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Nigerian Central Bank Not in Charge of Crypto Regulation, Says Governor

According to the governor of the Central Bank of Nigeria, the Securities and Exchange Commission is responsible for regulating cryptocurrencies. However, the governor said the central bank will collaborate with law enforcement agencies and regulators overseeing the Nigerian crypto sector. The Central Bank’s Change of Heart In a surprise announcement, Yemi Cardoso, governor of the […]

Breath Of Fresh Air: Viral ‘Cardano Girls’ Video Sparks Conversation About The Project

Cardano (ADA) has received plenty of criticism over the years, whether it’s ADA’s price performance, its founder’s personality, or its community’s “beef” with Solana. This time, the project’s marketing team made the headlines after a viral video of female Cardano users became viral on social media. The ‘Cardano Girls’ video has sparked a conversation about the project’s efforts to reach a broader audience. Related Reading: Cardano (ADA) Eyes Explosive 2000% Bull Run, Targeting $12 And Quadrupling ATH A Breath Of Fresh Air In The Community The ‘Cardano Girls’ video was uploaded by Lily Brodi, a content creator and Cardano user, and went viral in hours. The video recreated a popular social media trend of people playfully listing stereotypical practices of a group of people with the phrase “We are (group). Of course, we…” The trend, recreated by millions, including famous personalities like Kim Kardashian, has reached the crypto community. Last week, a “Crypto Girls” version of the trend was uploaded on X, which prompted Brodi to make her own. Brodi’s version approached the point of view of female Cardano investors, with the opening line setting the lighthearted and playful tone: “We’re Cardano girls. Of course, we are real.” The list in the video includes how female ADA users “treat themselves with money saved on gas,” “have Charles as their phone wallpaper,” and “buy $ADA while the men create all the drama.” At the time of writing, the viral video had over 1.5 million views on X. Its massive reach resulted in the acknowledgment of Cardano’s founder, Charles Hoskinson, referred to as “Cattle Daddy” in the video. Lol, I’m blushing. Thanks for all the support and love — Charles Hoskinson (@IOHK_Charles) March 25, 2024 ‘Cardano Girls’ And Marketing Team Face Criticism The video didn’t go unnoticed by critics, who considered the video to be “cringy,” while others expressed opinions seemingly based on misogyny. Crypto influencer Peter McCormack replied to the X post stating that the video will be used “as torture at Guantanamo Bay.” However, the video appears to be well-received by the Cardano and crypto community. Brodi addressed the male detractors in an X post: after the last 24 hours, i’ve realised that a lot of men haven’t felt the warm embrace of a woman — LILY (@lilybrodi) March 26, 2024 Nonetheless, the video opened a broader conversation despite the critics. On one hand, it highlighted how the male-dominated crypto industry can be unreceptive and aggressive to women in the space. On the other hand, it pointed out a crucial issue for Cardano: its “unattractiveness.” The Need For A New Approach Brodi discussed the video’s immense impact, as it seemingly brought general interest in the project, with people reaching out to her curious about the Cardano wallet. Despite its technology and the knowledgeable people inside the community, the project doesn’t seem to attract the general user. Brodi, who creates light and informative Cardano-related content, considers that the general content offered can be “too heavy” and “overwhelming” to those who know about the industry and even more to those who don’t but want to come in. real talk #CardanoGirls & cardano marketing pic.twitter.com/XePfmHiXGN — LILY (@lilybrodi) March 27, 2024 Cardano’s marketing problem, as highlighted by Brodi, has often prevented potential users from entering. She suggests that a change in the market strategy is “needed within Cardano” for broader adoption. Lighthearted, fun, and enjoyable educational content that can be easily consumable can be fundamental for broader adoption. Investors can be attracted to projects that seem easily understandable and approachable. As seen with the memecoin mania, projects can become massive, even if the long-term technology and planning aren’t developed by launch. The crypto community is undoubtedly filled with people who enjoy various content and projects. But “bringing light and fun” enjoyment is crucial to supporting adoption because, at its core, “that’s what our community is.” Related Reading: Here’s Why The Cardano Price Is Struggling Below $0.7 ADA is trading at $0.64 in the 3-day chart. Source: ADAUSDT on Trading.view.com  Featured Image from Unsplash.com, Chart from TradingView.com

