Binance Coin shows a yellow sign  

Binance Coin traded around $575, somewhat above its key support amid the bulls’ inability to break the altcoin’s $600 resistance line. 

The digital asset posted a weighted sentiment pegged at about 0.607 and trending upward, according to Santiment’s data. The positive value of the indicator indicated that participants in the BNB market had favorable sentiments. 

 

The primary momentum indicators for BNB also supported this optimistic assessment. Its Money Flow Index (MFI) was 65.61 at the time of publication and was still growing, indicating that market participants preferred to accumulate BNB rather than distribute their holdings. 

Similarly, at 0.07, the altcoin’s Chaikin Money Flow was above the zero line and trending upward. This suggested that the BNB market was seeing a consistent influx of liquidity. The demand for crypto assets would increase if this metric kept rising.  

For the first month, the price of BNB showed a neutral trend, suggesting that the altcoin’s price action in the cryptocurrency market was poor. But when the market became more volatile, the bulls gained ground and the altcoin surged 113.5% in the next month, reaching a monthly high of $635. 

On the other hand, if this bullish forecast proves false and bearish pressure increases, the price of BNB may break below the triangle and trade near the $520 mark. 

The fact that the altcoin’s negative funding rate has been so noticeable over the past few weeks increases the likelihood that this will occur. A negative funding rate on an asset encourages more traders to hold short positions. This shows that a greater number of traders are purchasing the asset in anticipation of a price rally and anticipating a decline in the asset’s value. 

The bulls will regain momentum and the Binance token will test its resistance level of the $630 mark if the market maintains its price above the $565 support level. If that price is maintained, the BNB coin price will be ready to test its previous high of $691 in the coming weeks. Alternatively, should the bulls be unable to maintain the price above the $568 support level, the BNB token will begin to trade in a bearish manner and, thus could likely drop toward its crucial support level of $498 this month. 

Ethereum faces a critical test amid SEC’s pending approval 

Ethereum’s price fell below the $3K mark over the weekend as sentiments around the super altcoin became cloudier. Large buyers or sellers, however, are typically the center of attention because of their significant impact on price fluctuations. On May 10, Ark Invest and 21 Shares revised their proposal for an Ethereum ETF that included staking ambitions. 

 

A provision stating that the sponsor, 21 Shares, planned to stake a portion of the fund’s assets through third-party providers was added to the businesses’ prior filing on February 7. 

21 Shares intended to regard profits as income from the fund and anticipated receiving ETH as a staking payment. The document recognized the potential hazards associated with stakings, such as losses due to penalties being slashed and cash becoming inaccessible. 

The relevant part is removed in the most recent file. It continues to make more general remarks about possible losses to other validators because of staking and how it affects the price of ETH.

Within the following two weeks, the SEC is anticipated to either approve or reject some spot Ethereum applications. The regulator will decide on VanEck’s spot Ethereum application on May 23 and then on May 24 on behalf of Ark and 21Shares. But the government is supposed to make decisions on all comparable, rival applications in the same periodicity.

However, statistics for Ethereum revealed a positive rating, indicating bullish confidence in the direction of the price trend. If this indicator stays in the same place over the next few days, ETH could rally towards the $3,200 mark.

If the current situation is not maintained or improved upon, the altcoin’s price may drop below $2,800.  Investor perception of ETH has shifted because of the coin’s lackluster price performance.  

Ethereum may aim to move up to $3,500. This time, we looked at the dormant circulation in addition to this statistic. As per Santiment’s on-chain data, the 90-day dormant circulation had decreased to 9246. Coins that have not moved in a long time will likely switch wallets if the metric rises. This occasionally indicates that veterans are selling. 

Binance demands the release of executive in Nigerian custody

Binance cautioned Nigerian authorities against setting a bad precedent after its executives were invited to the country and then detained as part of a crackdown on P2P trading in Africa’s largest crypto market 

CEO Richard Teng declared in a statement that it was time to voice opposition to the imprisonment of a U.S. citizen and head of financial crime compliance at Binance, Tigran Gambaryan. 

