The on-chain analytics firm Santiment has revealed how Shiba Inu and XRP are among altcoins that are seeing a bullish divergence on the MVRV Z-Score. MVRV Z-Score Says XRP And Shiba Inu Traders Are Seeing Losses Currently In a new post on X, Santiment has discussed how the various top coins in the cryptocurrency sector look on the MVRV Z-Score. The “Market Value to Realized Value (MVRV) ratio” is a popular indicator that, in short, measures the deviation between the total value held by the investors of an asset (that is, the market cap) and what they used to purchase it (the realized cap). When the value of this indicator is positive, it means the holders of the given coin as a whole are currently holding net unrealized profits. On the other hand, the metric being below zero suggests the dominance of losses in the market. Related Reading: Bitcoin Crashes To $64,000: Will This Historical Support Hold? Now, here is the chart shared by the analytics firm that shows the trend in the MVRV Z-Score for different top assets by market cap over the past few months: As displayed in the above graph, Bitcoin (BTC), Ethereum (ETH), Dogecoin (DOGE), and Toncoin (TON) are all currently in the positive territory of the MVRV Z-Score, suggesting that their average traders are currently enjoying profits. At the same time, XRP (XRP), Cardano (ADA), Shiba Inu (SHIB), Chainlink (LINK), Polygon (MATIC), and Uniswap (UNI) are witnessing their investors carrying a higher unrealized loss than profit. Generally, the investors in profits are more likely to sell their coins, and the likelihood of this profit-taking only increases with more gains they hold. As such, a high MVRV Z-Score has historically led to tops for any cryptocurrency’s price. Related Reading: Cardano Among Alts Likely To See Price Boosts, Santiment Says Of the four assets in positive territory of the indicator right now, Toncoin has the indicator at the highest level, suggesting that a selloff due to profit-taking could be probable for it. In the case of the coins inside the negative region, their prices could see a bullish outlook instead, as there may not be many sellers left for them now. Shiba Inu and Uniswap are particularly seeing the most deviation between the market and realized cap. “If you believe markets are about to surge, history says that buying into assets that traders have experienced the most pain in have a greater probability of netting high returns for you,” notes Santiment. As such, coins like SHIB may be offering the best buying window right now, according to the MVRV Z-Score. SHIB’s Price Analysis Shiba Inu has consolidated sideways over the past month as its price still trades around the $0.0000168 mark. Featured image from Shutterstock.com, Santiment.net, chart from TradingView.com

Tecban, a fintech that provides interconnection technology for banks, has launched a tokenization and associated services platform called Nexchain. This platform facilitates the process of placing assets on the blockchain for third parties as part of the Drex pilot. The platform will be launched in tandem with the second pilot phase of the Brazilian CBDC, […]

Gemini co-founder Tyler Winklevoss argues that the cryptocurrency industry should not “tolerate any possibility of a repeat of the last 4 years.”