Fetch.ai, Ocean Protocol, and Singularitynet to Merge Tokens Into ‘Artificial Superintelligence’ Coin

Fetch.ai, Ocean Protocol, and Singularitynet to Merge Tokens into 'Artificial Superintelligence' CoinThe teams from Fetch.ai, Ocean Protocol, and Singularitynet (SNET), three top projects in artificial intelligence (AI) on the blockchain, have announced their intention to amalgamate their tokens into a unified cryptocurrency named “artificial superintelligence (ASI).” 3 Top AI Tokens to Combine Into a Single Coin Called ‘ASI’ In a communication dispatched to Bitcoin.com News, the […]

Ondo Finance Joins BlackRock Tokenized Fund As Inflows Surpass $160M

BlackRock, one of the largest asset managers globally, has witnessed notable success with its newly launched tokenized money-market fund, BUIDL. The fund, which records shared ownership on the Ethereum (ETH) blockchain, has attracted over $160 million in just one week since its debut.  BlackRock’s BUIDL Fund According to a Bloomberg report, the BlackRock USD Institutional Digital Liquidity Fund (BUIDL) primarily invests in cash, US Treasury bills, and repurchase agreements. The fund rewards its holders with a cryptocurrency, BUIDL, valued at $1 per token.  Shareholders can transfer these tokens to other validated addresses using digital wallets approved by Securitize, BlackRock’s partner for the investment vehicle. The tokenized fund serves several key use cases, including treasury management for crypto companies, support for derivatives of Treasury bills, and acting as collateral for borrowing and trading, thus providing an alternative to stablecoins. Related Reading: Bitcoin “Liquid Inventory Ratio” Hits All-Time Low, What It Means It is worth noting that Securitize Markets, an SEC-registered alternative trading system, plays a critical role in facilitating the transfer of tokens between market participants.  While the SEC has recently increased its scrutiny of Ethereum’s native token, ETH, Securitize CEO Carlos Domingo emphasizes that the investigations should be separate from the underlying blockchain infrastructure. Domingo also highlights the battle-tested nature of the public Ethereum blockchain, which provides a “robust foundation” for tokenization activities. As previously reported by our sister website, Bitcoinist, BlackRock has emerged as an advocate for cryptocurrencies and tokenization within mainstream financial institutions. Chairman and CEO Larry Fink believes every financial asset will eventually be tokenized.  The company’s iShares Bitcoin Trust (IBIT) has already attracted more than $13 billion in inflows since its launch as an exchange-traded fund (ETF) in January. With the BUIDL fund’s launch, BlackRock continues to demonstrate its willingness to explore new digital asset solutions. Ondo Finance To Transfer $95 Million In Assets To BlackRock Ondo Finance, a platform specializing in tokenized real-world assets (RWA), has moved $95 million worth of assets to BlackRock’s BUIDL fund. This strategic move enables Ondo Finance to facilitate instant settlements for its US Treasury-backed token, OUSG.  This makes Ondo Finance a major participant in the BUIDL ecosystem. According to on-chain researcher Tom Wan, it currently holds $15 million worth of BUIDL tokens, which, in addition to those above $95 million, will result in a substantial $110 million worth of BUIDL tokens.   Related Reading: Here’s Why The Cardano Price Is Struggling Below $0.7 The researcher noted that this collaboration further strengthens the tokenized US Treasury market, with the potential to reach $1 billion in value. In its announcement, the team behind the Ondo Finance platform summarized: We’re excited to see BlackRock embracing securities tokenization with the launch of BUIDL, especially its broad cooperation with ecosystem participants. Not only does this further validate our original concept of a tokenized US Treasury fund, but it also bolsters our thesis that tokenization of traditional securities on public blockchains represents the next major step in the evolution of financial markets. At the time of writing, the native token of Ondo Finance, ONDO, is trading at $0.909, exhibiting a surge of over 4% within the past 24 hours. This positive momentum adds to its impressive price uptrend of 115% recorded over the past 30 days.  Featured image from Shutterstock, chart from TradingView.com

$9.5 Billion In Bitcoin Options Poised To Expire This Friday: Market Turbulence Ahead?

