Crypto market took a big hit last week $BTC Alone did a 15% drop. The fear is now taking over as Altcoins market is down over 50% on average since the last peak.
Will the market continue to push down or the worst is over? This is what we will discuss in this article. We will have a look at Bitcoin weekly chart and see what we can expect based on my observance.
Before we Dig into current price action let me share what I said in my last BTC update.

In my last Bitcoin update i mentioned i have not seen BTC doing what it is doing right now in the last 3 bull runs. i Also mentioned that $59-60k zone will be a key zone to hold for bulls on weekly scale.
Last week we saw price broke under $59k and dipped down to $53600
Now Lets take a look at what we can expect next based on charts.
BTCUUSD (Weekly)

Without any doubt Bitcoin clearly broke below the range it was forming for the last 16 weeks. Not being a bias trader we need to accept that the structure on the weekly is broken unless we see the price bounce back above $60k and holds.
What can we expect?
As long as we don't see price bounce back above $60k on the weekly closing basis, You can expect more down side from BTC. The next closet zone we have on the weekly chart is an area between $45k- $51900.

Bitcoin dipping down to this zone can represent a great opportunity to slowly buy if the zone comes.
What is the scenario if price doesn't drop?
For every trade plan there is an invalidation level and just like that if BTC moves back above $60k and it holds up there. This will likely indicate that bears should not expect more downside and flip their bias.
Something like this lets say. 👇

A weekly close back inside the broken range will make this a fake out and price will start to push higher.
BTCUSD (Daily)

When the high timeframe is bearish lower timeframes will always provide bounce in between specifically when everyone starts calling for lower price. Whales take the opportunity to liquidate them. After weekly candle close there were multiple posts people were calling for lower prices and it's always favor the MM's to run the market into opposite direction.
Looking at the daily chart you can clearly see the price is trading below the key daily support and in my opinion this current bounce in market changes nothing.

As long as we don't see this happen i'll be on the bears side. I do not have any reason to be bullish on $BTC knowing the fact that we have a weekly consolidation break down.
I mentioned the invalidation plan as well. I will wait for a better trader opportunity based on weekly scale.

I hope you learned something from this update and i would love to read your thoughts on BTC as well. Let me know what you think.

The Smart Money concept means using large capital information to make decisions about the purchase and sale of assets. Large players in the market, such as Central Banks, market makers and exchanges, use their large capital and unique algorithms to set prices for certain levels, achieving their goals and objectives. The analytical work of professional traders is not to use complex indicators, but to recognize traces of smart money in the market using Price Action and Smart Money analysis.

The goal of this course is – to teach you a simple basic trading model based on the concept of Smart Money so that you cease to be liquidity

Who are Smart Money Traders?
Smart Money is a major market participant, such as banks and financial funds, which have a lot of capital and use unique algorithms, to deliver prices to certain levels in accordance with their goals and objectives. The goal for the Smart Money trader is to follow the major players using the markers that they leave in their warrants and market applications. Thus, traders can use these tracks to make decisions about their own market positions.

FOCUSING IN MISDING

First of all, you need to monitor past events on the market, as large participants leave open positions that must be closed, and they must go a certain way. To continue the price movement, banks and foundations perform a certain algorithm of actions that guarantees their success and profit.

WHICH SMOKE CAPITAL LIKES?

Smart money can eliminate not only retail traders, but also other banks and funds that are less experienced. Some large companies can also act stupidly, controlling large sums of money and earning profit from the commissions of their customers and investors.

If everyone starts using the Smart Money concept, then it will not stop working?
Even if all market participants use this approach, manipulation will continue and prices will be tested to close open positions. Smart capital cannot do without it. The concept of smart money is an approach that is used for profitable trading. While money is circulating on the market, the Smart Money concept will work
Benefits of Smart Money
Smart Money is one of the strategies that relies on following major players in the market, such as banks and financial funds. These participants have significant capital and use unique algorithms to achieve their goals and objectives.
One of the benefits of Smart Money is that it allows traders to use information that is not available to the general public. Thus, traders can benefit by following major players in the market who know more than ordinary traders.
In addition, Smart Money Strategy helps to avoid mistakes that other traders often make, such as emotional reactions in the market or too frequent trading. This strategy also allows traders to improve their market position and earn more money.
In general, Smart Money provides traders with the opportunity to use unique information and avoid typical errors, which can improve their market results. However, as with any other strategy, success depends on many factors, including market knowledge, trading skills, and proper risk management.

Despite market volatility, Ethereum (ETH) surged 3.1% to over $3,500, showing remarkable resilience.

Analysts predict Ethereum could rally to $4,723.5 or higher, with a surge to $6,300 by late July 2024.

4lMt Gox sell offs and German dumping caused turbulence, but the market is recovering.

Following a dip in the general crypto market, Ethereum has shown remarkable resilience by regaining footing. The world’s second-largest cryptocurrency by market capitalization has surged by 3.1% in the past 24 hours, bringing its price to just above $3,500. 

$ETH (Ethereum)'s $4,723.5 target goes UNCHANGED, meaning a near +60% upside from here could still take place, and prices may be poised for even more… https://t.co/XXNLUGyvNy

— JAVON MARKS (@JavonTM1) July 5, 2024

This positive momentum comes after the U.S. Securities and Exchange Commission (SEC) dropped its investigation into Ethereum without filing any charges. The SEC’s decision to close the investigation has provided a much-needed boost to the crypto market. 

Investors and traders had been closely monitoring the situation, fearing potential regulatory action against Ethereum. However, the lack of charges has alleviated concerns and allowed ETH to recover.

Despite the recent volatility, Ethereum’s overall performance remains impressive. The price of Ethereum has increased by 13.8%. over the past month. This resilience signals growing confidence in Ethereum’s long-term potential.

Bitcoin (BTC) is trading at $56,744 after gaining by 2.68% in the past 24 hours. The bullish sentiment from traders has contributed to this upward trend amid a 6.9% weekly dip.

Javon Marks, a crypto analyst, believes that Ethereum might rally to $4,723.5 or higher. Additionally, longer-term forecasts for Ethereum are optimistic. 

Some analysts predict a surge to over $6,300 by late July 2024, followed by a temporary dip to $3,700 before rallying to peak above $7,300 in March 2025. 

The Mt Gox anticipated selloffs and German dumping have significantly contributed to the recent crypto market turbulence. However, the market is regaining steadily as the dust settles.

Read Also 

Renowned Crypto Investor Offers Insights on Bitcoin Dip and Halving Event

Seasoned Trader Preaches the need for Courage to Buy Dips in a Bullish Market, Followed Closely by Patience

Bitcoin’s Bullish Turn After the $23.5K Dip: What to Expect?

Market Manipulation, Bitcoin ETF Outflows, FUD Rising; Crypto Dip Barrels on, Parabolic Trend on the Horizon

Crypto Market Suffers Huge Crash. Here’s Why.

The post Ethereum Gains 3% After a Significant Dip, What Should Investors Expect? appeared first on Crypto News Land.

