Uniswap is struggling to emerge from the scrutiny of US regulators. It looks like the New York State Attorney General Letitia James is following the footsteps of the SEC chairperson Gary Gensler, when it comes to crypto. During the previous month, some venture capital firms who have invested in Uniswap received summons from James’ office. …
The Toncoin (TON) blockchain has taken the industry by storm with its meme coin projects, led by Dogs (DOGS) and Resistance Dog (REDO), among others. The Toncoin project has heavily leveraged the nearly 1 billion Telegram users to launch its meme coin projects, which have received huge support from the Web3 community. As a result, …
As the Bitcoin price struggles to sustain dominance above $57,000, the underlying weakness in the crypto market is starting to show up. With the intraday drop of 1.47%, the BTC price is $57,103. Despite the bearish signal, the whales are looking to buy hidden altcoin gems at a lower price in the bear market. So, …
Polygon’s AggLayer will unite the entire blockchain space to provide “infinite scalability,” according to Polygon Labs’ CEO.
Toncoin (TON), the native cryptocurrency of The Open Network blockchain, has experienced a challenging week, further compounded by a broader market downturn and the recent arrest of Telegram CEO Pavel Durov. Currently trading at $4.62, Toncoin is below a critical support level that analysts believe is essential for a price recovery. Toncoin Faces Critical Support Challenge In a recent social media post on X (formerly Twitter), crypto analyst Ali Martinez has highlighted the urgency for Toncoin to reclaim the $4.70 mark soon. Failure to do so could trigger a significant correction of up to 45%, potentially dropping the token to around $2.60. Martinez noted that the token’s three-day chart is forming a head and shoulders pattern, which indicates that if Toncoin cannot consolidate above the $4.70 level, it may invalidate the bullish outlook and lead to a steep decline. Related Reading: Bitcoin Analyst Points To $55,000 As Potential Bottom – US Liquidity The Key The backdrop to this turmoil includes the recent arrest of Pavel Durov in France at the end of August. Reports indicate that Durov was taken into custody for initial questioning related to serious allegations against Telegram, including claims that the platform facilitated criminal activities such as fraud, drug trafficking, and the dissemination of child pornography. Additionally, the app has faced criticism for its perceived lack of content moderation and alleged connections to extremist groups. Durov’s arrest has sparked a wave of backlash from Russian politicians, some of whom suggest that the detention may be politically motivated. Tatyana Moskalkova, Russia’s top human rights official, claimed that French authorities aimed to undermine Telegram, a platform known for its emphasis on privacy and free speech. Potential Ban Looms For Telegram The legal troubles for Telegram extend beyond France, as the Indian government has initiated an investigation into the messaging app. Concerns have arisen regarding its use for criminal activities, including extortion and gambling. Allegations suggest that Telegram’s peer-to-peer communication features have been exploited by “bad actors” to facilitate illicit actions. Complicating matters, Telegram lacks a physical office in India, which hampers the government’s ability to regulate and investigate the platform effectively. Related Reading: Analyst Says Litecoin Will Outperform Bitcoin And Large Cap Cryptos With 11,000% Breakout Depending on the investigation’s findings, Telegram could face significant repercussions, including a potential ban in India. This ongoing scrutiny of the platform and its leadership poses additional challenges for Toncoin, as market sentiment continues to be influenced by developments surrounding Telegram and its CEO. It remains to be seen whether positive outcomes on these legal matters could provide the much-needed catalyst for TON to rally in the coming days, as the market continues to show a lack of demand and buying pressure led by the largest cryptocurrencies on the market. Featured image from DALL-E, chart from TradingView.com
