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  • Crypto Analysis 12/20: BTC, ETH, SOL, XRP, DOGE, ADA, TRX

    Crypto Analysis 12/20: BTC, ETH, SOL, XRP, DOGE, ADA, TRX

    BTC had another massive decline a few hours ago. It plunged lower after the previous day’s decline, hitting a low of $92k.

    The entire crypto market bleeds as several assets register significant losses. The global cryptocurrency market cap $3.13 trillion from $3.36 trillion earlier on Friday. Traders’ fear further declined as the fear and greed index significantly dropped.

    The sector under consideration saw a significant increase in trading volume over the last 24 hours. Price action suggests that a bulk of the volume are from investors taking profit. Exchange-traded funds registered significant losses, with outflows exceeding $732 million during the previous intraday session.

    The crypto market suffers from a flurry of negative fundamentals. One of the biggest was the interest rate cut; it was lower than expected. The feds also forecasted possible inflation in January.

    Tensions are rapidly increasing among nations as the Middle East boils over again. The Houthi rebels launched a barrage of attacks on Israel on Thursday, resulting in massive response. Russia today announced the declaration of war on its people. While many speculate the reason for such an announcement, the US president and vice hastily return to the White House.

    Crypto’s top 10 see significant losses due to the several news. Let’s examine their current state.

    BTC/USD

    The BTC/USD pair briefly dropped below a critical level due to the latest dip. Nonetheless, it rebounded and trades at $95,552. It returns above the 23% Fibonacci retracement, a vital support for the asset.

    The bulls are yet to fully recover from the selloff as the relative strength index dips lower. It dropped from 54 to 46 in three days as downhill movement enters day three. The accumulation and distribution chart shows almost equal pressure from the bulls and bears as buyback begins.

    Bollinger bands suggests an imminent surge as BTC fell below the lower SMA. A dip below this metric indicates the asset is experiencing massive selling volume. Reading from the A/D chart support claims of a possible uptick.

    The BTC/USD pair may remain stuck between the $95k and $102k channel for the rest of the week. Further dip may result in a dip to below $90k, with lows set at $85k.

    ETH/USD

    The ETH/USD pair made a full recovery from its earlier dip. It retraced from a high of $3,500 to $3,095, its lowest value since the first week of November. It currently trades at its opening price following the rebound.

    The accumulation and distribution chart point to an ongoing buyback attempt. The trial yields result as the currency pair erased all losses. RSI trends parallel, indicating equal pressure from both market players. Nonetheless, this is the first time in the last four days it halted its downtrend.

    Bollinger bands predict that a surge may follow the rebound. The ETH/USD pair broke out from the bands, dipping below its lower band. Such price move hints at the asset seeing almost peak selling pressure.

    The pair bounced off the 61% Fibonacci retracement level but trades closer to the 38% Fib at the time of writing. The 50% level remains one of the toughest levels and ETH may rebound off this mark again in the event of another dip. Nonetheless, it may range between $3,2250 and $3,700 before a breakout.

    SOL/USD

    The SOL/USD pair retraced to its lowest valuation since Nov. 6. It dropped to a low of $175 a few hours ago before rebounding. The downtrend enters day three, and the pair sank lower as the relative strength index nears the sub-30s.

    The pair has been on the decline for most of December. Nonetheless, it edged closer to the 78% fib level before rebounding. RSI shows huge of possible declines below it. The accumulation and distribution chart shows ongoing buyback, and prices react accordingly.

    Losing the 78% level may result in the pair slipping below $160. The Bollinger bands suggest an imminent surge as SOL fell below the lower SMA.

    XRP/USD

    The bollinger bands are closing in, indicating that the XRP/USD pair is less volatile than it previously did. Nonetheless, it dropped below the lower band earlier on Friday, briefly losing its $2 status after hitting a low of $1.95. Its rebound shows an ongoing buyback and bulls gearing up for a possible uptrend. This coincides with the assertion that a slip below the bollinger band will result in trajectory change.

    The pair consolidated for most of December. Nonetheless, it edged closer to the 50% fib level before rebounding. RSI shows a huge possibility of declines below it. The accumulation and distribution chart shows ongoing buyback, and prices react accordingly.

