Ethereum

Apple soars, Bitcoin and Ethereum fall: Tuesday’s market trends

Published

5 months ago

11 June, 2024

Apple soars, Bitcoin and Ethereum fall: Tuesday's market trends

Yahoo Finance Jared Blikre joins Asking for a Trend to break down Tuesday’s market trends.

Apple (AAPL) reached a new all-time high, up around 7% during the day. Blikre notes that the likelihood of this move being a false breakout is an unlikely, high-risk scenario.

Inventory volume across the market has fallen recently. Although volume is currently below average, Blikre believes it will normalize over the summer.

Finally, bitcoin (BTC-USD) and Ethereum (ETH-USD) are experiencing their worst day in five weeks, which they also hope to normalize over the coming months.

For more expert insights and the latest market action, click here to watch this full episode of Asking for a Trend.

This article was written by Mélanie Riehl

Video transcription

And the S and P 500 NASDAQ closes at a new high as Apple S hits record high here with more takeaways from the trading day.

Let’s jump straight to Yahoo.

Jared Blicker of Finance.

Jared.

Thanks, Josh.

Guess what?

I’m going to call it a comeback because Apple hasn’t been going anywhere for years.

You can see it’s up 7% today, the best day in several years.

This is what it looks like today.

I’ll show you the last two years and you’ll see what I mean by this breakout.

Uh we weren’t going anywhere uh for quite a long time here and only recently uh we can see it over the last five years, which includes the whole pandemic.

In fact, there was a lot of secondary action here.

So we’ve reached new nominal highs, but now we’re finally revealing what’s interesting about it.

And uh by the way, let me just show you our takeaway board, uh nicely prepared for us.

It’s Apple that reaches a new all-time high, but I did a study and so I took a signal day like today.

So if you have an apple that gains 3% and hits a new high.

I calculated that this has happened 15 times in the last 20 years and we only allow one signal per quarter.

What’s important is what happens afterward.

So, a day later, up 4/10 of a percent, only four times out of 10 is positive.

But you start looking at a week, a month, a quarter, a year later, up to 88%.

These are very good stats, even for a stock that is mostly up, because there are long periods of breakouts and it eventually goes up.

What is the risk here for this?

Because we’re looking at average gains of around 30% over the next year.

It’s the V that’s going to look at this in a second here.

But what I want to show you is this Apple graphic again.

So we’re looking at five years here.

The risk is that this is a false breakout and that we immediately go back down in the coming days and then go back down even further.

The story continues

But that’s the Iris scenario, but it’s a low probability.

That’s not what I think is going to happen.

And so for the market, Jared, what’s more important to remember when you know, a name like Apple is starting to work like that again.

Yeah.

So we’ve been talking about this NVIDIA story, which is the AI story, for a very long time.

Apple has sort of been left behind and you can see that in the year-to-date totals.

Even Apple pretty much breaks even to start the day for the entire year.

NVIDIA up 144%.

NVIDIA got all the action.

NVIDIA may be a little tired here.

So it would be entirely fitting if another major title could carry the AI banner for a while.

Um, Apple is still a leader in the stock market over the last 10 years.

So it’s probably comfortable for a lot of people to see him in the lead again.

Um, I see that as a big positive for the market.

All right, Jared Blu point number two.

Yes, we are facing market complacency.

So let me move on here.

Apple has reached an all-time high, but inventory volume has fallen recently.

Let me give you some statistics.

So I’m looking at uh spy volume spy, it’s uh, I’m tracking the S and P 500 spider ETF which is kind of an indicator of the market as a whole.

I recently saw the lowest amount of spying in years and sometimes what happens in the summer is good.

In May, June comes, you see a little volume flag, but it’s extreme.

I don’t mean extreme, but I mean more than average.

We are therefore seeing a volume below average.

What this reminds me of is, a few summers ago in 2022 we had this big bear market?

Everyone was a little scared.

Um, we’ve seen the stocks for a little while.

They managed to get up.

And so there was this feeling in the market that everything was going well.

But I think, you know, the old adage, “hedge in May or excuse me, sell in May and go,” should be replaced with “hedge in May and go.”

And I think that’s just what we’re seeing here.

Finally, I just found my card.

Here’s 2022, here’s that summer rally I was watching.

And I just think that market participants are just not very active this summer.

I think they got their positions on their hurdles and they kind of pulled away for a little 3rd, 3rd 1, Jerry.

We will come back to this very quickly.

This is due to Bitcoin, Bitcoin and Ether having their worst day in five weeks.

