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Cryptocurrency Prices Today (September 8): The broader market today regained an upward movement after a slumping action recently. Bitcoin (BTC) price reattained the $54K level, whereas Ethereum (ETH), Solana (SOL), and XRP traded dominantly in the green territory.

Meanwhile, the global crypto market cap soared 1.28% in the last 24 hours to reach $1.93 trillion. However, the total market volume saw a phenomenal 56.43% decrease in value to $42.88 billion.

Here’s a brief overview of some of the leading cryptocurrencies by market cap and their price action today, September 8.

Cryptocurrency Prices Today Show Signs Of Recovery

Notably, after a recent crypto market crash, today’s gains have reverberated optimism among traders and investors across the globe. BTC, ETH, SOL, and XRP prices gained nearly 1%-3% in the past 24 hours. Also, Dogecoin (DOGE) surfed among the day’s top gainers list. Let’s delve deeper into the crypto prices today.

Bitcoin Price Today

BTC price gained nearly 1% in the past 24 hours to trade at $54,318. The coin’s 24-hour low and high were recorded as $53,799.05 and $54,838.15, respectively.

Soso value data illustrated Bitcoin ETFs registering a weekly outflow of $706.19 million as of September 6. This marks the largest weekly outflows since the exchange-traded product’s inception this year.

Simultaneously, Bitcoin’s dominance stood at 55.71%, a 0.21% decrease over the past day. The flagship crypto’s market cap rested at $1.07 trillion.

Ethereum Price Today

ETH price gained nearly 2% in the past 24 hours to trade at $2,281. The coin’s intraday low and high were recorded as $2,237.41 and $2,310.19, respectively.

Spot Ethereum ETFs recorded $91.04 million in weekly outflows as of September 6. Nonetheless, ETH regained a pump as the week closed, igniting investor curiosity.

Solana Price Today

The crypto SOL’s price pumped slightly above 2% to reach $128 today. The coin’s 24-hour low and high were $125.19 and $129.29, respectively. Solana’s market cap rested at $59.86 billion.

XRP Price Today

Meanwhile, XRP price today increased by 1% to sit at $0.5275. The coin’s intraday low and high were $0.5221 and $0.5327, respectively. XRP’s market cap rested at $29.72 billion today.

Meme Coins Prices Today

Simultaneously, Dogecoin (DOGE) price gained nearly 6% in the past 24 hours and is currently trading at $0.09609. Even Shiba Inu (SHIB) price soared 1% to $0.00001293 today. PEPE, WIF, and FLOKI gained slightly over 1% in the past 24 hours.

Top Cryptocurrency Gainers Prices Today

SATS

1000SATS price surged 9% in the past 24 hours and is currently trading at $0.0003332. Its intraday low and high were $0.0003041 and $0.0003438.

Quant

QNT price soared 8% over the past day to reach $61.67. The coin’s 24-hour low and high were $57.02 and $63.69.

Gala

GALA price gained 8% in the past 24 hours to reach $0.0185. Its 24-hour low and high were $0.01724 and $0.01879.

Top Cryptocurrency Losers Prices Today

Litecoin

LTC price slipped 3% in the past 24 hours to reach $61.76. Its 24-hour low and high were $61.74 and $64.09, respectively.

DOGS

TON-based DOGS waned nearly 1.5% in the past 24 hours to reach $0.001017. The coin’s 24-hour low and high were $0.0009957 and $0.001063, respectively.

Helium

HNT price fell 0.6% over the past day to reach $7.99. The coin’s intraday low and high were $7.76 and $8.45, respectively.

Besides, the hourly time frame charts continued to solidify investor optimism on the cryptocurrency prices today. BTC price gained 0.14%, whereas ETH price gained 0.17%.

The post Cryptocurrency Prices Today Sep 8: BTC Regains $54K, DOGE Up 6%, QNT Shoots 11% appeared first on CoinGape.

7 Sep 2024, 9:38 pm

The earlier Coingape reports revealed that the crypto market crash impacted the overall market today. Beginning with Bitcoin’s drop to $53K, the rest of the altcoins followed a similar downtrend due to increased fear among holders. The prime reason behind this is the US Job reports, which were lower than expectations. Moreover, September is a notorious month, impacting Bitcoin’s growth most years. As the last few days followed this declining trend, most of the cryptocurrencies suffered in the market, except one, Gamestop (GME). In contrast to the market trend, the Gamestop price has soared more than 95% in the last 24 hours, making it the hidden gem of the market crash.

Roaring Kitty Influenced the Gamestop Price After Months

Keith Gill or Roaring Kitty has an influential power on the GME price despite the token having no connection with the influencer or the Gamestop Stock. However, despite that, the crypto token has always boomed every time Roaring Kitty made a presence, and the same has happened this time.

Just earlier, Keith Gill appeared on the internet after a two-month break. He made a simple X post of the Toy Story 2 scene, where Andy dropped Woody, the Cowboy toy, saying, “I don’t want to play with you anymore.” Though the post was simple, the analysts have speculated it as Keith’s indication of dropping his support for the Chewy Stocks, which he supported earlier.

However, what is important is that without any connection to Gamestop in this post, the GME stock price surged 8.2% within 11 minutes of the tweet. More importantly, the crypto token Gamestop price also boomed, jumping from $0.002728 to $0.004676 within 30 minutes. However, it did not stop there, as the surge continued, and it reached its highest peak of $0.005512 a few hours ago.

With this, the Gamestop price has presented the biggest peak of the month, currently trading at $0.005293 after a 97% surge in 24 hours. Moreover, its market cap is also up to $36,443,257 after the $426% surge in the trading volume of $49,580,435. However, despite that, this is nothing closer to its all-time high peak of $0.03207, set three months ago.

Is Gamestop The Hidden Gem Of Market Crash?

Gamestop token hit the market in February 2024 with an instant hit among investors. The GME price surged to a high of $0.01082 before entering a downtrend, which lasted for almost four months before Roaring Kitting returned to the internet. At that time, he appeared on X after years and tweeted in favor of Gamestop stock, which boosted the GME crypto token to the ATH.

What’s important is the fact that the crypto market was not the most favorable at that moment as well, as it was moving away from the bulls with each passing day. At that time, meme coins like GME and PEPE became the talk of the town due to their consistent growth.

And again today, as the downtrend hit most cryptos, the Gamestop price has a significant boost, where many might acknowledge it as the hidden gem of a market crash. More importantly, among the meme coins fight, like Gamestop Vs Floki, Gamestop is a profitable option in a declining market.

The post Gamestop (GME) Price Soars 95% Today: Hidden Gem of Market Crash? appeared first on CoinGape.

