As Crypto Volume Declined, Binance Takes Further Lead Over Other Exchange: CryptoQuant
Bitcoin (BTC) and altcoin spot trading volumes have declined as crypto prices entered into correction mode in the last two months, with crypto exchange Binance emerging as the preferred avenue for traders, according to a report from CryptoQuant. Total bitcoin spot trading volume on crypto exchanges declined from a high of $44 billion on February 3 to $10 billion at the end of Q1, a nearly 77% drop, according to the analytics firm. Meanwhile, total altcoin spot trading volume on crypto exchanges declined from a high of $122 billion on February 3 to $23 billion at the end of Q1 — a more than 80% fall. A volume drop of such magnitude suggests traders and investors are losing interest or confidence, possibly due to uncertainty or fear. Falling prices mean the value of bitcoin and other cryptos is going down, which can scare off more people, creating a cycle of less trading and lower prices, the report added. Market’s loss is Binance’s gain During the same time, Binance increased its dominance over the other crypto exchanges with its share of total market trading reaching almost 50%. Binance’s share of total daily bitcoin spot trading volume increased from 33% on February 3 to 49% by the end of Q1. This implies that trading volumes on other exchanges declined much faster than on Binance, and that the exchange becomes the largest liquidity venue during times of higher market volatility. Furthermore, Binance’s share of total daily altcoin spot trading volume increased from 38% on February 3 to 44% by the end of Q1. Some altcoins still show relatively high spot trading volumes on Binance, in spite of the overall slowdown in trading volumes. For example, large altcoins like BNB, TON and EOS are still being traded with relatively high activity, at a time that overall crypto volumes have declined. Meanwhile, bitcoin inflows to Binance have accelerated in the past week, CryptoQuant independent analyst Martuun wrote. “The bitcoin reserve on Binance has increased from 568,768 BTC (Mar 28) to 590,874 BTC (Apr 9), an increase of 22,106 BTC,” he said in a snippet. “This shows a strong acceleration in BTC inflows to Binance. It’s likely that investors are actively moving funds to Binance, due the macro uncertainty and before the upcoming CPI announcement.”
Crypto Analyst Warns Of Volume Drop That Could Trigger 60% Bitcoin Price Crash To $49,000
Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and publishing Strict editorial policy that focuses on accuracy, relevance, and impartiality Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio. Este artículo también está disponible en español. Crypto analyst Melika Trader has warned of a volume drop that could trigger a 60% Bitcoin price crash. The analyst provided an in-depth analysis of what this price crash could mean and if it would mark the end of the bull run. How The Bitcoin Price Could Crash By 60% And Drop To $49,000 In a TradingView post, Melika Trader revealed how the Bitcoin price could crash by 60% and drop to $49,000. The analyst noted that BTC is hanging just above a critical support zone, an area he claimed many traders recognize as the “most important support level” from a volume perspective on Binance. Related Reading His accompanying chart showed that the Bitcoin price could suffer a 60% drop once it loses the former trend line at $75,000. The flagship crypto is also in danger, having lost the critical support at around $83,000. This drop to $49,000 would bring BTC back toward the high-volume range near $30,000. This provides an ultra-bearish outlook for the Bitcoin price. However, Melika Trader raised a twist, stating that only 20% of traders might actually lose. He noted that, according to Binance’s volume profile data, the majority of buying activity and position accumulation happened below $35,000. Source: Melika Trader on Tradingview The analyst further mentioned that most long-term holders and smart money entered during the 2022/2023 accumulation range. The Volume Profile Visible Range (VPVR) is also said to show significant support below the current Bitcoin price, with minimal trading volume at higher levels. Melika Trader remarked that only a minority of traders bought BTC during its late-stage bull run above $70,000. Meanwhile, the majority of investors are still in profit or break-even, even if the Bitcoin price retraces back to its base. As such, most traders are safe, as BTC risks a drop to as low as $49,000. Why BTC’s Bull