 

Binance, the world’s largest crypto exchange with over 190 million users, and two of its executives are being tried separately for money laundering and tax evasion, a move the crypto exchange is contesting. 

Gambaryan and Binance regional manager for Africa, Nadeem Anjarwalla, was arrested in February after arriving for a meeting with the national security adviser, the deputy governor of the central bank, and the CEO of the SEC. 

In a press statement, Mr. Teng outlined Binance’s experience with Nigeria, which has grown to be a hub for the cryptocurrency sector. Chainalysis data showed Nigeria had the second-highest rate of crypto usage globally, right after India. 

Bribery allegations 

According to Mr. Teng, when the Binance staff were leaving the meeting, “unknown persons” approached them and proposed payments to resolve the claims. Later, Mr. Teng stated, a local attorney for Binance had a conversation with someone posing as a representative of the House committee. 

According to Mr. Teng’s writing, the alleged agent requested “a significant payment in cryptocurrency to be paid in secret within 48 hours to make these issues go away.”  

Nigeria’s Securities Exchange Commission ordered the exchange to cease offering its services in a statement released in 2023. According to Mr. Teng, Binance stated it stopped running ads in Nigeria and made efforts to meet with the FG. 

Since his transfer from a government facility on April 8, Mr. Gambaryan has spent the last four weeks in custody at Kuje jail in Abuja, Nigeria’s capital city. 

Binance executive’s lawsuit in Nigeria represents the company’s most recent legal woes. Last year, Binance settled with the US authorities for a $4.3 billion punishment after it was accused of facilitating illegal activity on its platform. Changpeng Zhao, Binance’s core founder received a four-month prison sentence in April. 

Open to Settlement with Nigeria’s tax regulator 

Binance stated it was open to following the guidelines established by the FG and recognized that it held the unprecedented authority to decide Binance’s and the larger crypto industry’s destiny in Nigeria, 

“When we made this extraordinary move, we hoped that our coworkers would be freed and that Binance could collaborate with the Nigerian authorities to address any other issues. Sadly, it did not occur,” Ten remarked. 

Ether: A dead cat bounce or Bull Run?

Ethereum profited from the shift in market mood over the past few hours, as seen by the green turn on its daily chart. The king of altcoin is now moving inside a bullish trend, thus the most recent spike may only be the start of a big rise.

The optimistic move on Ethereum
ETH’s price increased by 3% for the day; as of this writing, its market capitalization was more than $383 billion, within striking distance of $3.2K
It is noted that breaking 3132.80$ will end the negative scenario and allow the price to try to establish a bullish wave that its targets begin by testing 3360.31$ areas. Breaking 3095.00$ will make it easier to reach the indicated target.
It’s interesting to note that ETH may get better in the coming days. According to Santiment’s research, the network expansion of ETH increased within the past several days. The token’s active withdrawal rate increased last week, meaning more addresses were made to transfer the token.
Furthermore, the amount of Ethereum held by the top addresses increased little, indicating strong buying pressure. Ethereum Whales have increased their holdings during the price decline. As of May 2, these whales’ total Ethereum holdings have increased by 6,000 ETH over the previous three days to reach 75.17 million ETH.
Ether’s future may be impacted by an uptick in whale purchases during its market decline. Whales’ big purchases give the market the much-needed liquidity that lets panic sellers complete trades without sharply dropping prices.
Ethereum’s recent behavior amid high volatility offers hope for the crypto long-term prospects based on recent accumulation by its whales. They are confident in the asset’s intrinsic value and potential for future growth, as seen by their measured accumulation of ETH despite market volatility.

Forex Signals Brief May 1: Will the FED Reject A September Cut?

In the US session yesterday, markets turned their attention to the US dollar ahead of today’s FOMC meeting, largely due to a robust employment cost index. There’s concern that the Fed might hint at potential rate hikes. While changes in the European session were minimal, the dollar surged following the data release and maintained its strength.

Will the FED hold rate higher for longer or hint at 1rst cut?
Will the FED hold rate higher for longer or hint at 1rst cut?

Continue reading “Forex Signals Brief May 1: Will the FED Reject A September Cut?”

