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Tag: eth

  • Record Crypto Options Volume Expires Pre-Bitcoin ETF Deadline: Analyzing BTC And ETH Reactions

    Record Crypto Options Volume Expires Pre-Bitcoin ETF Deadline: Analyzing BTC And ETH Reactions

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    The recovery of the overall crypto market this year has spurred a surge in the digital-asset derivatives market as institutional investors seek exposure to the crypto space. 

    According to a recent Bloomberg report, the deadline for US regulators to approve or reject Bitcoin (BTC) exchange-traded funds (ETFs) has prompted traditional investors to turn to crypto options and futures, leading to unprecedented trading volumes.

    Crypto Options Trading Hits Record High

    Before the options expiry on Friday morning, crypto options trading volume reached a new all-time high, with options worth a notional value of $11 billion, as highlighted by Bloomberg. Of this total, Bitcoin contracts accounted for $7.7 billion, while Ethereum (ETH) options represented $3.5 billion.

    Despite the expiration of many options, the impact on the major cryptocurrencies has been limited.  With its strong support floor at $42,000, Bitcoin has maintained its position for a potential uptrend once bullish momentum returns and buying pressure increases. 

    Over the past 24 hours, Bitcoin has traded within the same range as the previous day, at $42,200, experiencing only a 0.4% decline. Nevertheless, Bitcoin has yet to fully recover from its 3.4% drop over the past seven days.

    In contrast, ETH was hit by the expiration of options contracts. Ethereum, the second-largest cryptocurrency on the market, fell more than 2%. EHT dropped to $2,316 after hitting an annual high of $2,445 on Thursday.

    However, while heightened trading activity may accompany the expiration of options, it is unlikely to impact spot market prices, according to Luuk Strijers significantly, Deribit’s chief commercial officer. 

    Strijers notes that clients are rolling their positions to 2024 expiries, and additional activity is anticipated after the expiry. The focus of attention and trading activity will primarily be on the impending ETF decision, Bloomberg notes.

    Surge From Traditional Asset Managers 

    The cryptocurrency market has undergone a strong rally this year, with Bitcoin surging nearly 160% following a turbulent 2022 marked by industry scandals and price declines. 

    The recovery has been fueled partly by the optimism surrounding the potential approval of spot Bitcoin ETFs, which would attract a broader range of investors to the asset class.

    Ryan Kim, head of derivatives at digital-asset prime brokerage FalconX, highlights the growing participation from crossover macro accounts, referring to large traditional asset managers allocating a small percentage of their portfolios to cryptocurrencies and crypto-focused hedge funds.

    In addition, according to Bloomberg, perpetual futures, a favored tool for leveraging crypto trades, are trading at a significant premium compared to spot prices, indicating rising demand for such products.

    Overall, the surge in the cryptocurrency derivatives market, driven by options expiry and the pending decision on Bitcoin ETFs, reflects the growing interest of institutional investors in the crypto space. 

    The record-breaking trading volumes and increased participation from traditional asset managers highlight the evolving landscape of digital assets. 

    As the market awaits the regulatory verdict on Bitcoin ETFs, it remains to be seen how these developments will shape the future trajectory of the crypto market and its integration with traditional financial systems.

    Crypto

    Featured image from Shutterstock, chart from TradingView.com 

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    Ronaldo Marquez

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  • A Crypto Christmas Special With Sheraz Ahmed: Past, Present, And Future

    A Crypto Christmas Special With Sheraz Ahmed: Past, Present, And Future

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    Another year, another Crypto Christmas special for our team at NewsBTC. In the coming week, we’ll be unpacking 2023, its downs and ups, to reveal what the next months could bring for crypto and DeFi investors.

    Like last year, we paid homage to Charles Dicke’s classic “A Christmas Carol” and gathered a group of experts to discuss the crypto market’s past, present, and future. In that way, our readers might discover clues that will allow them to transverse 2024 and its potential trends.

    BTC’s price trends to the upside on the daily chart but records some low timeframe losses on the daily chart. Source: BTCUSDT on Tradingview

    Crypto Christmas With STORM: Bitcoin ETF Should Be Out Of Your Wishlist?

    For today’s issue, our team got to chat with Sheraz Ahmed, Managing Partner at blockchain solutions provider STORM and founder of Decentral House. Ahmed has been present at some of the most important crypto events in 2023 and is constantly speaking with founders, organizations, and relevant actors within and outside the nascent sector.

    Thus, Ahmed has a unique perspective on the industry, its blindspots, and possible catalyzers. During the interview, we talked about the downside of approving a Bitcoin spot Exchange Traded Fund (ETF) in the United States and why the space might be unprepared for a new bull cycle. This is what he told us.

    Q: Our team has coincided with you in several crypto events this year; where do you think most of these events coincide? And what do you believe has been overlooked during 2023, a narrative, a project, something people missed as the industry enters another cycle?

    Switzerland, Europe, Dubai, Singapore, and Rio (de Janeiro). I do believe that we are too early for the next cycle. The broken models of the last bull run are yet to be rebuilt. Infrastructure has improved, custody, wallets, exchanges, and stablecoins, but the business models for Dapps (Decentralized Applications) have not evolved.

    I fear that we enter into another vaporware cycle and, at best have to wait 4 more years for real use cases/adoption or risk burning ourselves completely with shitcoins and scams.

    Q: As Crypto enters a new cycle, what’s different about the industry when you compare it to early 2021 and 2017? Where can investors see the growth? Is it in the players joining the industry, the financial products, or in its community?

    There is a bit more maturity, although that sometimes just feels like the veterans are just numb to the pain this industry can self-inflict. We do see genuine interest from large institutional players in the financial, consumer, and impact fields. But can we convert those ideas into adoption?

    Investment in utility and payment tokens is an oxymoron. They are not meant to be investment products and are not regulated as such. An investor could look into an infrastructure play, although I believe that is quite saturated today at approx. $700M. My bet would be early-stage protocol ecosystem funds (equity-based), with a portion of that taken in tokens for the utility of governance, etc., that might be attached.

    Q: The upcoming approval of a spot Bitcoin ETF in the US seems like the perfect indicator that crypto has made it to the mainstream, but what’s the next frontier? Where does the industry go from here?

    I don’t agree. For me, it just sounds like the bankers finally believe they can make money off our industry. Now, does that mean it’ll be good for prices in the short term and more eyeballs? Yes. But be careful what you wish for, as when the heavy artillery comes in, they crush everything/everyone in their path.

