Archive for Cryptocurrencies – Page 4

25 Oct

The cryptocurrency market digest (BTC, MINA). Overview for 25.10.2023

By RoboForex.com

The BTC on Wednesday is correcting, hovering at 34,200 USD. The weekly increase amounts to 18.8% but at certain moments it exceeded 22%.

Cryptocurrencies are so popular these days that do not even encounter technical pullbacks. At the platform, they think that the moment when a license for spot bitcoin ETF will be granted to funds is near. This means it is high time to buy the base asset that will double or triple in price in case of a positive decision. The agitation we are witnessing is based in this.

The latest news about the arbitration court decision supportive of Grayscale was also interpreted by the market as a precedent.

This level of optimism can hold BTC at the current level for some time but it needs new triggers to continue rising.

The technical picture does not exclude a correction to 29,500 USD upon skyrocketing previously. Next, the cryptocurrency could rise to 31,200 USD and 32,000 USD.

The cryptocurrency market capitalisation has increased to 1.26 trillion USD. The BTC share amounts to 53.1%, while the ETH share has dropped to 17.2%.

Mastercard wants to cooperate with cryptocurrency startups

The payment giant Mastercard is considering options of cooperation with technological startups in the cryptocurrency sector. Particularly, the company is interested in organisations that develop and create self-service wallets, primarily MetaMask and Ledger.

MINA token added 100% overnight

The Mina Protocol (MINA) coin rose 100% overnight, amounting to 0.86 USD. This is its new year high. The reason for the skyrocketing was the news about the listing of the exchange at a South Korean platform against the won.

Article By RoboForex.com

Attention!
Forecasts presented in this section only reflect the author s private opinion and should not be considered as guidance for trading. RoboForex LP bears no responsibility for trading results based on trading recommendations described in these analytical reviews.

Cryptocurrencies Financial News
11 Oct

The cryptocurrency market digest (BTC). Overview for 11.10.2023

By RoboForex.com

The price of BTC declined to 27,112 USD on Wednesday.

From a fundamental standpoint, the market is still uneventful, with no indications about the progress of Bitcoin ETF application approvals. The first updates are expected next week, but there is no certainty that they will be positive.

The cryptocurrency sector does not react to investors shifting away from fiat platforms in their risk aversion attempts or risk sentiments. The correlation between BTC’s value and the S&P 500 and Nasdaq indices appears minimal.

Technical levels remain unchanged. Resistance levels are sequentially positioned at 28,000 USD and then 28,500 USD. These levels must be firmly surpassed to target a rise of 30,000 USD.

The cryptocurrency market capitalisation has decreased to 1.06 trillion USD. BTC’s share has risen to 50.1%, while ETH has declined to 17.7%.

Quant launches transaction security technology

Quant has announced the launch of a solution to make blockchain-based banking transactions even more secure. The technology, known as Overledger Authorise, aims to resolve payment-related challenges within the banking sector.

Fidelity considers BTC the safest token

The Fidelity fund confidently believes in BTC’s security as a cryptocurrency. Fidelity Digital Assets’ research states that BTC is both the scarcest and the most decentralised token in the world. Fidelity suggests that BTC is best valued as a monetary commodity. This viewpoint might spark debate among other participants in the cryptocurrency market.

Article By RoboForex.com

Attention!
Forecasts presented in this section only reflect the author s private opinion and should not be considered as guidance for trading. RoboForex LP bears no responsibility for trading results based on trading recommendations described in these analytical reviews.

Cryptocurrencies Financial News
03 Oct

FTX founder Sam Bankman-Fried trial is big test for crypto

By George Prior 

The highly anticipated trial of Sam Bankman-Fried, the founder of FTX, kicks off today.

This pivotal event represents a golden opportunity to bolster trust, boost adoption, and purge the sector of unscrupulous actors.

This is the analysis of high-profile cryptocurrency advocate Nigel Green, the CEO and founder of deVere Group, one of the world’s largest independent financial advisory, asset management and fintech organizations, ahead of the trial in Manhattan federal court. It is expected to last six weeks.

Sam Bankman-Fried, commonly known as SBF, stands accused of defrauding numerous prominent investors worldwide, in addition to millions of customers who placed their trust in his FTX cryptocurrency exchange.

Allegations of pilfering billions of dollars entrusted to his care have further compounded the gravity of the situation.

The aftermath of FTX’s staggering $40 billion bankruptcy in November 2022 has been characterised by US prosecutors as “one of the most significant financial frauds in the annals of American history.”

Nigel Green says: “The importance of this case cannot be underestimated. Not only for SBF, who faces 110 years of prison time, and the victims.

