Crypto Market Bleeds Out Again as Bitcoin (BTC) Was Rejected at $100K (Market Watch)

North Korean hackers are being pursued by governments worldwide due to being associated with over half of the value stolen in the cryptocurrency space during 2024.

North Korean hackers like the infamous Lazarus Group are the prime suspects for some of the most notorious cyber thefts in Web3, including the $600 million Ronin network hack.

South Korea is the latest country to impose sanctions against 15 North Korean IT organization members and one related organization.

The sanctioned agents have allegedly procured funds for North Korea’s nuclear missile development program and the DPRK’s Munitions Industry Department through “overseas foreign currency-earning activities,” according to a Dec. 26 press release by South Korea’s Ministry of Foreign Affairs.

The sanctioned 313 General Bureau’s Kim Cheol-min is among the sanctioned individuals who allegedly earned a “large amount of foreign currency” by working undercover for United States and Canadian companies before delivering the funds to Pyongyang’s nuclear weapons program.

Another sanctioned worker, Kim Ryu Song, was already indicted by US lawmakers on Dec. 11 for violating US sanctions, money laundering and identity theft, for generating over $88 million worth of revenue over six years, according to South Korean media reports.

Prominent blockchain tracker Whale Alert has spotted a mammoth-sized SHIB transaction that carried almost three trillion meme coins. A top crypto exchange in Turkey was involved in this transaction.

This transfer took place after a recent crucial development when the SHIB Metaverse was rolled out on the Shibarium blockchain after several years of the SHIB team working hard to create it.

2.8 trillion Shiba Inu on the move

Whale Alert shared the details of a massive meme coin transfer which was marked as a withdrawal from BTCTurk — the second largest centralized cryptocurrency exchange in Turkey — and moved a mind-blowing 2,884,590,622,344 SHIB from it to an anonymous wallet.

The fiat equivalent of this enormous SHIB lump was an impressive $65,703,762. The withdrawal was conducted less than 17 hours ago, according to the on-chain data provided.

The crypto community was amazed to see such a huge transaction of the second most popular meme coin, Shiba Inu, and began to share its assumptions as to the destination of the transaction. Some believe that it was a whale making huge moves with their SHIB coins.

Massive withdrawals explained

All those assumptions were made despite a comment from BTCTurk itself that this transfer was nothing more than an internal transaction in an attempt to optimize their wallets. The comment says that these transfers “are fully managed by us, and there is nothing out of the ordinary.”

Three other large transfers were performed from BTCTurk to anonymous wallets, but this time, they involved Ethereum, not SHIB. A total of $220 million worth of ETH were transferred: 23,285; 20,000 and 20,000 ETH.

The platform commented under each of those Whale Alert’s tweets that those crypto movements were part of their “wallet optimization efforts.” Still, crypto enthusiasts continued to suggest reasons for those withdrawals and even wondered if the exchange had been hacked.

SHIB team launches Metaverse

As reported by U.Today, this week, the SHIB team, including its mysterious lead Shytoshi Kusama, announced that what initially seemed to be a never-ending project — SHIB Metaverse — was finally open for users for early access on Shibarium.

SHIB fans now can link their wallets, claim pieces of virtual lands, build a house and spend time in this virtual universe, travel around it, visit temples and beautiful nooks of nature, meet, relax and exchange ideas.

Shiba Inu's recent recovery attempt failed, and the price was unable to break above the crucial 100 EMA resistance level, resulting in a major setback. As a result of this significant drop in bullish momentum, traders and investors are beginning to doubt whether a long-term upward trend is possible. SHIB is currently trading at about $0.00002215, reversing its recent rally attempt.

