Category: Cryptocurrency News

The chief executive of Grayscale, a leading digital asset management firm, believes that the United States has a significant opportunity to dominate the cryptocurrency space by shaping effective regulations.  In a recent interview with Yahoo Finance, Grayscale CEO Michael Sonnenshein expressed optimism about the progress made in the past year and highlighted the bipartisan support for crypto-related legislation.  Sonnenshein emphasized the importance of lawmakers’ understanding of the crypto industry and urged Congress to actively engage with the issue to foster innovation and create robust financial and regulatory frameworks. Grayscale CEO Urges Congress To Support Crypto Sonnenshein commended the “groundbreaking” work done by regulators and lawmakers in Washington over the past 12 months, acknowledging the efforts of Chairman McHenry, Congressman Hill, and Senators Lummis and Gillibrand.  Related Reading: Bitcoin HODLers Not Selling, Will Number Break Record Highs? The Grayscale CEO emphasized that crypto has become a nonpartisan issue, with members of Congress increasingly recognizing its long-term presence and importance. Sonnenshein praised the bills that have made progress and are set for further votes in the fall, highlighting the need for broader member support and ongoing engagement on crypto-related topics. Moreover, Sonnenshein underscored the growing involvement of constituents who are part of the crypto space and stressed the importance of elected officials aligning their positions accordingly.  With upcoming elections and various catalysts on the horizon, Sonnenshein urged members of Congress to actively engage with the crypto industry, given its increasing significance and the need for comprehensive financial and regulatory frameworks, expressing optimism about the current momentum surrounding crypto legislation and the unprecedented level of engagement from lawmakers. Grayscale’s GBTC Inches Closer To ETF Conversion? Regarding the recent court order that vacated the SEC’s denial order for the Grayscale Bitcoin Trust (GBTC) application to convert to an Exchange-Traded Fund (ETF), Sonnenshein addressed the ongoing process and emphasized the organization’s commitment to full and fair disclosures.  Grayscale has been litigating to convert GBTC into an Bitcoin (BTC) Spot ETF, as it would provide investors with additional protections, disclosures, and reporting obligations.  On this matter, Sonnenshein stated that constructive dialogue with the SEC is anticipated once the 45-day process is complete, and the organization looks forward to pursuing the next steps expediently. Furthermore, Sonnenshein highlighted the significant recognition given to the crypto industry by global entities such as the G20 and the International Monetary Fund (IMF), emphasizing the opportunity for the United States to establish itself as the center of the global capital markets ecosystem by implementing the right frameworks.  Notably, Sonnenshein advocated for maintaining an open-door policy for innovation and positioning the US as a leader in the crypto space. Related Reading: Here’s Where Next Bitcoin Resistance Lies, From An On-Chain Perspective Overall, Grayscale CEO Michael Sonnenshein’s interview emphasized the United States’ chance to dominate the crypto space through effective regulation. With bipartisan support and increasing awareness among lawmakers, Sonnenshein urged Congress to engage actively and build momentum around crypto-related legislation.  Featured image from iStock, chart from TradingView.com

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Bitcoin price is eyeing a key upside break above the $27,500 resistance. BTC could rally further toward $28,200 if there is a close above $27,500. Bitcoin is showing positive signs and facing hurdles near $27,500. The price is trading above $26,850 and the 100 hourly Simple moving average. There is a major bullish trend line forming with support near $26,800 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair could rally further if there is a clear move above the $27,500 resistance. Bitcoin Price Eyes More Upsides Bitcoin price started another increase above the $26,800 resistance zone. BTC remained well-bid and even settled above the $27,000 pivot level. However, the bears are still active near the $27,500 zone. A high is formed near $27,494 and the price is now consolidating gains. It is trading just below the 23.6% Fib retracement level of the upward move from the $26,657 swing low to the $27,494 high. Bitcoin is now trading above $26,850 and the 100 hourly Simple moving average. There is also a major bullish trend line forming with support near $26,800 on the hourly chart of the BTC/USD pair. Source: BTCUSD on TradingView.com It is consolidating gains and might eye a fresh increase. Immediate resistance on the upside is near the $27,450 level. The first major resistance is near the $27,500 zone, above which the price could start another rally. The next key resistance could be near the $28,200 level. A clear move above the $28,200 resistance could send the price toward the $29,500 resistance. In the stated case, the price could even test the $30,000 level in the coming days. Are Dips Limited In BTC? If Bitcoin fails to start a fresh increase above the $27,500 resistance, it could start a downside correction. Immediate support on the downside is near the $27,050 level. The next major support is near the $26,800 level and the trend line. It is close to the 76.4% Fib retracement level of the upward move from the $26,657 swing low to the $27,494 high. A downside break and close below the $26,800 level might send the price toward the next support at $26,200. Technical indicators: Hourly MACD – The MACD is now losing pace in the bullish zone. Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level. Major Support Levels – $27,050, followed by $26,800. Major Resistance Levels – $27,450, $27,500, and $28,200.

