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Cathie Wood Picks Bitcoin as Next Safe Haven Asset as Traders Back Bitcoin Minetrix ICO

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ARK Invest CEO Cathie Wood has set her sights on Bitcoin as the next viable, safe haven asset for investors.

In a recent chat with ARK Chief Futurist Brett Winton, Wood pointed to Bitcoin’s resilience as one of the key reasons why she believes it can be classed as “digital gold.”

With traders also rushing to back the Bitcoin Minetrix (BTCMTX) ICO, the crypto market could be witnessing a shift in sentiment.

Cathie Wood Hints That BTC Could Be a Safe Haven Asset in Recent Interview

Cathie Wood’s recent appearance on ARK Invest’s “In The Know” YouTube series gave further insight into her perspective on Bitcoin’s potential as a modern-day safe haven asset.

When asked about the growing narrative of Bitcoin as “digital gold” by Brett Winton, Wood pointed to Bitcoin’s historical price appreciation during times of broader market uncertainty.

Specifically, Wood highlighted Bitcoin’s performance during last year’s regional banks crisis, where the coin “shot up 40%” while markets were in turmoil.

As she noted, the ability of Bitcoin to act as a shelter from volatility could give it similar attributes to gold.

However, Wood also acknowledged Bitcoin’s higher volatility relative to traditional asset classes.

Overall, while Wood believes we are now seeing a “substitution into Bitcoin,” she remains cautious about going all-in on the coin.

Regardless, her reference to Bitcoin’s ability to weather market storms provides credibility to the view that it could be a safe-haven asset class for modern investors.

Bitcoin’s History as Potential Shelter from Market Volatility

While Cathie Wood’s recent comments point to a growing acknowledgment of Bitcoin’s potential as a store of value, the narrative of BTC as a safe haven asset has been building for years.

In 2020, researchers highlighted Bitcoin’s similarities to gold, focusing on the coin’s capped supply and its resistance to inflation.

A paper from Klein et al. in 2018 also hinted at Bitcoin’s safe haven status by highlighting the coin’s positive price performance during the stock market crash that accompanied the beginning of the COVID-19 pandemic.

Some crypto analysts have even suggested Bitcoin could be a superior version of gold in the digital era due to its easier transportability and divisibility.

These potential advantages have attracted institutional interest, with firms like AllianceBernstein noting Bitcoin’s strong returns during times of global crisis.

So, while Cathie Wood’s comments this week have brought more attention to Bitcoin’s potential as a safe haven asset, the foundations for this viewpoint have been in place for years.

Bitcoin Minetrix Brings in New Era of Crypto Mining & Raises $10.3m in Presale ICO

As interest in Bitcoin as a digital safe haven asset continues gaining steam, buzz is also building in the cryptocurrency presale space.

Bitcoin Minetrix, a platform offering no-hassle BTC mining rewards through a “Stake-to-Mine” model, has gained massive traction since the start of the project’s ICO.

Having already raised over $10.3 million from early backers, Bitcoin Minetrix seems poised to capitalize on the growth in the crypto-mining sector.

By allowing users to stake their BTCMTX tokens to earn Bitcoin without direct mining experience, Bitcoin Minetrix allows anyone to earn BTC rewards – regardless of their financial resources.

This aligns with the broader trend of simplifying crypto investing for mainstream audiences since the launch of spot Bitcoin ETFs in January.

As such, several prominent YouTubers have begun highlighting Bitcoin Minetrix in their videos, discussing the project in glowing terms.

For example, Connor Kenny released a video to his 178,000 subscribers discussing the project’s Stake-to-Mine feature and how it “mines BTC for you.”

Fellow YouTuber ClayBro also mentioned Bitcoin Minetrix in a recent video upload, stating it could be the “easiest way to mine Bitcoin.”

While volatility is likely to remain present in 2024, those searching for streamlined crypto-mining opportunities may find promise in Bitcoin Minetrix’s early success.

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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