Crypto losses to hacks and frauds in the second quarter of 2024 are down 112% compared to the same quarter of the previous year, according to new research from the bug bounty platform Immunefi. Immunefi researchers note that the entire Web3 ecosystem suffered more than $572 million in losses across April, May and June, compared […]
The post Total Crypto Losses to Hacks and Frauds Surpass $572,000,000 in Q2, According to Bug Bounty Platform Immunefi appeared first on The Daily Hodl.
Analysts warn that a spot ETH ETH approval might not produce the bullish price outcome that many traders expect. Do futures markets agree?
Ether (ETH) price might be on the brink of its most significant event in terms of a spot ETH ETF integrating the altcoin with traditional financial markets, yet its price is not responding as expected. In fact, on June 24, Ether reached its lowest level in over a month, falling to the $3,250 level. Although ETH eventually reclaimed the $3,400 support on June 25, both onchain and derivatives metrics suggest limited upside potential.
Some analysts believe that the timing of the Ethereum spot exchange-traded fund (ETF) launch is unlikely to result in substantial net inflows under the current market conditions. Even though the regulator dropped its investigations into Consensys, a prominent Ethereum ecosystem company, and shelved the potential classification of Ethereum staking as a security, the broader economic environment remains challenging.
Bloomberg ETF analysts Eric Balchunas and James Seyffart project that Ethereum ETFs could attract between $1 billion and $2 billion in the initial weeks. Likewise, Stephen Richardson, managing director of financial markets at Fireblocks, told Cointelegraph that he expects significantly lower inflows at the Ethereum ETF launch.
BNB Chain has announced a new initiative called “Meme Heroes” to support the growth of meme coin projects. The company will allocate $900,000 for liquidity pool (LP) support, extending its commitment of $1 million to accelerate meme coin innovation on BNB Smart Chain (BSC). All revenue generated from these LPs will be reinvested back into […]
Bitcoin is struggling to bounce off $64,500, increasing the possibility of a deeper correction to $60,000.
Bitcoin (BTC) has been trading inside a large range between $56,552 and $73,777 for several days. It is difficult to predict the direction of the breakout with certainty, because trading inside the range can be random and volatile. Hence, it is better to wait for the price to break out before establishing large bets.
Traders are becoming cautious in the short term due to the uncertainty. According to Farside Investors data, Bitcoin exchange-traded funds have witnessed outflows for the past four days. Additionally, CoinShares’ “Weekly Asset Fund Flows” report showed outflows of $600 million from digital asset investment products, the largest since March 22.
However, Cointelegraph’s analysis of Deribit derivatives data shows that Bitcoin whales and market makers are not panicking and “remained optimistic during the dip.” Several analysts have also maintained a bullish view during Bitcoin’s drop below $65,000.
Bitcoin is facing intense selling pressure, but charts suggest strong support at $64,500 and again at $60,000.
The S&P 500 Index (SPX) has been trading near its all-time high, but Bitcoin (BTC) has gradually given up ground in the past few days. This suggests that supply exceeds demand in Bitcoin. According to Farside Investors data, spot Bitcoin exchange-traded funds have seen outflows for four of the five days since June 10.
However, analysts point out that long-term investors have not panicked and continue buying. Market intelligence firm Santiment shows that the number of wallets with 10 BTC or more has hit 16.6 million, the highest level since June 2022.
Although Bitcoin looks weak in the near term, it remains stuck inside a range and is likely to witness buying at the support. The longer the time spent in a range, the greater the force needed for the price to break out from it.
A closely followed crypto analyst believes that one top memecoin could print big gains later this year. Pseudonymous crypto trader Altcoin Sherpa tells his 217,100 followers on the social media platform X that he is long-term bullish on Dogecoin (DOGE). “DOGE: many memes looking choppy in the short term, but I still think these look […]
The post Analyst Says Top Memecoin Will Do Big Numbers This Year, Updates Forecast on BNB and Two Other Altcoins appeared first on The Daily Hodl.
BNB price is at risk of further losses as multiple metrics point to Binance losing its market share in the crypto sector.
BNB (BNB) price is turning down again after a six-day rally that saw it hit new record highs of $725 on June 6. BNB has since fallen to an intra-day low of $635. At the time of writing, the price was hovering around $643, down 5% over the last 24 hours, according to data from CoinMarketCap.
BNB’s performance has been bullish over the last month, with the layer 1 token soaring 10% over the last 30 days and 25% in June alone to reach $725 on June 6 - its highest value since November 2021. However, profit-booking on the latest rally has seen the price turn down with risks of further dips.
Despite overcoming the negative effects of regulatory challenges on its brand, Binance has managed to maintain its resilience. As a result, its BNB Smart Chain (BSC) has also seen a resurgence in activity.
Bitcoin and several altcoins are likely to be influenced by the upcoming macroeconomic events this week.
Two macroeconomic events could boost Bitcoin’s (BTC) volatility this week. The Federal Reserve’s press conference following the rate decision and the Consumer Price Index (CPI) data, both due on June 12, could help Bitcoin break out from its tight range.
Investors anticipate the breakout to the upside, which could explain the solid buying last week. CoinShares weekly fund flows report on June 10 shows more than $2 billion in inflows into digital asset investment products. That increased the digital investment product’s five-week total inflows to $4.3 billion.
Bitcoin ETFs acquired 25,729 Bitcoin between June 3 and 7, a tad lower than the 29,592 Bitcoin bought in May. The purchase in the first week of June was equivalent to roughly two months’ worth of mining supply, showing demand overtaking supply.
Bitcoin is trying to flip the $69,000 level into support, and if it does, BNB, TON, FIL and INJ may move higher.
Bitcoin (BTC) is down from its intra-week high of about $72,000, but the bulls are trying to hold the price above $69,000. Bitcoin is on target to end the week with marginal gains of just over 2%. Although Bitcoin has failed to rise above the overhead resistance, buyers have remained in place.
Farside Investors data shows roughly $1.7 billion in inflows into spot Bitcoin exchange-traded funds this week. That takes the total investments into spot Bitcoin ETFs to $15.5 billion as of June 6. The strong buying suggests traders anticipate the up move will continue.
However, Bitcoin fell on June 7, which pulled several altcoins lower. Trader Daan Crypto Trades said in X post that Bitcoin’s open interest dropped by $1.3 billion and Ether’s by $800 million during the fall. The decline does not seem to have unnerved investors. QCP Capital believes that Bitcoin and Ether will likely form local lows as the Federal Reserve’s future actions may benefit risk assets.
A closely followed crypto analyst believes that a top-10 altcoin by market cap is about to soar to new all-time highs (ATH). Pseudonymous trader Kaleo tells his 642,000 followers on the social media platform X that BNB (BNB), the utility token for the BNB Chain ecosystem, is mimicking a 2021 price pattern on the four-hour […]
The post Analyst Says Blue-Chip Altcoin Mimicking Price Action That Preceded Massive Rally, Updates Outlook on Ethereum appeared first on The Daily Hodl.
