Autor Cointelegraph By Yashu Gola

ProShares ETF's Bitcoin stash hits $1.27B as BTC eyes $50K by mid-April

ProShares ETF's Bitcoin stash hits $1.27B as BTC eyes $50K by mid-April

Uverejnil používateľ | mar 25, 2022 |

Strong inflows into the ProShares Bitcoin Strategy ETF (BITO) in the past two weeks pushed its Bitcoin (BTC) exposure to a new record high.No Bitcoin outflows despite ‘rollover’ risksThe fund, which uses futures contracts to gain exposure to Bitcoin’s price movements, had a record 28,450 BTC under its management — worth about $1.27 billion at today’s price — as of March 24, compared to nearly 26,000 BTC a month before, according to official data from ProShares.ProShares Bitcoin ETF holdings as of March 24, 2022. Source: Official WebsiteInterestingly, the inflows appeared in the days leading up to the “rollover” of BITO’s 3,846 March future contracts in the week ending March 25. To recap, a rollover involves traders moving their futures contracts as their expiry nears to a longer-dated contract, so to maintain the same position.BITO’s rolling periods typically follows up with an increase in Bitcoin net outflows, noted Arcane Research in its latest report, while citing the last rolling period due to the market uncertainty caused by the Russia-Ukraine conflict.ProShares BITO AUM. Source: Arcane ResearchBut on March 21 it also witnessed an inflow of 225 BTC to its coffers just as BITO rolled its 437 March contracts to April. That prompted Arcane to see a growing institutional demand for the fund. It wrote in its report:”The strong inflows to BITO suggest that bitcoin appetite through traditional investment vehicles is increasing.”BITO has witnessed consistent net inflows for the remainder of this week, according to further data provided by Glassnode.Purpose Bitcoin ETF flows. Source: GlassnodeBitcoin to $50K next month?The inflows to ProShares Bitcoin ETF increase coincided with a rally in the spot BTC market on March 25.BTC/USD daily price chart. Source: TradingViewOn Friday, Bitcoin climbed another 2.5% to over $45,000, its highest levels in over three weeks. Alexander Mamasidikov, co-founder of crypto wallet service MinePlex, noted that that BTC’s price could jump to $50,000 next.”The growth seen in the ProShares BTC ETF to a new all-time high of 28,000 BTC is proof that the clamor for a Bitcoin-linked Exchange Traded Fund product is backed by an active demand,” he told Cointelegraph, adding:”These positive price trend activities have impacted BTC thus far and a sustained accumulation or investment from both retail and institutional investors is poised to push the coin to form strong support above $50,000 towards mid-April.”No love for Grayscale?Interestingly, institutions have been picking ProShares Bitcoin EFT over its rival Grayscale Bitcoin Trust (GBTC), a fund that has been trading at a 25% discount to spot BTC.Grayscale Discount to NAV chart. Source: YChartsThe issue with picking GBTC over BITO is that its discount continues to grow, which means investors would remain at the risk of underperforming spot Bitcoin, at a much higher rate that they risk with BITO that trades around 2% lower than the current BTC prices.Nonetheless, there is still a slim chance of GBTC emerging as a winner. Namely, Grayscale Investments, the New York-based investment firm backing GBTC, has expressed interests in converting the trust fund into a spot Bitcoin-backed ETF. If it happens, GBTC’s 25% discount should return to zero.Grayscale Investments BTC holding. Source: Coinglass”Buying BITO shares guarantees you will underperform Bitcoin,” said Ryan Wilday, a veteran financial analyst in an analysis published February , adding: “And buying GBTC shares likely results in similar or worse underperformance compared to BITO, with a very slim chance of outsized performance in the event GBTC is turned into a spot ETF.”Related: Record GBTC discount may spark $100K Bitcoin price rise — analystThe U.S. Securities and Exchange Commission (SEC) has never approved a spot Bitcoin ETF application, believing BTC is vulnerable to price manipulation.The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.

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Cardano pares most of its Q1 losses as ADA rebounds 60% in a month — What's next?

Cardano pares most of its Q1 losses as ADA rebounds 60% in a month — What's next?

