Day: July 4, 2024

200 Million XRP Tokens On The Move, Where Are They Headed?

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On-chain transaction data shows the XRP ecosystem recently witnessed an enormous movement of 200 million XRP tokens worth $94.5 million ahead of the periodic unlock from escrow. This transaction was recorded on-chain on June 30 between two unknown wallets, indicating it isn’t an escrow unlock. Although the periodic unlock has already been completed since this transaction, XRP traders and enthusiasts are still fascinated by its enormous nature, prompting a detailed look into the on-chain data. Breaking Down The 200 Million XRP Transfer According to on-chain data initially noted by large…

Bitcoin Price Takes a 5% Hit: Can Bulls Save The Week?

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Bitcoin price failed to start a fresh increase above the $62,850 resistance zone. BTC started another decline and tumbled 5% to test $58,000. Bitcoin started a fresh decline and traded below the $60,000 zone. The price is trading below $61,500 and the 100 hourly Simple moving average. There is a connecting bearish trend line forming with resistance at $60,000 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair might struggle to start a fresh increase above the $60,850 resistance zone. Bitcoin Price Dives 5% Bitcoin…

Bitcoin Is Up 2X But Speculators Are Underwater: Will The Sell-off Continue?

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Bitcoin is down at press time, wiping the weekend’s gains and inching closer to $60,000. If bears press on, increasing their shorts, the odds of the coin sliding below the psychological number and $56,800 remain high. Glassnode: STHs Are In Red As the world’s most valuable coin finds itself at a critical juncture, fast approaching $60,000, on-chain data points to weakness at spot rates. Related Reading In a post on X, Glassnode, a blockchain analytics firm, highlighted how BTC finds itself in a unique situation. Bitcoin short-term holders are in…

Polymarket punters pile bets on Biden’s dropout 

After a New York Times report, Polymarket odds of President Joe Biden dropping out of the elections skyrocketed to over 70%. Early on Wednesday, Polymarket bettors placed wages on a 55% chance that Joe Biden would step down from the presidential race. Those odds massively improved following a report that Biden was mulling his future in the White House post-November. According to an unnamed member of Biden’s camp cited by the New York Times, the U.S. President sees beating Donald Trump on the ballot as an unlikely outcome. Shortly after,…

Longest Miner Capitulation Since 2022 Signals Potential Bitcoin Rally Ahead

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Bitcoin (BTC) has recently struggled to regain bullish momentum, remaining in a consolidation phase just above the crucial $60,000 support. Despite reaching an all-time high three months ago, the largest cryptocurrency witnessed a dip to as low as $59,500 on Wednesday due to increased selling pressure from miners. BTC Selling Spree The ongoing miner capitulation, the longest observed since the summer of 2022 before the FTX implosion, indicates the Bitcoin Halving supply-squeeze effect.  Crypto analyst Ali Martinez noted that Bitcoin miners have sold more than 2,300 BTC in the past…

IMF Advises US to Keep Interest Rates Steady Through Late 2024

The International Monetary Fund (IMF) has advised the U.S. to improve its fiscal position by reducing spending and increasing revenues. The IMF emphasizes addressing rising debt through policy adjustments and recommends maintaining current interest rates until late 2024. “Given those risks, we agreed that the Fed should keep policy rates at the current level until […] Source CryptoX Portal

British Mega Bank Standard Chartered Says Bitcoin Will Hit $100,000, Here’s When

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British mega bank Standard Chartered has made a bullish prediction for Bitcoin (BTC), the world’s largest cryptocurrency. The multinational bank has projected that Bitcoin will surge as high as $100,000 from its current price of above $60,000. Bitcoin To Reach $100,000 By US Election Day In a Tuesday note, Standard Chartered’s head of forex and digital assets research, Geoffery Kendrick predicted that Bitcoin could see its price rallying to $100,000 by the United States (US) election day in November. He also disclosed that the pioneer cryptocurrency is poised for “a…