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Ethereum, the second-largest cryptocurrency by market capitalization, has faced choppy waters. Over the past few days, Ethereum’s price has taken a nosedive, plunging to lows of $2,800 on April 12, echoing the broader downturn witnessed across the crypto landscape. Related Reading: Bitcoin Bonanza Before The Halving? Analyst Sees Pre-Crash Buying Window However, in the face of volatility, a fascinating development has emerged: Ethereum whales, the behemoths of the crypto world, have begun to flex their muscles, showcasing strategic maneuvers that have captured the attention and speculation of the crypto community. Strategic Accumulation Amidst Turbulence As Ethereum’s price plummeted, Ethereum whales wasted no time in capitalizing on the opportunity. One notable example is the whale identified as “0x435,” which embarked on a strategic accumulation spree as the ETH price dipped. With a staggering investment of 70 million USDC, this whale acquired a hefty 23,790 ETH when Ethereum hit nearly $2,930. However, this wasn’t a spur-of-the-moment decision; rather, it was part of a calculated strategy that unfolded over several days, involving significant transactions and withdrawals from both centralized exchanges like Binance and decentralized exchanges. Despite the recent 8% correction in the $ETH price (24H), whales are still buying $ETH! 1. Whale 0x435 spent 70M$ USDC to buy 23,790 $ETH at ~$2,942 4 hours ago: • In total, the whale has accumulated 60,808 $ETH ($191M) from #Binance and DEX in the past 15 hours, after each… pic.twitter.com/ujZRULGAkX — Spot On Chain (@spotonchain) April 14, 2024 The Right Timing The actions of “0x435” are just the tip of the iceberg in the wider phenomenon of Ethereum accumulation by large holders. On-chain analytics firms, such as Spot On Chain and Lookonchain, have provided insights into the scale and timing of these whale transactions, revealing a pattern of strategic accumulation amidst the market turbulence. This whale spent 70M $USDC to buy 23,790 $ETH at $2,942 from the bottom again after $ETH dropped. He has bought 85,931 $ETH($278.5M) from #Binance and #DEX in the past week, with an average buying price of $3,241. He still holds $136M stablecoins and may buy more $ETH.… pic.twitter.com/d7yYdqEnDB — Lookonchain (@lookonchain) April 14, 2024 These whales aren’t acting alone; they’re part of a broader trend that suggests institutional players or sophisticated investors are positioning themselves strategically in anticipation of future market movements. Ethereum’s Journey Through The Storm The broader context of Ethereum’s price movement adds another layer to this unfolding saga. Ethereum’s decline over three consecutive days, from highs of $3,617 to lows of $2,850 on April 13, underscores the volatility and uncertainty gripping the cryptocurrency market. However, amidst the stormy seas, Ethereum managed to make a slight recovery, climbing back up to $3,107 at the time of writing, albeit still down 6.05% in the last 24 hours. Ethereum is currently trading at $3.107. Chart: TradingView Hong Kong Gives Nod To Ethereum ETFs In another development, as the first jurisdiction to permit trading in Bitcoin and Ethereum cash exchange-traded funds (ETFs), Hong Kong has set new precedents. The Securities and Futures Commission (SFC) of Hong Kong has previously granted permission to many prominent financial corporations to establish these exchange-traded funds (ETFs), while the US Securities and Exchange Commission (SEC) is currently reviewing comparable applications. Related Reading: Bitcoin Investors In The Red: Losses Trump Profits As Ratio Dips Below 1 The SFC has given the all-clear to several top financial institutions, including China Asset Management, Bosera Capital, and HashKey Capital Limited, to launch Bitcoin and Ethereum cash exchange-traded funds (ETFs). When combined, these cutting-edge financial instruments let investors to pay cash for shares in Ethereum and Bitcoin. Featured image from Pexels, chart from TradingView

