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Analyst Unveils Key Crypto Trading Tips Amid Market Turmoil

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Being the volatile world of cryptocurrencies, the renowned analyst Altcoin Daily has provided some strategic guidance on the X platform to investors who have been struggling with the current market uncertainty. In a situation of high volatility, the analyst offered personalized recommendations to both potential buyers and sellers, signaling an appropriate approach on how to manage well-known cryptocurrencies such as Bitcoin and Solana.

For the investors that are watching the Bitcoin and expect it to further down in price, the anlayst suggested using a Dollar Cost Averaging (DCA) approach. The approach might reduce the risks related to price swings and provide the investors with an opportunity to dollar cost average. The timing of the market is particularly challenging at a time when Bitcoin’s trajectory remains unpredictable.

Rollercoaster of Cryptocurrency Markets

On the other hand, for the holders of Solana betting on its further growth, the analyst recommended taking the current opportunity to take profits and decrease the exposure. This suggestion is in line with the analyst’s overall approach to trading according to human psychology and not only to market fundamentals. By taking advantage of market highs and minimizing risks during the lows, investors could protect their portfolios against abrupt declines.

Besides, the analyst has emphasized the emotional nature of cryptocurrency markets and the role of psychological factors in trading decisions. Price swings, however, could make investors leading to fear or greed-driven knee-jerk decisions. Admitting that, the analyst sought to prepare traders with an attitude against emotional trading.

The ones that were not certain what to do during the market chaos were advised to “HODL” – a name used in the crypto community suggesting holding on to investments through good times and bad. The analyst affirms that the current market corrections are part of the long-term growth of the cryptocurrency segment and are healthy in nature. Such downturns are thought of as healthy corrections that make more solid the basis of future value growth.

Analyst points out that the crypto market is rather volatile, but some methodologies and mindsets may help investors to navigate through its puzzles. Understanding and profiting from the psychological aspects of trading combined with tactical buying and selling strategies allows people to improve their chances of success in the transforming digital currency world.

Bitcoin Hovers at Critical Threshold: $62,000 Support Key To Future Rally

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In a remarkable update from the cryptocurrency markets, distinguished analyst Ali Martinez has listed possible changes in the trading environment of Bitcoin. In a recent post on X platform, Martinez emphasized the level of $62,000 as a crucial support level to Bitcoin. This crypto stability will be lost if it falls under this boundary and would bring it to a retest of the $51,500 support, which is the next big demand area.

This view is grounded in the latest information brought by Universal Rate of Price Decline (URPD), which emphasizes the significance of these particular price levels in Bitcoin’s now market phase. Martinez’s analysis implies that going under $62,000 will repel the market momentum of the recent bullish activity, thus, exerting a lot of pressure on lower supports.

Bitcoin’s Potential Breakthrough

Though the story could change completely in case Bitcoin does finally managed not only to reclaim but further surpass the $66,250 level. Martinez believes that violation of this boundary could trigger a powerful rising again, raising hope among the investors for a new bull run. This potential uptrend reflects the volatile and dynamic nature of the cryptocurrency markets where investor sentiment and market dynamics can rapidly change the financial terrain.

Bitcoin (BTC) has a trading value of $63,366, which is modestly up by 0.16% over the last 24 hours. This somewhat slight increase notwithstanding, Bitcoin lost a considerable 8.52% over the last week. The currency has been traded at a huge volume, reaching $38.70 billion in the same 24 hours. This figure also illustrates the active participation and liquidity of the Bitcoin market irrespective of its price variability over the recent time.

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Source: TradingView

The cryptocurrency community observes these progressions and the requirement of strategic market positions is evident. The reaction to these crucial support and resistance levels may determine the market’s path in the weeks ahead. The indicated metrics should be carefully tracked by investors and traders since their importance will probably determine market strategies and decisions in the crypto environment.

Although the future price actions of Bitcoin are unknown, the expert opinions of analysts in the market such as Martinez will provide very useful glimpses on possible market outcomes. How the market responds to these critical price points will tell a lot about the mood and the future movements in the field of cryptocurrencies, the dates for the picture is failed – Wednesday, 21 August 2019.

HashKey Global Launches Regulated Token Listing, Invites High-Quality Projects

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The cryptocurrency exchange landscape is heating up. HashKey Global, part of HashKey Group, re­vealed the launch of its regulated token listing platform on April 16, 2024. This move follows HashKey Group obtaining various approvals, establishing it as a powerful playe­r in the worldwide crypto marketplace­.

