DOJ Penalizes Robinhood $3.9 Million For Past Crypto Withdrawal Restrictions

Crypto trading platform Robinhood has reached a $3.9 million settlement with the California Department of Justice (DOJ), following an investigation into its alleged failure to allow customers to withdraw their cryptocurrency from 2018 to 2022.  The investigation was prompted by numerous consumer complaints regarding Robinhood’s practices, particularly its handling of cryptocurrency withdrawals and trading.  Alleged Violations And Settlement Revealed According to the DOJ, Robinhood violated the California Commodities Law (CCL) by enabling customers to purchase cryptocurrencies without delivering these assets to them, effectively selling commodities contracts without adhering to legal requirements.  Related Reading: Crypto Analyst Says The Bitcoin Summer Chop Is Nearing Its End, Heres Why During the specified period, customers could not withdraw their cryptocurrencies and were forced to sell their holdings back to Robinhood to exit the platform. California Attorney General Rob Bonta stated: This settlement should send a strong message: Whether you’re a brick-and-mortar store or a cryptocurrency company, you must adhere to California’s consumer and investor protection laws. The investigation alleged that Robinhood misled customers about its trading practices. The DOJ claims that the platform promoted itself as connecting users to multiple trading venues to ensure competitive pricing, but the DOJ found that this was not consistently accurate.  Additionally, Robinhood claimed that it held all customer-owned cryptocurrencies, failing to disclose instances where third-party trading venues held these assets for extended periods. Robinhood Measures Post-Settlement  As part of the settlement, Robinhood has agreed to several measures aimed at improving transparency and customer trust. Customers will now be permitted to withdraw their cryptocurrency assets to their own wallets. Additionally, Robinhood must ensure that its written communications accurately reflect its actual trading and order handling practices. The company will also provide clear information regarding its custody of cryptocurrencies. Related Reading: XRP Rides High As Major Japanese Exchange Adds SupportDetails Lastly, Robinhood is required to report any incidents that result in settlement delays exceeding one week to the California Department of Justice.  Featured image from DALL-E, chart from TradingView.com

View Details

Crypto Firm Galois Capital Faces $200K Fine From US SEC For Investor Violations

The US Securities and Exchange Commission (SEC) has announced a settlement with troubled crypto hedge fund Galois Capital. The SEC charged Galois with failing to meet critical requirements for safeguarding customer assets, including those the agency stated were “securities”. Related Reading: Bullish Alert For Dogecoin: TD Indicator Flashes Buy Signal As $0.10 Target Looms FTX Costs Galois Capital Half Of Managed Assets According to the SEC’s announcement on Tuesday, Galois Capitals missteps began in July 2022 when the firm allegedly did not ensure that certain crypto assets held by its private fund were maintained with a qualified custodian, violating the Investment Advisers Acts Custody Rule.  Instead, the agency claims that the crypto company kept these assets in online trading accounts on platforms like FTX Trading, which were not recognized as “qualified custodians.” The fallout from this decision was significant. Following the collapse of FTX in November 2022, approximately half of the assets under Galoiss management were lost. Settlement Reached The SEC also alleged on Tuesday’s announcement that Galois misled its investors about the notice required for redemptions. Some investors were told that they had to provide at least five business days’ notice before the end of the month. In contrast, others were allowed to redeem their investments with less notice, which the SEC said “created an uneven playing field among fund participants.” Corey Schuster, co-chief of the SEC Enforcement Division’s Asset Management Unit, said:  By failing to comply with Custody Rule provisions, Galois Capital exposed investors to risks that fund assets, including crypto assets, could be lost, misused, or misappropriated.  Related Reading: Stacks (STX) Drops 15% Despite Continuous On-Chain Developments Details As part of the settlement, Galois Capital has agreed to pay a civil penalty of $225,000, which will be distributed to investors who suffered losses due to the firm’s actions.  The company has also consented to an order requiring it to cease any further violations of the Advisers Act, while neither admitting nor denying the SEC’s findings. Featured image from DALL-E, chart from TradingView.com

View Details

Bitcoin Futures Under Pressure: $64,000 Support Critical To Avert Long Squeeze

With Bitcoin (BTC) hitting a near three-month high of $66,000 on Friday, technical analyst InspoCrypto suggests that the BTC futures market is at a critical juncture, with the potential for further short squeezes and the importance of maintaining support around the $64,000 level. Divergence Despite BTC Uptrend The analyst recently noted in his writing that the latest data shows that the BTC/USDT price chart hit a Friday high of $66,106, reflecting bullish sentiment as the cryptocurrency continues to climb.  Over the past 24 hours, Bitcoin has seen a steady price increase, indicating optimism among investors. The True Strength Index (TSI) shows a slight divergence, indicating indecision in the market, but the upward trend remains intact. Related Reading: Solana Price (SOL) Pushes Higher: Surge Shows No Signs of Slowing Trading volume also plays a key role in understanding market dynamics, and current figures show a volume delta of $675.457 million, indicating a higher volume of buy orders than sell orders. This suggests buyers are currently dominating the market, supporting the bullish momentum. Notably, there has been a significant amount of short liquidations, totaling $331.24 million. This indicates that as Bitcoin’s price rises, many short positions are forced to close, further driving the price upward. In contrast, long liquidations remain comparatively low, suggesting that those holding long positions are confident in the markets direction. InspoCrypto’s heatmap analysis of Hyblock Capital shows a concentration of short liquidation levels around the $63,000 to $64,000 area. This clustering indicates a likely short squeeze that could push prices even higher.  However, the analyst shows that long liquidation levels appear more scattered, presenting a lower risk of cascading liquidations on the long side. Analyst Predicts Further Bitcoin Price Surge InspoCrypto further found that open interest (OI) in Bitcoin futures is rising, indicating increased interest in the market and a potential buildup for significant price movements.  The heatmap shows strong concentrations of open interest around the $64,000 to $65,000 range, suggesting that any price movement beyond these levels could trigger volatility as traders adjust their positions. The funding ratio currently stands at 763.8, indicating that the longs are paying off the shorts, adding to the bullish sentiment in the market. However, the analyst warns that a high funding ratio also signals a risk of long liquidation if the market unexpectedly shifts. Related Reading: XRP Struggles Below $0.60 Metrics Reveal Growing Selling Pressure Looking ahead, InspoCrypto anticipates that the next 24 hours could see continued upward momentum as shorts are squeezed. However, the elevated funding rates could lead to long liquidations if the market is downturned.  By the end of the week, InspoCrypto believes that if the current buying pressure continues, the Bitcoin price could reach prices around $68,000, inching closer to its all-time high of $73,700 in March this year. At the time of writing, BTC has seen a slight retracement to its current trading price of $65,800.  Featured image from DALL-E, chart from TradingView.com

