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Bloomberg’s Mike McGlone: Bitcoin Stall Signals Bigger Economic Issues

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In a recent Twitter revelation, Chief Commodity Strategist of Bloomberg Intelligence, Mike McGlone, disclosed some crucial insights about Bitcoin that might have a larger impact on the economy. 

The stakes are high as Bitcoin hovers around the $30,000 mark, drawing attention due to speculations about a potential ETF launch and the soaring stock market. However, there’s a red flag that can’t be ignored – a Bitcoin stall might signal more significant economic issues.

Bitcoin’s Bounce: A Positive Sign Or A Warning?

As per a screenshot from the Bloomberg report, one pertinent question arises: what would happen to Nasdaq if BTC experiences a substantial fall from the $30,000 level? Undeniably, the impressive 100% bounce from the 2022 low to the current $30,000 on July 19 has been a positive development for BTC. 

Yet, for Bitcoin to achieve another 2x advance, it may require a similar foundation – which, in this case, might involve a significant decline.

The graphic displayed in the screenshot illustrates a concerning observation – the risk-asset rally in 2023 has not received recent support from Bitcoin, often considered the fastest horse in the race. While BTC has only climbed approximately 5% since the end of 1Q, the Nasdaq 100 Stock Index has experienced a more substantial surge, nearing 20%. 

This discrepancy raises the possibility that BTC might play catch-up or be a warning sign of potential headwinds brought on by a deflationary economic storm. The prevailing bias appears to lean toward the latter.

Interestingly, roughly a month ago, BlackRock’s entry into the Bitcoin ETF application arena triggered a short-covering rally akin to what was witnessed with the advent of futures in 2017 and futures-based ETFs in 2021. 

However, the expectations for an ETF launch in 2023 remain uncertain, especially in light of Bloomberg Economics’ prediction that the US might tilt toward recession in the second half of the year.

These revelations from Mike McGlone and the Bloomberg report serve as vital indicators for investors and economists alike, urging them to pay attention to Bitcoin’s movements as a potential harbinger of economic trends. However, the situation is complex, and any significant developments in the Bitcoin market may have far-reaching implications for the overall economy. 

Related Reading | XRP Whale’s Bold Move Ignites Speculation Amidst Price Surge

Chainlink Surges: FOMO & Accumulation Propel It Closer To $10 Mark

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In the fast-paced world of cryptocurrencies, momentum can shift rapidly, and today, all eyes are on Chainlink ($LINK) as it captures the crypto community’s attention. Santiment, the leading data analytics platform, tweeted that Chainlink has emerged as the #3 trending topic in the crypto space. 

The reason behind this surge is an impressive single-day gain of over 20%, propelling the digital asset to its highest price in three months at $8.34. Thursday saw a staggering $347.72 million in on-chain volume for LINK, marking it the largest volume in 2023. 

With this newfound momentum, it’s no surprise that traders and investors now eagerly speculate whether Chainlink can break past the $10 barrier. However, one curious aspect raises questions: What’s holding it back?

Data intelligence firm Santiment recently tweeted these striking developments, attributing the sudden surge to a potential fear of missing out (FOMO) among investors. It seems that the fear of missing out on a potentially bullish rally is the only factor that may be holding LINK from hitting the coveted $10 mark.

Whale Transactions & Trading Volume Surge For Chainlink

According to Santiment‘s report, there has been a noticeable increase in whale transactions and the overall trading volume for LINK recently. For long-term digital asset holders, this surge in market activity is a welcome sight. The prolonged period of flat price movement had left many investors wary, but now, there appears to be a silver lining on the horizon.

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The mounting trading volumes and the rising number of whale transactions suggest higher market involvement in LINK trades. In the highly volatile world of cryptocurrencies, “whales” play a significant role in influencing market trends, and their recent activity indicates potential bullish sentiment.

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Moreover, Santiment’s data indicates that the balances of wealthy LINK holders have been on the rise. This intriguing development hints at the possibility of significant holders quietly accumulating LINK during this period of apparent stagnation.

