Top Reasons Why Bitcoin Price May Soar Beyond $30,000 this Month
Bitcoin price again faced rejection in an attempt to rise beyond $24,000 for the second consecutive time in the past week, indicating the possibility of a bullish divergence soon. After starting the new year with a 40% upswing, the market participants were quite hopeful of the impending trend. However, after breaking the resistance at $23,300 that it held for nearly a week, the BTC price surged high to mark highs beyond $24,000.
But woefully, the levels quickly dropped, creating a sense of uncertainty among the market participants. However, the current trade setup displays larger possibilities of a bearish divergence but in the longer time frame, a breakout could be imminent.
The Bitcoin price is ranging within an expanding wedge that sets the upper target between $30,000 to $32,000. These resistance levels are extremely important as they carry a confluence of resistance points. Firstly, the crucial resistance zone between $31,100 and $31,800 collides with the upper trend line at $31,117. The formation of a bullish flag pattern may also uphold the possibility of a bullish breakout.
Moreover, the possibility of a continued upswing is believed to prevail for an extended period ahead. As the bull run which has been ignited just a moments ago is believed to mark their highs somewhere in September 2025 as predicted by a popular analyst TAnalyst
The analyst here offers substantial grounds to support his claims to the upcoming bull run that could resin for 2.5 years ahead. However, as per the prediction, the bear market is believed to kick in soon after the rally marks new highs for 2023 at around $45,000.
Top Reasons Why Crypto Market is Down Today
The four-week crypto relief rally has lacked upward momentum in the past two days. According to our latest crypto price oracles, Bitcoin and Ethereum have dropped approximately 4 percent in the past 24 hours to trade around $22,803 and $1,566 respectively. As major stock indexes edged lower in the past 24 hours – Dow, S & P 500, and Nasdaq down 1 percent today – Morgan Stanley analysts are convinced the new year rally will end this week.
“We think the recent price action is more a reflection of the seasonal January effect and short covering after a tough end to December and a brutal year,” wrote a team of strategists led by Wilson, Morgan Stanley’s chief equity strategist. “The reality is that earnings are proving to be even worse than feared based on the data, especially as it relates to margins.”
The selling pressure emanating from short-term holders and crypto miners seems to have outdone the buy squeeze from long-term holders and whales. Furthermore, a crypto correction had been predicted by most analysts in the past few weeks citing minimal buy momentum as observed with prior bull markets.
What Next for Crypto Market?
The crypto market has experienced heightened volatility amid the upcoming FOMC statement, which economists believe will encompass an interest rate hike. While the crypto market has previously shown a high correlation with macroeconomic factors, analysts anticipate more volatility in the next few days, in all directions.
Notably, over $160 million has been liquidated in the crypto market in the past 24 hours. Bitcoin, Ethereum, and Aptos have led in total liquidations with approximately $49M, $47M, and $9M respectively according to aggregate data provided by Coinglass.
Why Crypto Market Dropped Suddenly? Here Are The Top Reasons
The Bitcoin price saw a modest increase over the weekend, reaching near $24k, however, these gains were short-lived and were erased during the European trading session as the price fell to around $23k.
The crypto market saw a liquidation of over $116 million in the past 24 hours. According to the latest market update from Coingecko, the total crypto market capitalization has decreased by 2% to $1.087 trillion.
The decline in Bitcoin price is indicative of a dip in the entire crypto market, as expected. Ethereum is currently trading at around $1,578, a 2% decrease from its value earlier today.
Among meme coins, Floki Inu experienced the largest decline, dropping 17% and trading at around $0.00002375.
Factors Attributing To BTC’s Price Crash
The fluctuations in Bitcoin’s market can be attributed to various macroeconomic factors, including the upcoming statement from the Federal Reserve on interest rates.
Most analysts anticipate the Fed to raise interest rates by over 25 basis points, which Mathew Dixon, CEO of Evai.io, believes will drive the Bitcoin price upward.
Additionally, a declining dollar is seen as a positive for Bitcoin, which is widely considered as a hedge against inflation.
Despite this, there have been ongoing discussions about a potential correction in Bitcoin’s price.
Binance has been accused of manipulating the market by pumping up the price using its BUSD market. As a result, it is expected that short-term holders and miners will outnumber the whale buyers, leading to a correction.
As January 2023 draws to a close, crypto analysts will closely monitor the monthly close. According to popular analyst Rekt Capital, a close above $23.4k on the monthly candle would indicate bullish sentiment.
Meanwhile, long-term Bitcoin attributes indicate a possible multi-week consolidation towards next year’s halving event. Most analysts expect Bitcoin to retest ATH and enter the price discovery region after the 2024 halving.
As the crypto market continues to evolve, it will be interesting to see how the industry reacts to the latest developments. Do you think Bitcoin will bounce back or continue its downward trend? Let us know your predictions.
Top Reasons Why Aptos May Resume Rising Towards the North Soon!
Aptos price surged from the ranges around $3.5 to mark the yearly highs beyond $20, attracting immense bearish activity at the moment. The extended consolidation has however raised the speculation of a massive sell-off for the crypto is fast approaching. However, regardless of the current trade set-up, the APT price continues to flash extremely bullish signals that may set off a fresh upswing very soon.
The APT price marked a new ATH of $20.39 after surging by more than 400% since the beginning of 2023. The rally is speculated to shed all of its gains due to the weak fundamentals and an increase in negative market sentiments. However, below mentioned are some of the reasons that indicate the Aptos rally may resume any time from now.
Facebook’s Brain Child
Aptos is the end result of Facebook’s attempt with the Libra Blockchain which failed to receive a regulatory nod due to which it was forfeited mid-way. The team behind Libra further found Aptos which is a decentralized version of the abandoned project. Also, the platform raised a $300 million fund in 2022 which was followed by Binance investing to help boost the ecosystem.
Constant Developments
The network was launched at the beginning of Q4 2022 and is still in the early stages of its development. Presently, there are only a few countable projects and smart contract activity on the chain. The APT transfers currently record more than 95% of the blockchain transactions at the moment. However, the development activity has been surging as the number of developers on Aptos has now surpassed Avalanche and Tezos but continues to be behind Solana, Polkadot, Cardano and Ethereum.
Mounted Bullish Momentum
With the sudden rise in the APT price, many continue to remain in disbelief that Aptos’s market cap surged beyond $2.8 billion and the token marked an entry into the top 30. However, now that the bullish sentiments have mounted, going against the trend may not be a good idea for traders. However, the APT shorts is also surging as the price is marking new highs. This may further create an opportunity for a short squeeze that may swell the price soon.
Selling Pressure May Not Mount
The Aptos tokenomics has been built in such a way that the selling pressure is limited for the first year from its launch in October 2022. The APT remains locked with the investor for a period of a year until October 2023 after which the circulating supply of APT could be raised significantly. Until the tokens are unlocked, traders receive their staking rewards which is the only way to inflate the prices as of now.
APT Kimchi Premium
The Kimchi premium is nothing but the gap between the crypto prices in South Korean exchanges and the other global exchanges. The buying interest for APT is flooding through the Korean exchanges with the won pair on the UpBit exchange. The exchanges are recording nearly 40% of Apto’s trading volume and the APT prices are also traded 1% to 3% at higher prices compared to the other exchanges.