The launch of HashKe­y Group’s approved listing system comes afte­r many positive events. HashKe­y Global received approval from Be­rmuda’s financial authority, while HashKey Capital, another part of the­ group, got approval for Bitcoin and Ethereum ETFs in Hong Kong. These­ regulatory approvals show HashKey is committed to following rule­s and attracting institutional investors unsure about unregulate­d exchanges.

HashKey Global’s trading platform stands out by carefully screening potential listings, e­nsuring that only “high-quality projects” can be accessed. More than just spot trading, the exchange offers a comprehensive­ suite of services such as LaunchPad for initial offe­rings, futures contracts, leverage­ options, and asset staking opportunities.

This well-rounde­d approach appeals to a diverse range­ of investors. Moreover, the exchange’s global presence positions it as a powerful competitor to established giants like­ Coinbase, currently dominating the US cryptocurre­ncy market.

HashKey Prioritizes Security and Compliance

Although details about the­ precise criteria are­ limited, the company has outlined a re­view process that examine­s aspects like project history, community magnitude­, product offerings, and token economics. This ope­nness can foster confidence­ among potential token issuers.

Additionally, cryptocurrency proje­cts may require se­curity audits, legal opinions, and robust Anti-Money Laundering (AML) controls. This include­s Know Your Transaction (KYT) protocols to ensure transactions are le­gitimate. These me­asures align with the growing regulatory scrutiny in the­ crypto industry.

The launch of HashKey’s listing platform and recent ETF approvals signify the­ firm’s bold vision. With its focus on regulatory compliance­, high-quality assets, and diverse offe­rings, the exchange looks primed to appeal to individual and institutional inve­stors alike.

Currently offering only 21 cryptocurrencies for trading, Hashkey is on a mission to expand its market shares in order to challenge the dominance of the Coinbase exchange in the future. Meanwhile, investors can see the benefits of low trading fees and advanced innovations amid these two rival exchanges.

Related Reading | Germany’s LBBW to Offer Crypto Custody Services Amid Rising Corporate Demand

Altcoin Resurgence: Analyzing the Bullish Shakeout & Strategic Investment Tips

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Altcoins are now ready for a bullish market cycle after a long period of bearishness. The current phase is equivalent to a shakeout, where the weaker hands are pushed out, leaving room for potential upside. The monthly Relative Strength Index (RSI), which has comfortably settled within the bullish zone, is an important confirmation of this bullish zone.

Besides, TOTAL2, which stands for all altcoins’ market cap excluding Bitcoin, has pushed above the 9-day EMA on the monthly chart, indicating some relative strength in other coins. Indeed, expectations and rumours are high with four days remaining before Bitcoin halving.

Crypto analyst Alex Clay has marked a planned downturn in the market capitalization of altcoins. This decline aligns with expectations. There is a coordinated move to regain lost ground by overcoming the previously breached support confluence. Nonetheless, there is a threat of a negative retest in this area. This suggests an impending hurdle for altcoins as they attempt to recover from their recent setback.

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Strategic Investment Tips for Altcoin Downturn

In addition, another prominent crypto analyst, Mags, has provided insights into the trajectory of altcoin prices. Feeling concerned about the recent drop in altcoins? It’s quite customary to witness dips like these during a bullish market phase. Historically, prices have continued rising until they reach their peak, typically around 500 days after a Bitcoin halving event. Rather than succumbing to panic and hastily selling off assets, leveraging these downturns to your advantage is prudent.

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Hold onto your investment, find some strong projects & narratives and enter those positions strategically during such dips using the DCA (Dollar Cost Averaging) Approach. Accept volatility, which is inherent in crypto trading as a basic market phenomenon. If you anticipate a substantial return, such as a +1000%, mentally prepare yourself for corrections of -20-30%.

Anticipating a Rebound: Ethereum’s Lower Support Zone Test

The analyst has also highlighted the ETH/BTC pair questioning the “Altseason” start. Their analysis shows that a real rally in altcoins might begin once Ethereum starts outperforming Bitcoin.
Looking at the ETH/BTC chart, we can see it breaking out of its downtrend on RSI (Relative Strength Index). At present, RSI is testing breakout point for second time due to recent market crash.

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Additionally, there’s a bullish divergence on RSI, and the price is testing the lower support zone of the channel. As a result, a significant rebound is anticipated shortly. Those who don’t think Ethereum has much potential are in for a rude shock. Ethereum is perhaps mature in the crypto world, but its importance cannot be undermined.

