Kategorie: Crypto Markets

Daily headlines and news about crypto markets.

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Bitcoin Cash jumps 14% to hit $450 as BTC eyes $70k

  • Bitcoin Cash (BCH) gains mirror Bitcoin’s surge to near $70k.
  • With Bitcoin Cash price rising above $450, are bulls strong enough to eye further gains?

Bitcoin Cash (BCH) rose more than 14% in 24 hours to trade above $450, its highest level since mid-June.

BCH gained as Bitcoin (BTC) moved to within reach of $70,000 following a 3% rise in 24 hours. The benchmark digital asset traded around $69,503 at the time of writing on July 29, slightly off its intraday highs above $69,800 reached during the Asian trading hours.

BCH price: Are Bitcoin Cash bulls back?

Bitcoin Cash, like Bitcoin, has in the past few weeks navigated a tough terrain in terms of sell-off pressure related to potential Mt. Gox selling.

However, Bitcoin remains above $60k with a good chunk of the staggering $9 billion worth of BTC that the defunct crypto exchange announced would be going to customers. This resilience has also shown with Bitcoin Cash, which continues to ride positive sentiment as Mt. Gox customers choose to hodl rather than sell.

Crypto is also upbeat after last week’s Bitcoin 2024 conference that saw former US president Donald Trump make major announcements related to Bitcoin and cryptocurrencies. With elections on the horizon, Trump pledged to make America the home of crypto and to establish a Bitcoin reserve for the US among other key remarks.

According to Kim Dotcom, there’s no fear that the US government will ban crypto.

BCH price prediction

The Bitcoin Cash price surging above $400 has the cryptocurrency testing a key resistance zone.

A move above this means bulls have broken above a robust horizontal resistance line. Price is currently retesting a previous support area, above which the altcoin could eye a new year-to-date high.

In this case, the psychological level at $1,000 will be a major short term target, while a run to the 2021 bull market highs remains possible if Bitcoin leads crypto into another mega run.

BCH price chart. Source: TradingView

The daily chart shows the Relative Strength Index (RSI) supports buyers as does the Moving Average Convergence Divergence (MACD) indicator.

Potentially, BCH will see a retest of the horizontal line before surging again. However, a breakdown will likely push prices to the primary support area around $350.

The post Bitcoin Cash jumps 14% to hit $450 as BTC eyes $70k appeared first on CoinJournal.

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Casper halts network after security breach

  • Casper Network said it halted the network after discovering a significant security breach
  • The team has identified the threat and contained it, Casper Network said in an update.
  • Casper Association, Casper Labs and validators/community are collaborating to patch the vulnerability.

Casper Network has halted its network operations following a security breach, the smart contracts blockchain platform announced via X.

In the statement targeted at Casper Network users and the broader crypto community, the Casper team noted that it had worked with validators to halt operations and mitigate the potential impact of the breach.

“We discovered a significant security breach on the Casper Network. In order to minimize the effects of this security breach, we have worked with the validators to halt the network until this security breach has been patched,” reads part of the announcement.

Issue contained

The temporary network pause will remain in place until the security team patches the vulnerability, Casper added.

According to the announcement, efforts to address this issue involves the Casper Association, Casper Labs, and the crypto project’s validator community.

Casper Network also posted an update indicating that its team had identified the issue and managed to contain it. However, the platform is still working on a solution to the security breach and will provide a further update to the community.

The Casper (CSPR) token changed hands around $0.019 at the time of writing.

The post Casper halts network after security breach appeared first on CoinJournal.

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SOL shorts suffer as price surges; Solana’s Poodlana hits $3 million milestone

  • SOL price rose to above $187 to see over $4 million short positions liquidated.
  • Poodlana, the FashionFi meme coin, accelerated its presale as the sector surged amid US politics and bullish crypto predictions.
  • POODL surpassed the $3 million mark on July 27, just 10 days after the presale launch.

The cryptocurrency market has witnessed over $63 million in liquidations over the past 24 hours. Data shows most of these, nearly $45 million, are in short positions. 

Solana (SOL) surging above $187 has seen over $4 million in bearish bets liquidated. Meanwhile, Poodlana has soared to over $3 million in presale as Asia drives investor interest. 

Solana short liquidations hit $4 million as SOL surges

While Coinglass data shows the total crypto liquidations had declined 67% within the above timeframe, the market still saw a notable amount of bearish bets.

Solana liquidations reached a total of $4.95 million at the time of writing, with the forced exits happening as SOL price climbed more than 5% to touch highs of $188.

SolanaFloor shared the liquidation data on X, showing that the largest bearish bet on SOL to be liquidated was $560k. This happened as Solana’s price crossed the $187 mark.

Meanwhile, Bitcoin had over $16 million in shorts liquidated and Ethereum accounted for about $7 million of the short positions as both coins moved above key price levels. BTC traded above $68,300 while ETH hit highs above $3,290.

Solana rose as VanEck reported that a large number of people at its booth at the Bitcoin 2024 conference asked about Solana.

VanEck is one of the ETF issuers to file for a Solana spot ETF with the US Securities and Exchange Commission. Analysts say the approval for SOL ETFs in the US could come in 2025.

Wen, MAGA tokens jump as meme coins rise

Solana meme coins have experienced a 10% bump in the sector’s market cap as meme coins jump amid fresh optimism in the crypto market.

Although Bitcoin, Ethereum and Solana are in the limelight as whales buy BTC, ETH and SOL, a lot of interest in meme coins has several tokens trending.

