Cryptocurrency

Reduced exchange reserves generally indicate longer-term holding sentiment, which is bullish as more investors are withdrawing their holdings from exchanges. The graph of exchange reserves shows a consistent decline since the beginning of 2022, suggesting that Bitcoin is being kept in private wallets more often than it is being made available for trading. A supply squeeze brought on by this ongoing decline in liquidity, especially during times of high demand, may cause prices to rise. Bitcoin’s last all-time high was $73,679, and since its reserves are still running low, there may be a chance for it to reach that level again. The Bitcoin price chart also shows levels of support and resistance as of right now. The recent surge of Bitcoin above $72,000 is noteworthy and suggests that, should the current momentum continue, the price may continue to rise toward its all-time high. The psychological threshold of $75,000 is the main obstacle to watch. Depending on the momentum if Bitcoin breaks through this barrier, the next targets could easily approach $80,000 or higher. In the event of a pullback, the $66,000 level serves as a strong cushion on the support side. Bulls would need to defend this level in order to keep the upward momentum going.Any increased buying pressure from institutions or individual investors could raise the price of Bitcoin in a market with limited supply, especially since reserves are reaching all-time lows. In conclusion, a supply squeeze is likely to occur due to Bitcoin’s declining exchange reserves and strong demand, which could force the cryptocurrency to test past highs and establish new ones. Investors will keep a close eye on how these factors affect Bitcoin’s trajectory as it gets closer to its historical highs.This article was originally published on U.Today More

Bybit, the world’s second-largest cryptocurrency exchange by trading volume, is excited to announce an exclusive forum dedicated to exploring the intersection of Islamic finance and cryptocurrency. This event will take place on November 18, 2024, at 6 PM Dubai at Bybit’s Dubai office.The educational forum will feature esteemed speakers, including Dr. Muhammad Yusuf Abu Jazr (Abu Ubaidah), PhD in Comparative Jurisprudence, former member of the Iftaa’ Council, and founding director of the Crypto Halal Office, Dr. Mohammad Mahdy, Founder and Chief Executive Officer at Exaado and more. These renowned experts will share their insights on the principles of Islamic finance and the potential of cryptocurrency to align with Shariah principles.Bybit’s launch of its Islamic Account represents a significant development in the intersection of cryptocurrency and Islamic finance, effectively bridging innovation with adherence to Sharia principles. This initiative not only caters to the growing demand for Sharia-compliant trading options among Muslim investors but also aligns with the broader trends in the digital future of Islamic finance.The forum aims to educate and engage the community about Bybit’s Shariah-compliant trading products, highlighting the platform’s commitment to providing inclusive and ethical financial solutions.Key Highlights of the Forum:To RSVP, users can visit: https://lu.ma/fci5yk52#Bybit / #TheCryptoArkAbout BybitBybit is the world’s second-largest cryptocurrency exchange by trading volume, serving over 50 million users. Established in 2018, Bybit provides a professional platform where crypto investors and traders can find an ultra-fast matching engine, 24/7 customer service, and multilingual community support. Bybit is a proud partner of Formula One’s reigning Constructors’ and Drivers’ champions: the Oracle (NYSE:ORCL) Red Bull Racing team.For more details about Bybit, users can visit Bybit Press. For media inquiries, users can contact: media@bybit.comFor more information, users can visit: https://www.bybit.comFor updates, users can follow: Bybit’s Communities and Social MediaContactHead of PRTony AuBybittony.au@bybit.comThis article was originally published on Chainwire More

