Tag: crypto

Crypto Analyst Says Ignore FUD, XRP Is Headed To $5.85
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Crypto analyst Dark Defender has also weighed in on the recent narratives revolving around the XRP tepid price action. The analyst is choosing not to listen to any of those as he is confident that the future trajectory of the XRP token is bullish.

No Need To Listen To FUD

In a post on his X (formerly Twitter) platform, Dark Defender mentioned that he doesn’t listen to the FUD (Fear, uncertainty, and doubt). He also seemed to be urging the XRP community to ignore the FUD as he stated that the token is still proceeding according to “our plan” based on the weekly time frame.
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Source: X
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He alluded back to several comments and analyses he had made about XRP’s price action. One of them was on June 4, when he had set Wave 1 on the charts to $0.89. On June 21, he also detailed the target levels that XRP could attain. Meanwhile, he had set the limit for Wave 2 to $0.46 and Wave 3 to $1.88 on September 13.

Dark Defender noted that nothing has changed since then, as the targets “were and are the same.” The crypto analyst was basically suggesting that there was no need to be worried about XRP’s price action as everything was going according to plan from a technical analysis perspective.

XRP Still Headed To $5.85

As to XRP’s future trajectory, Dark Defender reaffirmed that the upcoming target is still $1.88 and $5.85 based on the Elliot Waves, which he had highlighted months back. From the accompanying chart that he shared, Dark Defender focused more on the $5.85 price level.
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Source: X

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He is confident in XRP hitting that price because he foresees the token touching the “261.80% Fibonacci Level at $5.85.” It won’t, however, be up from $1.88 as the crypto analyst predicts that there will be a correction from that price level.

Going by Dark Defender’s past price predictions, $5.85 won’t be the peak, as one can still expect upward price movement. The crypto analyst had previously mentioned that XRP would hit $18 soon enough. He noted then that XRP was likely going to face a strong resistance at $1.08. However, he projects that it will be “kaboom” once XRP is able to break from that level.

In the meantime, many will be hoping that XRP can at least experience a significant rally to end the year. At the time of writing, XRP is trading around $0.61, up over 1% in the last 24 hours, according to data from CoinMarketCap.
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Token price at $0.61 | Source: XRPUSD on Tradingview.com
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Featured image from U.Today, chart from Tradingview.com

Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.
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Scott Matherson

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December 21, 2023
Should you consider ETFs that include crypto? – MoneySense

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But 2023 has been different. Aside from a few prominent scandals, it’s been a year of resurgence and renewed investor interest. The price of bitcoin (BTC) has risen from about $16,500 at the start of the year to about $41,300, as of Dec. 18, 2023—an eye-popping gain of about 150%. But is crypto too volatile to invest in—especially if you’re a conservative investor? Is it worth exploring, or should you stay away from all the hype?

What are cryptocurrencies? A quick refresher for Canadian investors

Cryptocurrency is a form of digital money based on blockchain technology, which securely and permanently records transactions in a digital ledger. Unlike traditional fiat currency, crypto isn’t created, managed or backed by banks. Bitcoin, for example, operates on a multitude of computers around the world (called “nodes”) that run a specific algorithm. Together, they contribute massive amounts of computing power to create new coins, process transactions and maintain the decentralized ledger of these transactions.

In the past, Canadian crypto investors bought coins, or fractions of coins, via crypto exchanges. Today, you can invest in exchange-traded funds (ETFs) that hold bitcoin and ethereum, making crypto more accessible to a wide range of investors.

The potential benefits of investing in crypto

Many Canadian investors remain cautious about crypto, wary of the dizzying volatility of crypto prices. Nonetheless, crypto is quickly emerging as an asset class for some long-term investors, exemplified by Fidelity’s All-in-One ETFs—which blend a small yet potentially impactful allocation of 1% to 3% of cryptocurrency into diversified portfolios of stocks and bonds. Adding a sprinkling of crypto assets to your portfolio could have these advantages:

Diversification and hedging against traditional markets

Diversification has typically meant allocating your portfolio to a certain percentage of stocks and bonds. However, bonds have had a torrid couple of years, and high inflation rates are spooking stock markets. So, investors are seeking fresh ideas. Diversifying with crypto could be promising because—although volatile and risky in itself—crypto does not suffer from all the same systemic risks that some stocks and bonds do. However, investors need to consider other crypto risks, such as regulatory uncertainty and technology risks.

Potential for higher returns

In diversified portfolios, stocks have so far been the growth engine. But, with crypto offering higher historical returns over the past 10 years, even a small allocation of 1% to 3% to crypto can potentially enhance an ETF’s returns.

A slice of the future

A small allocation to crypto gives you a slice of (what could be) the future of money and investments. Nobody knows how big the crypto market will be in 10 years and what role crypto will play in the future. A Fidelity All-in-One ETF with a small 1% to 3% allocation to crypto allows you to participate in the (possible) future without managing or storing it yourself.

Pure crypto ETFs vs. all-in-one ETFs

Fidelity’s All-in-One ETFs allocate 1% to 3% to crypto. It’s a low percentage, but BTC has delivered annualized gains of over 50% over the last five years, so even a small allocation can give your investments a big boost. While many Canadian investors will be content with this 1% to 3% crypto allocation, some experienced investors may want to manage their crypto allocation themselves—with the ability to increase or decrease their crypto allocation independently. For these investors, there’s the Fidelity Advantage Bitcoin ETF, which invests substantially all of its holdings in bitcoin. In fact, Fidelity’s All-in-One ETFs gain exposure to BTC through this very ETF. Here’s an overview of Fidelity’s All-in-One ETFs that include crypto in their neutral asset allocation mix (as at Oct. 31, 2023).

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Aditya Nain

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December 20, 2023
Ledger Commits To Full Restitution For Victims Of $600,000 ConnectKit Attack

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Hardware wallet manufacturer Ledger has responded to a recent security breach resulting in the theft of $600,000 worth of user assets.

The company has pledged to enhance its security protocols by eliminating Blind Signing, a process where transactions are displayed in code rather than plain language, by June 2024.

Ledger Takes Responsibility For ConnectKit Attack

In a statement, Ledger emphasized its focus on addressing the recent security incident and preventing similar occurrences in the future.

The company acknowledged the approximately $600,000 in assets that were impacted by the ConnectKit attack, particularly affecting users blind signing on Ethereum Virtual Machine (EVM) decentralized applications (dApps).

Furthermore, Ledger pledged to make sure affected victims are fully compensated, including non-Ledger customers, with CEO & Chairman Pascal Gauthier personally overseeing the restitution process.

According to the statement, Ledger has already initiated contact with affected users and is actively working with them to resolve their specific cases.

