| Reading time: 5 minutes | News | Crypto Converter | Crypto Calculators | As Ethereum buyers amp up, ETH/BTC pair shows bullish signals | | Key points: | Ethereum buyers gained momentum as traders turned bullish. At the same time, the ETH/BTC pair turned bullish, igniting hopes of a sustained rally.
| News - The ETH/BTC pair is showing promising signs of a potential rally, highlighted by the formation of a high-probability setup. A symmetrical triangle pattern has emerged, with the price oscillating between converging support and resistance levels. | This pattern's appearance on the monthly timeframe enhances the likelihood of an upward breakout. Currently, the price is trading near the bottom of the pattern, at $3,392.91, indicating the possibility of a significant upward move. | Sellers tap out - The Relative Strength Index (RSI), which has been trending downward for months, is now nearing the oversold region with a current reading of 32.19. This shows that sellers are losing their grip on ETH. | If this trend continues, ETH's price could rise, making it more expensive as demand picks up. | The fading selling pressure is further confirmed by the Chaikin Money Flow (CMF) indicator, which is starting to push higher and trend back toward positive territory. This suggests that buying interest is picking up, adding to the potential for a price increase. | More addresses hold ETH - Right now, the number of addresses holding ETH has shot up by 60%. These addresses now make up 16% of the total supply—around 19.4 million ETH—up from 10% in August. This marks a big shift in investor behavior. | Such an accumulation trend is often seen as a bullish sign. It suggests that investors are gaining confidence, which could lead to a significant price rally. | Dogecoin could rally 12,000% if THIS historical pattern plays out | | Key points: | Dogecoin can see a parabolic 12,000% rally as whales increase their transactions. Active addresses surge 111%, further adding to the strong interest in the memecoin.
| News - Dogecoin [DOGE] has a history of dramatic price swings. In 2017, it surged 212%, pulled back 40%, and then skyrocketed 5,000%. Fast forward to 2021, and DOGE saw a 476% rise, a 56% correction, and an incredible 12,000% surge. | In 2024, Dogecoin followed a similar pattern, jumping 440% from $0.065 to $0.39547 before pulling back 46%. According to analyst Ali Martinez, | "If history repeats, another parabolic rally is on the way!" | Increased interest in DOGE - per data from IntoTheBlock, there was a rise in network activity. Over the past week, new addresses rose 102.40%, active addresses surged 111.32%, and zero-balance addresses grew 155.33%. | The surge in address activity has coincided with Dogecoin's recent price move to $0.40. This increased participation hints at a renewed interest, possibly from both retail and institutional investors. | Additionally, large transactions involving Dogecoin have seen a notable uptick. Over the past week, whale transactions peaked at 9,410, aligning with the recent price surge. | Trading volume drops - Market data from Coinglass revealed a significant drop in trading activity. Trading volume decreased by 24.83% to $7.42 billion, while Open Interest in Futures contracts declined by 4.71% to $1.95 billion. | Additionally, Options trading volumes plummeted by 58.52% to $427.08 million, with Open Interest in Options contracts at $1.18 million. With all these factors aligned, Dogecoin's parabolic price surge may not be far off. | Crypto Fear and Greed Index drops to lowest level since Donald Trump's re-election | | Key points: | The Crypto Fear and Greed Index peaked at 94 as Donald Trump took the office once again, signaling extreme greed. However, it dropped to 70, showing stagnating yet persistent investor confidence.
| News - The Crypto Fear and Greed Index, which measures the market's emotional pulse, has dropped to its lowest level since Donald Trump's presidential victory last month. On the 23rd of December, the index hit 70, matching its level just before Trump's big win. | After Trump's election, the index soared to 94, signaling peak market greed and potential overvaluation. This high came even before Bitcoin hit an all-time high on the 17th of December. | Assessing the Index - The Crypto Fear and Greed Index ranges from 0 to 100, with 0 indicating extreme fear and 100 signaling extreme greed. This index helps traders and investors gauge the market's emotional state, guiding their buying and selling decisions based on whether the market is driven by fear or greed. | Now, the index's drop to 70 still shows a greed-driven market, with investors remaining overly confident but less intensely so. This shift also indicates a slight rise in risk awareness among some investors. At 90, greed often fuels unchecked pursuit of gains, while at 70, investors start paying attention to warnings about potential corrections or bubbles. | Where will Bitcoin head next? James Toledano, COO at Unity Wallet, shared some insights on Bitcoin's behavior during the holiday season. He compared Bitcoin's volatility to the constant wetness of water, saying that just as water is always wet, Bitcoin is always volatile. He said, | "Its behavior is always mixed and there is zero discernible pattern at the end of the year and going into the next. Sometimes the price rises in the new year and at other times it falls. So, historically, we can say that Bitcoin exhibits typically mixed behavior over Christmas and New Year." | South Korea, U.S. team up to tackle North Korea crypto hackers and thieves | | Key points: | The U.S. - South Korea tie-up against North Korea's crypto hackers will take place through to 2026. The collaboration, which targets UAE-based actors aiding North Korea, includes government bodies, Korea University, and RAND Corporation.