This Friday, the spotlight is turned to Deribit, the leading crypto derivatives exchange, as it gears up for a notable event in its trading history. Particularly, the exchange is poised to witness the expiration of over $9.5 billion in Bitcoin options open interest. For context, Open interest refers to the total number of outstanding derivative contracts, such as futures or options, that have not been settled or closed. It represents the number of contracts market participants hold at the end of each trading day.  This surge in open interest recorded by Deribit reflects increased market participation and signals heightened liquidity, marking a notable milestone in the crypto derivatives landscape. Related Reading: Bitcoin’s ‘Next Leg Higher Has Started,’ Says Analyst: Reveals $100,000 Target On The Horizon Record-Breaking Open Interest Notably, this event is significant in two ways: It underscores the growing interest in Bitcoin as an asset class and highlights the increasing “sophistication” of the cryptocurrency market. This is because Open interest can also serve as a critical indicator of market health and trader sentiment.  As such, the record levels of open interest set to expire on Deribit suggest a “vibrant” trading environment, with more investors engaging in complex financial instruments like options. According to Deribit data, the exchange is set to host one of its largest option expiries ever, with $9.5 billion worth of Bitcoin options poised for expiry at the end of the month. This figure represents a substantial portion, approximately 40%, of the exchange’s total options open interest, which stands at $26.3 billion.  The magnitude of this expiry event eclipses previous months, with January and February end-of-month expiries totaling $3.74 billion and $3.72 billion, respectively. This trend indicates a large increase in market activity and investor engagement on the platform. Implications Of The Bitcoin Expiry The upcoming expiry has notable implications for the market, especially considering the current pricing dynamics of Bitcoin. With Bitcoin’s spot price hovering below $70,000, an estimated $3.9 billion of the open interest is expected to expire “in the money,” according to Deribit analysts, presenting profitable opportunities for holders of these options contracts.  The “max pain” price, which represents the strike price at which the highest number of options would expire worthless, thereby causing the maximum financial loss to option holders, is identified at $50,000. According to the analysts, this scenario suggests that a significant number of traders are positioned to benefit from the current market conditions, potentially leading to “increased buying activity” as these options are exercised. Additionally, Deribit analysts speculate that the high level of “in-the-money expiries” could exert upward pressure on Bitcoin’s price or amplify market volatility. They added that as traders “hedge their positions” or “speculate on future price movements,” the market may witness a flurry of activity, impacting Bitcoin’s price trajectory in the short term. Related Reading: Beyond Bitcoin ETFs: ‘There Are Other Players Controlling This Market’ – Says Analyst This comes at a time when Bitcoin has experienced a slight retracement from its recent all-time high above $73,000, with the price adjusting to approximately $68,946, at the time of writing Featured image from Unsplash, Chart from TradingView

CFTC Takes Legal Action Against Kucoin, Highlights BTC, ETH, and LTC as Commodities

CFTC Takes Legal Action Against Kucoin, Highlights BTC, ETH, and LTC as CommoditiesThe U.S. Commodity Futures Trading Commission (CFTC) has filed a lawsuit against Kucoin, emphasizing the classification of bitcoin, ethereum, and litecoin as commodities. The enforcement action, launched in the U.S. District Court for the Southern District of New York, accuses Kucoin of multiple regulatory breaches involving these digital assets. Kucoin’s Legal Battles Shine a Bright […]

