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  • Celsius moves $59M MATIC, LINK, other altcoins to exchange

    Celsius moves $59M MATIC, LINK, other altcoins to exchange

    • Celsius has moved over $59 million of altcoins to FalconX ahead of possible liquidation.
    • The crypto lender plans to convert the tokens to BTC or ETH.
    • Celsius’s largest altcoin holding is its native CEL token, currently worth over $106 million.

    Celsius Network moved millions of dollars’ worth of altcoins on Monday, among them Polygon (MATIC), Chainlink (LINK) and Aave (AAVE).

    As CoinJournal reported in June, the US bankruptcy court recently allowed Celsius to proceed with plans to liquidate multiple coins and tokens beginning July 1, 2023. 

    The crypto lender had indicated it would be converting these into Bitcoin (BTC) and Ether (ETH) as part of the preparation towards reimbursing customers impacted by the crypto company’s bankruptcy filing in July 2022.

    Celsius moves Polygon, Chainlink and Aave tokens to FalconX

    According to on-data from crypto security platform Arkham Intelligence, Celsius deposited $59.4 million worth of various tokens to institutional crypto trading platform FalconX. Per Arkham data, Celsius transferred $13.6 million worth of MATIC, $10.7 million in LINK, and $7.3 million in AAVE to an address controlled by FalconX.

    The Data Nerd shared details of the transfers:

    The transactions followed earlier transfers involving $8.5 million worth of LINK, $7.8 million of SNX (a Synthetix native token) and $3 million in BNB token. Other tokens sent to the FalconX wallet address include 0x Protocol (ZRX), 1inch (1INCH) FTX Token (FTT) and Tether Gold (XAUT).

    Blockchain sleuth Lookonchain also highlighted that FalconX had started depositing the received tokens onto Binance – suggesting the sale was on.

    After these transfers, Dune Analytics data shows the Celsius portfolio still holds over $106 million worth of its native token CEL, $47 million in other altcoins (including $16.5 million in MATIC and $12.7 million in AAVE) and over $29 million in stablecoins ($24 million in USDC and $2 million in USDT).

    While Celsius moves ahead with plans to convert the altcoins into BTC or ETH, blockchain firm Kaiko recently noted that the Celsius team might find it difficult to liquidate a number of tokens due to their illiquidity. One of these is CEL, which has next to zero liquidity.

    Elsewhere, analysts at Kaiko say the potential sell-off pressure from the liquidations could impact downward pressure on some of the tokens.

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  • BTC hovers at $30k amid lowest historical volatility for 2023

    BTC hovers at $30k amid lowest historical volatility for 2023

    • BTC price is near the $30k mark, which bulls may be desperate to protect.
    • Bitcoin’s  historical volatility is at its lowest level in 2023.
    • Short-term bullish target could be above $34k, while major support is near $28.2k.

    Bitcoin’s price remains above $30,000 on Monday, but is seeing “remarkably little volatility.” According to a key technical analysis indicator for this measure, the prices are tightly squeezed to suggest a breakout in either direction could be big.

    Bitcoin price outlook: Bollinger Bands

    According to on-chain data and analytics provider Glassnode, the Bollinger Bands are tightly squeezed and a price range of only 4.2% separates the upper and lower bands. The platform notes that this outlook has Bitcoin at its quietest since early January.

    “The digital asset market continues to see remarkably little volatility, with the classic 20-day Bollinger Bands experiencing an extreme squeeze. A price range of just 4.2% separates the upper and lower Bollinger bands, making this is the quietest #Bitcoin market since the lull in early January,” Glassnode analysts tweeted, sharing the chart below.

    Bitcoin price Bollinger Bands range. Source: Glassnode on Twitter. 

    In technical analysis, the Bollinger indicator offers a chart outlook where price trends reflect the market’s volatility. Traders use the indicator to identify overbought or oversold market conditions.

    Bitcoin recently broke from above the upper bands and currently fluctuates beneath the middle trendline. Support of the lower Bollinger bands is around the crucial $30k level.

    Data shows BTC price has declined from highs of $30,400 late Sunday, touching intraday lows of $30.079 on Monday morning. Currently at around $30,180, the top cryptocurrency by market cap is down about 0.5%.

    While accumulation around the current prices is staggering, bulls have to hold above this psychological support base. If not, bears could push lower first before a likely short squeeze catapults BTC/USD to potentially news YTD highs of $34k. The key downturn levels to watch in the short term are at $28,200 and $25,600.

