Bitcoin's price remains volatile as sell-offs from whales signal a change in sentiment, with the upcoming yearly candle close and macro data releases adding to the pressure; while a "Santa rally" seems unlikely, market sentiment is characterized by "greed" but without unsustainable conditions, potentially leaving room for further upside. Key support levels for BTC/USD are identified by analysts, and upcoming macro events, such as United States GDP data, will continue to influence market movements. Transaction fees have reached their highest levels since April 2021 but have since fallen, and the debate over fees has prompted discussions about using "Level 2" solutions, such as the Lightning Network. The number of new Bitcoin addresses has seen a decline, raising doubts about the sustainability of the recent price increase, but overall market sentiment, as measured by the Crypto Fear & Greed Index, has cooled off from previous highs of irrational exuberance, signaling a shift towards disbelief.
Bitcoin (BTC) is expected to rally to $52,000 before the next halving in April 2024, followed by a long consolidation period and a potential new all-time high the following year, according to analyst Michaël van de Poppe.
Sales of Solana's Saga phone, previously considered a "failure" by its makers, have surged after the popularity of the dog-themed token BONK led to a 30 million BONK token airdrop worth over $700, resulting in phones being sold for as much as $5,000 on eBay.
Avalanche (AVAX) experienced a surge of 50%, securing the 9th position in terms of market capitalization, leading traders to speculate if Pullix (PLX) and Polygon (MATIC) will follow suit.
Bitcoin (BTC) and Ether (ETH) experienced minor gains in trading, while there were significant liquidations of token-tracked futures, primarily affecting long positions; however, industry experts remain optimistic about the long-term growth of Bitcoin. Additionally, gas fees on Ethereum and other layer-1 chains have surged due to the influx of meme coins in the market.
FTX, the bankrupt crypto exchange, has incurred over $118 million in legal and advisory fees between August and October, averaging $1.3 million per day.
Network transaction fees have skyrocketed across multiple blockchains, including Bitcoin and Ethereum, due to the increased demand for blockspace driven by the surge in inscriptions, particularly on Ethereum Virtual Machine (EVM) chains, with gas fees reaching a record high of $8.3 million. This has led to a spike in gas fees on EVM chains and rendered Bitcoin transactions unfeasible for many due to the high fees, prompting the use of layer-2 solutions and driving innovation in the crypto space.
The burn rate of Shiba Inu's SHIB/USD spiked by over 727,000% in the last 24 hours, with 8.6 billion SHIB tokens burned in six transactions, signaling optimism for global adoption and potential price breakout.
Bitcoin transaction fees have skyrocketed as demand for block space increased, resulting in miners earning more from transaction fees than newly generated BTC and driving up mining profitability to its highest level since May 2022.
Venture capitalist Ran Neuner advises caution to investors in approaching the ongoing crypto bull run, comparing it to a marathon and warning against rushing to make fortunes.
According to the CEO of VanEck, it is highly unlikely that any other internet store of value will surpass Bitcoin, which he believes is the obvious asset that is growing in front of our eyes, and he also expects Bitcoin to reach all-time highs within the next 12 months.
The cryptocurrency market experienced a decline due to profit-taking after Bitcoin's surge, with investors cashing in on profits, while the global crypto market cap decreased by 0.86% in the last 24 hours.
Blockchain-based lending is on the rise with a 128% increase in active tokenized private credit, offering an average APR of 9.65% compared to traditional personal loan interest rates of 11.5%.
The Solana Saga phone has sold out after a surge in demand for the free Bonk memecoin airdrop, causing phones to be resold on eBay for as much as $5,000, more than eight times their retail cost. Buyers are betting on the appreciation of Bonk's price, which has surged nearly 800% in the last month, but it would need to grow another 620% for them to profit from the high price tag. Additionally, Solana-based projects have announced airdrops and incentives for Saga phone users.
VeChain (VET), Cardano (ADA), and Fantom (FTM) are all altcoins that could potentially experience significant price increases, with VET projected to have the highest upside potential of 2,230% if it reaches its long-term target of $0.70.
The upcoming Bitcoin halving in April 2024 may have a positive impact on the stock prices of Bitcoin mining companies, according to crypto analyst Jason A. Williams, who believes that the event could be less harsh on inefficient miners and that block fees are currently surpassing block rewards; however, Statista data shows a significant decline in Bitcoin mining profitability in recent years. Additionally, major crypto mining companies have been investing millions of dollars in mining equipment in anticipation of the halving, with Marathon Digital also eyeing smaller companies for potential acquisitions.