Market Is Over CryptoQuant’s CEO, Ki Young Ju, recently asserted that BTC’s bull market is over amid the Bitcoin price decline. He alluded to the ‘Realized Cap’ metric to explain his confidence that the bull run is over. The CryptoQuant CEO noted that if Realized Cap is growing but Market Cap is stagnant or falling, it means capital is flowing in but prices aren’t rising. Related Reading Ki Young Ju noted that this is a clear bearish signal, and this is what is currently happening. Capital is entering the market right now, but the Bitcoin price isn’t responding, which he claims is typical of a bear market. The CryptoQuant CEO explained that even large purchases like MicroStrategy’s aren’t pushing prices up because there is too much sell pressure at the moment. Ki Young Ju again affirmed that current data points to the Bitcoin price being in a bear market. He noted that sell pressure could ease anytime but warned that historically, real reversals take at least six months. As such, the CryptoQuant CEO believes a short-term rally seems unlikely. At the time of writing, the Bitcoin price is trading at around $77,000, down over 7% in the last 24 hours, according to data from CoinMarketCap. BTC trading at $75,967 on the 1D chart | Source: BTCUSDT on Tradingview.com Featured image from Unsplash, chart from Tradingview.com
Binance Data Reveals Surprising Bitcoin Trading Patterns—Here’s What Traders Are Doing
Meet Samuel Edyme, Nickname – HIM-buktu. A web3 content writer, journalist, and aspiring trader, Edyme is as versatile as they come. With a knack for words and a nose for trends, he has penned pieces for numerous industry player, including AMBCrypto, Blockchain.News, and Blockchain Reporter, among others. Edyme’s foray into the crypto universe is nothing short of cinematic. His journey began not with a triumphant investment, but with a scam. Yes, a Ponzi scheme that used crypto as payment roped him in. Rather than retreating, he emerged wiser and more determined, channeling his experience into over three years of insightful market analysis. Before becoming the voice of reason in the crypto space, Edyme was the quintessential crypto degen. He aped into anything that promised a quick buck, anything ape-able, learning the ropes the hard way. These hands-on experience through major market events—like the Terra Luna crash, the wave of bankruptcies in crypto firms, the notorious FTX collapse, and even CZ’s arrest—has honed his keen sense of market dynamics. When he isn’t crafting engaging crypto content, you’ll find Edyme backtesting charts, studying both forex and synthetic indices. His dedication to mastering the art of trading is as relentless as his pursuit of the next big story. Away from his screens, he can be found in the gym, airpods in, working out and listening to his favorite artist, NF. Or maybe he’s catching some Z’s or scrolling through Elon Musk’s very own X platform—(oops, another screen activity, my bad…) Well, being an introvert, Edyme thrives in the digital realm, preferring online interaction over offline encounters—(don’t judge, that’s just how he is built). His determination is quite unwavering to be honest, and he embodies the philosophy of continuous improvement, or “kaizen,” striving to be 1% better every day. His mantras, “God knows best” and “Everything is still on track,” reflect his resilient outlook and how he lives his life. In a nutshell, Samuel Edyme was born efficient, driven by ambition, and perhaps a touch fierce. He’s neither artistic nor unrealistic, and certainly not chauvinistic. Think of him as Bruce Willis in a train wreck—unflappable. Edyme is like trading in your car for a jet—bold. He’s the guy who’d ask his boss for a pay cut just to prove a point—(uhhh…). He is like watching your kid take his first steps. Imagine Bill Gates struggling with rent—okay, maybe that’s a stretch, but you get the idea, yeah. Unbelievable? Yes. Inconceivable? Perhaps. Edyme sees himself as a fairly reasonable guy, albeit a bit stubborn. Normal to you is not to him. He is not the one to take the easy road, and why would he? That’s just not the way he roll. He has these favorite lyrics from NF’s “Clouds” that resonate deeply with him: “What you think’s probably unfeasible, I’ve done already a hundredfold.” PS—Edyme is HIM. HIM-buktu. Him-mulation. Him-Kardashian. Himon and Pumba. He even had his DNA tested, and guess what? He’s 100% Him-alayan. Screw it, he ate the opp.
ACT Memecoin Crashes 50% As Several Altcoins Suddenly Tank On Binance – What’s Going On?
Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and publishing Strict editorial policy that focuses on accuracy, relevance, and impartiality Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio. Este artículo también está disponible en español. On Tuesday morning, several altcoins nosedived up to 50% on global crypto exchange Binance, sparking confusion among investors. Several community members shared theories for the incident, speculating that recent adjustments in the exchange’s position limits could be responsible. Related Reading Altcoins See Q2 Opening Crash On Binance Multiple altcoins saw a peculiar start to Q2 after their price tanked on Binance on Tuesday morning. The crypto community raised the alarm after Solana-based memecoin and AI Agent token Act I: The AI Prophecy (ACT) plunged around 50% in less than an hour. The cryptocurrency, which once had a market capitalization of $722 million, has moved sideways for most of March, hovering between the $0.18-$0.19 price range until today. In 30 minutes, ACT crashed from the $0.189 mark to the $0.087 level, registering a 53% fall. Similarly, the DEXE, KAVA, DF, HIPPO, BANANAS31, LUMIA, TST, and QUICK tokens also recorded a sudden price drop, losing between 10% and 35% of their value in an hour. Multiple altcoins, including ACT, register massive price crashes. Source: 0xDepression on X ACT’s team acknowledged the incident, stating, “Dear ACT community, we want to assure you that we’re fully aware of the current situation. Our team is actively investigating and working collaboratively with all relevant parties to address this matter.” The post also noted they had begun developing a response plan alongside their trusted partners. Analyst Altcoin Sherpa suggested that a price bounce for ACT seems likely but noted that “ppl might realize that they don’t really want to hold this coin and view this as a forced rebalance event. Nobody buying. Nobody selling.” No April Fool’s Joke As Binance posted about a different April Fool’s joke, investors started to speculate what caused the sudden bleeding, with some joking that the prank had gone too far. The crypto community guessed that Wintermute was responsible for the Altcoin massacre, as it reportedly liquidated several of its positions today. Nonetheless, the trading firm’s CEO, Evgeny Gaevoy, denied the rumors, stating, “Not us fwiw, but also curious about that postmortem.” Meanwhile, Lookonchain suggested that Binance’s recent update of its leverage and margin tiers on several altcoins, including ACT, could have been the reason for the token crash. Six hours later, Binance Customer Support replied to Wu Blockchain’s report, revealing that the reason for the dump was that three VIP users cross-sold tokens worth 514,000 USDT in the spot market and a non-VIP user transferred a large amount of ACT from other platforms and sold 540,000 USDT worth of the token in a short period. As a result, the cryptocurrency’s price dropped, which led some users to close their futures contracts, triggering the decline of other altcoins. The crypto exchange pointed out that they recently took “the initiative to take preventive measures to adjust leverage multiples downward.” Related Reading “Binance Contracts has recently issued consecutive adjustment announcements for the ACTUSDT perpetual contract, during which there was no market movement and no active reduction of any user’s position,” the post detailed. Binance added that it will continue to investigate the incident and update the relevant details if there is any news, concluding that the crypto market has been volatile recently and asking investors to exercise caution. ACT’s performance in the one-week chart. Source: ACTUSDT on TradingView Featured Image from Unsplash.com, Chart from TradingView.com
Analyst Sets Dogecoin Next Target As Ascending Triangle Forms
Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and publishing Strict editorial policy that focuses on accuracy, relevance, and impartiality Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio. Este artículo también está disponible en español. Crypto analyst CobraVanguard has revealed the next price target for Dogecoin as an ascending triangle forms for the foremost meme coin. A rally to this price target could pave the way for the new highs, especially with the crypto market looking to be in rebound mode. Next Target For Dogecoin As Ascending Triangle Forms In a TradingView post, CobraVanguard set $0.197 as the next target for the Dogecoin price with an ascending triangle forming. He noted that this ascending triangle indicates a potential price increase. The analyst added that it is anticipated that the price could rise, aligning with the projected price movement of AB=CD. Related Reading