Available exclusively via How the SECs SAB 121 repeal paves the way for balanced crypto regulation

Andjela Radmilac 3 days ago

CryptoSlate's latest report dives deep into the practical realities of SAB 121's repeal, examining its implications for the crypto industry and exploring the path forward for regulatory oversight.

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U.S. Bitcoin ETFs amass 2212 BTC in a day, led by BlackRock's IBIT and Fidelity's FBTC - CryptoSlate

Bitcoins14% surge over the past week has convinced traders that it could be the real deal market pump with another correction not expected until it reaches $90,000.

I believe this is the real deal market pump as fundamentals and technicals are providing confluence, pseudonymous crypto trader Roman told Cointelegraph.

They explained Bitcoins price decline from its all-time high of around $73,738 to a 21% drop to $58,000 on May 2, was a much-needed correction for higher prices in the future.

Roman pointed to the bullish reversal pattern seen on the Bitcoin (BTC) price chart this week as a strong indicator that it wont drop into another consolidation period until it surpasses its March 12 all-time high of $73,679 by at least 20%.

I think we will move to at least $90,000 to $100,000 before we see another consolidation period or correction, they declared.

The bullish reversal pattern was signaled by a spinning top candlestick near the downtrends bottom on May 20, closing at $66,278, according to CoinMarketCap data.

Bitcoin was trading at $70,140 at the time of writing.

Bitcoins recent price spike comes amid heightened speculation the United States Securities and Exchange Commission (SEC)could be moving to approve spot Ether (ETH) exchange-traded funds (ETFs), which analysts and the broader community have doubted over the past few weeks.

The market sentiment took a positive turn as a result, with the Crypto Fear and Greed Index shooting up by 12 points in just 24 hours, reaching an Extreme Greed score of 76 on May 21.

The positive sentiment spike came after reports the SEC had urged Ether ETF applicants to speed up their 19b-4 filings on May 20.

Ledn chief investment officer John Glover was surprised at how the speculation impacted Bitcoins price.

It makes complete sense that ETH jumped higher on this news; it is interesting to me that this brought BTC price up along with it as there should be zero impact on BTC demand from an SEC approval for ETH, Glover told Cointelegraph.

Related: Bitcoin shorts worth $1.4B at risk of liquidation if BTC price hits $74.3K

Glover anticipated there might be some volatility before reaching new record highs.

I would guess we see some profit taking in the market, which will push BTC prices down from the $71,000 level in the coming days as well, Glover said.

Despite the positive shift in market sentiment, crypto traders are bracing for a slight dip in Bitcoins price before it continues its upward trend, according to CoinGlass liquidation data.

Even a slight 1% spike to approximately $71,000 would wipe around $766.73 million in short position liquidations. On the flip side, a 1% drop to about $69,400 would clear $101.54 million in long positions.

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This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

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Bitcoin's recent price move is the 'real deal market pump' to $90K - Cointelegraph

4h30 3 min of reading by Luc Jose A.

The crypto market has just experienced a significant upheaval: while Bitcoin undergoes a sharp drop, puzzling many investors, Ether shows remarkable resilience, defying general expectations. How does ETH manage to hold its ground while the queen of cryptos falters? Lets analyze the forces at play that are currently shaping the crypto market.

Bitcoin fell below $68,000 this Thursday. This decline occurred in a context where the composite PMI index of the United States, which measures the economic health of the manufacturing and services sector, recorded an unexpected increase, reaching 54.4. This figure, the highest since April 2022, surpassed analysts forecasts, signaling a more robust economic recovery than anticipated.

The inverse correlation between the rise in the PMI and the drop in Bitcoin can be explained by market expectations regarding interest rates. Investors, reacting to positive economic data, anticipate rate hikes by the Federal Reserve to control inflation, which strengthens the dollar and exerts downward pressure on non-income-producing assets like Bitcoin.

Moreover, the increase in bond yields follows this economic data. Bonds thus become more attractive, draining capital that could otherwise have been invested in riskier assets like Bitcoin.