“But also for digital currencies themselves – which are widely regard as the future of money.”

One issue that makes Sam Bankman-Fried’s trial of utmost importance to the cryptocurrency ecosystem is its potential to pave the way for regulatory harmony.

“In the face of the burgeoning prominence of cryptocurrencies in the international financial system, governments and regulatory bodies worldwide find themselves grappling with the imperative need for consistent, all-encompassing regulations,” notes the deVere CEO.

“This trial should serve as a catalyst propelling regulators toward the formulation of a unified framework, harmonising cryptocurrency regulations with the established norms governing traditional financial systems.

“Critics have long decried the lack of oversight and susceptibility to manipulation within cryptocurrency markets.

“By subjecting Sam Bankman-Fried and FTX to the same regulations that traditional financial institutions abide by, this trial sends a resounding message on commitment to equitable and transparent practices.”

He continues: “The crypto market, like any other sector, is not immune to the presence of bad actors.
“The trial presents a unique opportunity to pinpoint and penalise individuals or entities which might have engaged in illicit pursuits. By holding alleged wrongdoers accountable, it underscores a dedication to expelling unscrupulous actors from this burgeoning sector, ultimately creating a safer environment for all participants, including retail and institutional investors.”

Investor confidence constitutes the linchpin for the mass adoption of cryptocurrencies. Nigel Green says: “A meticulously conducted trial resulting in appropriate repercussions will inevitably boost trust among investors in the asset class.

“This trust would further attract investors, especially institutional investors, who bring huge capital, expertise and influence, thereby contributing to crypto’s broader acceptance.”

He concludes: “This is the biggest legal battle in crypto history.

“But it also constitutes a formidable test, and its potential positive outcomes for the crypto market should not be wasted.”

About:

deVere Group is one of the world’s largest independent advisors of specialist global financial solutions to international, local mass affluent, and high-net-worth clients.  It has a network of offices across the world, over 80,000 clients and $12bn under advisement.

Cryptocurrencies Opinions
03 Oct

Bitcoin: Technical analysis favours more gains

By ForexTime

  • Bitcoin pulls back after soaring to 6-week high
  • Prices broke beyond neckline of “inverse head-and-shoulders”
  • $30k handle could be attained if pattern plays out
  • ADX, RSI indicators also suggest more immediate headroom

Bitcoin on Monday (Oct 2nd) surged to its highest levels since Aug. 17th!

Cryptos climbed as Ether futures exchange-traded funds (ETF) were launched in the US at the start of this week.

 

Along the way, Bitcoin broke through the neckline of an inverse head-and-shoulder pattern, to a high of $28604.38.

Bulls delivered a strong close above its 50-day SMA but gave up close to 50% of its rally for the day.

This “area of surrender” for Bitcoin bulls coincides with the resistance line of the upward-sloping channel, drawn from the September 1st high of $26,137.37.

 

Inverse head-and-shoulder pattern has measured move objective of $2,633.38.

Note that Bitcoin has been able to retrace its steps from that $24,871.78 inverse head’s intraday low on September 11th, back towards its neckline.

This suggests that a similar-sized move ($2,633.38) could materialize to the upside

In fewer words, should this pattern play out, Bitcoin may get to within touching distance of the $30,000 handle.

According to Thomas Bulkowski, in his book “The Encyclopedia of Chart patterns” this reversal pattern has a 9% failure rate and meets its target 51% of the time.

 

Broken neckline: retested

At the time of writing, Bitcoin is paring yesterday’s surge to move back closer to the broken neckline.

Failure to close back below the broken neckline or the significant 78.6 Fibonacci level at $27446.25, could embolden Bitcoin bulls to test the 100 Fibonacci level at $28147.19 with eyes set on the upper line of the ascending channel mentioned above.

The Fibonacci levels are taken from August 29th’s high at 28147.19 to September 11th’s low of $24871.78.

 

Technical indicators suggest limited immediate gains

The Average Directional Movement Index (ADX) – an indicator that displays directional trend strength – is showing a strong bullish strength as it is above its 20 threshold and pointing upwards.

Furthermore, we see the 14-day relative strength index (RSI) tethering on the edge of being overbought, with room for a marginal move to the upside.

 

Overall, Bitcoin bulls will be hoping that seasonality will kick in once more, given that Q4 tends to see double-digit gains for the world’s oldest and largest crypto.

Forex-Time-LogoArticle by ForexTime

ForexTime Ltd (FXTM) is an award winning international online forex broker regulated by CySEC 185/12 www.forextime.com

Cryptocurrencies Financial News
22 Sep

The cryptocurrency market digest (BTC, ARK). Overview for 22.09.2023

By RoboForex.com

The BTC exchange rate could not support the growing momentum and slid back to 26,654 USD.