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  • Ripple secures a ‘huge win’ as Judge rules XRP is ‘not’ a security

    Ripple secures a ‘huge win’ as Judge rules XRP is ‘not’ a security

    ripple wins sec case xrp not a security
    • Judge Analisa Torres rules XRP token is a not a security.
    • Coinbase will resume trading in XRP in the next few minutes.
    • XRP nearly doubled in value following the ruling today.

    “XRP” – the native token of Ripple Labs nearly doubled in value on Thursday after the crypto company secured a “huge win” against the U.S. Securities and Exchange Commission.

    U.S. judge rules XRP is not a security

    Judge Analisa Torres of a U.S. District Court concluded the case today that has been dragged for three years now with a ruling that XRP is “not” a security.

    Defendants’ motion for summary judgement is GRANTED as to the Programmatic Sales, the Other Distributions, and Larsen’s and Garlinghouse’s sales, and DENIED as to Institutional Sales.

    The decision is a victory not just for Ripple but the crypto market at large that surpassed $1.20 trillion just hours after the ruling.

    Bitcoin was seen trading above $31,500 and Ethereum topped the $2,000 level.

    Coinbase to resume trading in XRP

    Reacting to the ruling, Coinbase – the largest U.S. crypto exchange also confirmed on Twitter that trading will resume in XRP later today.

    Note that the win Ripple has secured against the SEC on Thursday bodes well for other crypto companies as well that are currently facing intense regulatory scrutiny. That includes Coinbase itself.

    Also this morning, the Financial Times confirmed that Jacobi Asset Management is all set to debut the Europe’s first Spot Bitcoin ETF on the Euronext Amsterdam before the end of 2023. That also helped buoy the cryptocurrencies today.

    In the U.S., heavy weights including BlackRock are awaiting approval for a similar exchange-traded fund.

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  • $BARTCOIN THE HYPED MEMECOIN IS BACK ON BNB CHAIN -SPONSORED

    $BARTCOIN THE HYPED MEMECOIN IS BACK ON BNB CHAIN -SPONSORED

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    Bartoshi is the visionary leader and CEO of $BART. With a deep passion for memecoins and blockchain technology, Bartoshi drives the strategic direction and overall success of the project. Drawing on their extensive experience in the crypto industry, Bartoshi brings a wealth of knowledge and expertise to guide $BART towards its mission of revolutionizing the crypto landscape.

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  • Helium surges as Bitcoin and Ethereum hover at key levels

    Helium surges as Bitcoin and Ethereum hover at key levels

    • Helium rose double digits as did 1inch and NEM after US inflation data 
    • Bitcoin price on the other hand touched $31k on Coinbase and Ethereum hovered near $1.9k.
    • Consumer prices rose 0.2% month-over-month and 3% year-over-year in June.

    Bitcoin moved slightly higher on Wednesday after stock markets reacted positively to the latest US inflation data. However, the flagship cryptocurrency continued to hover near a crucial level as bulls looked to retest year-to-date highs.

    BTC was changing hands near $30,800 at 11 am ET, having touched intraday highs of $31k on Coinbase

    Elsewhere in the crypto market, the second largest cryptocurrency by market cap Ethereum was trading towards $1,900 as the total market cap rose 1.5% to above $1.24 trillion. The rest of the top 10 coins were also green at the time of writing. 

    Litecoin, which had plunged 10% in the past week by early morning, had recouped some of the losses and was 5% down in that timeframe.

    The biggest gainers in the past 24 hours among the top 200 by market cap were 1inch, NEM and Helium. All three had seen double digit upsides with HNT trading to highs of $1.48.

    Bitcoin, altcoins move higher on CPI data release

    US stocks opened higher on Wednesday too as the US consumer price index (CPI) data for June showed inflation had cooled year-over-year during the past month. Prices rose 0.2% month-over-month and 3% YoY in June, the latter a deceleration from the 4% recorded in May.

    According to data released by the US Bureau of Labor Statistics, CPI was at its slowest in June, with the last time it was at this pace being March 2021.

    Commenting on the CPI release, Charlie Bilello, Chief Market Strategist at Creative Planning Investor tweeted:

    “US CPI has moved down from a peak of 9.1% last June to 3.0% today. What’s driving that decline? Lower rates of inflation in fuel oil, gasoline, gas utilities, used cars, medical care, apparel, new cars, food at home, electricity and transportation. Shelter is the only major component that has a higher inflation rate than a year ago and it is a wildly lagging indicator (actual housing inflation is much lower w/ home prices/rents down YoY).”

    The Federal Reserve paused its interest rate hike cycle last month, although it noted it was likely to go for a 0.25% hike on another two occasions before the end of 2023. How markets react to upcoming central bank moves will be key to both equities and crypto.

