Home Blog Page 976

Ethereum Price Targets $4,000 Amid Wedge Breakout Chances

Albert Brown
-
0
Ethereum Price Targets $4,000 Amid Wedge Breakout Chances

With a potential double-bottom reversal in play, could Ethereum price break out of its wedge pattern and surge toward the $4,000 mark?

Amid increased volatility in the crypto market, Ethereum briefly retests the $3,000 level. As it shows signs of a fresh intraday recovery, bulls are presenting solid reversal opportunities. Will this reversal rally push Ethereum past its local resistance trendline for a breakout?

Ethereum Price Analysis Hints at Breakout Potential

On the 4-hour chart, Ethereum’s price trend shows a bullish failure to sustain above the $3,200 level. This led to a retest of the $3,000 level, with the 24-hour low at $3,039. However, the recent recovery has driven the price to $3,143.

Ethereum Price Chart
Ethereum Price Chart

Along with the recovery, the price trend highlights a potential double-bottom reversal from the psychological support level. Additionally, the double-bottom pattern is accompanied by a bullish divergence in the 4-hour RSI, further increasing the likelihood of an upside continuation.

Ethereum Derivatives Market: Mixed Signals

Amid the growing volatility, speculations in the derivatives market are also on the increase. Ethereum’s Open Interest has decreased by 1.92%, standing at $30.40 billion, but the funding rate remains stable at 0.0076%.

Ethereum Derivatives
Ethereum Derivatives

Ethereum ETFs Register Net-Zero Flow

As Ethereum derivatives give mixed signals, the US spot Ethereum ETFs make a surprising move. On January 28, all nine Ethereum ETFs registered a net-zero flow.

Meanwhile, the cumulative net inflow of the Ethereum ETFs remained positive, with BlackRock leading the way with $3.99 billion. However, Grayscale Mini Ethereum Trust remains the sole ETF with a negative net cumulative flow of $3.85 billion.

ETH Price Targets

Ethereum remains trapped within a larger falling wedge pattern, but the double-bottom reversal suggests a potential bullish resurgence that could challenge the overhead resistance trendline. Ethereum’s price could see a high-momentum recovery if a breakout rally occurs.

Based on Fibonacci levels, Ethereum’s recovery rally might target the 61.80% Fibonacci level at $3,693, followed by the critical resistance at $4,108.

Conversely, if bearish momentum continues below the local support trendline, Ethereum could test the $2,900 support level, followed by $2,850.

Here’s Why SEC Removed Ripple Case From Its Website

Lele Jima
-
0
Here’s Why SEC Removed Ripple Case From Its Website

The U.S. SEC has removed the civil action against Ripple from its website, eliciting rumors of potential settlement among crypto enthusiasts.  

In a recent X post, popular crypto expert Ash called the public’s attention to a recent development concerning the SEC v. Ripple lawsuit. According to the post, the lawsuit’s press release has been removed from the SEC website. 

The accompanying image showed that a search of Ripple on the SEC’s ‘Litigation Release’ page returned no result. For context, this section contains links to litigation releases concerning all civil actions the SEC has filed in federal courts. 

On December 22, 2020,  the SEC announced that it sued Ripple in a New York district court. However, this announcement has been removed from the SEC’s litigation press release, stirring speculations that the commission’s lawsuit against XRP might be over. 

Reason Behind Removal  

However, X users added context to the post through the Community Notes feature. The context revealed that the SEC removed the Ripple lawsuit announcement from its website because the case has progressed to the Court of Appeals for the Second Circuit. 

The Litigation Release section of the SEC website usually focuses on civil actions filed in federal district courts. Since the SEC has filed the case in the Second Circuit, it chose to remove it from this section.

A similar development has been spotted in other cases that moved to the court of appeals from a lower court, including the commission’s enforcement action against Aaron Govil. 

Ripple Case Still Active in Second Circuit 

Therefore, the removal of the Ripple lawsuit’s press release does not indicate a resolution of the case, as many community members suggested. As of today, the case is still active in the Court of Appeals for the Second Circuit. 

