⚠️🐂👋 ATTENTION #BTC‬ 👋🐂⚠️

Bitcoin Recovers After Local Dip as Crypto Market Remains Optimistic

A new day has begun, and cryptocurrency investors saw Bitcoin reach a local bottom about 12 hours ago. At the time of writing, the price was recovering. The fluctuation in Bitcoin’s price was not a surprise, and there were no major negative developments to worry investors. So, how are cryptocurrencies starting this Sunday?

The king cryptocurrency hit a low of $50,625 around 17:30 local time yesterday. It then surpassed $52,000 again a few hours before the daily close. This was not permanent due to profit-taking, but it’s not too significant. Weekend markets are generally low in volume, so the impact of profit-taking on prices is more pronounced.

If we start seeing strong ETF inflows again from Monday, motivation could increase. There are no major problems on the macro front, but we should not forget that the market’s excessive optimism may continue to be tempered as the halving approaches. While this could weaken risk markets, it’s not terrible for BTC due to halving expectations and ETFs.

Miners continue to sell. Their reserves have dropped to 1.92 million, but they may start to slow down sales if ETF-related demand continues to outpace the newly issued supply by 20-30 times. Although the decrease in reserves seems rapid, it’s the same as the figures at the beginning of December 2023. Miners are largely switching to accumulation during the rise and now continue profit sales to support their liquidity. This is not abnormal, especially since post-halving increased costs and decreased new BTC supply will necessitate more cash.
Current State of Cryptocurrencies
There is no massive meltdown in cumulative value, and the BTC correction did not trigger as big of a sell-off in altcoins as feared. All of this is positive. The winners of the week are SC, BGB, VET, AR, STX Coin, which gained over 44% weekly.
While the cumulative value of cryptocurrencies continues to target $2.1 trillion, volumes have shrunk by nearly 20% daily.

🚨⚠️What suggests a Bitcoin ATH?⚠️🚨

Bitcoin displayed commendable performance in the last seven days as its price surged above $51k. According to CoinMarketCap, BTC was up by nearly 10% in the last seven days.

At the time of writing, it was trading at $51,781.49 with a market capitalization of more than $1 trillion.

The good news was that, as per IntoTheBlock’s prediction, the king of crypto might reach an all-time high within six months.
To be precise, the chances of BTC touching an ATH were 85%, as per the analytics platform’s prediction. To see whether that’s possible, AMBCrypto took a look at Bitcoin’s on-chain metrics.

Our analysis revealed that BTC’s Network Value to Transactions (NVT) ratio dipped last week. A drop in the metric means that an asset is undervalued, hinting at a price hike.
A few other metrics also looked pretty bullish for BTC. For instance, BTC’s funding rate was green. CryptoQuant’s data also revealed that Bitcoin’s taker buy/sell ratio was positive, indicating that buying sentiment was dominant in the market.

Apart from that, the king of cryptos is also expecting its next halving within a few months. Historically, BTC has always reached a new ATH a few months after its halvings. Therefore, considering these indicators, BTC reaching new highs seemed high.
#BTC #BONK #Write2Earn‬

🚨 DON'T SELL CRYPTO 🚨

🚨 DON'T SELL CRYPTO 🚨

🚨 DON'T SELL CRYPTO 🚨

🚨 DON'T SELL CRYPTO 🚨

🌟🌟🌟AVOID FOMO🌟🌟🌟
🌟🌟🌟AVOID FOMO🌟🌟🌟
🌟🌟🌟AVOID FOMO🌟🌟🌟

CRYPTO MARKET COMEBACK SOON
SIT BACK & RELAX
#BTC

#CryptoNews

XRP Coin Struggles for Recovery as Market Sentiment Remains Uncertain

#BTC #XRP #CIN

✓Table of Contents

•Legal Developments and Market Dynamics

•Prospects for XRP’s Price Stability

In 2024, the value of XRP Coin has suffered a significant 20% decrease, positioning itself to end the year at lows not experienced since mid-October. The rebound of Bitcoin to levels above $44,000, along with a rise in long-term positions on the OKX exchange, has lent some support to the market. Despite these factors, the XRP Coin’s future value remains a subject of speculation.

Legal Developments and Market Dynamics

#Ripple , the company behind XRP, is set to comply with a US court’s ruling to disclose financial records related to its institutional sales of XRP Coin. This development comes amidst a backdrop of market recovery from a hacking incident and ongoing concerns over a collective appeal process. On the OKX exchange, an uptick in long positions has been observed, and Binance data points to early signs of whale activity moving in a positive direction. Despite a steady balance in the futures market since early January, professional traders are cautiously buying in, signaling the possibility of a short-term rebound, while broader market sentiment remains wary.

Prospects for XRP’s Price Stability

XRP Coin is currently battling to maintain a critical support level at $0.50, but achieving a bounce from this threshold is proving challenging. A price closure below this support could see a further drop towards the $0.46 level and lower. While the recent increase in Bitcoin’s price is notable, it lacks foundational stimuli, and any potential reduction in GBTC sales is counterbalanced by the Federal Reserve’s optimistic outlook on interest rate reductions. For a genuine market turnaround, investors are looking for XRP to close above the 20-day EMA and aim for an upward trend line, with sights set on potential targets of $0.67 and, subsequently, up to $0.74.

U.S. Bitcoin Mining’s Surging Electricity Usage

Recent findings from the U.S. Energy Information Administration (EIA) have brought to light the substantial electricity consumption attributed to Bitcoin mining within the United States. In 2023, Bitcoin mining operations accounted for 0.6% to 2.3% of the nation's total electricity usage, a range that places the industry's demand on par with the entire state of Utah's electricity consumption. This revelation has reignited discussions surrounding Bitcoin's environmental impact, challenging the prevalent narrative that its energy consumption is excessively detrimental.  according to Coingape.

Texas and New York, identified as leading states in Bitcoin mining, have become focal points for the industry's expansion. This growth is partly fueled by the migration of crypto mining operations from China to the U.S., following the former's crackdown on the sector. The U.S. has also seen a rise in publicly traded large-scale Bitcoin mining firms, further indicating the sector's significant development over recent years.

The report's findings have raised concerns among policymakers and grid planners regarding the potential strain on the electricity grid, the possibility of increased electricity prices, and the impact on energy-related carbon dioxide emissions. These concerns underscore the challenges of balancing the industry's growth with environmental and economic sustainability.

Moreover, the upcoming Bitcoin halving event, expected to reduce mining rewards by half, could further intensify these debates. As miners adjust to the new rewards system, there's anticipation of increased mining activities, potentially leading to a higher demand for electricity. This scenario highlights the ongoing need for the Bitcoin mining industry to explore and adopt more energy-efficient and sustainable practices.