View Details

MicroStrategys Bitcoin Stash Exceeds 250,000 BTC Following Half-Billion Dollar Acquisition

Business intelligence firm MicroStrategy, led by Bitcoin (BTC) bull Michael Saylor, announced on Friday a successful $1.01 billion raise through the sale of convertible senior notes, a strategic move aimed at acquiring more BTC and redeeming higher-yielding securities. MicroStrategy Invests Additional $458 Million In BTC Of the funds raised, MicroStrategy allocated $458 million to purchase additional Bitcoin between September 13 and September 19, further bolstering its position as the cryptocurrency’s largest publicly traded corporate holder. As of September 19, the company reported holding approximately 252,220 Bitcoin, valued at around $15.8 billion.  Related Reading: Analyst Predicts A Solana Price Crash To $80 If This Happens The convertible notes issued by MicroStrategy carry an interest rate of 0.625% and will mature in 2028. This marks the fourth time this year that the company has turned to the convertible note market to finance its Bitcoin acquisitions.  In conjunction with the new issuance, MicroStrategy is redeeming $500 million of higher-interest 6.125% notes due in 2028, reflecting a strategic shift to lower borrowing costs while expanding its crypto portfolio. Co-founder and Chairman Michael Saylor has played a pivotal role in shaping MicroStrategy’s identity as a cryptocurrency investment vehicle since the company first ventured into Bitcoin in 2020.  Under his leadership, the firm has transformed from a traditional enterprise software maker into a de facto crypto hedge fund, demonstrating a bold commitment to digital assets amid market fluctuations. MicroStrategy’s stock has also seen significant gains this year, more than doubling in value and outperforming Bitcoin’s approximately 50% increase over the same period. The latest acquisition follows MicroStrategys earlier purchase of 18,300 Bitcoin, valued at roughly $1.11 billion last week. Bitcoin Price Analysis Following what has been deemed a bullish catalyst, the broader cryptocurrency market has responded positively to the US Federal Reserve’s announcement on Wednesday of a 0.50% basis point rate cut.  This decision contributed to the recovery over the past week after Bitcoin’s price retraced to as low as $52,640 on September 6. Bitcoin has managed to reclaim the $63,000 mark, aiming to consolidate above this critical level for the last 24 hours.  Market analyst Ali Martinez points out that this price point coincides with Bitcoins 200-day simple moving average (SMA) on its BTC/USDT daily chart, which Martinez identifies as a pivotal threshold for the anticipated bull run in the latter part of the year. Historically, failures to maintain this support level have led to significant corrections, as observed in 2020, 2018, and 2014. Martinez warns that a rejection at this level could signal trouble for Bitcoins future price trajectory. Related Reading: XRP Price Surge Could Hit 9,470% Analyst Predicts $27 Target In Bold Forecast To mitigate the risk of a sharp decline, key support floors have been spotted at $61,700 in the short term, with the $60,000 mark serving as an essential threshold to prevent further price drops.  In addition, introducing new liquidity into the market could significantly boost the Bitcoin price, as the Fed’s decision may boost investor confidence in riskier assets such as BTC.  A successful break and consolidation above $63,000 could set the stage for a potential challenge of the next resistance level at $64,000 in the coming days. Featured image from DALL-E, chart from TradingView.com

View Details

BREAKING: Fed Cuts RatesBitcoin And Markets React With A Bang

The long-awaited day has arrived: the US Federal Reserve (Fed) has announced its decision to cut interest rates, with significant implications for both Bitcoin (BTC) and the broader cryptocurrency market. Following the announcement, the markets reacted with notable volatility. Bullish Outlook For Bitcoin Just moments ago, the Fed disclosed its decision to reduce the federal funds rate by 0.50 percentage points (bps) for the first time in four years, marking a pivotal shift since the onset of the COVID-19 pandemic.  This adjustment lowers the target range to 4.75% to 5%, down from 5.25% to 5.5%, which had been in place since last Julythe highest rates seen since 2001. Related Reading: Massive Bitcoin Rally Predicted For Next 6 Months After Fed Rate Cut Analysts had widely anticipated this cut, with some, including crypto analyst Doctor Profit, asserting that a 50 bps reduction would be bullish for Bitcoin and the wider digital asset ecosystem in the short term.  Market expert Michael Van de Poppe has also indicated that volatility is likely to increase for both Bitcoin and Ethereum following this event, but in the end, this would potentially drive prices higher. BTC’s Reaction To Fed’s Rate Cut Following the Fed’s announcement, Bitcoin has exhibited considerable volatility, marked by aggressive price movements. Currently trading around $60,180, the cryptocurrency has faced fluctuations, dipping about 1% after peaking near $62,000 on Tuesday. Related Reading: Bitcoin Toughest Time Over: Why Q4 Could Be A Game-Changer As investors digest the news, it remains to be seen how the market will stabilize in the coming days. The potential influx of capital into the crypto market could bolster Bitcoin’s trajectory, offering bullish investors an opportunity to capitalize on favorable conditions.  However, the balance between upward momentum and market corrections will be crucial in determining the short-term outlook for Bitcoin and other cryptocurrencies. Featured image from DALL-E, chart from TradingView.com