  • Aptos Co-Founder and CEO Mo Shaikh Resigns to Begin a New Chapter

    Aptos Co-Founder and CEO Mo Shaikh Resigns to Begin a New Chapter

    Mohammad Shaikh, co-founder and CEO of layer-1 blockchain Aptos Labs, has announced his resignation from the top position. This development makes Avery Ching, co-founder and chief technology officer, assume the CEO role.

    Shaikh co-founded Aptos with Ching in 2021. The project aims to create a scalable, secure, and developer-friendly blockchain infrastructure and unlock the potential of decentralized systems for mainstream adoption.

    Shaikh Expresses Gratitude

    During Shaikh’s tenure, Aptos successfully launched its mainnet in October 2022, onboarded developers, and secured partnerships with major players in both the Web3 and traditional tech industries. Ching also assisted in raising approximately $400 million for the firm. The outgoing CEO also expressed his confidence in his team about the firm’s future.

    “Today, I am stepping away from Aptos Labs to start a new chapter. One of my true passions lies in building companies from the ground up and we have done that at Aptos Labs by building a world-class team. I leave Aptos Labs with the utmost confidence in the team, and strongly believe the talent and drive of Aptos Labs will bring our collective vision to life in the near future. Avery will be stepping in as the Aptos Lab’s CEO to drive the company into its next phase of growth,” Shaikh said.

    He further thanked entities like BlackRock, Franklin Templeton, Mastercard, Google, Microsoft, NBCU, BCG, and leading companies across South Korea, Japan, and beyond for their support and partnership.

    Ching Promises Great Leadership

    On December 19, Aptos Labs expressed its enthusiasm in a statement, highlighting that its focus is “sharper than ever.” The company anticipates delivering groundbreaking technical innovations in 2025 to drive ecosystem growth under Ching’s leadership as CEO.

    Ching also noted that Aptos plans to expand its builders’ community to India, Vietnam, South Korea, Japan, and China.

    The Aptos blockchain is a layer-1 proof-of-stake network built to prioritize scalability, security, and fast transaction processing. Its main competitors include Ethereum, Solana, and Sui.

    Crypto Market Experiences Drawbacks

    Meanwhile, Shaikh departs as the crypto industry faces fluctuating market conditions. The leading crypto asset, BTC, has declined from its all-time high of more than $108,000 to over $92,400, down 9.58% over the last 24 hours. This market downturn has caused a massive liquidation in the previous 24 hours.

  • Bitcoin Dip-Buying Sentiment Hits 8-Month High as Price Drops to $93K

    Bitcoin Dip-Buying Sentiment Hits 8-Month High as Price Drops to $93K

    Bitcoin’s (BTC) price has plunged sharply, hitting over $93,000 in a sudden and dramatic decline. The dip has also fueled a surge in investor optimism. The crypto asset’s pullback marks its third consecutive day of losses as macroeconomic influences and profit-taking weigh on the market.

    The Crypto Market Bleeds Red

    The asset’s downturn intensified on December 19, 2024, after Federal Reserve officials indicated a more gradual approach to lowering interest rates in 2025.

    At the time of writing, BTC was changing hands at $94,076, reflecting an 8.12% decline over the past 24 hours. The asset has been trading steadily around the $100,000 price mark since it surpassed the mark for several weeks and experienced a sudden correction.

    Despite the bearish movement, the dip was met with an overwhelming response from retail and institutional investors, as bitcoin lovers spent heavily on purchasing the asset. For instance, Florida-based Bitcoin mining firm Hut 8 announced its purchase of 990 bitcoins for $100 million. The investment was executed at an average price of $101,710, bringing its total Bitcoin reserve to 10,096 BTC, currently valued at over $1 billion.

    The company claimed the latest purchase is part of its broader capital strategy to optimize its balance sheet performance and funding growth initiatives.

    “Buying the Deep” Sentiment Hits 8-Months High

    As bitcoin’s price dropped below $95,000, social media conversations about “buying the dip” rose significantly. Data from market intelligence provider Santiment revealed that mentions of the phrase hit an eight-month high.

    Interestingly, this pattern mirrors past phases of increased investor optimism, such as the notable sell-off in August. Since then, bitcoin’s capitalization has steadily recovered by 81%.

