Markets

Apple soars, bitcoin and ethereum collapse: Tuesday’s market performance

Published

8 months ago

11 June, 2024

Apple soars, bitcoin and ethereum collapse: Tuesday's market performance

Yahoo Finance Jared Blikre joins Asking for a Trend to analyze Tuesday’s market trends.

Apple (AAPL) hit a new all-time high, rising about 7% intraday. Blikre notes that the likelihood of this move being a false breakout is an unlikely high-risk scenario.

Inventory volume in the overall market has plummeted recently. Although volume is currently lower than average, Blikre believes it will normalize over the summer.

Finally, bitcoin (BTC-USD) and ethereum (ETH-USD) are having their worst day in five weeks, which he expects will normalize in the coming months.

For more expert insights and the latest market action, click Here to watch the full episode of Asking for a Trend.

This post was written by Melanie Riehl

Video transcription

And the NASDAQ S and P 500 closes at a new high as Apple Ss with a record here with more information on the trading day.

Let’s go straight to Yahoo.

Jared Blicker of finance.

Jared.

Thanks, Josh.

Guess what?

I’ll call it a comeback because Apple hasn’t gone anywhere in years.

You can see that today it is up 7%, the best day in years.

Here’s what it looks like today.

I’ll show you the last two years and you’ll understand what I mean with this breakup.

Uh We weren’t going anywhere for quite some time here and this is just recently, we can see over the last five years, including the whole pandemic.

Indeed, there was a lot of lateral action here.

So we’ve gotten to new nominal highs, but now we’re finally finding out what’s interesting about this.

And by the way, let me show you our takeaway board, beautifully prepared for us.

This is Apple hitting a new all-time high, but I did a study and so I took a signal day like today.

So if you have an apple that gains 3% and hits a new high.

I calculated this has happened 15 times in the last 20 years and we only allow one signal per quarter.

What’s important is what happens next.

Then a day later, rising, 4/10ths of a percent, only four times out of 10 is it positive.

But you start looking at a week, a quarter of a month, a year later, up to 88%.

These are really good stats even for a stock that is mostly going up because there are long periods of time where it has this breakout and eventually goes up.

What is the risk here for this?

Because we’re looking at average gains of about 30% over the next year.

This is the V that we’ll see in a second here.

But what I want to show you is the Apple graph once again.

So we’re looking at five years here.

The risk is that it is a false breakout and that in the next few days we immediately go back and then go down a bit more.

The story continues

But this is the minimum, this is the Iris scenario, but it is a low probability.

That’s not what I think will happen.

And so for the market, Jared, the biggest takeaways when you know, a name like Apple starts working this way again.

Yes.

So we’ve been talking about the NVIDIA story, which is the story of artificial intelligence, for a long time.

Apple has kind of been left out and you can see that in the totals for the year to date.

Apple also pretty much breaks even to start the day all year long.

NVIDIA up 144%.

NVIDIA had all the action.

NVIDIA might be a little tired here.

So it would be fitting that another big title could carry the AI banner for a while.

Uh Apple has always been the leader of the overall stock market for the last 10 years.

So it’s probably comfortable for a lot of people just to see him as the protagonist.

Uh, I see that as a big positive for the market.

All right, Jared Blu, point number two.

Yes, we are seeing market complacency.

So let me advance here.

We had Apple hit an all-time high, but recently stock volume has plummeted.

Let me give you some statistics.

So I look at uh spy volume spy is uh I is the S and P 500 spider ETF which is kind of a proxy for the overall market.

I recently saw the lowest volume of spying in years and sometimes what happens in the summer is good.

May June moves, you see a bit of a volume flag, but this is extreme.

I don’t want to say extreme, but I mean more than average.

So we’re seeing lower than average volume.

What this reminds me of is that a few summers ago in 2022, when did we have that big bear market?

Everyone was a little scared.

Uh, we’ve seen the stock for a while.

They managed to get back up.

And so there was kind of a sense in the market that everything was fine.

But I think, as you know, the old saying “cover in May or sorry, sell in May and walk away” should be changed to “cover in May and walk away”.

And I think that’s simply what we’re seeing here.

Finally, I just found my chart.

Here’s 2022, here’s that summer rally I’ve been looking at.

And I just think market participants are not as active this summer.

