Bitcoin spot ETFs relief bulls in a fragile crypto market

Posted on July 6, 2024 by Olumide Adesina

Bitcoin began trading early on Saturday at roughly $56.5K from Friday’s $53.7K dip amidst a tumultuous week. Traders are worried about the Bitcoin transfers and Mt.Gox repayments made by the German authorities. Currently, 75% of Bitcoin wallet addresses are profitable, according to IntoTheBlock data.

If traders continue to pocket profits, there may be further pressure to sell Bitcoin. Following the recent US Independence Day, on July 6, there was a significant withdrawal from Bitcoin spot ETFs as Bitcoin’s price dropped below $54K In the next weeks, traders expect prices to drop as low as $50,000, a level not seen since mid-February, as billions of dollars worth of selling may add pressure on the largest crypto asset by market capitalization.

53,680 traders were liquidated for the day, for a total liquidation value of $190.01 million. The greatest single liquidation order, worth $11.4 million, was placed on OKX for BTC, USDT, and SWAP.

Coinmarketcap data revealed Bitcoin’s price plummeted by more than 10% in the last seven days. On Thursday, it dropped below a crucial technical signal, wiping out all of the gains made since the end of February. The sale of bitcoin that the US and German governments had confiscated, together with “preemptively selling” when the estate of the now-defunct Japanese exchange Mt. Gox began to reimburse investors last month, were the main causes of the market collapse.

Bulls got some relief as Farside data showed that this is the biggest net inflow they have seen in a month, with an astounding $143.1 million going into the Bitcoin market.
With an astounding $117 million in inflows, the Fidelity Bitcoin ETF led the pack, demonstrating significant investor trust in the fund.

(BITB) totaled $30.2 million, whilst inflows into the ARKB and HODL ETFs were $11.3 million and $12.8 million, respectively. On the other hand, the Grayscale Bitcoin Trust (GBTC) saw a net withdrawal of $28.6 million, in sharp contrast to the overall upward trend of other spot Bitcoin ETFs.
The Federal Reserve’s potential September interest rate cut, according to fundamentals, might lead to another attempt at a bitcoin surge.

Tesla stock is hot right now, gains 27% in a week

Posted on July 6, 2024 by Olumide Adesina

Tesla’s stock price increased to the point where it erased its year loss and increased its weekly gain to 27%. The electric vehicle manufacturer’s stock closed at $251.55 on Friday. They started the previous year at $248.48 and dropped as low as $138.80 in April.

A better-than-expected second-quarter deliveries report on Tuesday catalyzed the most recent rally. Deliveries fell 4.8% from a year ago, although the decline was less severe than in the first quarter, giving investors hope for the second half of the year.

The government of the Eastern Chinese province of Jiangsu recently released a buying catalog, in which Tesla is the sole foreign-owned brand of electric vehicles. The other brands mentioned include Volvo, owned by Geely in China, and SAIC, a state-owned enterprise.
They can be purchased as service cars by government agencies and public groups in the province, indicating China’s close relationship with Elon Musk’s business.

Tesla’s stock fell to a 52-week low in April because of several unsettling events. The company reduced through widespread layoffs, sales in the core automotive industry declined in the first quarter, and there were rumors that Tesla had abandoned ambitions to create an affordable family car at its Texas facility.
On July 23, following the bell, Tesla is scheduled to release its second-quarter financial results. Gross margins for automobiles will probably be the main focus. To draw consumers to its aging array of electric vehicles (EVs), which includes its well-liked entry-level Model 3 sedans, Model Y crossover utility vehicles, and its more costly premium Model S sedans and Model X SUVs, Tesla has been giving substantial discounts and incentives since last year.

Additionally, Tesla still needs to catch up in providing the software to make its cars self-driving. On October 19, 2016, Elon Musk declared that all Tesla vehicles under production at the time were equipped with the hardware required for self-driving capabilities. However, he stated that additional gear and sensors were set up in late June to achieve that potential.

Tesla is now experiencing two distinct phases of growth, with its upcoming Robotaxi and next-generation platform expected to drive more expansion for the company in the future. Even so, Tesla still needs to carry out these projects and adhere to the estimated timetables, something it has previously found difficult to achieve.

Bitcoin drops below $57K,131,631 traders liquidated

Posted on July 4, 2024July 4, 2024 by Olumide Adesina

Bitcoin dropped below $57K for the first time since May, marking more than a 5% loss in a single day. Mt. Gox wallets started moving with test transactions after being inactive for a month, increasing the likelihood of asset distributions and escalating selling pressure.

The sell-off happened at the same time that the German Federal Criminal Police Office transferred over $75 million to cryptocurrency exchanges and that activity began to appear in the wallets of the now-closed Mt. Gox cryptocurrency exchange for the first time in a month.