In addition, by June 2024, blind signing will no longer be supported on Ledger devices, contributing to a “new standard of user protection” and advocating for “Clear Signing,” which refers to a process that allows users to verify transactions on their Ledger devices before signing them across dApps.

On this matter, Ledger’s CEO Pascal Gauthier stated:

My personal commitment: Ledger will dedicate as much internal and external resources as possible to help the affected individuals recover their assets.

Heightened dApp Security Measures

According to an incident report released by the hardware wallet manufacturer, the attack exploited the Ledger Connect Kit, injecting malicious code into dApps utilizing the kit.

This malicious code redirected assets to the attacker’s wallets, tricking EVM dApp users into “unknowingly signing transactions” that drained their wallets.

Ledger addressed the attack by deploying a genuine fix for the Connect Kit within 40 minutes of detection. The compromised code remained accessible for a limited time due to the nature of content delivery networks (CDNs) and caching mechanisms.

Ledger acknowledged the risks faced by the entire industry in safeguarding users and emphasized the need to continually raise the bar for security in dApps.

The company plans to strengthen its access controls, conduct audits of internal and external tools, reinforce code signing, and improve infrastructure monitoring and alerting systems.

Additionally, Ledger will educate users on the importance of Clear Signing and the potential risks associated with blind signing transactions without a secure display.

Notably, with Clear Signing, users are presented with a clear and readable representation of the transaction details, enabling them to review and validate the transaction before providing their signature.

This added layer of transparency and verification helps users mitigate the risks associated with front-end attacks or malicious code injected into decentralized applications

The 1-day chart shows the total crypto market cap’s valuation at $1.59 trillion. Source: TOTAL on TradingView.com

Featured image from Shutterstock, chart from TradingView.com

Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Ronaldo Marquez

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December 20, 2023
Top Cannabis Scams of 2023 – Cannabis Business Executive – Cannabis and Marijuana industry news

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Top Cannabis Scams of 2023 – Cannabis Business Executive – Cannabis and Marijuana industry news

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Hilary Bricken

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December 20, 2023
Bitcoin is surging—what’s the prediction for crypto in 2024? – MoneySense

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In Canada, spot bitcoin ETFs were approved in 2021. (The first North American bitcoin ETF, the Purpose Bitcoin ETF, launched in February 2021.) However, approval of these funds in the U.S. holds greater significance due to the larger market size and broader investor accessibility. It would also signal crypto’s continued progress towards mainstream acceptance.

Growing institutional interest in crypto

Bitcoin is gaining mainstream acceptance, as institutional investors continue to warm up to cryptocurrencies, particularly BTC and ethereum (ETH). Bitcoin’s limited supply, its upcoming halving event (expected in April 2024), and the possibility of a spot bitcoin ETF have further added to the digital currency’s allure for institutional investors, which have poured more than $1 billion into BTC this year.

Scarcity-seeking institutional investors are particularly enthused by the prospect of bitcoin halving, a process that halves the reward for mining, or validating, new blocks on bitcoin’s blockchain, thereby reducing the supply of the coin. A halving event happens once every four years and effectively makes the asset more attractive to investors.

Falling bond yields

Bitcoin’s fortunes are closely tied to U.S. bond yields. Bitcoin and bonds move in opposite directions due to their sensitivity to market sentiment regarding economic stability and inflation.

The inverse relationship means that at a time when bond yields are trending lower, bitcoin prices are ticking higher. However, when yields are rising, as they did in the first half of the year, investors have less incentive to chase returns from other assets, including cryptocurrencies and equities.

What to expect for bitcoin in 2024

Looking forward, the consensus among analysts is overwhelmingly positive for bitcoin. However, their degrees of optimism and price forecasts vary widely. Some crypto watchers are expecting the digital currency to return to its 2021 all-time-high price of more than $69,000. Considerably wilder predictions for 2024 call for bitcoin to hit $120,000 and even $250,000.

However, the usual warnings apply. Investors should proceed with cautious optimism. Any unforeseen geopolitical, financial or regulatory events could derail investor sentiment yet again and send bitcoin’s price tumbling, bringing with it the value of the broader crypto market. Crypto analysts remind investors that cryptocurrencies remain a risky bet.

If the short history of bitcoin has proved anything, it is that the digital coin’s value tends to be highly volatile, and its fluctuations can wipe out millions of dollars in minutes. As a digital asset, bitcoin also continues to exhibit sharp sensitivity to a host of factors including, but not limited to, geopolitical events, regulatory oversight, high-profile lawsuits, crypto scams and cybercrime. Investors seeking to gain bitcoin exposure should invest only what they can afford to lose. To borrow from a universally acknowledged gambling caveat: know your limit, play within it.

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Vikram Barhat

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December 18, 2023
Changelly Releases Updated Predictions For XRP Price, When Will It Cross $10?
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Cryptocurrency exchange Changelly has released an updated prediction for the XRP price that spans almost a decade from now. The prices in the new predictions deviate heavily from their previous predictions, and this time around, the predictions include when the XRP price will cross $10.

XRP Price Will Cross $10 In 2030

While the XRP community members remain very optimistic that the XRP price will cross $10 in the next few years, with a number of crypto analysts presenting chart data to support this, Changelly does not believe that this will happen anytime soon. In fact, for the next couple of years, the crypto exchange expects a lot of growth but double-digits is seemingly off the table.

By 2024, the crypto exchange predicts that the XRP price will reach a max price of $1.11, but still expects it to stay relatively high with a minimum price of around $0.94. In the next few years, the growth is expected to continue, rising to as high as $5 in 2028.
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Source: Changelly
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However, for the XRP price to reach $10, investors would still have to wait another extra two years according to the report. In 2029, it predicts a maximum price of $8.07. And then finally, in 2030, Changelly expects the price to beat the coveted $10 mark.

Moving further from 2030, expectations are that the price will not fall below $10 again. Rather, it is expected to double in the next two years, hitting as high as $24.95 by the year 2032, which is nine years from now.
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XRP trending at $0.596 | Source: XRPUSD on Tradingview.com
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Expecting A Very Underwhelming 2024

The price predictions by Changelly for 2024 broken down into the individual months paints a picture of lackluster performance from the coin. The highest point expected for the XRP price puts it at only a 35% increase from the current price of $0.59 at the time of writing. The expectation given is that the highest price point would come at $0.8.

Changelly’s prediction seems to be a deviation from the norm where a number of predictions expect the XRP price to hit the high prices in the next two years. One crypto analyst known as EGRAG Crypto expects the price of the altcoins to reach $5.5. Interestingly, the analyst expects the price to hit this price in the next two weeks.

