Day: January 22, 2024

Glassnode Sets $120K Price Prediction For 2024

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Bitcoin (BTC), the largest cryptocurrency in the market, has encountered a significant downturn following the waning hype around exchange-traded funds (ETFs), resulting in a 9% decline over the past fourteen days.  However, Glassnode co-founders remain optimistic, asserting that the recent price corrections align with historical patterns and could propel Bitcoin to new heights, nearly doubling its current all-time high (ATH) of $69,000. Healthy Market Correction? In their latest analysis, the co-founders of the blockchain analytics firm posted on X (formerly Twitter), highlighting Bitcoin’s movement to the 6.618 Fibonacci Extension after…

Congresswoman Maxine Waters Questions Meta’s Ongoing Crypto Efforts

“I write to express my concerns regarding Meta Platforms, Inc.’s (f/k/a Facebook, Inc.) filing status of five trademark applications related to various digital assets services and blockchain technology with the U.S. Patent and Trademark Office (USPTO),” the letter said. “With its initial filings on March 18, 2022, Meta’s application submissions as of January 22 appear to represent a continued intention to expand the company’s involvement in the digital assets ecosystem.” Source

Bug on Ethereum’s Nethermind Software Sparks Discussion of ‘Client Diversity’ Risks

It was a manageable incident, but the episode revived a long-simmering debate in the Ethereum ecosystem around the need for “client diversity.” Some experts took the opportunity to point out how bad things could have been if another client software, Geth, the chain’s most popular execution client, had gone out; the question is whether Ethereum could have kept going since Geth stands out as a possible single point of failure for the network. Source

XRP Could Hit $0.39 Before Soaring 1000%: Crypto Analyst

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The price of XRP is currently navigating bearish territory. Following its descent below the 200-day exponential moving average (EMA), the digital currency has further dipped beneath the critical 0.618 Fibonacci retracement level. Despite this downward trend, renowned crypto analyst Dark Defender offers a glimmer of optimism for the XRP army. However, he also suggests that the market might face additional challenges first before embarking on a remarkable 1000% surge. In his latest analysis, the crypto analyst shared the weekly XRP/USD chart, employing a range of technical indicators including the Ichimoku Cloud,…

Bitcoin dips below $40k amid BTC ETF selloffs

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Bitcoin dropped under $40,000 amid GBTC sell-offs from bankrupt crypto exchange FTX and BTC deposits on Coinbase by spot BTC ETF issuer Grayscale. Bitcoin (BTC) slid down nearly 9% on Jan. 22, exchanging hands around $39,700 on venues like Binance and Coinbase. The largest cryptocurrency likely saw depreciating prices due to outflows from Grayscale’s spot Bitcoin ETF, a fund built on the firm’s long-standing GBTC product.  BTC below $40k | Source: TradingView GBTC is the largest spot BTC ETF in the U.S. marketing with over $20 billion in assets under management.…

Bitcoin Price “Mad Heavy,” Why A Detour To $30,000 Might Be Imminent

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The Bitcoin price took a downside turn over the weekend and seems ready to re-test critical support levels. The downside price action was triggered by a spike in selling pressure following the approval of Bitcoin spot Exchange Traded Funds (ETFs) in the US. As of this writing, the Bitcoin price trades at $40,900 with a 2% loss in the past 24 hours. Over the last week, these losses doubled, with other assets in the crypto top 10 by market underperforming, except for Dogecoin (DOGE), which still records a 4% profit…

Gaming tokens take hit from Bitcoin’s dip to $40k

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The cryptocurrency market recently experienced a downturn, with significant declines in gaming tokens as Bitcoin’s value approached $40,000. The cryptocurrency market declined on Monday, notably impacting gaming tokens. As Bitcoin (BTC) approached the $40,000 mark, gaming tokens experienced larger drops, according to CoinGecko. Immutable’s IMX token decreased by 8% to $1.80, as Beam (BEAM) and Gala Games (GALA) saw around a 7% decline. Axie Infinity’s AXS governance token fell over 6%, and its in-game SLP reward token dropped by 7%. The only token not experiencing a dip is Ronin (RON),…

ProShares Bitcoin ETF trading declined over 70% since spot Bitcoin ETF launch

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ProShares’ Bitcoin Strategy ETF experiences a significant drop in trading activity as investors shift focus to spot Bitcoin ETFs. On Jan. 18, trading volumes for BITO on the New York Stock Exchange fell sharply to just above $500 million, a significant decrease from the $2 billion peak seen on Jan. 11, per Coinbase’s data. Additionally, data from ETF.com shows a substantial outflow from BITO, exceeding $270 million, within the same timeframe. Despite this downturn in trading activity, market analysts maintain a positive outlook on BITO’s role in the sector, particularly…