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UK, US Probe $20B in USDT Transfers by Sanctioned Russian Crypto Exchange

UK, US Probe $20B in USDT Transfers by Sanctioned Russian Crypto ExchangeThe U.K. and the U.S. are reviewing tether transactions, valued at $20 billion, processed by the sanctioned cryptocurrency exchange Garantex. Digital currency transactions and crude oil sales are believed to be a significant source of foreign currency for Russia. Russia Sanctions Busting The U.K. and the U.S. are reportedly reviewing cryptocurrency transactions valued at $20 […]

Dogecoin Jumps 37% – How High Can DOGE Go This April?

Retail and institutional investors alike are taking notice as Dogecoin (DOGE), the playful cryptocurrency born from internet fame, experiences a surprising surge. Prices jumped almost 10% in a single day this week, marking a 37% increase over the past seven days, according to CoinGecko. This unexpected rally has the “Doge army” howling with excitement, but experts caution that the future of this meme-inspired coin might not be all sunshine and rainbows. DOGE up nearly 10% in the last day. Source: Coingecko From Meme To Market Mover Dogecoin, launched in 2013 as a lighthearted parody of Bitcoin, has defied expectations. It has evolved into a symbol of community-driven digital currency, attracting a passionate following. However, despite its recent rise, Dogecoin remains far from its peak of $0.73 reached in May 2021. Related Reading: Bullish Winds Blow: Bitcoin Bull Flag Points To New $77,000 ATH: Analyst Technically, Dogecoin seems to be finding support at $0.1599, a level that previously saw a rebound. On the other hand, resistance is visible near the recent high of $0.2184. As the weekend approaches, speculation runs rampant. Some analysts predict a potential dip of 6-7% for DOGE in the coming days. DOGE putting up impressive numbers in the weekly timeframe. Source: Coingecko. This forecast reignites the debate about the forces driving Dogecoin’s price. While the coin boasts a fiercely loyal community and undeniable brand recognition, its value remains susceptible to the whims of the crypto market. Speculative trading, investor sentiment, and broader market trends all play a significant role. Social Media’s Pawprints And Elon’s Tweets Social media and celebrity endorsements, particularly those from Tesla CEO Elon Musk, have undeniably shaped Dogecoin’s dramatic price swings. Musk’s tweets, often laced with humor and references to the Doge meme, have triggered sudden buying sprees, leading to periods of intense volatility. DOGE market cap currently at $31 billion on the weekend chart. Chart: TradingView.com Also, recent whale activities have accompanied Dogecoin’s price rise. The increase in activity, as seen in on-chain market dynamics, has boosted investor confidence in Dogecoin. The rise in whale accumulation shows how huge holdings influence cryptocurrency market trends and prices. Related Reading: From $90 To $400 Litecoin: Analysts Bullish On LTC Soaring Trajectory Meanwhile, Dogecoin’s adoption by Coinbase Derivatives marks a major shift in thinking, recognising its rise from a fanciful internet phenomena to a crypto asset. Dogecoin’s longevity and expansion beyond meme status indicate growing institutional and retail investor adoption. As anticipation grows for the Coinbase IPO, Dogecoin’s recent gain shows its endurance and attractiveness in the ever-changing cryptocurrency world. Featured image from Pixabay, chart from TradingView