The SEC filed its opening appeal brief on January 15, 2025, to overturn the district court’s ruling, which granted Ripple a partial victory regarding the company’s programmatic sales and other distributions of XRP. 

Notably, Ripple is seeking to file its response on April 16, 2025. If approved, the company will submit its reply brief on April 16, addressing the SEC arguments and ensuring the Second Circuit upholds its victory. 

The company will also attempt to overturn the district court’s ruling regarding its sales of XRP to institutional clients, which were initially declared as investment contracts in 2023. Notably, the court fined Ripple $125 million for this violation. 

Dogecoin Poised for 30% Surge, Analyst Predicts $0.43 Target

Albert Brown
-
0
Dogecoin Poised for 30% Surge, Analyst Predicts $0.43 Target

A TradingView analyst has highlighted a bullish setup in Dogecoin, forecasting a 30% surge to $0.43 if it successfully breaks through key resistance.

Dogecoin has continued to capture traders’ attention, driven by broader market optimism and growing speculation regarding its prospects. The meme-based crypto has remained closely linked to Elon Musk’s business ventures, benefiting from its usage across Musk-affiliated companies and his vocal support.

Further, recent developments have intensified interest in DOGE, particularly concerning a potential Dogecoin ETF. As a result, investor confidence in Dogecoin remains high, with growing anticipation of its next significant price surge.

Can Dogecoin Rebound to $0.43?

For instance, a TradingView analyst recently shared a 12-hour Dogecoin trading chart, illustrating historical price movement alongside technical indicators.

The chart displayed a descending channel, indicating that Dogecoin has been experiencing lower highs and lower lows. According to him, technical indicators have turned increasingly positive, suggesting a potential breakout from this pattern.

DOGE 12-high chart
DOGE 12-high chart

A key resistance level at $0.43 has been identified and marked as a significant target price for the crypto. At its current price of $0.3312, Dogecoin would need to rise by approximately 29.83% to reach this target. 

Meanwhile, a previous analysis highlighted Dogecoin trading within a parallel channel, reflecting a gradual bullish sentiment. At that time, the analyst suggested that maintaining support and breaking the trendline could see Dogecoin rising toward $0.49.

Other Analysts Weigh In

Other market analysts have weighed in on Dogecoin’s performance amid ongoing market fluctuations. Ali Martinez, a well-known analyst, questioned the rationale behind betting against Dogecoin, citing its historical ability to deliver rapid price surges.

The analyst referenced Dogecoin’s performance in January 2021, when the cryptocurrency soared 900% within 48 hours. His commentary has gained relevance given the market’s persistent uncertainty and Dogecoin’s recent performance struggles.

Elsewhere, analyst Javon Marks updated his outlook for Dogecoin, predicting a potential surge of 600%, which could push the price to $2.28. Marks analyzed historical price cycles, identifying three distinct phases of accumulation: breakout, price surges, and corrections.

Based on these patterns, he suggested Dogecoin remains on track for another bullish movement.

Shiba Inu Price Prediction for April 2025: Analyst Insists It’s Possible

Sam Wisdom Raphael
-
0
Shiba Inu Price Prediction for April 2025: Analyst Insists It’s Possible

A market analyst believes Shiba Inu has the potential to reach a 0.1 cent price, arguing that such a price milestone is “possible” for the meme coin.

This commentary comes as Shiba Inu battles to regain its footing amid a massive correction that has lasted for over a week. During this period, SHIB has persistently witnessed lower highs, recently giving up the pivotal support at the $0.00002 psychological level. 

Despite this bearish price action, certain market analysts remain optimistic about Shiba Inu’s prospects. Shib Knight, a community figure and pundit with nearly half a million followers on X, is one such optimistic individual. 

“Shiba Inu to $0.001 Possible”

In one of his latest commentaries, Shib Knight argued that a $0.001 price was possible for Shiba Inu. Interestingly, he made this daring conclusion months back when SHIB was in a much worse position than it is today.

