, Fantom developers will be set up to build the next generation of decentralized applications on the protocol.
Google Cloud is not a new dominant partner with crypto-related companies. Despite its numerous partnerships with Web3 firms, its offerings or support are generally customized. In the case of Fantom and Google Cloud, the DAG said it will leverage the “secure, scalable and resilient infrastructure” of the latter as well as its Artificial Intelligence (AI) capabilities to help its developers.
With this access, Fantom developers can build “smart and safer products that engage users in more meaningful ways.” It is worth noting that the validator responsibilities of Google will be carried out on the protocol’s Opera Network. Later, Fantom plans to migrate Opera to its new EVM compatible Sonic Network.
Fantom identified its partnership with Google Cloud as a major pathway in its transformation journey. The partnership will build on the existing relationship wherein Google Cloud indexes Fantom’s data in BigQuery as part of its public datasets program.
As a DAG protocol, Fantom is generally more scalable compared with its peers. However, with the Google Cloud linkup, it hopes to further extend its lead in order to gain significant market share.
Courting the FTM Evolution, Price Reaction
While Fantom is one of the most capitalized digital currency projects in the market today, it is still regarded as one of the most undervalued. This might change with the Google Cloud linkup. With the partnership, the entire Fantom ecosystem will become attractive in performance and throughput.
This will in turn attract more developers, more DApps and more enhanced usage to drive value that can bolster FTM’s price. At the time of writing, Fantom is changing hands for $0.8231, down by 0.83% in 24 hours. Notably, this is a major recovery price for the coin which fell by more than 6% intra-day. At the moment, trading volume is pegged at 39% to $241,594,633 as interest is beginning to build.
The whole Google Cloud partnership is also coming at a time when Fantom is looking to pivot in the smart contract scene. With Sonic Network and the launch of a Sonic Labs and strategic funding secured, the upside of the partnership remains high.
Read More: Donald Trump Jail Discussions Unsettle Markets; Bitcoin Price Down 3%
The post Fantom (FTM) Onboards Google Cloud As Validator, Price Rally Incoming? appeared first on CoinGape.
28 May 2024, 1:29 pmThe Secret Service has been surveying New York prisons as potential sites for the incarceration of former President Donald Trump following his indictment on multiple felony charges. This news coincided with a 3% drop in Bitcoin (BTC) price.
Bitcoin Price Declines Amid Donald Trump’s Legal Issues
The Secret Service, tasked with lifelong protection of former presidents, assessed New York’s correctional facilities. This move comes amid charges against Trump involving the falsification of business records. Donald Trump, who faces 34 felony counts, could be sentenced to a significant prison term. Each charge carries a potential four-year sentence.
Moreover, Manhattan Prosecutor Duncan Levin highlighted the unusual nature of the case, given Trump’s former presidential status. He noted that while the trial presents unique challenges, the potential for a prison term remains real and immediate.
The legal troubles have stirred market reactions, notably impacting cryptocurrency valuations. Bitcoin, a leading digital currency, witnessed a 3% decline, dropping to $67,763. The currency’s fluctuation was marked by a 24-hour trading low of $67,450 and a high of $70,181.
Furthermore, Donald Trump’s legal team has vigorously defended him, describing the key witness as unreliable. In their closing arguments, they pressed for a swift acquittal, arguing against the credibility of the prosecution’s case. Meanwhile, Federal Judge Aileen Cannon recently denied a request for a gag order against Trump in a related classified documents case, criticizing prosecutors for inadequate engagement with the defense.
Trump Aims to Make U.S. Crypto Hub
The former U.S. President, who is considering a comeback, has recently pledged to bolster support for Bitcoin and other cryptocurrencies. Donald Trump expressed his determination to position the U.S. as a dominant force in the burgeoning cryptocurrency industry, ensuring it remains a hub for crypto innovation rather than seeing its growth move abroad. He also emphasized his commitment to preventing the introduction of Central Bank Digital Currency (CBDC) in the country.
In related news, Donald Trump’s investments in cryptocurrencies have notably increased, surpassing $10 million. This significant boost in his crypto portfolio was largely attributed to the sharp increase in the value of the MAGA (TRUMP) memecoin, in which he has invested more than $7 million. His advocacy for digital currencies contrasts with his caution against centralized digital financial systems.
