ReportWire

Tag: ETHUSD

  • Dogecoin Co-Creator Fires Shots At Convicted Sam Bankman-Fried

    Dogecoin Co-Creator Fires Shots At Convicted Sam Bankman-Fried

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    Dogecoin co-creator Billy Markus, who is known as Shibetoshi Nakamoto on the social media platform X, has offered his commentary on the recent verdict in the case of Sam Bankman-Fried (SBF), the disgraced founder of FTX. 

    Markus took to social media to share his perspective, shedding light on the controversial aspects of the case and the implications it holds for the cryptocurrency community.

    The Verdict: SBF Guilty On All Counts

    A jury has found the 31-year-old former cryptocurrency billionaire guilty on all seven criminal counts brought against him. The charges include two counts of wire fraud conspiracy, two counts of wire fraud, conspiracy to commit money laundering, conspiracy to commit commodities fraud, and conspiracy to commit securities fraud. 

    Each of these charges carries the potential for significant prison time, with wire fraud conspiracy and wire fraud charges carrying a maximum sentence of 20 years, while the other charges could lead to five-year sentences.

    The Controversial Journey Of Sam Bankman-Fried

    SBF, an MIT graduate, had vehemently maintained his innocence from the time of his arrest late last year. His legal troubles began following the shocking collapse of FTX, a cryptocurrency exchange he co-founded.

    The exchange’s downfall was marked by an $8 billion shortfall in funds, along with allegations that customer money was misused to support SBF’s struggling hedge fund, Alameda Research.

    DOGE market cap currently at $9.5 billion. Chart: TradingView.com

    The case garnered significant attention, not only for the colossal financial discrepancies but also for the intricate web of connections involving prominent figures in the cryptocurrency and financial sectors. SBF’s alleged actions had far-reaching consequences, with accusations of bribing politicians and diverting funds to enrich celebrities.

    Dogecoin Co-Creator’s Commentary On Altruism 

    Markus’ commentary sheds light on the moral dimension of the case. 

    On X, the Dogecoin co-creator wrote: “pro-tip: ‘altruism’ is not very ‘effective’ when it’s about stealing from the poor (crypto degens) and giving their money to rich celebrities (Kevin O’Leary), bribing politicians, and giving your already rich parents a 20 million dollar mansion.”

    The crypto community has been closely following the trial, and Markus’ comments have reignited discussions about ethics and transparency within the cryptocurrency space.

    While the verdict has brought a sense of closure to the legal aspect of the case, the implications for the crypto industry and its stakeholders continue to ripple through the community.

    As the dust settles on the trial, Sam Bankman-Fried’s legal team remains resolute in their defense, with attorney Mark S. Cohen expressing disappointment with the verdict while emphasizing SBF’s unwavering claim of innocence.

    The aftermath of this high-profile case promises to shape the future of cryptocurrency regulation and the community’s collective commitment to accountability and transparency.

    Featured image from huettenhoelscher/iStock

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    Christian Encila

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  • XRP Hits $0.6 In Unstoppable Surge: How High Can It Go This November?

    XRP Hits $0.6 In Unstoppable Surge: How High Can It Go This November?

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    XRP, the native cryptocurrency of the Ripple network, reached a significant milestone as it soared to the crucial psychological level of $0.60, marking its highest value since the mid-August market crash. 

    In financial terms, psychological levels are key price points where traders and investors have historically shown heightened interest, often leading to increased buying or selling pressure.

    Crossing this mark after a prolonged period of market volatility signals a potential shift in sentiment for XRP enthusiasts, who have eagerly awaited a resurgence in the coin’s value.

    Related Reading: Solana Bull Run Could Smash Through $40 Barrier This Week – Here’s How

    XRP’s Remarkable Rebound

    According to the latest data from CoinGecko, XRP was trading at $0.606379, reflecting a notable 2.7% gain over the past 24 hours. Over the course of the week, the digital asset witnessed an impressive seven-day rally of 9.2%, solidifying its upward trajectory and instilling confidence in the cryptocurrency market.

    This upward momentum, while significant in itself, has also sparked a flurry of activity among XRP whales, who have long been regarded as influential players capable of shaping the market’s direction.

    Recent data from the crypto analytics platform Whale Alert shed light on a substantial transaction involving a major XRP whale. The data revealed that an anonymous entity had transferred a staggering 412,890,441 XRP tokens, valued at approximately $248,922,341, from one wallet to another. Such large-scale movements by influential holders can often trigger a domino effect, leading to increased interest from smaller investors and, in turn, contributing to further price fluctuations.

    Key Milestones And Challenges For XRP

    In parallel to these developments, Ripple, the company behind XRP, published its comprehensive market report for the third quarter, highlighting several key achievements of the cryptocurrency during the period. Notably, the report indicated a significant uptick in the number of new wallets, recording a remarkable surge of nearly 12% to reach a total of 157,936. 

    Moreover, the document emphasized the robustness of the XRP trading volume, consistently surpassing the $1 million mark throughout July and August, with certain days witnessing an impressive trading volume range of $20 million to $30 million.

    However, amidst these positive indicators, the report also pointed to a slight downturn in the overall transaction count, registering a decrease of over 8% compared to the previous quarter. This decline, while not entirely alarming, underscores the need for continued market analysis and strategic measures to maintain a steady growth trajectory for XRP.

    As Ripple and its native coin XRP continue to make significant strides, market observers remain vigilant, analyzing various factors that could impact the cryptocurrency’s trajectory in the coming months.

    (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 Freepik

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    Christian Encila

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  • Cardano Experiences Decline In Q3 Activity – The Root Cause

    Cardano Experiences Decline In Q3 Activity – The Root Cause

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    Cardano, one of the prominent blockchain networks, experienced a mixed bag of performance during the third quarter of the year, leaving investors and enthusiasts intrigued about its future trajectory. While certain metrics presented a less-than-stellar picture, there are emerging indicators that suggest the potential for a positive turnaround. 

    In this article, we look into Cardano’s Q3 performance, examining stagnant metrics, the impact they have had, and the potential price direction that could shape its future.

