Category: Cryptocurrency News

The world’s leading cryptocurrency, Bitcoin (BTC), has seen a significant surge in its price today, reaching $28,004. While several factors have contributed to this jump, here are the primary reasons: #1 SEC’s Non-appeal On Grayscale Spot Bitcoin ETF Late on Friday night, the market became aware of the US Securities and Exchange Commission’s decision not to appeal the verdict which favored Grayscale’s conversion of the Grayscale Bitcoin Trust (GBTC) into a spot ETF. This decision wasn’t perhaps fully priced in on Friday, as Bitcoin’s price rose by a mere 1.2% on Friday ((followed by a fast retracement), in stark contrast to the 8% spike on August 29 when the initial ruling was announced. The move signifies the SEC’s potential readiness to green-light a Bitcoin ETF in the imminent weeks. As one Grayscale spokesman pointed out, “The Federal Rules of Appellate Procedure’s 45-day period to seek rehearing has now passed. The Grayscale team remains operationally ready to convert GBTC to an ETF upon the SEC’s approval.” Related Reading: Bitcoin Path To $70,000? Analyst Shows What This ‘Head And Shoulders’ Pattern Reveals James Seyffart from Bloomberg Intelligence highlights the probable talks between Grayscale and the SEC in the near future, stating, “Dialogue between Grayscale and SEC should begin next week. Hoping for more info on next steps sometime next week or week after?” As for when a Spot ETF is coming, Bloomberg Intelligence analysts predict a staggering 90% chance of the SEC’s approval by around January 10. #2 BTC’s Correlation With Gold Renowned analyst MacroScope recently provided in-depth insights into the complex relationship between gold and Bitcoin which may have contributed to today’s price move. Gold has soared by more than 6.5% from October 6 till Friday last week, driven by a combination of elements such as central bank policies, the US’s fiscal challenges, and unfolding geopolitical events like the Israel-Hamas war. Remarkably, the Gold market has been witnessing a discernible pattern: savvy investors, often labeled as the ‘smart money’, have been strategically capitalizing on price dips to augment their long positions. This behavior has been particularly pronounced around the $1820-1860 price marks, suggesting a foundational shift in gold’s pricing trajectory. Related Reading: Analyst Predicts Next Bitcoin Cycle Top – Is It $89,000 Or $135,000? This evolving dynamic in the gold market bears significant implications for Bitcoin. Historically, gold often pioneers a trend, with Bitcoin tailing behind to emulate it. This lead-lag relationship, as highlighted by MacroScope, might have been pivotal in forecasting Bitcoin’s move today. As gold appears to be charting a bullish course, Bitcoin, while influenced by its distinct set of catalysts like the spot ETF approval, could be poised to mirror gold’s trajectory. #3 Short Squeeze Finally, on a more technical note, there has been significant activity in the BTC futures market that played a part in the soaring price. Thus far today, about $20 million in short positions have been liquidated, the highest amount since October 1, when $37.5 million in shorts were liquidated and BTC rose 4% from $27,000 to nearly $28,100 in a very short period of time. In conclusion, Bitcoin’s impressive surge to $28,000 can be attributed to a combination of regulatory developments, its correlation with gold, the increasing influence of big holders or ‘whales’, and significant futures market activity. At press time, BTC traded at $27,880. Featured image from iStock, chart from TradingView.com

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Hello All, Just checked my Eth wallet today and I have received an unsolicited NFT, token name = Apyether.net Do I just let this sit in my wallet and not touch it? The ledger live app is saying "visit apyether.net" to claim rewards – I am wary of doing this due to potential scams etc.…
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Any advice appreciated… (DMs blocked) I made the classic error of sending some funds (approx 400 USD) using a low gas price. Unsure how this happened because trezor offers a 'medium fee' option and I'm pretty sure that's what I clicked. Anyways, the gas fee is next to nothing so the transaction is in limbo.…
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Cardano (ADA) has remained perched above the critical annual support level of $0.24, a steadfast line of defense in the face of market volatility. Despite the notable price swings, the asset’s price action has failed to commit to either a bullish or bearish trend, leaving market participants uncertain about the coin’s future.  A closer look at the daily chart reveals that this indecisive phase is gradually forming a symmetrical triangle pattern, potentially holding the key to forecasting the coin’s near-term trajectory. As of the most recent data from CoinGecko, Cardano is trading at 0.251940, reflecting a modest 0.3% increase over the past 24 hours, although it has experienced a seven-day loss of 2.7%. These minor fluctuations underscore the prevailing market uncertainty surrounding ADA’s price movement. Related Reading: Trillions In Shiba Inu On The Move: What Lies Ahead For The Meme Coin? Cardano Key Support: A Resilient Barrier The significance of the $0.24 support level should not be underestimated, as it has acted as a formidable barrier against significant downward moves on three separate occasions in the past four months. According to a price report, Cardano can maintain its position above this lower trendline, a moderate upswing towards the upper boundary of the triangle at approximately $0.258 could be in the cards, representing a potential gain of 5.5%. While the triangular pattern remains intact, ADA is expected to remain trapped in a sideways trend. However, should a decisive breakout occur above the triangle, it could ignite a robust 15% rally, setting its sights on the coveted $0.3 milestone. ADA market cap nearing the $9 billion level. Chart: TradingView.com In a separate report, the outlook remains bearish if buyers fail to seize control of the market in the near future. Traders should brace themselves for a potential test of the $0.24 range in the coming days, adding to the prevailing uncertainty that has kept ADA investors on their toes. ADA’s Path Ahead Taking a midterm perspective, the immediate focus should shift to the nearest support level of $0.2380. Given the absence of any convincing reversal signals at this point, a further decline to $0.23 may be on the horizon. These developments suggest that Cardano is currently navigating a challenging period characterized by price indecision and market fluctuation. ADA seven-day price movement. Source: Coingecko Related Reading: Dogecoin Under Pressure: Will Bearish Momentum Push Meme Coin Below $0.06? As Cardano continues to oscillate above the critical support level of $0.24 and grapples with a symmetrical triangle pattern, investors must remain vigilant and adapt to the evolving dynamics of this digital asset, as it inches towards a potential breakout or further testing of key support levels. The path forward for ADA remains uncertain, but the market’s response to the ongoing price indecisiveness will undoubtedly provide valuable insights for traders and enthusiasts alike. (This site’s content should not be construed as investment advice. Investing involves risk. When you invest, your capital is subject to risk). Featured image from Cointribune

