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- Crypto Saving Expert Newsletter - Issue 122
Crypto Saving Expert Newsletter - Issue 122
Good afternoon! Bitcoin has been toying with the idea of breaking through $100,000, currently the price has fallen towards a key zone that may dictate the next direction! Let's dive in for a closer look at what is going on behind the scenes with bitcoin and the overall Web3 market. 👇
This week's issue will feature technical analysis of bitcoin, XLM, XRP, and AVAX as well as important dates and key news stories.
Table of Contents
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The Ultimate Test For Bitcoin
Bitcoin is continuing to consolidate below $100,000, with the promise of a six-figure expansive phase awaiting. However, Saylor’s latest bitcoin buying splurge could not help the price reach the milestone.
Bitcoin Outlook
Bitcoin put in a local high at $99,595, right below the historic and psychological level of $100,000.
Since then, the price has fallen towards a key zone, previous S/R. From here, a bounce would make logical sense.
However, a deeper drop, perhaps forming a long lower wick on a 1H or 4H candle, could not be ruled out to grab some liquidity from lower.
If bitcoin forms a bottom on this dip, a move back towards targeting $100,000 could begin.
Stonksy - XRP
Stonksy called for a long on the 2H XRP chart earlier this month. The phase of green background remains open, providing a 143% gain thus far.
This move also reached a peak of 191%.
Stonksy also called the move up on several other time frames in sections, such as the 1H, 30m, and 15m charts, and provided great scalps in the lower time frames.
Stonksy - XLM
The above chart is the 30m XLM and demonstrates how Stonksy indicated a huge move occurring again.
Stonksy flipped into the green background late last week and caught the big run-up on XLM, with the price reaching its highest level in over three years.
Stonksy then ended the green background and went red, catching the current dip in the price.
Stonksy - AVAX
Another example of Stonksy’s superb recent performance is the 1H AVAX chart.
This flipped green last week, right before AVAX had its big move to the upside, capturing all of the move.
Like XLM, Stonksy then turned red and is currently catching the dip today.
Fear & Greed Index
The Fear and Greed Index remains within the Extreme Greed segment, scoring 76.
The Index has fallen, after reaching the 90s last week. However, it demonstrates that investors are still positive and very optimistic about where bitcoin is at.
Important Dates
Tuesday 26 November, 19:00 UTC - FOMC Minutes
The minutes from the Fed’s FOMC meeting in June will be released. This will provide a deeper insight into what was discussed in the meeting alongside the tone of the comments.
The market will use the minutes as a marker leading up to the next FOMC meeting.
Wednesday 27 November, 13:30 UTC - Gross Domestic Product (GDP)
The GDP demonstrates the monetary value of all US goods, services, and structures. The GDP is a critical measurement of the economy's strength as it demonstrates economic growth or slowdown.
The GDP is forecasted at 2.8%, with the previous data at 2.8%.
Wednesday 27 November, 13:30UTC - Core Personal Consumption Expenditures (PCE)
The US Bureau of Economic Analysis releases the core PCE data, which measures the average amount of money consumers spend monthly in the economy.
PCE is released in two formats: month-over-month and year-on-year. The data also removes volatile products, such as energy and food.
The year-on-year data is forecast to come in at 2.8%, with the previous data at 2.7%.
Gainers
Losers
Solana Hits Record High Two Years After FTX Collapse
Solana (SOL) hits a record $264.31, marking a strong recovery two years after the FTX collapse. Explore critical drivers like ETF filings, DeFi growth, and memecoin speculation fueling its rise.
On 22 November, Solana (SOL) surged to a new all-time high of $264.31, two years after the collapse of the FTX exchange sent its price plummeting to under $10. SOL gained 11% in the past 24 hours, cementing its position as one of 2024’s best-performing altcoins with a year-to-date increase of 160%.
Solana’s Road to Recovery and Growth
Solana’s remarkable recovery from its December 2022 low highlights its resilience. Recent ETF filings from Bitwise, VanEck, 21Shares, and Canary Capital have driven momentum, sparking predictions of a potential rally to $400 after breaking past its previous $260 all-time high.
Key Factors Driving Solana’s Surge
1. Memecoin Speculation: Solana’s network has seen increased activity due to its low-cost and easy-to-mint features, fueling the current memecoin boom.
2. DeFi Expansion: According to DefiLlama, the total value locked (TVL) in Solana’s DeFi ecosystem grew over 500% in 2024, reaching $8.8bn.
Notably, Solana dApps have been some of the highest fee-generating, TVL-acquiring blockchain applications this last year. Raydium, the Solana-based DEX, has regularly generated over $4bn in 24-hour volume over the past week, challenging the number one DEX, Uniswap, for its mantle. Jupiter, the Solana aggregator, has also​​ regularly generated over $4bn in daily volume, cementing it at the top of the aggregator ranks. This high traffic to Solana-based applications has further cemented the chain as the number one competitor to Ethereum.
Altcoin Rally Fueled by Regulatory Optimism
The broader cryptocurrency market has been ignited by optimism over pro-crypto regulatory developments under President-elect Donald Trump. News of SEC Chair Gary Gensler’s resignation in January has also bolstered market confidence, reducing concerns over harsh regulatory crackdowns.
On 22 November, the total crypto market capitalisation hit a record $3.42 trillion, with altcoins seeing significant gains. XRP surged 27% to $1.40, while Cardano (ADA) and Avalanche (AVAX) both recorded double-digit increases.
What’s Next for Solana?
