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German Bitcoin Sales, US CPI Data, and More

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This week, the German government’s continued Bitcoin (BTC) sell-offs significantly impacted the crypto market. The release of the US Consumer Price Index (CPI) data also introduced further complexity to the economic scenario.

Meanwhile, a security breach on Compound Finance’s website has raised alarms in the decentralized finance (DeFi) community, highlighting security concerns. These developments have sent ripples through the market, marking another volatile week.

Experts Weigh In on the Future Impact of German Bitcoin Sales

This week, the German government continued its Bitcoin sell-offs, significantly affecting the crypto market. Data from Arkham Intelligence revealed that Germany’s Bitcoin holdings dropped from 42,000 BTC on July 5 to 6,000 BTC currently.

The government wallet, now holding approximately $349.17 million worth of BTC, has transferred Bitcoins to various addresses. These transactions include crypto exchanges like Kraken, Coinbase, Bitstamp and market makers such as Cumberland and Flow Traders.

Read more: Who Owns the Most Bitcoin in 2024?

The German Government's Bitcoin Holdings.
The German Government’s Bitcoin Holdings. Source: Arkham Intelligence

The persistent sell-offs have undeniably stirred the market, with Bitcoin’s price reflecting the ongoing sales spree. When Germany began these transfers on June 19, Bitcoin traded around $65,000. As of now, it has dropped to $57,000.

However, industry experts believe that as the wallet balance decreases, the sales will end. Consequently, the impact on Bitcoin’s price will gradually diminish.

US CPI Data Provides a Glimmer of Hope for Inflation

Bitcoin experienced a notable price jump, reaching $59,313, immediately after the Bureau of Labor Statistics (BLS) released the June US Consumer Price Index (CPI) data. Inflation in the US dropped to 3% year-over-year, slightly below market expectations of 3.1% and down from May’s 3.3%. This data suggests a 0.1% month-over-month decline.

Federal Reserve Chair Jerome Powell’s recent testimony before Congress highlighted that the Fed is not yet ready to cut interest rates. Powell emphasized that the inflation rate must show sustained progress towards the 2% target before any rate cuts can be considered. This cautious approach aligns with the latest CPI figures.

Lower-than-expected inflation is generally positive for the crypto market. Cryptocurrencies, often considered risk-on assets, tend to react bullishly to favorable economic indicators like low inflation. Jag Kooner, Head of Derivatives at Bitfinex, shared his perspective on the recent CPI data release with BeInCrypto.

“The lower-than-expected CPI reading today signals a more significant slowdown in inflation. This could reinforce the market’s expectation of a rate cut in September, boosting both equities and cryptocurrencies by increasing liquidity and risk appetite,” Kooner explained.

Cardano’s Chang Hard Fork Nears Completion

In a live Ask Me Anything (AMA) session on YouTube, Cardano founder Charles Hoskinson confirmed that the Chang hard fork is practically finished and will roll out next week. He also celebrated the completion of all elements of the Cardano Improvement Proposal (CIP) 1694, which is essential for advancing Cardano’s infrastructure.

The Chang fork will introduce Delegates (DReps) elected by Cardano token (ADA) holders. These representatives will draft the Cardano constitution, establishing the network’s supreme law.

Recently released Node 9.0 supports the initial phase of CIP-1694 in production environments but does not yet include DRep voting and all governance activities. These will be available in Node 10.0.

Named in honor of Cardano enthusiast Phil Chang, who passed away two years ago, the Chang hard fork aims to alter the ownership structure of the Cardano blockchain, initiating the Voltaire era and fully decentralizing network management.

Cardanoscan data shows that exchanges and stake pools are not yet ready for the hard fork despite this update. However, the Cardano community remains optimistic about the network’s imminent changes.

Binance Delists Four Altcoins, Prices Plummet

On Monday, Binance, the world’s largest crypto exchange by trading volume, announced it would no longer support four altcoins: BarnBridge (BOND), Dock (DOCK), Mdex (MDX), and Polkastarter (POLS). This delisting will take effect on July 22 at 03:00 UTC.