NEW YORK (Reuters) – Former cryptocurrency executive Nishad Singh is set to be sentenced on Wednesday for his role in his imprisoned former boss Sam Bankman-Fried’s theft of about $8 billion in customer funds from the now-bankrupt FTX exchange.Singh, who has pleaded guilty to six felony counts of fraud and conspiracy, testified last year as a prosecution witness in the trial that led to Bankman-Fried’s conviction on fraud and other charges. Singh in a plea deal with prosecutors admitted to his role in what they have called one of the biggest financial frauds in U.S. history and for acting as a “straw donor” in some of Bankman-Fried’s millions of dollars in political donations. Bankman-Fried, 32, is serving a 25-year prison sentence at the Metropolitan Detention Center in Brooklyn stemming from the November 2022 collapse of the FTX exchange he founded. Singh, 29, is FTX’s former chief engineer. He is expected to receive a far lesser sentence from U.S. District Judge Lewis Kaplan during a hearing scheduled for 3 p.m. ET (1900 GMT) in federal court in Manhattan. Prosecutors urged leniency while Singh’s lawyers recommended that he serve no prison time. “Singh provided substantial assistance to the government in its investigation and prosecution of wrongdoers, and in its recovery of assets for victims,” the U.S. attorney’s office in Manhattan wrote in an Oct. 23 court filing. Kaplan last month sentenced Caroline Ellison, Bankman-Fried’s former girlfriend and an executive at FTX’s sister hedge fund Alameda Research, to two years in prison. The judge praised her cooperation, but said that such assistance could not be a “get out of jail free card” in a case as serious as this one. Singh’s lawyers wrote in an Oct. 16 court filing that he joined the conspiracy relatively late, after Bankman-Fried and Ellison had already decided to use billions of dollars of FTX customer funds to plug losses at Alameda. Bankman-Fried rode a boom in cryptocurrency prices during the COVID pandemic to a net worth by October 2021 of, according to Forbes magazine, $26 billion. He gained prominence as a prolific donor to philanthropic causes and Democratic politicians.His wealth evaporated when FTX collapsed amid a flurry of customer withdrawals. Singh testified during the trial that he confronted Bankman-Fried about a massive shortfall of customer funds during an hourlong conversation held in September 2022 on the balcony of a $35 million Bahamas penthouse they shared. Singh said Bankman-Fried assured him he would raise more funds and cut costs. Bankman-Fried is appealing his conviction and sentence, arguing that Kaplan wrongly excluded evidence showing he thought FTX had enough funds to cover customer withdrawals.Gary Wang, a third former FTX executive who cooperated with prosecutors, is scheduled to be sentenced on Nov. 20.  More

Xsolla, a global video game commerce company, announces plans to launch Xsolla ZK and introduce a digital backpack of virtual items on the blockchain. Xsolla ZK is powered by ZKsync technology and will drive the continuous growth and expansion of Web3 technologies to further develop solutions on the blockchain for the video game industry.Xsolla ZK will become part of the Elastic (NYSE:ESTC) Chain ecosystem- an expanding constellation of interconnected chains powered by Zksync, an Ethereum Layer 2 zero-knowledge roll-up technology. Xsolla ZK will also introduce its ‘digital backpack’ for game developers, item creators, and gaming infrastructure providers to store and manage in-game items. Xsolla has seen success in the gaming industry, with two decades of experience, over 2,500 games monetized with its products, and over 1,000 developers and publishers utilizing its technology for their games. Xsolla is a global video game commerce company with a robust and powerful set of tools and services designed specifically for the industry. Since its founding in 2005, Xsolla has helped thousands of game developers and publishers of all sizes fund, market, launch, and monetize their games globally and across multiple platforms. As an innovative leader in game commerce, Xsolla’s mission is to solve the inherent complexities of global distribution, marketing, and monetization to help their partners reach more geographies, generate more revenue, and create relationships with gamers worldwide. Headquartered and incorporated in Los Angeles, California, with offices in Montreal, London, Berlin, Beijing, Guangzhou, Seoul, Tokyo, Kuala Lumpur, Raleigh, and other cities around the world, Xsolla supports major gaming titles like Valve, Take-Two (NASDAQ:TTWO), KRAFTON, Nexters, NetEase (NASDAQ:NTES), Playstudios, Playrix, miHoYo, and more. About the Elastic ChainThe Elastic Chain is an ever-expanding cluster of ZK rollups, secured by cryptography and designed for native interoperability with a unified, seamless user experience. The Elastic Chain delivers the functionality of a multi-chain ecosystem with the simplicity of a single blockchain, enabling scalable, secure, and efficient transactions. These core components ensure that this cluster of ZK Chains can interact and transact with each other efficiently, inheriting the security of Ethereum and forming a network that can scale horizontally without compromising on the core properties that make blockchains so powerful.For more information about Xsolla ZK and how to get early access, users can visit: xsolla.pro/zkFor additional information and to learn more, users can visit xsolla.com.For additional information and to learn more, users can visit matter-labs.io.ContactGlobal Director of Public RelationsDerrick StembridgeXsollad.stembridge@xsolla.comThis article was originally published on Chainwire More

