Bitcoin Price: BTC To Face $1.4 Billion Liquidation If Price Jumps To This Level
HIGHLIGHTS
- Bitcoin's price is approaching the critical $74,300 mark, risking a $1.4 billion short liquidation.
- BTC has surged to $70,931.32, with a 5.89% increase over the past 24 hours, indicating strong bullish momentum.
- Market indicators like the RSI and open interest suggest continued growth, with potential new all-time highs in sight.
Recently, the cryptocurrency market experienced a significant correction, witnessing a sudden up surge in the global crypto market cap. This bullish move coincided with data from the Bitcoin Liquidation Heatmap, signaling the potential for a substantial $1.45 billion Bitcoin short liquidation once BTC reaches the critical threshold of $74,300.
As of today, the price of Bitcoin (BTC) stands at $70,931.32, with the cryptocurrency’s 24-hour trading volume recorded at $43.7 billion. Over the past 24 hours, Bitcoin has soared by 5.89%. This sharp increase has put the market on edge, anticipating potential liquidations and price movements.
Analysis of Bitcoin’s Price Trends and Impending Liquidation
Despite the looming $1.45 billion Bitcoin short liquidation threat at $74,300, BTC has recently broken its range and has been on a growth spree over the past hours amid steady inflows of over $237 Million.The sudden Bitcoin price pump resulted in the heavy liquidation of short traders, amounting to more than $345 million in revenue from crypto derivatives trading.
This significant turnover suggests that Bitcoin bulls are currently in control, raising the possibility of a new all-time high. The Relative Strength Index (RSI) has surpassed the 50% mark, reaching a level of 68.90, which signals a return to bullish momentum. Consequently, breaking the $70,000 mark has paved the way for a rally towards and potentially beyond the previous all-time high (ATH).
Also Read: Bitcoin ETF Inflows At 7 Times Daily Supply, GBTC Inflows Continue
Current Bitcoin Market Outlook and Price Predictions
Bitcoin has seen a massive daily candle following the last red candle on May 19, with a 6% increase to $70,920.36, stabilizing the uptrend. The open interest in Bitcoin has surged by 5.47% in the past 24 hours and is valued at $18.7 billion. The RSI remains bullish at a level of 68.90. Currently, Bitcoin (BTC) is trading between $71,719.23 and $70,725.64.
The live market cap of Bitcoin stands at $1.3 trillion. Given the current market dynamics and bullish indicators, market analysts predict that Bitcoin could continue its upward trajectory, potentially facing significant liquidations if it hits the $74,300 mark. This threshold is critical as it could trigger a substantial short squeeze, further propelling the price.
Also Read: Ethereum ETF Buzz Hint Biden’s Crypto Policy Shift, What’s The Catch?
Crypto Rally: Top Reasons Why Bitcoin, ETH, XRP, DOGE Prices Are Rising
HIGHLIGHTS
- Bitcoin & Ethereum lead the ongoing rally in the broader crypto market.
- Bitcoin price rose over 6%, while the Ethereum price jumped about 20% today.
- Apart from the Ethereum ETF optimism, several other factors might have triggered the recent bullish sentiment.
The crypto market has witnessed robust gains today, as noted by the significant advancement in the major crypto prices. Notably, most of the major cryptos like Bitcoin, Ethereum, Solana, XRP, Dogecoin, and others have rallied today, reflecting the growing interest of traders in digital currencies. So, let’s take a look at the potential reasons that may have bolstered the investors’ confidence today.
Crypto Market Rallies, Here’s Why
A flurry of reason has helped gains in the digital asset sector, sending the crypto prices to new heights after volatile trading over the past few weeks. Notably, with soaring interest in the Ethereum ETF approval, there are other reasons as well that have sparked optimism among the market participants.
Ethereum ETF Fuels Crypto Market Confidence
The increasing odds of the Spot Ethereum ETF approval by the U.S. SEC have raised market confidence, as evidenced by the soaring price of Ethereum today. Notably, Ethereum (ETH), the world’s second-largest cryptocurrency, surged nearly 20% in the past 24 hours, fueled by growing optimism for the approval of a spot Ethereum ETF.
Meanwhile, this bullish momentum follows the U.S. SEC’s push for issuers to update their 19b-4 filings, significantly increasing the chances of ETF approval. Senior Bloomberg analysts now estimate a 75% likelihood of approval, up from 25% earlier.