    In 2023, we founded Decentral House. An innovation centre focused on blockchain-based application that provide the infrastructure to spark ideas to life. I believe that by having the right tools in your arsenal, you can navigate the Web3 space to find the light at the end of the tunnel. Without the right guidance, WANGMI (We Are Not Gonna Make It). Let’s work together to create an industry of trust we can all be proud of!

    Cover image from Unsplash, 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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    Reynaldo Marquez

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  • Ethereum: Balancing Act At $2,300

    Ethereum: Balancing Act At $2,300

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    The past few weeks have been a rollercoaster ride for Ethereum. Buoyed by a waning Bitcoin dominance and an influx of traders seeking greener pastures, Ethereum’s price surged towards critical resistance levels near $2,500.

    Yet, a palpable anxiety lingers in the air, fueled by questions about Ethereum’s long-term scalability and the increasing chorus of bearish whispers. Can the second-largest crypto navigate this tightrope walk and reclaim its DeFi crown, or will it take a tumble from grace?

    Ethereum Rises: Growth, Innovations, And Challenges

    Beneath the surface of rising price charts lies a complex story of intertwined strengths and weaknesses. Ethereum’s impressive 87% year-on-year market cap surge, catapulting it from $140 billion to a hefty $267 billion, paints a picture of robust growth.

    The Merge upgrade, a landmark event streamlining Ethereum’s blockchain, and the burgeoning DeFi ecosystem pulsating with innovative applications are key contributors to this ascent.

    However, lurking beneath this facade is a critical bottleneck: Ethereum’s Layer 1 scalability limitations. The network’s notorious high transaction fees and sluggish throughput have become thorns in the side of DeFi expansion, frustrating both users and developers yearning for a smoother experience.

    As of writing, on this 26th of December, Ethereum’s price hovers around $2,233, painting the daily and weekly charts red with a dip of roughly 1.5%, data from Coingecko shows. This recent descent adds further intrigue to the complex dance Ethereum is performing near the critical $2,500 resistance level.

    This delicate dance between bullish aspiration and bearish pressure underscores the fragile equilibrium in the market. On one hand, the optimism surrounding Ethereum’s future potential continues to draw in traders.

    On the other hand, the specter of high transaction fees and scalability woes, alongside whispers of a potential bear market, keeps selling pressure simmering just below the surface.

    Ethereum At $2,300: Bulls’ Battle, Bears’ Threats

    For Ethereum bulls, the $2,300 level is a crucial battleground. If they can muster enough buy-side force to sustain a climb above this mark, it could pave the way for a surge towards the coveted $2,500 resistance level. This breakthrough would be a significant psychological victory, injecting fresh confidence into the market and potentially triggering a new upward trend phase.

    However, the bears are not out for the count. Their sights are set on breaching the $2,200 support level, which would solidify their grip and potentially trigger a more substantial decline. Should this scenario unfold, the $2,000 mark could come into play, with further losses possible if selling pressure remains unchecked.

    Adding to the intrigue is the factor of exchange supply. A recent increase in Ethereum tokens on exchanges indicates more readily available ETH for sellers, potentially amplifying downward pressure. This highlights the delicate balance between market sentiment and technical factors in determining Ethereum’s future trajectory.

    Meanwhile, the ETH traders’ profit-taking is evident in the Network Realized Profit/Loss between October 31 and December 23. A significant amount of profit-taking may cause the price of ETH to decline.

    Ethereum’s Critical Crossroads Ahead

    Looking ahead, Ethereum’s path hinges on its ability to navigate this complex landscape. Addressing its scalability issues through Layer 2 solutions and potential future upgrades will be crucial for maintaining and expanding its DeFi dominance.

    Rekindling developer and user confidence by reducing transaction fees and improving network throughput is also paramount. Only by tackling these internal challenges and adapting to the ever-evolving crypto sphere can Ethereum truly reclaim its throne as the king of DeFi.

    The next few weeks are likely to be pivotal for Ethereum. Will it scale the $2,500 height and cement its position as a leader in the crypto revolution? Or will internal limitations and external pressures force it to face a precipitous drop?

    Featured image from Shutterstock

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    Christian Encila

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  • Should you consider ETFs that include crypto? – MoneySense

    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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  • Ethereum Retests Breakout Zone, Analyst Sets $3,500 Target

    Ethereum Retests Breakout Zone, Analyst Sets $3,500 Target

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    An analyst has explained how Ethereum is retesting a breakout zone currently and that this might lead toward a price target of $3,500.

    Ethereum Is Retesting The Breakout Line Of An Ascending Triangle

    As pointed out by analyst Ali in a new post on X, Ethereum may be preparing for a further climb right now as it’s retesting the breakout zone of an ascending triangle.

    An “ascending triangle” is a pattern in technical analysis that, as its name implies, resembles a triangle. The pattern involves a horizontal line made by connecting highs and a slant line that strings together higher lows.

    When the price retests the upper, horizontal level, it could be probable to feel some resistance. On the other hand, a touch of the lower level could lead to the price rebounding back up.

    A break out of either of these lines suggests a potential sustained continuation of the trend. Naturally, an escape out of the triangle towards the upside implies bullish momentum, while a fall under means bearish momentum.

    Like the ascending triangle, there is also the “descending triangle,” which is a similar pattern except for the fact that the two levels are switched around (as the prevailing trend is towards the downside).

    Now, here is the chart shared by Ali that displays how the price is interacting with an ascending triangle right now:

    Looks like the asset's value has plunged back towards the triangle in recent days | Source: @ali_charts on X

    As is visible in the graph, Ethereum found a bottom at the lower line of this ascending triangle pattern back in October. Following this low, the asset turned itself around with a sharp rally and went on to challenge the upper line.

    The cryptocurrency succeeded in finding a break above the triangle and observed a continuation of the bullish momentum, exploring new highs for the year. Recently, though, the asset has slumped back again and has now fallen towards the triangle’s breakout line.

    So far, the line has provided support to the asset, as its price has been able to remain above it. The analyst believes that this retest could be a sign that the coin is preparing for a further rally.

    “The price range between $2,150 and $1,900 could be the ideal zone for accumulation before ETH sets its sights on a higher target of $3,500,” explains Ali. From the current price, such a target would mean a rally of almost 60% for the asset.

    October, the month when Ethereum turned itself around off the triangle’s slope, was also an inflection point for the asset in terms of on-chain activity, as the analytics firm Glassnode has explained in its latest weekly report.

    Ethereum On-Chain Activity

    The trend in three on-chain indicators for ETH | Source: Glassnode's The Week Onchain - Week 51, 2023

    From the chart, it’s visible that the Ethereum transaction count and transfer volume have both been trending up since the inflection point a couple of months back, which could be bullish for the price.

    ETH Price

    Ethereum has gone a bit stale recently as it has been consolidating around the $2,200 mark.

