Cryptocurrency

Solana’s price has seen a recent downturn, leading Keiser to comment on the end of its price rally, hinting that major players may be taking profits. His commentary reflects a sentiment often echoed by Bitcoin proponents, who view the fast-paced growth of some altcoins with a critical eye, alerting retail investors to the potential risks of being caught in what he previously described as “someone else’s exit scam.”However, the depiction of Solana’s market movements as a “rug pull” is not necessarily accurate. The term typically refers to malicious intent by developers or insiders, which is not the case with Solana. Instead, the current price correction is more indicative of normal market cycles, where periods of rapid growth are often followed by profit-taking and consolidation.has indeed been one of the standout performers on the cryptocurrency market, consistently ranking in the top 10 by market capitalization. Recently, its performance has even brought it closer to Ethereum’s market cap, with many in the crypto community noting Ethereum’s comparative underperformance and labeling it a “beta play.”Despite the pullback, Solana’s technological proposition and its strong market performance suggest it is far from a collapse. It is worth noting that market corrections are common following substantial rallies, and profit-taking by larger investors is typical market behavior, not an issue with the project’s fundamentals.This article was originally published on U.Today More

Prominent XRP enthusiast and legal expert weighed in on the unfolding scenario. Rispoli suggested a potential legal showdown in the future, as he highlighted the SEC strategy to navigate the delicate balance between appeasing major financial institutions and avoiding legal repercussions.Adding another layer to the complex narrative, Colin Wu reported that Grayscale, a major player in the crypto investment space, has filed a revised filing to transform its Bitcoin Investment Trust (GBTC) into a spot ETF. The compromise involves Grayscale accepting the SEC’s cash-only creation/redemption requirement.In a related development, Hashdex engaged in discussions with about ETFs, holding a meeting directly in the office of SEC Chairman Gensler. This underscores the seriousness of the ongoing negotiations and the strategic positioning of key players on the crypto market.As 2024 is coming, the crypto community eagerly awaits the outcome of these intricate negotiations, poised at the intersection of legal strategy and regulatory dynamics.This article was originally published on U.Today More

A descending triangle is characterized by a flat bottom with a series of lower highs forming a downward slope, indicating that sellers are more aggressive than buyers. Typically, this pattern is considered bearish; however, the outcome can be unpredictable, and breakouts can occur in either direction. For XRP, this pattern emerges after months of relative inactivity, suggesting a buildup of tension between buyers and sellers vying for market control.The significance of this pattern is heightened by its formation after a long period since XRP’s last notable technical setup – an inverse head and shoulders pattern in May 2023, which traditionally signals a bullish reversal. As approaches the apex of the triangle, the converging price action suggests that a breakout is imminent. The flat bottom of the triangle, coinciding with key support levels, will be an area of focus for traders. A decisive break below this support could confirm the bearish bias of the pattern, leading to a potential sell-off. Conversely, a breakout above the descending trendline could invalidate the bearish sentiment and catalyze a sharp reversal to the upside.The current chart indicates that XRP has been testing the triangle’s lower boundary, with the price bouncing back from the support level, hinting at a possible reversal.The 26 EMA serves as a dynamic level that often acts as a short-term barometer for price momentum. The recent touchpoint where Ethereum’s price bounced off this moving average is significant. It suggests that, despite downward pressure, there is still underlying buying interest at this level. Such a bounce may be indicative of a price reversal, as buyers step in to uphold Ethereum’s value.The current chart shows Ethereum’s resilience at the 26 EMA, suggesting that the recent price drop could be a consolidation phase rather than the start of a deeper correction. This bounce-off could be the precursor to a reversal, especially if Ethereum maintains support above the 26 EMA and starts to form a series of higher lows.SHIB is currently trending above its significant moving averages, which often act as dynamic support levels. The token has recently tested these averages, and so far, it has bounced off them, suggesting that the uptrend is still intact. This price action is a classic indication of bullish momentum, with higher lows occurring one after another.The volume profile during the recent price movements has not indicated any substantial panic selling. The sell-offs appear controlled, and buying volumes during the bounces have been adequate to sustain the uptrend. This suggests that, despite the correction, investor sentiment toward SHIB remains optimistic.Additionally, other technical indicators such as the RSI are hovering around the mid-range, far from oversold territory. This provides more room for potential upward movement before the token becomes overbought, a state that could trigger a more pronounced correction.One key observation is the formation of higher lows, a pattern that is typically bullish. As long as SHIB continues to make higher lows, the uptrend is considered to be in play.This article was originally published on U.Today More

, an influential advocate and advisor to the president of El Salvador, recently took to social media, suggesting an implied hash-adjusted price for that surpasses $400,000. While this sparks speculation about potential price models, the practical implications are exerting increasing pressure on miners grappling with a substantial dip in profitability.The parallel surge in both hash rates and presents a paradox for the mining community. A heightened hash rate signifies that miners must intensify their efforts to secure the next block, translating into elevated operational costs and a challenging operational landscape.The profitability decline is underscored by a significant decrease from the 2023 peak on Dec. 17. This shift in hash price dynamics is a clear reflection of the diminishing enthusiasm surrounding inscription hype, which, in their heyday, led to increased demand and subsequently, elevated transaction fees.This article was originally published on U.Today More

