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Bitcoin’s Support Levels and Potential Rebound Amidst Price Volatility

by coinbrit
written by coinbrit

Bitcoin’s price struggles to maintain stability as it hovers near the $28,000 mark, with ongoing concerns about potential further declines. Despite the challenges, confidence in Bitcoin’s ability to avoid a significant retracement remains.

BTC/USD 1-day chart. Source: TradingView

Testing Key Support at $28,000:

The $28,000 level serves as a crucial support zone for Bitcoin, providing a psychological foundation for the market. Traders and analysts are closely monitoring this level to gauge the cryptocurrency’s resilience against deeper declines.

Unstable Price Action and Bearish Pressure:

Bitcoin’s price has been constrained by resistance above $30,000, resulting in a prolonged period of sideways trading. The recent release of Federal Reserve minutes on August 16 intensified bearish sentiment, leading to a drop in BTC/USD to around $28,300 – a level not seen for nearly two months.

Key trend lines are back in focus for Bitcoin observers, with the 200-day and 200-week simple moving averages (SMAs) playing a pivotal role. The 200-week SMA has historically acted as a critical support line during downward price pressure, and its maintenance is crucial to avoid the pit of bear markets.

Support Cluster and Short-Term SMA Test:

Bitcoin’s current price range gains significance when considering various support trend lines, including both simple and exponential moving averages (SMAs and EMAs). These trend lines form a cluster in the range of $27,000 to $28,600. Notably, the short-term 100-day SMA is being tested as support on the August 17 daily candle.

BTC/USD 1-week chart with 200 SMA. Source: TradingView

Market sentiment underscores the significance of the $28,000 level as both a psychological marker and a formidable support. Analysts like CryptoCon emphasize the resilience of bullish supports against bearish pressures and believe that the $28,000 support will remain intact across multiple time frames.

Bitcoin’s price faces challenges in maintaining stability as it approaches the $28,000 mark. Traders and analysts closely monitor key support levels, including long-term trend lines and psychological markers, to determine whether the cryptocurrency can rebound amidst ongoing price volatility.

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BitcoinCrypto

Bitcoin Drops to $28.3K as Leveraged Funds Increase Bearish Wagers.

by coinbrit
written by coinbrit
  • The price of Bitcoin declines as Wall Street becomes more risk-averse.
  • Since April 2022, leveraged funds’ view about Bitcoin futures has never been more pessimistic.

The price of one bitcoin dropped to $28,346 on Thursday, reaching its lowest level since June 21 and maintaining a 1.6% decline from the previous day. This negative trend is a reflection of Wall Street’s increasing risk aversion, with U.S. stocks falling as a result of renewed concerns about the banking industry and probable Chinese economic slowdowns.

According to a recent report by the U.S. Commodity and Futures Trading Commission (CFTC), leveraged companies including hedge funds and commodity trading consultants have shifted their positions on Bitcoin futures to the downside. The largest differential since April 2022, according to Lawrence Lewitinn of the crypto analytics firm The Tie, is that two-thirds of their positions are short while just one-third are long.

It appears that a macroeconomic environment that is unpredictable and the rising yields on US government bonds are causing skilled traders to worry. Despite positive developments in the cryptocurrency sector, such as the introduction of futures-based Ether (ETH) ETFs and PayPal’s stablecoin launch, the market is still unresponsive.

Even with big financial institutions adopting blockchain technology or growing interest in ETH ETFs, the cryptocurrency market exhibits decreased volatility and volume, according to David Lawant from FalconX. He highlighted once more the necessity to keep an eye on any potential effects that broader macroeconomic issues may have on the cryptocurrency market.

It’s interesting to note that the recent volatility of Bitcoin follows the meme coin SHIB’s habit of peaking following big increases. The coin, called the “dogecoin-killer,” saw a 20% increase in value in early August as a result of the excitement surrounding the layer 2 Shibarium debut. However, due to Shibarium’s rough start, its value has dropped by 18% since August 12 and has fallen by 9% just recently. According to Coinglass data, the financing rates for SHIB’s perpetual futures on Binance have drastically decreased, pointing to a pessimistic trend in leverage.