So I’m going to move on to the charts very quickly.

I showed the, uh Bitcoin Board, the Ether board at the close today and you can see once I load them up here, uh, just give me two seconds and here we go.

Um, you can see a lot of dark red on the screen.

This is Bitcoin.

What I have emphasized since the beginning of the year is that we are in a negotiating range.

So this could be the worst day we’ve had in a few weeks, maybe in a month or so.

But until we break out of that range, up or down, it doesn’t mean much.

And you take a look at Ether.

It’s a pretty similar chart.

So.

Just a little bit higher trading rate very quickly.

Does that tell me anything about the risk appetite as the feds approach, you know, a good question.

Um, Bitcoin has been correlated over the past few years.

You know, with risk, risk appetite before the meeting.

I don’t know, because in the case of copper, it’s kind of the appetite for risk that has reached a new high.

Then it fell to a new low.

You take it, you put that in conjunction, the commodities market with the crypto market, maybe risk is a little tired right now and you, you kind of put that, uh, with my thesis previous in the market, the market could be on the move. autopilot until the end of summer and that plays a role.

So I’m not expecting a huge shake-up tomorrow at the Fed meeting, but maybe things are a little more dicey than bubbly.

All right, we’ll wait and see, Jared.

Thank you my friend.

Appreciate.

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Related Topics:false escape Jared Blikre Market trends

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Ethereum

Bits + Bips with Nic Carter: Trump’s Promises, Kamala’s Change, and ETH’s ‘Narrative Problem’

Published

4 months ago

1 August, 2024

BlockChainBulletin Staff

Bits + Bips With Nic Carter: Trump’s Promises, Kamala’s Shift & ETH’s ‘Narrative Problem’

Nic Carter joins the show to talk about his journey to becoming a fighter, Trump’s promises, Lummis’ Bitcoin Reserve bill, the launch of ETH ETFs, and more.

Posted on July 31, 2024 at 12:00 PM EST.

Listen to the episode on Apple Podcasts, Spotify, Pods, Fountain, Podcast Addict, Pocket casts, Amazon Musicor on your favorite podcast platform.

In this episode of Bits + Bips, hosts James Seyffart, Alex Kruger, and Joe McCann dive with Nic Carter into Trump’s game-changing promises to the crypto community, Kamala Harris’ unexpected policy changes, and Solana’s explosive rise.

Additionally, Nic reveals his unexpected journey into amateur fighting and addresses the pressing issues surrounding Ethereum ETFs and the ecosystem he’s been funding the most lately.

Highlights of the show:

Why Alex Thinks the Conference Was One of the Most Incredible Moments in Crypto History
Nic’s reaction to Trump’s mention of deconstructing “Operation Chokepoint 2.0,” a term coined by Nic himself
Nic’s Karate Fight and His Journey to Becoming an Amateur Fighter
Why Nic Thinks There’s No Chance Lummis’ Bill Proposing the U.S. Government Establish a Strategic Bitcoin Reserve Will Pass
The Importance of Trump’s Bitcoin Nashville Promises
How Tether compares to the Eurodollar system
What are the potential impacts of the Fed’s language at its next meeting?
The implications of Harris’ campaign to mend ties with cryptocurrency companies
How the ETH ETF Launch Happened and Why Nic Says Ethereum Has a “Narrative Problem”
How Solana Has Been Heartbreaking Lately and Joe’s Response to Some of the Criticism
How Nic, as a VC, sees the ETH vs. SOL debate and how founders are increasingly choosing Solana

Hosts:

Guest

Nic CarterGeneral Partner at Castle Island Ventures

Connections

Bitcoin Conference:

Trump’s speech:
Lummis Proposal:
Democrats/Harris looking for a “reset”
Letter From Democratic politicians to DNC chair to include crypto in Democratic party platform:

ETH ETF Launch:

Solana rocks:

Fuente

Ethereum

Bitcoin, Ethereum in the red as markets crash on volatility

Published

4 months ago

1 August, 2024

BlockChainBulletin Staff

Bitcoin, Ethereum in the red as markets crash on volatility

Bitcoin And Ethereumalong with the rest of the top 10 crypto assets by market cap, look gloomy Thursday morning.

At the time of writing, the Bitcoin Price is still below $65,000 and 2.2% lower than it was at this time yesterday, according to CoinGecko data. Things are worse for the Ethereum Priceor 3.7% lower than 24 hours ago at $3,185.22. The drop in ETH price is in line with that of Lido Staked Ethereum (stETH), a liquid Ethereum staking token.

