Analysis Today TheBitTimes.com

The crypto currency market remains volatile, heavily influenced by broader economic factors. Recent U.S. job growth data exceeded expectations, indicating the economy is coping well with higher interest rates. This reduces the likelihood of rate cuts, which impacts the flow of money into riskier investments like cryptocurrencies. Amid this backdrop, Finbold has identified two cryptocurrencies projected to achieve a $25 billion market cap by the second half of the year. Picks for you Crypto influencer lost $8 million in one month from a $15 million investment 45 mins ago 2-year high: Nearly $200 billion cryptocurrencies invested in DeFi 2 hours ago ...

Following Bitcoin’s (BTC) recent drop to $61,000, the cryptocurrency market is alive with speculation and excitement about a potential altcoin season. Analysts are forecasting a significant upturn in altcoin valuations, driven by Bitcoin’s price movements and broader market dynamics. As Bitcoin stabilizes, the spotlight shifts to a diverse array of altcoins poised to lead the next market cycle. The expanding role of decentralized finance (DeFi), continuous improvements in blockchain scalability, and the increasing use of smart contracts are key factors expected to fuel a significant altcoin rally. This surge is anticipated to push several altcoins beyond the $5 billion market cap mark, signifying a major milestone in their valuation and influence within the broader cryptocurrency landscape. Picks for you Here’s when Gold price could hit $3,000 49 mins ago Britain's famous YouTuber and "The Nightmare" in the ring - KSI's net worth reve...

A cryptocurrency market crash caused $430 billion in losses for cryptocurrencies and $2 billion in liquidations for traders this weekend. Facing the fear, uncertainty, and doubt of Iran-Israel’s conflict escalation, increased short positions threaten a short squeeze for leading assets. Notably, the crash liquidated over 500,000 cryptocurrency traders during the weekend, most of whom had bullish long positions. As the panic dominated within geopolitical tensions and the Iranian offensive, derivatives pivoted to a bearish state. In particular, Bitcoin (BTC) and Solana (SOL) saw 41% and 60% of derivatives volume increase in the last 24 hours. The two cryptocurrencies have an open interest of $32.41 billion and $1.98 billion, respectively. Finbold retrieved this data from CoinGlass data on April 14. Picks for you Bitcoin aims lower after losing strong support; Key levels to watch 2 hours ago UFC 300 victorious fighter wants the $300,000 bonus in Bitcoin 4 hou...

The cryptocurrency market remains in a consolidation range, struggling to decide which direction to follow. In this context, some cryptocurrencies maintain an increased open interest in short positions, creating short- squeeze opportunities for February. A short squeeze happens when short-sellers are liquidated, facing a sudden price surge. These liquidations force traders to repurchase the cryptocurrency, driving the price to higher levels, triggering further liquidations, and potentially making it skyrocket. Looking for insights, Finbold gathered data from CoinGlass ’s liquidation heatmap on February 6. In particular, we spotted cumulated short liquidations on Arbitrum (ARB) and Curve (CRV) in the monthly time frame. Short squeeze alert for Arbitrum (ARB) in February First, Arbitrum has a heavy liquidity accumulation in the $2.4 price level. More specifically, there are $33,150 in short liquidations at $2.414, making it an appealing target for market makers. ARB 1-month liqui...

Greed, irrationality and anxiety have contributed to chaos in the crypto market. Investors should work on self-improvement if they want the industry to succeed. In 2021, it seemed as if 10 new Disneys — and the next 20 Picassos — were emerging from blockchain and various nonfungible token (NFT) collections. Exorbitant NFT values that year signaled strong belief in many projects. But two years later, those “next Disneys” have delivered little. The situation has created significant market frustration and disillusionment among investors and enthusiasts alike. Project failures are often attributed to founders. Yet, the greed, anxiety, and irrationality prevalent among Web3 participants have also played a substantial role in the ecosystem. Related: 3 theses that will drive Ethereum and Bitcoin in the next bull market We’re in a complex environment where even the most skilled and visionary founders find it challenging to navigate the market dynamics. This often leaves a trail of unfinished...

