Cryptocurrency

Examining the daily chart for , we see a series of higher lows and higher highs, which is the go-to indication of a bull market. The price has now surpassed the dynamic resistance provided by the 50-day and 100-day moving averages.ETH/USD chart by However, despite the recent uptick, the volume behind the movement is descending, suggesting a lack of strong momentum. This pattern often precedes a consolidation phase, where the price stabilizes before making a definitive move. Investors should watch for a possible consolidation, which could confirm the sustainability of the recent breakout.Adding to the , the rise of Layer 2 solutions (L2s) has been gradually increasing Ethereum network fees. While L2s are designed to enhance scalability and reduce costs on the Ethereum network, the transition period could lead to a slow but steady climb in fees. This rise could potentially lead to a stalemate situation in network activity if users begin to balk at higher costs, influencing the ETH price as the network’s utility comes under scrutiny.On the technical front, the relative strength index (RSI) is approaching overbought territory, yet another sign that the market could be due for a pause. A retraction or sideways movement would allow the RSI to reset, providing a healthier foundation for future growth.The confluence of these technical indicators and the fundamental backdrop of rising network fees due to the adoption of L2s presents a complex picture for Ethereum. While the current price action looks promising for a test of $3,000, the underlying volume and network fee trends suggest that a period of consolidation or even a minor pullback might be on the horizon before any further significant upward movements are observed.This article was originally published on U.Today More

The chart, courtesy of , indicates a trading pattern reminiscent of the September/October 2020 period. Clemente hints at the possibility of this upward trend culminating in a significant price movement or “pop,” suggesting that the current momentum could be the precursor to a more pronounced price shift. The market appears to be in a state of tension, with the potential for either a continuation of this bullish trend or a sharp reversal if certain thresholds are met.Diving into the liquidation data, we observe a substantial amount of capital wiped out in the derivatives market. The figures are staggering, with BTC and at the forefront, showing liquidations of $36.23 million and $32.50 million, respectively, within a 24-hour frame. These numbers reflect the amount of losses bears had to take after the most recent plunge.The largest single liquidation order, as shown on OKX for BTC-USDT-SWAP, was valued at $1.96 million, exemplifying the high stakes involved in .The real-time liquidations are also raising eyebrows, with symbols like ORDIUSDT and ETHUSDT being notable standouts. Large liquidations like the one we’ve seen are only a result of uncontrolled usage of leverage and margin trading, quite popular among beginner traders and investors who are not familiar with the basics of risk management.This article was originally published on U.Today More

The biggest cryptocurrency by market capitalization extended its rally on Friday, reaching $39,000 on the Coinbase (NASDAQ:COIN) crypto exchange.With its recent surge, Bitcoin has its greatest value since May 2022, right before the cryptocurrency sector was rocked and prices started a gradual slide due to the collapse of the Terra ecosystem.As 2023 draws to a close, cryptocurrency speculators are focused on the possibility that Bitcoin may reach $40,000, since the largest digital asset has more than doubled in value in the year.Bitcoin has increased by more than 133% so far this year, outpacing gains in many other traditional sectors as investors turned to riskier assets.The hope among traders and the cryptocurrency community as a whole that the U.S. Securities and Exchange Commission may soon approve the first exchange-traded fund directly linked to Bitcoin is driving up prices.With this move, Santiment believes that Bitcoin’s path has already been cleared for a $40,000 price.Adding to this positivity is the fact that attention has increasingly been on instead of altcoins, which, according to Santiment, represents “enough fear typically needed for prices to continue rising.”Santiment observed that as interest in altcoins wanes, Bitcoin’s social dominance has increased in just one month.At the time of writing, BTC was up 0.78% in the last 24 hours to $38,782, reaching intraday highs of $38,848 in Saturday’s trading session.This article was originally published on U.Today More

In a spirited message, Hayes emphasized his desire for Powell to make a bold move by slashing interest rates and propelling Bitcoin to new heights.Hayes’ enthusiasm is not without cause. Historically, December has proven to be a bullish month for , particularly when preceded by positive closures in October and November.Bitcoin’s Quarterly Returns by The focus of Hayes’ optimism lies in his anticipation of a monetary policy shift by Powell. The former BitMex CEO predicts a pivot toward easing monetary policy and lowering interest rates.In simpler terms, Hayes expects the metaphorical “money printer” to be activated, resulting in cheaper money and an upswing in the value of financial assets, with Bitcoin at the forefront.As the crypto community eagerly awaits Powell’s speech, Arthur Hayes’ bold predictions and contagious enthusiasm set the stage for an exciting December. The prospect of Bitcoin ascending to new heights is intricately linked to the potential actions of the Federal Reserve, creating a buzz within the crypto space. The question on everyone’s mind is: will Powell’s words and actions indeed send to the moon this December? The crypto world is poised for a thrilling ride.This article was originally published on U.Today More

