Cryptocurrency

The trading volume for Ethereum has been on a downward trajectory, which often serves as a precursor to heightened volatility. This declining volume, coupled with the asset’s proximity to a key support level, creates a tension-filled atmosphere. Market participants are keenly watching to see if the support will hold or give way to further price depreciation.Source: TradingViewAdding another layer of complexity is the long-ago occurrence of the death cross, a bearish indicator where the 50-day moving average crosses below the 200-day moving average. This technical event often signals a continuation of downward pressure, and in Ethereum’s case, it has yet to prove otherwise.The Ethereum network has been a hotbed of innovation, particularly in the DeFi sector. However, despite its technological advancements, the asset is not immune to market forces. The current technical setup suggests that Ethereum could be in for more downside, unless a significant catalyst alters its course.In essence, Ethereum is at a crossroads. The confluence of descending trading volume, a critical support level and a lingering death cross creates a complex tapestry of factors that traders and investors must navigate. The asset’s next move could very well set the tone for its short to medium-term trajectory.The descending triangle is a pattern that often signals a bearish continuation. However, it is crucial to note that the pattern can break either way — up or down. The key is to watch for a decisive move on significant volume. Speaking of volume, ADA’s trading activity has been relatively subdued, which often precedes a burst of volatility.The Cardano network has been a subject of admiration for its focus on rigorous academic research and a peer-reviewed approach to blockchain development. Yet, despite its lofty ideals, Cardano has not been immune to the broader lethargy.The convergence of moving averages further substantiates the notion of impending volatility. When moving averages converge, they often indicate a period of market indecision, a tussle between the bulls and the bears. Once one side gains the upper hand, the asset usually makes a strong move in that direction.The current price movement of Shiba Inu hints at a “bearish flag” formation. A bearish flag is generally a continuation pattern that indicates a potential downward breakout. However, it is essential to note that these patterns are not set in stone and can sometimes defy expectations.A pivotal moment for Shiba Inu came when it faced a strong price rejection at the 21 Exponential Moving Average (EMA), a commonly used technical indicator. This rejection led to a 3% price reversal for SHIB, adding another layer of intrigue to its price action. While a 3% move might not sound groundbreaking, in the high-stakes world of cryptocurrency trading, even small percentage changes can have a significant impact.What does this all mean for Shiba Inu? The asset finds itself in a complex situation. On one hand, the bearish flag formation and the 21 EMA rejection point toward a potential downside. On the other hand, the asset has been quietly trending upward, defying broader bearish sentiment.This article was originally published on U.Today More

FTX Europe’s appeal primarily lies in its “highly profitable” derivatives business, operating under a Cyprus regulatory license. As the only firm licensed to offer perpetual futures in Europe, FTX Europe accounts for a significant portion of trading volumes. It’s worth noting that derivatives constitute nearly 75% of the global crypto trading volume, which reached $2.13 trillion in June, up 13.7% from the previous month.FTX’s European branch had been operating profitably before its parent company declared bankruptcy in the fall of 2022, attracting several exchanges eager to expand their derivatives offerings, including Crypto.com and Trek Labs.Coinbase’s latest quarterly report revealed $707 million in revenue for Q2 2023. Of that, $327 million came from spot trading, marking a 13% decline from the previous quarter. The acquisition of FTX Europe would have been a strategic move to counter this declining revenue. Last August, Coinbase also received regulatory approval in the U.S. to offer Bitcoin and Ether futures via its Commodity Futures Trading Commission-regulated exchange, FairX.However, increasing regulatory scrutiny on crypto exchanges has led to Coinbase’s withdrawal from the acquisition talks. Regulatory challenges have been a persistent concern for the firm as it seeks to expand its global presence.Despite abandoning its plans to acquire FTX Europe, Coinbase remains open to other strategic acquisitions and partnerships. Meanwhile, the deadline for the sale of FTX Europe has been extended to September 24, providing other interested parties a brief window to finalize the deal. FTX is also expected to sell its assets as it owes over $9 billion to its debtors, who recently received court permission to liquidate assets.Coinbase’s interest in FTX Europe was primarily due to the profitability of its derivatives business and its growing customer base. This shift is particularly notable given the decline in spot trading volumes amidst the bear market. Recent data indicates that the trading volume for crypto financial instruments tied to popular cryptocurrencies like Bitcoin and Ethereum was six times greater than the volume of spot trades.Interestingly, this move comes after Coinbase obtained regulatory approval to introduce federally regulated cryptocurrency futures trading to eligible customers in the United States. This regulatory approval is pivotal, as it enables Coinbase to grant U.S.-based investors access to the cryptocurrency derivatives market, an area that was previously inaccessible to them.Elsewhere, Coinbase has reaffirmed its commitment to expanding its presence in regions with well-defined cryptocurrency regulations, including Europe. The company noted in a recent blog post that while the rest of the world is making strides in crypto-friendly regulation, the U.S. appears to be focusing on enforcing existing rules and introducing new regulations through legal proceedings.This article was generated with the support of AI and reviewed by an editor. For more information see our T&C. More

