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Bitcoin users attempting to send on-chain BTC transactions are footing the bill for a fresh surge in Ordinals. Bitcoin (BTC) transaction fees are at their highest in nearly six months as a new wave of inscriptions boosts competition for block space. Data from statistics resource BitInfoCharts shows the average BTC transaction fee approaching $6 as of Nov. 7. Ordinals taking up Bitcoin mempool again The return of Bitcoin Ordinals is making its presence felt this week as on-chain transaction s attract highly elevated fees. In an environment reminiscent of Q2 this year, blockspace is being taken up by ordinal inscriptions. Ordinals are nonfungible tokens (NFTs) that store data directly on the blockchain. BRC-20 Ordinals can add significant transaction numbers for Bitcoin miners to process on-chain, clogging up the mempool and resulting in more competition for confirmations. The result is that higher fees are required, and transaction s without them will confirm much more slowly than no...

Discover how margin and option metrics hint at Bitcoin's path to $28,000 amid the Binance legal battle. The ongoing legal battle between the Binance cryptocurrency exchange and the U.S. Securities and Exchange Commission (SEC) took a surprising turn on Sep. 18. Magistrate Judge Zia M. Faruqui rejected the SEC's request for access to Binance.US's systems. Instead, the Federal Magistrate suggested that the SEC should formulate specific discovery requests. While this decision only temporarily postponed the need for Binance to demonstrate the separation between Binance.US's custody solution and Binance International, the market responded positively. Bitcoin (BTC) surged to its highest level in three weeks, breaking above the $27,000 resistance. Traders are now wondering whether the rally has been supported by leverage or genuine spot buying demand. This is where metrics related to Bitcoin derivatives could potentially provide the solution. Investors must wait three weeks ...

Bitcoin price is range-bound but several major altcoins such as XRP are showing signs of a potential breakdown. The United States' equities markets are on a recovery path. The S&P 500 Index (SPX) surged 2.50% last week to record its best week since June. Even though Bitcoin (BTC) also attempted a relief rally, the bulls could not sustain the higher levels. In the end, Bitcoin finished the week with a marginal loss of 0.5%. One of the main reasons Bitcoin gave back its gains was because the Securities and Exchange Commission delayed its decision on all spot Bitcoin exchange-traded fund applications. However, this has not dented the expectations of analysts. In a recent note, JPMorgan analysts said that the regulator will eventually approve several Bitcoin ETFs. Daily cryptocurrency market performance. Source: Coin360 The short-term price action in Bitcoin remains in flu. But that has not deterred the long-term investors who have held onto their stockpile. Glassnode data shows t...

Bitcoin remains in a tight range with low liquidity, but expectations for new local lows are increasing. Bitcoin (BTC) looked poised to give up $27,000 as support on May 17 with traders lying in wait for new lows. BTC/USD 1-hour candle chart on Bitstamp. Source: TradingView Whales meet low liquidity Data from Cointelegraph Markets Pro and TradingView showed BTC/USD trading near $26,800 at the time of writing. The pair had staged multiple crosses of the $27,000 mark the day prior, that area forming a low-timeframe focus now at risk of breaking down. BTC/USD annotated chart. Source: Crypto Tony/ Twitter “3 wave up into resistance, followed by a retest and a rejection off resistance zone,” popular trader Crypto Tony summarized about recent activity. He added that a potential target to wait for was now $26,400. Trading account TraderSZ had previously predicted an “expansion candle” to enter should the breakdown continue. $BTC daily. Looks like it’s breaking down. If correct we should get...

LDO price is well-positioned to gain another 50% by June based on a classic bullish reversal setup after Lido DAO rebounds 40%. The price of Lido DAO (LDO) has rebounded to its three-week high of $2.21 as of May 16, up 40% when measured from its local low of $1.57, established four days ago. This impressive double-digit recovery appeared in tandem with other top-ranking crypto assets, including Bitcoin (BTC) and Ether (ETH). However, LDO has greatly outperformed the broader crypto market (TOTAL) that's up only 4.5% since May 12. LDO/USD daily price returns vs. BTC/USD, ETH/USD, and TOTAL. Source: TradingView But what are the reasons why Lido DAO is outperforming the rest of the cryptocurrency market right now? Let's take a closer look at the three biggest factors likely driving up LDO price .   Ethereum depositors' return after Shapella The LDO price recovery coincides with the net positive inflows into Ethereum's proof-of-stake (PoS) contract in recent days. Lido DA...