It’s worth noting that the first decision on the VanEck Spot Ethereum ETF is expected by Thursday, May 23, potentially causing further price volatility. However, with soaring optimism, Ethereum’s price climbed above $3,650 for the first time since April 9.
Notably, this optimism has also positively impacted the broader altcoin market, with significant gains across various digital currencies. Meanwhile, on-chain analytics firm Santiment noted the widespread market cap increase, highlighting the ripple effect of Ethereum’s bullish trend on the entire crypto market.
Also Read: Here’s Why the Ethereum (ETH) Price is Rising Heavily Today
Bullish Predictions
With the soaring Ether ETF approval optimism, several market pundits have provided a bullish outlook for the Ethereum price. For context, QCP Capital has recently said that if the Ethereum ETF receives approval by the U.S. SEC, the ETH price hit $4,000 in the short term, and $5,000 in the ongoing year.
Echoing the bullish sentiment, popular crypto market analyst, Miles Deutscher said that Ethereum could rally to $6,400. Evaluating the performance of Bitcoin following the Spot Bitcoin ETF approval in the U.S., he has predicted that if the same momentum follows, Ethereum is likely to hit $6,446 by July end.
However, QCP Capital, along with several other market watchers also warned that if the SEC delays in approving the investment instrument, it could cause heightened volatility in the broader market.
Bitcoin ETF Inflow
The U.S. Spot Bitcoin ETF has continued to gain attention from the global market participants with its significant inflows. After noting a positive momentum last week, with inflows totaling around $950, this week also started with a bullish note.
According to Farside Investors, the overall inflow into the Spot Bitcoin ETFs was $237.2 million on Monday, May 20. Ark Invest’s ARKB topped the list with a $68.3 million influx, with BlackRock’s IBIT recording $66.4 million in fund flows. Notably, the Grayscale’s exodus also seems to be abating, with GBTC recording an inflow of $9.3 million.
Crypto Bill Gaining Support
The crypto market rally today could be also driven by significant regulatory developments in the U.S. The Blockchain Association recently sent a letter to Speaker Johnson and Representative Jeffries, urging legislative support for the Financial Innovation and Technology for the 21st Century Act (FIT21 Act).
Meanwhile, this proposed act aims to provide a clear regulatory framework, fostering innovation while ensuring consumer protection. The letter, backed by the Crypto Council for Innovation and 60 other entities, highlights the industry’s consensus on the necessity of this legislation.
In addition, influential firms like Andreessen Horowitz, Coinbase, and Circle, along with key lawmakers, have endorsed the bill. The FIT21 Act seeks to define the jurisdiction of digital assets between the CFTC and SEC, promising safer and more efficient markets. Besides, this regulatory clarity is anticipated to boost investor confidence and drive sustainable growth in the crypto sector.
Bottom Line
The crypto market has witnessed positive momentum since last week, as the investors seem to have regained confidence in the digital asset space. In addition, the recent cooling of U.S. CPI inflation data has also fueled the investors’ sentiment in the broader financial space, let alone the crypto market.
Meanwhile, with soaring bets towards the Ethereum ETF approval and clarity on the crypto regulations, the traders seem to be shifting their focus towards the cryptos. As of writing, the Bitcoin price surged 6.11% over the last 24 hours and traded at $70,918.95, with its one-day trading volume rising 129.96% to $52.87 billion.
Simultaneously, the Ethereum price rose 17.80% to $3,655.47, and the Solana price jumped 2.32% to $181.68. In addition, the XRP price noted gains of 5.67% to $0.5431, while the leading meme coin, Dogecoin price added 8.40% to $0.1643.
According to CoinGlass data, the Bitcoin Futures Open Interest rose 7.48% to 499.91k BTC or $35.52 billion. Simultaneously, the Ethereum Open Interest advanced 25.95% to $14.65 billion from yesterday.
Also Read: Pro-XRP Lawyer Says SEC Knows Ripple ODL Sales Are Not Investment Contracts
Pepe Coin Trader Who Made 107,000x Profit Shifts Focus To This Coin
HIGHLIGHTS
- Trader "dimethyltryptamine.eth" accumulates 200M WOJAK, fueling optimism on the token's future.
- The trader has a track record of making colossal profits from Pepe coin.
- PEPE, WOJAK, & MOG prices show signs of a bull run.
In an unprecedented mover, a trader, “dimethyltryptamine.eth,” has once again garnered noteworthy attention among crypto market participants with his diversification of crypto funds. Notably, the mentioned trader, with a mind-blowing record of 107,000x profit with Pepe coin trading, has now purchased significant amounts of WOJAK coin in the past 24 hours, selling MOG.
