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7 Signals Bitcoin Is Rocking Outside The United States

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The markets are rallying exuberantly for BTC for a couple of reasons this March.

Institutional investors bought deep after the SEC opened up Wall Street access to Bitcoin price exposure through custodial spot ETFs. That only adds to the scarcity shock with the supply halving coming up next month.

However, many blockchain crypto trading strategists think it is hard to overstate the importance of the ETF approvals by the Securities and Exchange Commission. The new paradigm does not merely allow regulated investors to do so.

It caps off a year of incredibly welcoming and accommodating policies for Bitcoin and cryptocurrencies in United States courtrooms and legislatures. The risk of the U.S. passing onerous regulations has long been an important headwind for Bitcoin prices in the market.

As a result of the SEC approving Bitcoin ETFs, that threat is vastly diminished. Instead, you can now buy some of the base layer blockchain cryptocurrency on Wall Street from the same place you can buy a company share of Coca-Cola or Chevrolet.

But it’s not just a party in the USA for Bitcoin this year. Here are seven signals that Bitcoin is still rocking the world outside the United States in 2024.

1. Kimchi Premium Tops 2-Yr High

The kimchi premium, the amount that Koreans pay above the global average prices for Bitcoin at exchange, rose to a 27-month high of 10.32% on Mar. 6, signaling a surge in demand for BTC from South Koreans.

Crypto traders and saver-investors in South Korea pay higher prices for Bitcoin than most of the world because strict local capital controls create an ongoing shortage of BTC in the East Asian peninsula nation. It’s named the kimchi premium after the signature Korean spicy cabbage dish.

Bitcoin_Kimchi

2. El Salvador Holdings Up 50%

The Latin American nation of El Salvador has profited from its government’s investment in Bitcoin to hold in its national treasury. The Central American nation purchased its 2,380 Bitcoins at an average price of $44,300. Meanwhile, the total investment of $105 million is up over 50% and is worth some $166 million today.

The nation of El Salvador overwhelmingly reelected President Nayib Bukele for another term based on the popularity of his crime-reduction policies and forward-thinking about the world. Bukele took the initiative starting in 2021 to officially adopt Bitcoin as a government-approved legal tender.

3. Nigerians and Venezuelans Save in Bitcoin

The Atlanta, Georgia non-profit Foundation for Economic Education (FEE) recently reported that Nigeria is following Venezuela’s trend of over-indexing on Bitcoin adoption to use the secure, inflation-resistant cryptocurrency as a shelter for their savings from catastrophic hyper-inflation in the Nigerian Naira and Venezeulan Bolívar.

Both nations have economies that rely heavily on crude oil exports. Combined with severe mismanagement of the financial system by the governments in both countries for decades, periods of high inflation in U.S. dollars stoke hyperinflation in these vassals of the global petro-dollar economy. Bitcoin has given people who live there a way to keep their savings from turning into mice and pumpkins after the central banks have a ball with the printing press.

Right-wingers like President Bukele enthusiastically support Bitcoin because it could out-compete the currencies of several left-wing nations like Venezuela and Nigeria. But left-wingers may one day begin to adopt Bitcoin with the moral fervor of their counterparts in order to help people in developing economies find a way to save their money.

4. Japan Investment Funds to Hodl

It looks like Japan is clearing the way to allow private venture capital firms to hold Bitcoin. Japanese Prime Minister Fumio Kishida’s administration agreed in February to submit a bill to the government with the changes added to an earlier version his cabinet had approved.

The text of the bill says that “measures will be taken to add cryptoassets to the list of assets that can be acquired and held by investment limited partnerships.” Kishida’s economic agenda to grow Japan’s GDP includes embracing Web 3.0 technologies and easing some of the nation’s restrictions on cryptocurrencies.

Japan

5. German Regulated Spot Platform Launches

Germany is the largest economy in Europe in terms of gross domestic product. It just got a new regulated spot crypto platform launched by a domestic capital market firm. German bank Deutsche Boerse announced on Mar. 5 that it had launched a government-regulated cryptocurrency exchange for crypto investors.

The German capital market company announced plans for the exchange last year. It received licenses in February from local regulators. German banking giant DZ Bank announced in February that it will launch a crypto trading service in 2024.