Notcoin is a play-to-earn game and crypto on the TON blockchain. The project is known for its 80 billion NOT airdrop and a fast-growing market cap.

The project has a blank whitepaper, and its website, like its name, features almost nothing, which adds to the project’s appeal of having nothing. However, the crypto has a highly decentralised project with an investor-friendly token.

At the time of drafting this article, Notcoin was trading near the price level of $0.0139 with a market cap of $1.432 billion,

Blockchain technology brings financial freedom to developing nations.

Price Trends in Notcoin

At the time of listing, Notcoin’s price was a little over 1 cent, i.e., $0.01026, on 16th May 2024. Within two and a half weeks of its listing on major exchanges, it gained almost 300%, reaching a high of $0.029. However, since then, Notcoin’s price has been on a declining trend, possibly because of negative sentiments in the market.

Notcoin Price Trends in Last 3 Months Fundamentals Tokenomics

Notcoin has a total circulation supply of 102.5 billion NOT and the crypto has a capped supply at this limit. This is helpful for users who do not want to see their token value drop because the project keeps minting new tokens.

Notcoin has an extremely favourable tokenomics for retail buyers. Almost all coins (94.18%) are in the hands of small investors like traders, miners and stalkers. The other 5.82% has been reserved for the future development of the cryptocurrency.

As a result94.18% is in the hands of 11.5M people, including traders, miners, stakers, etc.5.82% is in the treasury for the next years of development.With the community as a main stakeholder, the future seems bright.Thank you all, frens.You made it.

— Notcoin Ø (@thenotcoin) June 25, 2024

Check out fundamental analysis on Cardano to see why the ecosystem could be a worthy rival to Ethereum and Solana.

High Token Burns

The team announced on June 25th, 2024 that it had burnt 210 million tokens, or 0.2% of the total supply, in a single day. This was significant and lifted buyer sentiments since this was a significant share of the total token supply at 102.5 billion NOT. 

Comparatively, Shiba Inu has almost a similar burn rate but has an active token supply of 588 trillion.

Technical Chart Analysis, With Chart Patterns And Indicators

Notcoin 4-hour Price Charts as on July 02, 2024

Since Notcoin reached its all-time high of $0.029, it has been in a downtrend. Thankfully, as the downtrend progressed, the 4-hour charts showed the formation of a highly bullish “descending triangle pattern”.

But, the descending triangle pattern is considered bullish only when the price breaks the triangle towards the upside. Luckily, this is expected to happen before July 5, 2024.

Turn your loss-making crypto journey into highly profitable trades.

In a bullish scenario, the price might soon reach $0.030, its last all-time high. A bullish scenario would be confirmed once the price breaks out above $0.016.

However, if the price fails to break out or if a breakdown occurs, NOT’s price might go below the launch price of $0.01.

Future Price Outlook

2024-2025

If the cryptocurrency breaks out of the $0.03 resistance, it might enter a new growth phase. However, as crypto markets are expected to be sideways till August, the crypto might not show any major move.

However, with extremely favourable tokenomics, the project may gain higher adoption, which could help it surpass $0.1 by the end of 2024 or early 2025.

Learn how AI could lead you to better profits in Web3.

On the bearish side, the price may go towards $0.1, and if markets get worse, it may sink to the level of $0.005. We do not expect a further fall, considering the year 2024 is a bull market.

2025-2028

In three years, NOT could reach $0.25 in a bullish scenario. Even in a bearish scenario, it could reach $0.1 by 2028.

2029-2030

By 2030, when the crypto market cap is expected to cross $100 trillion based on Ark Invest Cathie Wood’s Bitcoin price estimates, we can expect NOT to cross $1, giving a potential 100x return as compared to its launch price.

We expect NOT to reach $0.5 by 2030 in a bearish scenario.

Frequently Asked Questions

Is Notcoin worth anything?

Notcoin might be considered valuable from a democratic perspective. The coin is practically free from whale manipulation. Almost 95% of the supply is with retail buyers.

Is Notcoin listed on Binance?

Yes, Notcoin is on Binance and was listed on May 16, 2024.

How far could the Notcoin price go in 2025?

At Droom Droom, we expect Notcoin to reach a price of $0.1 by mid-2025.

Is Notcoin a good investment?

If you are looking for value investing, Notcoin has a radical approach to community ownership, with 94.12% of tokens with the community. 

Why isn’t Germany selling its seized bitcoin at auction but directly on exchanges?

Bitcoin seizures by law enforcement are nothing new. But there has been a recent shift in how agencies liquidate their seized BTC—and it’s been wreaking havoc on markets.

After moving $75 million worth of Bitcoin to exchanges yesterday, the German Bundeskriminalamt has transferred another $84 million worth of Bitcoin just this morning, according to blockchain analytics platform Arkham.

At the time of writing, $30 million has already been forwarded on to trading firm Flow Traders.

This selling of seized Bitcoin on exchanges—coupled with the impending release of Mt. Gox Bitcoin holdings—has reignited discussions about how governments handle large-scale cryptocurrency liquidations.

It wasn’t always the case that government wallets would send large tranches of Bitcoin to exchanges. 

Arthur Cheong, Founder, CEO & CIO at DeFiance Capital, wondered aloud on Twitter why governments have shifted away from using public auctions.

“Why do governments prefer market selling BTC either via OTC or directly on exchanges now vs auction where they used to do so in the past,” he wrote. “These BTC are likely to fetch a premium as well given provenance and clean background.”

Matthew Kaye, Head of Operations and Strategy at Intuition Systems, told Decrypt that it appears governments may be prioritizing expediency over maximizing returns.

“The U.S. deficit suggests that the government may not prioritize or have the expertise to execute the sale of their Bitcoin holdings in a manner that maximizes value,” he said. 

“It’s likely that selling this inventory is seen as a straightforward task to be completed, favoring the easiest and most expedient route rather than achieving the best possible price.”

That may not be the only reason. In many cases, governments are finding that they’re sitting on big unrealized gains, said Ganesh Swami, CEO and co-founder of Covalent.

“Most of the BTC was recovered/confiscated when it was below 20k,” Swami said. “They don’t really care about a 5-10% difference.”

This view suggests that governments might be satisfied with the significant gains already realized, making the potential premium from auctions less appealing, he added.

Silk Road Bitcoin Auctions

The evolution of government strategies for Bitcoin liquidation can be traced back to early, high-profile cases.

The United States Marshals Service (USMS) pioneered Bitcoin auctions, notably selling assets seized from the Silk Road darknet market in 2014 and 2015. But the USMS was also said to have lost billions of dollars for selling its seized Bitcoin too early.

However, as the cryptocurrency market has matured and liquidity has improved, many governments have shifted towards market-based methods.

Finland’s customs agency, for instance, partnered with cryptocurrency brokers in 2023 to sell approximately 1,890 Bitcoin seized in criminal investigations. 

Similarly, in 2021, the Swedish Enforcement Authority collaborated with a cryptocurrency exchange to sell seized Bitcoin through their trading platform.

Darren Franceschini, co-founder of Fideum, highlights another factor influencing government decisions: Buyers might prefer to steer clear of funds that were illegally obtained.

