Blockchain and Crypto News

Don’t miss real-time updates

Decentral Block Post

Access real-time blockchain and cryptocurrency news updates from around the globe.

Bitcoin analyst flags $32.5K launchpad zone for BTC price

Bitcoin (BTC) bulls fought for $31,000 on July 4 as a United States market closure offered the chance for volatility.

BTC/USD 1-hour chart. Source: TradingView

Bitcoin price "getting ready to rip higher"

Data from Cointelegraph Markets Pro and TradingView showed BTC price action attempting to cement overnight gains.

These topped out near $31,400 before momentum waned, leaving BTC/USD still within a narrow trading range.

Despite no new yearly highs yet, market participants were bullish on lower timeframes based on recent behavior.

Trading suite Decentrader even argued that Bitcoin was “looking bullish across virtually all time frames” on one of its proprietary trading tools.

Continue reading

HK crypto ETFs on fire, Binance warns on Maverick FOMO, Poly hack: Asia Express

Hong Kong crypto ETFs’ rise to popularity

During a June 28 interview with Hong Kong’s public broadcast agency Radio Television Hong Kong, Peishan Li, chief executive and board member of Hang Seng Investment Management, disclosed that digital asset ETFs listed in the Special Administrative Region (SAR) of China have now surpassed $12 billion Hong Kong dollars ($1.532 billion) in assets under management (AUM). Li noted:

“At present, there is no clear goal [from our firm] to create an ETF with the theme of virtual assets, but it has paid close attention to the development of related asset classes, and is examining the possibility of deploying virtual currencies in existing investment products.”

According to figures provided by Li, the total AUM of Hong Kong crypto ETFs grew by 80% compared to Dec. 2022, with a daily trading volume of $1.7 billion HKD. This represents 6% of the daily trading volume of all stocks on the Stock Exchange of Hong Kong. The SAR previously allowed the listing of crypto ETFs in July 2022, which initially struggled in traction.

Binance co-founder warns of altcoin rout

On July 2, Binance co-founder and former Chinese television host Yi He warned “please don’t trust the community’s trading signals [that] blindly chase higher prices,” noting the price of major altcoins “have fallen by 80% to 90%” in recent times. The warning came just days after the exchange listed MAV, a permissionless decentralized finance token, and offered perpetual MAV contracts at 20x leverage.

Launched in March of this year, Maverick boasts an advanced automated market maker liquidity provider network, securing a $9 million founding round in June. The protocol is backed by prominent names such as Jump Crypto, Pantera Capital, Circle, and Gemini. Since its launch, the protocol has reached nearly $55 million in total value locked.

Continue reading

Bitcoin traders torn between breakout and $28K dip as BTC price stalls

Bitcoin (BTC) lingered below $31,000 at the July 3 Wall Street open, with bulls still in need of a catalyst.

BTC/USD 1-hour chart. Source: TradingView

Bitcoin price: Sink or swim at $30,000

Data from Cointelegraph Markets Pro and TradingView showed BTC/USD acting in a tight range following the weekly close.

BTC’s price performance remained firmly sideways into the new week, punctuated only by modest attempts at attacking the $31,000 mark.

More optimistic market participants hoped that nearby resistance levels — and not only for Bitcoin — would soon fall.

“The more frequently a resistance line is tested, the weaker it becomes,” trading team Stockmoney Lizards argued.

Continue reading

Miners send millions to exchanges — 5 things to know in Bitcoin this week

Bitcoin (BTC) starts the first week of July with a sigh of relief for traders as $30,000 support holds. 

BTC price action refuses to succumb to bears after 20% gains in Q2, with weekly and monthly timeframes looking strong. What’s next?

A quiet week is expected on TradFi markets, with Wall Street gearing up for the Independence Day holiday and little in store in terms of United States macroeconomic data.

Bitcoin thus needs volatility triggers from elsewhere if bulls are to have a shot at breaching resistance in place for several months.

Views among market participants are mixed on the topic, as some believe that $32,000 and higher is easily achievable, while others consider this month the peak of Bitcoin’s 2023 recovery.

Continue reading

Bitcoin options strategy: How to trade July’s Q2 earnings

The stock market can offer valuable insights into possible Bitcoin (BTC) price movements, with a significant potential trigger expected this month.

