Category: News

The prices of popular meme coins Dogecoin (DOGE) and Shiba Inu (SHIB) are currently facing significant downward pressure due to growing concerns about a potential trade war. Recent tariffs implemented by the US and retaliatory measures from other countries have sparked market uncertainty and bearish sentiment among investors.

According to CoinMarketCap data, both DOGE and SHIB have experienced price declines over the past 24 hours and have struggled to sustain any significant rallies in recent times. The bearish outlook for these meme coins can be attributed to various factors, including the 25% levy on steel and aluminum imports announced by US President Donald Trump, as well as tariffs on imports from Canada, Mexico, and China.

Although agreements have been reached with Mexico and Canada to pause imports, the tariffs on Chinese goods remain in place. In response, China has implemented import taxes on some US goods, further escalating trade tensions and raising concerns about a potential trade war that could slow economic growth and negatively impact the cryptocurrency market.

Market Uncertainty and Federal Reserve’s Stance

Adding to the market uncertainty, Bloomberg reported that Trump is set to announce ‘reciprocal tariffs’ this week, which has contributed to the struggling prices of Dogecoin and Shiba Inu. Moreover, the US Federal Reserve’s hawkish stance and ongoing concerns about inflation have made traders skeptical about allocating capital to risk assets like cryptocurrencies, creating a bearish environment for DOGE and SHIB.

Long-Term Bullish Predictions for DOGE and SHIB

Despite the current bearish sentiment, some analysts remain optimistic about the long-term prospects of Dogecoin and Shiba Inu. Crypto analyst Trader Tardigrade predicts that DOGE could reach $3.69, based on its movement along a parallel channel with alternating overshoots. Similarly, analyst Javon Marks believes that SHIB could rally to as high as $0.0001553, citing confirmed bull signals and a breakout from a larger resisting trend.

While the short-term outlook for Dogecoin and Shiba Inu remains bearish due to trade war concerns and market uncertainty, the long-term potential for these meme coins cannot be ignored. As the market navigates through these challenges, investors should keep a close eye on developments in global trade relations and the Federal Reserve’s monetary policy decisions.

Tags: Dogecoin, Shiba Inu, DOGE, SHIB, Trade War, Market Uncertainty, Federal Reserve

Source: https://bitcoinist.com/dogecoin-and-shiba-inu-struggling/

SUI, the native token of the Sui blockchain, is once again making waves in the crypto market as it stages an impressive comeback from the crucial $2.8 support level. This rebound has reignited bullish sentiment among traders and investors, who are closely monitoring the token’s price action for signs of a sustained rally.

The $2.8 level has proven to be a key battleground for SUI, with buyers repeatedly stepping in to defend it against selling pressure. The recent resurgence in buying interest suggests that bulls are gaining the upper hand, potentially setting the stage for a significant breakout.

As SUI continues to build upward momentum, traders are eyeing key resistance levels that could determine the token’s future trajectory. A decisive move above the $3.5 and $3.9 barriers could open the door for a stronger push toward higher price targets, such as $4.9 and $5.3. However, failure to maintain this bullish momentum might result in another pullback, keeping SUI trapped within its current consolidation phase.

Technical indicators are beginning to reflect the shift in market sentiment. The price is currently climbing toward the 4-hour Simple Moving Average (SMA), signaling increasing buying interest. Additionally, the Moving Average Convergence Divergence (MACD) is hinting at a potential bullish crossover, which could further support a move to the upside.

For SUI to confirm a trend reversal and establish a more stable uptrend, bulls must maintain control and push through key resistance barriers. If successful, this could attract further interest from investors and pave the way for a significant breakout.

Key Levels to Watch

As SUI eyes a potential breakthrough, several key price levels have emerged as crucial indicators of the token’s next move:

• Resistance at $3.5 – A break above this level could fuel a stronger rally.
• Resistance at $3.9 – The next major hurdle for bulls to overcome.
• Potential targets at $4.9 and $5.3 – If bulls maintain control, these levels could come into play, signaling a major shift in market sentiment.

Traders should also keep an eye on momentum indicators like the Relative Strength Index (RSI) and MACD, which are showing signs of improvement. A bullish breakout would require strong volume and sustained buying pressure to confirm a trend shift.

The next few trading sessions will be critical in determining whether bulls can maintain their grip on the market and push SUI toward new highs. If the token manages to break through key resistance levels and establish a new uptrend, it could signal the beginning of a more significant bull run.