In the past 24 hours, 131,631 traders were liquidated, totaling $372.75 million in liquidation value. For ETHUSDT, the highest liquidation order was made on Binance, valued at $18.48 million.

The crypto market valuation fell to $2.09 trillion, down 6.07% from the previous day. $90.34 billion has been traded on the cryptocurrency market in the last 24 hours, a 34.44% gain.

The founder of Tron, Justin Sun, made a bid to purchase the German government’s more than $2.3 billion worth of Bitcoin assets. The well-known cryptocurrency pioneer planned to lessen the negative impact by buying BTC off-market,” Sun wrote in a July 4 X post to his 3.5 million followers, announcing the offer.

Concerns regarding potential Bitcoin sales were raised on June 19 after 6,500 Bitcoins worth more than $425 million were transferred via a wallet connected to the German government.
Since market selling of the remaining holdings may harm the price of Bitcoin, traders were discussing the wallet a lot.

Before the first transfer, the wallet contained roughly 50,000 BTC since February 2024. The financing source is believed to have been Movie2k, the proprietor of the pirate movie website.

PEPE on a bear sauce, dips below $0.0000100

Posted on July 4, 2024 by Olumide Adesina

PEPE received a dip in the bear-delicious sauce. The price of Pepe has dropped by over 10% and on Thursday morning it broke below the $0.0000100 support line. A negative financing fee and a declining long-to-short ratio for PEPE are shown by on-chain statistics, suggesting possible bearish momentum that may cause a price drop in the upcoming days.

However, increasing trading activity indicates that the big players are waking up to add to their PEPE holdings or cash in on the gains. A significant quantity of PEPE coins were moved between hot wallets by Binance before the surge of intense PEPE trading activity.

PEPE’s derivatives trading has resulted in liquidations of more than $4 million. Long position investors lost $3.13 million of the $3.97 million in total liquidations. Even with the 11% drop in price over a day, short sellers had to liquidate $837K worth of leveraged positions. PEPE’s market price is still falling even though trading volume on derivatives has flickered a fresh surge of interest with a 73% rise in a single day.

According to Santiment’s research, there has been a surge in selling pressure on the meme-coin since last week. Notably, there was a notable spike in supply on exchanges.

The meme coin was still under strong selling pressure even when its supply outside of exchanges decreased. This bearish thesis is supported by the Relative Strength Index (RSI) and the Awesome Oscillator (AO) on the daily chart, below their respective neutral thresholds of 50 and zero. This indicates that bears are still in the lead, which could cause the meme currency with the frog motif to drop even further.

Price action shows that if the prognosis for the cryptocurrency market as a whole remains unfavorable, PEPE may break below $0.00000801 and drop a further 15% to retest its low of $0.00000761 on May 8. Given that a favorable 70% of current PEPE Token holders are profiting at this pricing, large holders may be able to save PEPE.

Crypto armageddon: Bitcoin sinks below $58K

Posted on July 4, 2024July 4, 2024 by Olumide Adesina

Bitcoin and the altcoin market witnessed steep declines during Asian trading hours, reversing earlier in the week’s gains. Bitcoin dropped from nearly $61K to about $57.8K shortly after Asian markets opened, with losses of up to 11% on Solana’s SOL and Dogecoin

The devastation left the total market capitalization for virtual currencies at $2.17 trillion; nonetheless, daily trading volumes have increased by 60% in the past day, despite the deteriorating indicators. Meme coins like Pepe and Floki seem to be the greatest losers

Even if there is growing interest in Ethereum spot ETFs, Ethereum is down nearly double digits this week. Ethereum spot ETFs might start trading by mid-July. Concerns of significant Bitcoin sales from the now-defunct Mt. Gox exchange, scheduled to release money taken in a 2014 hack later this month, contributed to the high selling pressure.

After years of delayed deadlines, Mt. Gox will begin distributing money taken from clients in a 2014 attack in July 2024. As previously reported, the reimbursements would be done in bitcoin and bitcoin cash, which may put more selling pressure on both markets.

On the other hand, other traders’ long-term bullish outlooks are still intact, with forecasts of a $150,000 surge following the completion of the Mt. Gox payout. Geopolitical unrest, the impending November U.S. presidential election, and ongoing concerns about U.S. monetary policy are all expected to affect the price of the leading cryptocurrency in 2024.

112,263 traders were liquidated in the last 24 hours, for a total liquidation value of $307.53 million. The greatest single liquidation order, worth $4 million, was placed on OKX – ETH-USD-SWAP.

Forcibly terminating a trader’s position in the crypto market is known as “crypto liquidation.” It happens when there is not enough margin to cover maintenance expenses or when a trader experiences large losses to the point that their margin account is unable to sustain their open positions.