Particularly, at the time of the disclosure last August, Shiba Inu traded at an average price of $0.00001380. Since then, SHIB has appreciated, soaring 142% to the most recent peak of $0.00003343 last December. Despite a drop from this top, Shiba Inu has still been up 34% since Shib Knight’s disclosure.

Shib Knight on X
Shib Knight on X

This confirms that SHIB is now in a better position to reach the $0.001 price level than last August. Notably, with its price currently trading for $0.00001849, Shiba Inu would need to surge by a whopping 5,308% to reach the $0.001 price level. 

Meanwhile, Shib Knight also suggested that the lower price target of $0.0001 is not just possible but “quite realistic.” This indicates that while the market analyst believes $0.001 is attainable in the long run, he is confident that the $0.0001 price goal is more feasible for Shiba Inu.

Notably, the closest Shiba Inu has been to hitting $0.0001 was in October 2021, when it reached the all-time high of $0.00008845. At this price, SHIB only needed a further 13% upsurge to reach $0.0001. With most analysts agreeing that Shiba Inu could reclaim the ATH in the current cycle, a 13% extra rally to $0.0001 becomes rather plausible.

Timelines for SHIB to Hit $0.0001 to $0.001

Interestingly, Mama Whale, a community pundit, predicted timelines for Shiba Inu to reach these levels in a post on X last December. The proponent shared a chart revealing Shiba Inu’s remarkable journey from a $0.000000000510 price in August 2020 to $0.0000073 in September 2023.

They suggested that SHIB was on track to repeat this run, predicting the meme coin to reclaim its ATH of $0.00008845 in January 2025. At Shiba Inu’s current price, the altcoin would need to increase 378% to reach the all-time peak. However, with two days left in January, this is unlikely to materialize.

Meanwhile, Mama Whale predicts that by next month, Shiba Inu could hit the $0.0001 goal previously set by Shib Knight. Further projections set a target of $0.0005 by March 2025 and then $0.001 in April 2025. However, these predictions appear rather unfeasible, given the current market condition.

Here’s the Level XRP Needs to Reclam to Continue Upside: Analyst

Elendu Benedict
-
0
Here’s the Level XRP Needs to Reclam to Continue Upside: Analyst

After yesterday’s bull trap, a notable market analyst has shared the price mark XRP needs to reclaim to decimate bearish momentum and continue its uptrend.

Yesterday, XRP haunted bears and bulls alike with a sharp movement in both directions. First, it surged over 5% to an intraday high of $3.2137 on bullish momentum from Ripple’s latest licensing before relinquishing most of its gains at the close of the day.

The double-edged drive has liquidated positions worth $11 million in the past 24 hours, and the late dump erased long positions worth about $7.40 million from the crypto market. Amid the uncertainties, an analysis has provided a crucial level XRP must reach to sustain bullish momentum.

Analyst Shares Make-Or-Break Level for XRP

In a recent commentary, market analyst Nebraskangooner highlighted that the Tuesday price reversal followed a rejection from the 1.337 Fibonacci extension at $3.221. The XRPL native token nosedived yesterday after hitting what the analyst termed the “bull trap fib.”

Following the price trend, the commentator suggested that XRP would continue the sideways push unless it conquers the Fibonacci level from which it was rejected yesterday. A successful retest and breach of the price range would ensure higher prices for the XRPL native token.

However, Nebraskangooner warned of further southward trends if XRP failed to reclaim the crucial level. An accompanying chart shows that if the bearish momentum escalates, the third-largest cryptocurrency by market cap could go as low as $1.9622.

 

XRP Price Action per Nebraskangooner

$3 Remains Crucial Support

Meanwhile, if XRP should take a downward turn, it would first have to detonate the support level at the $3 region. The demand wall has sufficed to prevent further XRP downturns as whales continue to accumulate around the region.

Analyst Egrag Crypto acknowledged this plight in a recent post. He noted that bulls have actively bought XRP every time it briefly trends below $3, reinstating sentiments that the asset would continue to hold the demand zone.

In the meantime, XRP has rebounded from yesterday’s lows, posting an almost 2% uptick. At press time, the asset trades at $3.1025 with a market cap of $179 billion.