This latest move by ‘dimethyltryptamine. eth’ has sparked a global crypto frenzy, given the remarkable track record of turning $251 into $26.9 million with Pepe coin trading. It’s also worth mentioning that Pepe coin and Wojak coin were on a price rally today.
“dimethyltryptamine.eth” Bags WOJAK: What’s The Scoop?
According to the data offered by Lookonchain, the trader sold Mog coin to buy 200 million WOJAK in the past 24 hours via Uniswap.
It’s worth noting that apart from PEPE and WOJAK, Mog coin’s price also rallied phenomenally over the past day, adding a layer of intrigue to the trader’s diversification of investments.
Notably, Lookonchain’s insights pointed out that the trader spent 0.125 ETH, worth $251, to buy 5.9 trillion PEPE earlier. Further, 3.95 trillion PEPE have been recorded to have been sold to date for 2,505 ETH, worth $4.7 million. The trader currently holds 2 trillion PEPE, worth $22.2 million. Concerning these investment strategies, the trader’s seismic shifts toward the Wojak coin have, in turn, fueled optimistic sentiments among crypto investors on the WOJAK token’s future price action.
Also Read: Tron Founder Justin Sun Holds 665K ETH Sparking Discussions, What’s Next?
Wojak, Pepe, & Mog Coin Prices Rally
As of writing, Wojak coin’s price noted an uptick of 47.45% in the past 24 hours and is currently trading at $0.0006937. PEPE’s price illustrated gains worth 17.04% in the past 24 hours and is currently trading at $0.00001101. Simultaneously, Mog coin’s price surged 46.39% over the past day to $0.0000008385.
The trader’s investment strategies, combined the illustration of signs of a bull run by abovementioned coins, have echoed a sense of frenzy across the global crypto horizon. Also, concerning the traders’ colossal holdings, further pumps may be expected in these tokens.
Also Read: Will the U.S. SEC Bypass ‘Security’ Concerns to Approve Spot Ethereum ETF?
Pro-XRP Lawyer Says SEC Knows Ripple ODL Sales Are Not Investment Contracts
HIGHLIGHTS
- Attorney Bill Morgan believes that the SEC knows its position on ODL sales is wrong.
- Morgan also questioned Judge Torres' ruling surrounding Ripple's ODL sales.
- The SEC filed its opposition against Ripple's motion of sealing its confidential information.
In a recent filing, the U.S. Securities and Exchange Commission (SEC) opposed Ripple’s motion to seal and redact evidence related to remedies briefing and documents. Moreover, the SEC urged the court to order the disclosure of Ripple’s business details from the agency’s March 22 remedies briefing.
However, Ripple had previously requested that financial reports, post-complaint XRP institutional sales details, and other sensitive information remain confidential due to the high risks to the firm. Amid the chaos, Bill Morgan, a pro-XRP advocate, underscored that the SEC alredy knows that Ripple’s On-demand Liquidity (ODL) sales aren’t investment contracts.
SEC Mentions Ripple ODL Sales In Filing
Pro-XRP lawyer Bill Morgan shared a snapshot from the SEC’s latest response. The snapshot highlighted, “The same is true for Ripple’s aged securities offering and sales information. Ripple wants to hide the extent to which it offered XRP at discriminatory prices. But the period when Ripple was offering discounts goes back to 2014 and ended in December 2020.”
It added, “Ripple has not shown how the discounts it offered four years ago or more would matter, particularly since Ripple seeks to avoid remedies by claiming it ‘has changed the way it sells XRP and changed its contracts.'” in addition, the SEC emphasized that Ripple’s current contracts are not the ones under scrutiny.
The agency further added, “Indeed, the contracts at issue are not ODL contracts—the only type of Institutional Sales contracts Ripple claims it enters into today… none of Ripple’s current contracts contain lockups. The redactions the SEC opposes thus do not reveal ‘long-term business plans of any kind.'”
Lawyer Explains SEC’s Stance On ODL Sales
Morgan elaborated on the SEC’s position, explaining, “The SEC clarifies that none of the sales to institutions with discounts were ODL contracts.” He added, “The SEC would have reviewed the ODL contracts and observed that they do not have discounts or the features referred to in the summary judgment that made institutional buyer contracts to be investment contracts according to judge Torres.”