Aptos (APT) Price Skyrockets 120% – Discover The Top Reasons Behind The surge
As expected, the altcoin market, led by Aptos (APT), has rallied higher compared to Bitcoin in the past few weeks. Short-term holders and crypto miners have been reported taking profits after a year-long bear market. According to aggregate data provided by Coinglass, over $109 million has been liquidated in the crypto market and APT is the third largest after Ethereum and Bitcoin.
Reportedly, over $14.5 million has been liquidated by APT traders in the past 24 hours after the asset retested an ATH set immediately after launching. The psychological resistance level coincides with an overbought RSI indicator that signals an imminent retrace.
Closer Look at Aptos (APT) Market Outlook
The newly launched layer 1 blockchain has attracted huge crypto investors’ attention in the past few weeks. According to our latest crypto price oracles, APT has rebounded from $3.2 to a high of around $20 in the past four weeks. The APT price action is well bolstered by the institutional investors including Binance that have supported the projects.
Most importantly, on-chain data shows that Aptos’ top 20 investors hold a total of 155,576,835 $APT worth approximately $2.76 billion. As a result, these APT whales account for about 15.3 percent of the total supply.
Interestingly, the top address “Aptos 1” received a total of 729,000 APT worth approximately $12.78 million in the past 24 hours. However, the address sent out over $13.44 million in the same period.
Notably, Aptos undertook several fundraising to support its Web3 development projects. Moreover, the Aptos project involved over 350 blockchain developers in the past two years before launching. The crypto project raised over $350 million last year from key investors like Andreesen Horowitz, Coinbase Ventures, and Paxos, among others.
Top Reasons Why Bitcoin Price Lost Its $23K Resistance
The crypto market kicked off the year 2023 on a positive note and majority of the cryptocurrencies landed on a high trading area. However, now it looks like the market has taken a U-turn as most of the currencies including Bitcoin, Ethereum, XRP, Cardano, Solana and other large cap currencies have registered a loss. The Bitcoin price has shed nearly 1.5% in the last 24hrs while the lead altcoin, Ethereum, has lost its $1,600 level.
At the time of publication, Bitcoin is selling at $22,656 after a drop of 1.2% in the last 24hrs. Also Ethereum has lost 4.57% in the span of a day and is now trading at $1,553.
Why Is Bitcoin Price Down ?
The last three weeks of January have been exceptionally good for cryptocurrencies. Nevertheless, now as the flagship currency, Bitcoin gradually makes a downward movement which is considered to be highly unusual considering its last few days performance. This also points towards investors who have become less optimistic towards bitcoin’s price action.
It’s a known fact that Bitcoin and other large cap cryptocurrencies are highly correlated with tech stocks. Hence, this becomes one of the reasons for Bitcoin and other cryptocurrencies to register a loss today.
Secondly, the crypto market might be reacting to the upcoming US fourth-quarter gross domestic product (GDP) which is set to be released Thursday.
Thirdly, the market experts point towards the entry of hedge funds into short positions. Next, the volatility in the crypto market could be due to Microsoft’s cloud outage which has affected investors’ sentiment. Lastly, traders anticipating ease in the monetary policy in the coming days might have caused crypto market volatility.
However, next week’s Fed meeting is expected to give these cryptocurrencies a much required push if the inflation rate is decreasing.
Why Bitcoin Price is Down Today? Here Are The Top Reasons
The crypto market has undergone a predicted correction following a three-week rally, with total market capitalization declining by 3% in the past 24 hours. The second largest digital asset, Ethereum (ETH), has dropped approximately 5% in the last day, trading at around $1,554 on Wednesday.
Additionally, over $227 million has been liquidated in the crypto market in the past 24 hours. However, on-chain data suggests that there may be further pain in the near-term future.
According to on-chain analytics firm Glassnode, short-term holders and Bitcoin miners are heavily selling their positions during the relief rally. Despite this, long-term holders are experiencing all-time high levels of Bitcoin accumulation, leading to a fierce tug-of-war between bulls and bears.
Reportedly, on-chain data shows a significant resemblance between the 2018/2019 bear market to the 2022 one. Nonetheless, the macroeconomic factors have significantly changed and the crypto market is no longer reliant on the speculative aspects.
“The recent surge in Bitcoin price action has resulted in an initial breakout above all three cost-basis for the first time since the 2018/19 bear market and the March 2020 Covid crisis. A sustained duration above these key psychological levels would be considered constructive,” Glassnode indicated.
What is the point of return for the crypto markets?
Following the recent crypto rally, many coins have regained their pre-FTX trading levels. However, the impact of the FTX and Alameda collapse is still being felt, as evidenced by Genesis Trading, a subsidiary of Digital Currency Group (DCG), recently succumbing to the losses.
Popular market economist Peter Schiff predicts that the Bitcoin price will soon fall below previous low levels. Schiff believes that the crypto market, including Bitcoin, is headed for a prolonged period of decline.
Top 5 Reasons Why Shiba Inu Might Be The Best Bet In 2023
The crypto bulls are holding quite well against the bears since the beginning of 2023. While the bull run is led by Bitcoin with its continued price rally, the altcoins, especially meme coins are trying their best to follow. One such currency is Shiba Inu which has been one of the most explosive currencies in the space.
Shiba Inu was just another meme coin in 2020 when it was launched. However, by Oct 2021 this meme currency had skyrocketed nearly 121,000,000% as it rose from Jan 1 trading of $0.000000000073 to hit $0.00008841 in Oct 2021. This made Shiba Inu one of greatest coins for securing such a huge single-year gain.
Shiba Inu At $1 By 2023 ?
Now, as we enter 2023, Shiba Inu investors and traders are cautiously wondering if SHIB could hit $1 in 2023. However, there are a few factors which have to fall in place for the meme currency to see such a spike.
Firstly, it’s the soon to be launched Shibarium which is a Layer 2 blockchain that aims to reduce transaction fees. It’s important for Shibarium to perform as expected so that it supports the network’s blockchain-based gaming.
Next is the non-fungible token (NFT) based games which are basically dependent on Shibarium launch. This is because through blockchain-based games people can own their creations along with buying and selling NFTs. The marketplace will be affordable only when transaction fees are reduced and that’s possible with Shibarium.
Third factor is Shiba Inu’s acceptance by notable retailers which will see its usage in the real world. Shiba Inu’s real-world-utility will increase the demand and in turn help in SHIB reaching the $1 target.
Fourth is the increase in coin burn so that the circulating supply is reduced to make the currency scarce. As per CoinMarketCap, currently, Shiba Inu’s outstanding tokens are currently positioned at 590 trillion
Lastly, it’s the huge social media recognition which will push Shiba Inu to rise more than 10,800,000% in 2023. Etherscan claims that there are more than 1.25 million wallets with SHIB coins and these addresses should get their fingers rolling on social media to create the buzz.
Cardano Price to Remain Outrageous, Top Reasons Why ADA May Reach $0.5 in Next 10 Days
Crypto markets go green within the beginning of the fresh weekly trade as Bitcoin price successfully sustains above $17,000 for more than 24 hours. Cardano’s price also received a significant bullish push that assisted the price to rebound from the lower bottom and raised beyond $0.34 since the beginning of 2023. It appears that the bulls again entered the ring as the trading volume soared more than 100% in just a couple of hours.
