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...

The price of Solana’s (SOL) token has surged over the past week, rising nearly 35% to hit a price of $42.41. This latest rally brings Solana’s gains to over 322% year-to-date. According to a Nov. 2 Analysis by Altcoin Daily, surge in Solana’s price can be attributed to various developments and factors. The ongoing Solana Breakpoint conference in Amsterdam is generating a buzz, bringing together influential figures from the Solana community and generating excitement about its future prospects. On another front, the bullish report from investment management firm VanEck suggests that Solana could potentially outpace Ethereum (ETH) by the end of the decade, further cementing its reputation as a top-tier smart contract platform. Despite the fallout from the FTX exchange collapse and the legal issues surrounding its founder, Sam Bankman-Fried, investor confidence in Solana’s independence seems to be on the rise. You might also like: Why everyone is talki...

Crypto data analysis platform Kaiko has released a report identifying the reason for the latest Bitcoin (BTC) rally. According to analysts, Bitcoin’s rise to $35,000 is due to four different factors, including volume , implied volatility, market depth, and funding rates. Source: Kaiko Experts also note that a fundamental shift in the market structure is observed for the first time in the last six months . The analytics platform reported that while trading volume slowed and volatility dropped over the summer, that changed in the previous two weeks when a rumor surfaced about a fake endorsement of a BlackRock-linked Bitcoin spot ETF. You might also like: Bitcoin’s weekly surge could be driven by liquidity shortage  At the same time, the market is not worried about the decline in the price of BTC since it has reached its highest level since May 2022. Additionally, Bitcoin liquidity remained unchanged, although trading activity increased. Market participants...

The first quarter of 2023 saw Bitcoin outperform traditional assets after a 72% quarterly gain in market capitalization. The cryptocurrency ecosystem has enjoyed a buoyant start to the year as Bitcoin (BTC) and decentralized finance (DeFi) protocols surge in market capitalization through the first quarter of 2023. These are the key takeaways from the first quarterly Crypto Industry Report published by CoinGecko on April 18. BTC emerged as the best-performing asset of Q1 2023, with gains of 72.4%, outperforming the likes of the NASDAQ index and Gold which marked 15.7% and 8.4% gains, respectively. The report highlights that all major asset classes saw gains through the first quarter of the year, barring crude oil, which dropped by 6.1%. This decline was attributed to United States inflation data which cited a reduction in oil demand and ill effects of the U.S. banking crisis. Bitcoin has been the best performing asset through the first three months of 2023. Source: CoinGecko 2023 Q1 Cr...

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...

The February U.S. jobs report was a mixed bag, which seems to have provoked interest from a few bulls in BTC and altcoins. Bitcoin (BTC) led a sharp sell-off in the cryptocurrency Markets on March 9 as the woes at Silvergate Bank and Silicon Valley Bank dented investor sentiment.  In addition, crypto-specific news of a suit filed by New York Attorney General Letitia James against Cryptocurrency Exchange KuCoin for selling securities and commodities without registration increased uncertainty about the future of crypto sector regulation. The selling momentum continued on March 10 and pulled Bitcoin below the $20,000 mark. Several other cryptocurrencies have also broken below their important support levels. Daily cryptocurrency market performance. Source: Coin360 But a minor positive in favor of the bulls is that February’s jobs report was a mixed bag. Although nonfarm payrolls rose 311,000 for the month, above estimates of an increase of 225,000, the average earnings rose less than ant...