Wyckoff ‘SOS’ Could Catapult Bitcoin To $100,000: Hedge Fund Manager

Charles Edwards, founder of the Bitcoin and digital asset hedge fund Capriole Investments, published a detailed examination of Bitcoin’s current market phase suggesting a bullish trajectory, potentially reaching the $100,000 mark. The analysis hinges on the identification of a Wyckoff ‘Sign of Strength’ (SOS), a concept derived from the century-old Wyckoff Method that studies supply and demand dynamics to forecast price movements. Understanding The Wyckoff ‘SOS’: Bitcoin To $100,000? The Wyckoff Method, developed by Richard D. Wyckoff, is a framework for understanding market structures and predicting future price movements through the analysis of price action, volume, and time. The ‘Sign of Strength’ (SOS) within this methodology signifies a point where the market shows evidence of demand overpowering supply, indicating a strong bullish outlook. Edwards’s observation of an SOS pattern in Bitcoin’s recent price movements suggests that the market is at a pivotal point, where sustained upward momentum is highly probable. In Capriole’s latest newsletter, Edwards offered a precise depiction of Bitcoin’s market behavior, highlighting a period of volatility and consolidation in the $60,000 to $70,000 range. Related Reading: Bitcoin Bull Flag Could Predict 10% Surge To $77,000, Analyst Explains This phase was anticipated by the hedge fund. Currently, as Bitcoin ventures above its last cycle’s all-time highs, it aligns with the predicted zig-zag SOS structure. Edwards elucidates, “It would not be surprising to see a liquidity grab at / into all-time highs […] All consolidation above the Monthly level at $56K is extremely bullish. It would be uncommon (but not impossible) for price to continue in a straight line up.” The “zig-zag” phase also perfectly aligns with the halving cycle as BTC tends to consolidate “both months either side of the Halving.” Edwards added that “the realities of a much lower supply growth rate + unlocked pent up tradfi demand will then kick-in and launch 12 months of historically the best risk-reward period for Bitcoin.” From a technical perspective, Bitcoin’s foray into price discovery territory above $70,000 is devoid of significant resistance levels. This opens a pathway to psychological and Fibonacci extension levels, with Edwards pinpointing $100,000 as the next major psychological resistance. Related Reading: Bitcoin ETF Inflows Could Eclipse $1 Trillion, Predicts Bitwise CIO The 1.618 Fibonacci extension from the 2021 high to the 2022 low is noted at $101,750, serving as a technical marker for potential resistance. Edwards reflects on investor sentiment, stating, “You can also imagine quite a few investors would be happy seeing six-digit Bitcoin and taking profit in that zone,” acknowledging the psychological impact of such milestones. BTC Fundamentals Support The Bull Case Edwards also delves into the importance of fundamentals, underscoring their role in providing a bullish backdrop for Bitcoin. The introduction of the Dynamic Range NVT (DRNVT), a unique metric to Capriole, indicates that Bitcoin is currently undervalued. Edwards describes DRNVT as “Bitcoin’s ‘PE Ratio’”, which assesses the network’s value by comparing on-chain transaction throughput to market capitalization. The current DRNVT readings suggest an attractive investment opportunity, given Bitcoin’s undervaluation at all-time price highs. “What’s fascinating at this point of the cycle is that DRNVT is currently in a value zone. With price at all time highs, this is a promising and unusual reading for the opportunity that lies ahead in 2024. It’s something we didn’t see in 2016 nor 2020,” Edwards remarked. With both technical indicators and fundamental analysis signaling a bullish future for Bitcoin, the anticipation surrounding the upcoming Halving event adds further momentum to the positive outlook. Despite the expectation of volatility and consolidation in the short term, Edwards confidently states, “probabilities are starting to skew to the upside once again.” At press time, BTC traded at $69,981. Featured image from Shutterstock, chart from TradingView.com

Google Introduces Cryptocurrency Wallet Balance Check via Search Engine

News Bytes - Google Introduces Cryptocurrency Wallet Balance Check via Search EngineGoogle has enhanced its search engine to allow users to check their cryptocurrency wallet balances directly by entering the wallet’s address, supporting various blockchain networks including Bitcoin, Arbitrum, Avalanche, Optimism, Polygon, and Fantom. This feature not only shows the native token balance of a wallet for each supported network but also indicates the last time […]

