The results of a new report commissioned by the CNMV, the securities watchdog in Spain, have found that three out of four citizens have heard about cryptocurrencies. However, the report, which included opinions from 1,500 participants, also found that this knowledge is still minimal, and that less than 10% have actually purchased cryptocurrency as a […]
I already know how most of the sub feels about usdT , but stable coins in general, is it something that we can trust to hold its peg? Right now we’re in a noticeable downturn, and for crypto people who are into being their own bank, can stable coins still be a reliable storage of…
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XRP and other market movers have continued to face the wrath of the bears. The altcoin has fallen considerably over the last 24 hours. It had secured gains over the past week but since the bulls are back, the coin lost what it had gained. Profit booking has taken over as the market movers witnessed a brief relief rally. Although price of the altcoin surged by 16% over a week, the daily losses have invalidated most of it. In the last 24 hours the coin fell by 3%, bringing its price down to $0.34. The bulls have tired out and surrendered to the bears. Selling pressure has increased as XRP turned bearish. The next crucial resistance for the coin hovers at around the $0.30 mark. Technical outlook for XRP flashed mixed signals with a positive divergence on the daily chart. XRP Price Analysis: One Day Chart The altcoin was trading for $0.34 on the one day chart. Immediate resistance for the coin was at $0.48 Before XRP revisits the aforementioned price level of $0.48, the coin has to trade above the $0.40 mark for sometime. Going by the near term technical outlook, the altcoin could lose on its chart again. The support region for the coin would be near $0.30 to $0.28 in a case of a further fall. The amount of XRP traded in the previous session has shot up signifying that sellers were active in the market, the bar was in red highlighting bearish strength. Technical Analysis Indicators were bearish on the 24 hour chart. In accordance with profit booking, sellers had increased in number at the time of writing. The Relative Strength Index slipped below the half-line signifying bearishness as sellers took over the market. On the 20-SMA line, price of XRP was parked below the 20-SMA line, this signalled that selling pressure mounted because sellers drove the price momentum in the market. The above chart however displayed a chance of price undergoing a correction. On the RSI, a positive divergence was formed. A positive divergence indicates that buying strength would return and help the price of the asset to move north on its chart. Sellers have re-entered the market, despite this observation, XRP has continued to flash buy signal in the market. This could mean that followed by the present sell-off, XRP might attempt to secure gains. The Awesome Oscillator depicts price momentum and also accounts for reversals, the indicator displayed green signal bars. These green signal bars were buy signals for the coin. Parabolic SAR also reads the price trend and changes in the same. Dotted lines were spotted below the candlestick which meant that XRP might turn positive over the next trading sessions. Featured image from UnSplash, chart from TradingView.com
“Litigation and enforcement activity is likely to accelerate in the current regulatory climate, perhaps in unpredictable ways,” says lawyers from Choate Hall & Stewart LLP.
It’s Sam Bankman-Fried’s moment. The FTX and Alameda Ventures golden boy put both of his companies in a winning position and seems to be carrying the spoils away. The recent Forbes piece about secretly insolvent exchanges puts it best, “Like J.P. Morgan during the stock market panic and crash of 1907, Bankman-Fried is taking advantage of the crypto chaos to expand his empire.” Rumors about his involvement in engineering the “crypto chaos” appear to be greatly exaggerated. NewsBTC reported on FTX’s bailout of BlockFi and Alameda bailing Voyager. In the first article, we summarized the congested macro situation: “Over the last few weeks, the crypto market has been trending down. The contagion effect of the Terra/ Luna extinction event rocked every company out there, most of all those who offered yield on cryptocurrency deposits like BlockFi and Celsius and hedge funds like Three Arrows Capital. These companies’ problems and possible liquidation of assets, in turn, sent the crypto market into even more turmoil.” In the Fobes piece, speaking about BlockFi and Voyager’s bailouts, they paint a similar picture with a crucial difference. Here, Bankman-Fried is performing a sacrifice: “Between FTX and his quantitative trading firm Alameda, he provided the companies with $750 million in credit lines. There is no guarantee that Bankman-Fried will recoup his investment. “You know, we’re willing to do a somewhat bad deal here, if that’s what it takes to sort of stabilize