Sales of non-fungible tokens (NFTs) experienced a 31.26% decline in April from the revenues recorded in March. Last month, statistics show that NFT transactions across several markets totaled approximately $1.15 billion in sales. NFT Revenues Shrink in April, Certain Bitcoin Collections Buck the Trend As April concluded and May commenced, data reveals that NFT sales […]

Bitcoin has finally broken below the $60,000 support level for the first time in two months. The world’s largest digital asset has largely been in a euphoria phase since the beginning of the year, particularly after the launch of Spot Bitcoin ETFs in the US market. However, the current consolidation of the price of Bitcoin indicates the euphoria might be fading. According to a new report from Glassnode, an on-chain analytics firm, the euphoria surrounding Bitcoin, which has been active for the past 6.5 months, looks to be fading. At the same time, the BTC distribution has entered into the fear zone and investors are now heavily weighted towards selling. Selling Pressure Rises After reaching an all-time high of over $73,737 in March 2024, Bitcoin has declined by more than 18% as investors take profits. This drop in price has been accompanied by a rise in the percentage of addresses holding losses, indicating increased selling pressure. The percentage of addresses making a profit has fallen in tandem from over 99% to 86% at the time of writing.  Related Reading: Ethereum Flashes Bullish Signals, Can It Rally 50% From Here? On-chain analytics platform Glassnode noted in its recent report the consolidation action. According to the Net Unrealized Profit & Loss (NUPL) metric, Bitcoin has been in a euphoria mode very early in this cycle when compared to past cycles. Notably, the NUPL crossed over 0.5 approximately 6.5 months before the just concluded halving amidst hype about Spot Bitcoin ETFs. This is in comparison to the 2021 market cycle, where the NUPL was triggered into a profit zone 8.5 months after the Bitcoin halving. This metric suggests the market is still in its euphoria phase for the last seven months but has cooled off significantly due to correction in the past two months. Interestingly, the report noted a “distinct uptick in net outflows” across all wallet sizes throughout April, indicating the current sentiment among traders. This means traders are now in a sell-side pressure across the board. Furthermore, a majority of short-term (one week to one month) holders have been posting losses on the 90-day +1sd level since March.  Source: Glassnode What Does This Mean For Bitcoin? While the “fear” rating may worry investors, a pullback after such a steep price rise is considered healthy by most crypto analysts. Many long-term holders are still holding strong and are waiting for the halving effect to kick in. At the time of writing, Bitcoin is trading at $59,899 and is down by 5.35% in the past 24 hours. Related Reading: Crypto Funds Mark 3rd Consecutive Weeks Of Outflows With $435 Million In Withdrawals Considering the current cost-basis for short-term holders (STH) is at $66,700, and their realized price is at $59,800, many more holders in this cohort have possibly entered into the loss zone.  According to crypto analyst Ali Martinez, $59,800 is a key price level to watch, as history has shown Bitcoin tends to bounce over the STH realized price. BTC price falls to $57,000 | Source: BTCUSD on Tradingview.com Featured image from CryptoSlate, chart from Tradingview.com

Bitcoin’s drop to $56,500 crushed bullish traders’ sentiment and took a heavy toll on altcoin prices but are generational buying opportunities emerging?

Data shows that Bitcoin sentiment has cooled off to neutral from greed following the asset’s latest plunge to the $57,000 level. Bitcoin Fear & Greed Index Has Returned To Neutral Levels The “Fear & Greed Index” is an indicator created by Alternative that shows the average sentiment among investors in the Bitcoin and wider cryptocurrency market. This index estimates sentiment by considering five factors: volatility, trading volume, social media data, market cap dominance, and Google Trends. Related Reading: Bitcoin To $92,190: Crypto Analyst Reveals Path To ATH Target The metric uses a scale that runs from zero to 100 to represent this average sentiment. All values under 46 suggest that investors are fearful, while those above 54 imply a greedy market. The zone between these two cutoffs naturally corresponds to the territory of neutral mentality. Now, here is what the Bitcoin sentiment looks like right now, according to the Fear & Greed Index: The value of the metric appears to be 54 at the moment | Source: Alternative As displayed above, the Bitcoin Fear & Greed Index is at a value of 54, implying that investors share a neutral sentiment currently. However, the neutrality is only just, as the metric is right at the boundary of the greed region. This is a significant departure from yesterday’s sentiment: 67. The chart below shows how the indicator’s value has changed recently. The trend in the Fear & Greed Index over the past year | Source: Alternative As the graph shows, the Bitcoin Fear & Greed Index has been declining recently. For most of February and March, as well as the first half of April, the indicator was in or near a special zone called extreme greed. The market assumes this sentiment at values above 75. As the asset price struggled recently, the mentality cooled off from this extreme zone and entered the normal greed region. With the latest crash in BTC, the index has seen a sharp plunge, now exiting out of greed altogether. Historically, cryptocurrency has tended to move against the majority’s expectations. The stronger this expectation, the higher the probability of such a contrary move. This expectation is considered the strongest in extreme sentiment zones, as well as extreme fear and greed. As such, major bottoms and tops have often occurred in these territories. Related Reading: Bitcoin Dominance: Traders Preferring The OG To Dogecoin & Other Altcoins The all-time high (ATH) price last month, which continues to be the top of the rally so far, also occurred alongside extreme values of the Bitcoin Fear & Greed Index. With the sentiment now cooled to neutral, some investors may be watching for a fall into fear. This is natural because a rebound would become more probable the worse the sentiment gets now. BTC Price During Bitcoin’s latest plunge, its price briefly slipped below $57,000 before surging back to $57,300. Looks like the price of the asset has registered a sharp drop over the past two days | Source: BTCUSD on TradingView Featured image from Kanchanara on Unsplash.com, Alternative.me, chart from TradingView.com