    Ethereum Price Chart

    The price of the coin appears to have been moving sideways recently | Source: ETHUSD on TradingView

    Featured image from Kanchanara on Unsplash.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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  • JPMorgan Says Ethereum Will Rise Above Bitcoin In 2024

    JPMorgan Says Ethereum Will Rise Above Bitcoin In 2024

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    JPMorgan analysts, while maintaining an overall cautious stance on the cryptocurrency market, foresee Ethereum (ETH) surpassing Bitcoin (BTC) and other digital currencies in market price performance by 2024.

    This bullish outlook for Ethereum reflects a distinctive perspective within the institution, suggesting that the analysts see unique potential and favorable prospects for Ethereum relative to other digital assets, even amid an overall cautious sentiment towards the broader crypto landscape.

    In a published note on Wednesday, a team of analysts headed by Nikolaos Panigirtzoglou conveyed their expectation that Ethereum (ETH) will reclaim its prominence and regain market share within the cryptocurrency ecosystem in the upcoming year.

    Ethereum Will Overtake Bitcoin – JPMorgan

    Source: Coingecko

    “We believe that next year Ethereum will re-assert itself and recapture market share within the crypto ecosystem,” Panigirtzoglou wrote in a note.

    The analysts underscored the pivotal role of the EIP-4844 upgrade, popularly known as Protodanksharding, as the primary catalyst for Ethereum’s anticipated resurgence.

    This crucial upgrade, scheduled for implementation in the first half of 2024, is poised to bring about substantial improvements in Ethereum’s network activity.

    Danksharding is a more efficient sharding method for Ethereum, and protodanksharding is the first step toward its complete implementation. Danksharding sidesteps the tedious procedure of dividing Ethereum into several shard chains, as contrast to the initially intended sharding method.

    ETH market cap currently at $273 billion. Chart: TradingView.com

    Data blobs, which are connected to blocks and can hold more data than blocks but are not permanently stored or accessible by the Ethereum virtual engine, are instead introduced.

    Meanwhile, JPMorgan’s optimistic forecast aligns with Standard Chartered’s, as they previously stated in a communication that Ether might experience a 400% surge within a few years, followed by a more sustained upward movement towards $35,000.

    Geoff Kendrick, the Head of FX Research, West, and Digital Assets Research, expressed the viewpoint that the upward trajectory for Ether might unfold at a more gradual pace compared to Bitcoin.

    Ethereum Price Prediction: 5x Increase

    Despite this potentially more extended timeframe, Kendrick envisions Ethereum eventually attaining a higher price multiple than Bitcoin relative to their current levels. Specifically, he anticipates Ethereum reaching a price multiple of 5.0x, surpassing Bitcoin’s expected 3.5x multiple.

    Layer 2 networks, such as Optimism (OP) and Arbitrum (ARB), would gain the most from the upgrade, according to the JPMorgan analysts.

    Ether seen rising to $2,426 this month. Source: Coincodex

    Layer 2 networks on Ethereum would benefit from the increased temporary data space, which would increase network throughput and decrease transaction fees. Data blobs improve Layer 2 network efficiency without changing the size of an Ethereum block.

    In the meantime, as ether discovers new applications, demand for it will rise, and cryptocurrency-related trends will only grow. For example, the most common Ethereum use case is NFT transactions, which Kendrick believes will grow.

    At the time of writing, Ether was trading at $2,281, up 5.0% in the last 24 hours, while Bitcoin was exhanging hands at $42,910, with a 2.3% increase in the same timeframe.

    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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  • Crypto Silver Lining: Market Dips Are Stepping Stones To Soaring Heights – Analyst

    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.

    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.

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

    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.

    Bitcoin price
    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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  • Ethereum Rises: ETH Remains Steady At Over $2,300

    Ethereum Rises: ETH Remains Steady At Over $2,300

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    Recent patterns indicate that the impetus fueling Ethereum’s climb is far from diminishing, and the price trajectory of the cryptocurrency has shown resilience. Ethereum may not be as advanced as some of its L1 competitors, but it stands out from the crowd thanks to its large developer community, immense acceptance, and crucial role in DeFi and other blockchain-based applications.

    Ethereum Remains Firm At $2,347

    At the time of writing, ETH was able to keep a strong footing at the $2,300 level, trading at $2,347, nearly unchanged in the last 24 hours, but tallied a 10% increase in the last seven days, data from Coingecko shows.

    There is still a lot of room for profit in the current bull market, even though Ethereum’s price spike hasn’t been as dramatic as other altcoin’s. Size, liquidity, and being the leading platform for smart contracts all contribute to Ethereum’s continued appeal as an investment.

    Ethereum currently trading at $2,341.6 territory. Chart: TradingView.com

    This means that ETH’s price performance could be greatly enhanced by any further market increases. Ethereum, according to technical research, is about to see growth, and it is now testing key resistance levels. Both retail and institutional investors would be interested if the price breaks out above these levels, as it could indicate that the positive trend would continue.

    For the first time in more than a year, Ethereum’s price has moved into a new range. The accumulation patterns seen in several top addresses indicate that this new range has created a chance for persistent price increases.

    Ethereum’s Growing Holdings And 2024 Roadmap

    The most popular Ethereum addresses on exchanges and those outside of them have shown clear patterns of accumulation in the last several months, according to new data from Santiment.

    A large number of top non-exchange addresses have been buying Ethereum at different prices, which has caused their holding volume of ETH to rise steadily and now surpass 54 million.

    At the same time, following their most recent execution layer meeting on December 8, Ethereum developers have laid out a detailed strategy for the network’s future in 2024, including new suggestions, major upgrades, and more.

    Meanwhile, Ethereum is predicted to significantly outpace mega-cap tech stocks. After the Bitcoin miners’ payouts are halved,  investment firm VanEck thinks Ethereum will soar. In the past, this has caused a fresh spike in the price of Bitcoin, with the proceeds going into altcoins.

    Ethereum won’t surpass Bitcoin, despite surpassing large stocks, and what “flippening” rumors claim. It is still believed that Bitcoin will continue to lead in market capitalization even though there is a chance that ETH may gain value in daily transaction volume.

    (This site’s content should not be construed as investment advice. Investing involves risk. When you invest, your capital is subject to risk).

    Featured image from Shutterstock

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    Christian Encila

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  • 2 Reasons Why An Ethereum Mega Bull Run Is Inevitable

    2 Reasons Why An Ethereum Mega Bull Run Is Inevitable

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    While the recent Bitcoin and crypto momentum is cooling off, Ethereum (ETH) rejects lower lows, especially against Bitcoin (BTC). Taking to X on December 8, decentralized finance (DeFi) researcher DefiIgnas shared insights that suggest ETH could be on the verge of a rally that would potentially see the second most valuable coin usurp BTC’s current position as the best-performing asset. 

