Rare Crypto Signal Emerges That Could Spark Another 2017-Style Boom

A rare crypto technical indicator signal has appeared for the first time in over six years. The last time it fired, the total cryptocurrency market cap climbed more than 7,000% and put the asset class on the map. With the signal now firing once again, is this a prelude to another 2017-style market boom in digital currencies? Why Crypto Could Be On The Verge Of A 2017-Style Boom Volatility is the measure of how much price varies within a timeframe. For example, an asset that rises and falls $5 either way on average is nowhere nearly as volatile as something like Bitcoin which can crash by 80% then rip higher by a 1000%. The Bollinger Bands visualize volatility over the last 20-periods using a moving average and two standard deviations. When the tools tighten, it signals a lack of volatility. When the bands expand, they signal intense volatility ahead. Related Reading: Bitcoin Price Double Fractal Points To “Extended” Parabolic Rally A squeeze setup involves the Bollinger Bands tightening, then expanding to release the energy built up in the trading range. This is precisely what’s happening in the Total Crypto Market cap chart for the first time since late 2016. In the chart below, Bollinger Band Width is at the tightest in over six years. Although past performance is no guarantee of future results, the last time the signal appeared the crypto market climbed from $10 billion to $780 billion in value. A massive move is coming in cryptocurrencies | TOTAL on TradingView.com Buckle Up: Bollinger Bands Suggest Volatility Ahead The Bollinger Bands are telling us that volatility is coming, but says little about the direction of price action. For a buy signal to occur, price must close above the upper band. Until that happens, all we know is a big move is coming. Volatility, however, can resolve to the upside, despite being more so associated with downside in financial markets. The VIX, which is a measure of implied volatility in the S&P 500, is also called the “Fear Index” because it so often spikes during corrections. Related Reading: This Bitcoin Indicator Turned $5 Into $34,000 Even Oxford Languages defines the term with a negative connotation. According to the authority, volatility is the “liability to change rapidly and unpredictably, especially for the worse.” Simply put, things could also get worse for crypto. But considering the extended downtrend and evidence from the last time the signal fired, this tight of Bollinger Band Width has the potential to produce a 2017-like rally in crypto. Tony is the author of the CoinChartist (VIP) newsletter. Follow @TonyTheBullBTC & @coinchartist_io on Twitter. Or join the TonyTradesBTC Telegram for exclusive daily market insights and technical analysis education. Please note: Content is educational and should not be considered investment advice. Featured image from iStockPhoto, Charts from TradingView.com

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United States Dominates Global Crypto Market With Massive $9.3 Billion In Profits

In a recent report by market intelligence firm Chainalysis, it has been revealed that global crypto gains in 2023 amounted to a staggering $37.6 billion. This profit surge reflects improved asset prices and market sentiment compared to 2022.  Although this figure falls short of the $159.7 billion gains witnessed during the 2021 bull market, it [...]

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Classic Minerals And AuResources Drive Blockchain-Backed Funding For Gold Mining Ventures

Classic Minerals Limited, an Australian gold exploration company, and AuResources AG, a Swiss fintech startup, have begun a $60 million funding initiative to leverage blockchain technology to boost the gold mining and fintech sectors. The collaboration is designed to accelerate the development of Classic’s gold projects, particularly the Kat Gap Project in Western Australia and the Forrestania Gold Project, by avoiding traditional commodity trade funding. Blockchain-Backed Capital In a move that bypasses traditional banking channels, AuResources, backed by digital and tokenization-focused bank Black Manta Capital, will provide the initial $10 million in funding.  This capital injection is intended to support Classic’s production capacity at the Kat Gap project and facilitate the development of the Lady Magdalene and Lady Ada deposits. By leveraging blockchain technology, the partnership introduces a new business model that aligns with the companies’ interests.  Related Reading: Solana (SOL) Price Primed For 50% Leap: Experts Turn Bullish Classic’s Kat Gap project, situated approximately 170km south of Southern Cross, has demonstrated potential. It boasts a $41 million reserve at 2.5 grams per tonne (g/t) and additional inferred resources of $120 million at 2.19g/t within the area.  Following a successful trial mining phase in mid-August 2023, the project has generated revenue, with gold sales surpassing $967,000 across the September and December 2023 quarters. The collaboration with AuResources aims to build upon this initial success, facilitating further exploration. In addition, Classic Minerals has acquired full control of the 500 km² Forrestania Gold Project Properties. The Forrestania Project, with a history of production and resources Inferred and Indicated, represents additional exploration and development for blockchain-backed financing. Gold Financing Enters The Digital Age After a long period of planning and support from investors, Ian Cooper, CEO of AuResources, expressed his excitement about the partnership by stating the following: Being able to reach this milestone today is the result of two years of dedicated work and the unwavering support of our investors. The entire team is proud to move forward, and we couldn’t have found a better partner than Classic Minerals. Furthermore, the financing structure, backed by gold “tokens” using distributed ledger technology, aims to provide investors with increased security and transparency.  Related Reading: Euphoria Or False Dawn? Why The Ethereum $4,000 Party Might End Soon On the other hand, John Lester, Chairman of Classic Minerals, expressed his gratitude towards AuResources and Black Manta Capital Partners for their support, stating:  The launch of this funding round firmly establishes Classic on the international stage. We are now poised to deliver exceptional value to AuResources, Black Manta Capital, and our esteemed shareholders. Overall, the partnership and the new funding strategy underscore the use and wider adoption of blockchain technology within the crypto asset industry and for traditional finance (TradFi) companies such as gold and other commodities.  Featured image from Shutterstock, chart from TradingView.com