On Tuesday, U.S. spot bitcoin exchange-traded funds (ETFs) registered their fifth consecutive day of net withdrawals, documenting a substantial $161.6 million in negative outflows. Over the last two days, Grayscale’s Bitcoin Trust (GBTC) has offloaded 1,731.56 BTC, diminishing its reserves to 296,713.90 BTC. Bitcoin ETFs Continue to See Persistent Outflows Since April 24, 2024, U.S. […]

Meme coin fans think “serious” crypto investors are mid-curving it. Serious crypto investors think meme coin fans are idiots.

While the current correction remains in line with historical price corrections, Bitcoin could briefly fall to the $50,000 mark after losing the average ETF inflow mark of $59,000.

In the face of a general market decline and pessimism, Captain Faibik, a cryptocurrency expert and enthusiast, has emerged with an optimistic outlook for Bitcoin (BTC) foreseeable future trajectory, predicting that the crypto asset could rise to a new all-time high before this current month closes.  Bitcoin To Reach New All-Time High In May Faibik’s analysis, which is based on his in-depth knowledge of cryptocurrency dynamics and a sharp eye for market trends, explores the possibility of a large short-term rise in Bitcoin. According to the analyst, Bitcoin is at a key junction currently testing the daily Moving Average 100 (MA100) level once more after recovering from it in the past. Historically, the crypto asset has found considerable support at the 100MA level. Should BTC recover from this point on, Captain Faibik anticipates a significant rise on the upside in the upcoming days. Thus, he expects the digital asset to reach a new all-time high within the month. The post read: Last time, BTC bounced back from the daily MA100, and now it is testing it again. If it bounces back from here, we can expect a Bullish Rally in the coming days. New All the High could be incoming this month The crypto analyst noted Bitcoin’s price action in the daily timeframe also suggests that a bullish rise is on the horizon. Faibik stated that on the daily timeframe chart, BTC is still moving above the major trendline and inside the green box indicated in his chart. As a result, the analyst expects BTC to undergo a quick comeback. Related Reading: If History Repeats, This Is How Bitcoin Price Will Perform In The Next 6 Months Another notable finding from Captain Faibik is that the daily Relative Strength Index (RSI) has been drifting below a trendline that has been in place for some months. Although this might indicate a brief waning of positive momentum, Faibik interprets it as a sign of an impending price recovery for Bitcoin. Given that BTC is still moving inside the bullish flag pattern, the expert anticipates a bounce back towards $68,000 in the upcoming days. $100,000 Price Target For BTC Captain Faibik’s most bullish target for BTC recently is the $100,000 price mark. Last week, Faibik pointed out key narratives that could catalyze Bitcoin’s price to $100,000 in the coming months. According to the expert, the presence of bullish investors in the market was the reason why BTC was trying to make a comeback in the previous week. Thus, for a significant price increase to $100,000, these investors must retake the crucial resistance level of $72,000. Related Reading: Bitcoin Long-Term Outlook: Analyst Foresees Peak In Late 2025 Furthermore, Faibik highlighted that BTC Bulls have solidly secured the weekly Exponential Moving Average (EMA) 10 following the October 2017 Descending Channel breakout. Due to this, the crypto analyst is setting $100,000 as the digital asset’s next price target. Following a decrease of more than 13% over the previous 7 days, the price of Bitcoin is currently trading at $57,701. In the last day, its market cap has plummeted by over 6%, while its trading volume has increased by about 61%. Featured image from iStock, chart from Tradingview.com

Institutional staking platform Figment will become an additional infrastructure provider to Dutch exchange Bitvavo.

