Markets
Crypto Market Forecast for May 2024 – Forbes Advisor
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Bitcoin has retreated from all-time highs and other top cryptocurrencies have struggled as investors aren’t getting the bitcoin halving they want.
Investors have flocked to Bitcoin and other cryptocurrencies in recent months after the launch of the first Bitcoin spot exchange-traded fund in January. However, optimism surrounding the imminent launch of the first Ethereum spot ETFs has faded in recent weeks.
Additionally, crypto investors are increasingly concerned about a potential slowdown in the U.S. economy as inflation remains stubbornly stubborn while GDP growth fell sharply in the first quarter.
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Crypto Market Performance in April
Influx to a new spot Bitcoin ETF pushed Bitcoin prices to new all-time highs above $73,000 in March. However, Bitcoin prices have pulled back from their April highs. They ended the month slightly above $60,000.
Similarly, after hitting $4,092 in March, Ethereum prices ended April just below $3,000 as investors continue to hope that Bitcoin ETF spot approval will open soon the door to approval of Ethereum spot ETFs by the United States. Security and Exchange Commission.
Although bitcoin prices fell more than 8% in April, they are still up about 50% year to date. Ethereum prices also fell more than 8% during the month, but are up around 40% in 2024 so far.
The largest spot Bitcoin ETF by assets under management, the Grayscale Bitcoin Trust ETF (GBTC), was down 11% in April. However, this was caused by investor concerns over the annual cost of this particular fund, not any nervousness over strategic cryptocurrency issues or macroeconomic trends.
Among the 10 largest cryptocurrencies by market capitalization, Toncoin (TON) was the best performer in April with a 5% gain. Avalanche (AVAX) was the worst performer with a 37% decline.
Bitcoin Halving Completed
The Bitcoin network has completed its last halving event on April 19. Every 210,000 additional transaction blocks are added to the Bitcoin blockchain, the network automatically undergoes a halving, during which the reward Bitcoin miners receive for validating a transaction block is cut in half .
Bitcoin Halving reduce the supply of new BTC created. Historically, bitcoin prices bottomed about a year before the halving and continue to rally for about a year after the halving.
The latest halving of block 840,000 in the Bitcoin blockchain was the fourth halving in the Bitcoin network since the crypto’s launch in 2009. The halving reduced by half the number of rewards Bitcoin miners receive for verifying a single block of transactions from 6.25 BTC to 3.125 BTC. .
Launch of Bitcoin runes
Bitcoin’s latest halving also coincided with the launch of Bitcoin Runes, a new protocol that will allow crypto enthusiasts to create and trade. coins on the Bitcoin blockchain. Meme coins are a subset of cryptocurrencies typically created as satire and intended to pay homage to internet culture.
Bitcoin Runes was developed by Casey Rodarmor, who previously created and launched Bitcoin Ordinals in 2023. Bitcoin Ordinals has effectively brought non-fungible tokens, or NFT, to the Bitcoin network for the first time. The popularity of NFT trading on the Ethereum network and other blockchains has exploded in recent years.
Unlike NFTs, which are all unique, Bitcoin Runes allow the creation of identical and interchangeable fungible tokens, much like different $1 bills.
The Bitcoin Runes market has very low liquidity and has demonstrated extreme price volatility following its launch. By the end of April, more than two-thirds of runes were in the red and critics slammed the protocol for its role in increasing Bitcoin transaction fees.
Spotting Ethereum ETFs?
VanEck, ARK Investment Management and seven other companies have filed applications with the SEC to launch Ethereum spot ETFs in the United States.
The first decision deadline for the Ethereum ETF is May 23 for the VanEck app. This should be followed by the deadline for decisions on applications to the KRG, May 24. Unfortunately, candidates have reported that recent meetings with the SEC have been discouraging. Sources familiar with the matter suggest that the SEC will likely reject the first wave of Ethereum ETF spot applications.
