Bitcoin, the top cryptocurrency, reached a two-month low due to risk aversion in global markets triggered by concerns about China's economy and U.S. interest rates, as well as a report that Elon Musk's SpaceX sold its bitcoin holdings.
The recent price pullback in Bitcoin and the cryptocurrency market is not surprising, as most risk assets typically suffer when the S&P 500 falls; however, volatility for both Bitcoin and the S&P 500 is declining, which suggests mainstream migration and a potential lack of price-pump potential for Bitcoin.
Bitcoin and Ether both rose over 3% as the crypto market recovered from its losses last week, while alternative cryptocurrencies also saw gains; however, experts remain divided on the future of prices, with some predicting continued downtrend and others expecting a rebound.
Bitcoin price reaches a 2-month low, but crypto analyst Michaël van de Poppe predicts a positive change in the future due to market cycle theories and the upcoming Bitcoin halving in 2024, potentially reaching a price of $50-55K pre-halving.
Bitcoin remains on track for a massive bull cycle despite recent price decline, as indicated by broader indicators of its price patterns and the use of logarithmic growth curves. The 200-week moving average is seen as less significant as a key price support level for Bitcoin, and the analyst is also looking for an entry point for Ethereum.
Ethereum's price has surpassed Bitcoin's in the second half of 2023, as investor sentiment towards Ethereum has improved and Bitcoin dominance has declined, indicating a shift towards altcoins; Ethereum's oversold status and resilient consolidation above $1,500 suggest a potential bullish reversal in the coming days, but a drop below $1,500 is possible if bears gain control.
Bitcoin's velocity has decreased to a 3-year low, potentially suggesting that whales are holding onto their positions rather than transferring ownership to new investors. Meanwhile, select altcoins like Toncoin, Monero, Mantle, and Quant are showing signs of strength and could present short-term trading opportunities depending on Bitcoin's next move.
Bitcoin's trading volume has reached its lowest level in four years, with investors waiting for reasons to reenter the market, as the price of bitcoin remains up 57% for the year but has struggled to rebound from its recent decline.
The supply of Bitcoin on crypto exchanges is currently at its lowest level in over half a decade, with only 5.8% of the overall supply sitting on exchange platforms, while Bitcoin is also leading in terms of address activity; meanwhile, the 10 largest addresses associated with Ethereum are holding over 35% of ETH's overall supply, likely due to smaller investors selling off their holdings during the recent market dip.
Crypto-related stocks soar as the chances of fund companies offering Bitcoin ETFs increase, though Coinbase Global faces obstacles.
Bitcoin's spot trading volumes for the current quarter have been significantly lower compared to previous quarters, potentially indicating a decline of around 14% month over month, while Ethereum's trading volumes are also at a level not seen since 2019, suggesting a similar trend for the cryptocurrency.
Bitcoin is likely to experience a deep corrective move in September, with a potential drop of over 10% from current levels, according to crypto strategist Benjamin Cowen, who also suggests that the altcoin markets may see a resurgence next year due to a confluence of macro tailwinds.
Despite the current market conditions, a crypto strategist believes that Bitcoin (BTC) could experience a significant upward movement, potentially forming a bullish higher-low setup after a possible drop to around $23,600.
Bitcoin is trading near the $26,000 level and uncertainty about its next move suggests a limited downside in the near term, with hopes for approval of a spot Bitcoin exchange-traded fund by the SEC potentially providing support.
Ethereum co-founder Vitalik Buterin sells his Maker tokens after two years of inactivity, trading them for ETH worth around $580,000, amidst plans by MakerDAO founder Rune Christensen to build a new native chain on a Solana fork.
Ethereum's price has been declining, leading to concerns among investors, but there are two factors to consider: a drop in user activity and transaction volume on the Ethereum blockchain, which may be due to users migrating to faster and cheaper Layer 2 blockchains, and selling by Ethereum "whales" and insiders, including co-founder Vitalik Buterin, which could be attributed to profit-taking and security measures rather than a lack of confidence in Ethereum's future prospects. Despite the market's overreaction, Ethereum remains a strong investment with its dominance in various business segments and ongoing development plans.