I think they put their stands on their hedges and went for a little 3rd, 3rd 1, Jerry.

We’ll get to that real quick.

This has to do with Bitcoin, Bitcoin and Ether experiencing their worst day in five weeks.

So I’m going to go to the charts real quick.

I showed the Bitcoin Board, the Ether board at the close today and you can see once I uploaded them here, just give me two seconds and here we go.

Uh You can see a lot of dark red on the screen.

Here is Bitcoin.

What I have emphasized thus far is that we are in a trading range.

So this might be the worst day we’ve had in the last few weeks, maybe in about a month.

But until we get out of this range to the upside or downside, that doesn’t mean much.

And take a look at Ether.

It’s a pretty similar graph.

Here it is.

Exchange rate just a little bigger very quickly.

That tells me something about the risk appetite heading towards the federal government, you know, good question.

Um, Bitcoin has been correlated in recent years.

You know, with risk, risk appetite comes closer to meeting.

I don’t know why you look at copper, it was kind of risk appetite hitting a new high.

Then it fell to a new low.

Take it, put it together, the commodity market with the cryptocurrency market, maybe the risk is a little tired right now and you kind of put it, uh, with my pre-market thesis the market could be on autopilot until the end of summer and this plays an important role.

So I don’t expect a big shakeup tomorrow at the Fed meeting, but maybe things will get a little riskier than, uh, fizzy.

Okay, we’ll wait and see, Jared.

Thank’s my friend.

Appreciate.

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Markets

Bitcoin, Ethereum See Red as Markets Crash on Volatility

Published

6 months ago

1 August, 2024

Financial Block Staff

Bitcoin, Ethereum See Red as Markets Crash on Volatility

Bitcoin AND Etherealalong with the rest of the top 10 cryptocurrencies by market cap, appear to be in hibernation on Thursday morning.

At the time of writing, the Bitcoin Price is still below $65,000 and 2.2% lower than it was this time yesterday, according to CoinGecko data. Things are worse for the Ethereum Pricewhich is 3.7% lower than 24 hours ago at $3,185.22. The drop in ETH’s price is identical to that of Lido Staked Ethereum (stETH), a liquid staking token for Ethereum.

In recent days, falling prices have led to the liquidation of derivative contracts worth $225 million, according to Coin glassAnd about half of that, about $100 million, was liquidated in the last 12 hours.

When a trader is liquidated, it means that their position in the market has been forcibly closed by an exchange or brokerage due to a margin call or insufficient collateral. Margin is especially important when it comes to leveraged positions, which allow traders to control a multiple of their deposit, such as opening a $10,000 position with only $1,000 in their account.

Now that Bitcoin has been in the red for three days in a row, there is a chance that the world’s oldest and largest cryptocurrency could sink even further, BRN analyst Valentin Fournier said in a note shared with Decrypt.

“Bitcoin has closed in the red for three days in a row, with one-way trading showing limited resistance from bulls. Ethereum had a slightly positive Monday with strong resistance from bears who have won the last two days,” he wrote. “This momentum could take BTC to the $62,500 resistance or even the $58,000 territories.”

Looking ahead, Fournier said BRN’s strategy will be to “reduce exposure to Bitcoin and Ethereum and find a better entry point after the dip.”

This is despite Federal Reserve Chairman Jerome Powell’s comments yesterday on interest rates being widely regarded as accommodating and indicative of FOMC rate cuts in September.

Singapore-based cryptocurrency trading firm QCP Capital said the rally in stocks, which sent the S&P 500 up 1.6% from Wednesday’s close, was not felt in cryptocurrency markets.

“Cryptocurrencies have seen a broad sell-off overnight and into this morning,” the firm wrote in a trading note. “The market remains poised as traders pay close attention to daily ETH ETF outflows and further supply pressure from Mt Gox and the US government.”

Meanwhile, the other top-ranking coins are showing mixed performance.

Solana (SOL) is down 7.2% since yesterday to $169.13. Things are even worse for its most popular meme coins. In the past 24 hours, the most popular meme coins Dogwifhat (WIF) are down 12% and BONK (BONK) is down 9%, according to CoinGecko data.

Their dog-themed competitor, Ethereum OG Dogecoin (DOGE), the only meme coin in Coingecko’s top 10, is down nearly 4% since yesterday and is currently trading at $0.1205.