    The Impact Of Stagnant Metrics

    In the realm of cryptocurrencies, metrics play a crucial role in determining the health and vitality of a blockchain network. Cardano’s performance in Q3, as shown in Messari’s analysis, revealed some concerning trends, albeit not entirely bleak. The average transaction fee on the Cardano network, denominated in US dollars, saw a 29.9% decrease, dropping from $0.13 to $0.10, suggesting a reduction in the cost of network usage.

    Source: Messari

    One of the more significant concerns was the decline in daily active addresses. Between July and September, the average count of daily active addresses plummeted by 29%, from the 58,000 recorded during the year’s second quarter to 41,137. This decline raises questions about the network’s ability to maintain user engagement and activity levels.

    Fees denominated in Cardano’s native token, ADA, also fell by 3% quarter-over-quarter (QoQ), indicating that users may have been transacting with smaller amounts of ADA due to lower fees. Furthermore, the network’s revenue took a hit, falling by a substantial 30%, which could raise concerns about its overall financial stability.

    ADA market cap currently at $10.161 billion on the daily chart: TradingView.com

    Cardano’s Chart Signals Optimism

    Amidst the stagnant metrics and challenges faced in Q3, Cardano’s chart on TradingView paints a different narrative, hinting at the potential for an upward momentum. The Relative Strength Index (RSI) for Cardano is on an upward trajectory, approaching the overbought territory. While this might typically be seen as a signal for a potential pullback, it should be considered in the context of Cardano’s recent price performance and external factors.

    The moving averages on the chart provide further cause for optimism. After a period of sideways movement, the price appears to be making an effort to break above the long-term resistance trendline. This, combined with the formation of higher lows on the chart, creates a potentially bullish scenario, suggesting that Cardano may be gearing up for a significant price move.

    Source: Messari

    Potential Price Direction

    As of the most recent data from CoinGecko, Cardano (ADA) is trading at $0.290817. In the last 24 hours, the price experienced a dip of 3.8%, while over the past seven days, it saw a 2.8% rise. These short-term price movements indicate a level of volatility and uncertainty in the market.

    Cardano’s performance in Q3 had its fair share of challenges, with stagnant metrics and declining user engagement. However, the positive signals on the trading chart and the potential for an upward momentum suggest that Cardano may be poised for a price breakout. 

    (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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  • Renowned Crypto Pundit Issues Provocative Warning Amid ‘Massive Bull Cycle’

    Renowned Crypto Pundit Issues Provocative Warning Amid ‘Massive Bull Cycle’

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    Michael van de Poppe, a prominent figure in the world of crypto analysis and trading, recently shared some striking viewpoints with the crypto community.

    On the popular social media platform X, the esteemed analyst made a bold declaration, emphasizing the early stages of what he believes to be a colossal bull cycle, one that will undoubtedly leave a profound, global impact.

    In his recent post on X, van de Poppe noted a gradual shift in market sentiment, a shift that he perceives as the world’s slow but steady recognition of the undeniable significance of cryptocurrency. 

    “We’re at the early stages of a massive bull cycle, which is also going to have a fundamental, global impact,” van de Poppe emphasized, encouraging enthusiasts to prepare themselves for the imminent changes that lie ahead.

    Amidst these observations, the current price of Bitcoin (BTC) according to CoinGecko stands at $34,318, with a slight 24-hour dip of 0.2% but still retaining a seven-day gain of 0.1%. 

    Bitcoin’s October Trend: A Shift From ‘Buy And Hold’

    Interestingly, as October draws to a close, the cryptocurrency community is turning its attention to a historical trend that supports the notion of outperforming the traditional “Buy and Hold” model for Bitcoin.

    This trend, recognized by the well-regarded analyst PlanB also in a recent X thread, suggests the emergence of favorable windows of opportunity approximately six months before halving events, with these windows closing around a year and a half after the said events.

    PlanB’s analysis sheds light on the cyclical nature of Bitcoin’s performance, pinpointing strategic moments within the market cycle that have historically proven advantageous for investors adopting a proactive approach. 

    Total crypto market cap at $1.246 trillion on the daily chart: TradingView.com

    Crypto Landscape: Navigating The Ever-Changing Market

    With the Bitcoin market constantly evolving, PlanB’s insights serve as a guiding compass for those navigating the complexities of the cryptocurrency landscape, highlighting the potential benefits of timing one’s investments strategically.

    As the cryptocurrency community eagerly absorbs these insights and analyses, the market remains poised for further developments and transformations. With the ongoing surge in interest and recognition of the potential of digital currencies, the landscape is set to undergo substantial shifts, potentially paving the way for a new era in the global financial domain.

    Featured image from Shutterstock

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    Christian Encila

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  • Digital Assets Take Center Stage: Singapore Spearheads Partnership With Tech Titan Nations

    Digital Assets Take Center Stage: Singapore Spearheads Partnership With Tech Titan Nations

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    In the realm of digital assets, the Monetary Authority of Singapore (MAS) is forging an unprecedented alliance with esteemed financial regulatory bodies from around the world, including the Financial Services Agency of Japan (FSA), the Swiss Financial Market Supervisory Authority (FINMA), and the UK Financial Conduct Authority (FCA).

    Their collective mission is to spearhead a series of pioneering pilot initiatives encompassing digital assets in the realms of fixed-income, foreign exchange, and asset management. 

    This ambitious partnership heralds a new era of global cooperation as these authorities delve into in-depth discussions about digital asset law, policy, and accounting, thereby fostering an environment of cross-border marketable digital assets, regulatory sandbox digital asset experiments, and the invaluable exchange of regulatory-industry insights.

    MAS And Its Trailblazing Digital Asset Initiatives

    MAS, in its unwavering commitment to drive innovation in the financial landscape, has already joined hands with more than 15 financial institutions in various pilot programs. These initiatives, under the umbrella of ‘Project Guardian,’ span tokenization, foreign exchange, and digital asset management products. 

    Notably, Project Guardian is charting a course toward secured borrowing and lending facilitated by a public blockchain-based network. The cornerstone of this endeavor rests on the seamless execution of smart contracts, which are set to revolutionize the way financial transactions occur.

