How FOMC Meeting Could Impact the Bitcoin Price on Feb 1st ? Here’s What BTC Traders Can Expect
As the Federal Open Market Committee (FOMC) meeting is slowly approaching this week, the crypto market wonders about the after-effect of the meeting on the BTC price. With so much uncertainty and speculation around the corner, it’s no wonder that investors, traders, and enthusiasts alike are eager to know what the future holds, and a question arises on whether this meeting will become the catalyst in sending bitcoin to new heights or it will bring a steep and painful downfall.
Will Bitcoin Soar Or Tumble Due To FOMC Meeting?
All the eyes of the crypto market are currently on the decision in the FOMC meeting as the anticipation creates intense volatility in the BTC price chart. As the US economy experiences high inflation, a higher interest rate may create turmoil in the stock market, plunging Bitcoin’s price with solid downward retracement for being heavily correlated.
According to the on-chain analyst firm, CryptoQuant, the Bitcoin price has made a spike in volatility in the last few days with the hype of the FOMC meeting, and it has touched the highest level in three months.
In addition, the firm noted that the open interest, i.e., the amount of BTC futures contracts opened on crypto exchanges, has reached a three-month high of 8.3%. It is to be noted that the massive accumulation usually drives the surge in Bitcoin’s OI due to the hype of the FOMC meeting, which pushes the BTC price upward for a short period. However, traders should stay aware as the FOMC meeting may bring a short-squeeze and negative spike in the Bitcoin price after an astronomical surge.
Here Is Where BTC Price Heading Next
The Bitcoin market has witnessed a higher high and higher low in the last two days as the $24K resistance level seems too much to handle. Additionally, the spike in BTC mining difficulty creates selling pressure which may cause severe volatility to the downside.
As of writing, Bitcoin price trades at $23.2K, with a decline of over 1% in the last 24 hours. A well-known crypto trader, SkyrexTrading, predicts that Bitcoin is poised for a short-term bearish trend as the asset recently broke below the immediate support level of $23,564. The analyst predicted that Bitcoin might slump hard below its 31.8% Fib level at $22.5K before sparking fresh surges during the FOMC meeting.
However, a piece of positive news from the FOMC meeting will leave a bullish impact on Bitcoin’s price, sending the coin to new monthly highs in February.
Bitcoin Closer to Undergo the First Weekly Death Cross- This Could be the Impact on BTC Price!
Bitcoin price slipped down below $23,000 and created a wave of uncertainty over the crypto space. The altcoins which had risen above their respective resistance levels have dropped below the levels which could flash the revival of a bearish trend. Additionally, the star crypto is closer to witnessing a great leap but towards the south.
The star crypto is about to witness a death cross in the weekly timeframe for the very first time in history and hence the impact is being expected at a larger scale. The death cross is when the 200-day MA & 50-day MA levels cross each other and the 200-day MA levels head toward the lower support. Usually, the impact in the daily chart is bearish as the BTC price drops by nearly 7% to 10%.
Presently, the price trend is towards the south and hence the 50-day MA levels may cross over the 200-day MA to reach the lower support soon.
The death cross is expected to happen in the next week or 2 as the prevailing bearish formations may impact the price negatively. However, the price may still undergo a bullish divergence due to the below-mentioned reasons,
- BTC price is up by 50% from the November lows. Moreover, throughout history, the price surged by such a margin each time it tests the 200-Week MA level which was the bottom of the cycle.
- The weekly RSI levels whenever reach breaks above 60 after hitting the 50-Week MA, indicate the cycle bottom may be reached. Therefore, a notable upswing may be fast approaching.
- Presently, the weekly RSI is around 56.52 and hence a slight plunge may mark the bottom of the cycle ahead beyond which a notable upswing may be ignited
Collectively, after reaching the lower bottoms, the Bitcoin (BTC) price rally may being and reclaim the lost levels very soon.
Crypto Market Analysis: With the Genesis Preparing for Bankruptcy, This Could be the Possible Impact on Bitcoin Price!
No sooner than the crypto space was experiencing relief, yet another turbulence struck the markets. It was speculated for quite a long time that the ripple effects of the FTX fallout may carry for a long time ahead and as Genesis is facing maximum exposure, may file for bankruptcy. However, the top lending firm is said to file for chapter 11 bankruptcy soon which is expected to have a larger impact on the Bitcoin price.
Despite the market turning extremely bullish since the past weekend, some were still bearish and believed the BTC price could find the bottoms for the 2022 bear market very soon. Moreover, with the latest pullback, some of the analysts who earlier predicted the revival of a bullish trend referring to the upswing ignited in April 2019, have changed their perspective towards the token.
A popular analyst, RookieXBT had predicted that the BTC price is at the foothill of a massive explosion. But the fresh bearish clouds hovering over the markets compelled him to flip the predictions which now mark the lows around $15,000, probably due to Genesis.
“would take another unexpected black swan tbh
Genesis probably file ch11 but i reckon it’s priced in at this point and any dips are for buying
If i’m wrong, not the first time and won’t be the last time,”
Whales Shorting Bitcoin on Binance
With the growing speculation of the bearish market trend, the traders appear to be confident about the impending BTC price fallout. Due to this, the Whales appear to be preparing to make huge profits by shorting Bitcoin. A popular analyst, Micheal van de Poppe, says that the markets may probably go more downside as the Whales are buying huge BUSD to fill the shorts on Binance.
No doubt, the short liquidations may propel the price higher, but until the stop loss is triggered, the price is believed to drop heavily towards the bottom. If the speculations are spot on, then it could the last nail in the coffin. Therefore, in this scenario, Bitcoin’s (BTC) price may slide down to form fresh bottoms for the year 2023.