Unlike Bitcoin, Ether has shown notable resistance, maintaining its value around $3,790 despite economic fluctuations. By keeping its price around $3,790, Ether demonstrates relative stability even during economic turbulence. This resistance is even more evident when observing the ETHBTC ratio, which has seen an increase, indicating increased investor confidence in Ether compared to Bitcoin.

The analysis of the current situation suggests that investors are increasingly viewing Ether as a safe haven, expecting its performance to remain stable in the long term despite ongoing economic uncertainties. This perception is reinforced by the continuous advancements of Ethereum in blockchain technology. These factors contribute to solidifying Ethers position as an attractive and sustainable alternative for investors looking to diversify their crypto portfolios during periods of economic uncertainty.

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Diplm de Sciences Po Toulouse et titulaire d'une certification consultant blockchain dlivre par Alyra, j'ai rejoint l'aventure Cointribune en 2019. Convaincu du potentiel de la blockchain pour transformer de nombreux secteurs de l'conomie, j'ai pris l'engagement de sensibiliser et d'informer le grand public sur cet cosystme en constante volution. Mon objectif est de permettre chacun de mieux comprendre la blockchain et de saisir les opportunits qu'elle offre. Je m'efforce chaque jour de fournir une analyse objective de l'actualit, de dcrypter les tendances du march, de relayer les dernires innovations technologiques et de mettre en perspective les enjeux conomiques et socitaux de cette rvolution en marche.

DISCLAIMER

The views, thoughts, and opinions expressed in this article belong solely to the author, and should not be taken as investment advice. Do your own research before taking any investment decisions.

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Bitcoin stumbles, Ether resists and surprises! - Cointribune EN

Bitcoin (BTC) price rallied to the coveted $70,000 mark amid a noticeable surge in spot buying and spot BTC exchange-traded fund (ETF) purchasing, with the cryptocurrency community pondering whether the bull market is just beginning or nearing its peak.

Analyst ELI5 of TLDR suggested that the majority of on-chain indicators point to a nascent bull market, despite some showing topping patterns. The recent support bounce near $60,000 has sparked increased interest, with Farside Investors reporting approximately $950 million in inflows last week, a figure not seen since March.

Should this trend continue, BTC could potentially exceed expectations. Currently, BTC is trading within a few hundred dollars of $70,000, with the 20-day EMA at $64,371 and a positive RSI indicating that an upward breakout is more likely. Overcoming the $68,000 resistance suggests that BTC price is on the path to $73,777, though this level may trigger a strong bearish response.

Conversely, a break below the moving averages could signal a bearish downturn, with potential drops to $59,600 and $56,552.

In the broader economic context, Bitcoins 51% year-to-date gain is reflective of investors' anticipation of U.S. monetary expansion, which saw the M2 monetary base surpass $21.0 trillion in April 2024.

This increase in circulating money hints at rising inflationary pressures despite a period of spending hesitancy by companies and individuals. The United States Federal Reserves strategies to manage inflation and avoid a recession could impact the liquidity and, consequently, the attractiveness of scarce assets like Bitcoin.

Related:ETFs buy 3X new BTC supply 5 Things to know in Bitcoin this week

Adding to the bullish sentiment, exchange BTC reserves have plummeted to a seven-year low, with CryptoQuant data showing only 1,918,417 BTC available on major trading platforms as of May 19, a significant decrease from the previous year.

This scarcity, coupled with the recent halving event that has halved the potential new supply from miners, makes a bearish stance on Bitcoin increasingly difficult to justify.

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

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Bitcoin price hits $70K as spot and BTC ETF buying surges - Cointelegraph

Investing.com-- price moved marginally on Thursday as a recent rally in cryptocurrencies, on hype over a potential spot Ether exchange-traded fund, was largely undermined by renewed fears of high U.S. interest rates.

U.S. rate jitters sparked strong overnight gains in the dollar, which pressured crypto prices across the board.

