Category: Cryptocurrency News

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It’s hard to know how much a collapsed crypto firm like FTX would be worth by the time its bankruptcy is resolved.

SkyBridge Capital founder Anthony Scaramucci recently shared positive views on the flagship cryptocurrency, Bitcoin, which could provide some comfort to BTC holders as the bear market lingers.  Scaramucci Says HODL Bitcoin According to a report by Business Insider, the investment firm founder advised Bitcoin holders not to sell their BTC as they already made it through the winter. Interestingly, he mentioned that the worst of the bear market is over. Despite this being a bold assertion, there is evidence to suggest that he might be right. Related Reading: Bloomberg Analyst Lauds Bitcoin Energy Shift Amid Rising Hashrate There is the likelihood that Bitcoin has bottomed as the co-founder of Delphi Digital, Kevin Kelly once noted. Following past trends, BTC usually bottoms 18 months before the Bitcoin Halving (with the next coming in April 2024). As such, the worst part of this current market cycle might truly be over. Scaramucci made this known while speaking at the Messari Mainnet conference in New York. He stated that he was still bullish on Bitcoin despite the cryptocurrency trading far below the highs it reached in 2021. Bitcoin peaked at $68,789 in November 2021 but has since declined by about 61%. Meanwhile, he has singled out Wall Street’s adoption of BTC as one of the factors that will drive the cryptocurrency’s mainstream adoption. Wall Street giants, like the biggest asset manager, BlackRock, have applied to offer a Spot Bitcoin ETF, and he believes that once these firms have that in their “arsenal,” the Bitcoin market is going to widen as it is expected that institutional investors will be looking to invest in it. Scaramucci also likened the potential growth of BTC to the Internet boom, as he stated that the younger generation would be “mainstreaming Bitcoin” the same way his generation mainstreamed the Internet (most likely about when there was massive growth in Internet adoption).  Factors That Could Affect BTC’s Growth Despite his optimism about Bitcoin’s future, Scaramucci noted certain macro factors that could hamper Bitcoin’s growth. These factors include the higher interest rates, negative sentiment around crypto, and the SEC Chief Gary Gensler with Gensler recently stating that there are so many “hucksters” and “fraudsters” in the crypto space. Related Reading: Crypto Analyst Predicts More Trouble Ahead For Bitcoin Price, Here’s Why However, his opinion on the higher interest rates seems to contrast with that of Crypto analyst Nicholas Merten, who stated that the Fed isn’t doing enough (regarding the interest rate hike) to keep inflation down. According to him, re-inflation is on the rise, and this could be one of the factors that could affect Bitcoin’s price going forward. Tug of war between bears and bulls continues | Source: BTCUSD on Tradingview.com Featured image from iStock, chart from Tradingview.com

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Staking inflow, 30 day change: -6,08% After Ethereum's initial rush of money into the deposit contract, caused by the Shanghai/Capella upgrade allowing people to withdraw their staked funds, the flow of money coming in started to decrease. 'Staking Inflow' refers to the amount of Ethereum that people are putting into Ethereum's contract for the purpose…
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The tool will monitor crypto wallets and alert the Indian Ministry of Home Affairs about irregular transactions, according to a report.

Potential implications around financial stability, lower market appeal and mainstream use of stablecoins were the main concerns highlighted by the author of the report.

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Renowned crypto analyst EGRAG Crypto has unveiled a fresh XRP price prediction, introducing the community to a less-known indicator, the “Average Sentiment Oscillator” or ASO. Commenting on its significance, EGRAG explained on Twitter today: “Exciting ASO Update Alert! Check out the post from September 9th to witness the impressive ascent and curve of the bullish trend! The momentum is ablaze, with an unstoppable surge toward that coveted bullish cross! #XRPArmy, HOLD STEADY! The imminent ASO bullish cross is the spark that will ignite the upcoming XRP bull run!” Here’s When The Next XRP Bull Run Could Start From the chart presented by EGRAG, the convergence of the blue line (representing bulls) and the red line (representing bears) is evident. By demarcating a yellow box on this chart, EGRAG anticipates the bullish crossover to manifest between the conclusion of 2023 and the commencement of the second half of 2024. Historical data reveals that XRP has already undergone this bullish crossover on two prior occasions. The first, in 2017, witnessed a meteoric 55,000% rise in XRP’s price. The subsequent occurrence, spanning late 2020 to April 2021, saw XRP appreciate by a commendable 1500%. EGRAG underscores the magnitude of the current situation by noting the presence of “the largest jaw” ever, leading to speculation that the ensuing XRP rally could dwarf previous ones. Related Reading: XRP Price Poised For A 250% Surge, Analyst Points To This Key Catalyst EGRAG’s September update brought substantial insights, underscoring the notable shift in the ASO and the build-up of undeniable momentum towards the bullish cross. In his words, “there’s an undeniable momentum building towards that coveted bullish cross.” First, EGRAG had outlined the oscillator’s remarkable potential in March, describing it as the harbinger of a monumental bullish setup, showcasing the depth of market volatility and the contrasting strength/weakness of an asset. He emphasized, “The Mother of all #Bullish Set-Ups is upon us,” pointing to the impressive setups building in both the 3 Weeks Time Frame (TF) and Monthly TF. A Deep Dive Into ASO The ASO serves as a momentum oscillator, providing averaged percentages of bull/bear sentiment. This tool is recommended for accurately gauging the sentiment during a specific candle period, aiding in trend filtering or determining entry/exit points. Related Reading: Ripple Stirs Debate By Shuffling $260 Million In XRP: What’s Behind The Move? Conceptualized by Benjamin Joshua Nash and adapted from the MT4 version, the ASO employs two algorithms. While the first algorithm evaluates the bullish/bearish nature of individual bars based on OHLC prices before averaging them, the second assesses the sentiment percentage by considering a group of bars as a single entity. The ASO displays Bulls % with a blue line and Bears % with a red line. The dominance of sentiment is represented by the elevated line. A crossover at the 50% centreline indicates a power shift between bulls and bears, offering potential entry or exit points. This is particularly efficacious when the average volume is significant. Further insights can be derived by observing the strength of trends or swings. For instance, a blue peak surpassing its preceding red one. Any divergence, like a second bullish peak registering reduced strength on the oscillator but ascending in the price chart, is clearly visible. By setting thresholds at the 70% and 30% marks, the oscillator can function similarly to Stochastic or RSI for trading overbought/oversold levels. As with many indicators, a shorter period provides advanced signals while a longer period reduces the likelihood of false alerts. At press time, XRP traded at $0.5097. Featured image from ShutterStock, chart from TradingView.com