Author: Maria
Ethereum remains under pressure at press time, looking at the formation in the daily chart. In summary, ETH is stable on the last day but down 9% in the last week of trading. Of note, there has been a drastic drop in trading volume over the past few days. Overall, traders are upbeat, expecting prices to turn around and rip higher, clearing immediate local resistances. Even as this develops, on-chain data points to other developments that leverage traders should closely monitor. Over 40,000 ETH Moved From Derivatives Exchanges According to one analyst, citing CryptoQuant data, there have been more outflows…
While numerous cryptocurrencies are experiencing significant downturns due to broader market volatility, the Ethereum (ETH) network is experiencing a substantial growth surge, hitting its highest levels in four months. This notable uptick has sparked speculations about the possibility of a subsequent price increase. Ethereum Network Sees Explosive Growth In an X (formerly Twitter) post on September 9, Santiment, a market intelligence platform, unveiled a recent positive change in the Ethereum network. According to data from Sanbase Pro, the Ethereum network has experienced a notable increase in its growth levels, signaling renewed activity and potential bullish momentum for the cryptocurrency. Sharing…
The Tokyo Electric Power Company is evaluating its entry into the Bitcoin mining space through its wholly-owned subsidiary, Agile Energy X. The primary idea here is to make use of excessive renewable energy which goes to utter waste. Making the most out of this waste, TEPCO is looking to develop a better energy ecosystem while creating contributions in the evolving green energy debate in the cryptocurrency market. Utilizing Waste Energy While the concept of landfilled energy for mining Bitcoin is not new in its entirety, TEPCO’s effort is singular in Japan. Kenji Tateiwa, president of Agile Energy X, believes their…
Three years ago, on September 7, 2021, the country of El Salvador shocked the world when its president, Nayib Bukele, announced that the country would be adopting Bitcoin as legal tender. Not only that, the county also began buying BTC to add to its reserves, growing that stash over the years. Now that the country is three years into its BTC bet, let’s take a look at how it’s going so far and if this investment was a wise decision in the long run. El Salvador’s Bitcoin Holdings The very first Bitcoin purchase by El Salvador, according to President Nayib…
Mainstream Bitcoin ETFs are having a bad time lately, as $706 million of outflows were recorded. This makes it one of the largest sets of withdrawals since May, showing growing unease among investors. This has been driven by the fall in BTC price to its lowest since early August. The sentiment among investors is also changing drastically amidst uncertainty that pervades the market. Markets attribute this change in fortunes to seasonal trends and speculation of US rate cuts. Huge Net Outflows In the most recent data available, which is from September 6, net outflows from 12 spot Bitcoin ETFs hit…
The price of Bitcoin started the year on a strong momentum, which was further buoyed by the launch of spot ETFs (exchange-traded funds) in January. The premier cryptocurrency capitalized on its introduction to a new batch of investors, forging a new all-time high of $73,737 in mid-March. However, Bitcoin has since slowed down in the past few months, with several investors and crypto enthusiasts wondering if the bull cycle is over. The latest commentary has come from a blockchain firm that has put forward something of a timeline for the flagship cryptocurrency’s bull run. Bitcoin Price Down By 12% From…
According to data from CoinMarketCap, Bitcoin (BTC) has experienced a rocky start to September declining by 8.16% in the past seven days. While the crypto market leader has shown some signs of recovery in the last day, there is still much uncertainty surrounding the BTC market. Commenting on Bitcoin’s potential next movement, popular analyst Ali Martinez has sounded out a stark warning to investors. Related Reading: Bitcoin Outperforms Ethereum By 44% Since The Merge — Here Are The Key Factors Bitcoin Must Avoid Fall To $51,600 – Analyst In an X post on Saturday, Ali Martinez issued a red market…
Bitcoin is currently facing a critical test, having retraced over 19% from local highs and holding above a key demand level around $54,000 that supports the market structure. This level represents the last line of defense for BTC, and if it breaks, a deeper correction could be in play. Analysts and investors are actively sharing their insights, with many looking at market data to assess Bitcoin’s next move. CryptoQuant CEO, Ki Young Ju, recently shared crucial data that sheds light on the current situation. His analysis highlights on-chain metrics that provide a clearer understanding of why Bitcoin is struggling to…
With the US economy slowing down, many are looking at Bitcoin as the next big safe haven, much like gold did during the 1930s. And with the continued downturn in US economic data, many have been speculating on how cryptocurrencies, especially Bitcoin, would react to this perfect storm brewing. Popular analyst Michaël van de Poppe says Bitcoin could very well follow the trajectory of the historic rise of gold during the Great Depression. As views on US debt, inflation, and rising interest rates pile up, Bitcoin is increasingly touted as a hedge against economic uncertainty. Van de Poppe is among…
Bitcoin fell below $54,000 on September 6, 2024, after cruising earlier in the day to $57,000 following the US nonfarm payrolls. The report showed that the economy added only 142,000 jobs in August, which was much below expectations and threw the crypto market into volatility. The abrupt U-turn drove the crypto ecology into a tailspin. After striking a low of $53,780, Bitcoin lost roughly 4% in the past 24 hours and traded for $54,101. Following the dismal job count, there was conjecture on Federal Reserve interest rate cuts; estimates of a 70% probability of a 25 basis-point drop at the…