Data shows the crypto derivatives market has suffered a lot of liquidations in the past day as Bitcoin and others have plummeted. Bitcoin Has Declined More Than 3% In The Last 24 Hours Bitcoin has continued its recent bearish momentum in the past day as its price has observed a further plunge, coming down to the $56,600 level. The chart below shows what the asset’s latest performance has looked like. During this plunge, Bitcoin briefly went down to the $55,600 level for the first time since the first-third of August. Despite the coin’s rebound, its price has been down more than 3% over the last 24 hours. Related Reading: Bitcoin Investors Beware: MVRV Has Given Bear Market Signal The rest of the crypto market has also not been spared, with the altcoins seeing similar or worse returns than the original digital asset. Given this latest market volatility, it would be expected that the derivatives side would have seen a shakeup. Crypto Derivatives Market Has Just Witnessed High Liquidations According to data from CoinGlass, the crypto derivatives market has registered a high amount of liquidations in the last 24 hours. A contract is said to be “liquidated” when its exchange has to forcibly shut it down due to it amassing losses of a certain degree (the exact percentage of which may differ between platforms). Below is a table that breaks down the latest liquidation data for the sector. As is visible, the crypto derivatives market has seen $200 million in liquidations during the past day. Almost $170 million of the flush involved the long side, representing 85% of the total. The liquidations being so lopsided towards these investors betting on a bullish outcome is naturally because the sector as a whole has plunged in this window. Bitcoin has topped the charts regarding the individual share of the liquidations, with $55 million in contracts related to the coin taking a beating. Ethereum (ETH), the second largest crypto by market cap, hasn’t been far, though, as it has seen over $50 million in liquidations. Solana (SOL) has seen the most liquidations at under $13 million. Related Reading: Bitcoin Could Drop To $40,600 If This Happens, Crypto Analyst Says The Bitcoin Open Interest, a measure of the number of positions related to the currently open asset, has seen a cooldown alongside this mass liquidation event, suggesting new speculators haven’t jumped in just yet. This trend could suggest that the market may have seen a healthy reset, leading to more stability for the asset’s price. Featured image from Dall-E, CoinGlass.com, chart from TradingView.com
Reportedly, within 24 hours, 3 whales have sold 67,197 worth $9.02 Million from Binance. Notably, two whales, “0x3f9” and “0x64c” withdrew 16,592 AAVE worth $2.22 Million. These 2 wallets are speculated to belong to one entity. Moreover, Multisign “0xa92” has withdrawn 50,605 AAVE tokens worth $6.8 Million within the past day. This whale currently holds …
The South Korean Financial Supervisory Service (FSS) has decided to increase the number of inspections of cryptocurrency exchanges in a bid to enhance the monitoring of suspicious activities and check compliance with the new rules. The South Korean local news, Koreatimes reported that this move comes on the heels of the “Virtual Asset User Protection …
With a jump of 0.56%, the cryptocurrency industry’s valuation has surpassed the $2 Trillion mark. Moreover, the market leader, Bitcoin has added 1.82% to its price, reclaiming the $56,500 level. With a 24-hour trading volume of $30.873 Billion, BTC is currently valued at $56,891.23. Following this, ETH price reclaimed the $2.4K mark with an intraday …
Bitcoin (BTC) has seen a rough time recently, failing to reach its expected all-time high since the last halving. The cryptocurrency’s price has dropped by 10% and currently hovers around $57.2K. This marks Bitcoin’s longest delay in achieving a new peak post-halving, as strong interest rates and supply issues weigh on its price performance. Bitcoin’s …
Fed tightens AML rules for betterment, the Federal Reserve has issued a cease-and-desist order to United Texas Bank, citing “significant deficiencies” in anti-money laundering (AML) compliance related to its crypto customers. The Dallas-based bank has 90 days to submit a detailed action plan to address these issues. This action is part of a broader crackdown …
In El Salvador, the Ministry of Finance has addressed recent reports of shops demanding identification for purchases under $25,000. According to a notice, customers are not required to provide ID or email for transactions below this amount. The Ministry emphasizes that the new electronic invoicing rules do not mandate customer identification for such sales. Customers …
On-chain data shows Ethereum has notably outpaced Bitcoin in terms of adoption during the last three months, a sign that could be positive for ETH. Ethereum Has Seen Its Holder Count Go Up By 3.3% In Last Three Months According to data from the on-chain analytics firm Santiment, Ethereum has continued to separate itself from […]
Over the past few weeks, the crypto sector has regularly shifted from bearish to bullish, thanks to several narratives orchestrated through different social media platforms. As a crypto investor, it is prudent to study the social narrative to fathom these shifts and avoid being left out. Furthermore, experts have concluded throughout the changing crypto narratives …
The department's action against Robinhood marks the first such public instance by the regulator against a crypto firm, it said Wednesday.
