Category: Cryptocurrency News

Binance’s depleting USDC reserves has become a hot topic in the crypto ecosystem, especially after Coinbase CEO’s quip during the company’s Q2 earning call.

Bitcoin stages a recovery toward a key resistance but fails to break through, and BTC price action is giving some cause for optimism.

One of the world’s oldest cryptocurrency exchanges, Bitstamp, is trying to scale its operations with new fundraising advised by Galaxy Digital.

Litecoin (LTC) has recently faced a period of bearish pressure that has taken a toll on its market performance. The months of July and August have witnessed a shift in sentiment, as bearish forces began to dominate the crypto market.  As of the latest update, LTC finds itself trading within a critical support zone, prompting discussions among traders and analysts about its potential trajectory. With the value of LTC hovering just below the $80 mark, market observers are closely monitoring whether this level will hold against the prevailing bearish sentiment. Related Reading: PEPE’s Future: Will Prices Of Meme Coins Continue To Drop? Litecoin Vital Support Zone Tested A recent price analysis has underscored the significance of the $80 threshold, suggesting that a breach below this point could potentially trigger an extended downtrend for Litecoin. The current market figures reflect a small 24-hour uptick of 0.2% and a seven-day decline of 8.5% with a current price of $82.57 on CoinGecko, painting a cautious picture for LTC’s short-term performance. The fluctuations in price during this period have sparked discussions about the factors contributing to Litecoin’s recent struggles. Source: Coingecko Halving Event And Its Impact The crypto community is no stranger to the phenomenon of halving, an event embedded in the genes of cryptocurrencies like Litecoin. In 2019, Litecoin underwent its second halving, a pre-programmed event that occurs approximately every four years. This event, characterized by a reduction in block rewards issued to miners, has historically carried significant implications for price trends. LTC weekly price movement. Source: CoinMarketCap Related Reading: XRP Journey To $10: Unveiling The Forces That Could Trigger An Upward Momentum The halving event in 2019 witnessed a fascinating sequence of events. In the lead-up to the halving, Litecoin’s price experienced a rally, generating excitement among investors. However, the post-halving scenario took an unexpected turn as an extended downtrend followed, lasting for over 500 days. This downtrend was succeeded by a period of consolidation, marking the complexity of crypto market dynamics and the interplay between halving events and price trends. Litecoin market cap currently at $6 billion. Chart: TradingView.com LTC’s Third Halving Event And Network Fundamentals Fast-forward to August 2, 2023, and Litecoin’s blockchain has just experienced its third halving event. Occurring at block 2,520,000, this event has effectively slashed mining rewards to 6.25 LTC per block. Despite the prevailing lull in price action, Litecoin’s network fundamentals remain robust.  Litecoin’s Hashrate is currently at getting close to hitting a new all time high. Currently at 933.2 TH/s, with difficultly just touching on a new ATH. $LTC is stronger than ever! Despite what you may read in the ‘press’. pic.twitter.com/0hEgED09kd — Litecoin (@litecoin) August 6, 2023 Meanwhile, Litecoin’s hashrate is poised to achieve an all-time high, exemplifying the network’s resilience and ongoing miner participation. Presently boasting a difficulty level of 933.2 TH/s, Litecoin inches closer to establishing a new record, highlighting its secure and decentralized network infrastructure.  The strengthening hashrate and its associated positive network indicators underline Litecoin’s capacity to withstand market fluctuations and continue to evolve in the face of external pressures. (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 The Currency Analytics

