Category: Cryptocurrency News

Crypto lawyer Jeremy Hogan described the recent order as a “disaster” for the SEC, but other legal commentators are urging the community to temper its excitement for now.

Potential jurors shared their mostly negative interactions with crypto investing, while a slim-figured former FTX CEO sat flanked by attorneys, noticeably void of his signature curly locks looked on.

Cardano’s price started a fresh decline below $0.264. ADA is struggling and might accelerate lower if there is a close below the $0.250 support. ADA price is gaining bearish momentum below the $0.265 level against the US dollar. The price is trading above $0.250 and the 100 simple moving average (4 hours). There was a break below a key bullish trend line with support near $0.258 on the 4-hour chart of the ADA/USD pair (data source from Kraken). The pair must stay above the $0.250 support to start a fresh increase in the near term. Cardano Price Trims Gains In the past few days, Cardano’s price climbed higher above the $0.255 level. The price was able to clear the $0.265 resistance, but the upsides were limited. The price traded as high as $0.2741 and recently corrected lower, like Bitcoin and Ethereum. There was a drop below the $0.265 support level. Besides, there was a break below a key bullish trend line with support near $0.258 on the 4-hour chart of the ADA/USD pair. Cardano is now testing the 61.8% Fib retracement level of the upward move from the $0.2426 swing low to the $0.2741 high. However, ADA is still above $0.250 and the 100 simple moving average (4 hours). Source: ADAUSD on TradingView.com On the upside, immediate resistance is near the $0.258 zone. The first major resistance is forming near the $0.265 zone. The next key resistance might be $0.274. If there is a close above the $0.274 resistance, the price could start a decent increase. In the stated case, the price could rise toward the $0.300 resistance zone. More Losses in ADA? If Cardano’s price fails to climb above the $0.265 resistance level, it could continue to move down. Immediate support on the downside is near the $0.250 level. The next major support is near the $0.242 level. A downside break below the $0.242 level could open the doors for a sharp fresh decline toward $0.220. The next major support is near the $0.200 level. Technical Indicators 4 hours MACD – The MACD for ADA/USD is gaining momentum in the bearish zone. 4 hours RSI (Relative Strength Index) – The RSI for ADA/USD is now below the 50 level. Major Support Levels – $0.250, $0.242, and $0.220. Major Resistance Levels – $0.265, $0.274, and $0.300.

Ethereum price trimmed all gains and revisited $1,580 against the US dollar. ETH could continue to move down if it settles below the $1,600 support. Ethereum started a fresh decline below the $1,650 support. The price is trading below $1,665 and the 100-hourly Simple Moving Average. There is a key bearish trend line forming with resistance near $1,645 on the hourly chart of ETH/USD (data feed via Kraken). The pair could start a fresh increase if it clears the $1,650 and $1,665 resistance levels. Ethereum Price Revisits Support Ethereum’s price failed to stay above the $1,665 level and moved into a bearish zone. ETH extended its decline below the $1,650 level, like Bitcoin. The decline was such that the price even spiked below the $1,600 on Kraken. The price retested the key support at $1,585. A low was formed near $1,585 and the price is now attempting a fresh increase. There was a move above the $1,620 level. Ether climbed above the 23.6% Fib retracement level of the downward move from the $1,743 swing high to the $1,585 low. Ethereum is now trading below $1,665 and the 100-hourly Simple Moving Average. On the upside, the price might face resistance near the $1,650 level. There is also a key bearish trend line forming with resistance near $1,645 on the hourly chart of ETH/USD. The next major resistance is $1,665 and the 100-hourly Simple Moving Average. Source: ETHUSD on TradingView.com The 50% Fib retracement level of the downward move from the $1,743 swing high to the $1,585 low is also near the $1,665 level. A clear move above the $1,665 resistance zone could set the pace for a fresh increase. In the stated case, the price could visit the $1,700 resistance. The next key resistance might be $1,750. Any more gains might open the doors for a move toward $1,820. More Losses in ETH? If Ethereum fails to clear the $1,665 resistance, it could continue to move down. Initial support on the downside is near the $1,620 level. The next key support is $1,600. A downside break below the $1,600 support might start another strong bearish wave. In the stated case, the price could even trade below the $1,585 level. In the stated case, Ether could visit the $1,540 level. Technical Indicators Hourly MACD – The MACD for ETH/USD is losing momentum in the bearish zone. Hourly RSI – The RSI for ETH/USD is now below the 50 level. Major Support Level – $1,600 Major Resistance Level – $1,665

