The post Here’s Why Bitcoin Price Dropping Today appeared first on Coinpedia Fintech News Renowned crypto analyst Michaël van de Poppe has warned investors about Bitcoin’s bearish divergence, indicating potential downward pressure on the cryptocurrency. As BTC experienced a 6% drop on Tuesday, falling to around $63,400. The decline was the biggest one-day decline in two weeks, driven by a surge in cryptocurrencies. However, van de Poppe highlighted several factors contributing to Bitcoin’s downward trend. #Bitcoin bearish divergence is valid and remained that.I think we're close to a bottoming procedure and the correction is shallow, altcoins bleeding -> great opportunities. Reasons for the drop:– FOMC tomorrow evening.– BoJ raising interest rates since 2007.– Grayscale. pic.twitter.com/Ys8t2Z6PS0— Michaël van de Poppe (@CryptoMichNL) March 19, 2024 Key Reasons Behind Drop Upcoming FOMC Meeting Poppe highlighted the upcoming FOMC (Federal Open Market Committee) scheduled for March 20, 2024, which will have a major impact on the crypto market. At the recent FOMC meeting on January 30-31, 2024, the Federal Reserve kept interest rates at 5.25%-5.50%. This decision means the Fed is still taking a break from the rate hike that began in March 2022 to combat inflation. Additionally, the Fed has signaled a willingness to leave rates unchanged until inflation shows signs of moving below the 2% target. Due to this, many analysts and investors expect the central bank to continue withholding rates for March 20, 2024. BoJ Ends Negative Rates Era Recently japan’s central bank stopped having negative interest rates after eight years to encourage lending and demand. In the first interest rate hike in 17 years, the Bank of Japan (BOJ) raised the short-term policy rate from -0.1% to zero to 0.1%. BREAKING NEWS: Bank of Japan has decided to raise interest rates for the first time since 2007, scrapping yield curve control.— unusual_whales (@unusual_whales) March 19, 2024 Indeed some analysts warn that the BOJ will approach further rate hikes with caution due to weak economic recovery. Grayscale’s BTC Selling Continues After Grayscale changed its fund to a Bitcoin ETF on January 10 after the approval of spot Bitcoin ETF by the SEC, it started moving its BTC to Coinbase for selling. Previously, Grayscale’s bitcoin fund was in the form of a closed-end fund, requiring investors to hold shares for at least six months. Now that ETFs exist, investors can easily take their holdings and profits, which they are likely doing again. Altcoins May Offer Opportunity As the price of bitcoin falls, van de Poppe says it could be good for altcoins. If Bitcoin becomes less dominant, altcoins could be attractive to investors who want to diversify and grow their wealth in the crypto market. Meanwhile, Van de Poppe’s research provides valuable insights for investors to better understand crypto trading.
The post Bitcoin Halving Prediction: Déjà Vu for BTC Price; The Pre-Halving Peak Pattern Strikes Again! appeared first on Coinpedia Fintech News Coming off from the high of its new all-time high at $73,800, Bitcoin has plunged to $63,600 as we approach this year’s halving. Predictions are flying, and investors have been grappling with them to understand the current price action and what to expect between now and April 19th, when the halving is expected to begin. Historically, Bitcoin shows a specific pattern around its halving events – a surge in price a few weeks before, followed by a time of consolidation. Michael van de Poppe, the renowned crypto analyst, highlights this trend in his latest analysis. He outlined a peak in Bitcoin’s value approximately four to five weeks before the halving, based on the 2016 event. The period following the peak often sees Bitcoin stabilizing, setting the stage for altcoins to gain momentum. But today marks four weeks before this year’s halving, and Bitcoin is in the red and oversold. The Fear and Greed Index is currently on Extreme Fear. Monitoring the current status of #Bitcoin's price action vs. the previous halvings: – Still a copy-paste.Peaking 4-5 weeks before the halving, after which a period of consolidation happens -> Altcoins to wake up.In 2016, Bitcoin peaked 4 weeks prior to the halving. pic.twitter.com/QuQrZHT4el— Michaël van de Poppe (@CryptoMichNL) March 19, 2024 One of the standout features of the analysis is the emphasis on volume bars and the oscillator, likely the Relative Strength Index (RSI), which signal the market’s momentum and the potential for upcoming consolidation or pullback phases. Furthermore, the analysis identifies consolidation and breakout zones from November 2015 to May 2016. There is rapid selling pressure in the Bitcoin market. $500 million have been liquidated in the past twenty-four hours, and the entire crypto community is freaking out, wondering if the bull run has already died without ever even starting correctly. Interestingly, Bitcoin’s weekly chart shows a bullish outlook, with bulls still hopeful about the price hitting $80,000 before halving and $100,000 after. On the other hand, experts are saying we should expect a little more correction that might drag Bitcoin’s price down to below $60,000 before it starts going up again.