Uverejnil používateľ | mar 25, 2022 |

Cardano (ADA) inched higher on March 25, putting itself on course recoup a great portion of losses that it had incurred in the first two months of this year.Cardano: not so bullish yet?ADA’s price jumped by around 7.5% in trading Friday, reaching $1.19 over a month after bottoming out at around $0.75. The Cardano token’s huge rebound move netted around 60% in gains. Nonetheless, it remained at the risk of losing its upside momentum in the coming weeks.At the core of this bearish analogy is a multi-month descending channel pattern, with a reliable track record of causing and limiting ADA’s rebound attempts simultaneously since September 2021. The channel’s upper trendline particularly has served as an ideal selloff zone, now being tested again as resistance, as shown in the chart below.ADA/USD daily price chart. Source: TradingViewADA’s daily relative strength index, now at 71.80, also alerts about its “overbought” nature. In a perfect scenario, an RSI reading above 70 leads to selloffs in an attempt to neutralize the underlying asset’s excessive valuation. That puts the Cardano token at an imminent pullback risk toward the descending channel’s lower trendline.More signs of ADA’s potential pullback move come from its weekly charts. Notably, the Cardano token’s rebound has been having it test its 20-week (near $1.21) and 50-week (near $1.31) exponential moving averages (EMA) as resistances. They were instrumental in capping ADA’s gains in January 2022. ADA/USD weekly price chart. Source: TradingViewAlex Benfield, analyst at Weiss Ratings, said ADA needs to reclaim $1.20 as support, a level that kept its bullish bias intact multiple times in 2021. He noted that if the Cardano token manages to do so, its likelihood of seeing a medium-term rally will be higher, adding:”Until it clears that resistance, this move is in danger of losing momentum,” ADA “fundamentally bullish”Alexander Mamasidikov, co-founder of crypto wallet service MinePlex, believes Cardano’s interim outlook is bullish despite its overbought risks.Related: Charles Hoskinson cheekily admits: ‘I was wrong’ about DApp rolloutThe executive believes that ADA’s ongoing growth momentum is more fundamental than technical, noting that the token started spiking after it became one of the assets included in the Grayscale Investment’s new altcoin fund, dubbed Smart Contract Platform ex Ethereum fund (GSCPxE).BREAKING: Grayscale launches ‘Smart Contract Fund’ for $ETH Competitors Fund’s Weighting:$ADA: 24.63%$SOL: 24.27%$AVAX: 16.96%$DOT: 16.16%$MATIC: 9.65%$ALGO: 4.27%$XLM: 4.06%— Altcoin Daily (@AltcoinDailyio) March 22, 2022″The growth is proof of how impressed investors are with respect to the revolutionary role of the Cardano blockchain in the fast-growing smart contract-powered evolution of Web3.0,” Mamasidikov asserted, albeit agreeing that levels near $1.50 could play spoilers to ADA’s upside move. Excerpts:”Drawing from ADA’s growth trajectory, the $1 price level remains the crucial support level while the coin’s resistance is pegged at $1.5 in the short to medium term.”The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.

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Bottomed out? MINA rises 75% nine days after hitting its worst level to date