Market analysts view the flat price movement as a strategic accumulation phase. While some see it as a deterrent, others see it as an opportunity before a potential price breakout. Chainlink appears poised for a transformative phase, with increased activity beneath the surface indicating a promising future for LINK.

Related Reading | XRP Whale’s Bold Move Ignites Speculation Amidst Price Surge

Shiba Inu’s 2.4 Trillion SHIB Transfer Triggers Price Speculation

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Shiba Inu, a meme-inspired cryptocurrency, made waves in the crypto world by recently transferring a massive 2.4 trillion SHIB tokens from Binance.US to an undisclosed wallet. Whale Alert, a prominent crypto tracking platform, reported the transaction, sending shockwaves through the Shiba Inu community.

The transfer, valued at approximately $18.77 million, has raised numerous questions among enthusiasts, as the destination wallet remains unknown. Some speculate that the move could be related to the forthcoming launch of Shibarium, the highly anticipated mainnet, slated for August, along with the release of the Worldpaper.

The excitement surrounding the potential launch of Shibarium has been building up in recent weeks. Shiba Inu’s lead developer, known by the pseudonym Shytoshi Kusama, hinted at the possibility of introducing the revolutionary mainnet to address scalability and efficiency concerns in the Shiba Inu ecosystem.

Shiba Inu Community Awaits Shibarium Launch And Price Surge

Kusama’s announcement sent the Shiba Inu community into a frenzy, with many anticipating the game-changing impact of Shibarium. The mainnet promises to introduce Layer-2 blockchain technology, commonly called “PuppyNet,” which could revolutionize SHIB’s operation, potentially increasing transaction throughput and reducing gas fees.

The news of Shiba Inu’s ecosystem securing prominent sponsorship for major blockchain conferences, including the highly esteemed Blockchain Futurist Conference and official hackathons ETHToronto and ETHWomen to be held in Canada in August, added to the anticipation. These developments fueled a surge in SHIB and BONE token prices as investors speculated on the potential growth opportunities.

As the launch of Shibarium approaches, Shiba Inu whale transactions have seen a noticeable uptick. The ecosystem’s gas token, BONE ShibaSwap, has experienced increased trading activity, reflecting heightened interest within the community.

SHIBUSDT 2023 07 20 14 27 44
Source: Tradingview.com

At the time of reporting, SHIB trades sideways at $0.0000077, with a 24-hour low and high of $0.00000766 and $0.00000780, respectively. Meanwhile, the gas token, BONE, which powers the ShibaSwap decentralized exchange, is currently trading at $1.27, showing a 3% increase. The 24-hour trading range for BONE is between $1.22 and $1.29.

As the crypto market closely watches the significant SHIB token transfer and eagerly anticipates the Shibarium launch, analysts and enthusiasts remain divided on the potential price impact. While some expect the event to trigger a price surge, others exercise caution, considering the uncertainty often accompanying significant developments in the crypto world.

Related Reading:| Shiba Inu Is Still The Top Dog Among Biggest ETH Whales

Ripple’s Roaring Victory: The Dawn Of A New Era For Crypto In The U.S.

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In a groundbreaking legal victory for Ripple, the United States SEC suffered a significant blow as the court ruled in favor of Ripple, stating that the crypto asset XRP is not a security. Ripple CEO, Brad Garlinghouse, expressed his overwhelming gratitude for his team and the outcome through a tweet.

Ripple’s Legal Win Impacts The Entire U.S. Crypto Industry

According to the blog post from the company, the court’s decision on July 13th marked a historic occasion for Ripple and the entire U.S. crypto industry. It set a precedent for regulating other crypto assets, tokens, and securities in the country. 

The case’s core revolved around whether XRP, as a digital token, could be considered an investment contract and, consequently, a security under the law. 

The court unequivocally declared that XRP, standing alone as a digital token, is not a security, effectively dismantling the SEC’s argument that crypto tokens inherently qualify as securities.