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Crypto Markets Monster Cycle: $7.5 Trillion Market Value By 2025, Bitcoin Targets $150,000

In a recent Bloomberg report, it has been revealed that the market value of crypto assets is expected to witness a remarkable surge, nearly tripling to $7.5 trillion by 2025.  Wall Street Firm Predicts Monster Of A Crypto Cycle The next few years are likely to usher in a monster of a crypto cycle, according [...]

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When Will Crypto Winter Thaw Out? Total Crypto Market Cap (TOTAL) September 20, 2022

In this episode of NewsBTC’s daily technical analysis videos, we examine the total cryptocurrency market cap (TOTAL) following Ethereum Merge-related disappointments and sideways Bitcoin price action, and attempt to understand how long crypto winter might last. Take a look at the video below: VIDEO: Total Crypto Market Cap Analysis (TOTAL): September 20, 2022 Bitcoin price action continues to go mostly nowhere and Ethereum has pulled back due to Merge-related sell the news profit-taking, so in the video below we take look at these factors combined via the Total Crypto Market Cap chart.   Related Reading: WATCH: Bitcoin Bloody Monday Leads To Reversal Hammer | BTCUSD September 19, 2022 When Will The Cryptocurrency Market Bottom And What Next? Sentiment, price action, and technical indicators all are behaving similarly to the 2018 bear market bottom. If no new lows are made, taking a bars pattern fractal from the bear market bottom and fitting it over the current price action could give some clues into what to expect. Fitting the fractal perfectly involves increasing its size slightly, which results in a higher high if the similarities were to continue. The higher high would also occur at around the same trend line where the last double top formed. Connecting resistance levels and support levels could create the structure of a rising wedge or in Elliott Wave terms, an ending diagonal. Ending diagonals form when an asset’s price has climbed far too much too fast. Here is access to a FREE 1-hour course on how to spot an Elliott wave pattern on a price chart and develop a solid trading plan around it. Get The Elliott Wave Principle Applied right (normally a $99 value) right here: https://t.co/7a7sDe3SM3 pic.twitter.com/NKzIcwiuWy — Tony "The Bull" Spilotro (@tonyspilotroBTC) September 19, 2022 The fractal would provide the final wave 5 before a larger bear market in crypto. In Elliott Wave Theory, wave 5 can often match the magnitude of wave 1, which makes price and technicals behaving similarly as wave 1 that much more notable here. Although wave 3 is typically the longest in Elliott Wave Theory, there is evidence that in commodities, wave 5 is the strongest due to supply and demand. In the past, cryptocurrencies have shown impressive performance during a wave 5. Could a wave 5 in crypto still be left in the bull market? | Source: TOTAL on TradingView.com Total Market Cap More Bullish Than Bitcoin On weekly timeframes, the Total Crypto Market Cap is much more bullish than Bitcoin, having crossed bullish on the LMACD long ago, while Bitcoin waits for the signal to confirm with a weekly close. The Relative Strength Index also reached oversold conditions, which in the past has been enough to put in a bottom in crypto. Unlike BTC, the Total Crypto Market cap is clinging onto the 200-week Moving average, which in the past has also signaled the end of crypto winter. Several signals from the last crypto winter have appeared | Source: TOTAL on TradingView.com Related Reading: WATCH: Bitcoin Barely Holds Onto $20,000 Support | BTCUSD September 16, 2022 Why Crypto Winter Could Last Another Several Months Flipping to monthly timeframes, also shows that the 50-month moving average is also doing its best to keep crypto afloat. Although daily and weekly timeframes show several key similarities with the 2018 bear market bottom, the monthly timeframe’s current candlestick structure better resembles the 2014 bear market bottom, which when compared, could suggest that the crypto winter has several more months to go before prices begin to thaw out. How much longer will crypto winter last? | Source: TOTAL on TradingView.com Learn crypto technical analysis yourself with the NewsBTC Trading Course. Click here to access the free educational program. Follow @TonySpilotroBTC on Twitter or join the TonyTradesBTC Telegram for exclusive daily market insights and technical analysis education. Please note: Content is educational and should not be considered investment advice. Featured image from iStockPhoto, Charts from TradingView.com