“The rationale behind governments opting to sell Bitcoin (BTC) on the open market instead of via auctions likely stems from the origins of the BTC they hold, which are often tied to illicit activities,” he said. “As a result, institutions generally prefer to acquire clean BTC rather than BTC associated with illegal or alternative activities.”

This insight underscores a potential paradox: While Bitcoin’s clean provenance post-government seizure could fetch a premium in auctions, its association with criminal cases might make it less appealing to institutions who might otherwise want to buy it.

The upcoming liquidation of Mt. Gox Bitcoin holdings adds another layer of complexity to current market dynamics. 

Although in that case, it will be down to individual creditors—who have waited more than a decade to reclaim their funds—to decide whether they want to realize the gains on their Bitcoin.

Early Friday morning during Asia trading, the Mt. Gox trustee appears to have moved $2.7 billion worth of Bitcoin out of cold storage, according to Arkham.

James Howell - who is it?

James Howell is probably going down in history for having gotten into one of the most unfortunate self-inflicted accidents.
A British IT engineer who accidentally threw away a hard drive in 2013. On that disk were stored 7,500 bitcoins. Today, those bitcoins would be worth over 300 million dollars!

Where did he get that amount of bitcoins?

Back in 2009, Howells started mining Bitcoin as a hobby. He used his personal laptop and mined 7,500 BTC when Bitcoin was practically worthless.

At that time, mining was relatively easy and didn't require the specialized hardware used today.

And how did he lose them?

Fast forward to 2013, Howells had stopped mining and dismantled his laptop. He kept the hard drive in a drawer, thinking it might come in handy someday. Unfortunately, during a cleanup, he mistakenly threw it away, thinking it was an old, useless drive.

The hard drive ended up in the Docksway landfill site in Newport, Wales. This landfill covers an area the size of a football field and has layers of waste reaching up to 15 meters deep in some areas. The chances of finding the drive seemed slim.

Efforts to find the lost millions

The Bitcoin website reported that Howell now has in place a plan spanning 12 months. It involves searching the landfill using X-Ray scanning devices and AI technology.

He told The Sun that the Bitcoin in the dump, currently worth £340 million, might hit a billion by the time council officials act.
“I have put together a full consortium of experts in the field to refute all of the claims that the council has said it has concerns over,” Howell told the publication.

Lara Croft in the world of cryptocurrency

After realizing his mistake, Howells contacted the local council, proposing an excavation plan.
He detailed a methodical approach to excavating the landfill, including safety and environmental protection measures. However, his request was rejected because of the potential risks involved.

Over the years, Howells made several attempts to persuade the council. His latest proposals included securing venture capital funding and offering a substantial share of the Bitcoins as a reward for recovery. Despite his efforts, the council remained firm in its refusal.

First UK's "crypto hub"

If James Howells manages to find his lost hard drive containing 7,500 bitcoins, he plans to gift 50 pounds in bitcoins to each of Newport's 160,000 residents and turn the city into the UK's first "crypto hub."

“If we’re successful in recovering the coins, then I made a pledge to the people of Newport to literally give people in Newport crypto directly,” said Howells in an interview with journalist Richard Hammond.

What can be gleaned from this story?

The saga of James Howells is a modern treasure hunt and a stark reminder of the importance of backing up and securely storing digital assets. Will he ever find his lost fortune? Only time will tell...

The US Securities and Exchange Commission (SEC) is not letting Ripple use the recent court win by Binance to boost its argument that XRP is not a security.

On July 2, Binance announced that US Judge Amy Berman Jackson had ruled that BNB’s purchase in the secondary market did not constitute securities.

Judge Jackson upheld Judge Analisa Torres’s ruling last year that crypto purchases in the secondary market did not pass the Howey test and did not meet the qualifications to be classified as securities.

Ripple Labs filed a Notice of Supplemental Authority with Judge Torres, arguing that the legal win by Binance against the SEC demonstrated that the regulator used unclear and inconsistent methods. In its filing, Ripple noted that the US securities regulator needed to come up with formal rulemaking.

However, the SEC has fought back, saying that Ripple only used one observation in the 90-page ruling to argue for a new position in the lawsuit. It noted that Ripple failed to acknowledge the other violations the court found in the Binance case. Therefore, Ripple might still have to settle the $2 billion fine with the SEC if the case closes.

XRP did not react well to the news. The 7th-largest cryptocurrency by market capitalization is down 9% in the last 24 hours, trading at $0.41 at the time of writing.

The pressure on XRP is not just because of the SEC’s decision. The bearish pressure in the market has also caused prices to drop further. The recent drop is now allowing buyers to accumulate at low prices.

Time to Buy the XRP Dip?

As reported earlier by ZyCrypto, XRP is well positioned for a rally to $6 amid the recent developments on the Ripple vs. SEC case. The recent price drop presents an opportunity for traders to buy the dip as the case between Ripple and the SEC nears a close.

XRP’s Relative Strength Index (RSI) has crossed above 50 despite the declining prices. This indicates buyers are taking advantage of the recent price drop to accumulate more.

XRP lawyer Bill Morgan is among the ones buying the price dip. In a recent post on X, he stated that he had bought more XRP at the $0.40 level.

Optimism around XRP’s ability to bounce has also grown since Ripple attorney Fred Rispoli noted that the case could end in July. If the court rules in Ripple’s favor, it will be a watershed moment for the Ripple community, which could see prices rally by 100%.

Mt. Gox began repaying creditors in Bitcoin and Bitcoin Cash on July 5, 2024, under a legal rehabilitation plan.

Attorney Nobuaki Kobayashi oversees the process, ensuring creditor verifications and agreements before disbursements.

Mt. Gox’s 2014 collapse involved a loss of 850,000 BTC, leading to bankruptcy, legal battles, and a shift to civil rehabilitation in 2018.

Mt. Gox, once a dominant force in cryptocurrency exchange, has initiated the repayment process to its creditors, distributing Bitcoin and Bitcoin Cash through designated exchanges. This move follows the detailed rehabilitation plan set by the exchange’s legal team.

Starting from July 5, 2024, specific rehabilitation creditors have begun receiving their owed cryptocurrencies. This process is governed by the coordination between the Rehabilitation Trustee and the involved crypto exchanges. The repayments aim to address the debts accumulated following the exchange’s notorious collapse in 2014.

Repayment Process

The exchange, led by Attorney-at-law Nobuaki Kobayashi, is adhering to a set of stringent conditions to facilitate these repayments. Among these conditions, verifying the authenticity of creditor accounts and obtaining their consent to engage with the Agency Receipt Agreement are paramount. Only upon the completion of these verifications, and ensuring robust discussions on repayment protocols, are the disbursements being executed.

Moreover, the flow of funds is transparently tracked by the community, with updates from entities like MtGoxBalanceBot on X highlighting the movement of significant sums of Bitcoin. To date, the Trustee reports a movement of 47,288 BTC, signifying a substantial step towards resolving the long-standing financial saga.