As Solana continues to thrive, analysts anticipate further growth, particularly with rising interest in ETFs and its expanding DeFi ecosystem. With SOL’s strong momentum and increasing adoption, it’s well-positioned to capitalise on the broader market optimism.
$716 Million Bitcoin Lost in Landfill: James Howells’ Saga Takes a New Twist
James Howells' $716m Bitcoin fortune lost in a landfill sparks new revelations. Discover how custody missteps, legal battles, and environmental challenges shaped this cautionary crypto tale.
James Howells, the IT engineer who lost 8,000 Bitcoin in a Welsh landfill nearly a decade ago, faces new challenges as his former partner reveals her role in the saga.
The hard drive, now worth $716m, roughly ÂŁ569m, was discarded at Howells' request, sparking legal and environmental battles.
In 2013, Howells accidentally discarded the hard drive while clearing out old computer parts. bitcoin's low value at the time masked the drive’s potential fortune.
Revealing the Role of Howells’ Former Partner
Halfina Eddy-Evans, Howells' ex-partner, revealed in an interview that she disposed of the drive after being "begged" to remove unwanted belongings. “Losing it was not my fault,” Eddy-Evans emphasised, pointing to a lack of foresight in managing digital assets.
'The computer part had been disposed of in a black sack along with other unwanted belongings, and he begged me to take it away, saying, "There's a bag of rubbish here to be taken to the tip".
Howells has repeatedly appealed to Newport City Council for permission to excavate the landfill, but his requests have been denied, citing environmental risks and logistical challenges.
Undeterred, he proposed a privately funded plan of $11m and pledged 10% of the recovered funds to the council.
After continued refusals, Howells sued the council for ÂŁ495m, roughly $647m, accusing it of obstructing his efforts to reclaim the fortune.
How He Mined the Coins
James Howells mined 8,000 bitcoin during a 10-week experiment with the emerging cryptocurrency trend.
At the time, he had no idea of their potential value. His mining journey came to an abrupt halt due to his partner's noise complaints. The constant whirring of his laptop’s fan disrupted her sleep as he kept the device in their bedroom.
Not long after, James accidentally spilt a glass of lemonade on his laptop. The damage was done despite his efforts to clean it, and the computer never worked properly again. He decided to sell the components for parts but kept the hard drive, transferring personal files like photos and music to an Apple computer. Unfortunately, the small file containing the passcode to his Bitcoin couldn’t be transferred due to compatibility issues with Apple’s operating system.
Without realising the significance of the hard drive, James tossed it into a household junk drawer and forgot about it. Over the next three years, he shifted his focus to work and family life, raising two young sons with Hafina.
Lessons in Cryptocurrency Custody
Howells’ story highlights the risks of poor self-custody practices for cryptocurrency holders. To mitigate such risks:
- Use hardware wallets: Store private keys offline for added security.
- Backup recovery phrases: Keep multiple copies in secure locations like safe deposit boxes or encrypted digital storage.
- Plan carefully: Avoid unintended losses by ensuring intentional custody measures for digital assets.
This cautionary tale underscores that while cryptocurrency offers significant financial opportunities, secure asset management is paramount.
Savvy Trader Turns $460 into $1m on Scam Memecoin in Three Hours
Discover how a trader turned $460 into $1m in 3 hours with Gen Z Quant (QUANT), a memecoin tied to a rug pull. Learn about massive profits, scam token creators, and the risks of trading memecoins.
A savvy trader achieved a staggering 2,100x return, turning a $460 investment into nearly $1m in just three hours, even though the token was part of a rug pull—a scam in which developers abandon the project and take investors' funds.
How a Trader Profited from Gen Z Quant (QUANT) Memecoin
According to the on-chain analytics firm Lookonchain, the trader purchased 18.89m Gen Z Quant (QUANT) tokens using 2 Solana (SOL), worth about $460.
The trader quickly sold 3.71m QUANT tokens for 116 SOL ($27,000), retaining 15.18m QUANT tokens valued at $962,000.
“This guy made $988K with only 2 $SOL($462) in just 3 hours, a 2,141x return!” Lookonchain stated in a 20 November post.
The Rise and Fall of QUANT Memecoin
Launched on Solana’s memecoin platform Pump.fun, QUANT initially gained traction among speculative traders but was soon exposed as a rug pull. Despite the fraudulent nature of the token, its volatility and rapid price movements lured traders seeking quick profits.
This trader’s story is reminiscent of the May 2023 Pepe (PEPE) memecoin boom, where another trader turned $3,000 into $46m during a rally.
Live-Streamed Rug Pull: The Creator’s Role
The creator of QUANT, operating under the wallet “Fi2h,” live-streamed the rug pull, selling all his tokens for 128 SOL ($30,000). Lookonchain revealed that the same individual went on to create two more scam tokens, "Lucy" and "Sorry," profiting an additional 103 SOL ($24,000).
“A kid created a coin $Quant while live-streaming and sold all of it for 128 $SOL($30K), making a profit of $29.6K! The 51M $Quant he sold is now worth $4M!” reported Lookonchain.
Community Reactions and Market Recovery
Surprisingly, the QUANT token community rallied after the rug pull, pushing its market capitalisation to over $1m, according to GeckoTerminal data. As of 10:18 am UTC, QUANT traded at $0.0005, with a market cap of $571,000.
Lessons for Memecoin Traders
This case underscores the high-risk nature of memecoin trading. While some traders achieve massive profits, scams like rug pulls remain a persistent threat. Traders are advised to approach speculative investments with caution and conduct thorough due diligence.
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