Home Blog Page 1120

Donald Trump Meets with Coinbase CEO, Sets Sight on Bakkt Acquisition

Elendu Benedict
-
0
Donald Trump Meets with Coinbase CEO, Sets Sight on Bakkt Acquisition

Pro-Bitcoin US president-elect Donald Trump has made headlines again after taking center stage in major crypto-related moves on Monday.

Trump was involved in two pro-crypto events on Monday as he continues to show his support for the nascent sector following his election victory. Notably, his firm recently acquired a crypto platform while he met with a key industry leader, sparking speculations of another pro-crypto cabinet member.

Trump Media Acquires Bakkt Exchange

The Trump Media and Technology Group (TMTG) is reportedly in advanced talks to acquire Bakkt, a trading exchange owned by Intercontinental Exchange. The Financial Times disclosed the contact between the two firms on Monday, citing people familiar with the matter.

TMTG’s supposed acquisition had a massive impact on Bakkt’s shares, which soared over 160% on Monday. At the time of this report, BKKT is still enjoying a flourishing market outing, up 13% in the past 24 hours to trade at $33.56.

Meanwhile, the deal came despite TMTG’s lack of financial buoyancy. For context, Truth Media reported a net loss of $363 million in the third quarter and a revenue of just $2.6 million year-to-date.

On the other hand, the Intercontinental Exchange-owned Bakkt records a total revenue of $328.4 million and an operating loss of $27.4 million. Notably, Bakkt shares the same parent company as the New York Stock Exchange (NYSE) and has had its financial woes too.

Meanwhile, reasons for the possible purchase remain undisclosed at press time. However, it is said to be related to the World Liberty Financial, but this remains unconfirmed.

Trump in Discussion with Coinbase CEO

Notably, the acquisition news also followed reports that Trump met with Coinbase’s CEO, Brian Armstrong. A report from the Wall Street Journal, citing people familiar with the development, confirmed the meeting, which was their first since the decisive November 5 election win.

WSJ noted that the duo allegedly discussed matters related to administrative appointments. Notably, Trump has been busy with his cabinet appointments, with Elon Musk and Robert F. Kennedy filling roles in the new administration.

Furthermore, Trump’s proposal to set up a crypto presidential advisory council would be part of the president’s discussions with Armstrong. The report stated that Trump may be tapping the Coinbase CEO to fill the role amid his vast involvement in the crypto industry.

Bitcoin Euphoria at Peak, 99.3% of UTXOs in Profit—But Shorting BTC Now Could Be Dangerous: Analysis

Albert Brown
-
0

CryptoQuant CEO Ki Young Ju warns that the current Bitcoin euphoric phase began two weeks ago, making shorting now a risky bet.

Bitcoin surged near $94,000 last Wednesday, marking a historic peak for the leading crypto. This milestone fueled speculation about a potential short-term pause in its rally, with market watchers closely monitoring its next move toward the $100,000 mark. 

However, the days following this high were marked by volatility as Bitcoin repeatedly dipped below $87,000. Meanwhile, Bitcoin has stabilized above $90,000. Analysts believe the bull run is still ongoing, with crypto trading slightly around $92,000 at press time. 

Euphoria Signals a Critical Phase

As noted by Ki Young Ju, CEO of CryptoQuant, the recent rally coincided with heightened euphoria. According to Young Ju’s data, 99.3% of Bitcoin’s Unspent Transaction Outputs (UTXOs) are currently in profit, a metric historically associated with euphoric bull market phases. 

These levels often align with major price rallies, including previous 2013, 2017, and 2021 peaks. His analysis suggests that such euphoric phases can last three to twelve months, barring anomalies like the November 2021 bull trap. 

However, according to the CryptoQuant CEO, the current euphoric phase began two weeks ago. He suggested that shorting Bitcoin now could be a risky endeavor—either trying to catch the top of the market or betting against the rally at the bottom of a parabolic bull run.

 

Liquidation Levels and Halving Patterns

Further analysis by Daan Crypto Trades highlighted liquidation clusters around the $93,000 mark, indicating significant market activity near the all-time high. His Binance BTC/USDT Liquidation Map suggests that prolonged consolidation at this level could trigger further price surges as traders’ positions build up. 

