Chico, California, looks to state and local regulations to oversee Bitcoin ATMs, aiming to limit fraud and ensure transparency.
The hacker’s use of Tornado Cash marks the first movement of the stolen Unizen funds since March, heightening security concerns.
Bitcoin prices have seen flash crashes during each ghost month since 2017, and this year appears to be no different.
Nexera, a blockchain infrastructure protocol that focuses on tokenization, has suffered an exploit with $1.5 million being stolen, according to blockchain security firm Cyvers.
Solana (SOL) is leading the crypto market recovery following the massive Monday crash. SOL registered some of the largest gains after reclaiming the $140 support zone on Tuesday morning. Its strength was highlighted by several market watchers, who shared their bullish predictions for the token. However, an analyst warned investors of a key level to watch out. Related Reading: Helium (HNT) Stays Afloat With 31% Gains Amid Crypto Market Mayhem Solana Leads The Market Recovery As the crypto market recovers, Solana saw a massive 30% bounce from its lowest trading price of $110, registered on Monday. This performance crowned SOL the biggest gainer among the top 10 cryptocurrencies by market capitalization, surpassing Bitcoin (BTC) and Ethereum (ETH)’s recovery. Pseudonym trader Glitch Capital compared BTC, ETH, and SOL’s charts, deeming Solana’s the “best looking one out of the three” by far. To the trader, SOL “swept lows into $120 support and held nicely” compared to the two largest cryptocurrencies. Per the post, the token is testing its M15 trend as resistance, which could give SOL a decent push,” if it can flip this trend into support. Similarly, trader Eugene Ng Ah Sio praised the token’s performance. “One thing of note is the absolute monstrous strength $SOL shows, whether it’s rain or shine,” said the trader in an X post. Based on the chart, the trader believes “it’s pretty much given” that the cryptocurrency will hit a new all-time high (ATH) “at some point” during this cycle as “there are simply more buyers than sellers.” Crypto Jelle, market analyst and investor, reaffirmed his SOL forecast as the token was “still holding the key support area, and the weekly candle is green.” In a previous analysis, Jelle stated that Solana looked “ripe to push higher.” Jelle predicts the token will reach a new ATH during Q4 2024 and set a $600 price target for this cycle. SOL Price Could See Another 10-15% Drop Despite the bullish sentiment, Ali Martinez revealed that SOL’s TD Sequential indicator showed a sell signal on the hourly chart. This signal suggested the token could potentially lose the $140 support zone, which it’s been testing throughout the day. Failing to maintain this support level could trigger a retrace to the $135-$130 price range. According to the analyst, Solana could find some relief at the $146 mark as “breaking the risk line (…) would invalidate this signal.” Moreover, reclaiming this level could “potentially drive SOL up to $150-$166” resistance levels. Altcoin Sherpa believes investors have a good accumulation range within the $125-$150 prices. To him, Solana remains one of the strongest performers of the bull run and will be “one of the best retail chains this cycle.” Related Reading: Bitcoin Rebounds Past $56,000, Ethereum Over $2,500: Key Factors Additionally, Sherpa highlighted SOL’s “strong reactions today” but forecasted another drop to the $125 mark soon. “I still think you get another shot at $125 or lower in a few weeks, personally,” said the analyst. As of this writing, Solana is trading at $148, a 10% surge in the last 24 hours. Featured Image from Unsplash.com, Chart from TradingView.com
Bitcoin payments app Strike has joined forces with crypto exchange Bitstamp to accelerate its expansion in the European Union by making fiat-to-crypto on-ramp easier for users, the companies announced Wednesday.
The widget won't be available to customers in the U.K.