Meanwhile, CobraVanguard warned that it is crucial to wait for the triangle to break before taking any action. His accompanying chart showed that Dogecoin needs to break above $0.177 to confirm a break above the ascending triangle. A break above that target would then lead to a rally to the $0.197 target. Source: CobraVanguard on Tradingview Dogecoin already looks to be in rebound mode at the moment, alongside Bitcoin, which is nearing the $90,000 mark again. The foremost meme coin is nearing the $0.177 target for a break above the ascending triangle. As crypto analyst Kevin Capital suggested, DOGE will likely rally as long as BTC is in bullish territory. Crypto traders are also betting on a Dogecoin rally to the upside. Crypto analyst Ali Martinez revealed that 76.26% of traders with open DOGE positions on Binance futures are leaning bullish. This is particularly bullish because Binance traders have a good track record of being right most of the time. In another X post, Martinez revealed that whales bought over 120 million DOGE last week, which is also bullish for the foremost meme coin. DOGE’s Market Structure Has Shifted In an X post, crypto analyst Trader Tardigrade revealed that Dogecoin’s market structure has shifted. This came as he noted that Dogecoin is recovering from an ascending triangle, forming higher highs and higher lows from lower highs and lower lows. Related Reading Based on this, the analyst affirmed that Dogecoin had shifted the market structure from a downtrend to an uptrend on the hourly chart since it just formed the second higher high. His accompanying chart showed that DOGE is eyeing a rally to $0.177 as it continues to form higher highs. Martinez raised the possibility of the Dogecoin price rallying to as high as $4 or even $20 in the long term. He stated that if DOGE holds above the $0.16 support at the lower boundary of an ascending channel, history suggests that it could rebound toward the mid-range at $4 or upper range at around $20. At the time of writing, the Dogecoin price is trading at around $0.174, up over 3% in the last 24 hours, according to data from CoinMarketCap. DOGE trading at $0.17 on the 1D chart | Source: DOGEUSDT on Tradingview.com Featured image from Pexels, chart from Tradingview.com
Binance Whales Cash Out as Bitcoin Drops—More Downside Ahead?
Bitcoin’s price has once again turned bearish after briefly recovering to $94,000 on Monday. Notably, the cryptocurrency had shown signs of strength earlier this week following a period of decline, but the recovery was short-lived. As of today, Bitcoin slipped below $90,000, marking a 1.8% decrease in the past 24 hours. According to CryptoQuant analyst Crazzyblockk, one key factor contributing to this downward movement appears to be increased selling pressure from large Bitcoin holders. Whales and Large Holders Drive Selling Pressure on Binance Crazzyblockk in his latest insight highlights how whales and other large investors on Binance are actively offloading BTC as prices rise. This trend suggests that experienced traders are taking advantage of market optimism to exit their positions, potentially limiting Bitcoin’s short-term upside potential. Whale to Binance Flow Hits 3-Month High at $7.3B Over Last 30 Days “This often happens alongside heavy changes in price and shows that large holders choose Binance as their exchange. Watching whale deposits is important, as their moves can drive the market.” – By @JA_Maartun pic.twitter.com/psD3zuDXf3 — CryptoQuant.com (@cryptoquant_com) March 6, 2025 The trend also comes at a time when whale to Binance flow sees a consistent increase. Crazzyblockk’s analysis of on-chain data from Binance particularly indicates that large Bitcoin holders—categorized as fish, sharks, and whales—are selling into market rallies. The data reveals that the larger the holder, the more strategically they distribute their Bitcoin holdings. These entities account for an increasing share of daily sell-side activity on Binance, suggesting that they are actively shaping Bitcoin’s price movements. As Bitcoin’s price trends upward, whale activity on Binance has intensified, with more BTC flowing into the exchange. The report highlights that while retail investors—often referred to as shrimps—have remained relatively inactive, whales and sharks are capitalizing on rising prices to take profits. This consistent distribution from high-value holders has created sustained downward pressure, preventing Bitcoin from making a parabolic move higher. Bitcoin Market Outlook: Can Accumulation Offset Whale Selling? With large holders continuing to offload BTC, the risk remains that any further upside could trigger even more selling pressure, reinforcing resistance levels. This dynamic means that Bitcoin’s price movement could remain constrained unless new accumulation from long-term investors or institutional buyers offsets the selling trend. Crazzyblockk emphasizes that tracking Binance’s whale activity is crucial for understanding market direction. Since these large holders are not just participants but also price movers, their actions can provide insight into short-term market trends. If whale selling slows and new accumulation picks up, Bitcoin could find support and regain momentum. However, if the current trend continues, further downside pressure remains a possibility. Featured image created with DALL-E, Chart from TradingView
