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This week, the publicly traded mining company Marathon Digital Holdings unveiled new firmware and a control board designed to enhance the efficiency of bitcoin mining rigs. Marathon revealed it has been developing this technology for about a year. Marathon Releases Custom Firmware and MARA UCB 2100 Control Board On March 25, 2024, Marathon (Nasdaq: MARA) […]
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Month: March 2024
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Marathon Introduces Custom Firmware and Control Board for Enhanced Bitcoin Mining Operations
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LSE Opens Doors to Bitcoin and Ethereum ETN Applications
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In a follow-up to the Stock Exchange Notice issued on March
11, 2024, the London Stock Exchange (LSE) has disclosed its intention to
commence accepting applications for the admission to trading of Bitcoin and
Ethereum Crypto Exchange-Traded Notes (ETNs) from April 8, 2024.The Exchange’s decision is contingent upon the approval of
the base prospectuses by the Financial Conduct Authority (FCA), which is
necessary for listing Crypto ETNs on the Main Market and the Official List of
the FCA.
Pending regulatory approval, the proposed date for the commencement of trading
for these Crypto ETN securities is slated for May 28, 2024.The LSE has strategically opted to launch the market for
Crypto ETNs on May 28 to facilitate the maximum participation of issuers on the
inaugural trading day. This choice of date factors in the necessity for issuers
to meet the eligibility criteria outlined in the Crypto ETN factsheet.
Additionally, it allows ample time for issuers planning to list securities on
the launch date to compile the requisite documentation to establish a Crypto
ETN program, including obtaining FCA approval for the base prospectus.*LSE TO ACCEPT APPLICATIONS FOR BITCOIN, ETHEREUM ETN ADMISSION: BBG
— Tree News (@News_Of_Alpha) March 11, 2024
Compliance Crucial: Standards for Participation in LSE’s
Crypto ETN DebutIssuers intending to establish a Crypto ETN program for
listing securities on the Main Market on May 28, 2024, are required to furnish
the Exchange with necessary information no later than April 15, 2024. This
includes a detailed letter outlining how the issuer and/or the Crypto ETN meet
the stipulated requirements as per the Crypto ETN factsheet, along with a draft
of the base prospectus indicating the inclusion of disclosures about
these requirements.However, issuers must adhere to Admission and Disclosure
Standards to partake in the first day of trading of Crypto ETNs on May 28,
2024. Failure to satisfy these standards will result in exclusion from
participation. Specifically, issuers will be ineligible if they fail to
demonstrate compliance with the requirements outlined in the Crypto ETN
factsheet, submit their application for admission post the April 15, 2024
deadline, or if their base prospectus fails to secure FCA approval by midday on
May 22, 2024.In a follow-up to the Stock Exchange Notice issued on March
11, 2024, the London Stock Exchange (LSE) has disclosed its intention to
commence accepting applications for the admission to trading of Bitcoin and
Ethereum Crypto Exchange-Traded Notes (ETNs) from April 8, 2024.The Exchange’s decision is contingent upon the approval of
the base prospectuses by the Financial Conduct Authority (FCA), which is
necessary for listing Crypto ETNs on the Main Market and the Official List of
the FCA.
Pending regulatory approval, the proposed date for the commencement of trading
for these Crypto ETN securities is slated for May 28, 2024.The LSE has strategically opted to launch the market for
Crypto ETNs on May 28 to facilitate the maximum participation of issuers on the
inaugural trading day. This choice of date factors in the necessity for issuers
to meet the eligibility criteria outlined in the Crypto ETN factsheet.
Additionally, it allows ample time for issuers planning to list securities on
the launch date to compile the requisite documentation to establish a Crypto
ETN program, including obtaining FCA approval for the base prospectus.*LSE TO ACCEPT APPLICATIONS FOR BITCOIN, ETHEREUM ETN ADMISSION: BBG
— Tree News (@News_Of_Alpha) March 11, 2024
Compliance Crucial: Standards for Participation in LSE’s
Crypto ETN DebutIssuers intending to establish a Crypto ETN program for
listing securities on the Main Market on May 28, 2024, are required to furnish
the Exchange with necessary information no later than April 15, 2024. This
includes a detailed letter outlining how the issuer and/or the Crypto ETN meet
the stipulated requirements as per the Crypto ETN factsheet, along with a draft
of the base prospectus indicating the inclusion of disclosures about
these requirements.However, issuers must adhere to Admission and Disclosure
Standards to partake in the first day of trading of Crypto ETNs on May 28,
2024. Failure to satisfy these standards will result in exclusion from
participation. Specifically, issuers will be ineligible if they fail to
demonstrate compliance with the requirements outlined in the Crypto ETN
factsheet, submit their application for admission post the April 15, 2024
deadline, or if their base prospectus fails to secure FCA approval by midday on
May 22, 2024.
