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Tether appoints Jesse Spiro as Head of Government Affairs to strengthen regulatory relations amid U.S. scrutiny, leveraging his PayPal and Chainalysis experience. (Read More)
Coinbase has emerged as a vocal advocate for the crypto industry in the face of ongoing regulatory crackdowns in the United States.
After backing two losing candidates in Arizona primaries on July 30, the crypto-backed Fairshake PAC and its affiliates could claim up to four new victories in congressional races.
Missouri, Washington and Michigan residents will be able to vote in primaries for specific candidates backed or opposed by crypto interest groups.
BitMEX has updated the Mark Method for DOGSUSDTQ24 to Fair Price marking, effective August 27, 2024, enhancing price accuracy. (Read More)
As the 2024 election approaches, the interplay between political strategies and industry dynamics will continue to evolve.
Drawing lessons from past incidents such as the Mt. Gox and Bitfinex hacks, WazirX aims to apply the best practices from these cases to ensure a fair and efficient resolution.
BitMEX transitions TKOUSDTZ24 to Fair Price marking from June 6, integrating a robust index. (Read More)
Stand with Crypto, a prominent advocacy organization for cryptocurrency owners, surpassed 1 million members on June 5, 2024. This growth comes as supporters urge politicians to establish a new regulatory framework for digital assets while avoiding stringent compliance demands. Coinbase CEO Brian Armstrong emphasized the group’s rapid expansion, commenting, “It’s a much bigger voting bloc […]
Fair launch tokens could help the industry return to the true ethos of crypto, according to Arweave's founder.
Meta FAIR has released new research models and datasets to advance AI innovation, according to Meta AI. (Read More)
BitMEX changes the Mark Method for ZKUSDTZ24 to Fair Price marking, enhancing price accuracy by using a robust index. (Read More)
Oracle and the VA reaffirm their commitment to modernize the EHR system for veterans. (Read More)
BitMEX updates IOUSDTM24 contract to Fair Price marking as of June 12, 2024. (Read More)
The Morpheus Network and 6079 are leading a movement to challenge the supremacy of Big Tech giants by employing decentralized, permissionless AI technology.
Traders Fair Manila presents a rare opportunity for traders to learn, network, and grow in the dynamic trading world.
Crypto analyst Tolimanu has used the Elliott Wave Theory to provide insights into where Bitcoin currently is in this market cycle. Based on his analysis, the bull run is not yet over, with the flagship crypto set to reach new highs. Elliot Wave Theory Shows Bitcoins Current Position In This Cycle In an X post, Tolimanu noted that in Elliot Wave Theory, a 5-wave move up typically marks a primary trend, and an ABC correction is a natural retracement of that trend. Based on this, he stated that unless this Bitcoin correction breaks major long-term support levels, such a decline would typically set up the next higher-degree bullish phase. Related Reading: LMACD Indicator Reveals Where The Bitcoin Price Is After Rejection From $97,000 On the bearish side, his accompanying chart showed that Bitcoin could still correct to as low as $73,969 on wave C of the ABC correction. However, as the analyst suggested, a hold above this support level could send BTC to new highs. Technical expert Tony Severino also recently warned that the Bitcoin price is in a precarious position. Despite the recent surge, he suggested that BTC is still in a bearish position. The expert remarked that if the daily momentum crosses bearish, it could prevent the weekly bullish crossover and pull the weekly LMACD below zero. In another post, Severino noted that Bitcoins daily RSI failed to get above 70, which is a key trigger required for a bullish impulse. He remarked that failure at 70 the last time led to the most vicious leg down of the last bear market. He added that the entire bear market remained below 70. The technical expert also noted that in 2023, the two local tops did make it above 70, but it wasnt convincing enough, while in 2024, the entire corrective phase stayed below 70 on the RSI. Basically, Severino highlighted the importance of 70 on the RSI and how BTC is still in a bearish position. BTC Looking To Fill CME Gaps Below And Above Crypto analyst Titan of Crypto revealed that Bitcoin is looking to CME futures gaps below and above its current price. The upside gap is between $96,480 and $97,300, while the downside gap is between $91,990 and $93,400. In another post, the analyst suggested that BTC might fill the downside gap before moving to the upside targets. Related Reading: Bitcoin Price Confirmed Local Bottom As All Indicators Flash Bullish, Wheres Price Headed? This came as he noted that the next key support for Bitcoin is the daily Fair Value Gap, which is around $90,000. The analyst added that a bounce from that zone is likely. His accompanying chart showed that the target on this bounce is $102,096. At the time of writing, the Bitcoin price is trading at around $94,300, down in the last 24 hours, according to data from CoinMarketCap. Featured image from Unsplash, chart from Tradingview.com
The major contribution comes a day after the PAC received an equal amount from Ripple.
Ripple is at the top of a long list of crypto industry notables supporting the super PAC.
An analyst has explained how the “fair value” of Bitcoin appears to be on track to achieve the $1 million milestone by 2035. Bitcoin Total User Count Could Forecast Fair Value Path Forward In a new post on X, analyst Willy Woo has discussed about how the fair value of Bitcoin could look like in the future based on the growth curve in the total user count on the network. Related Reading: Bitcoin Greed No More: Sentiment Back At Neutral After $57,000 Plunge The “total user count” here refers to the total number of investors present in the BTC space. Often, this metric is equated with the total number of addresses on the network carrying a balance, but in reality, it’s not the most accurate method as a lot of investors own multiple wallets. To make an estimation of an adoption curve, Woo has referred to all past studies done on the user count. The analyst shared the below chart in an X post a few days back. The adoption curve of the cryptocurrency over its entire history | Source: @woonomic on X The early part of the chart here is based on Glassnode’s on-chain clustering of addresses into “entities.” An entity is a collection of Bitcoin wallets that Glassnode has determined to belong to the same investor. For the next part of the curve, Woo has added the Cambridge and Crypto.com data on verified exchange users. Finally, the analyst has projected the resulting growth rate forward. According to this curve, there are a total of 426 million Bitcoin investors at the moment, with the number estimated to hit the 0.5 billion milestone by October of this year. Interestingly, the price of the cryptocurrency has been oscillating around this total user count growth curve throughout the years, as the below chart depicts. The adoption curve of the asset compared against its price action | Source: @woonomic on X More specifically, this oscillation in the price around the adoption curve of the cryptocurrency has existed since 2012. This means that in the pre-2012 period (the shaded region in the graph), this pattern doesn’t quite hold. “In the early days price was slow to catch up to user count, BTC didn’t even have a price until the 1000th user came in,” notes Woo. “Price discovery started with early markets like New Liberty Standard and MtGox. By Aug 2011 Bitstamp launched and we had multiple global exchanges to properly price the asset.” Now, if the growth curve of Bitcoin is taken as a guide for its future value as well, then the analyst projects a $1 million per BTC fair value by the year 2035. “Fair value” here is based on the line around which the asset has been oscillating. Related Reading: Crypto Analyst Predicts 244% Shiba Inu Rally Based On Bull Flag From the chart, it’s visible that BTC has historically gained distance over this line during bull markets, so the peak value in future rallies can be significantly more than this fair value. It now remains to be seen how the price of the cryptocurrency will develop in the coming years and whether this relationship between it and the total user count will continue to hold or not. BTC Price Bitcoin has observed a plunge of more than 8% over the past week, which has brought its price down to $58,600. Looks like the price of the coin has registered a sharp drop recently | Source: BTCUSD on TradingView Featured image from iStock.com, chart from TradingView.com
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