The crypto market has witnessed a paradigm shift as SOL’s value soared by an astonishing 440%, hitting a pinnacle of $118.3 — a milestone not seen since April 2022.During the same period, the SOL/ETH price graph exhibited an unparalleled ascent, reaching 0.051 ETH per Solana token. This surge has not been observed since December 2021, and the trend shows no sign of abating.Notably, as Solana experienced this meteoric rise, Ethereum remained relatively stagnant, prompting speculations that the era of Ethereum dominance may be waning.Source: Even as Ethereum exhibited modest growth in response to the market dynamics, Solana’s remarkable rally has left it 20% away from its all-time high relative to Ethereum’s price.The lingering question now is whether can fulfill its moniker as the “Ethereum killer” and establish a new all-time high. ETH, on the other hand, faces the challenge of recovering from the recent weeks’ lag.With Solana’s newfound prominence, market observers are contemplating whether the cryptocurrency landscape is witnessing a default shift toward the innovative blockchain platform.This article was originally published on U.Today More

The end-of-year period often sees a shift in market behavior. Retail investors are known to cash out for the holidays, and larger investors close their positions to avoid unpredictable swings during times of reduced liquidity. The liquidation data reflects this trend, showing a substantial number of positions being wiped out in the face of rapid price movements.Source: Order books tend to thin out during the holiday season, with reduced trading volumes and some market makers stepping back, increasing the potential for volatility spikes. This environment can lead to quick and severe market movements, as currently evidenced on the crypto .Despite this, the overall market still exhibits signs of an uptrend. The $170 million in liquidations, while significant, is not indicative of a market downturn but rather a typical response to the year-end climate. It is a pattern familiar to seasoned crypto enthusiasts, where the combination of profit-taking and risk aversion can momentarily disrupt the market.Historically, as the New Year begins and normal trading volumes resume, the market stabilizes. The situation usually improves by mid-January, once institutional and individual investors return to their desks to reengage with the market.Looking at the broader picture, the uptrend trajectory remains intact. The recent liquidations, although impactful, are unlikely to derail the general market direction. The ecosystem is known for its resilience, and the current liquidation wave is just another test of this attribute.This article was originally published on U.Today More

The tweet mentioned that the address 0x9FCc…19Fe had initiated a withdrawal of 6,166 ETH (equivalent to approximately $13.8 million) from Binance. The mention of “Suspicious Justin Sun related” has triggered concerns and speculation within the crypto space, leading many to question the motives behind such a substantial withdrawal.As of the , the current price of Ethereum stands at $2,239, reflecting a 1.55% decrease in the last 24 hours. However, the cryptocurrency has witnessed a more of 7.22% over the past 30 days. Interestingly, despite recent market fluctuations, Ethereum’s trading volume has surged by over 14.89% in the last 24 hours, reaching a total of $9,184,315,852.Adding to the intrigue, on May 11, Justin Sun his decision to actively engage in trading meme coins and promising projects through his public address. The declaration indicated a shift in Sun’s investment strategy, opting for more speculative and meme-driven digital assets.The latest Ethereum withdrawal only adds to the growing concerns and speculations surrounding Justin Sun’s cryptocurrency activities. The crypto community is now closely monitoring further statements or actions from Sun that may shed light on his motives and intentions behind these significant transactions.This article was originally published on U.Today More

The integration of such an ETF within 401(k) plans could be a significant disruptor, unlocking crypto exposure for mainstream retirement savers and potentially channeling a portion of the $6 trillion assets under management (AUM) into 401(k) plans in the cryptocurrency ecosystem.The approval of a spot ETF would mark a milestone shift in the accessibility of cryptocurrency as an investment class. By including a spot Bitcoin ETF in 401(k) lineups, companies would provide their employees with a regulated, familiar way to invest in the crypto market. This move would lower the barrier to entry for retirement savers who are convinced of Bitcoin’s long-term potential.Moreover, individual retirement accounts like solo 401(k)s and self-directed IRAs that allow for a broader selection of investment choices could also see a surge in crypto allocations. Such inclusion could dramatically increase the market capitalization of cryptocurrencies, potentially even exceeding previous peaks.When the total crypto market cap was above $1 trillion, reached its all-time high of $69,000. The influx of retirement funds could propel it to new heights, given the considerable gap between the crypto market’s current valuation and potential new funds.As for Bitcoin’s most recent performance, the chart showcases resilience amid market volatility. The price action is currently hovering above key moving averages, suggesting sustained bullish sentiment. The series of higher lows indicates a potential accumulation phase, hinting at underlying strength on the market.This article was originally published on U.Today More