Academy award-winning composer Hans Zimmer has created an anthem for TRON, founded by the controversial entrepreneur Justin Sun, a prominent figure in the cryptocurrency space known for his brash personality. The Tron Anthem by Zimmer, dubbed the song for the “Web3 Generation,” aims to encapsulate the trials Sun has faced, amidst Sun being sued by […]

The Nigerian government’s crackdown on cryptocurrency exchanges, including its targeting of Binance, has prompted some cryptocurrency firms to reconsider plans to either enter or further invest in the West African nation. A founder of a cryptocurrency exchange stated that the crackdown on Binance raises questions about the fundamental rule of law necessary for any society […]

Investors are bracing themselves for a rollercoaster ride as Bitcoin, the flagship digital asset, navigates through choppy waters. Recent data from Glassnode has revealed a noteworthy development: the Realized Profit/Loss Ratio for Bitcoin has dipped below one. Related Reading: Bitcoin Below $70,000: Is $80K Still Possible, Or Is The Rally Over? This crucial metric, which compares the sell value of Bitcoin with the price at which it was bought, indicates that investors are currently realizing more losses than profits. Historically, such a dip has often heralded a potential bottoming out of Bitcoin’s price, serving as a vital signal for market watchers. Sense Of Optimism Despite Bitcoin Price Decline The past 24 hours have witnessed significant volatility in Bitcoin’s price trajectory. A sharp decline early in the day saw Bitcoin’s price plummet to approximately $64,000, worrying many investors. However, a remarkable recovery ensued, with the price steadily climbing and peaking at around $66,000. This robust rebound has instilled a sense of optimism, with a prevailing bullish sentiment taking hold as the day progressed. Total crypto market cap currently at $2.261 trillion. Chart: TradingView Institutional interest in Bitcoin continues to grow, with recent developments signaling potential shifts in capital inflows. The approval of a spot Bitcoin ETF by Hong Kong regulators has opened the floodgates for increased institutional engagement, particularly from Asia. This move could inject fresh capital into Bitcoin markets, potentially fueling further price momentum. Furthermore, regional dynamics play a significant role in shaping investor sentiment and behavior. Varying investment trends across different regions highlight the diverse responses to prevailing market conditions. While some regions may exhibit cautious sentiment amidst volatility and geopolitical uncertainties, others may embrace Bitcoin as a hedge against inflation and currency devaluation. Critical Support Levels Bitcoin analyst Willy Woo has pinpointed a critical support level at $59,000. Breaching this threshold could signify a transition into a bearish market sentiment. Conversely, there’s anticipation among investors for potential short liquidations that could drive the price upwards, potentially reaching between $70,000 and $75,000, provided that current support levels hold steady. These anticipated events hinge on market liquidity and investor reactions to the rapidly evolving price movements. As Bitcoin continues its consolidation phase near all-time highs, investors remain cautiously optimistic about its future prospects. The upcoming halving event adds another layer of complexity to the already intricate market dynamics, with expectations of heightened volatility in the days ahead. Related Reading: Bitcoin Bonanza Before The Halving? Analyst Sees Pre-Crash Buying Window Analysts suggest that this period of lateral movement serves as a crucial stage for the redistribution of assets among investors, potentially laying the groundwork for a more sustainable recovery in the long run. The cryptocurrency market, particularly Bitcoin, is navigating through a period of heightened uncertainty and volatility. The recent dip in the Realized Profit/Loss Ratio signals a potential turning point in Bitcoin’s price trajectory, while institutional interest and regional dynamics continue to shape market sentiment. Featured image from Pexels, chart from TradingView

As the halving is set to occur between April 19-20, 2024, a substantial number of crypto enthusiasts are eagerly preparing for the Runes protocol. The concept of Runes was developed by the creator of Ordinals, Casey Rodarmor, and has been met with considerable enthusiasm since its announcement in September 2023. The following is a comprehensive […]

