Category: Cryptocurrency News

A crypto analyst is eyeing Ether’s funding rate rising above 0.015 to see if “the calm before the storm breaks.”

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Bitcoin price is holding gains above the $57,500 resistance. BTC is now showing positive signs and might aim for a move toward $60,000. Bitcoin is attempting a fresh increase above the $57,200 support zone. The price is trading above $57,500 and the 100 hourly Simple moving average. There is a key contracting triangle forming with resistance at $58,500 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair could climb higher if it clears the $58,500 and $58,650 resistance levels in the near term. Bitcoin Price Could Extend Gains Bitcoin price started a decent increase after it broke the $57,000 resistance zone. BTC was able to climb above the $57,500 resistance. The pair even cleared the $58,000 resistance zone. However, the bears seem to be active near the $58,500 resistance zone. A high is formed at $58,450 and the price is now consolidating gains. There was a minor decline below the $58,000 level. The price even dipped below the 23.6% Fib retracement level of the upward move from the $55,550 swing low to the $58,450 high. Bitcoin is now trading above $57,500 and the 100 hourly Simple moving average. On the upside, the price could face resistance near the $58,500 level. There is also a key contracting triangle forming with resistance at $58,500 on the hourly chart of the BTC/USD pair. The first key resistance is near the $58,650 level. A clear move above the $58,650 resistance might start a steady increase in the coming sessions. The next key resistance could be $59,200. A close above the $59,200 resistance might spark more upsides. In the stated case, the price could rise and test the $60,000 resistance. Another Drop In BTC? If Bitcoin fails to rise above the $58,500 resistance zone, it could start another decline. Immediate support on the downside is near the $57,600 level. The first major support is $56,650 or the 61.8% Fib retracement level of the upward move from the $55,550 swing low to the $58,450 high. The next support is now near the $56,220 zone. Any more losses might send the price toward the $55,550 support in the near term. 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 – $57,600, followed by $55,550. Major Resistance Levels – $58,500, and $58,650.

Tesla and Spacex CEO Elon Musk has warned that without substantial government reform, laws and regulations will worsen annually, potentially stifling major initiatives. He has reiterated his call for significant U.S. government changes and agreed to help former President Donald Trump lead a new government efficiency commission, an idea he proposed. Musk believes reducing wasteful […]

As fast as money started to flow, they changed they mind about Bitcoin. What a surprise! submitted by /u/WineMakerBg [link] [comments]

No matter who wins the US presidential contest this November, the trajectory of Bitcoin seems to be set to remain strong despite growing partisan fervor. Related Reading: AAVE Excites Investors With 20% Gain As Developments Roll Out Market observers and crypto enthusiasts mostly believe that the long-term future of Bitcoin is safe. Former President Donald Trump’s pro-crypto posture inspired recent hope that is starting to wane, although this has not affected the general state of the sector. US Election: Effect On Bitcoin’s Value Although some forecast instantaneous changes in price depending on election outcomes, the longer-term impact on Bitcoin could be negligible. Head of private clients at Swan Bitcoin Steven Lubka thinks, independent of any outcome, Bitcoin might hit six figures by 2025. James Davies of Crypto Valley Exchange also remarked, suggesting that fears about a future Kamala Harris presidency affecting Bitcoin’s price are overblown. He notes that while crypto businesses may struggle, the broader industry will keep growing. With Bitcoin’s growing institutionalization—especially with US Bitcoin ETFs recently added—it is clear that its fundamental ideas are good. Short-Term Variability And Market Vibe The election can cause some temporary fluctuation in the price of Bitcoin. While a Harris victory would trigger a brief downturn, analysts predict that if Trump wins there might be a big price increase. Tyrone Ross of 401 Financial, on the other hand, thinks that the outcome of the election will have only a negligible effect on the performance of Bitcoin within the next year or so. The macroeconomic considerations and present market trends are perhaps more important in determining the price swings of Bitcoin. Having peaked at $73,000 early in the year, Bitcoin has traded between $54,000 and $65,000 for most of 2024. Recent price fluctuations are attributed more to global economic conditions and interest rate changes rather than US election news. Related Reading: Analysts Predict XRP ‘Mega Pump’ And ‘Perpetual Cycle’ – Details Looking Beyond Political Uncertainty Despite all the political noise, bitcoin has proven incredibly resilient. Daniel Cawrey from Tonkeeper says the election has done a great deal to raise awareness for the bitcoin space in earnest. In contrast to the Biden administration, which has largely tried to sweep crypto under the rug, Kamala Harris has tended to interact with industry participants – albeit in a way that at least could bring more clarity to guidelines and regulations. As Cawrey notes, more regulatory clarity resulting from this higher engagement would help the sector. Lubka agrees; Bitcoin has flourished even in adverse surroundings. Despite political and legal obstacles, Bitcoin has shown resilience throughout its history surpassing numerous assets. In essence, Bitcoin’s long-term future is bright even if the US presidential election can cause some transient market reactions. The rising institutional acceptance of cryptocurrencies and more general economic considerations drive them forward and help them to be positioned for success independent of political drama. Featured image from Pexels, chart from TradingView

Standard Chartered has reaffirmed its projection that bitcoin will hit new all-time highs by the end of 2024, regardless of the U.S. election outcome. The bank’s digital assets head predicts bitcoin could reach $125,000 under Trump or $75,000 under Harris, with temporary drops under a Harris presidency. Regulatory concerns loom, but other factors, like U.S. […]

Grayscale Investments has created a new trust for XRP, allowing accredited investors to gain exposure to the cryptocurrency known for facilitating cross-border transactions. The Grayscale XRP Trust functions like other single-asset crypto investment vehicles, holding only XRP. Grayscale’s head of product highlighted the potential of XRP to transform financial infrastructure. Grayscale Launches XRP Trust for […]

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