Markets
Bitcoin price volatility, Ethereum ETF
New York City, NY, May 27, 2024 (GLOBE NEWSWIRE) — 
The cryptocurrency market is constantly evolving, with significant developments influencing investor sentiment and market dynamics. Recently, Bitcoin has faced potential price risks, Ethereum has attracted interest with ETF speculation Furrever token is nearing the end of its successful $1.2 million pre-sale. Here’s an in-depth look at these key events and their potential impact on the market.
Bitcoin faces risks of falling prices
Bitcoin (BTC), the leading cryptocurrency by market capitalization, is currently experiencing potential price risks that have raised concerns among investors. A significant factor contributing to these concerns is the activity of long-term bond holders. According to a recent analysis by analysts, these holders, who have accumulated significant amounts of Bitcoin over time, are showing signs of profit-taking. This behavior often precedes a price decline, as large sell-offs can create downward pressure on the price of Bitcoin.
The data suggests that long-term holders have been moving their BTC on exchanges, indicating a potential intent to sell. This trend, if it continues, could lead to greater volatility and a further decline in the price of Bitcoin. Furthermore, macroeconomic factors, such as regulatory developments and changes in investor sentiment, are also playing a role in the current market dynamics.
Despite these concerns, Bitcoin’s long-term fundamentals remain strong. Institutional adoption is growing, with major companies and financial institutions recognizing Bitcoin’s potential as a store of value and hedge against inflation. Bitcoin’s integration into mainstream financial systems and its growing acceptance as a legitimate asset class provides a solid foundation for its future growth.
Ethereum ETF Hopes Spark Optimism
Ethereum (ETH), the second-largest cryptocurrency by market capitalization, has attracted significant interest with the potential approval of a spot Ethereum Exchange-Traded Fund (ETF). This development could mark a pivotal moment for Ethereum and the broader cryptocurrency market. A recent report from a trusted source highlights that industry experts, including Michael Saylor of MicroStrategy, believe that an Ethereum spot ETF could be beneficial to the entire cryptocurrency market, including Bitcoin.
The approval of an Ethereum spot ETF would provide institutional investors with a regulated and easily accessible vehicle to gain exposure to Ethereum. This could lead to increased demand and potentially increase the price of ETH. Furthermore, an Ethereum ETF would mean broader acceptance of cryptocurrencies by traditional financial markets, paving the way for further innovation and adoption.
The US Securities and Exchange Commission (SEC) has been cautious in its approach to approving cryptocurrency ETFs, citing concerns about market manipulation and investor protection. However, growing interest from institutional investors and growing pressure from the cryptocurrency industry could ultimately lead to a favorable decision.
The anticipation of an Ethereum ETF has already had a positive impact on market sentiment. Investors hope that this development will bring greater legitimacy to Ethereum and attract a new wave of capital into the market. As the industry awaits the SEC’s decision, the potential approval of an Ethereum spot ETF remains a key factor to watch.
The $1.2 million Furrever token presale is nearing its end
As Bitcoin and Ethereum face their respective challenges and opportunities, Furrever Token (FURR) is making waves with its unique approach to the cryptocurrency market. Furrever Token aims to create a heartwarming ecosystem centered around adorable cat images, offering a refreshing contrast to the often serious and technical world of blockchain projects.
The Furrever token presale was a resounding success, raising over $1.2 million as it neared completion. This achievement highlights the strong interest and support of the crypto community. Built on the BNB-20 blockchain, Furrever Token has a total supply of approximately 9 billion tokens. Of these, 65% are available for pre-sale, 25% are intended for decentralized exchanges (DEX), and 10% are reserved for the team, with a one-year lock on these tokens.
Furrever Token’s appeal lies in its blend of fun and innovation. The project integrates cute cat-themed stickers, emojis and visuals, transforming everyday interactions into delightful experiences. Community involvement is a cornerstone of the Furrever ecosystem, with regular challenges and events encouraging users to share their love of cuteness. Future surprises are also planned, with exclusive cat content, to keep the community engaged and entertained.
Security and compliance are paramount to Furrever Token. The project’s smart contract has been verified by Securi Lab, ensuring a secure and reliable platform for users. The team, while not being duped, demonstrated commitment to the longevity of the project by locking their tokens for a year. The organic growth of the Furrever Token community, with nearly 4,000 active members on Telegram, further highlights its legitimacy and potential.
As the presale nears its end, now is the ideal time to invest in Furrever Token. The combination of a strong community, an innovative approach, high rates of return, and solid tokenomics make Furrever Token an exceptional option for those looking to take advantage of emerging trends in the cryptocurrency market. With its unique blend of cuteness and substantial growth potential, Furrever Token represents an attractive investment opportunity.
In conclusion, as Bitcoin faces price risks and Ethereum generates optimism with ETF speculation, Furrever Token’s successful presale and engaging community offers a unique and promising investment avenue. The dynamic nature of the cryptocurrency market continues to provide opportunities for those who wish to explore beyond the mainstream and invest in projects with distinctive value propositions.
Join the Furrever token presale now:
Official website of the Furrever token
Enter the $20,000 Furrever Token Giveaway
Join the official Telegram group
Follow the official X account
Media contact:
Roberto Smith
https://furrevertoken.com/
support@furrevertoken.com
Disclaimer: The information provided in this press release does not constitute a solicitation for investment, nor is it intended as investment advice, financial advice or business advice. We strongly recommend that you practice due diligence, including consulting with a professional financial advisor, before investing in or trading cryptocurrencies and securities.
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.
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 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 tokin 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 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.
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.
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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