Cryptocurrency

The shares of the bank on the New York Stock Exchange fell by 37.67% at the close of trading on Wednesday, bringing the stock to a price of $6.47. While the fallout seems to be on a corrective path, with after hours trading jumping by 3%, the headwinds are still there, and it underscores the strain many banks are still facing.It is worth noting that New York Community Bank was the savior of the then-popular crypto-focused Signature Bank (OTC:SBNY). Signature Bank’s forced liquidation by authorities came at a time when other regional banks like Silvergate Bank and Silicon Valley Bank experienced intense capital flight that marred their operational capabilities.Now, the same bearish sentiment is returning, and a tsunami, if allowed to break out, might take a significant toll on the New York economy.Bitcoin is immune to inflation per its design, which includes a hard cap of 21 million coins that can ever be produced. With top traditional banking giants like BlackRock (NYSE:BLK) now properly invested in BTC through the iShares Bitcoin Trust, more security has been lent to the coin as the accumulation from the firm and other spot Bitcoin ETF issuers will boost the supply shortage for the asset.These events have caused veterans like Samson Mow to predict a $1 million Bitcoin price in the long term. Indicators suggest that Bitcoin might be a worthy savior to shield investors from the pangs of an NYCB-like collapse.This article was originally published on U.Today More

In a recent revelation, Kiyosaki asserted that Bitcoin serves as a crucial defense mechanism against the systematic theft of wealth orchestrated by entities like the Federal Reserve, Treasury and Wall Street bankers. The author contends that these institutions exploit the value of traditional currency through inflation, taxation and manipulation of stock prices.Hence, Kiyosaki has chosen to eschew conventional investment vehicles such as stocks, bonds and fiat currency in favor of the decentralized and inflation-resistant qualities of Bitcoin.While Kiyosaki had previously expressed reservations about Bitcoin’s intrinsic value, he now places it alongside gold and silver as indispensable financial tools. Despite acknowledging the cryptocurrency’s volatility, he envisions Bitcoin as not merely a speculative venture but as a genuine store of value.The financial guru’s endorsement of BTC underscores a paradigm shift in his investment strategy, highlighting the growing prominence of cryptocurrencies as a formidable asset class.This article was originally published on U.Today More

(Reuters) – Options on new U.S. spot bitcoin exchange-traded funds (ETFs) could take months to gain regulatory approval, potentially dampening the appeal of the underlying products, multiple industry sources said. The Securities and Exchange Commission (SEC) last month approved spot bitcoin ETFs, in a watershed for the crypto industry. Ten products have been trading since Jan. 11. Options are listed derivatives that give the holder the right to buy or sell an asset, such as a stock or exchange-traded product, at a predetermined price by a set date. They offer traders a cheap way to amplify their purchasing power, while institutional investors often use them to hedge risk.Options on the bitcoin ETFs are delayed because there is no established regulatory process for approving them, the people said. The SEC oversees technical rule changes that exchanges must make to list options, and typically approves them days after an ETF starts trading. But because regulators view bitcoin as a commodity, spot bitcoin ETF options may also require approval from the Commodity Futures Trading Commission (CFTC), which oversees commodity derivatives, the people said. Products related to the spot bitcoin ETFs could raise questions about jurisdiction and oversight, which the CFTC is still sorting through, said a person familiar with the matter who declined to be identified discussing regulatory matters.”This dual regulatory engagement adds a layer of complexity and potential for what some might call regulatory headaches,” said Martin Leinweber, digital asset product strategist at MarketVector Indexes, which provides the benchmark for VanEck’s spot bitcoin ETF. He expects it could take between two and ten months for the approvals. Without the options, big investors, which analysts have said could help drive as much as $100 billion into the ETFs, face risk management issues. That may lead some “to stay away altogether,” said Yesha Yadav, law professor at Vanderbilt University.The delay is also an obstacle to the crypto industry’s goal to bring more innovative crypto products to market. “The markets really want to go there, but the regulators are the gatekeepers,” said John Roglieri, head of capital markets at FalconX, a market-maker for the ETFs.While it is not unprecedented for options to require dual approval, it is rare. In the case of the first ETF tied to a physical commodity, the SPDR Gold Shares (NYSE:GLD) ETF, it took more than three years for the CFTC to approve the options. Regulators never signed off on a 2010 application to launch options on platinum and palladium ETFs. The SEC did not respond to a request for comment. The CFTC declined to comment.Nasdaq, CBOE and NYSE Arca, which list the ETFs, in January sought SEC approval to launch the options, according to notices on their websites. CBOE said that it expects to list options “later in 2024.”The Options Clearing Corporation (OCC), which clears options for exchanges, has to seek CFTC approval to clear and settle commodity-based products. The OCC has said it is working with its regulators on required approvals, but declined to comment on a possible timeframe. Some exchange executives are due to meet with CFTC officials to discuss the issue soon, according to a second person familiar with the matter.Given it took 10 years for the SEC to approve bitcoin ETFs, a delay in the options would not be surprising, said Adam Sze, head of digital assets product at Global X, which withdrew its own application for a spot bitcoin ETF on Tuesday. “A few more months for listed options probably isn’t that long in the grand scheme of things.” More

The report posits that allocating just 1% of the $250 trillion global investable asset base to Bitcoin could potentially drive its price to $120,000. However, the more noteworthy projection arises with a 19.4% allocation, forecasting a potential price of $2.3 million. While these figures may raise eyebrows, they underscore the evolving perception of Bitcoin as a legitimate asset class.Highlighting key catalysts for Bitcoin in 2024, the report places a spotlight on the upcoming halving, expected in April. This event, occurring approximately every four years, historically coincides with the initiation of a bull market. The forthcoming halving will reduce Bitcoin’s inflation rate from ~1.8% to ~0.9%, potentially influencing its value.Institutional acceptance also emerges as a crucial factor, with ARK anticipating a shift in perception from viewing BTC as a speculative instrument to recognizing it as a strategic investment in diversified portfolios. Notably, influential figures such as Larry Fink, CEO of BlackRock (NYSE:BLK), have signaled a change in stance toward Bitcoin’s potential as a “flight to quality.”This article was originally published on U.Today More

