Category: Cryptocurrency

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The Shiba Inu (SHIB) price has significantly declined 8% today, dropping to $0.0000216, mirroring a broader 4.5% dip in the crypto market over the past 24 hours. Over the past week, SHIB has fallen by 24%, and in the last 30 days, it has experienced a 16% decline, although it still maintains an 85% gain over the past year. This downward trend coincides with the meme token segment’s first major decline in market cap since March, with tokens like SHIB and Dogecoin particularly affected by the recent loss in market confidence.

Despite this, certain meme coins are defying the trend and showing signs of growth, notably newer tokens that are holding successful presales. However, SHIB remains in a medium-term downturn, with weak indicators and no clear signs of imminent recovery. Both its relative strength index and 30-day moving average continue to decline, indicating oversold territory for the token.

Although a recovery may take a few days, SHIB’s elevated trading volume of approximately $1 billion suggests some market interest. Nevertheless, resistance and support levels continue to trend downwards, requiring patience from traders. Yet, signs of accumulating from at least one whale indicate anticipation of a near-future recovery, potentially boosted by broader market positivity.

The upcoming Bitcoin halving event could impact prices, potentially leading to short- and mid-term declines due to miners facing reduced incomes. However, with Bitcoin ETF volumes and interest rates stabilizing, steady gains are expected throughout the year, benefiting tokens like SHIB, which boasts strong fundamentals.

Shiba Inu Price Prediction

Despite short-term challenges, SHIB remains poised for growth, with potential price targets of $0.00004 in the next couple of months and $0.00006 by the year’s end.

Emerging Meme Coin: Slothana 

While SHIB remains a prominent player, Slothana (SLOTH), a Solana-based coin, has emerged as another promising meme coin in the market. With a presale that has raised over $10 million, Slothana has garnered significant attention and is set to close in under 13 days before listing on exchanges. The coin’s popularity is attributed to its team’s successful track record with previous meme coin launches, particularly the Smog (SMOG) token, which saw substantial gains post-presale.

Slothana’s choice of memes, particularly its mascot, the sloth, resonates with investors seeking financial freedom from traditional work obligations. The coin’s presale offers new investors an opportunity to get involved before its listing, which could trigger a significant rally in the coin’s value.

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Bitcoin Depot, the largest Bitcoin ATM operator in the United States, has defied the highly volatile nature of cryptocurrency prices, revealing robust revenues in its recently filed 10-K annual report. Despite the rollercoaster ride of cryptocurrency prices, the company’s revenues in 2023 and 2022 amounted to $689 million and $647 million, respectively, showcasing resilience to Bitcoin’s price fluctuations.

Bitcoin Depot’s success amid market turbulence is attributed to its strategic approach to services primarily used for non-speculative purposes, such as money transfers, international remittances, and online purchases. The company’s user surveys indicate a preference for practical utility over speculative trading. Unlike entities heavily involved in cryptocurrency trading or mining, Bitcoin Depot maintains a relatively low balance of Bitcoin, typically less than $1 million, at any given time, minimizing exposure to volatility.

The company’s proactive measures include purchasing Bitcoin through reputable liquidity providers rather than engaging in mining activities. This approach, coupled with a sophisticated Bitcoin management process, effectively mitigates exposure to price volatility and differentiates Bitcoin Depot from competitors.

Bitcoin Depot’s operational model does not act as an agent or exchange for users in transactions but maintains Bitcoin balances to fulfill user demand from kiosk or BDCheckout transactions. Cash in Bitcoin ATM kiosks represents approximately 21% of the company’s average monthly revenues, highlighting a dual approach to managing Bitcoin and cash balances that contributes to stability and resilience.

Despite a decline in installations witnessed in the Bitcoin ATM market in 2023, Bitcoin Depot remains a dominant player, operating over 7,000 BTMs globally. Its competitors, CoinFlip and BitStop, operate 4,800 and 2,500 machines, respectively. While the overall trend saw a decrease in installed Bitcoin ATMs globally, Bitcoin Depot’s CEO, Brandon Mintz, remains optimistic about the industry’s future, anticipating a rebound following the anticipated Bitcoin halving event. This event, often associated with increased market activity and interest in cryptocurrencies, could further bolster Bitcoin Depot’s position in the market.

