The increasing frequency with which Bitcoin attains higher support levels combined with a lack of significant speculation in the derivatives markets implies a slim chance of its price dropping to $50,000 in the near future, says Dylan LeClair, a senior analyst at UTXO Management.
In his analysis dated April 7, LeClair posits that a rise in Bitcoin’s price to the $70,000-$75,000 bracket could exert substantial pressure on short sellers.
LeClair observes, “As we’ve consolidated, an increasing amount of short liquidations are building from 70-75k.”
Data from CoinGlass suggests that a surge to $70,000 could trigger liquidations worth approximately $174.17 million.
Should Bitcoin reach $75,000, it would lead to the liquidation of about $830 million in short positions, indicating a potential price increase of 7.8% from its present $69,344.
This forecast mirrors a similar 7.5% decline on March 15, which resulted in $525.2 million of liquidations.
Despite the possibility of a significant drop in Bitcoin’s price to $50,000 triggering massive liquidations of long positions, LeClair deems such a scenario unlikely given the pattern of higher lows and the current stability of the derivatives market.
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He acknowledges the possibility but considers it improbable, citing Bitcoin’s last fall below $50,000 on February 13 to $49,725, after touching $50,000 the day prior—a milestone not seen since December 2021.
Supporting his analysis, LeClair refers to recent developments like BlackRock’s update to its Bitcoin ETF prospectus on April 5, which now includes five prominent Wall Street firms as new authorized participants, including ABN AMRO Clearing, Citadel Securities, Citigroup Global Markets, Goldman Sachs, and UBS Securities.
The crypto community is also closely watching Bitcoin’s price as it approaches the halving event scheduled for April 20, which reduces miner block rewards by 50%.
Historical data indicates a 658% price surge since the 2020 halving. Should trends follow suit, Bitcoin could potentially reach $434,280 by the 2028 halving.
Rekt Capital, a noted crypto trader, optimistically suggests to his 443,000 followers that the market is in the early stages of a bull phase, hinting at substantial room for upward movement in the short term.
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With the Bitcoin “halving” event drawing near, the cryptocurrency community is abuzz with predictions, some even suggesting a surge to the $100,000 mark.
Bitcoin‘s price has recently seen a slight increase, reaching $69,395.
This halving, which is expected to happen this April, will reduce mining rewards by half, from 6.25 to 3.125 bitcoins.
Such events, occurring every four years, aim to limit Bitcoin supply and have historically led to price volatility.
Analysts at Steno Research speculate this occasion might follow a “buy the rumor, sell the news” pattern, similar to what was observed in the 2016 halving.
The anticipation builds as the market awaits to see the effect of reduced supply against the backdrop of stable demand.
Coinbase recently celebrated a legal victory that could enhance investor confidence, potentially influencing Bitcoin’s market performance.
The U.S. Court of Appeals for the Second Circuit ruled that Coinbase’s secondary cryptocurrency sales do not contravene the Securities Exchange Act.
This decision is significant for the cryptocurrency exchange and its users, possibly encouraging more trading activity.
Ethereum also remains a focal point in the digital currency sphere.
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Despite being 20% below its peak, Ethereum leads the decentralized finance (DeFi) sector, commanding over 60% of its market value.
Its recent Denchun update promises enhanced functionality and reduced transaction fees on Layer 2, solidifying its position in the DeFi space.
Such developments not only boost Ethereum’s appeal but may also impact Bitcoin positively by fostering trust in cryptocurrencies.
In a bold move, Genesis acquired $2.1 billion in Bitcoin, trading off 36 million GBTC shares.
This purchase, executed amid a Chapter 11 bankruptcy filing, aims to settle debts and enhance Genesis’s Bitcoin reserves.
Despite potential market concerns, Coinbase anticipates that this influx of capital will remain within the crypto ecosystem, likely pushing Bitcoin’s demand and price upward.
Bitcoin’s technical indicators show a bullish sentiment, with the Relative Strength Index at 61 and the 50-day Exponential Moving Average supporting an optimistic outlook.
The market seems primed for an upward trajectory, provided it stays above a critical support level.