Furthermore, Morgan pointed out a key distinction in the nature of ODL contracts. He noted that the ODL contracts require customers to buy XRP at market price and to use the tokens in ODL transactions. Moreover, he emphasized that these customers agree on not holding them as investments. Hence, he questioned why Judge Torres categorized these contracts similarly to other institutional agreements.
The lawyer speculated, “It remains a mystery why Judge Torres lumped them in with the other contracts with Institutions.” In addition, the pro-XRP attorney noted that the SEC knows that its stance on the ODL sales wrong. He stated, “I bet SEC knows the ODL contracts are not investment contracts.” This ongoing legal battle between the SEC and Ripple highlights the complexities surrounding cryptocurrency regulation and the definitions of securities.
Also Read: Ripple SEC Lawsuit: SEC Files Opposition to Sealing XRP Details, Here’s Everything
SEC Files Opposition Against Ripple
On Monday, May 20, the U.S. SEC filed a response opposing part of Ripple’s motion to seal and redact certain documents. The SEC argues that Ripple’s attempt to “conceal financial and securities sales information” is unlawful, as the information is crucial for the remedies phase and public understanding of the penalties.
Whilst, Ripple seeks to redact details such as the amount of its current assets, recent sales figures, revenues and expenses, and discounts offered to institutional investors. However, the SEC contends that these details are essential for determining penalties, injunctive relief, disgorgement, and investor harm. They argue that Ripple has not provided sufficient evidence that making this information public would cause significant harm.
Furthermore, the SEC states that the financial information in question is outdated and that some of it is already publicly available. The regulator also asserts that Ripple’s reliance on previous court sealing approvals does not apply to the current situation. The SEC maintains that transparency is necessary for the court’s decisions and public accountability.
Also Read: XRP Lawsuit: Ripple Moves 50M XRP Ahead Major Deadline, What’s Happening?
Will the U.S. SEC Forgo ‘Security’ Concerns to Approve Spot Ethereum ETF?
HIGHLIGHTS
- With the US SEC demanding 19b-4 filings, if is ready to forego the security concerns of ETH?
- Analysts say the US SEC could treat spot ETH and staked ETH differently to approve the Ether ETF.
- Ethereum price volatility likely to continue this week ahead.
When the U.S. SEC requested issuers of spot Ethereum ETFs to submit their 19b-4 filings, the market reacted strongly, suggesting that the likelihood of approval had significantly increased. Previously, uncertainty surrounding Ethereum’s ‘security’ status has been a significant hurdle for ETF approval. However, the SEC’s request for 19b-4 filings raises the question of whether the regulator is now prepared to overlook these earlier concerns.
SEC May Differentiate Between ETH and Staked ETH
Galaxy researcher Alex Thorn has weighed in on the speculation surrounding the SEC’s stance on Ethereum ETFs. Thorn suggests that if the SEC is considering a reversal, they might distinguish between Ethereum (ETH) itself and staked Ethereum (stETH) or “staking as a service ETH” as securities.
Thorn notes that this approach could align with the SEC’s ongoing court cases and investigations, potentially allowing the approval of Ethereum ETFs while maintaining the agency’s previously stated opinions. This nuanced differentiation could pave the way for regulatory acceptance of Ethereum ETFs.
Crypto investor Anthony Pompliano has stated that the approval of an Ethereum ETF would mark a pivotal moment for the cryptocurrency industry. “If they approve the Ethereum ETF, they are approving the entire industry,” Pompliano remarked, suggesting that such a decision would break the final barrier to widespread regulatory acceptance.
However, questioning his euphoria surrounding the approval of spot Ether ETF, crypto enthusiast @AdamAssets writes: “I can’t imagine. ETH foundation so blatantly bucked at securities laws. Literally free pass for anyone to sell unregistered investment contracts from that point forward”.
ETH Price Action
Although the Ethereum price has rallied by over 20% in the last 24 hours, the volatility will continue until there’s an official statement from the SEC.
QCP Capital noted that if the SEC approves the spot Ether ETF, the ETH price can easily rally past $4,000 and even further to $5,000. However, in the case of a denial, it could slip to $3,000.
Tron Founder Justin Sun Holds 665K ETH Sparking Discussions, What’s Next?
HIGHLIGHTS
- Tron founder Justin Sun holds 665,000 ETH, worth approximately $2.5 billion.
- Sun's Ethereum acquisitions span late 2023 to April 2024, averaging $2,984 per ETH.