    Image: iStock

    Project Guardian has set its sights on pioneering use cases in four distinctive areas, each representing a critical facet of the digital asset ecosystem.

    First, the initiative is poised to create open, interoperable networks that lay the foundation for a global digital asset infrastructure.

    Second, trust anchors will be established to ensure the security and reliability of digital assets. Asset tokenization, the third aspect, will make it easier to trade and manage financial instruments.

    Lastly, institutional-grade DeFi (Decentralized Finance) protocols will underpin the fourth pillar, with the initial industry pilot focusing on potential DeFi applications within wholesale funding markets.

    BTC market cap currently at $667 billion on the chart: TradingView.com

    MAS Deputy Managing Director’s Vision For Digital Assets Innovation

    Leong Sing Chiong, Deputy Managing Director at MAS, articulated the significance of this groundbreaking collaboration, stating, “MAS’ partnership with FSA, FCA, and FINMA shows a strong desire among policymakers to deepen our understanding of the opportunities and risks arising from digital asset innovation.

    He said:

    “Through this partnership, we hope to promote the development of common standards and regulatory frameworks that can better support cross-border interoperability, as well as sustainable growth of the digital asset ecosystem.”

    The collaborative efforts of these regulatory authorities promise to shape the future of finance by fostering an environment of global cooperation, common standards, and sustainable growth in the digital asset ecosystem. As Project Guardian progresses, the world will be watching, eager to witness the transformative potential of digital assets in the financial landscape.

    Featured image from Shutterstock

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    Christian Encila

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  • Ethereum DeFi Activities Rise: Will It Drive A Bullish Price Surge?

    Ethereum DeFi Activities Rise: Will It Drive A Bullish Price Surge?

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    Ethereum, often hailed as the pioneer of smart contracts, has cemented its position as the frontrunner in the world of decentralized finance (DeFi) and blockchain technology.

    Recent data reveals that Ethereum was the primary catalyst behind the surge in crypto Total Value Locked (TVL), amassing an impressive 75% of all deposited funds during the past week.

    Ethereum’s journey began with the groundbreaking innovation of smart contracts. It was the first protocol to introduce this game-changing technology, enabling the creation of self-executing contracts with predefined rules and conditions.

    This innovation laid the foundation for the entire DeFi ecosystem, as it provided the framework for decentralized applications and automated transactions.

    One of the most compelling indicators of Ethereum’s continued dominance is the recent surge in decentralized exchange (DEX) volumes.

    In the past week, Ethereum recorded a historic milestone, with over $9 billion in transactions settled on its network. This marks the highest weekly volume since mid-June and underscores the platform’s pivotal role in facilitating peer-to-peer trading and liquidity provision.

    ETH Price Dynamics And The BlackRock Factor

    As Ethereum continues to take center stage in the crypto landscape, the question on many investors’ minds is how this data will impact the price of ETH. Currently, according to CoinGecko, Ethereum is trading at $1,798, showing a modest 0.6% increase in the last 24 hours, with a minor 0.9% decrease over the past seven days.

    Venture capitalist Arthur Cheong has provided intriguing insights into the potential price trajectory of Ethereum. Cheong, the founder of DeFiance Capital, suggests that ETH could experience a significant rally if a specific scenario unfolds.

    He points to BlackRock, a financial giant, and its application for a spot Bitcoin (BTC) exchange-traded fund (ETF). If BlackRock’s BTC ETF application is successful, it could pave the way for a similar Ethereum ETF application in the future.

    “ETH is probably the best six to 12 month long among large-cap assets now when BlackRock applies for a spot ETH ETF six to 12 months down the road,” Cheong wrote on the social media platform X. 

    ETHUSD currently trading at $1798.3 on the daily chart: TradingView.com

    Implications And Future Prospects

    The significance of Ethereum’s role in DeFi and blockchain technology cannot be overstated. Its smart contract functionality revolutionized the crypto space and enabled the birth of countless decentralized applications and platforms. The recent surge in DEX volumes underscores its pivotal role in facilitating crypto trading.

    As the crypto world closely watches developments surrounding BlackRock’s potential ETFs, Ethereum’s future appears promising. Should a BTC spot ETF materialize and pave the way for an Ethereum ETF, institutional investors may flock to Ethereum for its ESG attributes and staking yield opportunities.

    (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 iStock

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    Christian Encila

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  • AI Cryptocurrency Boom: What’s Behind The Double-Digit Surge?

    AI Cryptocurrency Boom: What’s Behind The Double-Digit Surge?

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    Artificial Intelligence crypto coins have recently experienced a significant surge in the market, drawing the attention of investors and enthusiasts alike. The sudden upward trajectory of these digital assets has raised questions about the underlying factors driving this extraordinary momentum. 

    While the domain of artificial intelligence (AI) has rapidly expanded in recent times, its intersection with the world of cryptocurrencies has become a focal point of interest and speculation.

    The surge in AI crypto coins, including Injective (INJ), The Graph (GRT), Render (RNDR), and Fetch.ai (FET), has been remarkable over the past 24 hours and the last seven days.

    Notably, Fetch.ai (FET) has surged by an impressive 55.16%, followed closely by Injective (INJ) at 43.86%, Render (RNDR) at 28.19%, and The Graph (GRT) at 21.93%. 

    These substantial gains indicate a growing trend in the market, reflecting an increasing demand for AI-focused digital assets. Investors are drawn to the potential of these tokens, recognizing the unique opportunities they present within the ever-evolving landscape of AI technology and blockchain integration.

    The Artificial Intelligence Advantage In The Crypto Space

    The recent surge in AI crypto coins can be attributed to various factors, including the rapidly expanding influence of AI technology across diverse sectors. The marriage of AI and cryptocurrencies presents a promising synergy, with AI’s capabilities enhancing the efficiency and security of various blockchain-based systems. Unlike traditional cryptocurrencies, AI crypto coins leverage advanced algorithms and data-driven insights to optimize performance and facilitate more robust decision-making processes.