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Top Cryptocurrency Projects Shaping 2024’s Landscape | by BitMedia Buzz | Mar, 2024
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Crypto lovers and investors have eagerly anticipated the year 2024. First, since it marks the commencement of the bull run, it demonstrates that now is a fantastic moment to invest in truly excellent projects with significant usefulness in the cryptocurrency industry and earn long-term returns. Additionally, Bitcoin will be halved by April, allowing numerous outstanding projects to dominate the market as time goes on.
Being an investor in an incredible project with much potential is always exciting. Historically, many projects have been successful due to the investor community. Aside from hearing the bright perspectives of the team, other investors, and the broader community on the project’s development, leading to knowledge expansion, you will also get amazing returns and incentives in various ways.
Many aspiring cryptocurrency experts make the mistake of focusing on immediate gains. Because of this, they participate in overhyped projects or tokens that are set to be dumped. The parameters used to assess a good project are the team’s long-term aim, the problem they want to tackle, the roadmap indicating the timeline, and the whitepaper demonstrating how.
Cogito Finance, co-founded by Dr Ben Goertzel, is part of the SingularityNET ecosystem. It tokenizes traditional assets for on-chain finance, offering 24/7 instant settlement and token transferability. Their AI models revolutionize the investment strategy landscape.
Cogito’s governance token, CGV, empowers users to actively shape the platform’s future through voting on key decisions. CGV holders also benefit from profit sharing, receiving a portion of Cogito’s revenue. CGV can be staked on SingularityDAO for extra yield. With current availability on Binance Smart Chain, Ethereum, and Cardano, CGV offers a combination of community governance, profit sharing, flexible staking options, and multi-chain accessibility.
ZAP is a community-driven token launch protocol that ensures founders and investors receive fair value. Unlike traditional launchpads, ZAP allows investors to access token sales through on- and off-chain engagement rather than through lottery or staking requirements. ZAP offers three distinct use cases: curated launches via ZAP Lab, fair launches via ZAP Launch, and gamified airdrops via ZAP Drops.
These use cases are built upon a single tech layer: Mission Control, Overallocation logic, and native yield with additional API options. ZAP is backed by top-tier Venture Capitals and Key Opinion Leaders and will soon announce its supporters, token and NFT plans, and more.
eesee is a gamified liquidity solution and marketplace for digital assets, tokens, and RWAs on Blast backed by Animoca Brands. The platform helps users maximize their trading profits by selling digital assets, tokens, and RWAs at a desired price, regardless of market conditions.
Its unique protocol, features, strong backers, and incentivized approach make it attractive to many Web3 users. With over 1.9 million wallets already on its testnet, eesee has tripled its user base and volume since the start of 2024, creating a big and strong community around the project. eesee’s mainnet is launching shortly, and TGE is planned to launch at the beginning of April.
ONEG8 is a revolutionary “super app” already available for iOS and Android, focused on data privacy, social media, communications, and e-commerce. With its state-of-the-art blockchain and native cryptocurrency (G8 Coin), ONEG8 is compatible with Ethereum Virtual Machine (EVM), opening it to a global market of over 400,000 million users. The native token G8C (Gate Coin) features an aggressive burn mechanism and staking opportunities. All platform sales and fees are settled in G8C, triggering more burns and incentives to hold.
Excitedly, G8 Coin (G8C) launches for trading on BitMart on April 8th, 2024. With a commitment to long-term value growth and privacy, ONEG8 and G8 Coin destabilise big tech while empowering you, the user.
PlayMining is a pioneering force in NFT gaming within the burgeoning GameFi sector. With a global reach spanning over 100 countries and a player base exceeding 2.7 million individuals, PlayMining is currently revolutionizing the blockchain landscape with their DePIN-integrated #GamifyingWork initiative. By combining Web3 gamification strategies with physical infrastructure networks, such as its ongoing collaboration with TEPCO (Tokyo Electric Power Company) to crowdsource labor, it offers unique work solutions for businesses.
