Cryptocurrency

A rebound in the world’s biggest cryptocurrency ran dry this week as traders priced in a slower pace of interest rate cuts by the Fed in the coming months. Pressure from a firmer dollar also weighed on broader crypto markets, while risk appetite soured. Bitcoin fell 0.1% to $62,466.2 by 01:50 ET (05:50 GMT). Focus was now squarely on the minutes of the Fed’s September meeting, due later on Wednesday, for more cues on interest rates. The central bank cut rates by 50 basis points in September and announced the start of an easing cycle. Strong payrolls data released last week raised questions over just how much impetus the Fed has to keep cutting rates sharply. Traders were seen pricing in an 84.1% chance the Fed will cut rates by 25 bps in November, and a 15.9% chance rates will remain unchanged, CME Fedwatch showed.Consumer price index inflation data due on Thursday is also in focus, given that the Fed signaled its pace of future cuts will depend on inflation and the labor market. Lower rates bode well for speculative assets such as crypto. But a slower pace of rate cuts could keep traders wary of crypto in the near-term, while a higher U.S. terminal rate also bodes poorly for the sector.Crypto largely ducked an overnight rebound in U.S. stocks. Despite recent volatility, Bitcoin remained largely stuck in a $50,000 to $65,000 trading range seen since June. Traders are seeking more clear catalysts for pushing up crypto prices, including the launch of options offerings on BlackRock’s spot Bitcoin ETF. Bitcoin largely lagged a rally in stock markets after the Fed’s September rate cut, and was hit hard by increased risk aversion last week, as markets feared a potential escalation in the Israel-Hamas war. But one point of support for crypto prices has been the prospect of a Donald Trump victory in the 2024 presidential elections. Crypto betting platform Polymarket showed Trump leading Vice President Kamala Harris by 53.4% to 45.9%. Trump has maintained a pro-crypto stance in recent campaigning. Broader cryptocurrency prices drifted higher, but remained mostly rangebound. World no.2 crypto Ether rose 0.9% to $2,450.46.SOL, XRP, ADA and MATIC rose marginally, while among meme tokens, DOGE added 1.2%.  More

A classic illustration of how volatile Bitcoin can be, particularly when liquidity thins out, is this price knife on the chart. The price action that took place up until $65,000 looked encouraging, but the subsequent reversal shows that BTC is having difficulty keeping up its upward momentum. There was not enough follow-through to maintain the gains despite the initial excitement surrounding the sharp move, which begs the question of whether BTC will be able to reach this level of growth again soon. As of right now, Bitcoin is trading at roughly $62,000, with resistance at $65,000. Stronger volume and buying pressure — something that was absent during the most recent spike — are required if Bitcoin is to stage another run at $65,000. Due to the erratic price action, traders and investors should exercise caution as there is no obvious indication that BTC will rise further in the absence of strong support. Furthermore, neutral conditions are suggested by technical indicators like the relative strength index, which indicates that while the market is not overheated, there is also not strong momentum to drive Bitcoin higher in the near future. If the crucial support level of $60,000 is not maintained, Bitcoin may revert to earlier values.Broadening wedge patterns typically result in either a breakout or a breakdown, and Solana is currently at a pivotal point where its next move will determine its course. According to Solana’s chart the price is currently trading just above important support levels between $140 and $145. If SOL can gain sufficient momentum, the broadening wedge pattern indicates that a reversal may be possible. As a ceiling in recent weeks, the $150-$155 resistance zone needs to be broken for the asset to confirm a bullish reversal, according to Solana. The next target, which is in line with earlier highs from September, would be at or near $160 if Solana is able to break through this level with significant volume. To keep up its current upward momentum, Solana needs to hold support at about $140 on the downside. A breach of this barrier might render the broadening wedge pattern invalid, which might cause a decline toward $135 or even lower. Another crucial technical level to keep an eye on is the 50-day EMA, which is located around $145. If the price stays above this moving average, it will support a potential reversal even more.Dogecoin encountered resistance at the 100-day moving average (EMA) after attempting to break above $0.12. Since then, the price has begun to decline. If this level is not broken, it indicates that bulls are no longer in control of the market and that the momentum is now with the bears. This rejection is important because it represented the critical turning point where DOGE had the opportunity to break its prior downward trend. Now that the 100-day EMA has been rejected, Dogecoin is vulnerable to more drops. The psychological barrier at $0.10, which has served as support in previous trading sessions, is the next level of support to keep an eye on. The next significant support is located around $0.09, and if DOGE breaks below this level, the downtrend may quicken. If DOGE wants to have any chance of a reversal, it must recover the $0.12 level. Dogecoin’s short-term downward momentum may continue unless there is an abrupt surge in buying pressure based on the current price action. The asset appears ready for more losses, and traders should keep an eye on the important support levels up ahead in light of the unsuccessful breakout attempt at the 100-day EMA.This article was originally published on U.Today More

This time, the business man, using artificial intelligence, projected himself into a gladiatorial arena in a suit of armor with the Bitcoin logo and captioned it with the message “Step into the Arena.” One may translate it as Saylor’s invitation to the general public to join Bitcoin in the fight against inflation and for financial freedom.Interestingly, all of this is happening while MicroStrategy’s (MSTR) stock is tearing up the price chart on its way to a new all-time high. Trading at $194.63 per share, MSTR has managed to break out of the multi-month consolidation that began in March of this year. MicroStrategy stock is up 13.91% since the beginning of October. If, or rather when, it is breached, the next target for MicroStrategy will be the old all-time high of $333, set almost 24 years ago in March 2020.The success for MSTR is well known and quite simple, as 252,220 BTC are comfortably sitting in the company’s Reserves, and with an average price of about $39,300, it has already made a profit of 59.7%, or about $5.93 billion. This article was originally published on U.Today More

