NFT News by Thebittimes.Com

Bitcoin is struggling to sustain above $38,000, but the bulls have not given up much ground, which some analysts say increases the chance of a rally to $40,000. Bitcoin (BTC) is trying to sustain above the overhead resistance of $38,000 for the second consecutive day and start the next leg of the uptrend. The excitement among market observers may have increased after the United States Securities and Exchange Commission (SEC) delayed its decision on the applications of Franklin Templeton and Hashdex exchange-traded funds. Bloomberg ETF analyst James Seyffart speculated in a X (formerly Twitter) post that the SEC may have taken this step “to line every applicant up for potential approval by the Jan. 10, 2024 deadline.” While many analysts believe that the ETF listing will be a watershed moment for Bitcoin, Genesis Trading head of derivatives Joshua Lim cautioned in a X post that traditional finance investors have already bought the rumor and may exit the trade close to the ETF announcem...

Despite regulatory action against Binance, a surge in Ethereum network activity and the expectation of a spot ETF approval fueled a price move above $2,000. Ether (ETH) price is trading slightly higher on Nov. 23, maintaining support above the $2,000 level after briefly retesting $1,930 on Nov. 21. Over the past week, Ether's price has increased by 2.5%, while the total market capitalization has grown by 0.5%. This uptrend can be attributed to improved decentralized applications (DApps) metrics, increased protocol fees, and Ethereum's dominance in the non-fungible token (NFT) market. To assess whether Ether can sustain its $2,000 price point, one must consider the repercussions of Binance's recent regulatory challenges following its plea deal with the U.S. Department of Justice (DoJ). Investor fear drops as Ethereum network conditions improve Binance leads in Ether spot trading volume, accounting for 30% of ETH futures contracts' open interest. The closure of Binan...

ProShares and Grayscale lead a surge of activity in Bitcoin investment products, with analysis confident of implied demand for a Bitcoin spot ETF. Bitcoin (BTC) institutional investment vehicles are seeing a major volume boost as excitement over possible United States regulatory changes takes hold. Data from resources including Bloomberg showed Bitcoin exchange- trade d funds (ETFs) and others nearing record weekly inflows. BITO, GBTC trade $2.5 billion  Hints that the U.S. might soon allow a Bitcoin spot price-based ETF have not only impacted BTC price action — the surrounding ecosystem has benefitted in kind. In addition to exchanges and mining firms, embattled institutional investment options are also seeing a resurgence in demand. As noted by Bloomberg senior ETF analyst Eric Balchunas, at least two household names saw “notable” volume in the trading week through Oct. 27. Among them was the ProShares Bitcoin Strategy ETF (BITO), the first futures-based ETF to get the green light i...

Bitcoin may see a deeper retracement at the hands of positive funding rates and a lack of bid liquidity below BTC price, the latest market takes suggest. Bitcoin (BTC) consolidated near $34,000 after the Oct. 24 Wall Street open as the dust settled on 15% daily gains. BTC/USD 1-hour chart. Source: TradingView Opinions diverge on Bitcoin funding rates Data from Cointelegraph Markets Pro and TradingView tracked BTC price volatility through the day, with $34,000 a focus at the time of writing. The pair had previously hit 17-month highs near $35,200 on the back of fresh excitement over the potential approval of a Bitcoin spot price exchange-traded fund (ETF) in the United States. Analyzing the sequence of events which led to a $5,000 daily candle, monitoring resource Material Indicators revealed a support/resistance (R/S) flip at $30,600. The speed at which the market broke through resistance in place throughout the past year-and-a-half was surprising, an X post read. Material Indicator...

Short-term holder supply has declined to just 2.56 million BTC, but the current Bitcoin market may be "top heavy," warns Glassnode. Bitcoin (BTC) speculators are leading a period of “exhaustion and apathy” across the market, new research says. In the latest edition of its weekly newsletter, “The Week On-Chain,” analytics firm Glassnode waning conviction among Bitcoin’s short-term holders (STH). Bitcoin speculators risk unrealized losses After several months of stagnant BTC price action, frustration among market participants has lead to predictions of deeper downside to come. Bulls remain unable to break resistance, while sellers likewise face multiple support zones in the form of trend lines between the current $29,000 and $25,000. Among these is the STH cost basis, or realized price. STHs are defined by Glassnode as entities hodling coins for 155 days or less, and correspond to the more speculative end of the Bitcoin investor spectrum. The STH cost basis has functioned as ...

Transactions on Optimism recently eclipsed the Arbitrum network, but do the project’s fundamentals support a sustainable growth trajectory? Optimism (OP) is a Layer 2 scaling solution, which operates as a separate blockchain built on top of Ethereum. Despite having a smaller total value locked (TVL) than its rivals, Optimism may still have the potential to thrive in the increasingly competitive DeFi landscape.  Being one of the pioneers in the DeF space, Optimism initially gained an initial but had to contend with fierce competition. The project has been trailing behind other scaling solutions in terms of daily transaction s for the past six months. However, in late July, the situation changed as Optimism finally overtook its main competitor Arbitrum and is showing signs of increasing demand from users . The rise of Layer 2 scaling solutions The increase in Layer 2 activity on Ethereum has been significant, surpassing mainnet activity by more than four times, according to data from L...