| News - South Korea has joined forces with the US to combat North Korean hackers involved in cryptocurrency heists. This collaboration aims to track stolen digital assets and curb malicious activities that have led to over a billion dollars worth of cryptocurrency losses. | The value of stolen cryptocurrencies has surged by 21% to $2.2 billion this year, with the number of recorded hacks reaching an all-time high of 303. This partnership is a significant step towards addressing the growing threat posed by North Korean hackers in the crypto space. | What the collaboration aims for - Although the finer details of the agreement remain sketchy, this collaboration represents a major step in the fight against the growing influence of North Korea-linked crypto hackers. | They will leverage advanced technologies to identify how illicit funds are converted into digital assets using methods like ransomware and distributed across global networks. | Blockchain analysis firm Chainalysis has emphasized the need for such measures to tackle this threat, as North Korean hackers account for a significant share of stolen crypto worldwide. | The collaboration aims to dismantle the infrastructure enabling such cybercrimes, addressing the technical complexities of tracking digital transactions across decentralized networks. | By pooling resources, the two countries hope to create a blueprint that can be adopted by other nations facing similar threats. | U.S. makes more moves - The US is taking steps to curb North Korean crypto criminal activities through regulatory measures. Recently, the US Treasury's Office of Foreign Assets Control imposed sanctions on two individuals and a United Arab Emirates-based company for their alleged roles in laundering funds obtained through North Korean cybercrimes. | By targeting enablers in regions with weak regulatory frameworks, the US aims to disrupt the flow of illicit funds supporting North Korea's broader activities, such as the development of nuclear weapons. According to TechCrunch, due to tight international sanctions, North Korea has turned to stealing crypto to fund its nuclear weapons. | A UN panel of experts monitoring the implementation of international sanctions has also revealed that North Korea uses funds raised through cyber crimes to support its illicit ballistic missile and nuclear programs. | | More stories from the crypto ecosystem | | | One of the first blockchain games, CryptoKitties, became so popular that it congested the Ethereum network. During this time, back in 2018, someone paid 600 ETH for a CryptoKitty Dragon. At the time of the sale, 600 ether was worth about $170,000. The same cat is worth $20,50,290 today! The very first block in the Bitcoin blockchain, known as the "Genesis Block," contains a hidden message: "The Times 03/Jan/2009 Chancellor on brink of second bailout for banks." This message references a headline from The Times newspaper, hinting at the motivation behind Bitcoin's creation. The concept of cryptocurrencies was inspired by the "CryptoAnarchist Manifesto," written by Timothy C. May in 1988, which envisioned a world of private, untraceable digital transactions.
| | Top 3 coins of the day | Zcash (ZEC) | | Key points: | Zcash was highly bullish at press time, rising 16.43% in 24 hours and becoming a top coin. The RSI was at 71.69, signaling overbought conditions.
| What you should know: | As investors piled into privacy-focused cryptocurrencies ahead of Donald Trump's inauguration, Zcash [ZEC] reaped the gains. As a result, the token rose to $67.63, seeing double-digit gains as a time when the prices of most cryptocurrencies were cooling down after the post-election high. However, ZEC's chart did show signs of caution. Its RSI was 71.86, an overbought condition. So, ZEC may be due for a price correction or pullback soon. The positive CMF at 0.13 suggests that more money is flowing into the asset than out, which is generally considered a bullish signal. It could also be a sign of rising buying pressure. Lastly, the MACD was also casting warning signs, The higher Signal Line compared to the MACD Line suggests caution as the ongoing upward trend might be losing strength. | Pudgy Penguins (PENGU) | | Key points: | PENGU continued to rise at a time when the broader crypto market fell drastically. Its major indicators were in the neutral zone, showing that the token still had more gains in store.
| What you should know: | Pudgy Penguins [PENGU] has gone against the grain in recent days, seeing a notable rise even as the broader crypto market remained in a slump. Since its debut on Binance last week, PENGU has seen a rise of over 435%. Riding on this gain, the token saw gains of 20.52% in the last 24 hours, trading at $0.03135. The RSI, CMF, and MACD call for more upside, with the buyers firmly in control. However, extended control by this group could break the current $0.0275 resistance level and create a new $0.0280 level. On the other hand, PENGU's immediate support is likely to be at $0.0266. The upside will be invalidated if price breaks below this level. If this happens, a new support level will be formed at $0.0262. | Bitcoin (BTC) | | Key points: | Bitcoin has been on a rising spree since the cryptocurrency-centered 2024 U.S. election. The Bitcoin halving event, BTC ETF approval, and rising institutional interest are other factors behind the king coin's growth.
| What you should know: | Bitcoin has been on a high since the U.S 2024 election, reaching the coveted $100,000 mark on the 4th of December. Currently, however, BTC saw a slight decline, trading at $93,932.70 after a 2.13% decrease in the last 24 hours. Looking at the daily chart, Bitcoin's RSI, MACD, and CMF were all meandering near the neutral zones, and the price could stay relatively stable in the coming days. On the 4-hour time frame, however, the 50-day moving average sloped downward, but the 200-day crept upwards, meaning that the long-term trend was strong. The Fear and Greed Index displayed a score of 70, showing that investors were currently accumulating more BTCs - yet another bullish sign. Notwithstanding the current 24-hour trend, the last seven days were favorable for Bitcoin, as it registered gains of 12.82%. It is worth keeping an eye out for prices, to gauge whether the downturn is a minor trend in BTC's bullish trajectory, or if there are more losses in store. | How was today's newsletter? | |
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