Home Blog Page 1249

Analyst Says Watch Out for Ethereum’s 0.015 Funding Rate: Is a Bull Run Coming?

Albert Brown
-
0
Analyst Says Watch Out for Ethereum’s 0.015 Funding Rate: Is a Bull Run Coming?

On-chain data provider CryptoQuant analyzes recent Ethereum funding rates, suggesting a possible price surge if the market meets specific conditions.

According to CryptoQuant’s burakkesmeci, Ethereum funding rates, which represent the cost of holding long positions in the futures market, have shown patterns of low activity before sharp increases in the past.

With the rate currently hovering around 0.015, analysts are watching closely for signs of significant market movement, reminiscent of past periods.

Historical Patterns Vs September 2024

In the past, notably September 2023, the funding rate for Ethereum remained relatively low, fluctuating between 0.002 and 0.005 during the early part of the bull cycle. This period was followed by a notable rise in the rate, which pushed Ether’s price from the $1,500 range to above $4,000.

Market analysts are now closely monitoring the calm before the storm pattern observed previously as September 2024 has shown a similar trend. Since August, the funding rate has been stable at 0.015, raising expectations that a price surge could follow.

Per CryptoQuant, historically, the crypto market gains momentum in the final quarter following a quiet summer period. Hence, a parabolic rise in Ether’s price typically depends on positive signals and strong support from the futures market.

Bullish Sentiment Noted

Further analysis from Coinglass also highlights a positive divergence between Ethereum’s open interest-weighted funding rate and its price during recent market activity. This comes specifically after a drop in the metric, seen around September 9 and 10. 

ETH OI-Weighted Funding Rate / Coinglass
ETH OI-Weighted Funding Rate | Coinglass

Despite periods of cooling, Ethereum’s market resilience has allowed it to recover quickly, even after minor pullbacks. This resilience has been a strong indicator of ongoing bullish sentiment, with traders remaining confident in maintaining long positions.

Stable or rising prices combined with positive funding rates generally signal continued demand for Ethereum. This suggests that price appreciation may occur if the rates stay positive or increase.

On The Downside 

However, complicating the outlook, Ethereum faces growing challenges. Additionally, declining retail investor interest, with a reported 19% drop in decentralized application usage, has contributed to a bearish sentiment. 

Further, recent actions by an Ethereum-linked wallet, reportedly connected to co-founder Vitalik Buterin, have added further pressure. This wallet sold 190 ETH for approximately $441,971, following a broader pattern of selling over the past weeks.

Pump.Fun Dumps Fresh 9,940 Solana Amid Market Rebound

Mark Brennan
-
0
Pump.Fun Dumps Fresh 9,940 Solana Amid Market Rebound

Pump.Fun continued its selling spree on Wednesday, sending $1.33 million in Solana to Kraken for sales.

The fee account of popular Solana-based memecoin launchpad Pump.Fun has sold some of its fee revenue. Data from Lookonchain shows that the protocol sent 9,940 SOL ($1.33 million) to American crypto exchange Kraken by 14.55 (UTC) on Wednesday.

The transaction saw Pump.Fun’s sales tally hit 274,311 SOL ($42.93 million), about 38% of the total revenue the platform has realized. According to Dune’s data, Pump.Fun has raised 712,797 SOL ($95.87 million) in fees since its inception in January.

Notably, the auction came a few days after Pump.Fun’s last sales. The protocol sold 10,300 SOL ($1.38 million) nine days ago and 11,000 SOL ($1.48 million) 17 days from date. With the Wednesday sales, Pump.Fun has sold its Solana stash at an average price of $156.5.

Solana Resurgent Despite Pump.Fun Slump

The Solana network has shown signs of life despite the lackluster usage of Pump.Fun recently. Pump.Fun’s usage depreciated recently as traction to the protocol dropped following the emergence of major competitors like Tron’s SunPump and Cardano’s Snek.Fun.