A popular Bitcoin price model returns to center stage as BTC’s next halving approaches. Bitcoin is struggling to reclaim its psychologically important level of $30,000 as analysts predict that choppy accumulation may last for months. Bitcoin (BTC) soared to a new yearly high of over $31,800 on July 13, driven by optimism surrounding the potential approval of exchange-traded funds (ETFs) in the United States and Ripple’s landmark legal victory in its case against the U.S. Securities and Exchange Commission regarding the classification of XRP (XRP) as a security. However, five days after the pump, BTC closed below $30,000 as buyers struggled to push the price back above the crucial support level. Despite Bitcoin’s price showing weakness in the short term, historical on-chain movements and empirical data suggest that the worst days of the bear market are likely over. Long-term holders are unmoved, but short-term investors could sell Glassnode’s latest report shows that Bitcoin’s price ac...

Bitcoin manages another attack on $31,000, while traders hope for further BTC price upside in the coming days. Bitcoin (BTC) challenged $31,000 again after the June 27 Wall Street open as traders hoped for upside continuation. BTC/USD 1-hour chart. Source: TradingView $31,000 returns amid Fidelity Bitcoin ETF rumor Data from Cointelegraph Markets Pro and TradingView showed BTC price action edging higher after holding $30,000 support. The start of U.S. trading saw fresh positive news as asset manager Fidelity Investments reportedly prepared a filing to launch its Bitcoin spot-based exchange-traded fund (ETF). "First it happens slowly, then all at once," financial commentator Tedtalksmacro wrote in part of a reaction, referring to existing ETF plans from largest global asset manager BlackRock and others. Despite not yet repeating the rapid gains seen last week, BTC/USD preserved the majority of its progress, with commentators hopeful that bulls would come through. “Bitcoin r...

The US dollar index is encroaching on new year-to-date highs, but Bitcoin whale activity suggests this may be a dead cat bounce. As the summer season arrives, an unexpected heatwave is gripping financial markets This heat is coming in the form of the US Dollar (DXY) which has been on a remarkable uptrend since late April, reaching levels unseen since early March’s banking crisis when the dollar wrecking ball wreaked havoc on asset prices. This surge in the dollar has raised concerns among market participants due to its high inverse relationship with Bitcoin (BTC), a topic many macro and crypto analysts have discussed repeatedly in 2023. The implications of this inverse correlation means that when the dollar rises, BTC falls and vice versa. The chart below showing the year-to-date performances of DXY (blue line) and BTC (orange line) underscores this relationship a step further. Notice how, Bitcoin’s 2023’s performance has been propelled by a downward dollar. Not coincidentally, DXY re...

Bitcoin’s NFT market is growing, but it is primarily driven by newfound hype for memecoin trading on the blockchain. The monthly trading volume of nonfungible tokens (NFTs) and memecoins on Bitcoin in May surpassed Solana’s volume, according to data from CryptoSlam.  Bitcoin ordinals trading volume currently stands in second place behind Ethereum, which did $393 million in NFT volume, more than twice that of ordinals on Bitcoin (BTC) in 30-days starting April 23. Bitcoin gained a significant lead over popular block chain s like Polygon, ImmutableX, BNB Chain and Solana during this period. According to a Dune dashboard by BRC-20 token standard creator Domo, BRC-20 token transactions accounted for the majority of ordinals activity on Bitcoin. The BRC-20 token standard is an experimental fungible token standard built using ordinals. It has harbored hype for memecoin, speculative cryptocurrencies whose price action is fueled by certain enthusiastic communities. The total market capitali...

Bitcoin will make a decision sooner rather than later, according to cues from the Binance order book. Bitcoin (BTC) stayed tightly rangebound at the April 3 Wall Street open as analysts counted down to volatility. BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView "Watch for rugs" on BTC Data from Cointelegraph Markets Pro and TradingView followed BTC/USD as it lingered around $28,000 on Bitstamp. The weekend had finished on an erratic note as news of a Opec+ oil production cut sent crypto tumbling before a rebound during the Asia trading session. Amid a lack of clear direction, monitoring resource Material Indicators flagged significant liquidity on either side of spot price on the Binance order book. "We still don't have a confirmed breakout or breakdown, only rejected attempts which have kept price chopping in this range," part of fresh Twitter commentary added. "It's only a matter of time until one side breaks. Watch for rugs." BTC/U...

The crypto market corrected on news of the CFTC suing Binance and its CEO Changpeng Zhao, but technical charts reveal a silver lining. The news and events related to the banking crisis in the United States and Europe have led to a rotation of funds into investments considered less risky. According to the Financial Times, the U.S. money market funds in March witnessed an inflow of $286 billion.  Along with money market funds, a portion of the money may also have seeped into the crypto industry. The increased demand could be one of the reasons for Bitcoin’s (BTC) strong performance in March. The big question in crypto investors’ minds is whether the recovery will continue or if it is time to book profits in Bitcoin. Daily cryptocurrency market performance. Source: Coin360 Bitcoin hodlers seem to be confident in the long-term story and are not getting lured into selling their holdings after the recent rally. According to Glassnode data, the percent of Bitcoin supply that has remained do...