China News by Thebittimes.Com

A prominent crypto analyst says deep-pocketed investors have been spotted loading up huge amounts of Ethereum (ETH). Trader Ali Martinez tells his 119,200 followers on the social media platform X that crypto whales gobbled up more than $3.80 billion worth of Ethereum in a two-day span. “Whales have bought over 1.14 million Ethereum $ETH in [48 hours!]” Source: Ali Martinez/X At time of writing, Ethereum is trading for $3,340. The trader is also keeping an eye on the interoperable blockchain Polkadot (DOT). According to Martinez, DOT looks primed to ignite a big upside burst as it threatens to break out from a bullish continuation pattern. “Polkadot DOT looks ready to break out of a bull pennant, targeting $17!” Source: Ali Martinez/X At time of writing, DOT is worth $6.34. Looking at the layer-1 protocol Aptos (APT), Martinez warns that the crypto asset appears to be forming a bearish reversal structure on the 12-hour chart. The trade...

Blockchain tracking firm Lookonchain says one crypto trader is looking at multi-million dollar profits after trading the official memecoin of Melania Trump, wife of US President Donald Trump. According to Lookonchain, the trader scooped up 5.2 million Melania (MELANIA) at just $0.13 per coin right after the digital asset’s launch on Sunday – the day before Trump’s presidential inauguration. Four days later, the trader had sold off every MELANIA token for a gain of 6,208% on the initial investment of $688,000, racking in a $42.7 million profit. “This guy has sold all MELANIA, making a total profit of $42.7 million (62x)! He spent 2,500 SOL ($688,000) to buy 5.2 million MELANIA at $0.13, and sold all of them at an average price of $8.34 for $43.4 million, making a profit of $42.7 million, a 62x return!” Lookonchain also noticed another trader saw massive gains after being an early investor in MELANIA. “This guy made an incredible $66 ...

A widely followed crypto analyst says that holders of smart contract platform Solana (SOL) may be due for the same pain Ethereum (ETH) traders felt during previous cycles. In a new interview on the Crypto Banter YouTube channel, popular crypto trader Benjamin Cowen says that Solana paired against Bitcoin (SOL/BTC) is printing the same patterns that ETH/BTC did years ago before stagnating. “A lot of these altcoins follow this pattern, and I want to show you this really interesting pattern by Solana… It’s following the same pattern so far – look at ETH/BTC. This was a 90% drop followed by a https://cdn.thebittimes.com/images/2024/12/16/7b13155d24fc96821496142b5bc12631.webp% rally [and] right and after that https://cdn.thebittimes.com/images/2024/12/16/7b13155d24fc96821496142b5bc12631.webp% rally, ETH/BTC got this drop and this drop was essentially putting in higher lows. It was putting in higher lows [and] everyone was calling for the flipping. It got [...

Bitcoin (BTC) has experienced a sharp drop, triggering “buy the dip” chants over the crowd, as retail’s sentiment remains bullish. On Binance, three in every four traders have open long positions in the leading cryptocurrency, threatening a short-term long squeeze. Finbold retrieved Binance’s 24-hour long/short ratio data from CoinGlass , measuring unique accounts instead of volume. Notably, 76.69% of all Bitcoin traders on the leading crypto exchange had long positions by June 25. This represents a 3.29:4 ratio for this market alone. Binance represents over 50% of Bitcoin’s global trading volume. Bitcoin BTCUSDT Long/Short (Accounts). Source: CoinGlass However, there is a clear divergence between the number of unique accounts (users) and the volume deployed to these positions. The volume-based 24-hour long/short ratio shows a different scenario with $8.67 billion shorts over $8.58 billion longs. ...

With the continuous growth and evolution of the cryptocurrency industry, it has proven to be a profitable environment to be a part of, as one crypto trader recently witnessed, turning a mere $800 investment into a mind-blowing $657,000 in just a few hours . Specifically, this particular investor sold 5.14 Solana (SOL) tokens worth $861, with which they purchased 86.55 million of Mother Iggy (MOTHER) or 8.66% of its total supply, then sold 80.41 million MOTHER for 3,035.5 SOL ($509,000), according to the observations by Lookonchain in an X post on May 29. MOTHER/SOL chart on Raydium. Source: Lookonchain Furthermore, the blockchain analyst pointed out that the said crypto trader now had 6.14 million MOTHER left, worth $148,000, and that they “had traded nearly 700 coins before buying MOTHER and was losing, with a win rate of less than 25%,” adding that they “should not be an insider.”  Picks for you ...

