Cryptocurrency

The breakdown was signaled as SHIB prices breached the key support level at $0.000009, which had previously acted as a reliable floor for the price during consolidation phases. Following this, SHIB prices tumbled further, slicing through subsequent support near $0.0000087. This price action marked a decisive shift in market sentiment from accumulation to distribution.SHIB/USDT Chart by TradingViewThe next support level to watch is at $0.0000082, where SHIB may find a temporary reprieve from the selling pressure. If this level fails to hold, the next critical support lies at $0.0000076, which could serve as the last line of defense before a more significant drop.For a reversal to occur and for SHIB to regain its upward momentum, it would need to reclaim previous support levels and transform them back into supports. This would require a substantial influx of buying pressure, potentially sparked by positive developments within the Shiba Inu ecosystem or broader cryptocurrency market rallies.The first sign of a possible reversal would be a return above $0.0000087, followed by a sustained move above the $0.000009 price level. A breakout above these levels, accompanied by increasing volume, could indicate that the downtrend is losing steam and that bulls are regaining control.The significance of this pattern lies in the momentum it could provide for SOL. Should the price action remain strong within the upper half of the channel, and particularly if it challenges the upper trendline, we could see Solana break through and embark on a more aggressive rally. Such a bullish scenario would likely be supported by increased trading volume and positive developments within the Solana ecosystem, such as new project launches or updates that enhance network performance.The immediate local resistance stands at around $55, and a confident push beyond this could confirm bullish sentiment. Inversely, if Solana’s price dips below the channel’s lower boundary, around $48, it could indicate that a bearish narrative is taking hold.The provided chart illustrates Ethereum’s struggle to maintain its grasp on the market. The price has been on a downward trend, edging closer to the local 26-day Exponential Moving Average. This level, currently near $2,465, is critical; if Ethereum fails to hold this line, we might see it descend to test the more significant 50 EMA, which stands around the $2,300 mark.The 26 EMA serves as a short-term sentiment gauge, and its breach could signal a lack of immediate bullish support. Should this level fail to act as a springboard for price recovery, Ethereum’s next stop could indeed be the 50 EMA. A breach below this longer-term moving average could potentially open the gates for a test of lower support levels, highlighting the need for investors to brace for more volatility.Market participants are now recalibrating their expectations, understanding that the road to sustainable gains is a long-term journey.This article was originally published on U.Today More

The renewed vigor within the crypto market is partly attributed to growing interest from mainstream financial institutions. BlackRock (NYSE:BLK), one of the largest asset managers globally, has shown a keen interest in cryptocurrencies, signaling a broader acceptance within the traditional financial sector.In parallel with the market’s growth, regulatory agencies are actively developing regulatory frameworks. These frameworks aim to foster innovation while ensuring consumer protection and maintaining the integrity of the financial system. The involvement of these agencies indicates a move towards more structured market conditions, which may be contributing to the increased confidence of both retail and institutional investors in the digital asset space.This article was generated with the support of AI and reviewed by an editor. For more information see our T&C. More

Decentralized exchanges (DEXs) continue to hold a steady portion of the market, maintaining around 2.83% of the total trading volume. Within the Solana ecosystem, DEXs such as Orca and PancakeSwap have been particularly noteworthy. In the wake of these shifts, certain exchange tokens have seen significant value increases. Tokens like FTT, MX, and BGB have more than doubled in value. JOE has been a standout, with a remarkable growth rate of 400%. However, not all tokens have fared well; despite high liquidity, the price of HT has experienced a decline.This article was generated with the support of AI and reviewed by an editor. For more information see our T&C. More