During its peak, Pump.Fun contributed immensely to the daily usage of the Solana activity, as data showed Pump.Fun-related transactions trumped those unrelated to the protocol. However, as activities on the memecoin creator dwindled, overall transactions on Solana dropped with it.

However, the Solana network showed a resurgence after breaking a record for the highest number of active users two days ago. Per an earlier report, the Solana network surpassed 5.4 million daily active addresses on Monday. The network beat its own Monday record the following day, hitting 5.5 million on Tuesday.

The impressive activity on the network has been reflected in its price as SOL has rebounded from its ruins. Solana is up 2.4% in the past 24 hours, trading at $134 at the time of writing. The asset is also up almost 1% over the last week, having rebounded from a weekly low of $121 on September 6.

Solana is poised to continue this upward trajectory amidst bullish sentiments on its upcoming Breakpoint event. The Crypto Basic reported recently that analyst MartyParty predicted Solana could surge to $215.46 before the September 20 event.

Grayscale Eyes XRP ETF with the Launch of First U.S. XRP Trust for Accredited Investors

Albert Brown
-
0
Grayscale Eyes XRP ETF with the Launch of First U.S. XRP Trust for Accredited Investors

XRP Trust Launched by Grayscale: Could This Be the Path to the First XRP ETF.

According to fox business, Grayscale is taking initial steps to launch the U.S.’s first XRP trust, providing accredited investors direct exposure to XRP.

While a trust and an exchange-traded fund (ETF) differ, with the latter requiring Securities and Exchange Commission (SEC) approval for retail investors, Grayscale has outlined a potential path for converting its XRP trust into an ETF in the future, as seen with its Bitcoin and Ether trusts.

Grayscale played a pivotal role in introducing crypto ETFs to Wall Street after successfully suing the SEC to convert its Bitcoin trust into a “spot” ETF. This victory led to a surge in crypto ETFs from major financial institutions, including BlackRock and Fidelity.

Following the success of Bitcoin and Ethereum ETFs, the XRP community eagerly awaits a similar product for XRP.

However, the potential for an XRP ETF is complicated by ongoing legal issues between Ripple and the SEC.

The SEC sued Ripple in 2020, arguing that XRP sales to institutional investors were unregistered securities. A partial court victory for Ripple ruled that XRP sales to retail investors were not securities, but the SEC is expected to appeal this decision.

Despite these legal challenges, Grayscale remains optimistic about XRP’s long-term value, emphasizing its potential to streamline cross-border payments and optimize financial systems. Grayscale’s move to launch an XRP trust could pave the way for further developments in XRP-based investment products.

Pendle Joins Top 100 Cryptos with New BTC Staking Features: Is $5 Next?

Albert Brown
-
0
Pendle Joins Top 100 Cryptos with New BTC Staking Features: Is $5 Next?

Pendle Finance’s new bitcoin staking feature fuels a massive price surge, teasing a breakout rally. Will it reach $5?

The PENDLE token price skyrocketed with the launch of new Bitcoin staking features over Pendle Finance. As the breakout rally chances are increasing, the DeFi token entered the list of the top 100 cryptocurrencies. 

As the uptrend gains momentum and the technical indicators turn bullish, here are the critical levels to watch out for. 

PENDLE at Bullish Crossroads

On the daily chart, Pendle’s price action highlights a strong resistance trendline that has been keeping the bullish trend in check. Following this trendline, Pendle’s price dropped significantly from a peak of $7.52 in April to a low of $1.8415 on August 5, marking a 75.51% decline.

However, the situation has shifted with a bullish reversal in late August and early September. Over the past 38 days, Pendle has surged by 62.85% and is now testing the resistance trendline once again.

Pendle Price Chart
Pendle Price Chart

As the bullish trend gains momentum, the Pendle token has entered a new bull cycle, experiencing a 38% increase over the past six days, marked by a series of bullish candles. The recovery rally has also breached the 23.60% Fibonacci retracement level, now standing at $3.327.

New Avenues over Pendle Finance for BTC Holders

Pendle Finance has partnered with Lombard Finance and Corn Finance to introduce new Bitcoin-linked pools. These pools offer two types of yields: fixed annualized yields at around 10% and floating yields with 45% potential. 