Brad Garlinghouse hailed the ruling as a victory for the entire crypto market, expressing hope that it would be a turning point for Congress to establish clear regulations for the industry. The court also found that Ripple’s XRP sales on exchanges, sales by company executives, and distributions to developers, charities, and employees were not securities.

This decision carries profound implications for the classification of digital tokens in the U.S. going forward, as stated by Ripple’s Chief Legal Officer, Stu Alderoty. He emphasized that the ruling could be used by others facing the SEC’s scrutiny, making it harder for the agency to boast about its crypto enforcement record.

Despite this triumph, Ripple’s pursuit of sound crypto regulation in the U.S. is far from over. The company plans to continue investing in jurisdictions with clear regulatory frameworks. In recent developments, Ripple was granted an In-Principle Approval for a Major Payments Institution License by the Monetary Authority of Singapore.

Additionally, the court order further clarified that only certain contractual sales to institutional investors would be subject to further proceedings, while everything else has been settled as a matter of law.

Following the court’s decision, several U.S. exchanges, including Coinbase, Kraken, Gemini, and Bitstamp, have either relisted XRP or announced plans to do so. 

Furthermore, XRP remains listed on numerous exchanges globally. Notably, foreign regulators in Japan, Switzerland, the UAE, and the U.K. had previously determined that XRP was not a security.

With this landmark ruling in their favor, Ripple and the crypto industry can move forward with greater certainty and confidence, hoping for more conducive regulatory environments to foster growth and innovation in the rapidly expanding world of cryptocurrencies.

Related Reading | Bitcoin Whale’s Latest Activity Arouses Curiosity: Details

Cardano (ADA) Soars 15% With Eyes Top 10 In TVL Rankings With Growing Protocols

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Cardano (ADA) has experienced a remarkable 15% surge in value over the past seven days. This unexpected development comes after weeks of stagnant price movement, with ADA hovering around the $0.29 mark.

However, things took a dramatic turn for the better after Ripple’s XRP received a favorable ruling, dispelling any notions of it being considered a security. This boost in confidence had a positive spillover effect on ADA, catapulting its price close to $0.37, a level not seen since early June.

ADA 7D graph coinmarketcap 2
Source: Coinmarketcap

Despite a brief setback, ADA found stability around the key support level of $0.30. Presently, the coin has encountered resistance at the $0.32 mark, but it seems to be on an upward trajectory, showing a 3.10% rise in the last 24 hours. 

If the bulls reclaim control and break past the $0.38 resistance level, ADA’s price could soar even further, potentially reaching $0.40, a significant milestone for the token.

The recent price surge has been attributed to significant milestones. One notable ADA whale expressed its mastery at skillfully navigating the crypto markets to elevate Cardano’s position.

Notably, Cardano has climbed up to the 12th position in TVL (Total Value Locked) rankings when staking and protocols like Milkomeda_com and SpectrumLabs_ come into play. It has fueled speculation that Cardano might soon break into the top 10 rankings.

Cardano Price Predictions Spark Optimism

Amidst the current bullish momentum, Cardano enthusiasts eagerly anticipate further price gains. As per current predictions, the overall positive sentiment, the Fear & Greed Index, currently reads 25.68, indicating extreme fear in the market. 

While most technical analysis indicators are flashing bullish signals, some are signaling bearish trends, reflecting mixed sentiments surrounding ADA’s future price movements.

Over the last 30 days, Cardano has witnessed a notable 26.29% increase, hinting at the likelihood of a modest recovery in the coming month. By the end of July, experts anticipate a further 114.99% surge, potentially pushing the price to around $0.71. Well, the coming days hold the promise of exciting possibilities for ADA’s future.

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Related Reading | Crypto Investors Speak: 47% Bet on Ethereum’s Triumph Over Bitcoin

Shiba Inu Price Slump Spurs Increased SHIB Token Activity on Binance

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Shiba Inu (SHIB), a cryptocurrency that became popular for its meme-inspired beginnings, has experienced significant price fluctuations and numerous drops in value. Nevertheless, the project has shown remarkable advancement in terms of utility and development efforts.

