Altcoins

Crypto Bloodbath: Bitcoin and Altcoins Crash, Mt. Gox Begins Repayments, German Government Continues Selling: Weekly Crypto Recap

Published

7 months ago

6 July, 2024

Bitcoin Drops Below $64K, Ripple Has More Trouble, Meme Coins Suffer: This Week's Crypto Recap

What a week it has been…

Cryptocurrency markets have finally taken a turn for the worse, but they have not been without their rough patches. Ultimately, the total capitalization has lost a whopping $200 billion, which is roughly 10% in the last seven days alone.

The increase is driven by significant losses on the Bitcoin side, but especially altcoins. In fact, BTC dominance – a metric that measures its share relative to the rest of the market – increased by about 0.3% last week, highlighting the general failure of altcoins as a whole.

That said, the price of BTC dropped by 9%, dropping to a level below $54,000, a level we haven’t seen in many months. But the interesting thing is that it all started incredibly well, as the leading cryptocurrency hit an intra-weekly high of nearly $64,000 on July 1st. But from there, it all went downhill.

The bears seized the opportunity and completely dominated the market, bringing it back to its current levels.

But if you think this is bad, you should take a look at some altcoins.

Ethereum is down 14%, currently trading below the important $3,000 level. BNB has dropped 14.4%, trading below $500. Major altcoins, such as ADA, SOL, XRP, AVAX, etc., are seeing declines of between 8% and 15%. Meme coins have also fallen, with DOGE crashing 20%, SHIB losing 19%, etc.

You must be wondering what is the reason for this blood

First, Mt. Gox, the former crypto exchange that owes its creditors billions of dollars in BTC and BCH, sent a whopping $2.7 billion to a new address today, sparking fears of immediate selling pressure. Additionally, the German government, which was in possession of about 50,000 BTC seized years ago, has begun selling and disposing of nearly 10,000 BTC in recent days.

This, combined with general market uncertainty, has pushed the entire sector lower, leaving many wondering if there is a bottom somewhere.

Well, prices are now recovering slightly, and many experts, including Adam Back, believe this is an opportunity that will pay off in the years to come.

We have yet to see how the next few weeks will play out, but if there is one thing that is for sure, it is that the cryptocurrency markets are starting to heat up again!

Market data

Market Cap: $2.146 trillion | 24-hour Vol: $155 billion | BTC Dominance: 51.2%

BTC: $55,798 (-8.9%) | ETH: $2,962 (-13.9%) | BNB: $492 (-14.4%)

This week’s top cryptocurrency headlines you can’t miss

Bitcoin price crashes below $54,000 as Mt. Gox transfers $2.7 billion in BTC to new address. In a terrible turn of events, Bitcoin price was unable to maintain its bullish momentum from earlier this week and crashed completely. abandoned below $54,000 today as Mt. Gox sent $2.7 billion in BTC to a new address.

More Details on Mt. Gox Bitcoin Refunds: What’s Next? The Mt. Gox fiasco is finally coming to an end, as the defunct exchange has already distributed Some of the funds have been returned to its creditors. It did so in Bitcoin and Bitcoin Cash, but there is still a long way to go. The hope is to have it done by October of this year.

Better Than The Rest: Bitcoin Is The Best Investment So Far In 2024 (Report) In weeks like these, it’s important to step back and look at the bigger picture. According to According to a recent report, Bitcoin and Ethereum remain the best investments in 2024 so far, even compared to many TradFi assets.

Are Bitcoin Miners Capitulating as They Drop Below $60,000? Bitcoin price is trading well below the $60,000 mark at the end of this week, and there is already some signs that miners are capitulating. This could be interpreted as a glimmer of hope amid the ongoing crypto bloodbath.

Here’s the key to reviving the Bitcoin bull market: analyst. Even as prices fall, some analysts are taking a closer look at potential catalysts for a much-needed recovery. According to For CryptoQuant, the liquidity of stablecoins is a key factor to keep in mind.

KuCoin introduces 7.5% fee tax for Nigerian users. KuCoin has proposed a announcement this week, saying it would levy a 7.5% tax on transaction fees for all transactions executed on the platform for its Nigerian users.

Graphics

This week we have a chart analysis of Ethereum, Ripple, Binance Coin, Dogecoin and Polkadot – Click here for the full price analysis.

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Cryptocurrency Charts by TradingView.

Fuente

Altcoins

Long-Term Impact of Ethereum ETF on Cryptocurrency Market

Published

6 months ago

29 July, 2024

CoinFlix Staff

Long-Term Impact of Ethereum ETF on Cryptocurrency Market

Popular crypto analyst Michael van de Poppe has highlighted his altcoin portfolio approach in light of the new Ethereum ETF. In a recent Youtube videoThe analyst explained the measures he would take for this major market event.

The Ethereum ETF was listed on the stock exchange and it took time to get approval and so far there has been no significant change in price. The analyst pointed out that the long-term effect could be quite significant, comparing it to the situation of the Bitcoin ETF where the initial decline was followed by large inflows.