7 Sep 2024, 4:30 pm

The XRP price is trading at $0.52, showing an intraday gain of 0.9%. This resilience amid the broader market correction may be attributed to Ripple’s recent developments to enhance programmability on the XRP Ledger (XRPL), expanding smart contract capabilities. However, if XRP price reversal fails, the top coins to watch are Stellar (XLM), Solana (SOL), Cardano (DOGE), Avalanche (AVAX), Plokdaot (DOT)

Cryptos to Watch Amid Ripple’s XRP Future Plans Reveal

Earlier this month, Ripple shared some new insights on the protocol plans to enhance programmability on the XRP Ledger (XRPL). These improvements aim to expand the platform’s smart contract capabilities, allowing developers to build a wider array of decentralized applications (dApps) directly on XRPL. 

With the integration of Hooks and sidechains, developers can customize transaction logic and create tailored solutions while maintaining XRP’s high efficiency and low cost. These updates further position XRPL as a powerful tool for DeFi, NFTs, and other use cases, fostering a more versatile and scalable ecosystem.

Stellar (XLM)

Stellar (XLM) leads our top coins to watch as it is the closest competitor to XRP’s goal for a cross-border payment system. The recent update from Brad Garlinhouse indicates Ripple’s dominance in this niche, which impacts Stellar’s user activity.

According to Coinglass data, XLM’s open interest has showcased a sluggish downward trend since late July, settling at $27.4 million. This consolation indicates less interest from market participants in opening new positions, which, if prolonged, creates a negative sentiment.

By the press time, the stellar price prediction shows a current trading price of $0.088, while the market cap holds at $2.6 Billion.

Solana (SOL)

Among the coins to watch, Solana holds its position firmly due to its low transition fees and speed. By press time, the SOL price had traded at $127, while the market was stable at $59.7 billion.

The asset has recently faced a notable correction to $120 following the vampire attack from Tron’s Sunpump platform. As the SOL price stabilized from mounting selling pressure, the network witnessed a sudden spike in new addresses, reaching its peak at 2.81 million, according to the block.

The growth indicates the rising user base and engagement in the Solana network, a core signal to drive natural demand for SOL. For a detailed analysis, check out our top crypto to buy.

Cardano (ADA)

Cardano (ADA) stands for a key player in decentralized applications and sustainability. Its native cryptocurrency, ADA, currently trades at $0.32, while the market cap boosts to $11.7 Billion. 

According to Santiment data, the 30-day MVRV (Market Value to Realized Value) ratio stands at -5.83, indicating that short-term traders are in a loss position. MVRV ratio measures if an asset is overvalued or undervalued by comparing its current market cap to the price holders paid. 

A negative MVRV value often suggests a heightened risk of panic selling, which can extend market corrections. However, such conditions historically signal a potential recovery, as the exit of speculative traders tends to attract long-term investors looking for value. 

Avalanche (AVAX) 

The layer-1 cryptocurrency Avalanche (AVAX) showcased a V-top reversal from $28 to $21.7 within two weeks, accounting for a 22% loss. Consecutively, the market cap plunged to $11.7.

Despite an active correction trend, the total address with AVAX balance records continue to grow to hit 8.8 Million addresses, according to Intotheblock analytics recently.

This on-chain growth indicates a growing user base and market participation for the AVAX protocol. With sustained buying, the Avalanche price prediction could target a tally past 25.

Polkadot (DOT)

Polkadot (DOT) is a multi-chain blockchain platform that enables different blockchains to interoperate. Under the influence of a downsloping trendline, the DOT price witnessed a steady downfall from $11.8 to $4.08— a 65% decrease in the past six months.

Among other coins to watch, DOT shows Open interest from $387.5 Million to $183 Million, accounting for a 52% drop. The decreasing OI highlights market participants’ disinterest in asset trading, often leading to a prolonged correction.

The post 5 Crypto Coins to Watch as Ripple’s CEO Unveils XRP Future appeared first on CoinGape.

7 Sep 2024, 3:40 pm

Luna Classic continues to garner support within the crypto community as many aim for a price surge. However, chances of this appear unlikely as several catalysts to the price surge are absent from the ecosystem. LUNC price stands at $0.00007538 far below bullish projections. 

Several Luna Classic holders have projected massive milestones for the asset in recent months. However, the road ahead looks dark because of the asset sentiments and supply factors.

Persisting Fear 

The major reason why LUNC records slower growth than projected is due to the prevailing sentiment around the asset. Although the Terra ecosystem imploded two years ago, the widespread effects of the collapse are still echoed in the market. This has led to a slow inflow of the asset against the projected buzz. 

The platform’s algorithmic stablecoin lost its peg with the dollar leading to huge losses. Subsequently, the price crash led to investigations and an arrest warrant issued for founder Do Kwon. Luna which rebranded to Luna Classic has struggled to build traction. 

Tokenomics 

While the project’s bulls have backed the present state of the ecosystem, several have faulted the token supply. The total supply of LUNC is 6,794,537,545,225 tokens while its circulating supply stands at 5,710,709,456,179 tokens. This is a huge number of assets within the ecosystem sparking calls for an increased burn rate. High burn rates are used to reduce token supply which in turn adds to the price of the asset. In a nutshell, scarce tokens will lead to an increased price and billions of assets, and more leads to slow growth.

Crypto Market Sentiment 

The crypto market has shed significant value in the past weeks due to plunging market sentiment and Bitcoin price falling below $55,000. As a result, the price of assets tanked wiping off gains recorded in Q1 2024. Luna Classic needs positive sentiments to attract the needed inflows. An uphill drive for the asset is also dependent on macroeconomic factors like a cut in interest rates among others. The Bank of Canada announced rate cuts leading to speculations in the United States.

The post 3 Signs Why Luna Classic Cannot Reach $0.01 appeared first on CoinGape.

7 Sep 2024, 3:35 pm

The tech mogul Elon Musk has secured a win in the Dogecoin lawsuit, attracting the investors’ attention. The court dismissed claims that Musk and Tesla’s DOGE promotions misled investors. Following the win, Musk’s active endorsements of the meme coin reignited market excitement, prompting speculation on whether the meme coin could reach $0.1.

Elon Musk Secures Big Win In Dogecoin Lawsuit

The US District Court for the Southern District of New York ruled in favor of Elon Musk and Tesla, dismissing the Dogecoin lawsuit that accused them of misleading investors. Plaintiffs claimed that Musk’s promotional social media posts and comments, including calling DOGE the “future currency of Earth,” were false and manipulative.

However, the court labeled these statements as “aspirational and puffery,” not factual claims investors could rely on. The judge stated that the claims did not meet the criteria for a market manipulation lawsuit, ultimately closing the case in Musk’s favor.

In addition, the lawsuit alleged that Tesla and its CEO engaged in a “pump and dump” scheme and insider trading. The court found these accusations unsubstantiated, ruling that the allegations lacked a clear basis. With the dismissal, the court ended the long-standing legal battle, marking a notable victory for Musk and his advocacy of one of the top meme coins.