Concurrently, Aurelien Ohayon underscored the role of Bitcoin’s halving cycles in driving bull markets. His chart revealed a recurring pattern of 500-day bull runs following each halving, with the current cycle suggesting a potential price target of $300,000.

Historical Trends and Diverging Views

Elsewhere, comparisons offered by Samson Mow and Alex Thorn presented historical perspectives of Bitcoin’s trajectory. Mow’s analysis showed that while current cycle trends align with past cycles, this phase exhibits unique growth patterns. 

On his hand, Thorn noted that Bitcoin’s performance is consistent with historical trends and has outperformed the 2015-2017 cycle.

BlackRock’s Bitcoin ETF Options Launch on Nasdaq

Lele Jima
-
0
BlackRock’s Bitcoin ETF Options Launch on Nasdaq

Options trading on BlackRock’s iShares spot Bitcoin ETF (IBIT) goes live on Nasdaq. 

The development provides Wall Street investors with leveraged exposure to the world’s largest cryptocurrency by market cap. 

OCC Confirms BlackRock Options Listing 

Nasdaq’s listing of IBIT options comes several hours after the Options Clearing Corporation (OCC) provided an update for the new listing.  

Last month, the U.S. SEC approved the 11 Bitcoin ETFs, including BlackRock’s IBIT, for options trading. Yesterday, the OCC released a memo confirming its readiness for the clearance and settlement of the product, beginning with IBIT. 

Furthermore, Allison Hennessey, Nasdaq’s head of ETP listings, informed Bloomberg’s ETF analyst Eric Balchunas of the exchange’s plans to list and trade IBIT options today, on November 19. Hours after the announcement, BlackRock’s Bitcoin ETF options launched on Nasdaq, giving investors the right to trade IBIT shares at a specified price. 

Significance of Bitcoin ETF Options 

The move is expected to significantly impact Bitcoin, boosting the asset’s institutional adoption and price outlook.

Moreover, Joe Consorti, head of growth at Theya, asserted that the Bitcoin ETF options mark a key development in the derivatives markets, noting that financial derivatives for traditional assets often surpass the size of the underlying market cap by 10-20x. 

Consorti shared this view in a video making the rounds on X today. According to the Theya executive, the Bitcoin derivatives market has not seen much success like its spot counterpart, representing less than 1% of the $1.8 trillion BTC spot market cap. 

Integrating Bitcoin into the Global Capital Market 

Furthermore, he stated that Bitcoin derivatives trading usually occurs offshore on platforms like Deribit. However, due to regulatory issues, U.S. investors are prohibited from using this platform. 

With IBIT options going live on Nasdaq, Consorti believes the move could potentially integrate Bitcoin into the global capital market, enhancing market maturity and unlocking vast liquidity.

Spot Bitcoin ETFs have made massive progress since their debut in January 2024. Data from Farside Investors confirms that the ETF market boasts an inflow of $27.71 billion as of today, with BlackRock’s IBIT attracting a positive capital flow of $29.36 billion alone. 

Shiba Inu Lead Clashes with Litecoin Amid LTC’s Humorous Pivot to a Meme Coin

Sam Wisdom Raphael
-
0
Shiba Inu Lead Clashes with Litecoin Amid LTC’s Humorous Pivot to a Meme Coin

A light-hearted clash has emerged between Shiba Inu lead developer Shytoshi Kusama and the new Litecoin intern on X.

The exchange began with a playful interaction on X and quickly gained attention amid a recent change in Litecoin’s marketing strategies. Notably, the project’s X account has continued to engage the community in a meme-centric approach.

Shiba Inu Lead Clashes with Litecoin 

The recent clash began when Tyo, a crypto investor and builder, expressed frustration with unreliable projects, asking the community for suggestions for a solid investment. Kusama, who has in the past few days been active on X, replied, suggesting there must be a better way to leverage memes in crypto marketing.

The Litecoin account, now under the management of an intern employing an unconventional “shitposting” strategy, humorously responded to Kusama’s tweet, implying its recent approach was preferable. This prompted a series of back-and-forth comments. 