Total current balance on all known addresses of the MtGox Trustee: 94457.46716047 BTC. 47228.73365683 BTC have been moved away from these addresses since funds were consolidated on 2024/05/30. $BTC #bitcoin #mtgox mt.gox mt gox2024-07-05T07:02:09.483Z

— MtGoxBalanceBot (@MtGoxBalanceBot) July 5, 2024

Historical Context and Impact

Established in 2010 by Jed McCaleb and later sold to Mark Karpelès, Mt. Gox was instrumental in shaping the early landscape of cryptocurrency trading. At its zenith, it managed 70% of all Bitcoin transactions globally. The discovery of a massive security breach in 2014, however, revealed a loss of approximately 850,000 BTC, catapulting the exchange into bankruptcy and subsequent legal battles.

These legal proceedings culminated in the shift from bankruptcy to civil rehabilitation in 2018, with Karpelès facing conviction for falsifying financial records in 2019. The ongoing repayment process marks a chapter in rectifying the financial discrepancies and delivering long-awaited justice to the affected parties.

This structured repayment initiative signifies a pivotal moment of recovery and restitution for the cryptocurrency community influenced by the Mt. Gox debacle.

Read Also:

Mt. Gox Repayment Drama: Creditors Left Hanging?

Mt. Gox Set to Commence Bitcoin and Bitcoin Cash Repayments in July 2024

Genesis Begins Billions in Crypto Repayments: Will Markets Feel the Ripple?

Mt Gox Anticipated Selloffs and German Dumping Fuel BTC Crash

MT. Gox Investment Fund’s Bitcoin Hold Fuels Debate Over Crypto Market Stability

The post Mt. Gox Begins Repayment to Creditors Distributing Bitcoin and Bitcoin Cash appeared first on Crypto News Land.

Why is $BTC dumping?
This is the result of combined many factors
Mt. Gox, ETFs, halving, Germany, and much more
Here is something that might help to understand what is happening and why and leads to where.
Over the past week, Bitcoin has dropped from $71k to $57k, a decline of around 20%, something we haven't seen in a long time.
Effect of Mt. GoxThis cryptocurrency exchange collapsed in 2014 due to a hacking attack.Late last month, news emerged that Mt. Gox is ready to repay its creditors.The exchange's representatives will distribute 142,000 BTC (0.68% of total supply) among its clientsMany fear that creditors will decide to sell the received Bitcoins.Given the amount of BTC they will have, this will undoubtedly impact the market.Moreover, the mere fear that this might happen is causing many to sell their assetsSpot Bitcoin ETFsThey have made the cryptocurrency's price more dependent on the sentiments of large investors.Currently, BTC ETFs hold 5% of Bitcoin's total supply.At the beginning of this month, there was a renewed outflow from ETFs, and these changes are also putting pressure on the cryptocurrency's price Bitcoin Halving and Miners Reward On April 20, 2024, was halving occurred, reducing miners' rewards from 6.25 to 3.125 BTC per block.For miners to remain interested in their work, a rise in BTC price was necessary, and many were expecting this.However, it didn’t happen, and many miners are now forced to sell their BTCU.S. Interest RatesThe lower the interest rate, the more attractive high-risk investments (such as crypto)The minutes from the FRS meeting showed that policymakers are unwilling to lower rates until there is more data indicating that inflation is moving toward the target rate of 2%
German BTC Holdings

The German government owns a significant amount of BTC and has started selling its assets.
According to Arkham, the German government recently transferred 400 BTC to the exchanges Bitstamp, Coinbase, and Kraken.
In total, 2,700 BTC have been moved to exchanges from the government's wallet over the past two weeks

These are few factors which potentially lead to such drastic price changes in current market,
$BTC Made to bleed every single altcoin which led to a complete blood bath, ‼️
Major Investors are not selling BTC
Despite Bitcoin's decline, companies are not selling their assets. On the contrary, many have started buying BTC amidst the drop.
The largest miner, Marathon Digital Holdings, has not disposed of its assets, despite needing to free up capital

its always great to do your own research.
In my opinion, BTC is an excellent long-term investment. I am not worried about the future of cryptocurrencies; I believe the market is in good shape. Its almost over decade now being in this industry, i have seen many crises, so just few bad moves can’t wipe out over $2Trillion Cap industry.
We are yet to witness the wildest BullRun, this is just probably wild shake outs to get rid of weak hands, dyor $ETH
#ZeusInCrypto #ZeusCommunity #SOFR_Spike

Justin Sun Offers To Buy Germany's Remaining $2.3B in Bitcoin to Stabilize Market

Tron founder Justin Sun has proposed purchasing the remaining $2.3 billion worth of Bitcoin seized by the German government. This offer comes amid a series of significant Bitcoin transfers by Germany to exchanges in a bid to offload the cryptocurrency, which have already impacted the market and caused a significant selloff.

Earlier today, Germany moved another $75 million worth of Bitcoin to exchanges, causing the market to plunge. This action follows several similar transfers over the past two weeks, amounting to hundreds of millions of dollars in Bitcoin. As of now, Bitcoin's price has dropped to $56,892.53, marking a 5% decline since yesterday and a 7% decrease over the past week.

"I am willing to negotiate with the German government to purchase all BTC off-market in order to minimize the impact on the market," Sun tweeted on Thursday afternoon. Sun's crypto wallet, as identified by blockchain analytics firm Arkham Intelligence, holds just over $1 billion in funds.

Arkham Intelligence reports that one of the five wallets linked to the German BKA has already sold at least $300 million in Bitcoin. This includes transfers of $94 million to Coinbase, $84 million to Kraken, and $91 million to Bitstamp. Additionally, the wallet, which currently holds $2.3 billion in Bitcoin, sent $44 million to Amsterdam-based market maker Flow Traders.

Crypto Market and volatility are just synonyms. While crypto can give you never imagined returns in short time also brings some big risk factors like flash dumps and big breakdowns. 

Recently Bitcoin plunged 56,000$ all of a sudden thanks to sell off from Germany and many others bearish factors. But there's always opportunities knocking your door. These are small tips how you can chery-pick the best coins even during this bad situations.
🔼 Relative Strength (RSI) :
The RSI is a momentum oscillator that measures the speed and magnitude of recent price changes. It's displayed as a line on a scale of 0 to 100. Traditionally, an RSI above 70 indicates an overbought condition, and below 30 indicates oversold.
Then we have Sector Relative Strength Against Bitcoin. It's a intersting metrics that indicate +1.0 sector is leading the market or if it's falls below it's lagging behind the market.

🔆 Daily Active Users (DAU): 
High DAU indicates a project with a vibrant user base actively engaging with the platform. This suggests the project is solving a problem or offering a valuable service that people use regularly. Increased user activity can lead to more demand for the project's token, potentially driving the price up.

💥 Transaction Volume:
Transaction volume refers to the total amount of cryptocurrency being transferred within the project's ecosystem. High transaction volume signifies a project with a healthy level of activity and utility. More transactions often translate to increased demand for the token to facilitate those transactions, potentially causing a price rise.
✴️ Trading Volume: 
This refers to the total amount of a cryptocurrency being bought and sold on exchanges. High trading volume indicates strong market interest in the token. Active trading can bring more attention to the project, potentially attracting new investors and driving the price up.