    A 3.30% Increase

    According to blockchain analytics firm IntoTheBlock, BTC ownership trends have significantly changed. Over the past week, holdings by large investors grew by 3.30%, indicating increased accumulation during the price dip. 

    The 30-day metric, however, showed a 95.02% drop, likely due to profit-taking during BTC’s recent peak. Despite these short-term shifts, a 136.17% increase in 90-day ownership highlighted strong buying interest over the longer horizon. 

    Also, outflows from aggregated exchanges have risen alongside growing holdings, indicating that investors are increasingly moving BTC to private wallets. These spikes in outflow volumes have consistently coincided with recent price declines.

  • It’s Never Late to Buy Bitcoin, Says Robert Kiyosaki As Market Bleeds

    It’s Never Late to Buy Bitcoin, Says Robert Kiyosaki As Market Bleeds

    Despite the recent downturn in the crypto market, businessman and author Robert Kiyosaki has reaffirmed his optimistic outlook on Bitcoin. In a recent tweet, Kiyosaki said it’s never “too late to buy Bitcoin.” He further expressed his confidence in the digital asset’s long-term potential.

    Kiyosaki Expresses Bitcoin Optimism

    Kiyosaki’s comment comes as the crypto market is experiencing significant volatility. Many investors are selling off their holdings in response to economic uncertainty. However, Kiyosaki remains undeterred, advising his followers to leverage the current market dip by investing in Bitcoin.

    The famous author of “Rich Dad Poor Dad” has long advocated investing in assets not tied to traditional fiat currencies. He has consistently cited the benefits of investing in gold, silver, and Bitcoin, citing their potential to hedge against inflation and economic uncertainty.

    Other market metrics support Kiyosaki’s perspective. According to Santiment’s analysis, now may be a strategic time to invest in Bitcoin. The 30-day Market Value to Realized Value (MVRV) ratio has dropped to its lowest level since October 10, indicating a market correction.

    With the average returns for actively trading wallets declining, many traders are experiencing losses, which could signal a buying opportunity for investors. However, While this analysis suggests a potential buying zone, it does not confirm that Bitcoin has reached a local bottom, making it a good time for investors to utilize a dollar-cost averaging (DCA) strategy.

    Why Crypto Market Is Bleeding

    According to CryptoQuant data, the combination of bearish sentiment among United States traders, low buying pressure, and a lack of inflows into crypto has created a storm driving the market’s bleed since the Federal Reserve’s recent 25 basis-point rate cut.

    Some experts believe the rate cut’s limited scope may indicate the Fed’s caution about the economy’s health. The announcement of potential inflation next year further reinforces this notion, suggesting that the Fed is not yet confident enough to implement a more aggressive monetary policy.

    The upcoming holiday season is another contributing factor to the ongoing decline in the crypto market. Historically, December has consistently seen significant decreases in the market, as traders and investors tend to take profits and liquidate their positions to fund their holiday expenses.

    Meanwhile, as investors sell off their holdings, the market will likely remain bearish until the new year, when trading activity is expected to increase.

  • Craig Wright to Serve a Year in Prison for Claiming to be Satoshi

    Craig Wright to Serve a Year in Prison for Claiming to be Satoshi

    The Australian computer scientist Craig Wright, who falsely claimed to be the founder of Bitcoin, has been sentenced to 12 months in prison and suspended for two years. The verdict served by a British Judge was mainly for contempt of court after breaching a High Court order.

    The one-year suspended sentence serves as a warning, allowing Wright to rehabilitate and avoid imprisonment if he complies with the conditions.

    Wright Bags One-Year Prison Sentence

    Earlier this year, Wright lost a legal battle against the Crypto Open Patent Alliance (COPA), a non-profit group that includes crypto firms. The lawsuit argued that the computer scientist falsely claimed to be Satoshi Nakamoto, the pseudonymous creator of Bitcoin. The court barred the accused from launching further legal action related to Bitcoin.

    However, in October, Wright issued another Bitcoin-related claim worth over $1.1 trillion. The court deemed his latest act unremorseful and a flagrant breach of the first court order, a “contempt of court” offense.

