meme

Amidst the ongoing bearish trend in the crypto market, Santiment's analysis reveals a potential bullish reversal signaled by whale accumulation of Bitcoin, Tether, and USD Coin. The decrease in shark and whale holdings of Bitcoin to a six-year low suggests a strategic accumulation by influential investors. The current supply of Bitcoin, Tether, and USD Coin also represents the smallest quantity since June 2023. Despite the market sentiment, Santiment remains optimistic about the possibility of another bull cycle, especially with the Bitcoin halving approaching. Traders are closely monitoring the accumulation of BTC, USDT, and USDC by whales as a key indicator for potential recovery.

Whale Accumulation Signals Bullish Reversal Amid Ongoing Bearish Trend On-chain data suggests whales may soon begin accumulating BTC, USDT, and USDC. This signals a bullish trend despite the current market downtrend. Shark and whale holdings of Bitcoin have reached a six-year low. Amid the current bearish trend sweeping through the crypto market, leading market intelligence platform Santiment has identified a potential key bullish signal. Santiment sees the optimistic signal in the potential activities of influential investors of Bitcoin (BTC), Tether (USDT), and USD Coin (USDC). In a recent tweet, Santiment highlighted that whale accumulation of Bitcoin, USDT, and USDC could be a crucial indicator for a possible recovery. The market sentiment analysis suggested that strategic accumulation by large holders may pave the way for a bullish reversal to reclaim last week’s 2-year high. It examined the current distribution tiers for Bitcoin and the top stablecoins, revealing a slight downturn in the shark and whale holdings. Specifically, Santiment’s analysis highlighted that wallets with 10-10K Bitcoin (BTC) presently constitute 66.27% of the total supply. This marked the lowest percentage since September 26, 2018. Meanwhile, the report underscored that the current supply represents the smallest quantity of BTC since June 20, 2023, with 12.99 million BTC. Notably, these tokens hold a market value exceeding $530 billion. Similarly, the shark and whale tiers for Tether (USDT) and USD Coin (USDC) showed interesting dynamics. Wallets holding 100,000 to 10 million USDT represent 33.98% of the supply. Those holding 100,000 to 10 million USDC account for 35.49% of the supply. Over the past six months, these wallets have decreased their holdings by 4.02% and 3.05%, respectively. Despite the current bearish trend, Santiment remains optimistic about the potential for another bull cycle, as witnessed in late 2023. Significantly, with the Bitcoin halving just under 14 weeks away, whales’ accumulation of BTC, USDT, and USDC is a key indicator that many traders are closely watching.

The upcoming Bitcoin halving has sparked speculation about its impact on altcoins like Ripple (XRP), Solana (SOL), and Sei (SEI). While Ripple (XRP) currently faces a bearish trend and uncertainty, there is potential for recovery depending on market dynamics and investor sentiment. Solana (SOL) shows signs of a bullish breakout, supported by market speculation and potential macroeconomic factors. Sei (SEI) maintains a bullish market structure with strong demand, but faces the challenge of market volatility and investor eagerness. As with any investment, it's important to carefully consider market conditions and do thorough research before making any decisions.