Bitcoin continues to trade below $26,000, with the crypto market experiencing a sideways trend, while Deribit's options segment saw increased trading volume in August.
Bitcoin (BTC) has remained stagnant below $26,000, with investors waiting for further developments in the cryptocurrency market and the wider economy, while Ether (ETH) is expected to outperform BTC in September and October due to the potential approval of the first ether ETF in mid-October. Additionally, SOMA Finance plans to sell tokens that represent a financial interest, addressing the criticism that crypto tokens lack equity or debt claims. Binance continues to dominate the crypto market as the leading exchange.
Despite the recent downturn in the crypto market, a key Bitcoin metric shows that 95% of the existing supply of Bitcoin has not moved in the past 30 days, indicating strong holding behavior and potential for a price rally with a buy-side catalyst.
OnChainMonkey, a nonfungible token collection, is migrating its 10,000 NFTs from Ethereum to Bitcoin due to the belief that Bitcoin offers a more secure platform, with the migration process expected to cost over $1 million; however, Ethereum still dominates the NFT market.
Bitcoin and other cryptocurrencies rose on Friday, but trading volumes remained low, indicating a lack of wider interest in the crypto space.
Crypto spot trading volume on exchanges dropped significantly in August, reaching the lowest monthly total since March 2019, due to bearish price action and factors such as SpaceX's Bitcoin sale and Grayscale's victory over the SEC.
Bitcoin, ethereum, and other top cryptocurrencies have been struggling recently despite the market conditions, as the bitcoin price drops and Coinbase plans to integrate bitcoin's lightning network, potentially causing crypto price chaos.
Crypto analyst Nicholas Merten believes Ethereum is likely to experience a significant price drop, with the possibility of it reaching as low as $300 to $500.
Bitcoin could potentially surge over 70% in a move similar to 2015, as crypto analyst Michaël van de Poppe observes patterns that indicate a sustained trading range before a significant upside move ahead of the 2016 halving event.
Ether (ETH) has experienced a modest increase in price in 2023, but it is still trading significantly below its peak in November 2021, raising questions among investors about the reasons behind the decline and potential catalysts for a reversal. The ongoing legal battle between Ripple and the SEC, as well as regulatory uncertainties surrounding the Ethereum ICO, remain sources of concern. However, positive surprises such as the request for a spot Ether ETF and Ethereum's position to benefit from Bitcoin-related catalysts give hope to investors.
Deep-pocketed crypto investors have moved over $660 million worth of Bitcoin, Ethereum, and Chainlink as Bitcoin's price drops below $27,000.
Ethereum could be in the final stage of a corrective move and may experience a bullish higher low setup before breaking out to a new all-time high, according to a top crypto analyst.
Bitcoin has been trading in a tight range despite the fall in the S&P 500, indicating that cryptocurrency traders are not panicking and the supply is shifting to stronger hands.
Bitcoin and Ether fell below key price levels as cryptocurrency markets retreated following the US Federal Reserve's hawkish stance on interest rates, with more downward movement expected for Bitcoin as it fails to break its 50-day moving average, while Ether's failure to rally above the $1,650 support level could have significant implications for altcoin sentiment.
Ethereum co-founder Vitalik Buterin has been transferring Ethereum to centralized exchanges, signaling potential sales preparations, as the price, on-chain activity, and sentiment for Ethereum have been decreasing, with analysts predicting further downsides for the cryptocurrency.
Crypto analyst Nicholas Merten predicts a significant contraction in the total market capitalization of Bitcoin and other digital currencies, with Bitcoin potentially facing a plunge of over 43% and stabilizing between $15,000 and $16,000 as the market potentially finds a foothold around the $650 billion cap.
Bitcoin and ether have seen little change in the past 24 hours as both spot and futures markets experience fading volumes, with cryptocurrencies needing financial chaos for sustainable growth momentum.
Bitcoin is on the verge of reaching levels that offer accumulation opportunities and could potentially start an uptrend, according to crypto trader Michaël van de Poppe, who compares the current price action to that of a pre-halving year.
