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Bitcoin dips more than 10%, IBAT pumps more than 150%

by coinbrit
written by coinbrit

The crypto market had been crashing for the past 4 days. Bitcoin had lost over 10% of its value, and Ethereum had fallen by even more. But one token was bucking the trend: IBAT, the native token of the Battle Infinity gaming platform. IBAT had actually gained over 150% in value in the past 24 hours.

IBAT is the native token of the Battle Infinity gaming platform, which is still in development. The platform will offer a variety of games, including fantasy sports, a metaverse, and NFTs. IBAT tokens will be used to purchase in-game items, participate in tournaments, and stake for rewards.

The recent pump in IBAT price could be due to a number of factors. First, the Battle Infinity team has been very active in promoting the platform. They have held a number of AMAs (ask-me-anything) sessions with crypto influencers, and they have also been featured in a number of major publications.

Second, the Battle Infinity platform is scheduled to launch in Q4 2023. This is just a few months away, and the anticipation for the launch is likely driving up demand for IBAT tokens.

Finally, the overall cryptocurrency market is starting to recover after a long period of decline. This could be leading to a renewed interest in IBAT, as investors look for tokens with the potential for significant growth.

Whether the recent pump in IBAT price is sustainable remains to be seen. However, the platform has the potential to be a major player in the gaming and metaverse industries. If the Battle Infinity team can execute their plans, IBAT could be a valuable investment for the long term.

Here are some of the reasons why Battle Infinity (IBAT) is a promising project:

  • The team has a strong track record. The founders of Battle Infinity have extensive experience in the gaming industry.
  • The platform is well-designed. Battle Infinity will offer a variety of games that are both fun and engaging.
  • The tokenomics are sound. IBAT tokens will be used to purchase in-game items, participate in tournaments, and stake for rewards.
  • The timing is right. The metaverse and NFT markets are growing rapidly, and Battle Infinity is well-positioned to capitalize on this trend.

Overall, Battle Infinity (IBAT) is a promising project with the potential to be a major player in the gaming and metaverse industries. If you are looking for a cryptocurrency with the potential for significant growth, IBAT is worth considering.

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BitcoinCryptoMarket

Litecoin Faces Price Drop: Reflections on its Relationship with Bitcoin

by coinbrit
written by coinbrit

Litecoin (LTC), often referred to as “silver to Bitcoin’s gold,” is experiencing a downward trend mirroring the larger cryptocurrency market’s struggles. This association with Bitcoin has both benefited and challenged LTC, and the recent price crash underscores their intricate interplay.

LTC’s Performance Amid Bitcoin’s Decline

As Bitcoin (BTC) battles a steep decline, trading below $26,000, this ripple effect extends to the broader crypto landscape. LTC, priced at $64.15 per CoinGecko, has seen a 1.5% drop in the past 24 hours, contributing to a week-long slump of 23.2%.

This downward spiral has triggered over $1 billion in position liquidations within a 24-hour window, demonstrating heightened market volatility. While LTC briefly touched the $60 mark during intraday trading before recovering, it now approaches year-to-date lows, inching closer to December 2022 levels.

Interdependency of Litecoin and Bitcoin

LTC’s intricate relationship with Bitcoin has shaped its journey. Positioned as a complement to Bitcoin, Litecoin distinguished itself with faster transactions and a distinct mining algorithm. However, this interdependence exposes LTC to Bitcoin’s market shifts, reflected in its price trajectory.

Recent events underscore LTC’s price behavior parallel to Bitcoin’s. Analysts note that LTC’s ups and downs tend to follow Bitcoin’s patterns, given its role as a secondary asset. While LTC has unique utility, its fate remains tied to market sentiment and Bitcoin’s performance.

Navigating Forward: Key Levels to Monitor

LTC’s path forward involves monitoring crucial support and resistance levels. Analysts observe potential loss consolidation within the $56 to $70 range, hinging on Bitcoin’s trajectory. The $70 mark holds significance, indicating bullish potential if surpassed, and a clear edge for the bulls lies above $75.

Key resistance levels at $70 and $78.5 pose recovery hurdles. Conversely, pivotal support rests at $50.5 and $42, marking potential turning points for LTC’s trajectory.

 

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BitcoinCryptoNews

Elon Musk Applauds Pro-Crypto Republican Presidential Contender Vivek Ramaswamy

by coinbrit
written by coinbrit

Elon Musk, the chairman and chief technology officer of X (formerly Twitter), has voiced his support for Vivek Ramaswamy, an emerging Republican presidential candidate in the United States. In response to a segment of Ramaswamy’s interview on Tucker Carlson’s podcast, Musk referred to Ramaswamy as “very promising” and highlighted his distinction as the youngest-ever Republican presidential candidate.