Is Bitcoin Halving a Threat to Ripple (XRP), Solana (SOL), and Sei (SEI) Holders? In today’s crypto market, Bitcoin (BTC) trades below $43,000 after an 8% price drop. This has ushered in an "altcoin season," with the BTC dominance falling to 47.5%. The upcoming Bitcoin (BTC) halving, which historically influenced price increases, is only 110 days away. The event that will reduce mining rewards to 3.125 BTC per block also sparks speculation about its impact on other cryptocurrencies like Ripple (XRP), Solana (SOL), and Sei (SEI). As the market focus shifts towards these altcoins, the potential effects of halving on their value and investor sentiment remain uncertain. Ride The Wave Of Innovation With ScapesMania As the ScapesMania presale nears its completion in February, the team is working hard to secure a quick listing on tier-1 exchange platforms. There is a good probability that the token's value will increase exponentially after the listing. The team behind ScapesMania, with years of expertise, has crafted a robust post-listing marketing strategy. Buyback, burn, staking, and all the perks for holders keep attracting new adopters. Through DAO governance, backers will be able to influence and benefit from a multi-billion-dollar industry. Moreover, the token's utility is impressive. It's not another meme coin whose success relies heavily on trends and hype. ScapesMania (MANIA) is a well-balanced, meticulously designed project that acts as a gaming ecosystem. As the presale is wrapping up, you need to act fast and grab your discounted tokens now! The countdown is on – don't let this chance pass you by. Presale is Live Now – Join Now for a Chance to Benefit with MANIA ScapesMania, a player in the $376 billion gaming industry, leverages the market's growth potential. Post-exchange debut, holders can anticipate greater liquidity and easier trading. The community's excitement about the project is evident so far, with $4,500,000+ raised to date from crowd/retail contributions alone. Notably, the fundraising amount is growing by $50,000+ daily and the follower count has reached 60K+ and showcases a weekly growth of 12%. The growing interest from crypto whales with checks of $20,000+ might expedite ScapesMania's transition from niche to mainstream. ScapesMania's smart contract has received approval from prominent security-ranking firms, ensuring peace of mind for holders. Additionally, the award-winning team behind ScapesMania secured a prestigious grant from a prominent player in the blockchain industry. Furthermore, ScapesMania is notable for putting its community front and center. Driving customer engagement and making sure that everyone benefits through great tokenomics and generous rewards is where ScapesManias stands out. Make sure you don't pass up the opportunity to get the early bird discount as the presale nears its end. Be quick if you want to get your hands on those lucrative tokens before they're all gone. Presale Closing Soon – Seize Opportunities Now! Ripple (XRP): Facing a Bearish Pattern and Uncertain Future Profit-taking and a broader market’s bearish sentiment caused Ripple (XRP) to drop 10% in January. The price broke below a key support level, forming a descending triangle pattern – a bearish pattern characterized by lower highs and relatively consistent lows, often signaling a downward price movement. Ripple's (XRP) current price fluctuates between $0.563 and $0.683. The 10-day Moving Average is at $0.574, while the 100-day Moving Average stands at $0.599. Support levels are found at $0.391 and $0.511, with resistance levels at $0.752 and $0.872. Ripple's (XRP) future is a mix of growth prospects and challenges. The bearish outlook is partly driven by profit-taking as seen in high-risk profit levels in the market. However, there's still potential for recovery supported by exposure from ETFs and other positive developments. The absence of plans for a spot Ripple (XRP) ETF by major asset managers like BlackRock adds to the cautious sentiment. Ripple's (XRP) future price movement will likely be influenced by overall market dynamics and investor sentiment, with a possibility of recovery if it effectively navigates the current challenges. Solana (SOL): A Path to Potential Growth Solana (SOL) is showing signs of a potential bullish breakout driven by technical and fundamental indicators. The price of Solana (SOL) is now testing the upper trendline of a bull flag pattern, which indicates a potentially positive price movement. As of today, Solana's (SOL) price range lies between $64.84 and $132.36. The 10-day Moving Average is at $96.62, while the 100-day Moving Average is at $65.74. Support and resistance levels are set at $27.97 and $163.01, respectively, with the most ambitious target at $230.54. Solana (SOL) could approach $200 as early as March amidst growing anticipation of a spot Solana ETF and expectations of interest rate cuts by the Federal Reserve. While the approval of Bitcoin ETFs has raised hopes for similar products for Solana (SOL), a dovish Fed could lead to a weaker US dollar, which can also benefit altcoin. However, the price trajectory of Solana (SOL) will be influenced by market dynamics and regulatory developments. Sei (SEI): Bullish Sentiment with a Hint of Caution Sei (SEI) has exhibited a strong bullish outlook on higher timeframe charts, rallying significantly from its December low to an early January peak. Although the price has retraced to a demand zone, the bullish sentiment remains intact. Sei's (SEI) price range is set between $0.582 and $0.808, with the 10-Day Moving Average hovering at $0.758 and the 100-day Moving Average marked at $0.729. Support levels are at $0.244 and $0.471, while resistance levels are at $0.924 and $1.15. Sei (SEI) is expected to continue its bullish trend, with a target of reaching $1 and higher in the coming weeks. The market structure remains firmly bullish, and demand for the token is strong. However, the enthusiasm of market participants could lead to a consolidation phase, potentially trapping Sei (SEI) within a range that could shake out overly eager bulls. The future price movement of Sei (SEI) will depend on market sentiment and the ability of bulls to maintain control amidst short-term volatility. Conclusion The crypto market undergoes significant changes - the coming Bitcoin (BTC) halving is stirring up excitement about its impact on altcoins like Ripple (XRP), Solana (SOL), and Sei (SEI). Ripple (XRP) is currently facing a bearish trend, with technical indicators suggesting a cautious market outlook, but there's potential for recovery highly depending on market dynamics and investor sentiment; Solana (SOL) exhibits signs of a bullish breakout, with expectations of growth driven by market speculation and potential macroeconomic factors; Sei (SEI) maintains a bullish market structure, with strong demand and a positive outlook, though it faces the challenge of market volatility and investor eagerness. Disclaimer: This is a sponsored article and is for informational purposes only. It does not reflect the views of Crypto Daily, nor is it intended to be used as legal, tax, investment, or financial advice.