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With the upcoming Bitcoin ‘halving’ on the horizon, cryptocurrency traders are abuzz with speculation about whether the digital currency’s current rally is just the beginning of a larger surge this year. The halving, a pivotal event in Bitcoin’s blockchain technology, aims to reduce the rate at which new bitcoins are generated, historically triggering substantial price rallies.

Previous bitcoin halvings in 2012, 2016, and 2020 were followed by significant price surges, with bitcoin soaring over 545% within a year after the May 2020 halving. Scheduled for April 20 according to CoinGecko, the next halving has divided market sentiment regarding Bitcoin’s potential trajectory.

During a halving, the rewards for bitcoin miners are halved, leading to decreased profitability and a slowdown in token production. Some enthusiasts argue that Bitcoin’s increased scarcity adds intrinsic value to the digital asset. Bitfinex analysts predict a potential 160% surge in Bitcoin’s price over the next 12-14 months post-halving, potentially surpassing $150,000.

However, skeptics, such as David Mercer of LMAX Group, caution against overly optimistic projections, suggesting that the impact of previous halvings may not necessarily repeat. Mercer highlights the possibility that Bitcoin’s recent rally, reaching an all-time high of $73,803.25 in March, could have already priced in the effects of the upcoming halving.

Analysts note that while historical precedent is significant, other factors beyond the halving could influence Bitcoin’s price movements. These include looser monetary policies, increased retail investor participation, and the recent introduction of U.S. spot bitcoin exchange-traded funds (ETFs).

Despite differing opinions, many analysts agree that the ETFs could be one of several catalysts supporting Bitcoin’s price post-halving. Additionally, expectations of a U.S. Federal Reserve interest rate cut this year could further bolster risk assets like cryptocurrencies.

As speculation mounts and market dynamics evolve, the crypto community eagerly awaits the outcome of Bitcoin’s halving and its subsequent impact on prices.

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Bitcoin Depot, the largest Bitcoin ATM operator in the United States, has demonstrated remarkable resilience in its revenues despite the volatile nature of cryptocurrency prices.

According to its recently filed 10-K annual report on April 15, the company disclosed revenues of $689 million in 2023 and $647 million in 2022, indicating a strong performance unaffected by Bitcoin’s price fluctuations.

Bitcoin Depot’s Robust Revenue Amid Market Volatility

Despite the tumultuous movements in cryptocurrency prices, Bitcoin Depot has maintained steady revenue growth, showcasing its stability amidst market turbulence. Even during periods of extreme volatility in Bitcoin prices, the company’s revenues remained resilient and unaffected. For example, despite Bitcoin’s 155% surge in 2023, Bitcoin Depot’s revenue growth was a modest 6% year-over-year.

This resilience is attributed to Bitcoin Depot’s strategic focus on non-speculative services such as money transfers, international remittances, and online purchases. Unlike entities heavily involved in cryptocurrency trading or mining, Bitcoin Depot maintains a relatively low balance of Bitcoin, typically less than $1 million, at any given time.

Additionally, the company minimizes its exposure to Bitcoin’s volatility by purchasing Bitcoin through reputable liquidity providers like Cumberland DRW or Abra, rather than engaging in mining activities. This proactive approach to risk management sets Bitcoin Depot apart from its competitors and ensures effective management of principal risk.

Bitcoin Depot’s operational model involves maintaining Bitcoin balances to fulfill user demand from kiosk or BDCheckout transactions, rather than acting as an agent or exchange for users. As users receive Bitcoin, the company replenishes its balance through purchases from leading liquidity providers, ensuring smooth operations and stability.

Furthermore, Bitcoin Depot’s success extends globally, as it leads the Bitcoin ATM market with a network of over 7,000 BTMs worldwide. Despite a decline in Bitcoin ATM installations globally in 2023, Bitcoin Depot remains optimistic about the industry’s future, anticipating a rebound following the upcoming Bitcoin halving event.

Bitcoin Depot’s CEO, Brandon Mintz, remains confident in the industry’s prospects, expecting increased market activity and interest in cryptocurrencies post-halving.