Setting itself apart from other meme coins, Shiba Inu actively involves itself in development projects and maintains a transparent relationship with its community. The team is dedicated to providing frequent updates, fostering transparency, and keeping communication channels open with its loyal supporters.

After the recent decline in Shiba Inu’s price, large holders, commonly known as whales, have initiated the transfer of billions of SHIB tokens. As per information retrieved from Etherscan, Shiba Inu whales have collectively moved approximately 30 billion SHIB tokens.

Shiba Inu Token Migration in the Billions

According to Etherscan data, there were more than ten transactions involving the transfer of a significant amount of SHIB tokens, ranging from 1.5 billion to 7.5 billion SHIB. These transfers occurred from Binance to various anonymous wallets and appear to be related to SHIB token purchases. Additionally, multiple large holders, commonly known as whales, participated in the movement of over 1.6 billion and 2 billion SHIB tokens, presumably to sell their holdings.

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Shiba Inu Price Slump Spurs Increased SHIB Token Activity on Binance 7

The data also indicates that five notable transactions, totaling 3.9 billion, 2.9 billion, 5.4 billion, 4.3 billion, and 2.9 billion SHIB tokens, were carried out between unidentified whale accounts. This activity is taking place while Shiba Inu’s value has decreased by approximately 2% in the last 24 hours. The cryptocurrency has dropped below the $0.000008 support level, now trading at approximately $0.000007656.

XRP Surges In Demand And Social Activity Following Ripple’s SEC Case Victory

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The cryptocurrency market is witnessing a remarkable surge in XRP’s demand and social activity following the favorable ruling in the Ripple vs. SEC case. XRP, with its astonishing trading volume of over 1 million trades per minute, has taken center stage, capturing the attention of investors worldwide.

Crypto enthusiasts, including prominent figure Nick, a self-proclaimed “Crypto Crusader” and entrepreneur, have quickly recognized the immense growth potential of Ripple. Nick recently expressed his astonishment at the skyrocketing demand, highlighting that the momentum shows no signs of slowing down. According to data from market intelligence tool Fiatleak, Ripple has surpassed the milestone of 1 million trades per minute on a global scale.

Nick is adamant that this is just the start of XRP’s remarkable journey. Wild trade volumes for Ripple over the last several days have amply demonstrated the prevailing enthusiasm among market players.

XRP Surpasses Ethereum In Social Engagement

Social analytical resource LunarCrush has revealed that XRP’s social engagement statistics have surpassed those of Ethereum (ETH) and are now closely trailing behind Bitcoin (BTC). Notably, LunarCrush reported a significant surge in XRP’s social activity following the ruling, surpassing ETH in social dominance with an impressive 31,730 social engagements compared to ETH’s 20,666. Ripple is now nipping at the heels of BTC.

Before this, LunarCrush had already ranked Ripple at the top spot on the LunarCrush AltRank, a ranking system considering social and market activity. Ripple achieved this milestone just a few hours after Judge Torres’s ruling.

Social activity and global trade surge have substantially increased Ripple’s trading volume across major exchanges such as Binance, Uphold, Coinbase, and Kraken.

Web3 media group Whale Talk reported that the ruling, clarifying that most of Ripple’s XRP sales are not securities, directly contributed to the surge in exchange trading volumes. Uphold experienced platform issues. On July 13, Ripple’s volume skyrocketed to $10.39 billion. The swift relisting on exchanges like Coinbase and Kraken fueled the volume surge.

https://twitter.com/WhaleCoinTalk/status/1680662555490938880

Additionally, Korean investors have displayed impressive demand for Ripple, contributing significantly to the surge in trade volume. South Korea’s largest exchange, Upbit, reported the highest XRP trade volume globally, with $2.5 billion in 24-hour volume on July 14.

XRP’s 24-hour volume, which peaked at $10 billion on July 13 but has since dropped to $3.8 billion as of press time, is still noteworthy.