View Details

CME Traders Bet Big Against Bitcoin As US Fed Rate Cut Looms

Traders on the Chicago Mercantile Exchange (CME) have been increasing their short positions on Bitcoin futures ahead of the US Federal Reserve’s interest rate decision, according to K33 analyst David Zimmerman. This move indicates a cautious approach in the market, as the Federal Open Market Committee (FOMC) is expected to announce its latest interest rate decision later today by 2 pm ET Related Reading: Crypto Analyst Reveals Key Insights into Bitcoins Bull-Bear Transition Phase The Looming Rate Cut And The Beforemath So far, current market sentiment points towards a 50 basis-point rate cut, a significant change from the usual monetary policy. This would be the first-rate reduction in four years, causing market participants to brace for potential volatility. Zimmerman noted that CME traders have notably increased their short positions by 5,500 BTC over the past two days, pushing futures premiums to a nine-month low. This trend suggests a shift towards bearish sentiment on Bitcoin in anticipation of the FOMC’s decision. Additionally, the CME futures market is reflecting fears of heightened volatility, similar to what occurred following the recent US Consumer Price Index (CPI) release. According to Zimmerman, the “downward sloping futures premiums” on CME, now below 5% for the first time since January 15, indicate “hedging against potential risks” associated with the FOMC meeting. Implications Of Interest Rate Cuts On Bitcoin Zimmerman pointed out that although rate cuts usually relief market conditions and may enhance liquidity for risk assets like Bitcoin, worries about a possible economic downturn remain. The analyst mentioned that the anticipated 50 basis-point cut has amplified these concerns. Historical precedents show that such a significant reduction, like those in 2001 and 2007, heightened recession fears. Currently, with real interest rates at their cyclical highs and inflation cooling, the Federal Reserve may consider swift cuts to reach a “neutral rate”a rate that neither stimulates nor restricts the economy, Zimmerman suggested. The analyst added, noting: “Currently, 125 basis points in cuts are expected by the end of the year.” Currently, Bitcoin trades at $59,415, at the time of writing down by 2.7% in the past day. Despite the bearish sentiment from CME traders, several analysts are optimistic that the fed rate cut will be positive for Bitcoin. Related Reading: Bitcoin Price Bounces Back, But Can It Sustain Above $60K? For instance, renowned crypto analyst known as Moustache on X has recently pointed to a notable bullish pattern on BTC chart, suggesting that the upcoming FOMC decision could assist the pattern in playing out completely. #Bitcoin (W) Most exciting FOMC meeting of the year and the chart of $BTC looks like this. Descending broadening wedge for 6 months. In the past, these patterns have ALWAYS been bullish. RSI is a leading indicator and has already broken out of the downtrend. pic.twitter.com/zbHNIM5vfc (@el_crypto_prof) September 18, 2024 Featured image created with DALL-E, Chart from TradingView

View Details

Crypto Trends To Watch: Analyst Details 10 Reasons That Could Lead To Massive Q4 Gains

As the crypto market grapples with significant volatility and uncertainty, expert analyst Miles Deutscher has outlined ten reasons to be optimistic about the year’s fourth quarter (Q4). With Q4 fast approaching, Deutscher emphasizes that a monumental market shift could catch many investors off guard. Trends And Factors That Could Impact The Crypto Market In a recent social media post, Deutscher broke down his analysis into seasonality, macroeconomic factors, and crypto-specific elements.  Deutscher begins by discussing the concept of seasonality, noting that market movements often follow cyclical patterns. Related Reading: Ethereum In Danger: Analyst Explains What Could Trigger Crash To $1,800 Historically, Q4 has proven to be the strongest quarter for equities, with the S&P 500 gaining an average of 3.8% since 1945 and rising 77% of the time. Bitcoin (BTC) has also shown notable performance during this period, averaging a return of 88.84%. Deutscher points to the previous two Halving years, where Bitcoin saw gains of 58.17% in 2016 and 168.02% in 2020. He notes that Q3 typically represents a challenging period for BTC, making the upcoming months particularly significant. The period from October to April is often regarded as crypto’s “boom season,” further underscoring the potential for gains. Moving beyond seasonal trends, Deutscher highlights several macroeconomic factors that could impact the crypto market. With the US federal election just two months away, he suggests a Trump presidency could be more favorable for the market. However, a Kamala Harris win would not be catastrophic. Current odds from Polymarket indicate a near 50/50 split on the election outcome. Deutscher also points to cooling inflation rates and the anticipation of Federal Reserve rate cuts as pivotal elements. The recent Consumer Price Index (CPI) reading is the lowest since February 2021, and a Fed pivot could be imminent. He explains that while rate cuts are often viewed negatively, historical data shows they can be bullish during non-recessionary periods. Additionally, a potential weakening of the US dollar, resulting from rate cuts, would likely benefit risk assets, including Bitcoin. Deutscher emphasizes that Bitcoin is highly correlated with global liquidity and is forecasted to continue rising into 2025, creating a favorable environment for cryptocurrency. Bullish On Long-Term Growth Prospects In the realm of crypto-specific dynamics, Deutscher notes that many retail investors have been flushed out of the market. Metrics such as Google Trends and social engagement indicate a significant drop in retail participation, suggesting that those remaining may be better positioned for potential gains. The analyst also observes a decline in the Coinbase app’s rankings, which previously surged during market highs. This trend points to a broader sense of apathy among retail investors, but Deutscher believes that such off-side positioning could pave the way for aggressive market expansion. Related Reading: Ethereum Price Nosedives Over 5%, Pressure Mounts on Bulls Furthermore, Deutscher highlights the upcoming repayment of $16 billion to FTX creditors. Unlike the previous cash drain associated with the Mt. Gox refunds to affected users, these paybacks could inject liquidity into the market, with many users likely to reinvest their capital. Ultimately, it is clear that Deutscher presents a bullish case for Q4, and why it could be a turning point for the crypto market. While he acknowledges that volatility is natural in the digital asset ecosystem, he remains optimistic about significant gains in the medium to long term. When writing, the largest cryptocurrency on the market is trading at $57,880, recording losses of nearly 4% in the 24 hours.  Featured image from DALL-E, chart from TradingView.com

View Details

Bitcoin Tumbles Following Higher Than Anticipated US Core Inflation Data

The higher-than-anticipated US core Consumer Price Index (CPI) reading was followed by a decline in Bitcoin (BTC) price as it tumbled almost 1.5% to $56,168 at press time. US Headline CPI Matches Forecast, Core CPI Exceeds It US headline CPI, the metric typically used to assess the inflation rate in the country, came in according [...]

The post Bitcoin Tumbles Following Higher Than Anticipated US Core Inflation Data appeared first on Crypto Breaking News.

