Latest news with #NickRuck
Yahoo
6 days ago
- Business
- Yahoo
Bitcoin Traders Are Watching These Levels for Cues on Downside Risk
Crypto markets are giving no return opportunities for intraday traders, but long-term market watchers say the market is in a coiled spot and key levels are to be monitored for moves on either side. Bitcoin BTC hovered just above $105,000 on Wednesday, showing a steady rise from earlier in the week. Ether ETH, Cardano's ADA ADA, dogecoin DOGE and XRP XRP showed returns under 1%. Overall market capitalization declined 1.8%. Nick Ruck, director at LVRG Research, said the market's shift in sentiment reflected a sense that trade tensions, and that the drag on risk assets may have been priced in. 'While the U.S. economy shows signs of contraction, investors are optimistic on tech, especially on the future outlook of Bitcoin as institutions continue to integrate further with the industry,' Ruck said, adding that despite inflation risks and uncertain macro policies, the crypto market's long-term trajectory remains positive. Bitcoin's price action over the past week has been telling. According to data from Fineqia research analyst Matteo Greco, BTC ended last week week around $105,700, down 3.1% from the previous week's close near $109,050. This came as BTC spot ETFs saw $150 million in net outflows in the the first negative print after six consecutive weeks of inflows. 'BTC reserves on exchanges continue to decline, while reserves for major altcoins such as ETH and XRP have stabilised,' Greco wrote in an email to CoinDesk. Stablecoin reserves on exchanges have reached their highest levels in years, he added, a sign that investors may be preparing to deploy fresh capital rather than exiting the market. Greco added that bitcoin's market-value-to-realised-value (MVRV) ratio currently stands at around 2.2, below the historical top threshold of 3.7. That suggests we're in the late stages of the cycle — but not at the peak yet. Bitunix analysts pointed to the Fed's dovish comments as a short-term boost to risk appetite, though they warned that dollar volatility could disrupt flows. 'Bitcoin's short-term key level is at $105,000,' they said. 'If it can hold above this level, it may continue to rise. Conversely, if the market shifts back to risk aversion, the key support level at $102,700 must be defended.' As such, analysts say that if Bitcoin's dominance begins to fade, historically a sign of late-cycle rotation, altcoins could gain momentum, marking the later innings of a bull market. With stablecoin reserves rising and institutions continuing to integrate Bitcoin into their strategies, traders are bracing for what could be a volatile but potentially lucrative summer. We're hoping that the positive trend for the crypto markets continues for the long run,' LVRG's Ruck said.
Yahoo
02-06-2025
- Business
- Yahoo
DOGE, XRP, SOL Show Price Bottoming as Bitcoin Traders Remain Optimistic
Market watchers say that major tokens are showing signs of bottoming out, even as geopolitical tensions and tariff fears continue to cloud the near-term outlook. Bitcoin BTC hovered around $105,000 in Asian morning hours Monday, slightly changed in the past 24 hours but down 5% over the past week. Ether ETH, XRP XRP, Solana's SOL SOL, Cardano's ADA ADA and dogecoin DOGE showed similar price action in the past 24 hours, with signs of a local bottom near support levels for all these tokens, indicating a potential rebound for intraday traders. 'Bitcoin hovers around $105K as investors remain uncertain about short-term macroeconomic events,' said Nick Ruck, director at LVRG Research. 'Uncertainty around inflation, tariffs, and the US economy slowed bullish trends in crypto, while geopolitical risks have also pushed investors to pull some capital from assets. 'We remain optimistic over the long-term outlook for the crypto industry, with more institutions and users onboarding every day,' Ruck added. Trade tensions continue to weigh on risk sentiment. China said Monday that the U.S. had introduced new discriminatory restrictions on AI chip exports and software sales, and vowed to take measures to defend its backdrop has traders on edge. 'Events over the last weekend showed just how quickly cryptocurrencies could react from even a slight escalation in trade war hostilities,' said Jeff Mei, COO at BTSE, in a Telegram message to CoinDesk. Mei said traders should monitor announcements from both China and the US, as well as a potential escalation in Russia-Ukraine hostilities and several key US economic data releases this week, including the US trade deficit, unemployment numbers, and remarks from various Fed officials. 'Currently macro developments are driving the majority of market movements so it's difficult to predict, but we do see large institutions continuing to build up their crypto exposure so that's a positive sign,' Mei added. Meanwhile, investors have been diversifying into tokens like XRP and SOL, even as Bitcoin's price action has become more aligned with traditional risk assets, which some say adds to the long-term optimism. Kathy Qu, research manager at HashKey Cloud, told CoinDesk on Monday that 'trade policy uncertainty drives capital into high-growth tech stocks, but savvy investors are also diversifying further into crypto, particularly TradFi-friendly assets like Bitcoin and XRP, where ETF optimism grows.' She added that staking and DeFi remain bright spots in the market, with real-world asset tokens seeing strong momentum and Ethereum ETFs poised to benefit from the SEC's staking exemption — a move that's expected to encourage more institutional participation in the DeFi sector. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