Kristalina Georgieva, Managing Director of the International Monetary Fund (IMF), spoke at the Singapore FinTech Festival 2023 on November 15. In her speech, Georgieva stated that Central Bank Digital Currencies (CBDCs) have the potential to replace cash in our society. “CBDCs can replace cash, which is costly to distribute in island economies. They can offer resilience in more advanced economies. And they can improve financial inclusion where few hold bank accounts.” — Kristalina Georgieva However, some individuals view the idea of using a CBDC with skepticism due to its highly controlled and centralized nature. In this context, Finbold asked ChatGPT-4 to mention 10 decentralized cryptocurrencies to use as cash as an alternative to the rise of central banks’ digital currencies. In the prompt, we also asked GPT-4 to pick 3 out of the 10 and justify its pick in a brief paragraph. AI’s 10 cryptocurrencies to use as cash instead of CBDCs Cryptocurrency Short squ...

Crypto exchange Bitget has abandoned plans for a crypto license in Hong Kong, asking users to withdraw their assets by Dec. 13. Cryptocurrency trading platform Bitget has dropped plans to obtain a Virtual Asset Trading Platform (VATP) license in Hong Kong, citing business and market-related considerations. Bitget officially announced on Nov. 13 that its Hong Kong division, BitgetX, accessible by the domain BitgetX.hk, will cease operations by Dec. 13, 2023. As Bitget decided not to apply for a VATP license , the firm will have to permanently withdraw from the Hong Kong market, the announcement notes. The company has strongly encouraged users to withdraw crypto assets from BitgetX before Dec. 13. “After this date, the BitgetX website will no longer be accessible and you will not be able to manage or access your assets on BitgetX,” the statement noted. This is a developing story, and further information will be added as it becomes available. Source: https://thebittimes.com/bitget...

According to the researchers, people’s penchant to misinterpret patterns could be a boon for charitable organizations that accept cryptocurrency. A team of academic researchers from the U.S. recently published a study exploring how the “gambler’s fallacy” affected cryptocurrency donations. Their findings indicate that organizations accepting crypto donations could benefit from timing the market.  Essentially, the team’s work explores the idea that people generally misinterpret certain pattern signals when it comes to finance. Charities that understand the penchant for crypto holders to hold or move assets based on perceived market conditions may be able to optimize their strategies to reap larger donations. Per the paper: “Our findings support actionable recommendations for how charities can design more intentional fundraising campaigns to take advantage of the cost and time efficiencies of cryptocurrencies. By considering recent changes in cryptocurrency prices and highlighting the u...

Historically, the cryptocurrency market has benefited from the rise in global money supply as the majority of the bull runs in the past coincided with the rise in fiat supply. The rising M2 money supply could propel crypto into another bull rally and help it outperform the traditional markets, according to Raoul Pal, co-founder and CEO of financial media platform Real Vision. Pal’s X post highlighted the correlation between the rising fiat market supply and the start of the crypto bull run. Pal, in an X( formerly Twitter) post, shared a graph comparing Bitcoin’s (BTC) yearly performance against the global M2 money supply, indicating the simultaneous rise of Bitcoin and global M2 supply. Historically, the Bitcoin and cryptocurrency market has started outperforming the traditional financial market with a rise in global M2 supply. Bitcoin vs Global M2 supply. Source: Global Macro Investor The chart above shows that Bitcoin’s price is on the verge of decoupling from the traditional mark...

The IRS proposed the new crypto tax reporting rules in August earlier this year and if approved the new crypto tax regime will come into effect from January 2026. Coinbase crypto exchange chief legal officer Paul Singh Grewal called upon the crypto community to join the movement against the United States Treasury’s proposed tax reporting regulations on crypto currencies. Grewal urged the community to oppose the proposed regulations as it could set a dangerous precedent for surveillance. Grewal took to X (formerly Twitter) to address the concerns associated with the proposed crypto tax reporting rules and claimed that the proposed regulations go beyond the congressional mandate to establish tax reporting rules. He added that if the proposed regulations become a law, it would put the “digital assets at a disadvantage and threaten to harm a nascent industry when it's just getting started. “ Everyone who cares about fairness and supports American innovation should chime in on Tre...

Cointelegraph apologizes to its readers and discusses its investigation into what led to the posting of unverified news on X about a spot Bitcoin ETF. Dear Cointelegraph readers, We are incredibly grateful for the support and trust you have placed in our publication over the last 10 years. We strive to deliver the most thoughtful, engaging and impactful news affecting the cryptocurrency space. Earlier today, during routine coverage, Cointelegraph’s social media team posted a message on X without prior editorial approval stating that the United States Securities and Exchange Commission had approved BlackRock’s iShares spot Bitcoin exchange-traded fund, or ETF. This was false , the result of misinformation. The news lead originated from an unconfirmed screenshot posted by an X user who claimed it was from the Bloomberg Terminal. Cointelegraph did not ultimately publish an article with this incorrect information, but we deeply regret posting this in error on X and the impact it has caus...

