TronWeekly

Crypto World News

You are here: Home / All Posts

All Posts

Bitcoin’s Critical Juncture: Analyst Predicts Potential Drop To $40,000

by

The well-known cryptocurrency analyst Mags gave a detailed analysis of Bitcoin’s present market position, emphasizing the important price levels that could determine the near future of the cryptocurrency. In a recent post on X, the analyst pointed out the fact that Bitcoin is currently in a treacherous position, and that $57,500 could be the lowest BTC could go in this cycle, or Bitcoin will risk a much deeper fall.

0xwn6UzJL1JVGQChXx n60N88H7EVXs5hhYwaHnrzl3zMG0b lz6ibymZEkEpSHnJdv55HmDVUhSdszTtcitMaOqmRuD1jv6SQxigKel7n9GU8TDH3DSe ZffkcMuYFDvCtzAQ87M6RigTdF9vz2n c

Bitcoin is at the moment selling below the important weekly support level of $60,000. Mags pointed out that some market analysts have predicted that Bitcoin would fall to $50,000. Nevertheless, he suggested that such a decrease might be harmful. A violation of this level could make the trading above $60,000 in the recent past appear to be deceptive, creating what Mags termed as a “fakeout.”

This situation will prepare a platform for the more profound pullback that can even touch $40,000. This cycle has seen the market go through four pullbacks that have averaged 20%-22%. If the pattern prevails, a 22% retracement from the recent high would place Bitcoin at around $58k to $57,5k.

Source: Chart by Mags

Bitcoin’s Potential Rebound At $57,500

Mags defined a most likely scenario to what bullish investors would like. A scenario in which Bitcoin touches $57,500, dips slightly and recovers immediately to close the week above this key level would help stabilize the digital asset and allow it to continue its impressive rise. Such fast recovery would be crucial to prevent a long bearish phase.

Nonetheless, a failure to recover the upper levels in the weekly time frame signals trouble. Mags predicts a sideways in case the week ends below these crucial levels. It is something that could go on for months, with a recovery coming afterwards and the bull trend extending to a possitive close eventually, perhaps resuming later in the fourth quarter.

In the current market environment, the stakes are high with the near future of Bitcoin at risk. Both investors and traders are recommended to keep a close eye on these important price milestones since they are likely to determine the way of dynamics of the cryptocurrency in the next few months. The insights provided by Mags act as an invaluable compass through the treacherous ecosystem of crypto trading, where the need for positioning and timing is paramount under the constant uncertainty.

Solana-Based Memecoin Scammers Rake in $328 Trillion, Leaving Investors Unable to Sell

by

The cryptocurre­ncy realm experie­nced an astonishing event on April 29, 2024, whe­n an obscure Solana memecoin, Bonk Kille­r (BONKKILLER), experience­d a meteoric rise, re­aching an astounding $328 trillion market capitalization. However, this stagge­ring valuation concealed a dece­itful reality – a malicious honeypot scam meticulously designed to trap inve­stors.

Bonk Killer, a me­mecoin, gained over 1,000 holde­rs on its launch day. Attracted by potential wealth, it ge­nerated a $4.6 million trading volume within 24 hours. Howe­ver, the excite­ment was fleeting. Inve­stors found they couldn’t sell their BONKKILLER toke­ns. A malicious “free­ze authority” feature e­mbedded in the smart contract by the­ developer locke­d tokens in investors’ wallets, making the­m worthless.

Honeypot tricks take advantage­ of hype around memecoins. These­ tokens have no real use­, and their value depends on e­xcitement. In this case, Bonk Kille­r creator owned over 90% of toke­ns, per Birdeye crypto analytics. By using “fre­eze authority,” the de­veloper stole mone­y from unsuspecting investors. Data shows the creator withdre­w a significant amount, an estimated $1.62 million.

Memecoin Craze and Its Risks

Though the massive­ market value see­ms appealing, experts advise­ caution about its validity. To put it in perspective, the­ total global GDP is around $100 trillion. This inflated market cap is an illusion because­ the token’s true worth de­pends on its tradability, which doesn’t exist in this situation.

“[BONKKILLER], a scam and honeypot token, surpasses $100 trillion market cap following developer action to freeze token holders’ accounts and prevent token sales,” said SolanaFloor.

The Bonk Kille­r event expose­d the concerning side of the­ memecoin trend. Studie­s found many memecoins, espe­cially those introduced on Ethere­um’s Base layer-2 scaling platform, were­ fraudulent or displayed clear scam traits. Shockingly, 91% of analyzed memecoins containe­d security loopholes that could be e­xploited.