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BitcoinNews

Satoshi-Era Bitcoin Stirs: 1,005 BTC from 2010 Moved, Sparks Speculation

by coinbrit
written by coinbrit

In an intriguing development, 1,005 BTC mined in 2010, valued at $29 million today, have been transferred from an old Bitcoin wallet that lay dormant for 13 years. This event has drawn attention due to its resemblance to recent dormant Bitcoin movements.

Awakening of Long Dormant BTC Wallet

An anonymous user has reawakened a Bitcoin wallet containing 1,005 BTC mined back in 2010. These coins have been moved to new addresses through multiple transactions, raising questions within the cryptocurrency community about the potential identity of the mover.

Historical Significance and Value Surge

Blockchain researcher and cryptocurrency expert Kirill Kretov noted the historical significance of this event, as the BTC was mined just a year after Bitcoin’s inception. The wallet, which initially received 1,005 BTC valued at $328 in 2010, has now seen its value soar to over $29 million.

Unlikely Link to Satoshi Nakamoto

Kretov dismissed the idea that Bitcoin’s enigmatic creator, Satoshi Nakamoto, was involved in this move, suggesting that a long-term holder or an entity linked to prior dormant Bitcoin awakenings might be behind the transactions. The researcher further speculated that the holder could be engaging in over-the-counter transactions to capitalize on the attractiveness of these “clean” and aged Bitcoins.

Possible Continuation of Past Movements

Kretov proposed a connection between this recent event and a previous series of Bitcoin movements involving wallets from 2020 and 2021. These instances encompassed 13 awakenings, each involving 1,000 BTC. He emphasized that such large-scale movements are relatively rare, highlighting only three other similar cases flagged in his research archives.

Similar Instances in the Cryptosphere

This resurgence isn’t unique. A dormant BTC wallet containing over 1,037 coins from 2012 has also seen movement, with its value soaring from an estimated $5,100 in 2012 to around $31 million at the time of transfer in 2023.

As these dormant BTC movements continue to intrigue the cryptocurrency community, experts speculate on the motives behind such actions and their potential implications for the market.

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BitcoinMarketNews

Crypto Tycoon Justin Sun’s Huobi-Associated Exchange, WhiteBIT, Faces Scrutiny Over Lending Practices.

by coinbrit
written by coinbrit

According to Protos, WhiteBIT, a cryptocurrency exchange connected to crypto tycoon Justin Sun, has caught people’s attention with its incredible 24.8% Annual Percentage Yield (APY) for Tether (USDT) deposits on its lending platform for a year. This APY should raise investor suspicion because it is much higher than typical USD money market rates.

These worries are made worse by WhiteBIT’s connection to Justin Sun, a leading figure in the cryptocurrency business. Frequent fund transactions between WhiteBIT and Huobi have further underlined the exchange’s connections to Sun and his Huobi platform. It’s also important to consider Sun’s prior promotions of substantial returns on several stablecoins.

WhiteBIT provides a wide selection of more than 150 cryptocurrency trading pairs, including support for less popular fiat currencies such the Kazakhstani tenge and Ukrainian hryvnia. However, its loan platform, which offers a staggering 24.8% interest, continues to be its most notable aspect. The dominance of its ICO token, WhiteBIT Coin (WBT), in this amount, despite its claim to own $1.59 billion in digital assets, is debatable.

WhiteBIT has a number of advantages, including the unique ability to enable fiat transactions in Kazakhstan and Ukraine.

WhiteBIT’s track record in banking and regulation, though, is worrying. There have been noticeable withdrawal delays and accessibility concerns with its European licenses starting in 2019, raising the possibility of operating hiccups.

WhiteBIT’s co-founders don’t appear to have a strong background in crypto leadership, which raises more questions. It raises questions the scant information on CEO Vladimir Nosov’s LinkedIn profile and David Tunian’s former experience, which seems more sales-focused.

While WhiteBIT’s involvement in activities like Eurovision 2022 and support for Ukraine’s military efforts may appear good, it is important for prospective investors to exercise care due to the platform’s history, high APY offers, and connections to individuals like Justin Sun.