During the widespread downturn in the cryptocurrency markets, publicly listed companies within the sector such as Coinbase, Microstrategy, and bitcoin mining enterprises have experienced notable declines in their stock values. Shares of Coinbase have fallen by over 21% since last month, and in the same period, Marathon Digital Holdings’ shares have dropped more than 28% […]

As April comes to a bearish close, expectations for Dogecoin in May are not exactly bullish, especially as the crypto market has continued to fall. DOGE has been one of the main losers during this time, falling below $0.14. This underperformance is expected to continue as the machine learning algorithm at CoinCodex predicts further decline for the meme coin. Algorithm Predicts Another 13% Decline Despite the Dogecoin price already suffering a notable 14% decline in the last week, the machine learning algorithm believes it will fall another 13% in the month of May. The machine learning algorithm, which takes a number of metrics into consideration, presented that the DOGE price remains very bearish despite the market still sitting in greed. For the month of May, the algorithm expects the meme coin’s price to decline by a total of 13.66% from here, falling below $0.13 to $0.1238. Even on the shorter term, the Dogecoin price remains bearish with an expected 1% decline to $0.14 in the next five days. On the broader timeframe, expectations for the meme coin are not high as the machine learning algorithm does not expect the cryptocurrency to reach a new all-time high until 2029. For the year 2025, it gives the meme coin a yearly high of over $0.66, which is less than its current all-time high price of $0.7. The next two years after this are expected to be bearish as the price is predicted to fluctuate around $0.126 and $0.25. Then, a new all-time high price of $1.4 is expected. If this plays out, then it would mean that Dogecoin investors would have to wait another five years to see new peaks. Dogecoin Metrics Tell A Different Story While the machine learning algorithm remains bearish, the Dogecoin metrics have been painting a picture of bullishness. For example, there has been a steady increase in the Dogecoin trading volume, rising 28% in the last day alone. This suggests a return of investor interest and if it translates into demand, it could see the price rise rapidly from here. There has also been an accumulation trend for the meme coin, especially among whales. One whale, in particular, withdrew 226 million DOGE from the Robinhood exchange in two transactions. Usually, when investors move coins from exchanges to private wallets, it means they are accumulating for better prices. This could signal a turn in the tide. However, at the time of writing, the Dogecoin price is still struggling at $0.135, with a 4% drop in the last 24 hours. A reversal from here could see DOGE retest the $0.15 resistance. But a breakdown could send it back toward $0.12. DOGE price breaks down below $0.14 | Source: DOGEUSDT on Tradingview.com Featured image from Bitcoinist, chart from Tradingview.com

Bitcoin’s technical analysis reveals a protracted bearish trend, reflecting significant selling pressure and resistance to upward movement. With today’s price standing between $57,505 and $58,059 at 8 a.m. ET, oscillators and moving averages predominantly suggest a continuation of this decline. Bitcoin On the BTC/USD daily chart, the trajectory of lower highs and lower lows underscores […]