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Bitcoin (BTC), the dominant cryptocurrency, is experiencing a resurgence as recent developments in technical indicators and on-chain fundamentals instill renewed optimism among investors.  Capriole Invest, a prominent investment firm, has unveiled its Bitcoin Macro Index. This comprehensive machine learning model combines 40 influential on-chain, macro market, and equity metrics, providing valuable insights into Bitcoin’s fundamentals and shedding light on its potential future trajectory. Bitcoin Fundamentals Signal Renewed Optimism According to Capriole’s latest report, Bitcoin’s low timeframe technicals have continued to conform to the Wyckoff schematic over the past weeks, with a significant failed breakdown at the $26,000 level, signaling a locally bullish sentiment. This event has further bolstered the credibility of the structure.  Related Reading: Shiba Inu Team Member Reveals What Investors Should Do If They Want SHIB Burns After a two-month decline that contributed to Bitcoin’s price drop from $29,000, there are now encouraging signs of progress in the cryptocurrency’s fundamentals. This suggests a potential turning point in the market.  Per the report, analysts are now closely monitoring a potential break from support, particularly a close above $28,000, as this would confirm a continuation towards at least $31,000.  Reaching this milestone would mark a crucial phase in completing the Wyckoff structure, potentially heralding the next major upward move for Bitcoin. Furthermore, while the opportunity to purchase Bitcoin in the $24,000 zone appears less likely, the failed breakdown and solid improvement in fundamental data present a more bullish outlook.  Barring significant changes in data, Capriole Invest expects Bitcoin’s price to continue its upward trajectory, with a target of at least $31,000 in the near term. However, Capriole believes that BTC’s trajectory will be influenced by the support level at $26,000 and the performance of the Macro Index’s fundamentals.  Persistent Resistance At $27,500 Amidst Market Suppression Bitcoin’s recent price movements have been met with strong resistance as it approaches the $27,500 mark, with market sell orders flooding the order book and impeding further upward momentum.  Material Indicators, a leading firm specializing in market analysis, has identified this trend as a deliberate effort to suppress BTC’s price. This behavior is expected to persist, particularly in light of the upcoming interest rate hike announcement by Federal Reserve Chairman Jerome Powell on Wednesday. Per the firm’s analysis, over the past eight hours, a significant influx of ask liquidity has emerged every time Bitcoin’s price has neared the $27,500 level. This surge in sell orders has effectively thwarted any potential breakthrough at this key resistance level.  Related Reading: Terra Validator Opposes USTC Burning, Pushes Alternative Plan To Regain Dollar Peg This suggests that Bitcoin’s price may face significant hurdles soon. The actions of market participants indicate a deliberate intention to keep the price in check, at least until the outcome of the interest rate decision is known.  At the time of writing, the leading cryptocurrency in the market is trading at $27,100, reflecting a 1.6% increase over the past 24 hours.  Featured image from iStock, chart from TradingView.com 

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The platform notified its community on Sept. 19 at 11:49 pm UTC, urging users to not interact with Balancer’s protocol until further notice.

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A poll of voters in New Hampshire, Nevada, Ohio and Pennsylvania found 55% would be less likely to vote for anti-web3 presidential candidate, said Coinbase.