Crypto investors will closely watch three major events next week for potential signals of a Bitcoin bull run.
Ahead of Bitcoin halving, traders are shorting mining stocks as the landscape becomes more capital-intensive for future prospects.
The "Fear and Greed Index" has increased by 2 points, reaching 74 out of 100. Despite this, the overall market sentiment remains predominantly positive, maintaining stability above the 70 mark.
#Bitcoin ($BTC), the oldest and most valued cryptocurrency, fell below $65,000 due to the Iran-Israel conflict.
Other popular altcoins like #Ethereum ($ETH), #Dogecoin ($DOGE), #Ripple ($XRP), #Solana ($SOL), and #Litecoin ($LTC) recovered.
#NEO token saw the highest gain, jumping over 18% in 24 hours.
Conversely, #JASMY experienced the largest loss, dipping over 4% in the same timeframe.
The total crypto market volume in the last 24 hours is $116.29B, marking a 29.97% decrease.
DeFi's total volume stands at $10.29B, accounting for 8.85% of the total crypto market volume.
Stablecoins contribute $107.24B, representing 92.22% of the total crypto market volume in the last 24 hours.
Bitcoin's dominance is at 54.20%, down by 0.44% from the previous day.
Over the weekend, the crypto markets experienced a significant downturn prompted by the Israel-Iran conflict-induced selloff. However, they are currently showing signs of recovery. BTC is trading around $65k, anticipating volatility leading up to the halving event. Bitcoin's rise follows the liquidation of approximately $1.5 billion in bullish crypto positions, indicating increased market volatility.
Israel's UN ambassador urged the Security Council for "all possible sanctions" against Iran after its unprecedented attack. He called for condemnation and immediate sanctions. Iran's UN envoy defended the attack as self-defense, criticizing the Security Council for failing to maintain peace. Tehran asserts it seeks no escalation but will respond to threats or aggression.
Following the Israel-Iran conflict, Ethereum dipped under $3,000 but bounced back, surpassing $3,150. Whales are buying significant amounts from exchanges, as evidenced by a withdrawal of 16,300 ETH from Binance, worth $51.1 million. Another whale acquired 1,000 ETH during the downturn, adding to their total accumulation of $25.12 million.
The upcoming Bitcoin halving event is anticipated to boost Bitcoin's price but may lead to a $10 billion annual revenue loss for miners. To counter this, companies are investing in new equipment and acquisitions. Private miners face greater vulnerability due to financing methods. Short interest in mining stocks is rising ahead of the event.
Coinbase contests the SEC's expansive use of "investment contract" terminology, fearing it could stifle innovation in the cryptocurrency sector. They argue for post-transaction contractual obligations as a requirement. A ruling in Coinbase's favor could establish clearer regulations, fostering innovation while ensuring consumer protection.
Bitcoin's recent stability has sparked speculation about a potential retracement, with drawing parallels to past cycles. Historical data suggests retracements of around 30% to 40%, presenting buying opportunities akin to pre-halving patterns. Former resistance levels now act as supports, but sophisticated resistance causes temporary price surges. Coingabbar Analysts advises vigilance for entry points, highlighting Bitcoin's cyclical market movements.
Japan's ruling party, the Liberal Democratic Party, seeks urgent crypto tax reform, proposing separate taxation for crypto transactions. Prime Minister Kishida's pro-web3 stance indicates potential change, aligning with the party's white paper advocating for blockchain development and deferring losses. Approval could lead to formal policy changes benefiting traders.
COIN GABBAR Views: What can we expect from altcoins this week as Bitcoin price bounces back, stuck around $65,000? Is Ethereum (ETH) nearing a $3,000 loss? Is Bitcoin (BTC) truly doomed, or is there a bullish long-term perspective? To get latest news Stay tuned us at coingabbar
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