Ethereum bulls show exhaustion, seek support at $3,350 line

Posted on July 3, 2024 by Olumide Adesina

Ethereum is down over 2% on Wednesday, trading at $3,3, after failing to break through a significant barrier at $3,500.Ether Bulls was rejected for about $3,523, which resulted in lengthy liquidations that cost about $33 million. However, long liquidations have decreased in frequency and have only made up 50% of all ETH liquidations during the last day.

At today’s open, Ethereum bulls are under pressure to test the critical support level of $3.5K. Some signs suggest the price may break through this barrier and back on the negative correcting track. Stochastic, however, exhibits encouraging signals that could stop further drop.

Should the downturn persist and a breach of this level be made, negative targets would be aimed at about 3132.80$. On the other hand, a recovery towards $3641.82 would be supported by consolidation above it. The $3,203 is a crucial level of support for the downside since a move below it could intensify the general negative mood.

For the altcoin to validate the bullish attitude surrounding the possible spot ETH ETF debut, it must overcome the $3,629 resistance, a price level it has not been able to sustain any meaningful rise above in the previous three weeks.

However, the introduction of spot Ether exchange-traded funds (ETFs) could cause the ETH to outperform Bitcoin in the weeks following their US launch. The ETFs, which could debut as soon as July 8, are a “golden egg” for ETH’s price, while Bitcoin is expected to come under selling pressure as this week sees the return of $8.5 billion to creditors of the defunct exchange Mt. Gox.
ETH has lagged behind Bitcoin for over a year, which has had market-leading gains this year thanks to inflows of nearly $14 billion into exchange-traded products for the cryptocurrency.

Bitcoin spot ETF inflows improve despite recent market correction

Posted on July 2, 2024 by Olumide Adesina

Bitcoin bulls are trying to regain composure following a 7% drop at the end of June. June’s decline, which undid May’s rally, was mostly caused by miner selling and worries that inflows into ETFs were more likely to be non-directional arbitrage bets than pure positive wagers.

Price action reveals while Bitcoin is trying to bounce back from its loss from the previous month, more difficulties are ahead despite increased ETF inflows. Onchain data points to a possible resistance level of $65K.
For the fifth day in a row, the spot Bitcoin exchange-traded fund (ETF) market in the United States saw a notable daily inflow of $129.45 million.
Additionally, the $129.45 million inflow into ETFs on July 1 is the largest since June 7. Bitcoin’s value recovered $62.5K after BTC ETF inflows turned positive, following nearly three weeks of difficulties breaking through the major resistance.
Fidelity’s ETF saw the largest inflow, with 1,030 BTC valued at $65 million, according to data from the cryptocurrency research portal SoSo Value. Bitwise’s ETF came in second, with 650 BTC valued at $41 million.
But early today, the price of Bitcoin fell below $63,000 once more, and it is currently trading at $62.6K. BTC is still down more than 15% from its all-time high of $73.7K, even though its price has rebounded from its weekly low below $60,000.
In the past, July has been a bullish month. Since the approval of spot Ether ETFs is quickly approaching, the cryptocurrency market may experience another bullish surge in the upcoming weeks, similar to the one that occurred when spot BTC ETFs were allowed.
The drop has notably pushed prices considerably below the aggregate cost basis of short-term Bitcoin holders—that is, wallets that store value for 155 days or less—frequently monitored metric. According to data provider LookIntoBitcoin, the aggregate cost basis for short-term holders was $65,000 as of this writing. Realized pricing, is the average price at which coins were last spent on-chain, and is what on-chain analytics companies use to calculate aggregate cost basis.
LookIntoBitcoin data highlighted that long-term holders had incentives to increase or preserve their coin holdings because their average cost is less than $20,000. You read correctly; their average cost basis is about 70% lower than Bitcoin’s current present price

Solana in a break-or-make moment, faces $150 resistance line

Posted on July 1, 2024 by Olumide Adesina

The fast-emerging altcoin has been rallying since reports that reputable asset managers are interested in Solana. SOL’s value has dropped by 16% during the previous month, but it has risen almost 5% in the last day, currently trading at about $148.

Solana is trading above the 100-hourly simple moving average at $144. A positive trend line is building on the hourly SOL/USD chart, with support at $142, near the 50% Fibonacci retracement level of the last advance between $138 and $151.

Should the bullish run acquire more gas, it might encounter resistance at $150, with a bigger barrier at $152. On the other hand, SOL may initiate a correction if it is unable to break the $152 resistance line. The first level of support is around $145, a short-term decline below $140 would drive it as low as $128.

A document from VanEck made with the Securities and Exchange Commission (SEC) on Thursday, this was the first-ever bid for a Solana (SOL) exchange-traded fund in the United States.