With the release of such offerings, Pendle provides more yield-generation options for users interested in the core crypto Bitcoin-related investments. 

The fixed yields offer a stable return, while the floating yields provide higher potential returns based on market conditions. Hence, the offerings provide investors with flexibility and choices of risk.

Will Uptrend Hit $5?

Alongside the resistance trendline, the recovery rally is also testing the 100-day and 200-day EMAs, which are currently in a bearish alignment.

The MACD indicator shows a positive crossover between the MACD and signal lines, signaling growing bullish momentum. With this strengthening momentum, the Pendle token is poised for a potential bullish breakout, especially as the broader crypto market recovers.

Should a bullish breakout occur, Pendle’s price may target the 50% or 61.80% Fibonacci levels at $4.59 and $5.15, respectively. Conversely, critical support levels are found at $3.327, corresponding to the 23.60% Fibonacci level and near the 50-day EMA.

SUI Breaks $1 with Grayscale Trust Launch: Is $1.48 Next?

Albert Brown
-
0
SUI Breaks $1 with Grayscale Trust Launch: Is $1.48 Next?

Will the SUI token reach $1.48 if it breaks above the $1 neckline of an inverted head and shoulders pattern, especially with the Grayscale SUI Trust launch?

With the launch of the Grayscale SUI Trust, a new SUI-focused investment class enters the financial market. This marks a major achievement for the project and potentially boosts the market demand for SUI. 

Following the recent crash, the price of SUI has been on a steady upward trajectory. Since Monday, the SUI token has surged by 9.68%, building on last week’s 24% bull run.

This recent price jump, which began on September 2, has more than offset the 23% decline seen in the last week of August when the token fell from $1.0010 to $0.7609.

In September alone, the SUI token has risen by over 40%, rebounding from a low of $0.7426 to a high of $1.04. This trend suggests that the SUI price has entered a new phase of bullish momentum.

SUI Bullish Momentum From Technical Analysis 

In the daily chart, the SUI price reveals an inverted head and shoulder pattern breakout with a neckline at the $1 psychological mark. With the intraday jump of 10.5% from the opening price of $0.9299, SUI forms a bullish engulfing candle to reclaim the $1 psychological mark. 

SUI Price Chart
SUI Price Chart

Based on the Fibonacci level, the DeFi token takes support from the 23.60% Fibonacci level at $0.8990 and is headed to the 38.20% level at $1.12. With the bullish pattern breakout, sustenance above the neckline will result in a massive surge in the upcoming times. 

SUI Technicals and Targets Ahead

The MACD indicator is showing a bullish crossover as the SUI price rises, and positive histograms are increasing, signaling a boost in momentum.

Although the key EMAs (50, 100, and 200 days) remain bearish, the token has recently surpassed all of these EMAs. This development raises the potential for a bullish crossover between the 50-day and 100-day EMAs.

Based on Fibonacci levels, the breakout rally could target the 50% and 61.80% retracement levels, which correspond to approximately $1.3063 and $1.4883, respectively.

NYSBA Says XRP Ruling Weakens SEC Wild West Claim

Lele Jima
-
0
NYSBA Says XRP Ruling Weakens SEC Wild West Claim

The New York State Bar Association (NYSBA) comments on the SEC v. Ripple’s ruling on XRP, highlighting its potential implication on the broader crypto industry. 

The association provided insight into the summary judgment decision of the Ripple ruling in a “House of Delegates Materials” report.

Although the NYSBA published the report in June, it gained prominence within the XRP community after famous crypto enthusiast WrathofKahneman brought it to attention. 

Expert Highlights NYSBA Interpretation of Ripple Verdict 

According to WrathofKahneman, the NYSBA interpreted the Ripple summary judgment to imply that XRP is not inherently a security. 

The association also sees the verdict as a victory for Ripple and a cognizable path toward helping digital assets avoid securities registration requirements. 

