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Whales bought $388M of Bitcoin just before the Grayscale-SEC news

  • Bitcoin price rose sharply on Tuesday, reaching highs of $28k after news of Grayscale’s win against the SEC. 
  • Santiment has shared data showing whales and sharks scooped over $388 million in BTC ahead of the news.

Bitcoin (BTC) whales have accumulated more and more over the past few months, with price dips providing a good buying opportunity. These large BTC holders appear to have rode the impending court decision in the Grayscale vs. US Securities and Exchange Commission (SEC) lawsuit to add to their holdings.

Bitcoin whales and sharks buy $388 million in BTC

Bitcoin price has retreated to around $27,370 at the time of writing on Wednesday, August 30, giving up some of the gains seen on Tuesday when the benchmark cryptocurrency spiked more than 6%.

But even then, market intelligence platform Santiment has highlighted a key on-chain metric involving Bitcoin whales and sharks. Per data from the platform, large holders purchased a total of over $388 million in BTC just prior to the news that Grayscale had scored another landmark win against the SEC.

As crypto reacted with upward action and BTC shot to above $28k, whales and sharks were “handsomely rewarded with a +6% price jump.”

“Whales & sharks may have known a thing or two about the outcome of the #Grayscale and #SEC lawsuit, with 10-10K $BTC wallets accumulating a collective $388.3M in $BTC the day leading up to the news. They were handsomely rewarded with a +6% price jump,” Santiment posted on X.

Was there a hint of manipulation here? Earlier, Santiment had retweeted (re-X’d) analyst Ali Martinez’ highlight of the fact that 30k BTC was sent to exchanges just before the Grayscale victory news.

Bitcoin ETF – chances of approval up

In a decision delivered by the DC Circuit court, SEC’s order denying Grayscale’s proposal to convert its GBTC to a Bitcoin ETF was vacated. The court granted the company’s review petition and criticised the SEC for its capriciousness in the treatment of Bitcoin futures and spot ETFs.

Experts have since opined that the court’s ruling raises chances of the US market getting its first spot Bitcoin ETF. One of these is an application by asset management behemoth BlackRock.

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Dogecoin finds buyers at $0.06, focus shifts to the $0.08 area

  • Dogecoin remains bearish while below $0.08
  • A move above would invalidate the lower highs series
  • A weak US dollar might matter more for Dogecoin than anything else

Not much is happening in the cryptocurrency market lately. Traders used to high volatility levels were disappointed lately.

For example, Dogecoin has been in consolidation for more than twelve months. Sure enough, the market bounced several times but only found resistance at the $0.1 level.

Having said that, it does not mean that Dogecoin cannot bounce from these depressed levels. As long as the market holds above $0.06, bulls will try to overcome $0.1. But the critical level to overcome first is $0.08.

By breaking and holding above, the market would invalidate the lower highs series. Therefore, the bias would then shift from bearish to bullish.

Dogecoin chart by TradingView

What can drive Dogecoin higher?

Like it or not, cryptocurrency traders must recognize that volatility is not what it used to be in the crypto market. Sure enough, rallies or selloffs have a larger magnitude than in the traditional currency market, but nevertheless, the amplitude of market movements is not the same anymore.

It can only mean that the cryptocurrency market aligns with the traditional currency market in terms of what drives volatility. Hence,  it is only logical to look at the US dollar and where it might go next.

Recent labor market data suggests that the August NFP report will disappoint. If that is the case, expect the US dollar to continue its downward trend that started yesterday after the disappointing JOLTS report.

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Shibarium hits key milestone – good for SHIB price?

  • Shiba Inu (SHIB) price rose as Bitcoin and altcoins reacted to Grayscale’s win against SEC. 
  • Meanwhile, Shibarium’s wallet count has hit 336k to suggest sentiment flip after recent hiccups for the SHIB-backed Ethereum layer-2 platform.

Bitcoin’s jump to highs of $28k after Grayscale Investments’ win against the US Securities and Exchange Commission (SEC) on Tuesday ignited a brief rally for cryptocurrencies.

As the crypto industry celebrated yet another blow for the SEC, this time around its continued denial of a spot Bitcoin ETF, tokens such as Shiba Inu mirrored major altcoins in trending higher.

Shibarium wallet count spikes to 336k

Shiba Inu’s SHIB, which had recently dropped to lows of $0.00000064, jumped to above $0.00000083. The trading volume for the meme coin – Shiba Inu is looking to shed this tag after a major development in its ecosystem – rose 50% in 24 hours to over $182 million.

The flip in sentiment for SHIB also came as the Ethereum layer-2 platform Shibarium, which is backed by the native SHIB token, experienced a spike in new wallet addresses.

On-chain data shows the platform’s resumption after a shambolic launch is likely driving interest among retail investors. The total wallet count for Shibarium has swung in less than 48 hours – from just over 100,000 to more than 336,000. 

Also notable is the transaction count, which has also increased significantly after daily transactions plummeted from 132,000 on August 25 to nearly 40,000 on August 27.

According to Shibariumscan.io, daily transactions have inched up to nearly 80,000, with the total transaction count currently at over 529k as of 9 am ET on August 30.