The Technological Innovations Of Miner US Have An Impact On The Cryptocurrency Market
Miner US was successfully launched in New York in April 2019 by its parent company, Miner US Limited, which was established by Graves David Gavin. This achievement came after four years of research and development into the trends and prospects of cryptocurrency investing. The event was hosted by Miner US Limited, the parent company of Miner US, which was responsible for organizing it. Miner US is a reliable, audited, and acknowledged website in the industry. Miner US has successfully secured the necessary legal authorization to begin operating.
The end effect of this is that Miner US is able to persuade all of its users that it is a respectable and reliable platform, which has led to a significant increase in the number of users. Miner US seeks to offer a way to invest in cryptocurrencies, decentralized finance initiatives, crypto securities, and the blockchain technology that is free of the inherent dangers and limits that are associated with the business.
The team focuses on making ethical investments in bitcoin and blockchain technology. Its members include analysts, engineers, data scientists, operators, and risk managers. The management of the team’s financial resources is the primary goal. Check out the video introduction of Miner US Limit
Registration Link
Official Website
Telegram Official Channel
Telegram Official Group
Miner US offers lifelong cloud mining plans with different hashing power that are compatible with a wide selection of USDT-based cryptocurrencies. They offer a cutting-edge cloud mining solution that supports multiple algorithms and multiple cryptocurrencies. Their open hash power market has been essential to their business strategy and a resounding success ever since they climbed to become the top supplier of on-demand hash power.
This success can be traced back to the time when they first became the leading supplier of on-demand hash power. Users of mobile devices now have access to all of the functions and features of our services thanks to the addition of mobile applications to the platform. Hashing power of 10 USDT will be awarded to newly registered users once they have successfully completed the registration process. In addition to a wide choice of hash rate power, Miner US also offers 150-day plans as well as unique lifetime plans, each of which comes with a selection of mining power.
The Miner US platform makes consistent efforts to provide its investors with the highest quality services that are currently on the market. On the platform, analysts, engineers, data scientists, operators, and risk managers provide direction for investing in cryptocurrencies and blockchain technology and are responsible for its management.
Additionally, the platform is extremely dedicated to delivering the service of hard-working individuals who are available around the clock to assist users and address any concerns or requirements they may have. One further advantage of cloud mining is the fact that Miner US executes the cryptocurrency mining operation at the fastest speed.
An existing user of Miner US can provide a friend with an invitation code or a link that they can use while setting up their own account. Following the successful completion of the sign-up process, the friend’s profile will be viewable in the “My Team” section. When offline computer power is purchased, only then is commission money eligible for participation in dividends; the dividend ratio is based on the user level. Only dividends are eligible for participation in commission income, which can range anywhere from 5% to 12% when offline computing power is purchased.
Miner US, a high-counterpower cloud mining system built by Miner Us Limited in partnership with the world’s top mining and public chains, offers many opportunities to participate in cryptocurrencies, DeFi projects, crypto securities, and blockchain technology without the industry’s dangers and constraints. Miner US stands out in the industry’s rapid growth!
Miner US and its efficient solutions are projected to help industry practitioners overcome their challenges and create a new mining and crypto digital asset ecosystem. It offers global users secure, stable, transparent, fair, low-cost, and high-yield cloud mining and global digital asset circulation.
Miner US is expected to construct the world’s leading, the sophisticated technology-based ecosystem for high-calculus mining asset values, allowing worldwide users to develop steadily in a safe, transparent, fair, low-cost, and high-yield environment.
| Disclaimer: This is a press release post. Coinpedia does not endorse or is responsible for any content, accuracy, quality, advertising, products, or other materials on this page. Readers should do their own research before taking any actions related to the company. |
What To Expect From Ethereum’s Shangai Upgrade? How Will It Impact the ETH Price
The Ethereum ecosystem is working on upgrades to improve scalability, security, and sustainability. Last year, it successfully transitioned to the proof-of-stake (PoS) consensus mechanism through the Merge event. Now, it is preparing for the next major updates through the Shanghai Upgrade, which will include the highly anticipated feature that allows the withdrawal of staked Ethers.
The Ethereum network has become a well-known smart contract ecosystem, but it faces competition from other blockchain networks like Solana (SOL) and Cardano (ADA) which are sometimes referred to as “Eth killers.”
To prevent top DeFi projects from migrating to these competitor chains, Ethereum’s developers are introducing critical upgrades. About a year ago, Eth developer Tim Beiko listed potential items to be included in the Shanghai Upgrade. While the list includes about 12 items, Beiko noted that only a few will make it to the final list.
Ethereum Market Outlook Post Shanghai Upgrade
The Ethereum network has the largest decentralized financial (DeFi) market in the crypto industry, with a total value locked (TVL) of approximately $23.78 billion, according to DeFi aggregate data from Defillama. In comparison, the TVL in the entire crypto market is around $39.76 billion, making Ethereum the dominant player in DeFi.
However, it is expected that a significant amount of these locked Ethers will be liquidated after the Shanghai upgrade in March of this year, leading to a drop in the TVL in the Ethereum ecosystem. Additionally, other proof-of-stake chains offer higher annual percentage rates (APRs) than Ethereum, which has an average APR of 4.9% with 15,845,519 Ethers staked by 495,172 validators.
The Shanghai upgrade, like the Merge event before it, is not likely to have a major impact on the price of Ethereum (ETH). However, global regulators are closely monitoring the crypto market following the collapse of FTX and Alameda, which may affect investor confidence. It is possible that the Ethereum market will return to pre-FTX levels as confidence recovers.