View Details

Bitcoin Shakeout Ahead: Analysts Predict Final Dip Before Bull Run Resumes

The Bitcoin market has seen some consolidation since Monday, maintaining a price above the $56,000 mark after a brief drop from $65,000 to around $52,600 last Friday.  However, one analyst suggests that the bearish sentiment may still be ongoing, with expectations of a potential revisit to lower levels before a significant upward movement. BTCs Future Price Action In Focus Crypto analysts known as VirtualBacon on X (formerly Twitter) have raised concerns about an impending huge Bitcoin shakeout. In the coming 2-3 weeks, the analyst explains that Bitcoin could experience one last decline before initiating a bull run.  Panic is everywherepeople are calling for lows in the $40,000s, claiming the bull run is over, VirtualBacon noted. Yet, he argues that whether Bitcoin dips to $45,000, $48,000, or even $43,000, a bull run remains on the horizon. This period often sees a shakeout of many holders right before significant rallies. Related Reading: Solana (SOL) Surges Past $130 Resistance As Funding Rate Signals Bullish Momentum While the current charts indicate lower highs and lower lows, suggesting a downtrend, VirtualBacon believes that a prolonged bear market appears unlikely. The primary driver of this sentiment is the anticipated liquidity injection and interest rate cuts by the Federal Reserve, conditions that typically favor a bull run, particularly looking ahead to 2025. Another crucial aspect of VirtualBacons analysis lies in Bitcoin’s key support levelthe 100-week Exponential Moving Average (EMA). This level has historically marked the end of bear markets, with Bitcoin bouncing off similar levels in 2015 and 2019.  Currently, this support level sits around $45,000, with various technical indicators, including Fibonacci retracements and high-volume nodes, suggesting strong support in the $43,000 to $49,000 range. Even if Bitcoin does dip into this range, the analyst believes it would likely be a temporary “wick” rather than a sustained drop. VirtualBacon also highlights that some traders speculate about around $50,000 to $51,000. However, this could be risky; a touch at these levels might trigger a cascading liquidation event that could push prices to $44,000. How Upcoming Fed Decisions May Fuel Bitcoin Bullish Momentum Historically, September has been a weaker month for Bitcoin. However, the upcoming monthsOctober, November, and Decembertend to show more bullish trends. VirtualBacon notes that over the last decade, eight out of ten Octobers have ended positively for Bitcoin, with November also historically strong. The backdrop of this market analysis coincides with the Federal Reserve’s upcoming Federal Open Market Committee (FOMC) meeting, where the analyst predicts a 70% chance of a 25 basis point rate cut and a 30% chance of a double cut.  VirtualBacon notes that this could initiate a 12-month liquidity injection cycle that typically boosts risk assets like BTC and propels the leading cryptocurrency above current all-time high levels of $73,700. Related Reading: Ethereum In 3 Months: Legendary Analyst Reveals Prediction For December Despite the prevailing fear in the market, as the Fear and Greed Index indicates, the analyst argues that this fear may be irrational, especially with the impending monetary policy shifts. As the Fed begins to cut rates, sentiment is expected to shift rapidly, potentially leading to renewed interest and investment in Bitcoin. BTC trades at $56,930 when writing, recording a slightly 0.7% gain in the last 24 hours. Featured image from DALL-E, chart from TradingView.com

View Details

BREAKING: XRP Price Rallies 27% As Ripple Secures Major Win In SEC Lawsuit

In just one hour, the XRP price rallied 27% to a one-week high of $0.6406 on Wednesday after Judge Analisa Torres ordered Ripple Labs to pay only $125 million of the $2 billion fine sought by the US Securities and Exchange Commission (SEC) against the blockchain payments company after a four-year legal battle.  Ripple’s Legal Victory In the ruling, the court, applying a test derived from the Supreme Court, determined that Ripple’s Institutional Sales constituted offers or sales of investment contracts.  However, the Court differentiated Ripple’s Programmatic Sales and Other Distributions, finding that they did not fall into this category. Additionally, the Court clarified that the individual sales conducted by Ripple co-founders Chris Larsen and Brad Garlinghouse did not qualify as offers or sales of investment contracts for reasons akin to those outlined for Ripple’s Programmatic Sales. Related Reading: Bitcoin Funding Rates Turn Negative: Shorts Turn To Get Squeezed? When deliberating on the penalty, the Court concluded that a first-tier penalty was fitting in this instance, noting the absence of allegations related to fraud, deceit, or manipulation, along with the lack of established deliberate or reckless disregard for regulatory requirements.  Moreover, the Court noted that the SEC had not proven that Ripple’s failure to register the Institutional Sales resulted in significant losses or risks to investors.  Consequently, the SEC’s motion for remedies and the entry of final judgment were partially granted and partially denied. The Court’s decision mandates an injunction against Ripple to prevent future securities law violations and imposes a civil penalty amounting exactly to $125,035,150. In this regard, Ripple CEO Brad Garlinghouse stated that the court reduced the $2 billion penalty sought by the SEC by 94%, recognizing that the SEC had “overplayed their hand”. Garlinghouse further stated, This is a victory for Ripple, the industry and the rule of law. The SECs headwinds against the whole of the XRP community are gone.  XRP Price Predictions Point To Mega Bull Run With XRP not considered a security by the court, the tokens price saw one of its best rallies of the year in a matter of hours, surpassing Monday’s pre-market crash price resulting from global economic uncertainty.  Related Reading: Analyst Says Bitcoin Bottom Is Not In, Will Price Crash Below $50,000 Again? Further demonstrating the bullishness of this development, crypto analyst CrediBULL contends that now that Ripple secured this win, the stage is now set for an inevitable mega run for the XRP price. Another analyst under the pseudonym “360 Trader” on social media platform X, also claimed that now the XRP’s “chains are off,” arguing that the XRP price will fly this cycle with a target ranging between $4 and $8.  Featured image from DALL-E, chart from TradingView.com