The Solana Saga phones have gained significant popularity and are being listed on eBay for prices as high as $5,403 USD, indicating a growing demand, while the co-founder of Solana, Anatoly Yakovenko, commented on the hype and shared news of SOL surpassing Ethereum in trading volume for the first time.
The commercial release of blockchain games and the hype surrounding the crypto market are expected to bring tens of millions of gamers into the Web3 space in 2024, particularly in the casual gaming sector, with Asia leading the way due to its acceptance of GameFi technology and NFTs; user-generated content will also be a significant theme, and celebrities are predicted to continue endorsing Web3 projects once there is legal clarity in the US. Additionally, the Apple Vision Pro VR headset is seen as a potential game changer for virtual worlds and could help lower the cost of hardware.
Aurory, a Solana-based gaming ecosystem, was reportedly breached, resulting in a significant drop in liquidity for the AURY-USDC pool on the decentralized exchange Carmelot.
Bitcoin is predicted to experience an explosive upward move if it maintains its support at $40,000, according to an analyst with a large following, who believes that while traders focus on altcoins, institutional investors are accumulating Bitcoin.
The Solana-based decentralized exchange Jupiter will be airdropping a billion of its tokens in early 2023, with half going to the community and half to the Jupiter team.
A hacker returned stolen Bored Ape Yacht Club (BAYC) and Mutant Ape Yacht Club (MAYC) NFTs worth nearly $3 million after receiving a 120 Ether bounty payment from Yuga Labs co-founder Greg Solano, with the assets being recovered by a community initiative led by Boring Security.
Crypto exchange Coinbase is taking legal action against the SEC after the regulator denied its request for a new regulatory framework for digital assets, arguing that securities laws do apply to the crypto industry.
Every national treasury will one day hold Bitcoin, which will become the base unit of trade, according to Sandy Kaul, the head of Franklin Templeton's digital asset and industry advisory services.
The Federal Reserve's potential "bailout" for President Joe Biden could disrupt the bitcoin price and crypto market, as rate cuts and increased election spending may coincide with bitcoin's upcoming halving.
A dormant Ethereum investor has emerged and is selling off ETH on DEX, while Chainlink sees significant deposits on Binance and a trader profits enormously from the Solana-based memecoin Bonk.
Investors should consider buying Ethereum, Solana, and Ripple for the next bull run in the cryptocurrency market due to their potential for outperformance and adoption in various sectors like decentralized finance (DEFI) and non-fungible tokens (NFTs).
Cathie Wood's Ark Invest sells off Coinbase shares amid a cooling crypto market, while a crypto analyst predicts a possible downturn for Bitcoin; meme token BONK sees a significant increase in trading volume, and the supply of Shiba Inu decreases on exchanges potentially indicating gains.
The top cryptocurrencies of 2023 are experiencing significant gains, with Bitcoin up more than 107% and Solana up over 650%, but Avalanche and Chainlink stand out as bargain-priced options, trading at more than a 70% discount from their previous highs and offering unique features like fast and cheap transactions and data oracles, making them potentially lucrative investments heading into 2024.
Bitcoin on-chain transaction fees have soared to nearly $40, sparking debate among Bitcoin enthusiasts about whether these high fees are here to stay and the need to embrace layer-2 solutions like the Lightning Network for mass adoption. Some commentators argue that high fees are inevitable and necessary for the network's growth, while others emphasize the importance of expanding layer-2 capabilities to address the fee problem.
Global investment manager VanEck's CEO, Jan van Eck, predicts that Bitcoin will reach new all-time highs within the next year due to expected interest rate cuts from the Federal Reserve and the upcoming halving event.
Ark Invest CEO Cathie Wood predicts that Bitcoin could reach a price of $1.48 million per token by 2030, citing institutional adoption and its use as a hedge against inflation and remittances as driving factors, but there are concerns over the cryptocurrency's limited adoption and lack of utility beyond speculation.
Cathie Wood, CEO of Ark Invest, predicts that Bitcoin could reach $1.48 million per token by 2030, a gain of 33,557%, due to factors such as institutional adoption and utility in remittances, but there are several obstacles and uncertainties to consider before investing.