According to Gabor Gurbacs, a cryptocurrency veteran and strategy advisor at Tether Limited and VanEck, the recent drop in Bitcoin's price and the transfer of coins from weak hands to strong hands is nothing new in the world of cryptocurrencies. Gurbacs believes that this trend is to be expected and does not come as a surprise. He remains bullish on Bitcoin and expects the approval of Bitcoin ETFs in the US to significantly increase the accessibility of Bitcoin as an investment instrument for different asset managers. On-chain analysts have also noted that long-term holders tend to hold their assets for 1.5-2 years before taking profits, which has been consistent for at least the past 10 years. Despite the recent price drop, analysts find this metric to be positive.

Bitcoin (BTC) Leaving Weak Hands, VanEck's Gabor Gurbacs Says Bitcoin 📷BTCUSD, the largest cryptocurrency, lost 14.3% after setting a two-year high inspired by the long-anticipated ETFs approval in the U.S. Despite some investors deciding to take profits in sub-$50,000 waters, the core bullish trend remains unchallenged, analysts and traders say. Bitcoin 📷BTCUSD flows to strong hands: VanEck's, Tether advisor is not surprised As Bitcoins 📷BTCUSD are changing owners, "strong hands" allocate the coins being sold by weak ones. This situation does not look unusual to cryptocurrency veteran Gabor Gurbacs, strategy advisor at Tether Limited and VanEck, he said on Jan. 19 on X. Bitcoin is flowing from weak hands to strong hands. Same old. Nothing new.— Gabor Gurbacs (@gaborgurbacs) January 19, 2024 The whole situation demonstrates "nothing new," he admitted. As covered by U.Today previously, Gurbacs is excited by the potential effects of Bitcoin ETFs being green-lit by the U.S. regulators. He foresees a 10x-50x increase in the accessibility of Bitcoin 📷BTCUSD as an investment instrument for various classes of asset managers within a single year. As of printing time, Bitcoin 📷BTCUSD is changing hands at $41,539, being up by 0.9% in the last 24 hours. The BTC trading volume saw a 17% decline in the corresponding period. How strong are these hands? Meanwhile, on-chain analysts managed to estimate the "strength" of long-term holders' hands. As per the research of a pseudonymous Bitcoin 📷BTCUSD analyst who goes by @TXMCtrades on X, most of them hold their assets for 1.5-2 years before taking profits. The typical age of a coin (how long it sits idle) spent by a Long-Term Holder is about 1.5 to 2 years old, and it has been this way since as early as 2014. Some of this is an artifact of bull runs being 3.5-4 years apart but the consistency is still interesting IMO. #BTC pic.x.com/7pmufvmexd— 𝐓𝐗𝐌𝐂 (@TXMCtrades) January 20, 2024 The author and host of Alpha Beta Soup channel on trading indicated that this pattern has been valid for at least the past 10 years. By contrast, taking profits after 3.5-4 years of HODLing is an "artifact of bull runs." As covered by U.Today previously, the average long-term holder enjoys a 55% profit on their deposit given the current prices, Glassnode researchers said. This metric looks "meaningfully positive" to analysts in January 2024.

Ripple has filed its response opposing the SEC's motion to compel in the ongoing lawsuit. They argue that the SEC's requests for information are unnecessary, untimely, and irrelevant to the remedies sought. Ripple points out that the SEC had the opportunity to seek this discovery during fact discovery but chose not to, and they should not be allowed to reverse their cause. Additionally, Ripple states that adjudicating the legality of post-complaint sales could lead to lengthy ancillary litigation. The XRP community has praised Ripple's stance and hopes for a positive conclusion to the lawsuit in 2024.