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BitcoinNews

Analyst Sees BTC’s Potential Soar to $250K-$600K Amid Market Dynamics

by coinbrit
written by coinbrit

Amidst intriguing market dynamics, MDX Crypto, an analyst featured in a recent Crypto Banter video, has shared insights about Bitcoin’s (BTC) future. This comes as legendary trader Michael J. Burry takes a substantial short position against the traditional financial market.

BTC Treasuries Surge

MDX Crypto highlights the rapid increase in BTC treasuries, indicating potential bullish signs for Bitcoin’s long-term outlook. Institutional holdings of BTC’s supply have risen from 7% to 9.2%, showcasing growing interest from established players.

Short-Term View and Long-Term Speculation

Despite the positive BTC treasuries trend, MDX Crypto anticipates a relatively subdued BTC price rally in the short term, unless BTC closes a weekly candle above $30K. If achieved, a rise to $40K could be in the cards. Looking further ahead, MDX Crypto suggests that BTC’s price potentially reaching $250K-$600K isn’t implausible due to uncertainties in the traditional financial market. However, this outcome would hinge on a significant global financial market collapse.

Altcoin Market and Trade Opportunities

MDX Crypto also touches on the altcoin market, stating that the collective market capitalization of cryptocurrencies excluding BTC (TOTAL2) may have found its bear market low. While opportunities for substantial price movements in smaller-capped cryptocurrencies could arise, MDX Crypto expects altcoins to outperform. In this regard, Cronos (CRO) and Dogecoin (DOGE) are singled out as coins to watch during the next bull run.

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BitcoinNews

Ripple CBDC Advisor Applauds Europe’s First Bitcoin Spot ETF Launch

by coinbrit
written by coinbrit

London-based Jacobi Asset Management has successfully launched the Jacobi Bitcoin ETF on Euronext Amsterdam after nearly two years of approval processes. This event marks Europe’s first spot Bitcoin exchange-traded fund, providing investors access to a product secured by actual Bitcoin holdings.

Significant European Milestone

The introduction of the spot Bitcoin ETF holds great significance for Europe, especially considering the United States’ delay in approving similar proposals by major players like BlackRock and Fidelity. This milestone indicates Europe’s proactive stance on embracing cryptocurrency-related financial products.

U.S. Awaits Spot Bitcoin ETF Approval

While Europe advances, the U.S. faces delays in reviewing the ARK 21Shares Bitcoin ETF proposal, with further reviews expected in September. The crypto industry’s anticipation for a spot-Bitcoin ETF continues, with optimism from figures like Cathie Wood, CEO of ARK Investment Management, suggesting the possibility of multiple spot Bitcoin ETF approvals simultaneously.

Positive Market Impact

Sanford C. Bernstein analyst Gautam Chhugani noted in a recent report that the prospects of a spot Bitcoin ETF have heightened. If the U.S. permits direct BTC investment through a fund, exchange-traded funds could constitute 10% of Bitcoin’s market value within three years, as estimated by Sanford C. Bernstein research.

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BitcoinMarketNews

SEC Delays Bitcoin ETF Decision to Early 2024

by coinbrit
written by coinbrit

The U.S. The Securities and Exchange Commission (SEC) is extending its evaluation period for cryptocurrency exchange-traded fund (ETF) applications, with potential outcomes expected as late as early 2024. The SEC has a maximum 240-day window to delay ETF decisions, leading some firms to wait till March 2024 to receive verdicts on filings submitted in July 2023.

Renewed Interest and Regulatory Moves

BlackRock’s entrance into the Bitcoin ETF application pool in June, along with a reported “surveillance-sharing agreement” with Coinbase, has generated renewed interest. This development suggests the SEC might be more inclined to consider ETF applications with certain conditions. ARK Invest, led by Cathie Wood, submitted its ARK 21Shares spot Bitcoin ETF proposal in May 2023, which recently received a 21-day delay for public comments.

The SEC’s authority to delay ETF applications by up to 240 days, coupled with the complexities of spot crypto ETFs, creates challenges. The regulator has not yet approved a spot Bitcoin ETF in the U.S., only greenlighting investment vehicles tied to BTC futures in October 2021. The nature of spot BTC ETFs, which involves holding actual Bitcoin within a fund for direct investment, presents distinct regulatory considerations.