With the massive upswing, the ADA price remained in the spotlight as it breached several short-term indicators and previous resistance zones. Trading currently at around $0.315 after rebounding finely from the bottom at around $0.24. The bulls managed to break above the 8-day EMA and 21 -day EMA, indicating the revival of the bullish trend as they have collected several liquidity barriers.
The price due to the market crash in the last few days of 2022, plunged below the support levels of the descending parallel channel. The token hovered below the channel for a short time frame as the recent bullish push raise the levels back above the channel.
However, the price is witnessing significant bearish pressure at the moment with an intention of lowering the price levels below $0.3. However, the bulls appear to be pre-determined as the price levels are held tightly above $0.31.
If Cardano successfully maintains the day’s close above $0.3 and the weekly close above $0.35, then the path toward $0.5 may be validated. The price may maintain a notable upswing regardless of the bearish interference which is expected at frequent intervals.
The bulls after a certain period may get exhausted and allow the bears to jump in. This may slightly impact the progress of the rally aiming for a price slash towards the 21-day MA level at $0.26.
Top Reasons Why Crypto Market is Bullish Today
We begin this week with all of the leading cryptocurrencies in the green, which has sparked excitement among crypto enthusiasts and analyses from industry professionals. The total value of the global cryptocurrency market increased by 3.48%, which was backed by a 121% growth in the trading volume. Bitcoin and Ethereum have both successfully broken over the $17,000 and $1,300 resistance levels, respectively.
Why is the Crypto Market Suddenly Bullish?
U.S. wage growth has slowed, and the services sector has contracted, all of which point to less aggressive rate rises by the Federal Reserve. This has led to a boom in the cryptocurrency market.
The country’s monetary policy is determined by the Federal Reserve. It also plays a key role in guiding the economy through recessions and inflation. It employs monetary processes such as quantitative easing and tightening to achieve this goal. As a result, this may have far-reaching effects on the market generally and the cryptocurrency market specifically.
Take the present situation of the US economy, where excessive inflation is a major problem. As a result, the Federal Reserve took a hawkish posture and increased interest rates as part of its quantitative tightening program. This led to a severe downturn in the cryptocurrency markets. It stands to reason that if interest rates were to drop, the market sentiment would shift to bullish.
Several macroeconomic indicators suggest that inflation and recovery in the global economy may be stalling, which may be contributing to the positive turnaround in the cryptocurrency market.
Moreover, investor confidence has risen as a result of China’s closing of its borders to the rest of the world and other central banks’ attempts to reduce inflation. Due to this, Asian and European stock markets are seeing positive openings today.
By expanding their holdings of GBTC and crypto businesses’ shares, financial services heavyweights BlackRock and Morgan Stanley are indirectly supporting Bitcoin prices. Even more importantly for the cryptocurrency market, the U.S. dollar index (DXY) dropped to 103.65 in the previous 24 hours, according to data.
Is this a bull trap?
It’s not the first time the cryptocurrency market has seen a sudden and dramatic upswing. Some people are worried that it’s just a bull trap designed to trick investors into buying at a higher price for a limited period of time before the market corrects itself and becomes bearish again.
Some have speculated that this rapid ascent marks the beginning of the Altcoin Season. We look forward to altcoin seasons since that’s when the values of alternative cryptocurrencies tend to spike dramatically, bringing us huge profits.
With many users seeing a reversal in their financial situations, this time of year is eagerly anticipated by the whole cryptocurrency community. Whatever the case may be, let’s hope the recent uptrend holds.
Top Reasons Why Bitcoin(BTC) Price May Withness a sudden Spike to $150K
After maintaining three consecutive bullish candles, Bitcoin price is close to recording the first bearish candle of 2023 as the selling pressure has accumulated to some extent. With a fine upswing, the BTC price raised above crucial resistance at $16,750 but failed to reach $17,000 and experienced a minor rejection. The BTC price which is currently hovering around $16,825, is believed to ignite a major upswing that may pave way for the asset to clinch new highs in the coming days.
In the past couple of years, the crypto space has gained immense adoption with a swell user base. This has enhanced the attention not only of the people within the industry but also of the authorities too. Hence it is quite obvious that the regulations may kick in, but it certainly need not be a bearish factor.
Presently, Bitcoin price appears to be in a decisive phase as it hovers close to the edge of the consolidation. Minor selling pressure is may drag the price below the bullish trades set up wherein the bear may strengthen their grip and compel the price to test the 2022 lows. Else, a bullish push may uplift the price beyond the pivotal resistance at $16,900 and the liquidity area between $18,100 to $18,600.
How Will Bitcoin Price Soar High to Reach $150K?
Bitcoin is the top crypto within the market and as it’s largely distributed, the tenacity of the asset has kept the crypto space alive. Meanwhile, with the regulators stepping in and squeezing out the projects one by one, more altcoins are assumed to be impacted in the near future. If this continues at a large scale, the liquidity flow from the other altcoins to Bitcoin is quite possible.
However, this move may not happen in a flash and could consume a little more time than required. It is worth noting that regulations may impact the crypto space and specifically Bitcoin (BTC) price in a long run due to which the value may also be impacted positively.
Polkadot And Tezos Are NOT Going To Make You Rich – Market Experts Suggest Golteum Instead For These Reasons
Putting your faith and hard-earned money into the markets can be a precarious move, particularly when it comes to cryptocurrencies. Unstable prices and unfulfilled project expectations are all too common in this arena – making it almost impossible for investors to make informed decisions with confidence.
In order to help alleviate any doubts and provide a reliable option for investors, market experts have suggested that Golteum is an ideal choice for those looking to make the most out of their funds.
Precious Trust, Novelty & Flexibility
Having a Certik-certified team and an audited smart contract is of paramount importance in this day and age. Golteum has achieved those criteria and is not only trusted by the community but also offers a secure platform for users to trade on. Democratizing access to gold is Golteum’s mission – and it has been achieved through their hard work and perseverance.
The GLTM token itself unlocks rewards, discounts, and lower trading fees. Token owners will be able to stake their holdings and have access to lending backed by their NFTs, along with many more exciting features such as competitive LTV (loan to value) ratios and high-yield staking.
Polkadot (DOT)
Polkadot is an open-source sharded multichain protocol that links and shields a network of specialized blockchains, allowing for the transfer of any data or asset types across different chains. This allows for blockchain interoperability and establishes Polkadot as the foundation upon which Web3 – otherwise referred to as ‘the decentralized internet of blockchains’ – can be built on. The DOT price today is $4,68 USD with a 24-hour trading volume of $249.619.302 USD, making it a great long-term investment for those looking to diversify their portfolio.
Tezos (XTZ)
Tezos is a sophisticated blockchain network similar to Ethereum, but with an advanced infrastructure that can evolve and improve over time. Unlike Bitcoin and Ethereum, Tezos has avoided any threat of a hard fork by allowing XTZ holders the power to vote on proposed protocols upgrades from the developers. This makes it possible for progress without disruption or conflict between different parties involved in the network.
Golteum (GLTM)
In stark contrast, Golteum offers an innovative solution for those looking to maximize their profits. Golteum is a non-fungible token (NFT) platform and by utilizing the GLTM token, users can access real world gold-backed assets on the blockchain. This makes it easier than ever to buy, sell, trade, and store gold, allowing users to benefit from gold-backed assets without the hassle.