Ethereum Developers Push Shanghai Upgrade-Will this Impact the ETH Price Rally?
Ethereum network is moving ahead towards the much anticipated Shanghai upgrade that enables the validators to withdraw their staked ETH from ETH 2.0. However, the upgrade which was scheduled in March 2023 is reportedly being pushed forward. As per some reports, the Ethereum developers during the first virtual meeting of the year said they may postpone the launch as they want to include several other features in the upgrade.
“We should probably be just removing stuff at this point,” said Tim Beiko on the call which was broadcasted on youtube.
However, the fresh dates have not been announced yet. While this may not be directly impacting the ETH price rally which appears to have started sinking and has dropped below the crucial support at $1250.
The price with the recent jump followed by a consolidation was assumed to have trading within a bullish flag and hence an upswing toward $1280 was on the cards. While the current bearish pressure emerged out of the box, dragging the price towards the immediate support at $1240. A bounce at these levels may be expected but the price may largely consolidate along these levels without reaching out towards the lower support close to $1230.
Meanwhile, in the longer time frame, the ETH price remains fairly bullish as the price levels are within a bullish trade set-up.
Despite the fresh bearish actions, the ETH price continues to hover within the symmetrical triangle and follows a parallel trade. The price variations may continue but within the bullish pattern that suggests the asset could be accumulating strength to rise above the consolidation very soon.
Meanwhile, the ETH price which is largely considered stable is believed to be impacted slightly by the developments of the platform. While the bears appear to be all set to take back control at the earliest.
Bitcoin Heading Towards a ‘Death Cross’ – Can BTC Price Reverse the Bearish Impact?
Bitcoin price is hovering below the crucial levels at $20,000 for over a month now and hence the volatility appears to have reached the bottom. Meanwhile, the volume maintains some decent levels which have failed to rise the volatility of the asset. In the coming days, a more dreadful dump is awaiting the Bitcoin (BTC) price rally due to which it may even reach its older levels too.
The BTC price on the weekly chart displays the possibility of forming a Death Cross as the 200-day MA & 50-day MA levels could face a crossover. It is also the first Death Cross happening in the weekly chart since the inception of Bitcoin which may happen somewhere in January or February 2023.
As mentioned in the above chart, the historical death cross is just a few weeks away and if the BTC price wants to nullify the impact, it is required to intensify its volatility. The price is required to move higher and lower very quickly and may even reach the bottom between $7000 to $8000, which may also be a temporary one.
However, the price amid the fresh drop has broken down from the lower trend line, displaying an acute bearish trend. Despite a bullish interference, the price may not get the required boosts as the trade set-up is completely in favor of bears. Moreover, the intensified volume signals the stiff involvement of the bulls and the bears due to which the BTC price has been restricted below the crucial resistance levels.
Ripple Vs SEC: Atty. Nicole Tatz Withdraws As Counsel For Ripple! How Will This Impact The Proceedings?
Over the last several days, the value of Ripple (XRP), which is the seventh-largest cryptocurrency in the world, has been trending downward. At the time of this writing, one unit is worth $0.3428, which represents a decrease of 2.73% over the course of the previous 24 hours and 8.5% over the course of the previous week.
The current price behavior of the token, in conjunction with Jim Cramer’s recent remarks on XRP, has prompted investors to have an unfavorable opinion against the cryptocurrency. Cramer encouraged investors to liquidate their cryptocurrency holdings and get out of the market while there is still time to do so. The billionaire is of the opinion that XRP might fall dramatically in 2023 and reach a low of $0.
But crypto whales don’t appear to care about the price movement or Cramer’s remarks or even rumors that Ripple may lose its lawsuit against the SEC. Based on the information provided by WhaleAlert, cryptocurrency whales have recently purchased about 138 million XRP tokens which is around $52.1 million.
As the amicus curiae submit a fresh request, the Ripple case is drawing closer to the pronouncement of Summary Judgement. An amicus curiae, also known as a “friend of the court,” is a person or organization who is not a party to a legal issue but is authorized to help the court by offering pertinent information, knowledge, or insight. This assistance might take the form of submitting a brief or testifying in court.
Nicole Tatz Withdraws As Ripple’s Counsel
In a startling turn of events, crypto lawyer James K. Filan tweeted that Nicole Tatz, an attorney representing Ripple Labs Inc. CEO Bradley Garlinghouse, has sought to withdraw as their counsel in the ongoing case.
Since she no longer wishes to be associated with the law firm, she has said that other lawyers at the United States law firm Cleary Gottlieb Steen & Hamilton LLP will continue to be a counsel of record for Bradley Garlinghouse in this lawsuit.
However, this will not affect things in any way. The case will proceed in the same manner as it has. The SEC and Ripple have both submitted their last briefs, asking the court to rule in their favor and grant them summary judgment. Although, before appealing the decision, the SEC may first seek to have it reconsidered as a summary judgment.
Community Reactions
To the announcement of Tatz’s departure as Ripple’s counsel, the cryptocurrency community on Twitter has reacted in different ways. There are many who don’t care about her decision or her reasons for doing so, pointing out that individuals often leave their jobs. Also, it’s not like it would change the result of the case anyhow.
In contrast, others are concerned, assuming that this spells trouble for Ripple. But I really doubt it. The legal firm seems to be the only motivation for Tatz’s departure, rather than Ripple itself. As a result, it will have no bearing on the outcome of the lawsuit. In spite of the SEC’s efforts, we remain optimistic that Ripple will ultimately prevail.