Q2 earnings numbers due this month

Notably, Q2 earnings numbers are expected from some of the largest companies in the world in July, including:

UnitedHealth, Citigroup and JPMorgan on July 14.Bank of America and Morgan Stanley on July 18.Tesla, Google, Apple, Meta, Microsoft and Amazon before July 27.

The S&P 500 companies account for an aggregate $36.5 trillion in market capitalization, so it makes sense to expect a positive impact on Bitcoin’s price if the earnings season sustains modest growth.

In other words, investors’ appetite for risk-on assets will increase if the odds of an imminent recession are reduced.

Leverage to be avoided given the level of uncertainty

Traders calling for a global economic slowdown will have a chance to profit if those companies fail to deliver earnings growth, further adding uncertainty to the economies. Governments rely heavily on taxes from companies and consumers, so a weak earnings season represents a serious threat.

Continue reading

LTC, XMR, AAVE, and MKR turn bullish as Bitcoin stalls under $31K

Bitcoin (BTC) has been trading in a narrow range for the past few days but that doesn’t take away the sheen from its stunning 84% rally in 2023. The strong recovery in Bitcoin’s price has boosted buying in several altcoins, which have risen sharply from their yearly lows.

As the second half of the year begins, the major question on every investor’s mind is, will the rally continue? CoinGlass data shows that July has seen only three negative monthly closes since 2013 and the biggest decline was 9.69% in 2014. This suggests that bulls have a slight edge.

Crypto market data daily view. Source: Coin360

A large part of the latest leg of the rally in Bitcoin and altcoins was fuelled by hopes that the United States Securities and Exchange Commission will approve one or more applications for a spot Bitcoin exchange-traded fund. Any adverse news on this front could turn the sentiment bearish and result in a sharp sell-off.

However, for now, Bitcoin and select altcoins are showing strength. Let’s analyze the charts of the top-5 cryptocurrencies that may continue their up-move over the next few days.

Bitcoin price analysis

Bitcoin continues to trade near the stiff overhead resistance at $31,000. This suggests that the bulls are in no hurry to book profits as they anticipate another leg higher.

Continue reading

SEC calls ETF filings inadequate, Binance loses euro partner and other news: Hodler’s Digest, June 25 – July 1

Top Stories This Week

US SEC deems spot Bitcoin ETFs filings as inadequate

There may be a longer wait for a spot Bitcoin exchange-traded fund (ETF) in the United States, as the Securities and Exchange Commission labeled investment managers’ recent applications inadequate. The SEC told the Nasdaq and the Chicago Board Options Exchange that their filings are not “sufficiently clear and comprehensive.” The regulator returned the filings, citing the lack of information regarding the proposed surveillance-sharing agreement. Asset managers can still resubmit their applications.

Cathie Wood’s ARK reportedly ‘first in line’ for a spot Bitcoin ETF

ARK Investment Management is reportedly ahead of BlackRock in the race for a spot Bitcoin ETF, as it still has a previous application pending with the United States securities regulator. ARK and 21Shares filed their third application for a spot BTC ETF in April, and amended it this week to include a surveillance-sharing agreement, making it similar to BlackRock’s filing. Since BlackRock’s application on June 16, other investment firms such as Valkyrie, WisdomTree and Invesco have reapplied for spot Bitcoin ETFs.

Binance to lose support of its euro banking partner

Crypto exchange Binance informed users that its current euro banking partner, Paysafe Payment Solutions, will no longer support the exchange after September 25. Binance said it will switch to a new service provider for euro deposits and withdrawals via SEPA bank transfer, though it didn’t name which provider that would be. In recent months, Binance has been facing waves of backlash from regulators around the world, leading to a cessation of operations in various countries.

FTX has recovered $7B in assets so far, has almost $2B to go to cover misappropriations

FTX has recovered about $7 billion in liquid assets so far, and the search for additional assets is continuing, according to an interim report released June 26. The extensive commingling of funds complicates their efforts, however. The FTX Debtors, made up of FTX and affiliates, currently estimate the amount of misappropriated customer assets at $8.7 billion. Most of that money, about $6.4 billion, was in fiat and stablecoins. The former FTX leadership “did not commingle and misuse customer deposits by accident,” the report alleged.