Another analyst known as Austin Hilton has also predicted that the XRP price will reach $1.5 once the SEC approves the Spot Bitcoin ETFs. According to Bloomberg analysts, these funds could be approved in January 2024, which means the XRP price could reach $1.5 in a month.

Featured image from Crypto News Flash, chart from Tradingview.com

Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.
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Scott Matherson

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December 18, 2023
Polygon (MATIC) Price Faces Crucial Turning Point That Could Trigger 50% Rally, Analyst Says
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Polygon (MATIC) is the altcoin in focus this time around as an analyst provides an analysis of the crypto token. Based on this analysis, there is a feeling that things could soon begin to look up for MATIC.

Polygon Could See Significant Rally Soon

In a video shared on the Cheeky Crypto YouTube Channel, crypto analyst JB noted that MATIC has declined following Bitcoin’s pullback. However, this move is unexpected as he believes that the crypto token’s decline to the particular retracement area sets it up nicely for an upward move. Based on his projection, MATIC could rise to between $0.87 and $1.36.

JB also factored in other things that could suggest that an upward move is imminent. He alluded to the stochastic level, which had initially suggested an overbought condition. However, it has sharply corrected indicating that there could be another push to the upside for MATIC. On the other hand, the crypto analyst was also wary of factors that could spell a move to the downside.

One of them happens to be the volumes that are seen across various cryptocurrencies. JB stated the current volumes aren’t great, and this has weakened the prices of these crypto tokens. This could potentially hinder any projection of an upward move. Another is the possibility of MATIC losing the cross above the 200 EMA, as this suggests that a dump is imminent.

Earlier in the video, JB had also emphasized the 5-wave pattern that was forming on different timeframes on the MATIC chart. The analyst seemed uncertain about whether or not the fifth wave was just forming. He noted that a push above $94.5 would suggest that the last wave is still to come. There is also the possibility that it could just be an A, B, and C pattern.
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Polygon price makes its way above $0.85 | Source: MATICUSD on Tradingview.com
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MATIC To $100 Still Possible

Still analyzing MATIC’s price pattern on the charts, JB mentioned that he was still bullish on the crypto token ahead of the imminent bull market. He had previously mentioned a target of $100 for MATIC in the next bull run, and he is still standing by the projection. In fact, JB noted that a new structure forming on the charts suggests that the crypto token could rise higher than that.

As part of this prediction, he sees MATIC being a “powerhouse” in the bull run and being one of the standout altcoins. One of the factors that he believes will contribute to MATIC’s dominance is the potential approval of the pending Ethereum Spot ETF applications. He believes that the crypto token could be a huge beneficiary, considering its role in the Ethereum ecosystem.

At the time of writing, MATIC is trading at around $0.85, down over 1%, according to data from CoinMarketCap.

Featured image from Admiral Markets, chart from Tradingview.com

Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.
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Scott Matherson

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December 16, 2023
Analyst Predicts XRP Price Will Rise 800% To $5.5, The Timeframe Will Shock You
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Popular crypto analyst EGRAG crypto has dropped what looks like the most bullish price prediction for XRP. XRP has been subjected to various price predictions in the past few months from EGRAG and other crypto analysts, as the crypto now has free rein on its price movement. This time, the analyst claims XRP is ready to explode 800% in just two weeks, rocketing from under $0.65 today to over $5.50 in just 14 days. EGRAG’s analysis pointed to price movement and the Fibonacci indicator, indicating XRP is gearing up for a huge rally.

Massive XRP Price Surge In A Short Time

EGRAG took to social media platform X to reveal his latest prediction about XRP. The prediction came as an update to the analyst’s earlier prediction in May, where he shared that XRP’s price was at the final wake up line. The Final Wake Up Line was drawn from XRP’s all time high of $3.40 in 2018, sloping downwards as the crypto continued to form lower highs. At that time, XRP was trading at $0.4639 and EGRAG gave three price targets of $0.85 to $1, $5.5, and $6.1 in the coming months. The analyst also drew a bottom (Atlas) line on higher lows since 2021 to form a symmetrical triangle.

#XRP Mid-Term Target (0.85c – $1 – $5.5 – $6.4):

The ‘Final Wake Up Line’ is gauging the next #XRP breakout. Once #XRP breaks it and retest it without breaking Fib 0.236 (0.45c) on the Weekly Time frame then I can say with high degree of certainty that Fib 1.618 ($5.5 – $6.4)… pic.twitter.com/xzPMi7b7FN

— EGRAG CRYPTO (@egragcrypto) May 22, 2023

Now five months after, XRP has had major events in its ecosystem, becoming the only crypto asset to receive regulatory clarity in the US. As a result, XRP went on a price growth that led to a spike over $0.93 against USDT on various crypto exchanges. According to EGRAG, his first target of the $0.85 to 1$ was completed amidst the price spike.
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XRPUSD currently trading at $0.6231  territory. Chart: TradingView.com
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A look at the price chart shared by EGRAG reveals XRP seems to have formed a support around this final wake-up line. Now, the next target is around $5.5, a measured move of the symmetrical triangle formed between the final wake up and atlas line. EGRAG claims we could see XRP trade at this price point in just two weeks.

#XRP 3 Targets 🚀🎯:

Curious about the specifics? Check out the May 2022 post for all the details:https://t.co/CGLMB7CgGi

Target 1: 0.85 – 1$ (Completed)
Target 2: $ 5.5 (Might be achieved in two weeks)
Target 3: $ 6.4 (Fib 1.618 will be extended wick)#XRPArmy STAY STEAD and… pic.twitter.com/vTYMwxFbA1

— EGRAG CRYPTO (@egragcrypto) December 14, 2023

How Feasible Is This Price Prediction?

XRP has since fallen below the analyst’s first target of $0.85. At the time of writing, XRP is trading at $0.62, down by 9.59% in a 7-day timeframe. EGRAG argued that the recent price correction could make investors jump ship, but HOLDing is still the best decision at this moment.

A surge to $5.5 would mean an 800% price gain from the current level before the end of the year. However, current fundamentals points to an increase of this magnitude in such a short timeframe being very unlikely .

EGRAG clarified in a comment that the prediction wasn’t based on the next two weeks. Instead the rally to $5.5 would be completed in just a two week timeframe.

Not within the next 2 weeks but in 2 weeks duration all this move will be completed. 👍

— EGRAG CRYPTO (@egragcrypto) December 14, 2023

Featured image from Shutterstock

Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.
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Scott Matherson

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December 16, 2023
Arbitrum Network Faces Major Outage, ARB Token Faces 4% Decline

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Arbitrum (ARB), a prominent Ethereum scaling solution, encountered a significant downtime event on December 15, according to the network’s status page.

The incident prompted an immediate investigation into the root cause and the deployment of a fix. As of the time of writing, the Arbitrum One network remained inaccessible for over 60 minutes due to sequencer and feed issues.