However, it’s important to note that not all memecoin creators have malicious intent. Some might be novices lacking proper security knowledge, launching their tokens as a joke or a satirical take on the crypto industry.

Related Reading | Crypto Trading Volume Plummets Amidst Uncertain Sentiment: Report

Coinbase Cuts Crypto Costs with Lightning Speed

by

Coinbase announced its integration with the Lightning Network via partner firm Lightspark, paving the way for faster and more affordable Bitcoin transactions. This collaboration is a step forward over traditional payment systems, which are often riddled with a sluggish and costly user interface. According to a report, in 2022 alone, U.S. consumers spent $75 billion in credit card transaction fees, with many transactions taking days to process.

In contrast, the Lightning Network on Coinbase, a system built atop the Bitcoin network, enables instant off-chain Bitcoin transfers at substantially lower costs than traditional methods. Typically, credit card companies charge around 2% per transaction, and wire transfers can cost up to $30. However, with the Lightning Network, the cost of sending BTC globally via the trading platform is reduced by a factor of 20 compared to these traditional fees.

Coinbase
Coinbase Cuts Crypto Costs with Lightning Speed 4

Coinbase’s partnership with Lightspark to incorporate the Lightning Network dates back two years, when the LN technology generated a lot of hype. While notable crypto advocates like Michael Saylor and Jack Dorsey welcomed LN with open arms, Coinbase’s reluctance drew attention. The latest move is particularly significant for its customers, who until now faced bitcoin transfer delays ranging from 10 minutes to 2 hours and high transaction costs on the platform.

Coinbase Commits to Crypto Accessibility

Since its launch in 2017, the Lightning Network has seen consistent growth in adoption, driven by the increasing demand for more efficient payment solutions among Coinbase’s user base. This integration means that users can now send, receive, or pay with Bitcoin instantaneously and at a fraction of the cost, directly from their Coinbase accounts.

While this integration marks a significant step forward in supporting the Bitcoin ecosystem and promoting its everyday utility, the exchange acknowledges that the Lightning Network feature is not yet available in all regions, and the cost advantages may vary depending on the nature of the transfer. Nonetheless, Coinbase remains dedicated to revolutionizing the traditional financial system with blockchain technology, focusing on reducing unnecessary fees and settlement delays, thereby expanding access to financial tools for underbanked and unbanked communities worldwide.

Coinbase’s QCAD Integration Expands Stablecoin Portfolio

by

Coinbase, the renowned cryptocurrency exchange headquartered in the United States, has recently made waves in the digital currency market with its decision to incorporate QCAD into its platform. This strategic move underscores Coinbase’s commitment to expanding its asset offerings, providing its users with a wider array of trading options.

What sets QCAD apart from the plethora of altcoins already listed on the exchange is its unique proposition as a stablecoin pegged to the Canadian dollar. Unlike its volatile counterparts, QCAD offers users a stable and secure digital representation of the Canadian dollar, making it an attractive option for those seeking stability in their cryptocurrency investments.

The issuance model adopted by QCAD’s parent company is equally noteworthy, as it operates on an authorized dealer framework. This means that large corporate entities can directly engage with the issuing entity to purchase and sell QCAD tokens at a fixed rate of one Canadian dollar, simplifying the process for institutional investors and ensuring price stability.

Coinbase’s Multi-Network Support

While the exchange’s official statement confirms QCAD’s support on the Ethereum network, it’s important to note that transactions can also take place on the Stellar and Algorand networks under normal circumstances. This multi-network approach enhances accessibility and flexibility for users, allowing them to transact with QCAD across different blockchain ecosystems.

In addition to QCAD, Coinbase has also announced the inclusion of the Neon EVM (NEON) token on its platform. Operating on the Solana network, NEON has garnered significant attention within the cryptocurrency community. Since the announcement of its impending listing on Coinbase, NEON’s price has surged by over 9% in the last 24 hours, reaching a current trading price of $1.13.

The addition of both QCAD and NEON to Coinbase’s roster of tradable cryptocurrencies underscores the platform’s commitment to providing its users with diverse investment opportunities. As the cryptocurrency market continues to evolve, Coinbase remains at the forefront, continuously expanding its offerings to meet the needs of its growing user base. With QCAD and NEON now part of its repertoire, Coinbase reaffirms its position as a leading player in the digital asset space.