    Furthermore, the growing investment interest in AI startups by tech giants such as Google and Amazon has significantly fueled the momentum behind AI-focused digital assets. Google’s recent $2 billion investment in Anthropic, an AI startup, and Amazon’s substantial $4 billion investment in the same company in September have sent a clear signal to the market. These investments not only demonstrate the confidence of tech industry leaders in the potential of AI but also underscore the significance of AI’s integration with various technological domains, including the cryptocurrency space.

    Total crypto market cap at $1.251 trillion on the daily chart: TradingView.com

    Insights Into The Future Of AI Crypto Coins

    The current surge in AI crypto coins highlights a broader shift in the market sentiment, emphasizing the increasing importance of AI’s role in shaping the future of digital finance. As AI technologies continue to evolve and permeate various industries, the demand for AI-driven solutions within the cryptocurrency realm is expected to grow exponentially. 

    This trend signifies a fundamental transformation in the way investors perceive the value and potential of digital assets, as they increasingly recognize the power of AI in driving innovation, efficiency, and security within the crypto space.

    (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 Freepik

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    Christian Encila

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  • Ethereum Price Faces Big Move – Can Bulls Send ETH To $2,000?

    Ethereum Price Faces Big Move – Can Bulls Send ETH To $2,000?

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    Ethereum price is consolidating gains below the $1,850 resistance against the US dollar. ETH must stay above the $1,750 support to start a fresh increase.

    • Ethereum is still struggling to gain pace for a move above $1,850.
    • The price is trading above $1,770 and the 100-hourly Simple Moving Average.
    • There is a key contracting triangle forming with support near $1,780 on the hourly chart of ETH/USD (data feed via Kraken).
    • The pair could extend its decline if it fails to stay above the $1,740 support.

    Ethereum Price Remains In Range

    Ethereum failed to continue higher above the $1,850 level and started a downside correction. ETH corrected lower below $1,800, but the bulls remained active near $1,750.

    A low was formed near $1,741 and the price is now making a fresh attempt to gain pace, like Bitcoin. There was a move above the $1,780 level. The price tested the 50% Fib retracement level of the downward move from the $1,866 swing high to the $1,741 low.

    Ethereum is now trading above $1,770 and the 100-hourly Simple Moving Average. There is also a key contracting triangle forming with support near $1,780 on the hourly chart of ETH/USD.

    On the upside, the price is facing resistance near the $1,800 level. The first major resistance is near the $1,815 zone. It is near the 61.8% Fib retracement level of the downward move from the $1,866 swing high to the $1,741 low.

    Source: ETHUSD on TradingView.com

    A close above the $1,815 resistance could start a decent increase. In the stated case, Ether could revisit the $1,850 resistance. The next key resistance is near $1,865, above which the price could accelerate higher. In the stated case, the price could rise toward the $1,920 level. The main hurdle sits at $2,000.

    Another Decline in ETH?

    If Ethereum fails to clear the $1,815 resistance, it could start another decline. Initial support on the downside is near the $1,780 level, the 100-hourly Simple Moving Average, and the trend line.

    The next key support is $1,740. A downside break below the $1,740 support might send the price further lower. In the stated case, Ether could drop toward the $1,700 level.

    Technical Indicators

    Hourly MACD – The MACD for ETH/USD is losing momentum in the bullish zone.

    Hourly RSI – The RSI for ETH/USD is now below the 50 level.

    Major Support Level – $1,720

    Major Resistance Level – $1,815

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    Aayush Jindal

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  • Proof-of-Stake Market Cap Takes A 7% Hit, Now At $254 Billion – What Does It Mean?

    Proof-of-Stake Market Cap Takes A 7% Hit, Now At $254 Billion – What Does It Mean?

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    Proof-of-Stake (PoS) assets have recently faced a notable shift. According to a report, the market capitalization of PoS assets took some kind of beating, dropping by 7% in the third quarter of the year, with the total value shrinking to $254 billion. This decline has raised questions about the performance and future prospects of PoS assets.

    PoS assets are a type of cryptocurrency that operates on a different principle than Proof-of-Work (PoW) assets like Bitcoin. In PoS, the validation of transactions and creation of new blocks are not dependent on energy-intensive mining processes. Instead, validators, or “stakers,” are chosen to create new blocks and verify transactions based on the number of coins they hold and are willing to “stake” as collateral.

    This shift away from PoW to PoS assets reflects a growing concern for the environmental impact of energy-consuming blockchain networks, as PoS is more energy-efficient.

    Proof-Of-Stake: Market Capitalization And Staking Rewards

    The report also revealed that while the market capitalization of PoS assets decreased, the total value of staked assets increased by 3% to reach $74 billion. Staking rewards, on the other hand, saw a decrease of 7%, dropping to $4.1 billion annually. 

    Image: Wall Street Mojo

    The average PoS staking yield averaged at 10.2%, representing a 4% decrease compared to the previous quarter. These statistics suggest a complex landscape for PoS assets, with some indicators moving in opposing directions.

    When we look at the share of PoS assets in comparison to the total cryptocurrency market capitalization, the report indicates that it now stands at 22%, which is a 2% decrease compared to the previous quarter. This suggests that PoS assets have seen a relative decline in prominence within the broader cryptocurrency market, which is dominated by assets like Bitcoin.

    ETH market cap currently at $215.531 billion on the daily chart: TradingView.com

    Proof-Of-Stake: Insights And Implications

    The fluctuations observed in proof-of-stake assets during the third quarter of the year provide valuable insights into the constantly evolving landscape of cryptocurrencies.

    While the decrease in market capitalization may raise some concerns, a closer look at the significant increase in staked assets, notably within the Ethereum ecosystem, presents a more optimistic perspective.

    This growing trend of assets being staked, particularly in a prominent blockchain like Ethereum, indicates a sustained and robust interest in the proof-of-stake model.

    The shifting dynamics of the market and the impact of Layer 2 networks on Ethereum’s performance are areas that require close monitoring in the coming quarters. As the cryptocurrency ecosystem continues to move forward, adaptability and innovation remain key to the success of PoS assets and networks.

    Featured image from Getty Images

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    Christian Encila

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  • Shiba Inu Reverses Downtrend – What’s Next For Investors?

