Cryptocurrency

BTC had reached highs of $44,754 the day before after a stronger-than-expected U.S. jobs report lowered interest rate prospects for next year before the momentum slightly waned.Bitcoin has risen more than 60% since the middle of October, when speculations about Bitcoin spot ETF approval first emerged.The leading cryptocurrency was trading up 0.76% in the previous 24 hours to $43,825 as investors digested its quick surge to near $45,000 this week after breaking out from $38,000 a week ago.Despite a slight pause in BTC’s momentum, traders still seem to set sights on the $50,000 price mark.According to , options traders have been piling up bets on Bitcoin reaching $50,000 by January, when many market analysts expect the SEC to finally allow exchange-traded funds to hold the cryptocurrency directly.In this sense, market observers anticipate that the current upswing will continue, with Bitcoin heading toward $50,000, where options strikes are clustering.Meanwhile, the steady Bitcoin (BTC) price has fueled capital flight to altcoins. Cardano, the eighth largest cryptocurrency by market capitalization, has risen as much as 24%, while Polkadot gained about 20%, and Avalanche is up about 22%.On the upside, the key resistance level for BTC is $47,360. Analysts believe that if this resistance level until $52,000 is broken, Bitcoin might reach new all-time highs.On the other hand, crypto analyst sees a Bitcoin CME price gap between $39,000 and $41,000, which could indicate that Bitcoin might retest these levels in the event of a price drop.This article was originally published on U.Today More

The Chicago Mercantile Exchange (CME) has also experienced notable uptrends in derivative volumes. Bitcoin futures open interest (OI) on CME has surpassed that of Binance, marking a significant milestone for the exchange. Additionally, Ethereum futures on CME have reached their highest point since February 2022, indicating a renewed interest in Ethereum-based derivatives.Despite Binance’s trading volume reaching $1.26 trillion in November, it faced its lowest market share since October 2020. This decrease is juxtaposed with the growth of Bybit and OKX, whose trading volumes soared to $375 billion and $660 billion respectively. The shifting dynamics are not limited to derivatives; spot markets have also seen changes with Upbit joining Bybit and OKX in gaining market shares while Binance saw a downturn.In the broader context, centralized exchanges have recorded significant trade volumes, with spot trades nearing $1 trillion ($965.8 billion) and derivatives commanding over $2 trillion ($2.58 trillion). Derivatives trading, which accounts for a substantial portion of crypto transactions at 73.3%, reflects the growing appetite among traders for more complex financial instruments within the cryptocurrency space.The latest figures underscore a trend of diversification within the crypto exchange landscape as traders explore various platforms for both spot and derivative transactions. The rise of exchanges like Bybit and OKX alongside the CME’s performance suggests a competitive and evolving market where multiple players are vying for dominance amid fluctuating market conditions.This article was generated with the support of AI and reviewed by an editor. For more information see our T&C. More

Saab stated that the oil giant used USDT cryptocurrency and intermediaries to channel funds to conspirators opposing the Venezuelan government’s position on Essequibo. As a result, fourteen arrest warrants have been issued for various individuals, including opposition leaders and former allies of the late President Hugo Chavez.The contentious referendum saw over 10 million Venezuelans cast their votes. According to Saab, the funding operation for the opposition involved individuals with ties to political figures from the United States and El Salvador.In response to these allegations, ExxonMobil CEO Darren Woods has denied any involvement in such activities. In a recent interview, Woods emphasized the company’s focus on assisting Guyana with their resource development rather than engaging in political plots.This scandal is reminiscent of an earlier incident this year when officials from Sunacrip, Venezuela’s cryptocurrency regulator, were arrested for corruption involving crypto transactions related to oil sales.The implications of these accusations could be significant for ExxonMobil’s operations and relations in the region, especially given the ongoing geopolitical tensions surrounding the Essequibo territory.This article was generated with the support of AI and reviewed by an editor. For more information see our T&C. More