Shiba Inu Lead Teases Extremely Powerful Partnership to Impact Shibarium Projects 

Lele Jima
-
0
Shiba Inu Lead Teases Extremely Powerful Partnership to Impact Shibarium Projects 

Shiba Inu ecosystem lead developer Shytoshi Kusama hints at an upcoming partnership that could significantly impact all Shibarium projects and the broader crypto space. 

In an X post yesterday, the Shiba Inu leader noted that the team is set to announce an “extremely powerful” partnership very soon. 

Shiba Inu leader teasing major partnership
Shiba Inu leader teasing major partnership

What to Expect from Shiba Inu’s Upcoming Partnership

Although he did not reveal the exact timing or details of the partnership, he provided hints on what the community should expect. 

In a follow-up post, Kusama emphasized that the upcoming partnership will positively impact all Shibarium projects and ecosystem tokens, including SHIB, LEASH, TREAT, and BONE. He also suggested that the partnership will benefit the broader crypto industry. 

The development comes weeks after the Shiba Inu ecosystem team unveiled Astra Nova as its latest partner. The partnership, announced mid-January, aimed to revolutionize the Web3 space by merging gaming, AI, and community-driven projects.

Since its inception in August 2020, Shiba Inu has partnered with several crypto-related projects, such as Bad Idea AI, Unification, K9 Finance, Chainlink, and Zama.ai. These partners have played significant roles in Shiba Inu’s evolution from a meme coin to an ecosystem. 

Shiba Inu Lead Addresses Misuse of Official Communication Channels 

Meanwhile, Kusama addressed the controversies surrounding the misuse of Shiba Inu’s X handle, @Shibtoken, to promote tokens unrelated to the ecosystem.

He recounted how the ecosystem team chose an individual to manage all Shiba Inu communication channels when the cryptocurrency first launched. Like other communication channels, @Shibtoken shared updates on Shiba Inu-related projects and milestones. 

Kusama emphasized that the account was imperative in Shiba Inu’s evolution from a meme coin to a thriving ecosystem. However, he expressed concern over the misuse of @Shibtoken for the promotion of non-ecosystem projects, noting that he has ordered the removal of all unrelated posts. According to him, this move is to prevent connections to rug pulls, scams, and pump-and-dump schemes. 

“Sacred spaces like the official ShibToken account should focus on key updates, such as the epic things happening right now,” he said.

He distanced himself and the ecosystem team from any project operating under the name ‘Shib.’ Despite wishing these projects well, he emphasized that none of them can ever replicate Shiba Inu’s success. 

Finally, he urged Shiba Inu community members to remain focused on collective success and only use official spaces for relevant ecosystem developments. 

MOVE Soars as Rumors Suggests Elon Musk’s DOGE Plans to Integrate Its Blockchain

Okoya David
-
0
MOVE Soars as Rumors Suggests Elon Musk’s DOGE Plans to Integrate Its Blockchain

Movement finds itself in the crypto market spotlight amid rumored considerations from Elon Musk’s DOGE for blockchain integration.

Over the past few weeks, crypto market participants have struggled to keep up with the rapid influx of pro-crypto policy developments under President Donald Trump’s administration.

Just as the market digests the implications of Trump’s executive order pushing for clear and favorable crypto regulations and the establishment of a national stockpile of digital assets, yet another significant development appears to be on the horizon.

Specifically, reports now suggest that the government may integrate blockchain technology as part of efficiency and transparency efforts with the Movement blockchain, an Ethereum layer-2 scaling solution, in focus.

MOVE Jumps on Government Integration Rumors 

On Saturday, January 25, Bloomberg reported that the Elon Musk-led Department of Government Efficiency was considering integrating blockchain technology into the U.S. government as part of its efforts to make the government more efficient and transparent, citing persons with knowledge of the matter.

Fast-forward to Tuesday, January 28, fresh reports suggest that Movement is among the blockchains being considered for this novel move. Elon Musk’s DOGE and Movement Labs have yet to confirm these reports, but it has not stopped traders from speculating.

Amid the reports, MOVE, the native token of the Ethereum Layer 2 Chain, is bucking a broader market correction.