🤖 Fees (if collected): 
Some crypto projects collect fees for transactions or services on their platform. Consistent fee collection demonstrates a sustainable revenue model, which can be a positive sign for investors. Fees can also create a demand for the token if they're required for using the platform.

🌀 Staking Stats (if available): 
Staking allows investors to earn rewards for holding a cryptocurrency. High staking participation indicates investor confidence in the project's long-term potential. Staking can also reduce the circulating supply of tokens, potentially leading to price appreciation due to increased scarcity.
⚡ Active Holders: 
This refers to the number of wallets holding a particular cryptocurrency that have recently interacted with it. A high number of active holders suggests strong community engagement and distributed ownership, which can be viewed favorably by investors. It indicates the project isn't controlled by a small group and has a broader user base.
🐠 Important Note:
These factors should be considered together, not in isolation. A strong project will typically exhibit a combination of these positive metrics. And Collect the Data For last 30-60 Days. If Any coin doing somehow positive on those metrics but continuously outperformed by market. You Must best on that. Price Action definitely Follow the On-chain Growth. 
🔼 Data Credit
> Dyor
> Token Terminal
> IntoTheBlock

🅃🄴🄲🄷🄰🄽🄳🅃🄸🄿🅂123
#Binance #Bitcoin❗ #research

The price of Bitcoin (BTC) crashed as low as $53,600 on Coinbase on July 5, the first time the asset has traded at this price since February this year.

Analysts fear the worst is still yet to come. 

Bitcoin has since leveled out to trade at $54,122 at the time of publication, according to TradingView data.

Bitcoin fell as low as $53,600 on Coinbase on July 5. Source: TradingView

Speaking to Cointelegraph, eToro market analyst Josh Gilbert said much of the sell-off could be traced back to fears stemming from Mt. Gox creditor repayments, which will see around $8 billion worth of BTC hit the market starting this month.

Following the sudden dip to the $53,600 level, Gilbert said he expects to see worsened price action for Bitcoin in the coming days.

“The news flow is far more bearish than bullish right now, and the selling activity we’re seeing is quite clearly unsettling investors, which often drives more selling,” Gilbert said.

“It wouldn’t surprise me to see the asset test $50,000 within the next week, but that will be a key physiological level.”

“There will be weakness in the short term until we receive a catalyst to drive the price higher, and that might come in the form of investors ‘buying the dip’ or an ETH ETF approval to improve sentiment,” he added.

Related: Bitcoin traders express optimism even as BTC price targets shift lower

Analysts from 10x Research also predicted a continued dip that could see the price of Bitcoin brought as low as $50,000 in the coming weeks, warning that selling “could accelerate as support gets broken and sellers scramble to find liquidity.”

Despite the short-term bearish outlook, Gilbert said there are also reasons for investors to remain bullish on a longer-term time horizon.

“We look to catalysts such as the Federal Reserve cutting interest rates in September, with the potential for another cut in December to lift prices.”

“On top of that, the full acceptance of an Ethereum ETF from the SEC, with a July launch date, would be a big boost for the crypto market," he adde

In a July 3 investment note — viewed by Cointelegraph — IG Markets analyst Tony Sycamore said that if Bitcoin had strong support at the $55,000 mark, including its 200-day moving average and trend channel support.

If the price of BTC were to hold above $55,000 in the coming weeks, Sycamore said he expects the uptrend to resume, “leading to a retest and break of the March $73,794 high.”

Magazine — ‘Bitcoin Layer 2s’ aren’t really L2s at all: Here’s why that matters

Cardano Founder Charles Hoskinson responded to Ben Armstrong’s comments about ADA status as a ‘dead coin’. Hoskinson’s reply sparked a conversation about the state of the crypto industry and what’s valued in projects.

Cardano And Polkadot Labeled ‘Dead Coins’

On Wednesday, crypto influencer Ben Armstrong, known as BitBoy Crypto, shared his thoughts on Cardano (ADA) and Polkadot (DOT). The influencer took X to explain his previous comments, stating that both cryptocurrencies were dead.

In a YouTube Video from April, Armstrong said that ADA was “dead for real.” The crypto influencer believed that this time “was different.” To him, investors had to question whether they were okay “standing on ideals” while watching their portfolio take a hit.

Per the influencer, ADA’s disappointing performance was because it doesn’t have the same backing as other tokens. He explained that “numbers go up” for institutionally backed tokens.

Armstrong also noted that, despite not having “awful” institutional numbers, ADA can’t compete with Ethereum (ETH) or Solana (SOL). Moreover, the influencer considers that “crypto is changing,” investors are turning their heads toward new projects to feel like they are early.

On X, Armstrong reiterated his opinion about ADA and DOT, stating that both were “dead to institutions.” However, he clarified the implications of his statement. The token’s dead coin status doesn’t mean ADA and DOT won’t pump this bull run. To him, the tokens will offer returns to investors, but they will be “mid.”

Charles Hoskinson Claps Back

Cardano’s founder responded to Armstrong’s comments, questioning the crypto influencer’s stance. To Hoskinson, his logic goes against the ethos of crypto. “I remember when the point of cryptocurrencies was to replace institutions instead of acting out a scene from deliverance,” the post read.

Armstrong’s comments ignited a discussion in the replies, with several crypto users disagreeing with his take. One X user agreed with the Cardano founder’s reply, wondering, “When did crypto become people begging for institutional investment?”

Another user stated that if Satoshi Nakamoto had shared Armstrong’s logic, the crypto industry and none of us would be here. “Hinging the success of a decentralized chain on centralized entities is hustling backward,” they added.

Nonetheless, some crypto investors agreed with the crypto influencer comments. A community member considered that, unlike Hoskinson, Armstrong is “at least adding content and valued entertainment into the space.” This has been a constant criticism toward the Cardano ecosystem and its founder.

Cardano users defended the project, claiming that the blockchain is one of the “few that haven’t lost the DeFi plot.” Many also concurred that the ecosystem is not there for VC funds or Armstrong but for its users.

Ultimately, crypto investors agreed that if a project has a strong community and technology, more user and institutional investments “will follow the network effect.”

At the time of writing, ADA is trading at $0.3861, a 4.4% decline in the last 24 hours.

Source: NewsBTC.com

The post Cardano (ADA) Founder Claps Back At ‘Dead Coin’ Comments, Issues Reminder To The Community appeared first on Crypto Breaking News.

PEPE is in the spotlight after carting away with a $4 million liquidation amid an unrelenting price slump. At the time of writing, PEPE has fallen by a massive 8.16% to $0.00000959, casting doubt on its recovery potential. This 24-hour slump has extended its losing streak with a monthly slump of 33.2%, per data from CoinMarketCap.

PEPE support zone

While the negative figure positions PEPE as one of the coins taking the brunt on the market, it also brings key metrics into proper focus. Per data from crypto analytics platform IntoTheBlock (ITB), at the current level, the ultimate support zone of PEPE is set at the $0.000009 price level.

