Category: Cryptocurrency News

Authorities in Hong Kong have been urged to approve spot bitcoin exchange-traded funds in order to cement the region’s position as the financial hub of Asia. Industry participants believe that launching this ahead of the U.S. will enhance Hong Kong’s status in the global cryptocurrency market. Approving Spot Ethereum ETFs Ahead the U.S. Players in […]

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XRP price started a fresh rally above the $0.6400 resistance. The bulls are now active above $0.680 and might aim for a move toward $0.800 or even $0.850. XRP started a fresh increase above the $0.640 resistance level. The price is now trading above $0.670 and the 100 simple moving average (4 hours). There is a key bullish trend line forming with support near $0.660 on the 4-hour chart of the XRP/USD pair (data source from Kraken). The pair could start a fresh rally if there is a close above the $0.720 resistance zone. XRP Price Jumps Over 15% In the past few days, XRP price climbed higher from the $0.530 zone. There was a move above the $0.580 and $0.600 resistance levels. Yesterday, it pumped over 15%, cleared the $0.650 resistance, and outperformed both Ethereum and Bitcoin. A high was formed at $0.7442 and the price is now consolidating gains. There was a minor decline below the $0.720 level. The price dipped below the 23.6% Fib retracement level of the upward move from the $0.530 swing low to the $0.7442 high. Ripple’s token price is now trading above $0.660 and the 100 simple moving average (4 hours). There is also a key bullish trend line forming with support near $0.660 on the 4-hour chart of the XRP/USD pair. On the upside, immediate resistance is near the $0.720 zone. The first key resistance is near $0.7440, above which the price could rise toward the $0.7850 resistance. A close above the $0.7850 resistance zone could spark a strong increase. Source: XRPUSD on TradingView.com The next key resistance is near $0.80. If the bulls remain in action above the $0.80 resistance level, there could be a rally toward the $0.850 resistance. Any more gains might send the price toward the $0.880 resistance. Another Decline? If XRP fails to clear the $0.720 resistance zone, it could start another decline. Initial support on the downside is near the $0.660 zone and the trend line. The next major support is at $0.6350 or the 50% Fib retracement level of the upward move from the $0.530 swing low to the $0.7442 high. If there is a downside break and a close below the $0.6350 level, the price might accelerate lower. In the stated case, the price could retest the $0.600 support zone. Technical Indicators 4-Hours MACD – The MACD for XRP/USD is now losing pace in the bullish zone. 4-Hours RSI (Relative Strength Index) – The RSI for XRP/USD is now above the 50 level. Major Support Levels – $0.6600, $0.6350, and $0.600. Major Resistance Levels – $0.720, $0.7440, and $0.800.

Ethereum price is consolidating near the $4,000 zone. ETH is again moving higher as the bulls seem to be aiming for a move above the $4,200 level. Ethereum traded to a new multi-month high above $4,080 before correcting lower. The price is trading above $4,000 and the 100-hourly Simple Moving Average. There was a break above a key contracting triangle with resistance at $4,025 on the hourly chart of ETH/USD (data feed via Kraken). The pair could resume its increase if it clears the $4,085 resistance zone. Ethereum Price Regains Strength Ethereum price spiked above the $4,000 resistance zone, like Bitcoin. ETH traded to a new multi-month high above $4,050 before there was a downside correction. The price declined below the $4,000 level, but the bulls were active near the $3,850 zone. A low was formed at $3,830 and the price is now rising. There was a move above the $4,000 resistance. The price cleared the 50% Fib retracement level of the recent decline from the $4,088 swing high to the $3,830 low. Ethereum price is now trading above $4,000 and the 100-hourly Simple Moving Average. There was a break above a key contracting triangle with resistance at $4,025 on the hourly chart of ETH/USD. It is now showing positive signs above the 76.4% Fib retracement level of the recent decline from the $4,088 swing high to the $3,830 low. If the pair stays above the $4,020 level, it could attempt another increase. Immediate resistance on the upside is near the $4,085 level. Source: ETHUSD on TradingView.com The first major resistance is near the $4,120 level. The next major resistance is near $4,150, above which the price might gain bullish momentum. In the stated case, Ether could rally toward the $4,280 level. If there is a move above the $4,280 resistance, Ethereum could even rise toward the $4,350 resistance. Any more gains might call for a test of $4,500. Are Dips Limited In ETH? If Ethereum fails to clear the $4,085 resistance, it could start a downside correction. Initial support on the downside is near the $4,020 level. The first major support is near the $3,965 zone or 100 hourly SMA. The next key support could be the $3,880 zone. A clear move below the $3,880 support might send the price toward $3,830. Any more losses might send the price toward the $3,740 level. Technical Indicators Hourly MACD – The MACD for ETH/USD is gaining momentum in the bullish zone. Hourly RSI – The RSI for ETH/USD is now above the 50 level. Major Support Level – $3,965 Major Resistance Level – $4,085