XRP (XRP) dropped to $0.608, which is 7% lower than it was at this time yesterday.

Binance’s BNB Coin (BNB) has kept pace with BTC and is currently trading at $571, down 2.4% from yesterday. Toncoin (TON), the native token of The Open Network, is down just 0.4% over the past day.

This leaves the stablecoins USDC (USDC) and Tether (USDT), both of which are stable as they maintain their 1:1 ratio with the US dollar.

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Markets

XRP Market Activity Drops During Ripple-SEC Talks: Price Steady

Published

6 months ago

1 August, 2024

Financial Block Staff

Ripple (XRP) Market Witnesses Calm During SEC-Ripple Meeting

The Securities and Exchange Commission (SEC) will hold another closed-door meeting with Ripple on Thursday, as the market hopes for a possible resolution to the legal battle between the two entities.

However, the cryptocurrency market remains relatively bearish, with the price and trading volume of XRP down in the last 24 hours.

Ripple holders take no risk

At press time, XRP is trading at $0.60. The altcoin’s price has dropped 6% over the past 24 hours. During that time, trading volume was $27 million, down 27%.

The SEC met before with the digital payment company on July 25. While the outcome of that meeting remains unknown, the Sunshine Act Notice for Thursday’s meeting includes one additional topic of discussion from the July 25 closed meeting: the instituting and resolving injunctive relief. That has market participants speculating whether a settlement is imminent.

In an exclusive interview with BeinCrypto, Ryan Lee, Lead Analyst at Bitget Research, noted that:

“This meeting will discuss possible resolution options for the Ripple Lawsuit. The founder of Ripple Labs said that a legal settlement could be announced soon. If an official settlement plan is released, it could positively impact XRP’s price movement.”

However, an assessment of XRP’s price movements on a 4-hour chart shows a spike in bearish bias as the market awaits the outcome of this crucial meeting. Its Moving Average Convergence/Divergence (MACD) indicator readings show that its MACD line (blue) has crossed below its signal line (orange).

XRP 4 Hours Analysis. Source: Trading View

Traders use this indicator to gauge price trends, momentum, and potential buying and selling opportunities in the market. When an asset’s MACD is set this way, it is a bearish signal that suggests selling activity is outweighing buying momentum.

Additionally, the altcoin relative strength index (RSI), at 46.08, is currently below its neutral 50 line and in a downtrend. This indicator measures overbought and oversold market conditions for an asset.

To know more: How to Buy XRP and Everything You Need to Know

xrp rsi XRP 4 Hours Analysis. Source: Trading View

At 43.83 at the time of writing, XRP’s RSI suggests a growing preference among the market participants for tok in distribution.

XRP Price Prediction: Derivatives Traders Exit Market

The XRP derivatives market has also seen a decline in trading activity over the past 24 hours. According to Coinglass, derivatives trading volume has plummeted 18% and open interest has dropped 10% during that period.

Open interest refers to the total number of outstanding derivative contracts, such as options or futurethat have not yet been resolved. When it drops, traders close their positions without opening new ones. This is a bearish signal that reflects a lack of confidence in any potential positive price movement.

According to Lee, the outcome of the meeting with the SEC “would have a significant impact on the price movement of the token.” If the outcome is favorable, the price of the token could rise towards $0.75 in August.

To know more: Ripple (XRP) Price Prediction 2024/2025/2030

XRP Price Prediction XRP 4 Hours Analysis. Source: Trading View

On the other hand, if no favorable resolutions are reached, the price could plummet to $0.50.

Disclaimer

In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto strives to provide accurate and unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult a professional before making any financial decisions. Please note that our Terms and conditions, Privacy PolicyAND Disclaimers They have been updated.

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Markets

Bitcoin’s Dominance Hits Three-Year High, But Analysts Say Altcoins Are Ready to Rebound

Published

6 months ago

1 August, 2024

Financial Block Staff

Bitcoin's Dominance Hits Three-Year High, But Analysts Say Altcoins Are Ready to Rebound

Bitcoin is now the dominant force in the cryptocurrency market, surpassing 53% of the total cryptocurrency market, a stronger share than it has been in the past three years.

