Kategorie: Bitcoin News

• The crypto market cap was down 3.2% in the past 24 hours to $1.2 trillion as Binance halted BTC withdrawals.
• The exchange’s action followed massive network congestion for Bitcoin amid increase in fees as tokens with inscriptions and ordinals pumped.
• Meanwhile, Bitcoin (BTC) saw its market cap drop to $540 billion for a 45% market dominance.

The total cryptocurrency market cap is down 3.2% to $1.2 trillion in the past 24 hours as of writing. The top two digital assets by market capitalization Bitcoin (BTC) and Ethereum (ETH) are both down more than 3% in the same period and -5.4% and -2.2% respectively over the past seven days.

As a result, BTC price is below $28,000 while Ether is trading near $1,850 amid broader selling pressure for crypto.

While most big cap tokens are down about 3 to 6%, Pepe (PEPE) and Sui (SUI) are the biggest losers in the top 100 coins with about -12% performance in the past 24 hours.

Why crypto market is down today – look at Bitcoin

The traditional markets continue to see some negativity as traders place new bets on regional banks plummeting again following last week’s bounce. The outlook isn’t the same for crypto and Bitcoin indeed rallied as multiple US bank stocks dumped.

But why is the crypto market cap down? Notably, crypto remains volatile and BTC is finding it difficult to break higher following the rejections near $30,000. However, panic selling could be behind this latest down leg, particularly with such data as the one showing enormous BTC outflows from the Binance exchange. 

BREAKING: #Binance outflow data confirms largest withdrawal in it’s history, over 162,000 $BTC has left the exchange, valued at over $4.6 Billion.

Are Whales/Insiders jumping ship? 👀 pic.twitter.com/QSXYAEvHkt

— WhaleWire (@WhaleWire) May 7, 2023

Binance addressed the “outflows” funds movement between its hot and cold wallets amid the adjustments in BTC address. This comes after the exchange suspending Bitcoin transactions as the flagship network experienced massive congestion. It’s a scenario that saw transaction fees spike significantly.

For instance, on Sunday, transaction fees in BTC block 788695 was 6.7 BTC, higher than the block subsidy of 6.25 BTC. On-chain data shows Bitcoin experienced a spike in blockspace demand, pushing transactions fees higher.

According to on-chain analytics platform Glassnode, the high demand for blockspace is being driven by BRC-20 tokens. The tokens that use inscriptions and ordinals have been up as shown by the 9% gains for Stacks (STX) amid BTC price decline.

#Bitcoin is experiencing extremely high demand for blockspace, driven by BRC-20 tokens, utilizing text based inscriptions, and ordinals

This is a revenue boost for Miners, as the average fee paid per block has reached 2.905 $BTC, near past bull peaks

📊https://t.co/DyVjODagG9 pic.twitter.com/8ZV0i4DNzm

— glassnode (@glassnode) May 8, 2023

As such, the Bitcoin market cap is down to $540 billion today, representing about 45% of market dominance. Ethereum‘s market dominance currently stands around 18.6%

Bitcoin price prediction

The announcement that Binance had suspended BTC withdrawals – on two occasions – looks to have spooked a few traders into action. But the crypto market cap could recoup some of the losses ahead of a crucial week with economic news. Binance is also reportedly eyeing Bitcoin Lightning Network transactions.

Crypto analyst Michael van de Poppe highlights Bitcoin price levels at $27.4k or even $26.8k could provide the bounce area.

“Mentioned before that $29.2K was the key level to break for #Bitcoin. We did have a bounce towards it, but no break. Additionally some FUD regarding #Binance doesn’t help. Looking at $27.4K or $26.8K for potential longs towards the CME gap at $29.6K,” the analyst tweeted on Monday morning.

The post Why is the crypto market down today? appeared first on CoinJournal.

• Stacks price has declined 4% in the past 24 hours and is -15% this past 30 days.

• STX currently trades near $0.78, and has a key supply zone near the psychological $1.00 level.
• The price of STX rose sharply in February and March as the Ordinals hype hit the market.