Following the announcement, the affected tokens saw significant price declines. DOCK plummeted nearly 30%, MDX dropped by 23.65%, and BOND and POLS both experienced over 17% losses. However, prices have slightly recovered since the initial drop.

DNS Attack Targets Multiple DeFi Platforms

On Thursday, Compound Labs, the team behind Compound Finance, announced that its website had been compromised. Around three hours later, Celer Network issued a similar warning, indicating a potential DNS domain attack affecting multiple projects simultaneously.

Blockchain security experts, including 0xngmi, founder of DefiLlama, and Samczsun, a researcher at Paradigm, suspect vulnerabilities in Squarespace, the website registrar, may be linked to the breaches. 0xngmi pointed out that around 65 other DeFi platform domains connected to Squarespace might be at risk, urging the community to avoid these websites for now.

Web3 security firm Blockaid shared its analysis, indicating that attackers hijack DNS records of projects hosted on Squarespace. The Pendle team also commented on this incident, ensuring that their domain and funds are secure. Despite these security breaches, the team claimed that Pendle protocol and smart contracts remain unaffected.

This week also saw developments in the celebrity meme coins. Daddy Tate (DADDY), a Solana-based meme coin related to controversial influencer Andrew Tate, reached more than 55,000 holders. DEX Screener data shows that DADDY is currently trading at $0.1380, with a market capitalization of $82.7 million.

Read more: 11 Top Solana Meme Coins to Watch in July 2024

DADDY Price Performance.
DADDY Price Performance. Source: DEX Screener

Additionally, the crypto market buzzed with Argentine soccer player Lionel Messi joining the list of celebrities promoting meme coins through social media. However, some believe Messi’s Instagram account was hacked to promote WATER, another Solana meme coin.

Despite speculation, the publication had not been removed, and Messi had not reported his Instagram account as compromised. This has led to disappointment among fans and further speculation within the crypto community.

Disclaimer

In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content. Please note that our Terms and ConditionsPrivacy Policy, and Disclaimers have been updated.



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XRP Falls 12% in a Week as Network Activity Declines

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XRP is under heavy selling pressure, down more than 5% in the last 24 hours and over 12% in the past seven days. The recent downturn has been accompanied by increasingly bearish technical indicators, including a sharp spike in trend strength and a collapse in on-chain activity.

With price momentum weakening and user engagement dropping, concerns are mounting over XRP’s ability to hold key support levels. Unless sentiment shifts quickly, the path of least resistance appears to remain to the downside.

DMI Chart Shows The Current Downtrend Is Very Strong

XRP’s Directional Movement Index (DMI) is currently flashing strong bearish signals, with the Average Directional Index (ADX) surging to 47.14 from 25.43 just a day ago.

The ADX measures the strength of a trend, regardless of its direction, and values above 25 generally indicate that a trend is gaining momentum.

A reading above 40—like XRP’s current level—suggests a very strong trend is in play. Given that XRP is currently in a downtrend, this rising ADX points to intensifying bearish momentum and a market leaning heavily toward further declines.

XRP DMI.
XRP DMI. Source: TradingView.

Digging deeper into the DMI components, the +DI, which tracks upward price pressure, has dropped sharply from 20.13 to 5.76. Meanwhile, the -DI, which tracks downward price pressure, has surged from 8.97 to 33.77.

This stark divergence reinforces the bearish trend, indicating that sellers are aggressively taking control while buyer strength fades.

With ADX confirming the strength of this move and directional indicators tilting heavily to the downside, XRP’s price could remain under pressure in the short term unless a significant reversal in sentiment occurs.

XRP Active Addresses Are Heavily Down

XRP’s 7-day active addresses have seen a sharp decline over the past week, following a recent surge to new all-time highs. On March 19, the metric peaked at 1.22 million, signaling strong network activity and user engagement.

However, since then, it has plummeted to just 331,000—a drop of over 70%. This sudden fall suggests that interest in transacting on the XRP has cooled off significantly in a short span of time.

7-Day XRP Active Addresses.
7-Day XRP Active Addresses. Source: Santiment.

