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Bitcoin drops to $115k as Galaxy Digital dumps 30,000 BTC

  • Bitcoin price fell 3% to below $115k, with intraday lows of $114,750.
  • Galaxy Digital has deposited over 30,000 BTC.
  • Lookonchain shared on-chain details indicating Galaxy sold over 10k on Binance, OKX and Bybit.

Bitcoin (BTC) fell sharply on Friday, touching lows near the $115,000 mark, as analysts pointed to a sell-off by a long-dormant Bitcoin whale.

Bitcoin, which recently hit an intraday high of $123,000, gave up gains to trade as low as $114,759 — down 3% over 24 hours.

The move marked its lowest level in two weeks, last seen on July 10, when BTC surged from $110,000.

Why did the Bitcoin price fall sharply today?

Bitcoin, which had recently consolidated in the $117,000–$118,000 range as altcoins outperformed, broke below key support levels to hit a multi-week low amid heavy selling pressure.

The decline follows on-chain activity suggesting that a long-dormant wallet, active for the first time in 14 years, moved 80,000 BTC to exchanges through Galaxy Digital.

Data indicates the holdings may have been offloaded in the past 24 hours.

“Note that Galaxy Digital has deposited over 10,000 $BTC ($1.18B) to exchanges in the past 8 hours! The 10,000+ $BTC comes from the Bitcoin OG holding 80,009 $BTC($9.68B),” Lookonchain posted on X.

Lookonchain then shared an update showing over 30k BTC sent to exchanges, including Binance, OKX and Bybit. Currently, Galaxy has transferred over 30k BTC to exchanges.

Also notably, Galaxy withdrew $1.15 billion USDT from exchanges after the BTC deposits.

Over $518 million liquidated

Per details on Coinglass, the BTC sell-off has erased over $518 million in leveraged positions within the last 24 hours.

Most of these are longs at over $380 million, with more than $135 million of it in bullish bets on BTC wiped out.

The whale’s activity is thus likely to have an impact, largely panic selling that could further push prices lower.

Liquidations mounting will see more longs taken out, with some like AguilaTrades already seeing millions in potential profits disappear.

What’s next for the Bitcoin price?

According to crypto analyst Captain Faibik, while bulls may yet retain the upper hand, a breakdown is likely.

The analyst points to a falling wedge pattern and says a daily close below $113k could confirm this negative outlook.

However, if BTC holds steady and moves toward $118k, a decline in selling pressure may allow buyers to retest key supply zone areas.

As the market reacts to the Bitcoin price drop, investors may want to position themselves amid buy-the-dip opportunities.

In this case, Bitcoin’s next move is very much a key factor.

The post Bitcoin drops to $115k as Galaxy Digital dumps 30,000 BTC appeared first on CoinJournal.

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XCN price forecast: will bulls rally ahead of Onyx V2 launch?

  • Onyxcoin (XCN) price is around $0.015, down 19% over the past week.
  • XCN is under pressure as the broader market battles fresh selling as traders book profits.
  • Onyx V2’s anticipated launch and the regulatory clarity provided by the CLARITY Act could be a bullish catalyst.

Onyxcoin (XCN), the native token of the web3 protocols ecosystem Onyx, is experiencing the downside pressure that currently engulfs the broader crypto market. Celestia is among the altcoins to see 24-hour losses.

As of writing, XCN is trading at $0.01538, with a 24-hour trading volume of over $38 million.

While the market cap has dipped to $527 million, the slight uptick in daily volume indicates a notable level of market interest.

Onyx eyes traction with V2 ahead of CLARITY law

The Onyx ecosystem is gearing up for a significant upgrade with the impending launch of Onyx V2, aimed at enhancing compliance and functionality.

According to a recent announcement by OnyxDAO on X, the launch of Onyx V2 is designed to meet the highest compliance standards under the United States’ crypto markets regulation CLARITY Act.

The CLARITY Act, formally known as H.R. 3633, aims to provide a clear regulatory framework for digital assets by distinguishing between digital commodities, securities-like assets, and stablecoins.

As Onyx notes in its post on X, the V2 rollout will position XCN “as a Digital Commodity Token within a Mature Blockchain System.”

Potentially, this means broadening the project’s appeal to institutional investors amid broader regulatory compliance.

Onyx has cautioned the community that there will be no token swaps, with users asked to beware of scams and fake airdrops.

Onyxcoin price outlook

The anticipation surrounding Onyx V2 could spark considerable interest in XCN, hence catalyzing an upward flip.

Among market outlook indicators traders are watching to gauge potential price movements is open interest.