David Lawant, Head of Research at FalconX, a digital assets prime brokerage with trading, financing, and custody for leading financial institutions, recently offered an analysis on X (formerly Twitter) regarding the evolving role of Bitcoin halvings in market dynamics. This analysis challenges the traditional view that halvings directly and significantly affect Bitcoin’s price, instead highlighting a broader economic and strategic context that might be influencing investor perceptions and market behavior more profoundly. The Miner’s Diminishing Impact On Bitcoin Price Lawant begins by addressing the changing impact of Bitcoin miners on market prices. He presents a detailed chart comparing the total mining revenue to the Bitcoin spot traded volume from 2012 onwards, clearly marking the dates of the three previous halvings. This data reveals a significant shift: “The most crucial chart for comprehending halving dynamics is the one below, not the price chart. It illustrates the proportion of total mining revenue compared to BTC spot traded volume since 2012, with the three halving dates marked.” In 2012, total mining revenue was multiples of the daily traded volume, highlighting a time when miners’ decisions to sell could have significant impacts on the market. By 2016, this figure was still a notable double-digit percentage of daily volume but has since declined. Lawant emphasizes, “While miners remain integral to the Bitcoin ecosystem, their influence on price formation has notably waned.” Related Reading: Bitcoin Readying For A 12-Year Bull Run To $650,000 If Bulls Take Charge: Analyst He elaborates that this reduction is partly due to the increasing diversification of Bitcoin holders and the growing sophistication of financial instruments within the cryptocurrency market. Furthermore, not all mining revenue is immediately impacted by halving events—miners may choose to hold onto their rewards rather than sell, affecting the direct impact of reduced block rewards on supply. Lawant connects the timing of halvings to broader economic cycles, proposing that halvings do not occur in isolation but alongside significant monetary policy shifts. This juxtaposition increases the narrative impact of halvings, as they underscore Bitcoin’s attributes of scarcity and decentralization during periods when traditional monetary systems are under stress. “Bitcoin halving events tend to occur during critical monetary policy turning points, so the narrative fit is just too perfect to assume they cannot influence prices,” Lawant observes. This statement suggests a psychological and strategic dimension where the perceived value of Bitcoin’s scarcity becomes more pronounced. Related Reading: Bitcoin Whales Showing Different Behavior From Past Cycles, But Why? The analysis then shifts towards the macroeconomic environment influencing Bitcoin’s appeal. Lawant references the 2020 discussion by investor Paul Tudor Jones who labeled the economic climate as “The Great Monetary Inflation,” a period marked by aggressive monetary expansion by central banks. Lawant argues, “I’d argue that this was a more important factor in the 2020-2021 bull run than the direct flow impact from the halving,” pointing out that macroeconomic factors may have had a more substantial influence on Bitcoin’s price than the halving itself. Future Prospects: Macroeconomics Over Mechanics Looking towards the future, Lawant speculates that as the world enters a new phase of economic uncertainty and potential monetary reform, macroeconomic factors will increasingly dictate Bitcoin’s price movements rather than the mechanical aspects of halvings. “Now in 2024, the concerns center around the aftermath of the fiscal/monetary policies that have been in place for decades but are getting turbocharged in a world that is very different from four years ago. […]  We are potentially entering a new leg of this macroeconomic cycle, and macro is becoming a more critical factor in BTC price action,” he concludes. This perspective suggests that while the direct price impact of Bitcoin halvings may diminish, the broader economic context will likely highlight Bitcoin’s fundamental properties—immutability and a fixed supply cap—as crucial anchors for its value proposition in a rapidly evolving economic landscape. At press time, BTC traded at $62,873. Featured image created with DALL·E, chart from TradingView.com

The Bank of Russia has announced that it will support accelerating the adoption of cryptocurrency payments for international settlements. According to Elvira Nabiullina, governor of the Bank of Russia, these crypto-based payments must be launched in a sandbox-style experimental regime. In contrast, payments with national digital assets will be launched without similar precautions. Bank of […]