    In response, the court threw out Wright’s latest legal claim and ordered him to pay around $181,530 of COPA’s legal costs. His refusal to attend the hearing and subsequent claim that he couldn’t afford to travel to the UK was seen as an attempt to avoid accountability.

    Wright May Face More Penalties

    The court also found Wright guilty of “forgery on an industrial scale.” The Crown Prosecution Service is yet to decide whether to bring criminal charges against him for the hundreds of forged documents related to the case.

    The Bitcoin community has condemned Wright’s actions, with many seeing his claims as an attempt to discredit the crypto and its developers. Notably, the crypto’s original white paper, “Bitcoin: A Peer-to-Peer Electronic Cash System,” was released in 2008 and authored under Satoshi’s name, not Wright’s.

    The prison sentence is a blow to Wright’s reputation, and he will likely face further consequences for his actions.

    Not the First Crypto-Related Sentencing

    Several other figures in the crypto industry have also faced prison sentences for various offenses. One example is Ross Ulbricht, the founder of the Silk Road darknet marketplace, who was sentenced to life in prison in 2015 for money laundering and computer hacking.

    Sam Bankman-Fried, the founder of the bankrupt crypto exchange FTX, pleaded not guilty to the charges. He was later found guilty, sentenced to 8 years in prison, and ordered to forfeit $2.2 billion. He now shares a prison cell with American hip-hop music producer Sean Combs, also known as Diddy.

  • El Salvador Buys $1 Million BTC Amid Price Crash

    El Salvador Buys $1 Million BTC Amid Price Crash

    Following Thursday’s sharp crypto market crash, the Central American country El Salvador went bitcoin (BTC) shopping again. With BTC plummeting to $96,000, the government acquired about 11 BTC for $1 million. According to reports, since El Salvador adopted a strategic bitcoin reserve, it has acquired approximately 6000 BTC and is looking for opportunities to purchase more crypto to boost its stash.

    $1 Million Purchase

    While many crypto investors cashed out their profits and others sold off their holdings in fear of the price crash, El Salvador seized the opportunity to purchase more, solidifying its position as the world’s first country to adopt BTC as its primary reserve asset.

    The International Monetary Fund (IMF) criticized the adoption of a bitcoin reserve in 2021, stating that the volatility of the crypto market poses a risk to the economy. Recently, the IMF agreed to contribute $1.4 billion over the next 40 months to help reduce the country’s debt-to-GDP percentage. In return, the government will improve the country’s fiscal policies, including the BTC policy.

    Notably, El Salvador has not opted to stop purchasing crypto. The country announced on Thursday that it will continue to buy BTC and expand its national Bitcoin portfolio, displaying commitment and confidence in the crypto despite wavering market conditions.

    El Salvador Reap Bitcoin Profits

    Notably, after concluding its last purchase, the country now holds 5,980 BTC, valued at over $568 million at the bitcoin spot price of $95,000 at press time.

    According to famous American broadcaster Max Keiser, El Salvador has achieved solid economic stability with a 1% inflation rate and is living America’s dream through its bitcoin reserve strategy.

    Other countries, including the United States, have indicated interest in adopting a strategic bitcoin reserve. Throughout his campaign, U.S. President-elect Donald Trump pronounced support for crypto and plans to make America the world’s capital of bitcoin if he steps in next month. He won the support of the crypto community as they look forward to a crypto-friendly America under his administration.

    Meanwhile, many investors in the U.S. have gained access to crypto via the spot Bitcoin and Ether exchange-traded funds (ETF) approved earlier this year.

  • Crypto Market Loses Over $1 Billion in Long Leverage Positions

    Crypto Market Loses Over $1 Billion in Long Leverage Positions

    The crypto market experienced a massive price drop on Thursday, leading to the loss of about $1.08 billion from long leverage positions. The price drop occurred about 24 hours after Jerome Powell, Chair of the U.S. Federal Reserve, delivered an unfavorable speech to the crypto community.

    The crypto market has been on the bullish side since November. So, about 3500,000 traders who had opened long positions in the drive of the uptrend have been affected by the unexpected price plummet.

    $1.08B Down the Drain

    According to Coinglass, an on-chain liquidation tracker, the most significant single liquidation order was an ETHUSDT order on the Binance exchange, valued at $15.80 million. Ethereum (ETH) dropped by over 10% to reach $3,350.