Crypto-Friendly Stance and Bitcoin Endorsement

Ramaswamy has garnered attention for his favorable stance towards digital finance and cryptocurrencies. He advocates for a more robust crypto ecosystem within the United States. At the Bitcoin 2023 conference held in Miami, he unveiled plans to accept Bitcoin contributions for his campaign, positioning him as the second contender in the 2024 U.S. presidential race to support BTC. During the event, Ramaswamy introduced a QR code leading to a donation portal, offering various avenues for contributions. Donors meeting the $6,600 limit would receive an exclusive nonfungible token as a gesture of appreciation.

Ramaswamy’s decision to accept Bitcoin donations parallels that of Robert F. Kennedy Jr., marking a significant trend in the increasing influence of cryptocurrencies on the financial landscape. This move underlines the growing acceptance and integration of digital currencies in shaping political fundraising strategies.

Political Trajectory and Challenges

Ramaswamy’s rising popularity has brought him in proximity to fellow Republican figure Ron DeSantis, the Bitcoin-friendly Governor of Florida. However, Ramaswamy’s political journey faces challenges. He is currently entangled in two legal suits filed by former employees of Strive Asset Management, a company he co-founded. These employees allege being coerced into violating securities regulations during their tenure.

Elon Musk’s endorsement of Vivek Ramaswamy highlights the tech leader’s interest in the emerging candidate’s pro-crypto stance. Ramaswamy’s campaign’s acceptance of Bitcoin contributions aligns him with the increasing trend of cryptocurrency integration in political fundraising, while his journey into politics is not devoid of legal challenges.

 

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BitcoinCryptoMarket

SpaceX recorded a $373M reduction in Bitcoin value in 2021-2022, according to a report.

by coinbrit
written by coinbrit

The aerospace technology corporation SpaceX is alleged to have sold all of its cryptocurrency holdings after marking down its Bitcoin assets by a total of $373 million over the last two years.

According to a recent story from The Wall Street Journal on August 17, SpaceX noted a $373 million fall in the value of Bitcoin on its financial records for the years 2021 and 2022, suggesting that these assets may be sold. The $373 million Bitcoin cache’s full sale is still pending confirmation, though.

After carefully examining the company’s financial records, The Journal identified around $5.2 billion in total expenditures for 2022 and an estimated $5.4 billion in expenditures for property acquisition, equipment, research, and development in 2021 and 2022 taken together.

Elon Musk, the CEO of SpaceX, had publicly announced the company’s purchase of Bitcoin back in 2021. Following an official filing with the U.S. Securities and Exchange Commission, another Musk-led company, Tesla, disclosed its plan to acquire Bitcoin assets worth $1.5 billion. This announcement may have contributed to Bitcoin’s price increase, which at the time exceeded $43,000, setting a record high.

Tesla said in its Q2 2023 earnings that it had cashed out over 30,000 BTC in Q2 2022 for a total of $936 million, leaving it with only $184 million in remaining Bitcoin assets. This selling equals almost 75% of their $1.5 billion initial Bitcoin investment.

While the precise chronology of SpaceX’s Bitcoin transactions is unclear, 2022 saw a significant decline in the cryptocurrency market, which was in part caused by the failure of industry titans like Terraform Labs. Nevertheless, many banks and IT companies continue to hold positions in Bitcoin and other cryptocurrencies.

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BitcoinCrypto

Crypto futures traders rack up huge losses as Bitcoin and Ethereum slump

by coinbrit
written by coinbrit

In the last two days, prices of bitcoin (BTC) and ether (ETH) futures fell below key support levels, triggering some of the biggest losses in over a month.

This ended a period of low volatility for bitcoin, which dropped to nearly $28,500 on Wednesday night. This was one of the sharpest declines since mid-June.

Other major cryptocurrencies, such as XRP, solana (SOL), and ether, also followed bitcoin’s downward trend, losing up to 5% of their value.

Futures traders of the top cryptocurrencies suffered more than $160 million in liquidations in the past 24 hours, and more than $320 million since the beginning of the week.

Bitcoin futures accounted for almost $50 million of the losses, while ether futures lost $22 million and litecoin (LTC) futures lost $5 million.

Bitcoin cash (BCH), solana, and XRP futures each had about $4.5 million in liquidations. Most of the liquidations (90%) were from long positions, or bets that the prices would go up, according to Coinglass data.

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BitcoinMarket

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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