Category: Cryptocurrency News

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RUNE price could be ready to break out from the downtrend as price gears up for a short-term recovery creating more bullish sentiment. RUNE looks strong on the low timeframe.  The price of RUNE attempts to break and hold above 8 and 20 EMA on the daily timeframe. Thorchain (RUNE) has shown little or no recovery sign in recent weeks, but that could change as the price gears up for a rally against tether (USDT). Previous weeks for the crypto space have been slow as most altcoins, and major cryptocurrencies like Bitcoin (BTC) continued to move in a range. The month looks promising, with altcoins, including Thorchain (RUNE), bouncing off from their low with high hopes of a rally with the current shift in trend. (Data from Binance) Related Reading: Maker (MKR) Continues Its Positive Moves, Neglecting Weekly Market Trend Crypto Market Outlook  For most crypto projects as altcoins, including RUNE, the new month has been more of a relief. The price of Bitcoin has led the market, rising from a low of $18,800 to $20,100. With the market looking more promising for crypto assets, we may see more cryptocurrency recovery, as the previous month prevented major altcoins from rallying. Thorchain (RUNE) Price Analysis On The Weekly Chart The price of RUNE in recent weeks did not show the strength as seen in other altcoins like Cosmos as the price continued to decline to its weekly low of $1.5. After rallying from a low of $3 to a high of $12, the price of RUNE faced rejection as it was unable to break above $12, acting as resistance to the price of RUNE and the area of supply. The price has since struggled to find support as the price declined to a weekly low of $1.5 with what looks like a demand zone for more buy orders. RUNE price bounced off this region to $1.6 as price prepares for a rally from this area. Although the price continues in a range trying to break out, it looks promising as there have been more buy orders than in recent weeks. Weekly resistance for the price of RUNE – $1.8-$2. Weekly support for the price of RUNE – $1.5. Price Analysis Of RUNE On The Daily (1D) Chart On the daily timeframe, the price of RUNE remains bullish as it attempts to flip the resistance at $1.8 and break out with good volume. The price of RUNE is currently trading at $1.65, with resistance to breaking above the 8 and 20-day Exponential Moving Averages (EMA), which act as resistance zones for the price of RUNE. The prices of $1.6 and $1.66 correspond to RUNE’s 8 and 20-day EMAs, respectively. Daily resistance for the RUNE price – $1.66-$1.8 Daily support for the RUNE price – $1.5. Related Reading: Cardano: These Factors Have A Negative Impact On ADA Price Featured Image From zipmex, Charts From Tradingview  

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The story of Ripple XRP has taken several twists over the past two years. Lots of opinions have risen following its ongoing legal battle with the SEC. The lawsuit with the US SEC started in December 2020 when the regulator declared that XRP is a security. Bryant McGill, a bestselling author, and social entrepreneur, recently indicated his beliefs concerning Ripple and its native, XRP. The author, who described himself as a human potential thought leader on his LinkedIn page, mentioned the upcoming blowing XRP volcano. Beliefs On XRP And Ripple Bullish Move McGill first tweeted that he anticipates the XRP and Ripple volcano to blow up quite soon. The author responded to his September post on Twitter, stating that he maintains the position in the previous tweet. He recalled that this had been his stance over the past year. Related Reading: Chainlink Crosses $6.18 Trillion In Transaction Value – Will This Boost LINK Price? McGill seems to be a strong proponent of the XRP crypto asset. The author is among those making recent posts on Twitter about Ripple and its token, XRP. Similarly, Daniel Moncada, an actor in the television series Breaking Bad,’ gave a positive prediction for Ripple. Moncada tweeted that Ripple will emerge as the winner in its case with the SEC. Moncada’s tweet responded to the post from David Gokhshtein, a notable fan of Ripple and XRP. Gokhshtein has asked his followers on Twitter if Ripple will win its case against the SEC. Another author with a recently published book on NFTs, Anndy Lian, tweeted demanding his community’s opinion on which crypto investment to pitch his tent. He asked if he should invest in ADA, XRP, or stick with meme coins. XRP Price Reaction As Ripple Records Court’s Victory The San Francisco-based fintech company, Ripple, recorded a win in its case against the SEC last week. This was as District Court Judge Analise ruled that the SEC should provide some vital documents for the case. The documents are related to Willian Hinman, former director of the division of corporation finance at the regulatory commission. The Judge’s order stands as a remarkable winning for Ripple. With the news, XRP shifted to a new realm of a price rally. The token finally broke the resistance level marked by the 200-day moving average. Related Reading: Elrond Coin Price Seen Climbing Nearly 20% In Next Few Weeks – Here’s Why Also, XRP leveled above its bearish trend of two years. XRP was among the top performers on September 29, surging by about 15.45%. But the coin has lost over 10% of what it gathered over the weekend. At the time of press, XRP is trading at $0.4696, indicating a gain in the past 24 hours. Featured image from Zipmex, Chart: TradingView.com

