Category: Cryptocurrency News

On Thursday, the Chicago Board Options Exchange (Cboe) initiated a pivotal regulatory step by submitting 19b-4 filings to the U.S. Securities and Exchange Commission (SEC) on behalf of four prominent asset management entities—Bitwise, Wisdomtree, 21shares, and Canary Funds—to advance proposals for spot XRP exchange-traded funds (ETFs). Cboe Files 19b-4 Proposals for XRP Trusts Fundamentally, a […]

Bitcoin is experiencing a challenging period, with its price remaining below the $100,000 mark after a significant drop earlier this week. Today, Bitcoin hovers just above $98,000, marking a nearly 10% decline from its all-time high of over $109,000 recorded last month. Interestingly, while BTC’s price has slowed, its exchange reserve has faced the same fate, with data showing a continuous decline from this metric. Related Reading: 49,700 Dormant Bitcoin Just Moved—What’s Next For BTC’s Price? Does This Suggest An Incoming Rebound For Bitcoin? ShayanBTC, one contributor to the CryptoQuant QuickTae platform, particularly pointed out this trend in a post titled “Bitcoin Exchange Reserves Plunge: Is Supply Shock Driving the Next Rally.” According to Shayan, there is a chance that this reserve plunge will become favorable for BTC in the near term. In the post, Shayan disclosed that exchange reserves—the amount of Bitcoin held on trading platforms—have steadily decreased. This trend often signals an accumulation phase by investors, as more market participants withdraw their BTC from exchanges to secure long-term holdings. This reduced circulating supply can create a “supply shock,” potentially driving higher prices in the coming weeks. “As shown in the chart, Bitcoin’s exchange reserves have been on an aggressive decline, signaling an accumulation phase by investors,” Shayan explained. The analyst added: Given that exchange reserves serve as a supply-side indicator, this persistent decline could contribute to further price appreciation in the coming weeks. Bitcoin Exchange Reserves Plunge “As shown in the chart, Bitcoin’s exchange reserves have been on an aggressive decline, signaling an accumulation phase by investors.” – By @ShayanBTC7 Full post 👇https://t.co/xxyCDSg3Vw pic.twitter.com/ntVY7AuDpD — CryptoQuant.com (@cryptoquant_com) February 6, 2025 Coinbase Premium Reaches 0 Zone Besides the exchange reserves, another important metric worth looking at to get the full picture of BTC’s likely trajectory in the near term is the Coinbase premium index. This index measures the price difference between Bitcoin on Coinbase, often a go-to platform for institutional investors, and other exchanges. A positive premium can indicate strong buying pressure on Coinbase, signaling institutional demand. The latest data shows that in recent days, the Coinbase Premium Index broke through the critical “0” resistance level with substantial volume, an occurrence that traders closely monitor. TraderOasis, another CryptoQuant analyst, highlighted that this breakout area also functions as a support/resistance level, making it a crucial point of interest. Related Reading: Key Indicator Signals DCA Opportunity Amid Bitcoin Buyer Momentum A sustained positive premium might indicate continued institutional accumulation, which could boost Bitcoin’s price recovery. Conversely, a failure to hold this level could suggest lingering bearish sentiment or a potential for further declines. Featured image created with DALL-E, Chart from TradingView

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

Countries are accelerating a shift away from the U.S. dollar in trade, with Russia and Ethiopia deepening currency ties to enhance economic stability and reduce reliance on foreign exchange. Global Shift Away From US Dollar Accelerates—Russia and Ethiopia Deepen Currency Ties Countries worldwide are increasingly shifting away from the U.S. dollar in trade, opting instead […]

Analysts speculate that rising Ether outflows from crypto derivatives exchanges are bullish, as they may lead to reduced selling pressure and closed leverage positions.