Once again, the same scenario is developing in the digital asset market. The price of the flagship cryptocurrency gradually drops, and the market starts buying vigorously. The value rises by 4-5%, and then just as quickly falls back down within two days.

This will continue until the market has a clear buying driver.

Such a catalyst could be the news about the approval by the US Securities and Exchange Commission (SEC) of applications for bitcoin-ETF licencing. But the information on this matter will only be available in mid-October.

The marks of support levels are relevant again. These include 25,500 USD and 25,150 USD, with resistance at 27,800 USD. Another growth attempt to break through resistance has failed.

The cryptocurrency market capitalisation has dropped to 1.06 trillion USD. The BTC share is still at 49.2%, while the share of ETH has declined to 18.2%.

The value of ARK has fallen sharply

The price of one of the most discussed tokens on the market, ARK, has dropped markedly, with the quotes losing 20% in 24 hours. The capitalisation of the coin decreased to 100 million USD.

Polygon introduces Pokémon NFTs

Polygon blockchain has launched NTF cards featuring legendary anime Pokémon, and they sold out at once. The original cost of these cards increased ten times, with 175 cards being sold within seconds.

Article By RoboForex.com

Attention!
Forecasts presented in this section only reflect the author s private opinion and should not be considered as guidance for trading. RoboForex LP bears no responsibility for trading results based on trading recommendations described in these analytical reviews.

Cryptocurrencies Financial News
20 Sep

The cryptocurrency market digest (BTC, USDC). Overview for 20.09.2023

By RoboForex.com

The BTC exchange rate surged to 27,104 USD on Wednesday.

Bitcoin is back in the game. On Monday, the market began aggressive buying, which came to a sudden halt on Tuesday, just as abruptly as it started. Nevertheless, during this time, BTC managed to achieve a three-week high. Since September 12, the market capitalisation of BTC has increased by nearly 10%. The pivotal supporting event here is the upcoming launch of the first Bitcoin ETF.

Recall that important support for the leading cryptocurrency is at the 25,150 USD level. Resistance stands at 27,800 USD, and it is critical for BTC to break through this level.

Today marks the conclusion of the regular meeting of the US Federal Reserve. The interest rate situation is clear: it will remain at 5.5% per annum. However, the major intrigue lies in what the Fed will communicate about its future decisions. News from this front could attract more attention to cryptocurrencies.

The cryptocurrency market capitalisation has risen to USD 1.07 trillion. BTC’s share has increased to 49.2%, while the ETH share has decreased to 18.3%.

Binance and Grayscale are the leading BTC holders

According to publicly available information, currently, the most substantial holders of the flagship cryptocurrency include Satoshi Nakamoto, who may own at least 750 thousand BTC. Binance holds another 643.5 thousand BTC, and Grayscale’s assets are estimated at 627.7 thousand BTC.

Circle launched stablecoin

Circle developers have announced the launch of the USDC stablecoin on Polkadot’s Asset Hub. This token can be employed in other parachains using the XCM protocol.

Article By RoboForex.com

Attention!
Forecasts presented in this section only reflect the author s private opinion and should not be considered as guidance for trading. RoboForex LP bears no responsibility for trading results based on trading recommendations described in these analytical reviews.

Cryptocurrencies Financial News
13 Sep

Mid-Week Technical Outlook: Cryptocurrencies

By ForexTime 

  • Tension grips markets ahead of US CPI report
  • Bitcoin forms ‘Death Cross’ technical pattern
  • Ethereum flirts near oversold levels
  • Cardano gets no love
  • Dogecoin approaches key support

A sense of tension gripped financial markets on Wednesday as investors braced for the latest U.S. inflation data published later today.

Asian stocks were painted red this morning after a selloff in technology stocks dragged Wall Street lower overnight. European stocks opened lower amid the negative sentiment, with market players adopting a cautious stance towards riskier assets. There seems to be little action in the currency space with the dollar drawing some strength from the risk-off mood. Interestingly, gold has secured a daily close below $1915 as discussed in the (Trade of the Week).

With markets likely to remain on standby mode ahead of the US CPI, our focus falls on the cryptocurrency space – especially after Bitcoin triggered a ‘death cross’ technical pattern!

More pain ahead for Bitcoin?

The past few weeks have been choppy for Bitcoin amid fears around FTX liquidations and its potential impact on the crypto market. Bitcoin has shed roughly 15% in the second half of 2023 with prices recently triggering a “death cross” pattern on the daily timeframe.