Will The Huge Dump Of GBTC Impact Bitcoin Price? This Is How BTC Is Going To React Next
The last two weeks have been a nightmare for the entire crypto space as crypto investors were forced to liquidate their massive holdings in FUD after Sam Bankman-Fried’s FTX collapsed.
The FTX meltdown has raised concerns regarding Bitcoin-tied assets and ETFs as institutional investors continue to dump their positions.
Holdings of Grayscale’s Bitcoin Trust (GBTC) have been significantly liquidated amid the market turmoil, making a perfect opportunity for other crypto firms to buy the dip and push Bitcoin’s price upward.
The crypto market is embroiled in the recent bankruptcy filing by FTX as investors face less confidence in buying the dip, causing leading assets like Bitcoin to tumble near its bearish consolidated zone.
Digital Currency Group Boosts GBTC Purchase!
GBTC, which provides users with exposure to Bitcoin without any direct investment, has sharply fallen amid the FTX’s collapse. GBTC has made a record 43% discount (worth $10.57 billion) to the underlying asset Bitcoin’s price.
GBTC is significantly linked with BTC price as the world’s largest Bitcoin ETF controls 3% of the total Bitcoin circulation; hence, the fluctuation in GBTC’s price moves closely with Bitcoin’s price.
However, several investment firms see the downfall of GBTC amid the market crash as an excellent opportunity to bring a bullish wave to their portfolios by accumulating GBTC at a discounted rate.
In fact, Digital Currency Group (DCG), a crypto investment firm that is the parent company of Grayscale, rushes in a hurry to fill its bags with GBTC as its price experienced a sharp drop after a massive selloff by 3AC and BlockFi.
A prominent market analyst, Joe Consorti, said, “3AC dumped 100% of its bags. BlockFi dumped 100% of its bags. DCG is the largest holder of its subsidiary’s bitcoin trust.”
However, DCG is not the only one to enjoy the dip and take advantage of the lucrative discount to Net Asset Value (NAV) as Cathie Wood’s Ark Investment Management scooped up 588,586 more GBTC shares (~$5.4 million) as the CEO looks optimistic about its future price.
Joe further states that the main motive behind this extreme accumulation of GBTC is to minimize the impact of institutional-level selling pressure and accelerate its NAV to sell at a high price and exit the market at an overwhelming profit.
GBTC To Act As A Painkiller For Bitcoin
Nevertheless, the best strategy to overcome the current market situation and cover losses is accumulating more shares at a discounted price.
Moreover, a famous strategist, JPMorgan, outlined a deep correlation between GBTC and BTC as massive investment inflows in BTC’s ETFs have significantly pulled Bitcoin’s price from a bearish zone.
Simply put, investors’ interest in GBTC is a catalyst for Bitcoin’s bullish trend.
At the time of writing, Bitcoin trades at $16,649 with no sign of improvement in the price chart.
However, the recent GBTC purchases may build a slight buying pressure for BTC, pushing its price to the immediate resistance level of $17K.
The Balance of Power initiated a slight upward retracement to 0.23 but still trades in a negative region which signals an extended range-bound area.
However, the macro conditions are now improving, and it may facilitate BTC to pave its way to a bullish road soon.
To overcome its current bottom range, BTC needs to trade above $17K and break its Bollinger band’s upper limit at $18.5K.
However, things can change if GBTC fails to impact BTC price and a drop below the support region of $16K for BTC may lead to a sharp decline to $14.5K.
This is Why Genesis-Collapse May Have 10 times Lager Impact Than That of FTX!
Genesis Trading, the first BTC OTC (Over The Counter) platform, grew like a monster during the 2021 bull run and achieved huge milestones. Meanwhile, exactly a year later, the fractals are completely different, as the platform has recorded more than an 80% drop in its lending services.
Furthermore, the FTX exposure is expected to have a significant impact on every segment of the crypto space, including traders, exchanges, and even whales.
Why Genesis Collapse is Diverse Than FTX
In a recent update, the platform suspended withdrawals and stopped issuing new loans. If this can be considered as the downfall of the platform, then it is believed to be more impactful than FTX. FTX had impacted the liquid funds and consumers but Genesis could impact every company in the crypto space.
But how?
Firstly, what is Genesis? It is the first OTC Bitcoin desk that started in 2013, and now it is the largest lending desk. It is a part of the Digital Coin Group (DCG), Barry Silbert’s holding company that owns Foundry, Genesis, Grayscale, & Luno.
After the 3AC crisis, Genesis recovered most of the funds lent but having the largest exposure to Babale Finance, blew up all. The platform recorded a huge drop in their numbers, the funds in loan organizations dropped from $50B to $8.4B. Alongside, active loans dropped from $12.5B to $2.8B, the spot volume traded plunged from $30.8B to $18.7B and total derivatives traded tanked down from $20.7B to $9.6B as of Q3 2022.
Why Crypto Space Will Be Badly Affected?
Dozens of companies like Gemini use Genesis to help their customers to earn yields. The user who lends his crypto on Gemini is further lent on Genesis. Genesis lends your crypto to a fund borrowing X+2% of which 1% is given to Gemini and the user gets X%. Only if Genesis gets back the crypto, it can repay Gemini and further the platform may send it back to you.
Beyond this, nearly every whale that plays in crypto gives funds to Genesis, instead of earning yield on BlockFi or Gemini. Now those institutions, family offices, and whales can’t get their crypto back and hence platforms like Gemini have suspended redemptions.
What Can You Expect In the Coming Days?