    Shiba Inu Reverses Downtrend – What’s Next For Investors?

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    Shiba Inu (SHIB) has sustained an impressive bullish streak over the past week, marking a significant upward trajectory in its value. With seven out of the last eight days showing positive growth, the meme coin has not only managed to reclaim a critical low of $0.0000076 it registered in December last year, but has also encountered several notable barriers along its upward climb.

    In its journey through September, SHIB faced resistance from the established resistance zone and a daily bearish order block situated above $0.00000755.

    However, the October rally saw a significant shift, as the hurdle transformed into support, propelling the coin beyond the December low, with the current SHIB price according to CoinGecko standing at $0.0000078, indicating a 2.5% dip over the last 24 hours but still showcasing a substantial 14% surge over the past seven days.

    Price Analysis Reveals Liquidation Levels And Potential Pullbacks

    The recent price analysis report has highlighted substantial liquidation levels within the cryptocurrency market, drawing attention to a key threshold at $0.0000077 as the upper boundary for liquidations. Additionally, the analysis revealed that medium liquidation levels are concentrated within the range of $0.0000078 to $0.0000079.

    These findings indicate that traders and investors should closely monitor these price levels, as they serve as crucial points of interest, potentially signifying significant shifts in market sentiment and trading activity.

    The data suggests that these specific price points are currently important reference points in assessing the cryptocurrency’s price dynamics and potential market reactions.

    This information hints at the possibility of an extended pullback, potentially leading to a liquidity hunt that could drive SHIB towards the $0.0000077 mark.

    Source: Hyblock

    The medium liquidation level at $0.0000083 is a significant chart obstacle for SHIB, potentially posing a formidable challenge to any further price increases. It has historically acted as a strong resistance point, and breaking through it could be a key factor in SHIB’s future price performance.

    The bullish momentum of Bitcoin has the potential to be a crucial factor in helping SHIB overcome its current price obstacle, especially if Bitcoin surpasses the $35,000 mark. Bitcoin’s significant influence on the broader cryptocurrency market means that a strong Bitcoin rally could stimulate greater interest and investment in SHIB, possibly enabling it to exceed the $0.0000083 level. This highlights the interdependence of various cryptocurrencies and the impact of Bitcoin’s performance on its counterparts.

    SHIB seven-day price performance. Source: Coingecko

    SHIB’s Growing Investor Interest

    Interestingly, Shiba Inu has witnessed a surge in the total number of addresses, currently reaching a new high of 3.63 million, as per data provided by IntoTheBlock.

    SHIB reached a market cap $4.626 billion today. Chart: TradingView.com

    This substantial increase in the number of addresses indicates a growing interest in SHIB among investors and traders. Furthermore, IntoTheBlock’s data also highlights an uptick in Shiba Inu profitability, indicating that the positive price action has contributed to a favorable investment landscape for the meme coin.

    Shiba Inu’s recent price movements suggest a resilient and increasingly promising outlook, despite the challenges posed by key resistance levels and potential pullbacks.

    As Shiba Inu reverses its December downtrend, investors are eagerly watching for signs of a potential upward trend. The cryptocurrency market’s resilience and the enthusiasm of Shiba Inu’s community underline the possibility of brighter days ahead.

    (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 The Currency Analytics

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    Christian Encila

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  • Ethereum Supply On Exchanges Fall To 2015 Levels, 3 Price Targets For Bulls | Bitcoinist.com

    Ethereum Supply On Exchanges Fall To 2015 Levels, 3 Price Targets For Bulls | Bitcoinist.com

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    The Ethereum supply on exchanges has been on a steady decline since the FTX crash happened back in 2022. This was triggered by a growing distrust for centralized exchanges and investors choosing to self-custody their tokens as a result. The constant decline has now seen the Ethereum being held on exchanges fall to the lowest point since its inception.

    Available ETH On Exchanges Fall To Genesis Levels

    When the Ethereum network was first launched back in 2015, the available ETH on exchanges was very low due to it being a new player. The exchange balances would steadily rise over the next few years as the digital asset gained widespread acceptance and began trading on countless exchanges.

    However, there has been a shift in the tide where crypto investors are now choosing to hold their ETH in private wallets rather than leaving them on exchanges. The result of this is now there is only 8.41% of the total ETH circulating supply available on exchanges.

    Source: Santiment on X

    On-chain data tracker Santiment points out that this is the lowest that Ethereum exchange balances have been since Genesis in 2015. “Prices crossed $1,850 for the first time since August 15th, and the now 8.41% of $ETH supply on exchanges is the lowest since #genesis in 2015. Whale transactions also hit a 6-month high,” Santiment said in an X post.

    The move away from exchanges coincides with a rapid increase in price which suggests that holder accumulation has played a major role in the digital asset’s recovery. And if exchange balances continue to fall, meaning less willingness to sell off ETH and lower sell pressure, the value could continue to soar.

    Ethereum price chart from Tradingview.com

    ETH price gears up to retest $1,800 | Source: ETHUSD on Tradingview.com

    3 Price Targets For Ethereum Bulls

    Now that the $1,700 resistance has been cleared by Ethereum bulls, they have begun to turn their attention toward much higher price points. The next significant resistance lies at $1,850 as was demonstrated on Tuesday when the bulls were rejected from that level. So $1,850 is the first price trade foo clear in the bid to establish a stronger bull trend.

    Next on the list is the $1,920 level where a major roadblock is expected to happen for the ETH price. This will be one of the last defenses of the bears to prevent a full-blown bull rally and bulls are sure to run into a lot of resistance at this level.

    Last but not least is the $2,000 mark which has eluded bulls for the better part of this year. It is arguably the most significant price level for Ethereum right now that could signal an end to the bleed. So ETH bulls will need to reclaim this level from the bears and turn it into support.

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  • XRP Price Balloons 13%, Triumphs Over Resistance

    XRP Price Balloons 13%, Triumphs Over Resistance

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    In the past few days, XRP has achieved a significant breakthrough of notable resistance levels, offering a hint of impending substantial price movements.

