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JPMorgan: We Are Bullish on Digital Assets Into 2025

Global investment bank JPMorgan is bullish on cryptocurrency into 2025, driven by regulatory shifts and geopolitical tensions. Analysts suggest a Donald Trump re-election as the U.S. president could propel BTC higher, reinforcing the “debasement trade” as investors seek refuge in digital assets. With major liquidations behind and institutional support increasing, JPMorgan sees strong momentum for

Protocol Village: Drop Protocol, Liquid Staking Protocol on Neutron (in Cosmos Ecosystem), Closes $4M Seed Round

Bitcoin’s Bull Rally Hinges On $57K Support Level—Here’s Why It Matters

Bitcoin (BTC) has continued its ascent in recent weeks, reclaiming major highs. However, recent analysis suggests that the $57,000 level could be one of the most critical support points for the ongoing bull rally. This insight comes from a CryptoQuant analyst, Burak Kesmeci, who highlighted the role of Bitcoin Spot Exchange-Traded Funds (ETFs) in shaping the market stance. Related Reading: Analyst Says This Bitcoin Price Rally Has A ‘Different Ring To It’, Places Next Target At $109,000 Bitcoin Resilience At The $57,000 Level Spot ETFs have emerged as a major instrument in the Bitcoin ecosystem, offering a regulated entry point for institutional investors. According to Kesmeci, the average cost of Bitcoin Spot ETFs has been a key support level throughout 2024, providing a foundation for the asset’s price stability. This level is pegged at $57,000 and has held firm throughout the year, with only two significant exceptions. The $57,000 price level is significant because of its technical support and the psychological implications for Spot ETF investors. Could the Average $BTC Spot ETF Cost (57K) Be the Most Crucial Support Level in the Bull Rally? “The price of #Bitcoin managed to stay above this level throughout the year, with only two exceptions.” – By @burak_kesmeci Full post 👇https://t.co/troZDKwKNw pic.twitter.com/IWqNJ2L6Kg — CryptoQuant.com (@cryptoquant_com) October 16, 2024 Bitcoin’s price dipped below this support level twice in 2024. The first instance was in early August, driven by Japan’s market turbulence, and the second in September due to a sharp price correction. Despite these market shocks, Spot ETF investors did not react with panic selling. Kesmeci wrote: Bitcoin Spot ETF investors proved, contrary to the expectations of many, that they are not weak hands. Foundation Set For Positive Move According to the CryptoQuant analyst, these investors demonstrated resilience by holding onto their investments, even when unrealized losses mounted. Their ability to withstand market pressure contrasts with typical behavior in other speculative sectors, where sudden price drops often lead to mass sell-offs. This suggests that Spot ETF investors have grown more comfortable with Bitcoin’s inherent volatility, recognizing its long-term potential. The analyst highlighted that minor outflows during these turbulent periods were not significant enough to disrupt the broader market. Even during Japan’s “carry trade” crisis, where many expected a stronger market correction, the overall sentiment among Spot ETF investors remained calm. In conclusion, Kesmeci noted: As you can see from the chart above, the average cost of Bitcoin Spot ETFs has become perhaps the most crucial support level in the 2024 bull rally. With this long-term perspective, the contribution of Spot ETFs to the Bitcoin rally has laid a solid foundation for the potential developments in the market’s future. Featured image created with DALL-E, Chart from TradingView

Arthur Hayes Predicts Bitcoin Boom Amid Middle East Tensions and Inflation

Former Bitmex CEO Arthur Hayes sees a bitcoin bull market on the horizon, driven by soaring energy prices and rampant inflation as Middle East tensions escalate. He argues that rising costs will send BTC’s value surging in fiat terms, with newly printed dollars flooding the market. But while bitcoin’s future looks bright, Hayes warns investors

XRP Price Prediction: Analysts Turn Bullish As ‘Something Big Is Coming’, Here’s What