AAVE, the native token of the crypto lending protocol with the same name, was among the top performers during August. The cryptocurrency showed strength throughout the retraces, displaying green numbers in most timeframes after recovering. Its performance gathered the attention of crypto analysts, who consider the token could become a top narrative at the end of the year. As a result, crypto whales have turned their eyes to the token, accumulating millions of dollars worth of AAVE in the past month. Related Reading: FET Price Targets $3.4 After Breakout, Here Are The Key Levels To Watch Whales Continue Buying Spree AAVE became one of the best-performing cryptocurrencies since August, rising nearly 63.5% in the last 30 days. This performance sparked renewed interest in the token, driving whales to accumulate it throughout the past two weeks. Since August 20, the crypto lending protocol’s token caught the attention of several whales. As reported by on-chain data analysis firm Lookonchain, large investors have purchased around 170,382 tokens, worth $22.27 million, in the last two weeks. One whale took advantage of the price drops and accumulated over 120,000 AAVE since August 21. This whale used 4,000 stETH to buy 77,270 AAVE tokens two weeks ago. The purchase was valued at $10.4 million, with an average token price of $135. On Wednesday morning, the same investor bought another 50,604 tokens, worth around $6.78 million. After the buying spree, the whale holds 125,605 AAVE, worth $16.9 million, purchased at an average price of $134.6. AAVE Recovers $130 Support Zone AAVE’s price dropped over 12% to $116 as Bitcoin dropped below the $57,000 mark on Tuesday night. However, the token quickly regained over 16% of its price to trade above the $135 range. The price recovery appears to be fueled by whale activity and recent reports of a Trump link, as noted by some analysts. On Wednesday, reports suggested that Donald Trump’s crypto project, “World Liberty Financial,” will be a DeFi lending platform based on Aave and Ethereum. Following the news, Altcoin Sherpa highlighted the token’s “nice move,” adding that it “undoubtedly” is one of the strongest cryptocurrencies in the market. Nonetheless, the analysts suggested that AAVE might continue to chop around the current price range in the short term. According to Nebraskangooner, the token has one of the “best-looking monthly charts” but will continue to depend on the broader market’s performance. To the analyst, AAVE’s price will likely go down if the market drops. Related Reading: Dogwifhat (WIF) Leads Memecoins Recovery With 12% Jump, Is $2.2 The Next Stop? However, he also considers it is worth keeping an eye on as it could be one of the best-performing assets “if the market finds a good support level.” Crypto trader CrediBull also suggested that the token could target the $150 mark if Bitcoin and Ethereum bounce from the current levels. As of this writing, AAVE is trading at $130, a 1.2% drop in the last 24 hours. Featured Image from Unsplash.com, Chart from TradingView.com
Dogwifhat open interest has spiked as its price has been trading below $1.90 since Aug. 25, while a trader points out a potential reversal pattern forming.
Core DAO contributor Brendan Sedo says it’s a “no-brainer” that most of the $1 trillion dollars of capital in the Bitcoin ecosystem will make its way into sidechains and DeFi.
On September 4, Ripple Labs requested a stay on the $125 million payment mandated by the court’s judgment on August 7, 2024. Ripple’s request, which the SEC has agreed to, involves placing 111% of the judgment amount into escrow. This arrangement will hold the funds until 30 days after the 60-day appeal window concludes. The …
Recent reports suggest that Kamala Harris is accepting crypto donations through Coinbase as claimed by Fortune magazine. However, a deeper look into Harris’s official donation channels reveals no crypto options. This conflicting information raises questions about who is telling the truth—Coinbase or Harris’s team. What’s the Real Story? According to a Fortune magazine report Kamala …
The crypto market has been struggling with prolonged sideways movement in recent months. Since March 2024, the market has failed to make a successful breakout above previous peaks, leaving investors frustrated. According to a recent report by CryptoQuant analyst Crypto Dan, this continuous pattern of stagnation leads many to wonder when the market might see a significant rebound. While there are some short-term factors that may provide relief, the overall sentiment in the crypto space remains cautious. Related Reading: Bitcoin Eyes $68,000 In September: Could This Be The Turning Point? Is The Crypto Market Stuck? One key observation made by Crypto Dan is the emergence of a “Dead Cross” on the short-term and long-term SOPR (Spent Output Profit Ratio) moving averages. This is a bearish signal in technical analysis, indicating that selling pressure is likely to outweigh buying pressure. It suggests that traders