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Altcoin

Binance Boosts Support for PEPE, SOL, and ETH: Price Rally Ahead?

by Ouess
written by Ouess

Binance has announced increased support for Ethereum (ETH), Solana (SOL), and Pepe (PEPE). This news has sparked discussions about potential price rallies for these cryptocurrencies.

Binance’s New Trading Pairs and Bots

Starting July 18, 2024, Binance will introduce new trading pairs and bot services. Notably, the exchange will open trading for the BNX/TRY and ETH/ARS pairs. For a limited time, traders can enjoy Zero Maker Fees for the ETH/ARS pair, aiming to attract more users and enhance their trading experience.

Additionally, Binance will enable Trading Bots for various pairs. Spot Grid and Spot DCA bots will be available for BNB/USDC, PEPE/USDC, and SOL/USDC. Spot Algo Orders will also be enabled for BNX/TRY and ETH/ARS, helping users optimize their trading strategies.

you can check this via the official Binance Link :

https://www.binance.com/en/support/announcement/notice-on-new-trading-pairs-trading-bots-services-on-binance-spot-2024-07-18-3d90de1ef48149d0bb176879433b6856

Impact on Cryptocurrency Prices

Historically, positive announcements from major crypto exchanges like Binance can boost asset prices. The inclusion of ETH, SOL, and PEPE in these updates is significant. These assets have large followings and are closely monitored by investors. The Zero Maker Fees promotion for the ETH/ARS pair could lead to a surge in trading volume.

Current Performance of PEPE, SOL, and ETH

Despite Binance’s positive announcement, prices for PEPE, SOL, and ETH have not shown significant improvement today. Pepe dropped over 2% to $0.00001176, with trading volume down 40% to $1.4 billion. Ethereum’s price also fell by 1.5%, trading near $3,400, while Solana’s price decreased by 2.5% to $156. Market experts attribute these declines to profit-booking strategies following the latest crypto market rally.

Conclusion: What to Expect

Binance’s increased support for PEPE, SOL, and ETH aims to expand trading options and enhance user experience. While prices have dipped today, the introduction of new trading pairs and bot services could drive future demand. Investors should keep a close eye on these developments and market reactions.

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Bitcoin

Bitcoin Pump: Will BTC Surge or Pull Back Next?

by Ouess
written by Ouess

Bitcoin has seen a significant pump, reaching $65,000 in a short time. This sudden surge raises the question: Will BTC continue its upward trend, or is a pullback due for some consolidation?

Institutional Influence on Bitcoin

Bitcoin’s price surge is driven by several factors. Institutional money is flowing back into Spot Bitcoin ETFs, with eight consecutive days of inflows totaling $1.9 billion. This influx has shifted market sentiment dramatically. The Fear and Greed Index, which was at 28 last week (indicating fear), has jumped to 69, signaling greed.

Is Bitcoin Overbought?

Despite the recent pump, Bitcoin appears overbought and may be due for a short-term pullback. Support levels at $63,000 and $61,000 could be potential targets for this correction.

$65,000: A Critical Resistance Level

The $65,000 resistance level is a significant barrier to further growth. The stochastic RSI on the daily chart is at its peak, suggesting that a retracement is likely. A pullback to $63,000 or even $61,000 could occur before renewed momentum drives the price higher. The upward-sloping trend line, which has been respected since October 2023, might continue to provide support.

Mid-Range Battle

On a broader scale, Bitcoin is battling to stay above the mid-range level. This makes the $65,000 resistance even more crucial.

Bitcoin Bull Flag Formation

A key technical pattern to watch is the bull flag. The recent drop to $53,500 confirmed the third touchpoint of this pattern. A break and retest of the bull flag’s top could provide the momentum needed to break through the current range. However, a pullback might occur before this breakout.