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Per the data, at this price level, a total of 8.27 trillion PEPE are concentrated by volume. For the coin to fall below this level, these entire tokens will have to be sold off, a feat that might prove relatively tough for the bears to pull off.

In-Out Money Around Price. Source: IntoTheBlock

While PEPE is not known to fly solo in terms of price breakout, it is likely to hit its floor price faster than the majority of its peers. PEPE has an immediate target of $0.000012, which has formed its basic support zone for some time.

In the push toward a recovery, PEPE will bank on its whale action, which has proven to be a prominent factor driving its price action overall.

Market sentiment not aligning

Bitcoin was responsible for the market drawdown as the price fell to $58,000, bringing crypto liquidations to more than $294 million.

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As one of the altcoins that maintains a strong correlation with Bitcoin, PEPE has to fall in line with the broader market. Despite claims from critics, top proponents anticipate a rebound in the Bitcoin price soon. If this expectation aligns, it might drive the price of PEPE upward as well.

Today’s newsletter marks my one-year anniversary of curating the Crypto for Advisor newsletter. Time flies when you are having fun, and it’s hard to believe I have 52 issues under my belt. Thanks to CoinDesk and particularly Kim Klemballa for giving me this opportunity along with all of our valued newsletter contributors who spend their time building this industry as your contributions are invaluable. As we continue our crypto journey together, I hope to see new contributors and continued engagement with ideas and topics as we strive to deliver advisor education globally. Your educational needs, views and opinions are what shape this newsletter - as it is truly Crypto for advisors!

We understand the last couple of years have been challenging in the crypto space, but 2024 has brought excitement and energy back. We are seeing many exciting product launches and regulatory advancements. I look forward to continuing to provide content to our valued audience and to keeping them informed of timely and relevant developments.

In today’s issue, André Dragosch, head of research at ETC Group, discusses the volatility of crypto assets, including bitcoin and ether and how they compare to other emerging technology investments. Bryan Courchesne, CEO of DAIM, explains how advisors can navigate the volatility of crypto within client portfolios.

Happy Independence Day to our American readers.

– Sarah Morton

You’re reading Crypto for Advisors, CoinDesk’s weekly newsletter that unpacks digital assets for financial advisors. Subscribe here to get it every Thursday.

Are Crypto Assets Too Volatile?

Traditional financial investors tend to shun crypto assets because of the high volatility.

To be fair, the volatility of crypto assets is relatively high compared to traditional asset classes such as equities, bonds and most commodities.

Over the past three months, the annualized volatility of bitcoin and ether has been around 45% to 50%, respectively, while the volatility of the S&P 500 was around 15%.

A recent survey by Fidelity among institutional investors also identified high volatility as the No. 1 most-cited barrier keeping investors from allocating to crypto assets.

However, the truth is that high returns come with high risks, i.e. volatility.

Put differently, where there is growth, there is volatility.

Most equity investors know this since most high-growth mega-cap stocks like Tesla still tend to have high double-digit volatility.

Will tokenization of real-world assets (RWAs) take off, and will Ethereum be the go-to platform?

Will bitcoin replace the U.S. Dollar as a global reserve currency?

Although these types of scenarios have become increasingly likely over the past few years, there remains uncertainty around these questions.

Uncertainty tends to create volatility.

The history of Amazon holds important lessons in this regard. In the late 1990s, most Wall Street analysts thought “selling books online” was a silly idea. There was a lot of uncertainty about whether online retailing and the internet in general would eventually become mainstream.

In the same way that the uncertainty around the technology has declined, the volatility in Amazon’s stock price has declined over time.

Few investors seem to remember that Amazon’s stock used to record above 300% in annualized volatility in the late 1990s; today, the volatility is well below 50%.

We have already observed a similar structural decline in volatility in the case of crypto assets.

One reason is that bitcoin’s scarcity has increased with every halving, making it more “gold-like.” Halvings are best understood as a supply shock that reduces the supply growth of bitcoins by half (-50%). Hence, the character of bitcoin as an asset class has changed over time

While bitcoin’s volatility was around 200% during the first epoch – the roughly four-year timespan between the cryptocurrency's pre-programmed "halvings" of miner rewards – until 2012, it has decreased to only 45% more recently. Similar observations can be made regarding ether.

In a global 60/40 stock-bond portfolio, the maximum Sharpe Ratio is achieved by increasing the bitcoin allocation to around 14% at the expense of the global equity weighting.

The Sharpe Ratio of major crypto assets like bitcoin or ether is significantly above 1, which means that investors are more than compensated for exposing themselves to higher volatility.

Looking ahead, the decline in volatility is bound to continue with every new halving. The next one is scheduled to happen in 2028.

Increasing retail and institutional adoption of this technology is also bound to decrease volatility structurally over time.

The reason is that increasing heterogeneity among investors will lead to more dissent between buyers and sellers, which dampens volatility – the essence of Edgar Peters's Fractal Market Hypothesis.

Just remember: Where there is growth, there is volatility.

- André Dragosch, head of research, ETC Group

Ask an Expert

Q. How can advisors help their clients navigate crypto volatility?

A. Crypto, in its short history, has undoubtedly been a volatile asset. But that does not mean that it should be ignored by advisors. Advisors should not consider assets in isolation but rather how they interact with others in a well-balanced portfolio. When creating a portfolio that can deliver long-term results, diversification is key. Asset prices move in cycles, sometimes together but more or less distinct. This can be measured by an asset’s correlation to other assets. A lower correlation means assets are less likely to move together. If one asset is up 35% in the year, another asset might only be up 4%. If assets are negatively correlated, one asset will be up in a given period while the other will be down. This is important in the context of an investment portfolio because while assets may be volatile themselves, including them with other less correlated assets can lower the overall volatility of a portfolio.

Q. Is there a correlation between crypto’s volatility and other assets?

A. With respect to correlation, a volatile asset like crypto is actually very important to decrease the overall volatility of a portfolio. Lowering the overall volatility of a portfolio is important as it helps smooth investment returns over time. This is important for many reasons. For example, an investor could have significant and unpredictable liquidity needs. If they have a portfolio of highly correlated assets and those assets are experiencing a period of poor returns, they would be withdrawing a larger percentage of their portfolio compared to a portfolio that included less correlated assets. Crypto, having a low correlation with traditional assets, could help in this regard. Its volatility has historically been positively skewed so even though it has big swings, when all other assets are down it can provide a ballast to your portfolio. Smoothing returns also helps from a cognitive perspective for most investors. People can get too emotional when looking at their portfolio’s performance. Big price moves have a visceral effect where large moves up make people want to buy more (usually right before a drop) and large moves down make people discouraged and pull money out (right before performance rebounds). Including at least a small portion of (less-correlated) crypto in a portfolio smooths the returns of a portfolio so when investors check in, they see more modest gains or losses. This helps keep their portfolio out of sight and out of mind which generally improves the chances of long-term success. Crypto, while volatile, should not be viewed in isolation but in the context of how it can help create a truly diversified portfolio that will help create long-term wealth for investors.

