Cryptocurrency

Double tops frequently indicate a possible reversal on conventional price charts, but in the case of RSI they might actually reinforce the notion of trend continuation rather than reversal. The fact that Bitcoin’s RSI is currently in the 70-80 range indicates that the asset is slightly overbought but still holding firm. Historically prolonged bullish periods rather than abrupt declines have frequently accompanied Bitcoin’s RSI rising above 70. Strong buying momentum is indicated by the fact that it is holding at this level without experiencing a significant correction. Recently, Bitcoin has surpassed $75,000, a crucial psychological and technical barrier and broken above important resistance levels. Bitcoin has been following an upward trend from a price standpoint, and the current price action indicates strong support. Bitcoin has a good chance of continuing to gain ground as long as it remains above $70,000. In line with prior consolidation areas, $69,000 is one of the support levels to keep an eye on. Fortunately, if Bitcoin maintains its current trend, it may reach $78,000 and even higher.The noteworthy volume that has accompanied this movement has further reinforced the bullish sentiment. As was recently observed, a high-volume breakout usually signals real interest rather than a passing pump. Any variations in volume trends should be watched by investors as an indication of shifting sentiment.The ability of ADA to overcome the $0.35-$0.36 resistance zone, which had served as a recalcitrant barrier for months, is a major factor driving this rally. ADA was able to test higher levels after breaking through this zone, and this movement has strong support due to volume spiking. Investor confidence is also probably boosted by Cardano’s network advancements and growing ecosystem. ADA has technically broken above its 50-, 100- and 200-day moving averages indicating the possibility of a long-term upward trend. After recent improvements in macroeconomic sentiment, major assets are gaining traction, and the current price action is in line with these broader market trends. But it is important to approach this expansion with a healthy dose of optimism. Although ADA is displaying positive indicators, the asset may be approaching overbought territory as its Relative Strength Index (RSI) has surpassed 70. This might result in a brief decline, providing investors with a chance to consolidate their gains prior to a possible uptrend continuation.ADA may try to test the next significant resistance level, which is located around $0.50, if it can keep support above $0.40 and continue its upward trajectory. A decline below $0.40, however, might trigger a retest of support in the $0.35 range. ADA may finally be in the early phases of a wider recovery trend, based on Cardano’s price action, which is currently a positive development.The flourishing DeFi ecosystem, where SOL’s quick transactions and affordable fees make it a desirable substitute for other networks, also supports this expansion. There is a growing demand for SOL, which supports its price increase as more users interact with applications’ NFTs and tokens on Solana as the platform grows. Technically speaking, catching $200 creates a strong basis for future upward movement.SOL may aim for its all-time high of about $260 if it breaks through the next significant resistance level, which is located around $216. Maintaining this price could stimulate additional buying pressure and help the asset continue its upward trend. The $200 level currently serves as a support. The strength of this rally is also reflected in the Relative Strength Index (RSI), which has remained above the 70 mark, which generally denotes strong buying interest. High RSI values, however, should alert investors to any indications of overextension. In order to keep SOL moving forward, steady volume growth and ongoing network activity will be essential.This article was originally published on U.Today More

This was in response to Tom Lee of Fundstrat, who said that BTC could help solve the U.S. budget deficit. In a recent CNBC live, Lee suggested that if the cryptocurrency is added to the list of reserve assets, it could help offset some of the nation’s massive $36 trillion debt because of its potential to appreciate in value. He also pointed out that traditional ways of reducing the deficit, such as changing tax policy or cutting spending, may not be enough on their own in the current economy. Therefore, Bitcoin could be a useful asset for the U.S. Treasury and help manage the debt, the expert argued.Such a scenario, according to Schiff, would defeat the purpose of a strategic asset intended to stabilize or enhance fiscal resilience. He argued that Bitcoin’s volatility and illiquidity make it unsuitable as a serious reserve asset and cautioned against what he sees as misplaced optimism about its use by governments.This article was originally published on U.Today More

The Federal Reserve cut interest rates on Thursday, as expected, giving Bitcoin a boost, and extending its three-day rally. Bitcoin has been on a steady upward trend this week, surpassing $76,000 and establishing new all-time highs for two days in a row.On Thursday, Bitcoin reached its current all-time high of $76,999. Market optimism is increasing as Bitcoin retested the $76,000 mark in Friday’s trading session, reaching highs of $76,483 before slightly retreating.According to CoinMarketCap data, Bitcoin is now priced at $76,160, up roughly 2% in the last 24 hours and 7% over the last seven days. The cryptocurrency’s almost 80% gain in 2024, powered in part by a Federal Reserve interest rate reduction, outperforms traditional investments such as global stocks and gold.Options markets are pricing in increased volatility as investors hedge their bets in both directions.Over the past month, U.S. Bitcoin ETFs have shown unprecedented demand, with inflows rivaling the product’s early success. In the last 24 hours, U.S. exchange-traded funds that invest in Bitcoin reported a record daily net inflow of $1.38 billion.The Bitcoin Realized Cap has risen by 3.8% in the last 30 days, marking one of the highest inflow levels since January 2023. The realized cap is currently trading at an ATH of $656 billion, with a $2.5 billion net 30-day capital inflow.This article was originally published on U.Today More

