Category: News

Barstool Sports founder Dave Portnoy has once again made a bold move in the crypto market, revealing in a livestream on February 3 that he purchased an additional $1 million worth of XRP. This comes after his initial investment of $1.3 million in XRP and $1.5 million in Bitcoin back in December 2024.

Portnoy, known for his high-risk, high-reward approach to investing, sees XRP as a potential “10X coin” and believes it has more upside potential than Bitcoin in the short term. His latest purchase coincided with a market-wide pullback, which saw Bitcoin and altcoins experience sharp drops followed by steep recovery rallies.

The crypto market’s downturn can be attributed to President Donald Trump’s announcement of tariffs on imports from Mexico and Canada, which sent shockwaves through the financial markets. Despite the uncertainty, Portnoy remains committed to his long-term holds and is not actively trading his positions.

Portnoy’s bullish stance on XRP is likely influenced by the ongoing legal battle between Ripple and the SEC, as well as the recent launch of Ripple’s stablecoin, RLUSD. Many traders, including Portnoy, see XRP as a high-risk, high-reward bet due to the potential for a favorable resolution to the SEC case under the new chairman, Paul Atkins.

As the crypto market continues to navigate regulatory hurdles and macroeconomic factors, Portnoy’s $1 million bet on XRP highlights the speculative nature of the space and the potential for significant gains or losses. With XRP trading at $2.66 at press time, all eyes will be on the altcoin’s performance in the coming weeks and months.

Tags: Dave Portnoy, XRP, Ripple, crypto market, altcoins

Source: https://bitcoinist.com/barstool-dave-portnoy-buys-xrp-dip/

Solana (SOL) has recently experienced a fresh decline from the $220 zone, with the price now consolidating and facing resistance near the $215 and $220 levels. Despite this short-term setback, there are indications that SOL could be gearing up for a bullish breakout if the price manages to clear the $220 resistance zone.

The recent decline in SOL’s price has brought it below key support levels such as $212 and the 100-hourly simple moving average. However, the formation of a short-term declining channel or a bullish flag on the hourly chart suggests that a potential reversal could be on the horizon.

If the bulls can successfully push the price above the $215 and $220 resistance levels, it could set the stage for another steady increase in SOL’s value. The next key resistance level to watch would be $232, with any further gains potentially sending the price toward the $250 level.

On the other hand, if SOL fails to break through the $215 resistance, it could lead to another decline. The initial support on the downside is near the $202 zone, with the first major support at the $198 level, which coincides with the 50% Fib retracement level of the upward move from the $175 swing low to the $220 high.

A break below the $198 level might send the price toward the $192 zone, and a close below the $192 support could see the price decline further toward the $175 support in the near term.

The technical indicators for SOL/USD suggest that the MACD is losing pace in the bullish zone, while the RSI is currently below the 50 level. These indicators, combined with the key support and resistance levels, will play a crucial role in determining the future direction of Solana’s price.

As the crypto market continues to evolve, investors and traders will be closely monitoring SOL’s price action to see if it can break through the current resistance and embark on a new bullish trajectory.

Tags: Solana, SOL, SOLUSD, technical analysis, crypto market

Source: https://www.newsbtc.com/analysis/solana-sol-at-a-crossroads-220/

Bitcoin Depot, a leading Bitcoin ATM operator in North America, has reinforced its commitment to Bitcoin by adding 51 BTC to its treasury holdings. The company’s recent $5 million purchase brings its total Bitcoin holdings to an impressive 71.5 BTC.

This strategic move by Bitcoin Depot underscores the company’s strong belief in the long-term potential of Bitcoin. By allocating a significant portion of its treasury to BTC, Bitcoin Depot is not only demonstrating its confidence in the cryptocurrency but also positioning itself to benefit from potential price appreciation in the future.

The $5 million Bitcoin purchase is a testament to Bitcoin Depot’s proactive approach to embracing and promoting the adoption of cryptocurrencies. As a prominent player in the Bitcoin ATM industry, the company’s actions serve as a positive signal to the broader crypto market, indicating a growing institutional interest and trust in Bitcoin.

