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Yahoo
38 minutes ago
- Business
- Yahoo
XRP Falls Below 200-day Average, Bitcoin Dips to $105K as Traders Eye Core PCE
The crypto market mood was sombre Friday, with XRP XRP losing key support alongside losses in market leader bitcoin and other major tokens, as traders awaited the Fed's preferred inflation measure, the core PCE. Payments-focused XRP dipped below the 200-day simple moving average (SMA) for the first time since April 10, indicating a strengthening of downward momentum. Prices fell below $2.20, registering 4.6% losses on a 24-hour basis, according to data source TradingView. The decline followed reports of increasing demand for XRP as a corporate Treasury asset. Prices for BTC, the premier digital asset by market value, briefly fell below $105,000 during European hours, extending overnight losses to trade nearly 3% lower on a 24-hour basis. BTC's losses followed a $358 million net outflow from the 11 spot bitcoin exchange-traded funds (ETFs) Thursday, their first since May 13 and highest single-day tally since March 11, according to data source SoSoValue. Renewed trade war fears also weighed over the sentiment. Other majors, such as ETH, SOL, and DOGE, posted larger losses, with smaller tokens like OP, ARB, BONK, and PEPE falling by over 10% each, according to data source Coingecko. Consumer prices, represented by the personal consumption expenditure index, rose 0.15% on a monthly basis in April, bringing the annual inflation rate down to 2.2% from 2.3% in March, according to economists surveyed by FactSet. The core PCE, the Fed's preferred inflation measure, which excludes volatile food and energy prices, is forecast to have risen 0.12% on a monthly basis and 2.5% on an annual basis. Another good month for inflation could raise Fed rate cut bets, boding well for BTC and other assets. "All eyes now turn to the Core PCE data due today, which could reignite bullish sentiment if inflation shows signs of easing," Valentin Fournier, Lead Research Analyst at BRN, said in an email. 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
9 hours ago
- Business
- Yahoo
Two Ways This Bitcoin Bull Market is Sturdier Than 2020-21 and 2017
Bitcoin BTC has long been criticized for its high volatility, with bull runs marked by sudden, sharp pullbacks that would qualify as full-blown bear trends in stocks. However, the latest bull market, which kicked off in early 2023, feels different in a positive way, exhibiting relatively low volatility and drawdowns. According to data tracked by Glassnode, bitcoin's realized volatility on a three-month rolling basis has averaged less than 50% during this bull cycle, significantly lower than the 80% to 100% observed during previous bull runs. The same thing can be said about the 30-day implied volatility, tracked by Volmex's BVIV index, which has been in a downtrend, according to data source TradingView. The implied volatility refers to the expected price turbulence over a specific period and is a forward-looking metric. The stability likely stems from bitcoin's ever-growing market capitalization, which inadvertently fosters stability and increased institutional participation through ETFs and derivatives. "Boasting a market capitalization of over $2T, Bitcoin now ranks as the 7th largest asset worldwide. As liquidity deepens, and the valuation of an asset reaches these heights, the capital required to meaningfully move the price of the asset becomes significantly larger," Glassnode said, explaining the volatility meltdown. "Additionally, the launch of the US Spot ETF Products, supplemented by increasing regulatory clarity, has altered the underlying composition of the investor base, allowing sophisticated, institutional investors and capital to gain exposure to bitcoin for the first time," Glassnode added. Pull up the price chart from 2020-21, and you'll see that bitcoin's then-bull run from $4,000 to $70,000 had several steep price pullbacks, sometimes more than 30%. In traditional markets, a drawdown of over 20% is typically considered a bear market. Now compare it to the rally from roughly $30,000 to over $100,000 since March 2023, and the picture looks different. It has been a stair-step ascent, characterized by an impulsive move higher followed by broad accumulation ranges that set the stage for the next leg higher. "We've observed a shallower drawdown profile relative to previous bull markets, with the current cycle drawdowns generally less than -25% from the local high, with only two instances exceeding -30%," Glassnode said. The change in character is again linked to institutional participation, lower leverage and speculative excesses in the broader market. Major exchanges, including Binance, offered 100X leverage during the previous bull runs, allowing investors to control a significantly larger trading position. Such use of leverage helped investors juice up profits but also magnified losses, resulting in liquidation cascades and frequent double-digit price corrections. However, exchanges eventually cut down the leverage significantly, curbing speculative excesses. That seems to have contributed to the sturdier rally this time.