Also Read: Breaking: Judge Orders US SEC To Pay $1.75 Million in Debt Box Case
The post Donald Trump Jail Discussions Unsettle Markets; Bitcoin Price Down 3% appeared first on CoinGape.
28 May 2024, 12:54 pmCharles Hoskinson, the founder of Cardano (ADA), has highlighted the long and gradual evolution that led to the creation of Bitcoin and the broader cryptocurrency industry. Hoskinson traced the 50-year journey showing the series of metamorphoses that led to Bitcoin’s creation.
In a post shared on X, the Cardano founder used a detailed pictorial illustration to show how the idea of the digital asset known as Bitcoin today was born in 1974 by the work of Cerf and Kahn. Two years later, cryptography was established by Diffie and Hellman.
Great ideas aren’t the product of sudden inspiration but rather a gradual connection of decades of concepts and progress. Bitcoin and the broader cryptocurrency industry are the end result of five decades of innovation pic.twitter.com/mNOS1m5KGO
— Charles Hoskinson (@IOHK_Charles) May 28, 2024
Evolutionary Trends That Led to the Birth of Bitcoin
In tracing Bitcoin from its roots, Hoskinson emphasizes one principal idea. According to him, great ideas are rarely born from sudden inspiration but are the result of decades of interconnected concepts and progress.
“Bitcoin and the broader cryptocurrency industry are the end result of five decades of innovation,” Hoskinson remarked.
Over the course of five decades, some notable concepts in the evolution ofBitcoin that emerged include linked time stamping, public keys as identities, byzantine fault tolerance, and digital cash. Others are proof of work, smart contracts, and peer-to-peer networks.
Interestingly, the first four key concepts all occurred in the 80s with digital cash innovation by David Chaum. The digital cash launched in 1983 enabled Blind Signatures for Untraceable Payments. Although other innovations were ongoing, it took nine years for the Proof of Work (PoW) consensus model to evolve in 1992.
This was followed by the Smart Contract in 1997.
Hoskinson Appreciation for Pioneers
Brahm Cohen’s BitTorrent in 2001 ushered in the Peer-to-Peer (P2P) networks. That happened to be a significant milestone in the evolutionary path of Bitcoin’s birth. Other notable occurrences between then and the launch of Bitcoin in 2009 were Julian Assange’s WikiLeaks of 2006 and the Lehman Bankruptcy of 2008.
This journey culminated on January 3, 2009, whenSatoshi Nakamoto launched Bitcoin, marking a significant milestone in the history of digital currencies.
Stakeholders say Hoskinson’s evolutionary tree of Bitcoin helps the larger crypto appreciate the hard work of different contributors to the realization of digital assets which is now the eighth largest asset class globally.
Read More: Judge Orders US SEC To Pay $1.75 Million in Debt Box Case
The post Cardano Founder Unravels Bitcoin’s 5 Decade Evolutionary Trend appeared first on CoinGape.
28 May 2024, 12:27 pmIn a recent ruling, a U.S. District Court Judge, Robert J. Shelby ruled that the Securities and Exchange Commission (SEC) should pay legal fees and costs of over $1.75 million in the Debt Box case .
This decision follows the SEC’s behaviour in a case concerning the cryptocurrency firm, Debt Box, where the judge considered the SEC’s conduct to be misleading, and acted in bad faith.
US SEC to pay $ 1. 75 million in debt box case
According to Judge Shelby, the SEC should be held liable for $1 million for attorney fees and roughly $750,000 for receivership fees. The ruling also reflects the judge’s disdain for the SEC’s conduct in obtaining a TRO and an asset freeze against Debt Box last August based on misrepresentations.
Initially, the SEC had charged Debt Box with a $50 million fraud and had stated that the firm had moved the money to other countries to conceal it. However, it was later established that the funds were transferred within the United States and not internationally as the SEC alleged.
Your taxes at work. Judge Shelby ordered the SEC to pay attorneys' fees of over $1 million and receivership fees of about $750,000 after finding that "the Commission engaged in bad faith conduct in obtaining and defending the TRO and imposed a sanction against the Commission of… pic.twitter.com/ljGfwDGWna
— paulgrewal.eth (@iampaulgrewal) May 28, 2024
Judge Shelby also criticized the actions of SEC attorney Michael Welsh and the SEC’s approach in this case. He said that the SEC not only made misstatements to the court but also never corrected them, opting instead to change the wording of their statements in order to continue to perpetuate the narrative they had created.
