Connect with us
  • tg

Cryptocurrency

Spot Ethereum ETFs Approved, Massive BTC, ETH Volatility, Major CEO Steps Down: This Week’s Crypto Recap

letizo News

Published

on

It was another eventful week in the cryptocurrency markets, with Ethereum going under the spotlight this time. Let’s unpack.

Last weekend went very quietly, with little to no real action in terms of news and price movements. However, everything changed on Monday evening when Bloomberg’s ETF experts raised their prediction rate for the SEC approving spot Ethereum ETFs this week to 75% from 25%.

This caused immediate shock in the markets, as ETH exploded by over 20% from $3,100 to a multi-week peak of $3,800. The rally kept going in the following days for the second-largest cryptocurrency, which exceeded $3,930 at one point as speculations arose about whether it would be able to break the $4,000 barrier.

Bitcoin also followed suit on the way up and skyrocketed from $67,000 to a six-week high of its own at almost $72,000 on Monday evening. However, both assets failed to maintain their run at the end of the week, even though the big news from yesterday was that the Securities and Exchange Commission had indeed approved eight spot Ethereum ETFs to go live for trading in the US at some point.

Both BTC and ETH dropped by more than 4% just hours before the ETFs were greenlighted, faced tons of volatility after that, and failed to recover most losses. In fact, ETH has performed worse than BTC on a 24-hour scale and sits at $3,700 now, while bitcoin is above $68,000.

Still, ETH is among the top performers in the past week, having surged by 18%. Other big gainers from this week include BONK (43% up) and PEPE, which charted a few consecutive all-time highs.

Market Data

Market Cap: $2.676T | 24H Vol: $133B | BTC Dominance: 50.2%

BTC: $68,191 (+1.47%) | ETH: $3,671 (+18%) | BNB: $596 (+2.5%)

This Week’s Crypto Headlines You Can’t Miss

SEC Approves Spot Ethereum ETFs for Public Trading. As mentioned above, the biggest news this week in the entire industry came from the US securities regulator. Despite previous dabbling with whether ETH is a security or not, the SEC greenlighted eight spot Ethereum ETFs, perhaps due to political pressure.

8-Day Winning Streak: Spot Bitcoin ETFs See Strong Inflows. The ETF front has been quite strong in the past several days as the spot BTC products recorded an impressive streak that now stretches to nine consecutive days of positive inflows.

Bitcoin Pizza Day: A Delicious Slice of Crypto History Turns 14. May 22 will forever remain in the Bitcoin history books as the Pizza Day. On this day, 14 years ago, Laszlo Hanyecz made one of the first transactions involving paying with BTC and purchasing two Papa John’s pizzas for 10,000 BTC, and we celebrated this massive achievement earlier this week.

Solana ETFs to See More Demand Than Other Altcoin Funds: Bloomberg Analyst. Following the launch of spot Bitcoin ETFs and the approval of Ethereum-based products, experts have now started to speculate which will be the next crypto asset in line. According to Bloomberg’s James Seyffart, Solana ETFs could follow suit, but there’s a lot of controversy on that front.

Grayscale CEO Michael Sonnenshein Steps Down. Another big piece of news from this week came from the company behind the world’s largest Bitcoin ETF – Grayscale. Michael Sonnenshein, who spent 10 years at the asset manager, decided to step down from his last job as CEO. The person who will be replacing him comes from Goldman Sachs.

Bitcoin Network Sees Lowest New Addresses Created Since 2018. Despite all the positive news around Bitcoin, not everything is going its way. The new addresses count has declined substantially in the past few weeks and recorded their lowest levels since the bear market in 2018.

Charts

This week, we have a chart analysis of Ethereum, Ripple, Cardano, Shiba Inu, and Polkadot – click here for the complete price analysis.

SPECIAL OFFER (Sponsored)
Binance Free $600 (CryptoPotato Exclusive): Use this link to register a new account and receive $600 exclusive welcome offer on Binance (full details).

LIMITED OFFER 2024 at BYDFi Exchange: Up to $2,888 welcome reward, use this link to register and open a 100 USDT-M position for free!

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.

Cryptocurrency

BTC Tanks to $61K as Long-Awaited Mt. Gox Repayments to Begin in July

letizo News

Published

on

On June 24, the Mt. Gox rehabilitation trustee issued a letter regarding repayments to creditors commencing at the beginning of July 2024.

“The Rehabilitation Trustee has been preparing to make repayments in Bitcoin and Bitcoin Cash under the Rehabilitation Plan,” it stated.

The move comes after extensive preparations to ensure safe and compliant repayments, it added.

Mt. Gox Repayments

Additionally, the process involved technical safeguards, adherence to various countries’ financial regulations, and discussions with cryptocurrency exchanges, according to the letter.

Repayments will be made through trading platforms, starting with those that have completed the necessary information exchange and confirmation process with the Trustee. Creditors were advised to wait patiently as the repayments in BTC and BCH were processed.

Mt. Gox became insolvent after a hack that led to the theft of 850,000 BTC, valued at $460 million at the time of the incident in 2014.

Some of the larger creditors of the bankrupt crypto exchange chose a payment option that would allow them to receive a lump sum of their recovery payout in BTC rather than fiat.

Additionally, on-chain analysts identified several large BTC movements associated with Mt. Gox in late May. They cautioned that this could put selling pressure on Bitcoin markets.

This latest news has already sparked concern over large amounts of Bitcoin entering markets that have already turned bearish.

Bitcoin pioneer Kyle Chassé echoed the concern, exclaiming, “F*cking $9 billion worth of Bitcoin repayments.”

Analyst Don Alt advised caution when trading with further losses expected.