Breaking Records: Mantle (MNT) Soars 40% In One Day To New All-Time Highs, Next Target Revealed

Layer 2 (L2) blockchain Mantle (MNT) has demonstrated remarkable performance, surpassing most of the top 100 cryptocurrencies in the market. The token has surged by 40% in the past 24 hours, reaching a new all-time high (ATH) of $1.49.  Mantle Network’s Layer 2 Solution Mantle Network operates as an Ethereum Virtual Machine (EVM)-compatible L2 scaling solution to provide a deeper understanding of the protocol. It leverages Optimistic rollups to enable fast and cost-effective transactions.  The unique aspect of Mantle lies in its modular design, which combines Optimistic rollups with a separate data availability layer. Unlike traditional blockchains, Mantle’s approach involves handling the four key blockchain functions on different layers. Related Reading: Here’s Why The Cardano Price Is Struggling Below $0.7 Mantle’s transaction execution function occurs on its EVM-compatible execution settlement layer. Blocks are generated on the L2 execution layer by Mantle’s sequencer, which then submits state root data to the Ethereum mainnet.  This architecture significantly reduces transaction costs compared to the base layer and improves network efficiency by separating the layers. Additionally, the implementation of Optimistic rollups minimizes the overall load on nodes. MNT Surges As Staking Launches One of the potential catalysts behind the recent surge in MNT can be attributed to the introduction of MNT staking, as highlighted by crypto researcher Alex Wacy.  According to Wacy, the Mantle Rewards Station plays a key role in this staking initiative, offering rewards to MNT stakers from the Mantle Ecosystem. By participating in staking, users contribute to the network’s security and operations while also being incentivized through these rewards. The staking process begins with the Ethena event, where users receive mShards tokens. These tokens have value within the Mantle decentralized finance (DeFi) ecosystem, allowing users to perform various decentralized finance activities within the network. These activities may include trading, investing, or interacting with various DeFi protocols and applications built on top of Mantle. In particular, mShards can be traded within the Mantle decentralized application (dApp) ecosystem, allowing users to take advantage of potential market growth options. The ability to trade these tokens increases liquidity and fosters an active ecosystem within Mantle. In addition, the researcher notes that mShard token holders will soon be able to redeem for ENA, another token associated with the Mantle Ecosystem. This redemption process adds utility and value to mShards, further increasing their appeal to token holders. The issuance of Ethena shards for Epoch 2 will end on April 1, indicating a limited-time opportunity for users to acquire these shards through staking, which may have further increased interest in the blockchain ahead of the deadline from investors looking to capitalize on this opportunity.  Bullish Prospects Examining the figures, MNT has experienced a surge in trading volume, reaching $647,118,249 in the past 24 hours, signifying a substantial 141.40% increase compared to the previous day.  Related Reading: Will Bitcoin Break $74,000 Driven By TradFi FOMO? The market capitalization of the MNT token stands at $4,157,261,742, propelling it to the 33rd position on CoinGecko’s rankings. Over the past 7 days, Mantle (MNT) has outperformed the global cryptocurrency market, which has seen a 2.30% increase, and similar cryptocurrencies within the Ethereum ecosystem have risen by 12.70%. The MNT token has retraced to the $1.27 level, marking a 2% decline in price over the past hour. Despite the temporary setback, the token’s strong momentum suggests potential trading risks and opportunities. It is worth noting that the next identified support line for the token is at the $1.080 level. If this support level fails to hold, the token’s price could drop further, potentially reaching the $1 mark. The next significant resistance level would be at $0.94.  However, if the bullish momentum continues throughout the week, the token may target the $1.60 and $1.68 levels before potentially surging towards the $2 mark. Featured image from Shutterstock, chart from TradingView.com

