Kategorie: Crypto News

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Bitcoin price tumbled last week on SpaceX liquidating stash

  • SpaceX’s Bitcoin liquidation triggered a massive drop in Bitcoin’s price
  • A double top pattern suggests more weakness might come
  • The measured move hints at further downside into the $20k area

Bitcoin price failed at the $30k level twice this year. After rallying from $16k, it formed a possible double top pattern that should worry investors.

The latest sign of weakness came last week. News that Elon Musk’s SpaceX liquidated its entire Bitcoin stash sent the price lower. More precisely, SpaceX sold Bitcoin worth $373 million.

It was one of the largest daily liquidations by volume in history. In just 20 minutes, Bitcoin price crashed by more than 7% on outflows bigger than during the FTX collapse.

SpaceX sold its Bitcoin holdings after Tesla did the same last year. More precisely, Tesla sold last year 75% of its Bitcoin holdings.

So what does it mean for Bitcoin price, and can the market bounce back?

A double top pattern might have formed at $30k

Since the start of the year, Bitcoin price have doubled. The rally was so powerful that it triggered a wave of enthusiasm among cryptocurrency investors.

But the failure to hold above $ 30k led to the formation of a possible double top pattern.

Bitcoin chart by TradingView

A double top is a reversal pattern with a measured move equal to the distance from the top to the neckline, projected from the neckline. The chart above shows the two tops formed at the $30k area and the neckline at the $25k area.

Therefore, the measured move equals $5k and, if projected from the neckline, suggests that Bitcoin might see $20k sooner rather than later.

The only way for bulls to get back in control is for Bitcoin to break above the double top area (i.e., $30k). For now, however, the bias is bearish, and the focus is on a potential bearish breakout below the neckline.

The post Bitcoin price tumbled last week on SpaceX liquidating stash appeared first on CoinJournal.

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Prediction markets tokens rise as other tokens dip: Gnosis, Augur price outlook

  • Bitcoin has suffered its worst weekly percentage loss since the collapse of FTX.
  • Some of the factors behind the dip include reports of SpaceX selling its BTC holdings and the Chinese property giant Evergrande bankruptcy filing.
  • Top prediction markets tokens have maintained a bullish trend amid the crypto meltdown.

In what has caught most crypto investors by surprise, the price of Bitcoin (BTC) has decreased by 11.2% to about US$26k. Last week has been the worst week for Bitcoin (BTC) since FTX’s demise in November 2022.

The market crash has not only affected BTC, seeing that the rest of the asset class has not fared any better. Ethereum (ETH) fell by approximately 9.5% to $1.7K and Binance-coin (BNB) dropped by about 9.8% to $217, just to mention a few of the top cryptocurrencies by market capitalization.

While most of the top cryptocurrencies experienced a price dip, popular prediction markets tokens like Gnosis (GNO), SX Network (SX), Kleros (PNK), and Augur (REP) registered significant gains. Chancer (CHANCER), a new prediction markets token is also gaining traction as its token presale continues to gain traction.

What caused the crypto market to drop?

The price decrease was caused by a number of causes. They included speculation that SpaceX wrote down the value of its Bitcoin assets, the collapse of the Chinese real estate firm Evergrande, and rising yields in the US.

SpaceX Bitcoin holdings

The Wall Street Journal published a report late last week stating that Elon Musk’s space exploration company SpaceX marked down the value of the Bitcoin it had on its books by US$373 million for the years 2022 and 2021. The report claims that the business also sold a portion of the BTC it had at one point over the previous two years. The WSJ has identified documents that it claims offer uncommon insights into the business’s finances.

However, the WSJ’s assertions cannot be independently verified because SpaceX is a privately held corporation. Musk acknowledged that SpaceX did acquire Bitcoin during a panel appearance in 2021, but it is unclear how much or when the commodity was purchased.

Evergrande bankruptcy 

In a disclosure made over the weekend, the Chinese real estate tycoon Evergrande filed for bankruptcy protection in the United States. The corporation reportedly took action to secure its assets while still trying to control its creditors.

Before proposing a comprehensive off-shore debt restructuring program in 2021, Evergrande experienced a public meltdown and went into default on its obligations. The business currently seems to be on life support.

Investors are worried that China’s enormous real estate market may become contagious. Country Gardens and other significant developers are not paying their debts either, and the industry—which is thought to account for up to 30% of Chinese GDP—is in serious need of government assistance.

US Treasury yields

US Treasury yields are skyrocketing and pushing away investors from risky markets like the crypto market and toward saving. As the US Federal Reserve gradually increased rates throughout the previous year to reach a target rate of slightly over 5%, bond yields increased.

