Altcoins
Mt. Gox Bitcoin Dump Looms: opportunity for Altcoins, bloodbath for BTC?
Bitcoin (BTC) is on a roller coaster, and the culprit of the chaos? Look no further than the long-dormant Mount Gox Interchange. After years of silence, Mount Gox is back in the spotlight and traders are feeling the pressure.
For what? Because they are preparing for a massive $9 billion Bitcoin spill into the market. Is this a golden opportunity for alternative cryptocurrencies or a recipe for disaster?
The Mt. Gox Factor
Recent reports from QCP, shared via Telegram, show Bitcoin holding at $67,100 for the fourth time in two weeks, signaling a period of stability. But rumors of potential sales are growing louder, fueled by fears that Mt. Gox will release its Bitcoin stash in October. As BTC faces uncertainty, Ethereum (ETH) supporters see this as a chance for ETH to shine.
QCP: Uncertainty over the potential supply of Mt Gox BTC to the market between now and October could hamper BTC, potentially benefiting ETH upon the launch of the ETH Spot ETF. The desk is seeing a bullish trend on ETH, with significant buyers of 4k/5k ETH call spreads for end-June 2024.…
-Wu Blockchain (@WuBlockchain) May 30, 2024
The market is worried as Nobuaki Kobayashi, the administrator overseeing Mt. Gox assets, extends the creditor repayment deadline until October 31, 2024. With around 200,000 BTC missing since the 2014 breach, many creditors are waiting still to be compensated, which makes the situation even more complex. the situation.
The Glorious Rise of Ethereum
On a more positive note, Ethereum (ETH) is preparing to launch its spot ETFs. This news sparked bullish sentiment around ETH, with a sharp increase in buying activity, especially for bullish options with strike prices ranging from $4,000 to $5,000, expiring at the end of June .
But it’s not just ETH that’s making waves. Meme coins like Shiba Inu (SHIBA), Dogecoin (DOGE), and Pepe (PEPE) are also gaining traction among traders. These tokens are currently among the top 10 in terms of open positions, indicating strong investor interest in meme-focused assets.
ETF Hopes
In a significant move, investment giant BlackRock’s revised Form S-1 suggests progress in the ETF space. This has raised hopes of broader approval of ETFs, and other issuers could follow suit. If all goes well, regulatory approval for ETFs could come as early as July, injecting new confidence into the market.
Altcoin Bleeding Continues
Bitcoin and Ethereum prices are experiencing volatility alongside a slowdown in the broader altcoin market. Over the past 24 hours, the total cryptocurrency market cap fell 1.43% to $2.52 trillion, with trading volume down 10.16% to $81.72 billion.
Bitcoin is currently valued at $67,663, showing a slight decline of 0.01%, with its price fluctuating between $67,169 and $68,306. Similarly, Ethereum is trading at $3,727, indicating a decline of 2.20%, with its price fluctuating between $3,703 and $3,829.
And after?
With billions at stake, the Mt. Gox saga continues to captivate the cryptocurrency world. What twists and turns await us? Keep an eye on how the story develops here on Coinpedia.
Also discover: Crypto News Today: Altcoin Market Cap Expected to Consolidate Ahead of Rally
Altcoins
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.
Altcoins
Altcoins Are Severely Undervalued, Awaiting Ethereum Move | Flash News Detail
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Altcoins
Altcoins Correct Amid ETH Decline, Grayscale Outflows | Flash News Detail
Disclaimer
Disclaimer: Blockchain.news provides content for informational purposes only. Under no circumstances shall blockchain.news be liable for any direct, indirect, incidental or consequential damages arising out of the use of, or inability to use, the information provided. This includes, but is not limited to, any loss or damage resulting from decisions made based on the content. Readers should conduct their own research and consult professionals before making any financial decisions.
Altcoins
Epic Altcoin Rally Expected for August and September
- 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.
See more
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.
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