The crypto market, including Bitcoin (BTC), is displaying signs of a bull market with key on-chain signals indicating a shift towards a bullish trend. Altcoins like Hashflow (HFT), NEAR Protocol (NEAR), Cosmos (ATOM), Arbitrum (ARB), and Aptos (APT) are worth considering as they offer more than just hype and provide strategic advantages for portfolio diversification. ScapesMania, with its impending presale completion, presents an opportunity for investors to ride the wave of innovation and secure discounted tokens. Hashflow (HFT) is advancing cross-chain trading and DEX aggregation, while NEAR Protocol (NEAR) enhances data availability through Polygon integration. Cosmos (ATOM) proposes an inflation rate reduction, and Arbitrum (ARB) dominates the rollup market but faces token unlock challenges. Aptos (APT) prepares for a token unlock, which could impact market dynamics. Investors should carefully monitor these altcoins and their potential for price appreciation while considering market risks and volatility.

Astar (ASTR), a parachain on the Polkadot ecosystem, has achieved a historic milestone with a booming community of 650,000 ASTR enthusiasts and an impressive 63% of the circulating supply staked within the ecosystem. The network's focus on tangible applications and partnerships with industry giants like Toyota and the Japanese Railway operator demonstrates its commitment to integrating blockchain into real-world systems. With dApps like DeStore Network, SFY Labs, and Kekkai actively bridging the gap between theory and practice, Astar's growth narrative is rooted in consistent user adoption and ecosystem development. The upcoming Astar 2.0 upgrade aims to attract more developers and foster further user engagement, solidifying the network's long-term aspirations. As Astar diligently carves its path in the Web3 landscape, its numbers speak for themselves, showcasing the groundwork being laid for sustained success.

Missed out on the rise of Bitcoin in 2021? Don't worry, there are other coins that offer a second chance. Solana (SOL), Aptos (APT), Sei (SEI), Xai (XAI), and Blur (BLUR) are emerging as potential alternatives for investors. These coins have unique growth prospects and provide new opportunities for those who missed out on Bitcoin's rise. Whether it's Solana's high throughput and low transaction costs, Aptos' resilience and efficiency, Sei's bullish sentiment and price rally, Xai's integration into the gaming sector, or Blur's resilience in the NFT marketplace, there are plenty of options to explore. Don't let the opportunity pass you by, dive into these promising coins now!

Amid their bankruptcy processes, cryptocurrency firms FTX and Celsius Network have begun selling off their digital asset portfolios. Celsius Network has already transferred 56.8 million Polygon (MATIC) tokens, valued at $44.5 million, to crypto exchanges. This comes after the integration of Polygon's CDK and Near's Data Availability platform, which aims to reduce user transaction costs significantly. Meanwhile, FTX and Alameda have liquidated over $15 million in cryptocurrencies, including Wrapped Bitcoin and Ethereum, following the approval of an independent examiner to investigate FTX's collapse. The court emphasized the need for transparency and protecting the general public's interest during the bankruptcy process.

Chris Brunet, an independent investigative journalist, uncovered instances of plagiarism and data fabrication by former Harvard President Claudine Gay. Although Brunet didn't profit from his findings, he had bet on Gay's resignation through Polymarket, a prediction market platform, and lost. He acknowledged that he's a better journalist than trader and expressed a desire to monetize his impactful work through trading if he had a larger bankroll. The idea of prediction market journalism raises ethical concerns as it presents a conflict of interest for journalists who have a personal stake in the outcome of their stories. Transparency is crucial, and journalists should disclose their bets to their employers and the public. Legally, it's unclear whether betting on prediction markets with inside information constitutes insider trading, and this is a matter that needs clarification. Prediction markets have the potential to fall under the jurisdiction of the U.S. Securities and Exchange Commission or the U.S. Commodity Futures Trading Commission, depending on their classification as securities. Despite not making money, Brunet still believes in the concept of prediction markets and their ability to harness the wisdom of the crowd as an accurate gauge of truth. His investigation into Gay has significantly boosted his subscriber count and solidified his reputation as a journalist reporting on academia. In the future, Brunet plans to venture into writing about central bank digital currencies from a critical standpoint, opposing the idea of centralization.