During the 2024 Bitcoin Conference in Nashville, Tennessee, Jan van Eck, CEO of global asset manager and Bitcoin exchange-traded fund (ETF) issuer VanEck, made headlines with his revealing comments about his personal Bitcoin holdings. Van Eck Reveals Personal BTC Holdings During his appearance at the conference, Van Eck began by sharing his perspective on Bitcoin’s growth and evolution over time, likening it to a “teenager” that is not yet fully formed, as many investor classes have not yet joined the market.  Related Reading: Wall Street Expert Sees 20x Potential In Ripple Via XRP And IPO Addressing his investment approach, Van Eck revealed that in his conversations with other attendees at Bitcoin conferences, he has found that they tend to hold significantly more Bitcoin in their portfolios. He further stated: Everyone I meet at Bitcoin conferences owns way more in their own portfolio, and I always say, wait a minute, I always want to tell people what I’m doing personally because they should know.  Interestingly, when asked about his portfolio, Jan Van Eck replied that he owns “well over 30%” in Bitcoin without disclosing the amount in BTC or USD. This disclosure comes as VanEck recently published a report outlining a significant bullish long-term price projection for BTC, suggesting that the Bitcoin price could reach a value of $2.9 million per coin by 2050. $2.9M Bitcoin Forecast By 2050 Per the report, Bitcoin’s scalability issues, which have historically hindered widespread adoption, will be resolved through the emergence of advanced Layer-2 (L2) solutions.  By combining Bitcoin’s “immutable property rights and sound money principles” with the increased functionality of Layer 2 technology, the asset manager envisions creating a new, globally accessible financial system. Under this optimistic scenario, the VanEck team believes that by 2050, Bitcoin could be used to settle 10% of the globe’s international trade and 5% of the world’s domestic trade.  According to the report, this level of adoption could lead to central banks holding 2.5% of their assets in Bitcoin, driving the price of the largest cryptocurrency on the market to a substantial $2.9 million per coin by the year 2050. Related Reading: Why Is ETH Price Struggling Despite The Spot Ethereum ETFs Launch? In addition, the report estimates that Bitcoin L2 solutions could be worth a total of $7.6 trillion, or approximately 12% of Bitcoin’s total projected value. The asset manager further noted: Though it has established itself as an important store of value assets, our projection of its price more than 25 years into the future is predicated on the assumption that increasing numbers of people around the globe use Bitcoin as a medium of exchange. At the time of writing, BTC was trading at $67,600, up over 4% in the last 24 hours, after hitting a weekly low of $63,500 on Thursday. Featured image from DALL-E, chart from TradingView.com

Russia’s State Duma has advanced a bill to regulate cryptocurrency mining, aiming to curb illegal activities and promote investment and employment. Proposed by the chairman of the Duma Committee on Financial Markets and supported by key deputies, the bill mandates strict guidelines for miners, including registration and government oversight. If passed, the law will take […]

The World Bank Executive Director for Russia forecasts that BRICS nations will soon dominate the World Bank and the International Monetary Fund (IMF), attributing this shift to inevitable macroeconomic and demographic changes away from Western dominance. He emphasized the importance of working patiently toward this goal and resisting provocations from those upholding the old global […]

Crypto analyst Kevin (formerly OG Yomi) has made a bullish case for Dogecoin (DOGE). Based on his analysis, the foremost meme coin could replicate its 2021 bull run when it enjoyed a price gain of 18,000%. Dogecoin Could Soon Replicate Its 2021 Bull Run Kevin suggested in an X (formerly Twitter) post that Dogecoin could soon replicate its 2021 run when it made a price gain of 18,000%. This came following his statement that DOGE is two to three weeks away from achieving its first weekly golden cross in four years. The analyst noted that the meme coin went “parabolic” for six straight months and enjoyed a price rally of 18,000% the last time this happened in 2021.  Related Reading: Cardano In The Spotlight: Why The $0.6 Level Is Important To ADA Crypto analysts like Javon Marks have also raised the possibility of Dogecoin replicating its 2021 run and even surpassing it at different points in this market cycle. Marks predicted that the foremost meme coin could enjoy a price rally of over 21,000% in this bull run and rise to $17. This prediction is based on Dogecoin’s historical breakout trend, in which the meme coin has enjoyed more significant price rallies in every subsequent bull run.  More recently, Marks stated that Dogecoin’s rise to $0.6533 is only a matter of time and that the meme coin could enjoy a 90% price rally to $1.25. While the analyst’s price prediction of $17 is undoubtedly ambitious since it will give Dogecoin a market cap of about $2.4 trillion, the price target of $1 looks more feasible, and this is a price level that some other analysts, like Altcoin Sherpa, have agreed that DOGE can reach.  In the meantime, investors hope that Dogecoin can successfully achieve the Golden Cross and that history will repeat itself. DOGE is well in need of such a move, considering how the foremost meme coin has underperformed in comparison to other major meme coins like Pepe (PEPE), Floki (FLOKI), and Dogwifhat (WIF).  One Last Opportunity To Buy DOGE Crypto analyst The Cryptomist recently suggested that investors will have one last opportunity to buy Dogecoin at a discount before it makes its parabolic move. Based on a rising wedge pattern highlighted on Dogecoin’s chart, she predicts that the foremost meme coin will still drop to as low as $0.08 and possibly $0.05.  Related Reading: End Of The Road? Shiba Inu’s Shibarium Sees Massive 80.3% Crash In Active Accounts However, she is bullish on Dogecoin long-term, stating that the foremost meme coin has a “high chance” of reaching $1 this year. Crypto analyst Crypto Kaleo also recently predicted that Dogecoin could drop to as low as $0.08 before it runs to $1. At the time of writing, Dogecoin is trading at around $0.129, up over 4% in the last 24 hours, according to data from CoinMarketCap.  Featured image created with Dall.E, chart from Tradingview.com