Related Reading |  XRP Rebounds from $0.41 Support Level, Analysts Eyes $1.2 – $1.5 Range

$60 Million: Lazarus Group’s Railgun Laundering Surge Revelation

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The Lazarus Group, a notorious cyberhacking collective with ties to North Korea, once again made headlines in June 2022 with a brazen attack on Harmony’s Horizon Bridge. The FBI recently confirmed what many suspected: the Lazarus Group was indeed behind the audacious hack that siphoned off a staggering $99.7 million.

This revelation validates earlier assertions by Elliptic, who was the first to point the finger at North Korea following the discovery of striking similarities between the Horizon Bridge hack and Lazarus Group’s past exploits, particularly in blockchain laundering techniques.

The Harmony blockchain’s Horizon Bridge, designed to facilitate cross-chain transactions, fell victim to the Group’s sophisticated tactics, exploiting vulnerabilities exacerbated by its over-centralized nature. This vulnerability to social engineering attacks provided the perfect opening for the hacker group’s calculated assault.

Following the heist, the Lazarus Group utilized Tornado Cash, an Ethereum-based mixer, to obfuscate the illicitly obtained funds. However, their reliance on this method proved short-lived as the US Treasury swiftly sanctioned Tornado Cash in response to its complicity in aiding the cybercriminal activities of the Lazarus Group.

Tracking the Culprits: Lazarus Group’s Crypto Journey

Elliptic’s meticulous research uncovered the intricate web of transactions orchestrated by the Lazarus Group, leading to the eventual tracing of stolen funds through Tornado Cash. Subsequent movement of funds through Railgun, a privacy-based DeFi protocol, underscored the group’s adaptability in the face of sanctions.

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Source

However, the efficacy of Railgun as a laundering tool was called into question as Elliptic’s analysis revealed that a significant portion of funds from the Harmony hack could be traced back, highlighting the limitations of mixing services when dealing with disproportionately large transfers.

In a bid to launder the tainted funds further, the Lazarus Group attempted to deposit them into various cryptoasset exchanges. Fortunately, vigilant exchanges like Binance and Huobi intercepted and seized a portion of these funds, underscoring the importance of robust blockchain analytics solutions in thwarting illicit activities.

The Harmony Bridge hack serves as a stark reminder of the ever-evolving landscape of cyber threats and the critical role of proactive measures in safeguarding against nefarious actors like the Lazarus Group. As authorities continue to crack down on illicit activities in the crypto sphere, vigilance remains paramount in preserving the integrity of blockchain ecosystems.

Hong Kong’s Crypto ETFs: Balchunas’ Cautious Outlook Vs. Trader Excitement

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Folks in Hong Kong are excitted about the region giving the green light to spot Bitcoin and Ethereum exchange-traded funds (ETFs). However, some experts are saying investors shouldn’t go too crazy over these new crypto investment products. Eric Balchunas, a well-known ETF analyst at Bloomberg, thinks these Hong Kong Bitcoin ETFs may only bring in around $500 million from investors. That’s just a tiny drop compared to the billions pouring into the Bitcoin ETFs already trading in the United States.

Analysis of Hong Kong’s Crypto ETF Landscape

Why such a low prediction? Well, Balchunas laid it all out in a Twitter thread. First off, the whole ETF market in Hong Kong is really small, worth only $50 billion. That’s nothing next to the massive $9 trillion ETF market in the U.S.

On top of that, the three companies allowed to issue these crypto ETFs – Bosera, China AMC, and Harvest – are basically not heavyweight titans compared to BlackRock, , raising questions about their ability to attract significant capital inflows.

Balchunas also pointed out that Hong Kong’s crypto trading setup might not be up to snuff. He thinks these new ETFs could face lousy trading conditions like wide price spreads and premiums/discounts that make them less appealing to investors. Plus, their fees are probably going to be way higher than the dirt-cheap U.S. options, maybe 1-2% compared to just a few pennies per trade.

While having more ways to get into crypto is good news, Balchunas says the impact of Hong Kong’s Bitcoin ETFs will be just a drop in the bucket next to the huge U.S. market. His Bloomberg buddy James Seyffart backed him up, saying there’s more money just in the U.S. Bitcoin ETFs than in every single ETF trading in Hong Kong combined.

Still, crypto traders are feeling pretty pumped about this Hong Kong news. Santiment, one of the major cryptocurrencies analytics firms, has reported that some positive sentiment occurred although it led a slight decline in Bitcoin’s price by 4.5% at first, which could be an indication that the market was “buying rumours and selling news”.