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Renowned Bitcoin critic Peter Schiff recently forecasted a potential downturn in BTC’s price to $20K, accompanied by a caution about MicroStrategy’s holdings. Schiff emphasized the significance of Bitcoin’s $60K support level, hinting at a possible “triple top” pattern.

Expressing concerns, Schiff suggested that a dip below the $60K mark might trigger a substantial decline, potentially leading to a significant drop to $20K. He also underscored the potential impact on MicroStrategy, the largest corporate holder of Bitcoin, which could face an estimated $2.7 billion unrealized loss if prices plummet.

MicroStrategy currently holds approximately 214,000 BTC, acquired at an average price of $34K. Despite potential losses during bearish markets, CEO Michael Saylor remains bullish on Bitcoin, advocating for a long-term investment strategy.

This isn’t the first time Schiff has targeted MicroStrategy over crypto market uncertainties. In March, he criticized the company’s $623 million BTC acquisition, warning of potential losses at a $20K Bitcoin price.

However, Schiff’s projections of a $20K price seem unlikely based on current market trends and technical analysis. Bitcoin’s 50-day and 200-day Exponential Moving Averages could offer significant support at $63,128 and $47,900, respectively. A sustained level above these EMAs might negate Schiff’s forecast.

Despite Schiff’s consistent skepticism, Bitcoin has defied previous doomsday predictions. The recent projection coincided with geopolitical tensions, but historical parallels and market rebound trends suggest a potential recovery.

Critics within the crypto community, like Stephan Livera, dismiss Schiff’s analysis as lacking substance and relevance, highlighting ongoing debates around Bitcoin’s future trajectory amidst varying viewpoints.

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Adidas and the crypto fitness app Stepn have joined forces, marking the beginning of a collaboration set to encompass both NFTs and physical merchandise. The partnership’s inaugural offering will be an NFT collection, with plans for tangible products in the pipeline, as per Stepn’s announcement.

The collaboration will commence with the Stepn x Adidas Genesis Sneakers collection, featuring 1,000 NFTs inspired by some of Adidas’s most renowned running silhouettes. Stepn stated that this initial Genesis collection marks the start of a year-long partnership, with further NFT drops and wearable items slated for release.

Scheduled for release later this week on April 17, the NFT collection will be available via Stepn’s affiliated non-fungible token marketplace, Mooar. Adidas has previously engaged in crypto-related partnerships with platforms such as Coinbase, Bored Ape Yacht Club, and Bugatti.

Stepn, recognized as a move-to-earn web3 app rewarding users for physical activity, boasts a user base of 5 million. This collaboration echoes Stepn’s past partnership with Asics in 2022.

Shiti Manghani, CEO of Stepn, emphasized the significance of bridging the physical and digital realms through partnerships like this, describing the alliance between Stepn and Adidas as a testament to the evolving landscape of lifestyle rewards.

In a recent development, Stepn conducted an airdrop of bonus points totaling $30 million worth of GMT tokens, further enhancing its engagement with users.

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EigenLayer recently unveiled its presence on the Ethereum mainnet, marking a significant development in the Ethereum ecosystem. One of the primary avenues to participate in EigenLayer involves contributing to the security of Ethereum and amplifying interest in staking activities. Staking on Ethereum has gained considerable momentum, particularly with the surge in popularity of restaking methods, as discussed in recent discussions.

In a noteworthy update, EigenLayer made its debut on the Ethereum mainnet, introducing its EigenDA data availability layer. Notable operators such as Coinbase Cloud and Google Cloud have joined as the protocol’s initial participants. Additionally, EigenLayer revealed six actively validated services that would benefit from its restaking mechanism, reinforcing its position in the ecosystem.

This launch enables restakers on the platform to earn an additional yield on their staked ETH, a feature previously unavailable. Many users had initially deposited ETH into the protocol in anticipation of higher yields and speculated on potential airdrops as EigenLayer allocated restaking points.

Accessing EigenLayer necessitates staking ETH, either by setting up a validator or utilizing a liquid staking protocol to acquire staking derivative tokens. Liquid staking tokens (LST) offer holders liquidity and can be obtained by depositing into designated protocols or through direct purchase.