- Ethereum's recent price rally to over $3.6K sparks investor interest amid ETF approval speculation.
Tron founder Justin Sun now holds a staggering $2.5 billion worth of Ethereum, signaling his growing confidence in the second-largest cryptocurrency by market cap. Meanwhile, his recent buying spree, coupled with today’s Ethereum price rally, has ignited extensive discussions in the crypto community about his strategic moves and the potential impact on the market.
Justin Sun’s Ethereum Accumulation
Justin Sun’s Ethereum holdings have reached 665,000 ETH, valued at approximately $2.447 billion. A recent post from EmberCN detailed his acquisition strategy, highlighting several significant purchases. Notably, between late 2023 and April 2024, Sun acquired 390,000 ETH for around $1.435 billion at an average price of $2,984 per ETH.
Meanwhile, his buying spree included several notable transactions. From December 26, 2023, to January 5, 2024, he withdrew 17,883 ETH worth $40.45 million from centralized exchanges (CEX) at an average price of $2,262.
Simultaneously, between February 8 and February 25, he bought 173,863 ETH worth $525.24 million, using the address 0x7a9…095 and on-chain purchases, at an average price of $2,869. In April, from the 1st to the 25th, he purchased 176,117 ETH for $552 million through Binance withdrawals and on-chain buys at an average price of $3,138.
Finally, between April 27 and April 29, he withdrew 22,316 ETH worth $72.38 million from Binance at an average price of $3,244.
Meanwhile, Justin Sun’s massive Ethereum accumulation has not gone unnoticed. His holdings are strategically placed, with 247,000 ETH stored in wallets and 417,000 ETH staked on various platforms. Specifically, he has allocated 215,217 ETH to EigenLayer, 120,139 ETH to Swell, 58,558 ETH to Puffer, 23,225 ETH to Lido, and 454 ETH to Etherfi.
Also Read: Bitcoin ETF Inflows At 7 Times Daily Supply, GBTC Inflows Continue
Market Implications and Future Prospects
The scale of Justin Sun’s Ethereum holdings has sparked widespread discussion about his investment strategy and its implications for the crypto market. His confidence in Ethereum reflects a broader trend among institutional and high-net-worth investors seeking to capitalize on its potential for long-term growth.
The timing of Justin Sun’s purchases coincides with significant market movements and technological advancements within the Ethereum network. As Ethereum continues to evolve, with upgrades and increased adoption in decentralized finance (DeFi) and non-fungible tokens (NFTs), Sun’s substantial stake could influence market dynamics and investor sentiment.
Besides, Justin Sun’s strategic positioning in staking platforms like EigenLayer and Lido indicates his belief in the long-term value and utility of Ethereum. By participating in staking, he not only supports the network but also earns rewards, enhancing the profitability of his holdings.
Notably, what has piqued the interest of the investors is ETH’s recent rally. As of writing, the Ethereum price soared 18.53% to $3,655.80, while its one-day trading volume soared 245.18% to $37.54 billion. Notably, the rally follows increasing odds of Spot Ethereum ETF approval by the SEC.
Also Read: Ethereum ETF Buzz Hint Biden’s Crypto Policy Shift, What’s The Catch?
Altcoins From the Ethereum Ecosystem Rally By 20%, Bull Run Ahead?
HIGHLIGHTS
- Altcoins in the Ethereum ecosystem also rally by 20% as odds of spot Ether ETF approval improve.
- This could be the beginning of a new altseason after weeks of consolidation.
- Analyst van de Poppe writes altcoins have bottomed out with exciting period ahead.
In the last 24 hours, the Ethereum (ETH) price has skyrocketed by a staggering 20% on the news that the odds of a spot Ethereum ETF approval have grown from 25% last week to now at 75%. This comes as the US SEC urged issuers to submit their 19b-4 filings quickly. However, not only Ether (ETH), altcoins within the entire Ethereum ecosystem have been rejoicing.
Altcoins Rally Along With Ethereum
On-chain data provider Santiment reports a significant surge in the cryptocurrency market following the increased likelihood of an Ethereum ETF approval. The probability of the Ethereum ETF approval has risen to 75%, up from 25%, triggering market cap gains across the altcoin sector.
The anticipation surrounding Ethereum’s first spot ETF has catalyzed one of the top five trading days in 2024 for the crypto market. Major altcoins, including $ETH, $UNI, $PEPE, $BONK, and $LDO, have all seen gains of over 20% in the past 24 hours. Meanwhile, Bitcoin’s rise to $71,400 for the first time in six weeks has become almost an afterthought amidst the broader market rally.