Over the past day, falling prices led to the liquidation of $225 million worth of derivative contracts, according to Coin glass. And about half of them, or about $100 million, have been liquidated in the last 12 hours.

When a trader is liquidated, it means that their market position has been forcibly closed by an exchange or broker due to a margin call or insufficient collateral. Margin is especially relevant when it comes to leveraged positions, which allow traders to control a multiple of their deposit, such as opening a $10,000 position with only $1,000 in their account.

Now that Bitcoin has posted three consecutive days of losses, it is possible that the world’s oldest and largest cryptocurrency could sink even further, BRN analyst Valentin Fournier said in a note shared with Decrypt.

“For three consecutive days, Bitcoin has closed negative, with one-way trades showing limited resistance from the bulls. Ethereum had a slightly positive Monday with strong resistance from the bears who have gained over the past two days,” he wrote. “This momentum could push BTC down towards the $62,500 resistance or even the $58,000 territories.”

Looking ahead, Fournier said BRN’s strategy will be to “reduce exposure to Bitcoin and Ethereum and find a better entry point after the dip.”

All this despite the fact that Federal Reserve Chairman Jerome Powell’s comments on interest rates yesterday were generally perceived as being accommodating and indicates that the FOMC cut rates in September.

QCP Capital, a Singapore-based cryptocurrency trading firm, noted that the rally in stocks, which left the S&P 500 starting the day 1.6% higher than its Wednesday close, was not felt in cryptocurrency markets.

“Cryptocurrencies saw a massive selloff overnight and this morning,” the firm wrote in a trading note. “The market remains on edge, with traders paying close attention to daily ETH ETF outflows and further supply pressures from Mt Gox and the US government.”

Meanwhile, the rest of the major pieces are a mixed bag.

Solana (SOL) has dropped 7.2% since yesterday to $169.13. Things are even worse for its most popular meme coins. In the last 24 hours, popular meme coins Dogwifhat (WIF) have dropped 12% and BONK (BONK) has dropped 9%, according to data from CoinGecko.

Their dog-themed competitor and Ethereum OG Dogecoin (DOGE), the only meme coin in Coingecko’s top 10, has dropped nearly 4% since yesterday and is currently trading at $0.1205.

XRP (XRP) fell to $0.608, down 7% from the same time yesterday.

Binance’s BNB Coin (BNB) has kept pace with BTC and is currently trading at $571, down 2.4% since the same time yesterday. Toncoin (TON), the native token of The Open Network, has only fallen 0.4% over the past day.

There remain the stablecoins USDC (USDC) and Tether (USDT), both of which are stable because they maintain their 1:1 peg with the US dollar.

Fuente

Ethereum

FOMC Holds Interest Rates Steady, Bitcoin and Ethereum Prices Fall

Published

4 months ago

1 August, 2024

BlockChainBulletin Staff

Chairman of the Federal Reserve Jerome Powell

Jerome Powell Jerome Hayden “Jay” Powell is an American lawyer and investment banker who has served as the 16th Chairman of the Federal Reserve since 2018. Finance recently hinted at a potential rate cut in September, sparking a sharp rise in the stock market. The tech-heavy Nasdaq 100 rose 3.3%, and the S&P 500 rose 2%. In contrast, Bitcoin (BTC) fell 1.3% to $66,088 and Ethereum (ETH) The global cryptocurrency market fell by 1.11% to $3,313. Over the past 24 hours, the global cryptocurrency market capitalization also decreased by 0.71% to $2.39 trillion.

Market analysts believe that the decline in cryptocurrency prices is a short-term decline. Despite a bear market, Bitcoin and other cryptocurrencies are showing bullish signals. Bitcoin is still struggling to break the $70,000 mark, but its performance in August, ahead of potential rate cuts, will be closely watched.

Federal Reserve remains stable

On July 31, the U.S. Federal Reserve concluded a two-day meeting of the Federal Open Market Committee (FOMC) by deciding to keep benchmark interest rates unchanged at 5.25%-5.50%. The move met Wall Street expectations and marked the eighth consecutive meeting without a rate change.

Towards a market rebound?

According to SantimentThe FOMC’s decision to maintain current interest rates led to an initial decline in cryptocurrency prices. Traders were hoping for a rate cut, which hasn’t happened since March 2020. A future rate cut could signal bullish trends for stocks and cryptocurrencies, potentially boosting markets for the remainder of 2024. Despite the initial sell-off, markets are likely to stabilize unless another major event impacts the cryptocurrency sector.