At the start of the private sale, each token was worth an underwhelming 7 cents – but it has since skyrocketed by 85%, reaching a remarkable 13 cents! Being offered at $0.13 per token during Public Sale Round 1, this round of presale even gives you a 20% bonus on your purchase!
The Golteum team, to better support their mission of launching a top-tier trading platform, they’ve chosen to integrate the Fireblocks Web3 Engine. This includes custody services, treasury management, risk mitigation tools, and their highly anticipated tokenization mechanism for handling all gold NFTs.
Final Words
Ultimately, market experts suggest that Golteum is a much more reliable investment when compared to Polkadot and Tezos. With its secure platform, rewards system and access to real world gold-backed assets on the blockchain – it offers an innovative solution for those looking to maximize their profits.
| 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. |
Polkadot And Tezos Are NOT Going To Make You Rich – Market Experts Suggest Golteum Instead For These Reasons
Putting your faith and hard-earned money into the markets can be a precarious move, particularly when it comes to cryptocurrencies. Unstable prices and unfulfilled project expectations are all too common in this arena – making it almost impossible for investors to make informed decisions with confidence.
In order to help alleviate any doubts and provide a reliable option for investors, market experts have suggested that Golteum is an ideal choice for those looking to make the most out of their funds.
Precious Trust, Novelty & Flexibility
Having a Certik-certified team and an audited smart contract is of paramount importance in this day and age. Golteum has achieved those criteria and is not only trusted by the community but also offers a secure platform for users to trade on. Democratizing access to gold is Golteum’s mission – and it has been achieved through their hard work and perseverance.
The GLTM token itself unlocks rewards, discounts, and lower trading fees. Token owners will be able to stake their holdings and have access to lending backed by their NFTs, along with many more exciting features such as competitive LTV (loan to value) ratios and high-yield staking.
Polkadot (DOT)
Polkadot is an open-source sharded multichain protocol that links and shields a network of specialized blockchains, allowing for the transfer of any data or asset types across different chains. This allows for blockchain interoperability and establishes Polkadot as the foundation upon which Web3 – otherwise referred to as ‘the decentralized internet of blockchains’ – can be built on. The DOT price today is $4,68 USD with a 24-hour trading volume of $249.619.302 USD, making it a great long-term investment for those looking to diversify their portfolio.
Tezos (XTZ)
Tezos is a sophisticated blockchain network similar to Ethereum, but with an advanced infrastructure that can evolve and improve over time. Unlike Bitcoin and Ethereum, Tezos has avoided any threat of a hard fork by allowing XTZ holders the power to vote on proposed protocols upgrades from the developers. This makes it possible for progress without disruption or conflict between different parties involved in the network.
Golteum (GLTM)
In stark contrast, Golteum offers an innovative solution for those looking to maximize their profits. Golteum is a non-fungible token (NFT) platform and by utilizing the GLTM token, users can access real world gold-backed assets on the blockchain. This makes it easier than ever to buy, sell, trade, and store gold, allowing users to benefit from gold-backed assets without the hassle.
At the start of the private sale, each token was worth an underwhelming 7 cents – but it has since skyrocketed by 85%, reaching a remarkable 13 cents! Being offered at $0.13 per token during Public Sale Round 1, this round of presale even gives you a 20% bonus on your purchase!
The Golteum team, to better support their mission of launching a top-tier trading platform, they’ve chosen to integrate the Fireblocks Web3 Engine. This includes custody services, treasury management, risk mitigation tools, and their highly anticipated tokenization mechanism for handling all gold NFTs.
Final Words
Ultimately, market experts suggest that Golteum is a much more reliable investment when compared to Polkadot and Tezos. With its secure platform, rewards system and access to real world gold-backed assets on the blockchain – it offers an innovative solution for those looking to maximize their profits.
| 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. |
Top Reasons Why Binance is Not Next FTX!
Is Mazars’ decision to discontinue crypto auditing related to Binance’s insolvency? Mazars Group has stopped doing proof-of-reserves (POR) audits for cryptocurrency exchanges, and the recently published Binance POR has been deleted from the internet.
Prior to the FTX crash last month, Mazars was doing a number of POR audits for crypto exchanges such as Binance, Crypto.com, and Kucoin. However, an anonymous trader by the name of Da Viking has given a set of reasons for the Binance FUD.
“Mazars could have stopped *crypto audits* because they felt it was too risky for them, which is understandable in this climate. TradFi companies are increasingly wary of crypto since the FTX implosion. For example, banks have started banning accounts of crypto users.”
According to the anonymous trader, Mazars may have stopped crypto auditing because they deemed it too dangerous for them, which is logical given the current market conditions. Since the FTX collapse, traditional financial institutions have become increasingly skeptical about cryptocurrency.
On-chain data shows that Binance currently has more than $55 billion in reserves. As per data from CryptoQuant, Binance has processed OVER $14 billion in withdrawals this week alone! Approximately half of these withdrawals occurred on one day (December 13), although the bank still has $55 billion or more in reserves.
As indicated in this tweet by @ki young ju, on-chain data show the difference between FTX and Binance.
He stated that CZ’s reaction to the $2.1 billion on CNBC interview is about the money received by Binance in exchange for their FTX investment. It has nothing to do with user funds and does not signify a problem with withdrawals. Because Binance received both BUSD and FTT, and indicators imply that they did not liquidate their FTT, the amount clawed should be significantly less than $2.1 billion due to the FTT price drop.
“Finally, there’s FUD that #Binance has a reserves problem because it holds a lot of BUSD. BUSD is NOT issued by Binance. BUSD is issued by Paxos, backed by US dollars & T-bills, and approved AND regulated by the New York State Department of Financial Services (DFS).”
Top Reasons Why It Is a Good Time to Buy Bitcoin?
The post Top Reasons Why It Is a Good Time to Buy Bitcoin? appeared first on Coinpedia Fintech News
Bitcoin price is appearing towards the end of the correction phase as the bulls are managing to hold above the elevated support levels. While, the token is yet to overcome the loss incurred during the FTX fiasco, a couple of positive movements within the financial world have impacted the BTC price to some extent. Furthermore, the year 2022 is nearing completion, indicating a step closer to the Bitcoin halving event.
The very recent Bitcoin rise was fueled by the latest CPI rates which went lower than expected. Additionally, the Bitcoin fear and greed index rose to the pre-FTX level of 30. Moreover, one of the leading analytical platforms, Cryptoquant suggests, Bitcoin is entering a pre-halving accumulation phase after accomplishing a year-long bear market.
The BTC price formed a double top pattern cycle in 2021, and after experiencing massive sell-offs by whales & miners, BTC price has now reached the multi-year support and the confluence.
Moreover, the experts still believe the selling pressure could have been exhausted and hence only a significant amount of unprotected short positions.
Alongside this, the FOMC meeting is underway, where a slight increase of 50bps is expected. Moreover, the FED chair Jeremy Powell’s speech is also expected to be dovish which appears to be in favorable conditions for the bulls.
Hence a paradigm shift may drop into Strom for the short squeeze that may push the BTC price toward the upper resistance around $19,200 levels, very soon.
Why Did FTX Collapse? Ripple CTO David Schwartz Lays Out The Reasons
Cryptocurrency investors have had a rough 2022, what with Bitcoin’s terrible price drop and Luna’s tragic end. The recent crash of FTX, a prominent exchange for trading digital currencies, has unfortunately halted the cryptocurrency market’s rebound during the past six months.