Bitcoin Depot’s treasury expansion comes at a time when an increasing number of companies are recognizing the value of holding Bitcoin on their balance sheets. This trend is driven by the need for a hedge against inflation, the potential for long-term capital appreciation, and the desire to diversify investment portfolios.

The implications of Bitcoin Depot’s move extend beyond the company itself. As more businesses follow suit and invest in Bitcoin, it could lead to increased mainstream acceptance and adoption of cryptocurrencies. This, in turn, may contribute to the overall growth and stability of the crypto market.

Bitcoin Depot’s strategic Bitcoin acquisition also highlights the company’s commitment to supporting the development and maturity of the cryptocurrency ecosystem. By actively participating in the market and demonstrating its belief in Bitcoin, the company is contributing to the legitimization of cryptocurrencies as a viable investment asset class.

Tags: Bitcoin Depot, Bitcoin treasury, BTC purchase, crypto adoption, institutional investment

Source: https://news.bitcoin.com/bitcoin-depot-expands-bitcoin-treasury-with-5-million-purchase/

XRP price has recently recovered most of its losses, rallying towards the $2.75 level. However, the cryptocurrency is now facing significant hurdles near the $2.70 zone, which could potentially lead to another decline in the near future.

The recent upward move saw XRP price break above the $2.60 level, gaining pace for a move above the $2.00 and $2.25 resistance levels. The bulls managed to pump the price above $2.50 and $2.55, but the bears remained active below the critical $2.80 level.

Technical analysis of the XRP/USD pair on the hourly chart reveals a new connecting bearish trend line forming with resistance at $2.710. If XRP fails to clear this resistance zone, it could trigger another decline, with initial support on the downside near the $2.420 level.

The key support levels to watch out for are $2.2650, which is the 50% Fib retracement level of the upward move from the $1.750 swing low to the $2.780 high, and the $2.050 zone. A downside break and close below these levels could see XRP continue its decline towards the $2.20 support.

On the upside, a clear move above the $2.80 resistance might send the price towards the $2.940 resistance, with potential for further gains towards $3.000 or even $3.050 in the near term. However, the bulls will need to overcome the major hurdle at $3.120 to sustain any significant upward momentum.

The current market sentiment for XRP remains uncertain, with the price now trading below the 100-hourly Simple Moving Average and the RSI (Relative Strength Index) dipping below the 50 level. The MACD for XRP/USD is also gaining pace in the bearish zone, suggesting that the bears may be gaining control.

As the XRP price faces this critical resistance, investors and traders should keep a close eye on the key support and resistance levels, as a decisive break in either direction could set the tone for the cryptocurrency’s near-term price action.

Tags: XRP price, Ripple, technical analysis, crypto markets, price prediction

Source: https://www.newsbtc.com/analysis/xrp/xrp-price-tests-critical-barrier-2-8/

Iran has expressed support for the creation of a unified BRICS currency, signaling a shift towards economic cooperation among the bloc’s member nations. However, Iran’s support comes with the caveat that all BRICS members must agree to the unified currency proposal. This move suggests Iran’s focus on prioritizing its national interests while exploring alternatives to reliance on the U.S. dollar amid global tensions.

The potential introduction of a unified BRICS currency could have significant implications for global financial markets. As BRICS nations represent a substantial portion of the world’s population and economic output, a move away from the U.S. dollar could challenge its dominance as the global reserve currency. This shift may lead to increased volatility in currency markets and potentially impact the value of the U.S. dollar.

Iran’s willingness to support a unified BRICS currency also highlights the country’s desire to strengthen economic ties with other nations in the face of ongoing sanctions and geopolitical pressures. By aligning itself with the BRICS bloc, Iran may seek to mitigate the impact of U.S.-led sanctions and diversify its economic partnerships.

However, the success of a unified BRICS currency will depend on the level of coordination and agreement among member nations. Each country’s unique economic conditions, monetary policies, and geopolitical considerations may pose challenges in implementing a shared currency. As discussions progress, it will be crucial to monitor the stance of other BRICS members and assess the feasibility of such a significant financial undertaking.

