Cryptocurrency
Miners send millions to exchanges — 5 things to know in Bitcoin this week
Bitcoin (BTC) starts the first week of July with a sigh of relief for traders as $30,000 support holds.
BTC price action refuses to succumb to bears after 20% gains in Q2, with weekly and monthly timeframes looking strong. What’s next?
A quiet week is expected on TradFi markets, with Wall Street gearing up for the Independence Day holiday and little in store in terms of United States macroeconomic data.
Bitcoin thus needs volatility triggers from elsewhere if bulls are to have a shot at breaching resistance in place for several months.
Views among market participants are mixed on that topic — some believe that $32,000 and higher is easily achievable, while others consider this month as the peak of Bitcoin’s 2023 recovery.
Cointelegraph takes a look at some of the major factors set to influence BTC price performance in the coming days and weeks.
Short-term BTC price upside calls extend to $40,000
Bitcoin’s weekly close was convenient for bulls, offering only modest volatility, with BTC/USD continuing higher overnight.
The new week thus saw a visit to $30,850 on Bitstamp, per data from Cointelegraph Markets Pro and TradingView — the latest attempt to act closer to the $31,000 mark and the yearly highs.
Fuel for a trend change nonetheless remains absent, leading more optimistic traders to wait and see when it comes to upside continuation.
“My Bitcoin plan remains the same,” popular trader Jelle summarized to Twitter followers in part of his latest analysis.
“Market structure is bullish, we’ve reclaimed the 200-week EMA. Once we the $32k resistance area, I expect the bull market kicks off. Until then, we trade the range and buy deeper pullbacks.”
Jelle referred to the 200-week exponential moving average (EMA), which together with its counterpart simple moving average (SMA) continue to act as market support after a brief challenge in June.
An accompanying chart showed the first major upside target as the current all-time high at $69,000.
Fellow trader Crypto Ed hoped for a push toward $36,000 and even $40,000, while considering the likelihood of a retracement to $28,000 — already a popular dip-buying zone — first.
Market structure, he said, remained “good” despite last-minute volatility into the end of the month, with BTC/USD wicking to $29,500.
# BTC following my plan for $36+40k so far….
Nice reactions Friday on red and green box.In my next YT update I’ll explain what I expect from here. 1 more ABC down towards 28k, or up only?
Should be online around 10am CET. pic.twitter.com/Xu13Ra0mP5
— Ed_NL (@Crypto_Ed_NL) July 3, 2023
On-chain monitoring resource Material Indicators meanwhile noted Bitcoin whales’ role in maintaining the BTC price range.
#FireCharts shows Purple Whales have been buying dips and distributing through the range, and Brown Mega Whales buying into liquidity at resistance to elevate the range.
Historically, Purple Whales have had the most influence over #Bitcoin PA.
Use Promo Code MIJ4TH for 25%… pic.twitter.com/QE1UDypKHZ
— Material Indicators (@MI_Algos) July 3, 2023
“No question BTC whales have been distributing in the $30k range, but they’ve also been buying the dips which have helped keep BTC in this range,” part of further analysis added.
As Cointelegraph reported, July has never seen more than 10% losses for BTC price, but this is not stopping one popular trader, CryptoBullet, forecasting an end to bullish moves this month.
Predicting the area around $36,000 as the local top, CryptoBullet predicts that downside — including giving up the key moving averages — will come next.
“I’m not saying we’ll dip to 20k this or next month. Imo it will happen in Q4,” he wrote in subsequent Twitter comments on his original prediction.
Banks in focus over bond-buying losses
The macroeconomic climate looks set to be mercifully calm this week as the U.S. centers on the July 4 Independence Day holiday.
Little macroeconomic data is due, and barring curveball events, crypto should receive little volatility from sources such as changing inflation expectations.
Those expectations remain anchored in interest rate hikes returning later this month, however, when the Federal Reserve meets to decide on future policy.
As of July 3, data from CME Group’s FedWatch Tool puts the odds of a 0.25% hike at nearly 90%. The decision is due in three weeks’ time.