DOGE Price To Hit $0.1 Amid Musk’s Endorsements?

Following his legal win, Elon Musk has ramped up his public endorsements of Dogecoin, sparking renewed investor interest. In a recent post on X, the tech mogul hinted at the potential return of DOGE payments for Tesla merchandise.

When prompted by a user asking if Tesla should bring back DOGE payments, Musk simply replied, “ME” igniting speculation that Tesla could reintroduce the meme coin payments, possibly extending to its vehicles in the future.

Meanwhile, this isn’t his first show of support for the meme coin. Earlier this year, he voiced his enthusiasm for the dog-themed meme coin at an event in Tesla’s Giga Berlin facility, affirming his belief in the cryptocurrency’s potential. His endorsements have consistently influenced the crypto’s market movements, and this latest series of comments add fuel to ongoing speculation.

Further demonstrating his support, Musk engaged in another conversation about DOGE’s potential to address financial restrictions. When a X user suggested that the meme coin could fix systemic financial issues, Musk replied, “Hmm … you make a good point” further bolstering investor confidence in the crypto.

Amid this, DOGE price soared nearly 4% to $0.09493, with its trading volume declining 19% to $546.11 million. Simultaneously, DOGE Options Open Interest soared 96% to $138.36K, CoinGlass data showed. On the other hand, a recent Dogecoin price analysis suggested that the meme coin could rally to $0.15 with a robust rally in a bull run.

The post Dogecoin Lawsuit: Elon Musk Endorses DOGE Amid Legal Win, Price To Hit $0.1? appeared first on CoinGape.

7 Sep 2024, 12:40 pm

The digital asset market traded sideways this week however users point to crypto gainers and losers for new narratives. In the last 24 hours, the total market cap dropped 0.11% to $1.94 trillion with several assets making a slight improvement from the previous day. Meme coins led the pack on both sides of the divide while top coins moved slightly.

Top Crypto Gainers 

Amid the negative market sentiment, top crypto gainers recorded over 50X gains in the last 24 hours. Leading the pack is Mystiko Token (XZK) trading at $0.0486. The asset moved up 86.71% today with bullish intraday volumes gaining traction among traders. This huge jump takes total weekly figures above 128% while 30-day gains stood at 86%.

Popular GameStop saw inflows top 82% in the last 24 hours. The Solana meme coins maintains its buzz garnered in the last month. At press time, the GME price stands at $0.00483 with its market capitalization soaring to $33.7 million. Ben the Dog ranks in third witb a 50.3% gain in the same time frame. The meme token posts $4.12 million in 24 hour volumes with bulls projecting more inflows despite the general market decline. 

Other assets topping crypto gainers list include Billy, Jeo Boden, Simons Cat, TOMI which tapped over 20% today. While meme coins topped asset gains, Chainlink (LINK), Tron (TRX) and Cardano (ADA) led the crypto gainers in the top 20 by market capitalization. Tron surged 2.39% in the last 24 hours while LINK and ADA moved up 4.98% and 3.29% respectively.

Crypto Losers Today 

The wider market has seen outflows in recent weeks as Bitcoin price fell below $55,000 dragging down market sentiments. DigiByte leads crypto losers falling 23.5% while OpenPlatform is down 18.5%. Other assets deep in the red zone are BELDEX, Catdog and TENET with over 10% losses in the same time frame. 

Among the top 20 assets, Toncoin slipped 2.3% while Litecoin and LEO fell 2.19% and 1.38% respectively. Updates around the Telegram ecosystem had an impact on the token although slight gains were lost. TON price surged as Telegram CEO broke his silence after the Paris detention. The market recovery after several days on in the woods reduced outflows from crypto losers.

The post Top Crypto Gainers And Losers Today appeared first on CoinGape.

7 Sep 2024, 11:21 am

The crypto market signals the continued correction as the falling Bitcoin and Ethereum breached crucial support of $55000 and $2500 on Friday, respectively. Despite the bearish momentum, the whales’ confidence in altcoins like Toncoin (TON), Optimism (OP), and Pepe Coin (PEPE).

How Whale Accumulation Signals Crypto Market Bottoms

Whale activity has been a crucial metric in the cryptocurrency market, often indicating large holders’ buying and selling behavior. Generally, an active accumulation trend by these smart money has coincided with major market bottoms, indicating key indicators for top crypto to buy.

Toncoin (TON)

Toncoin, the crypto associated with Telegram, has recently gained market attention following reports of Telegram founder Pavel Durov’s alleged arrest in France. On September 6th, Durov issued a statement criticizing the French authorities and the arrest drama. He clarified that the media misrepresented the events and emphasized that Telegram remains committed to privacy and neutrality.

By press time, the TON price had traded at $4.6 and held a market cap of $11.76 billion.

Despite the legal challenges, the whale interest in Toncoin remains stable, as addressed with 1 Million to 10 Million TON now accounting for a total of 3.18 million coins, according to Santiment data.

Pepe Coin (PEPE)

The Frog-themed crypto PEPE shows a notable correction from $0.000017 to $0.000007— a 60% drop within four months. While this correction must have scared the short-term speculative traders, the large holders steadily accumulated this asset.

Supply distribution data shows that whales holding 10,000,000 to 100,000,000 PEPE steadily increased their holdings to a peak of 3.64T coins. This consistent accumulation signals that large holders anticipate a potential reversal in the PEPE coin. 

By press time, the PEPE price had traded at $0.0000069, boosting a market cap of $2.94 billion.

Optimism (OP)

Optimism (OP), a layer-two blockchain on top of Ethereum, projected an aggressive correction from $4.85 to $1.42— a 70% decline in six months. However, the downward trend gradually shifts sideways as the $1 psychological level sparks renewed demand pressure. 

According to Santiment data, whale addresses holding between 1M to 10M OP have significantly increased their holdings, reaching a peak of 672 million coins. This aggressive accumulation suggests growing confidence in the Optimism coin as it aims to strengthen its position above $1 support before the next leap.

With an intraday gain of 6%, the OP price trades at $1.4 and boasts a market cap of $1.68 Billion. 

The post Top 3 Whale-Favored Crypto to Rally 5X In Q4 appeared first on CoinGape.

7 Sep 2024, 10:11 am

TRON (TRX) price has recently experienced a price rebound, indicating a potential shift in market dynamics. For several weeks, TRON’s trading pattern has remained largely sideways as both bulls and bears vied for control. Despite a prevailing bearish trend, the latest market activities suggest a recovery could be underway.

TRON Price Recovers After Buffett’s Remarkable Gains

Toncoin price has experienced an astonishing rise over the past 1,688 days. Initially purchased at $31,086, its value has impressively climbed to $289,000. This represents a tenfold increase, according to Justin Sun. 

Throughout this period, Buffett’s average daily return on his TRX investment was 0.6%. Sun highlighted that Buffett could have seen even greater profits. He suggested a potential 1300% return had Buffett opted to stake his TRX holdings. Sun noted that this strategy would have significantly beaten other investments in Buffett’s portfolio.

