Bitcoin (BTC) price action appears to be approaching a “death cross,” but one crypto analyst believes it “might not be that fatal” based on historical patterns. Instead, it could be a bear trap before Bitcoin enters a “super bull rally,” which is theoretically the case given BTC’s seven-year super cycle.A dead cross is a bearish signal that occurs when the 50-day simple moving average (SMA) of an asset’s market price falls below the 200-day SMA. Bitcoin’s 50-day SMA is currently at $62,141 and is declining, suggesting a potential crossover with the 200-day SMA at $61,676.BTC/USD daily chart. Source: TradingViewThe upcoming…
Author: Crypto Flexs
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Grayscale Investments is expanding its cryptocurrency investment trust. The asset management company has unveiled the latest addition to its services. SUI and TAO tokens briefly surged. Grayscale Investments, a cryptocurrency asset management firm with over $50 billion in AUM, has expanded its portfolio throughout the year to offer a variety of investment products. Earlier this year, the firm launched Grayscale Bitcoin Trust (GBTC) and Grayscale Ethereum Trust (ETHE) following their respective regulatory approvals from U.S. financial regulators. Grayscale continues its expansion by announcing the creation and public launch of two new investment trusts. Grayscale, Sui, and Bittensor Trusts Announced The…
Independent analysts have refuted recent social media posts claiming that “hundreds of dormant wallets” linked to the multi-billion dollar cryptocurrency scam Token Plus have begun moving nearly $2 billion worth of Ether. In a now-deleted post published on August 6, blockchain analytics service Lookonchain claimed that around 789,533 ETH (equivalent to $1.8 billion at current prices) began moving from wallets linked to TokenPlus.In fact, the amount may have been much less than initially stated.A now deleted post from Lookonchain. Source: LookonchainA follow-up investigation by Chinese cryptocurrency data account EmberCN claims that Lookonchain’s original post was inaccurate, stating that most of…
Pacmoon ($PAC), the largest meme coin on the Blast network by market cap, is leaving the Ethereum Layer-2 blockchain. SolanaThat team announce According to an announcement from X today, the move is expected to see memecoin rebranded to a new token, $ARMY.“Building on Blast has always been a challenge for us,” says Lamboland, Pacmoon team member wrote About X. “We believe that tokens, community, and culture make blockchains successful, but Blast isn’t focused on that.”Lamboland claimed that Blast had developed a framework that “actively rejects” native tokens on the network and “provides no social support whatsoever.”The Pacmoon team advised holders…
CryptoQuant CEO Ki Young-joo still believes altcoins can shine despite challenging macroeconomic headwinds. Last week, Youngju predicted that alt season would begin in late 2024 or early 2025. After a weekend and Monday where crypto and stock prices plunged, the analytics firm CEO reiterated this week that his predictions for altcoins were not based on the macroeconomic environment. “It is still unclear whether Bitcoin is in a long-term bear market. If BTC stays above the $45,000 level, I think the market could recover at any time. Everyone knows the macro environment is unfavorable, and I am no exception. However, my…
Jessie A Ellis Aug 7, 2024 03:23 Conflux (CFX) v2.4.0 network hardfork upgrade featuring CIP-1559 activation has been successfully completed. CIP-136 will be activated until August 13th. According to the Conflux forum, the Conflux v2.4.0 network hard fork upgrade has been successfully completed, marking a significant milestone for the blockchain platform. The upgrade includes the activation of CIP-1559, an important improvement proposal aimed at improving the efficiency and stability of the network. Key features of the upgrade CIP-1559 introduces an optimized fee mechanism designed to improve transaction processing and network stability. The newly activated…
Dogwifhat (WIF), a Solana-based Mimecoin project, rose 13% in a single day, reaching a high of $1.77 on August 6. This is part of a rally that followed a 63% drop in the WIF price from its all-time high of $2.89 two weeks ago. According to data from Cointelegraph Markets Pro and TradingView, WIF rose 66% from its low of $1.07 on August 7 to an intraday high of $1.77 on August 6.WIF/USD daily chart. Source: TradingViewIn comparison, according to data from CoinMarketCap, while most of the largest cryptocurrencies by market cap in the sector recorded losses on August 7,…
Grayscale Investments has launched two new cryptocurrency trusts for Bittensor (TAO) and Sui crypto (SUI), further strengthening its commitment to the blockchain industry. Launched on August 7, this new option gives accredited investors the opportunity to get early access to cutting-edge tokens before they are launched as formal exchange-traded funds (ETFs). “With the launch of the Grayscale Bittensor Trust and the Grayscale Sui Trust, we continue to provide investors with familiar products that enable access to cutting-edge tokens in the ongoing evolution of the cryptocurrency ecosystem,” said Rayhaneh Sharif-Askary, Head of Product and Research at Grayscale. Why Grayscale Wants More…
Popular analyst and cryptocurrency expert Mystery of Crypto has selected 10 altcoins with strong potential amidst ongoing market uncertainty. Cryptocurrency markets are actively recovering from Monday’s shock, and some believe this is a good time to buy promising assets. Altcoin Selection for Optimal Performance in Market Turmoil Amid market fears, the crypto industry has seen over $1 billion liquidations, the biggest single-day drop since the FTX scenario in November 2022. For stability and growth prospects, the analyst has identified 10 altcoins that are safer bets in uncertain market conditions. Toncoin (TON) Toncoin is a first choice given the number of…
US-listed Bitcoin miner Core Scientific Net loss reported at $849 million In the second quarter of 2024, it recorded a net loss of $9.3 million compared to the same period last year. According to its latest financial report filed Wednesday, the massive loss was primarily driven by a mandatory $796 million “non-cash market value adjustment” on warrants and contingent value rights, which Core Scientific issued over-the-counter CVRs, as a result of the stock price increase. Chapter 11 Creditors During Bankruptcy Proceedings In 2024.The company mined 1,680 bitcoins (worth about $92 million) during the quarter, a significant decrease from the previous…