As a powerful resistance, the 100 EMA, which is located at roughly $0.00002255, rejected the price and indicated that bearish sentiment would persist. The market lacks the conviction necessary to push SHIB higher, so the recovery attempt has essentially been terminated due to the inability to surpass this level. Chart by TradingView">

A further cause for concern is the apparent decline in trading volume, which indicates a decline in interest in the token. Lack of market participant support is frequently indicated by lower volume during a failed recovery, which makes it challenging for the price to maintain any bullish momentum. This implies that there is less speculative interest in SHIB — especially since there have not been any notable market catalysts.

In the future, Shiba Inu will find immediate support near the 200 EMA, which is roughly $0.00002055. A break of this barrier might cause the price to drop further, possibly reaching the psychological support zone of $0.0001900. For SHIB to regain bullish momentum and target the next resistance near $0.00002494, it must reclaim the 100 EMA at $0.00002255.

Notwithstanding the relative expansion of the overall market, Shiba Inu's poor performance underscores its difficulties in staying relevant to investors. SHIB is still under pressure for the time being, and its future depends on finding new investors and maintaining important support levels. To determine whether an asset is likely to revert, keep an eye on the volume and various momentum indicators that directly affect the trend strength of SHIB.

Bitcoin’s price actions took a turn for the better over the past few days, and the asset even came close to $100,000 yesterday evening as the crowd became highly bullish again.

However, it was stopped there and pushed south by a few grand amid reports of a growing number of investors realizing profits.What Needs to Change

The analytics company Santiment has frequently reasserted the importance of the overall crowd expectations for the underlying asset’s prices. But, what happens is usually the opposite of the general anticipation.

The developments in the past 48 hours have only solidified their theory. BTC’s price went from around $94,000 on Christmas Eve to just shy of $100,000 yesterday evening, but its rally was halted at that point, and the asset is back to $98,000 now.

Santiment indicated that “traders are now swinging bullish once again, with speculations of $110K getting rampant.” Although this might sound bullish for bitcoin at first, the company reaffirmed its belief that the cryptocurrency tends to oppose what the majority expects by saying, “Historically, we will see $100K Bitcoin only after the crowd doesn’t expect it.”

‍ Bitcoin has jumped to as high as $99.8K on a bullish Christmas crypto performance. Traders are now swinging bullish once again, with speculation of $110K getting rampant. Historically, we will see $110K Bitcoin only after the crowd doesn’t expect it, as this image shows. pic.twitter.com/j4w3VQ4Zio

— Santiment (@santimentfeed) December 26, 2024

Profit-Taking

During themarket-wide correctionthat took place in the past week or so, in which BTC’s price tumbled hard from over $108,000 to $92,000, investors started to dispose of large portions of their stash. Data shared by Ali Martinez shows that on December 23 alone, they had realized more than $7 billion in bitcoin profits.

On December 23, more than $7.17 billion in #Bitcoin $BTC profits were realized. pic.twitter.com/Eve4OSnXQ3

— Ali (@ali_charts) December 26, 2024

The technical analyst further outlined $97,300 as a crucial support level for BTC, given the large number of investors who had purchased roughly 1.5 million BTC there. He noted that 1.51 million wallets have spent nearly $150 billion to turn that level into support now. Usually, when new investors see their positions go into red, they tend to start panic selling, which is why it’s important for BTC to remain above $97,300.

The most significant support level for #Bitcoin is at $97,300, where 1.51 million wallets bought around 1.49 million $BTC. pic.twitter.com/hDnBnhwMZw

— Ali (@ali_charts) December 25, 2024

Canadian crypto firm Matador Technologies announced a major shift in its capital preservation strategy this week after its Board of Directors unanimously approved the addition of Bitcoin and USD-denominated assets to its corporate treasury.

The goal behind this decision is to mitigate risks associated with the company’s reliance on Canadian dollar-denominated assets, which marks a pivotal move toward diversifying its reserves.Matador Embraces Bitcoin

Citing concerns over Canada’s dependence on oil exports and rising national debt, Matador highlighted the potential devaluation and loss of purchasing power of the Canadian dollar as key motivators. As part of its strategy, the company will make an initial $4.5 million allocation to Bitcoin in December 2024. It will also consider further acquisitions through measured buying programs. The firm also plans to transition the majority of its cash reserves from CAD to USD.

