Bitcoin Investors Quiver As Accumulation Trend Nears Zero

September has started with significant losses for the Bitcoin market after a price decline of 9.16% occurred in the last week based on data from CoinMarketCap. During this period, the price of the largest cryptocurrency has dipped below $53,000 reaching a price low last seen in early August. Interestingly, despite Bitcoin’s low prices, investors are [...]

The post Bitcoin Investors Quiver As Accumulation Trend Nears Zero appeared first on Crypto Breaking News.

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Nigerias Interest Rates Under Pressure After Fuel Price Surge

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Impact of US Interest Rate Cuts on Bitcoin (BTC) Analyzed in Latest Bitfinex Alpha Report

Bitfinex Alpha report examines how upcoming US interest rate decisions could affect Bitcoin's (BTC) short-term volatility and long-term trends. (Read More)

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Hong Kong Monetary Authority Sets 4.00% Interest Rate for Silver Bond Series

The Hong Kong Monetary Authority announced a 4.00% interest rate for the fourth payment of the Silver Bond Series due 2025. (Read More)

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Bitcoin May Peak Around $200,000 In Next 18 Months: CleanSpark CEO Tells Why

Zach Bradford, CEO of Bitcoin (BTC) mining firm CleanSpark, has predicted that the premier cryptocurrency may peak close to $200,000 this cycle. Bradfords Bullish Take On BTC Price In an interview with research and brokerage firm Bernstein, CleanSparks CEO noted that historically, post-halving periods have led to several positive adjustments for BTCs price.  It should be recalled that Bitcoin underwent its fourth halving in April 2024, when its block confirmation rewards were slashed from 6.250 BTC to 3.125 BTC. In a note to clients shared today, Bradford remarked: Based on my current analysis, I believe we could see bitcoin peak just under $200,000, sometime in the next 18 months. Thatll likely be a peak. But I do think well see a rapid jump, and then hopefully, an extended elongated period of it being up before we revisit a bear cycle. Related Reading: Historical Trends Put Bitcoin At $400,000 With Shocking Timeline Bradford stressed that he sees Bitcoins extended flat period as a positive sign. It indicates that a sustained rally to the upside may last longer than usual. However, he cautions that this depends on macroeconomic events and other relevant factors. Adding to his comments, Bradford said he expects a considerable push in BTC price post-election through January 2025. Subsequently, this could help Bitcoin miners with efficient cost structures expand their profit margins. Interestingly, the CleanSpark CEO doesnt think its important who wins the US presidential elections in November 2024. Rather, the reduction in electoral uncertainty after the elections will help investors place more confidence in risk-on assets such as Bitcoin. Bradford opined that the US Federal Reserve (Fed) was late in cutting interest rates after hiking them over the past two years. He concluded that to correct its delayed action, the Fed might cut rates more aggressively in the next 15 to 16 months, leading to further BTC price appreciation. Bitcoin Price Looks For Further Upside, But Challenges Remain After hitting a low of nearly $53,900 on September 6, Bitcoin has rebounded by nearly 10% on the back of multiple positive developments, such as the Fed cutting interest rates by 50 basis points (bps), and increased net daily inflows to ETFs. Related Reading: Bitcoin Set For Biggest September Gains In A Decade: Heres Why Crypto analysts believe that there is room for further upside in Bitcoin price. For instance, analysts from 10x Research predict that BTC may reach $70,000 in the coming two weeks, followed by a new all-time high (ATH) price. However, there are reasons to temper this optimism. For example, the recent Bitcoin rally has been accompanied by a rapid increase in open interest, indicating the possibility of high price volatility in the near term. Similarly, another analyst highlighted the greater increase in derivatives trading compared to spot trading as a cause for concern regarding a healthy Bitcoin price trajectory to the upside. Bitcoin trades at $63,710 at press time, down 3.2% in the past 24 hours. Featured image from Unsplash, Chart Tradingview.com

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Bitcoin (BTC) Faces Volatility as US Interest Rate Decisions Loom

Bitcoin's (BTC) price may experience significant changes as the US Federal Reserve's interest rate decisions approach, according to Bitfinex Alpha. (Read More)

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Bitcoin monthly close, fresh bullish narratives lead BTC traders to aim for new price highs

Bitcoins monthly close could reverse a 6-month-long downtrend and signal traders intent to push BTC price to new highs. 

