Cryptocurrencies

Whales prepare for next altcoin rally, DeFi is ‘waking up’ — Finance Redefined

August 5, 2024 Coin Telegraph

Crypto whales are positioning themselves for the next “altcoin season,” while DeFi loans are seeing a resurgence back to 2022 highs.

Welcome to Finance Redefined, your weekly dose of essential decentralized finance insights — a newsletter crafted to bring you the most significant developments from the past week.

This week brought renewed crypto interest from large holders, or whales, who are positioning themselves for the next potential altcoin rally through “strong buy walls” for future altcoin demand.

The decentralized finance (DeFi) space is also experiencing a revival, as active DeFi loans have risen to above $13.3 billion, which is a level not seen since 2022.

Study: 52% of Americans Ditch Traditional Assets for Crypto, Sparking New Wave of Adoption

New Senate Bill Empowers US Secret Service to Combat Digital Asset Cybercrimes

August 5, 2024 Bitcoin.com

bitcoin.com

U.S. senators have introduced legislation to empower the Secret Service to combat cybercrimes involving digital assets. This legislation addresses the growing use of cryptocurrencies for illicit activities and mandates the Government Accountability Office to evaluate law enforcement’s effectiveness in tackling money laundering in cyber crimes. New Bill Targets Cybercrime and Money Laundering with Digital Assets […]

Study: 52% of Americans Ditch Traditional Assets for Crypto, Sparking New Wave of Adoption

Bitcoin whale volume from exchanges hits 9-year high as analysts call BTC price bottom

August 3, 2024 Coin Telegraph

Bitcoin Analysis

The last time Bitcoin whales moved this many coins from exchanges was when the BTC price was around $220 in 2015.

Bitcoin (BTC) whales, or addresses with over 1,000 BTC, or at least $64 million, have added 84,000 BTC in July despite the cryptocurrency market’s recent crab walk. What’s more, whales have been moving BTC from exchanges at the fastest pace since 2015.

Bitcoin whales continue accumulating and taking the coins off exchanges, despite the recent sluggish momentum in the BTC/USD pair.

Notably, Bitcoin whales with at least 1,000 BTC have moved the most Bitcoin out of exchanges since 2015, marking the biggest spike in nine years, according to the whale net position change metric by Glassnode. Around 64,000 BTC has left whale exchange balances in the past 30 days.

Study: 52% of Americans Ditch Traditional Assets for Crypto, Sparking New Wave of Adoption

Why are memecoins down today?

August 3, 2024 Coin Telegraph

Coin Telegraph

Memecoins underperform the wider crypto market after double-digit weekly losses surpass the sell-off in BTC and ETH.

Dogecoin (DOGE), Shiba Inu (SHIB) and Dogwifhat (WIF) corrected sharply as the entire cryptocurrency market sold-off on Aug. 2.

Data from CoinMarketCap shows that the total market capitalization of memecoins has dropped in the last 10 days, falling 21.5% from $54.70 billion on July 22 to $42.91 billion on Aug. 2.

The total daily trading volume across the memecoin sector has dropped by 21% over the same period.

Study: 52% of Americans Ditch Traditional Assets for Crypto, Sparking New Wave of Adoption

MicroStrategy stock set to gain 30% if BTC hits $150K in 2025 — Analyst

August 2, 2024 Coin Telegraph

MicroStrategy stock set to gain 30% if BTC hits 0K in 2025 — Analyst

Bitcoin Price

The valuation assumes continued aggressive Bitcoin buying by MicroStrategy.

Shares of MicroStrategy are set for 30% gains if Bitcoin (BTC) climbs to $150,000 by the end of 2025, according to an Aug. 2 analyst report shared with Cointelegraph.

The stock could reach $2,150 per share if MicroStrategy sustains the BTC buying spree started by founder Michael Saylor in 2020, according to Benchmark fintech analyst Mark Palmer. It currently trades at around $1,450.

“Our valuation assumes that [MicroStrategy] will continue to aggressively accumulate Bitcoin during the next 1.5 years and that Bitcoin’s price will reach $150,000” by the end of 2025, Palmer told Cointelegraph in an email.