“Gonna be interesting to see how price reacts to the Mt. Gox announcement. Bulls need to show significant strength to reverse this slow bleed. If they can’t, the bottom of the range may just fall out.”

Impact on BTC

In addition to this sell-side pressure, Bitcoin miners have been offloading the asset. Miners sold over 30,000 BTC worth around $2 billion in June, “the highest amount this year, dropping reserves to a 14-year low,” said analyst ‘Carl B Menger.’

“BTC is now approaching the critical level where many will give up this cycle,” said analyst ‘Titan of Crypto’ in a post on X on June 24.

Bitcoin prices dumped to $61,000 on the news, accelerating losses over the past 24 hours, which are now 4.6%.

SPECIAL OFFER (Sponsored)
Binance Free $600 (CryptoPotato Exclusive): Use this link to register a new account and receive $600 exclusive welcome offer on Binance (full details).

LIMITED OFFER 2024 at BYDFi Exchange: Up to $2,888 welcome reward, use this link to register and open a 100 USDT-M position for free!

Continue Reading

Cryptocurrency

Ethereum Price Analysis: Is $3K Imminent for ETH Following 5% Daily Dump

letizo News

Published

on

The Ethereum price has been dropping since getting rejected from the $4,000 resistance level. In the past 24 hours, the selling intensified and the bears are seemingly targeting the important resistance level at $3,000.

Technical Analysis

By TradingRage

The Daily Chart

The daily chart shows that the price has dropped below the $3,600 level and is rapidly approaching the $3,000 support zone. The 200-day moving average is also around the $3,000 mark, further boosting the importance of this level.

The Relative Strength Index has dropped below 50%, indicating that the momentum has shifted bearish. If the $3,000 level breaks down, things can get ugly for ETH, as a further drop toward $2,800 and even the $2,200 zone could be expected.

eth_price_chart_2406241
Source: TradingView

The 4-Hour Chart

Looking at the 4-hour timeframe, the price has been making lower highs and lows since the rejection from the $4,000 resistance level.

At the moment, the cryptocurrency is approaching a long-term bullish trendline. A break below it would probably result in a bearish phase in the coming weeks.

Yet, the RSI has dropped below %30, making ETH oversold on the 4-hour chart. Therefore, a rebound from the trendline or the $3,000 level is still possible.

eth_price_chart_2406242
Source: TradingView

Sentiment Analysis

By TradingRage

Funding Rates

While the Ethereum price has been trending down after failing to break above the $4,000 level and rally toward its all-time high, the futures market sentiment is weakening.

This chart presents the Ethereum funding rate metric. It measures whether the buyers or the sellers are more aggressively executing their orders. Positive funding rates indicate bullish sentiment, while negative ones are associated with bearish sentiment.

Currently, the funding rates are declining as the price is trending down. While this shows the sentiment is gradually shifting, it might not be bad for the price. This is because of the probability of a long liquidation cascade, or the magnitude of a possible one, as the futures market is cooling down.

eth_funding_rate_chart_2404241
Source: CryptoQuant
SPECIAL OFFER (Sponsored)
Binance Free $600 (CryptoPotato Exclusive): Use this link to register a new account and receive $600 exclusive welcome offer on Binance (full details).

LIMITED OFFER 2024 at BYDFi Exchange: Up to $2,888 welcome reward, use this link to register and open a 100 USDT-M position for free!

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.

Continue Reading

Cryptocurrency

BTC Price Analysis: Here’s the First Critical Support if Bitcoin Drops Below $60K

letizo News

Published

on

Bitcoin’s price has dropped rapidly over the last few days after failing to keep above the $70K level. The market is currently approaching a fundamental level.

Bitcoin Price Analysis: Technicals

By TradingRage

The Daily Chart

As the daily timeframe demonstrates, the BTC price has been trending downward since the beginning of June following a rejection from the $72K zone. The price is approaching the pivotal $60K support level.

With the 200-day moving average around the $58K mark, a break below $60K could lead to a retest of the moving average. Overall, the market’s mid-term fate relies on the price’s reaction to these support elements.

btc_price_chart_2406241
Source: TradingView

The 4-Hour Chart

On the 4-hour chart, the large falling wedge pattern has finally been broken to the downside, and the price is aggressively approaching the $60K support zone. The Relative Strength Index has also declined rapidly and is showing values below 30% at the moment.

Therefore, BTC is currently oversold on the 4-hour timeframe, and a short-term rebound or consolidation at the $60K level is probable.

Yet, if the market breaks lower, the $58K support zone would be the next potential target.

btc_price_chart_2406242
Source: TradingView

On-Chain Analysis

By TradingRage

Bitcoin Short-Term Holder SOPR

While Bitcoin’s price has decreased recently, many market participants are seeing their unrealized profits shrink. Meanwhile, some holders have realized their profits and exited the market before going into a loss.

This chart presents the Bitcoin Short-Term Holder SOPR, demonstrating the profit and loss ratio. Values above one indicate that investors are selling at a profit, while values below one point to losses.

The STH SOPR is trending down, as is the BTC price. The short-term holders are on the verge of realizing losses, which would happen if the market drops below $60K.

Yet, this also occurs at the lows during a bull market. So, if we consider the bull market not over yet, the low could be very close.

btc_short_term_sopr_chart_2406241
Source: CryptoQuant
SPECIAL OFFER (Sponsored)
Binance Free $600 (CryptoPotato Exclusive): Use this link to register a new account and receive $600 exclusive welcome offer on Binance (full details).

LIMITED OFFER 2024 at BYDFi Exchange: Up to $2,888 welcome reward, use this link to register and open a 100 USDT-M position for free!

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.

Continue Reading

Trending

©2021-2024 Letizo All Rights Reserved