This week saw news on Tether mining bitcoin with renewable energy in Uruguay, promoting sustainability. Meanwhile, Bitcoin Ordinals project achieves 10 million inscriptions, showcasing widespread adoption just as Reddit boasts nearly 10 million holders of unique NFTs, contributing to the ongoing NFT craze. In regulations, XRP generates buzz with settlement rumors and an anticipated ruling.Finally,Shiba Inu community experiences rapid growth, reaching a 3-month high in daily addresses.
Stablecoin leader Tether is making strides in sustainability by mining bitcoin in Uruguay with renewable energy. In other news, the popular Bitcoin Ordinals project reaches a significant milestone of 10 million inscriptions, marking its widespread adoption. Meanwhile, the NFT craze continues as Reddit boasts nearly 10 million holders of their unique digital assets. Ripple's XRP is generating buzz as settlement rumors circulate ahead of an anticipated ruling. And the Shiba Inu community is growing rapidly, with new daily addresses reaching a 3-month high, reflecting increased adoption.
BRC-721E is revolutionizing NFTs by allowing seamless transfers from Ethereum to the Bitcoin blockchain, opening up new possibilities for collectors and artists alike. Humans.AI is taking AI management to the next level with their blockchain-based solution, ensuring safe and secure handling of artificial intelligence. But that's not all—Tenet's collaboration with LayerZero is driving omnichain adoption, bringing enhanced scalability and interoperability to the blockchain ecosystem. And finally, the partnership between Centbee and nChain is set to revolutionize global blockchain payment technology.
The New York Attorney General leads the charge with groundbreaking legislation, prioritizing transparency and consumer protection. Across the pond, the UK Intellectual Property Office issues timely guidance on trademarks in the metaverse, NFTs, and virtual goods, providing clarity for creators and investors. Meanwhile, in the US, a significant victory for the crypto community as a debt ceiling deal blocks a proposed 30% Bitcoin mining tax. These advancements pave the way for a more secure, regulated, and innovative future.
China's Nanjing is leading the way by launching a cutting-edge metaverse platform to foster research and development. Meanwhile, Japanese banks are gearing up to introduce stablecoins, bringing more stability to the digital currency space. In another significant move, Bybit has received pre-approval in Kazakhstan, expanding its reach as a trusted crypto custody service provider. As institutions embrace crypto, the demand for detailed blockchain analytics is on the rise. Elliptic is at the forefront, providing comprehensive insights to facilitate wider adoption.
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Volatility has dropped to historically low levels, with the 30-day volatility at just 1.52% compared to the usual 4%, providing a more stable environment for investors. Meanwhile, long-term holders are transitioning from the capitulation phase to the equilibrium phase, indicating a potential shift towards euphoria. On the selling front, short-term holders are taking profits as indicated by the SOPR (spent output profit ratio) moving back above 1.
tl/dr:
The LTFs show how price has moved bearish since last week's $28,500 price high, trending bearish raiding buy-side liquidity followed by a new lower low and trend continuation bearish. Price is now sat at the 1H 50 EMA where we wait for directional confirmation.
Moving forward, we are looking for price to successfully break and close above the 50 EMA to signal bullish intent and for price to impulse up into the $27600 price range. Alternatively, a continued bearish trend would see price reach the $26k price level.
tl/dr:
BTC/USD has continued to hover between $25,700 and $28,600 this week, having failed to successfully break above the daily 50 EMA. Price managed to close above the daily 50 EMA for 3 days before rejecting the level and finding resistance, pushing price back down to settle at $27k.
Moving forward we can anticipate that as the daily 200 EMA moves ever closer to an aggressive bearish move to $25k, price may well find support given the combination of the daily 200 EMA, bullish order block, and sell-side liquidity that would be raided. Alternatively, a continued bullish move from here to $29k would be anticipated.
Exciting developments in the Ethereum ecosystem! A dormant wallet from the Ethereum ICO has suddenly come alive after eight years, raising questions about its intentions. In another intriguing move, an ETH whale decided to deposit a staggering 23,080 ETH ($44M) into Binance following the price surge to $1900, suggesting a strategic profit-taking move. But that's not all—Ethereum's transaction volume is now rivaling Visa as blockchain transactions continue to soar, highlighting the growing adoption and scalability of the network.
tl/dr
ETH looks pretty similar this week as per usual, showing more signs of bullish intent than BTC. Price is currently finding support at the daily 50 EMA, if we continue to hold, then a bullish move up to reclaim $2k is likely.
Alternatively, a bearish push down to find support at the daily 200 EMA would be the likely course of action before any chance of significant pullbacks takes place.
Volatility has dropped to historically low levels, with the 30-day volatility at just 1.52% compared to the usual 4%, providing a more stable environment for investors. Meanwhile, long-term holders are transitioning from the capitulation phase to the equilibrium phase, indicating a potential shift towards euphoria. On the selling front, short-term holders are taking profits as indicated by the SOPR (spent output profit ratio) moving back above 1.
tl/dr:
The LTFs show how price has moved bearish since last week's $28,500 price high, trending bearish raiding buy-side liquidity followed by a new lower low and trend continuation bearish. Price is now sat at the 1H 50 EMA where we wait for directional confirmation.
Moving forward, we are looking for price to successfully break and close above the 50 EMA to signal bullish intent and for price to impulse up into the $27600 price range. Alternatively, a continued bearish trend would see price reach the $26k price level.
tl/dr:
BTC/USD has continued to hover between $25,700 and $28,600 this week, having failed to successfully break above the daily 50 EMA. Price managed to close above the daily 50 EMA for 3 days before rejecting the level and finding resistance, pushing price back down to settle at $27k.
Moving forward we can anticipate that as the daily 200 EMA moves ever closer to an aggressive bearish move to $25k, price may well find support given the combination of the daily 200 EMA, bullish order block, and sell-side liquidity that would be raided. Alternatively, a continued bullish move from here to $29k would be anticipated.
Exciting developments in the Ethereum ecosystem! A dormant wallet from the Ethereum ICO has suddenly come alive after eight years, raising questions about its intentions. In another intriguing move, an ETH whale decided to deposit a staggering 23,080 ETH ($44M) into Binance following the price surge to $1900, suggesting a strategic profit-taking move. But that's not all—Ethereum's transaction volume is now rivaling Visa as blockchain transactions continue to soar, highlighting the growing adoption and scalability of the network.
tl/dr
ETH looks pretty similar this week as per usual, showing more signs of bullish intent than BTC. Price is currently finding support at the daily 50 EMA, if we continue to hold, then a bullish move up to reclaim $2k is likely.
Alternatively, a bearish push down to find support at the daily 200 EMA would be the likely course of action before any chance of significant pullbacks takes place.
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