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⚡️Daily analysis of the cryptocurrency market from open and closed sources. @Disclaimer_information @PaidPromotion_only @Insider_Private Channel owner:- @MrBybit
It's going to be a volatile day.
The next decent green candle people will rush to buy/long the dip. Then some of it will retrace and see them close the same positions again.
It will go back and forth for a while, especially with FOMC coming up today.
Good luck out there 🫡
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#CryptoMichNL
#Bitcoin is at the end of the correction.
It's already down 20% from the highs and we'll have some more downside to happen from here.
If the correction continues, then I think the green zones between $56-58K are essential to watch.
#Altcoins to bounce before.
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I forgot to add 2 things:
Today is FOMC and it will be an important one.
And also the Bitfinex whale added 900 BTC today to his long, which is 2x the daily issuance rate of the miners.
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According to SoSoValue, total net outflows from Bitcoin spot ETFs yesterday, April 30, were as high as $162 million. GrayscaleETF GBTC had a single-day net outflow of US$93.2277 million, and the current historical net outflow of GBTC is US$17.303 billion. The total net asset value of Bitcoin spot ETF is US$49.413 billion, falling below US$50 billion.
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🔓 Top 7 Token Unlocks of the Upcoming Week:
🔹dYdX - $70.40M
🔹Galxe - $39.03M
🔹Portal - $27.26M
🔹Orbler - $15.11M
🔹Biconomy - $13.77M
🔹Nym - $12.42M
🔹Zeus Network - $11.82M
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#Ethereum is Pumping 🚀🚀
Pump Reason:👇
Franklin Templeton lists #EthereumETF on DTCC.
Last time, we saw a similar listing happening with #BitcoinETF before approval 👀
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#CryptoMichNL
#Bitcoin halving has passed, what's next for #Altcoins?
The biggest event for Bitcoin has passed. Two events. The Spot ETF and the halving.
Altcoins have dropped by more than sixty percent in three months time.
What's next?
It's time to discuss some important topics.
First of all: the markets are not in a bear market, but it depends on the narrative that you're looking at the markets.
If you're looking at USD values, then you can conclude that the markets aren't in a bear market as we've been running up substantially.
However, when you're changing your base narrative, and you adjust to BTC as your base currency, then it's Christmas as everything is so heavily undervalued and generate massive returns for you.
Why is that and what do I mean by having low valuations?
1️⃣ - If your narrative is based on BTC valuations, then you can automatically conclude that we're still in the longest bear market for altcoins. This also translates towards the current sentiment, which is still super bad as retail isn't interested. As an example; Chainlink has been in a bear market for 3.5 years. Ethereum has been in a bear market for 2.5 years.
2️⃣ - BTC valuations are more important than USD valuations, as they provide a clearer picture. For instance; Chainlink has been going up from $6 to $12, but if Bitcoin ran up from $25,000 to $70,000, you would have been better off by holding Bitcoin in that period, as that generates a higher ROI.
In that aspect, we've just witnessed two big events and, slowly, but surely, you can see that the rotation has started towards altcoins.
I'll discuss some important topics for this.
- First of all, the Bitcoin Spot ETF hype has gone away, it has been taking the spotlight, but it has ultimately had its spotlight and it vanished away, however, the liquidity will still be provided through the ETF in the upcoming years.
- Secondly, the Bitcoin halving has finished, which is usually the biggest event in the history of Bitcoin, after which the spotlight starts to go away towards altcoins. You might say that it's not happening, but actually, as ETH is breaking through 0.05 BTC and hit the highest price level in 3 weeks, it means that the interest is shifting away.
Through this, a final argument is that I think this cycle is going to last longer than the previous cycle for multiple reasons.
- More liquidity is needed to get the markets going. The higher we go, the larger the market capitalization, the heavier the liquidity needed to make the markets go up or down. In that aspect, volatility is likely going away slowly but surely, but this also means that Bitcoin is likely going into a longer cycle.
- Additionally, bear markets tend to be longer than previous cycles, through which it's likely to expect that bull markets are going to be longer too. In 2016/2017 Ethereum has been in a bear market for 9 months, bull was 7 months after. After that, 2 year bear market, 2 year bull market. Right now: almost 3 years bear market and likely 3 or more bull years to come afterwards. Narratives are getting larger, so a heavier impact is on the horizon.
Now, what does that mean? Well, if you're looking at the BTC valuations of altcoins, then we're getting a discount of 70% on these since January. The sentiment is on the ground, through which this is the period where you want to step into those altcoins, especially when Ethereum starts to reverse and is likely going to have a very positive month in May.
Buy those altcoins and hold them. You'll be fine.
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#BTC_Update 1W
Last night yet another US bank collapsed and was seized by regulators.
In March 2023 Silicon Vally Bank, Signature Bank, and First Republic collapsed.
#Bitcoin rallied +58% after the initial sell-off, as investors realised the value of a zero counter-party risk store of value when systemic risk was high.
Here we are again.
BULLISH! 🔥
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Despite a recent slowdown, the stablecoin market cap still sits above $150 billion.
With liquidity injections and new stablecoins in play, this trend could keep the $BTC rally going strong.
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#BTC_Update 12H
Bitcoin is creating a MASSIVE FALLING WEDGE!🔥
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Forbes lists 20 "zombie tokens" with a market value of more than $1 billion, including: XRP, ADA, BCH, LTC, ICP, ETC, XLM, STX, KAS, THETA, FTM, XMR, AR, ALGO, FLOW, EGLD, BSV, MINA, XTZ, EOS. For example, XRP has a market capitalization of $36 billion, and XRP network transaction fees last year were only $583k. — link
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#BTC_Update 1D
Doesn't often retest its Daily 200MA/EMA during a bull cycle. Yet, when it does, it tends to be a great buying opportunity in the long term.