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Bitcoin price to $62K? Bearish div hints at a slow start to Uptober

Bitcoin open interest is testing a yearly high range of $35B while spot volumes remain skewed towards the sell side, indicating higher downside volatility. 

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3 Reasons Bitcoin Price Rally Is At Risk Details

Bitcoin emerged as an investors favorite this past week, recording a price rise of 4.07% according to data from CoinMarketCap. During this price surge, the premier cryptocurrency traded as high as $66,000, a level last reached in late July. However, despite this price gain which extends Bitcoins unusual positive performance in September, certain market conditions indicate concern over the sustainability of this rally. Related Reading: Bitcoin Set For Biggest September Gains In A Decade: Heres Why Why Bitcoins Rally Is In Danger In a Quicktake post on CryptoQuant, an analyst with username Wenry outlined several reasons Bitcoin may not sustain its current upward trend. Firstly, Wenry notes that there is a lack of interest from retail investors in Korea and the US as indicated by a stagnant Taker volume. This status is different from previous Bitcoin price rallies where retail activity in these countries was prominent. Therefore, the analyst postulates that the current price surge is devoid of new investments and is likely driven by a select group of market participants. Furthermore, Wenry highlights there is currently a high level of Open Interest in the BTC market, but the asset continues to move in a range-bound market i.e. consolidation due to a low spot volume. The combination of both factors reflects the absence of a significant buying interest in Bitcoin despite the present rally.   Another point of concern raised by Wenry states the current Bitcoin price gain is caused by a rise in derivatives trading due to macroeconomic factors such as the reduction of interest rates. The crypto analyst pinpoints a lack of equal support from the spot market therefore, the rally is likely a temporal uptick rather than a structural market shift. In conclusion, Wenry states that the absence of significant spot market volume, a stagnant Taker volume, and low retail participation all threaten the longevity of Bitcoins current rally. Notably, if retail investors remain away from the market, Bitcoin would likely remain in consolidation or even experience a price correction. Related Reading: Analyst Backs Bitcoin Hitting $290,000 In Bull Run Heres Why Bitcoin To Break All-Time High In Q4?  On another front, popular analyst Michaël van de Poppe has backed Bitcoin to surpass its all-time high price of $73,750 in the last quarter of 2024, following a similar trajectory with gold. Van de Poppes prediction seems quite plausible as Q4 is traditionally the most bullish moment for Bitcoin. In addition, the renowned analyst is also backing altcoins to experience a 3-5x price surge in the same period. At the time of writing, Bitcoin continues to trade at $65,810 following a 0.40% gain in the last day. In tandem, the assets daily trading volume is down 53.16% and valued at $65,649.  Featured image from Freepik, chart from Tradingview

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Bitcoin Breaks $66,000, But Analyst Warns Against Fresh LongsHeres Why