Arbitrum Struggles With Network Downtime

The status update from Arbitrum acknowledged the problem, stating that the Arbitrum One Sequencer and Feed stalled at 10:29 AM ET amidst a notable surge in network traffic.

Notably, Martin Köppelmann, co-founder of Gnosis, alleged that the outage experienced within the Arbitrum network was a result of ordinals. Köppelmann remarked that the stress testing of various blockchains using ordinals had led to the disruption, stating, “Ordinals stress testing various blockchains is certainly entertaining to watch. Now they brought the Arbitrum sequencer down.”

In addition to the sequencer and feed issues, Arbitrum also encountered a halt in block production, ceasing to generate new blocks approximately 1.5 hours ago. The impact of this stoppage on the network’s overall functionality and transaction processing remains a concern for users and stakeholders.

The investigation into the root cause of the downtime is crucial for understanding the underlying technical issues and preventing similar disruptions in the future. Users and industry participants eagerly await the post-mortem analysis from Arbitrum, which will provide a detailed account of the incident and the proposed remedial measures.

ARB Thrives Despite Market Volatility

Over the past 24 hours, the ARB token experienced a decline of 4.94%, reflecting short-term market fluctuations. However, the token has demonstrated relative stability when considering its performance over longer timeframes.

The 1-day chart shows ARB’s downtrend over the past 24 hours. Source: ARBUSDT on TradingView.com

In the last 180 days, ARB has shown a significant growth of 17.76%, indicating a positive trend for long-term investors.

According to Token Terminal data, Arbitrum currently boasts a circulating market capitalization of $1.49 billion, with a fully diluted market capitalization of $11.69 billion.

Revenue generated by the project has experienced significant growth over the past 30 days, with a notable increase of 68.00%. The revenue projection on an annualized basis stands at $85.97 million, highlighting the project’s ability to generate sustainable income.

Moreover, Arbitrum has witnessed a rise in active users, with a daily average of 166.37 thousand participants over the past 30 days. This growth in user adoption suggests increasing interest and utilization of the Layer 2 scaling solution.

Featured image from Shutterstock, chart from TradingView.com

Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Ronaldo Marquez

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December 15, 2023
Crypto Analyst Who Predicted Bitcoin 2023 Bull Run Releases New Target
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A crypto analyst who correctly predicted that Bitcoin would hit the heights it is currently enjoying has once again given projections as to Bitcoin’s future trajectory. As part of his predictions, he highlighted the best and worst-case scenarios for the flagship cryptocurrency going forward.

Bitcoin Could Ride To $60,000

In a live stream on his TechnicalRoundup YouTube channel, crypto analyst DonAlt noted that Bitcoin could rise to the resistance level of $60,000 based on historical patterns. The analyst had highlighted a bullish setup on the quarter timeframe, which had occurred both in 2018 and 2021. He also mentioned that the current quarterly is strikingly similar to those periods.

The analyst believes that the road to $60,000 would be fuelled by the Spot Bitcoin ETF rumors (as has been the case so far) before an approval possibly comes in January. However, it is not all good news from the $60,000 price level, as DonAlt believes that the approval will be a ‘sell-the-news’ event.

If that were to be the case, he predicts that Bitcoin will drop to $35,000 before it trends upward afterward. He also provided a bearish side to the quarterly timeframe setup as he suggested that this is more likely to happen as it is more “accurate.” For the bearish setup, he projects a close below the resistance level of $35,000.

He stated that this would suggest a bearish restest and that investors could expect lower prices as a result of this.
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BTC price looks to retest $43,000 | Source: BTCUSD On Tradingview.com
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Why An ETF Approval Will Be A ‘Sell-The-News’ Event

DonAlt further elaborated on his stance of a possible Spot Bitcoin ETF approval in January being a ‘sell-the-news’ event. He explained that the reason for this belief is because Bitcoin has ridden high (up about 3x from the bottom) on the back of these rumors. As such, this would naturally suggest that it is already priced in.

He further noted that he would have had a different opinion if Bitcoin had, for example, traded at around $25,000 and then an approval came. He believes that would have been an easy trade as the flagship cryptocurrency will undoubtedly fly high on the back of such development.

Renowned Economist Peter Schiff shares similar sentiments as he once noted how Bitcoin has rallied significantly on the back of the ETF rumor. According to him, there will be no more “good news” to spark a Bitcoin rally once the pending Spot Bitcoin ETFs are approved.

However, trading firm QCP Capital recently highlighted what could prevent this from happening. The firm stated that a significant amount of inflows into these ETFs in the first few weeks of trading could prevent the classic sell-the-news event from happening. If these funds see enough liquidity, they project that Bitcoin could hit its all-time high (ATH) of $69,000 instead.

Featured image from The Block, chart from Tradingview.com

Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.
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Scott Matherson

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December 15, 2023
Crypto Analyst Predicts Cardano (ADA) Price Will Rise 1700% To $11, Gives Reasons Why
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Popular crypto analyst Dan Gambardello recently dropped a very bullish prediction for the Cardano (ADA) price. This analyst claims ADA is poised to surge to $11 in the next extended bull cycle, an incredible 1700% gain from its current price level.

Unlike many, the analyst didn’t just pull that prediction out of thin air. According to him, the prediction was solely based on ADA’s historical data and past actions.

$11 Cardano is a very realistic figure for bull market high based on new data I just discovered.

Video later explaining why.

— Dan Gambardello (@cryptorecruitr) December 12, 2023

Prediction Based on Historical Price Analysis

Cardano has had one of the best price gains among major altcoins this year. This price spike has brought in predictions from various analysts, with some predicting very bullish price points than others. According to a video shared by Gambardello, if history repeats itself, ADA could spike to a market cap of $400 billion by 2025.

How did he come by this number? Well, data has shown that the price of Cardano (ADA) has always correlated with Ethereum’s (ETH) past actions. A weekly timeframe chart shared by the analyst in a video on social media platform X showed that the last bull run in 2021 which saw ADA reach its current all-time high of $3.10 was a mirror of ETH’s performance in 2017. During the bull run in 2021, ADA spiked to a total market cap of $93 billion, a 75% correlation with ETH’s $123 billion at the 2017 peak.

It’s important to note that at this first stage, both Ethereum and Cardano weren’t well known for their DeFi capability. Now, it looks like ADA is getting ready to enter the 2021 Ethereum first DeFi bull cycle phase where it peaked at a market cap of $546 billion.

