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  • Bitcoin begins “historically” rough September with dip to $26k

    Bitcoin begins “historically” rough September with dip to $26k

    • Crypto prices traded lower on Friday as Bitcoin retested the $26k area.
    • Declines across major altcoins added to the forecast of a “bumpy” ride in historically negative September.

    Cryptocurrencies were largely down on Friday, September 1 as major caps slid amid a surprising decline likely fueled by latest delays for spot Bitcoin ETFs. 

    As can be seen in the crypto heat map below, Bitcoin (which has retested levels under $26k) and Ethereum (prices have dipped under $1.7k) lead the 24 hour rot. Most top 20 coins are in the red. CoinGecko data also shows the global crypto market cap has dropped by 3.4% at the time of writing.

    Crypto price heat map by Coin360

    Bitcoin tests $26k area

    Analysts say the crypto market could be in for yet another rough September. According to crypto analyst Will Clemente, historical data shows crypto is on a six-year streak of negative returns during this month. Overall, no other month has had as few green monthly candles as September has for Bitcoin price.

    According to Santiment, Bitcoin’s nearly 5% slip in the past 24 hours has the top crypto “right back where it started prior to the Grayscale news” that catalysed the broader crypto market. The upside that followed the court decision could now be more of a ““buy the rumour, sell the news” event,” the market intelligence provider noted.

    Stock-to-flow model creator PlanB points to the fact that Bitcoin has to shake off “all tourists and weak hands before take-off.”

    While the next few weeks will likely be as choppy as anything, analysts are forecasting a return to upside momentum in mid-October. This outlook bears in mind the potential for a SEC decision on the multiple ETF applications it delayed on Thursday.

    Bitcoin was trading near $26,000 after testing lows of $25,683, with the price range of $25,600-$26,600 a key zone. Both bulls and bears are eyeing control here and a flip lower is likely if we have a “Sept-repeat”.

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  • Can this Shibarium milestone ignite SHIB?

    Can this Shibarium milestone ignite SHIB?

    • Shiba Inu (SHIB) price rose as Bitcoin and altcoins reacted to Grayscale’s win against SEC. 
    • Meanwhile, Shibarium’s wallet count has hit 336k to suggest sentiment flip after recent hiccups for the SHIB-backed Ethereum layer-2 platform.

    Bitcoin’s jump to highs of $28k after Grayscale Investments’ win against the US Securities and Exchange Commission (SEC) on Tuesday ignited a brief rally for cryptocurrencies.

    As the crypto industry celebrated yet another blow for the SEC, this time around its continued denial of a spot Bitcoin ETF, tokens such as Shiba Inu mirrored major altcoins in trending higher.

    Shibarium wallet count spikes to 336k

    Shiba Inu’s SHIB, which had recently dropped to lows of $0.00000064, jumped to above $0.00000083. The trading volume for the meme coin – Shiba Inu is looking to shed this tag after a major development in its ecosystem – rose 50% in 24 hours to over $182 million.

    The flip in sentiment for SHIB also came as the Ethereum layer-2 platform Shibarium, which is backed by the native SHIB token, experienced a spike in new wallet addresses.

    On-chain data shows the platform’s resumption after a shambolic launch is likely driving interest among retail investors. The total wallet count for Shibarium has swung in less than 48 hours – from just over 100,000 to more than 336,000. 

    Also notable is the transaction count, which has also increased significantly after daily transactions plummeted from 132,000 on August 25 to nearly 40,000 on August 27.

    According to Shibariumscan.io, daily transactions have inched up to nearly 80,000, with the total transaction count currently at over 529k as of 9 am ET on August 30.

    SHIB price prediction

    Can bulls ride the growth in daily transactions and addresses to push this altcoin‘s price higher? 

    While other market conditions could dictate price direction, analysts see the positive market reaction to Grayscale’s win against SEC as a watershed moment likely to see further upside triggers. SHIB holders (like this one) are excited about Shibarium’s key milestone – and that could tell in short term price movement. 

    SHIB bulls however need to hold support at $0.0000075 to avoid ceding ground to hungry bears. If this happens, primary resistance would be near $0.0000009, a key hurdle formed after the sharp sell-off seen on August 17.

    The flip side would be for the SHIB price to fall below $0.00000070, in this case opening a downward path for bears to target lows of $0.00000061.

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  • Stacks and Toncoin lead the bull cycle as global crypto market cap surge

    Stacks and Toncoin lead the bull cycle as global crypto market cap surge

    • Stacks (STX) has gained 18.43% today to trade at $0.5319 at press time.
    • Toncoin (TON) has gained 15.51% today to trade at $1.74 at press time
    • Bitcoin Cash (BCH) had jumped by 12.33% to trade at $216.57.