Binance holds the lion’s share of this volume, with $688 million in Ripple trade volume, accounting for 21.91%. OKX secures the second position with $161 million in Ripple trade volume, followed by Coinbase in ninth place with a volume of $50 million.

XRP’s trade volume and social activity surge demonstrate its growing prominence in the crypto market, signaling a significant turning point for the digital asset.

Related Reading:| SEC Next Move In XRP Case Remains Uncertain

Bitcoin Gains Strength As MACD Indicator Signals Positive Market Shift

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The Bitcoin marke­t appears to be shifting towards a more positive­ outlook, as indicated by the Moving Average­ Convergence Dive­rgence (MACD), a commonly utilized te­chnical analysis tool. Financial analyst Jake Wujastyk recently twe­eted about an upward MACD cross, signaling possible bullish momentum.

The MACD indicator se­rves as a valuable tool for traders in de­termining suitable entry and e­xit points. It finds relevance in traditional stock marke­ts and is equally applicable within the re­alm of cryptocurrency analysis.

In order to calculate­ the MACD line for any coin, you ne­eds to subtract the 26-day Exponential Moving Ave­rage (EMA) from the 12-day EMA of the cryptocurre­ncy’s price. The MACD line plays a crucial role­ in generating trading signals. 

Another important calculation is the­ Signal Line, typically a 9-day EMA of the MACD line itse­lf. By considering the interaction be­tween these­ two lines, traders are able­ to make informed decisions re­garding buying or selling BTC.

Bitcoin Struggles To Hold Above $31,000

Bitcoin has been trying to consolidate above the $31,000 level after recently breaking this barrier following a favorable ruling in the Ripple v. SEC case. Despite the upward swing, BTC still faces resistance.

Data from CoinGecko shows that the flagship currency is currently trading at $30,305 on major spot exchanges, hovering around the $30,000 mark. Its market cap is approaching $590 billion, and its 24-hour trading volume exceeds $7.6 billion.

According to data from CoinGecko, Bitcoin has experie­nced a significant decline of approximate­ly 56% since its peak value of $69,044.77 on Nove­mber 10, 2021. Mike Novogratz, a renowned cryptocurrency enthusiast and CEO of Galaxy Digital, has been monitoring four potential bullish catalysts for the crypto market.

In his recent tweet, he listed these as the Federal Reserve pausing rate hikes, Ripple winning its lawsuit, the approval of a Bitcoin ETF, and Binance settling with the Feds.

Novogratz belie­ves that approving a Bitcoin ETF is inevitable rather than a me­re possibility. This developme­nt holds significant implications for BTC price, as it would broaden the participation of institutional inve­stors within the cryptocurrency market.

Apart from the MACD indicator, the upcoming halving in 2024 will reduce the supply of new bitcoins by half. Historically, halvings have been followed by periods of increased demand and price appreciation.

Another factor is the increasing adoption of Bitcoin by mainstream companies and institutions. For example, Twitter recently enabled users to tip each other with Bitcoin using the Lightning Network, a layer-2 solution that enables fast and cheap transactions.

These­ recent deve­lopments indicate a growing recognition and acce­ptance of Bitcoin worldwide, suggesting pote­ntial value appreciation and increase­d adoption in the future.

Related Reading | SHIB Whale Moves 4.1 Trillion Coins Amid Price Spike

Shiba Inu Lead Developer Introduces Exciting New Branding Ahead of Shibarium Launch

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In preparation for the upcoming launch of Shibarium’s mainnet, the Shiba Inu team has undergone a rebranding of the official SHIB token website and several other websites associated with the Shiba Inu project. The team is dedicated to driving the global adoption of SHIB and its related initiatives, resulting in notable progress from various aspects.

Following the disclosure of the foundational elements required to expand the SHIB ecosystem and bring Ryoshi’s vision to life, the lead developer of Shiba Inu, known as Kusama, has pleasantly surprised the ShibArmy with an exciting development.

