Has the market bottomed as whales continue to accumulate Bitcoin?
In recent weeks, whales have net bought up to 71,000 BTC worth $4.3 billion! This accumulation rate reached its highest level since April 2023.
According to CryptoQuant, when looking at the Coinbase Premium Gap index, we can see that financial institutions in the United States are buying Bitcoin again after a long period of selling. From a psychological perspective, BTC price reflects that investors have ended the period of fear and depression.
CryptoQuant experts also said that the bottom of this correction has been created and it is expected that BTC will increase in price again in the near future. In contrast to whales, retail traders tend to sell during the recent price break.
However, Santiment noted that the number of wallets with at least 10 Bitcoin is still increasing steadily. Specifically, there was an increase of 261 wallets in the first 10 days of July 2024. Overall, all recent on-chain signals are pointing to long-term confidence in Bitcoin.
Incredible similarities between Chart GOLD and BITCOIN. Will BTC grow after Bear Trap?
Many times we see the charts of GOLD and Bitcoin move quite similarly. This time, the same thing happens but in a different timeframe. Check it out:
Chart GOLD W1 (2020 - 2023): In this chart, GOLD created a Double Top model, GOLD price corrected deeply and fell below the support zone. After successfully creating a Bear Trap at EMA 200 (W1), GOLD price continuously increased and broke its peak.
Bitcoin Chart D1 (2024): Currently, Bitcoin has also created a Double Top model but cannot break the ATH price level. After that, Bitcoin corrected deeply below the support zone. Price recovered at EMA 200 D1 and this could be a new support zone.
It cannot be confirmed that Bitcoin is creating a Bear Trap and will increase in price to break the ATH price, but the current Liquidity Hunt process often takes place before large Bull-Runs. Some news that can boost money flow into Bitcoin in the near future include:
- FTX pays 16 billion USD in cash to users - The new US president supports crypto - FED reduces interest rates
World's Leading Bank Bullish with Bitcoin! Maybe BTC will bet $100K before this event takes place According to analysts from Standard Chartered Bank, it is possible that this August Bitcoin will increase in value to $100k. There are many objective factors supporting the above view, especially the US presidential election event.
Standard Chartered analyst points out a positive correlation between the election of former President Donald Trump and Bitcoin price: Regulations for Crypto and the coin mining sector will become more favorable under President Trump.
Donald Trump is continuously supporting and promising beneficial policies for Crypto and Bitcoin once he is elected US president. Therefore, the fact that Biden is weak and may withdraw from the presidential race will push Bitcoin prices higher before the result for the US presidency is decided.
This unexpected sector has delivered the highest returns for crypto investors in the first half of 2024 The first six months of 2024 are about to end, the crypto market has experienced many fluctuations since Bitcoin broke its previous cycle peak. However, Altcoin Season has not really arrived yet. So which industry is making the most money according to data over the past 6 months?
The top spot is Memecoin: Leading with an average return rate (YTD) of 1,834%, 8.6 times higher than the second most profitable piece. This may be a surprise to outsiders that worthless coins have grown so strongly Real World Asset (RWA) is a segment with high potential, so RWA ranks second on this list with an average profit of 214%. AI and DePIN ranked third with 72% and 59% of profits. Meanwhile, Layer 1 grew more modestly at only 43%.
One thing that is very surprising is that Layer 2 brings losses to investors when these tokens bring an average loss of 41%. The reason may come from projects issuing tokens at a set price. The price is too high, causing the token price to decline immediately after the listing stage.
How do you rate this list? Can Memecoin maintain its leading position in terms of profits in the next 6 months? Comment your opinion.
Could Solana dominate the blockchain similar to how Apple macOS did? SOL price upside potential is still very strong.
According to a report by Pantera Capital, the growth potential of Solana Blockchain is extremely large and this fund believes that if previously Ethereum had a market share of ~80%, Solana is catching up to the market share very impressively. This chase is similar to Apple's breakthrough against Microsoft in the early stages of the PC market.