Binance Lists MyShell (SHELL): HODLer Airdrops and Rewards Explained
Binance has announced the listing of MyShell (SHELL) as the 10th project on the HODLer Airdrops page, rewarding users who participated in BNB Simple Earn and On-Chain Yields subscriptions. MyShell is a decentralized AI consumer layer, designed to connect AI creators, researchers, and users within an open-source ecosystem. Eligible users who held BNB between February 14, 2025, and February 18, 2025, have received SHELL tokens through the HODLer Airdrops program. Additionally, Binance listed SHELL for trading on February 27, 2025, at 13:00 UTC, opening pairs against BTC, USDT, USDC, BNB, FDUSD, and TRY. Why Trade SHELL on Binance? Binance remains the leading exchange for new token listings, offering a highly liquid and secure trading environment. A detailed Binance review covers the platform’s security, fees, and trading options, helping traders understand why Binance is the top choice for digital asset trading. SHELL HODLer Airdrop Details Token Name MyShell (SHELL) Genesis Total Supply 1,000,000,000 SHELL Max Token Supply 1,000,000,000 SHELL HODLer Airdrop Allocation 25,000,000 SHELL (2.5% of total supply) Additional HODLer Airdrop (6 months later) 25,000,000 SHELL Circulating Supply at Listing 270,000,000 SHELL (27% of total supply) Networks Ethereum, BNB Chain Listing Fee 0 How to Trade SHELL with Lower Fees on Binance Trading on Binance can lead to increased fees due to high trading activity and market demand. To reduce costs, new users can sign up using a Binance referral and receive: 20% off spot trading fees 10% off futures trading fees Exclusive cashback bonuses for eligible users By taking advantage of the Binance referral program, traders can optimize their trading costs and maximize their profit potential. What is Binance HODLer Airdrops? Binance HODLer Airdrops is a rewards program for BNB holders, distributing free tokens based on historical BNB balance snapshots. Users who subscribe their BNB to Simple Earn (Flexible or Locked) or On-Chain Yields are automatically eligible for these airdrops. Unlike other reward programs that require active participation, HODLer Airdrops retroactively reward users without extra actions. This makes it a simple and passive way to earn additional crypto assets on Binance.
Bitcoin’s Grip Tightens — CZ Says There’s ‘No Escape’ From Crypto
Este artículo también está disponible en español. A former cryptocurrency exchange executive remarked that Bitcoin is an inescapable reality, a statement that stirred a discussion within the crypto community. The comment made by the former CEO of Binance, Changpeng Zhao, was a reaction to the report that another American state sought to establish a local version of US President Donald Trump’s proposed Strategic Bitcoin Reserve. Related Reading Bitcoin Reserve Bill The proposal to create a US Strategic Bitcoin Reserve is gaining momentum as several US states passed legislation that seeks to establish a localized version of a BTC reserve and build their crypto portfolio. Satoshi Action Fund posted on its X account that Montana’s proposed House Bill No. 420 which seeks to create a localized Bitcoin reserve has been passed. “Strategic Bitcoin Reserve legislation in Montana passes out of committee and moves onto a House floor vote,” Satoshi Action Fund said. Representative Curtis Schomer sponsored the BTC-related bill. “Montana becomes the 4th state to pass SBR out of committee. Utah, Oklahoma, Arizona, and Montana,” Dennis Porter, CEO and Co-Founder at Satoshi Action Fund, noted on his social media post. ‘No Escape’ With this development, CZ posted his thoughts on the Montana legislation, implying that Bitcoin has become an unavoidable reality while saying, “There is no other choice.” countries or individuals. There is no escape… It’s like, you can’t not use the internet (or money). 