Can I chat with a dev just to try to learn a thing or two if you don’t mind. Been getting frustrated would just like some help. Thanks submitted by /u/VastMove487 [link] [comments]

BNB price is recovering losses from the $540 support zone. The price is rising and might aim for a fresh move toward the $635 resistance. BNB price is struggling to clear the $585 resistance zone. The price is now trading near $580 and the 100-hourly simple moving average. There was a break above a key bearish trend line with resistance at $578 on the hourly chart of the BNB/USD pair (data source from Binance). The pair must stay above the $560 level to start another increase in the near term. BNB Price Eyes Fresh Surge After a decent increase, BNB price struggled to settle above the $620 level. It started a pullback from the $619 high, like Ethereum and Bitcoin. There was a drop below the $600 support zone. The price even dived below the $580 level. A low was formed at $559 and the price recently started a decent recovery wave. There was a move above the $570 level. The price climbed above the 23.6% Fib retracement level of the downward move from the $619 swing high to the $559 low. There was a break above a key bearish trend line with resistance at $578 on the hourly chart of the BNB/USD pair. The price is now trading near $580 and the 100-hourly simple moving average. If there is a fresh increase, the price could face resistance near the $590 level or the 50% Fib retracement level of the downward move from the $619 swing high to the $559 low. The next resistance sits near the $595 level. A clear move above the $595 zone could send the price higher. In the stated case, BNB price could test $605. A close above the $605 resistance might set the pace for a larger move toward the $620 resistance. Any more gains might call for a test of the $632 level in the near term. Another Decline? If BNB fails to clear the $590 resistance, it could start another decline. Initial support on the downside is near the $570 level. The next major support is near the $560 level. The main support sits at $540. If there is a downside break below the $540 support, the price could drop toward the $532 support. Any more losses could initiate a larger decline toward the $510 level. Technical Indicators Hourly MACD – The MACD for BNB/USD is gaining pace in the bullish zone. Hourly RSI (Relative Strength Index) – The RSI for BNB/USD is currently above the 50 level. Major Support Levels – $560 and $540. Major Resistance Levels – $590 and $605.

Crypto analyst ProjectSyndicate has made a bullish case for the XRP price, which he predicts could record 40% gains soon enough. The analyst also revealed the price level, which he believes is ideal for market participants to buy and hold XRP.  XRP Price Eyes 40% Gains As Analyst Reveals Key Level In a TradingView post, ProjectSyndicate predicted that the XRP price could witness a 40% move to the upside soon enough. This came following his analysis of XRP’s 4-hour chart. He noted that the outlook remains bullish despite the current pullback in progress. The analyst added that buying low is still a perfect trade setup with low risk.  Related Reading: XRP Price Forms Descending Triangle On The Daily Chart, Why $1.95 Is Important Project Syndicate remarked that the price is currently in correction mode after the retest of the all-time high. He added that there is limited upside at the current market price of $2.50. In line with this, he asserted that the pullback isn’t complete and predicted that XRP could still drop to as low as $2 before it records the 40% gains that he predicted.  Based on his strategy of buying low, he recommended that market participants should look to buy and hold the crypto when its price drops to $2. He also advised that they should take profit when XRP records the 40% gains as it rebounds to $2.80.  The XRP price has suffered one of the worst pullbacks among the major caps amid the current bearish sentiment in the crypto market. As a result, XRP has also lost its spot as the third-largest crypto by market cap, dropping to number four behind USDT.  However, amid this pullback, crypto analyst ColdBloodedCharter has also stated that now is a great opportunity to accumulate XRP. He highlighted $2.50, between $2.25 and $2.30, and between $1.90 and $2 as buy-the-dip levels that “make sense.” This Pullback Could Be The Final Low Before Liftoff In an X post, crypto analyst CasiTrades raised the possibility of this pullback being the final low before a price liftoff. She asserted that there has been no change to the overall bullish setup on XRP, although the crypto is now targetting Wave 3 down extensions at $2.16, $1.87, and $1.57 for the next major support.  Related Reading: XRP’s Price Breakout Sets The Tone For A Historic Bull Run To A New All-Time High The crypto analyst opined that the XRP price is in the fifth wave of C within an ABC pattern for a large Wave 2. She added that the sell-off massively extended the asset past C targets, but the pattern still needs to be completed. With this development, CasiTrades stated that this means that XRP could be at the final low before a massive Wave 3 up begins. She added that this would send the altcoin past previous all-time highs (ATHs) with minimal resistance.  At the time of writing, the XRP price is trading at around $2.45, down almost 3% in the last 24 hours, according to data from CoinMarketCap. Featured image from Medium, chart from Tradingview.com