The move is a significant shift for BlackRock, which had previously shown interest in the digital currency space, with CEO Larry Fink making remarks that hinted at the firm’s engagement with XRP. However, a July ruling that brought confusion over XRP’s legal standing has contributed to the company’s decision to step back from launching a spot XRP ETF.In the broader context of the cryptocurrency market, XRP has been experiencing a downturn in value, reflecting a bearish sentiment among investors. The cryptocurrency’s price has dropped to around $0.50, a decline that is being attributed to market participants bracing for potential Securities and Exchange Commission (SEC) appeals, which could further complicate the regulatory landscape for digital assets like XRP.This article was generated with the support of AI and reviewed by an editor. For more information see our T&C. More

Investors have been closely monitoring the situation as the outflows from GBTC suggest a shift in sentiment among some market participants. Despite the sell-off, there remains a strong interest in Spot ETFs, which could signal a sense of recovery within the cryptocurrency investment landscape.The movement of funds out of Grayscale’s Bitcoin ETF is noteworthy as it represents a significant change in investor behavior. The ETF, which has been a popular vehicle for institutional and retail investors to gain exposure to Bitcoin without directly owning the cryptocurrency, is experiencing a challenge as it navigates through the current market conditions.The outflows have had a tangible impact on Bitcoin reserves, with Grayscale having to sell a portion of its holdings to meet redemptions. This activity has contributed to the volatility seen in today’s trading sessions. However, the sustained interest in Spot ETFs may provide some balance to the market dynamics, indicating that while some investors are pulling back, others are continuing to engage with cryptocurrency investments.This article was generated with the support of AI and reviewed by an editor. For more information see our T&C. More

In related crypto market news, the innovative finance firm Borroe Finance has completed a successful presale of its $ROE tokens, selling over 222 million tokens and securing $2.6 million in funding. Borroe Finance is at the forefront of integrating Web3 technologies into the finance sector by providing instant funding solutions. Their platform utilizes artificial intelligence for risk assessment and offers loans that are collateralized by non-fungible tokens (NFTs).The cryptocurrency landscape is poised for significant growth with Standard Chartered (OTC:SCBFF) projecting an inflow of nearly $100 billion, a development attributed to the introduction of spot ETFs. These financial instruments are expected to facilitate easier access to cryptocurrencies for a broader range of investors, potentially enhancing liquidity and stability in the crypto markets.This article was generated with the support of AI and reviewed by an editor. For more information see our T&C. More

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In reaction, BTC prices rose to a new multi-year high, reaching $49,102. The market then fell 18% over the weekend, reaching fresh year-to-date lows of $40,236.As with any important event, holders of Bitcoins enjoy debating whether it was priced in or not.In this regard, Julio Moreno, the head of research at CryptoQuant, debunks the widely circulated narrative that the Bitcoin price drop was caused by Grayscale’s GBTC selling Bitcoin.Before being converted to an ETF from a trust, Grayscale Bitcoin Trust (GBTC) was one of the only options for stock traders in the United States to obtain exposure to Bitcoin price swings without having to purchase the actual cryptocurrency.While GBTC has seen remarkable outflows after its uplisting into an ETF, a chunk of these have been from investors moving to lower-fee ETFs.Moreno highlighted that, while GBTC sold approximately 60,000 Bitcoins, other Bitcoin ETFs net purchased roughly 72,000 Bitcoins, thus offsetting the sales of BTC from Grayscale’s GBTC.He attributes the volatility in Bitcoin’s price to selling by Bitcoin holders (short-term traders and whales) who took profits following last year’s surge, noting that the ETF approval might just be the “sell-the-news” event.However, several metrics in both the on-chain and derivatives domains suggest that a non-trivial portion of Bitcoin investors did treat the ETF approval as a sell-the-news event.While there are other key driving factors behind the interim volatility, both futures and options markets have seen a meaningful uptick in open interest (OI) since mid-October, according to Glassnode.Open interest in both markets remains around multi-year highs, showing that leverage is rising and becoming a more dominant force in markets.At the time of writing, BTC was up 0.58% in the last 24 hours to $41,543, per CoinMarketCap data.This article was originally published on U.Today More