Cryptocurrency

Markus Thielen of Matrixport highlighted that this period poses challenges for crypto skeptics, as the market reacts to BlackRock’s initiative. The financial giant’s application comes on the heels of its bitcoin spot ETF filing in June 2023, signaling a potential trend where other firms may follow suit with their own crypto ETF filings.Despite recent difficulties faced by the wider crypto market, including waning interest in web3 and Non-Fungible Tokens (NFTs), industry experts remain optimistic about the future of cryptocurrencies. Simon Peters from eToro expressed confidence that an approved spot ETF could elicit a positive market response.Moreover, the U.S. Securities and Exchange Commission’s (SEC) ongoing dialogues with Grayscale about converting its bitcoin trust into a spot ETF is seen as a step toward increased mainstream financial acceptance of digital currencies. This engagement with one of the largest digital asset managers indicates a growing institutional interest in incorporating cryptocurrencies into traditional investment vehicles.As Wall Street’s influence appears to be injecting new life into the crypto markets, investors and enthusiasts alike are closely watching regulatory developments and their potential impact on future valuations and adoption of cryptocurrencies.This article was generated with the support of AI and reviewed by an editor. For more information see our T&C. More

Bitcoin has risen over 40% in the last four weeks on growing expectations that a would be approved soon. On Thursday, Bitcoin was just shy of $38,000, its highest price since May 2022.Bitcoin is still only around halfway to recapturing the pinnacle of the 2021 crypto frenzy when it peaked at over $69,000.Traders are currently aiming for the price point and higher. As reported, legendary trader charted out a price target of $43,289 if a flag or pennant pattern validates for Bitcoin.The demand for the Bitcoin network is also increasing, according to IntoTheBlock, which states that Bitcoin fees increased by 243% week over week as ordinals’ volumes reached a six-month high.Institutional and whale demand has also increased significantly, with Bitcoin experiencing an 80% spike in the volume of transactions exceeding $100,000. Over the last week, $230 million in Bitcoin was deposited into exchanges.Funding rates are the fees that perpetual contract holders must pay when their prices are higher or lower than spot prices.Large funding rates in either direction have historically characterized moments where the market has gotten overextended, as shown during the FTX crash last November.Bitcoin funding rates reaching yearly highs may indicate that the market is possibly overly ready to go long.This may not necessarily indicate that prices will crash soon, as funding rates remained high for several weeks at periods in 2021, but it may indicate the need for some caution.This article was originally published on U.Today More

According to a report, the bench headed by the Chief Justice of India (CJI), after listening to the plea, remarked that the petitioner’s demands are more legislative in nature. Given the petition’s character, the bench, including Justice JD (NASDAQ:JD) Pardiwala and Manoj Misra, dismissed the plea. The Supreme Court noted that despite the petitioner filing a PIL requesting regulations and guidelines for cryptocurrency and its trading, the underlying objective is to secure bail.Continue Reading on Cointelegraph More

The daily chart of Shiba Inu reveals a decisive close above the 200 EMA, a move that has historically been followed by a period of substantial price increases. The 200 EMA is a critical technical level that smooths out price data over the past 200 days and is closely monitored by traders for signs of long-term trend reversals. For , which has been trading below this level for an extended period, the recent surge above it is a noteworthy development.Source: TradingViewThe significance of this event is twofold. First, surpassing the 200 EMA suggests that sentiment toward SHIB is turning positive, as the token demonstrates strength by overcoming a level that previously acted as resistance. Secondly, this breakthrough may attract further buying pressure, as technical traders and algorithms often use the 200 EMA as a trigger for entry into the market.However, whether this will translate into a sustained new rally for SHIB is contingent upon several factors. Market participants would need to observe follow-through buying and volume in the coming days to confirm the potential for a continued uptrend. Moreover, the past performance of SHIB has been characterized by high volatility and rapid price swings, making it imperative for traders to remain cautious.The $48 mark represents a pivotal moment for Solana’s price trajectory. Historically, it is a level where the asset has either faced considerable resistance or one that it has not ventured into for an extended period, making the current approach a significant test of its market strength.A breakthrough above this level could indicate a strong conviction from buyers and potentially lead to new highs. However, if the price fails to sustain above $48, it might trigger profit-taking and lead to a pullback.In terms of technical indicators, there are no immediate signs of a rally fading. However, one metric that often provides clues about future price movements is trading volume. For , the trading volume has been showing signs of decline as prices have ascended, which could be interpreted as a fading momentum. This divergence between rising prices and falling volume is traditionally viewed with caution, as it may suggest that the current price increase is not supported by strong buying interest.The Relative Strength Index (RSI), a momentum oscillator that measures the speed and change of price movements, indicates that ADA is in an overbought condition. Traditionally, an RSI above 70 suggests that an asset may be overvalued and could be primed for a potential price correction or reversal. For Cardano, the RSI hovering at these levels raises the specter of a possible pullback, as traders might start to take profits after such a swift rally.This article was originally published on U.Today More