PlayMining offers diverse gaming experiences through three core services: PlayMining Games, featuring popular titles like JobTribes; PlayMining NFT, a marketplace boasting over 100 original artworks; and PlayMining Vault, which incentivizes user participation. These services converge through PlayMining Tokens, the PlayMining Chain, and PlayMining Verse, creating a dynamic ecosystem for creators and users to engage, innovate, and prosper.
The crypto options market boasts a substantial $20 billion trading volume (Jan 2024), but navigating it can be challenging. Arrow offers a secure solution for non-US traders. Its complete system streamlines option creation, pricing, and settlement. The platform’s innovative “request for execution” engine fosters efficient matching and dynamic pricing within existing frameworks, minimizing reliance on external trust mechanisms.
Arrow prioritizes user control, allowing investors to retain asset custody. Moreover, the company’s user-friendly interface, comprehensive educational resources, and practice testnet empower informed trading decisions for all experience levels.
BonusBlock revolutionizes Web3 engagement with two pivotal solutions. Firstly, an AI model assesses wallet quality, facilitating a marketplace where projects connect with users based on quality levels for user proofing and acquisition, streamlining user verification and on-chain nativity. Secondly, custom white-label solutions cater to project-specific needs, fostering long-term engagement, smart verification, and automated ambassador programs to cultivate robust communities.
Collaborations with notable entities like Injective and XION by Burnt underscore BonusBlock’s efficacy, boasting over 10 million on-chain transactions and 4 million users. This highlights BonusBlock’s substantial impact on the Web3 sector, redefining user experiences and project engagement.
Everyone in the crypto industry needs to be able to conduct their investigation before making any investment decisions, as there are many bad players in the space. Numerous warning flags to look out for include a lack of transparency, unrealistic promises, a lack of community engagement/a bot-dominated community, pump-and-dump schemes, and plagiarized whitepapers and websites.
As much as 2024 promises great success for the crypto world, jumping on the wrong project will put you at a complete disadvantage. Hence, taking your time before making an investment decision is good.
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Ethereum Price Could Regain Strength If It Clears This Key Hurdle
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Ethereum price is attempting a fresh increase wave above the $3,400 zone. ETH must clear the $3,580 resistance to continue higher in the near term.
- Ethereum is holding gains above the $3,250 support zone.
- The price is trading above $3,400 and the 100-hourly Simple Moving Average.
- There was a break above a key bearish trend line with resistance at $3,400 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could continue to rise if it settles above the $3,500 resistance zone.
Ethereum Price Eyes Fresh Increase
Ethereum price remained stable above the $3,250 support zone. ETH formed a base and started a fresh increase above the $3,350 resistance level, like Bitcoin.
ETH climbed above the $3,400 resistance zone. There was a move above the 50% Fib retracement level of the downward move from the $3,587 swing high to the $3,250 low. There was a break above a key bearish trend line with resistance at $3,400 on the hourly chart of ETH/USD.
Ethereum is now trading above $3,400 and the 100-hourly Simple Moving Average. On the upside, immediate resistance is near the $3,500 level. It is near the 76.4% Fib retracement level of the downward move from the $3,587 swing high to the $3,250 low.
Source: ETHUSD on TradingView.com
The first major resistance is near the $3,550 level. The next key resistance sits at $3,580, above which the price might gain bullish momentum. In the stated case, Ether could rally toward the $3,720 level. If there is a move above the $3,720 resistance, Ethereum could even climb toward the $3,880 resistance. Any more gains might call for a test of $4,000.
Another Decline In ETH?
If Ethereum fails to clear the $3,500 resistance, it could start another decline. Initial support on the downside is near the $3,400 level.
The first major support is near the $3,250 zone. The next key support could be the $3,060 zone. A clear move below the $3,060 support might send the price toward $3,000. Any more losses might send the price toward the $2,880 level.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is gaining momentum in the bullish zone.
Hourly RSI – The RSI for ETH/USD is now above the 50 level.
Major Support Level – $3,400
Major Resistance Level – $3,580
Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.
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Skybridge Capital Founder Advises ‘Act Like You’re Dead With Your Bitcoin and Don’t Sell’
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Skybridge Capital founder Anthony Scaramucci has advised bitcoin investors to act like they are dead with their coins and not sell them. “Don’t do anything with it,” he recommended, emphasizing: “The dead people at Charles Schwab do far better than the living people.” Anthony Scaramucci’s Bitcoin Investing Advice Skybridge Capital founder Anthony Scaramucci offered some […]
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March Sees Nearly $1 Billion In Ethereum Netflow To Centralized Exchanges
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The price of Ethereum has not exactly lived up to its promise as the month has gone on, despite a stellar start to the month. While this bearish pressure has been widespread in the general cryptocurrency market, regulation uncertainty has been an additional concern for ETH, igniting a negative sentiment around the “king of altcoins.”