    Reasons That Might Drive Ethereum Bulls

    The researcher observed that ETH is down 24% versus BTC in 2023. However, multiple fundamental indicators show that this is about to change. First, DefiIgnas noted that crypto investors are increasingly drawn to discounted Grayscale Ethereum Trust (GETH), which has been rallying over the past few months, outperforming Ethereum spot prices. 

    GETH surged by 298% in the past few months, while ETH only rose by around 100% in the same period. As GETH share prices increased, its discount with spot ETH decreased. This means more capital indirectly flowed into ETH, leading to higher demand.

    Money flowing into GETH | Source: @DefiIgnas on X

    Besides GETH rising, the researcher remains bullish on Ethereum because of the recent developments surrounding the approval of the first spot Bitcoin ETF. The crypto community expects the Securities and Exchange Commission (SEC) to authorize multiple products, including those proposed by Fidelity and BlackRock.

    In DefiIgnas’ assessment, once the spot Bitcoin ETF goes live, likely in early 2024, all “attention, narrative, and speculation” will shift toward the agency approving the first spot Ethereum ETF. BlackRock, the world’s largest asset manager, has already applied with the SEC to issue the first spot Ethereum ETF.

    The expected activation of the Cancun upgrade in H1 2024 will also likely support Ethereum prices. Over the years, Ethereum has integrated multiple upgrades. This includes shifting to proof-of-stake (PoS) from proof-of-work (PoW) and overhauling their fee auction mechanism, introducing ETH burning.

    However, with Cancun, the goal is to directly enhance the main net’s capabilities by activating several proposals, including EIP-4844 proto-dank sharding, which aims to reduce gas fees associated with rollups. This update will further cement Ethereum’s quest to significantly increase on-chain scalability and reduce gas fees over the years.

    ETH Looks Firm, Resistance At November Highs

    At spot rates, ETH is firm versus BTC, looking at the candlestick arrangement in the daily chart. How prices react in the days ahead remains to be seen.

    ETHBTC price trending upward on the daily chart | Source: ETHBTC on Binance, TradingView
    ETHBTC price trending upward on the daily chart | Source: ETHBTC on Binance, TradingView

    Even so, if there is confirmation of the December 7 gains, ETH might extend gains. In that case, it can break above the current consolidation as bulls aim to break above November 2023 highs of around 0.058 BTC.

    Feature image from Canva, chart from TradingView

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    Dalmas Ngetich

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  • Bloomberg Experts Forecast Timeline For Ethereum ETF Approval

    Bloomberg Experts Forecast Timeline For Ethereum ETF Approval

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    The journey towards the approval of an Ethereum ETF in the United States has seen a new development yesterday as the US Securities and Exchange Commission (SEC) has announced a delay in the decision for Grayscale’s Ethereum trust conversion into a spot Exchange Traded Fund (ETF). The SEC has stated the need for an extended period to evaluate the proposed rule change, pushing the new deadline Grayscale to January 25, 2024.

    In its reasoning, the SEC has reiterated, “The commission finds it appropriate to designate a longer period within which to take action on the proposed rule change so that it has sufficient time to consider the proposed rule change and the issues raised therein.” Notably, the delay comes at a time where the US agency is working with now 13 spot Bitcoin ETF applicants on presumably the final amendments before a January 10 approval.

    Timeline For A Spot Ethereum ETF Approval

    Despite the latest delay, the crypto community remains optimistic about the future of spot Ethereum ETFs. Bloomberg ETF analyst James Seyffart has suggested that delays are par for the course, tweeting, “Update: As expected Grayscale’s Ethereum trust filing just got delayed. It was due by 12/6/23 so this is completely normal.”

    Seyffart also shared a table of all seven spot Ethereum ETF applicants: VanEck, 21Shares & ARK, Hashdex, Grayscale, Invesco & Galaxy, BlackRock, Fidelity and their deadlines. He further hinted at potential approvals by mid-2024, responding to criticisms from Adam Back, CEO of Blockstream, with “Unfortunately I think you’re gonna be really upset by June of next year.”

    Spot Ethereum ETF timeline | Source: X @JSeyff

    In response to queries about the probability of an Ethereum ETF approval following a Bitcoin ETF, Eric Balchunas of Bloomberg has indicated that the first filers, Ark and VanEck, have strong odds of approval by their final deadline on May 23, 2024, as they are expected to use the same mechanics as spot Bitcoin ETFs, and due to the fact that Ether futures have already received the green light from the US SEC.

    Queried about for the odd of a spot Ethereum ETF approval, he remarked, “Not formally yet, but final deadline for the first filers Ark and VanEck is May 23rd so strong odds they approved by then given they’d be using same design as btc etfs and ether futures were Ok’d.”

    The Next Deadlines

    The table by Seyffart shows that the next Ethereum ETF deadlines are from December 23 to 26 for VanEck, Ark Invest and Invesco & Galaxy, followed by Hashdex on January 1. Since a spot Bitcoin ETF is very unlikely to be approved by then, delays by the SEC are more than likely for this batch of filings.

    Both iShares by BlackRock and the Fidelity Ethereum Fund have their next deadlines on January 25 and January 21, 2024 respectively. These dates are crucial as they could involve either an extension, a request for more information, or a final decision.

    But things only get really tense towards the final deadlines for all Ethereum ETF filers, as outlined by both Bloomberg ETF experts. With VanEck poised for May 23, 2024, and ARK Invest for May 24, 2024 and other notable filers like Hashdex Nasdaq Ethereum ETF and Grayscale’s Ethereum Trust Conversion (ETHE) scheduled for decisions by May 30, 2024, and June 18, 2024, respectively, the timeline for potential approvals is taking shape.

    At press time, ETH traded at $2,271.

    Ethereum price
    ETH price targets the 0.382 Fib, 1-week chart | Source: ETHUSD on TradingView.com

    Featured image from Shutterstock, chart from TradingView.com

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    Jake Simmons

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  • Ethereum Price Makes New 2023 High, Sets Sights On $3,000

    Ethereum Price Makes New 2023 High, Sets Sights On $3,000

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    Ethereum price action is pushing higher over the weekend, setting a new 2023 high. The move is also a significant sign that an uptrend is forming. Could $3,000 be the next stop for Ether?

    Ethereum Sets New 2023 High, Uptrend In Progress

    ETHUSD has struggled to catch up to Bitcoin’s unstoppable dominance throughout most of 2023, but that could soon change.