President Nayib Bukele of El Salvador has indicated that his country’s bitcoin holdings may exceed public estimates. He revealed that El Salvador has been generating bitcoin-related revenue from various sources in addition to the capital gains from bitcoin purchased since its legalization as a legal tender in the country. ‘El Salvador Is Bitcoin Country’ El […]

Bitcoin price is holding gains above the $70,000 resistance. BTC is now showing positive signs and might aim for a move above the $73,000 level. Bitcoin price extended its increase and tested the $73,000 zone. The price is trading above $71,500 and the 100 hourly Simple moving average. There is a connecting bullish trend line forming with support at $71,300 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair could continue to move up if it clears the $72,850 and $73,000 resistance levels. Bitcoin Price Sets New ATH Bitcoin price remained stable above the $70,000 level. BTC gained pace and was able to extend its increase above the $72,500 level. It even spiked above the $72,850 resistance but the upsides were limited. The price traded to a new all-time high at $73,000 before there was a downside correction. The price declined below the $72,000 and $71,500 levels. A low was formed near $68,660 and the price is again rising. There was a move above the $71,000 level. The price cleared the 50% Fib retracement level of the downward move from the $73,000 swing high to the $68,660 low. There is also a connecting bullish trend line forming with support at $71,300 on the hourly chart of the BTC/USD pair. Bitcoin is now trading above $71,500 and the 100 hourly Simple moving average. Immediate resistance is near the $72,000 level and the 76.4% Fib retracement level of the downward move from the $73,000 swing high to the $68,660 low. Source: BTCUSD on TradingView.com The next key resistance could be $72,850, above which the price could rise toward the $73,000 resistance zone. If there is a clear move above the $73,000 resistance zone, the price could even attempt a move above the $74,000 resistance zone. Any more gains might send the price toward the $75,000 level. Another Downside Correction In BTC? If Bitcoin fails to rise above the $72,000 resistance zone, it could start a downside correction. Immediate support on the downside is near the $71,300 level and the trend line. The first major support is $70,000 or 100 hourly SMA. If there is a close below $70,000, the price could start a decent pullback toward the $68,650 level. Any more losses might send the price toward the $66,500 support zone. 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 – $71,300, followed by $70,000. Major Resistance Levels – $72,000, $72,850, and $73,000.

In a recent development, the founder of “Bitcoin Fog,” a cryptocurrency-mixing service, was found guilty by a federal jury in Washington of helping to launder tens of millions of dollars from darknet markets notorious for illegal drug sales. Multi-Million Dollar Crypto Money Laundering Case According to a Bloomberg report, Roman Sterlingov, a 35-year-old Russian-Swiss national, was convicted by a jury on multiple counts, including conspiring to money launder, money laundering, and failing to register a money transmitting service. The prosecution argued that Bitcoin Fog facilitated over $400 million in untraceable transactions, with some funds originating from illicit markets. Related Reading: Crypto Institutional Investors Are Frontrunning Retail As Inflows Reach Record Highs The verdict not only marks another victory for the United States in its crackdown on crypto criminals but also sheds light on the role of Chainalysis, a Wall Street-backed firm utilized by the Justice Department and Treasury Department to trace cryptocurrency flows in money laundering cases. The defense raised concerns about the reliability of Chainalysis during the trial, questioning its methods and credibility. During the month-long trial, prosecutors presented evidence showing how they tracked the flow of crypto from darknet markets through Bitcoin Fog, which they claimed Sterlingov operated. The government also relied on testimony from other crypto criminals, including Ilya Lichtenstein and Larry Harmon, who testified about using mixers for money laundering purposes. Bitcoin Fog Founder Maintains Innocence Despite Conviction Sterlingov, who has consistently denied running Bitcoin Fog, testified that he allegedly worked in information technology and helped clients create domain names during his employment at a marketing and web firm.  Furthermore, Sterlingov claimed that he did not recall creating the Bitcoin Fog domain name or engaging in certain transactions referenced by the government. Defense attorney Tor Ekeland also claimed that there was no concrete evidence linking Sterlingov to the operation of Bitcoin Fog, emphasizing a lack of eyewitness accounts or server logs.  Ekeland also questioned the logic of using a secretive multi-step process to fund Bitcoin Fog when the initial transaction originated from an account registered in Sterlingov’s name. Sterlingov now faces a potential prison sentence of up to 20 years for the most serious charges.  Related Reading: Solana Demand Soars As Institutions Buy Up SOL At A Massive 870% Premium As of the latest update, Bitcoin, the largest cryptocurrency in the market, experienced a minor 2% correction, briefly dipping to $68,500 and temporarily falling below the significant $70,000 milestone. However, the cryptocurrency swiftly rebounded and is currently trading at $71,400 at the time of writing. Despite this temporary correction, Bitcoin has still exhibited notable gains of 11%, 25%, and 48% over the past seven, fourteen, and thirty days, respectively. These substantial increases propelled BTC to achieve its recent all-time high (ATH) of $73,000, which was reached on Monday. Featured image from Shutterstock, chart from TradingView.com