Tags: SUI, Sui blockchain, crypto market, bullish sentiment, resistance levels, support levels, technical analysis, trend reversal, breakout, momentum indicators

Source: https://www.newsbtc.com/sui/another-sui-comeback/

Proton, the Swiss privacy tech company behind Proton Mail, has recently made its bitcoin wallet, Proton Wallet, available to the general public. The wallet aims to simplify the process of self-custody for bitcoin users, making it an attractive option for those new to the concept.

One of the standout features of Proton Wallet is its user-friendly interface. The wallet allows users to link their email addresses to their bitcoin addresses, streamlining the process of sending bitcoin. This reduces the likelihood of inputting the wrong bitcoin address, a common concern for those new to cryptocurrency transactions.

Setting up a Proton Wallet is a straightforward process, and users are not required to write down the 12-word seed phrase, although it is still recommended as a best practice. Proton emphasizes user privacy, ensuring that the company has no access to user data or private bitcoin keys, much like its approach to Proton Mail.

Key Features and Benefits

• Free to use for up to three wallets and three accounts per wallet
• Easy setup process
• Strong focus on user privacy and security
• Ability to send bitcoin using email addresses
• Customizable transaction priority speeds
• Integration with Ramp and Banxa for direct bitcoin purchases

While Proton Wallet does not currently support Lightning transactions or UTXO management, these features may be less crucial for those just starting their bitcoin self-custody journey. As users become more experienced, they may seek out wallets with more advanced features.

The release of Proton Wallet comes at a time when self-custody is becoming increasingly important in the bitcoin space. With the growing awareness of the risks associated with leaving funds on centralized exchanges, user-friendly solutions like Proton Wallet can play a crucial role in onboarding new users to the world of bitcoin self-custody.

As more companies like Proton continue to develop user-friendly bitcoin wallets, the barrier to entry for self-custody will continue to lower, ultimately contributing to the growth and adoption of bitcoin as a whole.

Tags: Proton Wallet, Bitcoin, Self-Custody, User-Friendly, Privacy

Source: https://bitcoinmagazine.com/takes/proton-wallet-self-custody-bitcoin-wallet-now-available-to-everyone

Donald Trump’s escalating tariff war has sent shockwaves through the crypto market, triggering sell-offs as the former president announced a 25% levy on aluminum and steel imports. Trump also warned of even higher tariffs for countries retaliating against US imports.

Bitcoin ($BTC) briefly dipped to $94K following the announcement, with most altcoins following suit. However, $BTC has since rebounded to $97K, suggesting that the market impact may be short-lived. The quick recovery demonstrates the growing maturity and resilience of the crypto market in the face of macroeconomic and geopolitical forces.

Despite the temporary downturn, some major players remain bullish. MicroStrategy’s Michael Saylor hinted at another potential buying spree, posting a screenshot of the company’s $BTC portfolio tracker for the first time since celebrating Trump’s inauguration with an 11K $BTC purchase. MicroStrategy’s total holdings now amount to an impressive $46.12B.

The company’s stock price has grown by 356% in 2024 and a staggering 2,101% since it began acquiring $BTC five years ago. Japanese firm Metaplanet, which adopted a similar strategy, recorded a 3,575% surge in its stock price over the past year. These figures suggest that the current dip is merely a blip on the radar, and long-term institutional and whale interest will continue to drive crypto adoption and prices.

As legacy investors accumulate $BTC, retail investors are turning to promising new projects like Wall Street Pepe ($WEPE). The meme token’s presale sold out ahead of schedule, raising over $70M in less than three months. With exchange listings imminent, analysts predict a potential 549% surge for early supporters.

$WEPE aims to empower retail investors by fostering a community that shares trading insights and strategies. The project’s successful presale and engaged community indicate strong potential for growth in the coming bull run.

While the crypto market is not immune to global events, its increasing maturity and the unwavering conviction of major players suggest that the future remains bright. As always, investors should conduct their own research and maintain a diversified portfolio to manage risk.

Tags: Donald Trump, Tariffs, Bitcoin, Altcoins, MicroStrategy, Michael Saylor, Wall Street Pepe, $WEPE, Crypto Adoption, Bull Run

Source: https://bitcoinist.com/trump-tariffs-sell-off-wall-street-pepe-listing/

Despite recent volatility and a failed attempt to reclaim the $100,000 level, Bitcoin is showing signs of a potential rebound. According to crypto expert and trader Captain Faibik, Bitcoin’s daily chart reveals an Ascending Broadening Wedge formation, which has historically preceded upward momentum.