    The cryptocurrency market has turned green today with a majority of the top cryptocurrencies by market cap registering significant price surges. Stacks (STX), Toncoin (TON), and Bitcoin Cash (BCH) have come out as the top gainers as the global crypto market cap increased by 4.35% to hit $1.09 trillion. 

    But what is making the crypto market surge? Well, let’s delve into the factors behind today’s crypto price surges.

    Why is the crypto market rising today?

    Today’s crypto market price surge coincides with Grayscale’s win against the US SEC in the Bitcoin ETF case.

    The US Court of Appeals for the DC Circuit on August 29 ruled in favour of Grayscale in its long-running lawsuit against the Securities & Exchange Commission.

    The ruling was monumental for the crypto industry which has been agitating for SEC’s approval of Bitcoin ETFs. The ruling not only paves the way for the approval of the Bitcoin ETF petition filed by Grayscale but also for the BTC ETF applications made by BlackRock and Fidelity.

    Bitcoin price chart

     

    After a long consolidation of around $26k, Bitcoin price momentarily surged above $28k minutes after the court ruling on August 29. Although the price of BTC has since slightly pulled back the bulls still seem to be squarely in control.

    Ethereum (ETH), the second-largest cryptocurrency by market cap has also surged above $1,700 after staying below $1,700 for two straight weeks.

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  • BREAKING: Bitcoin hits $28k after Grayscale win against SEC

    BREAKING: Bitcoin hits $28k after Grayscale win against SEC

    • Bitcoin price rose to highs of $28,142 on crypto exchange Bitstamp on Tuesday.
    • The gains came as the crypto market reacted to news of Grayscale’s win against the SEC.

    Bitcoin price saw a huge spike in volatility on Tuesday afternoon as prices across the crypto market rose. The world’s largest cryptocurrency by market cap jumped 7% to trade to highs of $28,142 at 1:05 pm ET, with the crypto market cap rising 6% to $1.15 trillion.

    Bitcoin price chart

    Elsewhere in the market, Ethereum traded to highs of $1,740, with its value up 5% in the past 24 hours. All the top 10 altcoins were in the green on the day at the time of writing, with BNB up 4%, XRP +3.8%, Cardano +4% and Dogecoin +6%.

    Why is Bitcoin and crypto surging?

    Bitcoin’s sharp price action to the new multi-week high came as the market reacted to news that Grayscale Investments had won in its lawsuit against the US Securities and Exchange Commission (SEC).

    As CoinJournal reported earlier today, the DC Circuit court ruled that the SEC had wrongfully denied Grayscale’s proposal to convert its Bitcoin Trust fund (GBTC) to a spot Bitcoin ETF.

    The court vacated the SEC’s order disapproving the application and granted the petition to have SEC review the proposal.

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  • Grayscale secures a big win against SEC in Bitcoin ETF case

    Grayscale secures a big win against SEC in Bitcoin ETF case

    grayscale win against sec in bitcoin etf case
    • U.S. court rules in favour of Grayscale in its lawsuit against SEC.
    • Today’s ruling paves the way for the first U.S. Bitcoin ETF.
    • Bitcoin and Ethereum jumped over 5.0% following the news.

    The U.S. Court of Appeals for the DC Circuit just ruled in favour of Grayscale in its long-running lawsuit against the Securities & Exchange Commission.

    First U.S. Bitcoin ETF is now expected soon

    SEC had blocked the asset manager’s effort to convert its flagship Grayscale Bitcoin Trust to an exchange-traded fund last year.

    But the ruling this morning paves the way for a Bitcoin ETF not just for Grayscale but also for others that have applied for one, including BlackRock and Fidelity. A Grayscale spokeswoman said today:

    [Ruling] is a monumental step forward for investors, Bitcoin ecosystem, and those who have been advocating for Bitcoin exposure through added protections of ETF wrapper.

    Bitcoin as well as Ethereum jumped more than 5.0% following the announcement on Tuesday.

    Why does a Bitcoin ETF attract all the hype?

    Note that a Spot Bitcoin ETF is a big deal as several experts are convinced that it would help boost institutional interest in the cryptocurrency and potentially unlock its next leg up.

    Shares of Coinbase Global – the listed custodian partner in a bunch of applications for such an exchange-traded fund are also up nearly 15% at writing. According to Dave Weisberger – the Chie Executive of CoinRoutes:

    It virtually guarantees they will approve BlackRock and Fidelity. Grayscale may need to refile, but they will almost certainty be approved as well.

    The Grayscale Bitcoin Trust currently manages assets worth about $16 billion. The aforementioned lawsuit against the U.S. Securities & Exchange Commission started in June of 2022.

