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Experts predict growth as BTC breaks $17k

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Bitcoin price prediction is neutral, as it remains in a narrow trading range of $16,850 to $17,250. Investors are waiting for a solid fundamental reason to trigger a breakout, but once it breaks out of this range, there will likely be an incredible trade opportunity.

So it’s important to keep an eye on the fundamentals that can influence BTC price action.

On the day, the total market capitalization of all cryptocurrencies increased by 0.92% to $859.91 billion, with major cryptocurrencies trading primarily in green. Several well-known and well-known cryptocurrencies rose unexpectedly this morning, even as the market continues to deal with the aftermath of the FTX.

The reason for the bullish rally, however, could be attributed to Fed Chair Jerome Powell’s dovish comments, which suggest the central bank will slow the pace of its interest rate hikes.

On the other hand, it was thought that the weaker US dollar, which recently hit a three-month low, was a significant factor in keeping Bitcoin prices high, because BTC has a strong negative correlation with the US Dollar Index.

Cryptocurrency Market Rebound

The FTX company’s collapse has caused the entire cryptocurrency market to struggle in recent days. Since FTX, one of the world’s largest cryptocurrency exchanges, filed for bankruptcy and it was revealed that Sam Bankman-Fried, the former CEO, may have been involved in severely fraudulent activities, the cryptocurrency market has been dwindling.

Furthermore, BlockFi and other significant cryptocurrency businesses recently declared bankruptcy, further depressing the cryptocurrency market.

Despite this, it was able to reverse its downward trend and make a small recovery on the day. This occurred when the valuations of the two most valuable cryptocurrencies, Bitcoin (BTC) and Ethereum (ETH), surpassed $17,000 and $1,200, respectively.

Meanwhile, Dogecoin (DOGE)Solana (SOL)Ripple (XRP), and Litecoin (LTC) are all on the rise. Notably, the Aptos (APT) token was the top gainer, gaining more than 9.5% in 24 hours.

However, the cryptocurrency market began to recover after Federal Reserve Chair Jerome Powell announced that the central bank’s interest rate hike would be halted.

The markets are pricing in an 80% chance that the Fed will raise interest rates by 50 basis points at its upcoming meeting, versus a 20% chance that rates will rise by another 75 basis points.

US Dollar Fell Multi-Month Low

Another important factor supporting BTC prices was the weakening of the US dollar, which hit a three-month low. Investors took advantage of unexpectedly positive job data, which was viewed as one of the key factors in limiting the dollar’s declines.

However, the value of the dollar rose slightly as reports revealed that businesses added 263,000 jobs in November, far exceeding the 200,000 forecasts. However, the declines were short-lived, as they fell to a three-month low amid a dovish stance.

CFTC Chair Rostin Behnam Claim Bitcoin Is a Commodity

The Commodity Futures Trading Commission (CFTC) chair, Rostin Behnam, stated that only Bitcoin should be classified as a commodity. Behnam shared his thoughts on a secret cryptocurrency gathering held at Princeton University.

Contrary to what Behnam previously believed, Ethereum is not a commodity. As a result, this news has had no effect on BTC prices as of yet.

Bitcoin Price

The current Bitcoin price is $$16,991, with a 24-hour trading volume of $16 billion. The BTC/USD pair has surged nearly 0.50% in the last 24 hours. Additionally, its value has increased by around 3% in the past week.

Bitcoin Price & Tokenomics – Source: coinmarketcap

The BTC/USD pair has been unable to break through the $17,250 level, and the appearance of doji candles suggests that a bearish correction is possible.

If the price falls below $16,950, further selling may occur until the $16,750 level is reached. This move would be a 23.6% Fibonacci retracement of the most recent high.

Bitcoin Price Chart – Source: Tradingview

If Bitcoin continues to fall, it may target the $16,600 level, which represents a 50% Fibonacci extension, and a break below this level may expose the cryptocurrency to a move down to the $16,450 level, which represents a 61.8% Fibonacci extension.

A bullish breakout above $17,250, on the other hand, could lead to a move up to $17,650 and $18,100.

Coins with Huge Upside Potential  

Despite the market downturn, these coins have performed exceptionally well, attracting the attention of crypto whales. One of these is IMPT, whose presale is ending just in 1 week.

