Category: Cryptocurrency News

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Bitcoin price is consolidating above the $42,250 support zone. BTC could start a decent increase if it clears the $43,000 and $43,400 resistance levels. Bitcoin price failed again to clear the $43,400 resistance zone and corrected lower. The price is trading below $43,000 and the 100 hourly Simple moving average. There is a major rising channel forming with support at $42,400 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair could continue to decline if there is a clear move below the $42,250 support. Bitcoin Price Holds Support Bitcoin price made another attempt to clear the $43,400 and $43,500 resistance levels. However, BTC struggled to extend its gains and recently started another decline below $43,000. There was a move below the $42,800 support. A low is formed near $42,320 and the price is now consolidating losses. There is also a major rising channel forming with support at $42,400 on the hourly chart of the BTC/USD pair. Bitcoin is now trading below $43,000 and the 100 hourly Simple moving average. Immediate resistance is near the $42,900 level. It is near the 50% Fib retracement level of the downward wave from the $43,489 swing high to the $42,320 low. The next key resistance could be $43,200 and the 76.4% Fib retracement level of the downward wave from the $43,489 swing high to the $42,320 low, above which the price could start a decent increase. Source: BTCUSD on TradingView.com The next stop for the bulls may perhaps be $43,500. A clear move above the $43,500 resistance could send the price toward the $44,000 resistance. The next resistance is now forming near the $44,200 level. A close above the $44,200 level could push the price further higher. The next major resistance sits at $45,000. Downside Break In BTC? If Bitcoin fails to rise above the $43,000 resistance zone, it could start another decline. Immediate support on the downside is near the $42,320 level. The first major support is $42,250. If there is a close below $42,250, the price could gain bearish momentum. In the stated case, the price could dive toward the $41,200 support. Technical indicators: Hourly MACD – The MACD is now gaining pace in the bullish zone. Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level. Major Support Levels – $42,320, followed by $42,250. Major Resistance Levels – $43,000, $43,250, and $43,500.

After the approval and launch of spot Bitcoin ETFs (Exchange-Traded Funds) by the US Securities and Exchange Commission (SEC), ETF issuers have extensively promoted their products on different media platforms to attract retail investors. Related Reading: Why Is Bitcoin Price Not Going Up Despite The ETFs? Expert Explains Bitcoin ETF Issuers Looking To Attract Retail Investors At the end of January, giant technology company Google changed its advertisement policy to allow crypto fund managers to advertise crypto products in the search engine. Beginning on January 29, the company would “update the Cryptocurrencies and related products policy to clarify the scope and requirements for the advertisement of Cryptocurrency Coin Trusts.” This decision followed the approval of 11 spot Bitcoin ETFs on January 10 by the US SEC, a significant decision that marked a milestone for the crypto industry and investors, as the approval by the US regulator provided more legitimacy to digital assets and the flagship cryptocurrency in the eyes of traditional investor. As several members of the community reported, the asset managers that have issued ETFs launched their ads on Google following the policy change. @BlackRock, @Fidelity, @Grayscale and @vaneck_us are all using google ads to promote their ETFs. The #Bitcoin Spot ETF approval is bigger than you think, we have just got started pic.twitter.com/9WpBenXYwo — Alessandro Ottaviani (@AlexOttaBTC) February 1, 2024 BlackRock, Fidelity, Grayscale, VanEck, Invesco, and Bitwise are among the ETF issuers that have taken the biggest search platform in the world to advertise their exchange-traded products. The news seems to have fueled a bullish sentiment for crypto investors due to the exponential increase of exposure that Bitcoin ETFs and the cryptocurrency sector will receive from the tech giant’s platform.  Although most issuers have taken an interest in advertising their products on Google after the policy change, it’s worth mentioning that Valkyrie Digital Assets hasn’t taken the same route as its counterparts, and it’s not using Google ads to advertise its ETF. A Financial Times report highlights Invesco’s positive reception to Google’s ads update. A spokesperson told the news media outlet: We believe Google — among other search engines — is an important piece of our larger marketing strategy. Will Facebook And Instagram Follow Google’s Steps? The advertisement battle between the ETF issuers has also taken advantage of traditional media. Bitwise has its “The Most Interesting Man in the World” ad campaign on mainstream TV, and Blackrock projects its Ads on different buildings across the US, including buildings near Wall Street in New York. #BitcoinETF Being Advertised On Mainstream TV 👀 Is the #bullrun officially BACK??🚨📈 pic.twitter.com/dlBw5cjCuz — Satoshi's Sip (@SatoshisSip) February 4, 2024 Now, the ads war has broadened as social media platforms have started to show interest in advertising the newly approved crypto-based investment products. Nate Geraci, President of the ETF Store Inc., shared on his X account a fragment of a Wall Street Journal report explaining that Facebook and Instagram may soon allow spot Bitcoin ETF ads. The report highlighted the comments from a spokesman for Alphabet, Google’s parent company, which began approving ads in the US for Bitcoin ETFs on its platforms, including Google Search and YouTube. Similarly, Facebook and Instagram are likely to follow Google’s steps soon. Per the report, a spokesperson for the Parent Company Meta Platforms said that the company is updating its US advertisement policies after the US SEC’s decision. Geraci considers that there’s “no bigger boomer honeypot than Facebook.” Notably, the social media platform could help broaden the reach of Bitcoin ETFs as it holds a large pool of older users. The potential interest of older users in expanding their investment portfolios and being exposed to digital assets like Bitcoin, without the need to self-custody their keys, has been a significant advertisement component of the ad campaigns from the ETF issuers. Related Reading: Analyst Predicts Shocking Bitcoin Price By Year-End Based On ETF Inflows Bitcoin is trading at $42,788.4 in the hourly chart. Source: BTCUSDT on TradingView.com Feature image from Unsplash.com, Chart from TradingView.com

