Category: Cryptocurrency News

Diversify in other markets as well, don’t put all your money on crypto. As bullish as I am on Crypto, I have not invested more than what I can afford to lose, which is what all of you should be doing too! Stocks, Bonds, Real Estate, Physical Assets are just some ways to diversify. I…
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U.S. Senator Margaret Hassan has requested that government agencies take “additional targeted steps to prevent and prosecute the use of cryptocurrency for criminal purposes.” She expressed her concern over “the rise in the use of cryptocurrency for criminal purposes.” US Senator Requests Agencies Take Steps to Prevent and Prosecute Use of Crypto for Criminal Purposes […]

Cardano has had one of the best performances in the crypto market during 2021. The cryptocurrency scored major milestones and climbed its way up the ladder of the crypto top 10 by market cap. Currently sitting at the third position, after surpassing DOGE, XRP, BNB, Cardano (ADA) trades at $2,37 with a 2.1% loss in the daily chart. In the weekly chart, the third crypto by market cap records a 5.8% loss. Analyst Justin Bennet has been closely following ADA’s price action. The cryptocurrency has seen a lot of movement during September with a significant pullback on the 7th, followed by a relatively quick recovery into the high area of its current levels. At that moment, ADA stood at around $2.70 with support at $2.60, $2.47, and $2.30. As Cardano continues its downtrend, the final obstacle for the bears stands at the latter support mark. Related Reading | Cardano Sees Over 40,000 Smart Contracts Deployed 4 Days After Alonzo HFC, How This Affects The Price Bennet claims that if this line of defense is lost, ADA could rapidly drop to $2. The cryptocurrency recently saw the “intersection of ascending channel support and a horizontal level” since it started its recovery after the crash on the 7th. The analyst said: I still think there’s a good chance we see ADA trade to $2 this month. However, as I’ve said for the last week, it’s going to take a daily close below $2.30 to confirm the breakdown. Alternatively, if the bulls retake higher levels, ADA could resume its upward trend. However, Cardano has been moving below a trend line formed in the past days, as indicated by the chart below, and seems likely that it could increase its downside risk during the weekend. What Bitcoin Could Signal For Cardano (ADA) In The Short Term In the crypto market, most of the assets increased their correlation with Bitcoin as big moves to the upside or downside occur. Cardano could benefit from this phenomenon, as ADA sits at a critical point, or it could see itself returned to the $1 levels. Related Reading | Cardano Successfully Deploys Alonzo HFC, But Why Is Price Down? The next days could be crucial for the entire crypto market, as Bitcoin’s price action could determine if the bulls or bears are in control. Bennet said: A weekly close back inside that range wouldn’t be good, but a lack of macro higher highs is enough. If we’re in a bull market, we should see Bitcoin take out $53k, $65k, etc. Simple as that. Conversely, there is one scenario where Bitcoin could see more gains as altcoins like Cardano (ADA) bleed. There has been growing rumors about the possible approval of a BTC ETF, this could give Bitcoin a fresh inflow of capital flow, as analyst Pentoshi said: I do think we will see more capital inflow into Bitcoin especially as ETF talks heat up over the next month. It doesn’t mean there won’t be outliers and opportunities in alts. of course, there will be. But the word itself “Alt season” implies seasonality which means something that isn’t year round. In that sense, the analyst recommended investors keep track of the Bitcoin dominance for risk management. Q4, 2021, approaches and investors seem to feel more uncertain about the direction of the crypto market. Related Reading | New To Bitcoin? Learn To Trade Crypto With The NewsBTC Trading Course

The exchange was previously known as BTC-e, though its name was changed to WEX following legal difficulties in 2017.

Every bit of extra savings I can get I try to put into crypto. So much so I stopped eating out and started shopping at LIDL and ALDI. I am an African American male who is overweight, has high cholesterol and pushing into high blood pressure with a kid on the way. I usually like…
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Exchange supply in the crypto market has been down across the board, and Ethereum has been no exception. The digital asset has grown in popularity due to the rise of decentralized finance (DeFi). Due to its token being the primary mode of payment on the protocols and Ethereum being the largest smart contracts platform in the market. This has led to increased fate in the asset by investors. Many of whom see the price of ETH hitting as high as $10,000 before the year runs out. Related Reading | Cathie Wood Reiterates $500K Bitcoin Call, Reveals Ethereum Rebalancing As sentiments have skewed more into the positive for the asset, hold sentiments around ETH have risen. This is evidenced in the current exchange balance levels. 2021 has seen a declining trend in exchange reserves of the digital asset, and recently, outflows from exchanges have gone up again. This time marking record outflows in the span of a day. Ethereum Outflows In A Day Totals $1.2 Billion A recent report from IntoTheBlock showed that Ethereum saw outflows from centralized exchanges totaling $1.2 billion in a single day. IntoTheBlock is a data analytics platform that provides insights into the crypto market. The number represents the highest amount of ETH to leave exchanges in a 24-hour time frame. Beating the previous record that was $1 billion leaving exchanges in a day. Related Reading | TA: Ethereum Consolidates, What Could Spark A Fresh Rally The net amount of $ETH leaving exchanges just hit a new record Over $1.2B worth of $ETH left centralized exchanges yesterday Last time $1B+ left CEXs, #Ethereum increased by 60% within 30 days pic.twitter.com/wfRuX11Rtk — IntoTheBlock (@intotheblock) September 16, 2021 It has been reported that both Bitcoin and Ethereum exchange reserves have continued to plummet despite recent price highs. With numbers this low, it shows that investors are taking their assets off exchanges for personal safekeeping. Indicating that users are not selling off their holdings to take profits. ETH exchange outflows total $1.2 billion in one day | Source: IntoTheBlock Exchange reserves for bitcoin are now only 6.5% of its entire supply and Ethereum reserves on exchanges are about 15.7% of its total supply. Trends indicate that this number will likely dwindle over the next several months. What This Means For ETH Price This record amount leaving centralized exchanges holds some interesting implications for the digital asset. The last time that much Ethereum left exchanges, the price of ETH witnessed a massive surge that saw the price of the asset grow over 60% of its value. If history repeats itself again, then the price of ETH is headed for a new all-time, likely reaching up to $4,500 this time around. Exchange reserves plummeting can lead to a supply squeeze that would send the price shooting higher. Once the reserves deplete enough to the point where demand on the exchanges is exceeding the supply of coins available, then another bull run is imminent in the future of the asset. ETH still trading above $3,400 | Source: ETHUSD on TradingView.com Currently, Ethereum is still trading above $3,400 at a price of $3,457. It is still trending lower than its 24-hour highs, but movements show a return into the green before the trading day officially opens. Featured image from Decrypt, chart from TradingView.com