The Chinese yuan’s offshore exchange rate against the U.S. dollar fell to a new all-time low of 7.33:1 just over a day after the conclusion of the Chinese Communist Party’s congress which gave President Xi Jinping the mandate to lead the country for the third time. Concerns over Xi’s unprecedented third term, as well as […]
The MakerDAO community will earn a 1.5% reward on its USDC while holding funds with Coinbase Prime.
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Hi everyone, I'm currently on a research run about DeFi hacks for personal matters (i plan to have a DeFi project in the future and i want to learn vulnerability patterns and stuff like that). I'm truly impressed about the funds stolen in some hacks like the Ronin network hack but even 100k usd stolen…
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Trademark applications seem to hint at an asset and commodities exchange, insurance and Western Union’s own token as it faces increasingly diverse competition on the remittances market.
The crypto market is finally showing relief after days in consolidation mode; Ethereum is leading the market with significant profit on lower timeframes. The second crypto by market capitalization is reclaiming its position as a market leader. The last time ETH’s price displayed this price action was in September before “The Merge.” Related Reading: This Bitcoin On-chain Retest Can Change Market’s Course, Here’s How At the time of writing, Ethereum trades at $1,460 with a 10% profit in the last 24 hours and seven days, respectively. In the crypto top 10 by market cap, other cryptocurrencies are following ETH and trading in the green for the first time in weeks. What Is Driving Ethereum Higher? The crypto market rebound is driven by a decline in the U.S. Dollar, as measured by the DXY Index. The currency was at a two-decade high due to current macroeconomic conditions, but at 114, it was finally rejected. Over the past weeks, the DXY was trending higher, pushing other assets into support, including macro assets considered safe havens, such as gold. In particular, the currencies of U.S. allies, Japan, the United Kingdom, and the European Union, suffered during this dollar rally. The United States was facing pressure from its allies to alleviate the stress on their economies. Three weeks ago, the United Nations (UN) called on the U.S. Federal Reserve (Fed) to shift its monetary policy and halt interest rate hikes. Since then, some Fed representatives hinted at a potentially less aggressive monetary policy, which might have triggered weakness in the DXY Index. The chart above shows that the currency broke its bullish trendline and might be gearing up to re-test support around 109. This decline might allow Ethereum to extend its bullish momentum and reclaim the area north of $1,500. Data from research firm Santiment, the bullish momentum spilled to other asset classes. Via Twitter, the firm wrote: Ethereum has surged to $1,415 on a breakout Tuesday for #crypto. The Dollar value has dropped fairly notably today, and its growth coming to an end (or at least a pause) would be a key component to the next breakout of cryptocurrency market caps. Flippening In The Making The upside move is turning market sentiment more optimistic. Some experts expect the bullish momentum to extend, with Bitcoin and Ethereum facing significant resistance levels at $20,500 and $1,500, respectively. Economist Michaël van de Poppe made a bullish prediction for Ethereum. The experts advise traders not to chase the current move at lower timeframes. If bulls have conviction, the price action is poised to re-test previous levels before reclaiming lost territory north of $1,500. Late longs might suffer in this process. Related Reading: Is This Product Likely to Bring Cardano Back to $1? Charles Hoskinson Speaks Out For the long haul, van de Poppe predicted: Ethereum cracked a ton of levels with this massive move. Great flip of $1,320 inducing continuation towards $1,500. Ethereum will flip Bitcoin this cycle, but now it’s not the time to chase. Looking for some healthy corrections to play the next move to $1,600.
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Bitcoin new address momentum is approaching a retest that could change the course of the crypto’s price, if history is anything to go by. Monthly MA Of Bitcoin New Addresses Is Currently Retesting The Yearly MA According to the latest weekly report from Glassnode, new address momentum is currently on the verge of a push higher. The “new addresses” is an indicator that measures the total number of new addresses coming active on the Bitcoin blockchain. To know whether the crypto is seeing a sufficient amount of push in new users coming to the network or not, the “new address momentum” metric is used. This momentum indicator is based on the 30-day and 365-day moving averages of the new addresses. By comparing the trend of these MAs against each other, we can learn how the monthly average new users stack up against the mean for the year. Now, here is a chart that shows the trend in the Bitcoin new address momentum over the last few years: Looks like the two MAs have been approaching a test in recent days | Source: Glassnode’s The Week Onchain – Week 43, 2022 As you can see in the above graph, the relevant points of trend for the Bitcoin new address momentum are highlighted. It seems like whenever the 30-day MA has failed to cross above the 365-day MA, the price of the crypto has observed a bearish trend. Related Reading: Altcoin Exchange Dominance Rises To 50%, What Does It Mean For Bitcoin? This happened back in November 2018, where when shortly after the crossover didn’t happen, the coin crashed from $6k to $3.2k November 2021 and May 2022 also saw a similar pattern. On the other hand, during times when the monthly MA successfully passed above the yearly and sustained there, Bitcoin felt a constructive effect on its value. In recent months, the 30-day MA has been below the 365-day as there hasn’t been much demand for BTC. Most recently, however, the metric has seen some upwards push, and is now approaching another retest of the yearly line. Related Reading: Can Bitcoin Bring An End To Crypto Winter? | BTCUSD Analysis October 24, 2022 Currently, it’s unclear how this crossover attempt will go, but the report notes that so far the market hasn’t shown the same convincing burst of strength as in 2019. BTC Price At the time of writing, Bitcoin’s price floats around $19.2k, down 1% in the last week. Over the past month, the crypto has gained 2% in value. The below chart shows the trend in the price of the coin over the last five days. The value of the crypto seems to have continued its boring sideways movement around $19k recently | Source: BTCUSD on TradingView Featured image from Kanchanara on Unsplash.com, charts from TradingView.com, Glassnode.com