However, why did FTX collapse? A few issues surfaced, but nothing was made clear. Someone has, at last, made some arguments.
Schwartz Spilled 3 Reasons for the fall
In a recent tweet, David Schwartz, CTO of XRP, outlined the three main reasons for the fall of the FTX crypto empire.
- First off, he claims that Alameda Research, a trading company connected to FTX, used money from FTX users.
- Second, the funds that Alameda was meant to use from FTX’s customer deposits were mixed up with the assets used to place dangerous bets. Sam Bankman-Fried, the former CEO of FTX, now asserts that the assets were combined “unknowingly” and denies committing fraud.
- He concludes by noting that despite the firm’s obligation to deploy risk-managed, almost delta-neutral procedures, Alameda did not manage risks at all.
Schwartz posed the key question, “How can anyone not be shocked at this fraud/incompetence?
Who were the Torchbearers of the FTX Collapse?
However, there were business people that saw FTX as a personal brand and backed FTX.
In a recent CNBC interview, O’Leary revealed he frittered away $15 million FTX as the company’s spokesperson. CNBC’s “Squawk Box” hosts questioned the Canadian investor about FTX’s concerns. O’Leary blamed “groupthink” and that none of his business partners had lost money.
O’Leary promoted FTX online, alleging a link to convicted founder Sam Bankman-Fried. However, his previous stance was that he endorsed FTX because of its compliance processes. Which he denies now.
FTX investors also sued Tom Brady and Larry David for not doing enough research.
What is Schwartz’s Stance on O’Leary’s comments?
Schwartz said many crypto crashes are due to bad luck and it seems there is only one man behind it. The bear market is protracted. FTX and Alameda were designed to be delta neutral. However, Incompetence/fraud is a separate issue. Schwartz is “flabbergasted” by O’Leary’s FTX position. He says his latest utterances are “blind ignorance.”
Conclusion
Many individuals agree with Schwartz that, without a framework that bans crypto executives from making hazardous investments with client and investor money, “this will always happen unless it can’t.” Taking millions of dollars is tempting. FTX has taught us this. Most folks won’t learn this lesson.
The comment, predictably, angered many in the cryptocurrency world, who has since turned on Bankman-Fried.
Many lessons can be drawn from this, but maybe the most significant is to maintain your senses and avoid being fooled by celebrity endorsement; instead, conduct your own research before putting your money where your mouth is.
The silver lining is that someday a secure environment for cryptocurrencies and digital assets will be established, making them as secure as stocks. Don’t give up on cryptocurrency just yet; it might endure.
Top Reasons Cardano Bears May Remain Off-the-Shore in December 2022
Cardano’s price after undergoing a gigantic descending move in the past couple of months is trying very hard to flip from the bearish trend. Meanwhile, a rejection from here may land the popular altcoin within a firm bearish influence, but a rebound is expected to be underway.
In a recent tweet, the IOHK stated that more than 100 projects have been launched on the Cardano blockchain over the past week. Moreover, the number of projects in development also witnessed significant growth at the same time.
This consistent rise in the network led to a massive rise in the development activity which clearly indicates that the Cardano team had grown significantly over the period as a rise in development has led to a notable surge in the ADA price.
Along with the rise in development activity, the Cardano blockchain also performed well in the NFT market. In the past week, the volume of the NFTs sold over the network rose by 6.44% as per the data procured from opencnft. Woefully despite the rise, the sales on the Cardano network slumped by nearly 9% in the same time frame.
Further, in DeFi, Cardano’s Total Value Locked (TVL) displayed significant improvements over time. The TVL raised by more than 10,000% in the past 12 months, while the present rise accounts for $61.62 million with a rise of more than 2.15% in the past 24 hours.
Woefully, the revenue generated by Cardano continued to tank down as it plummeted by more than 25% in the past month.
Besides, the volume over the Cardano chain also plummeted heavily from over $898 million to as low as $182 million over the last month. The daily active address also witnessed a major drop at the same time. Overall the Cardano (ADA) price is trading at $0.3166 with a drop of over 3.12% in the past 24 hours.
Top Reasons Why XRP Is Your Best Bet For 2023
Ripple’s XRP token fell substantially on Monday amid risk-averse macroeconomic inflows. According to CoinMarketCap, XRP/USD was last trading at $0.39, down 3.4% in 24 hours, marking a 7.0% reduction in the cryptocurrency’s market capitalization since last Friday.
The sell-off combined with the unfavorable macro factors was too much for the other altcoins to withstand, and they shattered. However, it is predicted that XRP may benefit from the current situation. In recent weeks, traditional risk assets (i.e. global stocks) have benefited from optimism that US inflation has peaked and the Fed would reduce its rate hikes.
This trend might continue if Fed policymakers’ remarks, like Jerome Powell’s speech on Wednesday, as well as the US job market numbers, spark fresh optimism.
To what extent, then, should investors celebrate or avoid XRP? Is buying Ripple’s token a good way to diversify your holdings? If the payment processing company wins its case against the SEC, are the shares expected to skyrocket?
Why XRP Should Be Part Of Your Portfolio In 2023
- A win against the odds: There are great hopes that Ripple will prevail in its legal battle with the Securities and Exchange Commission, even if the case might be dragging on for longer than most expected. It stands to reason that this might be a factor that propels the XRP market forward. The SEC views Ripple’s asset as a security token, but since it began its investigation in late 2020, it has not been able to substantiate this claim. As a result, the industry is placing a wager on the success of the payment mechanism.
- Lower cross-border payments: The digital currency was created to make value transfers both accessible and global. A nation under financial sanctions may use the Ripple system to send money abroad by converting its domestic currency into XRP.
- Swift Transfers: Theoretically, XRP can take the role of SWIFT in the banking industry. It serves as an exchange currency that enables business between banks. Ripple has also demonstrated that it can assist small enterprises in addition to huge institutions in solving their difficulties. Central bank digital currencies are yet another area of development for Ripple (CBDCs).
- Boon for Banks: Nonetheless, does this make XRP a worthwhile asset? According to the reports, much will depend on how you personally invest in the cryptocurrency market. As was mentioned up top, the business behind XRP has banking system support as one of its primary motivations.
- Decentralization: A decentralized economy, on the other hand, seeks to eliminate that industry. Satoshi Nakamoto designed Bitcoin specifically so that people would not have to rely on banks any longer. It’s also worth noting that many of Ripple’s bank collaborations never materialized, especially once the legal battle with the SEC began. It might interest more investors in XRP.
Drawbacks of XRP’s decentralization theory:
- There is no conclusive evidence that even if they had materialized, the majority of them would have focused on Ripple’s solutions rather than XRP.
- As stablecoins like Tether and Litecoin are able to sustain their pricing better than XRP, it’s possible that the premise of selling tokens for foreign transfers is incorrect. In contrast, Ripple’s altcoin doesn’t stand out in the category because any cryptocurrency may be used to send money anywhere in the world.
- On the other hand, Bitcoin serves this purpose admirably, so there’s no reason to switch to a centralized cryptocurrency. Investors who value decentralization may want to steer clear of XRP and similar cryptocurrencies, but major corporations are an exception.
- The price of XRP would be affected by institutional investors’ interest in Ripple if the business won its case with the SEC.