🤷♂️ — CZ 🔶 BNB (@cz_binance) February 19, 2025 “You can buy bitcoins after the US government is done buying, or before,” CZ said in a post, indicating that buying the firstborn cryptocurrency is inescapable and that it is no longer a debate whether to buy or not but rather when investors should make a purchase. A crypto trader agrees with CZ’s opinion that no one can avoid BTC. “Front-run the biggest buyer in history, or wait until there’s nothing left. The choice isn’t if—it’s when.” The trader added that those late in adopting BTC will have to pay the premium for not making the move earlier. BTC is now trading at $99,291. Chart: TradingView “Countries or individuals. There is no escape… It’s like, you can’t not use the internet (or money),” CZ replies to a crypto streamer who said that other countries are also thinking in the same way Montana did in creating a Bitcoin reserve. BNB Donation In a separate post, CZ emphasized the significance of crypto donations to help other individuals during disasters. The ex-Binance executive shared that his previous donation was returned to him with additional crypto, describing it as something unexpected. Earlier, CZ gave away 150 BNB worth $100,000 to crypto investors who lost their money in a pump-and-dump scheme related to the LIBRA coin, a digital asset that was briefly promoted by Argentina’s president, Javier Milei. Related Reading CZ said that he sent the BNB to a university student, who added $50,000 of his own money to aid the victims. He believes that the student might have earned decent profits on BNB and decided to return the crypto to CZ with a bigger value. Featured image from Finans, chart from TradingView
Nansen’s Bitcoin On-Chain Analytics Reveal 42% Increase In BTC Transactions
Este artículo también está disponible en español. Blockchain analytics platform Nansen announced the launch of its Bitcoin (BTC) on-chain analytics to bring real-time, detailed insights into the flagship cryptocurrency, enabling users to track key on-chain metrics in the platform. Related Reading Nansen Brings Real-Time On-Chain Analytics For Bitcoin On Thursday, Nansen introduced its Bitcoin Growth Dashboard to provide a detailed view of the flagship crypto’s market movements and address the lack of user-friendly tracking tools for in-depth analysis in the market. The analytics platform noted that examining Bitcoin’s network at the same level as other blockchains has been difficult since most tools use “outdated address labeling, fragmented data, or require advanced technical skills to extract meaning insights.” As a result, the new Bitcoin on-chain analytics aims to bring “the same depth of data that Nansen users have relied on for Ethereum and other blockchains to Bitcoin” by enabling traders, institutions, and analysts to monitor active addresses, transactions, and the principal entities interacting on the network. Alex Svanevik, Nansen’s CEO, shared his excitement about Bitcoin analytics, explaining that users can use the platform to monitor detailed key BTC on-chain metrics: Bitcoin is the most important asset in crypto, and we’re thrilled to finally bring Nansen’s industry-leading analytics to BTC. With our platform, users can now track Bitcoin’s key onchain metrics with the same level of detail and precision they expect from Nansen. The new data aggregation will allow users to see the exchanges and entities that move the most BTC to tackle the “guesswork” on whether the transaction spikes are retail-drive, institutional-driven, or exchange reshuffling. Users can also observe BTC’s liquidity and supply shift in real time to identify crucial trends before they hit the broader market. Additionally, they can track the crypto market’s sentiment with address activity data, offering users “a new way to gauge Bitcoin’s adoption and investor sentiment.” BTC Transactions See 42% Daily Surge Nansen’s new Bitcoin on-chain analytics revealed exchange dominance and shifts in network activity. According to the analytics platform, the largest Bitcoin-active entities include some of the world’s biggest crypto exchanges. The data shows that Binance, Bybit, OKX, Robinhood, and KuCoin are among the top 5 BTC-active exchanges. Binance dominates the list with 40.68% of tracked BTC transaction activity, followed by Bybit’s 23.36% and OKX’s 18.88%. Meanwhile, Robinhood continues to emerge as a key Bitcoin custodian with its 8.72% share, Nansen pointed out. It also noted that the network trend shows significant transaction spikes between April and June 2024, likely fueled by institutional moves, major market events, and mine behavior changes. In the past 24 hours, the number of Bitcoin active addresses has declined by 16.82% to around 462,390, suggesting network activity has slowed. The number of active addresses has hovered between 335,000 and 668,000 since September, surpassing the 600,000 mark several times since the November US elections. Related Reading Nonetheless, BTC transactions recorded a 42.33% increase during the past day, surging to approximately 453,600, which signals a demand for block space. Lastly, the on-chain analytics platform also revealed that it will introduce Token God Mode and Nansen Profiler for BTC in the coming weeks to offer “deeper insights into wallet behaviors, transaction flows, and market trends.” Bitcoin’s performance in the one-week chart. Source: BTCUSDT on TradingView Featured Image from Unsplash.com, Chart from TradingView.com
