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Bitcoin remains stuck in a range, but certain altcoins are showing signs of breaking down in the near term. The bulls tried to shake Bitcoin from its slumber on Sept. 7, but the rally was short-lived. This suggests a lack of clarity between the bulls and the bears about Bitcoin’s (BTC) next directional move. Analyst CryptoCon said on X (formerly Twitter) that Bitcoin could remain in a “mid cycle lull” until the start of the next bull run in November 2024. Along similar lines, ARK Invest said in a report that cryptocurrencies could continue to face headwinds in the remainder of 2023 due to several macroeconomic issues, such as interest rates, gross domestic product estimates, unemployment and inflation. Daily cryptocurrency market performance. Source: Coin360 Sept.In comparison, the bulls will be closely following the decision of the United States Securities and Exchange Commission on the various Bitcoin spot exchange-traded fund (ETF) applications. In addition to that, the race for a ...

Ethereum price looks poised for additional downside as low as the $1,560 level. Ether (ETH) price plunged 7% between June 14 and June 15, reaching its lowest level in three months and impacting investors’ view that the altcoin was en-route to turning $2,000 to support.  It is worth noting that the $1,620 bottom represents a $196 billion market capitalization for Ether, which is higher than PetroChina’s $186 billion, and not far from chipmaker AMD’s $198 billion. Being the 66th largest global tradable asset in the world is no small feat, especially considering that the cryptocurrency is merely 8 years old and does not return any kind of direct profit for the project’s maintenance. On the other hand, securities enjoy the benefits of corporate earnings and eventual government subsidies, so perhaps investors should be concerned by the recent price drop from Ether. Ether price pressured succumbs to regulation and lowered network activity Regulatory pressure helped to subdue investors’ a...

The first three to five weeks after Ethereum’s upcoming Shapella upgrade will likely see an uptick in selling from unstaked deposits. The Ethereum Foundation has announced April 12 as the date of deployment of the much-anticipated Shanghai and Capella upgrade, together dubbed as Shapella. The upgrades will enable withdrawals from Ethereum 2.0 staking contracts. The staking contract was first launched in December 2020. It only accepted one-way deposits of ETH, which will change after the upgrade. To date, users have deposited over 18 million ETH, worth around $32.5 billion, into the Ethereum staking contract at varying times since December 2020. Analysts vary on the estimates of ETH sell pressure Most users opted for liquid staking derivatives on decentralized or centralized exchanges. Because these stakers are already liquid, there will likely be no new reason to sell after the Shapella upgrade. Decentralized LSD platforms like Lido currently account for around 33.2% of the total ETH...

Bitcoin and altcoins could see profit taking and risk-off positioning as the weekend approaches and investor concerns about Deutsche Bank arise. The European stock markets fell on March 24 on renewed fears that the banking crisis could rear its ugly head once again. The latest selling was triggered after Deutsche Bank’s credit default swaps, which offer protection to the buyer against specific risks, soared on March 23 without any known catalyst. That pulled down the shares of the German lender by 11%.  European Central Bank President Christine Lagarde attempted to calm the markets, saying that the euro area baking sector was strong due to the regulatory reforms introduced after the Global Financial Crisis. That could be one of the reasons for the solid recovery in the United States equities markets from the intraday lows. Daily cryptocurrency market performance. Source: Coin360 Although the banking crisis has been positive for Bitcoin’s (BTC) price, the trend may pause if the contagi...

Bitcoin and major altcoins are witnessing a tough battle between the bulls and the bears, indicating indecision in the near term. The United States Federal Reserve Chairman Jerome Powell said on Feb. 7 that the “disinflationary process, the process of getting inflation down,” has started but it is still in its very early stages. He cautioned that strong data would be met with more rate hikes. Though the comments are mixed, they triggered buying in the S&P 500 and Bitcoin (BTC) on Feb. 7 as investors speculated that the Fed may soon end its rate hikes. Bitcoin’s strong rally in January and signs of ebbing inflation seem to have turned around investor sentiment. CoinShares data on Jan. 30 shows that institutional investors pumped $117 million into digital investment products. That sent the total assets under management to $28 billion, a sharp 43% increase from its November 2022 low. Daily cryptocurrency market performance. Source: Coin360 Although the sentiment seems to have turned...

The rally in stocks could be giving Bitcoin price a boost, and the crypto market could see more fireworks if the Fed confirms investors' expectation that rate hikes will slow down. Bitcoin’s (BTC) price has risen about 37% year-to-date and is not showing any signs of slowing down. The S&P 500 index (SPX) has also made a winning start to the year but has seen a relatively muted rally of roughly 4%. While the price of risky assets are rising, the United States dollar index (DXY), perceived as a safe haven, extended its downtrend and declined more than 1% in January. The change in sentiment toward risky assets may have been triggered by expectations that the U.S. Federal Reserve could slow down its rate hikes as inflation cools off. Some analysts even expect the Fed to pivot and start cutting rates before the end of the year. Daily cryptocurrency market performance. Source: Coin360 Several analysts remain skeptical about Bitcoin’s rally but the longer the price sustains above $20...