Cardano’s blockchain has grown since the first stage, with the network now one of the fastest-growing in terms of DeFi and smart contracts. If this cycle is consistent with the previous one, a 75% performance of ETH’s market cap peak will put that of ADA at $409 billion by 2025. At this point, ADA could speculatively be at a 4% total crypto market dominance and peak over $11.
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ADA price at $0.65 | Source: ADAUSD On Tradingview.com
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Gambardello correctly predicted ADA’s all-time high of over $3 in June 2020, one year before the crypto reached this price point. The analyst also noted another scenario where the spike doesn’t mirror 75% of Ethereum’s DeFi cycle. According to him, a lesser market cap of $350 billion would put ADA at $10, way higher than its current all-time high.

Current State Of Cardano

ADA is currently on a 13.81% gain in the past 24 hours, boosted by a $1.5 billion increase in whale transactions. The crypto shot through to $0.6776, registering a new yearly high. At the time of writing, ADA is trading at $0.6527, a 73% increase from its December open of $0.376.

According to another social media post by Dan Gambardello, Cardano is now at a decision point between a continued increase to $0.75 and a retrace to $0.41.

Featured image from Medium, chart from Tradingview.com

Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.
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Scott Matherson

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December 14, 2023

Crypto hacks and chaos aren’t halting this holiday season | TechCrunch

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Welcome back to Chain Reaction.

To get a roundup of TechCrunch’s biggest and most important crypto stories delivered to your inbox every Thursday at 12 p.m. PT, subscribe here.

If you’re feeling the holiday spirit this month, you probably align with millions of people out there spreading joy, love, warmth, maybe even some generosity.

But if you’re feeling like the Grinch, chances are you are aligning with a smaller party of individuals — one that (in this analogy) could include crypto hackers.

And even though it’s the season to feel jolly, that’s not stopping hackers from acting out. But hey, playing devil’s advocate, maybe the attackers are jolly every time someone falls for their scam. Two sides of the coin.

Earlier on Thursday, hackers compromised the code behind a crypto protocol used by multiple web3 applications and services, the crypto software and hardware wallet maker Ledger said on Thursday.

It’s not immediately clear how many people fell victim to the hack. ZachXBT, a well-known independent crypto researcher, wrote on X that one victim had more than $600,000 in crypto drained from their account.

Details below.

What’s happening in web3

The latest pod

For this week’s episode, Jacquelyn interviewed Johann Kerbrat, the general manager of crypto at Robinhood.

Johann is leading the application’s effort to expand its crypto exchange business and make digital assets more accessible to retail investors.

Before joining Robinhood, Johann was an engineer at Airbnb and was the head of engineering at Uber and VP of engineering at Iron Fish, a privacy-focused cryptocurrency startup.

We discussed Robinhood’s expansion outside of the U.S., how the platform restricted holding and trading of certain crypto assets in June and where it stands today.

We also talked about:

Appealing to mainstream audiences
Growing crypto on its platform
Regulatory concerns
Robinhood’s 2024 objectives

Subscribe to Chain Reaction on Apple Podcasts, Spotify or your favorite pod platform to keep up with the latest episodes, and please leave us a review if you like what you hear!

Follow the money

Line Next secures $140 million funding for its web3 platform
Lolli raises $8 million Series B to expand its bitcoin and cashback rewards to enterprises
Andalusia Labs raises $48 million Series A to improve digital asset risk infrastructure
Dynamic raises $13.5 million from a16z crypto and Founders Fund to simply access to web3 and crypto wallets
Avalanche-based Nodekit raised $1.2 million in pre-seed round to create a network focused on rollups

This list was compiled with information from Messari as well as TechCrunch’s own reporting.

What else we’re writing

Want to branch out from the world of web3? Here are some articles on TechCrunch that caught our attention this week.

Follow me on Twitter @Jacqmelinek for breaking crypto news, memes and more.

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Jacquelyn Melinek

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December 14, 2023

Bitcoin Deja Vu: Capital Inflows Mirror Pre-2021 Bull Run Momentum
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On-chain data shows the cryptocurrency capital inflows currently look similar to December 2020, right before Bitcoin rallied from $18,000 to $65,000.

Bitcoin & Ethereum Are Getting $19.7 Billion In Capital Injections Currently

As explained by analyst Ali in a new post on X, Bitcoin and Ethereum are receiving a large amount of capital inflows currently. To showcase these positive flows, the analyst has referred to the “BTC + ETH Net Position Change” indicator from the on-chain analytics firm Glassnode.

What this metric does is that it keeps track of the 30-day change taking place in the combined realized cap of these top two cryptocurrencies. The “realized cap” here basically refers to the total amount of capital (in USD) that investors have used to purchase a given asset.

As such, the metric’s net position change could provide hints about whether the total money invested into the coin in question has gone up or down during the past month.

Now, here is a chart that shows the trend in this indicator for Bitcoin and Ethereum over the past few years:
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The value of the metric appears to have been going up in recent days | Source: @ali_charts on X
```
As displayed in the above graph, the Bitcoin + Ethereum Net Position Change has been inside the positive territory recently and has only been climbing up. The trend naturally makes sense, as both of the assets have registered some sharp rises during the past month.

Currently, the indicator has a value of $19.7 billion. As Ali has pointed out, “This is around the same capital inflow we saw back in December 2020 before BTC surged from $18,000 to $65,000!”

In the same chart, data for two other metrics is also shown. The first is the “Stablecoin Net Position Change,” which, as its name suggests, keeps track of the monthly inflows and outflows for the major USD stablecoins in the sector.

Unlike Bitcoin and Ethereum, though, this metric doesn’t make use of the realized cap, but simply the supply of the stables. This is obviously due to the fact that these coins have mostly the same value at all points, so the realized cap wouldn’t be any different from the market cap (which itself is equivalent to the supply as the price is $1).

From the chart, it’s visible that the stablecoins have also enjoyed positive inflows recently. This means that all three major asset classes in the sector, Bitcoin, Ethereum, and the stables, are receiving capital injections currently.

Most of the capital inflows and outflows towards the cryptocurrency sector happen through these three. The altcoins only receive their capital through a rotation from these core assets.

Thus, the stablecoins and top two cryptocurrencies simultaneously enjoying positive inflows have historically been a very bullish combination for the sector as a whole. This constructive combination didn’t form for most of this year but finally has during this latest leg in the rally.

The last indicator on the chart keeps track of the net incomings and outgoings from the sector as a whole by simply summing up the netflows for BTC + ETH and the stables. As is apparent, this metric also has a value similar to December 2020 at the moment.

Looking at Bitcoin’s historical performance following December 2020, it could mean that the BTC price is set for another price surge going forward.

BTC Price

Bitcoin had recovered above the $43,000 level just earlier, but it appears the coin has seen a setback as it’s now once again trading below the mark.
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Looks like the price of the asset has shot up during the past day | Source: BTCUSD on TradingView
```
Featured image from Shutterstock.com, charts from TradingView.com, Glassnode.com

Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.
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Keshav Verma

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December 14, 2023
Crypto Silver Lining: Market Dips Are Stepping Stones To Soaring Heights – Analyst

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Crypto Rand, a renowned crypto trader, has shared insights on the current market corrections, emphasizing the necessity of these corrections for sustainable market ‘growth.’