Over the past 24 hours, trading in TRON price has followed an ascending trend. As of the reporting time, the TRX price hovered at $0.1517 during the European trading session, surging 2.30%. 

The TRX price rallies around $0.15, demonstrating bullish momentum amid increased market activity. The cryptocurrency’s volume has increased by 11.72% within the same period, reaching approximately $354 million, indicative of growing investor interest and market participation.

What’s Next for This Cryptocurrency?

The daily technical indicators for TRX against the US dollar reveal a mixed but cautiously optimistic market sentiment. The Relative Strength Index (RSI) is currently at 54, indicating a neutral trend after a notable rally. 

The Moving Average Convergence Divergence (MACD) histogram shows a slight shift toward bearish momentum as the red bars on the histogram increase. Additionally, The MACD mirrored this upward movement with rising momentum as the MACD line crossed above the signal line, a bullish signal for many technical traders.

According to the Coinglass data, a significant uptick in trading activity has occurred. Volume has increased by 15.62% to reach $143.49 million, indicating a heightened level of transactions. Meanwhile, Open Interest, which measures the total number of outstanding derivative contracts that have not been settled, also saw a rise of 7.55%, amounting to $123.94 million. This data suggests a growing interest and engagement in the derivatives market.

Recent market analysis reveals that TRON price prediction displays promising signs of a bullish trajectory. With its price steadily climbing, projections suggest it might reach $0.12 soon. If the bullish momentum persists, expectations are for TRON to achieve a new peak of $0.3. Moreover, an extended rally could propel TRX prices beyond the $0.31 mark in the upcoming period. This optimistic outlook underscores the potential for significant gains in TRON’s near future.

The post TRON Price Rebounds As Market Shows Signs of Bullish Momentum; Is $0.3 The Next Stop? appeared first on CoinGape.

7 Sep 2024, 10:07 am

The crypto market saw its most intense drawdown this year in the third quarter. Bitcoin (BTC), the industry’s flagship asset, saw its price drop as low as $52,598.70. BTC fell by more than 8% for August, extending a bearish trend into September.

While the outlook for Bitcoin is bearish, many altcoins have not fared better either. Ethereum (ETH), for instance, fell to a low of $2,150.86, atop a 7.67% slump in the past 30 days. With the market outlook bearish, whether this trend will continue this month remains to be seen.

There are indices to judge whether a rebound is ahead. However, the crypto market’s correlation with the US Stock market might stir a major headwind to watch.

Crypto Market and Macroeconomic Influences

As a subset of the broader financial market, the crypto market is generally impacted by trends on Wall Street. In August, the uncertainties surrounding the Federal Reserve interest rate cut shaped market trends.

This discussion stemmed from cooler inflation readings in the United States. Per an earlier report, US PCE inflation came in at 2.5% in July, unchanged from the previous month’s figure and down from market expectations. Besides the PCE data, other performance metrics, like US jobs data, also confirmed improvement in the economy.

Drawing on this trends, Chairman Jerome Powell noted it is time for a trend shift. Referring to interest rate cut, he, however, said the Feds will make this move based on sustained positive market data. Since he uttered this statement weeks ago, Analysts have postulated that the first rate cut will come this month.

Cutting interest rate is a positive shift for investors and by default, the broader crypto market. If this rate cut is implemented, investors gain access to more capital, freeing up cash in the economy. The resultant flooding of the economy with US Dollar is the ultimate catch for hedges like Bitcoin. With more cash in circulation, the purchasing power of USD is reduced, making BTC and altcoins more attractive.

The uncertainties around this macroeconomic pivot has continued to rattle the market, but this may change soon.

Relying on Internal Catalysts

Different altcoins have unique fundamentals capable of triggering their price rebounds. Cardano launched Chang hard fork on mainnet earlier this month in push toward decentralized governance. Despite this important milestone, a recent ADA price analysis confirmed the coin is locked in a bearish wedge. Breakout from this trend is largely dependent on how Bitcoin moves this month.

With so many crypto market trend hinging on Bitcoin, a defined trigger is required. This might come from the spot Bitcoin and Ethereum ETF products in the US. Though the spot Bitcoin ETF outflow in recent times has dampened sentiment, a reversal might come soon.

As of writing, the price of Bitcoin has rebounded to $54,704, up by 1.2% in 24 hours. Its lowest price in 24 hours was $52,598.70 and it soared to a high of $54,757.45. With this mild uptick, there are signs BTC correction is over for now as a potential bottom is in.

The post Will Crypto Market Keep Falling In September? appeared first on CoinGape.

7 Sep 2024, 9:37 am

Grayscale digital currency investment vehicles, particularly its Ethereum and Bitcoin exchange-traded funds (ETFs), have faced a substantial reduction in their asset base. Recent data reveals that Grayscale’s total holdings have now fallen below the $20 billion mark. 

This decline is primarily attributed to consistent outflows from its cryptocurrency ETFs. On September 6, the firm’s Ethereum Trust (ETHE) and Bitcoin Trust (GBTC) recorded net outflows of $10.7 million and $52.9M respectively.

Grayscale GBTC Outflows Hit $280M, Assets Fall Below $20B

According to the latest data from SoSoValue, Grayscale Bitcoin Trust (GBTC) experienced an outflow of $280 million in the past week, and $52.9 million on Friday alone. This substantial withdrawal has contributed to a sharp decline in the fund’s overall asset value.

More so, the total outflows from Bitcoin ETFs over the past week have accumulated to an extensive $706 million.

Concurrently, data from Arkham show that the crypto asset manager’s total holdings has now dipped below the $20 billion threshold. This downturn in asset value reflects a broader trend of decreasing enthusiasm for Bitcoin ETFs amidst current crypto market crash.

The ongoing market retreat has been particularly pronounced for GBTC, which, despite its pioneering status in the exchange-traded funds sphere, has struggled to maintain its asset base. 

ETHE Witnesses $10.7M Outflow Amid Market Shifts

In addition, Grayscale Ethereum Trust (ETHE) has also seen withdrawals, with $10.7 million exiting the fund on September 6. This has further strained Grayscale’s asset management, with ETHE being the only Ethereum ETF experiencing outflows on the day.

However, unlike its Bitcoin counterpart, the ETHE had experienced some inflows earlier in the year, but the recent trend has been predominantly negative.

The outflows from ETHE come at a time when Ethereum itself has faced market challenges, including price volatility and competition from other blockchain networks. These factors have influenced investor sentiment, leading to decreased deposits and increased redemptions. 

Market Outlook and Investor Sentiment

As the crypto asset manager ETFs endure these financial pressures, the overall market for crypto funds is showing signs of contraction. This period of market correction is affecting not just Grayscale but other exchange-traded funds providers as well.

