The Bitcoin price suffered significant bearish pressure over the past week, dragging down alongside it a large portion of the general crypto market. The premier cryptocurrency tumbled as low as $59,500 at some point in the week — its lowest in nearly two months.

While investors will be hoping that the worst is over, it is difficult to determine whether BTC is ready to resume its bullish run. In any case, a prominent crypto intelligence firm has identified a price level critical to the future trajectory of the Bitcoin price.

$56,000 The Ultimate Support Level For Bitcoin: CryptoQuant

In a recent report, the blockchain analytics platform CryptoQuant put forward an interesting prognosis for the price of Bitcoin over the coming days. According to the firm, the $56,000 price level is an important level to the future performance of the premier cryptocurrency.

The relevant indicator here is Metcalfe price valuation bands, which pinpointed resistance levels and tops in the previous cycle. However, as shown in the chart below, these bands (the red line) acted as a critical support area in May.

For context, the Metcalfe Law states that the value of a network is proportional to the square of the number of its users. Basically, this law suggests that the value of the cryptocurrency (Bitcoin) is intrinsically linked to the size and activity of its network. 

The Metcalfe price valuation bands are derived from this principle, providing a valuation framework associated with the network effect. These bands create a range of price levels that evaluate where Bitcoin should theoretically trade based on the network fundamentals.

Historically, these bands have acted as both reliable resistance and support levels in different market cycles. In recent months, the $56,000 level has been a pivot point for the indicator, providing a strong support for the Bitcoin price in May.

According to CryptoQuant’s report, the price level might prove to be vital should the premier cryptocurrency face additional downward pressure. However, if the Bitcoin price dips below this level, the market leader could experience a major correction.

Bitcoin Price At A Glance

As of this writing, the Bitcoin price has returned to around the $60,700 mark, reflecting a 2% decline in the last 24 hours. The coin’s performance on the weekly timeframe is deeper in the red.

According to data from CoinGecko, BTC is down by more than 6% in the past week. Nevertheless, the cryptocurrency ranks as the largest asset in the sector, with a market capitalization of over $1.18 trillion.

1. Harnessing the Power of Referral Programs

Let’s kick things off with a strategy that leverages your network: referral programs. Cryptocurrency exchanges and platforms often offer lucrative rewards for bringing new users on board.

• KuCoin Affiliate Program: Earn up to 60% of trading fees from referrals.
• Trezor Affiliate Program: Earn up to 15% in commission for each referral.
• Koinly Affiliate Program: Earn up to 40% in commission for each referral.

   

2. Searching for Crypto: The Presearch Revolution

Enter Presearch, a decentralized search engine that rewards users with its native token, PST.

• Earn 0.25 PST per search
• Daily cap of 8 PST
• At the time of writing, 1 PST is valued at $0.02

   

3. Putting Pen to Paper (or Fingers to Keyboard)

If you’ve got a way with words, platforms like Publish0x offer an intriguing opportunity.

• Write blog posts on various topics
• Earn crypto tips from readers
• Even readers can earn a slice of the advertising revenue

   

4. Shop ‘Til You Drop (and Earn Crypto)

Turn your retail therapy into a crypto-earning opportunity with platforms like:

• Lolli: Earn up to 30% back in cash or Bitcoin at over 1,000 stores
• StormX: Provides Crypto Cashback ranging from 0.5% to 87.5% at various online retailers

   

5. Learn and Earn: Education Pays Off

Platforms offering “Learn and Earn” programs:

• Coinbase: Earn up to $200 worth of free crypto
• Binance
• Phemex
• CoinMarketCap

   

6. Engage with Crypto Communities

• Forecaster: Create content and interact with others, earning crypto tips and rewards
• BountyCaster: Post and redeem bounties for completing specific tasks or achievements

   

7. Sign-Up Bonuses: Free Crypto for Joining

• CoinSmart: Get 15 CAD worth of Bitcoin for signing up and verifying your account
• Crypto.com: $25 bonus when you stake at least $400 worth of CRO

   

8. Crypto Betting Bonuses

In the realm of cryptocurrency, even online betting platforms are getting in on the action. “Crypto betting bonuses explained” is a term you might come across when exploring this niche. These bonuses are incentives offered by crypto-friendly betting sites to attract new users or retain existing ones.

Types of Crypto Betting Bonuses

1. Welcome Bonuses: Often a match of your first deposit in cryptocurrency.
2. No Deposit Bonuses: Free crypto to bet with, no deposit required.
3. Reload Bonuses: Rewards for subsequent deposits.
4. Cashback: A percentage of losses returned as crypto.

    

When diving into crypto betting bonuses explained, it’s important to note that these offers often come with terms and conditions, such as wagering requirements or time limits. Always read the fine print and gamble responsibly.

Important Considerations

• Bonuses should not be the sole reason for engaging in online betting.
• Prioritize responsible gambling practices.
• Be aware of the risks involved in both cryptocurrency and online betting.
• Terms and conditions may vary significantly between platforms.

   

Remember, while crypto betting bonuses can seem attractive, they are ultimately marketing tools designed to encourage betting. Always approach such offers with caution and a clear understanding of the associated risks and requirements.

By Suzanne McGee
(Reuters) – Digital assets investment management firm 21Shares filed Friday for permission from U.S. regulators to launch an exchange-traded fund tied to the spot price of crypto token Solana.

It was the second such filing in as many days, following a similar move Thursday by VanEck. The Securities & Exchange Commission approved spot bitcoin ETFs offered by both firms, among others, in January after a long battle. Both VanEck and 21Shares are among the asset managers awaiting SEC approval to launch spot ETFs tied to the price of ethereum, the second-largest cryptocurrency.

A third asset manager, Canada’s 3iQ, filed earlier in June for permission from Ontario regulators to list a similar Solana-based product on the Toronto Stock Exchange. Solana is the fifth-largest cryptocurrency measured by market capitalization, according to CoinGecko.

The three filings have combined to drive the price of Solana 9.4% higher in the last seven days, even as the prices of bitcoin and ether dropped 4.6% and 2.8% respectively, according to CoinGecko.

So far, however, no futures contracts on Solana trade on the CME, in contrast to the pattern with both bitcoin and ether. The SEC approved futures-based ETFs tied to both tokens before considering the spot products.

The existence of futures contracts, however, “should not be the sole criterion for ETF eligibility,” said Andrew Jacobson, head of legal at 21Shares.

(Reporting by Suzanne McGee; Editing by Cynthia Osterman)

Disclaimer: This report is auto generated from the Reuters news service. ThePrint holds no responsibilty for its content.