Bitcoin has shown bullish momentum during the past day, but an analyst has pointed out how the asset may be in a high-risk zone now due to the Open Interest trend. Bitcoin Open Interest Has Seen A Rapid Increase Recently As explained by CryptoQuant community manager Maartunn in a new post on X, the Bitcoin Open Interest has just surged to high levels. The “Open Interest” is an indicator that keeps track of the total amount of BTC-related positions currently open on all derivatives exchanges. Related Reading: Shiba Inu Rallies 34%, But Will FOMO End The Rally? When the value of this metric rises, it means the investors are opening up fresh positions on the derivatives market right now. As the overall leverage in the sector increases when this trend occurs, it can lead to higher asset price volatility. On the other hand, the indicator heading down suggests the derivatives contract holders are either closing up positions of their own volition or getting forcibly liquidated by their platform. This kind of trend can lead to more stability for BTC. Now, here is a chart that shows the trend in the Bitcoin Open Interest over the past year: As displayed in the above graph, the Bitcoin Open Interest had cooled off to relatively low levels earlier in the month as the asset’s price crashed. With the recovery in the coin, however, the indicator has been noting growth again. The indicator is now high, potentially implying the market has become overleveraged. As mentioned earlier, a high metric value can lead to more volatility for BTC. The reason behind this is that mass liquidation events can become more probable to occur at these levels, making the price act more volatile. On paper, the volatility emerging from an Open Interest increase can take the coin in either direction, but BTC has shown a consistent pattern in the past year. As the analyst has highlighted in the chart, the indicator entering into the same zone as now has generally turned out to be bearish for Bitcoin in this window. Related Reading: Render (RENDER) Shows 23% Surge As Sharks & Whales Continue To Buy In these instances, the Open Interest surge had occurred alongside price surges, indicating that long positions had been piling up. The latest growth in the indicator has also naturally come similarly. “We’re in a high-risk zone, and in my opinion, it’s not the best time for fresh long positions,” notes Maartunn. It remains to be seen how Bitcoin develops in the coming days and if it will hit the top, just like it did during those other instances. BTC Price Following the rally in the past day, Bitcoin has managed to find a break above the $66,000 level for the first time in almost two months Featured image from Dall-E, CryptoQuant.com, chart from TradingView.com

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Feds dovish move will slash $625M in interest income for stablecoins

CCData estimates stablecoins will lose approximately $625 million in interest income for each 50-basis point cut. Further cuts in 2024 could reduce annual revenue by as much as $1.5 billion.

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Hong Kong Monetary Authority Announces Interest Rate for Retail Green Bonds Due 2026

The Hong Kong Monetary Authority has set the interest rate for the second interest payment on retail green bonds due 2026 at 4.75% per annum. (Read More)

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Financial institutions are experimenting with Bitcoin-backed lending: Ledn

Lower interest rates and accelerating crypto adoption are spurring more financial institutions to try Bitcoin-backed lending. 

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Gold hits new all-time high as Bitcoin rallies to September high above $64K

Gold has gained more than 5% in two weeks, reaching a record high driven by rate cuts and geopolitical tensions.

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Bitcoin leads $321M crypto inflows following Fed rate reduction

Digital asset investment products posted a second consecutive week of inflows last week, totaling $321 million, CoinShares reported.

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Bitcoin is pinned below $65K but several market structure-altering factors are at play

Bitcoin must overcome resistance in the $64,000 to $66,000 zone before a new set of growth catalysts initiate the path to six-figure BTC price territory.

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Dogecoin Open interest Remains Muted Below $500 Million, Whats Going On?

With the market recovery, open interest in major assets has been rising, but it seems Dogecoin is not following this trend. The meme coin has remained muted with a failure to move like other large caps such as Bitcoin and Solana. Naturally, the direction of open interest can have an impact on the performance of Dogecoins price. So, what could this muted open interest mean for the meme coins price going forward? Dogecoin Open Interest Fails To Move According to data from the Coinglass website, the Dogecoin open interest has failed to surpass the $500 million level once again. On Thursday, the Dogecoin open interest was $493.97 million, which is a long way from its all-time high. This comes even as the meme coins open interest surged 6.9% in the 24-hour period, with notable jumps across crypto exchange such as OKX and Bitget. Related Reading: October To Remember: Descending Broadening Wedge Says Bitcoin Is Going To $90,000 Despite this increase, the Dogecoin open interest is still firmly below its August highs. The open interest started out in August above $618 million. However, since then, it has remained muted, suggesting that crypto traders have turned their attention elsewhere. Even more concerning is the fact that the open interest is more than 70% below its all-time high from March 2024. On March 29, 2024, the Dogecoin open interest had reached a new peak of $2.21 billion. But since then, the open interest has been seeing a steady decline. At Thursdays figures of $498 million, the DOGE open interest is now seeing a 77% decline from its Marchs figures. Why This Decline Could Be Good For DOGE The open interest gives the total of the open options or futures contracts in the market for a particular digital asset. Basically, it helps investors to tell if traders are betting heavily on the recovery or decline of a cryptocurrency or not. Related Reading: XRP Price Prediction: Crypto Pundit Predicts Historical 9,468% Pump To $27 Given Dogecoins data, it shows that traders are not exactly focused on the meme coin as they used to be. However, this is not always a bad thing, as periods of low open interest have often marked market bottoms. The low open interest usually gives investors a good time to enter into the coin, as the price often declines with the open interest. As the Bitcoin price recovers, it is expected that the Dogecoin price will follow, and when the open interest begins to recover, the DOGE price is expected to grow rapidly with it. A similar scenario was witnessed back in January 2024, with the open interest marking a bottom somewhere around $300 million. However, over the next few months, the open interest rose more than 630%, triggering an over 100% price surge for Dogecoin. If the same scenario plays out here, then the DOGE price could double once more. This would put the price firmly above the $0.2 level, especially with a bull run expected in the last quarter of the year. Featured image created with Dall.E, chart from Tradingview.com