Conclusion

Bitcoin’s recent pump to $65,000 has changed market sentiment and brought optimism. However, overbought conditions suggest a short-term pullback is possible. Key support levels at $63,000 and $61,000, along with technical patterns like the bull flag, will be crucial in determining Bitcoin’s next move. Patience will be rewarded in this volatile market.

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Memecoin

Pepe Surges 23% After VC Buys 141B Tokens

by Ouess
written by Ouess

Pepe gained nearly 23% today, July 16, driven by a substantial purchase from a venture capital firm. The 141 billion PEPE accumulation has sparked optimism about the coin’s future.

VC Buys 141 Billion Pepe

On-chain insights from Lookonchain revealed that Nascent, a venture capital firm, swapped its Maker (MKR) holdings for PEPE and LDO tokens. Nascent moved 1,215 MKR, worth $3.41 million, to Binance. In return, it accumulated 141.23 billion PEPE, worth $1.57 million, and 281,000 LDO, worth $503,000.

With this significant purchase, Nascent now holds 608.85 billion PEPE, valued at $7.49 million. This large holding shows the VC’s confidence in Pepe coin’s potential for future gains.

Pepe Coin’s Market Performance

Pepe coin reached an all-time high of $0.00001718 during this year’s bull market. Despite market corrections that lowered its price to $0.000007, the coin has shown resilience. Today, it climbed to $0.00001201, gaining significant momentum and surpassing the $0.00001 mark.

PEPE USD Hourly chart Source : Trdaing View

Market Indicators and Future Prospects

At press time, Pepe coin’s price rallied 23.42% to $0.00001201. The 24-hour low and high were $0.000009399 and $0.00001251, respectively. This surge aligns with the buying pressure from Nascent.

Data from Coinglass indicates a positive trend for Pepe coin. The futures open interest (OI) rose 23.19% to $144.78 million, and derivatives volume surged 178.66% to $3.24 billion. These figures suggest increased investor interest and a potential for further price gains.

The Relative Strength Index (RSI) moved to around 58, indicating market neutrality with a slight bullish trend. This could pave the way for more potential buying and further gains for the frog-themed meme coin.

However, given the crypto market’s volatility, investors remain watchful for further shifts in Pepe coin’s value.

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Bitcoin

Bitcoin Repayment Plan Spurs Selling Pressure

by Ouess
written by Ouess

Bitcoin (BTC) experienced renewed selling pressure on Tuesday, following blockchain data indicating that the now-defunct exchange Mt. Gox started moving coins internally. This move is part of a potential repayment plan for creditors.

Impact on Bitcoin’s Price

The leading cryptocurrency briefly dipped 3%, falling below $63,000 after testing the $65,000 mark during early Asian trading hours. The decline coincided with the initial movement of 0.021 BTC ($1,000) to the blockchain address 1EoZd1QNCiN9JbnsqvLRDbHKLygAsXHg3V. This small transfer, likely a test, was followed by a significant movement of 44,527 BTC ($2.84 billion) to an internal wallet, as tracked by Arkham Intelligence.

BTC USD 15 min chart

Mt. Gox’s Role in the Selling Pressure

Mt. Gox, once the largest Bitcoin exchange, went bankrupt in 2014 after losing hundreds of thousands of bitcoins to a hack. The exchange started repaying its debt on July 4, leading to concerns about mass selling by creditors who have awaited reimbursements for nearly a decade. According to on-chain sleuth Lookonchain, the coin movements are likely part of this repayment plan.

Broader Market Impact

Bitcoin’s price drop affected the broader cryptocurrency market. Ether (ETH), the second-largest digital asset by market value, also dipped over 2.5% to $3,400.

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Altcoin

Terra Luna Classic Staking Ratio Nears New Milestone

by Ouess
written by Ouess

The Terra Luna Classic community is witnessing a significant surge in its staking ratio, which is approaching a new milestone. The staking ratio has reached 15.13%, just shy of its all-time high of 15.16%, as community members continue to stake large amounts of LUNC on the chain.

