Counterfeiting and cult murder: Family behind Milei memecoin has chequered past
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Crypto’s recent downturn is a “tactical retreat, not a reversal,” Binance’s CEO said, pointing to strong institutional demand, resilient fundamentals, and past market recoveries. Binance CEO Breaks Down Crypto’s ‘Tactical Retreat’—Why It’s a Bullish Signal Binance CEO Richard Teng addressed recent market turbulence on social media platform X on Feb. 25, urging investors to maintain […]
Key Takeaways: MetaMask introduces off-ramp support to 10 new blockchains to make crypto-to-fiat conversion easier. Transak adds a layer of streamlining transactions with lower fees for users. This step seeks to welcome the next generation of crypto users by enhancing accessibility. MetaMask Will Provide Off-Ramps to 10 More Blockchains in a Major UX Upgrade MetaMask, a leading cryptocurrency…
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Ethereum price started a fresh decline from the $2,450 resistance zone. ETH is now consolidating losses and might face hurdles near $2,400 and $2,450. Ethereum is facing an increase in selling below the $2,450 zone. The price is trading below $2,500 and the 100-hourly Simple Moving Average. There is a connecting bearish trend line forming with resistance at $2,390 on the hourly chart of ETH/USD (data feed via Kraken). The pair could start a decent upward move if it settles above $2,400 and $2,500. Ethereum Price Extends Losses Ethereum price failed to clear the $2,550 resistance zone and started a fresh decline, like Bitcoin. ETH gained pace below the $2,500 and $2,450 support levels to move further in a bearish zone. The price declined over 5% and even traded below the $2,320 support zone. A low was formed at $2,251 and the price is now consolidating losses. There was a minor recovery wave above the 23.6% Fib retracement level of the downward move from the $2,519 swing high to the $2,251 low. Ethereum price is now trading below $2,450 and the 100-hourly Simple Moving Average. There is also a connecting bearish trend line forming with resistance at $2,390 on the hourly chart of ETH/USD. On the upside, the price seems to be facing hurdles near the $2,380 level or the 50% Fib retracement level of the downward move from the $2,519 swing high to the $2,251 low. The first major resistance is near the $2,420 level. The main resistance is now forming near $2,450. A clear move above the $2,450 resistance might send the price toward the $2,500 resistance. An upside break above the $2,500 resistance might call for more gains in the coming sessions. In the stated case, Ether could rise toward the $2,550 resistance zone or even $2,620 in the near term. Another Drop In ETH? If Ethereum fails to clear the $2,500 resistance, it could start another decline. Initial support on the downside is near the $2,315 level. The first major support sits near the $2,250 zone. A clear move below the $2,250 support might push the price toward the $2,200 support. Any more losses might send the price toward the $2,120 support level in the near term. The next key support sits at $2,050. Technical Indicators Hourly MACD – The MACD for ETH/USD is gaining momentum in the bearish zone. Hourly RSI – The RSI for ETH/USD is now below the 50 zone. Major Support Level – $2,250 Major Resistance Level – $2,500
The founder of Gotbit, whose firm was allegedly caught by FBI’s trap token to catch crypto fraudsters, has been extradited from Portugal to the US to face charges.
The founder of Gotbit, whose firm was allegedly caught by FBI’s trap token to catch crypto fraudsters, has been extradited from Portugal to the US to face charges.
The founder of Gotbit, whose firm was allegedly caught by FBI’s trap token to catch crypto fraudsters, has been extradited from Portugal to the US to face charges.
Coinbase has partnered with Onboard Global to offer Nigerian users secure and efficient cryptocurrency trading. Shielding Coinbase from Regulatory Risk Coinbase and Onboard Global have partnered to provide secure and efficient cryptocurrency trading for Nigerian users. The collaboration enables the purchase of cryptocurrency with local currency through a peer-to-peer (P2P) exchange, with streamlined verification and […]
The crypto market is experiencing a significant upheaval, with a staggering $300 billion erased in just 24 hours. This massive sell-off has raised concerns among investors, prompting analysts to explore the underlying causes of this dramatic decline. Bitcoin And Ethereum Plummet According to insights from the Kobelsi Letter, a global commentator on capital markets, the frequency of “flash crashes” in the crypto sector has surged since January. These rapid price declines can occur without major bearish news, leaving investors puzzled about the sudden volatility. The recent downturn began with Bitcoin (BTC), which initially fell below $95,000. However, a sharp drop from $95,000 to $90,000 within just 30 minutes early in the morning served as a wake-up call for traders. Ethereum (ETH) has fared even worse, experiencing a staggering 37% drop over 60 hours on February 2nd, despite trade war headlines that had already been priced into the market. Related Reading: Why Ethereum Is A Must-Watch: Expert Analysis Highlights 4 Strong Bullish Indicators One of the critical factors contributing to this crypto volatility, according to the analysts, is the drastic shift in liquidity and short positioning in Ethereum. In a single week, short positions surged by 40%, and since November 2024, they have skyrocketed by 500%. This unprecedented level of shorting by Wall Street hedge funds has created a precarious situation for Ethereum, which is now valued at approximately $300 billion. As institutional investors increasingly short Ethereum, many have turned their attention to Bitcoin, creating a stark contrast in market dynamics. While retail interest in Bitcoin has waned, driven partly by a surge in memecoins, institutional capital continues to flow into Bitcoin, exacerbating the volatility in altcoins like Solana. Retail Vs Institutional Investors Amid Crypto Volatility Kobelsi further highlights that the current market environment is characterized by a polarization between retail and institutional investors. As liquidity decreases, price movements become increasingly erratic. This has resulted in significant “air pockets,” where sentiment can shift dramatically, leading to rapid price changes. Recent sentiment analysis reveals that the crypto market is experiencing its lowest levels of enthusiasm for 2024. The Crypto Fear and Greed Index, which previously indicated a state of greed, has now dropped to a fear level of 29%. Such shifts in sentiment often precede flash crashes, as traders react to the changing landscape. Related Reading: XRP Price Continuation After Crash Below $2.4? New Targets Emerge Adding to the complexity of the situation, public figures like Eric Trump have been vocal about their views on the largest crypto assets, Bitcoin and Ethereum. Trump has suggested that these price dips present buying opportunities, a perspective that may influence retail investors’ behavior. Furthermore, companies like MicroStrategy have also impacted the crypto market dynamics. Despite a 45% drop in its stock since its November 20th peak, MicroStrategy continues to accumulate Bitcoin through convertible note offerings, reinforcing its commitment to the crypto and potentially influencing market sentiment. So far, Ethereum has managed to regain the $2,500 level after falling below $2,300 on Tuesday, recording losses of 7% in the 24-hour time frame. Featured image from DALL-E, chart from TradingView.com
Assure DeFi CEO and crypto analyst Chapo predicts Market-Value-to-Realized-Value will peak around 3.2 this cycle, signaling the market top.