David Gokhshtein Extends his support for Ripple
David Gokhstein, the founder of Gokhstein Media, explained on Twitter last week why he believes Ripple would ultimately triumph in court against the SEC regulator. First, this win will bring regulatory certainty to the crypto business. Despite suing Ripple and other cryptocurrency companies, the SEC has been criticized for lacking regulatory clarity.
Second, Gokhshtein wants to thank the XRP army for its patience while waiting for the legal issue between these two industry heavyweights to be resolved.
It appears that XRP has all the advantages it needs for 2023. Everyone is watching the court battle to forecast XRP’s future.
Analyst Shares Top 3 Reasons Why Bitcoin (BTC) Price May Drop to $12,000
The Bitcoin price has somehow managed to rise close to $16,500 levels despite the crypto space witnessing a fresh ripple effect of FTX fallout. BlockFi, a popular trading platform initially halted user withdrawals and now has filed for bankruptcy. It was speculated that this may ignite a fresh bearish wave, dragging the price below $16,000. But the bulls exhibited their strength and raised the price close to $16,500.
Despite the bullish breakout, the star crypto continues to remain under bearish captivity for a long. A popular analyst, Willy Woo provides 2 scenarios which substantiate the bearish reversal of the asset in the coming days.
CVDD Floor Price Tested
CVDD or Cumulative Value Days Destroyed picks the bottom of the market. Woo says that the CVDD model may establish a new floor price for the BTC price as a fresh generation of investors may have entered the market.
“CVDD floor price being tested,
Uses age and value of BTC moving to new investors to create a floor.
Theory: when significantly old coins (say bought at $100) pass to new investors (say at $16,000), the market perceives a higher floor,”
The MAX-Pain Model
Willy-Woo further shares a MAX Pain model for Bitcoin which suggests a floor price for the token at the bottom. Analysts believe that the BTC bottoms could form at the levels when the other altcoins carry a loss of 58% to 61% from the purchase price.
“Bitcoin bottom is getting close under the Max Pain Model.
Historically, BTC prices reaches macro cycle bottoms when 58% – 61% of coins are underwater(orange).
Green shading adjusts for the coins locked up inside GBTC Trust,”
MVRV is Deep Inside the Value Zone
The third series presented by the analyst is the MVRV ratio which has dropped heavily below the lower support. As per the analyst, this signal suggests that the BTC price has already bottomed and hence a bearish move is expected.
“Here’s the 3rd in my series of macro bottom charts.
MVRV ratio is deep inside the value zone.
Under this signal, we were in already bottoming (1) until the latest FTX white swan debacle brought us back into a buy zone (2)”
Top 3 Reasons Why Crypto Market is Going Up Today? Is FOMC Fueling the Rally?
After undergoing a massacre, the bulls have uplifted the crypto space to some extent. The Bitcoin price is approaching $16,500, while the Ethereum price rose beyond $1100 after withstanding extreme bearish pressure. However, the upward swing is expected to prevail until the FOMC reveals its agenda for the upcoming meeting.
FOMC meetings are somewhat bullish for the entire crypto space as the authorities take down stringent actions to curb rising inflation. This in turn impacts the crypto space positively but for only a very small time frame. Meanwhile, the upcoming minutes of the meeting may adversely impact the cryptos & equities as well.
A popular analyst, tedtalksmacro, who provides insights about the traditional markets which impact the crypto spaces and believes that a reversal of hopium appears likely today. The October CPI print went more negative than expected that uplifted both equities & crypto space for a while.
Considering the previous reaction, the FED is likely to use the FOMC meeting minutes to bring back the markets in line. Therefore, one can expect the hawkish language and their commitment to higer rates for longer. This may further compel the equities & cryptos to react negatively when the minutes are released.
Secondly, the FED chair Jerome Powell is expected to speak on November 30, 2022, at the Brookings Institute where-in he may follow the Jackson Hole-like presentation which had led to a 4% sell-off in US equities earlier. This is considered extremely important as the speech is immediately followed by the FOMC blackout period.
Despite the crypto markets have been witnessing a slight upswing since the early trading hours, the selling pressure may mount up with the release of FOMC MoM. Therefore, traders are expected to be cautious as the crypto markets may remain volatile for a while.
Top Reasons Why Ethereum (ETH) May End the Year’s Trade at $700
Ethereum price registers a significant upswing by a rise of more than 2% to reach levels above $1260 from the lows around $1175. The Bitcoin price leapt long to mark a remarkable recovery from the monthly lows of around $15,500 to the current levels of around $16,800. The current upswing within the markets could be the aftermath of this recovery.
The ETH price with the recent upswing has surpassed the crucial resistance at $1240. However, bears are trying hard to restrict the price below $1250, a wrong move by the bulls may strengthen the bearish action ahead.
While the market participants believe the dark clouds may have faded away, higher the possibility of major rejection surfaces. Therefore, despite the ETH price maintaining significant strength at the moment, the asset may soon lose its grip and slump hard. As the market participants lose interest and hence the user activity on Ethereum tanks down.
The daily active address which displays the user’s activity over the platform had tanked down below 450K and witnessed a minor recovery to 535K. A dropped count indicates less interest of the market participants in the asset within the stipulated time frame. However, a significant jump in the volume has been recorded that may induce significant volatility in the coming days.
However, the Ethereum price, after a brief consolidation of around $1260, is expected to drop hard as a major rejection may drop the price below $1000. As per a well-known analyst, Capo, Ethereum’s (ETH) price is expected to close the yearly trade around $700–$750.
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More Blood in Satoshi Street – Bitcoin Price May Hit $10K For These Reasons
FTX’s problems continued to have an adverse effect on the cryptocurrency markets on Tuesday, which once again paved a way for the bears. Bitcoin, the most valuable cryptocurrency by market capitalization, was recently trading at around $16,200, a more than 10% decrease to its lowest point in two years.
Following the recent collapse of Sam Bankman Fried’s exchange FTX, the price of bitcoin, along with Ethereum, Ripple, and other altcoins, has experienced a significant sell-off over the last 24 to 48 hours.
According to commodities analyst Mike McGlone of Bloomberg Intelligence, the recent fall of FTX may not be the worst scenario for the cryptocurrency markets this year. The collapse of Bankman- Fried’s exchange is probably what started this. The tweet says that as a result, Bitcoin may once again hit the $10,000 mark.
McGlone said that the current slide in the price of Bitcoin below the $18,000 mark and the price declines of altcoins may lead to the capitulation in the majority of markets, which have been under pressure since the year’s beginning. According to a study by McGlone, the massive reversion of risk assets has become evident today as Bitcoin fell to the $17,600 region.
What Happened?
Bitcoin’s first seven-week losing streak started in May 2022 as a result of the market’s response to news of the Terra Luna bank run and the consequent collapse of LUNA Classic. Analysts are making comparisons between the latest FTX bank run and earlier this year’s Terra Luna occurrences in light of the reported significant budget deficit.
After the Binance LOI for FTX initially drove up prices, concerns regarding FTX’s balance sheet have caused the market to crash severely. In light of FTX’s efforts to raise $6 billion to fill a hole in its balance sheet, the purchase may have been in jeopardy, according to reports.
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Snowfall Protocol vs Helium vs Elrond! Expert Explains His Reasons For Picking Them!
From its inception to this very day, the phenomenon of cryptocurrencies has seen a dramatic surge in acceptability and scalability by the general public. Do you understand that this cannot happen overnight? There must be an explanation.