    The sharp price drop also affected the world’s leading cryptocurrency, bitcoin (BTC), which crashed by over 6%, moving below the $96,000 mark for the first time in ten days. BTC long traders lost over $200 million, about 20% of the massive loss day. At press time, the apex coin has settled at $96,800, gearing up for a price recovery.

    Notably, Dogecoin traders were also massively affected. It ranked third, recording a $50 million loss, while Solana (SOL) and Ripple (XRP) long traders lost $34 and $31 million, respectively.

    Investors Buy the Dip

    Despite the price tumble, many institutional investors have shown confidence in the crypto market by purchasing BTC at a cheaper rate, expecting a price rebound in the coming days.

    On the day of the price drop, Florida-based Bitcoin mining firm Hut 8 announced a purchase of  990 bitcoins for $100 million, acquired at an average price of $101,710. This brought its total holdings to 10,096 BTC. Similarly, MARA Holdings spent $1.53 billion to acquire 15,574 BTC at an average price of $98,529 per bitcoin. It now holds 44,394 bitcoins.

    Additionally, many investors have ventured into the market by acquiring crypto exchange-traded funds (ETFs). Since last month, the funds have been on a 14-day inflow streak.

    Meanwhile, famous American author Robert Kiyosaki predicted that BTC would crash to $60,000 before a massive pump in 2025.

  • El Salvador to Continue Buying BTC, Says to Expand Bitcoin Reserve

    El Salvador to Continue Buying BTC, Says to Expand Bitcoin Reserve

    El Salvador, the first country to adopt Bitcoin as legal tender, has announced plans to continue purchasing bitcoin (BTC) and expand its national Bitcoin reserve. The decision represents the Central American country’s commitment to integrating crypto into its financial ecosystem despite the volatility that has characterized the crypto market.

    The announcement comes after the country secured a $3.3 billion International Monetary Fund (IMF) Loan. The funds will support public finances, support social programs, and stimulate economic growth. In return, the government has agreed to implement fiscal reforms, including the voluntary BTC policy.

    El Salvador Stacking BTC & Bitcoin Reserves

    Over the years, El Salvador has become known for its dedication to acquiring BTC. The Central American country started purchasing in 2021, paving the way for other countries, states, and institutions to emulate.

    El Salvador also recently announced that it would begin purchasing 1 BTC per day, possibly at an accelerated pace, for its strategic reserve. Despite the risk associated with bitcoin price volatility, the country currently owns 5,968.8 bitcoins, valued at approximately $602 million.

    In line with BTC reserves, 2024 has been a roller coaster, with institutions establishing their BTC reserves. On November 15, 2024, the House of Representatives of Pennsylvania, the fifth-most populous state in the United States, made a strategic move to support crypto adoption by passing a law to add bitcoin to the state balance sheet as a reserve asset.  The bill aimed to establish a strategic Bitcoin reserve, potentially boosting America’s standing as a crypto hub.

    An Ohio lawmaker also recently introduced a bill that could position the state to embrace BTC. The proposed legislation seeks to establish a state Bitcoin reserve, allowing Ohio to purchase and hold bitcoin as part of its financial assets.

    The lawmaker noted the creation of a framework for the state to acquire, hold, and potentially utilize BTC in various capacities, including as a hedge against inflation and a tool for diversifying state financial reserves.

    No To Bitcoin Reserves

    With states turning to create a Bitcoin reserve, not everyone agrees with the move. Former United States Treasury Secretary Lawrence Summers criticized President-elect Donald Trump’s proposal for a strategic Bitcoin reserve, calling it “crazy.” He accused the move of being a strategy designed to appease his crypto campaign donors.

    Also, Avik Roy, president of the Foundation for Research on Equal Opportunity, stated at a crypto summit last month that Bitcoin’s potential benefits are being “overhyped.”

    Saylor Supports Bitcoin

    As such, to help clear some doubts, popular American entrepreneur and Bitcoin champion Michael Saylor said Bitcoin is an economy, not a Ponzi scheme. The executive expressed his confidence in the crypto and defended it from opposing opinions.