Kusama quipped that Litecoin was beneath Shiba Inu, stressing that he cannot hear the project from “down there.” This comment referenced the market cap rankings where Shiba Inu holds the 11th spot at $14.7 billion, while Litecoin ranks 22nd at $6.4 billion.

Litecoin’s intern kept the banter going, responding with equally witty comments, including a jab about excessive protein intake. Kusama followed up with Marvel-themed references, likening the situation to a battle of superheroes and suggesting Litecoin lacked the star power to compete. 

Litecoin’s Meme Coin Pivot  

The clash comes as Litecoin adopts a humorous meme-centric marketing strategy under its new intern. Recently, the Litecoin account declared it now identifies as a meme coin due to market conditions. 

This pivot has been accompanied by increased “shitposting,” a common tactic among meme coins to engage followers with humor and relatability.

The strategy seems to be paying off, with Litecoin’s social engagement metrics on X surging over the past week. The playful rebranding and banter have brought new attention to the project.  

Amid Litecoin’s pivot, a Shiba Inu enthusiast urged Shytoshi Kusama to return the SHIB project to its earlier meme-centric marketing roots. Kusama acknowledged the request, explaining that the ecosystem team already has a marketing strategy in place. 

However, he suggested that future decisions on such matters would likely fall to the upcoming SHIB DAO community, reflecting Shiba Inu’s focus on decentralization.

Kusama also clarified that Shiba Inu does not view Litecoin as a competitor. Instead, he positioned Shiba Inu against “OG” projects like Cardano and XRP, emphasizing SHIB’s aspirations to be more than just a meme coin.

Amid the latest X feud, Kusama admitted the unexpected nature of the exchange. Meanwhile, Lucie, a Shiba Inu marketing specialist, reminisced about the days when Litecoin and Shiba Inu were close competitors. Notably, SHIB has risen remarkably since then.

Dogecoin to $1: Analyst Says Doge Breaking Out Again After Cool-Off with Projected 120% Rally

Abdulkarim Abdulwahab
-
0
Dogecoin to $1: Analyst Says Doge Breaking Out Again After Cool-Off with Projected 120% Rally

Dogecoin is breaking out after a brief cool-off, with analysts predicting a 120% rally toward $1 as it forms a bullish pattern.

Over the past few days, Dogecoin has struggled to regain its footing after briefly touching $0.4359 a week ago. The meme coin king has oscillated mostly within a tight range between $0.3500 and $0.3800, showing weak price action after its speculative bull run lost steam.

However, Dogecoin showed promising signs of a comeback today, following a 10% green candle that pushed it back into the $0.4000 range. For context, since November 14, when Dogecoin dropped below the $0.40 mark, it had not regained that threshold until today. At press time, DOGE is trading at $0.3950 after a brief pullback.

Dogecoin Ready for a 120% Surge

Amid this recent bullish signal, market watcher Ali Martinez has suggested that the meme coin could continue today’s rally and surge further by 120%. Martinez pointed out that Dogecoin is breaking out of a bull flag pattern, suggesting a potential 120% rally to $0.82, provided the $0.37 support level holds.

The four-hour chart shared by the analyst shows that Dogecoin underwent a seven-day price consolidation since reaching the multi-year high of $0.4359. Now, it appears to be breaking out of this range-bound pattern. Martinez believes the meme coin could hit a new peak at $0.82 based on the recent price action, setting the path for $1.

Image

Other prominent market watchers, like “Professor Astrones,” have expressed similar bullish outlooks about Dogecoin’s breakout from consolidation. “It’s starting,” he tweeted, sharing a two-hour chart showing DOGE reversing the previous ranging trend.

Resistance Levels Dogecoin Must Overcome

However, Dogecoin has significant resistance as it works toward a new peak. The immediate hurdle is overcoming the $0.4402 level, which aligns with the Fibonacci 1.0 level at which Dogecoin encountered rejection last week.

Once this level is cleared, Dogecoin will face additional resistance at $0.5500 and $0.6500 before it can challenge its all-time high in the $0.70 range, which nearly coincides with the 1.618 Fibonacci level.