Bullish Winds Blow: Bitcoin Bull Flag Points To New $77,000 ATH: Analyst

Bitcoin (BTC) is poised for a potential surge after forming a bullish technical pattern and attracting a wave of institutional investment. The world’s leading cryptocurrency recently surpassed the $70,000 mark, setting the stage for a possible breakout that could eclipse its current all-time high of $73,750. Related Reading: From $90 To $400 Litecoin: Analysts Bullish On LTC Soaring Trajectory This optimistic outlook comes from analyst Ali Martinez, who identified a bull flag pattern on Bitcoin’s 4-hour chart. This technical indicator typically follows a significant price increase and signifies a consolidation period with a slight downward trend. However, the decreasing trading volume during this phase suggests a temporary pause rather than a reversal, potentially leading to a renewed uptrend. Validating The Bull Flag Pattern: Bitcoin Consolidation Phase Analysis Bitcoin’s recent dip below $61,000 served as a testing ground for this theory. The cryptocurrency demonstrated resilience by rebounding into the $67,000-$70,000 range, solidifying the potential validity of the bull flag pattern. This consolidation phase is crucial for market participants to reassess their positions and gauge overall investor sentiment. #Bitcoin appears to be breaking out of a bull flag on the 4-hour chart! If $BTC holds above $70,000, we could see a surge of nearly 10% to a new all-time high of $77,000! pic.twitter.com/MPVB70p9DU — Ali (@ali_charts) March 28, 2024 The recent dip wasn’t necessarily a cause for alarm, explained Martinez. In fact, it could be interpreted as a healthy consolidation that strengthens the foundation for further growth. Beyond technical analysis, a significant shift in Bitcoin’s ownership structure is fueling optimism. The long-awaited launch of spot Bitcoin Exchange Traded Funds (ETFs) in the United States has opened the door for institutional investors. These professionally managed funds, backed by major financial institutions, are estimated to hold a combined 5% of the total Bitcoin supply. Total crypto market cap is currently at $2.545 trillion. Chart: TradingView On-chain data further corroborates this institutional influx. CryptoQuant, a blockchain analytics firm, reports a deviation from past bull cycles. Traditionally, Bitcoin ownership flowed from existing large holders (“whales”) to retail investors. However, the current market cycle appears to be witnessing a transfer from these whales to new whales – traditional financial institutions. Bitcoin’s Bullish Price Predictions The influx of institutional capital has emboldened some analysts to make bullish price predictions. While Martinez refrained from offering a specific timeframe for the anticipated breakout above $73,750, others are more forthcoming. Optimistic forecasts range from $100,000 to $150,000 for Bitcoin by the end of 2024, with some even predicting a staggering price of $500,000 by 2025. Related Reading: Fantom: Market Slowdown Chops Off 10% From Gains – Here’s Why However, experts caution against blindly following such extreme predictions. The cryptocurrency market remains inherently volatile, and technical analysis is not a foolproof method for guaranteeing future price movements. The long-term impact of institutional involvement on market dynamics is also yet to be fully understood. Despite these words of caution, the confluence of a bullish technical pattern and a surge in institutional investment has undeniably created a sense of excitement surrounding Bitcoin. As the world’s leading cryptocurrency continues its ascent towards uncharted territory, all eyes are on whether it can indeed break new ground and establish a new all-time high. Featured image from Pexels, chart from TradingView

