Author: Sollcrypto
Yesterday, investors acquired Bitcoin spot Exchange-Traded Funds (ETFs) surpassing $400 million, resulting in a notable market upswing. Today, the continued substantial buying is fostering optimism in the market. The anticipation of a supply shock is indicative of an exceptionally bullish outlook. The cryptocurrency market has experienced a remarkable surge, propelled by unprecedented buying in Bitcoin spot ETFs, with yesterday’s influx exceeding $400 million. This surge not only uplifted market sentiment but also triggered speculation about ongoing buying activity today. The substantial scale of these acquisitions reflects an increasing confidence in Bitcoin and its corresponding financial instruments, particularly spot ETFs. These…
As of December, OpenAI has reportedly exceeded the $2 billion revenue mark and is aiming to double this figure in the upcoming year. The creator of ChatGPT is seeking to achieve a revenue doubling in the year 2025. OpenAI has achieved an annualized revenue surpassing $2 billion, primarily attributed to the remarkable success of its flagship AI product, ChatGPT. Notably, OpenAI’s ChatGPT has positioned the company as one of the fastest-growing technology entities in history. The substantial growth in OpenAI’s revenue is particularly noteworthy, given that in October, its annualized revenue stood at $1.3 billion. Around the same time, OpenAI…
According to Coinbase, a prominent cryptocurrency exchange in the United States, utilizing crypto technology instead of relying on credit cards for payments could have allowed Americans to retain at least $74 million in 2022. In its most recent State of Crypto report, Coinbase exposes how traditional financial institutions contribute to elevated transaction fees within a system plagued by delays. Coinbase observes that employing cryptocurrency is more cost-effective than utilizing credit cards. Coinbase, a prominent U.S.-based cryptocurrency exchange, underscores the potential savings associated with adopting a cryptocurrency payment system as opposed to traditional credit cards. In its latest State of Crypto…
Cardano’s price movement has taken the form of a descending triangle, yet indications suggest a potential reversal. If ADA succeeds in breaking and closing above $0.5410, there could be a substantial 30% climb. Conversely, a break and close below $0.4668 would negate the bullish outlook. Cardano (ADA) continues to consolidate beneath a descending trendline, representing a bearish technical formation that has characterized the volatile altcoin market. However, there are evolving signs of a shift in this trend, coinciding with the broader resurgence observed in cryptocurrency markets. Cardano may be reaching a potential bottom at this point in time. Cardano (ADA)…
In 2023, the crypto custody market reached a substantial $448 billion, witnessing a notable surge, with major banks entering the arena. A recent Bitget study unveiled a remarkable 250% increase in assets under custodial management, highlighting the expanding opportunities within the cryptocurrency sector. The rise in custodial accounts, crucial for secure storage of digital assets, has been particularly pronounced following the final approval of the Bitcoin ETF. The study also revealed a nearly doubled count of custodial accounts since November 2023. Notably, short-term custodial accounts, holding funds for less than three months, constitute around 77% of the total, with 43%…
The price of Ethereum is currently consolidating its gains, holding steady above the $2,400 mark. A potential significant uptrend might unfold if there is a clear breakthrough above the resistance level at $2,460. As Ethereum consolidates, it is maintaining its position below the resistance zone of $2,460. The current trading scenario sees the price above $2,400 and the 100-hourly Simple Moving Average. On the hourly chart of ETH/USD provided by Kraken, a notable bullish trend line is taking shape, indicating support at $2,435. For a potential upward movement, it is crucial for Ethereum to surpass the resistance levels at $2,460…
The Shiba Inu token recently dipped below a crucial support level at $0.000009, indicating a possible turning point for the asset. The focus now shifts to the next significant support level, marked by the distinct blue line on the trading chart. The breach of the $0.000009 support level suggests a shift in market sentiment from bullish to bearish. Traders commonly interpret such breaches as a signal for a potential downward trend, triggering heightened selling pressure. The market currently stands at a delicate juncture, emphasizing the importance of the subsequent support level holding to prevent further declines. For SHIB, the upcoming…
Bitcoin is showing momentum above the $44,000 resistance, with the potential for further gains if it manages to surpass the $44,800 resistance zone in the short term. The price of Bitcoin successfully exceeded the resistance levels at $43,400 and $43,500. Currently, it is trading above $44,000 and the 100-hourly Simple Moving Average. Notably, the hourly chart of the BTC/USD pair (data feed from Kraken) indicates a significant breakthrough of a major rising channel with resistance at $43,650. If Bitcoin can overcome the $44,800 resistance zone, there is a possibility for the pair to sustain its upward movement. The price of…
The Bitcoin price is in a consolidation phase above the crucial $42,500 support region. A potential bullish surge may occur if the resistance barrier at $43,500 is successfully surpassed. Despite trading above $42,500 and the 100-hourly Simple Moving Average, Bitcoin is encountering resistance at levels around $43,400 and $43,500. The hourly chart of the BTC/USD pair (data feed from Kraken) reveals the formation of a significant rising channel, indicating support at $42,450. For a substantial upward movement, Bitcoin needs to overcome the resistance zone at $43,500, which could potentially trigger a robust increase in the price. Bitcoin Price Targets Upside…
Ethereum experienced an upward surge, surpassing the $2,350 mark. The positive indicators suggest a potential continuation of the uptrend, aiming for the $2,500 threshold. Bullish momentum is strengthening for Ethereum, surpassing the $2,350 level.The current price is above $2,320, maintaining its position above the 100-hourly Simple Moving Average.On the hourly chart of ETH/USD (data feed via Kraken), a notable breakout occurred above a significant rising channel, marked with resistance around $2,350.While a corrective pullback may transpire, any declines are expected to find support around the $2,335 level. Ethereum’s Price Takes on a Positive Tone The Ethereum price established a support…