IMPT (IMPT): 1 Week to Buy This $13.5 Million Green Crypto

Another Ethereum-based platform, IMPT is a carbon-credit marketplace that will reward consumers for shopping with eco-friendly merchants. These rewards will arrive in the form of its IMPT token, which can be used to buy NFT-based carbon offsets that can be traded or retired.

Since opening its sale in October, IMPT has raised more than $13.6 million, with 1 IMPT currently being sold at a price of $0.023. IMPT.io, a revolutionary platform for carbon offsetting and carbon credits trading, will prematurely end its token presale on December 11th, due to its overwhelming success.

Visit IMPT Now

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Crypto

Bitcoin’s Recovery – the Downturn Is Over

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The market is currently in a news-driven environment where the prices of cryptocurrencies have been determined by news agenda rather than fundamentals.

Bitfinex analysts have warned crypto investors to be cautious as bitcoin’s (BTC) recovery over the weekend is not a sign that its correction is over; the asset could witness more bloodshed in the near term.

In the latest Bitfinex Alpha report, experts deemed the market’s reaction this week critical, especially as supply alleviated over the weekend could return when traditional markets open.

“No Man’s Land”

Since Saturday, bitcoin has risen almost 10% from $57,600 to $63,000, closing last week in the green. The asset has surged above the 125-day range low of $60,200, which it broke through earlier this month after news of the German government’s massive BTC selling hit the market.

Market sentiment began to improve after reports that wallets linked to the German government were almost empty. However, the positive sentiment may not be sustained for long as the BTC the German authorities moved to trading desks and exchanges are yet to be sold.

While the supply from Germany appears to have been factored into bitcoin’s market price, Bitfinex analysts believe the end of selling pressure depends on how the involved trading desks execute their trades in the coming days.

Although the shift in sentiment underscores the market’s capacity to integrate new information and adjust expectations quickly, analysts think the market’s reaction over the first two trading days of the week cannot be overlooked for two reasons.

First, the low support level in the $60,200 range has now become a potential resistance line. Second, trading patterns over the past three months suggest that weekends are usually favorable for markets, especially on Saturdays when supply pressure seems to subside.

“We are now in no man’s land until we get clear resolution above or below this level,” the analysts said.

A News-Driven Environment

Besides the potential resistance level and three-month weekend trading pattern, the market is currently in a news-driven environment, where the prices of cryptocurrencies have been determined by news agendas rather than fundamentals.

Since selling pressure concerns are not yet completely obsolete due to upcoming Mt Gox creditor distributions, Bitfinex analysts expect such headlines to continue to have some impact on price movements. As such, the analysts urged investors to exercise caution in their trading strategies.

Reports /Trainviral/

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Bitcoin ETFs Saw $300M in Daily Net Inflows

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BlackRock’s IBIT led with $117.25 million in inflows on July 15, also being the most traded Bitcoin ETF.

The US spot Bitcoin ETFs recorded a daily net inflow of $301 million on July 15th. This extended their winning streak to seven consecutive days amidst a broader market recovery.

None of the ETFs recorded outflows for the day.

Bitcoin ETFs Rake in $16.11B in Net Inflows Since Jan

According to the data compiled by SoSoValue, BlackRock’s IBIT, the top spot Bitcoin ETF by net asset value, recorded the largest net inflows of the day at $117.25 million. IBIT was also the most actively traded Bitcoin ETF on Monday, with a volume of $1.24 billion. Ark Invest and 21Shares’ ARKB came in close behind with net inflows of $117.19 million.

Fidelity’s FBTC experienced net inflows of $36.15 million on Monday, while Bitwise’s BITB saw $15.24 million in inflows. VanEck’s HODL, Invesco and Galaxy Digital’s BTCO, and Franklin Templeton’s EZBC funds also recorded net inflows. Meanwhile, Grayscale’s GBTC and other ETFs, such as Valkyrie’s BRRR, WisdomTree’s BTCW, and Hashdex’s DEFI, registered no flows for the day.

A total of $2.26 billion was traded on Monday. The trading volume for these ETFs was less than in March when it exceeded $8 billion on some days. Meanwhile, these funds have collectively attracted $16.11 billion in net inflow since their January launch.

What’s Next For Bitcoin?

Earlier this month, bitcoin’s price decline was mainly due to fears of massive selling pressure from Mt. Gox and the German government’s BTC sales.

