Category: Cryptocurrency News

submitted by /u/WilderweRose [link] [comments]

submitted by /u/SmallReflection2552 [link] [comments]

submitted by /u/stangrotic [link] [comments]

Bitcoin (BTC), the leading cryptocurrency, has defied expectations of a steep decline to sub-$20,000 levels and has rebounded to the $26,000 mark, registering a 3.5% gain over the past 24 hours.  This resurgence in Bitcoin’s price coincides with the predictions made by Chartered Financial Analyst Timothy Peterson, whose recent social media post outlined the probabilities of Bitcoin dropping to $22,600 or rallying to $31,200 within the next 90 days. Bitcoin Price Analysis, 8% Chance Of Drop To $22,600 Peterson’s analysis indicates an 8% likelihood of Bitcoin experiencing a downward movement to $22,600, while a 71% chance of the cryptocurrency surging to $31,200.  Related Reading: Chainlink (LINK) Bullish Run Falters: Time To Brace For A Price Dip? According to the chart above, Bitcoin’s price will likely enter a macro consolidation phase over the next 90 days. During this period, the price may fluctuate within the range of its key Moving Averages (MAs). However, the crucial factor for bullish investors is the low probability of a drop below $22,000. This allows them to regain control of the 50-day and 200-day MAs in the short term, currently positioned at $27,200 and $27,000, respectively. The recent recovery of Bitcoin to the $26,000 level has alleviated concerns among market participants who were apprehensive about a potential downward spiral. The cryptocurrency’s ability to bounce back has instilled renewed confidence among investors. Nevertheless, Bitcoin faces a series of resistance levels that could pose challenges. In the immediate term, resistance at $26,454 has temporarily halted the cryptocurrency’s upward momentum. As mentioned earlier, Bitcoin lost its key MAs in August, resulting in additional obstacles on its journey back to $30,000. However, if these resistance levels are surpassed, there remains only one more hurdle before the cryptocurrency can surpass its annual high zone.  This final resistance stands at $29,800, which has historically proven to be a formidable barrier whenever Bitcoin has aimed to achieve new highs. Imminent Final Decline Expected? As the market approaches the final weeks of Q3 and edges closer to the new year, QCP Capital, an analysis firm, has been closely monitoring the market using two critical blueprints: the supermoon cycle and the Elliot Wave count. According to their analysis, an imminent final decline is expected to close the quarter at its lows. The chart above illustrates the projected decline, aligning with QCP Capital’s blueprints. The firm believes that the crypto and macro events calendar also supports this view, with a concentration of upcoming bearish events expected to transition to a neutral stance from mid-October onwards. Notable future events include tomorrow’s likely higher-than-expected CPI (Consumer Price Index) data and a more hawkish-than-expected Federal Open Market Committee (FOMC) meeting next week.  Additionally, asset sales of FTX tokens and the conclusion of the Mt. Gox proceedings over the next month contribute to the bearish sentiment. Although QCP Capital’s theory suggests a potential bottom soon after the supermoon early next month, they anticipate the true bottom to materialize in mid-late October when the negative news cycle has run its course. They expect the market to stabilize during this time and potentially reverse its downward trend. Related Reading: Report Reveals The Stablecoins That Have Suffered The Most De-Peg Events Despite the short-term challenges, QCP Capital remains bullish on the overall outlook. They anticipate a positive trajectory from mid-late October, extending into year-end and Q1 of the following year. BTC is currently trading at $26,100, reflecting a 3.5% increase over the past 24 hours and a gain of over 1.5% in the past seven days. Featured image from iStock, chart from TradingView.com

For those who don't know, golden cross and death cross are the terms used when Bitcoin's 50 day average price movement crosses the 200 day moving average. Golden cross is generally when the 50 day MA crosses above the 200 day MA indicating an uptrend meanwhile death cross is when the 50 day MA crosses…
Read more

The Hong Kong Monetary Authority, Bank of Israel and Bank for International Settlements teamed up to address the complex issues of rCBDCs.

Lack of internet access wasn’t a insufficient ground to grant Sam Bankman-Fried’s temporary release according to District Judge Lewis Kaplan.

submitted by /u/DoubleFaulty1 [link] [comments]

In a completely unexpected move, Justin Sun, Founder of Tron and Advisor to Huobi Global has expressed his interest in acquiring FTX’s considerable crypto assets worth billions of dollars.  Justin Sun Considers Making A Bid For FTX Crypto Assets Justin Sun, Creator of Tron, one of the world’s largest blockchain ecosystems, has hinted at the possibility of acquiring the assets of insolvent crypto exchange FTX. This statement comes a year after the crypto billionaire was contemplating a majority takeover of Huobi Global.  Related Reading: Report Reveals The Stablecoins That Have Suffered The Most De-Peg Events According to data from Messari, a provider of market intelligence products, FTX liquidations hold a total of $1.3 billion in liquid crypto assets excluding stablecoins. The report revealed some of the largest holdings for FTX liquidators which include cryptocurrencies like Solana (SOL), Ethereum (ETH), Aptos (APT), Dogecoin (DOGE), Tron (TRX), and Polygon (MATIC). Given the considerable holdings, there have been fears that the market could witness a crash if the exchange were to start dumping its crypto assets. In response to this, Sun revealed in a post on X (formerly known as Twitter) that he was considering the possibility of purchasing FTX holdings. The Tron Founder explained that the reason behind it was to reduce their selling influence on the crypto market.  “Contemplating an offer for FTX’s holding tokens and assets to reduce their selling impact on the crypto community. Let’s unite to bolster our crypto ecosystem,” Sun stated.  However, data from Messari revealed that FTX and Alameda’s BTC holdings, which are approximately $353 million, account for only 1% of BTC’s weekly trading volume, meaning the crypto market can easily handle selling impacts.  Whereas, FTX’s crypto holdings such as DOGE, TRX, and MATIC which range from $20 million to $30 million account for 6-12% of weekly trading volumes, and liquidations could significantly impact the crypto market.  Most of FTX’s SOL are also locked up in Alameda and FTX ventures, and they have a unique liquidation pattern, which allows only $9.2 million SOL to be unlocked every month. This monthly liquidation system allows selling impacts of FTX’s Solana holdings to be easily managed.  FTT price steadies above $1 | Source: FTTBUSD on Tradingview.com FTX Insolvency Court Case Still Ongoing On November 11, 2022, FTX and a number of its affiliates filed for bankruptcy in Delaware, United States. At the time, the exchange owed a staggering $8 billion after it collapsed due to a liquidity crisis.  The crypto exchange is currently under investigation by the United States Securities and Exchange Commission (SEC) while its Founder and CEO, Sam Bankman Fried was charged on 13 accounts for alleged illegal proceedings he performed in FTX, five of which were later withdrawn in June.  Related Reading: Crypto CEO Bags Record Breaking Prison Sentence For $2 Billion Theft FTX liquidators are currently scheduled for a hearing on Wednesday, September 13. The result of the hearing may see the liquidators given clearance to begin liquidations immediately.  A recent court filing has also revealed that the bankrupt crypto exchange still holds assets worth $7 billion. Some of these assets include digital assets, venture investments, and reclaimed properties. Featured image from Watcher Guru, chart from Tradingview.com