The surge in new validators underscores the increasing interest in contributing to Ethereum’s security through EigenLayer. Notably, Ethereum transitioned to Proof-of-Stake with The Merge in September 2022, allowing individuals to operate validators on the Beaconchain alongside the mainnet. Staking gained substantial traction following the Shapella upgrade in April 2023, which introduced the ability to withdraw staked ETH, enhancing user confidence in the security of their funds.

At its peak in June 2023, the validator queue reached 96,000, prompting measures to maintain network stability. However, the queue gradually subsided, remaining below 10,000 from October 2023 to March of the following year. The resurgence of interest in restaking has propelled the validator entry queue to 20,000, reflecting robust demand to fortify the Ethereum network.

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Following a volatile weekend, both Bitcoin and altcoins continue to face downward pressure, with Bitcoin retreating to the $64,000 level after an initial bounce on Monday.

Ether Struggles to Maintain Momentum

Ether (ETH), the second-largest cryptocurrency, hovers just above the $3,100 mark, showing signs of struggle in retaining gains made since the market’s panicky selloff on Saturday. Despite being up 4% over the past 24 hours, ETH remains lower by about 4% since briefly reaching nearly $3,300 earlier on Monday, fueled by unconfirmed reports of Hong Kong-based spot Bitcoin and Ether ETF approvals.

Bitcoin and Altcoins Face Renewed Downside Pressure

Bitcoin (BTC) also experiences renewed downside pressure, modestly lower over the past 24 hours to $64,200 after nearly reaching $67,000 earlier on Monday. The broader CoinDesk 20 Index reflects a 0.68% increase over the same period.

Solana (SOL) sees a significant reversal of its overnight gains, dropping to around $140 from highs of $155 early Monday morning and $175 reached on Friday.

Geopolitical Tensions Influence Market Sentiment

The crypto market plunged over the weekend as geopolitical tensions escalated, with Bitcoin dropping to the $61,000 area and Ether below $3,000 following Iran’s bombing campaign on Israel. Despite initial turmoil, some stability returned over the weekend.

Market Response and Outlook

Trading house QCP Capital notes that historically, buying the dip during major geopolitical conflicts has been profitable. Ed Goh, head of trading at B2C2, reports consistent buying in BTC, particularly during the weekend dip, with a notable bias towards purchasing altcoins.

As Bitcoin’s halving event approaches on April 19, traders anticipate a potential short-term “sell the news” reaction before and after the event.

Altcoins Show Mixed Performance

Despite setbacks in the broader market, some altcoins continue to see significant gains on Monday. Ondo Finance (ONDO) is up 15% over the past 24 hours, while Render’s RNDR and The Graph (GRT) rose by 12% and 9%, respectively.

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MicroStrategy (NASDAQ:MSTR), valued at $25 billion by market cap, specializes in enterprise analytics and mobility software solutions. Despite its software-focused core, the company has made significant investments in Bitcoin (BTCUSD) over the past four years under the guidance of Executive Chairman Michael Saylor.

Saylor initiated MicroStrategy’s Bitcoin investment journey in 2020 with a purchase of $250 million worth of Bitcoin, citing its potential as a store of value with long-term capital appreciation prospects. Currently, MicroStrategy holds 214,246 BTC, valued at over $14 billion, linking its stock price closely to Bitcoin’s performance.

MicroStrategy Funds BTC Via Debt And Equity

While MicroStrategy’s core software business has shown modest revenue growth, its operating income remains comparatively low. To finance its substantial Bitcoin investments, the company has raised debt, increasing its net debt to $2.1 billion in 2023 from $531 million in 2020. Additionally, MicroStrategy has issued equity, nearly doubling its outstanding share count since August 2020, thus diluting shareholder wealth.

Will BTC Prices Move Higher?

Bitcoin has witnessed a remarkable rally, soaring approximately 300% since the beginning of 2023. The recent pullback from its all-time high of $73,000 raises questions about its future trajectory. Factors such as the launch of spot Bitcoin ETFs and the upcoming “halving” event, which historically has driven price surges, contribute to market sentiment.

What Is The Target Price For MSTR Stock?

Analysts unanimously rate MSTR stock as a “strong buy,” with a mean price target of $1,733.35, suggesting a 17.2% upside potential. Despite anticipated volatility, investing in MSTR could be favorable for those anticipating BTC price appreciation in the next 18 months.

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