    Additionally, he stated that his Bitcoin purchases are unlimited. His company will keep buying BTC forever, no matter the price, because he believes every day is a good opportunity to acquire the crypto asset.

  • MARA Holdings Buys 15,574 BTC for $1.53 Billion

    MARA Holdings Buys 15,574 BTC for $1.53 Billion

    Famous American Bitcoin (BTC) miner MARA  Holdings has gone BTC shopping again for the second time in Q4 2024. On Thursday, the firm revealed via an X post that it has topped up its bitcoin stash by 15,574 units and now holds 44,394 BTC, 0.21% of the total fixed bitcoin supply.

    Since MARA is a miner, it does not acquire all of its BTC from the market, making it a tedious task to calculate its average purchase price. Meanwhile, MARA purchased its last BTC at approximately $98,529 per bitcoin.

    $1.53B BTC Achieved

    As the miner revealed, it spent about $1.53 billion from the $1.925 billion it raised from 0% convertible notes offering in November and December to fund its just-announced bitcoin purchase. It spent about $263 million to repurchase the aggregate principal amount of its existing convertible notes due 2026 and plans to use the remaining note proceeds to acquire more bitcoins.

    Following the acquisition, the miner holds about $4.52 billion in BTC, based on the bitcoin spot price of $102,000 at press time. MARA strategic bitcoin reserve has proved profitable, achieving a BTC Yield of 22.5% QTD and 60.9% YTD.

    MARA Maintains Top Spot

    Notably, MARA is the first miner to publicize its Bitcoin reserve strategy. Since then, it has periodically purchased the crypto from the open market, setting the pace for others to follow in its footsteps while hodling their mined bitcoins.

    Others on the list include Riot Platforms, which raised about $500 million from convertible notes to purchase BTC last week, and Hut 8, which announced its first purchase today. Both miners hold 17,429 and 10,096 bitcoins, respectively.

    Meanwhile, MARA Holdings ranks second on the list of institutional bitcoin holders as American business intelligence firm MicroStrategy sits at the top of the table with its massive 439,000 BTC holdings.

  • Human Rights Foundation Boosts Bitcoin Development with 7 BTC Donation

    Human Rights Foundation Boosts Bitcoin Development with 7 BTC Donation

    The Human Rights Foundation (HRF) has donated 700,000,000 sats, equivalent to about seven bitcoins (BTC) worth $707,000, to support projects worldwide that focus on technical education for individuals under authoritarian rule, supporting independent media outlets, decentralizing mining operations, and providing human rights groups with private financial solutions.

    As a non-governmental organization (NGO), the HRF uses crypto donations to empower communities and promote financial freedom.

    20 Companies Globally

    According to a recent report, the HRF plans to distribute its donation among 20 projects worldwide to ensure that the funds reach the areas where they are needed most. While the organization does not reveal how the donated BTC will be distributed, it notes that the major regions of attention are Africa, Asia, and Latin America.

    Some projects that’ll benefit from the BTC donation include Stratum V2 Reference Implementation (SRI), an open-source software that enables nodes to create block templates, and Brink, an NGO aimed at advancing the Bitcoin protocol through research development and education. Unify, a Payjoin-enabled wallet that boosts Bitcoin transaction privacy, and 17 others are on the list.

    Remarkably, this is just one of the many times the HRF has donated BTC to support projects. Earlier in Q2 2024, it donated 10 BTC (1 billion sats) to support 13 projects globally.

    To facilitate its BTC donations, the NGO has established the HRF Bitcoin Development Fund as an initiative to support the development of the Bitcoin network and ecosystem.

    Corporate Bitcoin Adoption Soars

    Notably, the HRF holds more BTC on its bag, accepts donations from interested donors, and accepts applications for grant support from different firms worldwide.

    Other institutions across various continents also hold BTC in their bags, adopting it as their primary reserve asset as a wedge against fiat inflation.

    Firms like American, MicroStrategy, which holds 439 000 BTC, and Japanese Metaplanet are on the list, as they foresee a better future for the crypto ecosystem in coming years.

    Meanwhile, a few Bitcoin miners, such as MARA Holdings, Riot, and Hut 8, have also made Bitcoin their primary reserve asset.