The Ministry of Finance of Palau has launched the second phase of its Palau Stablecoin (PSC) program, which aims to leverage Ripple's central bank digital currency (CBDC) platform and technical expertise, while prioritizing the development of a digital ecosystem and increased user engagement.
Bitcoin analyst DonAlt predicts that Bitcoin will reach a new all-time high of $110,000 after its halving in April 2024, but warns of a potential intermediate top in the short term as the approval of spot market Bitcoin ETFs may not be a bullish catalyst.
An ex-Amazon engineer pleaded guilty to hacking two cryptocurrency exchanges, marking the first-ever conviction involving the hacking of a smart contract, and he will face up to five years in prison and have to pay back $12.3 million in stolen funds.
Tether's role in Cambodia's dark economy is under scrutiny, as it is suspected to facilitate money laundering and cyber scams in the country's vast online gambling industry and beyond.
Ronin, a gaming-focused Ethereum sidechain, experienced a significant surge in address activity last month, with 464,000 active addresses, marking a 368% increase from the previous month and the largest percentage gain among all chains.
The market capitalization of stablecoins is increasing, indicating a rise in the buying power of cryptocurrency market participants, while Bitcoin's exchange netflows have reached record levels and whales continue to accumulate BTC despite market dips. Ethereum's fees remain high, impacting its supply.
BlackRock has revised its spot Bitcoin ETF application to allow Wall Street banks to participate by creating new shares in the fund with cash, rather than crypto, making it more accessible for them to be authorized participants in the fund. El Salvador's National Bitcoin Office expects its $1 million Freedom Visa program, which grants residency visa and pathway to citizenship for a $1 million Bitcoin or Tether donation, to sell out before the end of the year. Sam Bankman-Fried's lawyer has admitted that his criminal trial defense was "almost impossible" to win, recommending that they admit to the allegations of witnesses and state prosecution and convince the jury that Bankman-Fried intended to save the company. Yearn.finance is asking arbitrage traders to return $1.4 million in funds after a multisignature scripting error resulted in a large amount of the protocol's treasury being drained. The United States Securities and Exchange Commission has postponed its decision on whether to approve or reject a spot Ether ETF proposed by Invesco and Galaxy Digital. Bitcoin is valued at $42,222, Ether at $2,250, and XRP at $0.62. Among the top three altcoin gainers of the week are Bonk, WOO Network, and Helium, and the top three altcoin losers are Terra Classic, Sei, and Pepe.
Blockchain firm SafeMoon has filed for bankruptcy following fraud charges against its founder and two executives, who allegedly used $200 million of investors' funds for personal gain.
At least 13 Mutant Ape Yacht Club and 37 Bored Ape NFTs, along with other tokens, were stolen in a security breach on NFT Trader, resulting in losses of nearly $3 million.
Bitcoin is predicted to reach a new all-time high within the next year, according to Jan van Eck, CEO of VanEck, who compares its growth to that of a child maturing and emphasizes its potential as a store of value.
Arbitrum, an Ethereum layer-2 scaling solution, experienced a major outage due to a surge in network traffic, causing the sequencer to stall and gas prices to destabilize, but operations resumed and a post-mortem on the incident is expected.
Tether responds to lawmakers' concerns over stablecoin use, affirming its commitment to fighting illicit activity and offering to assist law enforcement, while also announcing a voluntary wallet-freezing policy to comply with sanctions.
Bonk (BONK), a Solana-based memecoin, is predicted to experience a significant market correction and potentially lose half its value within four to six weeks, according to an analyst who accurately predicted the top of the 2021 Bitcoin bull market.
As the cryptocurrency market experiences a bull run, a checklist consisting of factors such as narrative relevance, market capitalization, circulation dynamics, team caliber, venture capital backing, protocol utilization, revenue accrual, liquidity, and community strength can help investors identify altcoins with potential for significant growth.
Cryptocurrency analyst Justin Bennett predicts a potential Bitcoin correction, with a bearish trend reversal that could push the price down to $38,000.
The bitcoin price and crypto market could face chaos due to a predicted 2024 Federal Reserve "bailout" for U.S. president Joe Biden, as the Fed prepares to restart its money printer and inflation projections are revised down.
Worldcoin's WLD token has experienced a significant price increase following OpenAI CEO Sam Altman's renewed commitment to the project and his search for an additional $50 million in funding to support the cryptocurrency endeavor.