    Jim Bianco of Bianco Research LLC notes markets still expects a 25 bps rate hike on July 26.

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  • AI-powered meme token taking crypto by storm

    AI-powered meme token taking crypto by storm

    • Shiba Memu is looking to dominate the meme coin sector with a pioneering AI-powered utility token.
    • The concept behind this robot meme with a touch of AI genius is what could astound the legacy meme coins space.
    • SHMU presale has raised more than $356k in less than a week.

    Talk of meme coins today and what’s likely to pop up in front of you would be the latest Shiba Inu dog meme dubbed Shiba Memu (SHMU).

    Granted, Dogecoin (DOGE) and Shiba Inu (SHIB) sit pretty in the upper deck of the market cap ranking, their status as top meme dogs not under immediate threat. But is there a hint of investor focus shifting to a new project that promises to bring the best of two technology worlds together in an explosive marketing powerhouse?

    The SHMU presale, which can be accessed here, suggests this scenario could indeed surface.

    What is Shiba Memu?

    Today’s biggest trends are crypto and artificial intelligence (AI) – and raring to go amid the exuberance is Shiba Memu. So the question one might want to ask is ‘what is Shiba Memu?’

    As briefly noted earlier, Shiba Memu is a new, revolutionary meme token that combines the power of blockchain and AI. While the meme token possesses all the attributes of memenomics, it comes loaded with “new tricks” that could see it become an unstoppable marketing powerhouse.

    It will run on both ERC20 and Binance Smart Chain networks.

    How does Shiba Memu work?

    AI tools can do wonders when it comes to tapping into machine learning and natural language processing (NLP), the reason it’s such a hot topic even in the mainstream tech industry.

    Shiba Memu taps into this to replace the human effort that traditional meme tokens employ to gain traction. Instead, the whitepaper outlines a self-sufficient marketing platform powered by the native SHMU token.

    At the heart of all the marketing will be an AI dashboard accessible and visible to all token holders. It will use NLP and ML as well as sentiment analysis, predictive analytics, image and video recognition and personalization (think of how effective ads marketing has become and tinker with that using an AI-powered dog that’s capable of so much).

    Some of the things the meme can achieve include creating marketing strategies, writing own PRs, and promoting itself over and over again. Leveraging AI means the project can outperform tabloid newspapers when it comes to getting content across for the purpose of attracting even more attention.

    Other than churning “gazillions” of data and marketing details about the project, the robot meme dog will also monitor its own performance and adjust for optimized output. Engaging with users directly is another strategy of this project, the result of which could be increased visibility and trust in the token and potential uptick in specific demand for SHMU.

    Shiba Memu presale

    The roadmap for Shiba Memu includes the launch of the above-mentioned AI dashboard in Q1, 2024. The platform will also implement user engagement features such as feedback and integrate social media platforms to boost marketing.

    Development of the project will continue throughout the first half of the year, with listing on major exchanges expected in Q3, 2024. These future developments are however preceded by a token presale that will see 85% of total supply of 1 billion SHMU available to early investors.

    It’s barely a week into that presale and investors have allocated over $356k into the project, with more than 25.7 million SHMU grabbed. Investors know that participating in the presale is one of the ways to get hold of Shiba Memu at greatly discounted prices.

    One major difference between the Shiba Memu presale and similar token sales is that this one is open-ended and is scheduled to last 8 weeks. During this time, SHMU’s price will increase every day at 6pm GMT. 

    The current presale price is $0.012475 and the next uptick will see it rise to $0.0127. It will double from here every time it increases until it reaches $0.0244.

    How do you buy Shiba Memu tokens?

    There’s only one way to buy SHMU during the presale – visit the project’s website. The project will go live on both the ERC20 and BSC networks. This means buying is available via ETH, USDT, BNB, and BUSD and one will need to have a supported wallet.

    Currently, that’s MetaMask for desktop users and Trust Wallet when buying on a smartphone.

    After the presale and when tokens go live, earning SHMU will be possible via providing liquidity on a DEX and get rewarded in transaction fees. Another way to get hands on more of these meme tokens would be through buying on exchanges or staking to earn rewards.

    Do you want to know more about Shiba Memu? Click here.

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  • Pro delivers a $2 trillion BCH, Solana, Litecoin, Mina, Bitcoin price prediction

    Pro delivers a $2 trillion BCH, Solana, Litecoin, Mina, Bitcoin price prediction

    • An analyst at Standard Chartered delivered a strong Bitcoin prediction.

    • He expects BTC price to jump to $120,000 in 2024.