may be locking in profits rather than betting on further gains. The persistence of this trend as highlighted by Dan raises questions about whether a meaningful recovery is on the horizon, or if the market is headed for a longer period of consolidation. Looking ahead, one potential catalyst Dan pointed out for the market movement is the upcoming US Federal Reserve meeting on September 18, where a base rate cut is anticipated. Historically, rate cuts have tended to inject positive sentiment into financial markets, including cryptocurrencies. A reduction in interest rates could result in an influx of liquidity into riskier assets like Bitcoin and altcoins, as investors seek higher returns. This could trigger a short-term rally, offering some relief from the stagnation observed in recent months. However, Dan warns that while a short-term rebound might occur, it may not lead to a sustained bullish trend unless there is a significant shift in market conditions. When Will A Breakout Finally Happen? The fundamental outlook for the crypto space remains mixed, with macroeconomic factors such as inflation and recession concerns still weighing heavily on investor sentiment. If these factors do not improve, Dan noted that it is likely that frustrating, low-volatility movements could persist well into 2024. In his words: Due to the expected US base rate cut on September 18, a short-term rebound due to positive market sentiment can be expected, but if the market atmosphere is not significantly reversed, it is highly likely that frustrating movements will continue in 2024. Although actively monitoring the crypto market at this current state may feel discouraging. However, Crypto Dan emphasizes that “patience” will be key for long-term investors. Related Reading: Bitcoin’s Breakout Blueprint: Analyst Reveals Roadmap For Imminent Surge According to Dan, while the potential for a short-term rally exists, broader market trends suggest that a more meaningful and sustained uptrend may not occur until 2025. Featured image created with DALL-E, Chart from TradingView
The historical Spot Ethereum Exchange-Traded Funds (ETFs) are currently seeing a negative sentiment, which is believed to be mimicking the negative trend seen with that of the Spot Bitcoin ETFs on BTC’s price following its inception in January of this year. Their respective ETFs have seen decreased inflows and deteriorating performance, closely mirroring each other […]
"What's important is for the U.S. to upgrade and have a structure to define what a well-regulated stablecoin looks like," Circle's VP said.
BNB price is struggling to stay above the $500 support zone. The price could gain bearish momentum if there is a close below the $500 support. BNB price started a fresh decline from the $540 resistance zone. The price is now trading below $520 and the 100-hourly simple moving average. There is a short-term rising channel forming with support at $500 on the hourly chart of the BNB/USD pair (data source from Binance). The pair could gain bearish momentum if it settles below the $500 support zone. BNB Price Dips Again After struggling to test the $540 resistance, BNB price started a fresh decline like Ethereum and Bitcoin. The price declined below the $532 and $520 support levels. There was also a move below $510. Finally, the price found support at $495. A low was formed at $496 and the price is now consolidating losses. There is also a short-term rising channel forming with support at $500 on the hourly chart of the BNB/USD pair. The pair is now trading below $525 and the 100-hourly simple moving average. If there is a recovery wave, the price could face resistance near the $518 level. It is close to the 50% Fib retracement level of the downward move from the $538 swing high to the $496 low. The next resistance sits near the $522 level or the 61.8% Fib retracement level of the downward move from the $538 swing high to the $496 low. A clear move above the $522 zone could send the price higher. In the stated case, BNB price could test $535. A close above the $535 resistance might set the pace for a larger increase toward the $540 resistance. Any more gains might call for a test of the $550 level in the near term. More Downsides? If BNB fails to clear the $522 resistance, it could start another decline. Initial support on the downside is near the $500 level. The next major support is near the $496 level. The main support sits at $488. If there is a downside break below the $488 support, the price could drop toward the $465 support. Any more losses could initiate a larger decline toward the $450 level. Technical Indicators Hourly MACD – The MACD for BNB/USD is gaining pace in the bearish zone. Hourly RSI (Relative Strength Index) – The RSI for BNB/USD is currently below the 50 level. Major Support Levels – $500 and $496. Major Resistance Levels – $518 and $522.
The US Federal Reserve said it identified “significant deficiencies” in the bank’s dealings with crypto clients and its risk management procedures.