Massive Delegations Boost Staking

According to StakeBin, over 1.025 trillion LUNC tokens have been staked on the network, driven by massive delegations to validators. Mr. Diamondhandz1, a prominent community member and owner of the LuncLive validator, reported a new all-time high with over 21 billion LUNC staked. A single transaction from a Binance wallet, valued at $90,000, contributed 1.3 billion LUNC to this surge.

LUNC Price and Market Performance

LUNC’s price has seen a modest increase. As of press time, Terra Luna Classic trades at $0.00007733, with a 24-hour trading volume of $14,781,009. This reflects a 4.20% increase over the past day and a 14.11% rise over the past week. Although LUNC failed to surpass the $0.000072 level, the community remains optimistic about potential upward momentum as the crypto market recovers and Terraform Labs (TFL) continues to burn tokens.

LUNC 7 day Graph

Technical Analysis and Market Indicators

A technical analysis of LUNC against USD on the OKX exchange, displayed on a daily time frame, shows the price action from March to mid-July. The current price is $0.00007553, with a slight daily increase of 0.67%. The trading volume for the day stands at 5.283 million LUNC. The chart highlights a consolidation phase with price fluctuations within a narrow range, following a downtrend observed in April.

Key technical indicators, such as the Moving Average Convergence Divergence (MACD) and the Relative Strength Index (RSI), offer further insights. The MACD shows slight bullish momentum with the MACD line above the signal line, though still below the zero line, indicating overall bearish conditions. The RSI is at 44.75, suggesting the asset is neither overbought nor oversold but leans towards oversold territory. This RSI value indicates a consolidation phase with the potential for a price reversal if buying interest increases. The MACD histogram reflects a slight bullish divergence, which could signal the beginning of a trend change if sustained.

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Bitcoin

Pro-Crypto Trump Attack Boosts Bitcoin Rally

by Ouess
written by Ouess

The weekend attack on pro-crypto presidential candidate Donald Trump is expected to boost bids for cryptocurrencies, according to one observer.

Impact on Cryptocurrency Market

Assets tied to Trump’s chances of winning the November 4th elections are experiencing renewed volatility. This comes after an assassination attempt on the former president on Saturday. Bitcoin (BTC) has surged 7% to $62,500 since the attack, increasing Trump’s odds of winning to 70% on Polymarket.

Bitcoin’s Momentum

Bitcoin has surpassed the crucial 200-day simple moving average (SMA), a key indicator of long-term trends. This trendline, which has characterized the downtrend since early June highs, signals a positive momentum for traders, according to CoinDesk data. Additionally, Trump-themed Polifi tokens, which blend politics and finance, have also surged.

Trump’s Crypto Strategy

In recent months, Trump has pivoted to support crypto to outmaneuver his rival, Joe Biden, and win over the crypto community seeking a friendlier regulatory environment. Bitcoin and the broader crypto market are now seen as bets on Trump’s victory. The former president is set to speak at the Bitcoin 2024 conference in Nashville, Tennessee, on July 27.

Market Reactions

Greg Magadini, director of derivatives at Amberdata, noted in an email, “The biggest fundamental news over the weekend was the Trump assassination attempt. Absolutely insane. This has improved the odds of a Trump presidency. Trump being the pro-crypto president should help galvanize the cryptocurrency bids.”

Global Financial Impact

The Chinese yuan (CNY) traded lower against the U.S. dollar due to the potential for higher trade tariffs if Trump wins. Earlier this year, Trump suggested revoking China’s “most favored nation” status for U.S. trade and imposing tariffs of over 60% on Chinese goods. The Mexican peso (MXN) also fell, reflecting Trump’s historically tense relations with Mexico.

U.S. Financial Markets

Prices for futures tied to the 10-year Treasury note declined, hinting at higher yields. A Trump return to the White House would likely mean more spending, tax cuts, and higher budget deficits. Investment banks are betting that a Trump victory would steepen the currently inverted yield curve, historically leading to broad-based risk aversion in financial markets.

