Influential cryptocurrency analyst and trader Ali Martinez said on Monday that Bitcoin (CRYPTO: BTC) is nearing a bottom, marking the start of a major accumulation cycle.

Selling Pressure To Increase?

In an X thread, Martinez weighed in on the next possible moves of the apex cryptocurrency.

The analyst noted that Bitcoin’s latest crash to $59,000 has effectively flushed out overleveraged premiums across the board, with long-term holders selling over $3 billion in spot BTC.

Martinez said the distributed supply has temporarily pushed up exchange reserves, which is likely to increase short-term selling pressure.

BTC Levels To Watch Out For

Martinez further highlighted that after Bitcoin’s…

Read more on Benzinga

Whales Ready To Buy BTC Cheap?

During an interview with CNBC, D’Agostino said that investors, who have spent considerable time studying Bitcoin, are not dismayed by the cryptocurrency’s price dip.

“I can tell you that the family office is new in the UAE, and the government sovereign funds that are putting the effort into buying are not unhappy at being able to buy it at a discount,” said D’Agostino, who recently concluded a visit to the Middle East.

D’Agostino added that the infrastructure supporting Bitcoin and other cryptocurrencies is “shockingly stronger” currently than during previous bullish price periods, a factor that institutional investors weigh heavily.

“I’m…

Read more on Benzinga

Dogecoin’s (CRYPTO: DOGE) official X account invited replies on Monday about how the community is building and expanding utility for the ecosystem. The responses were pretty interesting.

What’s DOGE Community Upto?

The X handle noted that Shibes “have been quiet lately” and encouraged them to share exciting updates about what they’re building and how they’re integrating DOGE into their businesses.

A user named DMB Council announced their beta build of a marketplace for buying, selling, and trading Doginals, which are basically NFTs built on the Dogecoin blockchain.

Sus Market said they are working on a similar project.

Trading Nomadic posted a video showing how they converted…

Read more on Benzinga

Cryptocurrency punters raised odds that OpenAI could debut with a market valuation above $1.5 trillion, following the AI giant’s confidential IPO filing.

OpenAI To Be Next Trillion-Dollar Giant?

For context, only about ten companies in the world are valued at more than $1.5 trillion, including the “Mag 7” giants.

The probability of OpenAI reaching a valuation between $1.25 trillion and $1.5 trillion now stands at 14%, up 9 percentage points from the previous day. Over $1.7 million has been wagered on the bet.

The IPO Tsunami Is Here

The spike in odds follows the San Francisco-headquartered firm’s announcement that it has submitted a confidential draft registration statement on Form S-1,…

Read more on Benzinga

Leading cryptocurrencies dipped, while major stock indexes closed higher on Monday as investors pinned hopes on a lasting ceasefire in the Middle East.

Crypto Market Stagnates

Bitcoin wobbled in the area between $62,000 and $64,000, while trading volume dipped.  Ethereum briefly surged above $1,700 in the evening before pulling back to $1,660.

Over $280 million was liquidated from the market in the last 24 hours, predominantly in long positions, according to Coinglass data, predominantly in short liquidations. 

Bitcoin’s open interest fell 0.56% in the last 24 hours. Interestingly, retail and whale derivatives traders on Binance were betting on BTC’s price increase, as shown by the…

Read more on Benzinga

Bitcoin Clawed Back Above $63k—The Hard Questions Start Now – Benzinga

Friday left marks. Not the kind that fade by Monday morning.

The Week That Broke the $60,000 Floor

Understanding Monday’s bounce requires understanding what caused Thursday through Saturday in the first place, because the selling did not arrive from nowhere.

The Technical Picture Is Offering Clues, Not Answers

The technical picture coming into Monday carries a few details worth examining, honestly rather than selectively.

The Macro Problem Has Not Gone Anywhere

Here is the part of Monday’s recovery story that deserves the most honesty. The conditions that produced Thursday’s break and Friday’s low have not changed…

Read more on Benzinga

​Following this news, $ZEC slumped by over 30%. As panic spread, the sell-off continued. The day’s loss hit around 50%. $ZEC dropped from this price to as low as $250. Key supporters of the privacy coin did not help matters as they cut their losses since ZCash cannot quantify the extent of the damage. How can the safety of this chain be proven when a bug went unnoticed for 4 years?

How The Bug Was Discovered

​What Taylor Hornby found was a weak constraint. This loophole allows data that will otherwise be rejected to return a success after validation. If the system is deceived into believing a transaction is authentic, it will record ZEC tokens from that transaction in… Read more on Benzinga