Bitcoin’s bullish pattern on the chart is signaling to crypto traders a potential 25% price increase from its current level.

The BRICS economic bloc is considering Iran’s proposal to link all member nations’ payment systems, according to Russian Deputy Foreign Minister Andrey Rudenko. The proposal aims to enhance BRICS countries’ financial sovereignty by establishing a resilient and sanctions-resistant payment infrastructure. Discussions include integrating financial markets, payments in national currencies, and new mechanisms for mutual financial […]

Recent insights from a CryptoQuant analyst suggest that Bitcoin’s recent price action could be the beginning of more substantial movements. The analyst, sharing insights on QuickTake, points to historical data on Bitcoin’s price trends and newcomer activities. This data comparison shows that the most significant bull cycles in Bitcoin history have often peaked when the influx of new investors reaches a specific threshold—a phenomenon fueled by a fear of missing out (FOMO) among new entrants. Related Reading: Bitcoin Traders Brace for Impact: QCP Capital Signals Incoming Price Drop—Here’s Why Bitcoin Quiet Buildup Interestingly, the current cycle presents a deviation from this established trend. Instead of experiencing new inflows at price tops, Bitcoin’s price ascent this time does not align with a significant increase in newcomer investments. This observation suggests that current upward price trends are not the result of a massive influx of new market participants but rather likely supported by different factors within the broader financial ecosystem. The current bull cycle’s support appears to rely heavily on the introduction and performance of spot ETFs (Exchange-Traded Funds) focused on Bitcoin. These financial products have provided both seasoned and new investors a regulated pathway to invest in Bitcoin, potentially stabilizing its price without the direct participation of newcomers typically seen in past cycles. However, as the market adjusts to these instruments, the same CryptoQuant analysis suggests a potential shift may be on the horizon. According to the analysis, the minor wave of new inflows observed in the first quarter of 2024 is a precursor to what might become more pronounced market behavior in future cycles. The analyst elaborated that the lack of major new entrant inflows near price tops at these levels could indicate that Bitcoin will likely experience longer periods of upside move when more existing and novice investors start participating in the market. This pattern, once initiated, could lead to more strong and longer-lasting bull markets compared to those triggered by temporary FOMO. BTC Market Performance and Outlook Meanwhile, Bitcoin is still seeing some fairly bullish price action. So far, the asset is still maintaining its price mark above $65,000, with a current trading price of $67,495, up by 3.8% in the past 24 hours. Amid this price performance, notable analysts in the space have continued to be bullish on Bitcoin, sharing their respective optimistic views on its price action. Just recently, an analyst known as Moustache on Elon Musk’s social media platform X disclosed an interesting observation on BTC’s chart. Related Reading: Analyst Breaks Down Bitcoin’s Potential for Surge and Setback, Reveals 5 Key Trends According to the analyst, Bitcoin has been copying the famous Wyckoff Reaccumulation Model, indicating that a major surge is on the horizon. #Bitcoin Did you know that $BTC copies the famous Wyckoff Reaccumulation Model almost perfectly? I’ve been sharing this chart for weeks now. Don’t let yourself be shaken out here. Higher soon. $70,000 next. pic.twitter.com/xv3d3soYq9 — 𝕄𝕠𝕦𝕤𝕥𝕒𝕔ⓗ𝕖 🧲 (@el_crypto_prof) July 25, 2024 Featured image created with DALL-E, Chart from TradingView