Experts believe that blockchain money and users in the near future will only focus on a few prominent ecosystems. And of course there will be Solana among them. Here are some reasons that Pantera Capital has such strong faith in Solana:
1. Monolithic structure: Helps users experience synchronization, without having to struggle between components like Modular framework. In addition, there is faster innovation creation as well as reduced security risks
2. On-chain data: On-chain parameters show that the Solana network has impressive growth from 2023 to present.
Solana has always been a Blockchain with high performance and a large community. If it continues to maintain its performance and create many hot stories like in Q1/2024, SOL price could increase sharply and motivate financial institutions to launch Spot Solana ETF.
These 16 projects have the potential to list on Binance in the second half of 2024. This is your opportunity to learn about these projects early:
LayerGG has listed recently listed projects to provide criteria for selecting projects that may be selected for listing in the near future on Binance, along with some criteria from statements of Co-Founder Binance (Yi He) to create the list. Accordingly, we will have 3 groups:
Group 1 - Leading projects: StakeStone, Solv Protocol, Babylon, Kinza Finance, Gomble, KiloEX, Puffer. The common point of these projects is that they are invested by Binance Labs and have the ability to integrate with Binance Web3 Wallet.
Group 2 - Projects with high potential: Phaver, UXLINK, zkLink, BEVM, Jumper Exchange, SynFutures. This group fits the criteria of community and early adopter airdrop.
Group 3 - Projects with medium potential: KelpDAO, Sweel and Particle Network.
LayerGG advises investors to pay special attention to projects that are integrated with Binance Web3 Wallet / Airdrop. Furthermore, projects with tokenomics with an Initial Circulating Supply less than 10% of Max Supply will not qualify for listing via Launchpool and Megadrop.
Despite the market's bearish sentiment, this organization has continuously bought BTC and holds more than 1% of the total Bitcoin supply!
According to today's statistics (June 21, 2024), the German government transferred $200M worth of Bitcoin to exchanges for sale. This is only a small part of the total 50,000 BTC (3.25 billion USD) that they have confiscated from illegal websites since 2013 until now.
Another bad news is that Bitcoin miners have continuously sold BTC, causing miners' Bitcoin reserves to drop to the lowest level since 2021. This also causes downward pressure. Bitcoin price throughout recent times.
In a rather bearish context, one company continues to accumulate Bitcoin. None other than Micro Strategy of billionaire Michael Saylor. MicroStrategy raised $700 million through convertible bonds, then used this money to directly buy Bitcoin.
After this action, MicroStrategy and Michael Saylor officially hold more than 1% of the total BTC supply and are one of the largest BTC holding organizations in the world today! This will boost the morale of holders and encourage more people to invest long-term in Bitcoin.
Bitcoin prices often adjust when this event takes place. However, you don't have to worry for too long!
During major football events such as EURO, Copa America or World Cup, one market will attract extremely large cash flows around the world: Betting/gambling. Is the attraction of betting big enough to pull money out of the crypto market?
Since Bitcoin (BTC) was born, there have been 5 major football seasons: EURO 2012, 2016 & 2020; World Cup 2010, 2014, 2018 & 2022. Because the tournament scale before 2012 was quite small, let's evaluate from 2014 to now:
- Worldcup 2014: Bitcoin +2.2% - Euro Cup 2016: Bitcoin +27.1% - Worldcup 2018: Bitcoin -14.6% - Euro Cup 2020: Bitcoin -5.95% - Worldcup 2022: Bitcoin -16.2%
It can be seen that in the 3 most recent major tournaments, Bitcoin all corrected! However, this adjustment process usually does not last too long and historical data shows that Bitcoin recovers well after these football tournaments end!
So, enjoy Euro Cup 2024 and manage your portfolio safely! Because maybe Bitcoin will soon pull the market back to growth next month!