On a lighter note, the crypto world is set to welcome Slothana ($SLOTH), a meme coin leveraging Solana’s blockchain efficiency.
Its presale offers an early investment opportunity in what could be the next meme coin sensation, drawing lessons from previous successes in the space.
This event underscores the diverse and ever-evolving nature of the cryptocurrency market, offering various avenues for investment and speculation.
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In a significant move to address its financial obligations, the bankrupt cryptocurrency lending firm Genesis has converted roughly 36 million shares of the Grayscale Bitcoin Trust (GBTC) into Bitcoin, gearing up to settle its debts with creditors.
This conversion was executed on April 2, with the GBTC shares valued at approximately $58.50 each at the time of liquidation, according to Bloomberg.
This decision comes after the GBTC share price witnessed a substantial 50% increase since Genesis initially received approval from the U.S. bankruptcy court for the share sale back in early February when shares were valued at $38.50.
The liquidation of GBTC shares culminated in a $2.1 billion revenue for Genesis, which it used to purchase 32,041 Bitcoin at $65,685 per Bitcoin on the same day.
This purchase is aimed at fulfilling the firm’s obligations towards its creditors, with the acquired Bitcoin currently valued at around $2.18 billion.
The cryptocurrency community has been closely monitoring this large-scale transaction, concerned about its potential impact on the market.
Coinbase, however, has offered reassurances, suggesting that the move is likely to have a neutral effect on the market as the funds remain within the cryptocurrency ecosystem.
This is part of Genesis’s bankruptcy plan, which permits the firm to either directly convert the GBTC shares into Bitcoin for creditors or sell them and distribute the proceeds.
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This development follows an assertion by the Digital Currency Group that its subsidiary, Genesis, is committed to repaying its customers beyond their due entitlements.
Furthermore, Genesis recently announced a settlement agreement with the SEC, agreeing to a $21 million payment to resolve a civil lawsuit related to its operations, including the temporary suspension of withdrawals from Gemini Earn following the FTX bankruptcy, citing market turmoil and liquidity challenges.
Genesis’s financial troubles became more pronounced after the SEC’s lawsuit led to its bankruptcy filing earlier last year.
Additionally, a recent court ruling has allowed the SEC’s lawsuit against Gemini and Genesis to proceed, dismissing motions by both companies to dismiss the lawsuit, which involves allegations of selling unregistered securities through the Gemini Earn program.
This legal development underscores the ongoing challenges and regulatory scrutiny facing the cryptocurrency industry.
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Shiba Inu (SHIB), the canine-themed cryptocurrency phenomenon, has reached a new milestone with its listing on Nexo, a leading global cryptocurrency exchange.
This significant development, unveiled on X, marks a pivotal moment for SHIB, broadening its reach and accessibility to a more extensive investor audience.
Nexo‘s platform now allows users a broad spectrum of functionalities with their SHIB holdings.
Investors have the convenience of purchasing SHIB directly with their debit or credit cards, bypassing the need for intricate transfer processes.
Furthermore, the platform offers the innovative option to use SHIB as collateral for borrowing other cryptocurrencies, thereby enhancing financial versatility for its users.
A noteworthy feature of Nexo is the ability for users to transfer SHIB tokens to others using just phone numbers or email addresses, simplifying the process of sending SHIB to fellow Nexo account owners.
Additionally, Nexo supports swapping SHIB for a range of established cryptocurrencies like Bitcoin (BTC), Arbitrum (ARB), Ethereum (ETH), and Litecoin (LTC), serving investors with varied trading preferences.
To celebrate the SHIB listing, Nexo introduced a promotional offer of 0.5% cashback in crypto rewards on all SHIB purchases made through card or bank transfers, encouraging participation and investment through the platform.
The SHIB community played a crucial role in achieving this listing through persistent advocacy efforts.
Initiatives included a Change.org petition advocating for SHIB’s listing on Nexo, which attracted over 142 votes, showcasing the influential power of community-driven campaigns in the cryptocurrency sector.