Matador expressed its confidence in Bitcoin’s role as a long-term store of value, particularly as institutional interest in the cryptocurrency continues to rise across the world. The move also aligns with a growing trend among corporations seeking to hedge against currency debasement and explore alternatives to traditional financial assets like bonds.

The latest move is also expected to drive Matador’s digital gold platform, which will enable users to trade digital gold backed by reserves at the Royal Canadian Mint. The Board picked Bitcoin over alternatives due to its stability, security, and growing use by institutions, making it the strongest foundation for the project, the company said in a statement.

Following the development, Sunny Ray, President of Matador, commented,

“Matador’s Board and management believe in using Bitcoin to future-proof our treasury. This step also supports our mission to explore using Bitcoin as a platform for our gold-based products.”Bitcoin Adoption Boom

Firms likeMicroStrategy,Metaplanet, and more have ramped up their Bitcoin holdings, while others have newly joined the growing trend.

Newresearchrevealed that Bitcoin’s institutional adoption has grown significantly. As reported, BTC holdings rose to 31% of total supply. MicroStrategy leads with 440,000 BTC, worth over $46 billion. Meanwhile, ETFs have attracted large inflows, while the US, China, and El Salvador maintain substantial reserves. Combined, governments hold 2.45% of Bitcoin’s circulation, which is almost $49.36 billion.

Additionally, several US states, including Ohio, Pennsylvania, and Texas, are exploring Bitcoin reserves as a strategy to safeguard public funds and adapt to modern financial innovations.

Ethereum price started a decent increase above the $3,350 resistance. ETH is now recovering some losses and might gain pace if it clears the $3,550 resistance.

• Ethereum started a fresh increase above the $3,400 zone.
• The price is trading above $3,450 and the 100-hourly Simple Moving Average.
• There is a connecting bullish trend line forming with support at $3,455 on the hourly chart of ETH/USD (data feed via Kraken).
• The pair could start a decent increase if it clears the $3,525 and $3,550 resistance levels.

Ethereum Price Aims Higher

Ethereum price started a decent increase above the $3,320 level like Bitcoin. ETH was able to climb above the $3,400 and $3,420 resistance levels.

The price even cleared the $3,500 resistance level. However, the bears remained active below the $3,550 level. A high was formed at $3,535 and the price is now consolidating gains. It declined and traded below the 23.6% Fib retracement level of the upward move from the $3,225 swing low to the $3,534 high.

Ethereum price is now trading above $3,450 and the 100-hourly Simple Moving Average. There is also a connecting bullish trend line forming with support at $3,455 on the hourly chart of ETH/USD.

On the upside, the price seems to be facing hurdles near the $3,500 level. The first major resistance is near the $3,525 level.

The main resistance is now forming near $3,550. A clear move above the $3,550 resistance might send the price toward the $3,620 resistance. An upside break above the $3,620 resistance might call for more gains in the coming sessions. In the stated case, Ether could rise toward the $3,680 resistance zone or even $3,750.

Another Decline In ETH?

If Ethereum fails to clear the $3,550 resistance, it could continue to move down. Initial support on the downside is near the $3,455 level and the trend line. The first major support sits near the $3,375 zone or the 50% Fib retracement level of the upward move from the $3,225 swing low to the $3,534 high.

A clear move below the $3,375 support might push the price toward the $3,250 support. Any more losses might send the price toward the $3,220 support level in the near term. The next key support sits at $3,110.

Technical Indicators

Hourly MACD – The MACD for ETH/USD is losing momentum in the bullish zone.

Hourly RSI – The RSI for ETH/USD is now below the 50 zone.

Major Support Level – $3,425

Major Resistance Level – $3,550