View Details

Bitcoin Market Update: Analyst Sees 65% Chance Of Retest Before Surge To $68,000

Bitcoin (BTC) has regained significant momentum over the past week, breaking free from the $49,000 lows it reached during the broader market crash on August 5. Since the past seven days, the flagship cryptocurrency has surged over 8%, climbing above the critical $63,000 level and reaching as high as $65,000 on Sunday. This latest rally has crypto analysts optimistic about Bitcoin’s prospects for further upside, with some eyeing a potential move towards $68,000 soon. However, not all technical experts are convinced the path forward will be completely smooth sailing. Two Paths To $68,000 Bitcoin Crypto analyst Doctor Profit, who has a notable track record of accurately predicting price movements dating back to BTC’s $50,000 territory during the August 5 crash, is now targeting $68,000. A detailed report outlines that the key lies in Bitcoin’s interaction with the $63,900 line on the 6-hour chart. Related Reading: Ethereum Price Eyes Fresh Gains: Another Increase on the Horizon? According to Doctor Profit, there are two different paths for Bitcoin’s journey to $68,000. The first is for Bitcoin to maintain its position above the $63,900 level, paving the way for a quick rise to the projected $68,000 price.  The second scenario involves a temporary dip below $63,900 followed by a retest of the 50-day exponential moving average (EMA) at $61,900 before rising above $64,000 and moving towards $68,000. This latter scenario is seen as the more likely outcome, with Doctor Profit assigning a 65% probability to a retest of the $61,900 EMA support level before a push towards $68,000.  What Open Interest Heatmap Suggests Lending credence to the possibility of a short-term pullback, technical analyst Ali Martinez observes that Bitcoin appears to be trading within a parallel channel on lower time frames. Martinez suggests a break below the $63,500 support could see BTC drop as low as $62,800 before potentially bouncing. Adding another layer to the analysis, the trading platform Hyblock highlights the importance of the Open Interest (OI) Heatmap in gauging market sentiment.  The current open interest of $61,000 suggests a possible correction on the horizon, as the platform pointed out that BTC usually chases these zones, and this possibility increases after Bitcoin’s 8% surge last week.  Related Reading: Crypto Analyst Says Cardano (ADA) Is Set For 1,000% Rally To $4.29, Heres Why While this may indicate a short-term pullback, a successful retest of lower support levels could set the stage for a strong recovery and a retest of higher resistance levels, assuming demand remains consistent. At the time of writing, the largest cryptocurrency on the market is trading at $63,450, recording losses of over 1% in the 24-hour time frame after hitting the $65,000 mark late Sunday for the first time since August 1.  Featured image from DALL-E, chart from TradingView.com

View Details

Bitcoin Price Breaches $62,000: Market Reacts To Powells Speech

In a week marked by economic anticipation and turbulence, the crypto market experienced a rollercoaster ride as the Bitcoin price surged and retreated in response to Federal Reserve Chair Jerome Powell’s remarks at the Jackson Hole Economic Symposium. Bitcoin Price Rallies On Powell’s Dovish Tones Powell’s remarks struck a dovish tone, indicating that the central bank is open to further interest rate cuts in the coming months to address potential cooling in the labor market. This stance was positive for risk assets like Bitcoin, as it signals a more accommodative monetary policy stance from the Fed. Related Reading: Algorand Achieves New Record With 2 Billion Transactions, ALGO Price Jumps 14% Indeed, the Bitcoin price rapidly breached the $62,000 mark, a level it had not seen in over a week, as investors reacted positively to Powell’s comments. However, the rally was short-lived, as the price subsequently retreated to around $60,800. According to crypto analyst Inspo Crypto, Bitcoin now faces a critical juncture:  We have to wait and see if Bitcoin consolidates below $61,000 again or heads towards the lower end of the upward channel, which is right at $60,000. If that breaks, we still have a safety net at $59,500. However, if BTC stays above $61,000 and the selling pressure eases, it could be an interesting and, above all, bullish weekend. Key Indicators Flip Positive Another analyst, Rekt Capital, noted that the Bitcoin price still lacks a daily close above $62,000, which would be needed to confirm a continuation of the recent price recovery.  However, Rekt Capital suggested that Bitcoin could form a bullish flag pattern, similar to the one seen in early March 2024, which could enable a move towards $65,000 or higher over time. Market expert Ali Martinez highlighted a positive development, noting that Bitcoin’s bull-bear market indicator has switched back to bullish after oscillating between bearish and bullish territory since early August.  This, Martinez suggests, could further bolster the case for continuing the price recovery witnessed over the past two weeks after Bitcoin briefly dipped to a 6-month low of $49,000 earlier this month. Related Reading: The Shiba Inu Shibarium Suffers 97.6% Crash In Active Accounts, Whats Going On? Looking ahead, Martinez has identified two crucial resistance levels to watch for Bitcoin: $64,045 and $66,250. According to Martinez, if the cryptocurrency can maintain support at $60,365, a move toward these higher price points could be in the cards.  https://www.tradingview.com/x/V0tMHEUY/ For now, the Bitcoin price seems to have stabilized around $61,600 after the notable spike in volatility minutes after Powell’s speech. CoinGecko data shows that the largest cryptocurrency on the market is still up 2% in the 24-hour time frame.  It will be important to watch what price BTC closes the day at, as it will be important to gauge the next week’s price movement before the expected monthly close.

View Details

Bitcoin Could Target $63,000 But Must First Clear This Vital Resistance Level

After experiencing a significant 25% pullback earlier this month, plunging to the $49,000 level, the king of cryptocurrencies, Bitcoin (BTC), has managed to consolidate above the crucial $60,000 support for the last 24 hours. However, Bitcoin’s journey toward further price appreciation has been without obstacles. The digital asset has been unable to surpass higher resistance [...]

The post Bitcoin Could Target $63,000 But Must First Clear This Vital Resistance Level appeared first on Crypto Breaking News.

