Maker has enjoyed a nice +12% day while the rest of #crypto slumps. This can largely be attributed to accumulation by the whales & sharks holding between $11.6K to $11.6M $MKR. Their holdings will continue to correlate with future price movement.
Chainlink has hit a key level that has historically foreshadowed a price rebound. Presuming #Bitcoin and the overall #crypto sector stays relatively stable, $LINK's drop in exchange supply (currently just 15.5%) is hinting at a #bullish divergence.
BitcoinCash enjoyed a healthy price rebound, currently back at $214 after being as low as $180 just 2 weeks ago. Short & long term traders are both in profit for the first time since mid-June, and whales will be key to a further surge.
Trading volume is still massive after yesterday's crypto-wide price pumps. #Bitcoin, in particular, is getting a big resurgence in trader interest. If $BTC stays in the $27K-$28K range, things should settle. Higher or lower, volatility is more likely.
Ethereum is currently sitting at $1,700, and $ETH is standing out amongst top caps as the asset traders are growing most impatient with. Historically, when we see wallets disposing of their coins at lower values, price bounce likelihoods increase.
USDC's supply dominance on Ethereum has slid from 45% earlier in 2023 to <33% now. Its supply has slipped from over 41 billion before the depeg to just 24 billion this month as burns continue to outpace mints — link
- Bitcoin price drops to $27,197.19, marking a 0.73% decrease in 24 hours - Ether experiences a 1.18% dip - Broader crypto market also shows a decline, led by ADA, SOL, and MATIC - Grayscale secures a court win against the SEC, igniting a temporary market rally - The court decision opens potential pathways for future spot BTC ETFs - Clara Medalie highlights signs of potential market weakness despite the rally - Modest trading volumes and a resistance level at $28,000, as noted by Clara Medalie, are causes for concern - Garreth Soloway examines the risks if Bitcoin fails to surpass $28,000, but also suggests potential gains if more ETFs are approved