Category: Cryptocurrency News

According to Polygon Labs, Polygon 2.0 will enable users to create, exchange and program value on the internet.

Canada’s largest university is the third in the country to partner with Ripple’s University Blockchain Research Initiative.

Over the past 24 hours, the Polygon (MATIC) price has shown attempts to reverse its downward movement. The altcoin has regained more than 4% of its value during this time. However, on the weekly chart, MATIC has experienced a decline of over 27%, causing it to breach important support levels. The technical analysis of MATIC indicates a prevailing bearish sentiment in the market, with low levels of demand and accumulation. The volatility of Bitcoin has influenced the price action of altcoins, including MATIC, which have struggled to maintain support levels. Related Reading: Cardano Price Falls Below Key Support Levels, Will It Continue To Fall? A significant return of buying strength is needed for MATIC to surpass immediate resistance. Additionally, the overall strength of the broader market, particularly Bitcoin, will impact MATIC and other altcoins. The decrease in market capitalization for MATIC indicates lower buying activity for the coin. MATIC Price Analysis: One-Day Chart At the time of writing, the altcoin price was $0.64. The bulls have managed to defend the support level at $0.60 but sustained low demand could pose challenges for them to maintain it. The immediate resistance level is at $0.67; if surpassed, another resistance may be encountered at $0.73. On the other hand, if the price falls from $0.64, the bears could gain control, causing the altcoin to trade below $0.60. Failure to stay above the $0.60 level in upcoming trading sessions could push MATIC below $0.50. The trading volume for the altcoin in the previous session has declined, indicating stronger selling pressure in the market. Technical Analysis Investor confidence in MATIC has waned since June following its rejection at the $0.76 level. The Relative Strength Index (RSI) indicates that the coin is currently oversold and undervalued, with the RSI falling below both the half-line and the 30-mark. Moreover, the price has dipped below the 20-Simple Moving Average line, indicating low demand and the dominance of sellers in driving the price momentum. To see a resurgence in demand, MATIC must trade above the $0.70 price. This level becomes crucial for the coin to attract buyers and potentially reverse the current bearish sentiment. Aligning with the bearish sentiments observed in other technical indicators, the Directional Movement Index (DMI) confirms the negative price direction of an altcoin. The -DI line (orange) was positioned above the +DI line (blue), indicating a prevailing downward trend. Related Reading: Bitcoin Bearish Signal: Miners Sell At 3rd Largest Scale Ever Additionally, the Chaikin Money Flow (CMF), which tracks capital inflows and outflows, was below the half-line. This signifies that capital outflows outweighed inflows at the time, indicating a decrease in buying pressure. Featured Image From UnSplash, Charts From TradingView.com

Bitcoin miners have been selling BTC since the start of June, potentially adding further pressure to the BTC price.

A Supreme Court decision ruled that the U.S. president could not remove commissioners except for “standard of inefficiency, neglect of duty, or malfeasance.”

The project, delayed from last year, will enlist bank employees and nearby businesses for the pilot. Each payment provider has launched its own app.

Despite the carnage and chaos all across the crypto market due to recent US SEC-related enforcement actions, Ethereum has just given a bullish buy signal. On weekly timeframes, ETHUSD has formed a golden cross, but will it be enough to give the asset class a glimmer of hope amidst such darkness? Let’s take a closer look. Ethereum Price Golden Cross Buy Signal Forms On Weekly Chart Ethereum prices are down roughly 20% off 2023 highs, but still down more than 60% from the record peak back in 2021. Hope for a recovery across the crypto market dwindled last week, when the United States SEC launched enforcement actions against an already weakened industry. Related Reading: Bitcoin Retests Moving Average That Marked All Major Market Bottoms Other coins have plummeted by 50% or more in just days, while Bitcoin and Ethereum have shown resilience as the two top cryptocurrencies by market cap. ETHUSD has done so well in the recently bearish environment, in fact, is has formed a golden cross of the 50-week moving average and the 200-week moving average. The golden cross comes almost immediately after a death cross, nullifying a long-term sell signal with a buy signal. When using a two-moving average system, a buy signal occurs when the shorter timeframe crosses the longer timeframe span. This is called a golden cross, while the opposite crossover is called a death cross. A golden cross appears | ETHUSD on TradingView.com Will The Moving Averages Save Crypto From Further Collapse? When using moving averages as a trading signal, in addition to crossovers, price making it above or below the averages is another signal a trend is strengthening. ETHUSD is also well above both the 50- and 200-week MAs. Finally, the slope of the moving averages can be used similarly to a trend line. The 200-week moving average is still pointed in an upward trajectory. Meanwhile, the 50-week is just starting to turn direction upward. Related Reading: Rare Crypto Signal Emerges That Could Spark Another 2017-Style Boom The last time the golden cross appeared, Ethereum climbed another 680% before its peak. In contrast, the last time ETHUSD pushed above both moving averages in 2020, Ether rallied by more than 1,700%. Current price action has only brought Ethereum under 5% from the moment it made it above the two averages. Past performance is not a guarantee of future results. Plus, considering the macro and regulatory pressure on altcoins, another death cross could follow any day now. However, of ETHUSD can remain above the two averages, another impressive price increase could be around the corner. With all the noise in the market right now, everyone has entirely missed the fact #Ethereum has formed a weekly golden cross pic.twitter.com/ylNwp3DEUI — Tony “The Bull” (@tonythebullBTC) June 12, 2023 Tony is the author of the CoinChartist (VIP) newsletter. Follow @TonyTheBullBTC & @coinchartist_io on Twitter. Or join the TonyTradesBTC Telegram for daily market insights and technical analysis education. Please note: Content is educational and should not be considered investment advice. Featured image from iStockPhoto, Charts from TradingView.com