Specifically, the asset has surged as much as 12% on the day and 20% from its Tuesday, January 28 lows to trade as high as $0.8486 on Wednesday, January 29, while other assets trade cautiously ahead of the Federal Reserve’s interest rate decision.

Further adding to the speculation, Trump-linked DeFi project World Liberty Financial purchased 2.4 million MOVE, currently worth nearly $2 million, on Tuesday.

Movement is a zero-knowledge Ethereum Layer 2 network based on the Move programming language, which was developed for Facebook’s defunct stablecoin project Diem. The language has gained notoriety in blockchain in recent years, as highlighted in its use in popular new-generation blockchains Aptos and Sui.

Trump Stablecoin Push Raises EU Alarm Over Dollar Supremacy

Albert Brown
-
0
Trump Stablecoin Push Raises EU Alarm Over Dollar Supremacy

The European Union is accelerating its digital euro initiative in response to a recent executive order from the U.S. President Donald Trump. 

The order, which promotes the expansion of U.S. dollar-backed stablecoins globally, has intensified concerns in the eurozone about the growing influence of the dollar.

With USD stablecoins already comprising 97% of the worldwide market, European policymakers worry that their increasing adoption could diminish the euro’s role in international finance.

Officials at the European Central Bank have voiced apprehensions regarding the impact on the banking sector. ECB board member Piero Cipollone, on January 24, noted that stablecoins could attract more users away from conventional banks.

To counteract this shift, he emphasized the necessity of a digital euro, which could help financial institutions maintain their customer base and preserve transaction revenue while keeping the euro relevant in the evolving financial landscape.

Digital Euro Development Gains Urgency

Stablecoins, which function similarly to money market funds, provide access to short-term interest rates in widely used currencies, predominantly the U.S. dollar.

A digital euro, in contrast, would be backed by the ECB and managed by financial entities. This digital currency would offer individuals, including those without traditional banking access, a secure way to conduct transactions, though holdings would likely be limited to a few thousand euros.

Eurozone banks have expressed concerns about potential disruptions to their deposit base. A digital euro could lead customers to transfer funds from traditional banking institutions into ECB-backed wallets, reducing banks’ available capital.

Despite these risks, the ECB is actively testing the feasibility of the digital euro. However, its launch remains contingent on European lawmakers approving the required legislative framework.

U.S. CBDC Ban Creates Opportunity for China and EU

Notably, Trump’s executive order not only promotes dollar stablecoins but also explicitly prohibits the Federal Reserve from issuing a central bank digital currency (CBDC).

This decision makes the U.S. the only major global economy to ban a government-backed digital dollar. Notably, this created an opening for China and the EU to advance their CBDC initiatives without American competition, per Reuters.

Until recently, the U.S. was among more than 130 nations researching CBDCs, covering 98% of the global economy. Supporters argue that digital currencies could streamline real-time, cross-border payments, while critics suggest that existing financial systems already offer comparable capabilities.

Bitwise Takes Next Step Toward Dogecoin ETF as S-1 SEC Filing Goes Live

Abdulkarim Abdulwahab
-
0
Bitwise Takes Next Step Toward Dogecoin ETF as S-1 SEC Filing Goes Live

Billion-dollar asset manager Bitwise has officially communicated its intent to list a spot Dogecoin ETF with the U.S. Securities and Exchange Commission (SEC).

On Tuesday, Bitwise Investment Advisers filed a Form S-1 registration statement with the SEC to list the Bitwise Dogecoin ETF.

For context, last Wednesday, the asset manager filed a Delaware registration for a DOGE ETF, and now it is following through with the SEC.

In a statement, Bitwise CIO Matt Hougan highlighted a significant demand for Dogecoin investments. “The truth is that many people want to invest in DOGE,” Hougan said.

Furthermore, he pointed out that Dogecoin is the sixth-largest crypto asset, with an impressive volume exceeding $2 billion.