NSA whistleblower Edward Snowden has warned that the National Security Agency (NSA) is on the verge of significantly expanding its surveillance capabilities through a new bill amending Section 702 of the Foreign Intelligence Surveillance Act (FISA), potentially allowing the government to compel a wide array of businesses and individuals to assist in NSA surveillance operations. […]

Dogecoin is struggling below the $0.180 resistance zone against the US Dollar. DOGE must stay above the $0.1450 support zone to start a fresh increase. DOGE started a fresh decline below the $0.1750 zone against the US dollar. The price is trading above the $0.1700 level and the 100 simple moving average (4 hours). There is a key contracting forming with support at $0.1540 on the 4-hour chart of the DOGE/USD pair (data source from Kraken). The price could restart its increase unless there is a close below the $0.1450 support. Dogecoin Price Turns Red After struggling to clear the $0.20 resistance zone, Dogecoin price started a fresh decline. There was a sharp bearish move below the $0.180 and $0.1650 levels. DOGE traded as low as $0.1283 and recently attempted a recovery wave like Bitcoin and Ethereum. The price climbed above the $0.1450 level. It broke the 23.6% Fib retracement level of the downward move from the $0.2096 swing high to the $0.1283 low. However, the bears are active near the $0.1680 resistance and the 50% Fib retracement level of the downward move from the $0.2096 swing high to the $0.1283 low. The price is now consolidating near the $0.1550 level. There is also a key contracting forming with support at $0.1540 on the 4-hour chart of the DOGE/USD pair. Source: DOGEUSD on TradingView.com Dogecoin is also below the $0.1600 level and the 100 simple moving average (4 hours). On the upside, the price is facing resistance near the $0.160 level. The next major resistance is near the $0.170 level. A close above the $0.170 resistance might send the price toward the $0.1880 resistance. The next major resistance is near $0.200. Any more gains might send the price toward the $0.220 level. More Downsides in DOGE? If DOGE’s price fails to gain pace above the $0.160 level, it could continue to move down. Initial support on the downside is near the $0.1520 level. The next major support is near the $0.1450 level. If there is a downside break below the $0.1450 support, the price could decline further. In the stated case, the price might decline toward the $0.120 level. Technical Indicators 4 Hours MACD – The MACD for DOGE/USD is now gaining momentum in the bearish zone. 4 Hours RSI (Relative Strength Index) – The RSI for DOGE/USD is now below the 50 level. Major Support Levels – $0.1520, $0.1450 and $0.1280. Major Resistance Levels – $0.1600, $0.1780, and $0.200.

United States prosecutors have charged Charles O. Parks III with wire fraud and money laundering after he allegedly ran a “large-scale illegal ‘cryptojacking’ operation,” defrauding two cloud computing providers out of $3.5 million to mine $970,000 in cryptocurrencies such as ether, litecoin, and monero without authorization. Parks, who was arrested in Nebraska and faces up […]

Nadeem Anjarwalla, the executive from Binance who escaped custody in Nigeria, has reportedly been found in Kenya. Law enforcement agencies in Nigeria, spearheaded by the Economic and Financial Crimes Commission (EFCC), are in talks with their Kenyan counterparts about Anjarwalla’s extradition. Nigerian Authorities Want Nadeem Anjarwalla Extradited According to a report, Nadeem Anjarwalla, a Binance […]

Hong Kong’s leading commercial bank, HSBC, continues to invest in its tokenization product lineup. The bank’s CEO, Noel Quinn, stated that he is “very comfortable with the concept of tokenization.” He indicated that the bank will look at ways of tokenizing assets backed by “real” assets. HSBC’s CEO Discusses Tokenization Plans Hong Kong’s leading commercial […]