This bullish pattern emerges as Bitcoin bulls defend the crucial $96,000 support level. Captain Faibik believes that a bounce from this level could be imminent, potentially leading to a new all-time high between late February and early March. With stabilizing investor sentiment and positive on-chain indicators, Bitcoin may be poised for a significant move higher.

In addition to the Ascending Broadening Wedge, Bitcoin has also recently flashed an Ascending Triangle formation on the daily timeframe. This positive technical pattern typically indicates a possible breakout and continuation of an uptrend. However, to confirm a breakout, Bitcoin bulls need to surpass the critical resistance zone of $106,000. If successful, the next potential target could be the $120,000 mark, which would likely trigger further upside surges.

While short-term holders have been taking profits during the recent price dip, as evidenced by the decline in the Short-Term Holder (STH) MVRV indicator, a return to average levels suggests the end of a local overheated phase. If demand holds after this profit-taking, the market could enter a sideways trend. However, a drop in the STH MVRV below 1.0 would signal the development of a local bottom.

As Bitcoin navigates these key support and resistance levels, investors should keep a close eye on the $96,000 and $106,000 price points. A successful defense of the former and a breakout above the latter could pave the way for a significant rally in the coming weeks.

Tags: Bitcoin, BTC, Bitcoin price, technical analysis, market sentiment, Short-Term Holder MVRV, crypto trading

Source: https://bitcoinist.com/bitcoin-rebound-on-the-horizon/

In a surprising turn of events, Wall Street hedge funds have dramatically increased their short positions on Ethereum (ETH), the second-largest cryptocurrency by market cap. According to data from the Kobeissi Letter, ETH short positions are up a staggering 40% in just one week and 500% since November 2024. This unprecedented level of shorting has raised questions about the future of Ethereum and what hedge funds might know that the rest of the market doesn’t.

The Kobeissi Letter’s analysis highlights the extreme divergence between Ethereum’s price action and futures positioning among hedge funds. They point to the volatile period on February 2nd, when ETH plummeted 37% in just 60 hours as trade war headlines emerged, wiping out over a trillion dollars from the crypto market. Despite robust ETH inflows in December 2024, hedge funds continued to boost their short exposure, potentially limiting breakouts.

One of the biggest mysteries is why hedge funds are so dedicated to shorting ETH, especially given the Trump Administration’s and new regulators’ apparent favor towards the cryptocurrency. Some potential reasons include market manipulation, harmless crypto hedges, or a genuinely bearish outlook on Ethereum. As a result of this extreme positioning, ETH has significantly underperformed Bitcoin.

Potential for a Massive Short Squeeze?

The Kobeissi Letter suggests that Ethereum could be setting up for a short squeeze, given the extreme positioning of hedge funds. They note that since the start of 2024, Bitcoin is up approximately 12 times as much as Ethereum. A short squeeze could potentially close this performance gap.

However, not everyone in the crypto analytics community is convinced that the surge in Ethereum short positions is a purely bearish signal. CryptoVizArt.₿, a senior researcher at Glassnode, argues that the widely shared chart on hedge fund short positions likely represents only a subset of the market and doesn’t account for other significant participants such as asset managers, non-reportable traders, and on-chain holders.

Furthermore, CryptoVizArt emphasizes that CME Ether futures are just a small part of the global crypto derivatives market. Liquidity on other platforms and markets offer a broader view than any single exchange’s data. They also suggest that much of the positioning could be part of non-directional strategies, such as cash-and-carry, rather than outright bearish bets against ETH.

As the crypto market continues to evolve and mature, the actions of institutional players like hedge funds will undoubtedly have a significant impact on price dynamics. Whether the surge in Ethereum short positions is a signal of impending trouble or simply a reflection of complex market strategies remains to be seen. As always, investors should remain vigilant and consider multiple perspectives when making investment decisions.

Tags: Ethereum, ETH, Shorts, Hedge Funds, Wall Street, Crypto Market, Short Squeeze

Source: https://www.newsbtc.com/news/wall-street-ethereum-shorts-explode/

Speculation is once again swirling around the possibility of GameStop adopting a Bitcoin treasury strategy, following a meeting between GameStop CEO Ryan Cohen and Strategy (formerly MicroStrategy) Executive Chairman Michael Saylor. Cohen shared a photo on X (formerly Twitter) of the two executives together, sparking fresh rumors about the gaming retailer’s potential crypto plans.

While GameStop has yet to make any official announcements regarding Bitcoin investments, the company’s strong balance sheet and recent policy changes have fueled the rumor mill. As of October 31, 2024, GameStop reported approximately $4.616 billion in cash, cash equivalents, and marketable securities. Additionally, a recent change in the company’s investment policy grants Cohen the authority to invest in cryptocurrencies without requiring shareholder or board approval.