Bitcoin faces a formidable trend line in $31,000 with United States equities providing a continued boost for BTC price upside. Bitcoin (BTC) preserved new ten-month highs at the April 14 Wall Street open as analysts kept hoping for further gains. BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView $31,000 revealed as make-or-break trend line Data from Cointelegraph Markets Pro and TradingView showed BTC/USD consolidating around $30,700 after spiking past the $31,000 mark. The pair saw no major retracement as it headed further into ground it originally lost in June 2022. Now, market participants eyed the potential for bulls to capitalize on existing momentum with the help of positive macro trends. United States equities opened higher, with the S&P 500 and Nasdaq Composite Index both up 0.3% at the time of writing. “With stocks opening up hot, $BTC was able to maintain above the previous range high,” popular trader and analyst Josh Rager told Twitter followers after the open...

A fresh BTC price charge on liquidity around $30,000 ends in a return to a familiar Bitcoin trading range. Bitcoin (BTC) saw another failure to exit a tight trading range into April 6 as $28,000 again hung in the balance. BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView Analysis sees traders "compressing" BTC price Data from Cointelegraph Markets Pro and TradingView showed BTC/USD trading below the the $28,000 mark at the time of writing. The pair had approached $29,000 the day prior, eating into ask liquidity in what Analysis called a “choreographed” move by whales. That appeared to be true, as upward momentum soon faded and spot price remained in an increasingly narrow range. The cloud of liquidity around $30,000 thus remained untested, much to the frustration of those hoping for an easy continuation of 2023 upside. In follow-up commentary, monitoring resource Material Indicators noted that traders had moved both bid and ask liquidity toward each other, “compre...

A U.S. regulator called Bitcoin, Ether, and Litecoin commodities in its court filing against Binance. It did not mention XRP anywhere. XRP (XRP) outperformed its top-ranking crypto rivals over the past 24 hours while reaching the highest price in 10 months.  XRP price tags 10-month high On March 29, XRP's price surged by nearly 15% to $0.58, its highest level in ten months, outperforming Bitcoin (BTC) and Ether (ETH) in the past 24 hours that rose around 4.5% and 2.75%, respectively. XRP/USD daily price chart. Source: TradingView The Commodity Futures Trading Commission (CFTC) referred to Bitcoin, Ether, and Litecoin (LTC) as "commodities" in its court filing against Binance. While the U.S. regulatory didn't name XRP, many assumed the token would be categorized as a commodity. Related: Here’s why CFTC suing Binance is a bigger deal than an SEC enforcement The lawsuit will likely conclude by the end of March, with legal experts believing Ripple has a chance to win. XR...

The banking crisis is a catalyst for the next crypto bull run, in which Bitcoin will likely outperform all crypto assets, says Bloomberg analyst Mike McGlone. The banking crisis could be the spark that will kick off the next crypto bull run, in which Bitcoin (BTC) is likely to outperform all other cryptos, according to Mike McGlone, the senior commodity strategist at Bloomberg Intelligence.  Following the collapse of major banks such as Silicon Valley Bank and Credit Suisse, confidence in traditional financial institutions is being shaken and Bitcoin is becoming more attractive as a “hedge against banking risk,” thinks McGlone.  According to McGlone, the United States Federal Reserve's unwillingness to ease monetary policy despite the banking crisis is driving the U.S. economy into a recession.  This macro environment will ultimately favor Bitcoin, which is going to outperform all other cryptocurrencies.  "The more the Bitcoin can sustain above $25,000, then the more the ...