Ethereum has also seen remarkable growth, setting new yearly highs on Friday by reaching $2,390. This latest milestone came with daily gains that surpassed Bitcoin’s incremental rise. Despite Ethereum’s success in price and an increase in whale dominance—with these large holders now owning 35% of the total supply—there has not been a corresponding surge in new user acquisition for the network.The rise in transaction fees for Bitcoin outpaced that of Ethereum’s, which saw nearly a 50% fee growth. This fee inflation typically indicates a heightened demand for processing transactions on each blockchain, often reflecting increased investor interest and market activity.As both cryptocurrencies showcase robust performance, the market is closely watching these developments. The spike in fees particularly underscores the growing costs associated with the surging demand for blockchain space during market rallies. Investors and users are now navigating a landscape where heightened activity can lead to higher costs for transaction processing on these networks.This article was generated with the support of AI and reviewed by an editor. For more information see our T&C. More

The unusual activity created a visual anomaly on the charts, disrupting the mostly dull market performance. Such events can trigger stop-loss orders from a multitude of traders, potentially leading to a cascade of buy and sell orders that amplify the currency’s volatility. This instance with XRP might have represented a significant liquidity hunt, where large orders target pockets of liquidity found at traders’ stop-loss levels before the price returns to its average trading range.Recently, has been showing a mixed bag of price performance, trading sideways with no clear direction. The presence of such market anomalies, particularly those suggesting market manipulation, can often serve as a precursor to a larger price correction. Traders and investors might interpret these movements as a signal to proceed with caution, as it indicates a market environment that is currently unstable and could turn bearish.The chart provided shows Solana’s solid performance, as the price maintains its position well above crucial moving averages. This steadfast performance suggests that the digital asset is gearing up for a significant breakthrough. An analysis of the chart reveals that the price action has formed a consistent series of higher lows, an indication of growing confidence among buyers and a potential precursor to a sustained bull run.Should Solana breach its current consolidation zone, the likelihood of a continued price breakthrough is strong. The cryptocurrency’s resilience and steady climb indicate that it might not only sustain its current level but is also poised to ascend toward more ambitious price targets. Investors are keenly watching for signs of a breakout, which could propel closer to its previous all-time highs.The market sentiment around Solana is buoyed by its robust ecosystem and the increasing adoption of its blockchain for various applications, including decentralized finance (DeFi) and non-fungible tokens (NFTs). This foundational strength, combined with favorable technical indicators, suggests that Solana is cutting through the market noise with a clear upward rally.The current price level is particularly crucial. Bitcoin is at a juncture that has previously acted as a significant psychological and technical barrier. A breakthrough at this level could confirm sustained bullish momentum, potentially establishing new support zones that could serve as launchpads for further gains. However, the price action also shows extended wicks on the upper side of recent candles, indicating rejection at higher levels, which might precede a .Furthermore, the trading volume has been inconsistent, with significant spikes on upswings but not consistently supporting the rally. This divergence between price and volume often warns of an upcoming price reversal. Market participants are also keeping a wary eye on macroeconomic indicators and regulatory news that could affect market sentiment and impact Bitcoin’s trajectory.This article was originally published on U.Today More

The latest chart analysis indicates that SHIB has not only approached but exceeded a historically challenging resistance level. This breakthrough is particularly noteworthy as it happened at least three times throughout the year. The price movement has been underpinned by a rising trend line, indicating sustained buying pressure. In addition, the moving averages have formed a bullish alignment, providing a strong backdrop for the recent price action. However, it is paramount for SHIB to now establish support above this newfound peak to prevent a repeat of past patterns where gains disappeared quickly.The current market sentiment shows a divergence from previous rallies, where SHIB’s surges were often short-lived. The broader bullish phase on the cryptocurrency market in 2023 could lay a more stable foundation for Shiba Inu’s growth. If can maintain its momentum and keep its footing above the $0.00001 mark, it could be poised for further advances.Traders will be looking for patterns such as consolidation or a continuation pattern to form above the current levels, which would indicate the likelihood of sustained upward movement. Additionally, the volume accompanying the recent price increase will be crucial to observe; higher volumes would lend credence to the breakout, suggesting strong conviction among buyers.In a shift from its usual pattern, ADA is now synchronizing its gains with the wider crypto bull run, rather than spearheading or trailing behind. The flourishing DeFi ecosystem on Cardano’s blockchain may be influencing this alignment. The burgeoning sector’s promise on the platform suggests that ADA’s value is increasingly reflective of its functional potential rather than purely speculative moves.Cardano’s technical indicators reflect bullish momentum, with price trajectory surpassing both the short-term and long-term moving averages — a conventional harbinger of positive price activity. The sequence of increasing peaks and troughs on the chart reinforces the prevailing buyer enthusiasm. Yet, ADA’s RSI levels are nearing thresholds that typically presage a potential inversion or modest corrective phase in the immediate future.The ETH chart shows a retreat from its recent highs, yet the price remains well above critical moving averages, suggesting the uptrend is still in play. The question on everyone’s mind is whether Ethereum is gearing up for another leap or if we are witnessing the beginning of a broader correction. The market is eyeing support levels closely, as they could provide a springboard for another price increase if they hold strong.One factor that cannot be overlooked is Ethereum’s current position relative to Bitcoin. While Bitcoin has been correcting, it opens up a window for altcoins like Ethereum to shine. As funds typically flow from Bitcoin to altcoins during such times, Ethereum could potentially see an inflow of investment, sparking a blossoming of the price and activity on its network.The RSI levels indicate that Ethereum is not yet in overbought territory, leaving room for a potential upside. This article was originally published on U.Today More