Bitcoin (BTC) has witnessed a significant drop, falling to $56,556 during Wednesday morning in Europe, marking the lowest point since late February. This downturn represents the sharpest monthly decline since November 2022, with BTC tumbling approximately 7.5% within the last 24 hours and breaching the previously stable $60,000 support late Tuesday. #1 Derisking Before Today’s FOMC Meeting Anticipation and anxiety are high in financial circles as the Federal Open Market Committee (FOMC) is set to announce its interest rate decision later today. This event is crucial as the crypto market, notably Bitcoin, has grown increasingly reactive to macroeconomic signals. Recent data, reflecting a slowdown in GDP growth coupled with persistent inflation, has significantly reduced expectations of interest rate cuts by the Federal Reserve. “Bitcoin and other risk assets are currently feeling the pressure from a stagflationary environment, geopolitical tensions, and seasonal liquidity variations,” remarked Ted from TalkingMacro. Related Reading: If History Repeats, This Is How Bitcoin Price Will Perform In The Next 6 Months Initially, up to seven rate cuts were anticipated by the end of 2024, a sentiment that has shifted dramatically with the market now pricing in only one potential cut by December 2024. This shift comes amidst an environment where inflation data is trending upwards, challenging the Federal Reserve’s position and potentially leading to a more cautious approach from Jerome Powell, the Fed Chairman. “For the first time in recent memory, the market is calling the Fed’s bluff, quickly front-running the idea that the Fed may not cut at all in 2024,” noted Ted. #2 Cyclical Bitcoin Correction Phase Following an exceptional rally since the year’s start, the market is undergoing a natural correction phase. Prior to the price crash, Charles Edwards, founder of Capriole Investments, noted: “We are a day short of breaking the record set in 2011 for days without a meaningful dip [-25%],” emphasizing the extraordinary nature of Bitcoin’s recent performance. Scott Melker, known as “The Wolf Of All Streets,” highlighted technical indicators that suggested an impending correction. “Broke and retested range lows as resistance. […] My biggest concern I have been discussing for months [was] that RSI never made the trip to oversold. Almost there now, all lower time frames oversold. This is still ONLY A 23% correction, very shallow for a bull market and consistent with other corrections on this run. We are yet to see a 30-40% pull back during this bull market, like those of the past.” $BTC Daily Broke and retested range lows as resistance. Nothing but air until around $52,000 on the chart. My biggest concern I have been discussing for months (in newsletter) is that RSI never made the trip to oversold. Almost there now, all lower time frames oversold. This… pic.twitter.com/5YZTWipBo8 — The Wolf Of All Streets (@scottmelker) May 1, 2024 #3 Profit-Taking Traditional finance markets and seasoned investors are seizing the opportunity to take profits following substantial gains. “TradFi/Boomers are taking profits: CME Open Interest is decreasing rapidly, April 29th 135,6k coins, April 30th 123,9k coins, topped around 170.4k coins (March 20th),” explained crypto analyst RunnerXBT. This trend confirms a broader profit-taking strategy post significant events like the ETF approval and the anticipation around the Bitcoin halving. “That […] confirms my thesis that a lot of these guys longed in October 2023 because of ETF approval and BTC halving, trade played out and now they are taking profits (yes they are still up a lot), because they longed BTC not dead altcoins.” TradFi/Boomers are taking profits ✅ CME Open Interest is decreasing rapidlyApril 29th 135,6k coinsApril 30th 123,9k coins Topped around 170.4k coins (March 20th) That at least for me confirms my thesis that a lot of these guys longed in October 2023 because of ETF approval… pic.twitter.com/M8KY1NfCtK — RunnerXBT (@RunnerXBT) May 1, 2024 #4 US ETF Flows And Hong Kong Disappointment The dynamics surrounding spot Bitcoin ETFs have shown significant strains, evidenced by recent activities in both US and Hong Kong markets. In the United States, Bitcoin exchange-traded funds (ETFs) faced substantial outflows, indicating a cooling investor sentiment. Related Reading: USDT Dominance Falling, Analyst Predicts Bitcoin To Reach $80,000 According to recent data, the total outflows from US spot Bitcoin ETFs amounted to $161.6 million. Notably, the Grayscale Bitcoin Trust (GBTC) experienced outflows of $93.2 million, while Fidelity and Bitwise registered outflows of $35.3 million and $34.3 million, respectively. BlackRock had zero net flows once again. These numbers suggest a retreat in institutional interest, which has traditionally been a bulwark against price volatility. Parallel to the US, the debut of Bitcoin ETFs in Hong Kong also faltered significantly below expectations. Six newly launched ETFs, intended to capture both Bitcoin and Ethereum markets, collectively reached just $11 million in trading volume, starkly underperforming against the anticipated $100 million. The spot Bitcoin ETFs accounted for $8.5 million in trading volume. This was markedly lower than the launch day volumes of US-based spot Bitcoin ETFs, which had reached $655 million on their first day. #5 Long Liquidations The market has also been impacted by substantial long liquidations, with a total of $451.28 million liquidated in the last 24 hours alone. The largest single liquidation was an ETH-USDT-SWAP on OKX valued at $6.07 million, but Bitcoin-specific liquidations were significant as well, totaling $143.04 million, according to data from CoinGlass. These liquidations have amplified the selling pressure on Bitcoin. At press time, BTC traded at $57,715. Featured image from iStock, chart from TradingView.com

Approximately 50 users of Beribit, a Russian cryptocurrency exchange, recently tried to storm the company’s Moscow offices to demand their digital assets. Beribit’s management has attributed the delay in processing withdrawal requests to an audit initiated following the discovery of discrepancies in the exchange’s balance sheet. Balance Sheet Discrepancies About 50 users of the Russian […]

PRESS RELEASE. Bitlight Labs Launches Public Release of Bitlight Wallet, the First Self-Custodial Bitcoin Wallet Supporting RGB Assets Bitlight Labs, a pioneer in RGB protocol and Lightning Network infrastructure development and a board member of the LNP/BP Association, announced the launch of its flagship product, Bitlight Wallet, on April 27, 2024, at 14:00 UTC. Bitlight […]