Bottomed out? MINA rises 75% nine days after hitting its worst level to date

Uverejnil používateľ | mar 24, 2022 |

MINA, a utility token backed by a “lightweight” smart contracts platform of the same name, continued its upside move nine days after rebounding from $1.58, its lowest level to date.The coin rallied by about 75% to reach $2.75 as of March 24 as traders weighed a high-profile funding rounds involving the sale of $92 million worth of MINA tokens to Three Arrows Capital, FTX Ventures, and other venture capitalists.MINA/USD daily price chart featuring its correlation with Bitcoin. Source: TradingViewAn overall recovery sentiment across the crypto market also assisted in pushing MINA’s price higher, since altcoins typically move in tandem with Bitcoin (BTC). Additionally, Coinbase’s announcement on March 23 to add MINA support to its crypto exchange may have also boosted its upside prospects among traders and investors alike. “Trading will begin on or after 9AM PT on Thursday, March 24, if liquidity conditions are met,” Coinbase clarified.MINA bottoming out?The latest buying spree in the MINA market came after a long period of brutal selloffs that saw its price per token falling from its record high of $6.71 on Nov. 11, 2021, to $1.58 on March 15, 2022 — a roughly 76.50% decline.Nonetheless, MINA’s ongoing upside retracement has been showing signs of bottoming out, i.e., the end of its November-March bearish cycle, based on three widely-tracked technical setups: rising volumes, key moving averages, and a price-momentum indicator.MINA/USD daily price chart. Source: TradingViewIn detail, MINA’s rebound has had it break above its 20-day and 50-day exponential moving averages (the green and red waves in the chart above). Meanwhile, the move upside accompanied a rise in trading volumes, signifying traders and investors’ conviction in the rally.Additionally, MINA’s Moving Average Convergence Divergence (MACD; the blue wave) moved above its zero line, a bullish indicator. Conversely, MINA risked a pullback move due to its relative strength index (RSI) nearing the overbought benchmark level of 70 and the price facing interim selloff sentiment near its 100-day simple moving average (100-day SMA; the purple wave in the chart above) at $2.72.MINA price: key levels to watchThe 100-day SMA also coincided with the 0.236 Fib line (near $2.79) of the Fibonacci retracement structure — drawn from $6.71-swing high to $1.58-swing low, thus providing an additional layer of resistance against MINA’s upside attempts.MINA/USD daily price chart. Source: TradingViewAs a result, a successful pullback move, backed by an overbought RSI signal, could have MINA test its 20-day and 50-day EMAs as interim downside targets, with an extended selloff bringing back $1.58 in focus.Related: BTC price almost clears $43.5K with Terra $125M Bitcoin buy-ins gathering paceConversely, a decisive move above the $2.36-2.72 resistance range could push MINA’s price toward $3 —  a psychological upside target — initially, followed by an extended run-up to the 0.382 Fib line above $3.50.The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.

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BAYC's ApeCoin up 50% this week as its creator raises $450M in new funding

BAYC's ApeCoin up 50% this week as its creator raises $450M in new funding

Uverejnil používateľ | mar 24, 2022 |

ApeCoin (APE) continued its rebound move Thursday as the firm behind it raised hundreds of millions of dollars in a funding round led by Andreessen Horowitz.APE’s price surged 7.5% intraday to reach around $14.50 per piece. Notably, the token’s upside move came as a part of a retracement rally that started at the beginning of this week when it was changing hands for as low as $9.50. That pushed APE’s week-to-date profits up by 50%, making it one of the best-performing digital assets since March 21.APE/USD daily price chart. Source: TradingViewBig VC boosterTo recap, ApeCoin digital currency came to existence on March 17, via an “airdrop” backed by Yuga Labs, the creator of the Bored Ape Yacht Club (BAYC), a collection of nonfungible tokens (NFT) popular among celebrities, sportsman, and venture capitalists alike for its so-called status symbol.Yuga Labs dropped 150 million APE — out of the total 1 billion created — among the owners of the Bored Ape NFTs, with each getting 10,904 tokens, worth over $158,000 as of Thursday, for “free.” Meanwhile, owners of rarest BAYC NFTs, the “Mutant Apes,” received 2,042 APE, which costs around $30,000 as of today’s price.The firm projects APE as a governance and utility token to allow its holders to oversee and manage the so-called ApeCoin DAO, a decentralized autonomous organization. As a result, holding an APE gives users the right to vote on decisions proposed within the BAYC ecosystem.”It will serve as a decentralized protocol layer for community-led initiatives that drive culture forward into the metaverse,” reads an excerpt from the ApeCoin’s official website.The ApeCcoin community has issued 5 proposals, including the DAO structure; the voting process; the allocation of the ecological budget; the rules for staking and the allocation of staking pool. More than half of the budget goes to the game development. https://t.co/s1vq8v623g— Wu Blockchain (@WuBlockchain) March 24, 2022Interestingly, Yuga Labs gave entities, including Andreessen Horowitz and Animoca Brands, that helped it launch APE about 14% of its total supply, worth about $2 billion at today’s prices. On Tuesday, the the firm raised $450 million from the same venture capitalists to value at $4 billion.Crypto exchange FTX also contributed to the funding round, which, as Yuga claimed, would be used to expand its development team and to oversee their coming joint ventures, including a metaverse project called “Otherside.” Yuga may also use the capital to make Bored and Mutant Apes into bigger brands with some of them debuting on luxury goods and a play-to-earn game that may involve APE tokens.Looks like every single exchange is listing $APE. I’m here for this.— David Gokhshtein (@davidgokhshtein) March 23, 2022