Bitcoin slipped 0.35% in the past 24 hours to $69,390 by 09:05 ET (13:05 GMT). The worlds biggest cryptocurrency settled back into a trading range seen for most of the past two months, after a brief breakout earlier this week.

World no.2 token Ether hovered around two-month highs hit earlier this week, retaining a bulk of gains made on hype over the potential approval of a spot Ether ETF for U.S. markets. The Securities and Exchange Commission is set to make a decision on the matter as soon as Thursday or Friday.

Ether rose around 5.5% over the past 24 hours to $3,878.84. The token marked a strong rally this week after reports on Monday said the SEC had asked certain exchanges to fine-tune their filings for spot Ether ETFs.

While the move did mark some progress towards a spot ETF approval, it did not guarantee their approval.

The SEC is now set to decide on applications for a spot Ether ETF from VanEck, ARK Investment Management and seven other issuers later on Thursday or Friday.

According to QCP Capital, the approval of spot ether ETFs in the U.S. could potentially drive a rally of up to 60% in the second-largest cryptocurrency in the coming months.

The forecast mirrors the market reaction seen after spot bitcoin ETFs were approved in January, said the Singapore-based firm in a Thursday broadcast on Telegram. Bitcoin surged from $42,000 to over $73,000 within two weeks of the ETFs beginning to trade on January 11, as per CoinGecko data.

"With Friday implied volatility above 100%, the market is expecting fireworks," QCP said.

"VanEcks ETF has been listed by the DTCC. We think approval is now highly likely with trading expected as early as next week, it added.

Implied volatility measures the market's expectation of future price fluctuations for a financial instrument.

Broader cryptocurrency markets unwound a bulk of gains made earlier this week, as fears of high for longer U.S. interest rates ramped up following some hawkish signals from the Federal Reserve.

The minutes of the Feds late-April meeting showed increasing concerns among policymakers over sticky inflation, with some members even signaling they were prepared to hike rates to quell inflation.

A slew of Fed officials also warned this week that the bank had little confidence that inflation was easing steadily towards its 2% annual target.

While the chances of another rate hike are dim, any stickiness in inflation is likely to delay the Feds plans to begin trimming rates. High for long rates bode poorly for crypto markets, given that the sector usually thrives in low-rate, high-liquidity markets.

Altcoin prices mostly fell on Thursday. SOL shed 2.5%, while lost 1%. Among meme tokens, SHIB fell 0.5%, while DOGE climbed 0.3%.

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Bitcoin price today: unchanged at $69k amid Fed fears, spot Ether ETF focus - Investing.com

GameStop GameStop stock rocketed higher before crashing back to earth last week following the following the return of meme stock hero Roaring Kitty (AKA Keith Gill) to social media.

Subscribe now to Forbes' CryptoAsset & Blockchain Advisor and "uncover blockchain blockbusters poised for 1,000% plus gains" in the aftermath of bitcoin's halving earthquake!

The price of GameStop shares almost doubled in a matter of days last week, rekindling some of the excitement seen during the meme stock craze of 2021 that also saw the bitcoin price and other cryptocurrencies whipped up to astronomical heights.

Now, meme stock traders are turning to crypto exchange Coinbase, rallying on the messaging app Telegram.

Sign up now for the free CryptoCodexA daily five-minute newsletter for traders, investors and the crypto-curious that will get you up to date and keep you ahead of the bitcoin and crypto market bull run

Roaring Kitty, AKA Keith Gill, helped the meme stock craze to return last week, boosting the price ... [+] of GameStop shares, with traders now turning to a bitcoin and crypto stock.

The Covid-era Telegram group WallStretBets, which boasts an active userbase of 41,000 traders, is spamming "Coinbase to the moon" in an attempt to boost the share price of the crypto exchange.

"Who will buy Coinbase with me next week," one user of the WallStretBets Telegram group asked.