XRP Price Enters Pre-Bull Rally Phase: Crypto Analyst Reveals Next Target

The XRP price has largely left many of its enthusiasts feeling dissatisfied during this bull cycle, as it has failed to reach the $1 mark despite the bullish sentiment surrounding cryptocurrencies. However, crypto analyst EGRAG CRYPTO believes a $1 XRP price is still possible in this cycle, as he predicted a price surge in the near term. From this analyst’s technical perspective, recent price action has seen XRP forming a “W” pattern, making it ready for a massive push above $1. XRP Price Pattern Signals A Potential Massive Move XRP’s highest price so far this year is $0.718. The cryptocurrency now finds itself perambulating below the $0.65 price level and even falling to as low as $0.57 in the past seven days. This has prompted many investors and holders to feel frustrated and concerned about the poor price performance.  Related Reading: Crypto Outflows Reach New Record High, Will The Bitcoin Decline Continue? Despite this lackluster performance, many analysts continue to hold on to a bullish price action for XRP. EGRAG, who is well-known for his bullish attitude on XRP, has, for the most part, encouraged his followers on social media to maintain their positive posture on XRP. His most recent technical analysis, which he shared on social media, indicates that the price formation of XRP has now established a bullish pattern, which has been responsible for significant price increases in the past. This price spike is particularly based on a peculiar “W” pattern, which he highlighted on a 3-day candlestick chart of the XRP price. Interestingly, a detailed look into the chart shared by EGRAG shows that XRP embarked on the formation of this “W” pattern in July 2023. Now that the formation seems complete, the analyst noted that XRP could potentially surge to $1 on a standard scale and $1.2 on a logarithmic scale. #XRP Wave 10 ( $1 – $1.2) 🌊🔟: The 10th “W” Pattern is exceptionally well-aligned with the current market setup, signaling a potentially significant move. Target Prices Remain Consistent: 1) Non-Logarithmic: $1 2) Logarithmic: $1.2#XRPArmy STAY STEADY and Appreciate the… pic.twitter.com/PS6xZi1FFv — EGRAG CRYPTO (@egragcrypto) March 24, 2024 At the time of writing, XRP is trading at $0.63. A surge to $1 and $1.2 from the current price level would mean a 58.7% and 90.47% spike respectively. However, EGRAG also noted the possibility of the “W” pattern leading to a downturn. In his price chart, he highlighted a worse case scenario of XRP falling to $0.44518.  What’s Next For XRP? EGRAG is one of the many crypto analysts who are still ultra-bullish on XRP’s price trajectory. His long-term price projection for XRP is $27. Other analysts like Mikybull predict XRP can reach as high as $6. Related Reading: Bitcoin Held On Coinbase Exchange Reach 9-Year Low, Can Bitcoin Reach $75,000? Ripple’s lawsuit with the SEC seems to be nearing its end which could mean the end of a prolonged stunted price growth for XRP. As a result, we could see XRP surging to new highs very soon. Whether or not XRP reaches $27 or sets new records, many see it as an undervalued asset with significant upside potential. This fundamental growth could see XRP push to $1 for the first time since November 2021. XRP price recovers above $0.62 | Source: XRPUSDT on Tradingview.com Featured image from Watcher Guru, chart from Tradingview.com

Goldman Sachs Says ‘Many of Our Largest Clients’ Getting Active in Crypto

Goldman Sachs Says 'Many of Our Largest Clients' Getting Active in CryptoMany of Goldman Sachs’ largest clients are ramping up their activity in the crypto space following spot bitcoin exchange-traded fund (ETF) approvals and BTC price recovery. “The recent ETF approval has triggered a resurgence of interest and activities from our clients,” said Goldman Sachs’ Asia Pacific head of digital assets. Goldman Sachs’ Clients Getting Active […]

