Category: Cryptocurrency News

Bitcoin (BTC) hasn’t been in its best state lately, falling from a high of over $69,000 to the current price of around $19,174. While the coin has lost over 71% of its value since November 2021, some key experts believe it’ll lose more before finding stability again. According to Florian Grummes, the managing director of Midas Touch Consulting, the pioneer crypto may fall below $10k. He further stated that it might reach $6k before finding support and start gaining traction. Related Reading: Crypto Market Shows No Signs Of Positive Movement, Is ‘Uptober’ A Myth? Midas Touch Consulting Founder Not Bullish About Bitcoin Grummes is not bullish about bitcoin’s short-term future as he believes the coin will only see correction until it reaches $6k. He said: It’s my worst case right now [Bitcoin at $6,000]. I wouldn’t rule it out. I think $10,000 is probably what’s going to happen, and then we’re going to see a nice bounce and maybe another test of the $10,000 to $15,000 range, like a double low at some point, and that would be then the final end of the crypto winter, but it still takes time I don’t think it’s happening anytime soon. The finance expert expressed his views in an interview with KITCO News on October 11. He also noted that there are many factors that could affect the price of bitcoin, such as the current market volatility and liquidation sentiments. He added that the cryptocurrency would see several small pumps along its way to $6k. The expert also noted that it’d take a special event to push Bitcoin and the entire crypto market out of the crypto winter. Florian Doesn’t See Bitcoin Reach $69k The investment advisory firm’s founder also shared his skepticism over bitcoin’s ability to reach its previous high of nearly $69k. Grummes noted that uncertainty and liquidity crisis currently plaguing the crypto industry might hinder the coin from reaching its former glory days. He said: If this whole crypto sector can recover like it should or did in the past, then once the halving has happened, the whole sector likely will be in the new bull market. Bitcoin has been going up since 2009 relentlessly Fundamentally speaking, regulation, of course, could be basically preventing a real new bull market. A Little Hope For BTC? Bitcoin’s popularity has been waning due to the current financial turmoil. As the US faces its highest inflation levels in recent times, the Feds introduced quantitative tightening to help keep it under control. This is one of the main causes of the current crypto winter. While some experts see Bitcoin as an inflation hedge, Grummes is placing his bet on Gold.  However, the expert thinks there’s hope for the coin. According to Grummes, a crypto winter will normally last between twenty-four and twenty-seven months. Grummes predicts that a genuine bull market is roughly a year away since the market is still one year into the winter. Related Reading: Bitcoin Boredom Causes Trading Volume To Dive 38% From September Highs He continues to believe that the worst-case scenario is the testing of the $6,000 price level. Florian Grummes predicts a market upswing in the weeks leading up to the second Bitcoin halving in May 2024. Featured image from Pixabay and chart from TradingView.com

According to Chainalysis data, Russia’s stablecoin usage has increased since the onset of the war, due partly to ordinary Russian citizens seeking to protect their assets.

The move-to-earn blockchain game has seen a significant drop in its user base and its rewards token has taken a decline due to the cryptocurrency market conditions.