The trader, who disseminates his views on X, stresses that despite the evident pullbacks, the crypto market’s macrostructure remains “intact.”

This perspective comes at a time when most crypto assets, including Bitcoin, have experienced significant price drops over the past couple of days.

Navigating Resistance Levels: The Path To Growth

Crypto Rand’s leveraged the price action index of various cryptocurrencies, such as Cosmos (ATOM), Chainlink (LINK), NEAR Protocol (NEAR), Algorand (ALGO), and MultiversX (EGLD), among others to highlight his point.

Rand identifies multiple resistance levels in these assets’ trajectories, suggesting these as potential points for market turnaround. These resistance levels are categorized as major or minor, depending on the frequency and intensity of price actions historically observed at these points.

Despite the temporary pullbacks that these resistance levels might introduce, Crypto Rand views them as necessary pauses that allow the market to gather strength for future upward movements.

This perspective is particularly relevant in light of Bitcoin’s recent price behavior. The flagship cryptocurrency has seen a notable dip from its recent high of $44,000, currently trading just below $42,000.

Bitcoin (BTC) price is moving sideways on the 1-hour chart. Source: BTC/USDT on TradingView.com

This downward trend has echoed across the crypto market, impacting other major assets like Ethereum including altcoins Rand mentioned like Chainlink, and Algorand.

Over the past 7 days, BTC and ETH have experienced declines of 4.4% and 2%, respectively. Meanwhile, Chainlink has seen a 6.9% drop during the same period, and Algorand has fallen by 4.1% in just the past 24 hours.

Always be ready for more shakeouts, but remember, these corrections are needed for healthy growth.

The Mid Caps for example got rejected on the main resistance, but overall macrostructure remains in tact.

⚡️ INDEXED: $ATOM, $LINK, $NEAR, $ALGO, $EGLD and more. pic.twitter.com/YKUhwyRM9C

— Crypto Rand (@crypto_rand) December 13, 2023

The Broader Perspective On Crypto Market Corrections

The sentiment that market corrections are a healthy and necessary aspect of growth is not exclusive to Crypto Rand. William Clemente, the co-founder of Reflexivity Research, echoes this viewpoint.

Clemente posits that the current market retraction, which could potentially bring Bitcoin’s price closer to $40,000, should “not be a cause for alarm.”

Clemente argues that this process is crucial for eliminating weaker market participants and reducing excess leverage, ultimately establishing a firmer foundation for future upward trends.

Clemente further articulates that the inherent volatility of Bitcoin should be perceived as “a feature, not a bug”. It is worth noting that this stance reinforces the notion that the crypto market is still evolving and that such fluctuations are part and parcel of its journey towards maturity.

BTC just ~doubled in 2 months with no pull backs, a correction is not that surprising.

Corrections shake out “weak hands” and leverage, allowing for a stronger foundation for eventual moves higher.

Bitcoin’s volatility is a feature, not a bug.

Chill with the leverage 🫡 https://t.co/BdvvS8KDZU

— Will (@WClementeIII) December 11, 2023

Featured image from iStock, Chart from TradingView

Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Samuel Edyme

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December 13, 2023
Bitcoin Price Surges On Positive News: FASB's Fair Value Recognition Reignites $42,000 Support Recovery

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The Bitcoin price experienced a notable downturn as selling pressure intensified, resulting in a decline of over 4% from its annual peak of $44,500. This downturn was further exacerbated by the loss of the crucial $42,000 support level.

However, the largest cryptocurrency in the market received a substantial uplift from the US Financial Accounting Standards Board (FASB), which has spurred a rapid 1.8% surge in BTC’s value within the past two hours. As a result, Bitcoin has successfully recovered the $42,000 support level.

FASB’s Fair Value Recognition Brings Clarity To BTC?

In a significant development for the cryptocurrency industry, the FASB has announced new accounting rules that require companies, including prominent entities like MicroStrategy, Tesla, and Block, to measure their cryptocurrency holdings at fair value.

These rules, set to go into effect in 2025, allow businesses to capture the real-time highs and lows of their Bitcoin and Ethereum (ETH) assets, providing a more accurate representation of their holdings.

Under the previous accounting practices, companies were only allowed to record the lows, resulting in a one-sided accounting treatment that often led to reduced valuations and diminished earnings for businesses holding cryptocurrencies. The highly volatile nature of crypto values further exacerbated the issue.

The FASB’s new rules address these concerns by mandating the recording of cryptocurrencies at fair value, a measurement technique aimed at reflecting the most up-to-date value of these assets.

Changes in fair value will now be recorded in net income, allowing companies to account for fluctuations in the value of their crypto holdings more comprehensively.

The positive news for BTC lies in the fact that the new FASB rules provide greater transparency and accuracy in assessing the true value of cryptocurrency assets. By capturing fluctuations in fair value, companies will have a more realistic representation of their holdings, enabling better decision-making and financial reporting.

Bitcoin, being the most widely recognized and valuable cryptocurrency, stands to benefit significantly from these changes. The recognition of its fair value allows companies to showcase the true worth of their BTC holdings, potentially boosting investor confidence and attracting further institutional interest.

Turbulent Times Ahead For Bitcoin Price

Following these recent developments, the Bitcoin price has successfully rebounded to previously lost levels, demonstrating heightened volatility after a brief consolidation phase just below $42,000.

However, according to CoinGlass’ liquidation heatmap, Bitcoin’s price may be facing further volatility that could lead to a significant amount of liquidation of both long and short positions.

BTC’s 3-day liquidation heatmap. Source: CoinGlass on X.

The liquidation heatmap from CoinGlass highlights substantial indications of liquidation leverage exceeding $200 million both above and below the current Bitcoin price.

Of particular concern is the thick liquidation leverage below $41,000, as seen in the chart above, which, combined with the prevailing trend, could become a probable target for the Bitcoin price in the coming days.

Conversely, following BTC’s correction, additional liquidation leverage has emerged in CoinGlass’s heatmap, particularly in the $42,000 and $43,000 range of short positions. This added selling pressure has contributed to the retracement of the Bitcoin price.

This potential scenario suggests a potential price swing up and down before a stable continuation of either the downward or upward momentum. The outcome remains uncertain as to which side will give way first and what prevailing trend will shape the latter part of the year.