    This development has been closely watched by the cryptocurrency community, who have observed a notable degree of volatility in XRP’s price dynamics in recent times.

    The cryptocurrency’s ability to surmount these substantial resistance barriers signals a possible shift in market dynamics and has generated considerable interest among traders and investors.

    XRP’s Legal Victory Sets The Stage For A Promising Future

    Ripple’s native token, XRP, has emerged as a standout performer in the cryptocurrency space following a significant legal victory against the US Securities and Exchange Commission in mid-July. At that pivotal moment, a federal judge ruled that Ripple’s structured XRP sales did not fall under the classification of investment contracts.

    Since this ruling effectively established that XRP’s status as a digital asset was distinct from being deemed a security, it delivered a much-needed boost of confidence to the cryptocurrency and blockchain communities.

    It was a watershed moment for Ripple and its digital currency, highlighting the company’s potential for growth inside the industry’s shifting legal structure. The verdict in this case has rekindled hope and set XRP’s future on a promising course.

    At the time of writing, XRP was trading at $0.55, up 1.6% in the last 24 hours and registering a decent 13% increase in the last seven days, data from crypto market tracker Coingecko shows.

    XRP seven-day price action. Source: Coingecko

    In the context of the cryptocurrency market, where trends can change rapidly, the observation that XRP has not only crossed but exceeded both the 200-day and 50-day Exponential Moving Averages carries considerable weight.

    EMAs are widely recognized as crucial technical tools, serving as essential guides for traders and analysts to evaluate an asset’s price movement over specific timescales.

    XRP market cap currently at $29.414 billion. Chart: TradingView.com

    XRP’s Price Action And Key Resistance

    When XRP’s price action consistently rises above these key EMAs, it is taken as a bullish sign that the cryptocurrency may be headed for new highs. Given the current climate of the cryptocurrency market, where rising prices tend to coincide with rising confidence and investor interest, this event takes on greater significance.

    The altcoin has exhibited a commendable weekly performance, thereby approaching a critical level of $0.56. This particular price point has consistently served as a resistance level since the middle of August.

    The Relative Strength Index (RSI) indicates a prolonged bullish trend as it remains above the neutral line at 50.0. This suggests the possibility of a breakthrough at the price level of $0.54, maybe resulting in an upward movement of the XRP price towards $0.60.

    Meanwhile, the euphoric feeling surrounding Bitcoin’s ascent to $35,000, which frequently serves as a benchmark for the rest of the crypto market, can be partially ascribed to the present momentum being enjoyed by XRP. Is this the commencement of a larger narrative?

    (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 Protos

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    Christian Encila

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  • World Bank Blockchain Bond Debut – Why It’s A Pivotal Moment For Digital Assets

    World Bank Blockchain Bond Debut – Why It’s A Pivotal Moment For Digital Assets

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    The World Bank International Bank for Reconstruction and Development (IBRD) has taken a pioneering stride in the realm of blockchain and digital finance, spearheading a groundbreaking €100 million digitally native note (DNN) issuance. 

    Facilitated by Euroclear’s cutting-edge distributed ledger technology (DLT) issuance platform, this monumental event has garnered significant attention across the global financial landscape.

    The announcement of the listing of the blockchain bond on the Luxembourg Stock Exchange has marked a significant milestone in the financial industry. Notably, Citi played a pivotal role as the issuing and paying agent, while TD Securities assumed the responsibility of the dealer. 

    Euroclear Bank, serving as the Central Securities Depository (CSD), solidified its central position in the transformative process, showcasing its commitment to blockchain and driving digital securities settlements.

    Source: International Trade Union Confederation

    Euroclear’s Entry Into Blockchain And Digital Securities Settlement 

    In a strategic move indicative of a paradigm shift in market dynamics, Euroclear, the Brussels-based securities clearing giant, has unveiled its foray into digital securities settlement services. According to a report by Reuters, this pivotal step signifies the beginning of Euroclear’s journey toward integrating DLT into its operational framework. 

    By enabling clients to engage in the seamless initiation, dissemination, and finalization of fully digital international securities, Euroclear has firmly established itself as a key player in the digital transformation of the financial market infrastructure.

    BTCUSD currently trading at $34,153 on the daily Chart: TradingView.com

    Traditional Market Structures Embrace Digital Transformation 

    The recent development underscores the growing inclination of traditional market structures, such as clearing houses, to embrace the digital domain. This inclination has been further fueled by the increasing openness of regulatory bodies toward emerging technologies. 

    The integration of DLT in asset issuance represents a significant leap forward for Euroclear’s ecosystem, as emphasized by Lieve Mostrey, Euroclear group CEO. The shift toward becoming a fully digital and data-enabled Financial Market Infrastructure marks a pivotal moment in Euroclear’s journey toward technological adaptation and innovation.

    Image: Fibree

    Global CSDs Position Themselves For Upcoming Wave Of Tokenization

    In a notable industry trend, the world’s largest Central Securities Depositories (CSDs) are gearing up to secure their positions in the impending wave of tokenization. Recent developments indicate that the Depository Trust & Clearing Corporation (DTCC), Euroclear, and Clearstream are actively positioning themselves to play a significant role in the realm of institutional digital assets. 

    With DTCC’s acquisition of Securrency and Clearstream’s successful issuance of over 1,000 digital securities on its D7 platform, the race to harness the potential of digital assets has intensified, signaling a transformative era for global financial markets.

    In an era marked by transformative technological advancements and shifting market dynamics, the World Bank’s IBRD, Euroclear, and other key industry players are leading the charge toward a more digitally integrated and secure financial ecosystem. 

    Featured image from Nasdaq

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  • Shiba Inu Mysterious Whale: 29.7 Billion Tokens Hint At Price Surge

    Shiba Inu Mysterious Whale: 29.7 Billion Tokens Hint At Price Surge

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    Shiba Inu (SHIB) has recently attracted considerable attention in the crypto market, thanks to a sudden surge in whale movements over the past weekend. Crypto whales, a term used to describe individuals or entities that hold large amounts of cryptocurrencies, have notably contributed to a significant upsurge in SHIB tokens within their wallets. 