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  • Bitcoin remains the focus as outflows hit March highs

    Bitcoin remains the focus as outflows hit March highs

    • Digital assets investment products saw outflows of $168 million last week, $146 million of which was for Bitcoin.
    • It’s the largest weekly outflows total since March 2023, according to a report by CoinShares.

    CoinShares’ latest weekly report on digital asset investment flows shows that the market witnessed its largest funds outflows in nearly six months last week. The outflows come as sentiment across cryptocurrency dips amid recent sell-off.

    Crypto sees $168 million in outflows

    According to the report, outflows totaled $168 million over the week to mark the largest outflow from crypto products since March 2023 when the US Securities and Exchange Commission (SEC) started its regulatory crackdown on major exchanges.

    The outflows in the week ended August 25 saw the monthly outflows stand at $278 million as sentiment continued to trend negative amid “exceptionally low trading volume.” Indeed, CoinShares data shows the investment products market traded $1.3 billion last week, about 16% off the year’s average.

    “This negative sentiment we believe is due to the increasing acceptance that a spot-based ETF for Bitcoin in the US is likely to take longer than many expect, with recent delays being announced by the SEC,” said James Butterfill, head of research at CoinShares.

    Bitcoin continues to lead

    The crypto market recently witnessed a sharp sell-off for Bitcoin, the benchmark cryptocurrency falling to lows of $25,350. The struggle to strengthen above $26k has illustrated the market jitters permeating the broader risk assets sector, with this shown in outflows from Bitcoin investment products.

    Bitcoin price chart

    However, while outflows totaled $149 million last week, the flagship crypto asset’s flows are net positive for the year at roughly $265 million. Meanwhile, investors are increasingly selling their short positions, with $4 million in outflows registered last week for an 18-week streak of outflows. 

    Data shows shorts outflows are currently 89% of the total AuM.

    In the altcoin market, Ethereum recorded outflows of $17 million, while XRP and Litecoin had minor inflows of $0.5 million and $0.44 million, respectively.

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  • JPMorgan analyst says weakness in Bitcoin is ‘at its end phase’

    JPMorgan analyst says weakness in Bitcoin is ‘at its end phase’

    jpmorgan analyst view on bitcoin price
    • Nikolaos Panigirtzoglou is convinced that worst is behind us in Bitcoin.
    • He agreed that there recently have been positive news in crypto market.
    • Price of a Bitcoin has declined nearly 17% in less than two months.

    A JPMorgan analyst is convinced that the worst is behind us as far as the ongoing decline in the price of a Bitcoin is concerned.

    Bitcoin is not the only one taking a hit

    Nikolaos Panigirtzoglou attributes recent weakness in the world’s largest cryptocurrency to a bunch of long positions that were liquidated as positive news, including the pending approval of a Spot Bitcoin ETF continued to fade but added:

    This unwinding of long positions appears to be at its end phase rather than its beginning. As a result, we see limited downside for crypto markets over the near term.

    Note that Bitcoin is not the only risk-on asset that has had a tough few weeks. China-related concerns and higher real yields in the U.S. have been hitting the tech space at large.

    Nasdaq Composite is now down about 7.0% versus its recent high.

    Why are investors staying on the sidelines?

    Panigirtzoglou agrees that there has been positive news in the crypto market including PayPal Holdings introducing its own dollar-pegged stablecoin (read more) and the launch of “Base” by Coinbase Global Inc.

    But investors are staying on the sidelines and waiting for regulatory clarity partly because the Securities & Exchange Commission has appealed the recent decision in Ripple’s favour, as per his research note today.

    Appeal could result in a trial with outcome not expected until next year, inducing a new round of legal uncertainty for crypto and making them sensitive to any mid-process news.

    On Friday, Fed Chair Powell also said at the Jackson Hole symposium that rates may go even higher from here and signalled no near-term intent of cutting rates which doesn’t bode well for the cryptocurrencies either.

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  • trillions of tokens sent to exchanges

    trillions of tokens sent to exchanges

    • At press time, PEPE was trading at $0.0000008854, down 18.06% in 24 hours.
    • The token dropped to a low of $0.0000008058 after news of trillions of token movement emerged on August 24.
    • The tokens were moved to Binance and OKX among two other major exchanges.

    On Wednesday morning, PepeCoin (PEPE) plunged after millions of dollars worth of PEPE were transferred from the team’s wallet to various crypto exchanges.

    As news of the multi-million dollar token transfers emerged on social media, the token’s market capitalization dropped by $100 million, from $444.4 million to a low of $344.7 million.