The approval of Bitcoin ETFs by the US Securities and Exchange Commission (SEC) in January 2023 has opened the floodgates for significant institutional investment in the newly approved market. However, US states are also rushing to capitalize on the success of these ETFs by allocating a portion of their pension funds to reap profits and diversify their investments. Wisconsin, Jersey City, Michigan Allocate Millions To Bitcoin ETFs The first state to take the plunge was Wisconsin, which in May 2023 allocated approximately $98.6 million, or 2% of its pension fund, to BlackRock’s iShares Bitcoin Trust ETF. Now, two more states have joined Wisconsin in allocating state pension funds to Bitcoin ETFs. On Thursday, NewsBTC reported that the mayor of Jersey City, Steven Fulop, announced that it is updating its paperwork with the SEC to allow its pension fund to invest in Bitcoin ETFs.  Related Reading: VacEck Places $52.4 Million Price Tag On Bitcoin, But How Is This Possible? The latest state to join the Bitcoin ETF investment bandwagon is Michigan; as in an SEC filing on Friday morning, the State of Michigan Retirement System reported owning $6.6 million worth of shares in the ARK Bitcoin ETF managed by Ark Invest, amounting to 110,000 shares as of June 30th. However, Jersey City remains the only one that discloses the percentage of the fund’s investment in the Bitcoin ETF market and which asset manager will be selected to manage the fund’s allocation.  Still, this notes the significant traction that the new Bitcoin ETF market has gained over the past seven months among institutions and now these states, adding to the notable inflows and assets under management surpassing the $17 billion milestone, eclipsing tech-based ETFs.  BTC Price Rebound Fueled By Spot ETFs The Bitcoin price has steadily recovered over the past two weeks, rebounding from a 6-month low of $53,500 at the beginning of July. However, according to a new report by on-chain and market data analytics firm CryptoQuant, this price recovery has continued to rely on spot Bitcoin ETFs rather than a surge of new investor inflows. The CryptoQuant report examined Bitcoin price movements and new investor holdings over the past 8 years and found that in previous long-term bull cycles, the Bitcoin price peaked when the number of new entrants crossed a certain threshold, indicating a strong “fear of missing out” (FOMO) driving inflows. However, the firm contends that the current Bitcoin bull cycle does not exhibit the same trend of new investor inflows at price tops. Instead, the report noted that the recent spike in new inflows seen in the year’s first quarter appears to be just a temporary wave between longer-term cycle tops. Related Reading: Bitcoin Supply Drop Signals Upbeat Price Movement, Analyst Says This suggests that Bitcoin’s recent price recovery has been driven more by the inflows into spot Bitcoin ETFs rather than a surge of new investors entering the crypto market.  While spot ETFs have supported the Bitcoin price, the report indicates that a more sustainable upside will depend on a return of new investor demand. When writing, the largest cryptocurrency on the market was trading at $67,530, up nearly 5% in the 24-hour time frame.  Featured image from DALL-E, chart from TradingView.com 

Michael Saylor, executive chairman of Microstrategy, believes the U.S. government should hold the majority of the world’s bitcoin, arguing this would strengthen the U.S. dollar. Drawing parallels to historic acquisitions, he views bitcoin as a critical asset for the future. Saylor emphasized: “The country gotta look to the future, and the future of the country […]

The presidential hopeful gave Bitcoin eloquent praise as a future support for the US economy and way to fix broken American money and society.

Zimbabwe’s central bank, the Reserve Bank of Zimbabwe (RBZ), has injected over US$50 million into the interbank foreign exchange market to stabilize the economy. This move comes as the parallel market exchange rate is significantly higher than the official rate, causing economic instability. The RBZ aims to increase foreign currency supply, reduce pressure on banks, […]

Grayscale must await final regulatory signoff on its registration filing before listing the fund