Eigenlayer launched on Ethereum’s mainnet with over $12 billion in total value locked, aiming to create a restaking ecosystem which, while promising lucrative prospects, may introduce unforeseen risks including potential centralization and the threat of slashing cascades impacting Ethereum’s security. The launch was executed with certain safeguards, such as the temporary disabling of slashing and […]

Although Bitcoin’s halving is expected to result in reduced block rewards for miners, several CEOs of bitcoin mining firms maintain a bullish outlook. In addition to investing in more efficient equipment, miners believe spot bitcoin exchange-traded funds (ETFs) will continue to drive up the value of the cryptocurrency. Bitcoin Halving to Cost Miners Billions in […]

Integration signals a new era of privacy-focused digital transactions in the world’s leading self-custody cryptocurrency solution Dubai, UAE – Bitcoin.com’s decentralized exchange Verse DEX has launched a new liquidity pool, wZANO-USDT. This is a first step towards integrating the privacy-focused ZANO token to the broader Bitcoin.com ecosystem. Support for ZANO is coming soon to the […]

The recent approval and launch of spot Bitcoin ETFs have brought about notable changes in market dynamics. Among the most significant players affected is Grayscale, a leading institution in the crypto space. Related Reading: Shiba Inu Open Interest Explodes On Top Exchanges – Is This The Comeback? Grayscale’s Bitcoin Holdings Experience Decline Grayscale, known for its Bitcoin Trust (GBTC), held the highest BTC market capitalization among institutions. However, an in-depth analysis reveals a decline in its Bitcoin holdings over recent months. From nearly 620,000 BTC in January, Grayscale’s holdings have dwindled to a little over 300,000 BTC at the time of reporting. This decline raises questions about the factors influencing institutional investment strategies in the crypto sector. Spot Bitcoin ETFs Witness Fluctuating Flows Following the launch of spot Bitcoin ETFs, the market has witnessed fluctuating flows across various platforms. While certain ETFs have experienced significant volume, others have recorded zero flows, indicating a mixed response from investors. BlackRock’s IBIT and Grayscale’s GBTC have been among the few to register notable flows, with both inflows and outflows observed in recent days. Source: Coinglass A closer look at the data reveals consecutive outflows in Bitcoin spot ETFs over the past few days, reminiscent of similar trends observed in March. On the 15th and 16th of April, outflows amounted to nearly $27 million and $58 million, respectively. Despite these outflows, analysts point out that such fluctuations are not uncommon in the ETF market and may not necessarily indicate product failure. Analysis Of Flow Patterns Provides Insight Examining specific flow patterns offers valuable insights into investor behavior and market sentiment. While Grayscale’s GBTC experienced consecutive outflows, BlackRock’s IBIT saw inflows on certain days. This variance underscores the diverse strategies adopted by investors in response to the evolving crypto landscape. Bitcoin market cap currently at $1.2 trillion. Chart: TradingView.com It’s important to note that zero inflows on certain days are considered normal for ETFs, according to analysts. They emphasized that such occurrences are commonplace across various ETFs and should not be interpreted as a sign of product failure. Instead, they reflect the ebb and flow of investor interest in a rapidly evolving market. Future Outlook For Bitcoin ETFs As Bitcoin ETFs continue to gain traction, the market is poised for further evolution. While some platforms may experience fluctuations in flows, the overall trajectory of institutional investment in the crypto sector remains optimistic. Related Reading: Whale Alert: MATIC Poised For Epic Surge – Time To Dive In? The approval and launch of spot Bitcoin ETFs have sparked shifts in market dynamics, impacting institutions like Grayscale and prompting fluctuations in ETF flows. Despite the volatility, analysts remain optimistic about the long-term prospects of Bitcoin ETFs and their role in shaping the future of finance. Featured image from DataDrivenInvestor, chart from TradingView

Binance and nine other foreign crypto exchanges were originally blocked in India due to non-compliance with the country’s Anti-Money Laundering (AML) regulations, but Binance is set to return after a four-month absence by paying a $2-million fine, according to The Economic Times. The Indian Financial Intelligence Unit (FIU) mandated that foreign crypto exchanges, including Binance, […]