Crypto Pundit Reignites $100 XRP Price Target, What You Should Know
Este artículo también está disponible en español. Crypto pundit Andrei Jikh has reignited the $100 XRP price target, sparking a bullish sentiment in the XRP community. The analyst outlined several factors that could contribute to the parabolic rally to the ambitious $100 target. Factors That Could Contribute To The $100 XRP Price Target In a YouTube video, Jikh highlighted a potential end to the Ripple SEC lawsuit as one of the factors that could spark the XRP price rally to the $100 target. He cited the SEC’s removal of the Ripple case from its website, which indicates that legal pressure is easing. The Commission’s agreement with Binance to pause their ongoing legal battle has also sparked optimism that the Ripple lawsuit could soon end. Related Reading Jikh then alluded to a Nasdaq report stating that 80% of Japanese banks are set to adopt XRP for global payments. The analyst is confident that this move will cause adoption to skyrocket, which could contribute to the projected rally to $100. He noted that Japan’s banking system is huge, which makes this a big deal for the altcoin. Furthermore, the crypto pundit highlighted the potential approval of the XRP ETFs as another factor that could drive the XRP price to the $100 target. He noted how the Bitcoin price surged to new highs after the Bitcoin ETFs were approved, and Jikh believes something similar could happen. Another factor that the crypto analyst believes could contribute to the XRP price rally to $100 is the possibility of Ripple’s payment system replacing SWIFT. He highlighted how the global payment industry is worth trillions of dollars. As such, Ripple processing a huge chunk of these global payments could cause XRP’s utility and demand to skyrocket, ultimately impacting its price. Other Bullish Fundamentals For The Altcoin Meanwhile, Jikh also alluded to the XRP Ledger (XRPL) and Ripple’s Real USD (RLUSD) as factors that could contribute to the XRP price rally to $100. He noted that the XRPL processes around 1,500 transactions, making it a potential option for tokenization plans, which is bullish for the asset. Related Reading If the XRPL becomes the go-to platform for tokenizing real-world assets such as stocks and bonds, this will help drive demand up and make the crypto more valuable. The RLUSD stablecoin is also bullish for XRP as its burn mechanism helps remove XRP from circulation as its utility grows. Jikh then alluded to the possibility of Ripple CEO Brad Garlinghouse being on the White House Crypto Advisory Council. This is especially bullish for the XRP price as Garlinghouse being on the Council could cement its place in the newly-created US sovereign wealth fund. At the time of writing, the asset’s price is trading at around $2.55, up over 4% in the last 24 hours, according to data from CoinMarketCap. XRP trading at $2.7 on the 1D chart | Source: XRPUSDT on Tradingview.com Featured image from Adobe Stock, chart from Tradingview.com Source link
Bitcoin Open Interest Crashes By $4.5 Billion In One Weekend, Spells Doom For Bulls
Este artículo también está disponible en español. Bitcoin open interest crashed by billions in one weekend, painting a bearish outlook for the flagship crypto and spells doom for BTC bulls. Despite this setback, crypto analysts have provided some optimism with their analysis, which hints at a bullish reversal soon enough. Bitcoin’s Open Interest Crashes By $4.5 Billion Over The Weekend Coinglass data shows that Bitcoin’s open interest crashed by $4.5 billion over the weekend, dropping from $65 billion to $61.5 billion. This came following the liquidations that occurred due to the BTC price crash. Further data from Coinglass shows that over $2 billion has been wiped out from the Bitcoin market in the last 24 hours. Related Reading Bitcoin bulls took the most hit, as $1.88 billion in long positions was liquidated during this period, leading to a crash in BTC’s open interest. This paints a bearish outlook for the flagship crypto and puts the bulls in danger as the bears look to be firmly in control. For context, Bitcoin dropped from above $100,000 to as low as $92,000 over the weekend. This Bitcoin price crash occurred after US President Donald Trump announced a 25% tariff on imports from Mexico and Canada and a 10% tariff on goods from China. Mexico