The reason is that investors have moved to the cryptocurrency market to invest in projects and amass enormous returns since the industry is incredibly lucrative. Over time, conventional financial systems have failed to function, and with the rising economic debacle, people have turned towards the crypto marketplace as a safe haven. No force on this planet can work against you if you understand how to time the market correctly and are familiar with its fundamentals. This article will provide some insightful information on alternative currencies and smaller projects that you might fund to get the riches you’ve always wanted. Buckle up because we’re going to dig deep into this subject.
Helium (HNT)
Only a few years after Bitcoin’s launch did Helium (HNT) arrive. The IoT-(internet of things) is Helium’s (HNT) distinctive selling point. Technology, practicality, and technical significance set Helium (HNT) apart from its rivals. After going over the advantages and uses of Helium (HNT) , readers should be aware of several drawbacks.
Helium (HNT) requires a high upfront investment. Also worth mentioning is that estimates show a decline in Helium’s (HNT) price, and the coin’s high initial cost and probable loss make it seem risky for users and investors.
Snowfall Protocol (SNW)
Digital financial assets that are fungible and non-fungible can be traded via the Snowfall Protocol (SNW) cross-chain token transference environment. The solutions provided by Snowfall Protocol (SNW) are designed to make multi-chain operations easier to use. Snowfall Protocol (SNW) employs a wrapping and swap technique for non-fungible token chain swaps and a normative token bridge for fungible token chain swaps. Snowfall Protocol (SNW) creates software platforms that are easy to use, understand, and put into practice to give the user as much power as possible. Snowfall Protocols (SNW) primary goal is to make cryptocurrencies more accessible; to accomplish this, Snowfall Protocol (SNW) will drastically boost the number of users. Snowfall Protocol (SNW) continuously evaluates and improves its user interface to provide its consumers with an exceptional and stress-free encounter. Snowfall Protocol (SNW) intends to be successful in the cryptocurrency market by offering traders an unrivaled and effective decentralized finance (De-Fi) platform.
Elrond (EGLD)
Elrond (EGLD) is in charge of the low-energy Secure Proof of Stake arbitration technique. Validators and Delegators stake eGold to protect the infrastructure and gain incentives. The staking procedure is non-custodial, which means you always have absolute control over your funds. Elrond (EGLD) supports the most powerful programming languages, provides versatile instruments, and has comprehensive and authoritative documentation. You may quickly begin and deploy your application on a blockchain optimized for real-world consumption. Elrond is a simple blockchain to incorporate and offers exceptional scalability, high speed, and cheap transaction costs.
The Bottom-Line
We must carefully evaluate the most lucrative cryptocurrencies and exchanges as market analysts. Trust me when I declare that investors’ interests and those of the Snowfall Protocol (SNW) exchange are compatible.
For more information about the Snowfall Protocol’s (SNW) Pre-Sale, visit:
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.
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Top Reasons Why XRP Price Will ignite Massive Rally in October!
On September 29, Judge Analisa Torres, the district court judge presiding over the case, ordered the commission to make the documents written by William Hinman, the former director of the SEC’s corporation finance division, public.
In contrast to what the SEC asserted in the complaint filed in December 2020, Ripple’s defense might utilize Hinman’s work as proof that its blockchain’s native cryptocurrency, XRP, should not be considered a security.
If you’ve been keeping track of the XRP price movement and the SEC-Ripple litigation, you might have seen a connection. XRP performed favorably in the second half of September. Bullish attitudes may have been significantly influenced by the changing circumstances of the litigation in Ripple’s favor.
Additionally, the altcoin was able to break out above its long-term descending support. If the market does not see another sudden fall, this performance might pave the way for what comes next. This comes as a result of the lawsuit hype
As the final ruling is expected soon, Ripple labs could be in favor of the court since SEC lacked a convincing defense to prevail in court. This was the primary driver of the rally in September’s second half.
XRP Price Forecast
As a result of this conjecture Ripple has assertively grown its services with the blockchain company. For example, it has been listed in the year’s top 250 Fintech.
Ripple is currently trading at $0.4961, a price upsurge of 2.64%. In the last 24 hours, it has traded as low as $0.4772 and as high as $0.5041. The market capitalization is $49,471,916,222 and the trading volume is $2,349,086,323
The RSI is currently at 63.08 which reveals that it is in the overbought region, while the MACD and Bollinger Bands indicators show a bullish segment.
Since the court has not yet made the final verdict against the SEC public, it is anticipated that Ripple will maintain its bullish momentum. Investors are urged to exercise caution because the market is extremely volatile and changes can occur at any time.
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Top Reasons Why Bitcoin (BTC) Price Might Enter Bullish Trend in October
The two largest cryptocurrencies by market cap, Bitcoin and Ethereum, both have surged nearly 4%. Yet both the currencies are still below their key resistance level of $20,000 and $1,400 respectively.
At the time of publication, Bitcoin is selling at $19,519 after a surge of 4.22% over the last 24hrs and Ethereum is trading at $1,341 with a jump of 4.55% in the last 24hrs.
Meanwhile, one of the popular crypto strategists and traders is considering Bitcoin’s previous price action and claims that the currency will have a bullish price action for October.
The analyst who is anonymously known as kaleo 
kaleo co-founder at LedgArt Kaleo EntrepreneurInvestorMarket Analyst 
Followers : 0 View profile , informs his 535,900 admirers over Twitter that Bitcoin is about to enter the much-needed bull run soon. He says that the month of September has been one of the worst, but he believes October to be a silver lining for BTC.
As per most market experts, September month has always been a bearish month for Bitcoin. However, Kaleo feels that the upcoming month will attract some positive gains.
The main reason for a positive October will be the increased Bitcoin adoption and high growth.
Bitcoin Price Down By 75% From ATH
When Bitcoin’s all-time high of $69,000 is considered which was hit in November 2021, Bitcoin has dropped nearly 75% of its value. The strategist also tries to give a yearly decline rate chart starting from 2011-12 where Bitcoin dropped 94% and ends it with 2021 and present as BTC plunged by 75%.
However, the analyst also warns that Bitcoin’s lower levels might be just around the corner, but the currency with the highest market cap might not see much of a downward trend.
Kaleo wraps up his analysis with a statement that it’s not advisable to rely much on the previous price trends as it doesn’t guarantee future price action.
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Top 5 Reasons That Suggests Bitcoin Price May Have Marked the Bottoms Earlier! – Coinpedia – Fintech & Cryptocurreny News Media
Bitcoin has been extremely volatile for the past 7 days and due to this, the price trend has remained uneven and highly volatile.
At the moment, it appears that the bulls have jumped in to hold the price above the lower support. Therefore, the prices are expected to rise high after a brief consolidation. Conversely, some popular analysts believe the price to test the $22,500 & $23,000 resistance zone and plunge heavily following a rejection.
On the brighter side, huge bullish signals are flashing for the Bitcoin (BTC) price that signifies the asset may have already found its bottom.
- The Macro Economic Environment
The macroeconomic factors since June have remained significantly less volatile and hence paved the way for the crypto markets to hold at the lower support. CPI rates did not drop as expected but maintained a slow decline, while the G.D.P rose notably.
On the other hand, the unemployment rates remain slashed considerably along with a drop in the housing & rent prices. The supply chain has also recovered as the demand for oil has dropped. The Ukraine-Russia crisis also appears to reach its destiny soon which signifies the conditions to be as normal as usual.