This, Shelby argued, was a “gross abuse of the power entrusted to it by Congress” and it “substantially undermined the integrity of these proceedings. ”
Amidst these controversies, legal analyst MetaLawMan on the X platform emphasized the effects of this case in compromising the reputation of the SEC. He said,
“The Debt Box Debacle will, for all time, be the indelible legacy of the ‘leadership’ of Gary Gensler. It’s a sad day for those of us who held the institution of the SEC in the highest regard.”
Fallout From SEC’s Misconduct
These actions have caused significant impacts, especially to the SEC. In light of the earlier ruling by the judge, SEC officials Michael Welsh and Joseph Watkins, who were involved in the case, resigned in April. These resignations came in the wake of criticism of how they conducted the evidence and the general conduct of the case against Debt Box.
Subsequently, Paul Grewal, Chief Legal Officer of Coinbase, criticized the SEC for bypassing its standard Wells process in the lawsuit.
Furthermore, the debate on this case also led to a discussion of the overall approach called ‘regulation by enforcement. ’ According to the critics, this approach creates legal ambiguity that may harm innovative development and the United States’ position in the emerging market of digital assets.
In addition, enforcement actions against other significant platforms, including Coinbase, Binance, and Uniswap, underscore the SEC’s aggressive stance towards crypto regulation.
Read Also: Donald Trump Jail Discussions Unsettle Markets; Bitcoin Price Down 3%
The post Breaking: Judge Orders US SEC To Pay $1.75 Million in Debt Box Case appeared first on CoinGape.
28 May 2024, 12:05 pmArtificial Intelligence (AI) chip maker Nvidia dominated the market ahead of the United States Memorial Day with signs of continued bullish pressure trickling into crypto stocks. The asset has soared 5.24% adding to its all-time high mark last week. Nvidia’s stock price stands at $1,120.49 as bulls go bullish on the asset.
In the last few months, the massive rise of the asset has reshaped tech stocks leading to a resurgence in the market. The recent Q1 2024 earnings which saw revenues soar to $26 billion amid other positives triggered an all-time year and a short frenzy in AI coins. Here are the three crypto stocks to watch out for following recent developments.
Coinbase (COIN)
Digital asset exchange Coinbase has recorded inflows in the last 24 hours as market activities surge. COIN is up 1.87% today with seven-day inflows above 4%. The largest cryptocurrency exchange in the United States by market capitalization has notched a bullish performance year-to-date (YTD). COIN has moved up 54.3% this year after a positive Q1 result.
A major bullish factor for crypto stocks this year is the price jump in Bitcoin. The asset soared to an all-time high above $73,000 triggering increased market activities.
Marathon Digital (MARA)
Bitcoin mining firm, Marathon Digital joins crypto stocks with increased potential. The asset saw a slight decline of 2% today although its short-term performance stands in the green zone. MARA is up 14% this month and posted a 67% growth in the last six months.
Bitcoin miners were in the middle of analysis before the halving event as they repositioned reserves swinging the crypto market with inflows to exchanges.
Bitfarm (BITF)
North American-based Bitcoin miner Bitfarms is up 3.5% today after it rejected a merger with Riot Platforms. The latter was looking to create the largest publicly listed merger but was turned down. BITF joins crypto stocks with prospects as its 5-day inflow moved up 17%. Bitfarms has seen YTD losses but recent market performance places it among watched crypto stocks.
Also Read: Reasons Why The Crypto Market Declined Today
The post 3 Crypto Stocks To Watch Out As Nvidia’s Rise Continues appeared first on CoinGape.
28 May 2024, 12:03 pmThe world’s largest crypto exchange Binance on Tuesday announces new trading pairs and trading bots services on Binance Spot. Binance will list new trading pairs for top cryptocurrencies — Bitcoin (BTC), XRP, Ethereum Name Service (ENS), and Lido DAO (LDO).
Binance Announces News BTC, XRP Against Mexican Peso
In an official announcement on May 28, Binance said it is open trading for new trading pairs to expand the list of trading choices and enhance users’ trading experience on Binance Spot.
Binance users can start trading BTC/MXN, XRP/MXN, ENS/USDC and LDO/USDC trading pairs at 15:00 UTC on May 29. The move to list Mexican peso (MXN) pairs came amid an increase in demand for crypto and adoption in the region.
