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The fund allegedly lost about half of its assets following FTX's collapse.
Bitcoin has been on an incredible price momentum for the past two weeks. This momentum, which took many by surprise, saw Bitcoin breaking above the psychological $65,000 price level again. According to price data, Bitcoin traded as low as $52,820 on September 6. Related Reading: Bitcoin Breaks $65K With $365 Million In Spot ETF Inflows Fueling The Rally Its recent rebound to $66,300 indicates that the king of cryptocurrencies has recovered substantially by 25.5% in two weeks. According to Coinglass data, this marks the biggest gains recorded by Bitcoin in September since 2013. Yet, despite this impressive rally, a significant number of traders continue to bet against BTC. This ongoing trend has set the stage for a potential short squeeze, which could send the coin’s price soaring to new all-time highs in October. Here’s a closer look at how this is happening and what could unfold next. Short Positions Dominate Exchange According to crypto analyst Ali Martinez, who shared his insights on social media platform X, a surprising 57.77% of Binance users with open positions are shorting Bitcoin. This means that many traders are betting on the price of Bitcoin to decline, even as it maintains a strong upward momentum. 57.77% of @binance users with open positions are shorting #Bitcoin! pic.twitter.com/bWQ4d5n6MJ Ali (@ali_charts) September 27, 2024 However, considering the institutional and whale inflow into Bitcoin, especially through Spot Bitcoin ETFs, Bitcoin is still largely in the position to keep trending upwards in the coming week. The combination of such inflows and the significant volume of short positions creates the potential for a short squeeze as we move into October. As September comes to an end, many traders are keeping an eye on October, which is historically a bullish month for BTC (Uptober). Bitcoin has often performed well in the fourth quarter, which is when the industry typically sees increased buying pressure and institutional inflows. Such a short squeeze could further push the crypto’s price beyond its previous all-time high of $73,737 and into new price territories. Bitcoin: Short-Term Correction On The Horizon? While the outlook for BTC is generally bullish, there is also the possibility of a short-term correction in the price over the coming days. The TD Sequential indicator, a popular tool used by traders to identify potential price reversals, has flashed a sell signal on the 4-hour chart. This phenomenon was noted by Ali Martinez, suggesting that Bitcoin could experience a brief pullback before resuming its upward trajectory. Related Reading: Stacks: New Network Upgrades Push STX Price Up By 18% Details Such a correction would serve as a consolidation phase after two weeks of bullish price action, giving the market time to reset before the next big move. Following this trend, it could also potentially trigger more traders to go short, further fueling the potential for a bigger short squeeze when BTC rebounds. At the time of writing, Bitcoin is trading at $65,658. Featured image from CNBC, chart from TradingView
Meme coin PEPE has been on an impressive rally for some time now. Stemming from a broader influx of funds into the meme coin sector and the overall cryptocurrency market that has been in motion for the past two weeks, PEPE is currently up by 38% in the last seven days, outperforming its meme coin counterparts with larger market caps. Related Reading: UNI Surges 30% Amid Ongoing On-Chain Development Talks Interestingly, this impressive price action has seen PEPE breaking out of a downtrend pattern that has lasted for the past six months. This significant development was highlighted on the social media platform X by well-known crypto analyst Captain Faibik. According to the analyst, PEPE’s price action has resulted in an upward breakout from a symmetrical triangle pattern, a technical formation that has been dictating its consolidation period for half a year. Breakout From 6-Month Consolidation Pattern Using a PEPE / Tether US chart shared on social media platform X, Captain Faibik highlighted PEPE’s price action since the beginning of the year. The chart showed that since it reached its all-time high of $0.00001717 on May 27, 2024, PEPE has yet to return to this price point. Periods of rallies have been characterized by the formation of lower highs and higher lows, leading to the formation of a symmetrical triangle pattern. PEPE’s recent 38% rally has seen the meme coin break out substantially from the upper resistance trendline of the symmetrical triangle. From this point, the only place left to go is up. Analyst Predicts 351% Surge To New ATH With the breakout confirmed, Captain Faibik has set a bullish price target for PEPE. In terms of a price target, Captain Faibik noted that PEPE is now clear for a rally to a new all-time high. Specifically, he predicted a rally to a price target of $0.00003214. Getting to this price point would necessitate PEPE stepping into new price territories. Furthermore, the price target means PEPE would need to surge by an impressive 351.69% from its breakout point. Given the meme coin’s recent history, such a price surge is very possible, especially as the crypto industry is now transitioning into a predicted bullish fourth quarter. As always with meme coins, extreme volatility and rapid price changes are expected. This is because investments in meme coins largely depend on the general sentiment among cryptocurrencies like Bitcoin, Ethereum, and sometimes Dogecoin (the king of meme coins). Related Reading: XRP Set To Soar Nearly 900% To $31, Analyst Highlights Key Resistance At the time of writing, PEPE is trading at $0.00001125, still on a 38% gain throughout last week. Other meme coins are on comparable gains in this time frame. Shiba Inu (SHIB) is up by 32%, Dogwifhat (WIF) rose by 33%, Bonk (BONK) climbed by 30%, and Floki (FLOKI) added 23%. Dogecoin (DOGE), on the other hand, is up by a smaller 17% in the past seven days. These gains could continue into the coming week as the market remains bullish. Featured image from Rolling Stone, chart from TradingView
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The project aimed for speed, privacy and legal compliance while using highly accessible and desirable US Treasury bonds as a collateral asset.