XRP Price Holds Support – Indicators Show Risk of Downside Break

XRP price is holding gains above the $0.60 zone. The price could gain bearish momentum if there is a close below the $0.570 support zone. XRP is facing a major hurdle near the $0.6580 zone. The price is now trading below $0.640 and the 100 simple moving average (4 hours). There is a key bearish trend line forming with resistance near $0.640 on the 4-hour chart of the XRP/USD pair (data source from Kraken). The pair could gain bearish momentum if there is a close below the $0.5720 support. XRP Price Faces Uphill Task After a steady decline, XRP price found support near the $0.5720 level. A low was formed at $0.5714 and the price started a fresh increase, like Bitcoin and Ethereum. There was a move above the $0.5880 and $0.600 resistance levels. The price cleared the 23.6% Fib retracement level of the downward wave from the $0.7442 swing high to the $0.5714 low. The bulls pushed the price above the $0.620 resistance zone, but the bears are active near $0.640. Ripple’s token price is now trading above $0.6320 and the 100 simple moving average (4 hours). On the upside, immediate resistance is near the $0.640 zone. There is also a key bearish trend line forming with resistance near $0.640 on the 4-hour chart of the XRP/USD pair. The next key resistance is near $0.6580. It is close to the 50% Fib retracement level of the downward wave from the $0.7442 swing high to the $0.5714 low. A close above the $0.6580 resistance zone could spark a strong increase. The next key resistance is near $0.700. If the bulls remain in action above the $0.700 resistance level, there could be a rally toward the $0.7440 resistance. Any more gains might send the price toward the $0.800 resistance. More Losses? If XRP fails to clear the $0.640 resistance zone, it could start another decline. Initial support on the downside is near the $0.600 zone. The next major support is at $0.5720. If there is a downside break and a close below the $0.5720 level, the price might accelerate lower. In the stated case, the price could retest the $0.5250 support zone. Technical Indicators 4-Hours MACD – The MACD for XRP/USD is now losing pace in the bullish zone. 4-Hours RSI (Relative Strength Index) – The RSI for XRP/USD is now above the 50 level. Major Support Levels – $0.600, $0.5720, and $0.5250. Major Resistance Levels – $0.640, $0.6580, and $0.700.

Ethereum Price Gearing For Another Lift-Off to $4K: Increase Isn’t Over Yet

Ethereum price is holding gains above the $3,500 zone. ETH could gain bullish momentum if it clears the $3,680 resistance zone in the near term. Ethereum retested the $3,450 and is currently moving higher. The price is trading above $3,500 and the 100-hourly Simple Moving Average. There was a break above a key bearish trend line with resistance at $3,540 on the hourly chart of ETH/USD (data feed via Kraken). The pair could gain bullish momentum if it settles above the $3,680 resistance zone. Ethereum Price Eyes Fresh Increase Ethereum price started another downside correction below the $3,550 zone. ETH retested the $3,450 zone before the bulls appeared, like Bitcoin. A low was formed near $3,459 and the price recently climbed higher. There was a move above the $3,520 resistance zone. The bulls pushed the price above the 50% Fib retracement level of the downward move from the $3,680 swing high to the $3,459 low. There was also a break above a key bearish trend line with resistance at $3,540 on the hourly chart of ETH/USD. Ethereum is now trading above $3,520 and the 100-hourly Simple Moving Average. On the upside, immediate resistance is near the $3,600 level. The first major resistance is near the $3,630 level. It is near the 76.4% Fib retracement level of the downward move from the $3,680 swing high to the $3,459 low. Source: ETHUSD on TradingView.com The next key resistance sits at $3,680, above which the price might gain bullish momentum. In the stated case, Ether could rally toward the $3,800 level. If there is a move above the $3,880 resistance, Ethereum could even climb toward the $3,920 resistance. Any more gains might call for a test of $4,000. Another Decline In ETH? If Ethereum fails to clear the $3,630 resistance, it could start another decline. Initial support on the downside is near the $3,540 level. The first major support is near the $3,480 zone. The next key support could be the $3,450 zone. A clear move below the $3,450 support might send the price toward $3,325. Any more losses might send the price toward the $3,250 level. Technical Indicators Hourly MACD – The MACD for ETH/USD is losing momentum in the bullish zone. Hourly RSI – The RSI for ETH/USD is now above the 50 level. Major Support Level – $3,450 Major Resistance Level – $3,680