It is believed that DGC has some funds as a backup, and if they don’t, they may run around to raise funds. However, considering the current market conditions, it is extremely difficult to predict whether Genesis will be saved from being insolvent. Hence, it is very important at this time to play it safe and use a cold wallet or any DEX.
Crypto.com Breaks The Patience For Withdrawing Funds! How Will This Impact CRO Price?
While the crypto market has just begun flashing green after getting severely impacted by the FTX wipeout, concerns regarding withdrawing funds from Singapore-based crypto exchange firm Crypto.com are peaking. According to some users on the platform, crypto withdrawals via bank transfers are taking longer than expected, fading the trust of users from Crypto.com. After the sudden collapse of popular crypto exchange FTX, the crypto community worries about securely storing funds in Crypto.com as users believe that it can be the next target of bankruptcy.
Is Crypto.com Next After FTX’s Demise?
This year has brought a nightmare for crypto investors as multiple hacks, exploits, and the downfall of a popular crypto exchange FTX have darkened the future road of web3. Recently, several users of Crypto.com complained about the excessive time that it is taking to withdraw crypto funds from the platform to a bank account.
A well-known crypto analyst and trader, MartiniGuyYt, raised a concern regarding a withdrawal of 2 BTC from Crypto.com that has been pending for 24 hours. He further expressed his doubts about its normalcy as he hinted at a bankruptcy for Crypto.com. However, it is reported that a small amount of transactions are executing smoothly, whereas huge transactions are facing difficulties.
After all, the CEO of Crypto.com, kris marszalek 
kris marszalek ceo at crypto.com Kris Marszalek is an enthusiastic crypto entrepreneur and an active and true believer. Being a professional is the Chief Executive Officer at Crypto.com, built on a substantial establishment of security, privacy, and compliance and is the first cryptocurrency company across the world to have ISO/IEC, CCSS Level 3, PCI level 1 compliance, and autonomously assessed at Tier 4, the highest level for both NIST Cybersecurity and Privacy Frameworks. He associates and encourages startups to enhance their business and meet their aims.He along with his team of Crypto.com collaborated with Pay and Shopify, offering millions of merchants to accept crypto. He believes one of their core values at Crypto.com is to Remain Humble which means they don’t seek the limelight, always try to take the high road, and do the right thing. He always tends to ignore the noise, and prove people wrong with actions, not words.He is extremely experienced with 18+ years of experience, he previously, served in numerous respected and well-established organizations including Starline Polska Sp. z o.o., an award-winning Consumer Electronics design studio and manufacturing business as Co-founder & Senior Vice President, Co-founder & CEO at YIYI Hong Kong Limited, and BEECRAZY, one of the leading e-commerce business in Hong Kong, and CEO at Ensogo which was listed on Australian Security Exchange.He acquires a deep knowledge of innumerable skillfulness including Business Development, Business Strategy, E-commerce, Online Advertising, Mobile application, Digital strategy, Email Marketing, and Strategic Partnerships. He experienced growth and stability with Crypto.com which was encouraged by the launch of Defi Swap and he never stopped promotional campaigns. The platform announced imperiously that it has received provisional approval for a virtual asset MVP License from the Dubai Virtual Asset Regulatory Authority. At present, it serves over 10 million customers with the world’s quickest growing crypto application. EntrepreneurChief Executive Officer 
Followers : 0 View profile , clarified all the concerns through a YouTube live stream today as he mentioned that withdrawals were working correctly and would continue to serve users. Moreover, the CEO clarified their connections with the bankrupt crypto firm FTX as Crypto.com had less exposure (worth $10 million) to FTX, and they have a solid balance sheet too.
CRO To Witness More Price Dips
In the last week, the FTT token wiped billions of dollars from the crypto market, and its impact now seems to spread through other cryptocurrencies as Crypto.com’s native token, Cronos (CRO), witnesses massive withdrawals in the last 24 hours.
Looking at the daily price chart, Cronos has made a long bearish candle, dropping more than 36% in the last 24 hours. CRO has broken its ‘W’ pattern, taking it to trade below the fundamental support level of $0.08 with a predicted more bearish in the next few hours.
The RSI-14 indicator trend line has dropped from an overbought region of 65 to an overselling region of 32. The current movement from RSI indicates increased selling pressure, which may soon lead to a sharp decline in the price chart.
Moreover, the MACD line has also dived to the bottom region as it is trading in negative territory and acting as a catalyst in bringing CRO to the lows. The SMA-14 is falling with a steep ratio to EMA-20 and EMA-50, which may soon turn portfolios red.
The Bollinger bands are also declining according to the negative market sentiments. The Bollinger band’s lower limit is at $0.069, where CRO is currently trading. If CRO breaks this support level, it may initiate huge selling pressure and trade near the next support level of $0.0522.
However, from its current price level, CRO can turn bullish as Crypto.com assures investors about its safety and stability. If CRO makes a breakout above its Bollinger band’s upper limit at $0.087, it can soon head toward its EMA-100 resistance level of $0.1190.
Was this writing helpful?
Here’s How The DXY Index Could Impact The Crypto Space
On Friday, i.e., November 4th, the US Department of Labor released the unemployment data, indicating an increase in the rate, which hit 3.7% for October. After the data was released, the US stock market and the crypto market heaved a sigh of relief as this could mean that the FED would not continue increasing the interest rates from here on out.
However, increased unemployment is definitely a bearish sign for the US Dollar Index (DXY), but what does this mean for the crypto space?
DXY and Crypto
Well-known crypto analyst Justin Bennett has the answer.
He informs 110,500 Twitter followers that the increase in US unemployment rates is a bearish sign for the DXY but is highly bullish for Crypto.