Since its inception in 2018, Nexo has established itself as a trusted name in the cryptocurrency exchange market, servicing over 6 million users worldwide.
The platform’s extensive array of services and support for over 75 crypto assets underscore Nexo’s dedication to aligning with industry trends.
With regulatory licenses in multiple key markets, including the U.S., Canada, and the EU, Nexo demonstrates its commitment to compliance and security standards.
The inclusion of SHIB on Nexo adds to its growing presence on over 130 cryptocurrency exchange platforms, a testament to the enduring support and advocacy from the SHIB community.
Lucie, the marketing lead for Shiba Inu, attributed this success to the community’s strategic online campaigns and petitions, highlighting the significant influence of dedicated supporters in promoting the token’s adoption and recognition.
In conclusion, the listing of Shiba Inu on Nexo represents a notable advancement for the meme-inspired cryptocurrency, enhancing its visibility and adoption among investors.
This development reflects the expanding acknowledgment of SHIB in the wider cryptocurrency landscape, positioning it for ongoing growth and integration.
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In the first quarter of 2024, Pantera Capital’s Liquid Token Fund delivered an impressive 66% return, buoyed by strategic investments in various crypto tokens, including the notable Solana (SOL).
A shareholder letter obtained by Bloomberg reveals that the fund’s stellar performance from January through March also benefited from investments in Ribbon Finance (RBN) and Stacks, even as it scaled back on Bitcoin and Ether exposures.
Cosmo Jiang, the portfolio manager, shared with Bloomberg the fund’s strategic shift away from Bitcoin, noting a significant reduction in Bitcoin holdings since the year’s start.
Jiang emphasized the deliberate reduction in Bitcoin exposure, stating, “We’d been pretty heavy in Bitcoin until the start of the year, and I really like each month we’ve decreased that Bitcoin position meaningfully.”
Market data indicates the success of this strategy, with the RBN token surging by 400.43% year-to-date, and SOL’s gains registering at 69.88%.
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These figures markedly outpace Bitcoin’s 62.59% appreciation within the same timeframe.
Founded in November 2017, the Pantera Liquid Token Fund is tailored for accredited investors, offering a portfolio of 10–20 liquid tokens with a focus on decentralized finance (DeFi).
This investment vehicle demands a minimum commitment of $100,000 from its participants.
Pantera Capital, managing assets worth $5.2 billion, is a pioneer in the cryptocurrency investment space.
The firm recently acquired SOL tokens formerly owned by the defunct crypto exchange FTX, investing approximately $250 million for tokens valued at $64 each, which is roughly 60% below their current market value.
The surge in SOL’s price is largely credited to its growing dominance in the blockchain market and the burgeoning popularity of memecoins.
Memecoins like Dogwifhat and Bonk, along with new entrants such as Cat in the Dogs World and Book of Meme, have seen rising interest.
CoinShares reports reveal that institutional investors contributed almost $25 million to SOL-based investment funds in March, further bolstering the token’s value in the market.
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In March, the blockchain security firm PeckShield reported a significant recovery effort resulting in the return of nearly $100 million in digital assets from a series of hacks.
Throughout the month, over 30 security breaches occurred, leading to a staggering total loss of $187 million in digital currencies.
Despite this, PeckShield’s diligent work facilitated the recuperation of 52.8% of the stolen funds, totaling $98.8 million.
The report by PeckShield on April 1 detailed the month’s five most substantial hacking incidents.
Leading the list was the Munchables hack, which resulted in the most considerable financial damage, followed by breaches involving Curio, Prisma Finance, NFPrompt, and the WOOFi exploit.
The Munchables incident, a nonfungible token game on the Blast network, was particularly noteworthy.
On March 26, it was revealed that the game had been compromised, initially estimating the losses at $62 million.
In a surprising turn of events, the stolen funds were returned by the hacker the following day, without any demand for ransom.
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It was later discovered that the perpetrator was one of the game’s developers. Blast’s creator, Pacman, confirmed that $97 million had been secured by the core contributors of Blast following this breach.
Another significant incident involved Prisma Finance, from which $11 million in digital assets were stolen. Shortly after the theft, the decentralized finance protocol halted its operations to investigate.