- Bryan Courchesne, CEO, DAIM

Keep Reading

Revised spot Ether ETF date: the U.S. SEC has requested issuers submit revised filings by July 8.

Will Solana ETFs be available next? On June 28, 21Shares filed an S-1 application with the U.S. SEC for a spot Solana (ETF).

Bitcoin ETFs saw the largest inflows since June 7, with Fidelity leading at $65 million.

Note: The views expressed in this column are those of the author and do not necessarily reflect those of CoinDesk, Inc. or its owners and affiliates.

Fetch.ai (FET) has seen a significant drop of 9% following the launch of the first phase of the ASI token merger. The Artificial Superintelligence Alliance (ASI) is working to unify Ocean Protocol (OCEAN), SingularityNET (AGIX), and Fetch.ai (FET) tokens, aiming to consolidate resources and streamline operations within the AI-focused crypto sector. This development has raised concerns among Fetch.ai (FET) supporters, as the merger may dilute the individual value and focus of the Fetch.ai (FET) token.

 

In light of this situation, crypto experts have started to cast doubt on the future prospects of Fetch.ai (FET), suggesting that it may no longer be able to compete effectively. Meanwhile, Minotaurus (MTAUR) has been identified as a new leader, showing promise with its innovative strategies and growing community support. As the cryptocurrency market continues to evolve, the newcomer’s ascent indicates a potential shift in dominance, challenging Fetch.ai (FET) position as the go-to option for growth potential. 

Discover Minotaurus (MTAUR): Early Bird Benefits

With all the shifts and potential downwards spirals, today might be a great time to learn about Minotaurus, a groundbreaking gaming startup that is now giving unique pre-sale opportunities to wise market players. The core of this project is a labyrinth-navigating game where users take control of a personalizable Minotaur and fight silly yet challenging enough monsters for virtual incentives. You can discover precious loot within treasure chests, upgrade, boosts, and access unique dungeons.

Compared to the listing price of $0.00020, early participants may get $MTAUR tokens for $0.0000421 apiece, with the promise of an almost 5-fold price change. Newfound members of the $MTAUR community will receive access to perks including referral bonuses, in-game utility, and vesting incentives.

Users may rest assured knowing that Minotaurus has been audited by industry-leading blockchain security companies, Coinsult and SolidProof. Also, according to Statista, the casual gaming industry is worth $14.78 billion already and will be increasing at a rate of 9% per year. This project aims to tap right into this niche. The potential upside seems more than obvious by this point.

The presale pool is limited, so you’ll need to move quickly to get your hands on some $MTAUR tokens. Make sure you don’t pass up the opportunity to become involved and get early access to all of its awesome upgrades, features, and growth potential.

Fetch.ai (FET) Faces Downward Trend Amid ASI Merger

Today’s underperformer, Fetch.ai (FET), faces mounting pressure amid an impending “death cross,” signaling a potential bearish trend. This comes as the Artificial Superintelligence Alliance (ASI) initiates its merger phase, integrating Fetch.ai (FET) with SingularityNET and Ocean Protocol. 

 

The token’s price has plummeted 25% this week, dropping to $1.22 from a recent high of $1.44. The merger aims to unify AI blockchain efforts but has introduced volatility and uncertainty. Exchanges like Coinbase and Kraken show mixed support, complicating the token transition.

 

Despite the downturn, some analysts foresee a post-merger rebound for Fetch.ai (FET). SingularityNET (AGIX) and Ocean Protocol (OCEAN) delistings have intensified selling pressure. Technical indicators like the Moving Average Convergence Divergence (MACD) and Relative Strength Index (RSI) highlight a strong bearish trend, with current support at $1.285 pivotal. Holding above this could lead to a recovery towards $1.855; failure risks a drop to $0.816. Bybit supports the ASI alliance, potentially stabilizing conditions.

 

Market attention focuses on subsequent ASI merger phases, pivotal for Fetch.ai’s (FET) trajectory. The alliance’s ambition to lead AI blockchains might attract investment, bolstering Fetch.ai (FET). 

 

Yet, merger challenges loom amid historical integration complexities. Investors tread cautiously, monitoring ASI’s technical and strategic strides closely.

Conclusion

 

Fetch.ai (FET) has experienced significant volatility and downward pressure due to the recent ASI token merger. In contrast, Minotaurus (MTAUR) has emerged as a promising new leader in the gaming and crypto intersection. With its innovative strategies and growing community support, Minotaurus (MTAUR) is poised to capture significant interest and potentially dominate the space that Fetch.ai (FET) once aimed to occupy. 

 

Learn more about Minotaurus:

Website: http://minotaurus.io/

Announcements: https://t.me/minotaurus_official

Chat: https://t.me/minotaurus_chat

Twitter: https://twitter.com/minotaurus_io

The post Crypto Experts Declare Fetch.ai Dead, MTAUR Set to Beat the Market? appeared first on Blockonomi.

The crypto market continues to bleed and FUD takes over market sentiment.

A major cause is due to the German government continuously selling its Bitcoin holdings.

Tron founder Justin Sun offers to buy all of Germany’s remaining Bitcoin to stop market dip.

The crypto market continues to bleed heavily. There seems to be no end to the continuous fall in Bitcoin’s (BTC) price today. Presently, Bitcoin’s price is at $57,606 and continues to move at a downward pace. Amidst the panic and FUD spreading in the space, TRON Founder Justin Sun steps up to save the crypto market from dipping further. 

In detail, CEO and Founder of Tron, Justin Sun notices that one of the main reasons for the continuous fall of Bitcoin (BTC) is due to the fact that the German government keeps dumping the pioneer crypto asset by selling its large Bitcoin holdings. 

This could be very true. In fact, a huge contribution to the fall of Bitcoin’s (BTC) value over the last few weeks is because the German government has moved its Bitcoin (BTC) holdings to crypto exchanges and continues to sell.

German Government keeps dumping #Bitcoin 3K Bitcoin ($175m) sent to exchanges in the last few hours pic.twitter.com/D0XSTNkvjh

— Thomas | heyapollo.com (@thomas_fahrer) July 4, 2024

A few days ago, Germany moved 750 Bitcoin on top of Bitcoin they had already moved towards crypto exchanges. Furthermore, from the post above, Germany moved another $175 million worth of Bitcoin to crypto exchanges and continues to sell.

Having seen the tragic fall of Bitcoin (BTC) over the last few weeks, Justin Sun steps up with a heroic proposal that could stop the further fall of Bitcoin (BTC) price. This intention from Justin Sun was made public on his TwitterX post as seen below. 

I am willing to negotiate with the German government to purchase all BTC off-market in order to minimize the impact on the market.

— H.E. Justin Sun 孙宇晨 (@justinsuntron) July 4, 2024

Indeed, Justin Sun himself said not less than an hour ago that he is willing to negotiate with the German government to purchase all their Bitcoin (BTC) holdings off market to minimize the harsh impact on the crypto market.

The response from the crypto market has been huge. Justin Sun’s declaration and intention to save the crypto market from further fall has been well noticed by the greater crypto community. Will Germany meet his offer and will this event finally trigger the golden bull run spike?