He Exposed Harvard President's Plagiarism, Then Lost Money Betting on the Story Chris Brunet knew he had a big story, so he bet it would make a big impact.The independent investigative journalist uncovered now-former Harvard President Claudine Gay's history of plagiarism in December 2023 and her data fabrication the year before. For many reporters, publishing such explosive exposés would be its own reward, but Brunet wanted to profit from the fallout of his findings.Late last month, he went to Polymarket, the largest prediction market platform, and made a bet. He stood to win $1,400 worth of cryptocurrency if Gay was longer be president of Harvard at the end of the year.Close, but no cigar. In the end, Gay didn't step down as Harvard President by the end of 2023, as the prediction market asked, but rather a few days into the new year. While he had been directionally correct, Brunet lost."I've never made money on prediction markets. I'm down. It's a hobby rather than something I actually make money on," Brunet said in an interview with CoinDesk. "In the past, when I wrote articles, I used to make firm predictions. But I got fooled so many times with prediction markets, so I'm very humble."By his own admission, he's a better journalist than trader. Even so, Brunet said he'd still love to monetize his otherwise impactful work by trading on it."The only reason I don't bet big on Polymarket right now is that I don't have a lot of money. So I can't really justify putting a huge bankroll in Polymarket," he told CoinDesk. "If I did have a huge bankroll, and there were markets about my ongoing investigations, I certainly would be betting on that."If, like Brunet, you're bold enough to write something that might lead to an arrest and federal charges – he was first to name crypto trader Avraham Eisenberg as the alleged exploiter of Mango Markets, which led to Eisenberg’s arrest in Puerto Rico – or the resignation of one of the most powerful figures in academia, why not enjoy some financial upside?After all, if prediction markets are to become, as their proponents claim, the ultimate arbiters of truth because they harness the power of the crowd, giving people a chance to put their money where their mouths are, they will need somewhere to start.There's also an argument that prediction market journalism isn't all that different from what activist short sellers do: use a process similar to investigative journalism to find dirt on a company, take a short position and then publish the results for the market to digest.A future, prediction market-oriented media could even, as Scott Alexander of Slate Star Codex fame writes, do away with the industry cancer of fake news and clickbait."In a prediction market, once you're wrong a couple of times, traders will stop updating on your reports and you'll lose most of your power to move the market," he wrote.A front-running 1980s journalistYet, lingering on Brunet's mind is whether this is all ethical."One big question I have, still somewhat unresolved, is the ethics of having a personal stake in the outcome of your story, akin to insider trading, or knowing information before the markets do," he said.Can you place a prediction market bet on something you're so closely invested in? Could Gay, or the Harvard Corporation board, hypothetically trade on Polymarket a day before she resigned?"It strikes me that betting on the outcome of one's stories presents a conflict of interest. The journalist now has a stake beyond informing the public or serving the public interest," Jane E. Kirtley, a professor of media ethics and law at the University of Minnesota's Hubbard School of Journalism, told CoinDesk in an email interview.Kirtley says she finds it troubling because it "undermines the compact that journalists have with the public: acting independently and putting the interests of the public first and foremost."Kirtley brings up the 1980s-era case of Foster Winans, a former Wall Street Journal reporter who leaked the contents of upcoming, potentially market-moving "Heard on the Street" columns to a stockbroker."I think from an ethical perspective, it is difficult to argue that Winans' conduct was consistent with ethical norms in journalism," she said. "He had a personal financial interest in the impact of the 'Heard on the Street' columns he wrote, and he did not disclose that to his readers or his employer."At a minimum, Kirtley said, journalists who bet on the outcome of their stories "should be transparent about it -- certainly with the journalist's employer (if any), and also with the public."For his part, Brunet is quite clear with his readers about exactly what he's doing. "I don't believe ‘unbiased journalism' exists, hence why the tagline of my Substack is ''opinionated investigative journalism,'" he posted on X in December, while disclosing exactly how much he'd profit should Gay have been fired before the end of 2023."I wear my bias on my sleeve," he continued.What does the SEC think?And how about the legality? That's where it gets complicated.Winans, in the eyes of the court, had breached the duty of confidentiality he owed the WSJ by front-running its daily publication schedule, finding him and his co-conspirators guilty of mail and wire fraud.The information was still confidential until it was published, the court found.