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Home Futures Perpetual Asset Log in / Register ENGLISH Log in / Register King of Cryptocurrencies Faster, better, stronger Easily trade over 1700 cryptocurrencies Register Now LWEX demonstrates commitment to legal and transparent operations through MSB registration LWEX demonstrates commitment to legal and transparent operations through MSB registration LWEX demonstrates commitment to legal and transparent operations through MSB registration Trade Popular Contracts See more Trading pairs Latest trading price 24 Hour Range Trend chart Trade BTCUSDT 63740.81 -1.74% Trade ETHUSDT 3503.78 -0.27% Trade ADAUSDT 0.3832 -0.47% Trade BCHUSDT 391.88 +0.54% Trade DAIUSDT 1.0189 0.00% Trade Gainer list See more Trading pairs Latest trading price 24 Hour Range XPDUSD 964.141 +3.65% DASHUSDT 24.032 +1.94% LINKUSDT 14.503 +1.76% XPTUSD 999.679 +1.52% EOSUSDT 0.5808 +1.45% News and information See more 17.6.2024 Bitcoin downward price action continues - who is selling? Crypto Daily - Now into the 15th week of sideways and downwards price action, <span class="aqPopupWrapper js-hover-me-wrapper"><a id="66717504b9b0e" class="aqlink js-hover-me" href="https://uk.investing.com/crypto/bitcoin/btc-usd" data-pairid="945629">Bitcoin</a></span>is continuing to sell-off. How long is this going to go on for? Will Bitcoin eventually turn the corner and continue the bull market? <h2>Long term holders take some chips off the table</h2> It does appear that the $BTC selling is continuing unabated. Even $BTC long term holders are selling, and according to analyst Willy Woo, for these long term holders to be taking some profits at this point in the bull run is a normal thing to happen, and this also took place in the middle of the last two bull runs in 2017 and 2021. Woo said in an X post: <blockquote>The OGs. They are selling They have more BTC than all the ETFs put together... 10x more. And they sell into every bull market. This pattern is as old as the genesis block. </blockquote> Bitcoin is near the level of the top of the 2021 bull market, so it does make complete sense for some of the long term holders to take some chips off the table. <h2>Wall Street machinations</h2> Then, according to Woo, there are the machinations of Wall Street. When the institutional money came flooding into the Spot Bitcoin ETFs, Bitcoin holders were deliriously happy. The price was forced up to such an extent that the 2021 $69,000 all-time high was reached, probably well ahead of time if previous bull markets are a guide. However, with the entry of Wall Street came the big money games. Just as in the case with gold and silver, big money players were able to pile on the paper short bets. A huge short position of paper, leveraged up to the hilt, is enough to put the brakes on any market. Here is what Willy Woo had to say about it: <blockquote>We are now in the modern age of BTC. Paper BTC has flooded the market since 2017. Futures markets. If you want to buy BTC, it used to be you had to buy real BTC. You can now buy paper BTC. Thus a no-coiner can sell you that paper. Together you have made a synthetic BTC. </blockquote> Bitcoin holders may be understandably nervous about the hedge funds arbitraging between shorting the futures and going long on spot Bitcoin. Nevertheless, according to financial analyst James Lavish, there are risks associated with this sort of behaviour. In his latest Informationist newsletter on Substack, he said that “it [the market] works both ways”, and if the market turns: <blockquote>The price will just rip higher. And higher. And higher. Until it rips your face clear off. </blockquote> Therefore, the hedge funds that are shorting the price will need to be extremely careful. Should they get caught out, the ensuing short squeeze will force the price up even harder. <h2>Miners’ profits fall considerably</h2> Finally, the other major seller is likely to be the Bitcoin miners. Since the halving, the miners’ profits will have fallen considerably. Reserves of $BTC are likely to be sold so that the newest and most updated rigs can be purchased. Without these, miners are going to go out of business because they won’t be able to maintain profitability. Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice. check the details 17.6.2024 XRP, Ondo, ENS the only coins standing as Bitcoin and altcoins bleed Despite being 4% down over the past 30 days, Ripple’s XRP stands out among the three non-stablecoin asset maintaining positive momentum. Besides <span class="aqPopupWrapper js-hover-me-wrapper"><a id="6671682b6ca29" class="aqlink js-hover-me" href="https://uk.investing.com/crypto/xrp/xrp-usd" data-pairid="1118146">Ripple</a></span>(XRP), the other coins in green today are Ondo and<span class="aqPopupWrapper js-hover-me-wrapper"><a id="6671682b6d1b0" class="aqlink js-hover-me" href="https://uk.investing.com/crypto/ethereum/eth-usd" data-pairid="1058142">Ethereum</a></span>Name Service (ENS). While <span class="aqPopupWrapper js-hover-me-wrapper"><a id="6671682b6d711" class="aqlink js-hover-me" href="https://uk.investing.com/crypto/bitcoin/btc-usd" data-pairid="945629">Bitcoin</a></span>and other major altcoins face significant downturns, XRP has managed to break through resistance levels, suggesting a potential for further growth. In this article, we analyze the recent market performance of XRP, examining the factors contributing to its resilience and exploring the cryptocurrency’s bullish outlook. <h2 class="wp-block-heading">Crypto market bloodbath</h2> Today, at press time, the total crypto market cap had fallen to $2.36 trillion, marking a 2.03% decline in just 24 hours. Major altcoins such as zkSync (ZK), Core (CORE), Fantom (FTM), Worldcoin (WLD), and Ethena (ENA) were hit hardest, plummeting 24.85%, 16.01%, 14.91%, 14.61%, and 13.60% respectively. Notably, majority of the top ten cryptocurrencies including Bitcoin (BTC) has dropped by about 10% over the past 24 hours. While there are no clear catalysts for today’s market drop, analysts and researchers have suggested that reduced interest in spot Bitcoin exchange-traded funds (ETFs) might be a contributing factor. Data from Farside Investors indicated outflows from these ETFs on five of the last six trading days. This pattern of negative BTC ETF flows could have triggered liquidations of leveraged long positions in Bitcoin, Ethereum, and <span class="aqPopupWrapper js-hover-me-wrapper"><a id="6671682b6dc88" class="aqlink js-hover-me" href="https://uk.investing.com/crypto/dogecoin/doge-usd" data-pairid="1158819">Dogecoin</a></span>, exacerbating the market’s decline. <h2 class="wp-block-heading">XRP price jumps over 2%</h2> Despite the overall market downturn, XRP has shown promising signs of an upward breakout. On Monday, the XRP price broke above its daily resistance level of $0.499, closing 3.2% higher. Today, on Tuesday, XRP has continued to soar to trade at $0.507 at press time, up 2.15% at press time. <div class="pt-5"> <div class="relative font-sans-v2 before:!text-3xs before:leading-3 ad_ad__II8vw ad_ad__label__2NPqI before:!-top-3 before:!bg-transparent before:!p-0 before:!normal-case before:tracking-wide before:!text-[#5B616E] after:hidden !mt-3 !pt-2" data-test="ad-slot-visible" data-ad-label="Advertisement"> <div data-placement-container="true" data-im-placement-container="Content_Leaderboard1-1"> On-chain data suggests an increase in XRP activity according to data from xrpscan, which is typically a positive indicator for future price movements. Currently, XRP faces resistance at $0.50, its 50-day Exponential Moving Average (EMA). If the price finds support around $0.499 and successfully breaks above the 50-day EMA, it could rise to $0.532, a previous high from June 5. XRPUSDT price chart screenshot Further bullish momentum could drive XRP to $0.581, marking a 50% retracement from the range of $0.419 to $0.744 seen between March 11 and April 13. However, it is important to note the bearish invalidation point. A daily candlestick close below $0.450 would negate the bullish thesis, potentially leading to a decline to the April 13 low of $0.419. </div> </div> </div> check the details 16.6.2024 Bitcoin price today: Edges below $66k as crypto market mixed <p dir="ltr"><span class="aqPopupWrapper js-hover-me-wrapper"><a id="667014de9a53b" class="aqlink js-hover-me" href="https://uk.investing.com/crypto/bitcoin" data-pairid="1057391">Bitcoin</a></span> price edged slightly lower Monday, giving up the weekend’s slight gains as the overall crypto market steadies. <p dir="ltr">The premier cryptocurrency declined by 0.34% in the past 24 hours to $65,764.8 by 06:16 am ET (11:16 GMT). It had risen as high as $66,914 on Sunday. <h2 dir="ltr"><strong>Bitcoin slides following Fed rate decision</strong></h2> <p dir="ltr">On Wednesday last week, Bitcoin jumped back above the $70,000 mark before pulling back on the day and continuing lower for the rest of the week. The weekend saw a slight push higher, but so far on Monday, Bitcoin has pushed slightly lower. <p dir="ltr">With the Federal Reserve now projecting only one rate cut for the remainder of 2024, risk-driven assets like crypto have been pressured. Higher rates generally provide a headwind for the sector by keeping liquidity levels low, while also driving USD strength. <p dir="ltr">As a result, Bitcoin has moved lower since Thursday. <p dir="ltr">Federal Reserve policymakers said there has been “modest further progress” toward its 2% inflation objective. <p dir="ltr">At the press conference, Federal Reserve Chair Jerome Powell said the central bank doesn’t yet have the confidence to lower rates despite inflation having eased from peak levels. On the other hand, Powell said no one has rate hikes as their base case. <h2 dir="ltr"><strong>Crypto price today: Altcoins mixed</strong></h2> <p dir="ltr">Beyond Bitcoin, most major altcoins also fell slightly on Monday morning. <p dir="ltr">World no.2 token <a href="https://www.investing.com/crypto/ethereum">Ether</a> declined by 0.37% to $3,496.77, while ADA is down almost 1%. However, <a id="667014de9aba5" class="aqlink js-hover-me" href="https://uk.investing.com/crypto/xrp/xrp-usd" data-pairid="1118146">XRP</a> has climbed 2.3%, while SOL has gained 1.4% so far on Monday. Among meme tokens, DOGE declined 0.9% and SHIB fell 2.3%.On Thursday, U.S. Securities and Exchange Commission Chair Gary Gensler told senators in a budget hearing that the final approvals for exchange-traded funds (ETFs) trading ether should be finished this summer. <p dir="ltr"> check the details Platform Introduction Digital currency is a medium of exchange that uses cryptographic principles to ensure transaction security. Unlike fiat currencies such as the U.S. dollar, digital currencies do not have a physical form. Popular digital currencies such as Bitcoin (BTC), Ethereum (ETH) and Polkadot (DOT) use blockchain as the underlying technology to act as a decentralized digital ledger. All digital currency transactions are recorded in the blockchain and cannot be changed once confirmed and verified. Unlike traditional currencies, where banks maintain centralized ledgers, digital currency transactions occur on public blockchains that can be accessed by anyone. In addition, according to the consensus mechanism, everyone can verify digital currency transactions and add them to the blockchain, thus achieving decentralization. As leading global companies such as Samsung, BlackRock, Morgan Stanley and Alphabet have invested, people believe that blockchain technology will completely change the global financial system. Digital currency opens the door to the world of decentralized finance for you, allowing you to explore the infinite possibilities brought by cutting-edge technology. 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