The crypto exchange will also offer trading bots services for BTC/MXN, XRP/MXN, ENS/USDC, and LDO/USDC trading pairs. Binance will enable Trading Bots services for these crypto at 15:00 UTC on May 29.
“Users residing in the following countries or regions will not be able to trade the above-mentioned spot trading pair(s): Canada, Cuba, Crimea Region, Iran, Netherlands, North Korea, Syria, United States of America and its territories (American Samoa, Guam, Puerto Rico, the Northern Mariana Islands, the U.S. Virgin Islands), and any non-government controlled areas of Ukraine,” as per the announcement.
Also Read: Ripple CEO Garlinghouse Confident On Crypto’s Win in Elections and XRP Lawsuit
XRP and BTC Price to Surge?
XRP price fell 2% in the past 24 hours, with the price currently trading at $0.524. The 24-hour low and high are $0.521 and $0.537, respectively. Furthermore, the trading volume has increased by 20% in the last 24 hours, indicating a decline in interest among traders.
XRP futures open interest has also declined in the last 24 hours, with 1.8 billion XRP worth more than $618 million. The selloff by traders continued in the last few hours, but options expiry data indicate a price jump.
BTC price tumbled over 3% in the past 24 hours. The price is currently trading at $67,358, with a 24-hour low and high of $67,450 and $70,025, respectively. However, analysts predicted further upside for new all-time high.
Also Read:
- dogwifhat Whale Sells 539,558 WIF As Open Interest Tops 8%
- Ethereum Founder Vitalik Buterin: Venture Capitalists Hinder AI Progress
- Former FTX Exec. Ryan Salame Imprisoned for 7.5 Years
The post Binance Unveils XRP & Other Major Crypto Listings, What’s Next? appeared first on CoinGape.
28 May 2024, 12:00 pmPrices in the meme coin sector have shown the potential to surge as investors in the traditional stock market turn to GameStop (GME). The GME stock price posted a modest rally from late last week from $17.50 to $23.33, Yahoo Finance data shows. Meme coins such as Dogecoin (DOGE), Shiba Inu (SHIB), and Pepe Coin (PEPE) tend to reflect meme coin stocks’ movements.
Since last week, attention has gradually shifted to meme stocks like GamesStop and AMC Entertainment Holdings (AME), a cinema chain. For some investors, the drastic increase in the values of meme stocks often signals euphoria.
This hype has a way of spreading into the cryptocurrency market, impacting meme coins. The GameStop mania had spilled over to $DOGE and other meme coins,” during the bull market in 2021.
1. Meme Coins To Buy – Dogecoin (DOGE)
Dogecoin (DOGE), a popular cryptocurrency based on the beloved “doge” meme featuring a Shiba Inu, has seen a notable increase in its value recently. Currently holding a market cap of $22.75 billion, Dogecoin ranks eighth among all cryptocurrencies and stands as the leading meme coin.
The Dogecoin price has climbed to $0.1628, marking a 5% dip in the last day. This makes Dogecoin a potential crypto to sell if Bitcoin drops to $65,000 before June.
Over the past year, Dogecoin has surged by 124%. This remarkable growth is underscored by a surge in large transactions, indicating significant investments from major players or “whales.” This trend suggests a heightened interest in Dogecoin.
2. Shiba Inu (SHIB)
The second-largest meme coin hovered at $0.000026 on Tuesday. Bulls have recouped the losses experienced in the last 24 hours, affirming the positive outlook for this week.
As the trading volume nears the $1 billion mark, interest in SHIB is bound to grow. This could increase the chances of a breakout above $0.00003 and subsequently to $0.000035.
A stronger support was established along the ascending trendline. Moreover, Shiba Inu’s position above the 200-day Exponential Moving Average (EMA) backs the uptrend despite the correction from the Q1 peak at $0.000038.
Now that Shiba Inu Coin has climbed above two other critical EMAs—the 20-day and the 50-day, the path of least resistance is gradually shifting upwards.
Should the price breach the first solid hurdle around $0.000028, a stronger breakout above $0.00003 will emerge. Investors sitting on the sidelines may flock into the market, creating FOMO and escalating the breakout eyeing $0.000035. Shiba Inu Coin can achieve a new milestone above the Q1 peak in June, setting the pace for the bull run.