View Details

Bitcoin Derivatives Signal Major Risk Of Explosive Short Squeeze Rally Ahead

As the world’s largest cryptocurrency, Bitcoin (BTC), continues to consolidate between the $58,000 and $60,000 price range with no clear direction, a bullish signal from the derivatives market suggests the potential for sudden and sharp rallies ahead for BTCs price. Data Shows Aggressive Bitcoin Shorting According to crypto research firm K33 Research, the funding rate for Bitcoin perpetual futures has reached its lowest since March 2023, when the US bank failures rattled investors. This indicates a prevalence of downside bets, or short positions, on the cryptocurrency. K33 analysts Vetle Lunde and David Zimmerman wrote in a note:  Perpetual swap funding rates have averaged at negative levels over the past week, while open interest has sharply increased. This suggests aggressive shorting, structurally creating a setup ripe for a short squeeze. Related Reading: XRP Alert: Raoul Pal Advises Investors To Sell Now Heres Why A short squeeze occurs when a sudden and unexpected price increase forces traders with short positions to close their bets, further fueling the rally. This can stoke further price recoveries for Bitcoin as traders rush to cover their bearish positions. In the perpetual market, K33 Research further noted that the notional open interest, or the total value of outstanding contracts, rose by almost 29,000 BTC over the past week.  According to the analysts, the seven-day average annualized funding rate on August 20th was a negative 2.5%, a relatively rare backdrop. This combination suggests that traders have been actively building short positions, setting the stage for a potential short squeeze that could push the price above key resistance walls that have not been breached this week as the market struggles with a notable lack of bullish catalysts. Short-Term Bearish Pressure For BTC?  According to an Inspo Crypto analysis, the options data suggests that the $60,500 level remains a significant challenge for the bulls, with the potential for heightened volatility around this price point. One key indicator is the Implied Volatility (IV) curve, which shows a spike around the $60,500 level.  This suggests that traders expect significant price action around this zone, as evidenced by the elevated delta and gamma values, which measure the sensitivity of option prices to changes in the underlying asset’s price. Related Reading: Heres Whats Going On With The Shiba Inu Price Further, the market sentiment appears to be a mix of bullish and bearish positions. While the heavy use of bullish strategies like Bull Call Spreads and Reverse Put Calendars suggests a more positive outlook among traders, the increasing skew toward negative values indicates that traders are seeking more downside protection through put options. According to the analyst, this heightened activity suggests that the probability of a failed retest at this level is elevated, and the options market could exacerbate any subsequent price action. It is key for the BTC price to close the week above this crucial level for the potential to continue the recovery over the past two weeks after falling to the $49,000 mark earlier this month.  Conversely, lower support levels would be tested with the risk of positioning the largest cryptocurrency on the market in a sharp correction, as seen in the past months after reaching its all-time high of $73,700 in March.  At the time of writing, BTC is trading at $59,870, up nearly 2% in the last 24 hours. Featured image from DALL-E, chart from TradingView.com

View Details

Bitcoin Price Action Watch: 3 Pivotal Zones That Could Sway BTCs Next Move

As the Bitcoin price consolidates below the $60,000 threshold, the market has been characterized by a mix of indicators and technical levels, leading to a divided forecast and heightened uncertainty. Mixed Signals Cloud Bitcoin Price Trajectory According to Bitcoin maximalist Mark Cullen, the current Bitcoin price action presents a complex technical picture. He suggests that the $57.5,000 level will likely be tested, and the key question is whether it will hold.  Cullen believes it will, at least initially, before potentially breaking lower. He also highlights the importance of the $59,500 level, stating that if Bitcoin can push through, it would be a strong signal to heavily long the asset with a tight stop-loss below. Related Reading: MATIC Price (Polygon) Sets Sights Higher: Can It Gain Bullish Momentum? However, Cullen also warns of the potential for a sweep of the liquidity below the $54,500 level, which could pave the way for a move to new lows in the $40,000 range if that level is breached. Crypto analyst Axel Adler also points to a similar picture, highlighting that as the Bitcoin price currently trades below its 200-day simple moving average (SMA), this could lead to further bearish continuation for BTC. According to Adler’s analysis, the next support level is the 365-day SMA at $50,000. What Do BTCs On-Chain Fundamentals Say? Compounding the technical uncertainty, the data intelligence platform Glassnode has reported that Swissblock’s Bitcoin Fundamental Index (BFI) moved from positive to neutral territory last week.  According to the platform’s co-founders Yan Alleman and Jan Happel, this shift reflects the uncertainty surrounding the Black Monday event and the post-Consumer Price Index (CPI) bull trap felt on the chain. The BFI, composed of two sub-metrics measuring network liquidity and network growth, has recently shown a bifurcation. While network liquidity has dropped into neutral territory, network growth has risen, painting a complex picture of Bitcoin’s fundamental outlook. Related Reading: XRP Price Set To Breakout: Will It Trigger A Strong Rally? Alleman and Happel note that the drop in network liquidity, while concerning the short term, is not necessarily a bearish signal in the long run. They explain that increased network liquidity is desirable, as it enhances Bitcoin’s functionality as a medium of exchange. However, the rise in network growth is seen as a strong bullish sign, indicating that more players interact with the Bitcoin network on an entity-adjusted basis. This effectively creates a deeper pool of crypto-native capital, which could support the asset’s long-term valuation. The Glassnode co-founders stated: Given the current store-of-value ‘digital gold’ narrative and the increased ease of getting BTC exposure via ETFs, CEXes, etc., rising network growth is a strong bullish sign. When writing, the Bitcoin price is $58,680, down over 2% in the last 24 hours. Featured image from DALL-E, chart from TradingView.com

View Details

Bitcoin Falls From $60,000 With US Transfer Of 10,000 BTC: Vital Levels To Monitor

On Wednesday, the crypto market experienced a wave of volatility as news broke that the US government had transferred a significant amount of Bitcoin seized from the infamous Silk Road marketplace to the Coinbase exchange. Massive Silk Road Bitcoin Influx To Coinbase According to on-chain data tracker Arkham, the US government recently moved 10,000 Bitcoin worth around $590 million from a known government wallet to a Coinbase Prime deposit address.  Notably, this transfer sparked a 3.3% dip in the Bitcoin price, which fell below the key $60,000 support level to trade at around $59,130 at the time of writing. However, it’s important to note that the US government’s selection of Coinbase as the custodian for its seized digital assets may only sometimes lead to immediate selling.  Related Reading: XRP Price Eyes $0.60 Reclaim: Crucial for a Fresh Upswing As reported by Bitcoinist, Coinbase announced that the US Department of Justice’s asset forfeiture division, the US Marshal Service, had chosen Coinbase Prime to offer custody and advanced trading services for its “Class 1” digital assets. This partnership is intended to streamline the custody, management, and disposal processes for cryptocurrency assets, allowing for diversification in the types of digital assets that can be handled and disposed of under the government’s forfeiture programs.  Ultimately, this may result in the exchange holding this large amount of BTC and not affect the Bitcoin price in the short term or contribute to selling pressure unless there is a shift from previous movements and the authorities decide to liquidate the tokens.  Critical Resistance Levels And Support Thresholds In a recent analysis of the current Bitcoin price action, crypto analyst Daan Crypto Trades recently highlighted key levels to watch for a potential continuation of BTC’s recovery over the past seven days after falling towards $59,000 on August 5th. The analyst first noted that Bitcoin is at a pivotal point where it needs to break above the 200-day exponential moving average (EMA) at $59,468 and the 200-day moving average (MA) at $62,274.  Daan Crypto Trades explains that these levels are key to catalyzing favorable medium-to-long-term dynamics in favor of the bulls. However, the cryptocurrency has struggled with this challenge and failed to consolidate above these levels last week. Related Reading: Maker Sees 7% Upswing As Key Indicators Signal $2,662 Resistance Test In light of this scenario, the analyst has identified two significant resistance levels that the BTC price must uphold if a potential correction looms.  Daan Crypto Trades underscores the importance of vigilance around the $56,530 mark on the BTC/USDT daily chart, emphasizing its role as a critical floor crucial for preventing a downturn that could mirror the substantial 20% correction witnessed at the commencement of August. Moreover, the analyst points to the $52,990 threshold as the subsequent support level to monitor should Bitcoin falter at the aforementioned mark, especially if selling pressure intensifies, exerting downward pressure on its price trajectory. Featured image from DALL-E, chart from TradingView.com