If GameStop were to allocate its $4.6 billion cash reserves to Bitcoin, it could acquire approximately 48,000 BTC at current prices. This move would position GameStop as the second-largest corporate holder of Bitcoin, surpassed only by MicroStrategy and ranking ahead of MARA Holdings.

The potential impact of a GameStop Bitcoin adoption on the company’s stock price has also been a topic of discussion. Some analysts suggest that the stock could see a significant boost, possibly increasing 5-10 times by the end of the decade. The memories of the 2021 “meme stock” phenomenon, during which GameStop’s share price experienced a dramatic run-up and inflicted heavy losses on some short sellers, add to the intrigue surrounding the potential move.

However, it is crucial to note that, despite the excitement generated by the meeting between Cohen and Saylor, there is currently no concrete evidence to suggest an imminent Bitcoin purchase by GameStop. Historically, Cohen has been tight-lipped about the company’s crypto-related plans, even as GameStop has explored NFTs and blockchain projects in the past.

As the crypto community eagerly awaits further developments, the market impact of a potential GameStop Bitcoin adoption remains speculative. Nevertheless, the renewed rumors serve as a reminder of the growing interest in Bitcoin as a corporate treasury asset and the potential for major players in traditional markets to make significant moves in the crypto space.

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Tags: GameStop, Bitcoin, Ryan Cohen, Michael Saylor, Bitcoin Adoption, Corporate Treasury

Source: https://bitcoinist.com/will-gamestop-buy-bitcoin-cohen-saylor-rumor/

A key momentum indicator for Bitcoin (BTC) has turned bearish, coinciding with President Donald Trump’s escalating trade war rhetoric. The moving average convergence divergence (MACD) histogram on Bitcoin’s weekly chart has crossed below zero, signaling a potential shift in momentum. However, the current price action doesn’t fully validate this bearish reading yet.

The MACD turned positive in mid-October, strengthening the case for a rally to $100,000. While the latest bearish signal might alarm some bulls, especially retail buyers relying on technical analysis, BTC remains confined within the $90K to $100K range. The directionless trading diminishes the significance of the MACD’s bearish crossover.

It’s important to remember that indicators are derived from price action, not the other way around. MACD signals need to be confirmed by price movements. The indicator’s previous bullish signal in October was backed by prices breaking out of a multi-month trading range.

While the MACD isn’t a major concern yet, several macro factors warrant attention as potential sources of downside volatility. Trump’s tariff threats, if acted upon, could lead to higher bond yields and lower risk assets. The University of Michigan consumer sentiment survey showed that the tariff threat is already adversely impacting consumer expectations about price pressures in the economy.

Inflation expectations for the year ahead increased to 4.3% in February from 3.3% in January, the highest reading since November 2023. This could keep the Fed from cutting rates rapidly. The market is interpreting the Fed to be on a long pause, with growth holding up okay and the idea that even if inflation drops to 2%, the Fed doesn’t need to hurry to cut rates.

The upcoming U.S. CPI data for January, scheduled for release on Feb. 12, will provide further insights into the inflation picture. A break below the long-held support near $90,000 would validate the fresh negative reading on the MACD, confirming a bearish shift in momentum for Bitcoin.

While the current technical setup and macro factors suggest caution, Bitcoin’s long-term fundamentals remain strong. The cryptocurrency’s limited supply, increasing institutional adoption, and growing mainstream acceptance continue to provide a bullish backdrop for its future price appreciation.

Tags: Bitcoin, MACD, Technical Analysis, Trump, Tariffs, Inflation

Source: https://www.coindesk.com/markets/2025/02/10/bitcoin-indicator-that-flashed-bullish-signal-before-usd70k-breakout-has-turned-bearish-amid-trump-s-trade-war-rhetoric

Polymarket, a popular decentralized betting platform, saw a staggering $1.1 billion in volume on the outcome of the recent Superbowl, which ended with the Philadelphia Eagles defeating the Kansas City Chiefs 40-22. Despite facing regulatory hurdles and scrutiny from authorities, Polymarket continues to gain traction among bettors looking to place on-chain wagers on various events, including sports and politics.

The platform’s success has not gone unnoticed by regulators, with some countries outright banning Polymarket and the U.S. Commodity Futures Trading Commission (CFTC) seeking access to the platform’s customer data. However, crypto attorney Aaron Brogan argues that characterizing prediction markets like Polymarket as a Web3 version of gambling is inaccurate. Unlike traditional betting platforms, prediction markets generate revenue from transaction fees rather than directly from users’ losses.