Fear Grips Crypto Market As Bitcoin and Ethereum Prices Plummet

by

Amidst heightened discussions surrounding Bitcoin and Ethereum, traders find themselves at a crossroads as fear grips the cryptocurrency market. Santiment’s data reveals a stark contrast, with Bitcoin and Ethereum dominating the discourse, leaving other assets in their digital dust.

Bitcoin fell to $59.5K, and Ethereum dropped to $2.9K today, causing concern among traders who fear that it could be a sign of worse things to come. But out of this chaos comes an opportunity for some contrarian traders who see this price dip as a golden chance to buy low. And already, we’re seeing some small relief bounces, which could bring hope in times like these.

Bitcoin’s Fate Hangs at $57,500: Analysts Warn Price Volatility

Mags, an analyst, says if Bitcoin drops below $57,500, then he believes Bitcoin’s fate hangs there. He goes on to say there is even grimmer news if you look at weekly charts because it show BTC crashing through its critical weekly support zone of $60k, which isn’t good for anyone involved. There are whispers within communities predicting prices down at scary levels like 50k, but only time will tell if those fears become reality.

However, Mags cautions against jumping too quickly given how fragile things are looking right now with where Bitcoin is headed next. If the aforementioned support zone fails, then what could happen is called a “fakeout,” where price action above 60k unravels leading into cascading effects that cause prices to drop even further from current levels – potentially all the way down towards 40k or beyond.

Drawing from past cycles, Mags points out four previous pullbacks ranging between 20-22% and states that based on historical data, a -22% correction from the local high would take us back down towards the $58-$57 level (range). But within worst cases, there can always be silver linings found when looking at things optimistically especially if bullish.

image 2

So here’s another scenario, according to Mags: What if this fakeout ends at $57,500 and then bounces back up quickly enough to save face on the bulls’ part? But still, Bitcoin’s bull run could come crashing down with one false move. A weekly close below that critical level might just lead us into months of going nowhere price-wise which will keep people pessimistic about cryptos until sometime later during the fourth quarter when recovery may finally happen.

Related Reading | Ethereum’s Bullish Momentum Faces Hurdles: Analyst Points Out Critical Levels

SEC Under Fire: Ethereum Files Reveal All

by

The SEC and its Chair, Gary Gensler, have hogged the spotlight again after House Financial Services Committee Chairman Patrick McHenry came forward with serious allegations. This comes after recent controversies surrounding the US regulator, including a federal judge rebuking the regulator for “gross abuse” of power. Adding fuel to the fire were the unredacted filings from Ethereum firm ConsenSys, revealing that Gensler believed ETH was a security for at least a year.

However, McHenry highlighted more shocking revelations, stating that evidence showed Chair Gensler intentionally misled both Congress and the public during a testimony last April. Citing new court filings, Gensler evaded clear answers about Ethereum’s classification as a security, a move McHenry now claims was a deliberate obscuring of the regulator’s position.

This episode underscores the urgency of Congress passing the bipartisan FIT for the 21st Century Act to provide a clear regulatory framework and robust consumer protections for digital asset markets. Committee Republicans will continue to hold Gary Gensler’s SEC accountable for its regulatory overreach that is stifling innovation, leaving American consumers unprotected, and risking our national security.

McHenry argues that the contradiction between Gensler’s previous assertions and the SEC’s longstanding views not only raised doubts over the regulatory body’s consistency and transparency but exemplifies the “arbitrary and capricious” nature of the regulator’s stance to digital asset regulation—an approach that increasingly appears as regulation by enforcement rather than by clear rules.

ConsenSys Confronts SEC in Court

In response to what he describes as a regulatory overreach that threatens innovation while leaving American consumers unprotected, McHenry emphasizes the necessity for legislative action. He advocates for the swift passage of the bipartisan FIT for the 21st Century Act, which aims to establish a definitive regulatory framework and enhance consumer protections in the digital asset markets.

Earlier, Ethereum firm Consensys filed a lawsuit against the SEC. Following a Wells notice, the blockchain company challenged the regulator’s approach, arguing that its ad hoc enforcement actions were an overreach of its power. A Wells notice is seen as a formal indication that the agency might sue them for not complying with the required laws.

Bitcoin’s Bear Bite: Will $60K Lows Freeze Out Investors?

by

Bitcoin is currently in a phase where demand has slowed leading to a two-month low at $60K. As per analysis from CryptoQuant, the monthly growth of permanent holders [long-term investors], has posted a significant reduction from over 200K Bitcoin in late March to a mere 96 now. This indicates a slowing investor interest in accumulating Bitcoin, which could be affecting the price stability and potential for price surges.