    That’s because Ethereum is finally joining in on the bullish price action across crypto, making a new 2023 high.

    The move is also a local higher high. A series of higher lows and higher highs is the pure definition of an uptrend. Ether has also satisfied the increasingly higher low market structure.

    Ether makes new 2023 high, breaks up out of ascending triangle | ETHUSD on TradingView.com

    ETHUSD Ascending Triangle Targets $3,000 To $4,000

    Leaving $2,000 behind after weeks of consolidation above it immediately puts $3,000 in play. Ethereum is also breaking upward out of a 18-month-long ascending triangle pattern, with a target of $4,000 per ETH.

    If the top altcoin makes it back to such levels, it has a strong chance given the recent momentum in the crypto market, to reach new all-time highs.

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    Tony "The Bull" Severino

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  • Ethereum Whales Go On 9-Day Accumulation Spree: ETH Price Rally Incoming?

    Ethereum Whales Go On 9-Day Accumulation Spree: ETH Price Rally Incoming?

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    The price of Ethereum has been on a steady and monumental rise in the past few weeks, and the last seven days have not been much different. The altcoin breached the $2,100 mark on Friday, November 24, with its sights now set on new yearly highs.

    Interestingly, a recent on-chain revelation has shown what could be behind the latest ETH price surge while offering insights into the future prospects of the cryptocurrency.

    On-Chain Data Shows Whales Continue To Buy ETH

    Renowned crypto analyst Ali Martinez, in a post on X, revealed that Ethereum whales have been active in the crypto market over the past few days. According to on-chain data from Glassnode, ETH whales have been accumulating the altcoin for nine consecutive days.

    Ethereum whales increase balance for nine days in a row | Source: Ali_charts/X

    Notably, Martinez highlighted that this is the first 9-day accumulation spree in over nine months. Furthermore, the crypto analyst noted that “the increasing buying pressure could be a strong signal for ETH bullish price action.”

    Changes in whale accumulation are often closely monitored in the cryptocurrency space because of how large crypto holders can influence the market dynamics. The steady buying pressure displayed by Ethereum whales over the past nine days suggests a growing optimism amongst this class of investors.

    Another analyst offered a similar on-chain perspective to the growing accumulation by Ethereum whales. The crypto pundit revealed – via a post on X – that the 200 largest Ethereum wallets now hold a collective 62.76 million ETH (worth about $132.1 billion).

    According to data provided by Santiment, this whale class has accumulated 30.3% more coins since November 21, 2022. Additionally, these 200 largest Ethereum addresses hold about 52% of Ether’s circulating supply. 

    Ethereum Price – Where Next?

    While Ethereum’s price broke above the $2,100 mark on Friday, it has since retraced below the price level. However, there is much optimism around a continuous upward movement for ETH, especially as it still trades above the significant $2,044 resistance zone.

    Many investors might want to keep an eye on the cryptocurrency’s price action by the end of the week, though. According to an analyst, a close above $2,130 on the weekly timeframe will be pivotal for Ethereum’s price trajectory.

    As of this writing, ETH is currently valued at $2,086, reflecting a negligible 0.2% in the past 24 hours. Nevertheless, the cryptocurrency has managed to maintain most of its gain on the weekly timeframe, having swelled by more than 8% in the last seven days.

    Ethereum price revolves around the $2,100 mark on the daily timeframe | Source: ETHUSDT chart on TradingView

    Featured image from Unsplash, chart from TradingView

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    Opeyemi Sule

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  • Analyst Says Ethereum Is Seeing ‘Systemic Buying’, What This Means

    Analyst Says Ethereum Is Seeing ‘Systemic Buying’, What This Means

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    A CryptoQuant Analyst has identified a significant systemic buying trend in Ethereum, suggesting a rising influx of strategic investments into the blockchain network. 

    Analyst Reveals Ethereum Systemic Buying Trend

    A crypto market observer and a contributing analyst at CryptoQuant, Maarten Regterschot has taken to X (formerly Twitter) to publish a systemic buying trend he witnessed in Ethereum. The analyst presented a chart indicating that one or more investors have been engaging in Time Weighted Average Price (TWAP) buying on Ethereum futures. 

    Regterschot stated that the linear increase in open interest in Ethereum suggests that there has been systemic buying of ETH assets for an extended period of time. He revealed that approximately $700 million has already been added to the market. 

    “Someone(s) are TWAP-buying on Ethereum futures. This linear growth in open interest indicates systematic buying over a certain period. There is $700 million added so far,” Regterschot said. 

    Systemic buying in this context involves crypto investments made at regular and periodic intervals. TWAP on the other hand is the measure of an asset’s average price over a specific time period.

    This systemic buying trend suggests a growing demand for ETH by investors over a long period. The trend also coincides with the latest Ethereum developments in the crypto space, including the growing applications on Ethereum Spot ETFs and its potential approval by the United States Securities and Exchange Commission (SEC). 

    The analyst has not revealed insights into the motives behind this systemic buying of Ethereum. However, the developments could become a catalyst for a potential bullish momentum for Ethereum (ETH).

    ETH Price Holds $2000 Mark

    The price of Ethereum has seen multiple upticks within the last few months, allowing the cryptocurrency to finally cross the $2,000 mark. According to CoinMarketCap, Ethereum’s price is up by 2.3% and trading at $2,062 at the time of writing. Although its overall market capitalization is down by 23.31%, the cryptocurrency has been experiencing a fair amount of price increases recently. 

    As the potential approval of Ethereum Spot ETFs by the US SEC looms next year, many investors are currently holding their crypto assets as they gear up for a possible bull run. There have also been several optimistic price projections for the ETH token. Some analysts have predicted that the price of the cryptocurrency will reach $2,250 if it succeeds in crossing multiple resistance levels. 

    ETH price falls to $2,055 | Source: ETHUSD on Tradingview.com

    Featured image from Decrypt, chart from Tradingview.com

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    Scott Matherson

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  • Ethereum Bulls May Propel Price To $3,100, Analyst Suggests

    Ethereum Bulls May Propel Price To $3,100, Analyst Suggests

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    Ethereum (ETH), the second-largest cryptocurrency, has seen a significant price increase over the past month. The recent bullish rush in the crypto market, coupled with BlackRock’s involvement, has pushed ETH to its year-to-date high of $2,139.

    Ethereum Outshines Bitcoin And Altcoins

    According to market data provider Kaiko, ETH has outperformed BTC and many altcoins in recent weeks, signaling a shift in market dynamics.

    Kaiko’s report highlights how ETH struggled to gain momentum over the past year, despite successful upgrades such as The Merge in April. 

