Category: Cryptocurrency News

Bitcoin’s price has sat in the “boredom zone” for over a month, leaving traders guessing about a potential surge or retracement.

Mt. Gox, the defunct Bitcoin (BTC) exchange that suffered a major collapse in 2014 has recently initiated payout distribution to creditors waiting for it.  The release of a substantial amount of BTC, equivalent to $9.4 billion, on May 27th has raised concerns about potential market liquidity and price stability. In response, the on-chain market intelligence platform CryptoQuant has provided an analysis of the potential impacts of this development.  Potential Market Effects According to the firm’s analysis, 138,000 Bitcoin moved significantly from Mt. Gox in seven transactions, each worth 4,000 to 32,000 Bitcoin.  Initially, these funds were transferred to a single address and distributed to three separate addresses, each holding 47,400 Bitcoin.  It is important to note that these addresses remain under the control of Mt. Gox’s Rehabilitation Trustee, and no repayments to creditors have been made as of yet. The consolidation of these funds suggests that the Trustee is actively preparing for future repayments by the Rehabilitation Plan. Related Reading: ‘Solana Is For Baddies’: Rapper Iggy Azalea Joins The Controversial Celebrity Token Frenzy At present, transfers within the Trustee-controlled addresses have not impacted the market immediately. However, the firm notes that eventual repayment to creditors, targeted for completion by October 31, 2024, could influence Bitcoin’s market dynamics. For CryptoQuant, the market impact will depend on various factors, including the timing, size, and manner of the repayments. If and when the Trustee begins repaying creditors, it could introduce a substantial amount of Bitcoin into the market, influencing liquidity and price stability. The firm concluded by stating: There is no immediate selling pressure for Bitcoin from these movements as the transfers have occurred within the addresses of the same entity (Mt. Gox Rehabilitation Trustee) and are not still available to the open market. Bitcoin Price Gravitates Towards ‘Level 3’ At $91,000 As concerns grow over the potential downside impact on Bitcoin’s price due to Mt. Gox’s repayment plan, analyst Crypto Con offers insights into the current state of Bitcoin price bands.  Bitcoin price bands refer to specific price ranges that analysts closely monitor to gauge potential market movements. These bands act as magnets, attracting the price to specific levels. In particular, as seen in the chart above, “Level 3” at $91,539 has emerged as a significant price target. Despite the ongoing consolidation at Level 2.5, the analyst believes the market is showing signs of gravitating towards Level 3.  Additionally, Crypto Con notes that historical data suggests that the cycle top band, priced at $123,000, will likely be reached with precision during the final “Bitcoin parabola.” Related Reading: Solana Remains Institutional Investors’ Favorite, YTD Flows Ramp Up To $29 Milion At the time of writing, the largest cryptocurrency in the market was trading at $67,400, slowly losing ground after continued failed attempts to consolidate above the ley $70,000 level, which is seen as the last hurdle before a potential retest of its current all-time high of $73,700 reached on March 14.  Featured image from Shutterstock, chart from TradingView.com

Dogecoin corrected gains and tested the $0.1620 zone against the US Dollar. DOGE is now forming a base and might start a fresh increase above $0.1680. DOGE price declined and tested the key support at $0.1620. The price is trading below the $0.1650 level and the 100-hourly simple moving average. There is a key bearish trend line forming with resistance at $0.1685 on the hourly chart of the DOGE/USD pair (data source from Kraken). The price must settle above $0.170 to move into a positive zone and start a fresh surge. Dogecoin Price Holds Support After a steady increase, Dogecoin price faced resistance near the $0.1750 zone. The recent swing high was formed at $0.1705 before DOGE started a downside correction like Bitcoin and Ethereum. There was a drop below the $0.1650 support zone. A low was formed at $0.1620 and DOGE is now consolidating for the next move. Dogecoin is now trading below the $0.1650 level and the 100-hourly simple moving average. On the upside, the price is facing resistance near the $0.1664 level. It is near the 50% Fib retracement level of the downward move from the $0.1705 swing high to the $0.1620 low. The next major resistance is near the $0.1685 level or the 76.4% Fib retracement level of the downward move from the $0.1705 swing high to the $0.1620 low. There is also a key bearish trend line forming with resistance at $0.1685 on the hourly chart of the DOGE/USD pair. A close above the $0.1685 resistance might send the price toward the $0.1725 resistance. Any more gains might send the price toward the $0.1750 level. The next major stop for the bulls might be $0.1800. More Losses In DOGE? If DOGE’s price fails to gain pace above the $0.1685 level, it could start another decline. Initial support on the downside is near the $0.1620 level. The next major support is near the $0.1550 level. If there is a downside break below the $0.1550 support, the price could decline further. In the stated case, the price might decline toward the $0.1520 level. Technical Indicators Hourly MACD – The MACD for DOGE/USD is now losing momentum in the bearish zone. Hourly RSI (Relative Strength Index) – The RSI for DOGE/USD is now below the 50 level. Major Support Levels – $0.1620, $0.1550 and $0.1520. Major Resistance Levels – $0.1660, $0.1685, and $0.1720.

