Category: Cryptocurrency News

As Bitcoin hits new lows at year-end, other large-cap altcoins have followed suit. There seems to be no love for crypto this year-end, as Santa has refused to show up. General Crypto Market Cap Plunges As it stands, crypto traders and investors seemed to have their hands up in resignation. Trading volume across major exchanges has been highly compressed. The general market capitalization across all digital assets is down around 2.6% monthly, at $774 billion. Crypto total market cap stands at $770 billion on daily chart. Source: TradingView The Bitcoin jump to $16,800 was a faint attempt at a bullish rally. The cryptocurrency continues to experience more downside, falling to its lowest in 3 weeks. Ethereum added 3.5% on Tuesday, having closed 130 basis points (bps) lower on Monday. The second largest crypto by market cap rose into the $1,200 region. ETH seems to collide with higher resistance at the $1,230 level. This could be challenging with the 14-day RSI now hovering directly below a ceiling of 47,000. Related Reading: Litecoin Continues To Slide, Now Below Shiba Inu In Market Cap The prices for Solana and Polkadot are currently trading at $12.36 (up 0.5%), $4.59 (down 0.8%), respectively. On the weekly chart, Polka Dot has decreased by 11.1% while Solana has decreased by 7.2%. During the past week, Polygon has lost 12.2%. Talking about some of the prominent stablecoins, Tether, USD Coin, and Binance USD are trading at $1 (flat), $1 (down 0.1%), and $0.99 (flat), respectively. Terra Classic is listed at $0.00011 (down 3.78%). Binance’s BNB soared 0.2% over the last 24 hours while meme coins Shiba Inu and Dogecoin took a beating, 3.5% and 4.8% respectively. Ripple’s XRP and Litecoin (LTC) are also in the green, while Polygon (MATIC) has remained virtually unchanged Michaël van de Poppe said that markets have been in bear territory for 19 months already. The trader pointed out that altcoins have been crashing since May 2021 despite the Solana and Polygon cycle. “The first HF [high low] confirmed on HTF [higher-time frame] will be a massive trigger for a relief run,” said Van de Poppe on Twitter. Altcoins Seem Indecisive Despite the plunge in Bitcoin value, altcoins have failed to flip BTC’s dominance. Over the past few days, many altcoins have gradually recovered while others have continued to suffer loss. For example, the Open Network’s TON lost a whopping 10.6% and gave up a lot of the gains from the past few days, when it was the market’s leader in terms of price performance. Source: Quantify Crypto Trust wallet token (TWT) led the way, rallying by 10.81%, with Flow (FLOW) and Axie Infinity (AXS) seeing gains of 6.53% and 6.18%, respectively. Related Reading: Bitcoin Bearish Signal: ‘Mid-Term’ Holders Show Signs Of Dumping The developments come on the back of news that Binance US will be buying out the assets of Voyager in a deal worth upwards of $1 billion. The exchange has even agreed to send $10 million in advance as a good-faith transfer. According to the press release, The Binance.US bid aims to return crypto to customers in kind, in accordance with court-approved disbursements and platform capabilities. Also, the Bank of Japan’s announcement to lower its target range for 10-year rates to 50 basis points early in the session caused the Asian equity markets and the NASDAQ mini to decline. Prior to this, the 10-year yield range was 25 basis points away from its aim of 0%. The S&P 500 rose by 0.10%, while the NASDAQ Index concluded the day with a 0.01% gain. Through the afternoon session, the rebound provided support for the cryptocurrency market. Featured image from Unsplash.com, charts from TradingView.com and Quantify Crypto

I was bearish in 2021 after we lost the ascending wedge we created for 3 months (February-April) and I haven't stopped being bearish ever since. Until now, all the metrics and the charts are starting to align, I think we are VERY VERY close to the bottom and don't forget that the night is darker…
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Security firm Harpie managed to avert a crypto robbery by simply paying a higher gas fee than the exploiter.

Superhero assured its users that their funds are safe and that neither their personal data nor assets were provided to Swyftx.

Bitcoin moved closer to the $17,000 level on Tuesday. The digital currency dropped to $16,400, its lowest level in the last three weeks. As year-end approaches, BTC could face high volatility and low liquidity. Bitcoin Hit A Brief Surge Bitcoin surged to a short-lived peak of $16,837 in today’s session, barely 24 hours after hitting $16,398. The cryptocurrency saw an impulsive decline after experiencing significant rejection at the resistance level. The sharp fall has been associated with a straight daily decline for the S&P 500 and general nervousness about the Federal Reserve’s potential to hike interest rates. BTC/USD trades at $16,870 on the daily chart. Source: TradingView BTC could witness more decline as the year closes given the decline in trading volume and liquidity. This would lead to a spike in the volatility of the asset. Katie Stockton, the founder of Fairlead Strategies LLC, has predicted that BTC could retest November lows, dropping “near $15,600, in the coming weeks.” BTC hit an all-time high of $68,997 on Nov. 8, 2021. But the big crypto produced a major shift in market structure by producing a lower low on the weekly timeframe at $32,995 on January 24. This move confirmed the start of a bear market. Related Reading: Bitcoin Poised To Resume Its Inclination To Outperform, Says Bloomberg Senior Analyst Possible Rally For BTC While the dust settles from the FTX crash and FUD surrounding Binance, the bitcoin price could begin to see a gradual recovery over the next few months. According to Jim Wyckoff, “Neither the bulls nor the bears have any near-term technical advantage.” This suggests that traders will continue to see “more choppy and sideways trading on the daily chart into the end of the year – barring any major fundamental shock to the marketplace,” Wyckoff concluded. However, a tweet by Crypto Trader, PlanB shows that the next Bitcoin halving is set to take place in 15 months. The build-up in price will not happen for at least 5 months as the U.S. FED will continue to tighten up monetary policy. BTC price will have room to breathe as macroeconomic conditions soften. Schroders, a global asset management firm, made the case that risky assets like Bitcoin have a nearly 80% chance of closing the year with positive returns. Related Reading: Bitcoin Still “Overvalued” According To NVT Ratio The investment firm noted that December was the best-performing month after collecting data on U.S. large-cap stocks since 1926. Schroders estimates that there is a 77.9% likelihood that large-cap stocks will end December with a net gain. The company divides all percentage gains vs. all percentage losses over the course of a month to arrive at these metrics. Investors should keep in mind that this year, the correlation between Bitcoin and the stock market has been over 90%. It may be argued that until the end of the year, the peer-to-peer digital currency will continue to reflect price changes on the stock market. Bitcoin is down 2% from December’s opening price of $17,167. Thus, following Schroders’ analysis, Bitcoin may rise by 3.5% to reach $17,550 by Jan. 1, 2023. Featured image from Unsplash.com, charts from TradingView.com

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The alleged operator of crypto exchange BTC-e, Alexander Vinnik, has asked to be released on bail due to the delay in court proceedings. In early August, the Russian IT specialist was extradited to the United States to face charges of money laundering through the now-defunct coin trading platform. Vinnik’s Defense Appeals for His Release on […]

Core Scientific reportedly filed for Chapter 11 bankruptcy protection in Texas owing to falling revenue and BTC prices.

I was looking at the Bech32m adoption charts, which fixes a minor checksum vulnerability in the Bech32 addresses from the Segwit soft fork in 2017. Most of the largest exchanges still can't recognize Segwit v1 or Taproot addresses, and can't send to them. Here's the transaction breakdown on the Bitcoin network by combining Chart 1…
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Huawei’s Middle East region’s chief strategist outlined that networks have issues with throughput, rendering and download speeds that need solving.