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Total Crypto Market Cap Reenters Monthly RSI Bull Zone

Bitcoin and its altcoin brethren are back bullish, both on individual price charts but also when looking at the total crypto market cap at large. The aggregate of all major and minor cryptocurrencies has fully reentered the bull zone on the monthly RSI, which could indicate that the bull market will blast back off any day now. Total Crypto Market RSI Returns To Bull Zone The study of technical analysis is subjective. The practice has nearly as many naysayers as crypto does, yet others swear by it. There is also much debate over what charts are worthy of such analysis. For example, charting Bitcoin dominance or the total cryptocurrency market cap might raise some eyebrows. Related Reading | Bitcoin Breakout Beyond $50K Brings Bull Market Fractal Back In View In the right hands, there is no data that isn’t valuable, and considering these charts can provide a small piece of the bigger picture regarding all market conditions. And currently, according to the RSI on monthly timeframes, crypto is as bullish as it gets. Monthly timeframes are most dominant and a high reading on the RSI often signals an asset – or in this case an asset class – is overbought. In digital currencies, however, when the RSI reaches such levels on the monthly timeframe it is when the asset is at its most bullish.   Is Bitcoin forming an ending diagonal? | Source: CRYPTOCAP-TOTAL on TradingView.com Technicals Suggest Another Several Months Of Bull Run Remaining Comparing the last major market cycle with the current, there is a key difference between this time and the last: a selloff took crypto out of the bull zone temporarily. But with it back, there might be no stopping Bitcoin, Ethereum, Litecoin, and the rest of the bunch. Ditching the RSI in place of the LMACD, the logarithmic scale version of the moving average convergence/divergence indicator, it is clear that momentum remains bullish and a bearish crossover was narrowly prevented. Is Bitcoin forming an ending diagonal? | Source: CRYPTOCAP-TOTAL on TradingView.com The total crypto market also has very little resistance above it, corresponding with the lagging span on the Ichimoku indicator. Unlike the 2017 cycle peak, the total crypto market has held above the base line and conversion line, which are currently crossed bullish. Related Reading | Proof-of-Work: Bitcoin Back Programs That Put Your Money To Work For You All technical signals combined suggest rapid price expansion as soon as the remaining resistance level on monthly timeframes is taken out. If the total market cap rally is to end after more than a cumulative 450 days of bull zone on the RSI, the bull run could have another few months left to go. #Crypto is back in the bull zone on the RSI. Looks like there could be a lot longer to go during this cycle. pic.twitter.com/D9UGG9gKYG — Tony "The Bull" Spilotro (@tonyspilotroBTC) August 25, 2021 Follow @TonySpilotroBTC on Twitter or via the TonyTradesBTC Telegram. Content is educational and should not be considered investment advice. Featured image from iStockPhoto, Charts from TradingView.com

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UN Accuses North Korea Of $3B Crypto Theft To Fund Nuclear Weapons Program

In a recently reviewed unpublished report by Reuters, United Nations (UN) sanctions monitors have alleged that North Korea engaged in a massive theft of crypto assets, raking in $3 billion through cyberattacks.  Nuclear Upgrades And Crypto Cyberattacks Unveiled According to Reuters, the independent panel of sanctions monitors revealed that despite international sanctions, North Korea continued [...]