While the path ahead presents challenges for Dogecoin, it’s worth mentioning that DOGE cleared previous resistance at the $0.2200 and $0.3000 levels in under 48 hours during its explosive price run between November 10 and 12, when it rose from $0.2173 to $0.4359.

Higher Outlooks for DOGE

Meanwhile, the crypto community eagerly anticipates an eventual Dogecoin rally to the $1 mark, much like they await Bitcoin’s rise to $100K. Analysts have projected potential cycle peaks for Dogecoin as high as $18 and even $23, should it follow a similar performance to the last cycle. However, these targets remain highly speculative.

This Time is Different for Bitcoin, Samson Mow Maintains

Albert Brown
-
0
This Time is Different for Bitcoin, Samson Mow Maintains

Samson Mow emphasizes that the current Bitcoin cycle may differ from previous ones amid market comparisons and historical trends.

Bitcoin’s price has recently reclaimed the $91,000 mark amid ongoing short-term fluctuations. As of this writing, Bitcoin trades at $91,511, reflecting a notable 3.41% gain over the last week.

Amid this movement, Samson Mow, CEO of JAN3, identified a historical movement suggesting this time might be different from previous cycle tops.

Comparing Previous Bitcoin Cycles

Mow highlighted a chart comparing Bitcoin’s performance across four distinct market cycles. Using a logarithmic scale, the chart illustrates Bitcoin’s exponential growth since its inception. 

The earliest cycle, from 2011 to 2013, shows the most significant volatility, with Bitcoin achieving a 10x growth within 450 days. This cycle ended with a 500X growth after 730 days from the earlier bottom.

In contrast, the 2015-2017 cycle presented steadier growth. By day 856, Bitcoin’s value had increased tenfold, eventually surging by 100 times its cycle low by the end of the 2017 bull run.

The subsequent 2018-2021 cycle experienced slower initial growth, with over 10x increase by day 960. The cycle peaked below a 50-fold gain by the end of the 2021 bull market.

Although current cycle trends align more closely with these later periods, showing below 10X growth after 740 days from its cycle low, Mow believes this time is different.

Meanwhile, Alex Thorn, head of research at Galaxy Digital, who previously shared the chart highlighted by Mow, noted in his statement that Bitcoin is on track with historical trends. Thorn added that Bitcoin is now outperforming the 2015-2017 cycle.

Further Predictions Signal Optimism 

While the debate about Bitcoin’s ongoing pattern continues, analysts have presented varying forecasts for BTC’s near-term and long-term trajectory.

Ali Martinez recently indicated that Bitcoin could rally to $150,000 in the coming days before a significant correction. Drawing parallels with previous cycles, Martinez pointed out that during the 2016/2017 and 2020/2021 bull runs, Bitcoin surged over 120% past its prior all-time high before facing up to 39% corrections.

Meanwhile, Fundstrat’s Head of Research, Tom Lee, has taken a more cautious approach. Speaking on CNBC, Lee maintained that Bitcoin could surpass $100,000 by the end of 2024.

Yet Lee maintains a $500,000 target beyond 2024, considering factors like Bitcoin ETFs and potential interest rate reductions.

Analyst Says Really Nice Cardano Structure to Push ADA to $0.90

Mark Brennan
-
0
Analyst Says Really Nice Cardano Structure to Push ADA to $0.90

A seasoned analyst has given a fresh price perspective on Cardano, tipping the asset to break out from its savory price pattern to $0.90.

In a recent analysis, Cardano bull Dan Gamberdello has speculated an impending bullish outburst for ADA. The market speculator and YouTuber asserts that Cardano would break out from a well-structured price pattern for more upsides.

Analyst Says ADA’s Next Upside Will Target $0.90

Cardano’s bullish upsurge has lost steam amidst a broader market consolidation in the past few days. The ninth-largest cryptocurrency by market cap is down 2.24% in the past 24 hours and 9.7% from its famous November 16 price rally to a multi-year high of $0.8117.

Meanwhile, Gambardello acknowledged the cooling rally, noting that Cardano “took a rest for a couple of days.” He then insisted that the digital asset looks poised to continue its upside, citing a possible breakout from a price structure.