Binance.US, the US subsidiary of popular cryptocurrency exchange Binance, has experienced a significant drop in liquidity, with market makers and traders reportedly fleeing the exchange in large numbers. According to data from crypto market data provider Kaiko, liquidity, as measured by aggregated market depth for 17 tokens on the exchange, has fallen nearly 80% over the past week. On June 4, the day before the Securities and Exchange Commission (SEC) lawsuit, market depth was $34 million, but today, market depth is just $7 million. Related Reading: Cardano Price Falls Below Key Support Levels, Will It Continue To Fall? Market Makers Exodus Market makers are financial firms that facilitate trading in financial markets by providing liquidity. They buy and sell assets, such as cryptocurrencies, at quoted prices to profit from the difference between the buy and sell prices, known as the bid-ask spread. In cryptocurrency exchanges, market makers are crucial in providing liquidity by placing buy and sell orders at different price levels. This allows investors to buy and sell assets at a desired price and helps to stabilize the market. However, the decreased market depth has resulted in a more than 6% price difference between mainstream cryptocurrencies on Binance.US and other exchanges, which has since been flattened. The drop in liquidity suggests that market makers are nervous and want to avoid volatility-induced losses and the possibility of their assets getting stuck on an exchange, like during the FTX collapse.  Binance.US has suffered the most out of the exchanges targeted in the lawsuits, with its market share dropping from 20% in April to just 4.8% today, according to Kaiko. The drop in market depth for Binance.US indicates that market makers are rushing to exit the market, potentially due to regulatory concerns or other factors. This can have several implications for Binance.US, including decreased liquidity, increased volatility, and potential difficulty for investors to buy or sell assets at a desired price. Coinbase, on the other hand, has seen its market share soar over the past week, from 46% to 64%, for unclear reasons. No particular asset saw an unusual surge in trade volume.  However, Coinbase may have the most to lose in the lawsuits, considering 80% of its business is in the United States. In contrast, the Binance.US entity accounts for a small fraction of global Binance activity. Binance Sees $500 Million Drop In Open Interest According to Kaiko research, over the last week, the cryptocurrency market has experienced a significant decline in open interest, with Bitcoin (BTC) open interest falling over 25% on Binance from peak to trough. From a high of $4.1 billion of open positions, BTC’s open interest on Binance dropped to a low of $2.9 billion as long positions were liquidated and prices fell. Related Reading: Insights On ADA’s Security Concerns: Cardano Founder And Ripple CTO Exchange Views Despite the decline in open interest, funding rates on Binance remained mostly positive throughout the week, only dipping negative for two funding payment periods on the 6th and the 11th.  This is interesting as funding rates typically become negative during a market downturn when there is a high demand for short positions. The fact that funding rates remained mostly positive during the market decline suggests that investors may still be bullish on cryptocurrency. Featured image from Unsplash, chart from TradingView.com 

The securitized tokens are governed by Hong Kong and Swiss law.

Data shows Bitcoin has been stuck in a historically tight range recently, something that could be a precursor for extreme volatility. Bitcoin 30-Day Price Range Has Compressed To Tight Values In a new tweet, the analytics firm Glassnode has looked into how volatile the asset has been recently. One way to quantify the volatility of Bitcoin is by taking the highest and lowest price points over a specific time period and calculating their percentage difference. The timespan of interest in the context of the current discussion is the 30-day period, meaning that the volatility here is calculated by checking for the difference between the top and bottom registered during the last 30 days. Naturally, whenever the value of this metric is high, it means that the cryptocurrency’s price has observed large fluctuations in the past month. On the other hand, low values imply that the asset has traded inside a narrow range. Related Reading: Bitcoin Bearish Signal: Miners Sell At 3rd Largest Scale Ever Now, here is a chart that shows the trend in the 30-day high and low, as well as the difference between the two (that is, the 30-day range), for Bitcoin over the entire history of the coin: The value of the metric seems to have been quite low in recent days | Source: Glassnode on Twitter As displayed in the above graph, the Bitcoin 30-day range has had a value of 10.7% recently, meaning that the cryptocurrency’s price has fluctuated 10.7% between its top and bottom during the past month. From the graph, it’s clearly visible that the current value of the indicator is very low when compared to the norm during the asset’s history. Interestingly, this is despite the fact that the BTC price has registered some fresh volatility recently due to FUD around Binance and Coinbase coming under regulatory pressure. While the asset may have seen some short-term volatile price action following the emergence of this uncertainty in the market, Bitcoin has still overall only traded in a narrow range when looking at the grand scheme of things. Related Reading: Bitcoin “Throwback” Could Trigger Flawless Technical Bottom Formation In the chart, the analytics firm has also highlighted the trading days that saw an even tighter 30-day range than the one being observed currently. As expected, it looks like there haven’t been that many instances where such a trend has taken place. Curiously, following most of these occurrences, the Bitcoin price observed a burst of volatility as the narrow 30-day range decompressed. One prominent example of this would be the November 2018 crash, which was preceded by a period of the asset moving endlessly sideways inside a tight range. This crash occurred during the bear market of the previous cycle and lead to the formation of the cyclical bottom for it. If the pattern followed by all these instances is anything to go by, Bitcoin may currently be approaching a narrow range that would only result in some extreme volatility for the asset in the near term. BTC Price At the time of writing, Bitcoin is trading around $25,900, down 3% in the last week. Looks like BTC has been moving sideways since the plunge | Source: BTCUSD on TradingView Featured image from iStock.com, charts from TradingView.com, Glassnode.com