Crypto analysts Amonyx and Egrag Crypto have provided a bullish outlook for the XRP price with “something big” on the horizon. Based on their analysis, the long-awaited price breakout for XRP could soon happen. Something Big Is Coming For XRP Price Crypto analyst Amonyx stated in an X post that something big is coming for the XRP price. His accompanying chart showed that the crypto could enjoy a massive rally to $75. The analyst made this prediction based on XRP replicating a similar run that it enjoyed in the 2017 bull run when its price surged by over 61,000%. Related Reading: Bitcoin Price To $130,000 By January, Here’s The Roadmap The chart showed that XRP consolidated for a year before it broke out and enjoyed that unprecedented rally. In line with this, the analyst highlighted how XRP has been consolidating since then, suggesting another price breakout is imminent. Amonyx has recently been more bullish on the XRP price. Before now, he predicted that the crypto would reach between $50 and $57 at the peak of this bull run. However, his recent prediction offers a more bullish outlook for XRP. Interestingly, he also recently predicted that the crypto could enjoy a “giga pump” to $400. These bullish XRP predictions are believed to be partly because of the recent applications by Bitwise and Canary Capital to offer an XRP ETF. These funds could contribute to a significant rally for XRP since they will attract more institutional investors into the coin’s ecosystem. Therefore, these XRP ETFs will positively impact the XRP price just like the Spot Bitcoin ETFs did for the Bitcoin price. Meanwhile, in the short term, Amonyx also expects that the XRP price could enjoy a significant rally. In a recent X post, he shared an XRP/Bitcoin chart and told XRP holders that a God candle was coming soon. XRP’s Breakout Target To Keep An Eye On Crypto analyst Egrag Crypto highlighted $0.61 and $0.62 as the breakout targets to keep an eye on. He noted that the breakout point is getting lower and added that the XRP has a maximum of 70 days left before it reaches the final pinnacle of the breakout point. Related Reading: Crypto Analyst Says Bitcoin Price Can Port To $86,600 If It Breaks This Level Egrag Crypto further remarked that he is convinced that the price breakout could happen sooner than expected, within the next 15 to 30 days. According to him, the pressure is building and won’t stay contained for much longer. Indeed, XRP’s consolidation dates way back to the 2021 bull run when it failed to reach a new all-time high (ATH). The $0.60 price level has also proven to be strong resistance for the coin, as it has retested and failed to break above it multiple times since Judge Analisa Torres delivered her final judgment in the Ripple SEC lawsuit in August. At the time of writing, the XRP price is trading at around $0.55, up over 3% in the last 24 hours, according to data from CoinMarketCap. Featured image created with Dall.E, chart from Tradingview.com

SEC Officially Appeals XRP Ruling — Will the Court Reverse Ripple’s Win?

The U.S. Securities and Exchange Commission (SEC) has officially appealed the XRP ruling by Judge Analisa Torres, reigniting the legal battle over whether XRP sales on crypto exchanges qualify as securities. The regulator challenges key aspects of the court decision, including rulings that cleared Ripple executives and non-cash XRP distributions. The outcome could have a

Edgelord 3AC’s bet on memecoin supercycle, seeks ‘racist cult leader’: Asia Express

3AC has been born again as the edgelord memecoin outfit Three Arrowz Capitel, and the South Korean Kimchi Premium has turned to a discount.

Bitcoin Adoption Reaches Critical Low in El Salvador Despite Government Push

A new survey has found that bitcoin usage has dropped to critical levels in El Salvador, with less than 10% of its citizens using it to make transactions. The numbers are surprising to analysts, given the push that President Nayib Bukele has made for bitcoin in the country since its adoption as legal tender in

Bitcoin Whale Transfers See Massive Spike: Sign Of Profit-Taking?

On-chain data shows the Bitcoin whale transactions have spiked following the latest rally, a sign that profit-taking may have begun. Bitcoin Whale Transaction Count Now Highest In Over 10 Weeks According to data from the on-chain analytics firm Santiment, the Bitcoin whales have shown an increase in activity recently. The indicator of relevance here is the “Whale Transaction Count,” which keeps track of the total amount of transfers taking place on the BTC blockchain that are carrying a value of at least $100,000. When the value of this metric is high, it means the whales are making a large number of moves on the network right now. Such a trend implies these humongous holders have an active interest in trading the coin. Related Reading: Bitcoin Coinbase Premium Is Negative Despite $68,000 Rally: What It Means On the other hand, the indicator being low suggests the whales may not currently be paying much attention to the cryptocurrency as they aren’t making too many transactions. Now, here is a chart that shows the trend in the Bitcoin Whale Transaction Count over the last few months: As displayed in the above graph, the Bitcoin Whale Transaction Count has seen a notable spike recently, suggesting that the whales have made a large amount of transfers. More particularly, these humongous entities made a total of 11,697 transfers in the span of 24 hours at the peak of this spike. Generally, it’s hard to say anything about what sort of transfer activity it is exactly that the whales are participating in based off the Whale Transaction Count alone, since both selling and buying transactions look the same from the perspective of the indicator. The accompanying price action, though, can provide some hints. The latest peak in the metric is the highest that the indicator has gotten since early August. Back then, the spike had coincided with a crash in the asset’s price, implying that a lot of the whales’ moves may have had been for selling. The current increase in the Whale Transaction Count has come as Bitcoin has been rallying, so it’s possible that the whales may be participating in profit-taking again. Since the spike occurred, BTC has slid down under $67,000, which may add evidence for this. In the same chart, Santiment has also attached the data for another BTC metric: the Social Dominance. This indicator basically tells us about the share of social media discussions that Bitcoin is occupying as compared to the total for the top 100 assets in the sector. From the graph, it’s apparent that the Social Dominance has spiked to 25.5% for the cryptocurrency, which is the highest value since late July. Thus, Bitcoin’s mindshare is currently high when compared to that of the altcoins. Related Reading: Bitcoin Extreme Greed Is Nearly Here: Will This Lead To A Top? This is usually a sign of fear of missing out (FOMO) among traders. Historically, excessive hype has been a poor sign for BTC, with tops often following it. “Both of these signals are signs that the rally may be on hold due to key stakeholder profit taking and high crowd FOMO,” notes the analytics firm. BTC Price At the time of writing, Bitcoin is trading at around $66,900, up more than 9% over the last week. Featured image from Dall-E, Santiment.net, chart from TradingView.com