Cryptocurrency

The token recouped some of last week’s losses, but still remained largely within a trading range established through most of this year, as retail interest in crypto dwindled and hype over the launch of spot-Bitcoin exchange-traded funds died down. Uncertainty over crypto’s regulatory outlook also weighed, as Democratic presidential candidate Kamala Harris was seen gaining an edge over Republican nominee Donald Trump after a heated presidential debate. Bitcoin fell 0.5% to $57,891.5 by 01:22 ET (05:22 GMT). The world’s biggest cryptocurrency was trading up 6.9% this week, with a bulk of these gains coming from bargain buying after Bitcoin logged steep losses last week. The token remained squarely within a $50,000 to $60,000 trading range established through most of the year, as it continued to struggle for direction after making new record highs in March. The token was seen decoupling further from gold, CryptoQuant data showed this week, with the yellow metal hitting a record high on Friday amid increased safe haven demand and bets on lower interest rates. Bitcoin, on the other hand, has largely lagged even other conventional risk-driven markets, taking little support from the prospect of interest rate cuts by the Federal Reserve. Pro-crypto presidential candidate Trump was seen losing ground against Harris this week after she was seen taking the victory in a heated presidential debate.Trump, on his Truth.Social platform, said that he will not partake in any more debates with Harris, while engaging in personal attacks on his political rivals and also claiming he had won this week’s debate.Trump losing ground offered some negative signals to crypto markets, given he has maintained a largely pro-crypto stance in his campaigning efforts. Harris, on the other hand, is expected to continue the Biden administration’s scrutiny towards the sector. Broader cryptocurrency prices were a mixed bag, although they mostly tracked mild losses in Bitcoin.World no.2 crypto Ether fell 0.3% to $2,350.61. MATIC, ADA and SOL moved in a flat-to-low range, while XRP added 6%.Among memecoins, DOGE rose 0.7%.Focus was squarely on an upcoming Federal Reserve meeting next week, where the central bank is widely expected to begin a rate cut cycle. But markets are split over a 25 or 50 basis point reduction next week. More

The cryptocurrency may gain bullish momentum if Bitcoin is able to break above this barrier, which might indicate the beginning of a new upward trend. This upcoming test is crucial for traders and investors alike because the 200 EMA has historically been a significant point of resistance and support.BTC may retrace back to earlier price levels, which would support the current downward trend if it is unable to break through. On the other hand, if Bitcoin breaks above the 200 EMA, it would indicate that the market is strong and that interest in the asset may increase. Watch out for the following critical price levels: the psychological barrier and the previous resistance level, approximately $60,000.The next important level where Bitcoin recently found support is $58,300. In conclusion, if Bitcoin is unable to breach the 200 EMA and reverse lower, traders should watch $54,500 as a lower support level. This level has the potential to become critical. The 200 EMA will be a crucial level for both bulls and bears during this impending test, which may pave the way for Bitcoin’s next major move. Keep a careful eye on these levels as the next few days’ price action will probably dictate whether Bitcoin keeps rising or experiences more selling pressure.The fact that the price moved above the 26 EMA is noteworthy because it shows that DOGE is finally gaining momentum and emerging from a consolidation phase. This technical development may portend additional bullish movement soon. But before Dogecoin confirms a wider trend reversal, it is crucial to keep in mind that it still has significant resistance levels to overcome.The next major resistance zone is currently located around the $0.11 mark, close to the 50 EMA. The rally may get stronger if DOGE is able to cross this level, with a potential target of the 200 and 100 EMAs, which are located at $0.12 and $0.14, respectively. If Dogecoin is to establish a long-term uptrend, it is imperative that it overcome these longer-term moving averages. The recent lows have held near the $0. 09 level, which serves as critical support on the downside. In the event that this support level is broken, the bullish momentum may be invalidated and additional downside risks may be indicated. Although Dogecoin still has work to do, the move above the 26 EMA is generally a positive indication. To verify a more extensive reversal, bulls must continue to apply pressure and move DOGE above the upcoming resistance zones.Solana’s ability to continue rising or encounter a collapse will be largely dependent on price action in the upcoming days. Solana may attempt a test of higher resistance levels in the $140-$150 range if it is able to break above the 26 EMA and start another bullish push. A longer-term rally that targets the 50 EMA at $147 and the 100 EMA, which is located slightly below $160, could be triggered by a persistent move above this zone. This would signify a robust comeback and encourage more optimistic thinking in the market. There is a chance, though, that Solana will falter at the 26 EMA and collapse in its place.Sellers could force a retracement toward SOL’s recent support at $125–$130 if they are able to reject the price at this point. If these levels are not held, there may be a greater decline, with $115 serving as the next major support. Additionally, the relative strength index, or RSI, displays a neutral zone, indicating that there is still room for either scenario to occur and that the market is not yet overbought or oversold. The volume has stayed relatively low, so the next move will probably be determined by a large increase in either buying or selling pressure.This article was originally published on U.Today More