The post Bitcoin Slumps Below $64,000-What Caused the Drop? Will BTC Price Drop Below $60,000? appeared first on Coinpedia Fintech News In an interesting curve, the Bitcoin price took a deep downturn and crashed below $64,000, hitting the lows below $63,000. This has pushed the crypto masses into deep distress, which is expected to intensify in the next few days. If the previous price actions are considered, the BTC price is performing the same thing. Therefore, there is no need to be bearish on Bitcoin at the moment, as the real bull run is yet to begin. The BTC price usually surges high and peaks 4 to 5 weeks before the halving, after which a period of consolidation follows. This is when the altcoins wake up, which has been witnessed before 2016 and 2020 halving. However, bearish signals have been flagged for the BTC price as the OBV or On-Balance volume has broken down the ascending support. This indicates that the token may soon break the lower support and surge lower. The OBV is a technical indicator that forecasts price movements based on volume flow. Currently, the OBV has broken down from the ascending trend line, which suggests the distribution may begin. This suggests a negative volume flow, which may be considered a warning of a downward breakout. Hence, the impact is visible as the BTC price has formed its daily lows below $63,000, somewhere around $62,800. Secondly, the FOMC is expected to roll out fresh rates, which are expected to remain unaltered. As the US elections are due in September, the government is unlikely to go ahead with the rate cuts. On the other hand, the impact of the spot ETF appears to have dropped, as the net inflow of Grayscale has dropped drastically in the past few days while the outflows have recorded the highest numbers of over $640 million. These may be a few reasons for the Bitcoin sell-off while the actual low for the ongoing selling pressure could be way ahead of the current levels.
The post Analyst Backs Ethereum Price to Hit 10K as Green Bitcoin Also Receives Bullish Forecast appeared first on Coinpedia Fintech News Despite a recent pullback, analysts are rallying behind ETH for long-term upside, with one prominent trader voicing a $10K price target within the current market cycle. Meanwhile, experts are backing the newly launched Green Bitcoin to boom as its ICO surpasses $6 million. ETH Will Hit 10K and Is Preparing For Next Leg Up, Says Analyst Prominent trader CryptoJelle predicts a market cycle top of $10K for Ethereum and anticipates the price will breach $4K shortly. Currently trading at $3.3K, ETH is down 6.37% today and 16.04% this week, but it remains up 17.1% this month and 90.08% this year. It currently holds a $407 billion market cap and a $23 billion 24-hour trading volume, up 20% today. CryptoJelle provided his ETH price prediction in a post on X, alongside forecasts for other prominent cryptos like Bitcoin, Solana, and Injective Protocol. The analyst’s prediction equates to a 203% increase from its current price. In another tweet, CryptoJelle analyzed Ethereum’s ongoing price action, noting that a consolidation phase is underway, to be succeeded by a break of $4K. “After nearly $2000 in gains, the $ETH trend is no longer your friend. Probably consolidates here to prepare for a break of 4k,” he predicted. In an earlier post, he also explained that Ethereum is undergoing a similar trajectory to previous cycles but alluded that the inclusion of potential spot ETFs could accelerate its bullish outlook. He wrote, “ETH is still playing out similarly to last cycle. The only difference is that this time, BlackRock and Fidelity have filed for a spot ETH ETF. We all know what the ETF did for Bitcoin; will ETH see the same outcome?” Market analyst and CEO of BecauseBitcoin, Max Schwartzman, takes a similar stance. He anticipates that Ethereum will follow a similar pattern to the last cycle, citing its relationship to Bitcoin. “When Bitcoin recovers from this sell-off, alt season begins,” he said. Max referenced the Ethereum price chart, labelling it the “king alt.” Despite its short-term volatility, Ethereum’s overarching outlook remains bullish. However, current market conditions present new opportunities daily. One of the most promising new cryptos is Green Bitcoin, an eco-friendly Bitcoin alternative on the Ethereum blockchain. The project is undergoing a presale and has raised over $6 million so far. Could Green Bitcoin Also be Poised to Explode? Green Bitcoin is the ultimate staking crypto, inviting users to step inside a new paradigm of green and gamified crypto rewards. With a 92% staking APY and up to 100% bonuses on its Predict-to-Earn mechanism, $GBTC holders have numerous ways to compound their investment. The predictive mechanism offers an enigmatic outlook, enabling users to guess whether Bitcoin’s price will rise or fall the next day in exchange for crypto rewards. Launching on Ethereum offers a low energy-intensive alternative to the original Bitcoin, often criticized for its unnecessary energy consumption. Consequently, the new rendition has fared a hit among media outlets, boasting features in Finbold, Inside Bitcoins, Cointelegraph, and many more. Analysts have also rallied in support, with Jacob Bury recently dubbing it a “New 10x potential low market cap gem.” The blend of a compelling use case and deep-rooted support from media and analysts has garnered immense excitement within the investor community. So far, the presale has already raised an impressive $6.2 million. However, with a hard cap of $7 million and a price hike set to occur when the total raise hits $6.4 million, time is running out for potential buyers. Visit Green Bitcoin Presale
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