The crypto market has recently faced significant turbulence, prompting questions about whether this downturn signifies the onset of a prolonged bear market or if it’s merely a mid-cycle correction. The volatile nature of altcoins, with sharp fluctuations both up and down, reflects this uncertainty. Let’s dive into the details to understand this better. Reading Economic …
Ethereum (ETH) price is en route to registering its worst August performance in the past five years. Despite the decent rebound in the past two days, the Ethereum price is about to register a death cross between the 50 and 200-day Moving Averages (MAs). However, the worst-case scenario for Ethereum’s price action has already happened, …
Bitcoin’s recent 15% bounce brought some relief to the investors, but is it important to look at the bigger picture? The short-term gains are encouraging, but Bitcoin still has some challenges ahead. There are key indicators to keep an eye on, and analyst Crypto Capital Venture discussed these in detail. The focus is mainly on …
Long at odds with the Biden administration, the crypto industry has launched a major political offensive to influence the Democratic Party. According to a Bloomberg report, a network of pro-crypto super Political Action Committees (PACs) has raised over $170 million to back crypto-friendly candidates in congressional primaries, focusing on supporting Democrats. Crypto Industry’s Political Offensive […]
AI-based DApps have not only overtaken gaming but also set the stage for future innovations in the decentralized application space.
Network-based memecoins rose 30% in the past 24 hours, leading gains as a sector as optimism around SOL ETFs heats up among some.
Bitcoin may be experiencing a price recovery towards the $57,000 level after a sharp 20% drop on Monday that sent the largest cryptocurrency on the market to a low of $49,000 not seen since February. Still, BTC is not out of the woods yet, as a concerning pattern has emerged on its 10-day chart. Analysts Spot Bearish Signals According to technical analyst Ali Martinez, Bitcoin is forming a rising wedge pattern, a bearish continuation pattern often linked to further downtrends. While BTC may climb as high as $57,000 at the upper boundary of the wedge, Martinez warns that investors should look for a potential breakdown that could pull the cryptocurrency back down to around $51,000. Related Reading: UNI Price Bounces Back 13% Above $5.6, Can Bulls Maintain Control? Martinez also highlighted that one of Bitcoin’s key support levels, based on its market value to realized value (MVRV) pricing bands, is currently at the $54,000 mark. This level is crucial in preventing a more substantial drop towards the $40,000 region. Conversely, if the $54,000 support holds, the analyst sees the key resistance on the upside at $67,000. Another analyst, Rekt Capital, has also observed that Bitcoin is showing signs of attempting to recover and fill the new CME gap above with the currency’s current price recovery of 4.5% recorded in the last hours, which ranges from $59,400 to $62,550. However, the analyst noted that a smaller CME gap has formed at a slightly lower level, between $53,700 and $54,600, which any short-term dip in the market could potentially fill. Reasons For Optimism In Bitcoin Market Amidst these bearish technical indicators, there is a glimmer of optimism, as according to Ki Young Ju, the founder and CEO of market analysis firm CryptoQuant, several key metrics suggest that the bull market remains intact despite the recent pullback. According to Ju, one of the key signs is the recovery in Bitcoin’s hashrate, a measure of the computing power dedicated to the network. Ju contends that miner capitulation is nearly over, with the hashrate nearing all-time highs. This is significant, as US mining costs are approximately $43,000 per BTC, indicating that the hashrate will likely remain stable unless prices dip below this level. Additionally, Ju has observed significant inflows of Bitcoin into custody wallets, indicating that large institutional investors, or “whales,” are actively accumulating digital assets. The analyst noted that Permanent Holder addresses, which hold their Bitcoin for over 3 years, have increased by 404,000 BTC, including 40,000 BTC in US spot Bitcoin exchange-traded funds (ETFs) over the past 30 days. Related Reading: XRP Whales Take Advantage Of 20% Drop To Buy Millions Worth Of Tokens In contrast to the increased whale activity, Ju has observed a relative absence of retail investors, similar to the market conditions in mid-2020. This could be interpreted as a positive sign, as it indicates that the current price movements are not driven by speculative froth but rather by institutional investors’ strategic accumulation of Bitcoin. Lastly, Ju noted a reduction in the selling pressure from long-term Bitcoin holders, or “old whales,” who sold their holdings to new whales between March and June. The analyst believes that the lack of significant selling pressure from these experienced investors is a bullish signal, as it suggests that a new generation of institutional players is now shaping the market with a more long-term outlook. At the time of writing, BTC is struggling to break above its current price level of $56,670 while trimming losses in larger time frames, which amounted to 13% last week. Featured image from DALL-E, chart from TradingView.com
Binance, one of the largest crypto exchanges in the world, is facing regulatory scrutiny again. The exchange has been slammed with a show-cause notice from India’s Directorate General of GST Intelligence (DGGI) two months after paying a $2 million fine to the Financial Intelligence Unit (FIU). The notice demands over $80 million from the crypto […]
A crypto analyst argues that Bitcoin’s price needs to return to levels seen around the launch of spot Bitcoin ETFs for an optimal entry point.