A close examination of XRP’s price chart reveals that the cryptocurrency has experienced a resurgence after a period of being oversold. This overselling often leads to a rebound as traders capitalize on what they perceive as an undervalued asset. As a result, XRP is witnessing a significant uptick in volume, suggesting that the market is gearing up for a sustained rally.Source: TradingViewHowever, when juxtaposed with the performances of Ethereum and Solana, XRP’s ascent appears somewhat lackluster. This disparity in performance can be traced back to several factors. Unlike Ethereum or , which have seen substantial ecosystem developments and a consequent influx of investor confidence, XRP has been beleaguered by regulatory challenges that have somewhat stifled its growth potential. Moreover, while Ethereum and Solana have benefited from the DeFi and NFT boom, XRP’s utility in these burgeoning sectors has been less pronounced.The technical analysis of XRP’s chart shows a decisive break above the moving averages, a bullish indicator for traders. The RSI, though not visible on the provided chart, if approaching overbought territory, could suggest caution among buyers and possibly lead to a temporary pullback before any push toward the $1 mark. Yet, the recent price action, marked by a steady climb, could consolidate further as Ripple continues to expand its cross-border payment solutions, potentially adding intrinsic value to XRP.The news broke out, creating a wave of optimism, and the price of Ether spiked from $1,913 to a daily high of $2,050​​. At the time of the latest filings, Ethereum’s price was up 7%, hitting around $2,022, the highest level since April, and significantly outpacing Bitcoin’s more modest gains​​.This rally can be attributed to the potential for mainstream adoption that a BlackRock ETF represents, indicating increased institutional interest in Ethereum as a digital asset. BlackRock CEO Larry Fink’s bullish stance on crypto seems to have played a role in kindling investor confidence, as they anticipate a quality investment option emerging in the crypto space​​.From a technical perspective, the Ethereum chart shows a robust uptrend with the price challenging the psychological threshold of $2,000. However, in the speculative world of cryptocurrencies, it is crucial to consider potential scenarios for a reversal.Scenario 1: Profit-taking post-ETF euphoriaThe first scenario could involve a reversal due to profit-taking following the recent surge. Typically, after a significant announcement such as the BlackRock , there may be a wave of short-term traders and investors looking to capitalize on the spike in prices. This sell-off could trigger a reversal, especially if the ETF news does not lead to immediate tangible changes in market dynamics.Scenario 2: Regulatory roadblocksAnother scenario might be a potential reversal due to regulatory hurdles. While the filing has been made, the approval and implementation of an Ethereum ETF are subject to regulatory scrutiny. Any delays or negative news on this front could lead to a pullback in prices. This sort of reversal is harder to predict timewise but is contingent on the flow of news from regulatory bodies.In terms of timing, the chart analysis suggests that these reversals may occur shortly after testing the $2,000 level, as the market evaluates the sustainability of the current price levels. Traders and investors will be closely watching the $2,050 daily high as a potential resistance point and the subsequent price action for hints of a reversal​​.This article was originally published on U.Today More

Investor enthusiasm for SOL’s price increase may be attributed to the fact that some of the tokens from the bankruptcy proceedings are either vested or locked. Furthermore, there’s a weekly sale limit of $100 million imposed as part of the FTX liquidation plan. In essence, the initial fear of asset liquidation has transformed into hope as investors realize the limited impact of the sales.Continue Reading on Cointelegraph More

The company is partnering with open-source blockchain PlatON for privacy-protected digital infrastructure and Allinpay International to create smart terminals and a digital interface. Both PlatOn and Allinpay are based in China. Dtcpay and Allinpay are registered with the Monetary Authority of Singapore (MAS) as major payment institutions.Continue Reading on Cointelegraph More

The lack of clear guidelines from the U.S. Securities and Exchange Commission (SEC) and Congress has not dampened the enthusiasm for digital assets. Instead, the potential introduction of ETFs by a major player such as BlackRock has provided a boost to market sentiment. Investors are seemingly engaging in the classic “buy the rumor, sell the news” trading pattern, snapping up cryptocurrencies in the hopes that these new products will lead to broader adoption and price increases.Further bolstering the market’s confidence is the ongoing innovation within the blockchain space. Major companies like Visa (NYSE:V), Shopify (NYSE:SHOP), and MercadoLibre (NASDAQ:MELI) are actively testing blockchain technology for payment processing applications. These tests underscore the growing interest in blockchain’s utility beyond mere speculation.Ethereum and Solana, blockchains with a focus on functionality such as smart contracts and decentralized applications, have particularly benefited from these developments. Their increased activity reflects a market that is not only interested in the investment opportunities cryptocurrencies provide but also in their potential to revolutionize various aspects of digital commerce and finance.This article was generated with the support of AI and reviewed by an editor. For more information see our T&C. More