The last few days have been difficult for most assets in the cryptocurrency market, but some assets have stood out over their weakness to overcome the current difficulties, which is why it might be a prudent decision to avoid them for the time being, or at least until this Halloween. Indeed, Finbold has analyzed the crypto currency sector, taking into account factors like price activity, recent developments, and risk to arrive at the list of three digital assets that should wait for better times before dedicating a significant portion of one’s portfolio to them. Ultrain (UGAS) Although it has managed to record positive price movements on its monthly chart, Ultrain (UGAS) lacks positive developments that could spark investor interest despite its promise to create a sustainable commercial ecosystem enabling various industrial applications through innovations in crypto graphy. At press time, Ultrain was trading at the price of $0.0009125, recording a decline of 1.71% in the last 24 h...

The plugin is free to use and features up-to-date crypto data sourced from CoinMarketCap. Crypto data aggregator CoinMarketCap, owned by crypto exchange Binance, has created a novel plugin for large-language model (LLM) based AI chatbot ChatGPT. According to the October 11 announcement, users can access the feature by signing in to their ChatGPT Plus account and simply enabling the plugin , allowing them to ask the LLM on a variety of crypto-related questions. There is no additional fee to use the plugin , aside from the $20 per month subscription fee for ChatGPT Plus. "The base ChatGPT has limited use to crypto enthusiasts, as data is mostly restricted up to Sept 2021. ChatGPT's recently-expanded web browsing capabilities likewise have limitations in serving real-time crypto data," developers wrote.  The LLM is capable of generating answers for simple questions such as "How correlated are Bitcoin and Ethereum in 2023?" to "How do variations in token dis...

The firm behind the “Crypto Wealth Report” said it received a spike in the number of crypto-related inquiries by millionaires in the last six months. A report released by London-based investment migration consultancy firm Henley & Partners suggests there were more than 40,000 crypto millionaires in the world holding Bitcoin.  According to the "Crypto Wealth Report” published on Sept. 5, Henley & Partners said there were roughly 88,200 millionaires worldwide with crypto holdings, with 40,500 holding Bitcoin (BTC). The report suggested that of 182 individuals who held more than $100 million worth of crypto, 78 were Bitcoiners. In addition, six out of 22 crypto traders who held more than $1 billion “amassed their fortunes from trading Bitcoin.” Crypto wealth statistics. Source: Henley & Partners Fortunly reported there were roughly 56.1 million millionaires on Earth as of July 2023, suggesting less than 0.2% had significant crypto holdings. The CEO of Henley & Part...

Deaton clarified that even if an appeal were possible in such a situation, the agency's authority would be diminished. Amidst speculation regarding a potential resolution between Ripple and the United States Securities and Exchange Commission (SEC), attorney John Deaton, representing numerous XRP token holders, has outlined the possible steps the two parties might take if they opt for a settle ment. Addressing the factors that might impact a potential settle ment between the two parties, attorney Deaton pointed out the significance of the ongoing Coinbase vs. SEC lawsuit. He explained that if the judge in the Coinbase case grants the exchange's motion to dismiss, it would indicate that token sales on the exchange are not subject to U.S. securities laws, although the crypto staking aspect remains part of the legal proceedings. He explained in a post, “The only way Ripple and the SEC (could) settle before the end of the year is if Judge Failla grants the Coinbase motion to dism...

The exchange operator is instituting new KYC requirements for users from September 2023 to comply with developing global regulatory guidelines. Seychelles-based cryptocurrency derivatives exchange Bitget is updating its Know Your Customer (KYC) requirements for users to stay in step with global regulatory guidelines.  According to the company, the new KYC requirements are being instituted to protect user rights and interests, shape a secure cryptocurrency trading environment and comply with regulatory recommendations from various global watchdogs. BitGet will adjust its KYC verification requirements from September 2023, with newly registered users required to complete level 1 KYC verification to access a variety of Bitget’s services including deposits and trading of cryptocurrencies. Bitget's updated KYC mandate. Source: Bitget Users that signed up to the platform before Sept. 1 are required to complete KYC verification by Oct. 1, 2023. The derivatives exchange notes that user...