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Ethereum Poised For A Comeback Following Interest Rate Cut: Steno Research

According to Steno Research, Ethereums (ETH) days of underperformance against the wider crypto market might be numbered following the US Federal Reserves (Fed) decision to cut interest rates. Its Time For Ethereum To Shine Again Regarding price appreciation, ETH hasnt had a particularly impressive 2024. While Bitcoin (BTC) and altcoins like Solana (SOL) and Tron (TRX) have witnessed considerable price gains, ETH is still trading at its January 2024 price levels. Notably, the second largest digital asset by market cap has tumbled 48% against Bitcoin since the Ethereum merged on September 15, 2022. Related Reading: Ethereum Price Reaches $2,500 Again: Will The Uptrend Hold? For the uninitiated, the Ethereum merge was a major milestone for the leading smart contract platform as it not only changed its consensus mechanism from Proof-of-Work (PoW) to Proof-of-Stake (PoS) but also razed down the issuance of new ETH from 4% to 1% annually. As a result, there has been a net negative ETH supply growth with more ETH being burned through transaction fees than issued to stakers. Ethereums unimpressive performance against Bitcoin can be confirmed from the following chart, where the ETH/BTC trading pair has fallen to 0.04, eroding all its gains against the flagship cryptocurrency since April 2021. However, a recent report by Steno Research opines that its time for Ethereum to come back.  According to the report, the Feds decision to slash interest rates might be the fuel that propels ETHs price surge in the coming months. The report references ETHs performance during the last altcoin season, where it more than doubled in value compared to BTC in less than two months.  This sudden growth was powered by a sharp increase in on-chain activity stemming from rising interest in ecosystems such as decentralized finance (DeFi), non-fungible tokens (NFT), and higher issuance of stablecoins. In a post on X, Mads Eberhardt, Senior Cryptocurrency Analyst at Steno Research, said: Lower interest rates -> More on-chain activity -> Greater Ethereum transactional revenue -> Lower ETH supply growth -> Higher ETH price. Let’s go. Several Reasons For Ethereums Underperformance Additionally, the report mentions that Ethereum exchange-traded funds (ETFs) will likely outperform Bitcoin ETFs. Discussing the major reasons why BTC has overshadowed ETH until now, Eberhardt notes: The impact of U.S. spot ETFs for both bitcoin and ether, the persistent buying pressure from MicroStrategy (MSTR), and a notable decline in Ethereum’s transactional revenue in recent months. Related Reading: Ethereum In 2021 Vs. 2024: Fractal Suggests Major Breakout In Q4 Despite the headwinds it has faced, investor confidence in Ethereum continues to be strong. In a recent report, crypto exchange Bitwises CIO called Ethereum the Microsoft of blockchains, hinting it might come back by year-end after the November US presidential elections. ETH trades at $2,543 at press time, up 4.3% in the past 24 hours. Featured image from Unsplash, Charts from Etherscan.io and Tradingview.com

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Bitcoin (BTC) Faces Potential Volatility as Interest Rate Cut Looms

Bitcoin (BTC) may see increased volatility with a potential 25 basis point rate cut by the Fed, according to Bitfinex Alpha. (Read More)

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Bitcoin price attempts to turn the tide after Feds 0.5% rate cut

Bitcoin price rallies to $61,000 after the US Federal Reserve cuts rates by 50 basis points for the first time since 2020.

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