3. Pepe Coin (PEPE)
The frog-themed meme coin, Pepe Coin, has managed to sustain an upsurge in May. This rally was primarily driven by the recent approval of spot Ethereum and Bitcoin nearing the $70,000 mark. However, this week, PEPE’s recovery momentum has slowed, accompanied by decreasing trading volumes, indicating the potential onset of a new correction trend.
An analysis of the daily time frame shows that the PEPE coin price has been riding a steady recovery for the past six weeks under the influence of an ascending trendline. The series of new higher lows indicate an active accumulation trend which uplifted this memecoin from $0.00000393 to $0.000016 recording a 300% jump.
4. Dogwifhat (WIF)
The Dogwifhat price 8% surge in price in the past 24 hours, has triggered renewed interest among crypto investors. The price of WIF at press time is $3.24, representing a 15.5% increase in the past 7 days.
Currently, the WIF price is in an ascending triangle, having tested the upper boundary twice already – maybe the third time’s the charm. But having been rejected twice, this resistance around $3.5 may prove hard to break.
The Dogwifhat price is trending above the 50-day and 200-day simple moving averages, although the price action has been rather tightly interwoven with the indicators in the recent past.
WIF price uptick happened around the same time a Solana whale spent 17,966 SOL (approximately $2.98M) to buy 953,177 WIF. The whale managed an entry of around $3.13 and is currently 3.51% in profit. The whale single-handedly caused a WIF’s price to move up by about 7%.
On May 21, this whale also spent about 1 million USDC to purchase 355,417 WIF at $2.81. The whale later sold the following day at $3.07, bagging $90,000 in profit. This data underscores the importance of whales’ involvement in crypto markets.
Final Thoughts
Meme coins tend to move in large margins whether up or down. The new hype in the sector promises a major run in the price of tokens like DOGE, SHIB, WIF, and PEPE. A careful diversification into these tokens could positively impact crypto portfolios, opening the way to better prospects.
The post Top 4 Meme Coins To Buy For 50X Profit As GameStop (GME) Stock Skyrockets appeared first on CoinGape.
28 May 2024, 11:42 amFor more than a week, Bitcoin’s price consolidation above $67,000 has supported modest recovery trends across major altcoins. DOGE, the largest meme cryptocurrency, is also exhibiting a similar pattern as it struggles to break through the $0.174 barrier. An examination of the daily chart reveals that the sideways movement in Dogecoin price is governed by a rising wedge pattern, which typically precedes a directional trend following a breakout.
Also Read: Dogecoin and Other Dog Based Meme Coins Bullish Outlook For June
Will DOGE Surge Past the $0.171 Resistance Zone?
Over the past three weeks, the Dogecoin price has witnessed a slow yet steady recovery trendline under the influence of a rising wedge pattern. The two converging trendlines of this chart setup act as dynamic resistance and support to squeeze the coin in a narrow range.
Moreover, a renowned trader Alichart has highlighted a significant resistance zone for Dogecoin (DOGE) between $0.166 and $0.171. According to his analysis, approximately 75,500 addresses have accumulated nearly 10 billion DOGE within this price range, creating a substantial barrier to upward momentum.
#Dogecoin is encountering significant resistance between $0.166 and $0.171, where 75,500 addresses have acquired nearly 10 billion $DOGE. However, once this barrier is overcome, #DOGE has the potential to double, with the next key resistance around $0.322 pic.twitter.com/p02Cks63EI
— Ali (@ali_charts) May 28, 2024
Currently, Dogecoin (DOGE) is trading at $0.163 and is nearing the apex of a wedge pattern, indicating that a breakout may be imminent. A successful breach of the overhead resistance level could significantly boost the recovery momentum, offering buyers solid support to propel a more substantial rally.
Additionally, analysis from Alichart suggests that surpassing this resistance could potentially lead to Dogecoin’s price doubling, targeting the next critical resistance at $0.322.
However, potential intermediate resistance levels at $0.21 and $0.25 could pose challenges to the anticipated rally.
Technical Indicator
- Exponential Moving Average: The coin price trading above daily EMAs (20, 50, 100, and 200) indicates the path to least resistance if up.
- Relative Strength Index: The daily RSI slope falling back to 50%-midline suggests a neutral sentiment among market participants.
The post Is Dogecoin Price Heading to $0.2? Rising Wedge Pattern Signals Imminent Move appeared first on CoinGape.
28 May 2024, 11:20 amLeave A Review
How are we doing? How can we improve?