Bitcoin Price Heads to $60K, but Will Likely Bounce to Record Highs

The Bitcoin price has been surging this year as the demand increased since the halving earlier in 2024, but we’re seeing a consolidation right now. However, the downside moves seem week while buyers keep coming at $60,000 where we have been opening buy BTC signals, which will likely hold again and send Bitcoin to new highs. Continue reading “Bitcoin Price Heads to $60K, but Will Likely Bounce to Record Highs”

Forex Signals Brief April 22: Manufacturing and US Q1 GDP This Week

Last week the moves weren’t too large as most forex pairs traded in a tight range, including Gold, which refrained from making new record highs, but it stayed close to $2.400 as uncertainty remained high. However there were many twists and turns as geopolitics and central bankers kept the volatility on.

The US Q1 GDP is expected at 2.5%
The US Q1 GDP is expected at 2.5%

Continue reading “Forex Signals Brief April 22: Manufacturing and US Q1 GDP This Week”

Ethereum and Bitcoin Price Fall 7-10%, After Forming A Top

Ethereum and the Bitcoin price saw some strong demand early this year, with BTC pushing above $73,000 while ETH climbed above $4,000 in early March. However, they haven’t had new highs for about a month and in fact, the highs have been getting lower, which means that there is a top in place in both cryptocurrencies. Continue reading “Ethereum and Bitcoin Price Fall 7-10%, After Forming A Top”

Crypto quake hit 298,239 traders, about $1 billion lost 

The crypto market, which includes well-known digital assets like Bitcoin and Ethereum, is severely down as about $1 billion got liquidated in the past 24 hours 298,239 traders were liquidated, for a total liquidation value of $935.43 million.

 

The OKX ETH-USD-SWAP liquidation order, valued at $7.19 million, was the highest single liquidation order. Most of those holdings were long bets taken aback by the abrupt drop and were wagered on rising prices. Crypto derivative contracts known as “longs” enable investors to wager on the increase in the value of an asset. A trader has lost the wager and the position gets closed involuntarily if a long is liquidated. 

As risk aversion in traditional markets due to escalating geopolitical uncertainties extended to digital assets on Friday, the appetite for cryptocurrency assets moderately declined. 

Bitcoin’s Price action 

Bitcoin (BTC) fell sharply throughout the afternoon during U.S. trading, breaking below $66,000 after having just hours before tested the $71,000 mark. As of the time of writing, bitcoin had fallen more than 5% in the previous day but had since recovered to $66,700. 

 Most recent price action before the publication shows that the price of a Bitcoin is a little less than $67,000. That is a decrease of more than 2.5% in a single day and a reasonable decline from its all-time high price of $73,737 in March.  

The price of Bitcoin (BTC) has been rangebound for a few weeks now, staying within that range. This could result in significant liquidation on both sides before the establishment of a direction. Although there is still hope for Bitcoin in the long run, market fluctuations may cause it to decline before the next halving. 

Sell-offs in Altcoins 

Ethereum’s price, meanwhile, has dropped more than 5% in a day; it is currently trading at $3,215. 

The fifth-largest cryptocurrency, Solana, has plummeted by about 12%, while Dogwifhat, which has been trending higher this week, has lost at least 5% of its value. 

As traders flocked to safe-haven assets, gold—long seen as a haven asset—soared above $2,400 to a new all-time high before reducing its gains, while oil saw a 1% increase. Meanwhile, Treasury bonds and the U.S. dollar index (DXY) gained. 

This abrupt change in the market is in stark contrast to the recent upswing, which was partially driven by interest in the upcoming Bitcoin halving event—a significant modification to the cryptocurrency’s code intended to reduce its supply. 

Even with the current cryptocurrency liquidations, Bitcoin is still much higher for the year—it has increased by almost 60%. 

Forex Signals Brief April 12: UK February GDP Closing the Week

The European Central Bank (ECB) maintained its interest rates unchanged but hinted at potential future decreases. Despite this announcement, there was remarkably minimal price response in the euro. The currency fluctuated within a narrow range between 1.0700 and 1.0750.

UK economy expected to have expanded by 0.2% in February

Continue reading “Forex Signals Brief April 12: UK February GDP Closing the Week”