Coinbase has already seen its share price soar this year thanks to the rising price of bitcoin and the debut of a fleet of spot bitcoin exchange-traded funds (ETFs) on Wall Street, most of which Coinbase is acting as custodian for.

Sign up now for CryptoCodexA free, daily newsletter for the crypto-curious

The bitcoin price has surged this year, helping the price of Coinbase stock and the wider crypto ... [+] market recover from its 2022 price crash.

Last week, Wall Street giant Bank of America upgraded Coinbase to neutral from underperform, raising its price target on the company's stock to $217 from $110.

Coinbase stock is up 300% from its early 2023 low of $33.

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After GameStop Price Crash, Meme Stock Traders Have A Surprising New Bitcoin And Crypto Target - Forbes

Federal regulators on Thursday approved an investment product tied to the cryptocurrency Ether, the most valuable digital asset after Bitcoin, in a major boost for the crypto industry.

The Securities and Exchange Commission said a group of exchanges could begin listing investment products known as exchange-traded funds, or E.T.F.s, linked to the price of Ether. The products would offer an easier and simpler way for people to invest in crypto, potentially boosting prices and promoting wider adoption of digital currencies.

In January, the S.E.C. approved similar products that track the price of Bitcoin, leading to a flurry of new investment that helped propel Bitcoins price to a record high.

The impact of the Ether approval could take longer to hit the market. Before the exchanges can start offering Ether E.T.F.s, the S.E.C. must also approve a separate set of applications from companies that want to issue them, including from major financial firms like BlackRock and Franklin Templeton. That process could take weeks or months, according to financial experts.

An S.E.C. spokeswoman said the agency had no comment beyond a formal order approving the products.

The news prompted celebration in the crypto industry. A representative for 21Shares, one of the companies seeking to offer the Ether investment product, called it an exciting moment for the industry at large.

But industry critics called the approval a dangerous development that would encourage wider investment in a volatile market.

The S.E.C. failed to live up to its mission to protect investors and the markets, Benjamin Schiffrin of Better Markets, a nonprofit that fights for stricter financial regulations, said in a statement.

Offered by mainstream financial services firms, E.T.F.s are essentially baskets of assets rather than buying the assets directly, customers buy shares in these baskets. The products are easy to trade, from brokerage accounts with companies like Vanguard or Charles Schwab, and are popular with wealth advisers and other financial mangers.

In the crypto world, E.T.F.s offer another key advantage: simplicity. Rather than navigating the complexities of an online crypto wallet, a customer could go online and buy shares in a Bitcoin or Ether E.T.F. alongside stocks traded on Wall Street.

For years, crypto advocates have seen these products as a promising way to encourage wider use of digital currencies. Before the Bitcoin E.T.F.s were approved, crypto companies battled the S.E.C. in the courts, securing a legal victory in August that forced the agency to allow the products.

The Bitcoin E.T.F.s have proved to be enormously popular, attracting billions of dollars in investment.

The price of Ether has rebounded over the last few months, after a crypto downturn that started in 2022. Ether currently trades at about $3,800 per coin, more than 20 percent off its high of just under $4,900.

Thats a small fraction of the price of Bitcoin, which trades at about $68,000 per coin.

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Ether Cryptocurrency ETFs Are Approved by the SEC - The New York Times

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated .

CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.

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Ethereum ETF Approval Could Spur 60% Rally as ETH Buying Increases - CoinDesk

The Bitcoin price is currently just 3% away from its all-time high (ATH) of $73,750. However, if it continues its current bullish momentum and posts a new ATH above $74,300, it would trigger the liquidation of nearly $1.45 billion in short positions.

According to data from CoinGlass, the number of long-leveraged positions is considerably higher than that of short-leveraged positions.

Shorting Bitcoin (BTC) involves borrowing BTC and selling it, expecting the price to decline. The trader aims to buy back the Bitcoin at a lower price, repay the loan and profit from the price difference.

In addition to the potential future price movements and their effect on short sellers, the price momentum over the past 24 hours has caused the liquidation of nearly $328 million in leveraged positions. Of this total, $64 million were long positions, while $264 million were short positions.

