Ethereum

Bitcoin

April

Foundation

<p>Digital currency</p>
<p>Between June 21, 2024, and June 28, 2024, the value of Bitcoin fell by around 3.7%. Below $58,500, the minimum price fell. Only three trading sessions ended in the red, so it can’t be said that the bears dominated the entire week.</p>
<p>According to tradingview.com,</p>
<p>The announcement that compensation payments will be initiated by the now-defunct MtGox crypto exchange in July was the primary factor that impacted the market cap of the biggest cryptocurrency. The overall amount is going to be close to $9 billion. The impact of the MtGox news cannot be ignored: a 4.6% drop in BTC price occurred on June 24. However, the effects on the market from all of this are uncertain, according to the experts.</p>
<p>The head of Galaxy Research, Alex Torn, thinks it’s overblown how bad the failed exchange’s payouts will be. On the other hand, American investment firm JP Morgan is certain that the crypto market will suffer a major setback.</p>
<p>The week-long withdrawal of funds from spot Bitcoin exchange-traded funds was halted on Wednesday, June 26. The inflow reached approximately $31 million on that particular day. Meanwhile, Grayscale’s GBTC fund kept losing money. A glimmer of optimism for a turnaround among Bitcoin enthusiasts was offered by the shift in attitude among ETF investors. Nevertheless, dreams were never going to materialize. The price fell 1.6% on June 26.</p>
<p>A fascinating situation is unfolding at the moment. Consider the Binance exchange; it handles over half of all Bitcoin trades, and over 72% of those accounts have long positions. Meanwhile, short sellers have less than 28% of the market. It looks like this is the perfect growth statistic. To be sure, it’s not that easy.</p>
<p>Original: coinglass.com</p>
<p>Looking at the ratio of trading volume on the largest exchanges changes everything. The short-to-long position ratio on Binance is nearly 49.92% to 50.08%. Tell me what this means. Retail investors in small-cap companies own the majority of the bullish accounts. However, the main characters, the whales, are not in a very upbeat mood.</p>
<p>Original: coinglass.com</p>
<p>The bears have the upper hand in the technical analysis. A drop in price below the blue 50-day moving average indicates this. Also, for over three months, the biggest cryptocurrency’s volatility has been going down. The falling ATR indicator will show you this to be true. Levels of support at $56,500 and resistance at $65,513:</p>
<p>According to tradingview.com,</p>
<p>Once again, the fear and greed index fell. Right now, it’s worth 47. Compared to seven days ago, this is a decrease of sixteen points. In sum, the relationship between fear and greed is now neutral.</p>
<p>Ethereum</p>
<p>There was a 2% drop in the value of Ether this week. The price was getting dangerously close to $3,200, but it was obviously not going to stay above $3,500. In fact, there were more trading sessions in which the market fell than it rose: four versus three.</p>
<p>According to tradingview.com,</p>
<p>The ultimate US approval of spot ETFs is something that Ethereum enthusiasts are eagerly awaiting. Reuters reports that it may occur as soon as July 4th. Paradigm Capital, a major player in the cryptocurrency industry, sent 19,504 ETH, or more than $65.5 million, to Anchorage Digital, a platform that stores digital assets, in preparation for this. Such measures have been taken before. Anchorage Digital has received multiple airtime transfers from Paradigm Capital during the last three months. In this case, the sum was the largest. The cryptocurrency firm apparently shares the expectation that the ETF will be greenlit shortly.</p>
<p>It should be noted that Ether has maintained its status as an inflationary coin for more than 70 days, as evidenced by the ongoing increase in supply. This has been the longest duration since Proof-of-Stake (PoS) was implemented. The introduction of blobs causes a decrease in burning fees, which in turn causes ether inflation.</p>
<p>Article found at ultrasound.money</p>
<p>Investors in the second-largest cryptocurrency by capitalization are leaning bearish in the short term, according to technical analysis. The 50-day moving average, which is shown in blue, is located above the price, which indicates this. The long-term picture, however, still favors the bulls. The price’s breakout above the orange 200-day moving average is indicative of this. At $3,232.2, we have support, and at $3,650, we have resistance.</p>
<p>According to tradingview.com,</p>
<p>The Solana</p>
<p>Solana coin’s value surged 8.6 percent in the last seven days. Just one trading session—on Thursday, June 27—was enough to guarantee the increase: the cryptocurrency gained 9.1% instantly. The typical Solana week consists of a downward spiral in the first half and an upward spiral in the second.</p>
<p>According to tradingview.com,</p>
<p>There has been a lot of recent development on the ETF topic. The first filing for Solana has been received by the US Securities and Exchange Commission (SEC). The investment firm VanEck of New York was the author. The VanEck Bitcoin Trust (HODL) is the company’s approved Bitcoin spot ETF. A comparable ether product has previously had its application approved by the SEC. On June 27, Solana’s rise was accelerated by the first application for an exchange-traded fund.</p>
<p>However, ETFs are not dead. The Solana Foundation unveiled two new resources this week that will enhance the feasibility of widespread cryptocurrency adoption. This is called Actions and Blinks. With the first, all it takes is a URL to facilitate online transactions and exchanges. Social media and quick response codes are not exempt from this rule. In return, you can use Blinks to share links that back Actions.</p>
<p>The overall technical outlook is still negative, even though Solana rose during the week. The blue 50-day moving average is still below the price. Down below 50, we see the RSI indicator. A positive development is that the cryptocurrency has not yet formed a bottom below the $110–$125 support zone, which was tested twice in late April 2024. There is $151.65 as the closest level of resistance.</p>
<aside class="adace-sponsors-box box-full">
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Derivatives of Ethereum and Solana-ETF

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