As strong US economic data keeps coming out, yields have increased this week in anticipation that rate rises will continue. Since 2011, the 30-year US Treasury yield has never been higher. Treasury bonds give a high, secure yield, which is detracting from the value of other asset types like shares and cryptocurrencies.

Gnosis and Augur price prediction

Gnosis has risen by 0.2% while Augur has registered a 1% surge after a bear week. In the past seven days, Gnosis dropped by 8.8% while Augur fell by 11.7%.

Gnosis price daily chart

 

Having bounced off the support at $97.60, the Gnosis (GNO) token is expected to test the resistance at $104.75. However, that depends on whether the current daily candlestick closes above the lower band line of the Bollinger Bands indicator.

Augur price daily chart

 

Augur, on the other hand, seems to have slid into consolidation after erasing most of the gains it made between July 19 and July 20. All eyes are on the support at $0.3246 and the resistance at $2.1844. If the REP price jumps above the upper Bollinger Bands line, it could test the $2.1844 resistance level and if it drops below the lower Bollinger Bands line, it could drop to the support at $0.3246.

The prediction markets tokens including Chancer, are expected to experience significant price gains as popular games including the English Premier League and the American MSL gather steam.

The post Prediction markets tokens rise as other tokens dip: Gnosis, Augur price outlook appeared first on CoinJournal.

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Avalanche unlocks $103M AVAX this week: What’s the price outlook?

  • Avalanche traded at $10.65, down 1.5% in the past 24 hours.
  • The declines for AVAX, which has plummeted from highs near $16 in mid-July, come ahead of a $103 million token unlock.
  • Token Unlocks shows Avalanche is set to unlock 9.54 million AVAX tokens on August 26.

Avalanche is closer to unlocking a significant chunk of its native token AVAX, with this coming at a time a crypto sell-off has put pressure on prices. 

With AVAX price down nearly 14% in the past week and over 25% in the last 30 days, the impending token unlock is definitely one to watch for Avalanche.

Avalanche will soon unlock AVAX worth $103

Details on the platform Token Unlocks shows that the smart contracts platform is poised for a supply surge of 9.54 million AVAX tokens. That means over $103 million worth of AVAX tokens will soon be released into circulating supply. The event is scheduled for August 26 and will see the network add to its circulating supply by 2.77%.

The planned unlock has earmarked tokens for various Avalanche ecosystem players. About 2.25 million tokens will go to strategic partners, roughly 1.67 million to foundations and 4.5 million to teams. Another 1.13 million AVAX is set to be released via airdrops.

Avalanche has so far unlocked 379.79 million AVAX tokens, representing 53%. Another 340 million, or about 47%, remains locked.

AVAX price outlook

The core Avalanche team could see this as an opportunity for ecosystem growth. However, traders are inclined to keenly watch the market as the new supply enters the market. This is due to the potential impact of such a massive release on short term price performance, especially as selling pressure creeps in.

AVAX was at $10.65, down 1.5% in the past 24 hours at 6 am ET on Monday. According to CoinGecko, the cryptocurrency’s 24-hour trading volume stood at $88 million, up 12%.

The token’s value has traded lower since peaking near $16 in mid-July this year. DeFiLlama data shows the total value locked (TVL) in the Avalanche DeFi ecosystem has also shrunk, falling more than 10% in the past seven days to $544 million. 

 and could face further downward pressure given the prospects of a volatile reaction to the unlock. Other market conditions might also come into play.

The post Avalanche unlocks $103M AVAX this week: What’s the price outlook? appeared first on CoinJournal.

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Kaspa, Hedera, Shiba Memu price prediction

  • Kaspa (KAS), Litecoin (LTC) and Tron (TRX) are among top gainers today as crypto markets eye a rebound.
  • But Hedera and Shiba Inu, one of the most popular crypto meme coins, has suffered notable declines in the past 24 hours.
  • New meme coin Shiba Memu has raised over $2.16 million in its presale as AI drives interest.

The crypto market is still searching for a sure footing amidst a tricky terrain wrought with likely traps. Last week’s sharp sell-off that crashed Bitcoin to lows of $25k and Ethereum to under $1,600 has many token trading at or below key levels, with the likes of XRP leading a weekend bounce that has seen Kaspa, Litecoin and Tron among top gainers early Monday.

Elsewhere, Hedera’s outperformed in recent days but it’s among top losers in the past 24 hours. Shiba Inu price has declined further as the troubled launch of Shibarium adds to the downside pressure.

While analysts are bullish on crypto long term, here’s the short term outlook for Kaspa, Hedera as well as overview of Shiba Memu. 