The Standard Chartered subsidiary says it's the first bank of its kind to offer spot Bitcoin and Ether ETF trading to customers.
Bitcoin has gone through a major crash recently, but has the asset yet breached the historical bear market boundary? Here’s what on-chain data says. Bitcoin Is Currently Under Realized Price Of New Whales In a new post on X, CryptoQuant founder and CEO Ki Young Ju has discussed what the Realized Price of different key groups in the Bitcoin market is looking like right now. Related Reading: Bitcoin MVRV Lowest Since FTX Crash, Signal To Buy The “Realized Price” here refers to an indicator that keeps track of the average cost basis or acquisition price that the investors of a given group currently share. When the asset’s spot price is above this metric, it means the cohort as a whole can be considered to be in a state of profit. On the other hand, BTC’s value under the indicator suggests the average group member is holding a net loss. Now, here is a chart that shows the trend in the Realized Price for some major cohorts on the Bitcoin network: The first Bitcoin cohort listed here is the “New Whales,” which include the large investors (more than 1,000 BTC in holdings) who bought their coins within the past 155 days. The likes of the spot exchange-traded funds (ETFs) and other custody wallets would be included in this category. This group currently has a Realized Price of $65,000, meaning that these whales would be in notable losses after the latest cryptocurrency crash. The next group, the Binance Traders, has a cost basis of $55,000, around where the asset’s spot price is trading. Thus, these investors would currently be just breaking even on their investments. Bitcoin still holds a distance above the Realized Price of the third group, the Miner Whales, at $45,000. As the CryptoQuant founder has pointed out, BTC dipping below this level has historically confirmed a bear market for the coin. From the chart, it’s visible that the asset last saw major breaches of the level back in November 2018 and May 2022. It also saw a temporary break during the COVID crash in March 2020. Related Reading: Crypto Liquidations Cross $1 Billion As Bitcoin Crashes To $51,000 As the latest crash has been unable to take Bitcoin below this cost basis of the mining companies, it’s possible that a transition towards a bear market hasn’t happened yet. The last cohort in the chart is the Long-Term Holder Whales, which includes the whales that have been holding for more than 155 days. The Realized Price of this group has never been breached in the coin’s entire history and currently trades around $22,000. BTC Price Bitcoin has recovered over the past day as its price has gone up 7% to reclaim the $55,000 mark. Featured image from Dall-E, CryptoQuant.com, chart from TradingView.com
After opening the week on a bearish note, Bitcoin (BTC) led the altcoin industry in a general rebound in the past 48 hours. The flagship coin rallied around 2 percent in the past 24 hours to reach a daily high of about $57,267. Consequently, the total crypto market cap rallied around 3 percent to reach …
Amid the increasing talks around emergency rate cuts and a recovery in the US and global markets, Bitcoin is back above $57K. As the crypto market leader bounces back, the meme coins are quick to capitalize on the bullish sentiment. Amid the recovery, MEW, POPCAT & BONK are the top performing meme coins with massive …
Bitcoin’s Price recovered over 13% to $49,557 after a big slump. The Crypto Fear and Greed Index reached “Extreme Fear” for the first time in two years, and U.S. spot Bitcoin ETFs lost $168.4 million. The market sentiment indicator dropped to 17 out of 100 on August 5, its lowest since July 12. The Japan …
BlackRock’s iShares Ethereum Trust, known also as ETHA, has almost hit $900 million in total inflows after just 11 trading days.