BTC price snaps back into its uptrend after Bitcoin market nerves over U.S. economic policy fade in line with stocks and gold. Bitcoin (BTC) returned to near $29,000 on March 23 as bulls ignored news of a fresh United States regulatory crackdown. BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView Bitcoin shrugs off Coinbase, Do Kwon arrest Data from Cointelegraph Markets Pro and TradingView showed BTC/USD gaining almost 8% versus its overnight lows to challenge nine-month highs on Bitstamp. The pair kept the volatility coming as the dust settled on the prior day's interest rate decision and associated commentary from the Federal Reserve. Despite Fed Chair Jerome Powell giving mixed signals over how and if rate hikes would continue, crypto market commentators argued that the sudden drop that Bitcoin witnessed had been over-the-top. "Make sure to remember the panic and calls for lower next time you get a dip during a HTF uptrend," popular trader Crypto Chase wrote...

Join Our Telegram channel to stay up to date on breaking news coverage Crypto aficionados are already celebrating their victories on Twitter as the financial industry is still in uproar, this time over Credit Suisse. The macroeconomic environment for Bitcoin has never been better, according to Mechanism Capital co-founder Andrew Kang. The macro backdrop for $BTC has never been more perfect – Fed must reduce aggressiveness in rate hikes with economy slowing & global financial system turmoil – Equities not attractive given slowing sales & high PE – Bonds offer mediocre yield & R/R profile – Fiat increasingly… https://t.co/8MHPLrAJEw pic.twitter.com/g0sd52UzDD — Andrew Kang (@Rewkang) March 15, 2023 Others echoed the emotion and declared that “Bitcoin was built for this,” making reference to the inscription found in the network’s initial block. Yet, looking past the noise reveals a much more complicated pictu...

Bitcoin lines up a fresh charge at multi-month resistance, but BTC price action is already facing calls for a comedown triggered by CPI. Bitcoin (BTC) eyed key resistance near $25,000 on March 14 as markets awaited key economic data from the United States. BTC/USD 1-day candle chart (Bitstamp). Source: TradingView Hopes CPI will bring Bitcoin "consolidation" Data from Cointelegraph Markets Pro and TradingView showed BTC/USD making monthly highs of $24,917 on Bitstamp overnight. The pair remained buoyant after the impact of multiple U.S. bank closures sent crypto markets skyrocketing. Now, all eyes were temporarily on the Consumer Price Index (CPI) print for February when it came to short-term BTC price action. A classic crypto volatility catalyst in itself, CPI last month showed an unwelcome slowdown in Inflation abating, this in turn giving rise to fears that the Federal Reserve would keep Interest Rates higher for longer. Risk assets had little time to worry, however, as t...

BTC and altcoin prices succumbed to this week’s negative newsflow, but sentiment analysis and on-chain data point to the possibility of a short-term bounce. March started off on a low due to a resurrection of inflationary fears. On March 7, hawkish comments from U.S. Federal Reserve chairman Jerome Powell amplified the market's expectation of a 50-basis point hike in the upcoming policy rate meeting on March 22 to March 23.  On March 8, the U.S. government's $1 billion Bitcoin (BTC) transfer of assets seized from Silk Road sparked fears of a sell-off. Later on the same day, the largest crypto-friendly bank confirmed its collapse and planned to liquidate its crypto positions voluntarily. The week's events sent Bitcoin's price to a two-week low of $20,050. A spike in negative sentiment may preclude a bounce The flurry of bad news and price drops caused a significant dip in CryptoQuant's Coinbase premium index, which measures the difference in trading prices on Coinb...

Bitcoin and select altcoins have rebounded sharply off their support levels, a possible sign that traders are buying the recent dip in the market. Bitcoin (BTC) is leading the cryptocurrency markets on the path to recovery. Although the United States Consumer Price Index (CPI) print for January was marginally higher than expectations, it did not dent the enthusiasm of bullish crypto trader. A positive response to seemingly negative data is a sign that the sentiment is bullish and traders are looking for buying opportunities. However, some analysts are cautious due to the strengthening of the U.S. dollar index (DXY). They believe that a sustained rally in the DXY could limit the upside in cryptocurrencies. Daily cryptocurrency market performance. Source: Coin360 Usually, long-term downtrends are followed by a base formation. During this phase, several analysts remain skeptical about a rally but the price action continues to surprise them. Although data is important, short-term traders ...