The SEC approved the first batch of Ethereum futures ETFs in October 2023, giving investors hope that an Ethereum spot ETF could be coming soon. Ethereum futures ETFs hold futures contractswhereas a spot Ethereum ETF would directly hold the ETH cryptocurrency.
The SEC may wish to observe the performance of Ethereum futures ETFs and Bitcoin spot ETFs for an extended period of time before allowing Ethereum spot ETFs.
More regulatory issues ahead
Meanwhile, regulators continued their crackdown on the crypto market in April:
- On April 24, the U.S. Department of Justice filed charges against the co-founders of Samourai Wallet for their alleged role in money laundering over $100 million.
- After the SEC sent Consensys Software a notice to Wells in early April warning the company of impending enforcement action, Consensys filed a lawsuit against the SEC in response, challenging the regulator’s authority over Ethereum.
- On April 10, cryptocurrency exchange Uniswap Labs also revealed that it had received a Wells Notice from the SEC, informing the exchange that the regulator planned to recommend legal action against it.
James Davies, co-founder and chief product officer at Crypto Valley Exchange, says the SEC’s actions against Samourai, Consensys and Uniswap have had much more impact in recent weeks than the bitcoin halving.
“Bitcoin’s halving was largely priced in, and people were expecting Runes to launch (the latter clearly being a buy info, sell event situation), but these moves by the regulator American were not as telegraphed and will have much broader impacts on the industry,” says Davies.
However, Davies also claims that Ripple and other crypto projects and platforms targeted by regulators will continue to fight back in court.
“Importantly, Ripple’s apparent success in fighting the SEC in court has encouraged other projects to do the same, and we expect countersuits to set the stage for court battles that will define the industry in the future,” Davies said.
Other Crypto Securities
On April 5, a New York jury sided with the SEC in its lawsuit against Terraform Labs and the company’s former CEO, Do Kwon.
The jury found that the South Korean entrepreneur and his company defrauded investors by misleading them about the stability of the stablecoin TerraUSD before its collapse in 2022, which wiped out $40 billion in value.
The Grayscale Bitcoin Trust ETF continues to experience large outflows as investors dump GBTC shares in favor of spot bitcoin ETFs with a more investor-friendly fee structure.
As of mid-April, investors had withdrawn more than $16 billion from the GBTC fund since its conversion to an ETF on January 11. During the same period, the 10 competing bitcoin spot funds saw more than $29 billion in net inflows.
Upcoming Crypto Catalysts
Anthony Rousseau, head of brokerage solutions at TradeStation Group, says crypto investors can expect more volatility in May due to the ongoing regulatory crackdown on crypto.
“I believe the DOJ, the SEC and this administration continue to attack the industry and will take every step possible to slow adoption,” Rousseau said.
However, Rousseau says the crypto train has apparently already left the station and it will be difficult for regulators to slow it down.
“The pace of attacks on this industry has not stopped and adoption continues regardless [for] these events, which is incredible.
Additionally, the coming weeks could be a critical milestone for the US economy. Investors tend to sell stocks, cryptocurrencies and other risky assets when they anticipate future economic weakness.
In April, the Labor Department reported consumer price index, or CPI, rose 3.5% year-over-year in March. That’s up from February’s 3.2% year-over-year gain and higher than the 3.4% growth economists had expected.
A few days later, the Commerce Department reported U.S. GDP growth of just 1.6% year-over-year in the first quarter, down from 3.6% growth in the fourth quarter and well below 2.4%. % growth expected by economists.
John Glover, chief investment officer at Ledn, says crypto investors will pay close attention to US economic data and monetary policy.
“The key to the price performance of Bitcoin (a strong indicator of all cryptocurrencies) in May will be the release of data from the United States, with all eyes on inflation data,” Glover said.
“Additional attention will be paid to the SEC and whether [SEC Chair Gary] Gensler succumbs to pressure to allow a spot ETH ETF in the US »
Over the past 24 hours, Jupiter and JasmyCoin emerged as the top gainers among the top 100 crypto assets, while Bittensor and Mantra plunged as the top losers.