Potential Favorability for Smaller Firms

Stuart Barton, co-founder of Volatility Shares, suggests that smaller firms could have an advantage in gaining SEC approval for spot crypto ETFs due to the potential for more cooperative negotiations. He notes that established companies have not substantially moved the approval argument forward.

The SEC’s hesitancy to approve spot crypto ETFs might stem from the evolving and sometimes uncertain U.S. crypto market. Enforcement actions against major crypto platforms, ongoing legal battles like the SEC vs. The Ripple case, and calls for clearer regulations contribute to the regulatory landscape. Proposed legislation seeks to define the roles of the SEC and the Commodity Futures Trading Commission in digital asset regulation.

Analysts’ Views and Regulatory Strategy

Some analysts suggest a 65% likelihood of a U.S. spot Bitcoin ETF approval, driven in part by BlackRock’s application. Industry figures like Cathie Wood and Grayscale, currently suing the SEC over an ETF application, anticipate the possibility of simultaneous approvals for multiple applications to ensure fairness and prevent any single company from gaining an undue advantage.

In conclusion, the SEC’s extended evaluation timeline for Bitcoin ETF applications, along with regulatory complexities and evolving market dynamics, shape the outlook for potential approvals and the broader regulatory landscape in the U.S.

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BitcoinCryptoMarket

Jacobi Bitcoin ETF by Jacobi Asset Management Goes Live

by coinbrit
written by coinbrit

After a year-long delay, Jacobi Asset Management’s Jacobi FT Wilshire Bitcoin ETF has officially debuted on the Euronext Amsterdam stock exchange, marking the first-ever spot Bitcoin ETF in Europe. Originally slated for a 2022 launch, the London-based digital asset management firm’s investment product is now trading under the ticker symbol BCOIN. Notably, the Guernsey Financial Services Commission approved the product in October 2021, with Fidelity Digital Assets managing its custodial aspects.

The Jacobi FT Wilshire Bitcoin ETF is now trading. Source: Euronext Amsterdam

The Jacobi Bitcoin ETF stands out for its unique features. It’s positioned as the inaugural physical-backed Bitcoin fund, backed by actual BTC holdings. The fund’s eco-friendly approach involves integrating a renewable energy certificate (REC). By measuring Bitcoin network energy usage and purchasing and retiring RECs, the fund emphasizes its commitment to sustainability. These environmental claims are verifiable via blockchain.

Revolutionizing European Crypto Investment

With Europe’s pioneering move in introducing the spot Bitcoin ETF, it highlights the continent’s progressive stance on crypto investment products. In contrast, the United States continues to grapple with the approval of similar applications from major asset managers like BlackRock and Fidelity. Jacobi CEO Martin Bednall sees Europe’s proactive approach as a potential catalyst for broader institutional adoption of digital assets, praising the use of regulated structures like their ETF.

Diverse Offerings in the European Crypto ETF Market

The Jacobi Bitcoin ETF joins other notable entrants in the European crypto ETF landscape. Earlier in June 2023, Melanion Capital introduced a Bitcoin Equities ETF on Euronext Amsterdam. This distinct offering tracks the Melanion Bitcoin Exposure Index, comprising European and American stocks closely correlated to BTC’s market value. Unlike the spot ETF, investors gain exposure to companies with significant Bitcoin holdings, cryptocurrency exchanges, and mining operations, including MicroStrategy, Riot, Marathon Digital, and Hut8.

The successful launch of the Jacobi Bitcoin ETF on Euronext Amsterdam heralds a groundbreaking development in Europe’s crypto investment realm. This accomplishment underscores the region’s willingness to embrace digital asset opportunities and positions it at the forefront of the evolving financial landscape.

 

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BitcoinMarket

Bitcoin’s Quiet Trend Persists: 5 Key Insights for This Week

by coinbrit
written by coinbrit

Bitcoin’s price movement continues to remain remarkably subdued, prompting speculation about an imminent breakout. As the new week begins, BTC’s volatility remains low, contributing to a rangebound market.

Stagnant Price Action and Limited Volatility

Bitcoin, currently priced at $29,445, is displaying a classic August pattern, characterized by minimal volatility. The cryptocurrency is trading within a narrow range below the $30,000 mark. This prolonged stability is causing frustration among traders and market observers.