(Reuters) – The cryptocurrency industry, including heavyweights like Coinbase (NASDAQ:COIN) and Ripple, spent more than $119 million backing pro-crypto U.S. congressional candidates, hoping to boost those who would pass crypto-friendly bills to promote digital assets.The effort succeeded on Tuesday, with many of the industry’s chosen candidates winning their races, potentially ushering in a Congress poised to champion crypto like never before. Much of the sector’s spending in 2024 came from supercharged political action committees, which can spend unlimited amounts of money. Fairshake, one of the most prominent PACs dedicated to supporting candidates with favorable views of crypto, spent more than $40 million during this election cycle, according to OpenSecrets. The spending data comes via both OpenSecrets and the Federal Election Commission. Here are the races where crypto has spent the most money, and whether the industry was ultimately successful in boosting their preferred candidate: 1. Ohio Senate: (R) Bernie Moreno vs. (D) Sherrod Brown (incumbent)The cryptocurrency industry spent by far the most amount of money attempting to unseat current Senate Banking Committee Chair Sherrod Brown in this year’s elections, doling out $40.2 million on behalf of Brown’s opponent, Republican Bernie Moreno.Moreno defeated Brown on Tuesday, Edison Research projected, in one of the most expensive Senate races in history, ousting one of crypto’s biggest foes in Congress. Brown has been skeptical of cryptocurrencies, expressing particular concern about their use in financing groups deemed by the U.S. to be state sponsors of terrorism. Meanwhile, Moreno started a blockchain-based company and has said he will “lead the fight to defend crypto” in the Senate. Moreno enjoyed contributions from Defend American Jobs – an affiliate of Fairshake – as well as Coinbase CEO Brian Armstrong and Gemini co-founders Cameron and Tyler Winklevoss. 2. Michigan Senate: (R) Mike Rogers (NYSE:ROG) vs. (D) Elissa SlotkinCrypto spent $10 million supporting current U.S. Representative Elissa Slotkin of Michigan in her race for a vacated Senate seat, with contributions coming from Fairshake affiliate Protect Progress as well as Chris Larsen, the executive chairman of Ripple. Slotkin narrowly won her race, according to Edison Research. In Congress, Slotkin voted in favor of repealing a crypto-related accounting bulletin from the Securities and Exchange Commission, as well as a bill promulgated by Republican House Financial Services Committee Chair Patrick McHenry that would seek to develop a regulatory framework for crypto. 3. Arizona Senate: (R) Kari Lake vs. (D) Ruben GallegoProtect Progress, along with individual donors like Coinbase’s Armstrong and Andreessen Horowitz general partners Chris Dixon and Ben Horowitz, spent $10 million supporting current U.S. Representative Ruben Gallego’s campaign for an Arizona Senate seat. Gallego voted along with Slotkin in favor of legislation that the crypto industry supported. The race has not been called yet. 4. Massachusetts Senate: (R) John Deaton vs. (D) Elizabeth Warren (incumbent)The crypto industry spent $4.2 million propping up Massachusetts Senate candidate John Deaton in his race against Senator Elizabeth Warren, who has clashed with digital assets leaders numerous times. Warren, the incumbent, won re-election, Edison Research projects. Warren has called for applying stringent anti-money laundering standards to crypto, and has said crypto businesses are reticent to follow the same rules that other financial firms like banks comply with. With Brown having lost his Senate race in Ohio, Warren could become one of the top Democrats on the Senate Banking Committee next year. 5. West Virginia Senate: (R) Jim Justice vs. (D) Glenn ElliottCrypto spent $3 million supporting former West Virginia governor in his quest for Senate, led by Defend American Jobs, Armstrong, and the Coinbase Inc Innovation PAC. Justice won the Senate seat on Tuesday, Edison Research projects. On his website, Justice said earlier this year that the U.S. has “a tremendous opportunity” with crypto and blockchain innovation, and that he supports a regulatory framework for digital assets that “allows entrepreneurs to innovate, flourish and achieve their full potential.”6. Indiana Senate: (R) Jim Banks vs. (D) Valerie McCrayIndividual donors like Armstrong, Horowitz and Dixon along with the Coinbase Inc Innovation PAC and Defend American Jobs in the primary campaign spent $3 million to back Republican Indiana Senate candidate and current congressman Jim Banks, who won the Senate seat, according to Edison Research. Banks supported legislation backed by the crypto industry in Congress. 7. California 45th Congressional District: (R) Michelle Steel (incumbent) vs. (D) Derek TranThe crypto industry spent $2.8 million supporting Representative Michelle Steel’s re-election campaign, led by Fairshake, Cameron and Tyler Winklevoss and the Coinbase Inc Innovation PAC. Steel voted in favor of legislation to repeal the U.S. Securities and Exchange Commission’s accounting bulletin and create a regulatory framework for cryptocurrencies. The race has not been called yet. 8. Alabama 2nd Congressional District: (R) Caroleene Dobson vs. (D) Shomari FiguresCrypto has spent $2.6 million backing Shomari Figures’ congressional race for a brand new district in Alabama, a race that he won by a wide margin, according to a projection from Edison Research. That $2.6 million includes contributions from Protect Progress, the Winklevoss twins, Armstrong and the Coinbase Inc Innovation PAC. Figures signed onto a letter from Democrats in July asking the Democratic National Committee to soften its stance on crypto and include crypto-supportive language in the party’s platform. On his website, Figures said that he would embrace digital assets to spur innovation and technological advancement.    9. North Carolina 1st Congressional District: (R) Laurie Buckhout vs. (D) Donald Davis (incumbent)Individual donors like Armstrong, Larsen and the Winklevoss twins along with Fairshake spent $2.3 million in the primary campaign on behalf of Representative Donald Davis’ re-election campaign, which Davis won, Edison Research projects. Davis supported legislation backed by the crypto industry in Congress. 10. Colorado 8th Congressional District: (R) Gabe Evans vs. (D) Yadira Caraveo (incumbent)The crypto industry spent $2.3 million to back Yadira Caraveo’s congressional campaign in Colorado, led by contributions from Fairshake, Armstrong, Dixon and Horowitz. Caraveo is the ranking member on the House Agriculture Committee’s subcommittee on commodity markets, digital assets and rural development and has called for a regulatory framework for digital assets. The race has not been called yet.  More

