Author: News Room
Bitcoin is bouncing back from a lull to start April, climbing back up above $69,000 on Thursday as the network’s anticipated halving event is set to take place in a couple weeks. The price of Bitcoin has jumped by 5% over the last 24 hours to a current price of $69,139, reversing a three-day trend that saw the leading cryptocurrency (by market cap) drop beneath the $70,000 level and nearly touch $65,000 on Tuesday before rising on Thursday. The Bitcoin halving is the quadrennial network event that cuts the amount of BTC that miners receive as a reward for successfully…
The Optimism (OP) price shows signs of recovery, which could evolve into a significant rally if supported by investor confidence. However, a formidable resistance looms ahead that might stall its progress before reaching $3.50. Optimism Is Building Momentum Following a notable correction aligned with broader market trends, Optimism’s price rebounds from the $3.00 support level. This downturn decreased market value, as highlighted by the Market Value to Realized Value (MVRV) ratio. This ratio, which evaluates investor profits or losses, currently indicates a 30-day MVRV of -20% for Optimism, suggesting recent losses that could trigger investor accumulation. Optimism MVRV. Source: Santiment…
Senators from Paraguay launched a bill to prohibit the creation, conservation, storage, and commercialization of virtual assets, as well as the installation of crypto mining farms. On April 3, in the Senate of Paraguay, fourteen senators presented the proposal, including Colym Gregorio Soroka, Ever Federico, and Regina Lizarella. Senators in Paraguay Want to Ban Crypto Mining The senators argued that crypto miners “take advantage” of the country’s hydroelectric energy and have concentrated their activity in Alto Paraná. “In [Alto Paraná], more than fifty premises dedicated to crypto-assets have been discovered until February 2024,” the senators stated in a translated version…
Cryptocurrency analyst and trader Kevin Svenson is saying Bitcoin (BTC) could be on the cusp of a significant upward move based on one indicator. Svenson tells his 74,800 YouTube subscribers that the Relative Strength Index (RSI) oscillator “can sometimes be a leading indicator” and that it could potentially prove useful in predicting the “next major move”. According to Svenson, the RSI indicator on the daily chart is signaling a potential for Bitcoin to rally and break above the all-time high of around $73,800 reached last month. “If you look at the RSI and you look at all the past price…
There are around 18,000 Bitcoin options due to expire on April 5 with a notional value of $1.23 billion. However, today’s expiry event is much smaller than last week’s whopping $15 billion end-of-quarter crypto options expiry. Moreover, markets have been weaker this week, with total capitalization falling 5% as $150 billion left the space. Bitcoin Options Expiry Today’s tranche of expiring Bitcoin options contracts has a put/call ratio of 0.64. This means there are about a third more call (long) contracts expiring than puts (shorts). Additionally, the max pain point of today’s batch is $68,000, which is about $500 higher…
Quick Take The sell-off from Grayscale has had an interesting effect on well-known Bitcoin metrics, skewing data heading into the next halving. Examining the duration since bitcoins were last transacted on-chain, we can categorize them according to their “Supply Last Active” (SLA) period, spanning from 1+ years to 5+ years. This metric has historically been a valuable metric in determining market cycles. However, because Grayscale outflows are coming from wallets that have not been active in a long time, current data looks very different from the past. Glassnode’s chart illustrates the overlay of various SLA variants as a percentage of…
During the first quarter of 2024, the crypto market showcased a dynamic performance across various narratives, with meme coins, real-world assets, and AI tokens leading in profitability. Narratives are specific sectors within the crypto industry that use a distinct coin and are broken down to show how crypto can be operated differently. According to data from CoinGecko, meme coins saw an astonishing average return of 1,312% across the platform’s top tokens. The performance was highlighted by the remarkable success of new entrants such as Brett (BRETT), BOOK OF MEME (BOME), and cat in a dogs world (MEW), which launched around…
XRP has recently seen a surprising increase in its price. It has gone over the important level of $0.6, which many traders think is a sign that its price might keep going up. People who invest in XRP might even go higher than the 50-day Exponential Moving Average (EMA). If they do, it could mean that XRP is becoming more stable on the market. When we look at the XRP price chart, we see that it has been moving in a strong way. It was stable for a while, but then it went past the $0.6 mark quite unexpectedly. Previously,…
The Solana network is currently under stress, struggling to process the flood of transactions driven by the recent meme coin frenzy. Consequently, this has raised concerns about the network’s ability to handle such intense activity levels. Amid this surge, the blockchain’s performance is put to the test. Are Solana’s 77% Transactions Failing? Recent data from Dune Analytics shows that on April 4, over 77% of “non-vote” transactions on Solana did not succeed. This represents the highest failure rate ever recorded for the network. The failure comes amidst the heightened activity on the blockchain due to the current bull cycle. Also,…
A U.S. court has sentenced Onecoin’s purported head of legal and compliance to four years in prison. She “facilitated and committed money laundering, aiding in the exploitation of millions of victims,” said U.S. Attorney Damian Williams. The Onecoin legal chief was also ordered to forfeit $111,440,000. Onecoin’s Irina Dilkinska Sentenced The U.S. Attorney’s Office for […] Read the full article here