SHIB price prediction

Can bulls ride the growth in daily transactions and addresses to push this altcoin‘s price higher? 

While other market conditions could dictate price direction, analysts see the positive market reaction to Grayscale’s win against SEC as a watershed moment likely to see further upside triggers. SHIB holders (like this one) are excited about Shibarium’s key milestone – and that could tell in short term price movement. 

SHIB bulls however need to hold support at $0.0000075 to avoid ceding ground to hungry bears. If this happens, primary resistance would be near $0.0000009, a key hurdle formed after the sharp sell-off seen on August 17.

The flip side would be for the SHIB price to fall below $0.00000070, in this case opening a downward path for bears to target lows of $0.00000061.

The post Shibarium hits key milestone – good for SHIB price? appeared first on CoinJournal.

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Stacks and Toncoin lead the bull cycle as global crypto market cap surge

  • Stacks (STX) has gained 18.43% today to trade at $0.5319 at press time.
  • Toncoin (TON) has gained 15.51% today to trade at $1.74 at press time
  • Bitcoin Cash (BCH) had jumped by 12.33% to trade at $216.57.

The cryptocurrency market has turned green today with a majority of the top cryptocurrencies by market cap registering significant price surges. Stacks (STX), Toncoin (TON), and Bitcoin Cash (BCH) have come out as the top gainers as the global crypto market cap increased by 4.35% to hit $1.09 trillion. 

But what is making the crypto market surge? Well, let’s delve into the factors behind today’s crypto price surges.

Why is the crypto market rising today?

Today’s crypto market price surge coincides with Grayscale’s win against the US SEC in the Bitcoin ETF case.

The US Court of Appeals for the DC Circuit on August 29 ruled in favour of Grayscale in its long-running lawsuit against the Securities & Exchange Commission.

The ruling was monumental for the crypto industry which has been agitating for SEC’s approval of Bitcoin ETFs. The ruling not only paves the way for the approval of the Bitcoin ETF petition filed by Grayscale but also for the BTC ETF applications made by BlackRock and Fidelity.

Bitcoin price chart

 

After a long consolidation of around $26k, Bitcoin price momentarily surged above $28k minutes after the court ruling on August 29. Although the price of BTC has since slightly pulled back the bulls still seem to be squarely in control.

Ethereum (ETH), the second-largest cryptocurrency by market cap has also surged above $1,700 after staying below $1,700 for two straight weeks.

The post Stacks and Toncoin lead the bull cycle as global crypto market cap surge appeared first on CoinJournal.

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Ethereum price prediction: ETH has more short-term upside

  • Ethereum price made a strong bullish breakout on Tuesday.

  • Investors expect companies to launch of several Ethereum ETFs.

Ethereum price staged a strong recovery on Tuesday as investors remained optimistic about cryptocurrencies. ETH coin jumped to a high of $1,738 on Tuesday, the highest level since August 17th. It has soared by more than 11% above its lowest level this month.

Ethereum ETF next?

The main catalyst for the Ethereum price surge was the decision by a US court to side with Grayscale. The lawsuit emerged from a decision by the SEC to arbitrarily reject Grayscale’s attempt to convert its GBTC ETF into a spot ETF.

In the verdict, the court said that the SEC should review and approve the ETF. As a result, investors hope that the SEC will move on to approve the fund together with those requested by companies like Blackrock, Vanguard, and Invesco.

Grayscale’s initial strategy will likely be to convert the $5.2 billion Grayscale Ethereum Trust (ETHE) into a spot ETF. An ETF operates best because it does not have the discount to Net Asset Value (NAV). Today, the market price of ETHE stands at $11 while the value of holdings stand at $16.72.

Other companies like Blackrock and Invesco could also apply for their Ethereum ETFs. The challenge for Ethereum is that it has become significantly different from Bitcoin. By merging with the Beacon Chain, Ethereum transitioned into a proof-of-stake coin. 

SEC’s Gary Gensler has previously argued that Ethereum, because of its staking features, has transitioned into a financial security. He believes that brokers and exchanges that hold ETH for staking should provide more disclosures to investors.

Analysts believe that the agency has a better chance of convincing a court about Ether being a security than in the XRP case.

Ethereum price prediction

The 4H chart shows that the ETH price moved from a consolidation phase and made a strong bullish breakout. It has moved above the crucial resistance level at $1,702, the highest level on August 23rd. The coin has also moved above the 25-day and 50-day moving averages.

Most importantly, it seems like it is forming a small bullish flag pattern. Therefore, the outlook for the coin is bullish, with the next level to watch being at $1,800. A move below the key support of $1,702 will invalidate the bullish view.

How to buy Ethereum

AVATrade

Ava Financial Ltd operates the AvaFX and AvaTrade forex brands and all business associated with them. The company has a branch office in Dublin, Ireland, which enabled it to get an operational license from the Irish authorities.

Buy ETH with AVATrade today

Binance

Binance has grown exponentially since it was founded in 2017 and is now one of, if not the biggest cryptocurrency exchanges on the market.

Buy ETH with Binance today

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