Bitcoin prices are lingering near a two-month low at $60K, reflecting a continued slowdown in demand after Q1’s record growth. Monthly growth from permanent holders has halved in the last month, dropping from over 200K $BTC in late March to just 96 now. A rebound in demand growth is crucial for prices to stabilize and potentially surge.

Bitcoin
Bitcoin's Bear Bite: Will $60K Lows Freeze Out Investors? 7

While CryptoQuant focused more on the quantitative aspect of holding patterns indicating a drop in long-term holder growth, Glassnode provides context on the market sentiment and behavioral patterns contributing to the recent price trends. Glassnode analysts noted that the “euphoric phase” to cool off post-halving is due to actions by newer investors who are likely selling off Bitcoin.

Since hitting an all-time high in March, BTC retraced back consolidating within the $60,000 and $67,500 price range in the last few weeks. Examining BTC’s rise to all-time highs, analysts spotted local distribution patterns, mirroring similar structures seen in previous bull runs.

Bitcoin’s Journey from $60K to Possible $100K Highs

That being said, Egrag Crypto provided an optimistic, future-oriented projection highlighting that new historical maximums are possible in a few months. He anticipates continuous weekly closures above $73,000 in the next 4-8 months, potentially pushing the price into the six-digit range. This move is expected to catapult BTC to a six-digit price territory and possibly hit or exceed the $100,000 level.

However, if the expected rise in Bitcoin’s price does not materialize, it could indicate a deviation from historical trends, suggesting a unique market cycle with different underlying dynamics, Egrag Crypto, added.

CZ Sentenced: Binance Founder Faces Four Months In Prison

by

In a courtroom drama that captivated the cryptocurrency world, Binance’s founder and former CEO Changpeng “CZ” Zhao was sentenced to four months in prison by U.S. District Judge Richard Jones. Delivered against the backdrop of heated arguments from both sides, the sentencing took place in a Seattle courthouse, according to the latest report.

Binance’s Compliance Oversight

Judge Jones expressed doubt over the Department of Justice’s call for a higher sentence. There is no evidence that the defendant was ever told about any illegal activity being conducted at Binance, he said, revealing his disagreement with the DOJ’s request for a longer jail term than what is recommended in baseline guideline ranges.

Wearing a navy blue suit and light blue tie, Zhao stood still as the judge announced his fate. Accompanied by family members, including his mother, sister, nephew, and son, he took the verdict calmly. His face changed slightly when hearing this decision – an expression that showed acceptance mixed with determination.

The sentencing stemmed from Zhao’s admission of guilt of violating the Bank Secrecy Act, a charge that could have carried a decade-long imprisonment. However, Zhao’s cooperation and plea deal mitigated the severity of the sentence. Despite prosecutors’ insistence on a three-year incarceration period, Zhao’s defense advocated for probation, citing his cooperation and lack of precedent for such punitive measures.

Before the verdict was delivered, Zhao issued a statement in which he admitted that he had failed to implement an effective know-your-customer program at Binance. He said sorry for his mistakes and stressed compliance within the crypto industry.

Zhao took to social media after the sentencing thanking supporters and stating that he would remain involved in the cryptocurrency space as a passive investor. He also addressed Binance’s regulatory scrutiny and assured customers their funds were safe.

As this part of Zhao’s journey comes to a close, the wider cryptocurrency community is left to ponder what his conviction means to them. If anything it has only brought about more awareness towards compliance across industries henceforth setting stage for regulation coupled with accountability within such areas; while at the same time Zhao himself embarks on another phase of life where education becomes key.

Related Reading | ADA’s Battle at Critical Levels: Expert Analysis and Risk Management Strategies

ADA’s Battle at Critical Levels: Expert Analysis and Risk Management Strategies

by

Cardano (ADA), a leading cryptocurrency, is currently witnessing a substantial decrease in its market worth, as it has fallen below a crucial support threshold. This decline suggests the possibility of further devaluation. In the past week alone, Cardano has seen a 14% reduction in its value, while over the course of the last month, ADA has dropped by nearly 32%.

As of the latest update, the current price of Cardano is recorded at $0.435471. Within the span of the last 24 hours, the trading volume of ADA has amounted to $667.56 million, reflecting considerable market activity. Additionally, Cardano’s market capitalization currently stands at $15.52 billion, highlighting its substantial presence within the cryptocurrency market. Notably, the price of ADA has witnessed a notable decline of 4.79% over the 24 hours, further underscoring the challenges it currently faces.