Over the past few days, the attention and mental efforts of most crypto market participants have been focused on determining who will be nominated for the role of Satoshi in the movie, while creating meme coins and betting on the outcome on the Polymarket. However, despite all the speculation and discussion, which is largely absurd and frivolous in nature, revealing who created Bitcoin may actually have a greater impact on the market. After all, according to an old story circulating among crypto market participants, Satoshi Nakamoto’s wallets may hold more than one million BTC, which is 4.76% of the total possible supply of the main cryptocurrency and is currently valued at more than $62.3 billion. No doubt this will have a resounding effect on Bitcoin itself and the entire crypto market. In many ways, however, expectations for solving the mystery of Satoshi Nakamoto are now rather low.This article was originally published on U.Today More

This article was originally published on U.Today More

According to Bitcoin historian Pete Rizzo, on this day 14 years ago, Bitcoin was traded at one cent, a price that seems almost unimaginable today. This milestone marks a significant moment in the history of digital currencies, highlighting the impressive journey Bitcoin has taken from its early days.This milestone marked one of the first times Bitcoin reached a price that began to reflect its growing value. At the time, few could have predicted the meteoric rise BTC would eventually experience, transforming from an obscure digital currency.Created by the mysterious, pseudonymous figure Satoshi Nakamoto, Bitcoin was initially traded on private forums between early adopters, miners and enthusiasts. At that time, Bitcoin was still a niche project, known only to a small group of enthusiasts and early adopters.In the years since the historic one-cent milestone, Bitcoin’s price has skyrocketed, reaching an all-time high of about $74,000 in mid-March this year.Moving forward, cryptocurrency traders are looking to Federal Reserve meetings later this week for clues on further positioning. The fed is scheduled to disclose FOMC minutes as well as crucial economic data from August that show growth.Whale or large holder behavior on the market is also being monitored. According to CryptoQuant CEO Ki Young Ju, Bitcoin whales seem to be experiencing a generational shift. New whales have invested $108 billion, while older whales have invested $113 billion since Bitcoin’s inception. “The ratio is now 48:51,” Ju stated.This article was originally published on U.Today More

“In July we migrated Mythical Market to Polkadot, and now we are migrating both the Blankos collection to Mythical Market as well as D-Market to Polkadot. This is currently in excess of 5M wallets being migrated to Polkadot,” Mythical Games’ CFO Kasper Joergensen told Investing.com.Mythical Games, the creator of popular titles like NFL Rivals, has migrated to the Polkadot ecosystem as a parachain. This approach taps Polkadot’s EVM module to ensure address compatibility with the EVM and allows developers to use the WebAssembly-based Substrate framework.Kasper added that DMarket is consistently the largest NFT collection worldwide, with daily sales in excess of $600,000 and around 25,000 transactions of gamers buying and selling in-game assets. Mythical Market mainly handles transactions related to NFL Rivals, but soon will see other collections there as well, such as Blankos, Nitro Nation and much more to come.In addition to supporting this game, Mythos is expanding its capabilities by migrating its Mythical Market and NFT collections, such as Blankos and DMarket, to Polkadot.According to John Linden, CEO of Mythical Games, the integration of Mythical Market into Polkadot is part of a strategy to enhance secondary trading of gaming assets. The platform’s decentralized approach ensures all transactions on the Mythos Chain are transparent and secure. This approach makes it a major player in the gaming blockchain space, just behind major layer 1 chains like Ethereum, Bitcoin, Solana, and Polygon.Led by gaming industry veterans, Mythical Games builds games around player-owned economies and has been involved in developing major franchises like Call of Duty, World of Warcraft, Marvel Strike Force, and Skylanders.The Mythical Platform provides both custodial and non-custodial gaming wallets for digital items. This setup protects gamers who are new to blockchain while allowing advanced players to link their own wallets through bridges between the Mythical Chain and public mainnets. More

This move was unusual for a Wall Street business at a time when the global economy was close to collapsing. Under Michael Saylor’s leadership, MicroStrategy started buying Bitcoin and remained consistent.Before its Bitcoin adoption in 2020, the company’s share price traded well below the $20 mark. However, with the firm’s resolute embrace of crypto, investors have continued liking MSTR, injecting liquidity along the way.Within the space of four years, MicroStrategy stock has outperformed the majority of its Wall Street counterparts. Shares have surged by more than 446% in the trailing 12-month period. Since August 2020, MSTR has skyrocketed by over 1,166.7%.While its Bitcoin adoption has helped it surpass this historic milestone, MicroStrategy stock is still below its March 10, 2000, all-time high (ATH) of $313.With its last purchase, the company sold 7,420 BTC for approximately $458.2 million at about $61,750 per Bitcoin. For that purchase on Sept. 20, MicroStrategy said it has achieved a BTC yield of 5.1% QTD and 17.8% YTD. The company now HODLs 252,220 BTC, acquired for approximately $9.9 billion at about $39,266 per Bitcoin. With Bitcoin’s current price coming in at $62,430.35, this total holding is worth $15.7 billion. With a $5.8 billion gross profit raked in, investors might be more confident about betting on MSTR because of its promising future outlook.This article was originally published on U.Today More