Yahoo
a day ago
- Business
- Yahoo
Solana's 18 Month Long Bull Run Against Ether Is Over; XRP Ends Mini-Uptrend
Programmable blockchain Solana is on course to flip its rival and leading smart contract blockchain Ethereum in terms of market capitalization, several observers have said it in recent months. However, for now, Ethereum's native token ether ETH seems to have an upper hand over Solana's SOL SOL , according to technical analysis. The SOL/ETH ratio has dived out of an upward sloping trendline connecting lows in September 2023, June 2024 and December 2024, per data source TradingView. In other words, tables have turned in ETH's favor and the token could outperform SOL in the near-term. Additionally, the weekly chart MACD histogram is printing red, indicating a strengthening of the downside momentum. The immediate support is seen at 0.055 (the Feb. 25 low). The pair needs to move back above the Ichimoku cloud to negate the SOL bearish outlook. Another coin showing a shift in market trend is XRP, the cryptocurrency designed for cross-border payments. XRP has dived out of a bullish ascending channel, marking the recovery from the early April lows near $1.6. The breakdown has exposed support at $2, which acted as floor several times early this year. Should the buyers fail to defend that, a deeper slide to $1.60 could be seen. On the higher side, the recent high of $2.65 is the level to beat for the bulls. 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
Express Tribune
2 days ago
- Business
- Express Tribune
GameStop confirms $513 million bitcoin purchase as crypto investment strategy unfolds
GameStop, the U.S. video game and electronics retailer, has officially confirmed its first major cryptocurrency investment. The company announced via its official X account on May 28 that it had acquired 4,710 Bitcoin (BTC), valued at approximately $513 million at the time of purchase. This marks GameStop's first publicly disclosed Bitcoin investment since revealing plans to enter the cryptocurrency space in March 2025. At that time, the company said it would finance the purchase using debt and launched a $1.3 billion convertible notes offering to support the move. Speculation around GameStop's interest in Bitcoin began circulating as early as February. GME shares surged 18% in that month amid early rumors of a crypto move and gained another 12% in March after the company confirmed its investment intentions. As of May 27, GameStop shares closed at $35 and were trading at $36.30 in pre-market hours, according to TradingView. The stock has climbed approximately 30% in the past 30 days and posted a 10% gain year-to-date. GameStop's foray into Bitcoin reflects a growing interest among traditional firms in digital assets. This trend has been notably led by companies such as Tesla and MicroStrategy, which have allocated substantial portions of their treasury reserves to Bitcoin in recent years. The announcement positions GameStop as the latest legacy company to explore cryptocurrency as part of its financial strategy. Further updates are expected as GameStop reveals more about its cryptocurrency roadmap and the strategic role Bitcoin will play in its broader business model.
Yahoo
2 days ago
- Business
- Yahoo
Are XMR Traders Buying The Dip? Monero Futures Open Interest Surges as Price Falls By Nearly $100 in 3 Days
Privacy-focused cryptocurrency Monero (XMR) has seen a sharp price sell-off over the past three days, with open positions in futures rising to their highest level since December. On Wednesday, the largest privacy coin by market capitalization fell to $325 on Kraken, having peaked at $420 on Monday, according to data source TradingView. The sell-off follows a meteoric seven-week rise from $165 to $420, supposedly led by a favorable U.S. regulatory outlook and impending FCMP++ upgrade, which will enhance Monero's quantum resistance by providing forward price decline is characterized by increased participation in the futures market, where the number of active or open contracts jumped to 161.37K XMR, the highest tally since Dec. 20, according to data source Coingecko. The OI has increased by 20% over the past three days. An increase in open interest alongside a price drop is typically interpreted as representing a bearish sentiment, with more traders taking short positions in anticipation of a price decline. That's not necessarily the case with XMR, as the perpetual funding rates continue to be positive, indicating a bias for long positions. Funding rates, charged every eight hours, represent the cost of holding levered futures bets, with positive values representing a dominance of bullish long bets. Therefore, the uptick in XMR's open interest likely represents a "buy the dip" mentality – traders taking long positions on the price dip, anticipating a quick 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