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Related Reading | Hong Kong Welcomes Bitcoin & Ethereum Spot ETFs

Crypto Fund Flows: $126M Outflows Reflect Investor Caution

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In the latest CoinShares Digital Asset Fund Flows Weekly Report, it is apparent that there is some caution among investors in the crypto field. The report discloses small outflows of $126 million across digital asset investment products, which may reflect a lack of enthusiasm possibly due to the recent absence of positive price momentum.

However, while trading volumes rose slightly from $17bn to $21bn week-on-week, ETP/ETFs activity relative to the market as a whole went down from 40% to 31% of total volumes on reputable exchanges in the last month. It is important that such a change demonstrates how cautious digital currency investors have become.

Geographically, the biggest outflows were from the United States, totaling $145 million, followed by Switzerland ($5.7 million) and Canada ($6 million). On the other hand, Germany bought into falling prices during the week, injecting US$29 million in inflows last week, indicating varying sentiments among regions.

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Bitcoin’s Resilience and Altcoin Trends in the Crypto Market

Bitcoin, the leading cryptocurrency, witnessed outflows amounting to $110 million, albeit maintaining positive inflows of $555 million month-to-date. Notably, short-bitcoin strategies broke a three-week spell of outflows, with minor inflows of $1.7 million, likely capitalizing on recent price fluctuations.

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Unlike this, Ethereum went through a rough patch when it experienced an outflow of $29 million last week for the fifth consecutive week. But altcoins had better performance as some less known tokens became popular among investors. Meanwhile, Solana lost $3.6 million while inflows into Decentraland ($4.9m), Basic Attention Token ($2.9m) and LIDO ($1.8m), among others.

The data contained in the CoinShares report is a complex perspective on investor sentiment related to cryptocurrencies. Even though doubt still exists because of fears about price stability, clearly seen when approaching such major digital currencies as Bitcoin and Ethereum, there is also a remarkable demand for other assets.

On the other hand, the flow of money into some altcoins implies that investors are keen on exploring opportunities beyond traditional cryptocurrencies hence asserting a different and everchanging landscape within the digital assets ecosystem. Investors will need to monitor these trends since market dynamics continue to change as they navigate through cryptocurrencies’ labyrinth.

Related Reading | Dogecoin (DOGE) Shows Resilience Amid Market Turmoil: Eyes Set on $0.26 to $0.35 Surge

Bitcoin Falls Below $60k In 24-Hours As Altcoins Suffer 30%-50% Drops: Here’s Why

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The crypto market took a major hit in the last 24 hours. Bitcoin fell below $60,000 while altcoins dropped between 30%-50%. This was an extremely rough time for crypto investors. According to analyst Ash Crypto, the reason behind this crash was the Iran drone attack on Israel. During times of war, commodities like oil and gold increase in value, leading to high inflation. High inflation means interest rates are less likely to be cut.

Lower interest rates are good for stocks and crypto. So when people expect inflation to rise due to a war, they sell crypto assets, leading to the crash we saw yesterday. As Bitcoin and altcoins started dropping, investors with leveraged positions got liquidated, forcing them to sell more crypto. This caused even more downward price pressure.

We saw a similar panic selloff during the Covid outbreak in March 2020 and the Russia-Ukraine war. But in both cases, the crypto market rebounded within a month after the initial crash. Rumours suggest Iran gave advance warning of the drone attack to allied countries and groups. This allowed certain players to prepare and take advantage of the upcoming crypto dump.

They likely waited until the weekend when trading volume is lower. Then they started selling, crashing the market. As prices fell, these groups bought up crypto at discounted rates, as they typically do after engineering selloffs. The key takeaway is to avoid leveraged trades which can get liquidated during volatility. Sticking to spot holdings is the safest approach to maximize gains while limiting risk.

The Post-Crash Rebound In Bitcoin Market

Currently, Bitcoin is back above $66,322.37 with strong support around $60,000. If $60,000 doesn’t hold, analysts expect the next major support around $56,000-$58,000 where new institutional investors from ETF purchases accumulated positions.

BTC 1D graph coinmarketcap
CoinMarketcap

Whereas the recent news that the Hong Kong Securities and Futures Commission has approved Hong Kong Bitcoin and Ethereum spot ETFs boosted the rebound in the crypto market, as Bitcoin rose by 3% just after the news. Nevertheless, it is obvious that after every black swan event disrupting crypto, the market has seen huge rallies in the following period. Crypto veterans expect the same explosive upside after this latest shake-up.