A survey in July 2023 found that 50% of Germans view cryptocurrency favorably as a long-term investment. Meanwhile, 22% suspect it could make them rich overnight.

6. Coinbase Moves to France

While Germans celebrate a new exchange with a schnitzel and a Fanta, the French will soon be able to log in to Coinbase to trade crypto. The San Francisco cryptocurrency exchange started off the year with approval from local regulators to operate in France. Like Japan’s Kishida, French President Emmanuel Macron plans to make his country a major crossroads for AI and crypto.

Furthermore, he has promised billions of euros in government subsidies to help fund French projects. According to French data firm Toluna, 10% of French adults own crypto, and 24% say they plan to buy, sell, or trade such assets in the next year.

france_cover

7. VanEck Spot Bitcoin ETF in Australia

U.S. exchange-traded fund (ETF) manager VanEck is moving toward launching a spot Bitcoin ETF for the Australian market. Van Eck Australia chief executive Arian Neiron recently said that his company has received a “significant uptick” in demand for a Bitcoin ETF listed on the Australian Stock Exchange (ASX).

Neiron said in a statement that the company still needs approval from the financial regulator, the Australian Securities and Investments Commission (ASIC).

“There are still a number of hurdles from a regulatory and exchange framework perspective that must be worked through, as well as approval from ASIC before we will see a bitcoin ETF on ASX,” he stated.

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Ethereum Foundation, Whales, and Hackers: What’s Driving the ETH Sell-Off?

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TL;DR

  • Whales, hackers, and the Ethereum Foundation wallets moved over $500M in ETH through large sales and withdrawals.
  • Ethereum transfers rose to 4.6M ETH, nearing the monthly high of 5.2M recorded in July.
  • Staking inflows hit 247,900 ETH, the highest in a month, locking more supply from trading.

Large Withdrawals and Whale Activity

Ethereum (ETH) has seen heavy movement from major wallets over the past few days. On-chain data from Lookonchain shows a newly created wallet pulled 17,591 ETH, worth $81.62 million, from Kraken in just two hours. 

Over three days, two new wallets withdrew a combined 71,025 ETH, valued at $330 million, from the exchange.

One of these wallets, address 0x2A92, has withdrawn 53,434 ETH, worth $242.34 million, in two days. This includes a recent purchase of 30,069 ETH, valued at $138.46 million, during a market drop.

Major ETH Holders Offload Millions Amid Price Rally

In contrast, several separate entities have been disposing of some ETH holdings. A wallet tied to a hacker address 0x17E0 sold 4,958 ETH for $22.13 million at $4,463, securing a profit of $9.75 million. Earlier this year, the same address sold 12,282 ETH at $1,932 and later bought back part of the amount at higher prices.

A different whale sold 20,600 ETH for $96.55 million over the past two days, generating a profit of more than $26 million after holding the position for nine months. 

Meanwhile, an Ethereum Foundation-linked wallet, 0xF39d, sold 6,194 ETH worth $28.36 million in the last three days at an average price of $4,578. 

Recent sales from the same wallet included an additional 1,100 ETH and 1,695 ETH for over $12.7 million combined.

Network Activity on the Rise

CryptoQuant data shows Ethereum’s total tokens transferred have been climbing since August 9. After ranging between 1 million and 3 million ETH through late July and early August, transfers have risen to 4.6 million ETH, approaching the monthly high of 5.2 million recorded in mid-July. This increase has occurred alongside a price rally from about $3,400 to $4,600.

Ethereum (ETH) Tokens Transferred (Total)
Source: CryptoQuant

Interestingly, staking inflows generally stayed between 20,000 and 80,000 ETH per day over the past month. On August 14, inflows jumped to 247,900 ETH, the highest in the period. 

At the time, ETH was trading near $4,600. Large staking deposits reduce the amount of ETH available for immediate trading, as staked coins are locked for a set period.

Ethereum (ETH) Staking Inflow Total
Source: CryptoQuant

In the meantime, ETH trades at $4,647 with a 24-hour volume of $68.25 billion, down 2% on the day but up 19% over the week.