    According to data provided by IntoTheBlock, SHIB whales amassed a staggering 4.52 trillion SHIB tokens, marking an astonishing 2,300% increase from the figures observed on Friday.

    The implications of such pronounced whale activity on the price of Shiba Inu tokens have become a topic of intense speculation within the crypto community. With the surge in SHIB tokens being added to whale accounts, the market sentiment has been notably impacted. 

    The movement of tokens out of whale accounts has also witnessed a substantial decline, with the amount decreasing from 281.83 billion SHIB tokens on Friday to 29.13 billion over the weekend. This considerable shift in token movement has spurred discussions regarding its potential effects on the overall price trend of SHIB in the near future.

    Shiba Inu Market Performance

    As of the latest data on CoinGecko, Shiba Inu is currently valued at $0.00000746, showcasing a 24-hour gain of 4.2% and a seven-day increase of 4.4%. SHIB’s burn rate has also registered a decent uptick of 380%, according to data by Shibburn.

    Source: Shibburn

    The recent surge in whale activity within the SHIB ecosystem has led to intense speculation about its correlation with the positive price action of the token. Many market observers are contemplating whether this trend could potentially foreshadow an imminent rally in the price of SHIB. 

    SHIB market cap currently at $4.473 billion. Chart: TradingView.com

    The Road Ahead

    The lingering questions surrounding the causal relationship between whale movements and price movements continue to dominate discussions within the crypto community.

    Answers to these critical queries are anticipated to unfold in the days ahead, with the market’s response serving as a barometer for the potential trajectory of SHIB’s price chart in the near future.

    In this dynamic and ever-evolving landscape of cryptocurrency, it is essential to closely monitor the interplay between whale activity, burn rates, and market sentiments to gain a comprehensive understanding of the factors influencing the price dynamics of Shiba Inu and other cryptocurrencies. 

    As the market continues to navigate through fluctuations and uncertainties, it remains paramount for investors and enthusiasts to stay informed and vigilant, with a keen eye on the evolving trends shaping the trajectory of SHIB in the crypto market.

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    Christian Encila

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  • Solana Barrels Close To $32: Critical Levels Traders Should Watch

    Solana Barrels Close To $32: Critical Levels Traders Should Watch

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    Solana (SOL) has recently surged to a crucial price level, setting the stage for a pivotal moment that will shape its foreseeable future. This cryptocurrency’s price trajectory is now at a crossroads, as it eases off the recent bullish breakout that captured the attention of investors worldwide.

    Trading at $31.40 on CoinGecko, the cryptocurrency has experienced a 0.6% gain over the last 24 hours, accompanied by an impressive seven-day rally of 28.6%. Despite this promising trajectory, several key resistance and support levels are shaping the future of SOL.

    While the $30 mark remains a vital resistance level for SOL, the cryptocurrency is also facing significant barriers at the $25 and $35 thresholds. Historically, $25 has proven to be both a support and resistance level, potentially offering a safety net for any immediate downward movements.

    Conversely, breaching the $35 threshold could signify a major breakthrough for SOL, propelling it to new highs and solidifying its bullish course in the market.

    SOL price action in the last week. Source: Coingecko

    Analyzing SOL’s Technical Patterns 

    Amidst these price fluctuations, the emergence of the “golden cross” pattern on SOL’s price chart has captured the attention of market analysts and investors alike. In technical analysis, the golden cross occurs when a short-term moving average crosses above a long-term moving average, indicating a potential bullish trend. 

    Its presence within SOL’s current price movements signals an optimistic outlook, with the potential for sustained upward momentum.

    Despite the optimistic indicators, recent developments within the Solana ecosystem have cast a shadow on SOL’s potential trajectory. News of Marinade Finance, the largest protocol on the Solana network, halting operations for users in the United Kingdom due to compliance concerns has reverberated throughout the cryptocurrency community. 

    The move reflects the protocol’s commitment to adhere to the regulatory framework outlined by the United Kingdom’s Financial Conduct Authority (FCA). This development has introduced an element of caution and potential volatility into SOL’s otherwise promising market performance.

    SOL market cap currently at $13.278 billion. Chart: TradingView.com

    RSI Reinforces The Bullish Narrative 

    Further fortifying the bullish sentiment surrounding SOL is the surging Relative Strength Index (RSI). Currently on the rise, SOL’s RSI indicates robust buying pressure within the market.

    While an RSI above 70 is generally considered overbought, and one below 30 is deemed oversold, the current upward trajectory suggests a strong investor sentiment favoring continued upward movement for SOL in the near term.

    As Solana stands at this critical juncture, investors and analysts are closely monitoring both the technical indicators and the regulatory landscape to gauge its future performance in the increasingly dynamic cryptocurrency market.

    (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 The Independent

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  • Ethereum Set To Outperform: Crypto Analyst Predicts 18% Rise To $1,900

    Ethereum Set To Outperform: Crypto Analyst Predicts 18% Rise To $1,900

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    Ethereum (ETH) has so far relatively underperformed in comparison to the flagship cryptocurrency Bitcoin. However, that could change soon enough as a crypto analyst has predicted the second-largest crypto token by market to gain some momentum soon enough. 

    Ethereum To Hit $1900

    In a post shared on his X (formerly Twitter) platform, prominent crypto analyst Ali Martinez mentioned that Ethereum could rise to as high as $1,900. His prediction was based on data that he had pulled up from the chart which he shared in his post. 

    The chart (a 3-day timeframe) featured an ascending triangle pattern, which usually represents a bullish formation. According to Ali, Ethereum is “poised” to rebound off the hypotenuse of the ascending triangle. Most importantly, for Ethereum to go as high as $1,900, the analyst noted that It has to experience a “firm close” above the 18-day SMA (Simple Moving Average).

    ETH getting ready to breakout | Source: X

    If that happens, Ethereum could hit $1,800 and further rise to $1,900 based on Ali’s predictions. It is worth mentioning that the last time Ethereum hit $1,900 was back in July 2023. A rise to that price again will represent about an %18 increase from its current price of $1,600. 