Next, the analyst considers the present chart and claims that the hourly DXY chart indicates a fakeout. Also, he says he is still holding on to his prediction of 111.80 for DXY, which will bring in a bearish trend.
Justin Bennett further claims that the DXY value will affect the top cryptocurrencies like Bitcoin and Ethereum, and he claims 109.30 to be the critical level for DXY. This is because in the next week, if DXY closes below the said range, Crypto will see a bull run, and if DXY moves above 109.30, the crypto market will witness immense bearish pressure.
Dogecoin: What lies ahead?
The analyst also talks about the asset of the month- Dogecoin.
He says that if DOGE reclaims $0.13000, the currency will see new heights.
Now, as Dogecoin has claimed the $0.13000 area and is trading at $0.1309 after a rise of 6.29% in the last 24hrs, it appears that DOGE will see some new heights soon.
Was this writing helpful?
Polygon’s Partnerships on Fire, How Will This Impact the MATIC Price in November 2022?
Polygon price has spiked remarkably since the past trading day and jumped beyond $1 to reach the high of $1.15 in the early trading hours. After registering a couple of notable collaborations in the recent past, the company has set the crypto space on fire with massive partnerships. Partnering with Reddit, JP Morgan, and Instagram has spiked the MATIC price by nearly 40% in the past 24 hours.
The MATIC price broke out of the downtrend line that it maintained from the time it faced rejection at the beginning of 2022. Presently, the price has risen beyond the loss-making areas and hence a significant upswing may make a way out.
The price as mentioned in the above chart is moving above the downtrend line, surpassing T1, T2, T3 & T4 at $0.98, $1.04, and $1.21. After moving above the crucial resistance at $1.04, the price broke above the bullish ascending pennant and is primed to reach $1.2 in a very short while from now.
MATIC’s volume trends have broken out in the lower time frame, making it a favorite token among whales. The platform saw a surge in whale transactions worth more than $100K, the most since February 2022. It is also worth noting that the mid-October spike was fueled by whales, and as a result, the MATIC price has risen significantly in the last few hours.
Was this writing helpful?
Ethereum Prepares For The Shanghai Upgrade; How Will This Impact The Asset Price?
It’s been a while that Ethereum, the second-largest cryptocurrency by market cap, has been stuck in a pump-and-dump trade. Though the currency had managed to reclaim $1,300, the bulls couldn’t hold on to the range for longer, which led to a crash.
Currently, Ethereum is selling at $1,296 after a fall of 0.21% over the last 24hrs.
Market participants had been eagerly awaiting the merger upgrade, and had expected impressive results for the asset’s price. However, though the event was successful, ETH’s price remained unimpacted.
The Shanghai Upgrade: 1/5
The Ethereum development team has made a quick move toward the Shanghai upgrade which is the next phase of the Ethereum merge. To ensure everything moves at a rapid pace, a testnet known as Shandong has been built on the network. This testnet will see an addition of many Ethereum Improvement Proposals (EIPs) before making any final decision towards the Shanghai upgrade.
The Shanghai is the first of a five-phase upgradation which will see an introduction of sharding into the Ethereum network. Sharding improves the network’s scalability in terms of data storage and other mechanisms. The other four phases that will be seen after Shanghai is Verge, Purge, and Splurge, which will take place over the next few years.
Meanwhile, the data from DefiLlama claims that Ethereum contains a 57% share of the Total Value Locked (TVL) among all other chains. Hence, it is expected that Ethereum’s current TVL which is around $30 billion is expected to increase.
On the other hand, the seven-day indicator displays that the active addresses have surpassed two million.
Hence, Ethereum is surrounded by positivity and bullish events. If ETH claims an upward movement, the immediate resistance lies at $1,300. However, if the bulls fail to push the currency upwards, the currency might fall below its support area of $1,250.
Was this writing helpful?
These Cryptocurrencies Will Have Major Impact in the Month of November – Know Why?
The 2022 G20 summit will be the 17th meeting of the Group of Twenty and is scheduled to take place in Bali, Indonesia, on 15-16th November 2022.
Several countries will participate in the Summit. Due to growing crypto scams and hacks in the market, the idea is to regulate cryptocurrencies; however, this is easier said than done, as decentralization remains an integral characteristic of crypto.
Going against the nature of digital assets can prove to be challenging. Still, several groups and countries are working on regulating the crypto market and bringing stricter taxation rules. The rules aim to report tax information on crypto transactions in a standardized manner.
A report containing the rules and commentary of the Crypto-Asset Reporting Framework (CARF) and Amendments to the Common Reporting Standard has been prepared and is being reviewed by the experts. These regulations will impact the top cryptocurrency projects the most, and thus, the future of the crypto industry is still unforeseeable.
As blockchain technology is at the roots of crypto, the adoption of a regulated market does not seem to excite investors.
Bitcoin, Shiba Inu, Dogecoin, Ethereum, Terra, Solana, and Ripple are among the major cryptocurrencies that can be affected due to the G20 Summit 2022 regulation. As BTC holds the highest market share and is arguably the most volatile, it is under the radar of regulation.
Coming to Shib and Dodge, these highly volatile meme coins first rose during the bull market last year and then lost most of their value in 2022.
ETH, the second most valuable coin, lost its value just after the Merge, as it failed to yield the expected results. Now, Regulators are closely keeping an eye on this cryptocurrency and are hinting at regulatory measures for it.
With regard to Ripple, regulators are keeping a close watch on the coin as it still continues to be the most trending currency due to its massive fan following and huge community network.