Despite the challenges, Polymarket is thriving, with bettors experiencing significant gains and losses. One trader, known as ‘abeautifulmind,’ profited over $550,000 from their bets on the Eagles, contributing to their overall profit of just over $1 million, primarily from sports bets. On the other hand, a bettor named ‘hubertdakid’ lost $718,633 by betting against the Eagles, adding to their overall loss of $638,177 on the platform.

Polymarket offered various Superbowl-related contracts, including the number of times Taylor Swift would be shown on the broadcast and the duration of the national anthem performance. The platform’s lifetime volume from sports-related contracts has surpassed $6 billion, exceeding the volume on U.S. election markets, which stood at $5.2 billion according to Polymarket Analytics.

The growing popularity of decentralized betting platforms like Polymarket highlights the increasing demand for on-chain wagering opportunities. As the industry continues to evolve, it is likely that more users will gravitate towards these platforms, attracted by the transparency, immutability, and accessibility offered by blockchain technology. However, the regulatory landscape remains uncertain, and platforms like Polymarket will need to navigate these challenges to ensure long-term sustainability and growth.

As the world of decentralized finance (DeFi) continues to evolve, platforms like Polymarket are likely to play an increasingly important role in the future of betting and prediction markets. By leveraging the power of blockchain technology, these platforms offer users a secure, transparent, and accessible way to engage in on-chain wagering, while also providing valuable insights into market sentiment and trends.

Tags: Polymarket, Superbowl betting, decentralized betting, prediction markets, crypto regulation

Source: https://www.coindesk.com/markets/2025/02/10/polymarket-bettors-punt-usd1-1b-on-superbowl-results-despite-regulatory-overhang

In a bold move to drive market growth and financial innovation, Jung Eun-bo, chairman of the Korea Exchange, has called for the listing of cryptocurrency exchange-traded funds (ETFs) in South Korea. Eun-bo believes that embracing crypto ETFs now is crucial for the country to stay ahead in the rapidly evolving digital asset landscape.

The chairman’s push for crypto ETFs comes at a time when global interest in cryptocurrencies is on the rise, with major institutions and investors increasingly recognizing the potential of digital assets. By allowing the listing of crypto ETFs, South Korea could attract significant capital inflows and solidify its position as a leading player in the crypto market.

Crypto ETFs offer several advantages over direct investments in cryptocurrencies. They provide investors with exposure to the crypto market without the need to manage individual digital wallets or navigate the complexities of trading on crypto exchanges. ETFs also offer greater liquidity and lower transaction costs compared to buying and selling cryptocurrencies directly.

The introduction of crypto ETFs in South Korea could have far-reaching implications for the country’s financial markets. It would not only boost the growth of the crypto industry but also drive innovation in traditional finance. As more investors gain exposure to cryptocurrencies through ETFs, it could lead to increased adoption and mainstream acceptance of digital assets.

Moreover, the listing of crypto ETFs could attract a wider pool of investors, including institutional players who have been hesitant to invest directly in cryptocurrencies due to regulatory uncertainties and lack of infrastructure. The regulated nature of ETFs would provide a more secure and compliant way for institutions to gain exposure to the crypto market.

However, the path to crypto ETF listings in South Korea is not without challenges. Regulators will need to establish clear guidelines and frameworks to ensure investor protection and prevent market manipulation. The Korea Exchange will also need to work closely with asset managers and index providers to develop robust and transparent methodologies for constructing crypto ETF portfolios.

Despite the challenges, the potential benefits of crypto ETFs for South Korea’s financial markets cannot be ignored. As the global crypto market continues to grow and mature, countries that embrace innovation and provide a supportive regulatory environment will be well-positioned to reap the rewards.

The Korea Exchange chairman’s push for crypto ETFs is a significant step towards mainstream adoption of cryptocurrencies in South Korea. It reflects a growing recognition of the transformative potential of digital assets and the need for traditional financial institutions to adapt to the changing landscape.

As South Korea moves closer to listing crypto ETFs, it will be important to strike a balance between innovation and regulation. By creating a robust framework that protects investors while fostering growth, South Korea can position itself as a leader in the global crypto market and drive the future of finance.

Tags: Crypto ETFs, South Korea, Korea Exchange, Digital Assets, Financial Innovation

Source: https://news.bitcoin.com/korea-exchange-chief-pushes-for-crypto-etfs-to-boost-markets/