This article was originally published on U.Today More

As of now, however, the price of the major cryptocurrency is $57,500, which is five figures, with its all-time high being almost 28% higher at around $74,000 per BTC.At this price, Bitcoin has a total market capitalization of $1.14 trillion. Such a figure ranks Bitcoin as the eighth largest company in the world – higher than Warren Buffet’s Berkshire Hathaway (NYSE:BRKa) – ironically, as the Wall St. trading legend is a well-known cryptocurrency skeptic.If Bitcoin ever reaches $100,000, which is still a five-figure valuation, its market capitalization will be close to $2 trillion, which is more than Amazon (NASDAQ:AMZN), the fourth largest company in the world. However, if it manages to hit the first seven-figure mark of $1,000,000 per BTC, then the cryptocurrency will have six times more market cap than Apple (NASDAQ:AAPL), and that is just with the current supply of 19,753,159 BTC in circulation. What’s more, it will surpass gold, even though the precious metal is currently the world’s most valuable asset. The question remains: is this a realistic goal for the largest cryptocurrency? For Samson Mow, it is a no-brainer; for someone like Peter Schiff, it is a mass delusion. Only time will tell who is right.This article was originally published on U.Today More

Here’s a recap of the top stories that made headlines in this week’s digest.Blockchain company Hyperbridge has bagged $2.5 million in seed funding from the Web3 Foundation and Scytale Digital to ramp up its use of Polkadot’s architecture for decentralized applications and scalability. The company also won a parachain slot on Polkadot, raising an additional $2.7 million through a crowd loan, which became the network’s most successful campaign of its type. Hyperbridge develops cross-chain interoperability through a hub model, incorporating zero-knowledge technology for secure cross-chain messaging and storage.The Tie, a market data and digital assets analytics provider, has launched a Polkadot Ecosystem Dashboard for institutional clients. The new dashboard provides a suite of analytics on Polkadot-based assets, allowing users to monitor network performance and explore projects within the ecosystem. The platform helps investors and traders make informed decisions by providing a holistic view of the Polkadot network’s dynamics.Blockchain analytics platform Dune has expanded its data coverage to include over 50 parachains in the Polkadot ecosystem. The integration offers real-time insights into all onchain activities, enabling users to analyze transactions, decentralized finance (DeFi) activity, gaming developments, and NFTs. Dune’s expanded coverage includes major parachains such as Moonbeam, Acala, Phala, and Mythos.Crypto hardware startup Kampela has become the first company to secure full funding through a Decentralized Autonomous Organization (DAO) on the Polkadot network. The funding supports Kampela’s hardware wallet, which uses NFC technology and does not require wired charging or a battery. Web3 education app EasyA has surpassed one million downloads on iOS and Android, with over 100,000 developers learning about Polkadot through the platform. Founded in 2020 by Phil and Dom Kwok, EasyA has quickly become a key resource for both new and experienced developers, helping to drive increased activity on the Polkadot network. More