Top Winners
Jupiter
Jupiter (JUP) led the charge among the biggest gainers on July 27.
At the time of writing, the crypto asset had surged 12.6% in the past 24 hours and was trading at $1.16. JUP’s daily trading volume was hovering around $282 million, according to data from crypto.news.
JUP Hourly Price Chart, July 26-27 | Source: crypto.news
Additionally, the cryptocurrency’s market cap stood at $1.56 billion, making it the 62nd largest crypto asset, according to CoinGecko. Despite the recent price surge, the token is still down 42.6% from its all-time high of $2 reached on Jan. 31.
Jupiter functions as a decentralized exchange aggregator that allows users to trade Solana-based tokens. The platform also offers users the best routes for direct trades between multiple exchanges and liquidity pools.
In addition to being a DEX aggregator, Jupiter has expanded into a “full stack ecosystem” by launching several new projects, including a dedicated pool to support perpetual trading and plans for a stablecoin.
JasmyCoin
JasmyCoin (JASMI) has increased by 12% in the last 24 hours and is trading at $0.0328 at press time. JASMY’s daily trading volume has increased by 10% in the last 24 hours, reaching $146 million.
JASMY Hourly Price Chart, July 26-27 | Source: crypto.news
The asset’s market cap has surpassed the $1.5 billion mark, making it the 60th largest cryptocurrency at the time of reporting. However, the self-proclaimed “Bitcoin of Japan” is still down 99.3% from its all-time high of $4.79 on February 16, 2021.
JASMY is the native token of Jasmy Corporation, a Japanese Internet of Things provider. The platform seeks to merge the decentralization of blockchain technology with IoT, allowing users to convert their digital information into digital assets.
The initiative was launched by Kunitake Ando, former COO of Sony Corporation, along with Kazumasa Sato, former CEO of Sony Style.com Japan Inc., Hiroshi Harada, executive financial analyst at KPMG, and other senior executives from Japan.
Kaspa
Kaspa (KAS) saw a 100% increase in trading volume and an 8% increase in price over the past 24 hours, trading at $0.19 at the time of publication.
KAS Hourly Price Chart, July 26-27 | Source: crypto.news
According to data from CoinGecko, Kaspa now ranks 27th in the global cryptocurrency list, with a circulating supply of approximately 24.29 billion KAS tokens and a market capitalization of $4.59 billion.
Kaspa is a cryptocurrency designed to deliver a high-performance, scalable, and secure blockchain platform. Its unique Layer-1 protocol includes the GhostDAG protocol, a proof-of-work (PoW) consensus mechanism that enables faster block times and higher transaction throughput compared to standard blockchains.
Unlike Bitcoin, GhostDAG allows multiple blocks to be created simultaneously, speeding up transactions and increasing block rewards for miners.
Bonk
Bonk (BONK) is the only one coin meme which made it to this list of biggest gainers and jumped 8.6% in the last 24 hours. Trading at $0.000030, the Solana-based meme coin’s market cap has surpassed $2.1 billion, surpassing Floki (FLOKI), another competing dog-themed coin with a market cap of $1.78 billion.
BONK Hourly Price Chart, July 26-27 | Source: crypto.news
BONK’s daily trading volume hovered around $285 million. However, BONK is still down 33.5% from its all-time high of $0.000045, reached on March 4.
Bonk, a meme coin that rose to prominence in 2023, has contributed significantly to Solana’s value increase amid the meme coin frenzy.
Bonk started out as a simple dog-themed coin. It has since expanded its features to include integration with decentralized finance. The project also partners with cross-chain communication protocols, NFT marketplaces, and various other cryptocurrency ecosystems.
BONK trading pairs are now listed on major exchanges including Binance, Coinbase, OKX, and Bitstamp.