    Bitcoin price has continued wavering in the past few weeks as investors wait for the next important crypto news and US inflation data. The coin was trading at $30,400, where it has been at in the past two weeks. As a result, the fear and greed index has moved to the neutral point of 56.

    Standard Chartered is bullish on Bitcoin

    Bitcoin price has jumped by more than 90% in 2023, meaning it has outperformed popular financial assets like the Dow Jones and the Nasdaq 100 indices. It has also done better than gold and other metals.

    Now, despite the recent consolidation, some analysts believe that Bitcoin price has more upside in the next few months. The two biggest potential catalysts are the potential for a Bitcoin ETF. Analysts believe that the SEC will accept one or all of the recent proposals by companies like Blackrock and Invesco.

    The other potential catalyst for Bitcoin will be the upcoming halving, which will happen in April next year. Historically, Bitcoin tends to rally ahead of the halving event. We can also look at the spectacular performance of Litecoin price since July last year. Litecoin’s halving will happen in August.

    Some analysts are bullish about Bitcoin. The most bullish analyst is from Standard Chartered. Two months ago, the analyst said that Bitcoin could surge to $100,000 by the end of 2024. In a note this week, the analyst said that he believes that BTC price could jump to $120,000. The analyst cited the ongoing miner activity, saying:

    “It is the equivalent of miners reducing the amount of bitcoins they sell per day to just 180-270 from 900 currently. Over a year, that would reduce miner selling from 328,500 to a range of 65,700-98,550 – a reduction in net BTC supply of roughly 250,000 bitcoins a year.”

    ‘If Standard Chartered’s Bitcoin prediction is accurate, it means that its market cap could hit over $2.3 trillion by the end of 2024. That’s because BTC has a market cap of over $591 billion.

    Altcoins could jump as well

    If this Bitcoin’s prediction is accurate, it means that other altcoins will do the same. For example, popular proof-of-work coins like Litecoin and Bitcoin Cash could resume their bullish rally. Litecoin has already jumped by over 134% from its 2022 lows. Bitcoin Cash, which is a Bitcoin’s hard fork, has risen by over 100% in the past few weeks.

    These coins are doing well because of their upcoming halving events. Litecoin will go through halving in August while Bitcoin Cash’s will take place in December. These coins will also benefit if the SEC accepts the ETF since more companies will be motivated to launch their ETFs.

    Other cryptocurrencies like Compound, Solana, Mina. and Internet Computer (ICP) could benefit because of the close correlation that exists in the crypto industry.

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  • Bitcoin could hit $120,000 by the end of 2024: Standard Chartered

    Bitcoin could hit $120,000 by the end of 2024: Standard Chartered

    bitcoin price forecast 2024 standard chartered analyst
    • Standard Chartered analyst sees another 60% upside in Bitcoin this year.
    • Geoff Kendrick explained his bullish view on BTC in a research note today.
    • Bitcoin is already up a whopping 85% since the start of the year 2023.

    The massive rally in Bitcoin since the start of this year is just a drop in the bucket compared to where it’s headed, as per a Standard Chartered analyst.

    BTC could climb another 60% this year

    On Monday, Geoff Kendrick said the world’s largest cryptocurrency could climb further to $50,000 by the end of 2023 which suggests another 60% upside from here.

    The analyst is convinced that a continued increase in the price of BTC will make it rewarding for miners to stock huge amounts of it. Reduced net supply, in return, will help the cryptocurrency reach for the skies, he added.

    If BTC rises [as] we expect by end-2023, share of newly mined being sold should fall to 20%-30%. That’s a net annual reduction in selling of BTC 250,000.

    Bitcoin supply is set to halve next year

    Note that the total supply of Bitcoin is scheduled to halve in April or May of 2024.

    The Standard Chartered analyst sees several other factors helping unlock significant upside in BTC next year. One of them is the recent banking crisis. Earlier this year, he had forecast Bitcoin at $100,000 by the end of 2024. In a note today, though, Kendrick said:

    We now think this estimate is too conservative, and we, therefore, see a 20% upside to our end-2024 target.

    That essentially means Bitcoin could hit $120,000 next year. The cryptocurrency is expected to benefit if the Securities and Exchange Commission greenlights a Spot Bitcoin ETF that many asset managers, including BlackRock, have recently filed for.

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  • Raoul Pal says Solana (SOL) could skyrocket to above $400

    Raoul Pal says Solana (SOL) could skyrocket to above $400

    • Raoul Pal, CEO of Real Vision is super bullish on Solana (SOL).
    • According to Pal, SOL could rally 20x from current levels if it mirrors Ethereum’s 47x move from its 2018 low.
    • He also says Bitcoin price could triple from its all-time high level amid a supply crunch in 2023.