The dream of a revived FTX exchange evaporates, triggering a massive sell-off of its native token, FTT. According to Kaiko, on February 5, FTT, the now utility-free currency of the defunct exchange, plummeted over 30% last week, erasing much of its recent gains fueled by speculation of an FTX comeback.  FTX Won’t Resume Operations The worrying drop follows reports that the bankrupt exchange, once led by Sam Bankman-Fried, is unlikely to resume operations. Notably, the news comes despite a glimmer of hope for FTX customers.  At a recent court hearing, the exchange’s representatives claimed it expects to repay its users fully. However, repayments would be based on the worth of their assets during FTX’s bankruptcy.  Related Reading: Chainlink (LINK) Price Breaks Out Of Bullish Flag Pole, Here’s The Next Target It should be noted that by the time FTX went bankrupt in late 2022, crypto assets were at the last phase of a bear market, with prices plunging to multi-month lows. Bitcoin, the world’s largest crypto asset, was trading below $20,000. After FTX collapsed, prices crashed below $16,000 before bouncing back strongly.  Following a court hearing in late January, FTX lawyer Andrew Dietderich, in a now-deleted YouTube video, said the exchange wouldn’t be looking to relaunch due to the absence of buyers. For this reason, the exchange is looking at allowing creditors to obtain approvals from investors seeking repayments.  Claimants impacted, given the new conditions and trajectory the exchange plans to take, have to provide sufficient proof that they held assets in FTX before it collapsed.  This new detail raises concerns for thousands, if not hundreds of thousands, of claimants, who argue that the actual value of their assets lies at the pre-crash level. On average, Bitcoin and top coins were roughly double digits higher than the November 2022 lows. FTT Is Free Falling, Reverses November Gains For the better part of 2023, FTT prices recovered steadily. To demonstrate, since November 2023, FTT prices have risen by over 300%. The encouraging surge was fueled solely by the possibility of FTX 2.0 launching and implementing a new management model.  Related Reading: Bitcoin Price Will Skyrocket To $280,000 Next Year: Hedge Fund Manager With that hope fading, FTT appears to be facing a harsh reality check. Questions about its utility are being asked since FTT served as a critical cog in the FTX ecosystem when the exchange operated normally.  When writing on February 5, FTT changes hands at around $1.7. Looking at price charts, bears are in control, completely reversing the gains of November 2023. As it is, $0.95 remains to be a key support line.  Feature image from iStock, chart from TradingView