The list also includes Apecoin, Steller and Decentraland on which regulators could be looking to tighten the screws.
The catastrophic effect of the Terra Network’s collapse shocked the entire crypto space, and is one of the major reasons why regulation is being called upon.
Was this writing helpful?
Here’s Why Bitcoin Longs are Vulnerable to a Washout, Will This Impact the BTC Price?
Bitcoin price is back within the range, displaying a lowered strength as its closest competitor, DXY Index is trading along the resistance. However, a minor relief may be expected in the coming days as the DXY Index may witness a slight pullback. This may uplift the BTC price beyond $20,200 but could end up being yet another risk pump while the bulls could be trapped.
The BTC price ended the previous weekly trade on a bullish note but only after a stiff brawl with the bears. The platform recorded one of the highest weekly volumes ever since the past bull rally in 2017 on Binance. Despite hefty volumes, the price remains unaffected which further indicates the asset is trapped in a bearish trend.
Moreover, the beginning of the weekly trade witnessed a dislocation between spot & depravities.
As per the analyst, the market participants have been buying with ‘Gusto’ compared to that of spot markets which may wash out the BTC longs. Moreover, the broader market displays the possibility of flipping from the bearish trend. Presently, ES or the Ers Swap price is in green which may uphold the BTC. If it turns around, may face an acute bearish action soon.
Bitcoin(BTC) price continues to trade along the same levels and may reach a maximum of around $20,500. Meanwhile, some of the memecoins are slowly gaining traction which may pump them hard in the coming days.
Was this writing helpful?
The Impact of Cryptocurrency on the Gambling Industry
It’s no secret that the gambling industry has grown by leaps and bounds in recent years. The rise of online casinos has made it easier than ever for people to enjoy their favorite casino games from the comfort of their own homes. You can look for some good casinos from this source.
But as the gambling industry continues to evolve, it’s starting to embrace new technologies – such as cryptocurrency – in a big way. Cryptocurrency is starting to have a major impact on the gambling industry, and it’s poised to change the landscape of gambling as we know it.
Gambling operators have started to recognize the potential of cryptocurrency and are beginning to accept it as a form of payment. One of the benefits of using cryptocurrency for gambling is that it offers anonymity. When you use cryptocurrency, your personal information is not attached to your transaction like it would be if you used a credit card or bank account.
Cryptocurrency also offers fast transactions. Traditional methods like bank transfers can take days to process, but transactions are typically processed within minutes with cryptocurrency. This is a major advantage for gamblers who want to withdraw their winnings quickly.
The anonymity and fast transactions offered by cryptocurrency make it an attractive option for both gamblers and gambling operators alike. As more people become aware of cryptocurrency and its benefits, we expect to see even more growth in this area of the gambling industry.
How crypto has made gambling more secure and trustworthy
Cryptocurrencies have made gambling more secure and trustworthy by eliminating the need for third-party intermediaries. With crypto, transactions are peer-to-peer, which means that there is no middleman involved. This makes it much harder for anyone to tamper with the transaction or steal any money.
In addition, cryptocurrencies are also very transparent. All transactions are recorded on a public ledger, which means that everyone can see where the money is going. This makes it much harder for anyone to cheat or commit fraud.
Overall, cryptocurrencies have made gambling more secure and trustworthy by making it easier to track transactions and eliminating the need for third-party intermediaries.
How crypto has made gambling more anonymous and private
Cryptocurrencies have made gambling more anonymous and private by allowing players to deposit and withdraw funds without going through a third party. This means that players can keep their personal information safe and secure, and they can also avoid any fees that may be associated with traditional methods of gambling.
Are there any risks associated with using crypto for gambling?
There are a few risks associated with using cryptocurrency for gambling. First, since cryptocurrency is still a relatively new technology, it is always possible to be subject to sudden changes or fluctuations that could affect the value of your coins. Second, if you’re using an exchange to convert your fiat currency into cryptocurrency, there is always the risk that the exchange could be hacked and your funds stolen. Finally, suppose you’re using a centralized gambling platform that accepts cryptocurrency. In that case, there is always the risk that the platform could be shut down or otherwise inaccessible, leaving you unable to access your funds.
To sum up, cryptocurrency provides a new level of security for online gambling that could potentially lead to more customers.
Disclaimer: This is a Guest Post. Coinpedia does not endorse or is responsible for any content, accuracy, quality, advertising, products, or other materials on this page. Readers should do their own research before taking any actions related to the company.
Was this writing helpful?
Key Macro Events That Will Likely Impact Cryptocurrency Market In October! Here’s the Time-Line
The cryptocurrency market has spent the majority of 2022 in the fear zone, with a majority of that time being spent in a state of ‘fear’. In reality, there has been a lot of concern in the cryptocurrency market and prior to the big rise in the price of digital currencies like Bitcoin in August, the industry had a record-breaking stretch of severe panic.
Some significant dates that the on-chain analytics company Santiment believes could have an impact on bitcoin prices have been shared on Twitter. They cite the calendar of significant macro events that are expected to affect crypto.
These are very crucial dates to pay attention to because of the continuing close link between digital assets and stocks.
The FOMC meetings are a “high risk” period for Bitcoin, according to market analysts, thus the dates are important. The price of Bitcoin trended lower and then increased after Fed Chair Jerome Powell’s speech, following a pattern that was observed this year in May, June, and July, eight to ten days before the FOMC meetings.
The CPI announcement on October 13 and the FOMC meeting on November 2 are considered to be the most crucial dates, according to Arcane Research. During the FOMC meeting last week, BTC’s intraday volatility soared to new heights.