30-05-2025
- Business
- Yahoo
Dogecoin Dives 9%; Cardano's ADA, SOL Slump 6% as Renewed Tariff Fears Jolt Markets
Dogecoin DOGE nosedived 9%, while Cardano's ADA ADA and Solana's SOL SOL each fell 6% in the past 24 hours as Trump's reinstated tariffs reignited trade tensions. A swift legal reversal saw the U.S. Court of Appeals for the Federal Circuit issue a temporary stay on Wednesday's lower court ruling that had struck down the tariffs, allowing them to remain in place while the government appeals. The tariffs, announced on April 2 and dubbed 'Liberation Day' duties by Trump, target nearly all U.S. trading partners and were imposed under the 1977 International Emergency Economic Powers Act. Bitcoin BTC slid below $106,000 while ether ETH lost the $2,700 mark amid the renewed uncertainty. The broad-based CoinDesk 20 (CD20), a liquid index tracking the largest tokens by market capitalization, fell 4%. 'The price of Bitcoin fell after Trump's tariffs were reinstated by an appeals court, while U.S. GDP figures showed the economy shrank in the first quarter,' said Nick Ruck, director at LVRG Research, in a Telegram message. 'Gold surged higher as jobless claims increased and corporate profits fell. Although the Fed continues to see inflation as a threat, we're optimistic that Bitcoin will rebound as investors look for long-term value holds during volatile market fluctuations,' Ruck added. Market sentiment appeared cautious, with the total crypto market capitalization flat at $3.42 trillion. 'Cryptocurrencies prefer not to notice positive stock market movements as they are related to tariffs and company reports, not money supply,' noted Alex Kuptsikevich, chief market analyst at FxPro, in an email to CoinDesk. 'Bitcoin retreated from the trading range's upper boundary at $110k to its lower boundary at $107K. This rest at previous highs effectively removes the local overheating of the market.' Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
05-05-2025
- Business
- Yahoo
Bitcoin Hovers Above $94K as Market Awaits News on U.S.- China Trade Deal
Bitcoin (BTC) opened the trading week flat above $94,000 as traders waited for news from Beijing on the progress of a trade deal with the U.S. The CoinDesk 20 (CD20), a measure of the performance of major digital assets, was down 1.5%, trading below 2,700."XRP and Bitcoin bounced back from the tariff shocks in April, but have yet to make a significant movement upwards," Nick Ruck, director at LVRG Research, told CoinDesk in a Telegram message. "Investors may be overly cautious about risk assets such as crypto due to the current US macroeconomic climate, despite Bitcoin's trend breaking away from its correlation with US equities."Major markets in Asia were closed on Monday, with Hong Kong, mainland China, Japan, and Korea closed, leading to thin liquidity and trading volumes. A potential thaw in U.S.–China trade relations dominated macro headlines. Over the weekend, China's Commerce Ministry said it was reviewing a U.S. proposal to resume negotiations, while President Trump hinted Beijing 'wanted to do a deal.' "We remain optimistic that crypto prices will surge to new highs in the long term as institutional adoption continues to deepen with Real World Asset (RWA) launches and integrations with crypto-native platforms," Ruck added. Polymarket bettors are skeptical, however, with prediction markets giving a 21% chance that a trade deal will be reached by June, and a 47% chance the White House will lower tariffs by the end of May. Although details were vague on this potential trade deal, markets took notice. The Chinese yuan strengthened to a six-month high near ¥7.19, while regional currencies rallied. The standout mover was the New Taiwan Dollar (NTD), which surged to a two-year high around NT$29.6 per U.S. dollar as last week ended. The spike was driven by $1.4 billion (NT$42.9 billion) in foreign equity inflows and surging confidence in Taiwan's tech sector after TSMC reported a 60% jump in quarterly profits. Taiwan's central bank intervened to curb volatility but denied political pressure, calling the move market-driven. Further compounding BTC's relative stagnation is that its encountering significant resistance as it tests key technical and on-chain levels, according to a recent report by Glassnode. Bitcoin is struggling to break through the $93,000–$95,000 range, an area aligned with both the short-term holder cost basis and the 111-day moving average, marking a crucial battleground for market momentum, the report argues. "These levels represent a critical inflection point that must be upheld. Failure to stabilize above these levels would push the price back into the consolidation range, and return many investors to a state of meaningful unrealized loss," the report reads. However, above $100,000, there is less sell-side pressure due to a smaller volume of coins in that range. If bitcoin can overcome the resistance around $95,000-$98,000 it could enter a relatively clear path toward new price discovery and possibly a new all-time high, the report added.