Zircuit, the chain where innovation meets security, is thrilled to announce the success of its EIGEN Fairdrop initiative. With a first-of-its-kind distribution of 2% of ZRC tokens to eligible EIGEN holders, Zircuit has introduced a model of fairness and inclusivity in the Ethereum staking ecosystem, underscoring a commitment to decentralization and community empowerment.The EIGEN Fairdrop, an industry first, provided equal shares to over 190,000 eligible EIGEN holders and moved away from traditional distribution models that often favor larger stakeholders. Within just the first week, over 51,000 users claimed their ZRC and this fair and community-first approach has garnered widespread appreciation across the crypto space.The Fairdrop includes a wide range of contributors to the EigenLayer ecosystem, extending beyond EIGEN stakers to support Uniswap liquidity providers, EtherFi eEIGEN holders, and Renzo ezEIGEN holders. Zircuit protects users from hacks through its built-in, automated AI techniques that guard against smart contract exploits and malicious actors. Bolstered by its strong security infrastructure, Zircuit is the central hub for restaked assets featuring unparalleled security and allowing users to potentially earn industry-leading yields natively. With $1.8 billion in Total (EPA:TTEF) Value Locked (TVL), Zircuit is the premier liquidity hub for restaked assets (ETH, BTC, LSTs, and LRTs) where users can receive stronger security guarantees and trust.During Mainnet, users can bridge their assets and start staking to potentially earn rewards and airdrops from the Zircuit ecosystem at the Liquidity Hub. To learn more about Zircuit, users can visit zircuit.com or read the developer docs at docs.zircuit.com About ZircuitZircuit provides developers with advanced features and users with peace of mind. Built by a team of web3 security experts and PhDs, Zircuit merges high performance with unparalleled security, making it the safest choice for DeFi and staking. Users can visit zircuit.com or follow us on Twitter/X @ZircuitL2.ContactJenniferZircuitjen@zircuit.comThis article was originally published on Chainwire More

