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Bitcoin critic Peter Schiff has sparked a debate on X by calling the 21 million BTC supply cap arbitrary. He raised questions about Bitcoin’s scarcity amid the recent rally to an ATH of $118K, claiming that its perceived value is based more on public belief than actual scarcity, triggering a wave of responses across the
The post Peter Schiff Reignites Bitcoin Criticism, Calls 21M Supply Arbitrary appeared first on CoinGape.
Shiba Inu (SHIB) has been experiencing mixed signals in recent weeks. The meme coin has made attempts to secure a breakout, but this effort hinges heavily on investor support.
Unfortunately, this support has been weak recently, forcing SHIB to rely on the broader market, particularly Bitcoin (BTC), for direction. If Bitcoin continues its upward trajectory, Shiba Inu may have a shot at a recovery rally.
The MVRV Long/Short Difference for Shiba Inu is currently at a 6-month low, a key indicator suggesting that short-term holders are experiencing substantial profits.
This is a bearish sign for the cryptocurrency, as these investors are typically more inclined to sell when they are in profit. As a result, the potential for a sell-off is higher, and the price of Shiba Inu could take a hit as these holders exit their positions.
This behavior could put downward pressure on SHIB, limiting its chances of maintaining or building upon its recent gains. The lack of strong support from long-term holders, combined with the large profit-taking from short-term traders, creates an unstable market dynamic for Shiba Inu at present.
Shiba Inu’s correlation with Bitcoin remains strong, currently sitting at 0.77. This indicates that SHIB tends to move in tandem with Bitcoin, and as the largest cryptocurrency gradually recovers, Shiba Inu could follow suit.
Bitcoin’s potential rally toward the $90,000 mark would likely provide the necessary boost for SHIB to continue its own recovery.
If Bitcoin breaches the $90,000 level, it will instill further confidence in the broader cryptocurrency market. This, in turn, could help lift Shiba Inu from its current consolidation phase, giving it the momentum needed to push past key resistance levels.
At the time of writing, Shiba Inu is trading at $0.00001296, just above its support level of $0.00001275. The altcoin is attempting to hold this support and bounce off it, but its ability to maintain this level depends on market conditions.
Should Bitcoin rise further, Shiba Inu may find some support to reach or surpass the $0.00001462 barrier. However, if Bitcoin experiences a slip, SHIB will likely remain consolidated around $0.00001275 or potentially fall to $0.00001141, depending on the strength of the bearish pressure.
The only way this bearish-neutral outlook would be invalidated is if Shiba Inu breaks through the $0.00001462 resistance and flips it into support.
A successful rally above this level could pave the way for SHIB to rise to $0.00001676 and beyond, marking the start of a more bullish trend for the meme coin.
The post Shiba Inu (SHIB) Price Trajectory Largely Depends on Bitcoin appeared first on BeInCrypto.
The post Kraken Exchange to List Cardano-based Memecoin Snek on April 28: SNEK Price Gains Over 16% appeared first on Coinpedia Fintech News
Kraken Exchange, a veteran U.S.-based cryptocurrency exchange with over 10 million global users, announced on Friday, April 25 that it will list Cardano (ADA)-based memecoin Snek (SNEK) next week. According to the announcement, deposits and withdrawals for SNEK on Kraken Exchange have been enabled ahead of the April 28 official listing.
Kraken announced that geographical restrictions will apply accordingly to SNEK trading. The listing of SNEK on Kraken is a huge milestone victory for the Cardano ecosystem, which has faced harsh criticism for low on-chain activity.
“Getting listed on Kraken is a huge achievement in itself but opening the door for tier 1 CEX listings for Cardano native tokens is incredible, this is not only a huge Win for Snek but a massive win for everyone building on $ADA,” X platform user EL noted.
Following the announcement, SNEK price rallied over 17 percent to trade at about $0.00357 at the time of this writing. As a result, the small-cap memecoin, with a fully diluted valuation of about $273 million and a 24-hour average trading volume of around $4.3 million, had gained more than 42 percent in the past seven days.
The resurgence of SNEK FOMO amid improving fundamentals will play a crucial role in its bullish outlook ahead. In the daily timeframe, SNEK price had already broken out of a falling wedge pattern and signaled bullish sentiment at the time of this writing.
Moreover, the daily MACD line had already crossed the zero line, amid the notable rally of the Relative Strength Index (RSI).
The post Kraken Exchange to List Cardano-based Memecoin Snek on April 28: SNEK Price Gains Over 16% appeared first on Coinpedia Fintech News
The listing of SNEK on Kraken is a massive gain for the wider Cardano ecosystem. With geographical restrictions in place, Kraken announced deposits and withdrawals of Snek are already enabled. SNEK price has consistently closed above a falling daily wedge pattern, signaling further bullish momentum. Kraken Exchange, a veteran U.S.-based cryptocurrency exchange with over 10 …
The post US Crypto ETFs: When Will Paul Atkins Approve These 70+ ETFs? appeared first on Coinpedia Fintech News
Paul Atkins has officially been sworn in as the new chair of the U.S. Securities and Exchange Commission (SEC). He ensured that “the U.S. is the best and most secure place in the world to invest and do business.”
With over 70 cryptocurrency exchange-traded funds (ETFs) awaiting approval, Atkins’s leadership will be closely scrutinized by the crypto industry.
The SEC is currently reviewing 72 crypto-related ETFs, covering a broad spectrum of assets from XRP, Litecoin, and Solana, to Dogecoin, Penguins, and novelty tokens like 2x Melania. Despite the influx of altcoin and meme coin ETFs expected to hit the market this year, Bitcoin ETFs continue to dominate, holding 90% of global crypto fund assets.
According to Bloomberg ETF specialist Eric Balchunas, while altcoin ETFs will certainly see some attention, Bitcoin is likely to retain 80-85% of the market share in the long term, proving its enduring dominance in the crypto ETF space.
As institutional interest grows, with 80% of firms planning to increase crypto allocations by 2025, analysts caution that approval doesn’t guarantee success. Balchunas compared ETF approval to music streaming: “Your song might be on Spotify, but it doesn’t guarantee listeners.”
XRP leads the list of crypto assets with the most ETF filings, including Bitwise’s early application and a more recent one from Franklin Templeton. Solana (SOL) has also gained traction, with successful ETF filings recently. Meme coin ETFs, including Grayscale’s Dogecoin (DOGE) ETF and 21Shares’ Polkadot (DOT) ETF, are also under review, adding to the growing list of products.
VanEck, a prominent global investment management firm, received SEC approval for its new “Onchain Economy ETF”, which will hold 30-60 stocks tied to the crypto sector, including mining companies, exchanges, data centers, and traditional finance entities.
ARK Invest has added staked Solana to two of its ETFs, marking the first time U.S. investors can gain direct exposure to SOL through an ETF. As the SEC continues its review process, all eyes will be on whether these new products can spark the next wave of crypto adoption.
The crypto community now waits to see whether Atkins’s SEC will approve these ETFs, as some of the underlying assets remain volatile. Will the new chair take a more cautious approach, or will he lead the charge for broader crypto market integration? Time will tell.
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The post US Crypto ETFs: When Will Paul Atkins Approve These 70+ ETFs? appeared first on Coinpedia Fintech News
Paul Atkins has officially been sworn in as the new chair of the U.S. Securities and Exchange Commission (SEC). He ensured that “the U.S. is the best and most secure place in the world to invest and do business.” With over 70 cryptocurrency exchange-traded funds (ETFs) awaiting approval, Atkins’s leadership will be closely scrutinized by …