Bitwise Dogecoin ETF Strategy and Structure

Notably, this proposed ETF aims to provide investors with exposure to Dogecoin without the complexities of directly owning DOGE. The ETF will issue common shares of beneficial interest listed on a major exchange under a yet-to-be-revealed ticker symbol.

The Bitwise Dogecoin ETF will hold Dogecoin and set its Net Asset Value (NAV) based on the CF Dogecoin-Dollar Settlement Price, a pricing benchmark calculated by CF Benchmarks Ltd.

The Trust will not actively trade or manage the Dogecoin holdings but will passively track its value. Notably, the ETF will operate through a unique structure where shares are issued and redeemed in blocks of 10,000 shares, known as “Baskets.” This will allow investors to buy or sell based on the Dogecoin held by the Trust.

Meanwhile, the Trust, managed by Bitwise Investment Advisers, will charge a unitary management fee. Investors will be able to access Dogecoin through a traditional brokerage account, bypassing the complexities and risks of directly owning the digital asset.

The S-1 filing also pointed out that while the ETF is a more accessible way to gain exposure, it comes with risks similar to investing directly in Dogecoin, such as volatility in the digital asset market.

Dogecoin Price Action Amid ETF Filing

Despite the news of an ETF that directly invests in Dogecoin, the price performance of DOGE has not reflected the weight of the development. Specifically, Dogecoin is trading in the red today, with a price of $0.3319. Its weekly performance shows a 10% loss.

Notably, Bitwise is not the only ETF issuer seeking to launch a Dogecoin ETF. Last week, two asset managers submitted applications to the SEC for multiple meme coin ETFs, including DOGE.

Dogecoin perfomance despite ETF news
Dogecoin Performance Despite ETF News | CoinMarketCap

Nasdaq-Listed Electric Vehicle Company Nuvve Adopts Bitcoin as Reserve Asset

Elendu Benedict
-
0
Nasdaq-Listed Electric Vehicle Company Nuvve Adopts Bitcoin as Reserve Asset

Nuvve, a non-crypto, publicly traded company, has adopted Bitcoin as a strategic reserve asset, pledging 30% of its excess cash to stack the asset.

The green energy-focused electric vehicle firm announced in a press release on January 28 that it has adopted Bitcoin as a strategic reserve asset, becoming the latest to take the orange pill. According to the release, it would dedicate a considerable portion of its excess cash to buying and holding the pioneering cryptocurrency.

Another Day, Another Company Adopting Bitcoin

Creating a Bitcoin stockpile has become a growing trend among corporate firms. Pioneering large companies like MicroStrategy and smaller-capped ones like Matador and Kurl Technologies have adopted the asset amid growing economic turbulence and its capability to hedge against inflation.

Nuvve announced it would invest 30% of its reserve in Bitcoin, a long-standing plot to diversify its portfolio. The firm also revealed the adoption aligns with its plans to offer crypto payment options to its clients.

Known for its green energy campaign, Nuvve sells electric vehicle charging equipment. The company utilizes vehicle-to-grid technology, allowing it to resell excess electricity to the local grid.

Notably, Nuvve’s Q3 2024 report shows a profit of $1.92 million and excess cash slightly above $325,000. Assuming it remains within the range, committing 30% would amount to under 1 BTC at the current market price of $102,101.

Nonetheless, its stock (NASDAQ: NVVE) saw considerable changes after the announcement. It reached an intraday high of $4.39 before trending at $2.81 at the close of the day.

Growing List of Entities Holding Bitcoin

Data from Bitcoin Treasuries shows that 156 entities hold Bitcoin, seven of which created the stash in the past 30 days. Today, the firms hold over 3 million BTC, worth over 309 billion.

Of these firms, 78 are public, and 19 are private. Michael Saylor’s MicroStrategy, which holds 471,107 BTC ($48 billion), and Marathon Digital (MARA), with 44,893 BTC ($4.6 billion), lead the pecking order.

Meanwhile, the growing adoption correlates with a warmer embrace among entities globally. In addition to corporate firms, countries have also accelerated plans to buy Bitcoin. The United States, Russia, and Brazil are considering creating a national stockpile.

1...975976977...2,657Page 976 of 2,657