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Bitcoin Price Rises Above $43k, Will the Rally Continue as This BTC Mining Token Also Receives Bullish Forecast

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Bitcoin’s (BTC) price has rallied above the $43,000 level in the past few hours, providing some relief to investors after lackluster performance over the weekend.

This move comes amid a backdrop of generally positive sentiment around cryptocurrencies, with most altcoins posting gains.

At the same time, there’s a growing buzz surrounding Bitcoin Minetrix (BTCMTX), an innovative new token that has received optimistic price predictions from crypto experts.

Bulls & Bears Battle for Supremacy as Bitcoin Price Breaches $43,000

At the time of writing, Bitcoin is hovering around $43,100, representing a 6% rise from Monday’s low.

The coin is now at the same valuation as last Thursday, before it pulled back in the following days.

Currently, Bitcoin is trapped in a range between $40,500 and $43,200, with the bulls and bears engaged in a battle for dominance.

The $43,300 level appears to be a crucial resistance zone for BTC, given that it was rejected aggressively last week.

However, the good news for BTC holders is that the coin has breached its 20-day exponential moving average (EMA) on the 4-hour chart.

This breach suggests a potential reversal in the short-term trend, paving the way for further upward momentum in the coming days.

Bitcoin’s growth prospects have been boosted further by the Crypto Fear & Greed Index rising to 73, a sizable jump from yesterday’s score of 65.

Additionally, spot BTC trading volume has surged 35% in the past day – suggesting that crypto traders are becoming more confident in Bitcoin’s potential to post a new intra-year high.

Institutional Giants File ETF Amendments, Boosting Hopes for Early 2024 Launch

Bitcoin’s recent price bounce comes amid a backdrop of positive news that could be fueling renewed demand.

Most notably, prominent asset managers BlackRock, ARK Invest, and WisdomTree are among the latest to file amendments to their proposed spot Bitcoin ETFs with the SEC.

These amendments aim to conform to the SEC’s preferred cash redemption model.

While not their ideal structure, the moves signal these giants are willing to be flexible to gain approval, boosting hopes that a spot BTC ETF could be launched in early 2024.

If approved, these funds are expected to bring a massive inflow of institutional capital, expanding Bitcoin access to the mainstream market.

This prospect of greater institutional demand is a strong bullish signal for Bitcoin, so investors have been scrambling to increase their exposure to the world’s largest cryptocurrency.

Crypto Experts Predict Massive Potential for Bitcoin Minetrix’s Stake-to-Mine Feature

While Bitcoin continues to dominate the headlines, there’s also growing buzz around an innovative project called Bitcoin Minetrix (BTCMTX) that offers a unique way to earn BTC.

Bitcoin Minetrix allows users to stake BTCMTX tokens on Ethereum to earn cloud mining power for Bitcoin without expensive hardware or mining contracts.

This approach solves major pain points limiting access to mining, like a lack of transparency within the cloud mining space.

Furthermore, users have the opportunity to generate up to 111% APY through the staking protocol, offering dual avenues for earning crypto within the Bitcoin Minetrix ecosystem.

Although not yet officially launched, Bitcoin Minetrix is in the middle of a trending presale phase, where it has raised over $5.5 million in early funding.

The presale’s soft cap is set at $15 million, meaning there’s still plenty of time for investors to get involved before the project goes live.

Post-presale, plans are underway for exchange listings to improve liquidity, plus a mobile app and partnerships to expand mining capacity.

These ambitious plans have caught the eye of numerous crypto experts, such as YouTuber No Bs Crypto, who predicted that it could “100x” if the current hype can be sustained.

Fellow YouTuber Connor Kenny also uploaded a video about Bitcoin Minetrix, highlighting its passive income potential.

These bullish forecasts have contributed to the growing excitement surrounding Bitcoin Minetrix – making it one of the most anticipated new projects in the crypto space.

Visit Bitcoin Minetrix Presale

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Cryptocurrency

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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