The Cardano bull shares a 4H ADAUSD chart, noting that the digital asset has formed a bullish symmetrical triangle while it consolidated. He emphasized that the triangle has pulled Cardano into the green 20-day moving average, establishing a “really nice structure.”

Furthermore, Gambardello shows that ADA is approaching the top of this symmetrical triangle and could break from the pattern imminently. The analyst asserted that the impending structure crack would propel ADA at least 21.6% to $0.90.

Other Cardano Bullish Indicators

Meanwhile, Gambardello’s technical analysis aligns with other events on the Cardano network, signaling bullish momentum. For instance, data from DeFiLlama shows that the total value locked (TVL) on Cradano has increased twofold in a few days.

The on-chain analytical firm revealed that Cardano’s TVL surged from $199 million on the November 5 US election day to an impressive $457.9 million, representing a staggering 130% growth.

Also, the social buzz around Cardano has surged significantly. Data shows that “Cardano” is nearing 2 billion impressions on X, as posts and mentions related to the ecosystem have improved considerably.

In the meantime, Cardano trades at $0.7354, with a market cap of $25.7 billion.

Pundit Says Something Big Is Coming for XRP

Elendu Benedict
-
0
Pundit Says Something Big Is Coming for XRP

Something huge may be on the horizon for XRP as a market pundit points to bullish data indicating surging traction for the asset.

Famous market commentator Armando Pantoja has insisted that something eventful is imminent for XRP as on-chain activity continues to impress.

In a Monday post, he drew the attention of his audience to the surging accumulation of the XRPL native token amidst growing bullish sentiments.

Whales Ramp Up XRP Acquisition

Pantoja emphasized the fever-pitch accumulation of the sixth-largest cryptocurrency, per on-chain data. The pundit noted that XRP whales stacked 453.3 million XRP, valued at $526 million, in a week amid growing price uptick expectations.

Notably, an earlier The Crypto Basic report confirms Pantoja’s assertion. The piece shows that whales holding between 1 million and 10 million XRP added the substantial amount to their stash and now command 18% of XRP’s circulating supply.

Furthermore, the recent acquisition took holdings of these high-caliber whales to a two-month high. The notable accumulation also coincided with XRP’s surge past the $1 price mark to a three-year high of $1.26.

Holdings Among 100k+ Whales Hits ATH

Meanwhile, Pantoja shared another piece of data signaling an impressive uptick in whales holding 100,000 XRP and above. According to the data, these whales’ stash has reached a new all-time high of 51.59 billion XRP.

The unprecedented milestone has propelled these addresses to command a staggering amount of XRP’s circulating supply. These wallets now account for 85% of the asset’s supply, reaching an 11-month high.

Huge XRP Price Expectations

Putting Pantoja’s big XRP expectations into perspective, notable analysts have speculated ambitious prices for the coin. For instance, market commentator Bobby A insisted that XRP would target higher prices like $3, $8, $11, and $13.

Furthermore, Tony Severino, a Chartered Market Technician, asserted that XRP would surge a staggering 1,710% to the $20 price mark. The analyst cited a sharp rally as XRP enters the fifth wave of its Elliot Wave structure.

XRP Consolidates Amid Surging Bullish Sentiments

While bullish sentiments and expectations of big moves continue to swell, XRP has consolidated following a mild pullback. The asset has joined a widely expected broader market correction in preparation for its next upside.

For the latest news about XRP, it’s worth noting that the token is down 14% from its November 16 peak of $1.26. The XRPL native token has also corrected 3% in the past 24 hours but is aggressively guarding the $1 price mark.

At the time of writing, XRP trades at $1.105 with a market valuation of $62.69 billion.

Theta Price Soars 71%, Eyes $2.53 as Bullish Momentum Builds

Albert Brown
-
0
Theta Price Soars 71%, Eyes $2.53 as Bullish Momentum Builds

As the price of Theta Network (THETA) exceeds $1.70, buyers anticipate the bull run to cross the $2.50 barrier. 

With a bullish revival, Theta Network is bouncing back into positive price action. The breakout from the trendline and range coincides with a break above the 200-day EMA and key Fibonacci levels.

