Category: Cryptocurrency News

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The Solana price is up by 6% over the last 24 hours. As the broader market secures upward price movement, most altcoins have followed suit. The release of the Consumer Price Index (CPI), which is an important measure of inflation, showed that U.S. inflation had slowed to 7.1%, down from 7.7% in the past month, as depicted by the numbers released by the U.S. Bureau of Labor Statistics. The data has revealed that consumer inflation has fallen, pushing stock futures to rise. Owing to this report, the crypto market has also shown signs of recovery. Solana, for instance, had been consolidating for the past few weeks; at press time, however, it has been eyeing a breakout on the upside. The technical outlook for the coin has begun to favor the bulls, indicating accumulation on the chart. As demand for the altcoin is making a recovery, buyers have started to show interest in the chart. Over the last week, the coin lost 1.6%, and the daily gains have managed to undo most of the coin’s loss. The market capitalization of Solana has also noted an increase, denoting bullish power in the market. It is, however, important for SOL to cross a couple of price barriers in order to continue its upward price trajectory. Related Reading: Bitcoin Long-Term Holder Supply Reclaims ATH, Return Of Conviction? Solana Price Analysis: One-Day Chart SOL was changing hands at $13.80 at the time of writing. The coin has been making intra-day gains after the U.S. CPI data release. The overhead resistance for Solana now awaits at $15, breaching which the coin could move over the $20 mark. Although buying strength needs to remain consistent in the market, a price pullback scenario is unlikely but not impossible, in which SOL would slip to $12 and then to $10. The amount of Solana traded in the last session demonstrated bullish strength, indicating increased buyers on the chart. Technical Analysis The price of the asset has depicted congestion for several weeks now. It has been trading along a descending trendline, but Solana price awaits a breakout now. If that happens, SOL will rise above the $23 price zone. This would mean a 64% price appreciation for the coin. The Relative Strength Index shot past the 40-mark and inched closer to the half-line, which depicted a considerable rise in buying strength. The indicator even formed a bullish divergence which usually reflects a rise in buying strength. In regards to the increase in accumulation, SOL moved above the 20-Simple Moving Average line, meaning that buyers were driving the price momentum in the market. Solana depicted buy signal on the one-day chart | Source: SOLUSD on TradingView In correspondence with more buyers, SOL logged buy signals on the chart. The Moving Average Convergence Divergence (MACD), which measures price momentum, underwent a bullish crossover. This is good news for buyers, as it acts as an entry point for them to secure gains. Related Reading: Bitcoin Price Breaks Above $18,200 – CPI Data Comes In Better Than Expected The Directional Movement Index (DMI) was yet to reflect positive price action as the -DI (orange) line was above the +DI (blue) line. The Average Directional Index (red) was just below 40, marking strength in the bullish price movement.

The crypto community was left shell-shocked in November 2022 when FTX – one of the leading crypto exchange platforms, filed for bankruptcy. Pessimism towards crypto is at an all-time high, with famous investors like Warren Buffet seemingly right about the risks involved. Investigations into the exchange uncovered gross financial misappropriation and abuse of users’ funds. The disastrous event left many investors seething and funds lost. Related Reading: Bitcoin Drops Below $17,000 Pre-CPI And FOMC – Scenarios To Prepare For This Week According to reports, FTX had allegedly acted unprofessionally and blurred corporate lines between FTX and sister corporation Alameda. The firm supposedly had borrowed funds illicitly from the exchange and sparked an outcry for regulating crypto exchanges. The revelation led to a negative trend in the cryptocurrency market, with exchanges treading cautiously. In recent events, Sam Bankman-Fried has been arrested in the Bahamas and is facing the possibility of prosecution for fraud. SBF Arrest And Charges According to CNN reports, Sam Bankman-Fried, the founder and ex-CEO of FTX, was arrested in the Bahamas on Monday at his apartment. This arrest comes on the heels of criminal charges against him. According to U.S. attorney Damian Williams, Samuel Bankman-Fried was arrested at the request of the U.S. Government. This arrest resulted from a sealed indictment filed by the SDNY. His arrests occurred around 6 pm ET on Monday, and he will likely face a Nassau court today, as detailed by the Royal Bahamas Police force. The Security and Exchange Commission also stated it had created separate charges for SBF for violating securities laws. Charges against SBF include wire fraud, security fraud, securities fraud, and money laundering. Related Reading: Upcoming FOMC Meeting Is The Most Important Ever For Bitcoin – Watch Out For The Dot Plot SBF faces the possibility of extradition to face his charges. According to the United States extradition treaty with the Bahamas, U.S. prosecutors can return defendants to American soil. The condition for the extradition is that the offense must be considered punishable by at least one-year imprisonment in both countries. SBF was to appear before the House Committee today to shed light on recent events. However, due to his arrest on Monday, the new CEO of FTX – John J. Ray III, will reveal his findings to the House. What’s Next For FTX Token Holders? The FTT token lost most of its value in the heat of the FTX saga that saw investors liquidate positions in droves. It is now unclear if investors will truly get compensation for their losses. The token price has plummeted, with the SBF arrest set to unfold another chapter in this saga. The former CEO might face prosecution and possible jail time.

