Category: Cryptocurrency News

Bitcoin prepares for a testing macro week as geopolitical uncertainty injects volatility into gold, oil and the U.S. dollar — BTC price action has yet to react.

The FCA’s list of registered crypto asset providers includes 42 entities and hasn’t changed since August.

As the crypto community’s anticipation heightens for the upcoming Bitcoin halving, Changpeng Zhao (CZ), CEO of Binance, recently elucidated his observations around the historical patterns tied to this quadrennial event. Highlighting the evolving sentiments and speculations, CZ spotlighted the dominant themes before and after the halving events. CZ observed that the preceding months to the halving are generally characterized by heightened discourse, diverse sentiments, and amplified expectations within the cryptocurrency sphere. “The few months leading up to the Bitcoin halving, there will be more and more chatter, news, anxiety, expectations, hype, hope, etc.,” he stated. Addressing the commonly held belief that Bitcoin’s price will witness an immediate uptick post-halving, CZ dispelled such notions based on historical patterns. “The day after the halving, the Bitcoin price won’t double overnight. And people will be asking why it didn’t,” he remarked, addressing the immediate aftermath expectations. Related Reading: Bitcoin Price At Risk? Whale Transfers $137 Million In BTC After 3-Year Dormancy While the short-term reactions post-halving may be tempered, CZ shed light on a longer-term trend where Bitcoin often reaches new all-time highs (ATHs) within the year that follows. In reference to the market’s ability to quickly transition from skepticism to marvel, he quipped, “People have short memories.” However, CZ urged caution, emphasizing that historical patterns should not be construed as definitive indicators for future behaviors, noting, “Not saying there is proven causation. And history does NOT predict the future.” A More In-Depth Analysis Of Bitcoin Halving As Bitcoinist reported, renowned crypto analyst Rekt Capital recently published an in-depth analysis of the Bitcoin halving, offering a more granular view of the potential phases surrounding the event which is only 197 days and a few hours away according to Binance’s estimates. Related Reading: Arthur Hayes Predicts Bitcoin Price To Hit $750,000, Here’s When Reflecting on historical patterns, the analyst suggested a possible deeper retrace for Bitcoin in the 140 days leading up to the halving. Drawing historical parallels, Rekt Capital emphasized, “You can debate whether 2023 is more like 2015 or more like 2019… Doesn’t change the fact that BTC retraced -24% in 2015 and -38% in 2019 at this same point in the cycle (i.e. ~200 days before the halving).” Anticipating market dynamics as the halving nears, Rekt Capital postulated that roughly 60 days before the event, historically a pre-halving rally will likely emerge. This phase, marked by investor enthusiasm and elevated expectations as CZ puts it, is often characterized by buying into the halving anticipation. But this enthusiastic phase doesn’t last. Around the halving event, the market often shows pullback behavior under the motto “buy the rumor, sell the news”. Highlighting this trend, the analyst cited the -38% dip witnessed in 2016 and the -20% decline in 2020, moments when the market re-evaluated the halving’s short-term implications. Subsequent to this, Rekt Capital predicts a multi-month re-accumulation phase, often marked by investor fatigue due to stagnation. However, breaking out of this phase typically heralds Bitcoin’s entry into a parabolic uptrend, potentially culminating in new all-time highs. At press time, BTC traded at $27,904. Featured image from Moneyweek, chart from TradingView.com

United States prosecutors argue that the potential for FTX investors to be made whole through the high valuation of Anthropic cannot be presented by Sam Bankman-Fried’s legal team.

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XRP has been in the spotlight recently as it exhibits intriguing price dynamics. Amidst the turbulent waters of the crypto market, XRP seems to be carving out a path towards a significant upswing. Early last week, it faced yet another pullback from the stubborn resistance level at $0.55, a steadfast battlement that has thwarted crypto buyers repeatedly in the past two months. The $0.55 resistance level has proven to be a tough barrier for XRP enthusiasts, with four unsuccessful attempts to breach this significant threshold. Each time, rejection candles have punctuated the charts, underscoring the determination of sellers to maintain their defensive stance.  However, amidst this persistent standoff, there is a glimmer of hope in the form of a steadily ascending support trendline, acting as a protective barrier against deeper price plunges. This intriguing interplay between resistance and support is indicative of the formation of an ascending triangle pattern, a potential sign of bullish continuation. Related Reading: Trillions In Shiba Inu On The Move: What Lies Ahead For The Meme Coin? XRP’s Rejection Candles: The Formation of an Ascending Triangle An ascending triangle is a technical chart pattern characterized by a rising support trendline and a horizontal resistance level. It suggests that as the price nears the apex of the triangle, buyers could regain their enthusiasm, potentially propelling the coin upwards and maintaining its lateral movement. Currently, XRP is trading at approximately $0.517198 on CoinGecko, with a minor 24-hour decline of 1.0% and a seven-day loss of 1.2%. These fluctuations are part and parcel of the cryptocurrency market’s inherent volatility, and the formation of the ascending triangle adds an intriguing dimension to XRP’s price action. 1/ Extensive performance testing of the XLS-30 #AMM has now been completed. XLS-30 is a proposed amendment as part of the rippled 1.12.0 upgrade. If adopted, it will bring automated swap, trading, and liquidity provisioning capabilities to the #XRPLedger.https://t.co/Cz1w76uc8c — RippleX (@RippleXDev) October 6, 2023 In addition to the technical aspects, recent data from an XRP report has revealed a noteworthy surge in XRP’s active addresses. On October 8, active addresses surged to 24,400, a significant increase from the previous day’s figure of just 13,100. This surge indicates that over 10,000 additional users decided to engage with the XRP blockchain, a development that has caught the attention of market observers. XRP market cap currently at $27.4 billion on the daily chart: TradingView.com XRP’s Potential Evolution The surge in active addresses may be linked to RippleX’s recent announcement. On October 6, RippleX, the developer arm of the Ripple network and the XRP Ledger (XRPL), confirmed the successful completion of performance testing for XLS-30 AMM (Automated Market Maker). Related Reading: Assessing Cardano’s Struggles: Will Key Support Levels Halt The Decline Above $0.27? The journey of XLS-30 began around July, with the blockchain community proposing to enhance the XRP Ledger by introducing features to facilitate liquidity provision, trading, and automated swaps on XRPL. For some industry participants, this development signifies that XRPL is evolving into a full-fledged decentralized finance protocol, potentially unlocking new possibilities for XRP and its community. XRP enthusiasts will undoubtedly be watching closely to see how these dynamics unfold. (This site’s content should not be construed as investment advice. Investing involves risk. When you invest, your capital is subject to risk). Featured image from 9P Online

A former OpenSea employee has been accused of assisting the infamous AnubisDAO rug pull in 2021, but some commentators have raised doubts.

https://preview.redd.it/pp80jxzw74tb1.jpg?width=1024&format=pjpg&auto=webp&s=c0c66b2e591cec6f29e52fd0d92c9b2ff68c670b Join Matt Quinn and Jordan Mack from the Nervos Foundation for an AMA Tuesday 10th at 7pm EST! Hi all, as confirmed by the Crypto Reddit moderators and the moons burnt to prove it 🙂 We'd like to thank r/Cryptocurrency for giving us the opportunity to host this AMA on Tuesday 10th October 5pm-7pm…
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