Bitcoin Price Primed To Clear $71,500 and Rally Again

Bitcoin price is again rising above the $70,000 resistance zone. BTC seems to be setting up for a steady increase above the $71,500 resistance zone. Bitcoin price is climbing higher and above the $70,000 resistance zone. The price is trading above $70,500 and the 100 hourly Simple moving average. There is a crucial bullish trend line forming with support at $70,200 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair could soon start a fresh rally if it clears the $71,500 resistance zone. Bitcoin Price Regains Strength Bitcoin price remained well-supported above the $69,000 resistance zone. BTC climbed higher the $70,000 resistance zone to move again into a positive zone. The price broke the $71,000 level and retested $71,500. A high was formed near $71,539 and there was a downside correction. There was a minor decline below the 23.6% Fib retracement level of the upward move from the $68,468 swing low to the $71,539 high. Bitcoin is now trading above $70,000 and the 100 hourly Simple moving average. There is also a crucial bullish trend line forming with support at $70,200 on the hourly chart of the BTC/USD pair. Source: BTCUSD on TradingView.com Immediate resistance is near the $71,200 level. The first major resistance could be $71,500. If there is a clear move above the $71,500 resistance zone, the price could start a strong increase. In the stated case, the price could even clear the $72,500 resistance zone in the near term. The next major resistance is near the $73,500 zone. Another Decline In BTC? If Bitcoin fails to rise above the $71,500 resistance zone, it could start another decline. Immediate support on the downside is near the $70,200 level and the trend line. The first major support is $70,000 and the 50% Fib retracement level of the upward move from the $68,468 swing low to the $71,539 high. The next support sits at $69,200. If there is a close below $69,200, the price could start a drop toward the $68,000 level. Any more losses might send the price toward the $66,500 support zone in the near term. Technical indicators: Hourly MACD – The MACD is now gaining pace in the bullish zone. Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level. Major Support Levels – $70,200, followed by $69,200. Major Resistance Levels – $71,200, $71,500, and $73,500.

Bitcoin Bull Flag Could Predict 10% Surge To $77,000, Analyst Explains

An analyst has explained that a breakout from a bull flag pattern could lead Bitcoin to surging towards a new all-time high of $77,000. Bitcoin Has Been Forming A Bull Flag Pattern Recently In a new post on X, analyst Ali has discussed about a bull flag recently forming in the 4-hour price of the cryptocurrency. The “bull flag” here refers to a pattern in technical analysis that, as its name implies, looks like a flag on a pole. In this pattern, a sharp uptrend is succeeded by a period of consolidation towards the downside. The uptrend makes up for the pole, while the consolidation period acts as the flag. Related Reading: Dogecoin Soars 17% To Break $0.21 As Volume Explodes When the price is trapped inside the flag, it tends to find resistance at its upper line, so tops may be probable to form there. Similarly, the lower line may act as support, thus facilitating for bottoms to take shape. The bull flag is usually considered to be a continuation pattern, meaning that the prevailing trend (that is, the trend of the flag) would continue once the consolidation period is over. This happens when a break above the resistance line takes place. The uptrend emerging out of such a break may be of the same height as the pole. If the asset falls under the support line, though, the pattern could be considered invalidated. Like the bull flag, there is also the bear flag pattern, which works similarly except for the fact that the pole in this case corresponds to a downtrend while the flag is generally a consolidation channel angled upwards. Just like the bull flag, a continuation of the prevailing bearish trend may follow this formation. Now, here is the chart shared by Ali that shows the bull flag that BTC’s 4-hour price has recently been consolidating inside: Looks like the price of the asset has been breaking out of this pattern recently | Source: @ali_charts on X From the graph, it’s visible that the 4-hour Bitcoin price has appeared to have been consolidating inside this bull flag over the last few days. It’s also apparent that, in the past day, BTC has been climbing above the resistance line of the pattern. This could mean that the cryptocurrency is preparing a break out of this formation. Naturally, the asset would have to show more momentum before the breakout can be confirmed. Related Reading: Bitcoin “Liquid Inventory Ratio” Hits All-Time Low, What It Means “If BTC holds above $70,000, we could see a surge of nearly 10% to a new all-time high of $77,000!” says Ali. The analyst has chosen this target as such a swing would be of the same length as the pole that had preceded this flag. BTC Price Bitcoin has so far been heading in a direction that would add more credence to the breakout, as its price has now broken past the $71,300 level. With this surge, BTC investors would be enjoying profits of more than 7% over the past week. The price of the asset appears to have surged over the past 24 hours | Source: BTCUSD on TradingView Featured image from Shutterstock.com, charts from TradingView.com