According to a statement published on Dec. 13, 2022, the U.S. Securities and Exchange Commission (SEC) has charged the disgraced FTX co-founder Sam Bankman-Fried (SBF) with defrauding investors. SEC chairman Gary Gensler explained that the U.S. financial regulator alleges that SBF “built a house of cards on a foundation of deception.” U.S. SEC Contends Former […]

Dogecoin (DOGE) has seen some positive movement in the last day despite the market onslaught. The meme coin was able to see more than 2.5% gains at a time when the majority of the crypto market was struggling price-wise. Currently, DOGE is still standing at a good short-term level but $0.1 remains the level to beat for the digital asset. Dogecoin Gains Momentum The last 24 hours have seen Dogecoin establish some much-needed momentum in the market. It saw an increase in its price in the early hours of Tuesday, which pushed the digital asset right above the $0.099 price level. DOGE has now continued to trend along this line for the better part of the morning, although the increased momentum shows that it may be able to maintain it for much longer. During this time, the trading volume of Dogecoin had also risen to a peak above $600 million for the 24-hour period. This showed where the uptick in price had been generated from as well. It represented a 48% increase in trading volume, which was largely driven by whale transactions. Related Reading: Cardano Community Expects ADA To Jump 50% By End Of Year, Is This Possible? Accumulation has also been persistent for the digital asset as the market eagerly awaits more developments from Elon Musk’s takeover of Twitter. Likewise, the market cap of the meme coin was pushed towards $12 billion, enabling it to hold on to its spot as the 8th largest cryptocurrency by market cap. DOGE price at $0.089 | Source: DOGEUSD on TradingView.com Can DOGE Claim $0.1? With the bear market, the price outlook for cryptocurrencies including Dogecoin has been adjusted. Instead, the level to beat for DOGE has now been moved to $0.1 where the bears continue to mount significant resistance. This makes DOGE’s recovery above $0.09 all the more important since it puts it one step closer to testing this critical level. If DOGE were to successfully break above $0.1, it would put it comfortably above its 50-day moving average. Naturally, this would mark a bullish trend for the digital asset, even if just for the short term, and the next critical level would lie above $0.12. Related Reading: Why The GBTC Discount Could Lead To A Bitcoin Sell-Off DOGE’s most recent recovery has also turned indicators toward buy, especially in the short term. This means there is now support for the cryptocurrency at 0.08, which is expected to hold through the end of the week. If it doesn’t, then the next critical support lies at $0.075, a treacherous point for the digital asset given its previous performances. DOGE is trading at $0.089 at the time of this writing. Although it is in the green on the daily chart, the meme coin is still down more than 10% in the last seven days.

According to the federal regulator, SBF and FTX companies “used FTX customer funds for a variety of personal expenditures” including real estate and private jets.

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Bitcoin surged to a one-month high on Dec. 13, ahead of the latest inflation report from the United States. It is expected that consumer prices will fall to 7.3% in November, which would be a drop of 0.4% from the month prior. Ethereum was also higher in today’s session, as prices neared the $1,300 mark. […]