The Crypto ISAC (Information Sharing and Analysis Center) launches on Wednesday as a 501(c)(6) not-for-profit association dedicated to bolstering security within the cryptocurrency ecosystem. Its founding members include Aleo, Circle, Coinbase, Consensys, Evertas, Fireblocks, Hedera, Kraken, Offchain Labs, Red Balloon Security, Ribbit Capital, Solana Foundation, and Trail of Bits. Its mission is to foster collaboration […]

XRP price is holding the key support at $0.5220. The bulls could aim for a fresh increase unless there is a close below the $0.5220 support. XRP is struggling to start a fresh increase above the $0.5350 resistance zone. The price is now trading below $0.5320 and the 100-hourly Simple Moving Average. There is a key bearish trend line forming with resistance near $0.5280 on the hourly chart of the XRP/USD pair (data source from Kraken). The pair could start a fresh increase unless the bears push the price below $0.5220. XRP Price Holds Support XRP price again saw a bearish move and retested the $0.5220 support zone like Bitcoin and Ethereum. There was also a spike below the $0.5220 support zone, but the bulls were active. A low was formed at $0.5192 and the price is back above $0.5220. The price is now trading near the 23.6% Fib retracement level of the downward wave from the $0.5405 swing high to the $0.5192 low. It is now trading below $0.5320 and the 100-hourly Simple Moving Average. On the upside, the price is facing resistance near the $0.5280 level. There is also a key bearish trend line forming with resistance near $0.5280 on the hourly chart of the XRP/USD pair. The first key resistance is near $0.5300 or the 61.8% Fib retracement level of the downward wave from the $0.5405 swing high to the $0.5192 low. A close above the $0.5300 resistance zone could send the price higher. The next key resistance is near $0.540. If there is a close above the $0.540 resistance level, there could be a steady increase toward the $0.5450 resistance. Any more gains might send the price toward the $0.5650 resistance. More Downsides? If XRP fails to clear the $0.5280 resistance zone, it could continue to move down. Initial support on the downside is near the $0.5220 level. The next major support is at $0.5120. If there is a downside break and a close below the $0.5120 level, the price might accelerate lower. In the stated case, the price could decline and retest the $0.50 support in the near term. Technical Indicators Hourly MACD – The MACD for XRP/USD is now losing pace in the bearish zone. Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is now below the 50 level. Major Support Levels – $0.5220 and $0.5120. Major Resistance Levels – $0.5280 and $0.5300.

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The Texas State Securities Board has issued an Emergency Cease and Desist Order against Arkbit Capital and its affiliates, Arkbit Capital Holdings, ABC Holdings LLC, and ABC Mining. These companies were found operating a fraudulent MLM cryptocurrency investment scheme. Promising daily returns of 1.6-2.8% for 120 days on investments between $50 and $49,999, they lured […]

Ethereum price extended its downside correction below the $3,800 support. ETH is now approaching the $3,720 support and might aim for a fresh increase. Ethereum extended its decline after it failed to stay above the $3,880 zone. The price is trading below $3,880 and the 100-hourly Simple Moving Average. There is a key bearish trend line forming with resistance at $3,800 on the hourly chart of ETH/USD (data feed via Kraken). The pair could continue to move down if it breaks the $3,720 support. Ethereum Price Dips Further Ethereum price started a downside correction below the $3,880 support zone, like Bitcoin. ETH dipped below the $3,850 and $3,800 support levels to move into a short-term bearish zone. There was also a clear move below the 50% Fib retracement level of the upward wave from the $3,630 swing low to the $3,974 high. Finally, the price dipped below the $3,780 level. The bears are now aiming for a move toward the $3,720 support. Ethereum price is now trading above $3,800 and the 100-hourly Simple Moving Average. If there is a fresh increase, ETH might face resistance near the $3,800 level. There is also a key bearish trend line forming with resistance at $3,800 on the hourly chart of ETH/USD. The first major resistance is near the $3,840 level. An upside break above the $3,840 resistance might send the price higher. The next key resistance sits at $3,900, above which the price might gain traction and rise toward the $3,940 level. If there is a clear move above the $3,940 level, the price might rise and test the $4,000 resistance. Any more gains could send Ether toward the $4,080 resistance zone. More Losses In ETH? If Ethereum fails to clear the $3,800 resistance, it could continue to move down. Initial support on the downside is near the $3,720 level or the 76.4% Fib retracement level of the upward wave from the $3,630 swing low to the $3,974 high. The next major support is near the $3,625 zone. A clear move below the $3,625 support might push the price toward $3,550. Any more losses might send the price toward the $3,500 level in the near term. Technical Indicators Hourly MACD – The MACD for ETH/USD is gaining momentum in the bearish zone. Hourly RSI – The RSI for ETH/USD is now below the 50 zone. Major Support Level – $3,720 Major Resistance Level – $3,800

Ethereum's next upgrade, called Pectra and tentatively scheduled for the first quarter of 2025, promises a series of significant improvements to the network, marking a new milestone in its continued evolution. This update, successor to the recent Dencun implemented in March 2024, aims to improve the scalability and efficiency of the chain, as well as…
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