CME plans to launch spot Bitcoin trading, challenging Binance's dominance and highlighting Wall Street's crypto interest.
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Price analysis 5/15: BTC, ETH, BNB, SOL, XRP, TON, DOGE, ADA, AVAX, SHIB
Risky assets, including Bitcoin and altcoins, received a boost following today's CPI report.
The S&P 500 Index (SPX) and the Nasdaq Composite soared to a new lifetime high after the United States Consumer inflation report came in less than expected. That ignited a rally in Bitcoin (BTC), pushing the price above $66,000. The farther Bitcoin moves from $60,000, the less likely a breakdown is. However, that does not guarantee the start of a new uptrend.
Galaxy Digital founder and CEO Mike Novogratz said during the firm’s first quarter earnings call that Bitcoin was likely to consolidate between $55,000 and $75,000 before moving higher at the end of the current quarter.
The failure of the bears to sink Bitcoin below $60,000 seems to have attracted buyers. CoinShares’ “Digital Asset Fund Flows Weekly” report showed inflows of $130 million into digital asset investment products this past week, the first such occurrence in five weeks.
Crypto markets rally, but Ethereum struggles to keep pace with Bitcoin
ETH price continues to trail far behind Bitcoin’s year-to-date gains even after the crypto market responded positively to today’s CPI print.
On May 15, the cryptocurrency markets saw a 5.5% increase in total capitalization following the release of inflation and retail sales data from the United States. However, Ether (ETH) failed to fully capitalize on this bullish momentum. Ether last closed above $3,000 over five days ago and has underperformed the leading cryptocurrency, Bitcoin (BTC), by 22% since the start of 2024.
Crypto markets responded positively to U.S. consumer price index (CPI) data showing a 3.4% year-over-year rise in April, which aligned with market expectations. However, retail sales data for April, released on May 15, unsettled investors as it indicated stability from the previous month, contrary to economists' forecasts of a 0.4% increase. This development increased the likelihood of the U.S. Federal Reserve (Fed) implementing measures to stimulate the economy.
Even if the U.S. Fed decides to maintain interest rates above 5.25% for an extended period to control inflation, the central bank may resort to actions such as purchasing government securities to boost the money supply and reducing the discount rate at which banks borrow from the central bank. Essentially, even a hint of continued liquidity provision can shape economic expectations and behaviors.
Bitcoin price loses steam, but futures markets forecast upside above $70K
Bitcoin futures and options indicators remain stable even after BTC price swiftly rejected off the $63,500 level.
Bitcoin (BTC) dropped 3.3% on May 14, retesting the $61,000 support level, which was quickly defended. More importantly, this correction marked the second failed attempt within a week to surpass $63,500. Despite the less-than-optimal price action, Bitcoin bulls remain confident, as shown by BTC derivatives metrics.
Although the current Bitcoin price trend appears bearish, some analysts believe it still has a good chance to revisit prices above $70,000.
Trader and analyst Cryptotoad was impressed by how long the $60,500 support level has held. However, he asserts that a higher high, likely a daily close above $67,000, is needed to break the current bearish pattern. While this analysis does not rule out a potential price recovery, it clearly indicates that the trend points to prices below $57,000 in May.
Pre-token markets can revolutionize interactions with financial instruments: Keyrock report
Keyrock analysts dwelve into the pre-token trading platforms to understand their impact on post-TGE market trends and investor outcomes.
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Zeta Markets secures $5 million for Solana DeFi expansion
Zeta Markets raises $5 million led by Electric Capital to build Solana's first DeFi Layer 2, enhancing DEX performance and security.
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Coinbase claims full recovery after system-wide outage
Coinbase faces a system-wide outage but ensures users that funds remain secure as its team investigates the issue.
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Bitcoin and Ethereum ETFs saw sharp outflows in Hong Kong market
Hong Kong's Bitcoin and Ethereum ETFs saw massive outflows on Monday, erasing previous gains following their trading debut.
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Historical cycle data suggests Bitcoin has left the ‘danger zone’ — Analyst
Following a 23% correction, Bitcoin may have just entered a post-halving reaccumulation zone, according to one analyst.
Bitcoin (BTC) may have escaped the post-halving “danger zone” — and is now headed for reaccumulation, according to a crypto analyst citing historical data.
On May 13, crypto market analyst “Rekt Capital” posted an update to his Bitcoin market cycle chart on X declaring that the “danger zone” when the asset corrects after the halving event is now over.
Bitcoin is celebrating with a “good bounce from the re-accumulation range low support,” he added.
Price analysis 5/13: SPX, DXY, BTC, ETH, BNB, SOL, XRP, TON, DOGE, ADA
Bitcoin's strong rebound of the $60,000 level is encouraging but it still could be a hint that BTC's range-bound action could continue for some time.
Traders prefer a trending market rather than a range-bound one. Sometimes, when there is uncertainty about the next directional move, traders step to the sidelines, and that seems to be the case with Bitcoin (BTC).
According to research firm Santiment, “fear and indecision” could be the factors that have led to a drop in Bitcoin’s on-chain activity toward historic lows. The firm clarified that it does not necessarily mean that Bitcoin will fall more.
Bitcoin’s consolidation is giving opportunities to investors to load up on Bitcoin. Japanese investment firm Metaplanet said it had made a “strategic shift” in its treasury management strategy to follow a Bitcoin-only approach in response to a sustained decline in the Japanese yen. Metaplanet announced a purchase of 117.7 Bitcoin at an average price of $65,000.