Will this reversal rally propel the altcoin price to the $2.50 mark? Let’s take a closer look at Theta Network price analysis to explore the potential.

Theta Network (THETA) Price Analysis

In the daily chart, the THETA price action shows a bullish reversal, giving a breakout of a consolidation range. The consolidation range extended from the $1 psychological price to $1.59. 

During this phase, Theta’s price action overcame the bearish resistance trendline but struggled to break through a key overhead resistance level.

THETA Price Chart
THETA Price Chart

With the broader crypto market recovery, bullish momentum has pushed Theta’s price beyond the narrow range. Last night, a bullish engulfing candle formed, marking a nearly 20% surge and breaking the consolidation range.

Currently, Theta is trading at $1.71, marking a 71% rise in 15 days from the $1 mark. With the range breakout, the intraday doji candle seems like a potential retest of the resistance zone. 

With growing anticipation of a post-retest reversal, the immediate target for Theta’s price is $1.95. This level aligns with the 38.20% Fibonacci retracement, making it a key resistance point.

As the bullish momentum continues, the 50-100-day EMA lines are nearing a bullish crossover, signaling an increased likelihood of a golden crossover on the daily chart.

However, the recent price surge has driven the RSI closer to the overbought zone, which could indicate a minor pullback before a continued upward trend.

Will THETA Token Cross $2?

If the bullish trend continues, the 38.20% Fibonacci breakout will likely result in a bull run beyond the $2.50 psychological mark. Based on this assumption, the 61.80% Fibonacci level at $2.53 is the breakout target for Theta. 

Conversely, dropping below $1.59 will nullify the range breakout and likely retest the 200-day EMA at $1.4298.

Over 29,900 Wallets Exit Cardano After 108% Price Surge: What History Suggests for ADA Price

Albert Brown
-
0
Over 29,900 Wallets Exit Cardano After 108% Price Surge: What History Suggests for ADA Price

The number of active wallets on the Cardano network has decreased by 29,976 in the past 13 days amid retail profit-taking as larger holders accumulate assets.

Recent data from market intelligence platform Santiment reveals a decline in active wallets across several top-cap cryptocurrencies. This trend is often linked to fear, uncertainty, doubt (FUD), or capitulation among less experienced traders.

According to Santiment, these conditions may paradoxically act as bullish indicators as long-term holders tend to accumulate assets during such periods.

Cardano Wallet Decline After Major Price Pump

For Cardano, the network has seen a decrease of 34,931 wallets over the past month, representing a 0.78% drop. Notably, in just the last 13 days, 29,976 wallets became inactive.

Santiment attributes this pattern to short-term profit-taking among retail investors as it coincides with major price gains. Notably, ADA has surged by over 108% in the last two weeks, reclaiming its yearly highs. However, the rally is cooling as ADA stalls around $0.7326.

Santiment noted that historically, retail traders tend to lock in profits when bullish momentum builds, which explains the decline in ADA wallets. Meanwhile, Santiment data suggests that the decline in wallets aligns with long-term accumulation by larger holders.

Essentially, the downward trend in wallet activity is a positive sign for ADA’s long-term price prospects. As retail investors dump their holdings on small gains, whales, with a long-term perspective, buy back the tokens.

Bitcoin and Dogecoin Follow Patterns

Bitcoin (BTC) has also experienced a reduction of 15,120 wallets in just the past four days. Similarly, Dogecoin (DOGE) saw a steep decline of 24,456 wallets within a single day. 

Image

Both assets exhibit patterns consistent with retail traders exiting positions after significant gains. Santiment notes that such reductions in wallet activity can often be a bullish sign, suggesting long-term price stability.

History Supports Bullish Predictions

In addition to wallet activity, historical analysis of Cardano offers insights into potential price trajectories.

Analyst Ali Martinez recently projected that ADA could surge by over 713%, reaching $6 by late 2025. Martinez’s prediction is based on similarities between the current market cycle and Cardano’s rapid growth during the 2020-2021 bull run.

Other analysts, including Ben Armstrong, have also weighed in on ADA’s future, estimating a price peak of $5 if market conditions remain favorable. 

1...1,1191,1201,121...2,662Page 1,120 of 2,662