Cryptocurrency

Over the past week, Bitcoin has maintained a positive trajectory, staying above the bull market support band, which is often regarded as an indicator of sustained upward momentum. Despite a minor setback, where its value dipped by 0.50% to $36,987.75, Bitcoin still recorded an overall weekly gain of over 6%. Additionally, trading volumes saw a slight increase of 0.84% in the last 24 hours.As of today, Bitcoin is teetering at the $36,900 support level. Market observers are noting that breaking its recent positive trend line over the last two days has introduced a risk of descending below this threshold. Should Bitcoin fail to maintain this support level, analysts like Daan Crypto suggest that it could face a decline towards $34,000 in the following week.Conversely, if Bitcoin can sustain its position and close above $36,900 within the next two days, there’s potential for an upward surge towards the $40,000 mark. This pivotal point in Bitcoin’s market movement is being closely watched, as it could dictate short-term market sentiment and influence investor decisions.The cryptocurrency market is known for its volatility and rapid price changes. As such, both traders and long-term investors remain vigilant, ready to adjust their strategies in response to Bitcoin’s next move. The outcome of this critical juncture will likely have broader implications for the cryptocurrency market at large.This article was generated with the support of AI and reviewed by an editor. For more information see our T&C. More

Deaton underscored the significance of the U.S. Supreme Court’s Morrison ruling, which effectively limits the SEC’s jurisdiction to sales within the United States. This gains relevance as Ripple’s XRP sales in the United Kingdom, Japan, Switzerland and other jurisdictions face scrutiny. Additionally, the legal standing of XRP in these jurisdictions bolsters Ripple’s stance.Continue Reading on Cointelegraph More

With almost a general consensus that Bitcoin’s price will move higher in 2024, analysts are busy projecting how high the rally could reach. Using its Terminal Price on-chain indicator, Look Into Bitcoin creator Philip Swift said that Bitcoin could hit at least $110,000 in its next bull cycle.Continue Reading on Cointelegraph More

Technical analysts have identified an inverted head and shoulders pattern on Bitcoin’s 15-minute timeframe, which is traditionally seen as a predictor of trend continuation. This pattern has led to predictions that Bitcoin could soon approach the minor resistance level of $37,185. Should it surpass this threshold, the next target is the major daily resistance level at $40,000.A trading strategy has been proposed for those looking to capitalize on this momentum. It involves entering a long trade at the aforementioned minor resistance level of $37,185 with a carefully placed stop loss at $36,272 to manage risk. The strategy outlines multiple take-profit levels set at $38,000, $39,000, and $40,000 over the forthcoming 1-3 weeks as part of a secure profit-taking approach.The recommended trading plan emphasizes a risk-to-reward ratio of 1:3. This means that for every potential dollar at risk, there is an opportunity to earn three in profit. The maximum profit potential for this strategy is capped at 7.5%, while the maximum loss is restricted to 2.4%, making it an attractive proposition for traders relying on technical analysis for their market decisions. With these strategic points set in place, investors and traders will be closely monitoring Bitcoin’s price movements in the coming weeks.This article was generated with the support of AI and reviewed by an editor. For more information see our T&C. More

Deaton underscores the significance of the Supreme Court’s Morrison ruling, which effectively limits the SEC’s jurisdiction to sales within the United States. This gains relevance as Ripple’s XRP sales in the United Kingdom, Japan, Switzerland, and other areas face scrutiny. Additionally, the legal standing of XRP in these jurisdictions bolsters Ripple’s stance.Continue Reading on Cointelegraph More

The suit claims ByBit used its “VIP” access and ties with FTX staff to withdraw significant cash and digital assets from Mirana, Time Research (another entity linked to ByBit), and executives just before FTX’s collapse.Continue Reading on Cointelegraph More

In October 2023, Bitcoin experienced a notable rally, reaching an 18-month high of $35,000. This price surge prompted mining companies to sell a significant number of bitcoins. Collectively, these firms sold 5,492 BTC, which was valued at approximately $164 million. The liquidation-to-production ratio for the industry reached 105%, indicating that not only were all newly mined coins sold, but also additional holdings were liquidated.The trend of increased liquidation was not isolated to October. In June 2022, during the onset of the bear market, the liquidation-to-production ratio spiked to a record 360%. However, by August of that year, this ratio had decreased to 80%. Despite this reduction, the ratio remained elevated compared to earlier months, such as July (64%), August (77%), and September (77%) of 2023.Several companies stood out in their liquidation efforts. Bit Digital and Hut 8 each sold over 300% of their monthly production in October. These sales are part of a broader strategy adopted by firms like Marathon, Hut 8, Cipher, and CleanSpark (NASDAQ:CLSK). This hybrid treasury approach involves selling assets to capitalize on market rallies, replenish cash reserves, and prepare for future events that could affect their operations.One such event is the upcoming Bitcoin halving in April 2024. Halving events reduce block rewards for miners by half and occur every 210,000 blocks until all 21 million BTC are mined. The previous halving in May 2020 cut the block reward from 12.5 BTC to 6.25 BTC. The next halving will further slash rewards to 3.125 BTC per block, significantly impacting miners’ profitability and prompting them to increase their cash reserves in anticipation.This article was generated with the support of AI and reviewed by an editor. For more information see our T&C. More

Coinbase Custody is a service offered by Coinbase, which is specifically designed to provide secure storage for cryptocurrency assets. It is targeted at institutional clients and offers a range of features, including insurance coverage and third-party auditing. The service is built on the premise of providing a secure haven for large cryptocurrency holdings, away from the risks associated with exchange wallets.Source: TradingViewThe transfer of funds by notable figures such as Buterin often garners attention, potentially influencing market sentiment. However, attributing price surge solely to these transfers would be an oversimplification. A myriad of factors contribute to the price dynamics of cryptocurrencies, including investor sentiment, market trends and significant developments within the ecosystem.One such development is the news that BlackRock (NYSE:BLK), the world’s largest asset manager, is exploring the creation of an exchange-traded fund (ETF) that would include Ethereum’s ether. This move underscores the growing interest and acceptance of cryptocurrencies among institutional investors. BlackRock’s engagement with Ethereum could be seen as a vote of confidence, potentially attracting more institutional money into the cryptocurrency space and contributing to the bullish momentum of .Ethereum’s growth also comes amid a broader trend of increasing institutional interest in cryptocurrencies. As traditional financial entities seek exposure to digital assets, the market is likely to continue to expand and evolve.This article was originally published on U.Today More