But the assassination attempt on pro-crypto former US President and presumptive Republican candidate Donald Trump at Saturday’s rally seemed to spark a recovery in the world’s largest digital asset, and experts are bullish on the asset’s price trajectory going forward. Bitcoin surged more than 9% over the past week and was currently trading slightly below $64,000.

Veteran trader Peter Brandt discussed bitcoin’s price outlook, suggesting a potential major rally. He referred to a pattern he terms “Hump->Slump->Bump->Dump->Pump” and highlighted that the July 5 double top attempt was a bear trap, confirmed by the July 13 close. He sees a likely continued upward trend but warned that a close below $56,000 would negate this bullish view.

“Bitcoin $BTC could be unfolding its often-repeated Hump…Slump…Bump…Dump…Pump chart construction. Jul 5 attempt at the double top was a bear trap, confirmed by Jul 13 close. Most likely scenario now is that bears are trapped. Close below $56k negates this interpretation”

Reports /Trainviral/

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LI.FI DeFi Platform Exploited, Over $8M Lost

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PeckShield alert reveals LI.FI’s protocol vulnerability is similar to a March 2022 attack, with the same bug recurring.

The decentralized finance (DeFi) platform LI.FI protocol has suffered an exploit amounting to over $8 million.

Cyvers Alerts reported detecting suspicious transactions within the LI.FI cross-chain transaction aggregator.

LI.FI Issues Warning After $8 Million Exploit

LI.FI confirmed the breach in a statement on July 16 via X: “Please do not interact with any http://LI.FI powered applications for now! We’re investigating a potential exploit.” The team clarified that users who did not set infinite approval are not at risk, emphasizing that only those who manually set infinite approvals seem to be affected.

According to Cyvers Alerts, more than $8 million in user funds have been stolen, with the majority being stablecoins. According to on-chain data, the hacker’s wallet holds 1,715 Ether (ETH) valued at $5.8 million and USDC, USDT, and DAI stablecoins.

Cyvers Alerts advised users to revoke relevant authorizations immediately, noting that the attacker is actively converting USDC and USDT into ETH.

Crypto security firm Decurity provided insights into the exploit, stating that it involves the LI.FI bridge. “The root cause is a possibility of an arbitrary call with user-controlled data via depositToGasZipERC20() in GasZipFacet, which was deployed 5 days ago,” Decurity explained on X.

“In general, the risks behind routers, cross-chain swaps, etc. are about token approvals. Raw native assets like (unwrapped) ETH are safe from these kinds of hacks b/c they don’t have approvals as an option. Most users & wallets also no longer do “infinite approvals” which gives a smart contract total control on removing any amount of their tokens. It’s important to understand which tokens you’re approving to which contracts.

This dashboard looks for all transactions of a user that intersects Lifi. Not all of these transactions indicate risk- but you can see how, broadly, integrations & layers of tech (like how Metamask bridge uses Lifi on BSC) can complicate how users do or don’t put their assets at risk. Revoke Cash is the most well known approval manager app.

But it’s also good security practice to simply rotate your address. New addresses start with 0 approvals, so starting fresh by moving your tokens to a fresh address is another good security practice.” – commented Carlos Mercado, Data Scientist at Flipside Crypto.

Recent Exploit Mirrors March 2022 Attack

Further analysis by PeckShield alert revealed that the vulnerability is similar to a previous attack on LI.FI’s protocol that occurred on March 20, 2022. That incident saw a bad actor exploit LI.FI’s smart contract, specifically the swapping feature, before bridging.

The attacker manipulated the system to call token contracts directly within their contract’s context, making users who had given infinite approval vulnerable. This exploit resulted in the theft of approximately 205 ETH from 29 wallets, affecting tokens such as USDC, MATIC, RPL, GNO, USDT, MVI, AUDIO, AAVE, JRT, and DAI.

“The bug is basically the same. Are we learning anything from the past lesson(s)?” PeckShield Alert said in a July 16 X post.

Following the 2022 incident, LI.FI disabled all swap methods in its smart contract and worked on developing a fix to prevent future vulnerabilities. However, the recurrence of a similar exploit raises concerns about the platform’s security measures and whether adequate steps were taken to address the vulnerabilities identified in the previous breach.

LI.FI is a liquidity aggregation protocol that allows users to trade across various blockchains, venues, and bridges.

Reports /Trainviral/

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