Bitcoin usually increases in price every time this event takes place? Get ready, because this event is about to take place in the next few hours.
In the next few hours, the FOMC (Federal Open Market Committee) will take place in the United States. This is a regular event, accompanied by statements from the FED on monetary policies, especially information about interest rate changes.
With information that CPI (y/y) has declined, showing that inflation has gradually been controlled, the market expects the FED to make a "bullish" statement for the whole market, for example suggesting a interest rate cuts in the second half of 2024.
According to data recorded from December 2023, after each FOMC meeting, Bitcoin grew by about 20% immediately afterward. These statistics are reinforced when the FED makes positive statements every time the CPI and inflation are well controlled. Let's wait and see the results of the FOMC in the next few hours.
The most volatile 24 hours of June are about to take place and you need to know this to ensure investment safety: We are about to welcome two extremely important events from the US economy, taking place just a few hours apart and here are things you should know in advance:
1. CPI data release (12:30 UTC, June 12): This is an index that reflects the relative change in consumer goods prices over time. Annual CPI is expected to be unchanged from last month at 3.4%. Meanwhile, monthly CPI is expected to decrease significantly from 0.3% to only 0.1%.
2. FOMC event (18:00 UTC, June 12): This event often comes with information about interest rates. Based on unchanged year-on-year CPI, there is a very high possibility that the FED will keep interest rates unchanged.
After this meeting, if FED representatives provide information favorable to reducing interest rates in the coming months, it is likely that Bitcoin will grow strongly, bringing altcoins with them to increase in price. In a more negative case, Bitcoin could continue to correct or sideways.
Therefore, please limit trading with large leverage during these two events to avoid large market fluctuations causing your investment to be liquidated.
2 Signals That 1.4 Billion Users Could Join the Crypto Market This Year!
The Chinese government has taken tough moves to ban people from accessing types of investment in the crypto market in the past. However, this could change in the near future with two extremely positive moves.
First, a major crypto exchange opened its KYC portal for Chinese citizens living abroad. Users can register using mainland Chinese identification documents, including ID cards and passports.
The second signal is the possibility of China directly lifting the crypto ban, opening the door for 1.4 billion citizens to invest in Crypto. This information was published in The Economist newspaper.
This is a move consistent with China's economic reopening policy after Covid 19 & after 2 years of tightening to prevent money flowing abroad. With these two positive signals, the possibility of China opening up to the crypto market is growing!
Binance Launchpool lists IO (io.net), participate in IO farm by staking BNB and FDUSD
io.net is a decentralized cloud computing network, allowing users to access and use endless computing power resources at a fraction of the cost of centralized services.
io.net provides computing power solutions to everyone, especially developers and companies in the field of large-scale AI and ML (Machine Learning).
Launchpool IO information: - Farming time: 07:00 VN, June 7 - 06:59 VN, June 11 - Listing: 19:00 Vietnam, June 11 - Launchpool reward: 20,000,000 IO (4% total supply) - Initial circulation: 95,000,000 IO (19% total supply) - Farm $IO by Staking $BNB and $FDUSD
Must keep an eye on this token group immediately because of the potential for strong price increases in the near future! One of those tokens is up 80%+ today.
Stargate Finance (STG) is a cross-chain protocol backed by LayerZero. Stargate's goal is to help users exchange messages and assets across the chain quickly and coherently. Today the STG token has increased in price by more than 80%.
Notably, LayerZero has announced the upcoming issuance of tokens. The strong growth of STG has made the community pay attention to OFT - Omnichain Fungible Token, this is LayerZero's token standard including some prominent names such as RDNT, JOE, CAKE, METIS,...
In addition, project tokens in the LayerZero Ecosystem should also be noticed with some prominent names such as: HFT, ENA, AAVE, ONE, CRV, PENDLE,...
With superior technology and a large user community, the upcoming LayerZero token launch event could lead to tokens applying LayerZero's technology increasing in price.