Whether or not Ripple violated securities law in making XRP available to retail investors by putting it on crypto exchanges is absolutely a question that needs appeals court intervention, the U.S. Securities and Exchange Commission (SEC) argued Friday.
Charting The Course: This Indicator Sparks Confidence In Bitcoin Rise To $27,000
For Bitcoin (BTC), the largest cryptocurrency in the market, the month of September has seen a lack of definitive strength from both bulls and bears, resulting in a period of sideways chop and rapid bouts of volatility.
Material Indicators, a prominent crypto analysis firm, sheds light on the prevailing market conditions and highlights the intricacies of short-term price action (PA) against the backdrop of the macro sentiment.
Unpredictable Market Conditions Prevail As BTC Seeks Direction
Despite a bearish macro sentiment, where a broader downtrend is anticipated, short-term price action often deviates from the macro trend. This phenomenon explains the occasional short-term pumps and rallies observed even within a prevailing downtrend.
Material Indicators emphasizes the importance of understanding these dynamics and the potential implications they hold for Bitcoin.
Yesterday’s performance of the leading cryptocurrency may have come to a close, but Material Indicators point to indications that another rally could be on the horizon.
The firm highlights the Trend Precognition A1- indicator developed and used to spot micro, and macro trends by the firm- continues to exhibit a slight uptick in bullish momentum across the daily (D), weekly (W), and monthly (M) charts, as seen above.
This trend suggests the possibility of a resurgence in Bitcoin’s value, albeit with the need for caution and further analysis.
As of the time of writing, Bitcoin is currently trading at $25,800, continuing its prolonged period of sideways price movement since the start of the month. However, it is worth noting that Bitcoin has been unable to regain the critical $26,000 level, which holds significant importance for the cryptocurrency.
Reclaiming this level is crucial in order to invalidate any potential bearish pressure and mitigate the possibility of Bitcoin experiencing a further decline in its price.
Surge In New Bitcoin Addresses Signals Growing Interest
Amidst ongoing uncertainty and sideways price action, an intriguing trend has emerged that sheds light on the expanding interest in Bitcoin.
Notably, approximately 527,000 fresh Bitcoin addresses are being created on a daily basis, reaching a new yearly high. Renowned crypto analyst Ali Martinez delves into the significance of this surge and its implications for the cryptocurrency market.
The surge in new Bitcoin addresses suggests a growing curiosity and engagement with the digital currency, even during a period when its price has witnessed occasional drops.
This surge in address creation indicates that an increasing number of individuals are showing interest in Bitcoin, potentially attracted by its underlying technology, decentralized nature, and potential for financial independence.
For long-term investors and advocates of Bitcoin, this surge in address creation serves as a positive sign, reflecting sustained interest and trust in the cryptocurrency’s network. It demonstrates that individuals are not deterred by short-term price volatility and are committed to participating in the Bitcoin ecosystem for the long haul.
By actively creating new Bitcoin addresses, individuals are essentially establishing a connection to the network and positioning themselves to engage in various Bitcoin-related activities, including sending and receiving funds, participating in decentralized applications (DApps), and exploring the broader cryptocurrency ecosystem.
Ali Martinez emphasizes that this upward trend in address creation is significant as it suggests an expanding user base and a potential influx of new participants into the Bitcoin market.
As more individuals join the network, it strengthens the overall resilience and legitimacy of Bitcoin, further solidifying its position as a prominent player in the global financial landscape.
Featured image from iStock, chart from TradingView.com
Crypto Biz: Coinbase’s lending bet, a new ads policy at Google and Marathon’s mining performance
This week’s Crypto Biz explores Coinbase’s lending platform, Marathon Digital’s latest Bitcoin mining report, Hana Bank’s move to offer crypto custody and Google’s new crypto ads policy.
NFT Video Startup Glass Falls to Crypto Bear Market
The startup’s founders say they’re ending active development after two years.
Scientists created ‘OpinionGPT’ to explore explicit human bias — and you can test it for yourself
Due to the nature of the model’s tuning data, it’s unclear whether this system is actually capable of generating outputs showing real-world bias.
Why is Stellar (XLM) price up this week?
Stellar’s pre-announcements may have caused traders to create multiple scenarios for potential XLM developments, but their impact on the XLM price could be short-lived.
Dogecoin Dominates: Over 40% Holders In Profit, But How Do Other Meme Coins Fare?
A recent report by IntoTheBlock offers new insights into the profitability of meme coin holders, including Dogecoin, highlighting variations in the percentage of holders in profit and whale concentration. Dogecoin, the forerunner in this category, continues to hold its own, with new data underscoring its dominance in terms of profitability for its holders.