    16.045 trillion PEPE sent to four exchanges

    The PepeCoin team sent 16.045 trillion PEPE tokens worth $16.85 million to four exchanges including Binance, Bybit, KuCoin, and OKX from a multi-sig Ethereum address. Normally, a multi-sig wallet requires approval from many parties before any transactions can be done from the wallet.

    The PepeCoin team reduced the security requirements for its multi-sig wallet from five out of eight to just two out of eight signatures needed to complete a transaction after the tokens were moved to the exchanges.

    After the transfer, PepeCoin’s multi-sig Ethereum wallet address was left with 10.697 quadrillion PEPE, worth $9.61 million.

    Panic PEPE sell

    The massive transfers and a lack of clarification from PepeCoin’s official Twitter account sparked concerns about the currency and led to a panic sale, which further pilled bearish pressure on the price of PEPE.

    In most cases, whales move their tokens to crypto exchanges in readiness for selling, staking, or exchanging with more valuable tokens and crypto traders/investors are already speculating that the PepeCoin team is readying itself for any of the above.

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  • Six major cryptocurrencies on Coinbase’s chopping board

    Six major cryptocurrencies on Coinbase’s chopping board

    • DerivaDAO (DDX), one of the delisted tokens, dipped the most after the announcement.
    • Multichain (MULTI), which has been facing serious setbacks with its bridge will also be delisted.
    • Coinbase regularly reviews its listed crypto assets to ensure they continually maintain the highest standards.

    Coinbase Assets has announced that it has decided to temporarily halt trading for six particular cryptocurrency assets, effective September 6, 2023, at 9 AM PT. The affected cryptocurrencies are BarnBridge (BOND), DerivaDAO (DDX), Jupiter (JUP), Multichain (MULTI), Ooki (OOKI), and Voyager (VGX).

    As a result of this move, these assets will experience a substantial shift as they will no longer have access to crucial Coinbase services like the Simple and Advanced Trade capabilities, Coinbase Pro, Coinbase Exchange, and Coinbase Prime platforms.

    The official notification from Coinbase states that the trade for these assets will be suspended starting on September 7, giving interested parties around two weeks to adjust. Within hours, the news had thousands of views and likes on Twitter as it quickly gathered popularity across internet platforms.

    Coinbase commitment to quality within its listed assets

    Coinbase’s move was motivated by the crypto exchange’s unwavering dedication to sustaining the highest standards of quality in its listed assets. The exchange revealed that the six assets didn’t pass its strict listing requirements after completing a thorough investigation.

    Notably, following the announcement, the prices of Ooki (OOKI), Multichain (MULTI), DerivaDAO (DDX), Jupiter (JUP), Voyager (VGX), and BarnBridge (BOND) and fell by 0.5%, 0.7%, 24%, 16%, and 6%, and 5% respectively.

    One of the delisted assets, Multichain, has seen a string of setbacks, including the arrest of its CEO and the subsequent closing of its bridge due to significant Bitcoin (BTC) losses totalling more than $109 million.

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  • A very dangerous pattern is forming

    A very dangerous pattern is forming

    Bitcoin price remained in a tight range this week as concerns about the industry continued. The BTC/USD pair was trading at 26,000, where it has been in the past few days. Similarly, the BTC/GBP was stuck at 20,522, which was much higher than last Friday’s low of 19,762.

    Bitcoin flash crash 

    Bitcoin and other cryptocurrencies continued plunging last week as concerns about the industry rose. As it dropped, Bitcoin moved below the important support at $28,300, where it failed to move below in July.

    There are numerous reasons for the crash. Technically speaking, Bitcoin formed a double-top pattern, which is one of the most accurate bearish signs in the market. 

    At the same time, analysts cite the performance in the derivatives market. Data compiled by CoinGlass showed that open interest worth over $2.5 billion was cleared in a few hours.

    This perforance is notable since implied volatility in the options market had crashed to an all-time low earlier tis month. This volatility has now somewhat recovered following the recent plunged. 

    As shown below, cumulative volume delta (CVD) has been in the green in the past few days. Weighted open interest has risen while aggregated liquidations have remained substantially low.

    Looking ahead, the next likely catalyst for Bitcoin price will be the upcoming meeting at Jackson Hole in Wyoming. This is an annual meeting of central bank officials from around the world. Jerome Powell and other officials will talk about the current state of the economy and the potential actions.

    Bitcoin price forecast 

    The 4H chart shows that the BTC/USD pair has been in a strong bearish trend in the past few months. The chart shows that Bitcoin has moved below the 50-period and 25-period exponential moving averages (EMA).

    Most importantly, Bitcoin price has formed a bearish flag pattern. In price action analysis, this pattern is usually a bearish sign. Therefore, there is a likelihood that Bitcoin price will have a bearish breakout in the coming days, with the next level to watch being at $25,000.

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