Stock Market and Dollar Index

As of writing, S&P 500 futures traded 0.18% higher, signaling a positive open on Monday despite disappointing economic growth figures from China affecting Asian stocks. The dollar index, tracking the greenback’s value against major fiat currencies, traded 0.10% higher at 104.19, according to TradingView.

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Story

Trump’s Attack Sparks Bitcoin Surge and MAGA Coin Rally

by Ouess
written by Ouess

Following the failed attack on Donald Trump on July 13, the cryptocurrency market experienced a significant boost. Bitcoin surged to $60,000, and many altcoins saw a 4-5% increase. The TRUMP meme coin, MAGA, saw a 60% rise, reaching a market cap of $415 million.

Bitcoin Bull Run Triggered by Trump

During a rally in Pennsylvania, former President Donald Trump was shot in the right ear but narrowly escaped serious injury. His campaign confirmed that he is “fine” and will attend the Republican National Convention starting Monday. This incident has improved Trump’s odds of winning the presidency, according to PredictIt data, and the crypto market is responding positively.

BTC USD 7 day chart

Trump’s Crypto Support

Trump has expressed support for cryptocurrency, planning to attend the Bitcoin 2024 Conference later this month. The market is eagerly awaiting more details following the attack. The MAGA coin’s price surged by 60%, with its market cap crossing $415 million and daily trading volumes up 1000%.

Safe Haven Assets and Market Shifts

According to Bloomberg, traders initially moved to safe-haven assets like gold, yen, and Treasuries. However, some market analysts believe the focus will soon shift back to risk-on assets like Bitcoin and other cryptocurrencies due to their association with Trump’s policies.

Monitoring Market Indicators

Traders are closely watching market indicators for expected volatility, especially those related to the Chinese yuan, as the US election approaches. Despite Bitcoin’s rise to $60,000, a decisive breakout above the 200-DMA is needed for the next bull run.

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Altcoin

XRP Price Skyrockets to $0.51: Key Drivers of the Surge

by Ouess
written by Ouess

XRP price skyrockets over 18%, reclaiming the major resistance level of $0.5. This surge has sparked optimism among market participants, who now anticipate a further rally.

Ripple CEO Sparks XRP ETF Buzz

The recent buzz over a potential XRP ETF has taken the community by storm. The CME Exchange’s announcement of new reference rates and real-time indices for XRP fueled speculation about an ETF launch. Ripple CEO Brad Garlinghouse hailed this as the “first step towards institutional crypto products.” With the anticipation of a U.S. Spot Ethereum ETF launch next week, the market is eagerly eyeing a potential XRP ETF.

Speculations Over Ripple vs. SEC Lawsuit

The Ripple vs. SEC lawsuit has gained significant traction. The latest XRP news has sparked market speculation, especially with the U.S. SEC’s announcement of a closed meeting on July 18. The XRP community believes this meeting could discuss a potential settlement in Ripple’s ongoing legal battle. Additionally, the SEC dropping investigations into several crypto projects has bolstered market optimism, boosting confidence in XRP’s price.

One Year Since ‘XRP Is Not A Security’ Ruling

July 13 marks a crucial date for Ripple. On this day in 2023, Judge Analisa Torres ruled that XRP is not a security, creating a buzz in the crypto market. Ripple executives, including CEO Brad Garlinghouse and CLO Stuart Alderoty, have recently expressed optimism, celebrating this historic event. This renewed optimism over the Ripple vs. SEC lawsuit has contributed to XRP’s impressive gains, pushing its price up by more than 12% in the last 24 hours.

Where’s XRP Price Heading Next?