The overall cryptocurrency market is up by a staggering 8.5% in the last 24 hours and shooting past $2.6 trillion and daily trading volumes surging by 140%.
Altseason to Begin Soon
After almost a month-long sideways consolidation, altcoins are once again back in action. Popular crypto market analyst Michael van de Poppe believes that the bottom for altcoins is already in.
Crypto analyst Michael van de Poppe advises investors to increase their risk appetite as the market prepares for potential gains. According to van de Poppe, altcoins have bottomed out against Bitcoin over the past four months and are poised for an upward reversal.
The upcoming weeks are expected to be crucial, particularly with the anticipated Ethereum ETF launch next week. Van de Poppe suggests that these developments could mark the beginning of an exciting period for the cryptocurrency market.
Popular investor Anthony Pompliano stated that approving a spot Ether ETF would literally open the gates for approving other ETFs in the market. This would also mean that a lot of the altcoins would also come under regulatory purview.
Ethereum ETF Buzz Hint Biden’s Crypto Policy Shift, What’s The Catch?
HIGHLIGHTS
- SEC directive prompts surge in optimism for Ethereum ETF approval.
- Speculation arises over Biden administration's evolving stance on cryptocurrency.
- Political dynamics intertwine with regulatory decisions in the crypto landscape.
The recent directive from the U.S. Securities and Exchange Commission (SEC) urging the issuer to revise their 19b-4 filings for a spot Ethereum ETF has sent shockwaves through the cryptocurrency market. Prior to this development, analysts remained skeptical about the SEC’s stance on approving such ETFs, citing a lack of meaningful communication between regulatory bodies and issuers. However, with this unexpected move, sentiments have undergone a significant shift.
Analysts, who previously assessed the likelihood of approval at a modest 25%, now project odds soaring to over 75%. This sudden turn of events has injected a surge of optimism into the market, hinting at a potential pivotal moment for Ethereum and the broader crypto landscape. The SEC’s move represents a departure from its previous cautious approach, signaling a willingness to engage more actively with cryptocurrency-related products. This newfound openness has reignited hopes among investors and industry participants, who view the SEC’s directive as a positive step towards mainstream acceptance of Ethereum and cryptocurrencies as a whole.
Biden’s Crypto Policy and the ETF Signal: A Political Maneuver?
Speculation surrounding President Biden’s stance on cryptocurrency has been rife, with many anticipating a softening of his position leading up to the election. The recent move regarding the Ethereum ETF is seen by some as the initial indication of this anticipated shift. While it’s not a complete reversal, analysts predict that Biden’s administration will adopt a more accommodating approach towards crypto to avoid alienating potential voters in what could be a closely contested election.
This strategic move aims to make the crypto issue less divisive, positioning Biden as a candidate who acknowledges its importance without fully committing to it. However, some argue that the replacement of Gary Gensler, whose term expires in 2025, would provide a clearer signal of the administration’s crypto stance. Despite the political implications, the decision to revise the filings for a spot Ethereum ETF underscores the growing recognition of cryptocurrencies as legitimate financial instruments that warrant regulatory attention and consideration.
Also Read: Democrats To Support House Republican Crypto Bill, Here’s Why
The Political Dimension: Democrats, Republicans, and Crypto
The sudden reversal by the SEC regarding Ethereum ETFs is widely perceived as a politically motivated decision. As the Democratic Party adopts a more cautious stance on cryptocurrencies, positioning themselves as the “anti-crypto” party, this move potentially plays into broader political dynamics. By default, this narrative casts former President Trump as the “pro-crypto” candidate, creating a strategic dilemma for Democrats.
The decision to call upon Gensler amidst this shifting landscape underscores the political significance of crypto policy in the current climate. Despite these maneuvers, the outcome remains uncertain, with the potential implications of this political maneuvering yet to fully unfold. The intersection of cryptocurrency regulation and partisan politics adds a layer of complexity to an already contentious issue, highlighting the need for a nuanced and balanced approach to shaping crypto policy in the United States.
Also Read: Ripple SEC Lawsuit: SEC Files Opposition to Sealing XRP Details, Here’s Everything
Bitcoin ETF Inflows At 7 Times Daily Supply, GBTC Inflows Continue
HIGHLIGHTS
- On Monday, bitcoin ETFs scooped over 3,500 BTC, seven times the daily supply.