The ominous-sounding technical price pattern could again trap bears on the wrong side of the market as the Bank of Japan plays down chance of a near-term interest rate hike.
At least 175 people claim they engaged Coin Dispute Network to help them recover funds but never saw a single cent returned.
Singaporean investors have recently experienced a notable crypto scheme that resulted in the siphoning of their assets, totaling roughly $1.1 million. This scheme, which was a fraud all along, highlights the risks associated with investing in seemingly lucrative cryptocurrency ventures. Related Reading: Crypto Fraud Dismantled: Hong Kong Cops Bust $1.4 Million Syndicate The Misuse OF […]
Solana started a decent upward move from the $110 zone. SOL price is rising and might increase further above the $155 resistance zone. SOL price started a recovery wave above the $135 and $140 levels against the US Dollar. The price is now trading above $145 and the 100-hourly simple moving average. There was a break above a key bearish trend line with resistance at $136 on the hourly chart of the SOL/USD pair (data source from Kraken). The pair could start another increase if it clears the $155 resistance zone. Solana Price Recovers 15% Solana price declined heavily below the $165 and $150 levels like Bitcoin and Ethereum. It even traded below the $120 support before the bulls appeared. A low was formed at $109 and SOL recently started a recovery wave. There was a move above the $120 and $135 resistance levels. The price climbed above the 50% Fib retracement level of the downward move from the $184 swing high to the $109 low. Besides, there was a break above a key bearish trend line with resistance at $136 on the hourly chart of the SOL/USD pair. Solana is now trading above $145 and the 100-hourly simple moving average. On the upside, the price is facing resistance near the $155 level. It is close to the 61.8% Fib retracement level of the downward move from the $184 swing high to the $109 low. The next major resistance is near the $166 level. A successful close above the $166 resistance could set the pace for another steady increase. The next key resistance is near $184. Any more gains might send the price toward the $195 level. Another Decline in SOL? If SOL fails to rise above the $155 resistance, it could start another decline. Initial support on the downside is near the $140 level. The first major support is near the $135 level. A break below the $135 level might send the price toward $122. If there is a close below the $122 support, the price could decline toward the $110 support in the near term. Technical Indicators Hourly MACD – The MACD for SOL/USD is gaining pace in the bullish zone. Hourly Hours RSI (Relative Strength Index) – The RSI for SOL/USD is above the 50 level. Major Support Levels – $140 and $135. Major Resistance Levels – $155 and $166.
The cryptocurrency market has made a bullish recovery by adding approximately 2% in valuation within the past 24 hours. This resulted in it surpassing the market capitalization of $2 Trillion. Moreover, the market leader, Bitcoin price has recorded a jump of 2.56% with a trading volume of $47.848 Billion, a change of -49.53%. On the …
Harris has tapped Binance alumni David Plouffe and former Treasury Department official Brian Nelson as advisors.