In this latest announcement, the anonymous developer shared news of the rebranding of the official SHIB token website. Additionally, popular projects within the Shiba Inu ecosystem have also received captivating visual updates, as revealed in the Wednesday update.

“As we continue with the Summer of Shibarium, we take great pride in introducing fresh branding for and other ShibArmy websites,” expressed Kusama, encouraging community members to explore the updated appearances of these platforms.

Positive Momentum by Shiba Inu Community

The changes and updates made to all SHIB-related websites were warmly welcomed and appreciated by the Shiba Inu community, as per a Discord chat snapshot shared by Lucie, the project’s marketing specialist.

In the snapshot, which included comments from Kusama, it was revealed that additional strategic upgrades and progressive developments are planned for the Shiba Inu ecosystem in the near future.

The lead developer expressed his hope that the community is satisfied with the changes and updates, and he hinted at having more surprises in store for the Shiba Inu community. Kusama’s recent remarks build upon a previous statement made in the Bad Idea AI Telegram chat, where he mentioned that there are further upcoming developments in progress for SHIB.

Welcoming Change: SHIB Token Website Embraces a Striking Rebrand

The redesigned SHIB token website has been revamped to enhance the user experience by offering pertinent information about the fully decentralized Shiba Inu ecosystem and its prominent partners.

In contrast to its previous version, the updated website prominently showcases various key projects within the ecosystem, such as Shib the Metaverse, Shibacals, Shiba Eternity, Shibaswap, and Shibarium. Additionally, it provides convenient links for users to access these projects swiftly. Furthermore, the new SHIB token website now features the latest articles from the team.

These notable updates occurred shortly after Kusama hinted at the upcoming launch of Shibarium, a layer-2 scaling solution, expected to take place in August at the Blockchain Futuristic Conference in Toronto. With these positive developments, combined with the growing adoption of Shiba Inu and its ecosystem tokens on various exchanges, there is potential for SHIB to experience a bullish trend towards the coveted price point of $0.01.

PEPE Soars High, Investors’ Fortunes Amplify

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In the past few months, Pepe Coin (PEPE) has emerged as a strong contender in the market for meme-based cryptocurrencies. Since its debut in April, this digital asset has quickly gained widespread attention, becoming a viral sensation. Within just a month of its introduction, Pepe Coin’s market capitalization has soared into the billions, solidifying its position as a notable disrupter in the industry.

According to CoinGecko, PEPE currently ranks 72nd in terms of total crypto market capitalization. At present, it is trading at a price of $0.00000151, having experienced a 12% increase in value over the last 24 hours. However, the volatile nature of this asset has made investing in Pepe a somewhat unpredictable venture. Nonetheless, recent activity suggests a potential shift in sentiment.

The surge in investment activity surrounding the frog token indicates that investors have developed confidence in the long-term potential of meme coins. They perceive the coin’s previous success as more than mere chance or luck. While the token has been characterized by its inherent volatility, these recent developments point to a possible change in market sentiment. It will be crucial to closely monitor how this narrative unfolds.

The increased volatility of frog-based meme coin reflects the broader landscape of meme-based cryptocurrencies. As such, these recent developments may signify a shift in sentiment within the overall market. The progression of this story will undoubtedly be of great significance to observe and analyze.

Market Buzz Intensifies as Pepe’s Whales Act

According to recent data, the value of the frog-based token has experienced an upward trend, prompting a whale identified as “0xa54d” to deposit a significant amount of 3.94 trillion $PEPE (equivalent to $7 million) into Binance. This move allowed the whale to secure a profit of approximately $650,000.

Meanwhile, another whale known as “0x37df” has chosen a different strategy by continuing to accumulate 285 billion $PEPE (worth around $504,000). Currently, this whale holds a substantial sum of 890.6 billion $PEPE (equivalent to $1.56 million), with an average cost of approximately $0.0000014.

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Source

The influx of investment and the notable actions of these whales raise questions about the implications and potential outcomes of these activities. The market movements surrounding the frog token continue to capture attention, warranting close observation as further developments unfold.