According to Van de Poppe, the Ethereum ETF’s trading volume on the first day of trading was about 25% of the volume Bitcoin ETF He noted that the first day of trading was marked by low inflation, and said there was a net inflow of $150 million to $160 million, which reduced the available supply.

Altcoins are poised for growth

The analyst said that as Ethereum adoption increases in the future, the supply of Ethereum will decrease, which is a deflationary model. Ethereum is up about 15% since the ETF approval, the broader market reaction has yet to happen as several sell-offs have taken place, including the Grayscale Trust.

Van de Poppe also mentioned other important market events, including the end of Mount Gox The process of repaying creditors initially caused tensions in the markets, but had little effect subsequently. It also highlighted the role of macroeconomic factors, which can lead to Fed rate cuts, which can affect markets.

In this regard, looking at van de Poppe’s strategy, he is still keen to trade within the altcoins of the Ethereum ecosystem. He stated that there is a possibility of short-term price fluctuations that may discourage many people, but the long-term still looks good due to the improvement and adaptation that has been made to Ethereum and its environment.

According to the analyst, substantial inflows could propel Ethereum towards new historic highs with estimates ranging from $5,000 to $7,000. Despite the current market fluctuations, he is confident that macroeconomic changes and greater liquidity will be favorable for altcoins.

He explained that his broad approach to altcoins, especially those associated with Ethereum, will be beneficial because the market will react differently to these events. The basis for his optimism comes from the fact that he believes that Ethereum and all associated projects are still extremely undervalued and have the potential to skyrocket as sentiment changes.

Looking ahead and market adjustments regarding the Ethereum ETF and other macroeconomic factors, the analyst remains bullish on altcoins. He suggested investors stay informed and believe that in the ever-changing world of crypto, they will eventually be rewarded.

Fuente

Altcoins

Altcoins Are Severely Undervalued, Awaiting Ethereum Move | Flash News Detail

Published

6 months ago

28 July, 2024

CoinFlix Staff

IntoTheBlock Releases Report on Institutional DeFi Trilemma

Disclaimer

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Fuente

Altcoins

Altcoins Correct Amid ETH Decline, Grayscale Outflows | Flash News Detail

Published

6 months ago

28 July, 2024

CoinFlix Staff

Disclaimer

Fuente

Altcoins

Epic Altcoin Rally Expected for August and September

Published

6 months ago

28 July, 2024

CoinFlix Staff

Crypto analyst predicts massive altcoin rally similar to Q1 2024, urging patience and accumulation.
Bitcoin’s potential as a reserve asset and its technical patterns suggest that it will drive the rise of the cryptocurrency market.

Captain Faibik, a renowned crypto analyst, has created excitement in the cryptocurrency sector with his latest prediction. He indicated that we are on the cusp of a massive altcoin rally, similar to the one we saw in Q1 2024.

We are on the verge of a massive Altcoin rally, similar to Q1 2024📈

Keep accumulating and hold with patience. (Patience will be rewarded)

The majority of #Altcoins have already hit rock bottom and are about to escape.

In my opinion, August-September is going to be epic for Altcoins.🚀🚀#Crypto pic.twitter.com/cMdHagiaYc

— Captain Faibik (@CryptoFaibik) July 24, 2024

Accumulating and Holding Altcoins: The Path to Potential Profits

He stressed the need to accumulate altcoins and hold them patiently, as it will eventually pay off. According to him, the majority of altcoins have already bottomed out and are about to break it. He believes August and September will be epic months for altcoins.

In a chart posted by Captain Faibik, the overall crypto market cap, excluding Bitcoin and Ether, known as TOTAL3, is approaching the upper boundary of a descending channel pattern.

This context suggests a potential breakout and a significant rally towards the $1 trillion mark. Technically, the decline since mid-March is interpreted as a corrective trend for the value of TOTAL3, signaling a preparation to enter a rally structure.

Bitcoin’s influence and legislative developments suggest good prospects for the future

Furthermore, based on sentiment and technical patterns, Bitcoin, the world’s leading cryptocurrency, appears poised to lead the charge in the cryptocurrency market. Bitcoin’s performance often sets the tone for the market as a whole, and a strong move in BTC could trigger a significant rally in altcoins.

Previously, as we have already said reportedSenator Cynthia Lummis said she plans to introduce a bill at the upcoming Bitcoin conference that would require the Federal Reserve to hold Bitcoin as a reserve asset.

If this law passes, the US will treat BTC as a long-term investment rather than selling huge amounts infrequently, which could disrupt the market.

In addition, asset management firm VanEck has proposed a bold scenario in which Bitcoin Price Could Reach $2.9 Million Per BTC By 2050based on its fundamental outlook. Matthew Sigel, head of digital assets at VanEck, and senior investment analyst Patrick Bush noted that their estimate is based on Bitcoin’s adoption as a global medium of exchange and reserve asset.

As Bitcoin price increases, altcoins are expected to gain popularity, indicating the start of a bullish rally shortly after the BTC halving event.

Meanwhile, at the time of writing, the price of BTC was hovering around $67,007.99up 4.67% over the past 24 hours following a short-term correction.