Tron price is gaining pace above $0.0865 against the US Dollar. TRX is outperforming Bitcoin and could rise further toward $0.091. Tron is moving higher above the $0.0865 resistance level against the US dollar. The price is trading above $0.0870 and the 100 simple moving average (4 hours). There was a break above a key bearish trend line with resistance near $0.0850 on the 4-hour chart of the TRX/USD pair (data source from Kraken). The pair could continue to climb higher toward $0.0885 or even $0.091. Tron Price Aims Higher After facing a rejection near $0.0910, Tron price started a downside correction. TRX declined below the $0.088 and $0.0865 support levels. Finally, it found support near the $0.0850 zone. A low was formed near $0.0847 and the price is now rising. It broke a couple of hurdles near the $0.0850 level. There was a break above a key bearish trend line with resistance near $0.0850 on the 4-hour chart of the TRX/USD pair. The pair is up over 2% and outperforming Bitcoin and Ethereum. It also cleared the 23.6% Fib retracement level of the downward move from the $0.0910 swing high to the $0.0847 low. TRX price is now trading above $0.0870 and the 100 simple moving average (4 hours). On the upside, an initial resistance is near the $0.0875 level and the 100 simple moving average (4 hours). The first major resistance is near $0.0880 or the 50% Fib retracement level of the downward move from the $0.0910 swing high to the $0.0847 low, above which the price could accelerate higher. Source: TRXUSD on TradingView.com The next resistance is near $0.091. A close above the $0.091 resistance might send TRX further higher toward $0.095. The next major resistance is near the $0.098 level, above which the bulls are likely to aim for a larger increase toward $0.100. Fresh Decline in TRX? If TRX price fails to clear the $0.0875 resistance, it could start a downside correction. Initial support on the downside is near the $0.0862 zone. The first major support is near the $0.0850 level, below which it could test $0.0847. Any more losses might send Tron toward the $0.0830 support in the coming sessions. Technical Indicators 4 hours MACD – The MACD for TRX/USD is gaining momentum in the bullish zone. 4 hours RSI (Relative Strength Index) – The RSI for TRX/USD is currently above the 50 level. Major Support Levels – $0.0862, $0.0850, and $0.0830. Major Resistance Levels – $0.0875, $0.0880, and $0.0910.

Threat actors have worked out a way to hide malicious payloads in Binance smart contracts to lure victims into updating their browsers from fake prompts, according to cybersecurity researchers.

Australian crypto exchanges have largely praised the Treasury’s latest proposal to place crypto exchanges under the existing financial services license regime, though some worry it could put the crypto industry into a TradFi-shaped box.

Ethereum price managed to recover from the $1,520 level against the US dollar. ETH is now facing hurdles near the $1,565 and $1,600 resistance levels. Ethereum is attempting a recovery wave above the $1,550 level. The price is trading just above $1,550 and the 100-hourly Simple Moving Average. There was a break above a major bearish trend line with resistance near $1,555 on the hourly chart of ETH/USD (data feed via Kraken). The pair could start another decline unless there is a clear move above $1,565 and $1,600. Ethereum Price Starts Minor Recovery Ethereum managed to stay above the $1,500 and $1,520 levels. ETH formed a short-term support base and recently started a fresh increase from the $1,520 zone, like Bitcoin. There was a move above the $1,550 resistance level. The price climbed above the 23.6% Fib retracement level of the main drop from the $1,664 swing high to the $1,521 low. Besides, there was a break above a major bearish trend line with resistance near $1,555 on the hourly chart of ETH/USD. Ethereum is now trading just above $1,550 and the 100-hourly Simple Moving Average. However, the bears seem to be preventing an upside break above the $1,565 resistance. If there is a clear move above the $1,565 resistance, Ether could rise toward the next major hurdle at $1,600. It is close to the 50% Fib retracement level of the main drop from the $1,664 swing high to the $1,521 low. A close above the $1,600 resistance might start a decent increase. Source: ETHUSD on TradingView.com In the stated case, Ether could rise and recover toward the $1,665 resistance. Any more gains might open the doors for a move toward $1,750. Another Decline in ETH? If Ethereum fails to clear the $1,565 resistance, it could start another decline. Initial support on the downside is near the $1,550 level and the 100-hourly Simple Moving Average. The next key support is $1,520. A downside break below the $1,520 support might send the price further lower. In the stated case, the price could drop toward the $1,440 level. Any more losses may perhaps send Ether toward the $1,420 level. Technical Indicators Hourly MACD – The MACD for ETH/USD is losing momentum in the bullish zone. Hourly RSI – The RSI for ETH/USD is now above the 50 level. Major Support Level – $1,550 Major Resistance Level – $1,565

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