Ethereum may outperform Bitcoin in the longer term, according to trader Dave the Wave, who believes that Ethereum's lower highs and lows in the short term are overshadowed by its potential breakout in 2022. On the other hand, Bitcoin is expected to outperform traditional assets for at least another decade based on logarithmic growth curves.
Bitcoin surged over 4.5% to reach its highest level in more than a month, while Ether crossed over $1,700 as crypto prices rallied on Monday, with the catalyst for this sudden move not immediately clear but potentially linked to the launch of several ether futures ETFs, indicating a positive sign for the crypto industry.
The number of ETFs tied to cryptocurrencies, particularly ether, is expanding rapidly, making it easier for financial professionals to gain exposure to the crypto market, while the launch of ether futures products may indicate optimism for the approval of spot bitcoin products by the SEC.
BitMEX, a leading crypto derivatives exchange, has seen significant growth in recent years and has launched innovative products such as perpetual swaps and social trading features like Guilds, while also introducing new contracts for the Shiba Inu ecosystem. The CEO, Stephan Lutz, is optimistic about the state of the Bitcoin market and expects increased institutional interest and adoption. The cryptocurrency market is expected to continue growing, with regulatory clarity playing a crucial role in shaping its future.
Tron founder Justin Sun is moving hundreds of millions of dollars worth of Ethereum to a crypto exchange, potentially for sale on the open market.
Bitcoin and other cryptocurrencies experienced a slight decline along with the wider market, but analysts are optimistic that the recent uptrend will persist.
Bitcoin SV and Bitcoin Cash, along with several other altcoins, have experienced a significant drop in prices, but institutional investors continue to show bullishness in the crypto sector with positive inflows.
The CoinDesk Market Index (CMI) declined by -11% in the past quarter, with Bitcoin outperforming by -10.9% and Ether underperforming at -12.5%; however, Bitcoin and Ether have still shown impressive gains of 64% and 41% respectively for the year, highlighting their resilience as top-performing assets. Regulatory pressure on alternative tokens continues to drive a bifurcation in the crypto market between Bitcoin and Ether and other digital asset protocols, while the computing and DeFi sectors were relative outperformers in Q3 2023. The reduced level of risk, lower volatility, and decreased correlation with traditional equities suggest a maturation of the market or market illiquidity. Rising bond yields and tightening financial conditions may pose headwinds for crypto price appreciation, but the approval of a Bitcoin spot ETF could be a catalyst for breaking through these macroeconomic headwinds, enabling broader investor access and institutional adoption.
Investors are showing a preference for ether over bitcoin in a high interest rate environment, with ether futures ETFs experiencing low volumes and the ether-bitcoin ratio reaching its lowest point since July 2022. The underperformance of ether relative to bitcoin is attributed to the bear market and the potential for continued underperformance due to the higher interest rate environment. Bitcoin's status as a digital gold and its regulatory advantages also contribute to its favorability over ether.
Bitcoin's market share in the crypto market has risen to 48.5% as investors turn to the original cryptocurrency amid rising geopolitical risks, while Ether's market dominance has declined to 17%.
The crypto market experienced a significant downturn this week, with Ethereum being hit particularly hard, trading at its lowest point since March. Other major coins and tokens, including Toncoin, Solana, Ripple, Polygon, and Bitcoin Cash, also suffered losses. Only Bitcoin saw a relatively smaller decline.
Crypto investors have moved over $500 million worth of Bitcoin, Ethereum, and other digital assets to cryptocurrency exchanges and unknown wallets, according to data from Whale Alert.
Bitcoin's demand has surpassed Ethereum's due to the buzz surrounding a potential Bitcoin ETF and the upcoming halving, causing Ethereum's native token, Ether (ETH), to trade at a 15-month low against Bitcoin.
Bitcoin outperformed the cryptocurrency market as Ethereum and DeFi tokens experienced declines, with BTC reaching its highest market share since April 2021.
Bitcoin outperformed the cryptocurrency market as Ethereum and DeFi tokens slid, with BTC rising to near $28,500 and its market share reaching over 52%, the highest since April 2021.