The 200 EMA serves as an important barometer for the long-term trend and investor sentiment. For XRP, remaining below this level suggests that the asset lacks the bullish momentum needed to shift into an upward trajectory. This inability to secure a foothold above the 200 EMA raises questions about the stability of positive price action in the near term.XRP/USDT Chart by TradingViewTechnical analysis shows that the 200 EMA is a dynamic level of resistance that many traders watch closely. A consistent failure to breach this mark can lead to a self-fulfilling prophecy where the resistance level grows stronger, as more traders set their sell orders around this key price point. The ETH chart reveals a telling pattern; the absence of a new higher high is significant. Typically, in a bullish market phase, the price of an asset creates a series of higher highs and higher lows. However, Ethereum’s inability to push beyond its recent peak may suggest that the bulls are running out of steam and a reevaluation of market sentiment could be underway.Analyzing the chart, the local resistance level has been a tough ceiling for Ethereum to break. This resistance, where sell orders tend to cluster, is acting as a barrier preventing further upward movement. On the flip side, the support level represents a price point with a concentration of buy orders, offering a potential cushion against a price drop. If Ethereum fails to uphold the support level, it could trigger a price breakdown, signaling a shift to a bearish trend.If Ethereum’s price continues to struggle, the scenario could unfold where the asset drops further, testing subsequent support levels. While the underlying fundamentals of Ethereum, such as network upgrades and adoption rates, remain robust, the short-term price action could still be subject to corrective forces.The technical outlook for SOL is looking promising. After a period of bullish activity that piqued the interest of many investors, SOL has hit a snag near the $100 resistance level. This resistance level represents a significant psychological and financial barrier, as it is where sell orders tend to accumulate, putting downward pressure on the price.Despite efforts to rally, the asset has been unable to generate the necessary momentum to overcome this threshold with ease and currently consolidates at it. One of the key factors influencing this lackluster performance could be the market’s tepid reaction to the announcement of Solana phone Saga 2. The news, which might have been expected to inject some enthusiasm onto the market, failed to provide substantial support for Solana’s price.Looking at the chart, the local support levels are clearly delineated. The first line of defense for SOL lies around the $88-$90 price range, where previous dips have found buyers waiting. Should this level fail to hold, the next support may not emerge until it reaches the more robust $70 level, which could act as a stronger foothold for the price.Conversely, resistance beyond $100 is now more formidable than ever. With each rejection, the resolve of buyers weakens, and the $100 level transforms from a mere price point into a crucial psychological level you should not miss.This article was originally published on U.Today More

In recent days, XRP’s price action has been characterized by its struggle to overcome a series of local resistance levels. A notable rejection was faced around the $0.63 mark, which has added to the narrative of an asset under pressure. Despite these rejections, the asset’s ability to stay afloat above the 200-day EMA suggests underlying strength and potential for growth.XRP/USDT Chart by TradingViewThe market’s oppressiveness toward XRP can be attributed to various factors, including lack of usecase for XRP and a poor performance throughout the 2023. However, the past has shown that XRP can swiftly shift from oppressed states to strong bullish rallies, often catching many off-guard.For a scenario where XRP’s growth continues, it is essential for the token to maintain its stand above the 200-day EMA. If this level holds, it can serve as a springboard for future bullish attempts. A decisive close above this moving average could stimulate investor confidence, potentially leading to a challenge of the recent resistance at $0.63. A break and hold above this level could signal a trend reversal and may pave the way for XRP to target higher resistances, possibly around the $0.70 to $0.75 regions.After dipping to a support level around $88 on December 20, 2023, Solana has rebounded, forming a higher low near the $90 mark. This movement suggests accumulating strength and a possible change in direction from the previous downward trend. The local trendline resistance, which Solana is currently testing, is evident at approximately $97.50. Two pivotal price levels stand out on Solana’s chart. The first resistance level after the trendline sits near the $100 psychological mark. This round number has historically been a challenging point for Solana to breach decisively. Beyond that, the $104 level looms as the next significant barrier, which was a previous local high around January 3, 2024.Conversely, on the support side, the level to watch is around $88, as mentioned earlier. This price has proven to be a firm foundation, with buyers stepping in to uphold Solana’s valuation. A secondary support level is present near $85, just below the 50-day moving average, acting as a safety net for any potential retracements.The rapid growth witnessed in the past few days has been nothing short of impressive. Ethereum, which lingered around the $2,400 mark in the early days of February, has seen a significant influx of buying pressure, leading to a breakthrough past key resistance levels. This positive price action posits two potential scenarios for the smart contract giant.In one scenario, Ethereum could continue its aggressive push, riding the wave of current market optimism towards the $3,000 target. If this momentum is maintained, and with the additional fuel from the recent high volume of trades, ETH could test $3,000 in the coming days. A consolidation above $2,600 would be crucial for this scenario to unfold, as it would establish a new support level, reinforcing investor confidence.Alternatively, given the volatile nature of the crypto markets, a retracement could occur before Ethereum reaches $3,000. This would likely see the asset retesting support at the $2,500 level, which if held, could serve as a springboard for a second wave towards and beyond $3,000.This article was originally published on U.Today More

This article was originally published on U.Today More

This article was originally published on U.Today More