Bitcoin Next Stop $80,000? Crypto Analyst Sees BTC Soaring Ahead Of 2024 Halving

As the crypto market braces for the upcoming Bitcoin (BTC) halving in April 2024, the discussion surrounding Bitcoin’s price trajectory has continued to gain momentum. Particularly, Michaël van de Poppe, a well-regarded figure in the crypto analysis domain, has shared his latest analysis on Bitcoin. Next Stop $80,000? In a post shared on X, Van de Poppe suggests that Bitcoin is on the cusp of a notable rise, eyeing a target range between $75,000 to $80,000 in the lead-up to the halving event. Related Reading: Bitcoin’s ‘Next Leg Higher Has Started,’ Says Analyst: Reveals $100,000 Target On The Horizon This prediction is based on the current consolidation phase of Bitcoin, indicating a buildup toward testing its all-time high with the potential for a subsequent correction. #Bitcoin consolidating. I think that we’re close to the peak of this run, but I think we’ll have another ATH test, perhaps even $75-80K pre-halving and then we’re correcting. During that consolidation / correction phase, I expect altcoins to outperform. pic.twitter.com/bnQjYuIzrr — Michaël van de Poppe (@CryptoMichNL) March 27, 2024 Notably, Bitcoin halving plays a crucial role in this scenario, serving as a pivotal event that historically influences Bitcoin’s market dynamics. The halving, scheduled to occur in April 2024, will see the reward for mining new blocks halved, thereby reducing the rate at which new BTC are created and entering the market. This event, occurring approximately every four years, is anticipated to create scarcity, pushing the demand and possibly the price higher than past patterns have suggested. Bullish On Bitcoin In addition to Van de Poppe’s predictions, other analysts have shared their optimistic outlooks regarding Bitcoin’s potential price movement. Jelle, another esteemed crypto analyst, posits that Bitcoin is poised for a significant leap, potentially breaching the $100,000 mark sooner than expected. This bullish sentiment is also echoed by Doctor Profit, who highlights the importance of understanding Bitcoin’s current market behavior, including its recent sideways movement. He identifies this movement as an accumulation phase poised to catalyze a surge past the $80,000 mark, aiming for $100,000. #Bitcoin – What’s Next? The big Sunday report, all you need to know: 🚩 TA/LCA/Psychological Analysis: In last week’s Sunday report, we discussed an anticipated sideways movement in the larger timeframe. As observed, Bitcoin is perfectly moving in this sideways region as… pic.twitter.com/BhE5Weycxv — Doctor Profit 🇨🇭 (@DrProfitCrypto) March 24, 2024 The significance of accumulation in this context cannot be overstated. As recently reported by NewsBTC, there is an increase in the number of addresses holding at least 1,000 BTC, suggesting that institutions and large-scale investors are gearing up for what may come post-halving. Related Reading: Bitcoin is “Overheating” For The First Time Ever Before Halving However, despite this accumulation, Bitcoin over the past 24 hours has declined by nearly 2%, with a current market price below $70,000. Featured image from Unsplash, Chart from Tradingview

Hashdex Bitcoin ETF Begins Trading — US Now Home to 11 Spot BTC ETFs

Hashdex Bitcoin ETF Begins Trading — US Now Home to 11 Spot BTC ETFsHashdex Bitcoin ETF, one of the 11 spot bitcoin exchange-traded funds (ETFs) approved by the U.S. Securities and Exchange Commission (SEC) in early January, has launched. The fund converted from Hashdex Bitcoin Futures ETF and is trading on the NYSE Arca exchange. US Now Has 11 Spot Bitcoin ETFs Hashdex Asset Management has completed converting […]