Since Bitcoin (BTC) reached new all-time highs earlier this year, traders have wondered how far BTC can go. In this context, a Bitcoin trader revealed his exit strategy for the leading cryptocurrency, which involves selling to retail investors. The trader’s account goes by the alias Wolf ( @IamCryptoWolf ) on X and has recently shown skepticism over Bitcoin price predictions. In particular, Wolf has criticized PlanB ‘s $500,000 per BTC forecast, which has been massively reproduced by influencers. According to the trader, retail investors will “FOMO” into Bitcoin as the price surpasses $130,000, following higher expectations ($500,000). Notably, this is when Wolf says he will start selling, using retail traders as exit liquidity to book profits. Picks for you Solana price prediction as new update changes network fe...

A position trader has booked an estimated $13.2 million (345%) profit in seven months of buying and holding patiently. Render (RNDR)—this position trade’s cryptocurrency, became known as the “Nvidia of crypto”—creating a decentralized network of GPU rendering. Notably, SpotOnChain reported the seven-month position trade that started with a 1.69 million RNDR purchase on Coinbase. The withdrawals happened between November 2 and November 10, 2023. At that time, this position was valued at around $3.83 million, with Render priced at $2.265 on average. This trader became dormant for seven months after building the position, waiting patiently for the best time to sell. Interestingly, the whale missed Render’s price top in March but remained still even during a significant crash in April. Picks for you XRP to 'make ex...

Bitcoin might have difficulty breaking through a key resistance zone of its own accord, end-of-week analysis predicts. Bitcoin (BTC) kept up renewed pressure on $28,000 into the Oct. 8 weekly close as geopolitical uncertainty entered trader s’ radar. BTC/USD 1-hour chart. Source: TradingView Trader: Bitcoin behavior at resistance "not the best" Data from Cointelegraph Markets Pro and TradingView showed BTC price performance avoiding downside volatility over the weekend. The pair recovered from a snap retest of $27,000 on Oct. 6, this coming thanks to surprise United States employment data which diverged from policy tweaks by the Federal Reserve. Now, $28,000 resistance formed the main point of interest for market participants going into the new week. In low timeframe (LTF) Analysis of exchange order books, popular trader Skew said that major bidding power was still required in order to flip $28,000 to support. “So on LTF we can see clearly the market is still trading $28K ...

It could be a testing few weeks for Bitcoin and risk assets, market commentators say, with Fed Chair Jerome Powell due to kick off the triggers on March 8. Bitcoin (BTC) failed to react at the March 6 Wall Street open as consensus formed around a potential violation of $20,000. BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView $19,000 BTC price is "breakdown target" Data from Cointelegraph Markets Pro and TradingView tracked a limp BTC/USD as it clung to $22,400 at the time of writing. Motionless throughout the weekend, the pair offered few trading opportunities as concerns built up over the impact of forthcoming macroeconomic data from the United States. $BTC 4-Hour Good luck trading this. pic.twitter.com/nc99kF8HbS — The Wolf Of All Streets (@scottmelker) March 6, 2023 Specifically, the February print of the Consumer Price Index (CPI), due March 14, is expected to be "hot," or above expectations, analyst Venturefounder said. "New Bitcoin higher l...

In the second episode of Hashing It Out, Cointelegraph’s Elisha Owusu Akyaw (GhCryptoGuy) breaks down the state of the crypto market with Crypto Birb. Are crypto trader s playing “god?” The world of cryptocurrency trading can be highly uncertain, yet many are actively looking for opportunities and have built fortunes around the crypto market. To be really good in crypto, you need to be able to identify promising projects in their infancy and time your exit from the market before the ugly bear rears its head.  On this week’s episode of the newly launched podcast, Hashing It Out, Cointelegraph’s social media specialist Elisha Owusu Akyaw and chartered market technician Adrian, also known as Crypto Birb, break down the state of the cryptocurrency market and the journey of trader s. Adrain explains that he began trading during the peak of the last bull run and assumed that he had excellent skills even though the market was generally moving upward. He describes what he experienced in the e...