Nansen CEO Alex Svanevik sat down with Cointelegraph for an exclusive interview during Token2049.

The value of Tornado Cash is decreasing, not due to market factors but because of recent controversies. The Office of Foreign Assets Control recently added Tornado Cash to its list of Special Designated Nationals. That means no one from the United States may use the token. By taking this action, OFAC has effectively banned Tornado Cash from participating in one of the most important cryptocurrency markets. Many owners of Tornado Cash’s native coin, TORN, also liquidated their investments in response to the news. From its high closing of $30.25 on August 7th, TORN has fallen 87.03% to its current price. Related Reading: Chainlink Crosses $6.18 Trillion In Transaction Value – Will This Boost LINK Price? Tornado Cash Linked To Nefarious Activities Even before the OFAC decided to add Tornado Cash to its special list, TORN had been linked to multiple high-value crypto crimes. The Lazarus Group, perpetrators of one of the largest crypto thefts in history, employed TORN as part of their plot to conceal the true origin of their stolen funds. The breach was carried out on the Ronin Network, an Ethereum-based sidechain. In March of 2022, the network hosted game Axie Infinity, which saw its highest player count. Because of this, malicious actors like the Lazarus Group were able to zero in on the system and the game with relative ease. The theft led to the loss of 173,600 Ether and 25.5 million USDC. The total dollar amount is $625,000,000. Later this year, the OFAC will penalize the project and all connected wallets due to this attack. Chart: TradingView.com Sanctions Deal A Heavy Blow On TORN It is hardly surprising that criminal actors have used Tornado Cash to launder stolen cryptocurrency. In the DeFi domain, mixers are special programs that ostensibly enhance privacy by blending transactions, so obscuring the money’s path from point A to point B. In 2019, more than $7 billion worth of cryptocurrency was laundered using Tornado Cash, according to a U.S. Treasury Department report. As of this writing, the sanctions have a significant impact on TORN. According to a source, there are currently only 100 unique users on the network. After the announcement of the sanctions, transactions in excess of $100,000 became practically nonexistent. TORN is trading just above the 38.20% Fib retracement level at the moment. This level will support the price of the crypto due to the close correlation between the buying and selling quantities of bulls and bears. As the sanction dismantles the project, it is only a matter of time till it hits zero. Related Reading: Cardano: These Factors Have A Negative Impact On ADA Price Crypto total market cap at $918 trillion on the daily chart | Source: TradingView.com Featured image from The Daily Hodl, Chart: TradingView.com

Bitcoin was back above $20,000 on Tuesday, as the U.S. dollar fell to its lowest point in two weeks versus several G7 currencies. The stronger dollar has impacted purchasing power in cryptocurrencies, and commodities like crude oil, which last week fell to a nine-month low. Ethereum was also up, hitting a five-day high. Bitcoin Bitcoin […]

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