The price of Stacks (STX) made another higher low move on Wednesday, trading to highs of $0.82 after surging double digits alongside Bitcoin (BTC). The upside followed the crypto market’s upward reaction to the US Federal Reserve’s interest rate hike.

But as the FOMC tide cools, STX is down 4% in the past 24 hours, cutting weekly gains to just 5% and wiping out gains from key price bursts in April.

Will Stacks go back up after the recent dump?

Stacks (STX) is a digital asset that has shown considerable fluctuations in price in the past few weeks. As CoinJournal highlighted in this article, the main driver of Stacks price in February was the strong interest in Ordinals, a platform for Bitcoin inscriptions (crypto assets similar to NFTs).

Stacks, which brings the power of smart contracts to Bitcoin, also surged in March as whales loaded up on the native STX.

As seen on the weekly chart below, STX/USD has been constrained between robust support at $0.64 and new resistance near $1.33 since 20 February. The coin is up 5% this week but is in the red on the monthly chart after today’s declines helped erase gains made earlier in the year. STXUSD is down nearly 15% over the past 30 days.

Incidentally, STX rose 122% in one week in February and another 51% over seven days in mid-March. So the question is: will Stacks go back up after retreating from year-to-date highs above $1.32? 

The surge in Bitcoin ordinals, which on-chain data shows reached over 3.5 million this week, suggests interest in the inscriptions is still high. The activity on the Ordinals Protocol and other layer 2s on the Bitcoin blockchain and the potential uptick in BTC price are likely to be major catalysts of upside momentum for the altcoin.

Below is the outlook for Stacks price from a technical perspective.

Stacks price: short term outlook for STX

For a short-term technical outlook for STX, we can look at its weekly chart focusing on the Relative Strength Index (RSI), Moving Average Convergence Divergence (MACD), and Fibonacci retracement levels.

Chart showing the price movement of Stacks (STX) with key technical indicators. Source: TradingViewAs shown above, the RSI indicator for STX on is currently at 57. This suggests that STX is largely neutral, indicating its neither oversold nor overbought. 

However, the MACD indicator is suggesting a potential bearish crossover. We can see the MACD line is above the signal line but could cross below to give the advantage to the bears.

Meanwhile, the main barrier to the upside is likely to be at the Fibonacci retracement level at 23.6% that marks the retracement of the last swing from the highs of $3.37 to lows of $0.20. That level is currently around $0.95. Stacks also highlight the 50% and 61.8% retracement levels as main resistance areas.

In case the Stacks (STX) price continues its downward trend, the first support level could be at a long-term horizontal line near $0.45. The 50-week moving average line is currently leveling up around this area, while the $0.20 demand reload line provides a key buffer zone.

The post Will Stacks price go back up? Here’s the short-term outlook for STX appeared first on CoinJournal.

• AltSignals (ASI) token sale continues as crypto is poised to react higher.
• This follows hints by the US Federal Reserve of pausing interest rate hikes.
• ASI token could also benefit from expected explosion in interest around artificial intelligence (AI) projects.

Artificial intelligence continues to make waves, with both consumers and businesses looking to tap into opportunities being presented by the technological leap. Airbnb CEO Brian Chesky said in an interview with CNBC on Thursday that AI could be bigger than the internet revolution.

AltSignals, a trading signals platform looking to upgrade its algorithm by introducing an AI-powered layer, is among those attracting huge attention. The AltSignals presale is in progress, with the second stage nearly 70% sold out.

Fed pause could see crypto prices react higher

Bitcoin price currently hovers near $29,000 after investors reacted positively to the US Federal Reserve’s signal that it could pause its interest rate hike trajectory. 

The Fed’s hint towards taking a more cautious approach came after it raised rates by another 25 basis points on Wednesday. The US central bank’s interest rate rose to the 5.00%-5.25% range after the latest hike. It comes amid fresh uncertainties amid bank failures, warnings about the US debt ceiling and the continuing issue of inflation. 

Fed Chair Jerome Powell hinted to this in his speech, with the next FOMC meeting now of key interest to investors. With an end to the rate hike cycle likely coming, it could be time for markets to find new momentum, which we highlight here.

The scenario in the crypto sector will likely be where interest in established assets like Bitcoin, Ethereum, Litecoin and others, spills into projects in categories such as layer 2s, GameFi, play-to-earn and artificial intelligence.