The daily chart shows BTC’s $42,000 support recovery. Source: BTCUSDT on TradingView.com

Featured image from Shutterstock, chart from TradingView.com

Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Ronaldo Marquez

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December 13, 2023
OKX Loses Over $400,000 To Hackers
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According to blockchain security company SlowMist, OKX DEX, a decentralized exchange aggregator platform, lost cryptocurrency valued at over $400,000.

An attacker was able to transfer tokens that users had not allowed by compromising the management privileges of a market maker contract, according to the explanation for the vulnerability.

On the OKX DEX aggregator platform, a deprecated proxy contract was the subject of a recent vulnerability that allowed a hacker to obtain administration access to the contract without authorization.

OKX DEX: Deprecated Contract Raises Concerns

When a protocol stops actively using a contract to carry out user transactions, it is considered deprecated. It appears that OKX has updated the contract but hasn’t entirely stopped using it.

🚨SlowMist Security Alert: OKX DEX Proxy Admin Owner’s Private Key Suspected to be Leaked🚨

According to information from SlowMist Zone, the OKX DEX contract appears to have encountered an issue. After SlowMist’s analysis, it was found that when users exchange, they authorize…

— SlowMist (@SlowMist_Team) December 13, 2023

The claimTokens function of the OKX DEX smart contract experienced a problem, according to blockchain security firm SlowMist. The TokenApprove contract, which required user authorization, invokes the ability to send cash to a trustworthy DEX Proxy.

On December 12, the SlowMist team reported that the OKX DEX Proxy Admin Owner upgraded the DEX Proxy contract with a new implementation. The purpose of this new implementation was to invoke the claimTokens function straight from the DEX contract.
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Total crypto market cap at $1.51 trillion on the daily chart: TradingView.com
```
The exchange said that 18 of the approved addresses for the contract had been compromised, and linked the event to the management rights of a cancelled OKX DEX market maker contract being compromised.

Additionally, the exchange pledged to pay back all impacted users. It would also carry out a comprehensive security examination in order to stop something similar from happening again.

We regret to inform you that a deprecated smart contract on OKX Dex has been compromised. We have taken immediate action to secure all user funds and revoke the contract permissions. We are working with relevant agencies to locate the stolen funds and will reimburse affected… pic.twitter.com/zDIjhb3ETz

— OKX Web3 (Wallet | DeFi | NFT) (@okxweb3) December 13, 2023

OKX Hack: Actual Damages Unknown

According to PeckShield, another researcher specializing in blockchain security, this vulnerability has cost over $2.76 million.

In the last 30 days, OKX DEX is thought to have had over 50,000 active user wallets; however, it is unknown how many users were impacted by the most recent hack.

Users should employ caution while communicating with DeFi protocols, especially those supported by well-known firms in the industry, as highlighted by the OKX DEX breach.

Featured image from Shutterstock

Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.
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Christian Encila

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December 13, 2023
Injective (INJ) Trains Guns On $30 After Hitting $27 ATH
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Injective Protocol’s INJ token has just hit a new all-time high of $27.02. However, it appears that the market is currently in a phase of rest and consolidation, with investors cautiously hopeful yet reluctant to drive prices much higher at the moment.

The overall trading activity has decreased from its recent peak, leading to a reduction in market volatility. Despite this, the price of INJ has experienced a 12% increase in the last day, currently trading at $25.

Injective Inks 50% Price Rally

One of the things to consider as the token searches for more growth is what has propelled it to a record high. So, is there a chance that this rally will last, or will bears ruin the bulls’ Yuletide celebration?

Injective’s native token has experienced a price explosion of over 50% in the previous 30 days, and the steady climb since the lows hit in December 2022 has featured a parabolic rise of over 1,500%. Positive news about the ecosystem and the general bullish mood have driven INJ higher in recent weeks.
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INJ seven-day price action. Source: Coingecko
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Just the last day saw a 40% spike in INJ’s trading volume to $508 million. The price of INJ has fluctuated by around 15% during the last day, indicating high intraday volatility as well. Traders need to get ready for further volatility in the near future.

Now that Injective has a new ATH set, it is in unexplored terrain and might rise swiftly.
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INJ currently has a market cap of $2.07 billion. Source: TradingView.com
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In the event of a decline, the nearest area of support is at $24, and then $20, which corresponds to the Fibonacci 0.382 retracement level. Just below that, at $16 and $15, respectively, you can find support at the 0.5 and 0.618 Fib levels. If INJ’s rally hits a wall, the stock might retrace to these levels before continuing its ascent.

INJ’s $65K Burn Boosts Weekly Surge

Injective’s weekly token burn has been one of the major triggers for the previous few days. The most recent of these saw the burning of over $65,000 worth of INJ, eliminating them from circulation forever.

Injective saw a notable increase in the total amount of INJ staked during the burn auction. There have been almost $1 billion worth of tokens staked thus far, based on on-chain data.

A bullish continuation might see buyers target prices above $30. A bearish turn in tandem with a wider market decline may signal a possible decline to $20–$18 range support.
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INJ monthly price prediction. Source: Coincodex
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INJ Positive Prediction

Meanwhile, the current Coincodex Injective price prediction indicates a $27.50 price increase this week. Additionally, according to its technical indicators, the present mood is bullish, and the Fear & Greed Index is currently reading 67 (Greed).
```
INJ at Greed territory. Source: Coincodex
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The predicted annual low price for Injective in 2024 is $ 25.13, based on how the price has changed in the past and the BTC halving cycles. Injective, on the other hand, could cost as much as $35.49 next year.

Featured image from Warne Scope Mounts

Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.
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Christian Encila

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December 12, 2023
Crypto Analyst Predicts Cardano Price Will Rise 6000% To $33, Here’s The Timeline
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Crypto analyst Tyler Strejilevich has speculated what could be another tremendous bullish run for Cardano (ADA). Cardano has already done a 132% gain for its holders since the beginning of the year, but according to a discovery by this analyst, the token might just be getting started. In fact, if Strejilevich is right, ADA could skyrocket by an incredible 6000% from today’s price to $33 in the next year.

Crypto Analyst Tyler Strejilevich Spots Bullish Signal For Cardano

Crypto analyst Tyler Strejilevich made his discovery known in a post on the social media platform X. In the post, he noted how ADA is currently at a similar crossroads which it found itself in July 2020.

Using his analysis of the ADA price chart he shared, Strejilevich noted how the token is now at a bullish cross on moving averages on the weekly timeframe. The last time this happened, ADA went on to form many consecutive bullish candles, going from $0.041 to its current all-time high of $3.09 in 66 weeks.

A repeat would see Cardano reaching $33 by January 2025. A less optimistic prediction by Changelly puts a $1 prediction by the end of 2025.