“Every week feels pivotal as Fed rate expectations shift rapidly. Meanwhile, stocks are pushing 52-week highs and trading has been great,” financial commentary resource The Kobeissi Letter summarized about the mood, calling the coming week “short but important.”
Elsewhere, increasing attention is being paid to the U.S. banking sector.
Regional banks continue to struggle, as evidenced by the performance of the KBW Regional Banking Index (KRX).
Is this the most important chart today ?
⚠️The Regional US Bank Index⚠️
Fallen by two-thirds and yet it can’t find a bid
Shorted by all, and yet it can’t catch a bid…
The 2008 monologue says the Fat Lady sings when this retraces 50% of its losses, $105 – $110, and yet it… pic.twitter.com/ATeuxuasFG
— Hugh Hendry Eclectica (@hendry_hugh) July 1, 2023
Even Bank of America (BoA) is on the radar for its loss-making bond purchases, a problem likewise faced by Germany’s central bank.
“These incredible headlines don’t get enough attention,” angel investor Balaji Srivinsan argued about a Financial Times piece on the Bundesbank’s predicament.
“The central bank of the fourth largest economy in the world may need a bailout because it bought bonds. This isn’t a tech crisis or even a banking crisis. It’s a bond crisis, a central bank crisis, a fiat crisis.”
Kobeissi meanwhile warned that the U.S. bank implosions which sparked the March Bitcoin bull run shared key similarities to the current situation with BoA.
New FDIC data shows Bank of America, $BAC, faces $100+ BILLION in bond market paper losses.$BAC claims it’s not an issue as they don’t plan to sell.
Sound familiar? That’s because it is.
Both Silicon Valley Bank and First Republic collapsed for this reason.
(a thread)
1/12
— The Kobeissi Letter (@KobeissiLetter) July 2, 2023
Bitcoin miners challenge record exchange transfers
Bitcoin miners have underscored the significance of BTC price action passing and holding $30,000 — but perhaps not in the way bulls would like.
Data from on-chain analytics firm Glassnode reveals a huge increase in the amount of coins miners are sending to exchanges.
This even surpassed levels from April 2021, when BTC/USD hit $58,000 in the first of the year’s new all-time highs.
“Following the ascension in spot price above the psychologically key $30K level, Bitcoin Miners have continued to send large clips of BTC to exchanges,” Glassnode commented.
“Currently, Miners are sending $105M to exchanges, the second largest USD denominated transfer on record.”
Miner balances, however, maintain a slow overall uptrend in place since the start of 2023. On Jan 1, Glassnode data shows, the balance tally stood at 1,824,377 BTC, compared to 1,827,916 BTC on July 2.
Despite the sales, there is little evidence to suggest that BTC miners are experiencing difficulties. Hash rate currently remains near all-time highs, while network difficulty is just 3.26% below its own record levels seen last month.
BTC hodlers in profit refusing to sell
A more inspiring picture comes from the stalwart Bitcoin investor cohorts refusing to sell no matter the price.
Even within the context of this year’s gains, Bitcoin hodlers are staying firm in their resolve not to take profit en masse.
This is now being reflected in the amount of the BTC supply deemed “illiquid,” or out of reach in the event that strong buying pressure returns.
Glassnode’s Illiquid Supply Change metric is “extremely elevated,” currently at levels not seen at any time except during the pit of the 2022 bear market. While prices have increased, so has hodler conviction.
The #Bitcoin Illiquid Supply Change remains extremely elevated near cycle highs as HODLing remains prominent.
Currently, coins are flowing into illiquid wallets with little to no history of spending at a rate of +194.5K BTC per month.
https://t.co/uPfaksndNc pic.twitter.com/RRijcPWLCE
— glassnode (@glassnode) June 28, 2023
On paper, hodlers have every reason to take profit at $30,000. Glassnode’s Long-Term Holder Market Value to Realized Value (LTH-MVRV) metric, which charts profitability of coins held for 155 days or more, currently shows that the average LTH entity is 47% in profit on their position.