Interestingly, the latest on-chain revelation shows a substantial amount of Ethereum has made its way to exchanges so far in March, suggesting that investors might be losing confidence in the long-term promise of the cryptocurrency.
Are Investors Losing Confidence In Ethereum?
According to data from CryptoQuant, more than $913 million has been recorded in net ETH transfers to centralized exchanges so far in March. This on-chain information was revealed via a quicktake post on the data analytics platform.
This net fund movement represents the largest volume of Ethereum transferred to centralized exchanges in a single month since June 2022. Even though March is still a week from being over, this exchange inflow appears to be a complete deviation from the pattern observed over the past few months.
Chart showing total monthly netflow of ETH on centralized exchanges | Sources: CryptoQuant
As shown in the chart above, October 2023 was the last time cryptocurrency exchanges witnessed a positive net flow. It is worth noting that there was significant movement of Ethereum tokens out of the centralized platforms in subsequent months up until this month.
Meanwhile, a separate data point that supports the massive exodus of ETH to centralized exchanges has come to light. Popular crypto analyst Ali Martinez revealed on X nearly 420,000 Ethereum tokens (equivalent to $1.47 billion) have been transferred to cryptocurrency exchanges in the past three weeks.
The flow of large amounts of cryptocurrency to centralized exchanges is often considered a bearish sign, as it can be an indication that investors may be willing to sell their assets. Ultimately, this can put downward pressure on the cryptocurrency’s price.
Substantial fund movements to trading platforms could also represent a shift in investor sentiment. It could be a sign that investors are losing faith in a particular asset (ETH, in this case).
Moreover, the recent regulatory headwind surrounding Ethereum specifically accentuates this hypothesis. According to the latest report, the United States Securities and Exchange Commission is considering a probe to classify the ETH token as a security.
ETH Price
As of this writing, the Ethereum token is valued at $3,343, reflecting a 4% price decline over the past /4 hours. According to data from CoinGecko, ETH is down by 11% in the past week.
Ethereum loses the $3,400 level again on the daily timeframe | Source: ETHUSDT chart on TradingView
Featured image from Unsplash, chart from TradingView
Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.
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From Peak to Present: GBTC’s Bitcoin Holdings Decrease by 266,827 BTC in 71 Days
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As of March 22, the bitcoin holdings of Grayscale’s Bitcoin Trust (GBTC) have diminished by 27,917.37 compared to its status three days prior, now amounting to 350,252 bitcoin valued at approximately $22.2 billion. Since evolving into an exchange-traded fund (ETF) listed on public exchanges, GBTC has shed billions in bitcoin over the preceding 71 days. […]
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Broadening Investment Options for French Users
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N26 has launched N26 Crypto, a new cryptocurrency trading
product aimed at optimizing the customer experience in France. This latest
offering enables N26 customers in France to invest in over 200 cryptocurrencies
directly through the N26 application.The introduction of N26 Crypto signifies the company’s focus
on providing accessible and efficient cryptocurrency investment options to its
clientele. Eligible clients with French or German IBANs can access N26 Crypto
across all membership tiers, including free accounts, without incurring
additional costs.According to the firm, transparency and security are
paramount in N26 Crypto’s design. Users will have clear insights into their
cryptocurrency portfolios and transaction histories within the application. N26 emphasizes adherence to
regulatory requirements and industry standards to ensure a compliant and secure
trading environment.La banque @N26FR ouvre son offre N26 #Crypto à tous ses clients en France 🇫🇷
Qu’est-ce que cela change pour les clients situés dans l’Hexagone ? 🤔
Les détails 👇https://t.co/5iwyTmrujr
— Cryptoast (@CryptoastMedia) March 21, 2024
N26 has partnered with Bitpanda GmbH to
develop and launch N26 Crypto, ensuring robust execution of trades and custody
of assets. This partnership underscores N26’s dedication to delivering reliable
cryptocurrency services to its customers.Introduction of N26’s New Trading Product in Austria
Earlier, N26
introduced a new trading product accessible through its mobile banking app,
starting with a rollout in Austria, as reported by Finance Magnates. The product
enables users to trade stocks and ETFs. Notably, it features a fixed fee of
0.90 EUR per trade, aiming for competitive pricing. This move marks a