Bitcoin has led a global crypto market downturn in the past few days, with the asset down to as low as $49,751 on August 5. This significant plunge from Bitcoin has been attributed by many to the downturn in the Japanese markets. The Trigger in Japan Speaking on the crash, Nassim Nicholas Taleb, a risk analyst, author of “The Black Swan” and a well-known Bitcoin detractor, sheds light on the origins of the recent market disruptions that have rippled through to cryptocurrencies. Related Reading: Could Bitcoin Outshine Gold? Trading Guru Weighs In On The Historic Financial Duel On Monday, the Japanese stock market fell severely, dropping by more than 10%. The report said this plunge came “amid risk from a stronger yen, tighter monetary policy, and concern over the US recession.” The narrative begins with Japan’s economic policies, where after maintaining zero interest rates for an unprecedented thirty-three years coupled with nearly two and a half decades of quantitative easing, the Bank of Japan (BOJ) found itself cornered into a position where adjustments seemed inevitable. The abrupt decision by the BOJ to raise interest rates led to a sharp downturn in the Nikkei 225, a major stock index, which in turn sent shockwaves across global markets, including the cryptocurrency sector. According to Taleb, this sharp pivot in policy was a long time coming, as the artificial suppression of interest rates and excessive liquidity injection often come with hefty long-term costs. The Japanese approach, often hailed as a successful quantitative easing model, now faces critical scrutiny as it appears the bill for years of economic manipulation is due. Taleb particularly noted in the post on X: Nearly 33 years of (near) Zero Interest Rates (ZIRP) and 23 years of Quantitative Easing come at a price you eventually must pay. (Japan was always mentioned by the QE fools as a place where the strategy worked). Is Bitcoin Safe? Bitcoin dipped to a 7-month low during the global market plunge, dropping below $50,000. This fall impacted the crypto market so much that the total liquidations surpassed $1 billion. Given this significant negative impact attributed to the plunge in the Japanese market, some might question if Bitcoin is still safe, especially as a safe haven. However, it is worth noting that Bitcoin has since proved to be a digital asset worth considering as a safe haven when it comes to times like this. In March 2023, when major banks in the US were collapsing, Bitcoin saw a rise to as high as $29,000—a notable increase from its lowest levels below $20,000 that month. Besides, it is also worth noting that not only Bitcoin was a victim of the impact of this Japanese market crash, as several other major crypto assets, including Ethereum and Solana, experienced a drastic fall. For context, Ethereum fell as low as $2,197—a low not seen since January of this year; Solana also bore the brunt, dipping to $110. Aside from these major cryptocurrencies, traditional assets also received their share of impact, with Nvidia, Tesla, and Apple falling at least 4%. Related Reading: Investors Pull Back: $528 Million Vanishes From Crypto Funds Amid Economic Fear This shows that the recent crash didn’t suggest that Bitcoin was unsafe enough; instead, it reveals its correlation to changes in the global economic sector. Featured image created with DALL-E, Chart from TradingView
XRP price started a recovery wave above the $0.4880 resistance. The price could gain bullish momentum if it clears the $0.5220 resistance. XRP price started a decent recovery wave above the $0.4750 and $0.4880 levels. The price is now trading below $0.5220 and the 100-hourly Simple Moving Average. There was a break above a key bearish trend line with resistance at $0.5040 on the hourly chart of the XRP/USD pair (data source from Kraken). The pair could continue to recover higher if it clears the $0.5220 resistance zone. XRP Price Regains Strength XRP price formed a base above $0.4320 and started a recovery wave like Ethereum and Bitcoin. The price was able to surpass the $0.4750 and $0.4880 resistance levels. There was a move above the 50% Fib retracement level of the downward move from the $0.5767 swing high to the $0.4320 low. Besides, there was a break above a key bearish trend line with resistance at $0.5040 on the hourly chart of the XRP/USD pair. However, the price is facing hurdles near the $0.5200 zone. It is still trading below $0.520 and the 100-hourly Simple Moving Average. On the upside, the price is facing hurdles near the $0.5220 level and the 100-hourly Simple Moving Average. It is close to the 61.8% Fib retracement level of the downward move from the $0.5767 swing high to the $0.4320 low. The first major resistance is near the $0.5420 level. The next key resistance could be $0.5750. A clear move above the $0.5750 resistance might send the price toward the $0.5840 resistance. The next major resistance is near the $0.5920 level. Any more gains might send the price toward the $0.600 resistance or even $0.6120 in the near term. Another Drop? If XRP fails to clear the $0.5220 resistance zone, it could start another decline. Initial support on the downside is near the $0.4980 level. The next major support is at $0.4880. If there is a downside break and a close below the $0.4880 level, the price might continue to decline toward the $0.4660 support in the near term. The next major support sits at $0.4500. Technical Indicators Hourly MACD – The MACD for XRP/USD is now gaining pace in the bullish zone. Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is now above the 50 level. Major Support Levels – $0.4980 and $0.4880. Major Resistance Levels – $0.5220 and $0.5420.