Blackrock, the world’s largest asset manager, has explained the importance of the Bitcoin halving. “One of the reasons some people find bitcoin valuable is its scarcity,” Blackrock explained, adding that the halving also “underscores Bitcoin’s decentralized, programmatic nature and its resistance to inflationary pressures that traditional currencies often face.” Blackrock on Bitcoin Halving Blackrock, the […]

As the US economy grapples with rising inflation expectations and scaled-back forecasts for Federal Reserve rate cuts, the Bitcoin market remains buoyant, according to a detailed analysis by Reflexivity Research. With the US CPI headline inflation projected to accelerate to 4.8% by the November 2024 elections, according to Bank of America, conditions are seemingly unfavorable for a loosening of monetary policy. Despite this, the cryptocurrency sector, particularly Bitcoin, appears insulated and optimistic. Bitcoin Unfazed By Delayed Rate Cuts? The bond market now anticipates only three Federal Reserve rate cuts this year, a significant reduction from the earlier forecast of six. The CME FedWatch tool indicates that the majority of market participants do not expect a rate cut to occur before the mid-September FOMC meeting. This adjustment reflects a recalibration of expectations regarding the Fed’s capacity to manage persistent inflation pressures. Amidst these macroeconomic shifts, Ritik Goyal, in a guest post for Reflexivity Research, presents a compelling analysis in his report titled “The Fed is Unable to Cause a Recession. Risk Assets are Yet to Realize This.” Related Reading: Pre-Halving Jitters: Bitcoin Price Briefly Slips Below $60,000 The report argues that, contrary to conventional wisdom, the Federal Reserve’s rate hikes have had unintended stimulative effects on the economy. Goyal elucidates three specific mechanisms through which this phenomenon operates: 1. Increased Government Interest Payments: “Rate hikes raised interest payments by the government to the private sector,” Goyal notes. As the Fed raises rates, it increases the interest burden on the government, which has borrowed extensively during the post-COVID period. With the federal debt-to-GDP ratio exceeding 120%, the doubled interest payments now effectively act as a stimulus, channeling approximately $1 trillion annually to the private sector 2. Direct Subsidy to Banking System: The Fed’s policy adjustments have also led to a redistribution of wealth within the financial system. “Rate hikes raised the Fed’s direct subsidy to the banking system,” states Goyal. This has occurred as the yield curve inversion resulted in the Fed incurring losses on its balance sheet, losses that directly benefit the banking sector, translating to an estimated $150 billion annual subsidy. Related Reading: Bitcoin Displays Bullish Adam And Eve Double Bottom: What It Means 3. Induced Housing Construction Boom: The rate hikes have paradoxically stimulated the housing market. “Rate hikes induced a housing construction boom,” according to Goyal. As higher rates discourage existing homeowners from selling, the only viable option to meet housing demand is new construction, a sector with one of the highest GDP multipliers. Goyal’s insights underline a critical misalignment in the Fed’s current approach against the backdrop of substantial fiscal interventions since the pandemic. “The traditional monetary policy framework is breaking down under the weight of fiscal dominance,” Goyal concludes, suggesting an environment that could favor non-traditional assets like Bitcoin. Echoing Goyal’s findings, crypto expert Will Clemente highlighted the broader implications for cryptocurrencies on X (formerly Twitter), stating, “With debt/GDP as high as it is, we’re in a backwards world where high rates mean interest payments on debt are stimmy checks for people that buy assets—~$1T will be paid out in 2024. Big picture is very constructive for the internet coins.” At press time, BTC traded at $61,173. Featured image from Shutterstock, chart from TradingView.com

