Category: Cryptocurrency News

According to Reddit, the popular platform known for its forums and discussions, the company recently made a modest sale of bitcoin (BTC) and ethereum (ETH). Reddit Cashed out Its Crypto Right Before October’s Price Spike In a 10-Q SEC filing, Reddit disclosed the sale of these digital assets, which occurred before bitcoin saw its price […]

Ethereum (ETH) is showing strength, finding support at a critical level around $2,400 and pushing to local highs near $2,800. Top analyst Ali Martinez shared a technical analysis highlighting Ethereum’s potential to break out. Holding this key level suggests ETH could be on the verge of a significant rally.  Martinez’s analysis points to a large trading channel with an upper boundary of around $6,000, indicating a substantial upside if ETH continues to gain momentum. Related Reading: Bitcoin Bears Fear A Short Squeeze Above $71,000 As Open Interest Rises To $22.6B As the crypto market broadly trends toward new highs, Ethereum’s performance has lagged behind some altcoins. A strong push past $2,700 could build the momentum for Ethereum to attract renewed interest, particularly from institutional and long-term investors.  Investors are watching to see if it can finally catch up to the broader market’s gains. Should Ethereum hold its ground and continue upwards, the anticipated surge could solidify its position as a leading asset in the next major crypto rally. Ethereum Accumulation About To End Ethereum has been consolidating since early August. Some analysts see this as a strategic accumulation phase by long-term investors before a potential breakout. Ali Martinez highlights this view in his technical analysis on X, sharing a chart showing Ethereum trading within a channel.  According to Martinez, this ongoing consolidation around $2,400 suggests a buildup phase, positioning ETH for a powerful surge if it breaks out of its current range. Martinez points to the critical $2,400 support level as a foundation to propel Ethereum toward the channel’s upper boundary at around $6,000. Such a move, however, would require ETH to first breach the $2,800 level, confirming a shift out of its consolidation phase.  If Ethereum’s price closes above this level, the breakout would mark a reversal and signal a new upward trend. This potential rally aligns with broader market trends, as other altcoins and Bitcoin are pushing toward new highs. Analysts believe this could create a domino effect, drawing capital into ETH as investors look for high-upside assets with established use cases and network activity.  Related Reading: Cardano Might See A Massive Pump Around November 18 – Analyst Exposes 2020 Similarities If Ethereum can hold above $2,800 and build momentum, the move could validate Martinez’s $6,000 target. Investors are watching as a breakout could signal a phase of exponential growth for the second-largest cryptocurrency by market cap. ETH Testing Critical Supply level Ethereum (ETH) is trading at $2,680, just 3.5% away from its 200-day exponential moving average (EMA) at $2,776. This EMA level acts as a significant resistance point, and for bulls to take control, ETH must break above it and then hold this level as support to confirm an uptrend.  A push above the $2,820 supply level would further solidify bullish momentum and set the stage for a potential breakout. However, ETH might spend several days trading below these crucial levels before a decisive move unfolds. Market conditions could favor a period of consolidation, allowing ETH to gather more strength and push higher. Related Reading: If Dogecoin Breaks Above Key Resistance ‘We Could See A 25% Rally’ – Top Analyst A retrace is likely if ETH fails to hold prices above the 200-day EMA and the $2,820 supply zone. In this scenario, ETH would potentially seek support around lower demand levels, notably near $2,500, where it could stabilize. If ETH holds this support, consolidation within a range could continue. Investors and traders closely watch these levels to gauge ETH’s next direction in this critical phase. Featured image from Dall-E, chart from TradingView

A historically accurate Bitcoin price indicator suggests that BTC’s price will reach the $174,000–$462,000 range within 24 months.

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The proposed ETF holds a diverse basket of crypto assets, including altcoins. It may face competition.

Yesterday I tried to make a payment, so I bought some USDC on Ethereum network and sent it to my Trust Wallet. I moved $650$ worth of USDC and paid about $4-5 in gas fee for the transaction. No biggie. I decided to not make the payment after all, and now I want to send…
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This was the first case against JPEX, which operated in Hong Kong without a license.

Matt Hougan, Chief Investment Officer of Bitwise Asset Management, addressed a pressing question among investors: Does the US dollar need to collapse for Bitcoin to reach a valuation of $200,000 per coin? Hougan’s analysis suggests that Bitcoin’s ascent to such a price level does not depend on a decline in the US dollar’s value but rather on Bitcoin’s maturation as a store-of-value asset and global economic factors increasing demand for such assets. Bitcoin Can Reach $200,000 Without US Dollar Collapse In a series of posts on the social media platform X, Hougan recounted a conversation with a financial advisor who posed the question over dinner. “Does the US dollar need to collapse for Bitcoin to hit $200,000? The answer is ‘no.’ Here’s why,” Hougan wrote. Hougan explained that investing in Bitcoin involves making two distinct bets. First, “Bitcoin will succeed in establishing itself as a new ‘store of value’ asset.” Currently, Bitcoin’s market capitalization is approximately 7% of gold’s $18 trillion market. Hougan noted, “If it ‘matures’ and becomes 50% the size of gold, every Bitcoin is worth over $400,000. Related Reading: Bitcoin Price Skyrockets Above $71,000: Key Reasons Explained Second, “Governments will abuse fiat currencies and increase demand for ‘store of value’ assets.” If the market for store-of-value assets triples in size due to such mismanagement, and Bitcoin maintains its 7% market share, “each Bitcoin is worth over $200,000.” He emphasized that these two arguments are independent but can compound. “If Bitcoin matures and the store of value market doubles, you quickly get to seven figures. For what it’s worth (FWIW), I think this is the most likely scenario eventually,” Hougan stated. Related Reading: Bitcoin Volatility To Peak By November 8 As ‘Trump Trade’ Intensifies – Report Addressing the initial question directly, Hougan asserted, “So, no, the dollar doesn’t need to collapse for Bitcoin to hit $200,000. All you need is Bitcoin to continue on its current path of maturing as an institutional asset.” He added that both factors—BTC’s maturation and potential fiat currency abuse—are increasingly likely to occur simultaneously. “That’s why Bitcoin is surging toward all-time highs.” The discussion continued with input from Kevin Brent Cook, a user on X, who added nuance to Hougan’s explanation. “Concise, clear, and simple,” Cook remarked. “I would only add that the reason a ‘collapse’ isn’t necessary is that under ‘abusing fiat’ comes the steady grind of deficit-driven dollar inflation (the US writes endless checks that never bounce), which naturally creates more currency chasing all assets.” Hougan concurred with Cook’s assessment, responding with a succinct “Agreed.” At press time, BTC traded at $72,445, up 23% in the last 20 days. Featured image created with DALL.E, chart from TradingView.com