Tracking active addresses is a key way to gauge on-chain activity and overall network health. A rising number of active addresses typically reflects growing user participation, increased demand, and potential investor interest—factors that can support price strength.

Conversely, a sharp decline like the one XRP is currently experiencing can point to weakening momentum and fading interest, which could put additional pressure on price.

Unless user activity begins to rebound, this drop in network engagement may continue to weigh on XRP’s short-term outlook.

XRP Could Drop Below $2 Soon

XRP’s Exponential Moving Average (EMA) lines are currently signaling a strong downtrend, with the short-term EMAs positioned below the longer-term ones—a classic bearish alignment.

This setup indicates that recent price momentum is weaker than the longer-term average, often seen during sustained corrections. If this downtrend continues, XRP could retest the support level at $1.90.

A break below that could open the door to a deeper drop toward $1.77 in April.

XRP Price Analysis.
XRP Price Analysis. Source: TradingView.

However, if market sentiment shifts and XRP price manages to reverse course, the first key level to watch is the resistance at $2.22.

A successful breakout above this point could trigger renewed bullish momentum, potentially driving the price up to $2.47.

If that level also gets breached, XRP could push further to test the $2.59 mark.

Disclaimer

In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and ConditionsPrivacy Policy, and Disclaimers have been updated.



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ONDO Whales Retreat as Price Risks Dropping Below $0.70

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ONDO is facing notable downside pressure. It has been down over 5% in the last 24 hours and corrected more than 19% over the past 30 days. With its market cap now sitting around $2.5 billion, the coin is way below competitors like Chainlink and Mantra in terms of market cap.

Recent technical indicators and whale behavior suggest that the current weakness may not be over, despite a slight recovery in momentum.

ONDO RSI Is Recovering From Oversold Levels

ONDO’s Relative Strength Index (RSI) is currently sitting at 34 after rebounding slightly from an earlier dip to 27.5. Just two days ago, the RSI was at 54.39, indicating how quickly momentum has shifted.

The RSI is a momentum oscillator that measures the speed and magnitude of recent price changes. It ranges from 0 to 100.

Readings below 30 are typically considered oversold, suggesting the asset may be undervalued and due for a bounce, while readings above 70 are viewed as overbought, indicating potential for a pullback.

ONDO RSI.
ONDO RSI. Source: TradingView.

With ONDO’s RSI now at 34, it has technically exited oversold territory but remains near the lower end of the scale. This suggests that while the sharpest selling pressure may have eased, the market is still fragile ,and sentiment remains cautious.

If the RSI continues to recover and climbs above 40 or 50, it could signal a shift toward more bullish momentum.

However, if selling resumes and RSI falls back below 30, it would indicate renewed downside risk and potential for further price declines.

Whales Recently Stopped Their Accumulation

The number of ONDO whales—addresses holding between 1 million and 10 million ONDO—fluctuated in late March, initially increasing from 188 to 195 between March 22 and March 26 before declining to 191 in recent days.

This whale activity pattern is significant as these large holders often influence market sentiment and price movements, with their accumulation or distribution phases potentially foreshadowing broader market trends.

Tracking whale addresses provides valuable insights into how influential investors are positioning themselves, which can help predict potential price action.

Addresses holding between 1 million and 10 million ONDO.
Addresses holding between 1 million and 10 million ONDO. Source: Santiment.

The failure of Whale addresses to maintain the breakout above 195 and the subsequent return to 191 could signal bearish sentiment among larger investors.

This retreat might indicate that whales are taking profits or reducing exposure, which could create downward price pressure on ONDO in the short term.

When large holders begin to reduce their positions after a period of accumulation, it often precedes price corrections, suggesting that ONDO may experience resistance in maintaining upward momentum until whale confidence returns and accumulation resumes.

Will ONDO Fall Below $0.70 For The First Time Since November?

ONDO’s Exponential Moving Average (EMA) lines are currently aligned in a bearish formation, suggesting the ongoing downtrend may persist. If this weakness continues, ONDO could drop to test the key support level at $0.73.

A break below that would be significant, potentially sending the price under $0.70 for the first time since November 2024.