The technical chart for Ethereum indicates a strong push toward a key resistance level. After a period of consolidation, the price has broken out, suggesting a potential shift from a bearish to a bullish trend at around $2,100. This move aligns with a broader market recovery.Analyzing the chart, has been tracing an ascending trajectory, supported by a rising trendline that underscores a series of higher lows – a classic indicator of bullish sentiment. The 50-day moving average, which is often looked upon for trend confirmation, is positioned below the current price, serving as a dynamic support level. The price is pushing toward the $2,100 level, which has historically acted as a significant resistance zone.A breakthrough above this resistance could signal the start of a new uptrend, potentially challenging previous highs. However, traders will be watching closely for sustained volume to accompany this price increase, as higher trade volumes would lend credence to the breakout and suggest stronger conviction among buyers.The Relative Strength Index (RSI), a momentum indicator, is currently hovering in the upper neutral zone, nearing overbought territory. While this could indicate that a pause or pullback is due, it also reflects the strong buying pressure that has driven the recent price increase.The technical indicators on the chart reinforce this narrative. The moving averages are aligned in a bullish formation, with the 50-day moving average serving as dynamic support below the current price. This could embolden the bulls, offering a psychological boost as they rally to break past the current resistance.Furthermore, the formation of a small symmetrical triangle suggests that volatility may be on the horizon for Dogecoin. This pattern, characterized by converging trend lines, points to a period of consolidation that typically precedes significant price movement. Given the positioning of the price at the upper end of the triangle, there is an argument to be made for an impending bullish breakout.Examining the volume, we see a consistency that accompanies the consolidation pattern, hinting that a breakout could be accompanied by a substantial increase in trade volume. This would provide the necessary market confirmation for a genuine breakthrough, rather than a false breakout that could trap overzealous bulls.A close examination of the daily chart reveals diverging moving averages, with the 50-day moving average trending upward, suggesting a bullish undercurrent, while the 200-day moving average is moving lower, indicating potential longer-term bearish sentiment. This divergence can often signal a period of market indecision, with shorter-term bullish sentiment wrestling against longer-term caution.The immediate resistance level for sits at around $0.40, a threshold that has capped upward price movements in recent times. For a confirmed breakout, ADA bulls need to push and sustain the price above this level, ideally with an increase in volume to signify strong market conviction.This article was originally published on U.Today More

This article was originally published on U.Today More

The Colombian President’s new BTC holdings result from a gift from Mow, a well-known figure in the cryptocurrency sector. This symbolic gesture underscores Colombia’s interest in exploring the potential of digital currencies and blockchain technology. The agenda of the meetings covered a range of innovative applications, such as deploying Bitcoin within worker cooperatives and utilizing blockchain for efficient management of public sector operations, including health billing and land restitution.The conversations come at a time when Colombia is eagerly awaiting new cryptocurrency regulatory frameworks. The Financial Superintendency of Colombia is currently piloting a plan that could pave the way for policy adaptations that embrace crypto initiatives. This progressive stance is mirrored by Argentina’s President Javier Milei, who, inspired by Max Keiser’s initiative, is preparing for a diplomatic mission with El Salvador to delve into the role of crypto in economic freedom and its potential as legal tender.At the time of writing, the market price for Bitcoin is $38,117, reflecting the dynamic nature of the cryptocurrency market. With Colombia’s high-level engagement with industry experts and anticipation of regulatory clarity, the country is positioning itself at the forefront of Latin American nations considering the adoption of digital currencies for national prosperity.This article was generated with the support of AI and reviewed by an editor. For more information see our T&C. More

The FAssets project allows for the minting of synthetic assets, representing non-smart contract tokens like BTC, XRP, and DOGE, on a smart contract chain. This process is designed to bring over 70% of value from the non-smart contract token space into the realm of DeFi, according to Flare Labs CEO Hugo Philion. The private beta phase focuses on critical user interactions and internal trials by Flare Labs.The upcoming beta stages will involve affiliated builders and data providers in controlled tests to assess the system’s resilience. These tests will include market stress simulations to ensure robustness. The minting of FAssets is secured by collateral and is verified through a State Connector, a system that provides trustless access to external data. Liquidators and challengers play crucial roles in maintaining the collateral balance and monitoring for unauthorized mints, respectively.Once feedback from these controlled tests is incorporated, the FAssets system will move into a public beta phase, which will allow for broader user engagement and the opportunity for developers to integrate decentralized applications (dApps) with the FAssets.Looking ahead beyond the beta testing, the successful deployment of FAssets on both the Coston and Songbird networks will set the stage for a mainnet release. Users can anticipate the opportunity to benefit from a cross-chain incentive pool by earning FLR tokens. The platform is designed to enhance the utility of blockchain by providing decentralized and trustless access to external data, which is crucial for the functionality of smart contracts through the Time Series Oracle (NYSE:ORCL).The integration of FAssets into the DeFi space is a significant move towards bridging the gap between traditional cryptocurrencies and smart contract capabilities, offering a new avenue for token holders to engage with the DeFi sector.This article was generated with the support of AI and reviewed by an editor. For more information see our T&C. More