significant step for the digital bank into the investment arena.Notably, fractional share investing from as low as 1 EUR
enhances accessibility for smaller investors. The launch features over 100
ETFs, with plans to expand to over 1,000 stocks and ETFs in Germany and
Austria. Future developments include free savings plans, diversifying N26’s
offerings. Eligible Austrian customers will gain access first, with German
expansion slated in the coming months, followed by further European markets.N26 has launched N26 Crypto, a new cryptocurrency trading
product aimed at optimizing the customer experience in France. This latest
offering enables N26 customers in France to invest in over 200 cryptocurrencies
directly through the N26 application.The introduction of N26 Crypto signifies the company’s focus
on providing accessible and efficient cryptocurrency investment options to its
clientele. Eligible clients with French or German IBANs can access N26 Crypto
across all membership tiers, including free accounts, without incurring
additional costs.According to the firm, transparency and security are
paramount in N26 Crypto’s design. Users will have clear insights into their
cryptocurrency portfolios and transaction histories within the application. N26 emphasizes adherence to
regulatory requirements and industry standards to ensure a compliant and secure
trading environment.La banque @N26FR ouvre son offre N26 #Crypto à tous ses clients en France 🇫🇷
Qu’est-ce que cela change pour les clients situés dans l’Hexagone ? 🤔
Les détails 👇https://t.co/5iwyTmrujr
— Cryptoast (@CryptoastMedia) March 21, 2024
N26 has partnered with Bitpanda GmbH to
develop and launch N26 Crypto, ensuring robust execution of trades and custody
of assets. This partnership underscores N26’s dedication to delivering reliable
cryptocurrency services to its customers.Introduction of N26’s New Trading Product in Austria
Earlier, N26
introduced a new trading product accessible through its mobile banking app,
starting with a rollout in Austria, as reported by Finance Magnates. The product
enables users to trade stocks and ETFs. Notably, it features a fixed fee of
0.90 EUR per trade, aiming for competitive pricing. This move marks a
significant step for the digital bank into the investment arena.Notably, fractional share investing from as low as 1 EUR
enhances accessibility for smaller investors. The launch features over 100
ETFs, with plans to expand to over 1,000 stocks and ETFs in Germany and
Austria. Future developments include free savings plans, diversifying N26’s
offerings. Eligible Austrian customers will gain access first, with German
expansion slated in the coming months, followed by further European markets.
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Extradition of Terraform Labs’ Do Kwon to South Korea Stalls
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The extradition of Terraform Labs’ Co-Founder, Do Kwon, to South Korea has hit a roadblock as Montenegro’s Office of the Supreme State Prosecutor challenged against the court order yesterday (Thursday).
The country’s top prosecutor argued that the High Court’s decision to extradite Kwon to South Korea instead of the United States was done in an “abbreviated proceeding” and exceeded the limits of the court’s reach. Interestingly, when hearing an appeal from Kwon’s lawyers, an appellate court subsequently confirmed the decision to the High Court.
The Balkan country’s prosecutors requested protection of legality before the Supreme Court to stop the extradition of Kwon to South Korea. The prosecutors argued that only the Supreme Court can decide in this case.
“The court, contrary to the law, conducted abbreviated, instead of regular proceedings and by exceeding the limits of its powers, made a decision on the extradition permit, which is the exclusive competence of the Minister of Justice,” the translated letter by the prosecutor stated.
The tussle came only a day after an appeal court rejected the plea to block the extradition of Kwon to South Korea where he would face “several criminal offenses.”
The US or South Korea?
However, the United States wants to extradite Kwon from Montenegro. The US prosecutors have filed eight charges against him and might proceed with prosecuting him even in his absence. Additionally, the US Securities and Exchange Commission has filed civil charges against both Terraform Labs and Kwon.
Following the collapse of the two Terraform Labs’ cryptocurrencies, TerraUSD and Luna, in 2022, Kwon disappeared from public view. The US and South Korean authorities blamed him for the wipeout of the crypto market, which reached almost $37 billion and later caused the collapse and bankruptcy of several other projects. Kwon was arrested last year in Montenegro while traveling with false documents.
Interestingly, other top associates from Terraform Labs, including the Co-Founder, Hyun-seong Shin, and the Chief Financial Officer, Han Chang-joon, were arrested with Kwon and were extradited to South Korea last month.