The token has been struggling to keep pace with other Real World Asset (RWA) coins like Mantra, and this underperformance adds further pressure to ONDO’s short-term outlook.

ONDO Price Analysis.
ONDO Price Analysis. Source: TradingView.

However, if sentiment shifts and ONDO manages to reverse its trend, the first key level to watch is the resistance at $0.82.

A breakout above this level could trigger a broader recovery, with price targets at $0.90 and $0.95.

If the RWA sector as a whole regains momentum, ONDO could even rise above the $1 mark and aim for the next major resistance at $1.23.

Disclaimer

In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and ConditionsPrivacy Policy, and Disclaimers have been updated.



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GRASS Jumps 30% in a Week, More Gains Ahead?

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GRASS has surged nearly 30% over the past week, with its market cap climbing back to $415 million and its price breaking above $1.70 for the first time since March 10.

This strong performance has been backed by bullish technical signals, including a consistently positive BBTrend and a rising ADX. However, with momentum indicators beginning to cool slightly, the next few days will be key in determining whether GRASS continues its rally or enters a period of consolidation.

GRASS BBTrend Remains Strong, But Is Slightly Declining

GRASS’s BBTrend is currently at 11.28, marking the fourth consecutive day in positive territory, after peaking at 14.85 two days ago.

The BBTrend (Bollinger Band Trend) indicator measures the strength of price trends by analyzing how far the price moves away from its moving average within Bollinger Bands.

Generally, values above zero indicate an uptrend, while values below zero suggest a downtrend. The higher the positive reading, the stronger the bullish momentum, whereas deep negative values reflect strong selling pressure.

GRASS BBTrend.
GRASS BBTrend. Source: TradingView.

With GRASS maintaining a BBTrend of 11.28, the token is still in an active uptrend, although slightly cooler than its recent peak.

Sustained positive BBTrend readings typically signal that buyers remain in control and that upward momentum could continue.

However, the slight pullback from 14.85 might suggest that momentum is starting to ease. If the BBTrend begins to decline further, it could be an early sign of consolidation or a possible reversal.

For now, GRASS appears to be holding onto bullish momentum, but traders should monitor any shifts in trend strength closely.

GRASS ADX Shows The Uptrend Is Getting Stronger

GRASS is currently in an uptrend, with its Average Directional Index (ADX) rising to 30.31 from 26.49 just a day ago, indicating a strengthening trend momentum.

The ADX is a widely used technical indicator that measures the strength of a trend, regardless of its direction, on a scale from 0 to 100.

Values below 20 suggest a weak or non-existent trend, while readings above 25 indicate that a trend is gaining traction.

When the ADX moves above 30, it typically signals that the trend is becoming well-established and may continue in the same direction.

GRASS ADX.
GRASS ADX. Source: TradingView.

With GRASS’s ADX now above the 30 threshold, the current uptrend appears to be gaining strength. This suggests that bullish momentum is firming up and that price action may continue favoring the upside in the near term.

As long as the ADX remains elevated or continues climbing, the trend is likely to sustain, attracting more interest from momentum traders.

However, if the ADX begins to plateau or reverse, it could signal a potential slowdown or consolidation phase ahead.

GRASS Could Form A New Golden Cross Soon

GRASS’s Exponential Moving Average (EMA) lines are showing signs of a potential golden cross, a bullish signal that occurs when a short-term EMA crosses above a long-term one.

If this crossover confirms, it could mark the beginning of a sustained uptrend. GRASS is likely to test the immediate resistance at $1.85 as some artificial intelligence coins start to recover good momentum.

GRASS Price Analysis.
GRASS Price Analysis. Source: TradingView.

Should bullish momentum from the past week persist, the token may push even higher toward $2.26 and eventually $2.56 or $2.79, possibly solidifying its position as one of the best-performing altcoins in the market.

However, if the trend fails to hold and sentiment shifts bearish, GRASS could pull back to retest the support at $1.63.

A break below this level might open the door to a deeper correction, potentially driving the price down to $1.22.

Disclaimer

In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and ConditionsPrivacy Policy, and Disclaimers have been updated.



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