Kevin Svenson, a prominent crypto analyst, has recently shared his 2024 price forecast for Bitcoin, providing a nuanced view of the expected trends in the coming months. Svenson’s analysis, which breaks down the year into distinct phases, offers a glimpse into the possible highs and lows that Bitcoin might experience. His predictions paint a picture of a year marked by significant volatility, a characteristic trait of the crypto market. Related Reading: Bitcoin Price Will Skyrocket To $280,000 Next Year: Hedge Fund Manager Analyst Projected Bitcoin Phases In 2024 Svenson’s forecast is split into four key phases: a rally leading up to the BTC halving event, a subsequent downturn in Q2, a recovery in Q3, and a potential all-time high (ATH) before the year’s end. This phased approach underscores the cyclical nature of BTC’s price movements, heavily influenced by its halving events. Notably, the Bitcoin halving, a process that reduces the reward for mining new blocks by half, effectively diminishing the new supply of Bitcoin, has historically been a key driver for price increases. The upcoming BTC halving, projected by Svenson to occur later this year by April 15, 2024, is expected to be a significant catalyst for price movements. According to the analyst’s chart, BTC could witness a rally, pushing its price to around $60,000 before the halving event, followed by a pullback below the $47,500 region. This pattern aligns with historical trends observed around previous Bitcoin halvings, where supply reduction typically leads to price increases, followed by corrections. After the Q2 dip, Svenson anticipates a recovery phase in Q3, where Bitcoin is expected to regain its lost ground and potentially set a new all-time high (ATH) by the end of 2024. #Bitcoin | Halving Price Action Forecast ▪ Pump into Halving ▪ Dump into Q2 ▪ Pump into Q3 ▪ ATH before EOY Things to keep in mind: 1.) Markets take time. 2.) Volatility is the name of the game. pic.twitter.com/5SgaFK2IHb — Kevin Svenson (@KevinSvenson_) February 5, 2024 BTC Current Trend And Potential Surge Meanwhile, Bitcoin has fallen below the recently traded $43,000 mark. Though the asset is up 6.4% over the past two weeks, it has declined nearly 1% in the past day. BTC’s daily trading volume, on the other hand, has jumped from below $10 billion to over $15 billion in the last few days. Related Reading: Bitcoin Buzz: Accumulation Trend Peaks At A 3-Year High – What’s Driving The Surge? Michaël van de Poppe, who heads MN Trading, anticipates a period of consolidation for Bitcoin in the forthcoming months. He suggests that the crypto’s value might oscillate between $ 48,000 and $50,000 as the halving event approaches. My general theory is that #Bitcoin is consolidating in the coming months. Pre-Halving a final run towards resistance at $48-50K, after that another correction to $36-38K and from there #Altcoins to continue outperforming Bitcoin. pic.twitter.com/sYiqpg3T93 — Michaël van de Poppe (@CryptoMichNL) February 3, 2024 Featured image from Unsplash, Chart from TradingView

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After Chainlink’s impressive run of more than 34% over the past week, LINK has dethroned Dogecoin (DOGE) from the top 10 crypto by market cap list. Chainlink Has Pulled Away From The Crowd With A Sharp Surge Recently While most cryptocurrency sectors have observed minimal movement recently, Chainlink has emerged as an outlier, enjoying a surge of over 34% in the last week. Related Reading: Bitcoin CDD Shows Bullish Breakout, Rally Returning In Full Flow? The below chart shows how LINK has performed over the past month. The price of the coin seems to have observed a sharp increase in recent days | Source: LINKUSD on TradingView LINK had achieved a major milestone, breaking above the $18 level earlier during this latest rally, but with a sharp 8% continuation of the run, the coin has now surged beyond the $19.5 mark for the first time since early 2022. Should Chainlink’s surge continue, the cryptocurrency would be retesting the $20 level, which could prove to be a source of major resistance, according to on-chain data. LINK has surged more than 38% over the past thirty days, which means it has significantly outperformed the wider sector. Bitcoin, for instance, hasn’t even been able to put together positive returns in this period, as the original cryptocurrency’s price has declined by almost 2%. Thanks to this strong rally, Chainlink has changed its standing among the wider sector. Specifically, the token has shaken things up in the market cap list. Dogecoin Has Lost Its Position In The Top 10 List To LINK Following the rally, LINK has improved its market cap rank and is now the 10th largest cryptocurrency in the sector based on this metric. Dogecoin, holding this spot earlier, has now fallen to 11th. The table below shows how the two assets fit in the broader sector. The current data of the coins placed 9th to 12th on the market cap list | Source: CoinMarketCap Although Chainlink has now surpassed Dogecoin in this metric, the gap between the two assets is still not much. This means the two coins may continue to flip each other in the coming days unless one shows diverging performance. As LINK has arrived at this spot with a sharp surge, things may be looking favorably for the asset, especially considering that DOGE has rather put up negative returns in the past week. Related Reading: These Are The Four Key Bitcoin Price Levels To Watch, Reveals Analyst The overall picture has also been a bit dire for the memecoin recently, as the chart below displays that its price has followed a sideways trajectory during the past month. Looks like the memecoin has observed stale price action for most of this period | Source: DOGEUSD on TradingView Unless things change fast for Dogecoin, its exit from the top 10 list may be here to stay. Of course, this only assumes that Chainlink itself doesn’t fall off shortly. Featured image from Shutterstock.com, charts from TradingView.com

Hi, I just learned about privacy pools recently and most content says it's just an unfinished proposal to open discussion. A few months later I would like to know what the status of the privacy pools is. Are they now usable or is there another project that has completed the work? submitted by …
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