A death cross happens when an asset’s 50-day simple moving average (SMA) cross moves below its 200-day SMA. This technical signal is widely viewed as a sign that prices may continue to decline further in the medium to longer term.

  • So essentially, Bitcoin prices have the potential to sink even further on the daily timeframe with a solid breakout and daily close below $25,000 opening a path towards $24,200 and $23,000 respectively.
  • Should $25,000 prove to be reliable support, prices may rebound towards resistance at $26,400 before potentially heading towards $28,000.

Ethereum flirts near oversold levels

Ethereum remains under pressure on the daily charts as there have been consistently lower lows and lower highs with prices trading below the 50, 100, and 200-day SMA. However, the Relative Strength Index (RSI) on the daily charts recently dipped below 30, indicating that it may be oversold. This could provide an opportunity for bulls to strike, especially if $1500 proves to be a reliable support level.

  • A rebound from $1500 could inspire a move back towards $1665 and $1750, just above the 50-day SMA.
  • Should prices slip below $1500, this may open a path to levels not seen since January around $1300.

Cardano gets no love

Cardano prices are trading near their lowest levels in 2023, falling below $0.25 as bears switch into higher gear. Funny enough, the cryptocurrency is back to where it started the year with technical indicators showing mixed signals. Although prices are respecting a bearish channel and remain well below the 50,100 and 200-day SMA, the RSI recently dipped below 30, indicating that it may be oversold.

  • If prices can push back above 0.2500, this may open a path back towards the 50-day SMA at 0.2760.
  • Sustained weakness below 0.2500 could send Cardano towards 0.2300.

Dogecoin approaches key support

The past few days have been choppy for Dogecoin with prices slowly approaching key support at 0.0550. Even though the cryptocurrency is respecting a bearish channel, there seems to be some indecision on the daily charts.

  • Key levels of interest can be found at 0.5500 and 0.0680 where the 100-day SMA resides. A breakout could be on the horizon, but this may need a fresh directional catalyst.

Forex-Time-LogoArticle by ForexTime

ForexTime Ltd (FXTM) is an award winning international online forex broker regulated by CySEC 185/12 www.forextime.com

Cryptocurrencies Opinions
12 Sep

Bitcoin is the currency for AI, attracting institutional investors

By George Prior

Bitcoin’s compatibility with AI technologies is driving major institutional investors to increase their exposure to the cryptocurrency, says the CEO and founder of deVere Group, one of the world’s largest independent financial advisory, asset management and fintech organizations.

Nigel Green says: “The buzz surrounding AI is real – Nvidia’s shares, for example, have jumped almost 210% this year on the frenzy around its uses within AI.

“The AI boom is grounded in tangible technological advancements and the potential to reshape industries across the board.

“The transformative capabilities of AI, coupled with its cross-industry disruption, data-driven nature, and rapid innovation, make it a compelling investment opportunity.

“This is, of course, attracting huge amounts of institutional capital.

“These same institutional investors are increasingly recognising Bitcoin as the currency for the AI era and, therefore, are also increasing their exposure to the world’s largest cryptocurrency.”

There are three key reasons why Bitcoin is the currency for AI and why this synergy is attracting institutional money.

“First, in the world of AI, data integrity is paramount. The ability to trust the source and history of data is crucial, whether it’s for training machine learning models or verifying the authenticity of data inputs.

“Bitcoin’s blockchain provides a tamper-proof record that can be used to ensure data integrity in AI applications,” notes Nigel Green.

“Second, Bitcoin’s borderless nature facilitates seamless cross-border transactions, enabling AI companies to access the resources they need without the limitations of traditional financial systems, such as high fees and lengthy processing times.

“Third, AI relies heavily on data, and organisations are increasingly seeking ways to monetise their data assets.

“Bitcoin opens-up new possibilities for data marketplace platforms where AI-focused firms can access and purchase datasets with ease, creating a thriving ecosystem of data sharing and monetisation.”

As AI continues to advance, new use cases for Bitcoin in AI applications will inevitably emerge. Research and innovation at the intersection of AI and crypto are likely to unlock even more opportunities for synergy between the two fields.

Institutional investors are forward-thinking and recognise the potential for substantial returns on their investments in this rapidly evolving space.

“As both Bitcoin and AI technologies continue to evolve, their integration is set to drive innovation and transformation in various industries, reshaping the way we perceive and interact with both digital currencies and artificial intelligence.

“The growing interest from institutional investors underscores the enormous potential of this partnership and further validates Bitcoin’s role in the future of AI,” concludes Nigel Green.

About:

deVere Group is one of the world’s largest independent advisors of specialist global financial solutions to international, local mass affluent, and high-net-worth clients.  It has a network of offices across the world, over 80,000 clients and $12bn under advisement.

