Cryptocurrency

To understand how this could occur, it is essential to understand the function of the trendline support. In technical analysis, the trendline support level acts as the floor or safety net for an asset’s price, preventing it from falling further.Source: Currently, is precariously perched on this threshold. If this support line breaks, it is a strong indication that selling pressure has surpassed buying pressure, potentially triggering a sharp drop in price to the next support level, which, for Ethereum, stands at $1,380.In normal market circumstances, a spike in trading volume often accompanies a significant price move. High trading volume can indicate strong investor interest and validate a price move in either direction. It is an essential element that often hints at an upcoming volatile move for a digital asset. However, Ethereum is currently experiencing the opposite scenario. Without a significant volume spike, the current trendline support test raises concerns.Despite the apparent gloom and doom of this scenario, the silver lining lies in the concept of market correction. Corrections are generally seen as healthy for the market in the long term, shaking out weak hands and potentially setting the stage for future growth. If Ethereum does fall to $1,380, it could potentially attract more buyers at a more attractive price point. This influx of buying pressure can then serve as the springboard for Ethereum’s price to bounce back.This article was originally published on U.Today More

Among other items, Binance has maintained the top spot with regard to both spot and derivatives trading volume. In the spot sector, the exchange had an overall market share of 69% and a monthly trading volume of $209.5 billion in May. In the spot markets, Kraken’s trading volume increased the most, gaining 14.35% to reach $18.9 billion in the six months following FTX’s collapse, compared with the preceding six months. Meanwhile, Bitfinex’s trading volume fell the most, dropping 59.5% to $5 billion in the same period.Continue Reading on Coin Telegraph More

OpenAI’s highly acclaimed large language model chatbot has been used by a myriad of industries to provide innovative solutions and services. The cryptocurrency trading space could stand to benefit from the service as ByBit unveils its own AI-powered offering to cryptocurrency traders using the Dubai-based exchange.Continue Reading on Coin Telegraph More

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Curve’s 3pool is a stablecoin pool for decentralized finance holding a massive amount of liquidity in the three top stablecoins: USDT, USD Coin (USDC) and Dai (DAI). A significant rise in the weightage of a particular stablecoin in the pool indicates heavy selling of that asset. Continue Reading on Coin Telegraph More

On June 14, blockchain analysis firm Arkham Intelligence shared a breakdown of the bot’s movements. According to the firm, the transaction was made by an arbitrage bot that uses flash loans. Continue Reading on Coin Telegraph More

Foreign currency traders can now exchange at rates set by the market instead of those set by the Central Bank of Nigeria (CBN). This move follows the president’s decision to implement a 10% crypto tax on capital gains and could be a game-changer for Nigeria’s crypto industry, positively or negatively.Continue Reading on Coin Telegraph More

In a June 14 court filing, prosecutors with the U.S. Department of Justice (DoJ) wrote a letter to district judge Lewis Kaplan saying they would proceed to try Bankman-Fried on the eight charges they levied against him in December 2022.Continue Reading on Coin Telegraph More