Bloomberg has shared a few takeaways along these lines, noting that, overall, Powell tried not to offer forward guidance on where rates might go from here, leaving his options open for the December meeting and beyond.Powell emphasized that the economy is strong, so officials can take their time lowering interest rates. He also stated that policy remains restrictive despite the latest rate cut, and that policymakers are working to bring interest rates back to neutral levels.As for when the Fed will adjust the pace of its rate cuts, Powell said officials might move faster if the labor market deteriorates and slow cuts as they near neutral. However, he stated that officials have yet to decide on this issue. Powell did, however, mention that he was “feeling good” about the economy as a whole.The markets posted a reaction: Stocks continued to rise, with the S&P 500 on track for another record close. Bitcoin was also trading near its record high of over $76,000.The central bank’s decision was generally anticipated by markets ahead of time. At its previous meeting in September, the Fed began lowering interest rates by 50 basis points.Bitcoin and other cryptocurrencies have mostly profited from low interest rates; hence, the impact on the markets is not farfetched, as Bitcoin and the majority of cryptocurrencies have seen gains.Bitcoin rose about 2% in the last 24 hours to $76,259, while Solana, ADA and Cronos (NASDAQ:CRON) (CRO) gained 9%, 17% and 25%, respectively. Jupiter, Pyth, Neiro and GOAT saw gains ranging from 10% to 13%.One Fed meeting remains on the docket for this year, Dec. 17 to 18, with traders pricing in about a 75% possibility of another rate cut, according to CME Group’s (NASDAQ:CME) FedWatch tool.This article was originally published on U.Today More

The move upwards pushed Cardano’s market cap up to $15.7212B, or 0.63% of the total cryptocurrency market cap. At its highest, Cardano’s market cap was $94.8001B.Cardano had traded in a range of $0.4043 to $0.4507 in the previous twenty-four hours.Over the past seven days, Cardano has seen a rise in value, as it gained 26.97%. The volume of Cardano traded in the twenty-four hours to time of writing was $1.3151B or 0.98% of the total volume of all cryptocurrencies. It has traded in a range of $0.3206 to $0.4507 in the past 7 days.At its current price, Cardano is still down 85.47% from its all-time high of $3.10 set on September 2, 2021.Bitcoin was last at $76,385.7 on the Investing.com Index, up 0.46% on the day.Ethereum was trading at $2,932.54 on the Investing.com Index, a gain of 3.02%.Bitcoin’s market cap was last at $1,511.3191B or 60.19% of the total cryptocurrency market cap, while Ethereum’s market cap totaled $353.6107B or 14.08% of the total cryptocurrency market value. More

The world’s largest cryptocurrency rallied to record highs this week amid optimism over friendlier U.S. regulations during a second Trump presidency. The Fed’s interest rate cut on Thursday added to this rally, as the bank signaled that the U.S. economy remained strong, and that it will likely ease monetary policy further.Bitcoin rose 1.4% to $76,029.0 by 08:25 ET (13:25 GMT). Bitcoin surged to a record high of $76,837.8 on Thursday, and remained in sight of these peaks after Trump’s victory sparked sharp gains in crypto markets.Bitcoin was at the forefront of these gains, as markets bet that Trump will roll out more crypto-friendly regulations, as promised by his campaign. Trump had vowed to make the U.S. the “crypto capital” of the world, although he did not specify just what his policies would entail for the crypto industry. Still, crypto bulls bet that Trump’s policies would give Bitcoin more legitimacy as an investment vehicle, boosting its adoption by institutional investors. Risk appetite was furthered by the Fed cutting interest rates by 25 basis points, as widely expected, on Thursday. Chair Jerome Powell said that the U.S. economy was in a good place, and signaled that the bank would continue to ease monetary policy, albeit cautiously. Powell also said that the Fed’s path was unchanged in the face of near-term political changes in the U.S., but would adapt to changing policies in the long-term.His comments spurred gains across most risk-driven assets, with Wall Street hitting a record high on Thursday. These gains also spilled over into crypto.Still, the longer-term outlook for interest rates was seen turning more uncertain, especially with Trump expected to enact more inflationary policies. Crypto prices were headed for a stellar week, with Bitcoin trading up nearly 10%.World no.2 crypto Ether jumped 4.4% to $2,929.03 on Friday, and was set for an over 15% gain this week- its best since mid-May.Memecoin Dogecoin was a standout performer this week, up nearly 22% in its second consecutive week of double-digit gains.Solana (SOL), now the fourth largest cryptocurrency by market cap, has broken past $200 for the first time since April, driven by Trump’s election victory.The cryptocurrency has risen over 9% in the last 24 hours and around 20% over the past week, reaching a market cap of $95 billion, according to CoinGecko. Early Friday, SOL hit a high of $204.4, marking its highest value since April 1, 2024.Meanwhile, Cardano (ADA) has surged 16% over the past day, outperforming most other major digital assets. ADA crossed 43 cents on Friday, hitting levels not seen since late July. Key factors driving recent price increases include a broader market rally and renewed interest in decentralized finance (DeFi).Moreover, some analysts note ADA’s popularity among retail investors as a growth driver.Ambar Warrick contributed to this report.  More