and Canada have retaliated by imposing tariffs on goods from the US, while China has also hinted about imposing a tariff on US goods. Bitcoin’s open interest looks unlikely to recover in the short term as market participants could choose to stay out of the market due to economic uncertainty. This occurrence spells doom for Bitcoin bulls as the flagship crypto could drop lower if there are no buyers to defend BTC at these levels. Some Positive For Bitcoin Amid Open Interest Crash In an X post, crypto analyst Ali Martinez revealed that 65.75% of Binance traders with open Bitcoin futures positions are betting on the upside. This is bullish for the BTC price as these traders have a track record of being right most of the time. As such, the flagship crypto could rebound from its current price level. BTC traders on Binance show interest toward an upside | Source: Ali Martinez on X In an X post, crypto analyst Titan of Crypto stated that the broader trend for the Bitcoin price is still upward. This came as he revealed that BTC is establishing a new range between $104,400 and $93,600. The crypto analyst remarked that the short-term direction remains uncertain until this range breaks. However, in the long term, Titan of Crypto is confident that the broader trend is still upward. Related Reading Meanwhile, renowned author and finance expert Robert Kiyosaki suggested that this wasn’t a time to panic as this was an opportunity to buy Bitcoin on sale before it rallies further to the upside. At the time of writing, the Bitcoin price is trading at around $94,000, down over 6% in the last 24 hours, according to data from CoinMarketCap. BTC trading at $94,999 on the 1D chart | Source: BTCUSDT on Tradingview.com Featured image from iStock, chart from Tradingview.com Source link
Dogecoin Open Interest Climbs To $4 Billion Again After Market Rebound
Este artículo también está disponible en español. The crypto market is back up again after a recent decline like clockwork, and prices are starting to push up once more. Interestingly, this renewed momentum has seen Dogecoin open interest flipping from a negative threshold into a positive one. As the meme coin’s price gains traction, traders are once again pouring into derivatives markets, pushing the total open interest above $4 billion. Dogecoin Open Interest Surges With Market Revival According to data from Coinglass, Dogecoin’s total open interest has climbed back above the $4 billion mark, indicating a resurgence in trading activity. This comes after the Dogecoin price rebounded on the $0.31 multi-year support again and started its move upwards again. Related Reading Interestingly, data from Coinglass show that the Dogecoin open interest has increased by 3.11% and 2.09% in the past 24 hours and 4 hours, respectively. This shift suggests that traders are once again looking at Dogecoin as a promising asset for leveraged plays, betting on further price movements. DOGE open interest on the rise | Source: Chart from Coinglass The most notable DOGE open interest is on the Gate.io exchange, which has seen an increase of 5.14% in the past 24 hours. This brings its total open interest to $1.64 billion, accounting for 41% of the total rate. Bitget and BingX have also witnessed notable uptrends, with the Dogecoin open interest growing by 6.41% and 6.67%, respectively, in the past 24 hours. Binance, on the other hand, is yet to flip into positive open interest change. The world’s largest crypto exchange is still on a -0.13% open interest rate in the past 24 hours but is also on the verge of a positive rate with a +1.41% increase in the last four hours. Increased Leverage Could Lead To More Price Volatility A rise in open interest means that more traders are opening leveraged positions, which could amplify price swings in either direction. Interestingly, Dogecoin often experiences strong price movements during periods of increase in open interest. This latest increase alone means that there is an increase in market participation in Dogecoin. Related Reading If bullish sentiment continues, this market participation may drive the Dogecoin price further upward within the $0.30 to $0.4 range in the short term. However, it also raises the possibility of more liquidations if Dogecoin were to retest support at $0.31 again. At the time of writing, Dogecoin is trading at $0.3316, marking a 7% gain since bouncing off its multi-week support at $0.31. The next step for the meme coin is breaking above a recently developed daily candlestick resistance at $0.3316, which could then pave the way for further upside momentum if sustained buying pressure continues. DOGE trading at $0.33 on 1D chart | Source: DOGEUSDT on Tradingview.com Featured image from iStock, chart from Tradingview.com Source link