Cryptocurrencies Financial News
06 Sep

The cryptocurrency market digest (BTC, TRON). Overview for 06.09.2023

By RoboForex.com

The BTC exchange rate dropped to 25,737 USD on Wednesday. Over the past week, the flagship cryptocurrency has lost 6.26%, with bearish trends in the last 24 hours contributing to most of the impact.

Support for BTC is at the level of 25,150 USD. This mark is gaining importance as sellers become more active. The next potential target for bears could be 23,300 USD, a level that could cause significant stress in the market.

The cryptocurrency market currently lacks compelling fundamental reasons to halt the sell-off, and buyer participation is minimal.

The total cryptocurrency market capitalisation has dropped to 1.04 trillion USD. The share of BTC decreased to 48.3%, while the ETH share has risen to 18.9%.

Yuga Labs launches new NFTs

The developers of Yuga Labs digital studio have introduced a series of Bitcoin NFT-based decryptions named TwelveFold. The studio is expected to release a new Moon Puzzle every week. The user who first solves the puzzle will be rewarded 0.12 BTC. The correct answer must be provided in satoshis.

Justin Sun holds his cryptocurrency on an exchange

Justin Sun, the founder of the TRON project, has revealed to his social media followers that he stores his BTC holdings on the Huobi exchange, where he is one of the early users. Market rumours suggest that Sun might be the actual owner of this exchange.

Article By RoboForex.com

Attention!
Forecasts presented in this section only reflect the author s private opinion and should not be considered as guidance for trading. RoboForex LP bears no responsibility for trading results based on trading recommendations described in these analytical reviews.

Cryptocurrencies Financial News
30 Aug

Bitcoin ETFs are an inevitability and will drive crypto prices: deVere CEO

By George Prior

Bitcoin exchange-traded funds are “an inevitability”, which will send the price of the cryptocurrency soaring, predicts the CEO of one of the world’s largest independent financial advisory, asset management and fintech organizations.

The bullish assessment from deVere Group CEO – and long-time crypto advocate – Nigel Green, comes as the US Court of Appeals sided with Grayscale in a lawsuit against the Securities and Exchange Commission (SEC) which had rejected the company’s application to convert the Grayscale Bitcoin Trust to an ETF.

Spot ETFs invest directly in underlying assets, typically stocks or bonds, at the current market price (spot price). They aim to replicate the performance of a specific index or asset class by holding a portfolio of the actual securities that make up the index.

Mr Green says: “This is a landmark legal win for crypto against the US regulator.

“The court’s decision destroys the SEC’s central argument for rejecting every spot Bitcoin ETF over the last few years.

“This win paves the way for Bitcoin ETFs.

“Following the monumental ruling, there’s very little chance now the SEC will block the launch of ETFs.

“A swathe of big-name asset managers, among others, have filed ETF applications for Bitcoin ETFs and we expect that the SEC will organise a block approval of applications that meet requirements, as it will not want to be seen as a kingmaker.

“We believe that Bitcoin ETFs are now an inevitability. And they could come to market sooner than many anticipate.”

The deVere chief executive believes that the price of crypto will jump if/when Bitcoin ETFs are launched for three reasons.

“First, if Bitcoin ETFs are approved, it would open up the cryptocurrency market to a broader range of investors who might have been hesitant to directly invest in digital assets. This influx of new capital from institutional and retail investors could drive up demand for Bitcoin, leading to an increase in its price.

“Second, ETFs typically involve the purchase of the underlying asset by the fund managers. If Bitcoin ETFs follow this structure, it could create a substantial demand for actual Bitcoins to back the ETF shares. This increased demand, coupled with the limited supply of Bitcoin (capped at 21 million coins), could lead to a supply-demand imbalance, resulting in a price surge.

“And third, the launch of Bitcoin ETFs might improve the overall perception of cryptocurrencies in the eyes of regulators and traditional financial institutions. This increased legitimacy could attract more conservative investors who were previously wary of the regulatory uncertainties surrounding cryptocurrencies. As more institutional money flows into the market through ETFs, the price of Bitcoin would experience upward pressure.”

deVere expects that the first Bitcoin ETFs will be available in Quarter 1 of 2024 “if not before.”

Nigel Green concludes: “In-the-know investors are unlikely to wait until the potential launch of the ETFs to increase their holdings of Bitcoin.”

About:

deVere Group is one of the world’s largest independent advisors of specialist global financial solutions to international, local mass affluent, and high-net-worth clients.  It has a network of offices across the world, over 80,000 clients and $12bn under advisement.

Cryptocurrencies Opinions
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