    However, the sentiment around ETH changed dramatically when BlackRock filed for a spot ETH exchange-traded fund (ETF), leading to a reversal in the ETH to Bitcoin (BTC) ratio.

    The impact on the market was substantial, with ETH prices surging above $2,000 for the first time since April. Additionally, daily spot trade volumes reached $7 billion, the highest level since the collapse of FTX. 

    ETH’s daily spot trading volume surged to $7 billion. Source: Kaiko

    The ETH ETF narrative provided further impetus to the ongoing rally, amplified by improved global risk sentiment and declining US Treasury yields.

    The dominance of altcoin + ETH volume relative to BTC has risen to 60%, marking its highest level in over a year. During bull rallies, altcoin volume typically increases relative to BTC. 

    This surge in demand has also led to rising leverage, as reflected in the recovery of ETH open interest to early August levels. Notably, BTC open interest has declined over the past month due to liquidations on Binance, resulting in the Chicago Mercantile Exchange (CME) outpacing Binance as the largest BTC futures market.

    Furthermore, ETH funding rates, a gauge of sentiment and bullish demand, have reached their highest levels in over a year, indicating a significant shift in sentiment. In November, both BTC and ETH 30-day volatility rose to 40% and 50% respectively, following a multi-year low of around 15% during the summer months.

    Crypto Expert Predicts ETH Breakout

    Renowned crypto expert Michael Van de Poppe believes that ETH is on the cusp of a significant breakthrough. According to Van de Poppe, if Ethereum manages to surpass the crucial $2,150 resistance level, it could signify the end of the bear market. 

    Drawing a parallel with Bitcoin’s critical $30,000 barrier, Van de Poppe suggests that breaching this level could pave the way for a substantial rally, potentially propelling Ethereum towards the price range of $3,100 to $3,600. 

    Ethereum
    ETH’s 2.5% price surge over the past 24 hours on the daily chart. Source: ETHUSDT on TradingView.com

    However, Ethereum has yet to touch the $2,150 resistance line, as it faces a pre-existing obstacle in the form of its yearly high of $2,139. This pivotal level has halted the cryptocurrency’s bullish momentum, acting as a formidable resistance. 

    As a result, Ethereum has been consolidating within a narrow range between $2,050 and $2,100 for the past three days.

    The forthcoming days will reveal whether Ethereum can overcome its immediate resistance levels and establish a consolidated position above them. Alternatively, it may face a fate similar to Bitcoin, which failed to surpass the $31,000 level for over seven months before reaching its current trading price of $36,000.

    Featured image from Shutterstock, chart from TradingView.com

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    Ronaldo Marquez

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  • Arthur Hayes Unveils Playbook For Bitcoin, Crypto And Big Tech

    Arthur Hayes Unveils Playbook For Bitcoin, Crypto And Big Tech

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    In his latest essay, Arthur Hayes, the co-founder of BitMEX, has laid out his investment playbook in the current global economic landscape, focusing on the potential of Bitcoin, cryptocurrencies, big tech, and traditional financial markets.

    Dumb Trades

    Hayes begins with a blunt critique of traditional investment strategies, particularly the purchase of long-term bonds in the current economic climate. He explicitly states, “The dumbest thing one can do is purchase long-term bonds with a buy-and-hold mentality.”

    Hayes explains this viewpoint by highlighting the risks associated with these bonds, especially when liquidity conditions shift, saying, “You will experience a market-to-market gain today, but…the market will start to discount the impact of further Reverse Repo [RRP] balance decreases and long-end bond yields will creep higher, which means prices fall.”

    Moving on to smarter investment approaches, Hayes acknowledges leveraging short-term debt, as exemplified by Stan Druckenmiller. Hayes notes that Stan Druckenmiller went mega-long 2-year treasuries. He remarked, “Great trade, brah! Not everyone has the stomach for the best expressions of this trade (hint: it’s crypto). Therefore, if all you can trade are manipulated TradFi assets like government bonds and stocks, then this isn’t a bad option.”

    Hayes also argues that a trade “that’s a bit better than the medium-smart trade (but still not the smartest) is to go long on big tech.” Hayes focuses on AI-related companies. He identifies AI as a pivotal future technology, arguing, “Everyone knows that everyone knows that AI is the future. This means anything AI-related will pump, because everyone is buying it too. Tech stocks are long-duration assets and will benefit from cash being trash once more.”

    Smart Trades: Bitcoin And Crypto

    However, the smartest trade is to go long crypto, which has significantly outperformed other assets relative to the increase in central bank balance sheets. Hayes presented the chart below, comparing the performance of Bitcoin, Nasdaq 100, S&P 500, and Gold against the Fed’s balance sheet since March 2020, highlighting Bitcoin’s exceptional growth.

    Bitcoin (white), Nasdaq 100 (red), S&P 500 (green), and Gold (yellow) divided by the Fed’s balance sheet | Source: Arthur Hayes / Medium

    Hayes identifies Bitcoin as the primary investment target, describing it as “money and only money.” Following Bitcoin, he points to Ether as the commodity powering the Ethereum network. “Ether is the commodity that powers the Ethereum network, which is the best internet computer.”

    He categorizes other cryptocurrencies, stating, “Bitcoin and Ether are crypto’s reserve assets. Everything else is a shitcoin.” He further elaborates on alternative layer-one blockchains like Solana, calling them “all overhyped, me-too, pieces of shit that won’t overtake Ethereum in terms of active developers, dApp activity, or Total Value Locked.”

    Hayes also discusses decentralized applications (dApps) and their tokens. He finds this sector exciting for its high-return potential, though he acknowledges the risks: “Finally, all manner of dApps and their respective tokens will pump. This is the most fun, because down here is where you get the 10,000x returns. Of course, you’re also more likely to get rugged, but where there is no risk there is no return. I love shitcoins, so don’t ever call me a maxi!”

    Geo-Economic Factors

    Regarding his investment strategy in the context of current economic fluctuations, Hayes explains his focus on the net of RRP minus Treasury General Account (TGA) to gauge market liquidity, which informs his decisions on T-bill sales and Bitcoin purchases. He emphasizes the importance of adaptability, stating, “I will stay nimble and flexible. The best-laid plans of mice and men have a tendency to falter.”

    Hayes also delves into geopolitical considerations, specifically the potential impact of the Hamas v. Israel conflict on oil prices and monetary policy. He notes Bitcoin’s resilience in such scenarios: “Bitcoin has proven to outperform bonds during times of war. […] The long-term US Treasury bond ETF has fallen 12% vs. Bitcoin pumping 52% since the onset of the Ukraine / Russia war.”