View Details

Ethereum ETFs Debut: BlackRock Reigns With $260M Inflows, Grayscale Bleeds

Nine spot Ethereum ETFs commenced trading on the US stock market on Tuesday, marking a pivotal moment for the crypto industry following the Securities and Exchange Commission’s (SEC) green light on Monday. Ethereum ETFs See $1B In Trading Volume On Debut James Seyffart, a senior ETF analyst at Bloomberg, described the Monday ETF launch as a “pretty big success,” according to a Fortune report. However, the initial enthusiasm was tempered by a stark comparison to Bitcoin’s ETF debut earlier this year, which garnered $655 million in inflows on its first trading day. Related Reading: Mt. Gox Creditors Opt To HODL Bitcoin Rather Than Sell, CryptoQuant Data Shows Diving into the specifics, the Ethereum ETFs collectively amassed $10.2 billion in assets, with trading volumes surpassing $1.1 billion on day one. Grayscale’s Ethereum Trust (ETHE) led the volume race with $469.7 million.  Among the key players, BlackRock led the charge with $266 million in inflows, followed closely by Bitwise with $204 million and Fidelity with $71 million.  Despite these figures, the ETFs collectively witnessed net inflows of $107 million, overshadowed by Grayscale’s Ethereum Trust’s outflows of $484 million, as per Bloomberg data. However, the market response to the ETFs did not translate into a noticeable impact on Ethereum’s price, which experienced a marginal 0.8% decline since trading commenced.  Currently, the second largest cryptocurrency on the market is trading at $3,420, with a 27% decrease in trading volume in this area, amounting to $16 billion in the last 24 hours, and no significant changes to Tuesdays price value per coin.  Bright Future Despite Challenges Given that Ethereum’s market cap is a fraction of Bitcoin’s, the comparatively smaller inflows were somewhat to be expected. In addition, the Fortune report noted that the lack of a staking feature in the ETFs, which is prohibited by the SEC, also drove some investors to buy Ethereum directly, bypassing the new Ethereum ETFs mechanism. Another strong reason for the outflows on the first day of the ETHE fund is Grayscale’s 2.5% fee compared to competitors charging 0.25% or less, a factor that is believed to have influenced investor behavior and contributed to ETHE’s outflows. Related Reading: Forget $10,000, Crypto Analyst Says Spot Ethereum ETFs Will Drive ETH To $14,000 Despite the lack of market response, Seyffart remains optimistic about the reception of the Ethereum ETFs, citing the strong performance of smaller players such as 21 Shares’ Core Ethereum ETF, which attracted $8.7 million in inflows. Seyffart said to Fortune: Very successful launch day by any standard ETFs first day of trading. On top of this, the volume numbers were very strong.  Adding to the optimistic outlook for the Ethereum ETFs, it is noteworthy that Bitcoin (BTC) surged to an all-time high of $73,700 on March 14, just two months after the approved ETFs started trading.  Although ETFs investing in ETHs price may not attract as much inflow and trading volume as BTC, this could lead to a sustained increase in ETH’s price in the long term.  Featured image from DALL-E, chart from TradingView.com

View Details

Ethereum ETFs Witness Stellar Start As Trading Soars; Analyst Sees ETHs Price Reaching $8,000 In Q4

Ethereum ETFs (exchange-traded funds) began trading on Tuesday, generating significant volume within the first 2 hours of trading. Interestingly, the Ethereum ETFs ranked among the top 1% regarding ETF volume.  Related Reading: Analyst Says Solana Price Will Surge 1,000% To $1,800, Heres When Ethereum ETFs Surpass Traditional Launch Volumes According to Bloomberg ETF expert Eric Balchunas, the ETH ETFs traded $361 million in the first 90 minutes on launch day, surpassing the typical volume seen at the launch of traditional ETFs. Blachunas said: Here’s where we at after 90 minutes. $361m total. As a group that number would rank them about 15th overall in ETF volume (about what $TLT and $EEM trade), which is Top 1%. But again compared to a normal ETF launch, which rarely see more than $1m on Day One, all of them have cleared that number and then some. Matthew Sigel, head of digital asset research at asset manager VanEck, highlighted the significance of these figures in the first hours of trading, noting that Ethereum ETFs saw more than 50% of trading volume compared to Bitcoin’s $610 million on day one, indicating strong investor interest in Ethereum. However, how these numbers will fare at the close remains to be seen. Bitcoin ETFs saw $4.6 billion in volume on their first day of trading in January, which may indicate the future performance of these newly approved index funds for the second-largest cryptocurrency on the market. ETHs Price Targets Soar Crypto analyst Doctor Profit shared a report highlighting a potentially massive parabolic move for Ethereum’s price this year in the wake of the expected inflows in the new Ethereum ETF market.  While some anticipate a correction due to the “sell the news” phenomenon, Doctor Profit argues that the market has already factored in the ETF launch but has yet to consider the significant inflows of USD that will flood into the Ethereum ETFs.  With Ethereum’s market cap being three times smaller than Bitcoin’s, Doctor Profit believes that every dollar invested in ETH is expected to have three times the price impact compared to Bitcoin, positioning Ethereum favorably for substantial price gains. Furthermore, the analyst contends that while Ethereum’s Grayscale ETH Fund sell pressure is comparable to the Bitcoin ETF launch, the impact is expected to be less severe.  Related Reading: Helium (HNT) Rockets In Value With 41% Rally Heres Why Looking ahead, Doctor Profit has set expected price targets for Ethereum in the coming months, including a potential target between $4,500 and $5,500 by Q3 2024, indicating steady but modest growth.  Moving into Q4 2024 and Q1 2025, the price range is expected to expand from $5,500 to $8,000. However, it is in Q2 2025 that Ethereum is expected to significantly jump, with price targets ranging from $8,000 to $14,000.  At the time of writing, ETH is trading at $3,444, showing sideways movement with no significant change from yesterday’s price, despite the hype surrounding the launch of the ETF market.  Featured image from DALL-E, chart from TradingView.com

