Category: Cryptocurrency News

Lido (LDO), the liquid staking protocol for the Ethereum (ETH) and Polygon (MATIC) blockchains, has seen a significant price spike in the last 24 hours following the long-awaited approval of spot Ethereum ETF applications by the US Securities and Exchange Commission (SEC) on Thursday. The protocol’s native token, LDO, has successfully regained the $2.30 level and is looking to break out of its one-month downtrend structure that has been in place since the market correction in April.  LSD Sector Set To Soar With Ethereum ETF Approval? As reported by our sister website, Bitcoinist, the SEC’s approval of the Ethereum ETFs was detailed in an official filing, highlighting that the proposals meet the provisions of the Exchange Act and relevant regulations governing national securities exchanges.  The Commission has determined that proposals from notable entities such as BlackRock, Grayscale, Bitwise, VanEck, Ark Invest/21Shares, Invesco Galaxy, Fidelity, and Franklin Templeton fulfill the requirements to prevent fraud and manipulation, protect investors, and safeguard the public interest. Related Reading: Analyst Says Ethereum Spot ETFs Approval Will See “Animal Spirits” Reignite Crypto – What This Means Crypto analyst Daan Crypto Trades, commenting on the Ethereum ETF approval on X (formerly Twitter), pointed out that the new index funds approval has led to two sectors emerging as clear winners.  One of these sectors is Liquid Staking Derivatives (LSD) coins, with Lido at the forefront. Lido provides staking support for the Ethereum blockchain without the need to lock tokens or maintain infrastructure, allowing participants to engage in on-chain activities such as lending and farming. Key Levels To Watch For Lido During the early hours of Friday, LDO reached a peak of $2.49 but has since retraced to its current trading price of $2.35. Large investors are interested in the token, as Spot On Chain data reveals that six fresh wallets/whales withdrew 4.3 million LDO ($9.59 million) from crypto exchange Binance over the past 24 hours.  This indicates a growing interest in holding the token, as sentiment suggests a potential increase in price parallel to Ethereum once the newly approved index funds for the second-largest cryptocurrency enter the market in the coming months. Moreover, CoinGecko data shows that Lido has experienced a trading volume of $350 million within the last 24 hours, marking a 78.60% increase compared to Thursday’s. However, the token remains 68% below its all-time high (ATH) of $7.30, achieved during the 2021 bull market. Related Reading: Ethereum Eyes $4,000 Comeback Fueled By Bullish Buying Spree Looking ahead, bullish investors should closely observe the next resistance level on the LDO/USD daily chart, situated at $2.55. Breaking this level is crucial for breaking the downtrend structure that has persisted over the past month, potentially leading to retests at $2.70 and $2.90. Conversely, the $2.21 zone serves as a significant support level, as it acted as a strong barrier for Lido in the past week and a half before the breakout. Featured image from Shutterstock, chart from TradingView.com 

Technology company Nvidia outperformed Bitcoin over the past decade, but cryptocurrency executives see slim chances of a repeat.

Hodl Hodl, a non-custodial Bitcoin exchange, has announced changes to its “Terms of Service” agreement affecting the availability of its lending services. The platform is now excluding residents of the U.S. as well as U.N. embargoed countries from its lending platform, citing “regulatory uncertainty” as the reason behind these changes. Hodl Hodl to Exclude US […]

The Eth etf has been approved. What will be the best etf to invest in? submitted by /u/Top-Mission-5038 [link] [comments]

The Bitcoin price is now back down to $67,000 after touching above $71,000 earlier in the week. Given the circumstances surrounding the price recovery and subsequent decline, it has led to crypto analysts breaking out the technical indicators to figure out where the price is headed next. One crypto analyst, in particular, has identified that the cryptocurrency has entered a crucial zone, with important levels to watch that could tell where the price is headed next. Bullish Scenario For Bitcoin Presently, the break below $70,000 has sent the Bitcoin price into a perilous situation, making the current level just above $67,000 crucial to its next steps. Crypto analyst The Signalyst highlights this in their latest Bitcoin analysis where they identified that the BTC price is at a ‘make or break zone.’ Related Reading: Non-Empty USDC And USDT Wallets See 13.9% And 15.7% Spike, Why This Is Good For Crypto As The Signalyst points out, Bitcoin had been able to break above the accumulation level between $60,000 and $62,000, which had allowed investors to get in. Despite its decline in the last day, the price has maintained its position in the upper bound of this range. For the bullish scenario to continuation, the crypto analyst explains that BTC must go ahead to break the upper bound of this range completely, which is the $72,000. This is the major resistance for bulls. If this happens, then The Signalyst believe that the Bitcoin price will move toward the next major resistance at $80,000. Bearish Scenario For BTC Similarly the to bullish scenario, the bearish scenario for Bitcoin could possibility play out at this level. As the The Signalyst points out, even though the price is currently still in the upper bound of the range, it risks being brought down by bears. Related Reading: Pundit Predicts Shiba Inu Competitor Dogwifhat Will Reach $10 Amid Short liquidations In this case, the level to watch is the lower trend line, which currently sits around $62,000. Much like the resistance at $72,000, the support at $62,000 is what bears must break to pull the price further down. If this scenario were to play out and the bears successfully broke the lower trend line, then the analyst’s chart shows that the Bitcoin price could fall as low as $56,000. This would mean an over 20% decline from its current price. BTC Price Currently, the Bitcoin price is still seeing some bullish momentum, with its daily trading volume rising over 40% in the last 24 hours alone. This suggests that investors are still actively engaging with the cryptocurrency, something that could drive the price higher. At the time of writing, BTC is hovering around $67,300, with a 3.29% loss in the last day, but still holding small gains of 1.68% on the weekly chart. Featured image created with Dall.E, chart from Tradingview.com