    While he concedes that Bitcoin could fall in an initial move when Iran is drawn into the Hamas v. Israel war, it would be a “buy the dip” situation according to Hayes.

    In a candid conclusion, Hayes comments on the historical context of geopolitical conflicts, expressing skepticism about the prospects for global peace: “Of course, if those in charge of Pax Americana committed themselves to peace and global harmony… nah, I’m not even going to finish that thought. These mofos have been practicing war since 1776, with no signs of letting up.”

    According to Hayes, however, all roads lead to Bitcoin: “[It] will reassert itself as a real-time scorecard on the health of the war-time fiat financial system.”

    At press time, BTC traded at $37,030.

    Bitcoin price
    BTC formed a new trend channel, 2-hour chart | Source: BTCUSD on TradingView.com

    Featured image from South China Morning Post, chart from TradingView.com

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    Jake Simmons

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  • Ethereum Long-Term Bull Crossover Imminent, What The Signal Means | Bitcoinist.com

    Ethereum Long-Term Bull Crossover Imminent, What The Signal Means | Bitcoinist.com

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    Ethereum sentiment is at extreme lows despite an ongoing recovery in the cryptocurrency market. Controversy continues to keep the top altcoin from joining in the fun.

    But a rising tide lifts all boats, and Bitcoin’s breakout could have been enough to revive Ether, albeit later than other coins. The recent rise has been enough to put the top-ranked altcoin on the cusp of a long-term bullish crossover. Here’s what the signal means.

    Ethereum Readies Monthly Bullish LMACD Crossover

    Ethereum price has consistently made higher lows throughout 2023 and since its June 2022 bottom. Nearly 18 months later, ETHUSD is poised for a bullish crossover of the 1M LMACD — the logarithmic version of the Moving Average Convergence Divergence indicator.

    This version of the tool is used to better compare historical price movements with current price action. A bullish crossover represents a major momentum shift, made even more powerful due to the crossover taking place right at the zero line in the indicator. Passing above the zero line acts as a secondary signal, showing that momentum has strengthened into bullish territory.

    Such a crossover in the past has led to a sustained bull market for Ether and altcoins, especially the DeFi space. The last bullish crossover appeared in May 2020, lasting until a bearish crossover in January 2022 caused a lengthy crypto winter.

    Is a major trend change beginning? | ETHUSD on TradingView.com

    Domino Effect Could Trigger Triangle Breakout, Revisit ATHs

    The bullish crossover in the LMACD is not confirmed, but a breakout of the 1M On-Balance Volume (OBV) indicator could hint at the eventual outcome. OBV is called the “smart money” indicator, able to help traders spot moves early by tracking subtle changes in volume.

    All of these signals point to a possible breakout from an ascending triangle pattern that ETHUSD has been trading in for nearly 18 months. The target of the chart pattern projects Ethereum price revisiting all-time highs, making a breakout especially meaningful.

    If Ether joins in the ongoing bullish price action next to Bitcoin and other altcoins, it could provide more breadth necessary for a dramatic crypto bull run.

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    Tony "The Bull" Severino

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  • Ethereum Insider Drops Bombshell: ETH Founders’ Fraud Bigger Than FTX Fraud | Bitcoinist.com

    Ethereum Insider Drops Bombshell: ETH Founders’ Fraud Bigger Than FTX Fraud | Bitcoinist.com

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    An Ethereum insider has made allegations against Ethereum’s founders, claiming that their fraudulent activities far surpass those seen in the notorious FTX fraud case. 

    Ethereum’s Credibility Under Spotlight

    Attorney and former Advisor for ETH, Steven Nerayoff recently published a shocking piece about Ethereum in an X (formerly Twitter) post on Thursday. 

    The lawyer who has personal knowledge of ETH having worked for the blockchain network previously, has come forward with explosive allegations regarding the actions of Ethereum founders, Vitalik Buterin, and Joseph Lubin. 

    According to Nerayoff, these two Ethereum founders have allegedly orchestrated fraudulent activities regarding the ETH blockchain that exceed the scale of the actions committed by Former CEO and founder of FTX, Sam Bankman-Fried. 

    “Ethereum is the fraudulent elephant in the room in plain sight 1000x bigger than SBF,” Nerayoff stated. 

    The FTX case which has been in the headlines for about a year was one of the leading crypto fraud cases which resulted in the financial loss of many investors. About $8 billion in customer funds were found misappropriated in FTX accounts and millions were transferred into a subsidiary company, Alameda Research owned by Bankman-Fried. 

    The founder of FTX was recently found guilty on all seven charges of fraud and conspiracy on Thursday. Bankman-Fried also stands to serve potentially over 100 years in prison which is the amount the charges lead to. 

    Nerayoff has not provided any concrete evidence to support his claims against ETH founders’ alleged fraudulent activities. But this is also not the lawyer’s first time targeting ETH founders with corrupt accusations. 

    Earlier in September, the former Ethereum advisor accused Vitalik Buterin and his father, Dmitry Buterin of a combined effort to ruin his reputation by accusing him of the extortion of an ETH ICO. 

    Insider Says ETH Linked With Corrupt US Officials

    Following his statement of Ethereum allegedly being involved in fraudulent schemes higher than Sam Bankman-Fried’s FTX fraud case, Steven Nerayoff disclosed that founders Joseph Lubin and Vitalik Buterin have allegedly been colluding with corrupt US government officials from some of the highest federal agencies. 

    The former advisor mentioned prominent government figures that Ethereum may have had secret dealings with including present United States Securities and Exchange Commission (SEC) Chairman, Gary Gensler and former US SEC Chairperson Jay Clayton. 

    “Joe Lubin and Vitalik Buterin have been at the front with corrupt officials at the highest levels of federal agencies such as Clayton, Gensler & many others,” Nerayoff said. 

    Nerayoff’s allegations suggest that Ethereum’s corruption runs deep and high, allowing the platform to have an unfair advantage in the crypto space. The claims which are yet to be verified, have raised questions and concerns among many crypto community members. 

    ETH bulls maintain control | Source: ETHUSD on Tradingview.com

    Featured image from CoinGape, chart from Tradingview.com

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    Scott Matherson

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  • US Authorities Confiscate $54 Million In Ethereum From Convicted Drug Dealer

    US Authorities Confiscate $54 Million In Ethereum From Convicted Drug Dealer

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    In recent developments, US authorities led by US Attorney Philip R. Sellinger successfully seized $54 million worth of Ethereum (ETH) from Christopher Castelluzzo, a convicted drug dealer operating in Lake Hopatcong, New Jersey. 

    Massive Crypto Bust

    The US Attorney’s Office filed a civil forfeiture action to recover previously seized cryptocurrency that was determined to be the proceeds of an illegal narcotics distribution scheme operating in and around New Jersey. 