Kaspa price prediction

Kaspa has posted a significant uptick, rising 5% in the past 24 hours to trade above $0.043. But while the GHOSTDAG proof-of-work cryptocurrency is up on the day, price remains 16% off its recently reached all-time high above $0.051.

Zooming out, we see a recently formed cup and handle pattern. KAS has performed a breakout and retest of the support area and could embark on another upward break. The daily stochastic RSI also shows bullish divergence.

If price breaks higher, bulls should be able to test resistance in the $0.046-$0.050 zone.

Hedera price prediction

The price of HBAR, the native token of the decentralised public blockchain Hedera, has declined 3% in the past 24 hours. However, despite paring gains, HBAR price is nearly 15% up in the past month.

As highlighted here, HBAR gained some momentum after FedNow added Hedera micropayments platform Dropp Inc. The positive outlook for the token remains if bulls prevent a decline below the crucial technical level of $0.060. 

Despite declines, HBAR remains in an ascending channel. Resistance is likely at $0.064, with immediate targets including $0.077 to $0.085. On the flipside, the area around $0.054 becomes a “must-defend” for bulls.

What is Shiba Memu?

Shiba Memu, a new artificial intelligence powered cryptocurrency, is nearing the final phase of its hugely successful token presale. The meme coin looks to leverage natural language processing, predictive analytics and image/video recognition to build a self-sufficient protocol driven by an AI dashboard and native token dubbed SHMU.

The new meme dog coin is expected to hunt down rivals via a marketing strategy comparable to 100 marketing agencies, thanks to AI. Interest in SHMU and its potential as an investment has seen investors pour over $2.16 million into the token sale. 

Learn more here.

Shiba Memu price prediction

SHMU price has increased from $0.011125 to currently $0.021700. An interesting fact about Shiba Memu presale is its pre-programmed increases that take place every day at 6pm GMT. Investors knowing this offers a clarity of what to expect.

The expected price increase will take the value of SHMU during the offer to $0.024400. BitMart is already one of the exchanges expected to list SHMU, and demand when tokens launch on more crypto exchanges could help push prices higher.

It’s a scenario that could see SHMU prices explode to $0.1 when the AI dashboard goes live. The bullish outlook strengthens if crypto’s next bull cycle comes into play.

However, the short term picture is one where investors are likely to pay attention to the regulatory environment – particularly around the US Securities and Exchange Commission (SEC). One key segment being watched is the potential approval of Ethereum Futures ETFs and spot Bitcoin ETFs. The progression of the SEC vs. Ripple lawsuit is another, while traders will be mindful of the macro environment.

A bullish combination of these factors could be crucial for cryptocurrencies, including Shiba Memu.

The post Kaspa, Hedera, Shiba Memu price prediction appeared first on CoinJournal.

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XRP price jumps 4% to lead crypto bounce: here’s why

  • XRP price was up 4.5% to above $0.52 after bouncing from recent lows of $0.47.
  • Judge Torres only granted permission to file the motion for an interlocutory appeal. Its not an appeal.

XRP is up 4.5% to trade above $0.52 at the time of writing. The Ripple token is leading the broader cryptocurrency market as bulls look to bounce following the downturn that plunged prices on Thursday and Friday.

While the Fear & Greed Index holds at 37 to suggest the market is still bearish, Bitcoin has climbed above $26k and Ethereum is hovering near $1,670. Dogecoin has gained 1.2% in the past 24 hours. With the top 10 assets turning green, the total crypto market cap has increased 0.8% to $1.12 trillion.

XRP price up after SEC request to appeal

XRP holders have responded positively to the latest development in the SEC versus Ripple Labs case. After paring all gains seen following the July ruling that effectively declared XRP not a security, the plunge to $0.47 on August 18 threatened further declines.

As reported here, Judge Analisa Torres granted SEC’s request to file an expedited appeal on ruling about direct XRP sales by Ripple. Although XRP price had slipped slightly to retest the intraday lows, it flipped back above the psychological buffer of $0.50 as the market reacted to SEC’s motion of appeal that essentially acknowledged XRP by itself is not a security.

Here’s what Pro-XRP lawyer John E. Deaton said:

Here is what the SEC’s filing read in part, as highlighted in a post on X by Fox Business journalist Eleanor Terret.

“The SEC did not argue here or in Terraform that the asset underlying those investment contracts were necessarily a security (and the SEC does not seek appellate review of any holding relating to the fact that the underlying assets here are nothing but computer code with no inherent value).”

XRP price skyrocketed to near $0.94 in July after Judge Torres’ ruling.

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