BTC/USD 1-hour chart. Source: TradingView

Tug-of-War Between Bulls and Bears

Despite fluctuations between bullish and bearish sentiment on exchanges, neither side has managed to establish a definitive price trend for Bitcoin. This deadlock has prompted speculations about when the situation will change.

Potential Catalysts for Price Movement

With limited macroeconomic triggers on the horizon, external factors are likely needed to spark a significant price shift. There’s a growing argument that Bitcoin’s next major breakout could be brewing, given the accumulation of holdings by whales. Similar historical patterns, including low volatility measured by the Bollinger Bands metric, further support this notion.

BTC/USD annotated chart. Source: Michaël van de Poppe/X

Comparisons are being drawn to previous periods of low volatility, such as September 2016 and January 2023, where Bitcoin’s price later experienced significant movement. This historical context suggests that a price shift may be inevitable, though the exact timing remains uncertain.

Weekend Activity and Expert Perspectives

The recent weekly close saw some fleeting volatility, but this momentum was short-lived. Traders like Michaël van de Poppe and Daan Crypto Trades are emphasizing key price levels, particularly $29,700, as crucial thresholds for potential bullish moves. Both traders highlighted the unusually calm weekend conditions, with low volatility even during this typically active period.

As the week unfolds, Bitcoin’s price action continues to captivate the attention of traders and analysts, with anticipation growing for a potential breakout from the current range.

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BitcoinNews

TeraWulf Boosts BTC Mining with Capacity Expansion, Records Significant Q2 Gains

by coinbrit
written by coinbrit

Bitcoin mining firm TeraWulf has reported a substantial increase in its Bitcoin rewards after scaling up its mining capacity in the first half of 2023. According to the company’s recent filing with the US Securities and Exchange Commission, TeraWulf successfully mined 1,441 BTC in the first two quarters of the year, with 508 BTC in Q1 and an additional 375 BTC in Q2.

Increased Hash Rate and Mining Yields Surge Company Revenue

The expansion in hash rate and self-mined BTC has resulted in a remarkable uptick in the company’s quarterly revenue, soaring from $11.5 million to $15.5 million in Q2. TeraWulf attributes this improvement to the combination of its elevated hash rate and the recovering valuation of Bitcoin in the market.

Expansion Plans and Operational Figures

TeraWulf currently operates over 50,000 advanced Bitcoin miners across its New York-based Lake Mariner facility and the nuclear-powered Nautilus operation in Pennsylvania. The company’s operational hash rate stands at 5.5 exahashes per second (EH/s), supported by 160 megawatts (MW) of miner capacity across both sites.

TeraWulf’s nuclear-powered Nautilus mining location.

The company’s ambitious growth strategy includes an expansion of its Lake Mariner site by an additional 43 MW by the close of 2023. This expansion will house 18,500 new-gen S19j XP miners from renowned Chinese manufacturer Bitmain. With this enhancement, TeraWulf anticipates boosting its self-mining hash rate by an impressive 58%, elevating it from 5.0 EH/s to 7.9 EH/s.

Hut8 Faces Q2 Setback, Diversification Plans Underway

In contrast, Hut8, another BTC mining entity, experienced a dip in hash rate and self-mined Bitcoin in Q2 2023, as revealed in their mid-year results. The company mined 399 BTC in the quarter, marking a 58% decrease from Q2 2022. Hut8 attributes this decline to multiple factors, including the heightened difficulty in Bitcoin mining, operational pauses at their North Bay Facility, and persistent electrical challenges at their Drumheller site.

Diversified Operations and Future Prospects

Hut8 is actively diversifying its infrastructure away from exclusive Bitcoin mining. Their high-performance computing operation consistently generates an average of $4 million per quarter, with expectations of growth following their upcoming five-year contract as a computing infrastructure provider to Interior Health, commencing in late 2023.

Hindered by high energy inputs causing equipment failures, Hut8’s Drumheller site suffered a 20% reduction in installed hash rate. Presently, the company holds a self-mined Bitcoin balance of 9,136 BTC, valued at approximately $368.7 million. During Q2, they sold 396 of the 399 BTC mined, generating $14.7 million in revenue. Hut8 envisions increased hash rate capacity following an anticipated merger with US Bitcoin.

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