Crypto News Digest: Bitcoin 2024 Conference and Market Dynamics; Surge in Active Addresses on the Ethereum Blockchain; Ferrari’s New Crypto Payment Option

The latest events in the crypto world highlight major happenings like the anticipated Bitcoin 2024 conference and shifting market trends. Ethereum sees a significant rise in active addresses, suggesting heightened blockchain activity. Meanwhile, Ferrari shakes up the auto industry by introducing a new crypto payment option. Discover which coins are poised for growth in this article.

The Trump Trade—Bitcoin Nears $68,000, Faces Selling Pressure

Before former President Donald Trump’s appearance at the Bitcoin 2024 conference in Nashville, Bitcoin (BTC) peaked at $67,991, leading to the liquidation of $55.21 million in short positions. The crypto market rose 5.5%, reaching $2.41 trillion. Bitcoin gained 5%, and Ethereum (ETH) increased by 3%. This surge highlights the impact of high-profile endorsements, with analysts suggesting BTC could reach $150,000 if Trump is elected.

Ethereum Whale Activity and Market Implications

An Ethereum Foundation wallet reawakened after 7 years, moving 92,500 ETH worth $290M. This transfer heightened market interest and activity on the Ethereum blockchain. Such significant movements illustrate the impact of large holders on market dynamics, leading to increased volatility and trading volume, as seen with the spike in active addresses. Recent transfers by the Ethereum Foundation highlight strategic maneuvers influencing market sentiment and price stability.

Ferrari’s New Crypto Payment Option

Ferrari will start accepting cryptocurrency payments in Europe by the end of this month, following a successful launch in the US last year. Partnering with BitPay, Ferrari enables purchases using Bitcoin, Ether, and USDC. This move reflects the growing trend of crypto adoption in high-value industries, meeting client needs and protecting dealers from price volatility through immediate conversion to traditional currencies. As more luxury automakers embrace crypto payments, this trend could significantly influence the automotive industry and drive further crypto adoption.

According to these news, let’s find the effect on Bitcoin and Ethereum prices:

• Bitcoin (BTC) Price Prediction

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Bitcoin’s price is currently between $62,831 and $70,291. The bulls appear strong and poised for further gains, with resistance at $72,928 and $80,389. The nearest support holds firm at $58,007. With a 5.65% gain over the past week and a 9.34% rise in the last month, Bitcoin shows promising growth. Over six months, its price has surged by 60.11%. If it breaks the current resistance levels, Bitcoin could see a further increase of around 10% from its current range. The Relative Strength Index at 67.07 and other indicators suggest continued upward momentum, boosted by the positive market sentiment surrounding the upcoming Bitcoin 2024 conference and Trump’s support.

• Ethereum (ETH) Price Prediction

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Ethereum’s price is currently sitting in the range of roughly $3335 to $3643, reflecting a period of consolidation that could be a precursor to a breakout. The bulls are gathering strength, with the potential to push beyond the nearest resistance level of $3749. Despite recent decreases over the past week and month, the six-month change shows a strong increase of over 40%, indicating substantial growth potential. If bulls can maintain momentum, Ethereum might break above $4057, representing a moderate upside from current levels. The surge in active addresses and strategic moves by large holders like the Ethereum Foundation further bolster the bullish outlook for ETH, suggesting a positive trajectory in the coming months.

Conclusion

The latest crypto news indicates promising growth for Bitcoin and Ethereum. The upcoming Bitcoin 2024 conference and Trump’s support could push Bitcoin higher, while Ethereum’s increased activity and strategic moves by large holders signal strong potential. Ferrari’s acceptance of crypto payments highlights growing mainstream adoption. These developments suggest a bullish future for both cryptocurrencies.

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.