Market analysts suggest that this downturn might lead to a consolidation phase in the cryptocurrency investment product market.

Despite these significant outflows, on-chain data support a potential reversal in markets. For instance, after the Friday’s weak Jobs data led to Bitcoin price crash and $300 million in liquidations, data has signalled at a potential price correction.

At the same time, ETH price has shown potential for a crash following $45M ETH selloff and weak US jobs data as reported by CoinGape. BTC price was trading at $54,781 at press time while Ethereum price was $2,305.

The post Grayscale Holdings Dip Below $20 Billion Amid ETF Outflows appeared first on CoinGape.

7 Sep 2024, 9:23 am

The upcoming debate between Donald Trump and Kamala Harris has sparked discussions in the crypto market, amid the growing influence of digital assets in the political space. Meanwhile, both the Republican and Democrat candidates appear to have shifted focus toward crypto, fueling market speculations. Notably, Trump’s pro-crypto stance and Harris’s growing ties with industry leaders add layers of intrigue to this pivotal moment for digital assets.

Donald Trump Vs. Kamala Harris Debate To Influence Crypto Market

The crypto market is buzzing with anticipation as Donald Trump and Kamala Harris prepare to face off in a debate that promises more than just political rhetoric. Trump has made bold promises to transform America into a crypto hub, focusing on Bitcoin and blockchain innovations.

His vision aligns with his narrative of boosting US dominance in emerging technologies. Recently, he emphasized making America the crypto and Bitcoin capital of the world, underscoring his commitment to fostering a pro-crypto regulatory environment.

On the other hand, Kamala Harris has also gained significant traction within the crypto community. Known for her assertive debating style, Harris has a track record of targeting issues head-on. Her approach could appeal to those within the industry who value a proactive stance on regulatory clarity.

Harris has secured endorsements from notable crypto leaders, including Ripple executives, which could sway voter sentiment within the tech-savvy demographic. She has also embraced crypto donations for her 2024 campaign, a move that reflects her openness to digital assets and blockchain technology.

What the Debate Means For The Crypto Market

The clash between these political heavyweights extends beyond personal attacks and policy disputes—it reaches the heart of crypto’s future in the US. For investors, the debate serves as a barometer for the broader regulatory climate. Donald Trump’s unpredictability and bold claims often resonate with Bitcoin maximalists and anti-establishment investors.

His focus on deregulation and innovation could propel speculative assets if he manages to make a compelling case during the debate. However, Harris’s approach is no less significant. Known for her calculated yet fierce debate tactics, she could shift the narrative towards regulatory safeguards that promote market stability.

Her track record of disciplined debate preparation, as seen in her previous political battles, highlights her potential to navigate Trump’s unpredictability effectively. Harris’s ties with crypto influencers suggest she may push for clearer guidelines that align with the broader vision of digital financial inclusion.

The debate also underscores a broader shift in U.S. politics, where crypto has become a mainstream issue rather than a niche topic. Both candidates recognize the economic and political power of the digital asset market, reflecting a new era of engagement between policymakers and the crypto community. The outcome of this debate could set the tone for future discussions on crypto regulations, taxes, and adoption.

The post Donald Trump Vs Kamala Harris Debate: How Will It Impact the Crypto Market? appeared first on CoinGape.

7 Sep 2024, 9:06 am

XRP price has shown incredible resilience in the past few days, but the recent Bitcoin crash has knocked Ripple down. As a result, $3.58 million Ripple longs faced liquidations on September 6. 

Profit-taking Could Dampen XRP Price Recovery

According to Santiment’s Net Realized Profit/Loss indicator, investors sold 353 million XRP to book profits on September 1. Despite this sell pressure and broader crypto market crash, Ripple has shed only 4%, which shows the resilience and buying pressure. 

However, technical analysis for XRP price shows a high chance of recovery in the coming days.

XRP Price Analysis: Ripple Bulls Ready For a Bounce

Although XRP price shed 4.28% on September 6, the remittance token is at a critical reversal level. Based on the past two-month data there are interested buyers every time Ripple has dipped. During these dips, the Relative Strength Index (RSI) has been trending higher, producing higher lows, which adds credence to the bullish outlook.Furthermore, the yearly Volume Weighted Average Price’s (VWAP) lower limit at $0.503 has also played a pivotal role in supporting the price. 

If history repeats, investors can expect XRP price to see a strong buying pressure followed by a recovery rally. 

Here are the key levels that investors must pay attention to if Ripple price climbs higher: 

1. Yearly VWAP at $0.561, coinciding with a daily resistance level.
2. Yearly VWAP’s upper limit at $0.619, also coinciding with another daily resistance zone, extending from $0.619 to $0.635. 

These are the short-term targets and constitute 6% and 20% gains respectively from where XRP price trades today at $0.529. In a highly bullish case, where XRP overcomes the $0.635 hurdle and flips it into a support floor, the $0.716 hurdle is the next target. 

On the other hand, if XRP price slips below the yearly VWAP’s lower limit at $0.503, it would invalidate the aforementioned bullish thesis. Such a development cold see the remittance token crash 6% and revisit the $0.469.

The post Will XRP Price Bounce Back Stronger After Whale Activity? appeared first on CoinGape.

7 Sep 2024, 8:11 am

The crypto market extended its correction into September as Bitcoin price broke below $55000 on September 7th. While majority of major altcoin signals mouting selling pressure, the Solana (SOL) coin and XRP project the pontential for major reversal. However, among the top contenders which coin in suitable for invement before Q4.

Will Solana or XRP Prove Resilient to a Potential Market Correction?

Large-cap altcoins like XRP and Solana (SOL) are crucial for crypto investors to have a diversified portfolio. While such coins offer stable investment opportunities in the long term, they are often under the eye of regulatory authorities or witness some developments that diverge their growth potential from others. As broader market signals prolong correction in September, here are the top crypto to buy for a potential rally.

Solana

SOL, the native cryptocurrency of the Solana network, showed a notable correction from $162 to $127 within two weeks. This 22% drop in value is likely linked to a stumble in Solana’s revenue and volume following declining market interest in Memecoin. Some analysts speculate that Tron’s “Sun Pump” meme generator has drawn away participants from Solana’s popular Pumpfun platform. 

While there may be some truth to this, Pump.fun generates significant daily revenue, booking between $300,000 and $400,000, while the “Sun Pump” sees only a fraction of that transaction volume. Thus, Pumpfun dominance in his business could boost the SOL price to regain momentum.

The Solana price currently trades at $127.4 and shows a market cap of $59.5 Billion.

Interestingly, the Solana onchain data shows a dramatic increase in active addresses from mid-August to 982.5 to 2.75M. This 180% increase highlights the growing engagement interaction in the SOL network, a core precursor of market demand.