Sentiment reflects investor indecisiveness
Lastly, the jittery nature of the average crypto market participant remains firmly on display in sentiment data.
Related: Bitcoin speculators send 35K BTC to exchanges in new ‘elation inflow’
The Crypto Fear & Greed Index continues to highlight just how malleable sentiment is depending on how Bitcoin treats the $30,000 mark.
It is not only BTC/USD which is facing a key resistance/support flipping task — Ether (ETH), too, has its work cut out to reclaim $2,000.
As such, Fear & Greed continues to bounce around between the mid-50s — “neutral” — and mid-60s, or “greed.”
Current 2023 highs for the Index are at 69/100, with levels at Bitcoin’s 2021 all-time highs of $69,000 only around 10% higher.
Magazine: How smart people invest in dumb memecoins: 3-point plan for success
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
Cryptocurrency
Burgers and Bitcoin: Donald Trump Demonstrates Support for BTC at NYC Bar
The presidential candidate reiterated his support for digital assets on Sept. 18 by treating his supporters to burgers at a New York bar and paying with BTC.
Trump entered a crypto-themed venue called PubKey in Greenwich Village where he was met with applause from Bitcoiners and supporters.
“Who wants a burger?” he asked before spending almost a thousand dollars on burgers for those in the bar, reported Bloomberg.
Burgers and Bitcoin
Co-founder of PubKey, Drew Armstrong, said that Trump paid for the food using the Strike payments app which is built on the Lightning Network, and the venue received the BTC using the Zaprite app.
In the room where it happens. pic.twitter.com/vlNOWtB1fU
— PUBKEY (@PubKey_NYC) September 18, 2024
The Republican presidential candidate has been appealing to crypto holders and investors, which comprise a considerable vote-base in the United States. “Bitcoin is really happening,” he said at PubKey.
Another co-founder of PubKey, Thomas Pacchia, said Trump’s presence at the venue was “huge, iconic,” and influential for BTC, adding “A former president, a potential future president, this is a real coming of age for the Bitcoin community.”
He added that the transaction was the first time a former US president has used Bitcoin to purchase goods or services. Nevertheless, Democrat supporters outside the venue blasted Taylor Swift songs in protest.
NEW: Donald Trump buys burgers as his first Bitcoin purchase at a crypto-currency-themed bar in New York City before handing them out.
Trump paid for food at the crypto-themed Pubkey bar for the entire restaurant.
The campaign stop comes before Trump is set to hold a… pic.twitter.com/0oAFSHgZCB
— Collin Rugg (@CollinRugg) September 18, 2024
Trump was on his way to a rally in Long Island, where he said he was serious about winning the state of his birth, which has voted Democrat in every presidential election since 1984.
As the election in early November nears, it is expected that Donald Trump will further emphasize his support for Bitcoin and the crypto industry to counter his Democrat rival, Kamala Harris, who has said very little on the subject.
Harris Edges Ahead
The Trump-themed memecoin MAGA (TRUMP) jumped 6.5% over the past 12 hours to reach $2.13 at the time of writing. However, the asset has been battered over the past seven days, dropping 25% since the same time last week.
Additionally, Trump officially launched his long-anticipated DeFi project, World Liberty Financial (WLF), through a live X Space event on Sept. 17.
National polls from FiveThirtyEight currently have Harris leading Trump by 48.5% to 45.2%. Moreover, Polymarket also has the Democrat candidate ahead.
Kamala Harris’ lead in the odds is up to 4%. pic.twitter.com/jtsbENKpeZ
— Polymarket (@Polymarket) September 18, 2024
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Cryptocurrency
CertiK Ventures Announces $45 Million Investment Plan, Including Free Access to Community Security Tools
[PRESS RELEASE – New York, US, September 19th, 2024]
On September 19, 2024, leading Web3 security firm CertiK, CertiK Ventures, OKX Ventures, and OKX Wallet hosted the “New Round, New Path” event during Token2049. During this event, CertiK announced a comprehensive upgrade of its products and services, which cover the entire life cycles of Web3 projects. Additionally, CertiK announced the launch of its free community security tools, including Token Scan and Wallet Scan, to support the evolving community. CertiK’s highly anticipated CertiK Ventures will invest $45 million in these endeavors to support high-potential, burgeoning Web3 projects.