- Bitcoin investment products see nearly $1 billion in inflows last week.
- If the BTC price sustains above $70,000, it can kickstart the rally further to $100K.
The Bitcoin ETF market started the week on a positive note with more than $237 million inflows registered by all eleven spot Bitcoin ETFs on Monday, May 20. In the last 24 hours, the Bitcoin price has also rallied by 7% shooting all the way up to $72,000 amid positive developments surrounding the spot Ethereum ETF approval.
Bitcoin ETF Inflows Outpace Daily BTC Mined
On May 20, Bitcoin spot ETFs saw a substantial net inflow totaling $241 million, as per data from Farside Investors.
On the other hand, Grayscale’s ETF GBTC received $9.35 million in a single day, despite the news that Grayscale CEO Michael Sonnenshein resigned from his position. This was the fifth consecutive day of GBTC recording net inflows.
Additionally, the ETF ARKB, managed by Ark Invest and 21Shares, attracted $68.28 million, while BlackRock’s ETF IBIT saw inflows of $66.35 million.
The recent daily inflows into spot Bitcoin ETFs are nearly 6-7 times the daily BTC supply generated through mining. On May 20, 2024, Bitcoin ETFs purchased over 3,400 BTC, significantly outpacing the daily mining rate of 450 BTC.
This contributed to the final U.S. Bitcoin ETF inflows of $235 million for the day, translating to 3,518 BTC against a weekly mining total of 3,150 BTC, as per data from HODL15Capital. As it turns out, the Hong Kong Bitcoin ETFs were also the net buyers on Monday.
BTC Price Set for Rally to $100?
Institutional interest in Bitcoin is once again surging with the Bitcoin investment products seeing over $932 million worth of inflows last week.
As reported yesterday, the Bitcoin price has been consolidating for weeks in the range of $60,000-$70,000. This provided investors with a greater opportunity to accumulate Bitcoins before the pre-halving rally kickstarts.
According to data from CryptoCon, Bitcoin remains on track for a layer 7 price target of $149,000 by the end of 2024. This projection is based on the Log Regression Curves, noted for their accuracy in predicting the 2021 cycle tops. A more conservative layer 6 target, which aligns with the 2013 cycle top, estimates Bitcoin reaching $108,000 by year-end.
XRP Whale Moves 29M Coins Amid SEC’s Opposition To Ripple’s Motion
HIGHLIGHTS
- The U.S. SEC opposes Ripple's motion to redactions and sealing of certain documents in remedies related briefings.
- The SEC's filing to Judge Analisa Torres gives justifications as to why the regulatory body opposes the omnibus letter motion.
- XRP's price traded in the green despite some selling pressure and regulatory uncertainty.
The U.S. SEC has recently filed its response to Ripple Labs’ May 13 filing of omnibus letter motions, opposing the sealing of key documents in the remedies-related briefing. Amid this attention-nabbing development, a renowned XRP whale has offloaded nearly 29 million XRP to a Luxembourg City-based centralized exchange. This phenomenon, collectively, has piqued significant investor interest, further leading to speculation over its implications for XRP’s cryptographic journey.
Here’s a brief report on the thrilling plot twist witnessed by the Ripple vs. U.S. SEC lawsuit and recent whale activity surrounding the Ripple-backed token.
Whale Moves XRP Amid U.S. SEC’s Opposition To Ripple’s Omnibus Letter Motion
The SEC has taken a firm stance in its filing to Judge Analisa Torres in the United States District Court of the Southern District of New York. While it does not oppose Ripple’s requests for certain redactions, it has deemed a few proposed redactions to be of crucial interest and importance, and therefore, should not be allowed.
The U.S. SEC argued that- “In its briefing and in publicly posted statements, Ripple invites the public to form opinions about the merits of the SEC’s positions. It cannot simultaneously hide from them the evidence on which that position is based.”
Further, the SEC ruled out justifications for not permitting Ripple’s redaction and sealing of documents. “Ripple’s redaction and sealing requests would hide from the public the information central to the Court’s determination of remedies.” Moreover, the SEC contended that public access to this information is essential.
The filing also claimed that Ripple’s conclusory statements of harm are insufficient and that most of the evidence at issue is stale. This has further shrouded the lawsuit’s future in a cloud of uncertainty.
Meanwhile, on-chain data by Whale Alert illustrated that 28.7 million XRP was moved to Bitstamp, a crypto exchange, in the past 24 hours. The transaction was made by the renowned XRP whale, Rzn, further adding to speculations over XRP’s future price movements.