Tags: BRICS currency, Iran, economic cooperation, U.S. dollar, geopolitics

Source: https://news.bitcoin.com/iran-backs-unified-brics-currency-with-a-focus-on-national-interests/

Bitcoin (BTC) has fallen below the critical $100,000 level as trade tensions between the United States and China escalate. The US proceeded with its 10% tariffs on China, prompting retaliatory measures from Beijing, including additional tariffs on US goods and tightened export controls on key raw materials.

The ongoing trade war has heightened volatility in the crypto market, with analysts predicting further uncertainty in the coming days. Despite a brief relief rally to $102,000 following the US delaying tariffs on Mexico and Canada, Bitcoin failed to sustain its momentum above the $100,000 mark.

Historically, heightened tariffs have spelled trouble for cryptocurrencies. In 2018, when US President Donald Trump first initiated a trade war with China, BTC plummeted by 65%, while the S&P 500 dropped 12% in the weeks following the implementation of tariffs.

As Bitcoin struggles to hold the $100,000 level, concerns are mounting about a potential breakdown in price. Technical analysis suggests that if BTC fails to hold the $97,190 support level, further downside could be expected. The top digital asset is currently trading in a bearish flag pattern, which could indicate a continuation of the downward trend.

The escalating trade tensions between the US and China have far-reaching implications for the global economy and financial markets, including cryptocurrencies. As the two economic powerhouses continue to impose tariffs and restrictions on each other, market participants should brace for increased volatility and potential downside risk in the near term.

Tags: Bitcoin, BTC, US-China trade war, tariffs, crypto market, volatility

Source: https://www.newsbtc.com/bitcoin-news/bitcoin-struggles-to-hold-100000-as-china-strikes-back-with-us-import-tariffs-more-downside-for-btc/

Ethereum’s price has started to recover after dropping below the crucial $2,500 support level, but the path to a sustained rally seems to be facing significant hurdles. The second-largest cryptocurrency by market cap managed to climb above the $2,550 resistance and even surpassed the 50% Fibonacci retracement level of the recent downswing. However, bears have become active near the $2,900 zone, blocking further upside momentum.

Despite the positive signs of recovery, Ethereum is now trading below the key $2,880 level and the 100-hourly Simple Moving Average. The formation of a short-term declining channel on the hourly chart with resistance at $2,800 suggests that the price could be gearing up for another leg down if it fails to break above the channel.

For Ethereum to maintain its bullish momentum, it needs to decisively break above the $2,920 resistance level. Such a move could open the doors for a retest of the $3,000 psychological level, followed by potential upside targets at $3,120 and $3,250. On the flip side, if the price fails to clear the $2,880 hurdle, it could trigger another sell-off, with immediate support levels at $2,640 and $2,550.

The technical indicators also paint a mixed picture, with the MACD losing momentum in the bullish zone and the RSI dipping below the 50 level. This suggests that the bulls are losing their grip on the market, and a bearish reversal could be on the cards if the key resistance levels are not breached soon.

As the cryptocurrency market continues to experience heightened volatility, investors and traders need to keep a close eye on the key support and resistance levels for Ethereum. A breakdown below the critical $2,500 support could lead to a more extended downtrend, while a clear break above $2,920 could signal the start of a fresh rally.

Tags: Ethereum price, ETH recovery, cryptocurrency market, technical analysis, key support levels

Source: https://www.newsbtc.com/analysis/eth/ethereum-price-barriers-2880/

Bitcoin price has started another decline after failing to sustain above the $102,500 resistance zone. The cryptocurrency is currently trading below $99,500 and the 100 hourly Simple Moving Average, struggling to maintain its position above the key support level of $96,500.

The recent pullback has seen Bitcoin lose its bullish momentum, with the bears pushing the price below the 50% Fibonacci retracement level of the upward move from $91,000 to $102,500. This suggests that the market sentiment may be shifting, and further losses could be on the horizon.

If Bitcoin fails to rise above the $99,000 resistance zone, it could trigger a fresh decline, with immediate support lying near the $96,500 level. A break below this level could see the price drop to the $95,500 level, which coincides with the 61.8% Fibonacci retracement level.