Ethereum failed to clear the $1,300 resistance zone against the US Dollar. ETH is declining and there is a risk of a drop below the $1,265 support. Ethereum is still showing bearish signs below the $1,350 and $1,320 support levels. The price is now trading below $1,300 and the 100 hourly simple moving average. There was a break below a key rising channel with support at $1,290 on the hourly chart of ETH/USD (data feed via Kraken). The pair remains at a risk of more losses unless there is a clear move above the $1,300 level. Ethereum Price Remains In Downtrend Ethereum started a minor upside correction from the $1,265 support zone. ETH traded as low as $1,268 and recovered above the $1,280 level. There was a break above the 23.6% Fib retracement level of the downward move from the $1,338 swing high to $1,268 low. Ether price even attempted a clear move above the $1,300 resistance zone and the 100 hourly simple moving average. However, the bulls failed to gain strength for a close above $1,300. Ethereum price failed to clear the 50% Fib retracement level of the downward move from the $1,338 swing high to $1,268 low. There was a fresh decline from $1,300. Besides, there was a break below a key rising channel with support at $1,290 on the hourly chart of ETH/USD. The pair is now trading below $1,300 and the 100 hourly simple moving average. Source: ETHUSD on TradingView.com An immediate resistance on the upside is near the $1,298 level. The first major resistance is near the $1,300 level. A clear upside break above the $1,300 resistance zone could open the doors for a steady increase. In the stated case, the price may perhaps rise towards the $1,350 resistance. Moreover, it could help bitcoin and other altcoins in gaining pace. Sharp Drop in ETH? If ethereum fails to recover above the $1,300 resistance, it could continue to move down. An initial support on the downside is near the $1,275 level. The next major support is near the $1,265 level. A downside break below the $1,265 might start a major decline towards $1,200. Any more losses may perhaps open the gates for a move towards the $1,000 support. Technical Indicators Hourly MACD – The MACD for ETH/USD is now gaining momentum in the bearish zone. Hourly RSI – The RSI for ETH/USD is now below to the 50 level. Major Support Level – $1,265 Major Resistance Level – $1,300

Cardano (ADA) has officially made a lower low to prices not seen since January 2021. Ever since the April/May drop, ADA has failed to achieve much upward movement, even during BTC’s bear market rally to $25k. Recently, the price of ADA has reached $0.3750, which has not happened for the coin since the beginning of…
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The alleged fraudsters built a BAYC and MAYC NFT focused website that masqueraded as a service to animate the apes but instead phished victims details to steal their NFTs.

Ripple CEO Brad Garlinghouse says he thinks “we’ll have an answer in the first half of next year” in the U.S. Securities and Exchange Commission (SEC) lawsuit over xrp. Maintaining that xrp is not a security, the executive stressed that the case “is about the whole industry” and “Everyone acknowledges how important this is.” Ripple’s […]

Bitcoin price is consolidating near the $19,000 level against the US Dollar. BTC seems to be forming a short-term bullish pattern and might rise towards $20,000. Bitcoin is struggling to gain pace for a move above the $19,200 level. The price is trading below above $19,400 and the 100 hourly simple moving average. There is a new connecting bearish trend line forming with resistance near $19,200 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair could start a fresh increase unless there is a clear move below the $18,950 level. Bitcoin Price Remains In A Range Bitcoin price was seen trading in a range below the $20,000 resistance zone. BTC even settled below the $19,500 level and the 100 hourly simple moving average. The last swing low was formed near $18,860 before there was a minor upside correction. The price was able to clear the 23.6% Fib retracement level of the downward move from the $19,560 swing high to $18,860 low. The bulls even pushed the price above the $19,200 level. However, the bears were active above the $19,200 level. Bitcoin price struggled to clear the 50% Fib retracement level of the downward move from the $19,560 swing high to $18,860 low. It is now trading below above $19,400 and the 100 hourly simple moving average. It seems like there is a short-term inverse head and shoulders pattern forming with breakdown support at $18,950. On the upside, an immediate resistance is near the $19,200 level. There is also a new connecting bearish trend line forming with resistance near $19,200 on the hourly chart of the BTC/USD pair. Source: BTCUSD on TradingView.com A clear move above the trend line might send the price towards the $19,500 resistance. Any more gains might start a steady increase towards the $20,000 resistance zone. More Losses in BTC? If bitcoin fails to rise above the $19,200 resistance zone, it could continue to move down. An immediate support on the downside is near the $18,950 zone. The next major support is near the $18,860 zone. A downside break below the $18,860 support zone send the price towards the $18,550 level. Any more losses might call for a drop towards the $17,800 support zone. Technical indicators: Hourly MACD – The MACD is now gaining pace in the bearish zone. Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level. Major Support Levels – $18,950, followed by $18,860. Major Resistance Levels – $19,200, $19,500 and $20,000.

Crusoe Energy Systems has just acquired the operating assets of Great American Mining, a sign that further consolidation could be ahead.

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