XRP

The XRP price currently trades at $0.53, and a 6.5% weekly hint at a prolonged consolidation. The ripple cryptocurrency has been sideways since January 2022, failing to ignite the anticipated rally even after the recent SEC settlement. 

This uncertainty among buyers may stem from Ripple and the SEC’s decision to delay the final judgment payment of $125 million.

According to attorney Fred Rispoli, Ripple and the SEC have agreed to a trust arrangement where 111% of the monetary judgment will be held in trust. This amount will be paid to the SEC either 30 days after the appeal deadline or once an appeal concludes. While this does not guarantee an appeal, the move suggests a heightened likelihood.

#SECvRipple Update: Well, the odds have increased of an appeal. @Ripple and SEC have agreed to an arrangement where 111% of monetary judgment will be held in trust, to be paid to SEC only on (1) 30 days after appeal deadline or (2) after appeal concludes. This is not a…1/2

— Fred Rispoli (@freddyriz) September 4, 2024

However, the recent data from Santiment shows renewed interest from large holders that control between 100M to 1B XRP, as accumulation spiked to 9.56B XRP. Whale buying often boosts market sentiment and is observed to coincide with the bottoming of the downtrend. 

Conclusion

The momentum buyers can consider Solana for a dynamic move in the near future, while the long-term investors can keep an eye on XRP as it offers a discounted value for legal challenges.

The post Solana vs XRP: Which Altcoin Will Outperform in Market Correction appeared first on CoinGape.

7 Sep 2024, 6:52 am

Polygon (MATIC) price, an Ethereum scaling solution, has recently witnessed a modest uptick in its MATIC token price. Over the previous week, however, the token predominantly exhibited a downward trend. Despite this, attempts at a price recovery are proving to be challenging.

Polygon Price Gains As New $POL Token Debuts

Polygon price has initiated a major upgrade by introducing the POL token on its mainnet, supplanting the previously used $MATIC. This shift occurred on September 4th, marking a significant step in the Polygon 2.0 strategy. The POL token retains all functionalities of its predecessor, including roles in staking and network fees. 

Moreover, POL brings improved features aimed at enhancing security and scalability. These advancements also facilitate staking across multiple chains. This transition underscores Polygon’s commitment to fostering robust growth within its ecosystem.

Is $1 Possible for MATIC After the Recent Market Rebound?

Polygon price has experienced a fluctuation in the past 24 hours, indicating a volatile market day. The layer 2 blockchain hovers above $0.37, a crucial support level. As of reporting time, the MATIC price is trading at $0.374, slightly increasing by 1.14%. This increase follows a significant spike that saw the price briefly touching $0.3786 before retreating.

The daily technical indicators for MATIC Network present a mixed signal to traders and investors. The Relative Strength Index (RSI) is neutral at 41.85, suggesting that MATIC is neither overbought nor oversold. The Moving Average Convergence Divergence (MACD) indicates a bearish trend. The histogram’s movement is below the zero line, and the MACD line trails below the signal line.

According to data from Santiment, the MVRV (Market Value to Realized Value) Ratio for MATIC has displayed significant fluctuations over the past six months. Notably, there was a sharp spike in early May when the MVRV ratio exceeded 95%. This suggests that most holders would have made a profit if they had sold their MATIC at that time. 

Following this peak, the ratio plummeted, reaching a low of around -70.90% as of September 7, indicating that most holders would incur losses if they sold their holdings now. This dramatic change may reflect shifting investor sentiment and market conditions.

Polygon price could experience a notable ascent if it surpasses the resistance at $0.40. This breakthrough may pave the way for a target of $0.50, which could further propel the cryptocurrency to test the $0.55 level. The post-POL Migration phase holds promise. It could significantly bolster Polygon’s value, driving it up by 168% to $1. 

The post Polygon Price Prediction: Is POL Migration Enough For MATIC Recovery Rally? appeared first on CoinGape.

7 Sep 2024, 6:30 am

One of the best projects of OpenAI, ChatGPT, is again in highlights. This hype is not for its features but for its milestone of hitting 1 Million paid users on September 5. The AI chatbot was the beginning of AI’s dominance in the world, which led many popular businesses like Google, Meta, and many others to work on this technology. Moreover, with this milestone, it has cleared its dominance in the industry.

This new hype around AI is also visible in the crypto industry, as AI tokens are in the most demand. However, with the NVIDIA stock rout, they had also suffered in the market.

ChatGPT Bagged 1 Million Paid Users

The OpenAI provides both the free and paid versions, but 1 Million users have opted for the paid ones. It is because of its constant updates and introduction of more advanced features. The business introduced the Plus feature in February 2023, guaranteeing access to all the new updates, exclusive features, and even the latest features.

Moreover, back in August 2024, the Axios report revealed that the ChatGPT active user count doubled within a year, surpassing the 200 Million mark. However, despite the surged user base, the company valuation is not up to expectations, where only $3.4 billion was collected in sales up to May 2024.

On Analyzing Reuter’s April data, the paid user count has surged more than 67%, where it was only 600,00. Though the subscription is quite competitive, the Copilot Pro and Google AI cost the same, this AI bot is superior. Earlier, Gemini also rolled out ChatGPT voice mode rival but failed to beat demand. Moreover, ChatGPT has already taken the lead, thanks to its early introduction and constant updates.

Interestingly, during one survey of 4,700 premium users, the reports indicated that this AI bot is widely used among the corporate and educational sectors. With its research, drafting, and summarising properties, it is seen as a great tool for the industry, which is why this surge in user count came per expectations.

The Plus subscription costs $20 per month, which provides early access to the GPT-40, DALL-E 3, and many more. However, it is about to surge multifold in the future with the introduction of much more advanced AI models.

Open AI Valuation To Hit $100Billion With Subscription Surge

An insider has earlier revealed that OpenAI is planning to surge the subscription price for the upcoming AI models, which include the Strawberry, Orion, and other large language models.

This discussion came out in public after Elon Musk’s xAI, which is one of the biggest OpenAI competitors, launched the Grok-2AI assistant. This new version of the xAI grok is available for the X premium users. More importantly, as per the insider, the company plans to charge as high as $2,000 per month for newer models.

This reveals the company’s confidence in the AI bot as the $2,000/ month is quite high and can aid heavily in its valuation. Moreover, with Apple and NVIDIA showing interest in the OpenAI funding rounds, a valuation of $100 billion is anticipated.

Additionally, Microsoft, which already holds a 49% stake in this company, is also a part of the funding round. This is another significant milestone, as the tech giant has already invested $13 Billion in the last four years.

Final Thoughts

With the Strawberry and Orion in development, OpenAI plans to increase its Plus subscription from the current $20 to $2000/ month. This revelation comes into the spotlight after the ChatGPT paid users have surged to 1M. This is a 67% surge from its April data, as back then the same count was limited to $600K. Moreover, with the upcoming funding rounds, Microsoft, Apple, NVIDIA, and many prominent companies have shown interest in this platform. This might push the company’s valuation to the $100 Billion mark.