While XCN derivatives have seen a slight decrease in OI, the weighted funding rate remains positive. Derivatives volume, which reflects trading activity in futures and options, has also fallen 14% to around $25 million.

From a technical point of view, indicators on the daily chart further support a short term bearish strength.

The Relative Strength Index (RSI) for XCN is currently at 43, not yet oversold. However, it is downsloping to suggest sellers could gain momentum.

Onyxcoin XCN Price
XCN price chart by TradingView

Meanwhile, the Moving Average Convergence Divergence (MACD) shows a bearish crossover, with the MACD line crossing below the signal line. XCN price is also near the support line of a falling wedge, and a drop could extend losses.

Interestingly, Onyxcoin is down 19% over the past week and has pared most of the gains seen when price jumped to highs of $0.02 in mid-July.

XCN is nonetheless more than 914% up in the past year. While this suggests a bullish trend amidst broader market volatility, price is near a critical support level.

The post XCN price forecast: will bulls rally ahead of Onyx V2 launch? appeared first on CoinJournal.

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Ethena surges 20% after Arthur Hayes scoops up 2M ENA tokens

  • Arthur Hayes has invested $1.06 million in ENA.
  • The BitMEX co-founder now holds 7.76M ENA coins, worth approximately $3.73M.
  • The altcoin has gained nearly 20% in the past 24 hours.

Digital tokens traded in the red on Friday as bears dominated amid intensifying profit-booking.

Meanwhile, Ethena was among the few tokens decoupling from the downside wave.

Amid the prevailing selling pressure in the cryptocurrency market, ENA has rallied from yesterday’s intraday low of $0.4268 to $0.5088 on Friday.

That means an around 19% surge, which has attracted attention amidst prevailing downtrends.

Ethena’s rebound has coincided with a massive purchase from BitMEX co-founder Arthur Hayes.

According to Lookonchain, the American entrepreneur has scooped 2.16 million ENA tokens today, worth approximately $1.03 million.

The transactions come as the digital token plunged 25% from the Monday high of $0.5812 to yesterday’s $0.4307.

Meanwhile, the considerable buy demonstrates Hayes’s conviction in Ethena’s future potential.

Furthermore, he did not use one platform to complete the purchases.

The investor sourced his ENA from Binance, Flowdesk, and Galaxy Digital.

That depicts how he strategically uses various liquidity providers to secure his cryptocurrency investments.

Recently, Hayes made headlines for using Flowdesk to acquire AAVE and Lido tokens in an over-the-counter purchase.

Hayes’s confidence in Ethena

The timing and size of the purchase signal trust in the project’s long-term value.

Hayes capitalized on discounted prices to add to his holdings despite prevailing market volatility.

The latest accumulation sent his balance to 7.76 million ENA tokens, worth approximately $3.73 million.

Ethena allows users to access DeFi yields and a synthetic dollar, USDe.

It has gained increased traction lately, with its circulating supply topping $6 billion.

While not all market participants follow fundamentals, Hayes’s involvement is adequate to influence sentiments.

The latest purchase could magnify trust in the project and attract more investors to the Ethena ecosystem.

Retail and some institutional players use such indicators to increase their balances or re-enter the market.

That seems to be paying out as ENA witnessed increased attention, bullish sentiments, and spiked volumes hours after Hayes’s purchase.

Ethena’s Open Interest gas increased by 16% to $835.17 million, while volume soared 15% to $2.83 billion (Coinglass data). Moreover, the 1.0276 24H long/short ratio shows that most traders are bullish as they bet on price recoveries.

ENA price outlook

The native token traded in green amidst the optimistic developments.

ENA hovers at $0.4933 after correcting from intraday highs.

The rally came even as bears dominated the cryptocurrency space, with Bitcoin down 2% in the past day to press time’s $115,150.

Meanwhile, the $117,000 – $119,700 zone remains crucial for BTC’s directional trajectory.

A decisive candlestick closing outside this range will pave the way for the next significant move.

Ethena’s current outlook reflects how major players can influence sentiments and prices in the digital tokens industry.

Bullish enthusiasts will watch ENA’s performance in the upcoming sessions to see how timely Hayes’ purchase is.

The post Ethena surges 20% after Arthur Hayes scoops up 2M ENA tokens appeared first on CoinJournal.

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Ether climbs above $3,600, but technical indicators show signs of weakness

Key takeaways

  • ETH is up nearly 2% in the last 24 hours and now trades above $3,600.
  • Technical indicators are showing signs of weakness, suggesting a bearish trend for the coin.