Over the weekend, the Bitcoin (BTC) crash had the crypto community on its toes. With the price dropping to $60,000, many investors worried that the flagship cryptocurrency was in trouble ahead of the “Halving” event. Amid the correction, Bitcoin critic Peter Schiff claimed that his previous predictions regarding spot Bitcoin ETFs (exchange-traded funds) were correct and presented the possibility of a doom drop for BTC. Related Reading: Breaking: Spot Bitcoin And Ethereum ETFs Approved In Hong Kong Peter Schiff’s Doomsday Prediction For Bitcoin Back in March, known Bitcoin opposer Peter Schiff asserted what he thought was the problem with Bitcoin ETFs. According to the economist, the problem with owning these investment products was that liquidity was limited to US market hours, which would mean that investors could not sell if the market crashed overnight. As I warned if #Bitcoin starts selling off tonight, #BitcoinETF owners can do nothing but watch and wait until the NYSE opens tomorrow morning. In the meantime it will be a long night hoping that Bitcoin doesn’t crash before they have a chance to sell. https://t.co/GfLtl6Wc1S — Peter Schiff (@PeterSchiff) April 14, 2024 On Sunday afternoon, Schiff claimed that, as he previously warned, Bitcoin ETF owners would be helpless if the flagship cryptocurrency started selling off that night. BTC traded around $63,460 at the time of his post and recovered in the following hour to trade above the $65,000 support level. Earlier that day, Schiff had warned of a critical support zone for BTC. To the economist, breaking below $60,000 could “create a formidable triple top.” This trend reversal could lead to an “immediate downside projection” of $20,000. Following his dooming scenario, Schiff stated that, at that price, MicroStrategy would “have a $2.7 billion unrealized loss on 214K Bitcoin acquired at an average price of $34K.” Additionally, he believes that BTC’s price could increase “before it crashes.” Analysts Unfazed By BTC’s Correction Several analysts concurred that the correction was a “minor drop” in the macro picture. According to MacroCRG, Bitcoin’s chart “looks incredible.” The analyst stated: “They threw a full-on war at her and all it managed to do was wick the range low.” Similarly, trader and analyst Rekt Capital considers that BTC “successfully protected the Range Low of its Re-Accumulation Range as the week of the Bitcoin Halving begins.” Per the analyst’s chart, Bitcoin is at the “Last Pre-Halving Retrace” during the “Pre-Halving Rally.” If history is to repeat itself, after April 19, BTC will enter the “Re-Accumulation” phase before experiencing the “Post-Halving Parabolic Upside.” Bitcoin phases during the “Halving” event. Source: Rekt Capital on X Moreover, Crypto Jelle urged investors to “not get shaken out” as BTC is “consolidating above the previous cycle highs.” The analyst and investor reaffirmed his prediction of $82,000 after the upcoming “Halving” event. However, Jelle also set a higher target for this bull cycle. The bullish megaphone pattern on BTC’s chart “still has a pattern of $180,000” despite the recent correction, as stated in the post. The analyst claims he wouldn’t be surprised “if the meme pattern plays out once again.” The correction caused BTC to register bleeding numbers for several periods. The biggest cryptocurrency exhibits an 8.4% and a 3.1% dip in the weekly and monthly timeframes. Similarly, BTC’s market activity has decreased by 32.1% in the past day, with a trading daily volume of $42.56 billion. Nonetheless, Bitcoin has recovered 3.5% from its price 24 hours ago, currently trading at $66,275. Since the lowest point of this correction, BTC has surged 10.3%. Related Reading: Bitcoin Price Downside Thrust Over Or The Bears Are Not Done Yet? Bitcoin’s performance on the three-day chart. Source. BTCUSDT on TradingView Featured Image from Unsplash.com, Chart from TradingView.com

Former Bitmex CEO Arthur Hayes has explained why he believes that “bitcoin and crypto prices in general will slump around the halving.” He added that from now until May 1, he “will be in a no-trade zone,” emphasizing that “April will experience extreme weakness in risky asset markets.” Bitcoin Price Will ‘Slump Around the Halving,’ […]