Bitcoin has followed a sideways price action, trading in the $60,000 to $65,000 range for nearly a month since the block subsidy halving in April.

However, the price has increased by over 5% in the past few days, surpassing the $70,000 mark on Monday, May 20, to reach a new multiweek high. Within 24 hours, the top cryptocurrency was trading above $72,000.

Related: Bitcoin price hits $70K as spot and BTC ETF buying surges

The recent bullish price momentum is attributed to several factors, including increasing investor confidence, decreasing exchange supply and inflows into United States-base spot Bitcoin exchange-traded funds (ETFs) after nearly two weeks of net outflows.

On May 20, spot Bitcoin ETFs saw positive inflows totaling $235 million. ARK Invest led the way with the largest net inflow, adding over 1,000 BTC. BlackRock followed closely with an inflow of 965 BTC. Meanwhile, the Grayscale ETF, which had been experiencing weeks of outflows, recorded an inflow of 140 BTC, marking its fourth consecutive day of positive inflows.

The current bullish price action for BTC also helped it post new highs in various countries,including Japan, Singapore and Argentina.

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Bitcoin shorts worth $1.4B at risk of liquidation if BTC price hits $74.3K - Cointelegraph

Bitcoin [BTC] has recently exhibited significant bullish behavior, marking a notable rise of nearly 10% from last weeks low of $65,000 to a high of $71,000 this week.

However, the cryptocurrency has seen a slight retreat, currently trading at $68,659. This pause in the upward momentum is viewed by analysts as a precursor to a potential major rally.

A return to $73,000 could signal the start of what is termed as the escape velocity phase for Bitcoin, indicating a possible acceleration away from current price levels into new highs.

Crypto analyst James Check, in a recent market report dated 21st May, described this $73,000 price point as crucial for Bitcoins trajectory.

The term escape velocity, borrowed from astrophysics, is used here to denote the minimum speed Bitcoin would need to break free from its current range and start a more aggressive price climb without additional push.

James Check points out the importance of the Short-Term Holder (STH) Market Value to Realized Value (MVRV) metric, which he believes shows the market is not yet overstretched, overbought, and oversaturated.

Check suggests that while the market is enthusiastic, it has not yet entered a phase of euphoria that often precedes a significant pullback.

The analyst disclosed that the market is building strong foundations for a rally, with $73,000 being a critical point that could set off a more substantial rise in Bitcoins price.

However, there is also caution around this price level. Short-term holders, defined as wallets that have held Bitcoin for less than 155 days, are in sufficient profit at this point, which might lead to some resistance due to potential selling pressure.

The AVIV momentum oscillator, particularly over a 90-day period, has been supportive, showing that price movements relative to on-chain capital inflows are recovering strongly, typical of a bull market phase.

AMBcryptos analysis, supported by data from Santiment, indicates a decline in Bitcoins active addresses from over 17 million in March to below 13 million currently.

Despite this decrease, Bitcoin has continued to show bullish moves, breaking through multiple resistance levels. This suggests that while the networks activity is reducing, the price is still being driven upwards by other factors.

Glassnodes data further showed that the number of new addresses has also been declining, creating a pattern of lower highs and lows. This supports Checks view that the Bitcoin market has not reached a state of euphoria, which typically signals an overheated market.

On the 30-minute chart, Bitcoin has recently broken through a crucial demand zone, hinting that the asset might retrace further to gather more liquidity before resuming its uptrend.

ReadBitcoins [BTC] Price Prediction2024-25

A key level to watch, as per AMBCryptos recent report, is around $71,500. A weekly candle close above this mark could be the trigger for Bitcoin to break out from its current re-accumulation range.

This level aligns with Checks analysis that a push past $73,000 could initiate the escape velocity phase, marking a potentially explosive next stage in Bitcoins market cycle.

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Bitcoin: Will a surge to $73K trigger the escape velocity boom? - AMBCrypto News