3AC liquidators look to recoup $1.3B from founders

Teneo, the liquidator behind bankrupt hedge fund Three Arrows Capital (3AC) is seeking to recover roughly $1.3 billion in funds from its founders Su Zhu and Kyle Davies. The debt reportedly incurred when 3AC was already insolvent, adding to creditors’ losses. The company owed creditors $3.5 billion, making the founders’ potential liability more than a third of the total debt. Davies and Zhu have maintained active social media profiles, but their physical whereabouts are unknown, delaying the liquidation process. Both 3AC founders have received digital subpoenas during the bankruptcy proceedings. To date, they have not cooperated.

Continue reading

Bitcoin price has never lost more than 10% in July — Is 2023 different?

Bitcoin (BTC) gained 12% in June, but one forecast sees the good times soon fading for bulls.

In a tweet on July 1, popular trader CryptoBullet admitted that July might not offer much more BTC price upside.

Trader: BTC price rally “likely” ending this month

Despite a last-minute dive, thanks to a macro news event, Bitcoin managed to close out the month of June in a solid position.

Data from Cointelegraph Markets Pro, TradingView and CoinGlass confirms that the monthly close came in at $30,465 on Bitstamp.

BTC/USD 1-hour chart. Source: TradingView

Those levels continue to hold into the weekend, with the past month marking Bitcoin’s best June performance since 2019.

Continue reading

Bitcoin ‘overreacting’ as SEC returns ETF filings, BTC price dives 6%

Bitcoin (BTC) fell below $30,000 after the June 30 Wall Street open as markets panicked over the fate of its first spot exchange-traded funds (ETFs).

BTC/USD 1-hour chart. Source: TradingView

Bureaucratic error may explain Bitcoin ETF filing hiccup

Data from Cointelegraph Markets Pro and TradingView showed BTC price action hurtling downward, briefly reaching $29,500.

The volatility accompanied a report that United States regulator the Securities and Exchange Commission had refused applications for the first Bitcoin spot-price ETF.

Those applications had kickstarted the latest BTC price rebound, one which had taken the largest cryptocurrency to new yearly highs.

Related: Why approving a Bitcoin ETF might unleash $18B in sell-pressure

Continue reading

NFT Collector: Snoop’s NFT nostalgia, The Goose draws Gen Y to Sotheby’s 

Greg Oakford, a co-founder of NFT Fest Australia, guides you through the Web3 digital art world from a collector’s perspective. 

Turning concert merchandise and memories digital 

Snoop Dogg’s recent announcement of the Snoop Passport — an evolving concert tour collectible — is a trend I believe we’ll see get more and more traction among musicians and entertainers. 

They tap into those fan moments we’ve all had: whether it’s dusting off an old concert T-shirt, rustling through a shoe box full of ticket stubs from sporting events and concerts you’ve attended or putting your favorite musician/band poster on your bedroom walls as a kid.

All these examples create feelings of nostalgia; they take you back to a moment in time and act like the timestamps of your life. But they are fragile at best over time, and at least half of my cherished ticket stubs are dog-eared with fading ink. 

Snoop Dogg Passport Series. (Twitter)

So storing nostalgia on the blockchain in durable digital goods is just the base case for why we’re likely to see more artists after Snoop follow suit. But there are plenty of other reasons for artists and fans to get on board 

Snoop Dogg Passport Series
Continue reading

Why approving a Bitcoin ETF might unleash $18B in sell-pressure

The introduction of a spot-based Bitcoin (BTC) exchange-traded fund (ETF) would make the asset more accessible to individual investors and mutual funds. What’s more, unlike a futures-based Bitcoin ETF, a spot-based ETF involves actually buying BTC.

So, will the approval of the first Bitcoin ETF be a bullish event? Not necessarily.

GBTC ‘discount’ remains in the double digits

Over the years, the United States Securities and Exchange Commission (SEC) has rejected every Bitcoin ETF applicant, with the latest denial issued to the VanEck Bitcoin Trust on March 10, 2023.

The SEC concluded that the offer did not have a “comprehensive surveillance-sharing agreement with a regulated market of significant size related to spot Bitcoin.“ Regulators are hesitant to release what many believe would be a more equitable and transparent Bitcoin product. 