In the volatile landscape of cryptocurrency markets, Shiba Inu, the popular meme coin, has once again captured the attention of investors with a notable surge in value, despite losing 4% of its value in the last day. The memecoin reached a high of $0.00002296 after experiencing a temporary dip to $0.00002092 just the day before. Source: CoinMarketCap Related Reading: Whale Alert: MATIC Poised For Epic Surge – Time To Dive In? Open Interest Surge Signals Market Activity A key indicator of this newfound interest in Shiba Inu lies in the surge of open interest observed across major exchanges. Leading the charge are exchanges like Huobi and OKX, where Shiba Inu’s open interest soared to nearly $16 million and $15 million, respectively. Source: Coinalyze This surge in open interest reflects heightened market activity and suggests a growing number of investors are actively engaging with Shiba Inu futures contracts. Mixed Sentiment Persists Among Traders Despite the surge in open interest and the subsequent price rally, sentiment among traders remains mixed. While there is evident optimism driving the market, reflected in the increase in open interest, the Long/Short Ratio paints a nuanced picture. SHIB market cap currently at $12.8 billion. Chart: TradingView.com Currently standing at 0.94, the Long/Short Ratio indicates that more traders are betting on a potential price drop for Shiba Inu. This divergence in sentiment adds a layer of complexity to the market dynamics surrounding Shiba Inu. Leveraged Trading Statistics And On-Chain Indicators Examining the market, statistics on leveraged trading offer additional insights into the current state of SHIB. Across exchanges like Bitget, CoinEx, BingX, Huobi, OKX, Kraken, and BitMex, open interest for Shiba Inu futures contracts stands at a staggering 2.40 trillion SHIB tokens. While exchanges like Bitget lead the pack with significant gains in open interest, others like BingX and CoinEx also show notable increases. Related Reading: Elon Musk Latest Tweet: How Much Did Dogecoin Gain From It Today? Furthermore, on-chain indicators present a bullish outlook for Shiba Inu, despite the fluctuations in price and market sentiment. A consistent decline in SHIB tokens held on exchanges since the onset of the bull market in October 2023 suggests that long-term investors maintain confidence in Shiba Inu’s potential. This trend persists even amidst recent market dips in March and April, highlighting the resilience of Shiba Inu’s investor base. Navigating Shiba Inu’s Market Dynamics While the recent surge in price and open interest signals renewed interest and activity, the divergence in trader sentiment underscores the inherent uncertainty of the market. Nevertheless, with on-chain indicators pointing towards long-term confidence, Shiba Inu remains a cryptocurrency to watch closely in the days to come. Featured image from Pexels, chart from TradingView

Bitcoin.com, a trailblazer in the cryptocurrency domain since 2015, is thrilled to unveil the highly anticipated Verse Voyager NFT collection, which has officially launched with an exclusive airdrop of nearly 10% of the collection’s supply to early community participants. The public sale is scheduled to commence on April 24th at https://voyager.verse.bitcoin.com/, making this innovative series […]

Chainlink’s LINK price retested the $12.00 support zone. The price is now eyeing a recovery wave above the $13.50 and $15.00 resistance levels. Chainlink price is showing bearish signs below the $15.00 resistance against the US dollar. The price is trading below the $14.20 level and the 100 simple moving average (4 hours). There is a key bearish trend line forming with resistance near $13.50 on the 4-hour chart of the LINK/USD pair (data source from Kraken). The price could start a decent increase if it clears the $15.00 resistance zone. Chainlink (LINK) Price Eyes Steady Increase In the past few days, Chainlink saw a major decline from well above the $18.00 level. LINK price declined below the $15.00 pivot level to enter a short-term bearish zone, like Bitcoin and Ethereum. The price tested the $12.00 support zone. A low was formed at $11.92 and the price is now attempting a recovery wave. There was a move above the $12.50 level. It even jumped above the 23.6% Fib retracement level of the downward move from the $18.66 swing high to the $11.92 low. LINK price is still trading below the $14.20 level and the 100 simple moving average (4 hours). Immediate resistance is near the $13.50 level. There is also a key bearish trend line forming with resistance near $13.50 on the 4-hour chart of the LINK/USD pair. Source: LINKUSD on TradingView.com The next major resistance is near the $15.00 zone. A clear break above $15.00 may possibly start a steady increase toward the $16.00 level or the 61.8% Fib retracement level of the downward move from the $18.66 swing high to the $11.92 low. The next major resistance is near the $18.00 level, above which the price could test $20.00. More Losses? If Chainlink’s price fails to climb above the $13.50 resistance level, there could be a fresh decline. Initial support on the downside is near the $12.80 level. The next major support is near the $12.00 level, below which the price might test the $10.80 level. Any more losses could lead LINK toward the $10.00 level in the near term. Technical Indicators 4 hours MACD – The MACD for LINK/USD is gaining momentum in the bearish zone. 4 hours RSI (Relative Strength Index) – The RSI for LINK/USD is now below the 50 level. Major Support Levels – $12.80 and $12.00. Major Resistance Levels – $13.50 and $14.00.