On the upside, a close above the $100,000 resistance level could signal a potential trend reversal, opening the door for a retest of the $102,500 level and possibly higher. However, given the current market conditions, such a scenario seems less likely in the short term.

As Bitcoin continues to consolidate below key resistance levels, traders and investors should keep a close eye on the support zones and be prepared for potential further downside. The technical indicators, such as the MACD and RSI, suggest that the bullish momentum is waning, which could lead to increased selling pressure in the near term.

Tags: Bitcoin price, crypto market, technical analysis, support levels, resistance zones

Source: https://www.newsbtc.com/analysis/btc/bitcoin-price-pulls-back-100k/

Coinbase, the leading US-based cryptocurrency exchange, has achieved a significant milestone by securing regulatory approval in the United Kingdom. The Virtual Asset Service Provider (VASP) registration granted by the Financial Conduct Authority (FCA) solidifies Coinbase’s position as the largest registered digital asset provider in the country.

This approval marks a crucial step in Coinbase’s ambitious plans for global expansion. With the UK serving as a strategic gateway to Europe, Coinbase can now accelerate its growth in the region, offering a wide range of crypto and fiat services to its growing user base. The regulatory green light instills confidence in Coinbase’s operations and reinforces its commitment to compliance and user protection.

The implications of this development are far-reaching for the crypto market. Coinbase’s expanded presence in the UK is expected to drive increased adoption and mainstream acceptance of cryptocurrencies. As more users gain access to a trusted and regulated platform, the overall liquidity and stability of the market are likely to improve. Moreover, Coinbase’s success in navigating the stringent regulatory landscape sets a positive precedent for other crypto businesses seeking to operate in the UK and Europe.

From a technical perspective, Coinbase’s approval may also pave the way for the introduction of new trading pairs and enhanced features on its platform. This could attract a broader range of investors and traders, further fueling the growth of the crypto ecosystem. As Coinbase continues to innovate and expand its offerings, it is well-positioned to capitalize on the growing demand for digital assets and blockchain-based solutions.

Tags: Coinbase, UK Approval, Crypto Adoption, Global Expansion, Regulatory Compliance

Source: https://news.bitcoin.com/coinbase-secures-uk-approval-unlocking-ambitious-expansion-plans-for-mass-adoption/

As Bitcoin’s price hovers above $99,000 following a volatile week, market analysts are highlighting potential opportunities for investors. Despite the recent pullback from the $100,000 mark, underlying trends suggest a bullish outlook for the leading cryptocurrency.

According to Darkfost, a contributor on CryptoQuant’s QuickTake platform, the recent triggering of the Smart DCA indicator suggests that current price levels may be a favorable entry point for investors employing a dollar-cost averaging (DCA) strategy. By comparing Bitcoin’s average price to its short-term realized price, this indicator aims to identify optimal zones for long-term accumulation.

In addition to the Smart DCA signal, other analysts point to increasing buyer activity as a sign of bullish momentum. Onatt, another CryptoQuant analyst, noted a visible premium on Coinbase, indicating strong demand for Bitcoin despite recent volatility. Furthermore, negative funding rates driven by long liquidations suggest that buyers are taking advantage of discounted prices to position themselves for a potential upward movement.

Analyst Ali also identified a critical demand zone for Bitcoin between $96,475 and $99,360, which, if held as support, could favor the bulls. A breakout above the $102,350 to $103,900 supply zone could further strengthen the bullish case and potentially set the stage for a sustained recovery.

As investors navigate the current market conditions, it is essential to consider a range of metrics and conduct thorough analysis before making investment decisions. While the Smart DCA indicator and other bullish signals provide some optimism, it is crucial to remain cautious and prepared for potential volatility in the rapidly evolving cryptocurrency market.

Tags: Bitcoin, DCA, Crypto Market, Technical Analysis, Bullish Momentum

Source: https://www.newsbtc.com/bitcoin-news/key-indicator-signals-dca-opportunity-amid-bitcoin-buyer-momentum/