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Criminals Behind $2M School Theft Admit Guilt: Crypto Mining Scheme Uncovered

In recent developments, two California school district officials have admitted guilty to stealing up to $1.8 million and misappropriating electricity to finance and operate a clandestine crypto-mining operation.  The United States Department of Justice (DOJ) disclosed that Jeffrey Menge, former Assistant Superintendent and Chief Business Officer of Patterson Joint Unified School District, and Eric Drabert, [...]

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US Banks Rally For Updated Crypto Guidelines As Digital Asset Prices Surge

Amidst a significant surge in cryptocurrency prices, which propelled the total crypto market capitalization to a high of $1.93 trillion on Thursday, influential interest groups are urging the US Securities and Exchange Commission (SEC) to revise accounting guidance that imposes higher costs on US banks for holding digital assets on behalf of their customers. Banking Trade Groups Urge SEC To Revise Crypto Accounting Rules According to a Bloomberg report, a coalition of trade groups, including the Bank Policy Institute, the American Bankers Association, the Securities Industry and Financial Markets Association, and the Financial Services Forum, sent a letter to the SEC on Wednesday outlining their desired changes.  The existing guidance requires public companies, including banks, to treat cryptocurrencies they hold in custody as liabilities on their corporate balance sheets. Consequently, banks must allocate assets of a similar value to comply with capital requirements and protect against potential losses. According to Bloomberg, the trade groups have requested the SEC to consider the following key changes: Exclude certain assets from being classified under the broad crypto umbrella. This includes traditional assets recorded or transferred using blockchain networks, such as tokenized deposits, as well as tokens underlying SEC-approved products like spot Bitcoin exchange-traded funds (ETFs). Grant regulated lenders an exemption from the current balance sheet requirement while maintaining the disclosure of crypto activities in financial statements. The trade groups argued that if regulated banking organizations are unable to provide digital asset-safeguarding services at scale, it would negatively impact investors, customers, and the broader financial system.  However, the SEC has defended its accounting guidance, citing the “unique risks” and uncertainties posed by cryptocurrencies compared to other assets held by banks.  Limiting Custody Expansion? The specific guidance in question, known as Staff Accounting Bulletin No. 121, has faced criticism from banks since its publication in 2022.  Lenders argue that the bulletin limits their ability to expand digital asset services for customers due to the associated high costs. Consequently, banks missed out on providing custody services for recently approved Bitcoin exchange-traded funds, with Coinbase emerging as the preferred custodian for the majority of ETF issuers. The trade groups also highlighted additional challenges resulting from the guidance, including a “chilling effect” on plans to utilize blockchain technology for traditional assets. While the SEC described SAB 121 as non-binding staff guidance, it acknowledged that following it enhances disclosure to investors regarding firms safeguarding crypto assets for others. Related Reading: These Are The Altcoins Drawing Whale Interest, Santiment Reveals As the SEC faces mounting pressure, there have been efforts by lawmakers to repeal the guidance.  A resolution was introduced in the House Financial Services Committee, spearheaded by Representatives Mike Flood and Wiley Nickel, while Senator Cynthia Lummis sponsored identical legislation in the Senate. These measures aim to remove the SEC’s authority in making rules that impact bank custody. The outcome remains uncertain, as the legislation’s success depends on garnering sufficient support, particularly among Democrats and within the White House.  However, the collective efforts of trade groups, lawmakers, and industry stakeholders could potentially lead to regulatory changes that alleviate the burden on banks holding digital assets, facilitating their participation in the evolving cryptocurrency landscape. Furthermore, the recent endeavors undertaken by US institutions exemplify a growing interest and eagerness to adopt and invest in cryptocurrencies, particularly Bitcoin.  This heightened institutional involvement has significantly contributed to the swift success of Bitcoin spot ETFs, which gained regulatory approval merely a month ago. Featured image from Shutterstock, chart from TradingView.com

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Altcoins To Explode In Early 2025: Analyst Says Grand Finale Is Around The Corner

With the new year approaching, some analysts forecasted a very bullish 2025 for Altcoins. The sector is expected to explode soon and kickstart the long-awaited Altseason after retesting a key support level. Altcoins Retest Key Support Level Amid the recent markets performance, many Altcoins have struggled to record significant gains. However, several market watchers forecasted [...]

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