Bitcoin’s market cap now stands at $1.27 trillion, second according to CoinGecko data. In contrast, the total cryptocurrency market cap is $2.43 trillion, with Ethereum occupying 15.9% of the market, worth $389 billion.

Bitcoin’s rise to dominance this year is unusual, as altcoins typically do better than Bitcoin in a bull market. While meme coins made a strong comeback during Bitcoin’s rally to all-time highs earlier this year, the so-called “wealth effect” It has not been appreciated as much by mid-range coins, such as Ethereum and Cardano.

“ETF flows fundamentally alter market dynamics,” he wrote Meltem Demirors, former chief strategy officer at CoinShares, tweeted Wednesday: “BTC gains no longer translate to alts and the longer tail of crypto.”

Bitcoin’s takeover has continued even as the market cap of Tether (USDT) continues to grow, the world’s largest stablecoin and the third-largest cryptocurrency after BTC and ETH. Stablecoins are backed by fiat currencies and are excluded from some measures of Bitcoin dominance due to fundamentally different value models.

The surge continued to pace even after the launch of Ethereum spot ETFs last week, which ironically culminated in a news sell-off event, and net outflows from new investment products since they were launched. This went against the predictions of K33 Search so far, which predicted that ETFs would catalyze ETH’s growth over the next five months.

Despite the poorer performance of the alts, there is reason to believe that they are ready to bounce back very soon.

CryptoQuant CEO Ki Young Ju said Tuesday that whales are “preparing for the next altcoin rally,” as limit buy orders for assets other than BTC and ETH are on the rise.

The executive shared a chart showing how the “cumulative difference between purchase volume and sales volume” has increased in recent months.

“The indicator measures the difference between buy and sell orders over a year,” CryptoQuant told Decrypt. A buy/sell order is a pre-set request to buy or sell a cryptocurrency if it hits a certain price level, which creates resistance and support levels.

“If the trend is up, it means that more people are placing buy orders, showing strong interest in buying,” CryptoQuant said.

By Ryan-Ozawa.

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Markets

XRP and SOL Retrace as BTC Price Drops to 2-Week Lows (Market Watch)

Published

6 months ago

1 August, 2024

Financial Block Staff

Bitcoin Returns Toward $60K, XRP Defy Negative Sentiment (Market Watch)

After Monday’s crash, in which BTC fell by several thousand dollars, the scenario has repeated itself once again in the last 12 hours, with the asset falling to a 2-week low of $63,300.

Alt coins followed suit, with most of the market in the red today. SOL and XRP lead the way from the higher cap alts.

BTC Drops To $63.3K

After a violent Thursday last week, when BTC crashed to $63,400, the asset went on the offensive over the weekend and surged above $69,000 on Saturday, as the community prepared for Donald Trump’s appearance at the 2024 Bitcoin Conference in Nashville.

His speech was followed by more volatility before the cryptocurrency settled around $67,500 on Sunday. Monday started off rather optimistically for the bulls as bitcoin hit a 7-week high of $70,000.

However, he failed to maintain his run and conquer that level decisively. On the contrary, he was rejected bad and dropped to $66,400 by the end of Monday. Tuesday and Wednesday were less eventful as BTC remained still around $66,500.

The last 12 hours or so have brought another crash. Bears have pushed the leading digital asset down hard, which has fallen to a 2-week low of $63,300 (on Bitstamp), leaving over $200 million in liquidations.

Despite the current rebound to $64,500, BTC’s market cap has fallen to $1.270 trillion, but its dominance over alts is recovering and has reached 52.6%.

Bitcoin/Price/Chart 01.08.2024. Source: TradingView

The Alts are back in red

Ripple’s native token has been at the forefront of the market challenge in recent days as pumped up to a multi-month high of over $0.66. However, its run was also interrupted and XPR fell by more than 6% in the last day to $0.6.

The other big loser among the larger-cap alternatives is SOL, which has lost 8% of its value and is now struggling to get below $170.

The rest of this altcoin cohort is also in the red, with ETH, DOGE, BNB, AVAX, ADA, SHIB, and LINK all seeing drops between 2 and 5%.

The total cryptocurrency market cap lost another $70 billion overnight, falling below $2.4 trillion today on CG.

Cryptocurrency Market Overview. Source: QuantifyCrypto SPECIAL OFFER (sponsored)
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