    US Attorney Philip R. Sellinger emphasized law enforcement’s “commitment” to seizing financial gains from criminal activity, regardless of the form they take. Sellinger further stated:

    The civil action we are taking today seeks to recover millions of dollars of cryptocurrency, which the defendant allegedly obtained from drug sales. Whether it’s as simple as bags of cash or as sophisticated as cryptocurrency, we will take the steps necessary to seize financial gains defendants obtain from criminal activity. 

    According to the US Department of Justice’s (DOJ) press release on the case, the prosecution sheds light on using cryptocurrencies such as Bitcoin (BTC) and Ethereum by criminals on the darknet to evade detection.

    In addition, James E. Dennehy, Special Agent in Charge of the Federal Bureau of Investigation (FBI) in Newark, stated that the FBI played a critical role in uncovering the illegal conduct and ill-gotten proceeds.

    Drug Trafficker’s Ethereum Stash Seized

    According to court documents and the investigations conducted, Christopher Castelluzzo and his associates conspired to sell narcotics between 2010 and 2015. 

    In 2013, they allegedly began trading drugs on darknet platforms in exchange for Bitcoin. Castelluzzo, using proceeds from narcotics sales, participated in Ethereum’s Initial Coin Offering (ICO) in July 2014, acquiring 30,000 Ethereum. Additionally, Castelluzzo received 30,000 ETH Classic in 2016.

    Castelluzzo’s plan to move the funds to a tax haven in Ireland, Malta, or the Bahamas, or potentially keep them in USDT (Tether), was revealed in forfeiture documents. 

    However, a subsequent search warrant led to the raid of Brian Krewson’s residence, an associate of Castelluzzo. Police discovered the relevant crypto wallets under Krewson’s control, and after obtaining the necessary passwords, law enforcement executed the seizure of the Ethereum, valued at $31 million at the time.

    Currently serving concurrent 20-year federal and state prison sentences for drug distribution convictions, Castelluzzo attempted to evade taxes and transfer the 30,000 Ethereum out of the United States while incarcerated. 

    However, Castelluzzo’s plans were intercepted when recorded prison telephone calls exposed his efforts to launder the cryptocurrency. As a result, the United States intervened and seized Castelluzzo’s cryptocurrency holdings linked to his drug trafficking crimes.

    The current value of the 30,000 Ethereum stands at approximately $54 million, underscoring the significant impact of the seizure. 

    ETH’s bullish momentum continues, as seen in the 4-hour chart. Source: ETHUSDT on TradingView.com

    As of the time of writing, ETH is trading at $1,815, reflecting a 0.9% increase over the past 24 hours and a steady upward trend of over 2% in the past seven days, exhibiting strong bullish momentum in the market.

    Featured image from Shutterstock, chart from TradingView.com

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    Ronaldo Marquez

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  • Researcher Successfully Syncs Ethereum Node On PlayStation 4 | Bitcoinist.com

    Researcher Successfully Syncs Ethereum Node On PlayStation 4 | Bitcoinist.com

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    In a groundbreaking experiment, Mario Havel, a protocol supporter and researcher of the Ethereum (ETH) Foundation, has achieved the synchronization of an ETH node on an unlikely device – a PlayStation 4 gaming console. 

    According to a recent post, Havel’s journey began with delving into “PlayStation jailbreaking,” where he discovered vulnerabilities in older PlayStation 4 firmware that allowed for control takeover. 

    Jailbreaking refers to bypassing the restrictions imposed by the official software (firmware) of a device, in this case, a PlayStation 4 console. 

    By jailbreaking the console, the researcher, Mario Havel, gained unauthorized access to the system, allowing him to run custom software and applications and make modifications not typically allowed by the manufacturer.

    Armed with an “old PlayStation 4 machine” running firmware 9.00 or older, Havel embarked on a mission to transform the gaming console into a fully functional Ethereum node.

    From Gaming To Blockchain

    The initial challenge was to obtain a “suitable, hackable” PlayStation 4 console with the desired firmware version. Havel emphasized the importance of avoiding system updates, as newer firmware versions are incompatible with the exploit. 

    After acquiring the appropriate console, Havel manually installed the 9.00 firmware using a USB drive, ensuring the machine remained offline to prevent unwanted updates. 

    To prevent automatic updates while connected to the internet, Havel recommended using a custom domain name system (DNS) server that blocks updates and redirects the user guide homepage to an exploit host. 

    This setup allowed Havel to host a website locally or publicly, providing the necessary tools and resources for the PlayStation 4 jailbreaking process. 

    The jailbreaking process relied on an exploit discovered by comparing firmware versions 9.00 and 9.03. By exploiting a filesystem bug, Havel could trigger the vulnerability by inserting a specially formatted USB device immediately. 

    The exploit required an exfathax.IMG file, which could be downloaded and flashed onto a USB drive using software such as Balena Etcher, a cross-platform tool. Havel noted that the USB drive would be formatted during each jailbreaking session, and it was advisable to use a dedicated flash drive for this purpose.

    According to Havel, once the exploit was successfully activated, the PlayStation 4 gained new capabilities, allowing it to install various packages, tools, and games directly on the console. 

    Linux-Based Ethereum Node Hosting

    Havel mentioned the ability to install packages over a local network for a “smoother installation process.” He also highlighted the ability to run a GNU/Linux distribution – an operating system that can interact with computers and run other programs – on the PlayStation 4, turning it into a versatile personal computer.

    With Linux successfully running on the PlayStation 4, Havel set up an Ethereum node on the console. He recommended downloading portable versions or compiling Ethereum clients suitable for the PlayStation 4’s GNU/Linux environment. 

    Havel shared his experience with clients, highlighting the importance of optimizing resource consumption for smoother operations. He also mentioned monitoring applications to ensure optimal temperature and fan control.

    Having established secure shell (SSH) access over the local network, Havel could connect to his PlayStation 4 node from his laptop, treating it like any other server. 

    This setup allowed for continuous Ethereum synchronization and showcased the PlayStation 4’s potential as a dedicated node-hosting device.

    Ultimately, by repurposing a PlayStation 4 as an Ethereum node, Havel has opened up new possibilities for node hosting, decentralization, and utilizing existing hardware for blockchain network participation. 

    As the experimentation continues, researchers and enthusiasts will likely explore similar avenues, pushing the boundaries of what can be achieved with gaming consoles and decentralized technologies.

    ETH’s uptrend on the daily chart. Source: ETHUSDT on TradingView.com

    Featured image from Shutterstock, chart from TradingView.com 

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    Ronaldo Marquez

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