Yahoo
21-04-2025
- Business
- Yahoo
BNB, SOL, XRP Spike Higher as Bitcoin 'Digital Gold' Narrative Makes a Comeback
Surging gold prices and bitcoin's (BTC) relatively strong price action amid a global market sell-off have some traders revisiting the latter's role as 'digital gold' — a big narrative in bitcoin's early years but one that has lost steam in recent times. BTC zoomed above $87,000 in Asian morning hours, with Cardano's ADA, BNB Chain's BNB, XRP and ether (ETH) adding as much as 1.5%. The spike reversed all declines since Thursday, with tokens such as Solana's SOL up 5.2% in the past week. The tariff-driven trade wars have sparked fears of inflation and currency devaluation, prompting comparisons of the asset to gold's historical role as a hedge. 'Although bitcoin has had a close correlation with U.S. equities, it seems to be changing with a stronger tie to the rise of the price of gold, which has been a safe haven while equities have plummeted,' Nick Ruck, director at LVRG Research, told CoinDesk in a Telegram message on Monday. 'Bitcoin crossed $87,000 as a sign of renewed investor confidence as the market continues to stabilize after panicking over tariffs. It's also worth noting that Bitcoin's digital gold narrative is taking off as both assets have grown in tandem,' Ruck said. Gold set fresh highs Monday with a push above $3,380 per ounce, bringing year-to-date gains to 25%. Bitcoin has dropped more than 20% from a January peak of $108,000, though Monday's push over $87,000 sent the asset to its highest level since Donald Trump's 'liberation day' in early April. Pressure on the greenback has continued to grow as the dollar index (DXY) crashed to a three-year low, with some pointing out that most bad news has been 'priced in' and that bitcoin could see upside in the coming days. 'Trump's inclination to remove Jerome Powell as Fed Chair and force interest rate cuts is causing people to sell the U.S. dollar and U.S. government debt, moving to other safe haven assets such as gold, European bonds, and now, Bitcoin,' Jeff Mei, COO at BTSE, told CoinDesk in a Telegram message Monday. 'After all, when rates are cut, more money flows into the money supply, devaluing the U.S. dollar. In general, downward pressure on the US dollar is growing and this could be a driving catalyst for Bitcoin to become a safe haven asset,' Mei added. Meanwhile, here's a machine's view of the markets today, powered by the CoinDesk Markets AI bot. Cardano's ADA is above 63 cents with strong technical indicators pointing to continued upward momentum despite macroeconomic headwinds. Price action formed a clear ascending channel with strong support at $0.612, which successfully held during multiple retests. Notable volume spike occurred on 2025-04-21 00:00 when volume reached 68M (3x average), propelling price through key resistance at $0.630. Fibonacci extension levels suggest 64 cents as the next target, with an overall range of 0.031 (5.1%), indicating substantial volatility. RSI remains below overbought territory despite the rally, suggesting potential for continued upward momentum. Consolidation near previous resistance suggests accumulation rather than distribution. XRP's decisive breakout signals a potential end to months-long sideways trading, with technical indicators pointing to further gains ahead. Fibonacci retracement levels suggest potential continuation toward $2.15, with the 61.8% extension pointing to $2.18 as the next target if bullish momentum persists. SOL breaks decisively above $135 resistance, surging 10.2% to establish new support levels with strong volume confirmation Key technical battle emerges between $129 support and $144 resistance zones, with on-chain data showing 5.75% of realized volume concentrated at these critical levels Price action formed a clear ascending channel with higher lows and higher highs, particularly evident in the April 19-21 rally. Volume significantly increased during upward movements, confirming the strength of the bullish trend. The 48-hour momentum indicators show bullish divergence with price maintaining strength above the 20-hour moving average. BNB breaks $600 barrier with 3.2% surge as large holders accumulate during market volatility. Recent quarterly token burn removed 1.57 million BNB worth over $1 billion, supporting price momentum. Open interest in BNB rose 3.3% to $760 million despite negative funding rates, with 68% of traders betting on continued price increases. BNB broke out of its consolidation range with a 3.2% surge from $592.63 to $601.74. Price action shows clear bullish momentum with increasing volume, particularly during the breakout candle where volume spiked to 55,661 units. Fibonacci extension targets suggest potential continuation toward the $605-610 zone if current momentum persists. Sign in to access your portfolio