Furthermore, the expert mentioned that the NYSBA expressed concerns that the SEC has abandoned security classification as a fact-specific test. 

Ripple Decision Could End SEC Securities Claim Against Tokens

The Ripple decision, especially the summary judgment, has continued to trigger reactions among legal experts. Most experts believe the decision could determine how crypto will be regulated.  

Interestingly, the NYSBA shares this sentiment, emphasizing that the decision could end the SEC’s token-as-a-security claim. According to the association, Judge Torres rejected this claim by applying the Howey Test to the different forms of Ripple-related transactions to determine whether they violated securities laws. 

This analysis distinguished XRP as a subject of an investment contract instead of a security in itself. The NYSBA characterized this finding as a win for the industry. It pointed out that the decision contradicts the SEC’s position that most crypto assets are unregistered securities. 

Additionally, the association mentioned that Judge Torres’ dismissal of the SEC’s token-as-a-security claim affirms the sentiment among legal experts, who recommend the individual assessment of each token under the Howey test. 

Judge Torres Ruling Weakens SEC Wild West Claims

Furthermore, the association emphasized that Judge Torres’ verdict in the Ripple lawsuit weakened the SEC’s Wild West claim. Gary Gensler, the chair of the SEC, has persistently labeled the crypto market as the Wild West. He believes the market is rife with fraud and manipulation, putting unwary investors at risk. 

”It is hard to believe that ‘the vast majority’ of cryptocurrencies are unregistered securities when the first major court case to address the issue concluded that XRP, a major cryptocurrency, was not in and of itself a security,” the NYSBA report added. 

Fears of Appeal Heightens 

Meanwhile, Judge Torres has issued the final judgment of the decision, ending in a partial victory for the parties. As reported earlier, Judge Torres reduced the SEC’s proposed fine from $2 billion to $125 million. Additionally, she imposed a permanent injunction against Ripple’s future institutional sales. 

This mixed ruling triggers speculation that both parties could appeal the verdict. Some believe the parties have established the groundwork for a potential appeal. The Crypto Basic reported that Ripple moved 111% of the fine amount, worth $138.75 million, to a trust, pending the resolution of an appeal or expiration of the appeal notice deadline. 

Ethereum Vitalik Buterin Breaks Silence on Selling $2.27M in ETH and Depositing Funds into Aave

Albert Brown
-
0
Ethereum Vitalik Buterin Breaks Silence on Selling $2.27M in ETH and Depositing Funds into Aave

Vitalik Buterin, the co-founder of Ethereum, has again sparked discussions within the crypto community regarding his ongoing wallet activity. 

Recall that a wallet linked to Buterin, which received 3,800 ETH worth $9.8 million in August, sold 950 ETH over the past few weeks. Notably, the proceeds from these sales have been deposited into Aave, raising further questions about Buterin’s financial activities.

Buterin’s Wallet Activity in Focus

For context, the wallet tied to Buterin received two significant Ethereum transfers in August: 3,000 ETH on August 9 and an additional 800 ETH on August 30, totaling 3,800 ETH.

Following these deposits, the wallet started selling ETH, with 760 ETH sold shortly after the second transfer for $1.835 million in USDC at an average price of $2,414 per ETH. The sales continued, and by mid-September, the wallet had offloaded 950 ETH, amounting to approximately $2.28 million in USDC.

Notably, Lookonchain’s most recent data has revealed that the wallet deposited the proceeds—approximately $2.27 million in USDC—into Aave, a decentralized finance platform. Alongside this, 2,851 ETH, valued at $6.73 million, was also deposited into Aave.

Buterin’s Response to Sale Concerns

As news of Buterin’s ETH sales circulated, speculation arose regarding his motives. Some suggested he was selling ETH for personal profit, but Buterin addressed these claims, explaining the purpose behind the sales.

According to his statements, the funds are meant to support ecosystem development and charitable causes rather than for personal gain.

Buterin further clarified that the recent sale on September 11, which was executed by a bio-defense group he funds, had been triggered by a pre-set cowswap TWAP order established on August 29.