#ADA is about to get a bullish weekly cross for the first time since JUNE 2020

The last time this happened it pumped 6,000% over the next 66 weeks#cardano pic.twitter.com/xQvvbf3b1O

— Tyler Strejilevich (@TylerSCrypto) December 9, 2023

The bullish crossover is yet to happen, and the token still has a few weeks to see how this would play out. Of course, in the volatile world of cryptocurrencies, there’s no guarantee the price will move as predicted. Nevertheless, Cardano is poised for a major rally that could extend into the coming year.
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ADA price continues to show strength | Source: ADAUSD on Tradingview.com
```
Current Bullish Performance Of ADA

Network activity, increase in DeFi TVL, and other factors point to Cardano continuing on its current bull run. It’s important to note that the last time Cardano went on this 6000% price gain, its blockchain network was still behind on smart contract functionality. However, the network has changed since then, with Cardano now one of the fastest-growing blockchains in terms of smart contracts.

Cardano is currently trading at $0.5754, up by 48.43% in a 7-day timeframe amidst a larger crypto market green week. The crypto briefly touched the $0.6 level on December 9, reaching $0.6323 for the first time this year. It has now formed a minor support at $0.53 and is on its way to revisiting $0.6.

On the other hand, the total crypto market cap has dropped by 5.75% in the past 24 hours, as Bitcoin inflows slowed down. According to a chart shared by crypto analyst Ali Martinez, Bitcoin miners have sold around 1,000 BTC worth $44 million since Friday. At the time of writing, Bitcoin is down by 0.5% in the past 24 hours and 6% from its yearly high of $44,500.

Featured image from Crypto News, chart from Tradingview.com

Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.
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Scott Matherson

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December 12, 2023
Helium Token Balloons To 85% For A Yearly High
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After rising sharply from the $2.00 bottom, Helium (HNT) demonstrated a strong upswing that further fueled the market’s positive attitude and increased the momentum of the advance.

This week has witnessed bull action for the Solana-based Helium Network’s HNT coin, which has seen a 70% weekly rise to $4.86.

Based on the most recent data, HNT, which has a market cap of about $700 million and an amazing $10 billion in trading volume as of press time, quietly touched a yearly high of $5.12 over the weekend after seeing a commanding 85% price spike in only seven days.

Helium Climbs To Yearly High
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HNT price action today. Source: Coingecko
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Buyers demonstrated an upswing and were able to keep the price above both EMAs. The 200-day EMA, which shows strength in the most recent bull run, is about to cross paths with the 50-day EMA for helium. In the event that the crossing takes place, prices may reach new swing highs.

The price of helium has been more volatile this week due to a divergence in the Bollinger Bands. Indicating bull domination throughout the course of the week on the price of helium, HNT’s relative strength indicator is above its average line in the overbought area.
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HNT price prediction for December. Source: Coincodex.
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HNT was up from $2.73 to $5.78 in the first week of December, signifying a 70% increase in price. Just this past month, the token has increased by over 190%.

The most recent estimate for the price of Helium is that it may reach $5.75 this month, according to Coincodex.

For a network that has primarily dealt with bad press regarding its product and the transition from its proprietary blockchain to Solana, this price performance marks a turnaround.
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HNTUSD trading at $5.31 today. Chart: TradingView.com
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HNT Among Top Crypto Performers

In the cryptocurrency market, Helium, a decentralized network that launched in 2019, has made significant progress. It is now among the best performers. Concurrent with this price increase is Solana (SOL), which has risen by over 50% over the past 30 days.

On November 12, 2021, HNT reached its highest point at $55.15. On the other hand, it fell to an all-time low of $0.200 on May 29, 2020.

The lowest recorded price since the all-time high was $1.16, and the highest was $5.75. The Fear & Greed Index shows a score of 72 (Greed), and the current consensus for Helium’s price prediction is positive.

Meanwhile, analysts say the $20 monthly phone plan from Helium Mobile, which gives customers unlimited data, voice, and text, is mostly the impetus for HNT’s price increase.

According to a recent survey, the average American spends about $150 a month on phone plans alone. Helium’s newest connectivity service is expected to provide a more affordable option than traditional service providers.

Featured image from Pixabay

Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.
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Christian Encila

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December 12, 2023
Crypto Analyst Predicts Short-Term XRP Price Rally To $18
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A crypto analyst has provided some optimism regarding the XRP price as many contemplate whether or not to continue to hold on to their XRP tokens. This comes as the crypto token’s underperformance has been a cause of concern to holders, with talks about a potential manipulation resounding through the community.

XRP Price To Hit $18 In The Short-Term

In a post on his X (formerly Twitter) platform, crypto analyst Dark Defender shared an interesting analysis where he noted that XRP could hit $18 soon enough. To back up his prediction, he noted that XRP was retesting the $0.6649. According to him, this level is “not a joke” as it is a very crucial one. An upward trend is expected from that price level based on his assertions.

Meanwhile, Dark Defender also shared XRP’s monthly chart in his post. From the chart, he noted that XRP was currently above the price level of $0.6649, which he had earlier referenced. This happening could see XRP move close to $1. On the chart, he highlighted $0.88 and $1.05 as targets that will be “achievable shortly.”

The rally, however, doesn’t stop there, as the crypto analyst claimed the “5 Wave EW Structure in the Monthly Chart is still in play.” This indicator points to XRP hitting $18.22 in the short mid-term. The journey to $18 isn’t expected to be all smooth, as he mentioned that XRP would face a strong resistance at $1.08.

The good news is that once XRP is able to break from that level, “it will be Kaboom,” in the words of Dark Defender. As to how soon XRP could hit $18, the accompanying chart suggests that this could happen between July and October 2024.
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Token price falls to $0.62 | Source: XRPUSD on Tradingview.com 
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A Growing Frustration In The XRP Community?

Over the weekend, a pro-XRP crypto influencer, Chloe, released an X post where she voiced her frustration at XRP’s price decline and stated that she had “sold it all.” Before that post suggesting that she had sold her XRP holdings, she had made an earlier post where she seemed very displeased with XRP’s price action.

Although Chloe later came out to clarify that she didn’t sell any “single XRP,” her earlier posts exemplify the growing frustration in the XRP community. At the moment, many seem puzzled by XRP’s abysmal price action. One of them is pro-XRP legal expert Bill Morgan, who recently questioned the reason for XRP’s underperformance.

In an X post, the lawyer stated that XRP has failed to outperform most of the other tokens in the top 10 by market cap despite gaining regulatory clarity. Interestingly, he noted that XRP’s price was higher five years ago than it is now. According to Morgan, there needs to be a better explanation for XRP’s price movement than just “saying it follows the market.”

Featured image from CoinGape, chart from Tradingview.com
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Scott Matherson

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December 11, 2023