    Raoul Pal, the founder & CEO of Real Vision suggests Solana (SOL) could embark on a massive price move. If the “dream scenario” for the world’s 10th largest cryptocurrency by market cap occurs, SOL could outperform both Bitcoin (BTC) and Ethereum (ETH).

    Pal shared his massively bullish outlook for Solana during a recent interview in which he shared  views on varied topics. These  include AI and its impact on jobs, BlackRock’s ETF filing and CEO Larry Fink’s remarks about BTC.

    He also aired his thoughts on the Ethereum/Bitcoin flippening debate, central bank digital currencies (CBCDs), global economy and government money printing before briefly offering his price prediction Solana. The macro guru also shared predictions for Bitcoin and Ethereum.

    Solana price prediction

    On what he thought of the price performance of BTC, ETH and SOL in the next bull cycle, Pal shared a highly bullish projection for Ethereum’s “competitor.”

    Currently, Solana trades around $21, about 1.4% down in the past 24 hours. 

    However, the cryptocurrency is more than 10% in the green over the past seven days and 43% in the past 30 days. While it’s also down 43% from its value a year ago, Pal noted that the bottom might have come when prices fell to around $9 in December 2022.

    With this outlook, Pal suggests SOL could do what ETH achieved after bottoming in 2018 – roaring to its all-time high above $4,800 during the last bull market. The macro guru says that if Solana takes on this projection, the potential gains could be staggering.

    He compared the 47x that ETH saw after the 2018 low to what Solana could do. He opined:

    “Look… there’s a possibility – a dream scenario – that Solana does what ETH did from the 2018 low which was a 47x. The Solana low was nine bucks, so you could do the maths [and] the numbers are potentially very interesting.”

    While Solana’s price might not do the 47x or so that Ethereum price managed since its bottom in 2018, Pal predicts a “20 something x” move. According to him, this is a reasonable outlook for a protocol that’s battle-tested and is seeing a huge spike in network and ecosystem activity.

    Should Pal’s bullish outlook for SOL price hold, it would mean an eventual burst to prices above $400 for the cryptocurrency. In the last bull market, Solana rose to the all-time high at $260.

    Bitcoin and Ethereum price predictions

    For BTC and ETH, Pal agreed with projections of a 3x and 5x respectively – suggesting Bitcoin could more than triple its value during the next bull cycle. However, that is from the all-time highs that was $69,000 in November 2021. 

    Trippling from that ATH would mean a 6x from current prices, he opined. But that would depend on severa factors that could dictate market direction.

    “It’s very difficult to predict where it actually goes, but what we can say is [that] it’s reasonable that Bitcoin from all-time highs doubles or triples. That’s not asking a lot. That will be the worst bull market in Bitcoin’s history.”

    According to him, a potential supply crunch in 2023 is what could squeeze Bitcoin to a new all-time high.

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  • ‘crypto is digitalising gold in many way’

    ‘crypto is digitalising gold in many way’

    blackrock ceo larry fink crypto digitalising gold
    • BlackRock CEO Larry Fink was all praise for BTC in a recent interview.
    • The asset manager refiled for a Spot Bitcoin ETF earlier this week.
    • Bitcoin is currently up close to 90% versus the start of the year.

    Bitcoin made a new 52-week high this morning after Larry Fink – the Chief Executive of BlackRock Inc agreed that it was a valuable international asset.

    Fink is now constructive on Bitcoin

    Fink had once dubbed the BTC an index of money laundering. But in a recent interview with Fox Business, he was all praise for the world’s largest cryptocurrency by market cap.

    I do believe the role of crypto is digitalising gold in many ways. Instead of investing in gold as a hedge against inflation or the onerous problem of any one country.

    Earlier this week, the asset manager refiled for a Spot Bitcoin ETF after the U.S. Securities and Exchange Commission asked for more clarity on its initial application.

    BlackRock Inc currently has about $9.5 trillion worth of assets under management.

    Is a Spot Bitcoin ETF coming soon?

    Note that BlackRock has a history of getting regulatory approval for nearly every exchange-traded fund it has ever filed for.

    That’s important considering many experts forecast a Spot Bitcoin ETF to unlock further upside in Bitcoin. The digital currency is already up close to 90% for the year at writing.

    BlackRock has already made money investing in BTC and expects the crypto asset to grow further moving forward. According to CEO Larry Fink:

    The foundation of BlackRock is about hope. You have for retirement because you believe tomorrow is better than today.

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