View Details

Cardano (ADA) Soars To New Levels: IOG Unveils Explosive Growth In Key Metrics

In a recent weekly report by Input Output Global (IOG), the engineering development company behind Cardano (ADA), significant growth for the blockchain has been unveiled. The report highlights notable achievements in Total Value Locked (TVL), transactions and the increasing number of projects being built on the network. Thriving Cardano Ecosystem Per the report, Cardano has reached a milestone of 94 million transactions, showcasing the network’s growing adoption ahead of scheduled upgrades later this year. The report also discloses a TVL of 548.4 million in ADA, further emphasizing the network’s growth. Data from DefiLlama confirms this, with on-chain data showing over 26,000 active addresses in the last 24 hours and a TVL in USD of $239 million. However, this is much lower than the annual high in TVL in USD terms of nearly $500 million recorded in March.  Related Reading: US Spot Ethereum ETFs Poised To Draw $1.2 Billion Monthly: Research Firm IOG’s data also reveals that Cardano currently hosts over 1,300 projects and boasts over 10 million active tokens. Additionally, showcasing the networks appeal, there are over 67,000 Plutus scripts, enabling the creation of decentralized applications (dApps) and smart contracts within the Cardano ecosystem. Upcoming Releases And Updates The report also sheds light on the current focus of the ledger team as they await the Chang upgrade. Efforts have shifted toward extensive testing, including writing unit tests and conducting conformance testing.  On the wallet and services front, the Lace team is preparing for the release of Lace v1.14 in the coming weeks, promising updates and improvements. The report notes that the Hydra team has progressed on incremental decommits, refining specifications and enhancing documentation.  The Mithril team also released a new distribution with support for Cardano node v9.0.0 and continued working on certifying Cardano transactions within Mithril networks. Cardano’s progress extends to the Voltaire & Sanchonet domains with the release of Cardano node v9.0.0. Users are encouraged to upgrade to this version in preparation for the Chang upgrade.  Lastly, IOG disclosed that the Intersect team has been actively updating the community on the latest Cardano node release, the Chang timeline, and the Intersect’s constitutional council confirmation. ADA Trading Volume Surges At the time of writing, ADA is currently trading at $0.429 due to its continued growth over the past month and the market’s recovery over the same period.  Additionally, CoinGecko data shows that the token has seen a spike in trading volume of $628 million over the past few days, representing a 154% increase in market activity for ADA. Related Reading: Early Signs Of Breakout Solana To Explode By 900%, According To Analyst Further supporting the bullish sentiment and growth witnessed over the past month, ADA is currently trading above the key 200-day exponential moving average (EMA), following the 18% surge recorded over the past two weeks that saw it cross this key indicator at $0.423. Notably, this supported the price over the weekend, with successful tests for three consecutive days preventing another retracement.  Conversely, the $0.459 level may be the next resistance in ADA’s growth path, preventing a rise towards the next resistance on the daily ADA/USDT chart at $0.483 before retesting the $0.500 level.  Featured image from DALL-E, chart from TradingView.com

View Details

WazirX Exchange Releases Post-Mortem Report: Was North Korea Behind The $235M Exploit?

Indian-based cryptocurrency exchange WazirX recently fell victim to a significant security breach, resulting in the unauthorized transfer of over $230 million of assets. The incident led to the temporary suspension of withdrawals as the exchange worked to investigate and mitigate the breach.  In a subsequent report released by WazirX, preliminary findings shed light on the causes of the exploit. At the same time, blockchain analytics firm Elliptic suggested the potential involvement of North Korea in this sophisticated attack. WazirX Multisig Wallet Breach WazirX disclosed that the cyber attack targeted one of their multisig wallets, which utilized the services of Liminal’s digital asset custody and wallet infrastructure since February 2023.  The wallet allegedly had a configuration involving six signatories, including five from the WazirX team and one from Liminal, who were responsible for transaction verifications.  Three WazirX signatories, who employed Ledger Hardware Wallets for added security, were required to approve a transaction, followed by the final approval from Liminal’s signatory.  Related Reading: Crypto Analyst Predicts XRP Price To Hit $1.03 Soon, Warns Of Initial Dip Additionally, a whitelisting policy was in place to enhance security, allowing transactions solely to predefined addresses facilitated by Liminal. The exchange further disclosed that the breach originated from a discrepancy between the data displayed on Liminal’s interface and the actual contents of the transaction.  During the attack, the exchange notes a mismatch between the information displayed on Liminal’s interface and what was signed. It is suspected that the payload was manipulated to transfer wallet control to the attacker, enabling them to exploit the vulnerability. North Korean Affiliation In $235M Breach? WazirX emphasized its implementation of robust security measures, including the Gnosis Safe multi-sig smart contract platform and Liminal’s whitelisting policy. Despite these precautions, the cyber attackers managed to breach the security features and execute the theft.  Looking ahead, the exchange expressed its commitment to protecting customer assets and acknowledged the need for further investigation and reinforcement of security protocols. The exchange concluded by stating the following: This is a force majeure event beyond our control, but we are leaving no stone unturned to locate and recover the funds. We have already blocked a few deposits and reached out to concerned wallets for recovery. We are in touch with the best resources to help us in this endeavor. While these are our findings from our preliminary investigation, we will keep you posted with further updates. Together with your support, we shall overcome this challenge and emerge stronger and more resilient than ever. Related Reading: MOVR Bulls Assemble: Crypto Analyst Says A 2,000% Surge To $234 Is Imminent Blockchain analytics firm Elliptic, on the other hand, conducted an independent analysis of the exploit and indicated a potential connection to North Korea.  According to Elliptic’s findings, approximately $235 million in various crypto assets were lost in the breach, including Shiba Inu (SHIB), Ethereum (ETH), Polygon (MATIC), and Pepe.  The thief has reportedly converted some of these tokens into Ether using decentralized services, a common step in the laundering process. On-chain analysis and additional information reviewed by Elliptic suggest the alleged involvement of hackers affiliated with North Korea. Featured image from DALL-E, chart from TradingView.com

View Details