Fifth Largest Bitcoin Whale Moves $6 Billion In BTC, Here’s The Destination

The crypto community’s attention has been drawn to a Bitcoin whale who recently moved a huge portion of their BTC holdings across different wallets. This action has sparked the curiosity of those in the community about the reason for these transactions.  Bitcoin Whale Moves $6 Billion In BTC Blockchain analysis platform Arkham Intelligence first brought this occurrence to the community’s attention when it mentioned in an X (formerly Twitter) post that the Bitcoin address (37XuVSE) had moved over $6 billion in BTC to three new addresses.  Related Reading: Ripple CEO Responds To SEC’s Shocking $2 Billion Demand As part of the transactions, $5.03 billion worth of BTC was sent to one of these addresses (bc1q8yj), while the two other addresses (bc1q6m5 and bc1q592) received $561.46 million and $488.40 million worth of BTC respectively. Arkham added that one of the wallets (bc1q592) has since then proceeded to transfer the received funds to another wallet.  Notably, the wallet which moved $6 billion in BTC was before now the fifth richest Bitcoin address having held over 94,500 BTC in its wallet. As of now, it still holds 1.31 BTC in the wallet in question. Interestingly, before now, this address was dormant as it had not moved any of this BTC which it received since 2019.  Transactions of such magnitude are always sure to cause a stir in the crypto community, considering the impact such whales can have on the market. Usually, a move like this can cause community members to speculate that the whale may be looking to offload their tokens and take profits. However, the fact that these transactions weren’t made to exchange-linked wallets has quelled such speculations.  Another BTC Whale On The Rise Bitcoinist recently reported on BlackRock’s Bitcoin wallet, which has continued to accumulate Bitcoin at an astonishing rate due to the impressive demand for its iShares Bitcoin Trust (IBIT). Despite just launching this ETF in mid-January 2024, BlackRock now holds 243,126 BTC for the fund.  Related Reading: Crypto Analyst Predicts XRP Price Will Rally 800% To $6, Here’s When BlackRock’s BTC holdings has seen it rise to becoming one of the largest corporate BTC holders, only behind centralized exchanges Binance, Bitfinex, and Coinbase and fellow Bitcoin ETF issuer Grayscale. A sustained demand for the IBIT ETF could however see BlackRock surpass these entities at some point.  That is also something that could reflect positively on Bitcoin’s price seeing as how instituitional demand for the flagship crypto has helped propel it to new highs.  At the time of writing, Bitcoin is trading at around $70,500, up in the last 24 hours according to data from CoinMarketCap. BTC price recovers above $71,000 | Source: BTCUSD on Tradingview.com Featured image from Forbes, chart from Tradingview.com

Bitcoin “Liquid Inventory Ratio” Hits All-Time Low, What It Means

On-chain data shows the Bitcoin “Liquid Inventory Ratio” has dropped to an all-time low. Here’s what this could mean for the asset. Bitcoin Sell Side Liquidity Is Low Relative To Demand Right Now In a post on X, CryptoQuant founder and CEO Ki Young Ju discussed the recent trend in the Liquid Inventory Ratio for Bitcoin. The Liquid Inventory Ratio is an on-chain indicator that tells us about how the total sell-side liquidity inventory of the asset compares against its demand. Related Reading: Bitcoin Sentiment Returns To Extreme Greed As BTC Breaks $71,000 The sell-side liquidity inventory of the asset is gauged using four factors: the total exchange reserve, miner holdings, OTC desk holdings, and US government-seized BTC. Out of these, the exchange reserve (that is, the total amount sitting in the wallets of centralized exchanges) is the largest potential source of sell-side liquidity. The chart on the right below shows how the sell-side liquidity inventory of the coin has changed over the last few years: The value of the metric appears to have been going down in recent years | Source: ki_young_ju on X From the graph, it’s visible that the sell-side liquidity of the cryptocurrency has been heading down for a while now. This decline is mostly driven by the depletion of exchange reserves, as investors have been continuously pushing towards self-custody, possibly preferring to hold onto their Bitcoin for extended periods. The chart on the left displays the trend in the total demand for the asset. Here, the demand is measured using the 30-day balance changes of “accumulation addresses.” The accumulation addresses are those that have a history of only buying BTC and no history of selling. Exchanges and miner entities are excluded from this cohort, of course, as they count under the sell-side liquidity instead, regardless of whether they satisfy the condition for accumulation addresses or not. Clearly, the demand for Bitcoin has exploded recently as new players like exchange-traded funds (ETFs) have entered into the arena. All this BTC is potentially going out of circulation and being locked into the wallets known for hosting a one-way traffic. Given these two developments in the sell-side liquidity inventory and demand, it’s not surprising to see that the Liquid Inventory Ratio, which measures the ratio between the two, has plunged recently. The trend in the Liquid Inventory Ratio for the asset over the past few years | Source: ki_young_ju on X Following the latest decline in the indicator, its value has, in fact, dropped to a new all-time low. This means that the sell-side liquidity has never been this low when compared to the demand for Bitcoin. Related Reading: Bitcoin Coinbase Premium Returns To Neutral: Buying Push Already Over? Given this trend, it will be interesting to see how the BTC rally plays out from here, as the supply available to buy is only continuing to tighten. BTC Price Bitcoin had seen some drawdown earlier, but bullish winds have seemingly returned for the coin as its price has now recovered back above $70,200. Looks like the price of the asset has enjoyed a sharp surge over the last few days | Source: BTCUSD on TradingView Featured image from Shutterstock.com, CryptoQuant.com, chart from TradingView.com