However, despite the notable selloff and Ripple facing a setback in the lawsuit, XRP has traded in the green today.
Also Read: Ethereum (ETH) Price Eyes $4,000 As Odds of Spot Ether ETF Improve
XRP Price Soars
As of writing, XRP’s price noted an uptick of 5.61% in the past 24 hours and is currently trading at $0.5429. The token’s 24-hour lows and highs are $0.5079 and $0.5431, respectively.
Coinglass data illustrated an 11.47% increase in XRP’s OI to $638.26 million, followed by a derivatives volume upswing of 152.01% to $1.31 billion. This data, collectively, underscored a market uptrend for XRP at press time despite regulatory uncertainty and some selling pressure encountered.
However, the RSI continued to hover at a neutral territory, around 55, signaling that the asset is neither overbought nor oversold. This adds optimism on the Ripple-backed token’s short term prospects. However, long-run price movements remain uncertain, primarily attributed to the lawsuit.
Also Read: Democrats To Support House Republican Crypto Bill, Here’s Why
Crypto Prices Today May 21: Bitcoin Tops $70K Amid Robust ETF Inflows, ETH Soars 17%
HIGHLIGHTS
- Bitcoin soared over 5% and hit the $70,000 mark.
- Ethereum recorded a parabolic surge and rallied over 17%.
- Top altcoins mirrored ye positive sentiment and gained notably.
The top crypto prices today registered a bullish moment as the Bitcoin (BTC) price extended above the $70,000 mark. In addition, the Ethereum (ETH) price surpassed the $3,600 level marking a significant milestone. Moreover, other top altcoins, such as Solana (SOL), XRP and Cardano (ADA) trailed behind with substantial gains.
Major Crypto Prices Today
1. Bitcoin Price
The Bitcoin price was up 5.60%, reaching $70,935.69 at the time of writing on Tuesday, May 21. On the other hand, it’s trading volume skyrocketed 137.82% to $50.90 billion in the last 24 hours. Whilst, the crypto’s market capitalization stood at $1.40 trillion.
2. Ethereum Price
The Ethereum price rallied 17.23% to $3,644.76 at press time with a market valuation of $437.77 billion. Whilst, ETH saw its trading volume spike 259.67%, reaching $36.62 billion.
3. Solana Price
The Solana price soared to the $180 level today. The Solana price surged 2.36%, settling at $181.94. In addition, SOL witnessed a 80.51% gain in trade volume to $4.90 billion in the last 24 hours.
4. XRP Price
Whilst, the XRP price surged above the $0.53 mark again. The XRP price recorded a gain of 3.36%, reaching $0.5348. On the other hand, XRP’s trading volume soared by 154.83% to $1.65 billion.
5. Cardano Price
Meanwhile, the Cardano crypto price climbed 4.26% to $0.4975 today. Whilst, ADA recorded a surge of 121.26% in its 24-hour trading volume, settling at $609.07 million.
6. Dogecoin & Shiba Inu Price
The Dogecoin price rallied 6.44% to $0.1643 while its rival, Shiba Inu price was up 4.42% and traded at $0.00002532.
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Top Crypto Gainers Today
- Lida DAO (LDO): The LDO crypto price surged 28.83% and traded at $2.25.
- Pyth Network (PYTH): The PYTH price rose 26.45% to $0.4937.
- Pepe Coin (PEPE): The PEPE price soared 17.24% to $0.00001108.
- Uniswap (UNI): The Uniswap price rallied 16.12% to $9.11.
Top Crypto Losers Today
- Arweave (AR): The AR crypto price plunged 6.67% to $45.37.
- Gala (GALA): The Gala price dipped 6.39% to $0.04157.
- Ondo (ONDO): The Ondo crypto price slipped 0.43% to $0.9372.
- Other prominent cryptocurrencies didn’t witness much declines.
The surge in ETH could be in response to the optimism surrounding the approval of the Spot Ethereum ETF applications as the May 23 deadline is inching closer. According to Bloomberg, the Ether ETF approval odds have increased to 75% due to the SEC’s latest announcement of updated 19b-4 filings. Moreover, the Spot Bitcoin ETFs garnered strong inflows of $237 million on Monday, May 20. This influx may have propelled the BTC price beyond $70,000.
Also Read: Toncoin Price Forecast Hints a Risk of 25% Fall Amid Emerging Double Top Pattern
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