    Ali also had something to say about the flagship cryptocurrency, Bitcoin. In a subsequent post, he noted that the crypto token could see a correction to $28,800; a prediction he made based on the TD Sequential from a 4-hour chart. 

    Bitcoin rose to as high as $30,000 on October 20, with many speculating that a Spot Bitcoin ETF approval could be on the way, something that represents a bullish momentum for Bitcoin and the crypto market in general. 

    Ethereum price chart from Tradingview.com (crypto analyst $1,900)

    ETH price holding $1,600 | Source: ETHUSD on Tradingview.com

    Bitcoin’s Dominance Is On The Rise

    Data from TradingView shows that Bitcoin’s dominance has been on the rise this year, with the token currently boasting over 52% coin dominance in the crypto market. Interestingly, it has steadily risen since the Ethereum Merge occurred. 

    This is significant considering that many speculated that ‘the Flippening’ could happen after the Merge, where Ethereum overtakes Bitcoin to become the most dominant crypto token. However, that hasn’t happened so far, with Ethereum’s move from proof-of-work to proof-of-work being seen as ‘disastrous’ for the crypto token. 

    Bitcoin and Ethereum, however, share the podium when it comes to the best-performing assets of the year. Both crypto tokens are said to have outperformed the NASDAQ, S&P500, and Gold. Bitcoin has seen an %80 increase year-to-date (YTD), while Ethereum has seen a %35 increase YTD.

    Featured image from Analytics Insight, chart from Tradingview.com

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  • MATIC market cap currently at $6.8 billion. Chart: TradingView.com

    MATIC market cap currently at $6.8 billion. Chart: TradingView.com

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    Solana (SOL) has witnessed an impressive resurgence, climbing to $25.46, marking a remarkable 10% rally in the past 24 hours. This surge is part of a broader trend, with SOL’s price experiencing a seven-day surge of 19.4%, further solidifying its position as one of the prominent players in the crypto sphere.

    Solana’s remarkable journey to its current valuation is a testament to its resilience, especially considering the tumultuous events it weathered nearly a year ago. In November, the cryptocurrency faced a severe setback due to the FTX implosion saga, which sent SOL plummeting to $8. 

    However, Solana has emerged from the ashes, and the crypto community is taking notice of its remarkable recovery.

    Solana Technical Signals Point To A Bullish Momentum

    The recent surge in SOL’s price can be attributed to several key factors. One notable driver is the increasing network activity and substantial growth within the Solana ecosystem, particularly in the realm of decentralized finance (DeFi). 

    The crypto world was offered a glimpse of this growth in a video shared by @Frankie_Candles, which shed light on the vibrant activity happening “behind the scenes” in the Solana ecosystem.

    Notably, the total value locked in Solana’s DeFi smart contracts has seen a significant upswing, soaring from $210 million in January 2023 to $331 million in October, as reported by DefiLlama.

    SOL TVL. Source: DefiLlama

    Furthermore, Solana bulls have reinforced the bullish outlook by successfully maintaining support at the $25 mark and breaching the upper dotted falling trendline. 

    The presence of a buy signal is often considered an encouraging sign for traders, reinforcing confidence in the cryptocurrency’s upward trajectory.

    One key technical aspect to watch out for is the potential for a “golden cross.” A golden cross occurs when a short-term moving average crosses above a long-term moving average, typically signaling a possible bullish breakout. This could be a pivotal moment for Solana, as it may provide further confirmation of its bullish momentum.

    SOL has a market cap of $11.26 billion as of today. Chart: TradingView.com

    SOL Neckline Resistance

    Another significant element to monitor on the charts is the possibility of Solana conquering the neckline resistance once again. The neckline resistance represents a critical point that acts as a threshold for bullish momentum.

    Historically, breaking through this level has been a precursor to sustained uptrends, suggesting the potential for further gains in the near future. If Solana manages to achieve this, it will mark a strong resurgence, reaffirming its position as a strong force in the ever-evolving cryptocurrency landscape.

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

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  • Bitcoin tops $30,000 for first time in 10 months, as some tout crypto as ‘safe haven’

    Bitcoin tops $30,000 for first time in 10 months, as some tout crypto as ‘safe haven’

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    Bitcoin rallied Monday to its highest level in 10 months, as some industry proponents touted the asset as a potential “safe haven,” like gold, as recession fears return to the forefront, and after fears rose last month about potential instability in the banking system.   

    The world’s largest cryptocurrency topped $30,000 Monday night for the first since June 10, 2022, according to Dow Jones Market Data, peaking at $30,321 before pulling back. Bitcoin
    BTCUSD,
    +3.20%
    has surged 81% year to date, though is still down over 57% from an all-time high in November 2021. Ethereum
    ETHUSD,
    +1.68%
    also rallied Monday, and was closing in on the $2,000 level for the first time since last August.

    “With the bank crisis, I think that the leading feature of bitcoin has changed from speculative tech to safety. A lot more like gold,” said David Tawil, president and co-founder at ProChain Capital. Some investors may have started to view the asset as a haven from the banking turmoil and a recession, instead of a speculative asset, Tawil said.

    Still, bitcoin has been often trading in tandem with other risky assets, such as stocks, for the past few years.

    “I also believe there will be an influx of liquidity from Asia, especially Asian tech companies who had accounts with Silicon Valley Bank who are now looking for places to put their money,” according to Stefan Rust, founder of Truflation.

    The rally on Monday may be partially driven by “the growing influence on the crypto market led by Hong Kong,” while U.S. regulators increase their oversight over the industry, according to Rachel Lin, co-founder and chief-executive at Synfutures.

    Hong Kong Financial Secretary Paul Chan said Sunday in a blog post that while crypto markets have been highly volatile, it’s the “right time” to push the adoption of Web3, or the so-called third generation of the internet, in the region. 

    Bitcoin had been attempting to break the $30,000 level, a psychological level, for three weeks, Rust noted.  

    Stocks were mixed Monday, with the Dow Jones Industrial Average
    DJIA,
    +0.30%
    up 0.3% and the S&P 500
    SPX,
    +0.10%
    up 0.1%, while the Nasdaq Composite
    COMP,
    -0.03%
    dipped 0.1%.

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