Future Plans for Layer 2 Mentions

In a related development, which came before the clarification, Buterin revealed that starting in 2025, he will only publicly mention Layer 2 (L2) solutions that have achieved a certain level of maturity, specifically those that have reached “stage 1” in development.

This change in approach signals Buterin’s intention to provide clearer guidance on L2 projects. Several ZK rollup teams are expected to meet this criterion by the end of 2024, indicating progress in the space.

Industry Leaders Say Bitcoin Would Hit Six Digits Regardless of US Election Outcome: CNBC

Mark Brennan
-
0
Industry Leaders Say Bitcoin Would Hit Six Digits Regardless of US Election Outcome: CNBC

Notable industry leaders have noted that Bitcoin is bound to trade above $100,000 by 2025 despite increased tension around the outcome of the November US election.

Amid the growing tension over the short and long-term implications of the November election on Bitcoin, key crypto players have maintained a bullish stance.

According to a CNBC report, notable investors have stated that the largest cryptocurrency by market cap would hit six figures regardless of the outcome of the November US election.

Steve Lubka, the head of private clients and family offices at Swan Bitcoin, told CNBC that he was well assured of Bitcoin’s bullish push to at least $100,000 by 2025. He noted that the impending 42% surge from the asset’s current market price would not be deterred even if Democrat nominee Kamala Harris becomes the next US president.

Lubka asserted that Bitcoin is not an investment vehicle tied to the US but an asset with global recognition and adoption. He noted that the fiscal and monetary policies of the US and other countries influence Bitcoin’s price, not the US election.

James Davies, the co-founder of the Crypto Valley Exchange, shared a similar thought with Lubka, saying that Bitcoin would make waves regardless. He cited a possible struggle among crypto start-ups or a short-term sideways wave but noted that Bitcoin would get along quickly.

Davies noted that the approval and trading of the US Bitcoin spot exchange-traded funds (ETFs) in January has raised the asset’s pedigree beyond a petty currency to a vehicle for institutional adoption. Hence, Bitcoin would trend upward regardless of who the president is.

Six Figures Bitcoin Programmed

Notably, Lubka revealed that he will not entirely overrule a short-term correction if Harris wins. However, a six-figure Bitcoin would emerge in the medium to long term. He sees an immediate Bitcoin pump if Trump wins and maybe a slight market panic if Harris wins. 

Furthermore, the Swan Bitcoin investment executive noted that Harris’ possible negative impact on cryptocurrency has been hyperbolic, and he feels the vice president would outperform Joe Biden in handling digital assets.

In an earlier report, The Crypto Basic highlighted Harris’ attempt to fraternize with the crypto industry through consultancy and acceptance of several assets as donations.

Meanwhile, Tonwallet’s chief strategy officer, Daniel Cawrey, emphasized that the months leading up to the November election have been good for crypto. Cawrey stated that crypto has been at the forefront of the election, attracting positive attention to the sector.

Bitcoin’s Historical Performance

The largest crypto asset has shown its inherent overperforming prowess over time. Data shows that Bitcoin has been the best-performing global asset nine times in the past twelve years.

Bitcoin missed being at the summit in 2014, 2018, and 2022 during its historical bear markets. Hence, the asset has a track record of posting a 9,560% increment in the last 12 years and an average of 796%.

Bitcoin Performance Chart

At the time of writing, Bitcoin traded at $58,055, up 2.4% in the past 24 hours.

Analysts Predict Possible Cardano Bull Trap Before Price Rally to $15

Albert Brown
-
0
Analysts Predict Possible Cardano Bull Trap Before Price Rally to $15

Cardano (ADA) has experienced cycles of significant price movements that analysts have studied over time. 

Dan Gambardello recently broke down this cyclical pattern into five key stages. These stages have repeated in past cycles and appear to be occurring once again in the current market environment.

Cardano’s Historical Declines and Bull Traps

In past cycles, Cardano saw substantial declines, with a notable 98% drop from its 2018 peak. Despite this, analysts identified a rounded bottom formation, hinting at the potential for a future recovery.