The post What ChatGPTs 1 Million Paid Users Mean for Its Future Valuation and Pricing? appeared first on CoinGape.

7 Sep 2024, 5:34 am

Following Elon Musk’s claim that he can’t wait to audit U.S. Federal Agencies under Donald Trump, a peculiar X post by the American entrepreneur caught nationwide attention on Saturday. The Tesla & SpaceX CEO confirmed the name “DOGE,” short for Department of Government Efficiency, reaffirming his plans to join the Trump team as an advisor should it win the 2024 U.S. presidential elections.

Meanwhile, Dogecoin, a meme crypto highly influenced by the American entrepreneur, noted gains after hitting a 24-hour low, sparking discussions.

Elon Musk Reaffirms DOGE Post Under Trump

In a riveting turn of events, Elon Musk posted on September 7, a picture of him with the nameplate “DOGE.” The caption for the picture read- “Department of Government Efficiency.” This post comes in the aftermath of the Tesla CEO agreeing to Trump’s offer for a cabinet role should the Republican party win the elections.

CoinGape Media reported that Donald Trump confirmed at the Economic Club that there will be a Government Efficiency Commission that Elon Musk will head. Altogether, the recent post has added to discussions amid the ongoing presidential campaigns.

Linda Yaccarino, CEO at X, reacted to Musk’s post. Notably, the post comes soon after Donald Trump’s recent speech at The Economic Club New York, where in the Republican called out Kamala Harris for her taxation policies.

Donald Trump Slams Harris Over Taxation Policies

Talking at The Economic Club of New York, the Republican called out on Harris for “killing the economy” with her tax proposals. For context, Harris proposed to eradicate the Trump tax cuts, with her plans to increase taxes to a $5 trillion cap nationwide, a record high.

Further, the Republican even stated that it would be the largest hike in history for small businesses. Notably, the former U.S. president drew parallels with ‘communist China,’ gauging in on Harris’ policies.

Nevertheless, Elon Musk continues backing Republican Donald Trump amid the ongoing presidential elections. As mentioned above, DOGE price soared in tandem with the development, sparking speculations.

Dogecoin Price Gains

Dogecoin price embarked on an upward trajectory, gaining nearly 5% after hitting a 24-hour low of $0.08947 to trade at $0.09417 at press time. The coin’s intraday peak was $0.09777.

Notably, Dogecoin’s futures OI jumped 0.59% within the 4-hour chart, while 0.14% in the 1-hour time frame, reaching $443.17 million. The slight uptrend in tandem with Musk’s post has garnered significant attention to the token.

Crypto market watchers speculate if Trump’s win could spark a rally in Dogecoin as Elon Musk takes a government seat with DOGE position. Polymarket data currently shows the Republican’s winning odds at 51%, while Harris at 48%.

The post Elon Musk Confirms “DOGE” Post Donald Trump Speech, Dogecoin Jumps appeared first on CoinGape.

7 Sep 2024, 5:29 am

Ethereum price today trades at $2,286 after crashing 6% in the past 24 hours. Investors must be cautious as ETH whales that sold during the 2021 bull run and around the all-time high (ATH) are selling again.

Ethereum Price Today Trades at $2,285, Down 6% in 24 Hours

Between September 5 and 6, Ethereum price crashed nearly 13% and trades today around $2,285. In the past 24 hours, ETH shed 6%, in line with Bitcoin’s 4% crash. The bearish outlook in Ether prices can be attributed to the pessimistic crypto market structure and weak macroeconomic outlook. 

ETH Whales Sell, Will Ether price recover?

Data from Santiment shows clear distribution from ETH whales holding 100,000 to 1,000,000 tokens. Whale is a term used in the cryptocurrency ecosystem to identify investors that hold more than $100,000 worth of assets.

This cohort of investors were attuned to ETH price and data shows that they were on the right side of the trend in the 2021 bull run. These whales bought or sold ETH around local tops or bottoms as shown in the below image.

These investors accumulated nearly 2 million ETH between February 2024 and March 2024, showcasing their bias and strong conviction. Days before Ethereum hit an ATH of $4,099, these whales started selling their holdings, leading to a 23% correction in the next week.

In 2021, the Bitcoin hit a ceiling around $69,000, which led to a reversal, pulling Ethereum and other top altcoins down with it. But the situation is different now. Bitcoin has been on a steady descent, but bulls have a chance to attempt a comeback.

So, unless Bitcoin price adds to the selling pressure these whales are unlikely to drag Ether prices lower. 

Ethereum Price Analysis: ETH Plans Recovery Rally

Bitcoin price is showing promising signs of bottom formation and could influence Ethereum recovery rally. The August 5 and September 6 swing lows show a clear bullish divergence when compared to RSI and AO indicators. This technical formation signals a rising bullish momentum that has not yet been reflected in the price. These setups lead to a price breakout to the upside.

In the case of Ethereum price, a bullish divergence-led recovery rally could propel ETH to $2,618, which is the next key resistance level. This move would constitute a 15% rally and is likely where ETH could face a stiff hurdle. 

On the contrary, if the bullish divergence-based Ethereum price forecast fails to unfold, it would signal a lack of buying pressure or an overhead pressure from Bitcoin’s stagnation. Such a move could see ETH price tank and revisit the $2,000 psychological level. 

The post ETH Whales That Sold ATH Are Selling Again, What’s Next for Ethereum Price? appeared first on CoinGape.

7 Sep 2024, 5:29 am

XRP News: XRP whales continue to dominate headlines with recent massive transfers stirring market speculation. In a notable development, an unknown wallet has moved 95 million XRP, equivalent to nearly $50 million, to Binance. This transaction, detected by WhaleAlert, has reignited discussions about the potential impacts of large-scale movements on XRP price.

XRP Whales Resume Dumping Amid Price Volatility

According to WhaleAlert, the early hours of Saturday witnessed a significant transaction involving an XRP whale. An unknown wallet, initially activated by Binance, transferred 95 million XRP to a wallet tagged under Binance’s address. This event occurred at 04:48 UTC, with XRP trading at $0.5229 per coin, placing the transaction value close to $50 million.

On-chain data further reveals that this is not the first instance of large-scale transfers between these two wallets. Previously, on August 29, a transaction of 60 million XRP was recorded from the same wallet, valuing approximately $39 million at that time.

This pattern of recurrent, high-volume transactions between familiar wallets suggests a potential strategic management of funds within Binance or by a closely associated entity.

Binance-Activated Wallets in Focus

Investigation into the sending wallet’s history through Bithomp highlights its significant role in XRP transfers. Activated on December 21, 2023, the wallet has engaged in numerous transactions involving substantial amounts of XRP. Just prior to this latest transfer, on August 21, the XRP whale sent 33 million XRP worth nearly $19.81 million to the same Binance-tagged address.