Bitcoin price started a downside correction below $28,000. BTC is now testing the $27,200 support and might start a fresh increase in the near term. Bitcoin is moving lower below the $28,000 and $27,800 support levels. The price is trading below $27,500 and the 100 hourly Simple moving average. There is a short-term bearish trend line forming with resistance near $27,500 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair could start another increase unless there is a move below the $26,650 support. Bitcoin Price Revisits Support Bitcoin price failed to continue higher above the $28,500 resistance. BTC formed a short-term top and recently started a downside correction below the $28,000 level. There was a move below the $27,500 level and the 100 hourly Simple moving average. The price is now testing the $27,200 support zone. A low is formed near $27,189 and the price is now consolidating losses, with very few signs of more losses. Bitcoin is now trading below $27,500 and the 100 hourly Simple moving average. Immediate resistance on the upside is near the $27,500 level. There is also a short-term bearish trend line forming with resistance near $27,500 on the hourly chart of the BTC/USD pair. It is close to the 23.6% Fib retracement level of the recent decline from the $28,565 swing high to the $27,189 low. Source: BTCUSD on TradingView.com The next key resistance could be near the $27,880 level or the 50% Fib retracement level of the recent decline from the $28,565 swing high to the $27,189 low. A close above the $27,880 resistance could start another increase. In the stated case, the price could climb toward the $28,500 resistance. Any more gains might call for a move toward the $29,200 level. More Losses In BTC? If Bitcoin fails to continue higher above the $27,500 resistance, there could be more downsides. Immediate support on the downside is near the $27,200 level. The next major support is near the $27,000 level. The main support is now near $26,800. A downside break and close below the $26,800 level might send the price toward $26,200. The next support sits at $26,000. 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 below the 50 level. Major Support Levels – $27,200, followed by $26,800. Major Resistance Levels – $27,500, $27,880, and $28,500.

Eight Republicans voted against Republican Representative McCarthy, making it the first time in U.S. history that the House Speaker has been ousted by Congress.

Macro-economist Henrik Zeberg thinks Bitcoin (BTC) and other risk assets are gearing up for a “monster” move, with the trend still in its early stages. Zeberg’s predictions are based on the BTC/SPX Ratio, an indicator that compares Bitcoin’s performance to the S&P 500 index (SPX). BTC/SPX Ratio Says There Is A Monster Move Incoming Despite recent fluctuations and concerns about the crypto market’s sustainability, Zeberg remains bullish on BTC. In the analyst’s view, the BTC/SPX Ratio offers strong evidence that the Bitcoin uptrend is “just starting.” Based on price movements, the current leg down in September could provide opportunities for traders to accumulate. The BTC/SPX Ratio is an indicator that assesses the relative performance of Bitcoin and the stock market. The ratio is derived from dividing the Bitcoin and S&P 500 index (SPX) spot prices. When it is rising, like it is presently the case, it indicates that Bitcoin is outperforming the stock market. Conversely, a declining ratio suggests that Bitcoin is underperforming. In that case, banking on the stock market could generate better returns than HODLing BTC. Related Reading: Twitter IPO: Dogecoin Takes Center Stage In Elon Musk’s X IPO Rumors From the chart shared on October 3, Zeberg said a “bull” signal was triggered in February 2023, preceding a substantial rally in Bitcoin’s price. By July 2023, Bitcoin had surged to approximately $32,000. While there has been a cooling-off period since then, Bitcoin is trending above February highs at around $25,200, confirming the uptrend. Between April 2019 and May 2021, when a similar bull signal was printed, BTC soared by 6X, while the S&P 500 saw a more modest increase of 41%. Zeberg’s assessment, based on the BTC/SPX Ratio, suggests that Bitcoin–and other risk assets, by extension, can post strong gains in the months ahead. Will Bitcoin Fly To $200,000 This Bull Run? Whether this will be printed or not can only be speculated. Looking at the BTC/SPX Ratio, the indicator is lagging and doesn’t precisely capture market peaks or bottoms.  For instance, the last bear signal in May 2021 was months ahead before Bitcoin peaked in November 2021 and fell. Therefore, while the bull signal was recorded in early February 2023, it is unclear whether there will be another leg down before prices rise or bears press on, pushing the coin back to 2022 lows.  Related Reading: Cardano To Shed Its Gains? Profit-Taking Spikes To High Levels If buyers take control and the BTC/SPX Ratio indicator is correct, it is impossible to determine how high BTC will rise at current rates. If the last bull run is anything to go by, BTC may surge by 6X. In that case, BTC may rally and push beyond $200,000 in this bull cycle. Feature image from Canva, chart from TradingView

Ripple said it received its fully-fledged digital payment tokens license from the Monetary Authority of Singapore.