(This did raise significant First Amendment concerns at the time, and the Reporters Committee for Freedom of the Press, where Kirtley was a director, was part of an amicus brief arguing these issues).For prediction markets, things are more murky."There is no clear answer as to whether betting on prediction markets with inside information constitutes insider trading under U.S. law," Florida-based digital assets attorney John Montague told CoinDesk in an interview."It may depend on whether prediction markets are considered ‘securities’ for the purposes of insider trading law, and whether the person betting on the prediction market is in possession of material, nonpublic information and is using it for personal benefit," Montague continued.Montague said the current statute on the books (15 U.S.C. § 78u-1) imposes civil penalties for insider trading involving securities.But it's unclear if prediction markets are classified as securities under this law, Montague says, and thus under the purview of the U.S. Securities and Exchange Commission (which has signaled it deems most crypto assets to be securities). If so, using insider information in prediction markets could constitute insider trading."I could foresee a situation in which the SEC establishes such marketplaces as unregistered securities and thus expands the SEC’s jurisdiction to prediction markets at which such time some of the insider trading penalties could be available," he said.…or does someone else have jurisdiction?For its part, Polymarket, which runs on the Polygon blockchain network and settles bets in crypto, prohibits U.S. persons from using the platform and isn't available in the country.On Kalshi, which is registered with the U.S. Commodity Futures Trading Commission and settles in dollars, there is a prohibition to trade on material nonpublic information."There is currently no specific instance that I am aware of where the Commodity Futures Trading Commission has exerted its authority over insider trading specifically related to prediction markets. It is certainly a possibility that the CFTC could choose to do so in the future," Montague added."Although no precedent exists yet, it is highly likely that prediction markets could fall within the CFTC's jurisdiction, giving it the potential to regulate such activities under its mandate to combat fraud and manipulation," he continued.Kalshi also prohibits employees of data providers (ranging from the National Weather Service to Billboard magazine), which may have a slight lead on getting data before it becomes public, from trading.It should also be noted that the CFTC only got powers in 2010 to pursue insider trading cases under the Dodd-Frank Act, which was meant to limit financial risk.Prior to the act, the CFTC's authority to regulate insider trading in commodities markets was limited, focusing mainly on its own personnel and those of exchanges, but Dodd-Frank expanded the regulator's powers, allowing it to address a broader range of insider trading activities, including those involving use of confidential information.Since then, the CFTC settled its first insider trading case in 2016 and its fourth in 2020. In comparison, the SEC brought 43 insider trading cases against 93 individuals in 2022.Still a believerDespite not making money so far with prediction markets, Brunet said he is still a believer in the idea of monetizing the wisdom of the crowd – the most accurate gauge of truth, according to proponents of prediction markets – and that it's still early for the industry.Losing bet aside, Brunet said his investigation into Gay has done wonders for his subscriber count – much more than his investigation into Mango Markets' alleged exploiter."I got 300 subscribers from the [Mango Markets] story," he said. "And in comparison, for the Harvard story, I went from 5,700 to 8,500."Brunet said he's become “somewhat pigeonholed" after his success in reporting on academia."I almost wish I could return to writing about other topics. However, I receive many tips about academia, and my audience, which is largely academic, seems very interested in this area," he continued.When he eventually branches out, Brunet said, he plans to launch a Substack newsletter covering central bank digital currencies."We're not approaching it from a right-wing conspiracy perspective, but rather from a standpoint advocating the ethos of decentralization, which contrasts with CBDCs," he said. "We are highly critical of CBDCs, and there aren't many publications specifically opposing them." CoinDeskCrypto Read more from CoinDesk