As global asset managers look to expand into more cryptocurrency-backed investment vehicles, the so-called VanEck Solana Trust will follow and reflect the performance of SOL prices. In keeping with updating prospectus filings for Ethereum (ETH) ETFs on the spot, VanEck emphasized in its filing that its Solana Trust would not be staked.

It indicates that traditional investors are becoming more optimistic about Solana’s long-term survival. The premium paid may serve as a prelude to Solana’s future market position as it develops its infrastructure and applications. Furthermore, increased price stability and wider market adoption are facilitated by decreased entry barriers like investment trusts and increased liquidity.

The approval of a SOL ETF will likely spur additional institutional and retail investment, like how Ethereum’s early ETFs increased investor involvement. With its developing ecosystem, governmental approval, and technological similarities to Ethereum, SOL is well-positioned to see a large increase in worth.

Bitcoin fell by 7% in June, a different story in July

Posted on July 1, 2024July 1, 2024 by Olumide Adesina

Bitcoin reclaimed the $63K mark in the first trading session in July despite its uneventful performance in June.

This raises the question of whether the current drop is transitory or the bull market has ended. Bitcoin’s price fell as much as 6.96% last month and has historically averaged a decline of 0.35% in June.

An environment of uncertainty worldwide contributed to the decline in Bitcoin in June. Investors’ fears are mounting because of the market’s erratic fluctuations and conflicting economic signals. The volatility of Bitcoin reflects this anxiety and emphasizes how crucial it is to conduct in-depth market research and have a well-thought-out investment plan to navigate these unsettling times.

About $8.5 billion in Bitcoin is anticipated to be repaid to creditors by Mt. Gox at the start of this week, which could intensify selling pressure in the Bitcoin market. Though only $4 billion of these repayments are expected to hit the spot Bitcoin market, some analysts think the impact of these repayments may not be as severe as many investors fear.

The daily chart shows that the price of Bitcoin has been falling and has repeatedly failed to break above the $75K barrier zone. The price is currently held above the crucial $60K barrier, but the $65K support has also been lost.

Bitcoin price dropped below the $60K support level a few days ago, though it’s a different story in July according to the 4-hour chart. This is a classic example of phony breakthrough behavior, and it may point to a short-term rise toward the $65K mark.

If $60K falls, the 200-day moving average, now roughly $57K, would support the market. However, if Bitcoin remains above its 200-day moving average, the trend is still bullish overall. However, the RSI displays readings below 50%, indicating that the momentum is still in the seller’s favor. Thus, a decline below the $60K mark is still conceivable.

Bitcoin shows bottom signs amid Govts Selling

Posted on June 28, 2024 by Olumide Adesina

Bitcoin ran across resistance close to the $62,000 barrier and dropped 1.5% to trade at $60.4K on Friday’s morning session. The current bearish market volatility has subdued which may point to a possible bottom in the market.

According to data provided by the cryptocurrency analytics company Santiment, during the last two weeks, there has been a noticeable decline in positive comments about Bitcoin on social media sites including X, Reddit, Telegram, 4Chan, and BitcoinTalk.

A bottom indication suggests that the market trend is about to reverse. Often, investors see a bottom as a chance to purchase an asset when it is undervalued or trading at its lowest point. The lowest level of support for the asset is referred to bottom from a technical analysis perspective.

On March 14, Bitcoin reached a new all-time high of $73,780 on Coinbase. The leading cryptocurrency has now fluctuated between $60,000 and $70,000, briefly falling below $60,000 before finding strong support again. At present, the price of BTC is $61,500.

The US Government sent 3,940.28 BTC, or $241.22 million, to Coinbase Prime Deposit on Wednesday, according to data from Arkham Intelligence.

This Bitcoin was forfeited during a trial in January 2024 when it was initially taken from narcotics dealer Banmeet Singh. This sudden shift in money may have contributed to the 1.5% decline in the price of Bitcoin on Wednesday by creating a sense of FUD (Fear, Uncertainty, Doubt) among traders.

The German government moved 750 Bitcoin on Wednesday, worth $46.35 million, according to Lookonchain data. A lesser payment of 0.001 BTC to Flow Traders also raises the possibility of a test transaction or an intention to sell BTC through that organization.

Recent transactions on the blockchain showed German authorities have moved 2,100 BTC, or $135.22 million, to websites including Coinbase, Bitstamp, and Kraken. At present, the German government owns 45,609 Bitcoin, which is worth $2.81 billion.

The Bitcoin Miner to Exchange Flow (Total) indicator, according to CryptoQuant data, indicates the total amount of BTC sent from a mining pool to exchange wallets. A bearish trend is shown by increases in the measure, which show that many miners’ coins are exposed to selling, while a reduction in the metric indicates that just a small number of miners’ coins are exposed to selling, indicating reduced sell pressure.