LendFi Revolutionizes DeFi Landscape With Comprehensive App Launch

PRESS RELEASE. In an exhilarating development for the decentralized finance (DeFi) community, LendFi announces the launch of its innovative app, now available for download on both the iOS Store and Google PlayStore. This groundbreaking app introduces a suite of utility features designed to enhance user experience and financial empowerment. Among these are staking, peer-to-peer (P2P) […]

US Senate Candidate Calls for Resignation of SEC Chair Gary Gensler

US Senate Candidate Calls for Resignation of SEC Chair Gary GenslerU.S. Senate candidate John Deaton has called for the resignation of U.S. Securities and Exchange Commission (SEC) Chairman Gary Gensler. “Under Gensler, the SEC has forgotten, or intentionally abandoned, its primary mission in protecting innocent investors,” he stressed. Deaton Calls for Gensler’s Resignation John Deaton, a U.S. Senate candidate running against incumbent U.S. Senator Elizabeth […]

Shiba Inu Going To $0.0001: Crypto Analyst Reveals What Will Drive The Rally

Shiba Inu has gone on various price spikes in the past few months amidst a surge in activity and interest in the meme coin. This price movement has prompted traders and analysts to ponder on when SHIB can reach the much coveted $0.0001 mark, a price level which it has largely failed to reach despite the impressive price action.  Micheal_EWPro, a crypto analyst, posted an analysis on when SHIB could potentially reach the $0.0001 price level. According to him, the current dynamics could push SHIB above $0.0001 in June. Interestingly, his price prediction is based on the Elliott Wave Theory. Analyst Reveals SHIB Is Going To $0.0001 According to the SHIB chart shared by Michael on the 3-day candlestick formation, the meme coin’s price formation since 2022 has largely followed the Elliott Wave count. The Elliot Wave Theory is basically a technical analysis method that analyses price movement traditionally in terms of a 5-wave move in the direction of the larger trend and a 3-wave correction in the opposite trend. Related Reading: XRP Price Enters Pre-Bull Rally Phase: Crypto Analyst Reveals Next Target Each of these Elliott Wave can be further subdivided into various patterns of smaller degree impulses based on their formations. However, all the subdivisions add up to one larger wave impulse. Using this knowledge of Elliot Wave Theory, the analyst noted that SHIB has started the formation of the third of five larger degree waves since October 2023 albeit with smaller degree impulses which he labelled as i, ii, iii, iv, and v. Traditionally, the third Elliot Wave is usually the largest and most powerful wave in a trend where most of the price action takes place. As a result, his analysis points to the third wave ending at a price just above $0.0001 in the first week of June. The analyst did implore a take-profit at $0.00008854 and a final price target of $0.00010191, while also noting that the bulls still have some work to do before this price point can come to a reality.  $SHIB bulls got a little work to do here on 3D but after that I think it sends to my sub 5 TP pic.twitter.com/YQLQqw8bxH — BigMike7335 (@Michael_EWpro) March 24, 2024 What’s Next For Shiba Inu? Shiba Inu has reversed since reaching $0.00004456 and has majorly traded between $0.000030 and $0.0000275 since the beginning of the week. However, analysts and SHIB enthusiasts remain positive, especially with SHIB securing a listing on an Australian-based crypto exchange. Related Reading: The Road To $100,000: Bitcoin Whale Accumulation Explodes This positive sentiment recently pushed SHIB to second place in crypto searches. At the same time, Shiba Inu’s layer-2 platform, Shibarium, has seen its TVL surging to a new high of $3.9 million. At the time of writing, SHIB is trading at $0.00003097, up by 14% in the past seven days.  SHIB price at $0.000031 | Source: SHIBUSDT on Tradingview.com Featured image from TronWeekly, chart from Tradingview.com