What’s next for APEApeCoin is a week old so — technically — it does not have enough historic data to anticipate future price movements.Related: ApeCoin announcement surges BAYC floor price to near-ATH before correctionNonetheless, switching to lower-timeframe charts shows APE trending upward inside a parallel ascending channel with traders buying when the price hits the lower trendline and selling when it hits the upper trendline.As a result, APE’s ongoing rebound move could have it extend its upside momentum toward the channel’s upper trendline near $15, coinciding with another resistance level from March 18-19.Meanwhile, APE has also been attempting to reclaim $14.25 as its interim support. Failing to do so could risk an early pullback move toward the channel’s lower trendline, also coinciding with its 20-hour exponential moving average (20-hour EMA; the green wave) near $13.50.The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.

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Internet Computer eyes 50% move as ICP enters 'falling wedge' breakout territory

Internet Computer eyes 50% move as ICP enters 'falling wedge' breakout territory

Uverejnil používateľ | mar 23, 2022 |

The price of Internet Computer (ICP) reversed directions after falling to its record low near $14.50 on Feb. 24 and has rebounded by more than 30% ever since. And now, it appears the 35th-largest digital asset by market capitalization has more room to grow in the coming weeks.ICP breaks out of ‘falling wedge’ICP’s daily chart shows a falling wedge pattern — a setup consisting of two descending, converging trendlines connecting lower highs and lower lows. The intersecting nature of the two lines indicate a weakening bearish momentum. As such, traditional analysts anticipate a breakout out of a wedge to be bullish.For ICP/USD, the wedge hurdle was near $17.75, as shown in the chart below. It broke above it on March 22, and kept on rising in the next daily session, accompanied by an increase in trading volumes. On the whole, it shows a convincing falling wedge breakout in action.ICP/USD daily price chart featuring a ‘falling wedge’ setup. Source: TradingViewIn a “perfect” scenario, breaking out of a falling wedge pattern — to the upside — can see a subseqeunt price rally by as much as the maximum distance between the wedge’s upper and lower trendline. That may put ICP en route to over $27 — by almost 50% — sometime by April.Nonetheless, there is also a possibility that ICP’s breakout mode exhausts midway near $20, a level that coincides with the resistance trendline of its multi-month descending channel. Still, it would leave the Internet Computer token with a potential 20% upside setup before the next pullback occurs.Bearish risks remain for ICP priceFalling wedges are poor performers when it comes to predicting bullish chart patterns, according to  Tom Bulkowski, a veteran stock market investor, who noted that they work well when predicting a  “downward breakout in a bear market.”ICP has been in a bear market since its launch in May 2021 across the crypto exchanges, with its price plunging more than 90% from its debut rate of around $240 (data from Binance). The token dropped amid allegations that its founding company, DFINITY, dumped billions of dollars worth of Internet Computer tokens while simultaneously barring its early investors from exiting their positions.Additionally, a correction across the Bitcoin (BTC) and the rest of the cryptocurrency markets also weighed down the ICP’s bullish prospects. Notably, the correlation between Bitcoin and Internet Computer has been mostly positive since the ICP’s trading debut on exchanges. In other words, ICP typically sees downside moves when BTC experiences a correction.ICP/USD daily price chart. Source: TradingViewDespite logging a falling wedge breakout, ICP still eyes further bullish confirmation as it trades below its 50-day exponential moving average (50-day EMA; the red wave) near $19, a strong resistance level since September 2021.Related: Internet Computer founder‘s $250M plan to help end the war in UkraineFailure to mark a break above the 50-day EMA could have ICP retest its record low near $14, down over 20% from today’s price.The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.

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