The recent dip in Bitcoin's price after the approval of 10 spot Bitcoin ETF products by the SEC was not caused by Grayscale's GBTC selling Bitcoin, according to Julio Moreno, head of research at CryptoQuant. While GBTC did sell approximately 60,000 Bitcoins, other Bitcoin ETFs purchased around 72,000 Bitcoins, offsetting the sales from GBTC. Moreno suggests that the price volatility is more likely due to selling by Bitcoin holders, such as short-term traders and whales, who took profits following last year's surge. On-chain data also indicates that the dip may have been driven by derivatives leverage and spot profit taking, with open interest in futures and options markets remaining high.

Bitcoin Price Action Explained: Here's Real Reason Why BTC Dipped After ETF Approval 2024 has already proven to be a wild trip for Bitcoin investors. In what was likely the most exciting financial product launch in history, the SEC approved 10 spot Bitcoin ETF products for trading in U.S. marketplaces. In reaction, BTC prices rose to a new multi-year high, reaching $49,102. The market then fell 18% over the weekend, reaching fresh year-to-date lows of $40,236. As with any important event, holders of Bitcoins enjoy debating whether it was priced in or not. In this regard, Julio Moreno, the head of research at CryptoQuant, debunks the widely circulated narrative that the Bitcoin price drop was caused by Grayscale's GBTC selling Bitcoin. There's a narrative circulating that the current Bitcoin price correction is due to GBTC selling Bitcoin. IS NOT. GBTC has sold about 60K Bitcoin. The other ETFs combined have net purchased about 72K Bitcoin. The selling has come from Bitcoin holders (short-term traders and…— Julio Moreno (@jjcmoreno) January 19, 2024 Before being converted to an ETF from a trust, Grayscale Bitcoin Trust (GBTC) was one of the only options for stock traders in the United States to obtain exposure to Bitcoin price swings without having to purchase the actual cryptocurrency. While GBTC has seen remarkable outflows after its uplisting into an ETF, a chunk of these have been from investors moving to lower-fee ETFs. Moreno highlighted that, while GBTC sold approximately 60,000 Bitcoins, other Bitcoin ETFs net purchased roughly 72,000 Bitcoins, thus offsetting the sales of BTC from Grayscale's GBTC. He attributes the volatility in Bitcoin's price to selling by Bitcoin holders (short-term traders and whales) who took profits following last year's surge, noting that the ETF approval might just be the "sell-the-news" event. What on-chain data says According to on-chain analytics firm Glassnode, Bitcoin's price drop might have been driven by both derivatives leverage and spot profit taking. However, several metrics in both the on-chain and derivatives domains suggest that a non-trivial portion of Bitcoin investors did treat the ETF approval as a sell-the-news event. While there are other key driving factors behind the interim volatility, both futures and options markets have seen a meaningful uptick in open interest (OI) since mid-October, according to Glassnode. Open interest in both markets remains around multi-year highs, showing that leverage is rising and becoming a more dominant force in markets. At the time of writing, BTC was up 0.58% in the last 24 hours to $41,543, per CoinMarketCap data.

Cardano (ADA) is experiencing significant growth and development, with numerous projects and upgrades in progress. The latest report from Cardano builder Input Output Global (IOG) highlights the launch of 157 projects and the development of 1,319 projects on the platform. The network has seen a total of 9.45 million native tokens across 93,021 token policies, with the introduction of Plutus v1 and v2 scripts. Moreover, the Cardano network has recorded a total of 83.4 million transactions. Recent releases and upgrades include Marlowe 0.3.0, the first Hydra release of 2024 (version 0.15.0), node v.8.7.3, and an upgrade to the Lace wallet (version 1.8). Additionally, new features have been introduced by the ledger team, the Mithril team has implemented client verification in the Explorer, and Project Catalyst is undergoing community review moderation. IOG is also collaborating with the School of Informatics Edinburgh and other specialists to explore quantum-enhanced protocols in finance. As of now, Cardano's ADA coin is trading at $0.516 with a 3.62% increase in the last 24 hours.

What's Going On With Cardano (ADA)? This Latest Report Says Lot Cardano, the eighth-largest cryptocurrency by market capitalization, is booming with several developments and new upgrades. According to the most recent weekly report released by Cardano builder Input Output Global (IOG), 157 projects have been launched, with 1,319 projects now being built on Cardano. What’s going down on Cardano? Check out this week’s development update on Essential #Cardano and stay abreast of all the latest developments in core technology, wallets and services, smart contracts, and scaling and governance. t.co/QfHIL2yUTV— Input Output (@InputOutputHK) January 19, 2024 Native tokens total 9.45 million across 93,021 token policies. Plutus v1 scripts are at 6,332, while Plutus v2 scripts are now 17,531. Total transactions on the Cardano network are now 83.4 million. The beginning of 2024 has seen new releases and upgrades. The Marlowe team just announced the release of Marlowe 0.3.0, which includes many milestones. The first Hydra release of 2024, version 0.15.0, has gone live. Cardano also released node v.8.7.3, which fixes a minor issue with the Ouroboros network. The Lace wallet has also been upgraded to version 1.8. According to IOG, the ledger team has introduced several features in recent weeks, including new ledger events, an increase in the URL length limit, consensus queries and JSON instances. The Mithril team has also finalized the client's implementation in Explorer, allowing for direct certificate verification from the browser. In addition, the team upgraded the devnet to support the Conway era and enabled the Mithril era marker reader on the Cardano chain during the end-to-end testing. In addition, Project Catalyst is nearing the end of its community review moderation period. More than 70,000 moderations have been submitted by around 250 active level 2 moderators. In the last 15 years, a rush of advancements in the field of quantum-enhanced protocols has proposed new ways in which financial systems may benefit from quantum technology. In this regard, IOG will support an upcoming collaborative workshop with the School of Informatics Edinburgh, IOG Chief Scientist Aggelos Kiayias, Ethereum researcher Justin Drake and other prominent industrial and academic specialists. At the time of writing, Cardano's ADA coin was up 3.62% in the last 24 hours to trade at $0.516.