Bitcoin (BTC) could be gearing up its last explosive rally of a four-year market cycle, which traditionally kicks off at the beginning of a halving event and culminates just before the next one. A crypto analyst has boldly predicted that the price of Bitcoin could surge to $200,000 and above, marking new All-Time Highs (ATHs) [...]
The post Bitcoin Final Cycle Pump Puts Price As High As $200,000 appeared first on Crypto Breaking News.
NFTs saw a sharp decline in August 2024, with monthly sales dropping to $374 million the lowest this year.
Pubkey, a Bitcoin bar in New York City, hosted the former US President and 2024 Republican nominee for a campaign stop on Sept. 18.
The Ether whale started selling tokens on Sept. 16, with over $38 million in ETH still in its wallets.
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Bitcoins Path Forward: Insights into Price Targets, Support, and Resistance Zones
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Ethereum (ETH) has been trading within a daily range between $2,300 and $2,800 since the start of August. Over the past three days, the price has struggled to break past the $2,600 mark, raising concerns among analysts and investors. Related Reading: Ethereum Price Freefalls 20% Following $600 Million ETH Liquidation This performance has led to disappointment, particularly when compared to Bitcoin’s stronger showing this year. Critical data from Farside Investors reveals decreasing interest in Ethereum ETFs, which has added to the cautious sentiment surrounding ETH. This decline in interest may indicate broader concerns about Ethereum’s future performance. As ETH continues to face resistance at the $2,600 level, the market remains uncertain about its ability to break higher. The next few days will be critical in determining whether Ethereum can regain its momentum or if it will continue to lag behind its peers. The market is closely watching these developments, making this a pivotal moment for ETH. Ethereum ETFs’ Underwhelming Performance The launch of Ethereum ETFs was anticipated with great excitement, but it quickly became a “sell the news” event. Data from Farside Investors reveals that Ethereum ETFs have flopped in performance since their debut. Both inflows and outflows have gone to virtually zero, reflecting a lack of sustained investor interest. This response contrasts sharply with the enthusiasm that preceded their launch. Moreover, Bloomberg data shared by Galaxy Research highlights that Ethereum ETFs are trading at significantly lower volumes compared to Bitcoin ETFs. This discrepancy is notable, particularly when considering the ETH/BTC trading volumes and market cap ratios on centralized exchanges (CEX). Despite Ethereum’s strong market presence, these ETFs are not capturing the same level of investor attention as their Bitcoin counterparts. The current data suggests that, under prevailing market conditions, investors are more inclined to favor Bitcoin or even explore alternatives like Solana over Ethereum. The lack of enthusiasm for Ethereum ETFs underscores the broader market sentiment, where Bitcoin continues to dominate, leaving Ethereum and its financial products trailing. This development raises questions about the future appeal of Ethereum ETFs and whether they can gain traction in an increasingly competitive market. Related Reading: Solana (SOL) Funding Rate Signals A Decline: Investors Expect $130 ETH Price Action Ethereum (ETH) is currently trading at $2,522, reflecting a period of uncertainty as it remains below the $2,600 mark since last Tuesday. This price point is significant because $2,600 served as a strong support level throughout most of August. The fact that it has now turned into resistance suggests that ETH could be facing further declines in the near term. For bulls to regain control and steer the price upward, breaking past the $2,600 resistance is crucial. Should this level be breached, the next target would be the local high of $2,820, signaling a potential bullish reversal. However, if Ethereum fails to reclaim the $2,600 level, it could lead to a continuation of the current downward trend, with the next key support level around $2,310. Related Reading: Investors Buying Bitcoin (BTC) Over Ethereum (ETH): Key Data Reveals This ongoing battle between support and resistance levels highlights the importance of the $2,600 mark in determining Ethereum’s short-term price direction. Cover image from Dall-E, Chart from Tradingview
GalaChain introduces a new transaction fee system to enhance sustainability and autonomy for channel creators, according to Gala News. (Read More)
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