The current optimism suggests a further rally for XRP. According to a recent analysis by CoinGape Media, XRP could potentially reach $5 in the 2024 or early 2025 bull run. Pro-XRP lawyer Bill Morgan, who previously advocated for buying the dip, expressed satisfaction with his decision to add more coins to his portfolio when the price dropped to $0.4. As of now, XRP’s price has crossed the $0.51 level, reflecting a 12% increase. Over the last seven days, the price has surged by about 18%

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Conclusion

XRP’s recent price surge is driven by ETF buzz and positive developments in the Ripple vs. SEC lawsuit. With XRP futures open interest up by more than 24% and trading volume soaring by 73% to $2.02 billion, bullish momentum is evident in the market. The optimism suggests further gains for XRP, making it an exciting time for investors.

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Bitcoin

Bitcoin ETF Net Flows Hit Record High with $1.05 Billion Inflow

by Ouess
written by Ouess

Bitcoin ETF net inflows have surged to a record high, reaching $1.05 billion in the past week, with an all-time high (ATH) on June 12th. This surge underscores the growing demand for Bitcoin ETFs.

The Rise of Bitcoin ETFs

  • Milestones: Bitcoin ETFs have boosted investor confidence despite market crashes, becoming increasingly popular.
  • Demand: Immediate post-launch demand validated the years of discussions before approval.
  • Altcoins: The success of Bitcoin ETFs has led to the development of Ethereum and Solana ETFs, with more altcoins expected to follow.

Volatile June Market

  • Early June: Initial net flows were negative, causing investor uncertainty.
  • Early July Turnaround: Modest inflows of $21 million and $12 million on the first two days of July increased to $73 million and $129 million on the third and fourth days.
  • Market Crash: Outflows of -$14 million and -$21 million on the 5th and 6th were linked to the German government selling seized Bitcoin and Mt. Gox transferring hacked tokens.

Rebound and Record Highs

  • Rebound: A $143 million net inflow on the 8th, followed by $295 million and $216 million on the 9th, led to the highest weekly inflows in months.
  • ATH on June 12: The market reached a new ATH with inflows exceeding $310 million, driven by six consecutive days of inflows.

Key Contributors

  • Major Inflows: BlackRock ETF (IBIT) with $120 million, Fieldy ETF (FBTC) with $115 million, and Grayscale RTF GBTC with $23 million.

Market Reflections

  • Bitcoin Price Movements: Bitcoin’s price dropped from $63,599 on July 1 to a low of $53,905 on July 5, coinciding with negative net flows. As inflows surged, so did Bitcoin’s price, currently at $58,059.63.

This exceptional week for Bitcoin ETFs marks the best performance in months, with significant inflows reflecting the market’s growing optimism.

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Bitcoin

Bitcoin Rally Anticipation: German Government Sells BTC

by Ouess
written by Ouess

The German government has almost sold all of its Bitcoin holdings. According to Arkham Intelligence, the government recently transferred 5,000 BTC to exchanges, leaving only 4,925 BTC in its wallet.

This is less than 10% of the original 50,000 BTC seized from Movie2k. Despite this significant sell-off, Bitcoin prices have not plunged into a bear market.

Impact of Mt. Gox Creditor Sales

Another potential market pressure comes from Mt. Gox creditors, who are starting to receive their Bitcoin. While this could impact Bitcoin prices, it’s uncertain how much will be sold by these long-term holders, or Bitcoin OGs.

CPI Data and Market Reactions

Thursday brought some positive news for Bitcoin. The Consumer Price Index (CPI) data was better than expected, increasing the likelihood of a rate cut in September. However, markets still declined, with the Nasdaq dropping 2%.

BTC USD 15 min chart Source : TradingView

Chances of a Bitcoin Rally

The big question remains: Will there be a Bitcoin rally? After a 27% price reversal, Bitcoin aligns more closely with previous bull market corrections. The weekly stochastic RSI is at the bottom, hinting at a possible upward movement. Monday’s market opening will be crucial to see if this crossover occurs, potentially igniting strong price momentum.

Even if the Bitcoin price remains low for a while, the anticipated rally seems imminent. Patience may be required as the market finds its footing.

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