In the current cycle, after reaching a recent peak in 2021, Cardano has undergone a similar correction, losing around 92% of its value in early 2023. The early part of the cycle mirrors previous trends, where the token experiences a sharp decline followed by temporary market rallies, often considered bull traps.

Notably, the pattern observed in previous cycles shows that early surges are often viewed as unsustainable, resulting in further downward pressure. Gambardello’s chart analysis points out that this behavior could repeat in the present cycle, where short-term rallies are seen as bull traps, with the market remaining cautious.

Price Movements and Potential Upside

Following these initial declines and traps, Cardano historically undergoes substantial growth during broader bull runs in the market. In one instance, Cardano surged by 18,000% after a period of consolidation, driven primarily by the post-2020 Bitcoin halving.

The analyst’s current outlook hints at the possibility of a similar pattern repeating, with Cardano potentially entering another bull trap stage before seeing further price growth. According to Dan Gambardello’s speculative projections, Cardano could achieve a substantial rise if this cycle plays out as expected.

A projection of ADA reaching $15 would push its market cap to $500 billion, while a more bullish scenario could see the token reaching $31, translating to a $1 trillion market cap. Notably, during this press, ADA was trading at $0.3592, with a market cap of $12.8 billion.

Bearish Outlook and Price Consolidation

However, not all analysts share this optimistic view. Per a previous report, Lingrid, a chartist, points to ADA’s recent price consolidation below key resistance as a sign of weakness.

The token currently trades within a narrow range between $0.30 and $0.36, with the formation of a doji candle on the daily chart suggesting market indecision. Lingrid warns that if ADA does not hold above $0.325, it risks a further decline toward the $0.30 range. 

Experts Predict Solana Price if Bitcoin Reaches $150,000 and $175,000

Mark Brennan
-
0

Market analysts have predicted that Solana could skyrocket by as much as 6x its current price if Bitcoin reaches $175,000 and by 4x if Bitcoin hits $150,000.

Seasoned crypto trader The House of Crypto has made an ambitious prediction about the crypto market. His speculations overlook the recent market underperformance, with the view of a decent price uptick by the third quarter of 2025.

The House of Crypto gave a long list of cryptocurrencies and where he expects major assets like Bitcoin, Ethereum, and Solana to trade by next year. Notably, he didn’t pinpoint any incident or analysis as his basis for the speculations, noting that they were just his thoughts.

Solana Price if Bitcoin Hits $175,000

The analyst predicted that Bitcoin would surpass its all-time high and trade at $175,000 by August 2025. A price surge of this nature would see Bitcoin grow over 300% from its current market price, potentially reaching a market cap of $3.4 trillion.

With a dominance of 57%, Bitcoin is a market catalyst that influences the trajectory of most other assets. Consequently, The House of Crypto speculates that Bitcoin’s run to $175,000 would push Solana to $920 by August next year.

At a current price of $135, Solana would have to grow a whopping 685% to match this prediction. SOL’s market cap would also hit $432 billion, which is 1.5x the current market cap of Ethereum.

Solana to $600 if Bitcoin Hits $150,000

Meanwhile, Bitcoin’s price at $150,000 is a common forecast among crypto analysts for this bull run. Veteran trader Peter Brandt flipped bullish earlier in the week, speculating that Bitcoin would hit that price target by 2025. The Crypto Basic also reported that analyst Wizard Crypto called Bitcoin at $150,000 and Shiba Inu at $0.003.

According to analyst Charting Guy, Solana would hit at least $600 if Bitcoin traded at $150,000. That would be a 440% surge from the current market price for the fifth-largest crypto asset, Solana. The asset would also have a market cap of $280 billion, $3 billion shy of Ethereum’s current cap.

However lofty these predictions may seem, the crypto market has shown its ability to grow exponentially. For context, Bitcoin and Solana have appreciated 125% and 650% from their prices year-to-year. The assets were trading around $26,000 and $18 exactly this time last year.

1...1,2481,2491,250...2,664Page 1,249 of 2,664