According to Julio Moreno, Head of Research at CryptoQuant, valuation metrics indicate that the price of Bitcoin remains bearish.Moreno stated that Bitcoin is still in a bear phase and has decoupled from gold as investors switch to risk-off mode.In its recent analysis, CryptoQuant highlighted that the Bull-Bear Market Cycle Indicator has been in a bear phase since Aug. 27, when the price of Bitcoin was $62,000. A significant rally is unlikely to occur as long as the indicator stays in the bear phase.Similarly, the MVRV ratio has fallen below its 365-day moving average since Aug. 26. A cross below the 365-day moving average indicates the possibility of a further price correction. This situation was also present in May 2021, when Bitcoin fell 36% over two months, and in November 2021, when the last bear market began.Bearish signs are also evident in Bitcoin long-term holders (LTH) spending at lower profit margins. The LTH SOPR ribbons have been drifting lower since late July. The fact that LTHs are spending at lower profit margins demonstrates a lack of new demand for Bitcoin.U.S. inflation data for August bolstered bets on a Federal Reserve rate drop in the coming weeks, with core inflation rising faster than expected to more than 0.3%.At the time of writing, BTC was up 2.18% in the last 24 hours to $58,025. However, spot bitcoin exchange-traded funds (ETFs) in the United States returned to outflows on Wednesday, following a two-day inflow streak, losing $43 million.This article was originally published on U.Today More

The firm’s forecast reflects a broader positive outlook on Bitcoin and digital assets, driven by several key factors, regardless of the election outcome.Standard Chartered outlined its expectations, stating, “We see BTC at c.USD 125,000 level at end-2024 under a Trump victory, or c.USD 75,000 level under Harris.”Both projections represent fresh all-time highs for Bitcoin, underscoring Standard Chartered’s generally optimistic view on the cryptocurrency’s future.The analysts highlighted that the US election will influence digital assets, but they believe the impact will be less significant than in previous election cycles.”Progress on relaxing regulations – particularly the repeal of SAB 121, which imposes stringent accounting rules on banks’ digital asset holdings – will continue in 2025 no matter who is in the White House; it would just be slower under a Harris presidency,” said the firm.The anticipated regulatory progress is seen as a crucial factor supporting Bitcoin’s price.Additionally, Standard Chartered expects positive momentum from developments in US Treasury markets and a seasonal rebound in Bitcoin ETF inflows in October.”Current developments in US Treasury markets – a re-steepening curve, with breakevens falling less than real yields and risk-neutral yields falling while term premium is stable – are building positive momentum for BTC,” adds the firm.Even if a Harris victory initially triggers a price decline, the analysts believe that subsequent market recognition of ongoing regulatory progress and other positive drivers will lead to a rebound.Overall, Standard Chartered’s analysis suggests that Bitcoin is poised to reach new heights by the end of 2024, regardless of the election outcome. More

The funds are set to back Hyperbridge’s use of Polkadot’s architecture to support decentralized applications and improve scalability within the Web3 ecosystem.With its cross-chain tech, Hyperbridge is used by projects like Succinct, Axelar, Union, and Avail. Recently, the protocol secured a parachain slot on Polkadot and raised an extra $2.7M through a crowd loan, which turned out to be the most successful one on the network.Moreover, Hyperbridge is developing cross-chain interoperability using a hub model to scale verifiable interoperability across multiple blockchains. It integrates zero-knowledge technology and mechanistic protocols to offer secure cross-chain messaging and storage query solutions.“Hyperbridge represents a significant step towards a cross-chain future, embodying the highest standards of security, scalability, and innovation,” said Fabian Gompf, CEO of Web3 Foundation. “By building on Polkadot’s robust framework, Hyperbridge empowers the ecosystem with verifiable, unstoppable interoperability, setting a new benchmark for secure cross-chain solutions.”Hyperbridge focuses on security by working with the team behind Polkadot’s security audits. Its zk light clients for Polkadot and Ethereum offer a verifiable alternative to traditional multisig bridge models for cross-chain communication and interoperability.Mark Cachia, CIO of Scytale Digital, noted, “Hyperbridge addresses critical security flaws in traditional bridges and sets a new standard for verifiable interoperability.”Based on Polkadot’s design, which is optimized for interoperability and fast transaction finality, Hyperbridge offers cross-chain messaging and storage capabilities from the outset, supporting various applications, including stablecoins and decentralized finance (DeFi).Hyperbridge also supports use cases such as non-custodial native bridges for liquidity, multichain expansion for digital assets, and new cryptoeconomic coprocessors for on-chain insurance protocols and zk aggregation. Seun Lanlege, founder of Polytope Labs, which developed Hyperbridge, explained the platform’s security features, saying, “Hyperbridge disintermediates traditional authentication methods by using finality and storage proofs.” More