The price trajectory of Ethereum has been robust, with recent trends suggesting that the momentum behind its surge is far from over. Despite lagging behind some of its L1 counterparts, Ethereum holds a unique position on the market due to its extensive developer community, widespread adoption and the significant role it plays in decentralized finance (DeFi) and other blockchain applications.While Ethereum has not experienced the same intensity in its price surge as Solana, the potential for profit on the ongoing bull market remains substantial. Ethereum continues to be an attractive investment due to its size, liquidity and status as the leading platform for smart contracts. This suggests that any further gains on the broader market could amplify price performance.Technical analysis reveals that Ethereum is poised for growth, with key resistance levels being tested. A breakthrough above these levels could signal a continuation of the bull run, enticing both retail and institutional investors. The price movement analysis of Solana reveals a steep upward trajectory, signifying not just a recovery, but dominance in the digital asset space. The resilience and rapid growth of SOL are indicative of a robust and well-engaged network. The asset’s performance is not only impressive when viewed in isolation but also when compared to other cryptocurrencies, whose surges have been less intense.The potential for Solana to breach the symbolic $100 mark, a level not seen since its collapse in 2021, has been a topic of speculation among market watchers. Prominent figures in the cryptocurrency game, such as Arthur Hayes, have expressed belief in Solana’s ability to reach this milestone. With the current price action, Solana is not just fulfilling these predictions; it is surpassing them, setting new highs and establishing a strong presence on the market.Solana’s ascent is particularly noteworthy given the broader context of the market. While other assets struggle to maintain momentum, SOL’s surge is a testament to its underlying technology and the confidence it instills in investors. The blockchain’s high throughput and low transaction fees position it as a strong competitor in the space, capable of sustaining growth even in a turbulent market.Its dominant position means that positive price action can lead to increased investor confidence, which often spills over to the altcoin markets. When Bitcoin’s price stabilizes or starts to climb, it can provide the necessary reassurance for investors to start diversifying their portfolios with altcoins, hence, driving up their prices.Bitcoin’s reversal comes at a pivotal moment when many altcoins have been developing their ecosystems and strengthening their use cases. With the leading cryptocurrency regaining ground, it could be the catalyst that altcoins need to attract more attention and investment. A bullish could mean more capital flowing into the crypto market as a whole, and altcoins are well-positioned to benefit from this influx.Furthermore, when Bitcoin surges, it can lead to a reallocation of profits from Bitcoin to altcoins as investors seek to maximize returns by investing in assets with higher potential upside. This can be particularly beneficial for well-established altcoins with solid fundamentals and for emerging coins that capture the market’s imagination.This article was originally published on U.Today More

The innovative approach of the MSTY ETF allows investors to benefit from market movements without the need to directly own shares of MicroStrategy. This strategy aims to provide steady returns even amid market fluctuations, as the monthly yield for investors is structured to be stable and not directly tied to MicroStrategy’s share performance.MicroStrategy has been in the spotlight due to its aggressive investment in Bitcoin. On November 30, Michael Saylor, CEO of MicroStrategy, announced the company’s purchase of an additional 16,130 bitcoins at an average price of $36,785 each. With this acquisition, MicroStrategy’s total bitcoin holdings have reached approximately 174,530 BTC, valued around $7.6 billion.This article was generated with the support of AI and reviewed by an editor. For more information see our T&C. More