So while I'm now counting on us hitting this in the nearby future, I will surely be bidding it on the off chance it does come.
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#BTC_Update Liquidation Heatmap 🔥
Some pretty thick clusters at $63.3K & $65.1K.
Keep an eye out for those as both could make for a snowball effect to hit the other clusters in the same direction as well.
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"Since we desire privacy, we must ensure that each party to a transaction have knowledge only of that which is directly necessary for that transaction. Since any information can be spoken of, we must ensure that we reveal as little as possible. In most cases personal identity is not salient. When I purchase a magazine at a store and hand cash to the clerk, there is no need to know who I am. When I ask my electronic mail provider to send and receive messages, my provider need not know to whom I am speaking or what I am saying or what others are saying to me; my provider only need know how to get the message there and how much I owe them in fees. When my identity is revealed by the underlying mechanism of the transaction, I have no privacy. I cannot here selectively reveal myself; I must always reveal myself.
Therefore, privacy in an open society requires anonymous transaction systems. Until now, cash has been the primary such system. An anonymous transaction system is not a secret transaction system. An anonymous system empowers individuals to reveal their identity when desired and only when desired; this is the essence of privacy.
Privacy in an open society also requires cryptography. If I say something, I want it heard only by those for whom I intend it. If the content of my speech is available to the world, I have no privacy. To encrypt is to indicate the desire for privacy, and to encrypt with weak cryptography is to indicate not too much desire for privacy. Furthermore, to reveal one's identity with assurance when the default is anonymity requires the cryptographic signature.
We cannot expect governments, corporations, or other large, faceless organizations to grant us privacy out of their beneficence. It is to their advantage to speak of us, and we should expect that they will speak. To try to prevent their speech is to fight against the realities of information. Information does not just want to be free, it longs to be free. Information expands to fill the available storage space. Information is Rumor's younger, stronger cousin; Information is fleeter of foot, has more eyes, knows more, and understands less than Rumor.
We must defend our own privacy if we expect to have any. We must come together and create systems which allow anonymous transactions to take place. People have been defending their own privacy for centuries with whispers, darkness, envelopes, closed doors, secret handshakes, and couriers. The technologies of the past did not allow for strong privacy, but electronic technologies do."
A Cypherpunk's Manifesto
Eric Hughes
9 March 1993
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🔡🔡🔡🔡
🇺🇸 SEC files a lawsuit against #Bitcoin ⛏ miner Geosyn Mining, accusing the company of defrauding its customers of 💵 $5.6M by lying about the number of ASICs it operated and using investors' money for personal expenses.
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#Liquidations 🩸
⚠️ Never invest more than what you can afford to lose.
⚠️ Don't try to make quick money.
⚠️ High Leverage does not give you more money
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#Liquidations 🩸
It must be acknowledged that the bulls have had a tough time over the last 1.5 months, with the volume of long position liquidations approaching $2 billion.
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CNN: JPMorgan and Goldman Sachs expect the first cut in July, while Wells Fargo is betting on September. Bank of America doesn’t expect the first cut until December. Some Fed policymakers, meanwhile, have even floated the possibility of a rate hike, instead of a cut. — link
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💸😃😗😳😔
CZ IS SENTENCED TO 4 MONTHS
IN PRISON BY U.S COURT.
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#DaanCrypto
Dominance by #Altcoins exluding #Bitcoin and the top 10 by market cap.
I posted this fractal last year. It has been playing out mostly the same in terms of timeframe, we'd be around the white circle now.
Anyone's guess what this does in the short term.
Expecting higher HTF.
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In the last 3 days we have seen more than $421,800,000 net outflow on the spot #Bitcoin ETF
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The #Bitcoin funding rates are making me feel so bullish.
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#XForceGlobal
#BTC_Update Triangle Variation
I am also tracking the triangle possibility of our wave Y. Triangle could be a normal contracting variation or a running variation depending on how we develop our 3-waves.
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💸😃😗😳😔
FRANKLIN TEMPLETON ETHEREUM SPOT ETF HAS BEEN ADDED ON DTCC ETF LIST
THE DEADLINE FOR ETH ETF APPROVAL IS IN MAY
SOMETHING SIMILAR HAPPENED WITH BLACKROCK BITCOIN ETF TOO BEFORE IT GOT APPROVED
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Taiwan has filed a new round of charges against David Pan, founder of crypto exchange ACE, and 31 other suspects for alleged money laundering and fraud, recommending a minimum 20-year prison sentence for the four main suspects. Prosecutors estimate that more than 1,200 people were defrauded of an estimated $24.56 million. — link
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According to SoSoValue, the total net outflow of Bitcoin spot ETF yesterday, April 26, was US$83.6147 million. Grayscale ETF GBTC had a single-day outflow of US$82.4197 million, and the current historical net outflow of GBTC is US$17.185 billion.
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🔡🔡🔡🔡
🇭🇰Hong Kong #Bitcoin ETFs launching in 4days.
Chinese investors with Hong Kong residence permits will be allowed to buy shares in these Bitcoin ETFs.
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🔡🔡🔡🔡
🇺🇸 Senator Elizabeth Warren sends a letter to the DoJ and DHS asking for an investigation into the "use of cryptocurrency in the illegal trade of child sexual abuse material" 👀
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🇺🇸 March PCE inflation, the Fed's preferred inflation measure, RISES to 2.7%, above expectations of 2.6%.
Core PCE inflation was 2.8%, above expectations of 2.6%.
We now CPI, PPI and PCE inflation RISING for 2 straight months.
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#ETH_Update
Over $510 million worth of #Ethereum long positions are at risk of liquidation if the market sees a repeat of last weekend’s volatility.
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