things and protect customers,” he says.” And, as you can read, that’s according to Bankman-Fried himself. A few lines below, the article casts doubt on his assessment, “Bankman Fried’s cash infusions are far from altruistic. He has emerged as a smart vulture capitalist in the beleaguered crypto market, knowing full well that his own fortune depends on its healthy rebound and growth.” Robinhood price chart on NASDAQ | Source: TradingView.com Bankman-Fried Sets Sight On Small Exchanges And Miners The rumor that FTX is looking for a way to acquire Robinhood circulated today. The Forbes article elaborates on that subject. “Bankman Fried has also bought into crypto brokerage Robinhood, where FTX has already accumulated a 7.6% stake, and is rumored to be considering an acquisition.” Not only that, Forbes estimated that there are more than 600 crypto exchanges in the world. Then, they quote Bankman Fried claiming, “there are some third-tier exchanges that are already secretly insolvent”. Is the implication that his two companies are considering buying some of them? Maybe. However, Bankman Fried will be picky about exactly which ones: “There are companies that are basically too far gone and it’s not practical to backstop them for reasons like a substantial hole in the balance sheet, regulatory issues, or that there is not much of a business left to be saved.” In a strange turn of events Bankman-Fried, one of Proof-Of-Stake’s biggest proponents, expressed interest in “crypto miners”. Even stranger, the article then proceeds to list two bitcoin mining companies. Who introduced the word “crypto” in the conversation, Bankman-Fried or Forbes? “Bankman-Fried also has his eye on crypto miners, many of whom leveraged their balance sheet at breakneck pace to quickly scale and take advantage of this 21st century digital gold rush. The stocks of publicly-trading crypto miners including Marathon Digital Holdings and Riot Blockchain are down more than 60% year to date.” Finishing With Tether For Some Reason Without warning or apparent reason, the Forbes article ends with Sam Bankman-Fried’s thoughts on Tether. “I think that the really bearish views on Tether are wrong…I don’t think there is any evidence to support them,” he says. Featured Image by 41330 on Pixabay| Charts by TradingView
Bitcoin is struggling below the $21,000 zone against the US Dollar. BTC could continue to move down unless there is a clear move above the $20,750 resistance zone. Bitcoin started a fresh decline below the $21,000 and $20,500 levels. The price is now trading below the $20,500 level and the 100 hourly simple moving average. There is a major bearish trend line forming with resistance near $20,820 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair could decline further if there is a clear move below the $20,000 zone. Bitcoin Price Is Sliding Bitcoin price remained in a bearish zone below the $21,000 pivot level. The bulls struggled to push the price higher and there was a bearish reaction below the $20,800 level. The price traded below the 61.8% Fib retracement level of the key recovery from the $19,750 swing low to $21,780 high. The decline was such that the bears even pushed the price below the $20,550 and $20,500 support levels. It tested the 76.4% Fib retracement level of the key recovery from the $19,750 swing low to $21,780 high. Bitcoin is now trading below the $20,500 level and the 100 hourly simple moving average. An immediate resistance on the upside is near the $20,520 level. The next key resistance is near the $20,750 zone. There is also a major bearish trend line forming with resistance near $20,820 on the hourly chart of the BTC/USD pair. Source: BTCUSD on TradingView.com A clear move above the trend line resistance and then $21,000 could initiate a decent increase. In the stated case, the price could rise above the $21,250 level. The next major hurdle for the bulls might be near the $21,750 zone, above which the price may perhaps rise towards the $22,500 level. More Losses in BTC? If bitcoin fails to clear the $21,000 resistance zone, it could continue to move down. An immediate support on the downside is near the $20,220 level. A downside break below the $20,220 support zone could push the price further lower. The next major support sits near the $20,000 zone. Any more losses could send the price towards the $18,800 level or a new monthly low. 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 – $20,220, followed by $20,000. Major Resistance Levels – $20,520, $20,800 and $21,250.
There you go. I think this is the first time since the inflation crisis started that we have some major actors talking about real inflation peaks. This can be taken as a god signal for the world economy. Also, don’t forget that the US government is still talking about the recession as an “not fully…
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Despite a significant fine from Iowa’s regulator just two weeks earlier, BlockFi has scored itself a license in the state.