The big losers
Bittensor
Bittensor (TAO) was the biggest loser among the 100 largest crypto assets, according to data from CoinGecko.
At the time of writing, TAO, the native token of decentralized AI project Bittensor, was down 5%, trading around $344. The crypto asset had a daily trading volume of $59 million and a market cap of $2.43 billion.
TAO 24 Hour Price Chart | Source: CoinGecko
Bittensor, created in 2019 by AI researchers Ala Shaabana and Jacob Steeves, initially operated as a parachain on Polkadot before transitioning to its own layer-1 blockchain in March 2023.
Mantra
Mantra (OM) fell 6%, trading at $1.13 at press time. The digital currency’s market cap fell to $938 million. Additionally, the 82nd largest crypto asset has a daily trading volume of $26 million.
OM Price Hourly Chart, July 26-27 | Source: crypto.news
Mantra is a modular blockchain network comprising two chains, Manta Pacific and Manta Atlantic, specialized in zero-knowledge applications.
Coat
Coat (MNT) also saw a 2.4% drop in price, now trading at $0.8413. Currently, Mantle has a market cap of around $2.75 billion, which ranks 36th in the global cryptocurrency rankings by market cap, according to price data from crypto.news.
MNT Hourly Price Chart, July 26-27 | Source: crypto.news
Over the past 24 hours, MNT trading volume also fell by 6%, reaching $240 million.
Mantle, formerly known as BitDAO, is an investment DAO closely associated with Bybit. The MNT token is essential for governance, paying gas fees on the Mantle network, and staking on various platforms.
Built on the Ethereum network, Mantle provides a platform for decentralized application developers to launch their projects. It has become particularly popular for GameFi applications, leading to the formation of an internal Web3 gaming team.
Markets
Bitcoin Price Drops to $67,000 Despite Trump’s Pro-Crypto Comments, Further Correction Ahead?
Pioneer cryptocurrency Bitcoin has registered a 1.13% decline in the past 24 hours to trade at $67,400. Despite a strong pro-crypto stance from US presidential candidate Donald Trump at the Bitcoin 2024 conference, this massive selloff has raised concerns in the market about the asset’s sustainability at a higher price. However, given the recent three-week rally, a slight pullback this weekend is justifiable and necessary to regain the depleted bullish momentum.
Bitcoin Price Flag Formation Hints at Opportunity to Break Beyond $80,000
The medium-term trend Bitcoin Price remains a sideways trend amidst the formation of a bullish flag pattern. This chart pattern is defined by two descending lines that are currently shaping the price trajectory by providing dynamic resistance and support.
On July 5, BTC saw a bullish reversal from the flag pattern at $53,485, increasing its asset by 29.75% to a high of $69,400. This recent spike followed the market’s positive sentiment towards the Donald Trump speech at the Bitcoin 2024 conference in Nashville on Saturday afternoon.
Bitcoin Price | Tradingview
In his speech, Trump outlined several pro-crypto initiatives: he promised to replace SEC Chairman Gary Gensler on his first day in office, to establish a Strategic National Reserve of Bitcoin if elected, to ensure that the U.S. government holds all of its assets. Bitcoin assets and block any attempt to create a central bank digital currency (CBDC) during his presidency.
He also claimed that under his leadership, Bitcoin and cryptocurrencies will skyrocket like never before.
Despite Donald Trump’s optimistic promises, the BTC price failed to reach $70,000 and is currently trading at $67,400. As a result, Bitcoin’s market cap has dipped slightly to hover at $1.335 trillion.
However, this pullback is justified, as Bitcoin price has recently seen significant growth over the past three weeks, which has significantly improved market sentiment. Thus, price action over the weekend could replenish the depleted bullish momentum, potentially strengthening an attempt to break out from the flag pattern at $70,130.
A successful breakout will signal the continuation of the uptrend and extend the Bitcoin price forecast target at $78,000, followed by $84,000.
On the other hand, if the supply pressure on the upper trendline persists, the asset price could trigger further corrections for a few weeks or months.