Read Also

Germany’s Top Savings Bank to Offer Bitcoin to Clients

Another Massive Bitcoin Transfer From Germany’s Government Puts Crypto Traders and Investors on Edge

Coinbase Makes Vecahin (VET) Available to Germany Residents

Justin Sun Supports Binance: Deposits 100M USD

Germany’s 3rd Biggest Bank Launches Crypto Custody, Investment Service Underway

The post Crypto Market Dump Could Reverse if Germany Accepts Justin Sun’s Offer to Buy its Remaining BTC Holdings  appeared first on Crypto News Land.

On July 4, 2024, the overall cryptocurrency market experienced a massive downturn, however, the world’s biggest cryptocurrency Bitcoin(BTC) tanked more than 3.5% in the last 24 hours. The potential reason behind this massive downside move is the recent breakdown of the support level near $60,000 and the Mt. Gox BTC repayment update.

Impact of Bitcoin Breakdown on Altcoins 

Following this massive price drop in BTC, the overall cryptocurrency market was significantly impacted. Top altcoins including Ethereum (ETH), Solana (SOL), BNB (BNB), XRP (XRP), and Dogecoin (DOGE) experienced massive price drops. According to coinmarketcap data, in the last 24 hours ETH, SOL, BNB, and XRP have experienced a price drop of 4.8%, 10%, 6%, and 5.5% respectively. 

Source: Coinmarketcap

Amid this massive price drop, bulls have liquidated their $280 million worth of long positions in the last 24 hours, according to an on-chain analytic firm Coinglass. At the time of press, BTC is trading near the $58,800 level, and in the last 24 hours, it experienced 3.4% of downside momentum. Whereas, the 24-hour trading volume jumps by 56% signaling a higher traders’ and investors’ participation in BTC following price drop.

If we look at the performance of BTC over a longer period, in the last 7 days it lost nearly 7% of gain. Whereas, in the last 30 days, BTC has lost more than 15% of its gains.

Bitcoin technical analysis and key levels

According to expert technical analysis, BTC is looking bearish and currently, it is getting a strong support of 200 EMA (Exponential Moving Average). If BTC on a daily time frame gives a strong daily candle closing below 200 EMA, then there is a high possibility that we may see a significant price drop of over 8% to $53,000 in the coming days. 

However, this $53,000 level is a strong support for BTC if it fails to sustain this current level. Additionally, if BTC reaches this level then nearly $1 billion worth of long positions will be liquidated as per data from CoinGlass. Following the recent breakdown of the support level, short sellers are more active as they have placed notable bids on the short side. Whereas, long buyers are comparably lower.

Besides this fear and massive selling pressure in the market, on July 4, 2024, James Seyffart Bloomberg ETF expert stated there is a low possibility that the US SEC will approve a spot Ethereum ETF (Exchange Traded Fund) by the predicted launch dates. 

The post Why Crypto Market is Down Today? Here Are Top 5 Reasons appeared first on Coinpedia Fintech News

A third day of negative price activity in the cryptocurrency market indicates negative sentiment. The cross-border market fell $90 Billion to $2.17 Trillion, a 3.67% loss, in the past day. Bitcoin, the market leader, fell 3.27% to $58,067.63 in 24 hours. Bitcoin sank 3.6% to $60,490 on July 1 due to selling pressure and German government sales. 

One key question is on everyone’s mind: has Bitcoin started a long downturn or is this simply a bump?

According to Wise Advice, a crypto analyst, the crypto market has been declining for several reasons. He pointed towards, massive withdrawals, liquidations, mining activity, government actions, and market sentiment indicators are the main causes.

Why Crypto is Dumping? 

Spot ETFs See Significant Outflows Causing a Tsunami

Another outflow hit the BTC ETF on July 3. In altcoins, a crypto whale sold millions of dollars worth of coins, sustaining significant losses. The premier blockchain analysis tool Lookonchain said that this whale or institution sold 3.13 million LDO tokens for $5.77 million, 49,771 AAVE tokens worth $4.54 million, 269,177 UNI tokens worth $2.41 million, and 250,969 FXS tokens worth $708,000.

Rising Liquidation

Plus, the market has been hit hard by rising liquidations. Just yesterday, BTC liquidations reached $14 million, but today, this figure has surged to $36 million. These large-scale liquidations have triggered widespread sell-offs, further driving down BTC’s price.

Miners – Are They Impacting the Decline?

Currently, the BTC miners’ capitulation is among the major factors contributing to the falling prices. The miner community is also under strain, with a persistently low hash rate leading to decreased earnings. Consequently, many miners are selling their BTC to maintain operations or switching to other proof-of-work tokens to sustain profitability.

Government Sell-off

The actions of the German government have added to market fears. Recently, the government has been moving BTC around, causing panic among investors who are preemptively selling their holdings in anticipation of potential market impacts, even though the government hasn’t sold any coins yet.

Midterm Expectations? Bearish!

Lastly, the market sentiment has turned bearish, as indicated by a chart tracking Bitcoin flows in spot and derivative exchanges. This chart, currently in its negative zone, signifies a bearish outlook, with red indicating a bearish mood and green indicating bullish sentiment. 

Moreover, Bitcoin lost several key support levels in June, suggesting a midterm bearish trend, with the focus now on maintaining support above $60,000 as the weekly Relative Strength Index (RSI) approaches 50. Analysts warn that if bearish sentiment continues, Bitcoin could drop to around $48,000 before potentially rebounding, marking a critical test of its resilience amid ongoing market turbulence.

So, Is Bitcoin a roller coaster or smooth sailing ahead? Place your bets.

Read Also: Here’s How Low Bitcoin Price Can Go? Top Analyst Weighs In

The US Securities and Exchange Commission has hit back at Ripple in its response to the defendant's notice of supplemental authority. 

As reported by U.Today, Ripple cited a recent Binance ruling in its notice to highlight that the SEC's "regulation-by-enforcement" approach is not efficient. Ripple pointed to the lack of regulatory clarity in order to bolster its argument against the agency.

However, the SEC has slammed the attempt to insert the Binance case into the ongoing remedies-related dispute. The agency's Jorge Tenreiro has noted that it is "completely irrelevant" to the current motion. 

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Moreover, the SEC argues that Ripple actually omitted one relevant part from the Binance ruling that rejected the argument that the fair notice doctrine can actually provide a defense to liability. 

In fact, the ruling says that the agency was enforcing a "decades-old federal security statute." Moreover, it did say that the crypto industry had been put on notice by the agency with the 2017 DAO report that predates the vast majority of Ripple's XRP sales. 

John Reed Stark, a former SEC official, argued that the Binance ruling was a "mammoth loss" for the exchange. 

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The SEC has also recalled that Ripple received advice from its counsel about possible legal troubles caused by such sales, meaning that it had an actual notice.

As reported by U.Today, Ripple filed its opposition to the agency's motion for remedies in April, arguing that the civil penalty should not be higher than $10 million. The SEC previously argued that Ripple had to shell out $2 billion.