Study: 52% of Americans Ditch Traditional Assets for Crypto, Sparking New Wave of Adoption

EU MiCA implementation is a “pivotal moment” for crypto regulations: compliance expert

August 2, 2024 Coin Telegraph

bitcoin regulation

The European Central Bank recently joined forces with Crystal Intelligence, as its blockchain analytics partner for the upcoming MiCA implementation.

The European Union is preparing to roll out the Markets in Crypto Assets (MiCA) bill, as the first comprehensive regulatory framework for the crypto industry.

This would make the European Union the first jurisdiction with a holistic regulatory framework on digital assets.

While it is a pivotal moment for crypto regulation, the actual implementation could present significant challenges, according to Hedi Navazan, the head of compliance and regulatory affairs at Crystal Intelligence.

Study: 52% of Americans Ditch Traditional Assets for Crypto, Sparking New Wave of Adoption

$95K or $120K? Bitcoin traders diverge on next BTC price top

August 1, 2024 Coin Telegraph

K or 0K? Bitcoin traders diverge on next BTC price top

Analysis

Bitcoin could reach a macro price top of above $100,000, but can BTC stage a weekly close above $71,500 to confirm a breakout?

Traders and market analysts are divided over Bitcoin’s next potential macro top, which could reach $120,000 according to more bullish estimates. Can Bitcoin get a weekly close above the $71,500 mark?

Bitcoin’s (BTC) price could be on track to the next leg up in the bull cycle, which could see the world’s first cryptocurrency hit the $120,000 mark, according to technical analysis by crypto trader Mikybull.

The popular trader wrote in a July 31 X post to his 71,000 followers:

Study: 52% of Americans Ditch Traditional Assets for Crypto, Sparking New Wave of Adoption

Cathie Wood’s Ark sells $2.7M Coinbase shares as BTC fails $70K retest

August 1, 2024 Coin Telegraph

Cathie Wood’s Ark sells .7M Coinbase shares as BTC fails K retest

Ark Invest

Cathie Wood’s crypto investment firm ARK resumed selling the Coinbase stock amid the Bitcoin price push in July.

ARK Invest — one of 10 issuers of spot Bitcoin (BTC) exchange-traded fund (ETF) in the United States — is taking profits from its Coinbase stash amid BTC’s failure to retest $70,000.

Cathie Wood’s crypto investment firm ARK has resumed selling Coinbase (COIN) stock, with its ARK Next Generation Internet ETF (ARKW) offloading 12,077 COIN shares on July 31, according to trade notification seen by Cointelegraph.

According to data from TradingView, the amount was worth $2.7 million at the time of the sale, with COIN closing at $224 on July 31.

Study: 52% of Americans Ditch Traditional Assets for Crypto, Sparking New Wave of Adoption

Can Bitcoin price break out after Bank of England interest rate cut?

August 1, 2024 Coin Telegraph

Bank of England

This marks the bank’s first interest rate cut in over four years, with the last rate cut occurring in March 2020.

Bitcoin price could see more upward momentum from the latest interest rate decision of the British central bank.

The Bank of England announced an interest rate cut of 0.25%, to the current 5% mark, on Aug. 1, bringing an end to one of the longest periods of heightened interest rates.

Bitcoin's (BTC) price could benefit from the surprise interest rate cut since economists were split on whether the bank will cut or hold its interest rates steady.

Study: 52% of Americans Ditch Traditional Assets for Crypto, Sparking New Wave of Adoption

Tether reports record-breaking $5.2B profit in first half of 2024

July 31, 2024 Coin Telegraph

Tether reports record-breaking .2B profit in first half of 2024

Coin Telegraph

Tether said its US Treasury reserve surpasses the size of all but 17 of the world’s governments.

According to a July 31 announcement, Tether, manager of the dollar-pegged USDT (USDT) stablecoin, reported record-breaking profits of $5.2 billion in the first half of 2024 and a larger-than-ever stockpile of United States government bonds.

Tether’s US Treasury portfolio is now worth approximately $97.6 billion, the company said. The growth in the company’s Treasury holdings reflects the ongoing proliferation of Tether (USDT) stablecoins, which Tether says are backed 1:1 with liquid US dollar-denominated assets. The figures are based on an attestation by BDO, an independent accounting firm.

The total market capitalization of USDT stands at some $114 billion, according to Binance, slightly less than Tether’s total reserves, which exceed $118 billion, Tether said.

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