According to a CoinShares report, the market saw an outflow of $9 million last week. Sales for the week were the lowest, amounting to $820 million. This figure is significantly lower than the average of $1.3 billion.As was the case a week earlier, there is a divergence in sentiment from a regional perspective. Capital inflows reached $16 million in Europe, where investors see recent regulatory disappointment as an opportunity. At the same time, U.S. investors withdrew $14 million due to unrest in the local crypto market.Bitcoin-based products experienced outflows for the third week in a row. Last week, there was an outflow of $6 million. The $15 million inflow into short Bitcoin (BTC) seems surprising to analysts as there have been outflows amounting to 78% of assets under management (AuM) over the past 22 weeks, suggesting that investors are continuing to liquidate short positions.Ethereum (ETH) recorded capital outflows for the sixth week in a row, with outflows of $2.2 million. Investment products with other altcoins have also suffered this year, with a small but steady flow of investment outflows now standing at $32 million for the year.Analysts believe investors are becoming more discerning in the altcoin market, with continued inflows into XRP and Solana (SOL) at $0.66 million and $0.31 million, respectively.This article was originally published on Crypto.news More

If all goes to plan, the same blockchain technology will verify once and for all and immutably that humans have landed on the Moon when NASA launches its second crewed mission, Artemis 3, in 2025.Continue Reading on Coin Telegraph More

opBNB is an optimistic rollup layer-2 of Ethereum. It was launched on Sept. 13 and was developed by the team that created BNB Chain. According to the team, they discovered recently that “Metamask had set a default minimum recommendation price for gas based on the average of all networks.” This was a reasonable policy for other L2 networks, the team said, but it “didn’t quite align with opBNB.” The team claimed that opBNB fees “can be much lower than other L1 and L2 networks,” making the estimation inaccurate.Continue Reading on Coin Telegraph More

MicroStrategy spent $147.3 million on its latest BTC acquisition, according to a form 8-K filing with the U.S. Securities and Exchange Commission (SEC). Following its BTC accumulation between August and September 2023, MicroStrategy now boasts $4.6 billion worth of crypto’s top token on its balance sheet. MicroStrategy began purchasing BTC in 2020 as former chief executive officer Michael Saylor sought to reduce the company’s cash holdings and hedge against inflation.Since then, Saylor’s company has bought 158,245 BTC in total, acquiring Bitcoin at an average price of $29,582. The firm issued 403,362 MSTR shares to investors in order to finance its latest round of BTC buys as of press time.Wall Street heavyweights BlackRock (NYSE:BLK) and Fidelity count among the top 10 holders of MicroStrategy stock. It’s possible that investing in MSTR shares could serve as an indirect way for U.S. companies to access Bitcoin exposure without actually holding BTC itself amid regulatory unclarity.Top 10 MicroStrategy shareholders | Source: CNNBlackRock and Fidelity have also filed applications with the SEC toward listing America’s first spot Bitcoin exchange-traded fund (ETF), a financial product that would directly invest in BTC. BlackRock’s filing also seemingly galvanized other issuers to do the same as a deluge of spot Bitcoin ETF bids from companies like Cathie Wood’s Ark Invest, Valkyrie, WisdomTree, and Franklin Templeton swiftly followed.While the SEC has not yet approved any filings, many believe a ruling in Grayscale’s lawsuit against the securities regulator could be the turning point in crypto’s quest for its first spot Bitcoin ETF.This article was originally published on Crypto.news More

Yue said tests have shown mBridge to provide faster, cheaper, more transparent cross-border payments. The project was initiated in 2021 with the participation of the HKMA and the central banks of China, Thailand and the United Arab Emirates, as well as commercial banks from each of those jurisdictions and the Bank for International Settlements Innovation Hub.Continue Reading on Coin Telegraph More

The surge in XRP inflows is notably connected to increased activity on the Bitstamp exchange. This heightened activity typically suggests a potential sell-off; however, in this case, it could indicate an entirely different trend. The increased inflows on Bitstamp might be tied to the growing use of Ripple Payments, previously known as On-Demand Liquidity.Ripple, a major player in the cryptocurrency sector and partial owner of Bitstamp, actively uses XRP within its payment services. The partnership between Ripple and Bitstamp could be driving the rise in XRP-focused investments.While XRP has been leading the pack, other cryptocurrencies such as Solana (SOL) and Litecoin (LTC) have also seen significant inflows into their respective ETPs over the past week.However, a broader look at the cryptocurrency investment product market tells a contrasting story. The market has experienced its sixth consecutive week of outflows, with a total of $9.1 million exiting the market. Since the start of this year, the market has witnessed an outflow of $125.5 million. Bitcoin (BTC) ETPs were among those impacted by this trend, seeing outflows of $5.9 million last week.This article was generated with the support of AI and reviewed by an editor. For more information see our T&C. More