It is encouraging for SHIB that trading volume has increased, especially among whale-tier wallets. A resurgence of whale transactions usually indicates that major holders see potential in the asset’s current price level. Whale activity is frequently a key indicator of higher market sentiment. The continuation of these high-volume transactions may give SHIB the purchasing power required to sustain a bullish trend. Using the 50 EMA, SHIB is trying to maintain its position above important moving averages on the chart. If SHIB is able to sustain these levels, this positioning may indicate that it is preparing for a more robust upward push. The probability of a bullish reversal would increase with a sustained position above these averages, with possible upside targets close to recent resistance levels. But it is important to keep in mind that speculative trading and general market conditions continue to have a significant impact on SHIB’s price movement. Although the rise in whale activity provides a positive outlook for the time being, SHIB will require steady backing from both large and retail investors to ensure a steady upward trajectory.This price-RSI divergence is frequently interpreted as a warning indication that the current upward trend may be waning. It is susceptible to a possible pullback because the RSI divergence indicates that buying momentum might not be as strong as the price movement suggests. When traders and investors take profits and new buyers hesitate because of overextended conditions, price retracement becomes more likely. There are two crucial support levels that might be involved if SOL does decline. Around $161 is the first support level to keep an eye on. Recent consolidation zones where SOL gained traction prior to the most recent rally correspond with this level. Initial support may be provided by this level if selling pressure increases. The 200-day moving average, which has historically been a dependable floor for SOL’s price movements, is at about $144, the next important level below this. Although the strength of SOL’s bullish trend was demonstrated by its recent rally, the RSI divergence is a technical warning that momentum may be waning. A deeper correction may be indicated if the price is unable to stay above these support levels. To determine whether this divergence turns into a more substantial trend shift, traders should monitor RSI and volume dynamics in the days ahead.First of all, it is a crucial psychological level that inspires trust in institutional and retail investors. The rise of Bitcoin above $71,000, following months of consolidation, indicates a noticeable change in momentum that might spur additional gains. Additionally, the chart indicates that Bitcoin has clearly exited its prior downward trend channel, a technical indication that bulls are in firm control. Since Bitcoin has reached this significant milestone, there are a few price points to keep an eye on over the next few days and weeks. The $75,000 mark is a short-term target that presents immediate resistance and, if exceeded, could propel Bitcoin into previously unheard-of levels.After that, the all-time high of $69,000 might be tested soon, and if bullish momentum continues, Bitcoin has a good chance of reaching $80,000 and higher. Although it is still within reasonable bounds, the Relative Strength Index (RSI) is rising, suggesting that Bitcoin may have more room to run before reaching overbought conditions. This implies that there is no immediate risk of a significant decline in Bitcoin’s value, allowing it to continue growing.This article was originally published on U.Today More

This timeline is picking up speed thanks to the current trend of adding about 17,000 BTC per week to these ETFs. But market conditions could change this, either pushing it back or speeding it up.Right now, the combined holdings of Bitcoin ETF issuers are around 983,334 BTC, with BlackRock (NYSE:BLK) and Grayscale being the biggest contributors. BlackRock’s ETF accounts for 41.5% of the total ETF BTC holdings, while Grayscale contributes 25.9%. Right now, Satoshi Nakamoto is still at the top, with an estimated 1.1 million BTC, while Binance – the world’s largest crypto exchange – holds 667,526 BTC. Closing out the top three, BlackRock, a major player in the ETF race, is in the running, with around 408,237 BTC under its management.Some other entities, like MicroStrategy and even the U.S. government, may form a possible competition to Satoshi’s BTC holdings in the future. But it looks like ETFs are now closest to reaching this benchmark, thanks to growing interest and the chance to build up faster if the market mood becomes even more positive.This article was originally published on U.Today More

One of those is also Bitcoin which was marked with an upward arrow, which presumably means either the amount of BTC accumulated by the country or the value of the BTC holdings. Or it could be both.Elon Musk responded to that tweet, stating that those achievements were “super impressive.”Bitcoin soared to recover the $71,000 price level for the first time in many months. While El Salvador continues to accumulate BTC, other large entities, including governments are selling. Earlier today, the @lookonchain analytics account reported that the Royal Government of Bhutan deposited 292 BTC to the Binance exchange. That amount of Bitcoin is valued at roughly $66.16 million.Musk warned that this function is still at an early stage but “it is already quite accurate and will become extremely good.” He asked X users to send him feedback in the comments to say where Grok gets it right or whether it needs to be improved.Right away, an X user shared the results of Grok analyzing a blood test. He wrote: “Seems to be accurate with blood tests result example.” Musk responded: “Cool.”This article was originally published on U.Today More

He revealed that the MVRV (Market Value to Realized Value) Pricing Bands has signaled this potential rally and local top for Bitcoin. This metric highlights whether the BTC price is undervalued, overvalued or near a market top based on historical data. The MVRV ratio compares the market capitalization of Bitcoin to its realized capitalization, giving price thresholds in terms of potential tops or bottoms.Meanwhile, Bitcoin is currently trading at $71,194 after a price surge of 3.36% over the past one day. Notably, the price has soared 8.38% over the last 30 days, indicating sustained positive momentum during this time. The trading volume of Bitcoin has also jumped 103.3% in the last 24 hours. This indicates rising trading activity, which can ultimately sustain this bullish momentum.This article was originally published on U.Today More