Bullish outlook, bearish sentiment

The aggressive buildup of rate hikes and rising negative investor sentiment could pave the way for a substantial market rally. Despite the anticipation surrounding the FOMC meeting, the impact on cryptocurrencies was limited as the rate pause had already been priced in.

Previous Fed decisions have had minimal impact on Bitcoin prices.

A look into the past & the future

Historically, FOMC actions affect all asset classes. In 2020 and 2021, Bitcoin and other altcoins soared when the Fed cut rates to zero, only to reverse course in 2022 when rates began to rise. Investors have since moved trillions of dollars into lower-risk assets, with money market funds amassing over $6.1 trillion, enjoying an average return of 5%.

Key indicators to monitor

Bitcoin’s immediate resistance is noted at $66,852, with support at $65,000. The Relative Strength Index (RSI) is signaling oversold conditions, suggesting further declines are possible if the price falls below $65,900.

Investors are now closely watching the FOMC meeting for clues about inflation and economic growth, which could influence Bitcoin’s next move. The interplay between the Federal Reserve’s decisions and market reactions will be crucial in determining the future trajectory of cryptocurrencies and traditional assets.

The Fed’s decision has caused a stir in the market. Will this impact your investment strategy?

Fuente

Ethereum

Tron’s Justin Sun Hints Ethereum Selloff Could Happen Due to ETF Outflows

Published

4 months ago

1 August, 2024

BlockChainBulletin Staff

Tron's Justin Sun Hints Ethereum Selloff Could Happen Due to ETF Outflows

Justin Sun, the founder of Tron DAO, has hinted at a major Ethereum (ETH) selloff following a series of transactions that have garnered considerable attention. Sun has unlocked a significant portion of his ETH stash. Additionally, he has transferred some of this ETH to Poloniex, a major cryptocurrency exchange.

Justin Sun hints at massive Ethereum selloff

Observers were particularly intrigued by the movement of 1,768 ETH (worth about $5.9 million) unstaked by Lido, according to data from Peck Shield Alert. Additionally, the subsequent transfer of 810 ETH, valued at about $2.7 million, to Poloniex cryptocurrency exchange

raised speculation about a massive Ethereum selloff.

The Ethereum price crash in early July, which saw a 10% drop, further fueled speculation in the market. This slowdown contributed to an 8% drop in the global cryptocurrency market capitalization. Moreover, one of the most notable impacts was a potential $66 million loss for Justin Sun at the time.

According to a report by Spot On Chain, Sun’s vast network Ethereum The holdings were severely impacted by the market downturn on July 5. Between February and June 2024, Sun accumulated a substantial amount of Ether, totaling 361,137 ETH across three separate wallets.

His acquisitions included 169,604 ETH in February at an average price of $2,870, 176,117 ETH in April at $3,177, and 15,416 ETH in June at $3,474. Just one day before the significant price drop, Sun reportedly made a profit of $58 million from these holdings.

However, the market crash on July 5th turned those gains into a staggering $66 million loss. At the height of the crisis, the price of Ethereum fell below $2,800. Although it has since rebounded above $3,300 following the launch of new ETFs, this event triggered a “sell the news” reaction among investors.

Moreover, despite the rebound, the price of ETH has remained below the average value of Sun’s third acquisition. Therefore, the latest concerns about Ethereum selling are not unfounded. This could be a loss mitigation measure, as Sun usually holds his ETH tightly.

ETH ETF Fund Outflows

Adding to the intrigue, flows from Ether exchange-traded funds (ETFs) have been consistently negative. On Monday, July 29, Ethereum Spot ETFs saw outflows totaling $98.3 million. Additionally, Grayscale’s Ethereum Trust (ETHE) alone accounted for $210 million in outflows, accelerating the outflow streak.

However, notable inflows were seen at Blackrock, Fidelity, and Bitwise, recording $58.2 million, $24.8 million, and $10.4 million, respectively. Despite these mixed signals, the price of Ethereum has remained relatively stable. The price of Ether is currently fluctuating between $3,300 and $3,400.

Ethereum Liquidation Chart, Source: Coinglass

At the time of going to press, the ETH Price fell 1.04% to $3,325.16 on Tuesday, July 30 with a market cap of $401 billion. Additionally, a broader sell-off in Ethereum was seen in the market with long liquidations of $33.58 million, according to Coin glassMeanwhile, shorts liquidated about $6.87 million of positions.

Fuente