US Spot Bitcoin ETFs Rebound With $418 Million Inflow

On Monday, the U.S. spot bitcoin exchange-traded funds (ETFs) experienced their first positive inflows, breaking a streak of five consecutive days of outflows totaling $887.6 million. The momentum continued into Tuesday, with the ETFs amassing $418 million in inflows, building on the $15.4 million gained the previous day. Bitcoin ETFs’ Fortunes Flip The week prior […]

Here’s Why The Cardano Price Is Struggling Below $0.7

A plausible explanation has emerged for why the Cardano (ADA) price has dropped below the psychological price level of $0.7. The crypto token saw a sharp correction from its monthly peak of $0.8, recorded on March 14, and has since failed to recover such a height.  Cardano Whales Responsible For Price Decline Data from the crypto analytics platform Santiment shows that the whale transaction count ($100,000 and above) on the network has reduced since March 14. That period was when Cardano hit a high of $0.8, which suggests that ADA whales began to take profits from then and have slowly exited their positions since then.  Related Reading: Bitcoin Held On Coinbase Exchange Reach 9-Year Low, Can Bitcoin Reach $75,000? Crypto whales are known to have a massive impact on the market, and prices usually drop as soon as these traders begin to offload their holdings. Moreover, this wave of profit-taking isn’t peculiar only to the ADA ecosystem; these past few weeks have been marred by investors taking profits from different crypto tokens in which they were invested.  The flagship crypto, Bitcoin, was also not spared. Investors decided to take profits after weeks of seeing BTC make a parabolic run on its way to a new all-time high (ATH) of $73,750. Meanwhile, long-term ADA holders also looked to have used the opportunity to take some profits, as data from Santiment shows that a considerable amount of dormant ADA tokens were also transacted during that period. Specifically, March 20 was a busy day for these long-term holders as 200 million ADA tokens (which had been dormant for a year) moved on that day.  Time For ADA To Run To $1 Like the broader crypto market, Cardano looks to be recovering from this recent wave of profit-taking, although at a slower pace. For its next leg up, there is the belief that the crypto token could finally break the $1 resistance. Crypto analyst Dan Gambardello recently predicted that ADA could rise to between $1.4 and $1.5 if it can break out from the $0.8 price range.  Related Reading: Ripple CEO Responds To SEC’s Shocking $2 Billion Demand ADA whales are likely to soon return to the fold with whale transctions higher than $100,00 expected to pick up soon enough. A spike in these trasaction count would suggest that these investors are taking advantage of ADA’s current decline to accumulate more of the crypto token. That is something that could contribute to a rise in ADA’s price depending on how bullish these investors are on ADA going forward.  At the time of writing, ADA is trading at around $0.6513, down almost 4% in the last 24 hours according to data from CoinMarketCap.  ADA price struggles below $0.7 | Source: ADAUSDT on Tradingview.com Featured image from The news Crypto, chart from Tradingview.com