Related Reading | Hong Kong Crack Whip: Only BTC & ETH Make the Cut

Hong Kong Crack Whip: Only BTC & ETH Make the Cut

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Hong Kong’s crypto landscape is all set to undergo a seismic shift after the public consultation on digital asset regulation concluded on a drastic note on 12 April. The nation’s new over-the-counter [OTC] licensing system covers mainly the top two dominant virtual assets, Bitcoin [BTC] and Ethereum [ETH], and has sidelined other coins, triggering a huge response.

Hong Kong
Hong Kong Crack Whip: Only BTC & ETH Make the Cut 11

This follows a Hong Kong lawmaker’s call for the prompt resolution of independent licensing rules for virtual asset custody services. He emphasized the importance of addressing this final piece of the puzzle.

The industry welcomes the establishment of a licensing system, but the currencies can only be included in virtual asset trading platforms licensed by the Securities and Futures Commission for retail trading. The virtual currency has been reduced to only Bitcoin and Ethereum in disguise, which has a great impact on business. It is expected that stable currency transactions can be relaxed; coupled with the addition of requirements such as the addition of a compliance officer and a money laundering reporting officer, it will increase costs.

This move can not only stifle innovation but also affect the 200 existing digital asset service providers in Hong Kong, struggling with reduced crypto options and increased costs. According to the report by the Hong Kong Economic Journal [HJEJ], the licensing system would make the roles of compliance officers and anti-money laundering specialists a prerequisite norm for crypto service providers. This could impact smaller players in the industry the most, who may need to increase spending to meet these requirements.

Industry experts have urged authorities to exempt stablecoins USDT and USDC. Some professionals are also against the suggestion to enhance KYC scrutiny for transfers of at least HK$8,000.

Hong Kong’s Crypto Shift

If someone invests in altcoins or is part of a startup, they should now reassess their investment strategies, as this narrowed-down focus on a handful of crypto currencies is a hindrance to portfolio diversity and operational scope.

But on the brighter side, this consolidation could inadvertently act as a shield against extreme market volatility, offering stability and possibly better investor protection. This would also align Hong Kong with global financial regulation standards. However, the tradeoff for investors would be a less vibrant crypto ecosystem with fewer choices for consumers.

Cryptocurrency Fluctuates Amidst Iran-Israel Conflict: Report

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The global financial markets experienced tremors following Iran’s maiden military attack against Israeli soil, with cryptocurrencies being one of the key victims. A famous crypto journalist, Colin Wu reported through his post on Wu Blockchain X that the price of both Ethereum and Bitcoin dropped significantly after his platform was attacked.

After the historic Iran offensive, Ethereum’s rate dropped to $2,852 within four tense hours, a substantial dive. Currently, ETH is valued at $3,035, which is a drop of 7.10% within the last 24 hours and an even larger decrease of 10.35% over the past week. $34.08  billion is the present 24-hour trading volume for Ethereum which shows the increase in the activity of trading even though the prices have been dropping.

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Source: TadingView

Bitcoin plummeted to a low of $60,660. Decline in prices was merely the starting point; $711 million worth of investments were liquidated within the same period, demonstrating the level of panic such turmoil induces in the markets. At the time of writing, the price of Bitcoin is $64,226, indicating that it has declined by 4.45% in the last 24 hours and a sharp fall of 7.16% over the last seven days. The Bitcoin 24-hour trading volume stands at about $61.16 billion during the same period when its price drops sharply, pointing to high market activity elucidating even the decreasing appetite of investors.

Source: TradingView

The quick financial damage can be linked to the nature of cryptocurrencies as risk assets that usually suffer during political changes, such as stocks and other assets. Crypto investors, like their peers in the traditional sectors, respond quickly to the news of international tensions, which in turn triggers immediate and massive sell-offs.

Crypto Market’s Swift Rebound Amid Geopolitical Shifts

Nevertheless, the story became optimistic as soon as Iran declared that it would stop its military actions. This announcement was a cooling ointment for the nervous markets, which resulted in a pretty strong rebound in the prices of cryptocurrencies. Both Bitcoin and Ethereum saw sharp rebounds from their lows which is a typical feature of the crypto space, where sentiment can change overnight.

The reporting of Colin Wu emphasizes the growing interrelationship of geopolitical events and cryptocurrency valuations. In addition, the occurrence demonstrates how the crypto market is susceptible to global political events but also how secure is this market.

Even though the cryptos have rebounded quite quickly after Iran stopped the military activities, this only seems to provide some relief to the situation, the issue again makes investors understand that they should remain alert and reactive to such international occurrences that could affect the market. This occurrence has certainly made the already complex world of cryptocurrency investment strategies even more complicated.