Dogecoin Holds The Lead
According to the report by blockchain data analytics platform IntoTheBlock, Dogecoin outpaces its counterparts, with 42% of its holders being in profit.
It is worth noting that this appears to solidify its position as a frontrunner in the meme coin domain and emphasizes its growing importance in the broader crypto space.
Ever wondered how meme coins compete on important metrics?
Dive into our latest infographic where we break down the performance of 6 popular meme coins, analyzing holder profits and whale concentration.#Dogecoin #Pepe #LEASH #SHIB #FLOKI #ELON pic.twitter.com/Di5vbyo3PZ
— IntoTheBlock (@intotheblock) September 8, 2023
The analysis, which took into account the top six meme coins including Dogecoin (DOGE), Pepe (PEPE), Doge Killer (LEASH), Dogelon Mars (ELON), Shiba Inu (SHIB), and Floki (FLOKI), positioned PEPE and LEASH in second and third places, with 21% and 19% of their holders respectively turning a profit.
Whale Concentrations And Other Tokens
In addition to highlighting profitability, the study delved into the concentration of whales within these meme coins. Interestingly, 44% of Dogecoin tokens are held by whale accounts, while nearly half of the PEPE tokens (49%) are whale-owned.
The report also shows that whale concentration for LEASH rests at 42%. Dogelon Mars and Shiba Inu, although popular names in the meme coin sphere, are fourth and fifth in terms of holder profitability, with 14% and 11%, respectively.
Floki, on the other hand, sees 10% of its holders in profit with a 59% whale concentration, indicating the large players’ influence in the meme coin market. Notably, whale concentrations can significantly impact the price movements of cryptocurrencies, making large holders create substantial market swings just with their trading decisions.
Furthermore, while Dogecoin has put roughly 44% of its holders in profit, the meme coin has not been exempt from the market’s volatile swings. In the past month alone, DOGE has seen a more than 16% decline. It took a dip from its previous high of $0.77 to a low of $0.62, at the time of writing.
Dogecoin (DOGE) price is moving sideways on the 4-hour chart. Source: DOGE/USDT on TradingView.com
In addition, despite the market downtrend, DOGE’s trading activity has surged. The daily trading volume for the meme coin currently stands at $201 million, a considerable increase from the $128 million recorded late last month.
Featured image from Unsplash, Chart from TradingView
Fed Vice Chair Barr gives update on CBDC research, plugs stablecoin legislation
Michael Barr expressed “strong concern” about stablecoins and appreciation of legislative efforts to address them at the Philadelphia Fed’s fintech event.
BIS thinks DeFi has no use cases, but CZ is bullish: Finance Redefined
Binance CEO Changpeng Zhao says DeFi will outpace CeFi in the next bull run, but the Bank for International Settlements is skeptical.
Blockchain Association responds to US lawmakers’ request for crypto tax guidance
Lawmakers with the U.S. Senate Financial Services Committee announced in July they would be accepting suggestions on how to tax crypto until Sept. 8.
Price analysis 9/8: BTC, ETH, BNB, XRP, ADA, DOGE, SOL, TON, DOT, MATIC
Bitcoin remains stuck in a range, but certain altcoins are showing signs of breaking down in the near term.
A New Crypto Scam Shows Perils of Elon Musk’s Twitter
Litecoin Breaks Another Record: HODLers On Network Now Exceed 5 Million
On-chain data shows Litecoin has reached another milestone as the total number of HODLers on the network now exceeds five million.
Litecoin Long-Term Holders Have Continued To Rise In Number Recently
According to data from the market intelligence platform IntoTheBlock, LTC has seen its long-term holder count hit a new record this week. The firm defines “long-term holders” (LTHs) or HODLers as investors holding onto their coins since at least one year ago. Note that this cutoff for the LTHs differs from what some other analytics platforms use, usually around five to six months.
The chart below shows how the number of addresses owned by these LTH HODLers has changed over the past few years.
As displayed in the above graph, the Litecoin HODLer count has significantly increased during this period. Since the start of last year, in particular, the indicator has seen exponential growth.
Following this sharp rise, the number of addresses carrying coins since at least one year ago has now broken the five million mark, a new record for the cryptocurrency.
Interestingly, while the LTHs have grown in number during this period, the cryptocurrency price has mostly struggled. This shows that despite the poor price action, there has been growing confidence among a subset of holders who believe that the asset would be a profitable investment in the long term.
This is naturally a positive development for the cryptocurrency, as more LTHs mean more supply that’s locked inside the wallets of these resolute hands, which in turn implies a lesser possibility of selling occurring in the market.