@JefferyKayla "In a world of data leaks, Serenity Shield stands out with its commitment to user privacy. Looking forward to exploring the new StrongBox® feature!"

Paris, France, January 12th, 2024, Chainwire – Decentralized messaging turns StrongBox® into a comprehensive privacy hub for data storage and communication. With fully encrypted data that is never stored on centralized servers, Serenity Shield creates a service for web2 and web3 users alike. Serenity Shield, a multi-chain project delivering secure data storage and digital inheritance solutions, is releasing a brand-new StrongBox® dApp feature — a decentralized private messaging system. This latest addition to Serenity Shield’s suite of products is designed to eliminate central points of data vulnerability, protecting user data from security breaches and unauthorized access. StrongBox’s® new feature is a direct response to the data leaks widely reported on centralized messaging applications last year, such as when Line messaging app leaked over 300,000 personal data entries. #CoinEx

@asdfglkjhg2 Great job on this project!

BlackRock has reportedly bought a staggering 11,500 Bitcoin from the available supply during the latest dip since the launch of its spot Bitcoin ETF. This amount is significant, considering that only 900 BTC are issued daily. The purchase by BlackRock effectively represents about 13 days’ worth of Bitcoin production being absorbed by a single player. #Bitcoin

The recent surge in the Bitcoin price, with a 7% increase within 24 hours and reaching $45,300, seems to be correlated with the anticipation of the US Securities and Exchange Commission (SEC) potentially approving a Bitcoin spot exchange-traded fund (ETF). Expert predictions suggest that Bitcoin could target $52,000 and $70,000 levels based on the MVRV indicator. #BTC #Bitcoin

Bitcoin Price Targets: MVRV Points To $52,000 And $70,000 Levels For BTC, Expert Suggests In a recent development, the Bitcoin price witnessed a remarkable surge of 7% within 24 hours, reaching a high point of $45,300. This significant price increase coincides with the anticipation surrounding the potential approval of a Bitcoin spot exchange-traded fund (ETF) by the US Securities and Exchange Commission (SEC).#BTC #Bitcoin

@vanessavaquiz Sugar and arabica coffee saw a positive start to the year's first trading session, as they both experienced gains in value.

Sugar gains in the year's 1st trading session, arabica also up #Futures

@asdfglkjhg2 I strongly believe that Dogechain and Dogecoin have the potential to shape our future and bring about life-changing opportunities.

Dogechain is our future - Dogecoin is our life-changing reality #Dogechain #Dogecoin

@hvy_gorilla An analyst reveals that Bitcoin futures serve as a clear bullish indicator for the upcoming spring of 2024, suggesting positive market sentiment and potential growth in the cryptocurrency market without the need for trending hashtags or emojis.

Bitcoin futures show ‘clear bullish indicator’ for spring 2024, analyst says #bitcoin

Under the recently enacted infrastructure bill, individuals engaging in digital asset transactions exceeding $10,000 are obliged to report such transactions to the IRS, as per the current regulations. This development emphasizes the government's commitment to closely monitor and regulate the cryptocurrency landscape, aiming to ensure compliance with tax obligations and prevent potential instances of financial misconduct. As such, it is important for cryptocurrency users to familiarize themselves with these new reporting requirements and remain proactive in fulfilling their responsibilities to the IRS.

IRS rules require reporting data from $10k crypto transactions in 2024 Aspects of the infrastructure bill signed into law by United States President Joe Biden are now in effect — including provisions requiring many digital asset transactions worth more than $10,000 to be reported to the Internal Revenue Service (IRS). #Bitcoin #Crypto

@qpz4dy78 Oil prices remain stable despite ongoing geopolitical tensions. Futures trading suggest a cautious optimism in the market.

Oil Steadies amidst Geopolitical Tensions #Futures

Sure, I would be happy to help! Here is a response to the Twitter post: Wow, your Doge World #45 is absolutely stunning! Not only that, but the opportunity to win 0.015 #ETH in the draw is incredibly exciting. With only 4 tickets left, it's a chance worth considering. Are you ready to take the plunge and participate? Best of luck to all the participants! #Doge #DogeCoin #openseanfts #polygonsnfts #nftcollector #AIArtwork

Here I present my Doge World #45🐾🔥 It is beautiful and with it you can win the 0.015 #ETH draw, there are only 4 left tickets 🎟️ available for this draw, do you dare to participate? #Doge #DogeCoin #openseanfts #polygonsnfts #nftcollector #AIArtwork