Why would now be a good time to buy AltSignals?

Investors are likely to continue seeing Bitcoin as a safe haven asset amid ongoing bank failures and economic woes that impact traditional assets. Crypto as a whole is also proving quite attractive as a way for people to diversify their portfolios.

If the expected Bitcoin bull cycle sets in, soaring market could catapult ASI token higher – a scenario seen with other projects that launched during the last bull market. As crypto edges closer to the historically bullish period marked by BTC halving, taking positions with ASI at current presale prices could prove a great investment.

Even if crypto fails to take on a new bull run going into its 2024 halving, the utility that ASI offers and the growing adoption of AI-powered tools in the trading market could be enough to propel AltSignals higher when it launches.  But as always, it is advisable to remember that investing comes with risks, which is true of crypto, including presales of new tokens.

What’s unique about AltSignals?

AltSignals launched in 2017, offering a trading signals and market alerts for cryptocurrencies, stocks and forex. Now the platform has planned an upgrade to its trading algorithm, with artificial intelligence, machine learning and natural language processing.

The upgrade is set to launch later this quarter via an AI layer dubbed ActualizeAI, and will see traders benefit from 24/7 trading signals with improved accuracy and risk management. The system will be powered by the ASI token, a native token that will offer holders access to all trading signals on the new AI-powered system.

Unlike many new projects, AltSignals (ASI) is a project that already boasts a growing community and ready market for its product. Trade calls can be traded on major exchanges and brokers, including those for all the top cryptocurrencies and major forex pairs.

Taking a working product and bumping its capacity with new advanced capabilities is a strategy that could see AltSignals take huge strides as a leading trading signals provider – with traders able to benefit across both bear and bull markets.

As for the ASI token, holding it will not only give the investor access to ActualizeAI, but also to a membership club, trading tournaments and an upcoming DAO. The AltSignals presale could therefore be an opportunity for interested investors to buy the tokens at potentially low prices.

The AltSignals presale is expected to end in the next few weeks, with the token’s price set to increase from $0.015 to $0.02274. The ASI token is issued on the Ethereum network and will trade on exchanges such as Uniswap when it goes live.

You can invest in AltSignals by buying the ASI token here.

The post AltSignals (ASI) outlook strengthens as Fed signals rate pause appeared first on CoinJournal.

• MicroStrategy Inc narrowed its bitcoin-related loss in the first quarter.
• Its executive chairman Michael Saylor remains bullish as ever on bitcoin.
• Bitcoin is currently up roughly 70% versus the start of the year 2023.

Bitcoin has lost about 7.0% in recent weeks but Michael Saylor – the Executive Chairman of MicroStrategy Inc remains convinced as ever in its long-term potential.

Michael Saylor on MicroStrategy’s Q1 results

Earlier this week, the Nasdaq-listed firm said impairment loss related to its bitcoin holdings narrowed more than 90% sequentially to $18.9 million in the first quarter. According to Saylor:

Bitcoin is the ultimate digital scarcity network. It’s moved up about 50% on average over the last three years. The key with bitcoin is to be able to hold on to it and stomach the volatility.

MicroStrategy now owns a total of about 140,000 bitcoins. Naturally, therefore, the recent surge in BTC that’s still up some 70% for the year has been a meaningful tailwind for the company.

“MSTR” has more than doubled since the start of 2023.

Why is bitcoin price on the rise this year?

Saylor attributes strength in the price of bitcoin this year partially to inflation that’s still running at an annualised rate of 5.0% in the United States – well above the Fed’s 2.0% target.

The recent bank failures, he added, have also hurt confidence in the fiat currencies. On CNBC’s “Closing Bell: Overtime”, Saylor said:

Bitcoin is a bank in cyberspace run by incorruptible software. So, the phase be your own bank has emerged as an investment idea in the United States.

Interestingly, he dubbed the ongoing crypto crackdown a benefit for bitcoin as well since it has established a reputation as the safe-haven asset.

The post Michael Saylor on bitcoin: ‘hold on to it and stomach the volatility’ appeared first on CoinJournal.