This shows the value of keeping an eye on significant macro events, therefore you should already mark the release of the September U.S. CPI on October 13 and the next FOMC press conference on November 2 in your calendar, which was stated inTwitter comments.
According to Santiment, the remaining release dates for the U.S. CPI are October 13, November 10, and December 13. The FOMC will meet on October 12 (Fed FOMC meets), November 2 (Fed FOMC will decide on the interest rate), November 23 (Fed FOMC will release its minutes), and December 14 (Fed FOMC will meet).
Was this writing helpful?
Ripple Vs SEC Lawsuit Coming to a Positive Close – How the Outcome Will Impact The Crypto Space
It looks like the day is too far until finally the Ripple vs SEC case gets settled down. Now with recent updates, the US Securities and Exchange Commission (SEC) has submitted a request for Summary Judgment regarding the XRP lawsuit. This move has created a sense of hope for seeing an end to this long-running dispute.
The result of this summary judgment for the XRP lawsuit is expected to lay out clear terms for overall virtual currencies as well. On the contrary, the XRP holder’s lawyer John Deaton doesn’t agree with the above-said opinion.
He asserts that the community is misinterpreting that if Ripple turns out to be a winner in the summary judgment brief it will help other digital currencies as well. This is because Deaton believes that the SEC will not agree with the court’s decision regarding the XRP lawsuit and the agency will surely continue its stand against crypto.
Ruling For XRP Is Not Applicable For Other Crypto
The XRP holder’s lawyer also adds that there are high chances for Gary Gensler, SEC chair to file a motion against the court’s decision as he expects SEC to win the judgment. Further Deaton claims that whatever the ruling result might be, it will only be applicable to XRP and not the crypto on the whole.
On the other hand, the lawyer also says that if the court’s ruling turns out to be a statement that says XRP is a nonsecurity along with Bitcoin (BTC), then XRP will be the only altcoin with clear regulations
After all this, there are speculations that the Securities and Commission (SEC) might turn its eyes toward the world’s first cryptocurrency, Bitcoin. However, Deaton states that the SEC hasn’t made its official position towards Bitcoin and he clears that he is not claiming the SEC will move toward BTC.
Was this writing helpful?
How Ethereum Merge Will Impact ETH Token Supply – IntoTheBlock Report – Coinpedia – Fintech & Cryptocurreny News Media
The ‘Merger’ is here and what to expect from the forthcoming merger of the top smart contract platform is revealed in a new study from cryptocurrency analytics company IntoTheBlock. According to a well-known market intelligence company, after the top altcoin switches to a proof-of-stake system, the quantity of Ethereum (ETH) released every block would drastically fall.
The transition of ethereum 
ethereum Blockchain NetworkTechnology 
Followers : 0 View profile to proof-of-stake (PoS) has been highly anticipated for a number of reasons and will happen soon. The Ethereum network and the asset Ether are expected to benefit from this upgrade, which has been in development for a while. The number of ETH issued every block will drop by 85%-90% as a result of the merge, which is one of the most significant repercussions.
This decrease, according to intotheblock 
intotheblock Business Intelligence Followers : 0 View profile , is the same as Bitcoin’s (BTC) value halving three times at once. The reward for mining a token is reduced by half during a halving. According to IntoTheBlock, this will result in Ethereum miners becoming a thing of the past, removing $20 million to $25 million in supply pressure off the market.
Will ETH supply decline?
The crypto intelligence company also claims that due to an increase in transaction fees, ETH may become slightly deflationary after its transition, though it also points out that it could go either way.
Following the merge, ETH supply is probably going to briefly decline. As the anticipated event is likely to generate volatility and speculation, burning more ETH in the process, transaction fees are projected to rise in the hours and days following the merge. However, ETH will be only slightly inflationary if Ethereum fees return to their 30-day average.
“For these reasons, the most up-to-date projections for ETH inflation following the merge are between -1% to +0.5%. These figures are lower than previous projections given that transaction fees have dropped 75% over the past three months.”
Was this writing helpful?
Analyst Maps the Striking Target for TerraClassic(LUNC) Price, Ethereum Merger Impact May Fade Soon! – Coinpedia – Fintech & Cryptocurreny News Media
The beginning of September marked a huge uptrend for TerraClassic (LUNC) which uplifted the price close to $0.0006 from the levels below $0.0002. While it was speculated that the price may continue to range towards the north to reach $0.0007, a huge drop dragged the price below $0.00035 at the press time. Presently, a huge selling volume has been accumulated due to which the LUNC price may roll down heavily.
What went wrong? Whether the impact of the Ethereum Merger faded away?
The crypto markets have begun to consolidate since the early trading hours, while the Bitcoin(BTC) & Ethereum (ETH) price struggle hard to sustain above $22,300 & $1700.
Presently, the crypto markets including LUNC price are consolidating within a narrow region but the descending trend may not remain for long.
A popular analyst, Altcoin Sherpa, lists the targets for Terra Classic (LUNC) price and believes the price to slump hard in the coming week or 10 days.
As per the trade set-up laid down by the analyst, the LUNC price is expected to continue with the current descending trend until it breaks the support around $0.00024. He advises his 183K followers to enter into a long deal at this point as the price could rebound finely and surge high to reach $0.00036 in the next 2 days.
Further, the bears may regain dominance and quickly drag the price below the crucial support hitting the levels around $0.00016 or below. Currently, the major area to hold for the Terra Classic price is around $0.000297. If the asset rebounds here, the bearish trajectory could differ to some extent, else a huge descending trend may be imminent for the LUNC price.