LTC Price Has Continued To Struggle Recently
Since Litecoin finished its plunge in mid-August, its price has only moved sideways. When writing, the cryptocurrency is trading at around $63.
While the Litecoin HODLers only going up in number through this slide since July is a constructive sign for the asset, it may not mean much in the short term.
Where the LTC price could go next from here depends on several factors, one of which could be on-chain resistance and support levels. IntoTheBlock has shared the concentration of the investors at the different LTC cost basis price ranges.
The “cost basis” here refers to the price at which the investors bought their coins. In the above data, the dot for the $64.9 to $69.29 range, for instance, represents the percentage of Litecoin investors who bought at prices lying inside this range.
Generally, when the price surges to cost basis levels with a high amount of investor concentration, there is a chance that the asset could feel some resistance. This is because these investors, previously in losses, come into the green with the surge, which may entice them to sell and exit the market.
The range ahead of the current one looks to be not that concentrated with holders, which may mean that Litecoin wouldn’t find too much resistance if a surge toward the $69 mark has to happen. However, there are notable percentages of holders in the following few price ranges, making a further surge difficult.
The Fed could lose $100B — Does this spell catastrophe for Bitcoin?
On the latest episode of “Macro Markets,” Marcel Pechman explains the potential implications for crypto of the Federal Reserve losing $100 billion.
Grayscale Ethereum Trust Discount Drops to Lowest in a Year Amid Spot Ether ETF Push
The recent optimism around crypto spot exchange-traded funds helped narrow the ETHE discount.
Bitcoin energy value metric puts BTC’s ‘fair value’ at $47K — Analyst
Charles Edwards of Capriole Investments says that despite the current headwinds, Bitcoin’s fair value sits at $45,000.
10 years later, still no Bitcoin ETF — but who cares?
The Securities and Exchange Commission will inevitably approve a spot Bitcoin ETF, but we should retain some healthy skepticism about the risks it will create.
Bitcoin Spot ETFs: Research Firm Predicts Inflows Over 70,000 BTC, This Price Target
In a recent series of tweets, Vetle Lunde, Senior Analyst at K33 Research, delved deep into the potential ramifications of the US Bitcoin (BTC) spot ETFs. Lunde’s analysis suggests that the broader market might be significantly underestimating the transformative power of these financial instruments.
Lunde’s assertion is rooted in five core reasons. He began with a bold proclamation: “The market is wrong – and dramatically underestimates the impact of US BTC ETFs (and ETH futures-based ETFs).”
Why The Market Is Wrong On Bitcoin
Firstly, Lunde believes that the current climate is ripe for the approval of US spot ETFs, suggesting that the odds have never been more favorable. As NewsBTC reported, Bloomberg experts Eric Balchunas and James Seyffart recently raised their Bitcoin spot ETF approval odds following the Grayscale judgment to 75% this year, 95% by the end of 2024.
Secondly, Lunde pointed out that BTC price has retraced to pre-BlackRock announcement levels. The third reason revolves around the potential competition and the simultaneous launches of multiple US spot ETFs. Lunde anticipates that these, if approved, could lead to robust inflows, potentially surpassing the initial trading days of both BITO and Purpose.
For context, he highlighted that Purpose saw inflows of 11,141 BTC, and in its wake, subsequent ETF launches in Canada resulted in a whopping 58,000 BTC worth of inflows within a mere four months. Given the vastness of the US market compared to Canada, the inflow potential is considerably higher.
The fourth reason Lunde presented is based on historical data from the past four years. He emphasized a noticeable correlation between strong BTC investment vehicle inflows and appreciating BTC prices. This relationship becomes even more pronounced during periods of extreme inflows, which have historically contributed to significant market uplifts.
The last crucial point for Lunde is that on August 17 the market got rid of from excess leverage, as NewsBTC reported.
By The Numbers
In conclusion, the research firm posits that US BTC spot ETFs could see at least 30,000 BTC worth of inflows in their first 10 days. Over a span of four months, the combined inflows into BTC investment vehicles could range between 70,000 to 100,000 BTC, driven by US spot ETFs and growing inflows to ETPs in other countries.
Based on these flow assumptions and data from the past four years, Lunde suggests a potential 66% BTC rally, targeting a price of $42,000. However, he also cautioned that this projection is based on a “naïve assumption” and doesn’t account for other market-moving events.
At press time, BTC traded at $25,865.
Human vs. AI: Who is better at crypto investing?
Cointelegraph journalist Giovanni Pigni spent two weeks challenging an AI program in a crypto investment competition.
Ripple acquires Fortress Trust, expands license portfolio in the US
Fortress holds a Nevada Trust license for asset custody. Ripple holds more than 30 licenses across the United States.