Since its inception, Bitcoin has (almost) always been the poster child for volatility. Yet, the Bitcoin price is hardly moving in any direction at the moment. But the latest data suggests a surprising twist in the tale. As per a recent report by on-chain data provider Glassnode, “Bitcoin markets are experiencing an incredibly quiet patch, with several measures of volatility collapsing towards all-time lows.” This raises the question: Are we entering a new era of Bitcoin price stability, or is the market misreading the signs? Historical Context For The Volatility Of Bitcoin To truly understand the current state of the market, it’s essential to delve into the historical context. The Glassnode report notes, “It has been 842-days since the bull market peak was set in April 2021.” During this period, Bitcoin’s recovery has been more robust than in previous cycles, trading at -54% below its all-time high (ATH), compared to a historical average of -64%. Related Reading: Bitcoin Fate Hangs In The Balance, 50% Chance Of Falling Below $25,000 In September Drawing parallels with past cycles, the report highlights that both the 2015-16 and 2019-20 cycles underwent a “6-month period of sideways boredom before the market accelerated above the -54% drawdown level.” This could be indicative of a similar “boredom” phase in the current cycle. One of the most striking revelations from the Glassnode report is the extreme volatility compression Bitcoin is currently undergoing. “Bitcoin realized volatility ranging from 1-month to 1-year observation windows has fallen dramatically in 2023, reaching multi-year lows.” This is reminiscent of four distinct periods in Bitcoin’s history, including the late stage of the 2015 bear market and the post-March 2020 consolidation following the outbreak of COVID-19. Following the furious rally at the beginning to 2023, the price performance on both a quarterly and monthly basis has moderated. This mirrors Bitcoin’s previous cycles where the initial surge from the low is robust, but then transitions into a prolonged phase of uneven consolidation, a phase of re-accumulation. Furthermore, the report states, “The price range which separates the 7-day high and low is just 3.6%. Just 4.8% of all trading days have ever experienced a tighter weekly trade range.” The 30-day price range is even more extreme, constricting price to just a 9.8%, and with only 2.8% of all months in BTC’s history being tighter. Such levels of price compression are rare for Bitcoin, suggesting an anomaly or a potential precursor to a significant market move. Derivatives Market Insights The derivatives market, often seen as a barometer for underlying asset sentiment, is also echoing this quiet spell. “The combined Futures and Options trade volume for [BTC and ETH] are at, or approaching all-time-lows,” the report notes. This is further emphasized by the fact that “BTC is currently seeing $19.0B in aggregate derivatives trade volume, whilst ETH markets have just $9.2B/day.” Related Reading: Why Low Volatility Bitcoin Could Last A Lot Longer Interestingly, the options market is showing signs of a significant “volatility crush.” As per Glassnode, “Options are pricing in the smallest volatility premium in history, with IV between 24% and 52%, less than half of the long-term baseline.” This is further corroborated by the historically low Put/Call Ratio and the 25-delta skew metric, suggesting a net bullish sentiment in the market. The crux of the matter lies in interpreting these signs. The report aptly questions, “Given the context of Bitcoin’s infamous volatility, is a new era of BTC price stability upon us, or is volatility mispriced?” Historically, periods of low volatility in Bitcoin have often been followed by significant price movements. Whether this is a calm before a storm or a genuine shift towards a more stable Bitcoin remains to be seen. But as Tony “The Bull”, the chief chart technician at NewsBTC, has pointed out yesterday, the technical indicators are also pointing to a prolonged period of re-accumulation, meaning that the phase of low volatility is likely to continue for some time to come. At press time, the BTC price was at $29,277. Featured image from iStock, chart from TradingView.com

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Bitcoin price is still facing strong resistance near $29,500. BTC is slowly moving higher and might start a steady increase above $29,500. Bitcoin is moving higher toward the $29,500 pivot level. The price is trading above $29,000 and the 100 hourly Simple moving average. There was a break above a key bearish trend line with resistance near $29,080 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair could start a steady increase if there is a close above the $29,500 resistance zone. Bitcoin Price Eyes Fresh Increase Bitcoin price extended its decline below the $28,800 support zone. However, the downsides were limited below the $28,600 level. A low is formed near $28,628 and the price is now attempting a fresh increase. There was a move above the $28,900 and $29,000 levels. Besides, there was a break above a key bearish trend line with resistance near $29,080 on the hourly chart of the BTC/USD pair. The pair is now trading above $29,000 and the 100 hourly Simple moving average. A high is formed near $29,280 and the price is now consolidating gains. Bitcoin is trading above the 23.6% Fib retracement level of the upward move from the $28,628 swing low to the $29,280 high. Source: BTCUSD on TradingView.com Immediate resistance is near the $29,300 zone. The first major resistance is near the $29,400 level. The next major resistance is near the $29,500 level. A close above the $29,500 resistance might start a steady increase. In the stated case, the price could test $30,000. Any more gains might open the doors for a move toward $31,200. Fresh Decline In BTC? If Bitcoin fails to clear the $29,400 resistance, it could start a fresh decline. Immediate support on the downside is near the $29,100 level the 100 hourly Simple moving average. The next major support is near the $28,800 level, below which the price could accelerate lower. The next support is near the $28,400 level. Any more losses might call for a move toward the $28,000 level in the near term. 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 – $29,100, followed by $28,800. Major Resistance Levels – $29,300, $29,400, and $29,500.

Nearly 30 fake PYUSD tokens cropped up in the wake of PayPal’s most recent announcement.