- Reduced Intensity of the Bull & Bear Markets
Bitcoin in recent times appears to have reduced its intensity within the bull market and also in the bear markets. In 2013, BTC price surged 4x, which slashed to 1x in 2017 and only 0.2x in 2021.
While the bearish impact also reduced as the BTC price dropped by 86% in 2014, 83% in 2018 & around 75% in recent times. Along with the intensity, the timeline from the ATH to the bottom has also slashed from 405 days in 2014 to 364 days in 2018. So far the current bear market has been for 308 days.
Therefore, if Bitcoin has to reach the bottom, it needs to reach it within the next 60 days.
- The Historical price action
If the chart patterns of the 2018 bottom are compared to that of the current bearish cycle, then one can correlate both patterns. The price dropped in 2 to 3 phases which included a huge plunge followed by a stagnant trend. After a brief consolidation, the price again drops heavily to mark bottoms. Further, the consolidation ends by plunging back close to the bottoms.
- No Specific correlation with Stock Market
Some believe Bitcoin price flows in the direction of the stocks while both the markets displayed their independent trends at times. Therefore, one cannot materialize a specific co-relation between the crypto markets & stock markets in recent times.
- Bitcoin Continues to Trade within the Pattern
Regardless of the short-term price fluctuations, Bitcoin price has largely maintained its trend within the predetermined pattern from the beginning. After accomplishing 3 cycles, Bitcoin is on the verge to accomplish the 4th one.
Wrapping it up, Bitcoin price is currently the most discussed topic within the crypto space as the trend of the other altcoins may have a huge impact ahead. From the above-mentioned points, it may be concluded that BTC price may certainly not mark new bottoms unless & until a major black swan event drags the entire crypto space down.
Till then, the Bitcoin (BTC) price despite being within a bearish influence could continue to trend in a bullish pattern in the long term.
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Top Reasons Why Bitcoin (BTC) Might Ride Bullish Wave This Week – Coinpedia – Fintech & Cryptocurreny News Media
After dropping below $19,000 last week, Bitcoin has shown significant gains in the previous seven days, rising by more than 10%. The community was thrilled by its most recent increase as analysts and investors anticipated a further increase in BTC’s price in the days ahead.
Many indicators, in addition to the Bitcoin chart, supported BTC. After a brief price drop, this encouraged investors to expect better times in the future.
Leading cryptocurrency expert Benjamin Cowen carefully examined the Bitcoin price chart and found that BTC has reached its cycle bottom.
In a recent interview, Cowen highlighted a crucial statistic, the supply of Bitcoin in the profit and loss chart.
“Some of the charts that I think are the most interesting are things like the supply in profit and loss. One of the interesting things about this chart is that historically, Bitcoin does not bottom until after they cross. Until after they cross.”
Technical indicators support the bullish outlook
The supply in profit and the supply in loss crossed for the first time in the current Bitcoin cycle. This suggests that Bitcoin’s bottom has been reached.
There is evidence that the present price level is a significant bottom for Bitcoin because the bottom of the cryptocurrency usually happens after the cross.
Market Mastery Divergence was another important indicator found by analysts. A buying opportunity for traders is revealed when the indicator’s line becomes red.
As a result, El Crypto Prof, a pseudonymous cryptocurrency analyst, believes that traders should buy now.
While Bitcoin is currently trading at a price that is quite close to its low at $21,641, there remains a chance for investors to buy the commodity in order to profit in the long run.
Therefore, this is probably the bottom for Bitcoin in the current cycle that traders have been looking for. The Bitcoin bottom is crucial for traders since doing so guarantees a profitable yield for the remainder of the cycle.
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Top Reasons Why Bitcoin Price may Reach the Highs Close to $23,000 Before Finding New Lows – Coinpedia – Fintech & Cryptocurreny News Media
After registering the second largest selling candle of 2022, the Bitcoin price is presently recovering since the early trading hours. A notable buying volume has been accumulated and hence the price is expected to maintain a significant upswing ahead. While the bears are expected to jump at any time but a major hindrance could be around $22,500 or above but below $23,000.
Will Bitcoin drop after reaching these levels or withstand the acute bearish pressure and rebound finely?
While the markets have slightly turned bullish, most of the crypto assets other than Bitcoin have also picked up notably. However, the markets may not remain elevated for a longer time as a drastic drop may be fast approaching. Let’s Check it out
- The BTC price is currently trading above the major daily support region between $18,500 to $19,000. This was where the precious bear market began that also indicates the zone is a strong demand area. Therefore, if the price bounces from here to the supply zone between ($22,500 to $23,000), then it would accomplish a perfect ‘H&S’ pattern.
- The volume and the momentum are slowly collapsing and hence every leg down is getting weaker & weaker. Therefore, there may be not enough strength to break the support zone.
- With the recent leg down, the Wave 1 that began around August 20 lows is achieved with the formation of Wave 5, which marks the recent lows at $18,789. Moreover, wave 1 to 5 has also accomplished within the triangle formed between the highs of 25 August & the recent lows which was extended one, breaking the support at $19,700
- Whenever the BTC prices slash hard, the shorts are getting trapped very often. Therefore, it appears that there is a lot of scope for a short squeeze ahead.
Therefore, the very first confirmation for the upcoming short-term bullish scenario would be a clean breakout of the $19,200 and the second confirmation may be testing & clearing $19,600. Further, a short squeeze may be likely that may uplift the price to $22,500 to $23,000.
However, in case, the Bitcoin(BTC) price drops below $18,500, the entire short-term bullish scenario may be invalidated for a while until the price regains the confirmation levels.
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Top Reasons Why Ethereum Classic (ETC) Price Is Surging High
The Ethereum Merge- one of the most awaited events for the crypto community- is scheduled for mid-September and is building up a bullish atmosphere around the Ethereum asset. Even Ethereum Classic (ETC) is witnessing a rise in its price action and has spiked by 27% over the past 24 hours.
At the time of writing, Ethereum Classic (ETC) is selling at $40.59 along with registering the highest transaction rate of 47 terra hashes/sec.
Ethereum Classic (ETC) Price Spikes
The main reason that Ethereum Classic is experiencing such bullish momentum is the Ethereum Merge as ETH miners are shifting towards it. ETC is basically the hard fork of the Ethereum blockchain which has the original pattern of transactions in ETH.
To explain in further detail, after the Ethereum Merge, the network will see a shift from proof-of-work (PoW) to proof-of-stake (PoS). The miners aren’t happy with the merge as they are employed due to ETH’s proof of work mechanism. Hence, miners are opting for a shift towards ETC.
Even Ethereum’s co-founder, Vitalik Buterin, is in favor of miners moving towards Ethereum Classic. Many crypto experts support this decision too as they believe that another Ethereum hard fork will not be an ideal situation.
Ethereum Classic support was just recently added to the mining pool BTC.com’s platform. For 3 months, a pool for BTC.com ETC will support mining at no cost.
The Ethereum merge is just a week away from completion and the Bellatrix update is just a few hours away. While the merger is moving closer to completion, the mining pools and the related companies are looking forward to a better future.
Any efforts at a hard fork will probably fail, given the confidence surrounding the merge. Therefore, until the merger, ETC may continue experiencing such bullish momentum.