ETH stays above $3,600 as BTC dips

The cryptocurrency market has been volatile over the last couple of hours, with Bitcoin dropping below the $116k level. Bitcoin lost nearly 2% of its value and now risks dropping below $115k if the selloff continues.

However, Ether, the second-largest cryptocurrency by market cap, is currently in the green after adding more than 1% to its value in the last 24 hours. This allowed it to top the $3,600 mark.

However, the technical indicators are suggesting signs of weakness, and ETH could experience a selloff. The higher timeframe chart remains bullish, indicating that the buyers are still in control. 

ETH could retest $3k if the bearish trend persists

The ETH/USD 4-hour chart remains bullish as Ether outperforms Bitcoin and some other leading cryptocurrencies. The price is also efficient, suggesting that ETH could be getting ready for another upward movement. 

However, the technical indicators on the lower timeframe are switching bearish, suggesting a selloff on the horizon. ETH failed to find support around the daily level of $3.730 and declined below $3,600.

ETH/USD 4H Chart

However, it has recovered its position above $3,600. If Ether closes below the $3,500 daily candle, it could experience a correction to retest the $3,000 psychological level. 

The Relative Strength Index of 49 shows that the bulls are losing control of the market, indicating a fading bullish momentum.

Furthermore, ETH’s MACD indicator is converging closer together, and the green histogram bars are also falling, both suggesting a growing bearish appetite.

On the flipside, if ETH’s daily candle closes above $3,500, the bulls could push the price higher in the near term. ETH could retest the $3,730 resistance level in the coming hours or days before aiming for the $4k psychological level.

The post Ether climbs above $3,600, but technical indicators show signs of weakness appeared first on CoinJournal.

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Celestia price outlook: Here’s why TIA risks further losses

  • Celestia (TIA) trades at $1.81, down 13% in the past week.
  • The altcoin is paring gains seen following a bounce from lows of $1.32.
  • Celestia Foundation has announced it bought all remaining TIA from Polychain Capital.

Celestia’s price of $1.81 today  is down double digits in the past week. While it has bounced 38% since hitting its all-time lows of $1.32 in June, it is 70% down in the past year and -91% from its all-time high above $20.9 reached in February 2024.

As the cryptocurrency market navigates its latest pullback, is TIA at risk of fresh losses? Or could Celestia Foundation’s latest move catalyze a fresh recovery?

Celestia Foundation buys back TIA from Polychain Capital

As TIA price fell over the past year, most analysts pointed the finger towards the aggressive dumping by Polychain Capital.

Celestia moved from being one of the most attractive coins at its mainnet launch, to lagging the market. Underperformance in the past year has pushed it further off its peak.

An analyst on X called it one of the “most predatory VC tokens out there.”

The Celestia Foundation has moved to flip the picture, announcing it acquired Polychain Capital’s remaining TIA holdings. It is a move that concludes a long-standing partnership with the VC that acquired coins under or at $1.

Now after dumping tokens, Polychain has agreed to sell its 43,451,616.09 TIA tokens back to the Celestia Foundation for $62.5 million. Polychain is set to undelegate its staked assets to facilitate the deal.

Why is TIA largely bearish?

Despite the Celestia Foundation’s move, TIA’s price trajectory remains largely bearish.

Token unlocks, which will gradually release the redistributed tokens into circulation, remains. This controlled release has the design of a strategy eyeing no sudden supply surge. New investors receiving the coins must therefore not adopt a sell-off strategy similar to Polychain Capital’s earlier actions.

Otherwise, with a potentially aggressive divestment feature and rewards loophole, bears may yet take further hold.

Recently, commenting on TIA price, crypto analyst zeroknowledge posted on X:

“The structural selling pressure is not a side effect, it’s literally the primary feature of the tokenomics design.”

Explaining further, the analyst added:

“The most damning example is Polychain Capital, which invested approximately $20 million across Series A and B rounds. Through the staking rewards loophole (see screenshot below), Polychain already sold over $82 million worth of TIA (achieving a 4x return on investment) before a single one of their primary tokens has unlocked.”

Is this changing? Market participants have pointed to Celestia restructuring its tokenomics and governance model.

As Chaos Labs notes in the above post, Celestia will not just reallocate the Polychain stash, but has a proposal to cut inflation rate. But will this stem the selling?

Celestia price technical outlook

The token traded around $1.81 at the time of writing, with open interest down to $197 million.

Technical indicators -the RSI and MACD on the daily chart give sellers the upper hand. Notably, the RSI is downsloping below 50 while the MACD is signaling a bearish crossover.

The post Celestia price outlook: Here’s why TIA risks further losses appeared first on CoinJournal.