Investors now question whether the latest bids from ARK Invest and BlackRock to launch spot Bitcoin ETFs might be the solution to Grayscale’s Bitcoin Trust (GBTC), an investment vehicle with shares traded on the stock exchange.

Continue reading

Bitcoin price briefly clears $31K as monthly, quarterly close nears

Bitcoin (BTC) spiked through $31,000 on June 30 as a nearly $6 billion open interest expiry loomed.

BTC/USD 1-hour chart. Source: TradingView

Options expiry precedes day of BTC price triggers

Data from Cointelegraph Markets Pro and TradingView showed BTC/USD hitting local highs of $31,268 on Bitstamp before returning lower.

BTC price performance improved into a key quarterly options expiry event, the second largest in Bitcoin’s history, with analysts keen to see its effect on markets.

“Will be interesting to see how much is rolled over to future expirations and whether that OI is call or put dominant --> as that will impact how dealers hedge (buy or sell BTC),” financial commentator Tedtalksmacro wrote in part of associated commentary.

June 30 represents a key date for BTC traders all around, with the options expiry forming just one in a series of key events.

Continue reading

Bitcoin traders say BTC price will soon break beyond $31K yearly highs

Bitcoin (BTC) aborted a fresh attempt to reach $31,000 on June 29, while traders waited for bulls to succeed.

BTC/USD 1-hour chart. Source: TradingView

BTC price “primed to launch”

Data from Cointelegraph Markets Pro and TradingView showed BTC price action refusing to leave its short-timeframe trading range.

Now caught between $30,000 and $31,000, BTC/USD lacked impetus to continue the prior week’s uptrend or reverse downward.

For market participants, however, there was increasingly reason to believe that flipping higher resistance levels to support would come next.

“Bitcoin’s 2020 Fractal is still in play,” popular trader Jelle wrote in a Twitter update, arguing that Bitcoin was repeating its late 2020 breakout.

Continue reading

Bitcoin options: How will tomorrow's $4.7B expiry impact BTC price?

The $4.7 billion Bitcoin (BTC) monthly options expiry on June 30 might play a decisive role in determining whether the $30,000 price will consolidate as long-term support and open room for further bullish momentum.

Why is Bitcoin breaking yearly highs?

Many analysts consider Bitcoin's recent breakout above $27,000 a bet on the multiple spot Bitcoin exchange-traded fund (ETF) request applications, including those of BlackRock and ARK Invest.

The news also fueled expectations for Grayscale to be able to convert its Grayscale Bitcoin Trust (GBTC) to a Bitcoin ETF.

 $31,000 caps Bitcoin price gains for now

On the other hand, Bitcoin bears will try to take advantage of macroeconomic and regulatory headwinds, including exchanges implementing mandatory Know Your Customer (KYC) procedures.

On June 28, KuCoin announced the upcoming KYC system upgrade in a move to increase compliance with global Anti-Money Laundering regulations.

Continue reading

AI Eye: AI travel booking hilariously bad, 3 weird uses for ChatGPT, crypto plugins

Can you book flights and hotels using AI?

The short answer is… kind of, but none of the AI chatbots are reliable, so you’ll still need to do your own research at this stage.

Having recently spent hours researching flights and accommodation for a three-week trip to Japan, I decided to compare my results to Bard and ChatGPT’s suggestions.

It turns out that Bard is actually surprisingly good at finding flights. A simple request for flights from Melbourne and Tokyo on a particular day returned options with major carriers like Qantas and Japan Airlines, which is probably what many people would be after.

Bard was then able to further refine the results to “cheapest direct flight, with seat selection, a minimum 15 kilograms of luggage and a meal,” finding an Air Asia flight from Melbourne to Osaka that was cheaper than the one I’d booked to Tokyo.

Bard found a very good value flight after the search query was refined.

The AI was also pretty good at determining the seat width, pitch and recline angle for the Air Asia flight to work out if actually flying with the airline was going to be a nightmare.

AirAsia X
Continue reading

Bitcoin speculators send 35K BTC to exchanges in new ‘elation inflow’

Bitcoin (BTC) short-term holders are feeling the need to sell BTC at $30,000, data shows.

In research released on June 28, on-chain analytics firm Glassnode flagged tens of thousands of coins being sent to exchanges.