CertiK is a first mover in Web3 security with a valuation of $2 billion, making it the highest-valued Web3 security company to date. Its investors include prominent institutions such as Insight Partners, Sequoia Capital, Tiger Global, and Goldman Sachs. CertiK’s core services include auditing, security scoring, compliance and anti-money laundering (AML), KYC, penetration testing, and incident response. To date, CertiK has provided security services to more than 4,700 projects across 150 countries, including renowned Web3 companies such as Ton, Ripple, Aptos, and Binance. The official launch of CertiK Ventures during Token2049 completes CertiK’s full-chain security solution, enabling its upgraded product suite to support projects from their early stages to becoming major industry players.
In addition, CertiK has introduced a range of free security tools, starting with Token Scan and Wallet Scan, to help users safeguard their assets. CertiK developed these tools based on extensive experience in conducting more than 70 white-hat operations, reporting more than 4,000 security incidents, discovering 115,000 code vulnerabilities, and protecting approximately $360 billion in assets. These free tools are designed to offer substantial support and empowerment to the community.
CertiK’s latest initiatives are not just product and service upgrades; they represent empowerment of and dedication toward Web3 security. With the announcement of its $45 million investment plan, CertiK Ventures will help drive the development of high-potential projects, accelerating the integration of innovation and security within the Web3 ecosystem.
Website | Company Twitter | Community Twitter | CertiK Alert | Telegram
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Cryptocurrency
Net Outflows for Bitcoin, Ethereum ETFs on Fed Rate-Cut Day
In the days ahead of the highly anticipated US FOMC meeting, when the central bank was expected to lower the interest rates, local investors were on a shopping spree for spot Bitcoin ETFs.
However, that changed when the day arrived.
Bitcoin ETF Outflows
CryptoPotato reported yesterday the impressive streak for the four trading days leading to the FOMC meeting. As mentioned, just over $500 million in net inflows entered the 11 spot Bitcoin ETFs from September 12 to September 17.
However, the landscape was different yesterday. Even though the Federal Reserve reduced the key interest rates by 50 basis points, while the general expectations were for a more modest 0.25% cut, the financial vehicles saw $52.7 million in net outflows on the day.
Ark Invest’s ARKB led the adverse trend with $43.4 million in net withdrawals. Grayscale’s initial and largest fund (GBTC) was next with $8.1 million, and BITB trailed behind with $3.9 million. The rest saw little to no actual flows, while Grayscale’s smaller and newer fund, BTC, notched $2.7 million in inflows.
BlackRock’s IBIT remains the largest of the bunch, with almost $21 billion in AUM. However, there has been only one day of positive flow for the past three weeks.
In contrast, Fidelity’s FBTC enjoyed a favorable streak of seven consecutive days of net inflows before yesterday’s lack of action.
Consistency for Ethereum ETFs
While the spot Bitcoin ETFs saw more than $500 million in net inflows in the days leading to the Fed’s policy pivot, the Ethereum counterparts didn’t have the same luxury. The withdrawals stood at $15.1 million on Tuesday and $9.4 million on Monday.
Their situation didn’t improve much yesterday when investors pulled out $9.8 million overall from the ETH-based products. Grayscale’s ETHE was at the forefront once again, seeing $14.7 million in net outflows.
The only silver lining came from BlackRock’s EHTA, which notched $4.9 million in net inflows. ETHA is the only new financial vehicle tracking the performance of Ethereum that has surpassed the coveted $1 billion milestone since its inception a couple of months back.
Despite the negative days for the Bitcoin and Ethereum ETFs, the underlying assets’ prices skyrocketed to multi-week peaks. BTC neared $63,000 earlier today, while ETH came close to $2,450.
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