Bitcoin

Bitcoin Struggles to Recover as Tether’s USDT Growth Stalls: CryptoQuant

Published

12 months ago

9 June, 2024

Bitcoin Struggles to Recover as Tether’s USDT Growth Stalls: CryptoQuant

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Demand for Bitcoin from large investors and permanent holders is increasing. However, Bitcoin (BTC) has yet to see a major price recovery as USDT market capitalization growth is slowing down, according to CryptoQuant’s recent report.

“Stablecoin liquidity has not yet recovered its growth trajectory to support a price rally,” CryptoQuant stated. “Growth in Tether’s USDT market capitalization, a proxy for new liquidity in crypto markets, has continued to slow and is now growing at the slowest pace since February 11.”

As noted, demand for Bitcoin among large-scale investors, often called whales, and long-term holders is gaining speed. The monthly growth rate in demand from these groups is 4.4%, the fastest increase since April.

Over the past 30 days, these Bitcoin holders have added 70,000 BTC to their holdings, the most substantial accumulation since April. This mirrors the pre-rally phase of 2020, when large investors funneled around $1 billion into Bitcoin, according to the report.

Activity on the network remains robust despite Bitcoin’s price showing low volatility. Data suggests that institutional investors are actively purchasing Bitcoin for their custodial portfolios. Furthermore, long-term holders resumed accumulation.

The report also notes that selling pressure on Bitcoin has eased as traders have largely completed taking profits. With unrealized profits at a minimum of 3%, down from 69% at the beginning of March, the expectation is for a reduction in selling pressure in the future.

At the same time, Ethereum (ETH) witnessed a surge in demand, especially after the approval of Ethereum ETFs in cash in the US, with daily purchases by permanent holders averaging 40,000 ETH since May 20.

Despite optimistic signs of increased institutional purchases and the launch of spot ETFs, the CryptoQuant report suggests that the slow growth of stablecoin liquidity could harm prospects for a major recovery in Bitcoin prices in the near term.

Bitcoin Price Stalls Despite Strong Inflows into US Spot Bitcoin ETFs

The report also highlights a notable increase in Bitcoin purchases from US spot Bitcoin ETFs (ETFs), with total holdings increasing from 819,000 to 859,000 between May 1 and June 6.

On June 7, US Bitcoin spot funds recorded a net inflow of $131 million, marking 19 consecutive days of inflows, according to data from the Far side.

Historically, strong Bitcoin ETF inflows have been accompanied by Bitcoin price rallies. However, price movements over the past two weeks indicate that ETF flows are not the only factor influencing Bitcoin price actions.

CoinGecko’s data shows that the price of Bitcoin fell from around $72,000 to $69,000 on Friday following the jobs report and unemployment data.

At the moment, Bitcoin is trading around $69,200, a slight drop in the last 24 hours, and is about 6% away from its all-time high set in March.

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Bitcoin

What to watch for in the markets

Published

11 months ago

21 July, 2024

SatoshiTimes Staff

Photo: Andrew Harnik (Getty Images)

After witnessing one of the largest global IT outages on record, affecting the travel, finance and healthcare sectors worldwideThis week is set to see more political drama, events, and earnings reports from tech giants.

Donald Trump’s ‘Lovefest’ Sets Jamie Dimon Up for Consideration for Treasury Secretary Job

Let’s take a look at what awaits us:

Major companies will release their earnings reports

Major tech companies and others will release their earnings reports this week, paving the way for what the second half of 2024 will look like.

Monday

Verizon will report earnings before the start of operations.

Tuesday

Coca-Cola, Comcast and UPS are all set to report earnings before the market opens.
Tesla will report earnings in the morning, while General Motors will report earnings in the evening.
Alphabet and Visa will report results after the market closes.

Wednesday

AT&T will release its report before the market opens.
Ford and Chipotle will report earnings after the market closes.

Thursday

Earnings reports from AstraZeneca, American Airlines and Southwest Airlines will be released before the market opens.

Trump to speak at Bitcoin conference

Presumptive Republican presidential nominee Donald Trump will speak at the next Bitcoin Conference in Nashville, Tennesseewhich is scheduled for July 25-27. While this is the first time a presidential candidate will attend the conference, it has sparked a debate over whether the crypto-friendly Trump will receive support from the crypto community in the upcoming election.

In addition to Trump, independent presidential candidate Robert F. Kennedy Jr. will also discuss crypto during the conference. Crypto advocates such as ARK Investment’s Cathie Wood, MicroStrategy’s Michael Saylor, and whistleblower Edward Snowden are among some prominent names who will be participating in the conference.

