Author: Sollcrypto
Bitcoin (BTC) experienced a drop to $42,824 as miners sold over 10,000 Bitcoin on January 17, marking the largest daily decrease in miner reserves in more than a year. According to data from CryptoQuant, Bitcoin miner reserves decreased by 10,233 BTC on that day, equivalent to approximately $450 million at current market prices. Miners typically alternate between phases of accumulation and selling. A 2023 Bitfinex report highlighted that miners started accumulating Bitcoin in mid-2023 during periods of lower prices and profitability. As prices and profitability rise, as seen in recent months, miners transition to a selling phase. Historically, miners sell…
Recent admiration for the Solana network by Franklin Templeton, a trillion-dollar asset management firm, expressed on their official X (Twitter) account, has instilled fresh optimism regarding the potential launch of a Solana exchange-traded fund (ETF) in the foreseeable future. In a social media post dated January 16, the firm’s digital asset team, temporarily managing the X account, conveyed their impression of the various developments within the Solana ecosystem, particularly commending Anatoly Yakovenko’s leadership. Franklin Templeton stated on January 17 that they were “impressed” by Anatoly’s vision of a single atomic state machine, recognizing it as a potent use case for…
A seasoned analyst from Alliance Bernstein, a global asset management firm, has suggested investors capitalize on the dip in Bitcoin and concentrate on the emerging adoption cycle. This guidance comes in the wake of the U.S. Securities and Exchange Commission’s approval of spot Bitcoin exchange-traded funds (ETFs). The analyst emphasized that the recent minor selloffs present opportunities, given the anticipated asymmetric upside in the future. “Seize the Decline and Prioritize the Emerging Bitcoin Adoption Phase.” The senior analyst specializing in digital assets at Alliance Bernstein, Gautam Chhugani, has recommended investors to purchase the Bitcoin dip, as outlined in a client…
The Ethereum price underwent a correction, testing the $2,440 support level. Currently, ETH is consolidating within a range and encountering obstacles around the $2,550 and $2,585 thresholds. Ethereum is making an effort to initiate a fresh upward movement starting from the $2,450 level.The current trading position is slightly above $2,500, with the 100-hourly Simple Moving Average providing support.On the hourly chart of ETH/USD (data feed via Kraken), there was a breakthrough of a connecting bearish trend line with resistance around $2,510.If the pair successfully surpasses the resistance levels at $2,550 and $2,585, it could gain positive momentum. Ethereum Maintains Crucial…
Live data from CoinGlass at 11:30 p.m. UTC reveals that Bitcoin exchange-traded funds (ETFs) recorded a trading volume exceeding $4 billion. Specifically, $3.11 billion in volume was distributed among nine spot Bitcoin ETFs. The five spot Bitcoin ETFs with the highest volumes were: Bitcoin futures ETFs contributed $983 million in volume, primarily driven by ProShares’ Bitcoin Strategy ETF with a $971 million volume. The combined volume for spot and futures Bitcoin ETFs was reported at $4.09 billion. CoinGlass provided data for 23 futures and spot ETFs, with price and volume data available for all but three funds. Spot Bitcoin ETFs…
The Shiba Inu ecosystem team has unveiled the significant advantage of having the ShibArmy as a crucial ally. Despite a cryptocurrency project’s claims of solidity, achieving substantial market popularity is challenging without the backing of an engaged community. Acknowledging this reality, the Shiba Inu ecosystem team consistently expresses admiration for its community members. In a recent tweet, the team emphasized the pivotal role of the SHIB community, asserting that the genuine power of the canine-themed token arises from the support of its community. Intriguingly, the tweet included a quote that states: “In the realm of our ecosystem, the visionary ones…
Ripple’s CTO, David Schwartz, has stepped forward to discuss a recent event concerning XRP, the native cryptocurrency of Ripple. The incident revolved around a report highlighting an unusually large transaction amounting to nearly $15 billion worth of XRP. Schwartz clarified that this information was misleading, as the actual transaction involved 25.6 billion XRP, valuing only a few cents. Schwartz praised Bitfinex and its CTO, Paolo Ardoino, for successfully thwarting what turned out to be an attempt at exploiting the situation. Schwartz’s clarification Seizing the opportunity, Schwartz delved into the intricacies of the XRP Ledger’s functionality, specifically focusing on the Partial…
Bitcoin’s price reached its highest point close to the $49,000 resistance area before experiencing a significant downturn. This resulted in the breach of several crucial support levels, notably the $45,000 mark, placing it in a short-term bearish trend. Currently, Bitcoin is in a steady decline and is trading below $43,500 and the 100-hourly Simple Moving Average. The hourly chart for the BTC/USD pair from Kraken indicates the formation of a connecting bearish trend line, with resistance around $42,850. The pair may undergo a fresh decline if it breaks below the $41,500 support zone. Bitcoin’s price experiences a significant decline. Bitcoin…
GameStop, the gaming retailer, has informed its users that it will be phasing out its non-fungible token (NFT) marketplace next month due to regulatory uncertainties. In a statement posted on GameStop’s website, users were given just over two weeks to access the NFT platform. However, the company assured NFT holders that the decision to reduce its involvement with cryptocurrency further would not impact their NFTs. Citing the lack of regulation as the reason for diminishing its crypto services, GameStop explained that the ongoing regulatory uncertainty in the crypto space led to the decision to wind down its NFT marketplace. It’s…
Bitcoin (BTC) experiences a downturn, with the ticker showing $42,977, reflecting a decrease of approximately $4,000 following the approval of Bitcoin spot exchange-traded funds (ETF) in the U.S. This suggests an emerging “sell-the-news” sentiment in the market. Concurrently, technical chart patterns suggest the potential for an ongoing sell-off in the upcoming days or weeks. What unfolds next, and what is the potential bottom for the Bitcoin price? The target for Bitcoin’s maximum pain is set at $34,850. Observed in the daily chart provided, Bitcoin’s price path reveals a period of consolidation confined within a bullish channel. As of January 14,…