The pattern of transfers, coupled with the wallet’s initial activation by Binance, strongly indicates an affiliation with the exchange. Whether these transfers are internal reallocations or external transactions remains subject to speculation. 

In addition, CoinGape revealed on September 6 that 100 million XRP, valued at $54 million, was transferred from Ripple to an unidentified wallet. This transaction has drawn attention from crypto followers, especially in light of recent Ripple vs. SEC lawsuit potential appeal.

In recent XRP news, Judge Torres has granted Ripple’s request to delay the $125 million payment pending further clarity on the appeal in the case.

XRP News: Market Impact and Future Movements

The ongoing movements by XRP whales continue to impact market dynamics significantly. Each large transaction sways market sentiment, influencing the Ripple token stability. With the XRP price crashing and nearing a critical support level around $0.50, the actions of whales are under scrutiny for signs of sustained selling pressure.

At the time of writing, the XRP price has experienced volatility, with a noticeable dip to $0.5292, marking a 6.65% decrease over the last 7 days.

The post XRP Whales Resume Dumping Amid SEC Appeal Woes, Is $0.50 Next? appeared first on CoinGape.

7 Sep 2024, 3:27 am

Floki (FLOKI) price, a popular meme cryptocurrency, has been facing a volatile market with significant price fluctuations. FLOKI has struggled to recover its higher trading levels, consistently showing a bearish trend over recent weeks. Despite a pessimistic short-term outlook, Floki exhibits resilience against ongoing market pressures. Notably, it is forming higher lows, which could signal a potential bullish rally in the upcoming trading cycle. 

In the past 24 hours, meme coins and other crypto markets have exhibited notable volatility. Dogecoin dropped by 3.90%, while Shiba Inu saw a decrease of 1.72%. Pepe also declined by 2.67%, contrasting with Dogwifhat, which slightly gained by 0.38%. This reflects the often unpredictable fluctuations that characterize the meme coin segment of the cryptocurrency market.

Floki Price Dips Amid OG Esports Partnership

Floki price has experienced a 7% decline over the past week, coinciding with its announcement of a partnership with OG Esports for the Valhalla Metaverse Game. This collaboration introduces Valhalla, a play-to-earn MMORPG, promising a blend of open-world exploration and strategic turn-based combat. Players can earn rewards by leveraging their gaming skills and strategies. 

Additionally, Valhalla will gain visibility as a jersey sleeve sponsor for OG Esports during all forthcoming events. This partnership aims to foster engaging new content and experiences for the community, enhancing fan interaction with both brands.

Over the past 24 hours, the Floki price has seen subtle fluctuations, indicating a modest increase in investor interest. As of the reporting time, the FLOKI price hovered at $0.0001187, making a slight gain during the day’s trading session. This increase accompanies a significant 34.70% rise in trading volume, which amounted to $173.97 million, suggesting heightened activity around this meme coin.

The Moving Average Convergence Divergence (MACD) shows signs of a potential reversal. Recently, the MACD line (blue) has converged towards the signal line (orange), indicating diminishing downward momentum and a possible shift towards a bullish market in the near term.

According to Coinglass, the trading volume for Floki has surged by 59.17%, reaching $44.54M. This significant increase contrasts with a 7.32% decrease in open interest, which now stands at $20.29M. Meanwhile, data on options volume and open interest was not disclosed. This shift in trading dynamics suggests a heightened trader interest in Floki, potentially indicating increased speculative or strategic activity surrounding this cryptocurrency.

The meme-based coin FLOKI faces a significant hurdle as it approaches the $0.00015 level. A robust resistance awaits at $0.0002. If FLOKI maintains its position above this marker, opportunities for an upward trajectory to $0.0003 may emerge. Moreover, a sustained rally has the potential to propel the coin further to $0.0005.

The post Floki Price Eyes 115% Gain Amid Partnership and Market Resilience appeared first on CoinGape.

7 Sep 2024, 3:27 am

Bitcoin price has crashed nearly 4% after Friday’s weak US Nonfarm Payrolls (NFP) data. The US jobs report came in cooler than expectations, tilting the odds in bears’ favor. As a result, BTC and the broader crypto markets tanked, leading to $300 million in liquidations on September 6.

Investors wonder if this Bitcoin price correction is done and if BTC will rally.

Why is Bitcoin Price Correcting?

On September 6, the Nonfarm Payrolls data showed no improvement in the jobs, suggesting worsening economic conditions in the US. This development is a continuation of the US stock market crash caused by July’s worrying NFP data coupled with Bank of Japan’s sudden interest rate hike. These two events set off a chain reaction that catalyzed financial market crashes across the US, Asia and Europe, triggering popular recession signals like Sahm and Joshi Rule to flash red.

Still, investors are speculating if the crypto market will continue to crash? Is Bitcoin price correction done?

Is BTC Price Crash Over?

On Friday, Bitcoin crashed nearly 4% and hit a low of 52,550. Since then, BTC has recovered nearly 4% trades at $54,300 today. From a technical perspective, Bitcoin price seems to have formed a potential bottom due to three reasons: 

1. A retest of the 50-week Exponential Moving Average (EMA). 
2. A bounce off the five-month support trend line. 
3. The development of an exaggerated bullish divergence between BTC price and momentum indicators.

All of the above can be seen in the daily Bitcoin price chart below.

The 50-week EMA also played a pivotal role in supporting the 2020 and 2021 bull market correction. A recovery above this level in 2021 led to the rally that propelled BTC to an all-time high of $69,000. If history repeats, then a bounce off the 50-week EMA could propel BTC higher once again, kickstarting the bull run. 

Next up, the five-month support trend line has been a reliable reversal point for Bitcoin in the past six months of sideways price action. Until this level is invalidated, it is safe to assume that it will hold and trigger a recovery rally.

Lastly, the Relative Strength Index (RSI) and Awesome Oscillator (AO) have both set up higher lows below their respective mean levels of 50 and 0, respectively. The recent move in RSI and AO from oversold conditions toward the mean levels Indicate a decline in bearish momentum. A flip of the 50 and 0 levels would suggest a bullish momentum comeback. 

 

Supporting a potential reversal here is the spike in BTC whale transactions worth $100,000 or more and $1,000,000 or more.If these transfers occur after a price crash, it can be interpreted as whales accumulating and hence a potential bottom formation. On the contrary, if this indicator sees an uptick after a rally, it could signal local top formation 

Although the BTC whale transfers did not reach the August 5 levels, there were considerable uptick in transfers worth $1 million or more, indicating that BTC whales are active. 

So, judging by the Bitcoin price prediction, technical indicators and on-chain metrics, there is a high chance that Bitcoin correction is over. However, investors can look for a confirmation on the lower timeframe before making any moves.

The post Can Bitcoin Price Rally After This Correction appeared first on CoinGape.

7 Sep 2024, 2:41 am