ADA 1D graph coinmarketcap 16
Source: CoinMarketcap

Analyst Insight on ADA’s Critical Defense Zone

Crypto analyst Trend Rider recently highlighted a significant development in the $ADA market, emphasizing the coin’s defense of a critical zone. This observation underscores a pivotal moment for traders and investors, as the outcome in this zone could have substantial implications for the coin’s future trajectory. Despite the importance of this defense, the market has yet to witness a pronounced bullish wave on the oscillator, suggesting a cautious approach is warranted.

image

Let’s break down the analysis into key facts for a deeper understanding: The first fact emphasizes that while the overall trend for ADA remains bullish, there’s a looming possibility of a trend reversal should the crucial defending zone be breached. This underscores the importance of closely monitoring the market dynamics to gauge whether the bullish momentum can be sustained.

The second fact draws attention to the absence of a green wave on the oscillator, indicating a lack of significant bullish momentum at present. This serves as a valuable indicator for traders, signaling a need for vigilance and patience in navigating the current market conditions.

Considering these facts, the conclusion drawn by the analyst is twofold: Firstly, $ADA continues its struggle to maintain its position within the “must defend zone,” highlighting the ongoing battle between bullish and bearish forces in the market. However, the analyst remains cautious and awaits confirmation of a bullish surge, which would be indicated by the appearance of a green wave on the oscillator. This confirmation is seen as pivotal in increasing the probability of a sustained bounce in the price of ADA, thereby presenting a potentially favorable entry point for traders.

In addition, the market right now is uncertain, and there are no clear signs of optimism among investors, so this being the case, the analyst suggests to be careful and confine trading within short-term strategies with low frequency. Another thing he said was that one should admit that they can’t predict what will happen next in such an unstable environment; hence, their effort should be directed towards managing risks while moving through such conditions..

Related Reading |  Cardano’s Whales Stir the Pot as Wallets Wane 

Ethereum’s Bullish Momentum Faces Hurdles: Analyst Points Out Critical Levels

by

Ethereum (ETH) is currently witnessing a notable decrease in its value, paralleling the trend seen in Bitcoin (BTC). ETH is encountering difficulties in maintaining its support level, facing substantial downward pressure that is driving its price toward breaching this critical level.

At the time of writing, the price of Ethereum stands at $3,014.76, with a 24-hour trading volume amounting to $17.87 billion and a market capitalization of $367.97 billion. Over the past 24 hours, the price of ETH has decreased by 4.88%.

ETH 1D graph coinmarketcap 12
Source: CoinMarketcap

Crypto analyst Crypto Tony recently provided an update on the Ethereum (ETH) to US Dollar (USD) pair, indicating a potentially concerning scenario. He suggested that the worst-case scenario could entail a gradual decline towards the $2,700 level. Additionally, he emphasized the importance of devising a strategic plan in preparation for the possibility of breaching previous lows.

image 77

Ethereum’s Wave Patterns and Price Potential

According to XForceGlobal’s primary macro analysis on Ethereum ($ETH), the current narrative suggests a continuation of bullish sentiment. However, there’s a crucial need to maintain validation for both shorter and primary timeframes, similar to Bitcoin’s situation. Any deviation from this trajectory could introduce bearish alternatives and cast doubt on the sustainability of the bullish momentum.

The analysis emphasizes the importance of Ethereum not breaking the internal 4th wave of the intermediate degree (in orange) marked by the red line. Such a breach would signal the emergence of new bearish scenarios, potentially disrupting the ongoing bullish trend.

image 76
Ethereum's Bullish Momentum Faces Hurdles: Analyst Points Out Critical Levels 14

As long as Ethereum remains above the designated invalidation level (marked in red) for wave 4, the analysis suggests the potential for further upward movement, particularly towards the final intermediate 5th of the 3rd primary degree, before encountering consolidation to conclude the primary 5th.

Zooming in on the right chart, Ethereum’s price action appears to offer a clearer count than Bitcoin’s at the time of analysis. A discernible ABC pattern to the downside is observed, followed by the possibility of a developing 1-2 structure.

image 76 1
Ethereum's Bullish Momentum Faces Hurdles: Analyst Points Out Critical Levels 15

The wave 1 is seen as an ended leading diagonal contraction variation. As said before from a wider view, if this 1-2 formation does not cross through the red line then other counts will need to be considered which may change the whole analysis.

Related Reading | Slowdown in Bitcoin ETF Inflows Is Short-term Pause: Bernstein Report