Wen has spiked 20%, while PolitiFi token MAGA is up 16% at the time of writing. Donald Trump will speak at the Bitcoin 2024 conference.

Top meme coins by market cap Dogecoin, Shiba Inu, Pepe and dogwifhat have also seen their respective prices increase by more than 5% in the past 24 hours.

The broader meme coin market is up 8% to over $56 billion, but as the sector gains, investor interest is on new potential gems.

Poodlana accelerates to $3 million in presale

Poodlana is a new meme coin on Solana that seeks to break into the market riding a blend of crypto culture and FashionFi.

The combination of the global appeal of the fashion market and cryptocurrency’s rising adoption has the poodle-inspired project gaining massive traction just days after its presale launch. Slightly over a week since the 30-day POODL presale went live, the “Hermes of Crypto” has raised an impressive $3 million.

A viral appeal in Asia, where the poodle is a top dog breed, has contributed to this staggering support for Poodlana. However, the project is also captivating the global fashion-centric community and meme coin enthusiasts.

This appeal and the bullish predictions for crypto will catalyse further gains for Poodlana when the project goes live on DEX within an hour of its presale close on August 16.

19 days until POODL hits the trading market and the opportunity to position currently stands at $0.0299.

Notably, this price will jump to $0.0335 in the next stage and again every 72 hours until the final stage. According to details on the project’s website, DEX listing price will be $0.06.

To discover more about Poodlana or to join the community, visit their website.

The post SOL shorts suffer as price surges; Solana’s Poodlana hits $3 million milestone appeared first on CoinJournal.

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Michigan pension fund discloses $6.6 million in Bitcoin ETFs

  • The State of Michigan Retirement System holds $6.6 million in 21Shares’ ARKB ETF.
  • Michigan pension fund’s disclosure adds to growing number of US state pension funds buying spot Bitcoin ETFs.
  • BTC has surged to $68,000 again amid the Bitcoin 2024 conference.

The State of Michigan Retirement System has disclosed an investment of $6.6 million in ARKB, the spot Bitcoin exchange-traded fund by 21Shares.

Michigan’s state pension fund revealed the ETF investment in a 13-F form filed with the US Securities and Exchange Commission. Per the filing, the pension fund holds 110,000 ARKB shares, whose equivalent value of $6.6 million represents about 0.004% of the $143 billion the state holds in its pension fund.

US state pension funds add Bitcoin ETFs

The SEC approved spot Bitcoin ETFs for trading in January 2024, opening the cryptocurrency to further adoption as institutional investors took notice.

Since then, spot BTC ETFs have accumulated over $59.4 billion in total net assets, with these accounting for about 4.59% of the total Bitcoin supply. According to SosoValue data, the spot Bitcoin ETFs market in the US has seen total net inflows of over $17.54 billion.

The growing exposure and adoption is what the State of Michigan’s pension fund suggests with their ETF purchase. However, this isn’t the first US state to dive into the crypto ETF space via Bitcoin.

In May this year, the State of Wisconsin Investment Board disclosed an investment of over $99 million in spot Bitcoin ETF. The filing with the SEC showed the outlay was via BlackRock’s IBIT ETF. 

Jersey City Mayor Steven Fulop has also revealed plans to add Bitcoin ETFs to the city’s pension fund.

Bitcoin price surges

Meanwhile, Bitcoin is set to garner more attention this week amid the Bitcoin 2024 convention in Nashville, Tennessee. Donald Trump is scheduled to speak at the conference on June 27, an event that will likely shed more light on his pro-crypto stance.

Bitcoin, on the other hand, has surged by more than 5% in the past 24 hours to near $68,000 as bulls eye a fresh weekend bounce. The BTC price could retest the $70,000 mark and possibly target the all-time peak seen in March if bulls maintain the upside momentum.

CryptoQuant CEO Ki Young Ju said in a post on X on Friday that Bitcoin’s bull market phase could last well into 2025.

The post Michigan pension fund discloses $6.6 million in Bitcoin ETFs appeared first on CoinJournal.

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bitFlyer completes acquisition of FTX Japan

  • bitFlyer has acquired 100% of FTX Japan shares and will rebrand the platform by August 26, 2024.
  • The Tokyo-based crypto exchange will also launch a new crypto custody business via the new subsidiary.

Japanese crypto exchange bitFlyer Holdings has announced the acquisition of FTX Japan, according to an announcement published on July 26.

The Tokyo-based exchange noted that it had completed 100% acquisition of FTX Japan shares, a move that makes the FTX Japan business a “wholly-owned subsidiary” of bitFlyer.

“We are pleased to announce that bitFlyer Holdings has today completed the acquisition of 100% of the outstanding shares of FTX Japan,” the exchange posted on X.

bitFlyer to rebrand FTX Japan

Following the acquisition, bitFlyer will rebrand FTX Japan, with this expected by August 26, 2024. The deal will also see the new subsidiary unveil a new crypto custody business that will offer services with advanced security to institutional investors.

The bitFlyer team added in a statement published on Friday:

“By acquiring all shares and management rights of FTX Japan, we aim to achieve sustainable growth, leveraging synergies within the bitFlyer Group to develop new services, benefiting not only FTX Japan and its customers but all stakeholders of the bitFlyer Group.”

FTX Japan, initially under FTX Japan Holdings, filed for Chapter 11 bankruptcy protection following the collapse of FTX in November 2022.

CoinJournal reported bitFlyer’s plans to acquire FTX Japan in June.

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