Ethereum is down nearly 35% from July highs and roughly 40% from 2024 peaks. While there is hope among holders that the coin will expand, breaking local resistance, the short-term trend favors sellers. From the daily chart, not only is ETH struggling to gain momentum and push above $2,800, but sellers have been relentless, diffusing any attempt higher. As the coin is capped below $2,500 at press time and actively aligning with the selling pressure of late August, Santiment analysts have picked out an interesting development. Ethereum Register More Users Than Bitcoin In a post on X, the sentiment analysis platform notes that though prices are down at spot rates, the network is interestingly resilient, especially looking at user growth metrics. Related Reading: Analyst Says Litecoin Will Outperform Bitcoin And Large Cap Cryptos With 11,000% Breakout In the last three months, the number of unique Ethereum addresses has been growing steadily, outpacing those of Bitcoin. However, it still lags the number of USDT addresses over the same period. To put in the number, as of September 3, Santiment analysts noted that Bitcoin had 54.18 million unique wallets, down 0.1% in three months. At the same period, Ethereum boasted of more than 126.96 million addresses, up 3.3%. The rise in the number of new users in Ethereum signals confidence in the network and even possible rising adoption despite challenging market conditions. Meanwhile, USDT, the fiat-pegged stablecoin, had 5.99 million addresses, up 4% in three months. Of the three, the rapid growth of USDT addresses in the last three months could signal overall apprehensiveness among traders. As crypto prices contract, holders choose to convert their holdings to USDT, explaining the increase. Another interpretation of this development is that more new users are keen to explore crypto. By holding USDT via custodial wallets or through exchanges like Binance, they will readily splash on Bitcoin or any other top altcoin whenever the time is ready. Bitcoin And Ethereum Whale Activity Declining Even so, while there is growth in the number of users, whale activity, Santiment analysts observe, has been declining. Of note, the number of whale transactions has been down since Q1 2024 after prices peaked. Surging prices, coupled with the approval of spot Bitcoin ETFs, especially in the United States, revived interest, explaining expansion in whale activity. Related Reading: Bitcoin Investors Beware: MVRV Has Given Bear Market Signal Considering the general contraction of prices, Santiment analysts predict whale activity to drop. This outlook will only change once there is volatility spurred by Ethereum or Bitcoin prices ripping above key liquidation levels in the short to medium term. Feature image from DALLE, chart from TradingView
XRP price is attempting a recovery wave above the $0.5500 level. The price might struggle to clear the range resistance at $0.5720 and $0.5800. XRP price started a decent increase from the $0.5330 zone. The price is now trading below $0.5650 and the 100-hourly Simple Moving Average. There is a key bullish trend line forming with support at $0.5520 on the hourly chart of the XRP/USD pair (data source from Kraken). The pair could decline again if it fails to stay above $0.5520 and $0.5500. XRP Price Faces Hurdles XRP price extended losses below $0.540 like Bitcoin and Ethereum. The price tested the $0.5330 zone and recently started a recovery wave. There was a move above the $0.5420 and $0.5440 resistance levels. The price was able to clear the 50% Fib retracement level of the downward move from the $0.5720 swing high to the $0.5333 low. There was a move above the $0.5550 level. However, the bears seem to be active near the $0.5625 and $0.5640 levels. The price is now trading below $0.5650 and the 100-hourly Simple Moving Average. Besides, there is also a key bullish trend line forming with support at $0.5520 on the hourly chart of the XRP/USD pair. On the upside, the price might face resistance near the $0.5625 level or the 76.4% Fib retracement level of the downward move from the $0.5720 swing high to the $0.5333 low. The first major resistance is near the $0.5650 level. The next key resistance could be $0.5720. A clear move above the $0.5720 resistance might send the price toward the $0.5850 resistance. The next major resistance is near the $0.5880 level. Any more gains might send the price toward the $0.600 resistance or even $0.6060 in the near term. Another Decline? If XRP fails to clear the $0.5625 resistance zone, it could start another decline. Initial support on the downside is near the $0.5525 level and the trend line. The next major support is $0.5500. If there is a downside break and a close below the $0.5550 level, the price might continue to decline toward the $0.540 support in the near term. The next major support sits at $0.5320. Technical Indicators Hourly MACD – The MACD for XRP/USD is now losing pace in the bullish zone. Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is now below the 50 level. Major Support Levels – $0.5525 and $0.5400. Major Resistance Levels – $0.5625 and $0.5720.
The potential approval of Monochrome's Ethereum ETF could significantly broaden regulated crypto investment opportunities for Australian investors.
The post Australian asset manager Monochrome applies for new Ethereum ETF, eyes decision by end of this month appeared first on Crypto Briefing.
In a single day, $1.05 trillion was wiped out of the US stock market. This decline represents one of the largest of any single day in recent times and also reflects a mix of unsatisfactory economic data and huge struggles among major companies. Related Reading: Bitcoin Crash Alert? Bank Of Japan Rate Hike Sparks Market […]
Robinhood Crypto LLC has agreed to pay $3.9 million to settle claims it failed to let customers withdraw cryptocurrency from their accounts between 2018 and 2022.