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Ether, Dogecoin Lead Crypto Gains as Firms Signal ‘Prime’ Breakout Chance for Market

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Crypto prices extended their rally on Thursday, with Ether and Dogecoin leading the charge, as a combination of supportive risk sentiment and growing political momentum around digital asset legislation helped push markets higher.

Bitcoin hovered near its all-time high at $112,000, while Ether surged past $2,780, up nearly 7% over 24 hours. Dogecoin jumped 6%, with broader majors like Solana and XRP also gaining.

The CoinDesk 20, a liquid index tracking the largest tokens by market capitalization, minus stablecoins, rose over 2%.

Onchain analysis firm Santiment noted that retail trader-based wallets were seemingly absent from the current move, which, historically, sets the stage for sharp upside moves.

“History has shown that this is a prime sign of a potential breakout, as crypto markets typically move the opposite direction of the crowd’s expectations,” the firm said in an X post. “When retail shows FUD (whether through fear or impatience), these are usually prime spots for smart money to move in and accumulate. This time has been no different.”

The moves came as U.S. equity markets digested another round of tariff threats from President Donald Trump, including a 50% levy on copper imports and higher duties on Brazilian goods that sent stocks in the country tumbling.

However, U.S. equity-index futures dipped just 0.1% and global tech stocks continued to rally, with Nvidia briefly touching a $4 trillion market cap. Treasury yields softened as bond markets received a bid, suggesting that investors remain positioned for a supportive policy environment, even amid rising geopolitical noise.

«Crypto prices surged to new all-time highs on the back of a supportive risk and equity backdrop,” said Augustine Fan, Head of Insights at SignalPlus.

“BTC climbed above $112K after the U.S. House Committee announced next week as ‘Crypto Week,’ with a July 16 hearing titled Making America the Crypto Capital of the World. Traders are expecting concrete signals after months of posturing,” Fan added.

Fan noted that the market is still operating under a six-month soft target for regulatory recommendations set by President Trump in January. Next week’s hearing could offer clarity, or at least momentum, for a long-awaited federal framework.

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Alibaba Founder-Backed Ant Group to Integrate Circle’s USDC on Its Blockchain

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The international arm of Ant Group, the company backed by Alibaba founder Jack Ma, plans to bring Circle’s USDC stablecoin onto its proprietary blockchain.

The rollout will start once U.S. regulators certify the dollar-pegged token under the new federal rules, Bloomberg reported, citing people familiar with the deal.

The move would give USDC a link to a network that processed more than $1 trillion in global payments last year, a third of them settled on-chain. That scale could make Ant the largest overseas corporate user of a U.S.-issued stablecoin.

Ant International is also applying for stablecoin licenses in Singapore, Hong Kong and Luxembourg, according to the report. The group wants regulated digital dollars, central bank digital currencies and tokenized bank deposits to sit side by side on its platform.

The company’s blockchain currently supports tokenized assets from various financial institutions and has reportedly been working with the People’s Bank of China (PBOC) on the country’s central bank digital currency (CBDC), the digital yuan.

Circle shares rose nearly 3.8% in pre-market trading to $208.

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This One Metric Suggests Bitcoin Has Plenty of Room Left to Run

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Bitcoin (BTC) reached new all-time highs just above $112,000 on Wednesday, although the increase was only marginal compared to the previous peak. Despite the wave of bullish corporate adoption, with public companies adding bitcoin to their balance sheets.

On-chain data suggests that bitcoin has more room to run when compared to previous cycle highs. One useful metric in this analysis is the MVRV Z-Score, which helps evaluate whether bitcoin is overvalued or undervalued relative to what could be considered its fair value.

Unlike a traditional z-score, the MVRV Z-Score uniquely compares the market value to the realized value. When the market value, calculated as the network’s valuation based on the spot price multiplied by supply, sits significantly above the realized value, which reflects the cumulative capital inflow into the asset, this has historically signaled market tops [red zone]. Conversely, when the market value is well below the realized value, it has often indicated market bottoms [green zone].

The MVRV Z-Score is defined as the ratio between the difference of market cap and realized cap, and the standard deviation of market cap, expressed as [market cap minus realized cap] divided by the standard deviation of market cap. The standard deviation is calculated cumulatively from the first available data point to the present day, making it a long-term measure.

Currently, the MVRV Z-Score sits at 2.4. In past bear market lows, bitcoin has registered scores below zero, as seen in 2015, 2019, and 2022. Meanwhile, cycle tops have historically occurred when the score reaches 7 or higher, as was the case in 2017 and 2021, according to Glassnode data.

Although this is just one data point, it indicates that bitcoin still has significant potential for further upside compared to previous cycles.

MVRV-Z Score (Glassnode)

Read more: This Chart Points to a 30% Bitcoin Price Boom Ahead: Technical Analysis

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Australia’s Central Bank to Explore Developing Wholesale Tokenized Asset Markets

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The Reserve Bank of Australia (RBA) will explore the development of wholesale tokenized asset markets alongside an array of industry participants.

«Project Acacia» will use stablecoins, pilot wholesale central bank digital currency (CBDC) and bank deposit tokens in 24 use cases of tokenizing a range of asset classes, such as fixed income and private markets.

Tokenization refers to the process of minting assets such as bonds and equities as tokens that can be bought, sold and traded on blockchains, with the aim of making processes faster, cheaper and more transparent.

The Australian Securities and Investments Commission (ASIC) is also providing regulatory relief in order to streamline the pilot, which will involve the testing of tokenized asset transaction between participants and other selected financial institutions, the RBA announced on Thursday.

Issuance of pilot wholesale CBDC for testing the use cases will take place on different blockchain platforms, such as Hedera and R3 Corda.

Participants in Project Acacia include Fireblocks, Northern Trust and Australian banks Commonwealth Bank, Australia and New Zealand Banking Corporation (ANZ) and Westpac.

The project is the a sign of the Australian government’s plans to integrate digital assets into its economy being put into practise.

The Australian Treasury published a whitepaper in March, describing how the government planned to embrace tokenization, real-world assets and wholesale CBDCs to make financial markets more efficient.

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