The hacker reached out, claiming the act was a “white hat rescue,” and discussions for fund recovery are underway.
Curio’s breach involved a MakerDAO-based smart contract on Ethereum, with initial estimates of the loss around $16 million, though PeckShield’s analysis suggests the figure is closer to $40 million, making it the second-largest loss in March.
Additionally, the Binance-supported NFPrompt experienced unauthorized access leading to a $10 million loss, and the WooFi decentralized exchange was exploited for approximately $8.5 million.
These incidents underscore the ongoing risks in the digital asset space, even as significant efforts are made to enhance security and recover lost funds.
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Bunkee (BUNK) has the potential to become a mainstream memecoin and reach a multi-billion dollar market cap, like Shiba Inu (SHIB) and Pepecoin (PEPE).
Bunkee (BUNK), a new Solana memecoin, is poised to rally 800% in the next 24 hours and return to its all-time high.
Specifically, BUNK is currently trading at around $0.000613 and is braced for a bullish reversal after a period of consolidation, with it set to reach its all-time high of around $0.004.
Bunkee coin will then target further gains and look to breach the $0.01 barrier.
Many investors who made huge returns on PEPE are now buying Bunkee, ahead of its forecasted price surge.
The token can currently only be purchased on decentralized exchanges, such as Raydium and Jupiter, and it has a market cap of just $630,000, meaning it has the potential to turn thousands of dollars into millions if it becomes a popular memecoin.
All of BUNK’s liquidity is locked, as noted by DEX Screener, which means the token cannot fall victim to a rugpull unlike the majority of new memecoins that are appearing on Solana every day; this is a key bullish point for Bunkee.
Additionally, it has been rumored that the devs are planning a massive burn of tokens and are set to announce numerous centralized exchange listings early next week.
This is likely to cause the price of Bunkee to rally and go much higher than its previous all-time high of $0.004.
Over the past 14 years since Bitcoin’s inception on January 3, 2009, investors have found nearly every day to be profitable, with only six days not yielding returns, according to an analysis.
This remarkable statistic underscores Bitcoin’s success, with 99.92% of all days proving profitable for those holding the digital currency.
Recently, Bitcoin reached a record price of $73,600 in mid-March, a boon for all BTC holders as their investments increased in value.
The cryptocurrency has since stabilized in the $68,000–$70,000 range, showcasing its enduring appeal and resilience against market volatility.
Despite the general profitability, a small fraction of Bitcoin transactions made during specific periods in March are currently at a loss, reflecting the inherent risks and fluctuations in the cryptocurrency market.
These unprofitable transactions account for just 0.16% of the 3,732 tradable days, emphasizing the rarity of loss-making investments in Bitcoin.
The distribution of Bitcoin holdings among wallets offers insights into the investment patterns and financial commitment of the community.
The majority of Bitcoin wallets, 86.28%, contain up to $1,000, demonstrating widespread participation with smaller amounts.
READ MORE: Bitcoin Cash Surges Ahead of Second Halving Event, Reaches Record Open Interest in Futures
A smaller percentage of wallets hold higher values, with 13.03% between $1,000 and $10,000 and just 0.69% holding over $100,000, highlighting the varying levels of investment within the Bitcoin ecosystem.
Bitcoin’s resilience through bear markets and its ability to consistently recover enhances not only investor confidence but also the mining community’s prospects.
These dynamics bolster the network’s security and contribute to a vibrant ecosystem.
The anticipation around the fourth Bitcoin halving event, expected on April 20, 2024, is generating excitement and strategic accumulation of BTC by both institutions and private investors, expecting a significant impact on Bitcoin’s value.
Amid these developments, the mining sector is preparing for the post-halving era, which will see mining rewards halved to 3.125 BTC.
Canadian firm Bitfarms, for instance, is investing nearly $240 million in upgrading its mining equipment to stay competitive.
Jeffrey Lucas, CFO of Bitfarms, highlighted the strategic importance of this upgrade, noting it will substantially increase the company’s scale, profitability, and efficiency in the face of halving rewards, positioning Bitfarms favorably within the mining industry.