Ether ETFs are on the way

New Ether Spot ETFs are set to begin trading on Tuesday, July 23. Much like the spot Bitcoin ETFs, these ETFs will allow investors to buy the second most popular cryptocurrency like stocks. BlackRock, Ark Invest/21Shares, VanEck, Grayscale, Fidelity, Bitwise, Franklin Templeton, and Invesco/Galaxy Digital are all set to offer Ether ETFs. Crypto asset manager Bitwise predict that trading in the Ether ETF will drive the price of Ether higher, potentially surpassing $5,000.

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Bitcoin

Cryptocurrency’s Biggest Winners and Losers in a Second Trump Presidency

Published

11 months ago

21 July, 2024

SatoshiTimes Staff

Cryptocurrency’s Biggest Winners and Losers in a Second Trump Presidency

Bitcoin miners and cryptocurrency companies that have been blocked from going public in the U.S. could ultimately be the biggest winners in the digital asset world under a second Donald Trump presidency. Foreign companies at risk of losing market share could end up being the biggest losers.

That’s the view that’s taking hold among market participants and observers in the wake of the former president’s growing embrace of cryptocurrency as his chances of election grow. survey released Thursday by CBS News showed Trump with the majority — 52 percent — of likely voters in his likely November rematch with President Joe Biden.

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Bitcoin

Bitcoin, Ethereum, Solana and Cryptocurrency Markets Look Ready to ‘Send’ as Stars Align, According to Investor Chris Burniske

Published

11 months ago

21 July, 2024

SatoshiTimes Staff

Bitcoin, Ethereum, Solana and Cryptocurrency Markets Look Ready to ‘Send’ as Stars Align, According to Investor Chris Burniske

Cryptocurrency investor Chris Burniske says Bitcoin (BTC), Ethereum (ETH), Solana (SUN) and the cryptocurrency market in general seem poised for a run.

Former Head of Cryptocurrency at ARK Invest account his 292,200 followers on social media platform X that several catalysts are aligning, suggesting that digital asset markets are on the verge of a bull run.

According to Burniske, a partner at venture capital firm Placeholder, the highly anticipated launch of Ethereum-based exchange-traded funds (ETFs), Republican presidential candidate Donald Trump speaking at an upcoming Bitcoin event, and the current state of the BTC, ETH, and SOL charts all suggest significant optimism for the cryptocurrency markets.

“With ETH ETFs set to go live, Trump speaking at The Bitcoin Conference, and BTC, ETH, and SOL charts looking [they do] (while stocks are weak), it’s hard to imagine a world where we don’t ship next week.”

Reuters recently reported that preliminary approval for ETH ETFs has been granted as the Bitcoin Conference is scheduled to take place from July 25-27.

BTC, ETH, and SOL are trading at $67,333, $3,528, and $174 at the time of writing, respectively.

The venture capitalist too provides an update on his prediction that the total crypto market cap will eventually hit $10 trillion. According to his chart, the path to $10 trillion is currently “23%” complete, as it sits around $2.2 trillion.

Source: Chris BurniskeX

Earlier this month, Burniske he said in an interview with Real Vision CEO Raoul Paul that he has his eye on the Move ecosystem, which was originally built by social media giant Meta and then used to develop layer 1 blockchains Sui (IUE) and Apts (APT).

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Bitcoin

Here’s the next target for BTC before bulls can hold out for $70K

Published

11 months ago

21 July, 2024

SatoshiTimes Staff

Here’s the next target for BTC before bulls can hold out for $70K

Bitcoin’s recovery is going well, and the market is seemingly poised to create a new all-time high in the near term.

Technical analysis

Per NegotiationRage

The daily chart

As the daily chart shows, the price of Bitcoin has been rising since it broke above the 200-day moving average.

The market has also reclaimed the $60K and $65K levels and is moving towards the $68K resistance zone, which could be the last hurdle before creating a new all-time high. With the RSI also indicating that the price has clear bullish momentum, it could be just a matter of time.

Source: TradingView

The 4-hour chart

Looking at the 4-hour chart, it is evident that the price has been rising rapidly since breaking the downtrend line to the upside. The market also broke the $65K resistance level with momentum, turning it into a support.

While almost everything points to a new record high in the coming weeks, there is one worrying sign. The RSI is showing a clear bearish divergence between recent price highs, which could indicate a correction or even a reversal in the near term.

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Cryptocurrency Charts by TradingView.

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