The extradition of Terraform Labs’ Co-Founder, Do Kwon, to South Korea has hit a roadblock as Montenegro’s Office of the Supreme State Prosecutor challenged against the court order yesterday (Thursday).
The country’s top prosecutor argued that the High Court’s decision to extradite Kwon to South Korea instead of the United States was done in an “abbreviated proceeding” and exceeded the limits of the court’s reach. Interestingly, when hearing an appeal from Kwon’s lawyers, an appellate court subsequently confirmed the decision to the High Court.
The Balkan country’s prosecutors requested protection of legality before the Supreme Court to stop the extradition of Kwon to South Korea. The prosecutors argued that only the Supreme Court can decide in this case.
“The court, contrary to the law, conducted abbreviated, instead of regular proceedings and by exceeding the limits of its powers, made a decision on the extradition permit, which is the exclusive competence of the Minister of Justice,” the translated letter by the prosecutor stated.
The tussle came only a day after an appeal court rejected the plea to block the extradition of Kwon to South Korea where he would face “several criminal offenses.”
The US or South Korea?
However, the United States wants to extradite Kwon from Montenegro. The US prosecutors have filed eight charges against him and might proceed with prosecuting him even in his absence. Additionally, the US Securities and Exchange Commission has filed civil charges against both Terraform Labs and Kwon.
Following the collapse of the two Terraform Labs’ cryptocurrencies, TerraUSD and Luna, in 2022, Kwon disappeared from public view. The US and South Korean authorities blamed him for the wipeout of the crypto market, which reached almost $37 billion and later caused the collapse and bankruptcy of several other projects. Kwon was arrested last year in Montenegro while traveling with false documents.
Interestingly, other top associates from Terraform Labs, including the Co-Founder, Hyun-seong Shin, and the Chief Financial Officer, Han Chang-joon, were arrested with Kwon and were extradited to South Korea last month.
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BONK Bonked: Price Crashes 30% In 7 Days
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The memecoin BONK has faced a significant setback as its prices plummeted by 30% in the last week, sparking discussions about the need to reassess predictions for this meme token. This decline in value has been accompanied by a drop in BONK’s open interest to its lowest level in the past month, signaling potential challenges ahead for the token.
Market Performance And Price Predictions
The recent slump in BONK’s prices has raised concerns among investors and traders, with key technical indicators hinting at the possibility of further declines in its value. At present, BONK is trading at $0.000023, making it one of the cryptocurrencies with the most losses over the past week. The altcoin’s future trajectory remains uncertain as market dynamics continue to evolve.
BONK price down in the last seven days. Source: CoingeckoFollowing a rejection at $0.00004, the price of BONK lost momentum and had a 35% value adjustment. After then, there was a period of sideways trading for the memecoin. The bulls lost steam as the volatility increased and broke through the support level; the market has been trading sideways ever since.
The recent analysis of BONK’s price performance reveals a shift in sentiment towards bearish outlooks, with weighted sentiment turning negative and key technical indicators confirming the presence of bearish sentiments. This negative sentiment among market participants could potentially lead to further declines in BONK’s value unless there is a significant shift in market dynamics.
Source: Coinglass
Open Interest Plummets
Futures open interest in the cryptocurrency fell to its lowest level in one month, which led to a decrease in its price. The open interest in BONK began to fall on March 5th and has since fallen by 60%, according to statistics from Coinglass.
Traders’ interest or involvement in the derivative market for an asset declines as its open interest diminishes. This usually happens when there is a change in investor mood, leading to more people trying to cut losses or take profits.
Total crypto market cap at $2.4 trillion on the daily chart: TradingView.com
Impact On Investor Sentiment And Market Dynamics
The recent price slump in BONK has had a notable impact on investor sentiment, with many adopting a cautious approach towards the token’s future prospects. This shift in sentiment has also influenced trading volumes and market activity, as investors reassess their positions and strategies in light of BONK’s price movements.
Expert Price Predictions And Analysis
As market observers examine BONK’s price predictions, varying outlooks emerge regarding its future performance. While some forecasts suggest a bearish scenario with a price of $0.000018 in 2024, others paint a more optimistic picture, projecting an average price of $0.000067 by April 17, 2024. These contrasting predictions highlight the volatility and unpredictability inherent in the cryptocurrency market.
Featured image from Andrea Piacquadio/Pexels, chart from TradingView
Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.
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