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A recent verdict by a jury has found Terraform Labs and its co-founder, Do Kwon, culpable in a significant case of investor fraud, as announced by the U.S. Securities and Exchange Commission (SEC) on April 5.
The decision, stemming from deliberations in the U.S. District Court for the Southern District of New York, concluded the civil enforcement trial which began on March 25.
Notably, Do Kwon was absent from the proceedings, currently in Montenegro amidst ongoing deliberations over his potential extradition to either the U.S. or South Korea.
SEC Enforcement Director Gurbir Grewal expressed satisfaction with the outcome, stating, “We are pleased with today’s jury verdict holding Terraform Labs and Do Kwon liable for a massive crypto fraud.”
He highlighted the misleading nature of Terraform and Kwon’s actions, particularly regarding the stability of Terra USD, an algorithmic stablecoin, and misrepresentations about the use of Terraform’s blockchain by a payment application.
Grewal pointed out the serious implications of Terraform’s failure to register with the SEC, advocating for regulatory compliance.
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In contrast, a spokesperson for Terraform Labs voiced their disagreement with the jury’s decision, arguing that the SEC lacked the authority to initiate the case and indicating that further actions were being considered.
The jury found Kwon and Terraform responsible for six charges, including recklessly making false or misleading statements related to TerraUSD (UST), LUNA, and wLUNA sales or offers.
This verdict arrives after Terraform Labs’ dramatic collapse in May 2022, which was precipitated by the instability of its UST stablecoin, contributing to a broader downturn in the cryptocurrency market.
The SEC had launched its lawsuit against Terraform and Kwon in February 2023, accusing them of orchestrating a multi-billion dollar fraud involving crypto asset securities.
A partial summary judgment in December had previously seen Judge Jed Rakoff rule partially in favor of Terraform concerning charges of unregistered security-based swaps offerings.
The implications of the verdict on Kwon’s extradition remain uncertain. Following a Supreme Court decision in Montenegro, his extradition case has been referred back to a lower court to decide on whether he should be extradited to the U.S. or South Korea, where he faces criminal charges.
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BabyCat (BABYCAT) coin currently has a market cap of just $407,000 and it is trading on a handful of decentralized exchanges, like PanCake Swap.
BabyCat (BABYCAT), a new memecoin which was launched on April 4, has been tipped to emulate the success of Shiba Inu (SHIB) and Dogecoin (DOGE) and eventually become a mainstream memecoin.
Both SHIB and DOGE currently have a market capitalization in the billions of dollars, after they rose to prominence during the last crypto bull run.
And now, BABYCAT is being heralded as the next big memecoin, and its market cap is likely to breach the $10 million mark before 10 April.
If its market cap reaches $10 million, investors who are currently buying BabyCat Coin would generate a 2500% return on their investment.
BabyCat Coin’s value could go even higher than this, as it has been rumored that the token is set to be listed on MEXC, Bitmart and Bitget – in what would be its first centralized exchange listings.
Many investors are pouring funds into BabyCat Coin because of its massive growth potential and because, unlike most new memecoins, its liquidity pool is locked, which prevents a rugpull and ensures the coin will continue to rally in the coming days and weeks.
BabyCat has also announced massive burns planned for the coming days to boost the token’s price for holders.
Shiba Inu and Dogecoin Price Prediction
Shiba Inu (SHIB) is currently trading at $0.00002743 after gaining 1.73% in the last 24 hours.
It remains down 7% over the last week, but SHIB still has the potential to deliver 200%-300% returns over the course of this bull run.
Dogecoin (DOGE), meanwhile, has gained 3.46% in the last 24 hours and is trading at $0.1852.
The token is down almost 8% in the last 7 days, but the bulls are trying to build momentum and initiate a new rally.
Although DOGE and SHIB still have the potential to rise in the next few weeks and months, most memecoin investors are investing in small cap, new projects, like BABYCAT Coin, as they have much more upside potential and could potentially turn a few thousand dollars into millions of dollars.