Technical indicator:
- Pivot levels: The traditional pivot indicator suggests that the price pullback could see immediate support at $64,400, followed by a correction floor at $56,700.
- Moving average convergence-divergence: A bullish crossover state between the MACD (blue) and the signal (orange) ensure that the recovery dynamics are intact.
Related Articles
Frequently Asked Questions
A CBDC is a digital form of fiat currency issued and regulated by a country’s central bank. It aims to provide a digital alternative to traditional banknotes.
The proposal for a strategic national Bitcoin reserve is a major confirmation of Bitcoin’s legitimacy and potential as a reserve asset. Such a move could position Bitcoin in a similar way to gold, potentially stabilizing its price and encouraging other countries to adopt similar strategies.
Conferences like Bitcoin 2024 serve as essential platforms for networking, knowledge sharing, and showcasing new technologies within the cryptocurrency industry.
Markets
Swiss crypto bank Sygnum reports profitability after surge in first-half trading volumes – DL News
- Sygnum says it has reached profitability after increasing transaction volumes.
- The Swiss crypto bank does not disclose specific profit figures.
Sygnum, a Swiss global crypto banking group with approximately $4.5 billion in client assets, announced that it has achieved profitability after a strong first half, with key metrics showing year-to-date growth.
The company said in a Press release Compared to the same period last year, cryptocurrency spot trading volumes doubled, cryptocurrency derivatives trading increased by 500%, and lending volumes increased by 360%. The exact figures for the first half of the year were not disclosed.
Sygnum said its staking service has also grown, with the percentage of Ethereum staked by customers increasing to 42%. For institutional clients, staking Ethereum has a benefit that goes beyond the limitations of the ETF framework, which excludes staking returns, Sygnum noted.
“The approval and launch of Bitcoin and Ethereum ETFs was a turning point for the crypto industry this year, leading to a major increase in demand for trusted, regulated exposure to digital assets,” said Martin Burgherr, Chief Client Officer of Sygnum.
He added: “This is also reflected in Sygnum’s own growth, with our core business segments recording significant year-to-date growth in the first half of the year.”
Sygnum, which has also been licensed in Luxembourg since 2022, plans to expand into European and Asian markets, the statement said.
Markets
Former White House official Anthony Scaramucci says cryptocurrency bull market could be sparked by regulatory clarity
Anthony Scaramucci, founder of Skybridge Capital, says the next cryptocurrency bull market could be sparked by a new wave of clear cryptocurrency regulations.
In a new interview On CNBC’s Squawk Box, the former White House communications director said he and two other prominent industry figures traveled to Washington, D.C. to speak to officials about the dangers of Sen. Elizabeth Warren and U.S. Securities and Exchange Commission (SEC) Chairman Gary Gensler’s hardline approach to cryptocurrency regulation.
“Mark Cuban, myself, and Michael Novogratz were in Washington a few weeks ago to speak with White House officials and explain the dangers of Gary Gensler and Elizabeth Warren’s anti-crypto approach. I hope that message gets through…
“Overall, if we can get regulatory policy around Bitcoin and crypto assets in sync, we will have a bull market next year for these assets.”
Scaramucci then compares crypto assets to ride-hailing company Uber, saying regulators were initially wary of the service but eventually decided to adopt clear guidelines due to public demand.
“Remember Uber: Nobody wanted Uber. A lot of regulators didn’t want it. Mayors and deputy mayors didn’t want it, but citizens wanted Uber and eventually accepted the idea of regulating it fairly. I think we’re there now.”
The CEO also says young Democratic voters believe their leaders are making the wrong choices when it comes to digital assets.
“I think President Trump’s move toward Bitcoin and crypto assets has shaken Democrats to their core, and I think very smart, younger Democrats are recognizing that they are completely off base with their positions, completely off base with these SEC lawsuits and regulation by law enforcement, and now they need to get back to the center.”
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