The chief executive of Crypto.com has warned of some selling coming up as we approach the Bitcoin halving, citing the “buy the rumor, sell the news” strategy. Noting that what’s happening in the bitcoin market currently resembles previous cycles, he stressed: “I personally expect great performance within the next six months.” ‘There May Be Some […]

Ethereum price is consolidating near the $3,000 zone. ETH could start a decent recovery wave if it clears the $3,100 and $3,200 resistance levels. Ethereum is struggling to recover above the $3,100 resistance zone. The price is trading below $3,120 and the 100-hourly Simple Moving Average. There is a major bearish trend line forming with resistance at $3,035 on the hourly chart of ETH/USD (data feed via Kraken). The pair could start another decline if it stays below the $3,100 resistance zone. Ethereum Price Holds Ground Ethereum price slowly moved lower after it failed to clear the $3,200 resistance zone. ETH remained in a bearish zone below $3,100 and showed bearish signs, like Bitcoin. Recently, the bears were able to push the price below the $3,000 support zone. However, the bulls were active near the 50% Fib retracement level of the upward wave from the $2,535 swing low to the $3,279 high. Ethereum is now trading below $3,120 and the 100-hourly Simple Moving Average. Immediate resistance is near the $3,030 level. There is also a major bearish trend line forming with resistance at $3,035 on the hourly chart of ETH/USD. The first major resistance is near the $3,100 level and the 100-hourly Simple Moving Average. Source: ETHUSD on TradingView.com The next key resistance sits at $3,200, above which the price might rise toward the $3,280 level. A close above the $3,280 resistance could send the price toward the $3,500 pivot level. If there is a move above the $3,500 resistance, Ethereum could even climb toward the $3,650 resistance in the coming sessions. More Losses In ETH? If Ethereum fails to clear the $3,100 resistance, it could start another decline. Initial support on the downside is near the $3,000 level. The first major support is near the $2,900 zone. The next key support could be the $2,820 zone or the 61.8% Fib retracement level of the upward wave from the $2,535 swing low to the $3,279 high. A clear move below the $2,820 support might send the price toward $2,600. Any more losses might send the price toward the $2,550 level in the near term. Technical Indicators Hourly MACD – The MACD for ETH/USD is gaining momentum in the bearish zone. Hourly RSI – The RSI for ETH/USD is now below the 50 level. Major Support Level – $2,900 Major Resistance Level – $3,100

Global asset management firm Alliance Bernstein has explained that bitcoin’s bullish trajectory should resume after the upcoming halving event. The firm’s analysts described: “We believe it is always new demand catalysts that lead to bitcoin price appreciation in every cycle.” Bernstein’s Analysts on Bitcoin’s Price Post-Halving Global asset management firm Alliance Bernstein’s analysts Gautam Chhugani […]

The excitement surrounding the upcoming Bitcoin halving has led to a significant increase in Google searches for “Bitcoin halving,” with interest reaching its highest point ever, more than double that of the last halving event in 2020, and is predicted to hit peak popularity. The halving event, which reduces the rewards miners receive by half, […]

Magic Eden, a Solana-based NFT marketplace, achieved its highest monthly trading volume in March, outpacing Blur with a 194.4% increase to $756.5 million, attributed to its Diamond reward program and support for creator royalties. This surge led Magic Eden to become the top NFT marketplace by trading volume, dethroning Blur for the first time since […]