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Massive DOGE Whale Activity Hints at $1 Breakout

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TL;DR

  • Whales bought two billion DOGE this week, lifting their combined holdings to 27.6 billion coins.
  • A single 900M DOGE transfer worth $208M to Binance drew attention to large exchange movements.
  • DOGE broke key resistance, with momentum building for a possible push toward the $1 price mark.

Price and Market Moves

Dogecoin (DOGE) traded at $0.23 at press time, slipping 4% over the past day but still showing a 2% gain for the week. Daily turnover came in at about $6.18 billion. 

Meanwhile, the broader crypto market saw over $1 billion in liquidations. Hotter-than-expected US Producer Price Index data pushed traders to scale back expectations of a near-term Federal Reserve rate cut. DOGE had roughly 290,500 coins liquidated during the sell-off.

On the two-week chart, analyst Trader Tardigrade notes that DOGE has cleared a downward-sloping resistance line after completing what appears to be a “wave V” in an Elliott Wave sequence. Similar setups in the past, where prolonged declines stayed within falling channels before breaking higher, have been followed by sharp rallies.

Momentum gauges are also turning up. The Stochastic RSI, which had dropped into oversold territory, is now heading higher. Previous reversals from this zone have coincided with sustained upward moves. The current formation points to a possible run that could carry DOGE past the $1 mark.

Heavy Whale Buying and Large Transfers

As reported by CryptoPotato, blockchain data shows large investors have added two billion DOGE in the past week, spending just under $500 million. That brings their holdings to about 27.6 billion coins, or 18% of the supply. The buying streak has prompted speculation within the community. 

Recently, Whale Alert flagged a 900 million DOGE transfer worth about $208 million into Binance. The tracking indicates that it originated from a wallet connected to the exchange, likely as an internal activity. The address involved holds 2.88 billion DOGE, one of the largest balances on the network.

Ali Martinez also reports that transactions above $1 million reached a one-month high, with activity building since early August and peaking as DOGE traded at $0.25.

Sentiment Building

Analyst Gordon described the current setup as “a nice bit of consolidation” before a potential breakout, adding, 

“This will be one of the first coins normies FLOCK to & the pump will be MASSIVE.”

With whale accumulation rising, high-value transfers increasing, and a bullish technical pattern in play, DOGE is positioned for a potential push toward $1 if momentum holds.

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Ripple Price Analysis: XRP at Risk as Key Support Levels Could Trigger Sharp Drop

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XRP has recently entered a consolidation phase after a strong rally earlier this summer, with the price action now hovering around key resistance levels on both its USDT and BTC pairs. Yet, while momentum has slowed, the charts still indicate a generally bullish structure, with multiple key support levels remaining firmly in place.

Technical Analysis

By ShayanMarkets

The USDT Pair

On the XRP/USDT daily chart, the price is currently trading near the $3.10 mark, facing a strong resistance zone around $3.40. This follows a breakout above the $2.70 range in July, which has now flipped into a support area.

Both the 100-day and 200-day moving averages are also trending upward and recently formed a bullish crossover around $2.45, reinforcing the medium-term bullish sentiment. If the $3.40 resistance breaks, a push toward the critical $4.00 range becomes likely.

However, the RSI hovering near the neutral 50 level suggests a lack of strong momentum for now, meaning a short-term pullback into the $2.80 support zone is still possible.

This zone will be key for maintaining the bullish structure. Losing it could open the door for a deeper correction toward the 200-day moving average located around the $2.40 mark. Yet, as long as the price stays above the moving averages, the broader trend remains bullish.

The BTC Pair

Looking at the XRP/BTC chart, the pair has recently pulled back after hitting the 3,000 SAT resistance, with the price currently around 2,600 SAT.

This follows a clean breakout above the long-term descending channel and a successful retest of its upper boundary, which coincided with the 200-day moving average and the 2,400 SAT support zone. This confluence remains a key bullish technical factor, as holding above it could attract renewed buying pressure.

That said, RSI levels around 48 show that momentum has cooled after the sharp July rally, meaning XRP may continue ranging between 2,400 SAT and 3,000 SAT in the near term. A decisive close above 3,000 SAT would likely open the path to the 3,400 SAT zone, while losing 2,400 SAT could shift the bias back toward 2,000 SAT support. For now, the structure still favors the bulls as long as higher lows remain intact.

 

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Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.

Cryptocurrency charts by TradingView.

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