Bitcoin speculative exchange moves “intensifying”

BTC price action stalling at $30,000 is prompting a rethink when it comes to buyers who have turned a profit this month.

In particular, short-term holders (STHs) — those entities hodling funds for 155 days or less — are becoming increasingly keen sellers.

Monitoring inflows to exchange wallets, Glassnode revealed a clear spike in funds being put up for trade originating from STHs, which correspond to Bitcoin’s more speculative investor cohorts.

Continue reading

Bitcoin price clings to $30K as Fed’s Powell stresses more rate hikes

Bitcoin (BTC) staged another retest of $30,000 support on June 28 as the United States Federal Reserve stayed hawkish on inflation.

BTC/USD 1-hour chart. Source: TradingView

Powell on rate hikes: “More restriction coming”

Data from Cointelegraph Markets Pro and TradingView showed BTC price action sticking to a narrow range at the Wall Street open.

This accompanied fresh comments on economic policy from Fed Chair Jerome Powell.

Speaking during a two-day discussion with other central bank heads at the European Central Bank Forum on Central Banking 2023 in Sintra, Portugal, Powell reiterated Fed consensus for further interest rate hikes this year.

Having paused the hiking cycle, which began in late 2021, this month, Powell nonetheless stressed that there was still room for further policy tightening.

Continue reading

How smart people invest in dumb memecoins: 3-point plan for success

Back in 1984, a U.K. television advertisement for Kit Kat chocolate bars was set in a music label’s office where a keen young band played their demo for a bored music executive. Afterward, they were served the famous chocolate bars and the manager said:

“You can’t sing, you can’t play, you look awful… you’ll go far.”

This is as close as I can get to explaining the appeal of memecoins to sensible, smart and intelligent people. But don’t be fooled: Smart people are making a lot of money out of dumb memecoins — invariably at the expense of not-so-smart people without good timing.

PEPE is making memecoins great again. (Twitter)

And timing is everything in memecoins, which typically have no utility for anything except having fun and making money. So, without any fundamentals to trade on, can you still take a “smart” approach to making money by trading memecoins?

On Yavin, co-founder and head of business at Syndika, comes in with a hard “no” to that idea.

Continue reading

Ethereum price won’t see $2K anytime soon, market data suggests

The price of Ether (ETH) faced strong resistance at $1,920 after a 17.5% rally between June 15 and June 22. Several factors contributed to the limited upside, including worsening macroeconomic conditions, the regulatory cryptocurrency environment and weaker demand for decentralized applications (DApps) on the Ethereum network.

ETH price faces macroeconomic headwinds

On June 26, a federal judge denied a motion from Binance that could have stopped the United States Securities and Exchange Commission (SEC) from issuing public statements related to the case.

In addition, in its mid-year outlook, HSBC Asset Management’s report warned of an economic downturn in the U.S. in the fourth quarter, followed by a “year of contraction and a European recession in 2024”. The report also noted that “corporate defaults have started to creep up.”

Finally, International Monetary Fund chief economist Gita Gopinath told CNBC on June 27 that central bankers should “continue tightening” by keeping interest rates high for longer than expected.

Ethereum network demand, gas fees drop

Usage of DApps on the Ethereum network failed to gain momentum as gas fees dropped 60%. Notably, the seven-day average transaction cost dropped to $3.7 on June 26, down from $9 four weeks prior.

Continue reading

Bitcoin bulls grill $31K as Fidelity ETF move fuels BTC price strength

Bitcoin (BTC) challenged $31,000 again after the June 27 Wall Street open as traders hoped for upside continuation.

BTC/USD 1-hour chart. Source: TradingView

$31,000 returns amid Fidelity Bitcoin ETF rumor

Data from Cointelegraph Markets Pro and TradingView showed BTC price action edging higher after holding $30,000 support.

The start of U.S. trading saw fresh positive news as asset manager Fidelity Investments reportedly prepared a filing to launch its Bitcoin spot-based exchange-traded fund (ETF).

"First it happens slowly, then all at once," financial commentator Tedtalksmacro wrote in part of a reaction, referring to existing ETF plans from largest global asset manager BlackRock and others.

Despite not yet repeating the rapid gains seen last week, BTC/USD preserved the majority of its progress, with commentators hopeful that bulls would come through.

Continue reading