Category: Crypto market

XRP Price Consolidation Above Support – A Ripple Rebound on the Horizon?

Posted on by Skerdian Meta

Despite Ripple has been declining this week, it is looking stronger than BTC, with XRP trading close to $1.20, while buyers are looking to reenter the market.

Ripple XRP Daily Chart
Ripple XRP Daily Chart

Continue reading “XRP Price Consolidation Above Support – A Ripple Rebound on the Horizon?” →

Forex Signals Brief February 27: Tariffs Coming, Can US GDP Improve the Sentiment?

Posted on by Skerdian Meta

US president Donald Trump confirmed upcoming tariffs yesterday. while today we have the US and Swiss GDP reports.

We have the Swiss and US GDP reports today

Continue reading “Forex Signals Brief February 27: Tariffs Coming, Can US GDP Improve the Sentiment?” →

Binance Not Selling Ethereum, Solana

Posted on by Olumide Adesina

Binance refuted claims of market manipulation following traders’ accusations that the exchange sold millions of Ethereum (ETH) and Solana (SOL) tokens via market maker Wintermute.

 

The charges started when the on-chain data analytics company Arkham Intelligence revealed significant transfers from Binance’s hot wallet in a report released on February 24.

A sell-off was allegedly stoked after the Binance-linked wallets moved at least 103,570 SOL (worth $16.3 million) and 25,000 ETH (worth $80 million) to Wintermute.

Binance refuted accusations that it was “dumping on everyone.” in a recent post about a trader’s concerns from its Customer Support account.

Several traders had misunderstood the transactions, Binance explained, stressing that the exchange only matches trades and has no control over user trading decisions, including market makers’. By cautioning against fear, uncertainty, and doubt (FUD) tactics, the exchange advised users not to draw hasty conclusions from transaction screenshots.

Additionally, the platform urged users to grasp the workings of market makers, pointing out that companies such as Wintermute are essential to supplying liquidity and preserving market stability. Importantly, analysts refuted the rumors, stating that the transactions showed that Wintermute had removed SOL from Binance rather than Binance having sold the assets.

Solana on Solo Market Correction

Posted on by Olumide Adesina

Solana fell below $130 for the first time since September 2024 and is down almost 21% for the week.

Market action highlighted a new low below $100 is on the cards if two important indicators on SOL’s daily chart complete a bearish crossover.  A “death cross” approached the 50-day and 200-day exponential moving averages, which has historically been a warning sign for most crypto assets.

Bitcoin’s decline below $85K marked the end of the Trump-led Solana party.   Solana changes hands for $137.5 at publication,  reduced activity of traders and investors points to more suffering before strong reversals.   Glassnode data indicates that Solana’s total transfer volume fell to $14.57 million this week, from $1.99 billion in November 2024.

The layer 1 blockchain was recently attacked by the cryptocurrency community for supporting fraudulent activities after LIBRA’s incident.

Investors have suffered enormous losses because of new Solana-based memes like Donald Trump’s TRUMP and MELANIA. The declining demand can be explained by fraudulent transactions that have damaged trust in the SOL network.

According to the data analytics platform Santiment, most investors are pessimistic about Solana. Price action affirmed Solana might likely experience mean reversion.

The possibility of a more significant correction for the altcoin may be reduced following a 50% correction. Investors know the SOL token unlocks are coming up, and the event might already be priced in.

U.S. Government Ends Investigation On Gemini

Posted on by Olumide Adesina

The US Securities and Exchange Commission has concluded its investigation into  Gemini.

 

The SEC concluded its investigation and stated that “based on the information we have as of this date,” the regulator will not recommend an enforcement action in the notice shared by Cameron Winklevoss, president, and co-founder of Gemini

The SEC accused cryptocurrency exchange Gemini and lending company Genesis Global Capital of selling unregistered securities through Gemini’s “Earn” program.

The agency clarified,  that the notice is not an exoneration and should not be interpreted as a sign that the SEC’s investigation will not lead to any further action.

“The SEC cost us hundreds of millions in lost productivity, innovation, and creativity in addition to tens of millions in legal fees. Gemini is not alone,” Winklevoss remarked.

He also stated, “The SEC’s actions against other cryptocurrency businesses and initiatives cost orders of magnitude more and resulted in an incalculable loss of economic growth for America.”.

The SEC has taken several similar actions, including closing its cases against Coinbase, a cryptocurrency exchange accused of acting as an unregistered securities broker.

In addition, the case against OpenSea, an NFT marketplace, was closed. Additionally, on May 4, the SEC issued a Wells notice to Uniswap Labs, a decentralized exchange and online brokerage Robinhood Crypto, ending its investigation into the company.

 

Ripple’s XRP Melts Under President Trump’s Tariff

Posted on by Olumide Adesina

The ripple-based token dropped to its session lows on Wednesday after President Donald Trump announced his intention to impose a 25 percent tariff on the European Union.

 

 

“We have decided on a course of action and will make the announcement shortly. President Trump declared, “It will be 25 percent.” Market optimism around XRP appears to have been dampened by Trump’s plans for EU tariffs. XRP traded at $2.16 at publication, down 18% in 7 days.

XRP price has been bearish since the start of February due to high geopolitical uncertainty amid weak risk appetite in the financial space.

Although the altcoin recently ran into significant resistance at $2.25 and found bullish support at $2.15, technical indicators now indicate that this balance may soon shift in favor of the bears, opening the door for a potential decline in XRP.  Price action indicated that XRP is currently experiencing a bearish trend.

XRP’s bearish stance could be strengthened if a break below the $2 support initiates a new decline. The asset’s value may fall to $1.8  Ripple bulls can’t hold this level. The drop might reach $1.148 if selling picks up steam at this point.

Nonetheless, there has been some encouraging news about XRP. ETF. com reported on Monday that the Hashdex Nasdaq XRP Fund had entered a so-called pre-operational phase with Brazil’s Comissão de Valores Mobiliários (CVM), marking the first spot XRP exchange-traded fund (ETF) to be registered by the country’s securities regulator.

U. S. XRP ETF applications are currently being examined by regulators. A possible approval might cause institutional demand for XRP to increase more quickly if the adoption of bitcoin (BTC) and ether (ETH) ETFs is any indication,

Bitcoin Sinks Below $84K

Posted on by Olumide Adesina

Bitcoin and the altcoin market plunged to their session lows on Wednesday following President Donald Trump’s announcement during his first cabinet meeting that he intends to impose a 25 percent tariff on the European Union

 

The pioneer crypto asset dropped more than 5% to below $84,000.  The larger digital assets market dipped by 2.3 percent on Wednesday. ”

We have decided on a course of action and will make the announcement shortly. It will be twenty-five percent,” Trump declared.

There were cries that the recent market selloff might have been the bottom. Market optimism appears to have been dampened by Trump’s plans for EU tariffs.

In addition, US-based spot Bitcoin ETFs have been in a terrible situation due to the large scale of withdrawals.

11 Bitcoin funds saw a net outflow of $938 million, their sixth consecutive trading day of outflows as shown on Coinglass. The ETF exodus comes after a crypto market meltdown that saw Bitcoin fall 4% yesterday from an intraday high of over $92K to a 24-hour low of $83.5K.

The Fidelity Wise Origin Bitcoin Fund (FBTC) was the biggest loser of the day, with $344.7 million in withdrawals, setting a new ETF outflow record.

BlackRock’s iShares Bitcoin Trust (IBIT) came in second place with a $164.04 million outflow.

Grayscale’s two funds net lost $151.9 million, which was divided between $66.1 million from its Grayscale Bitcoin Trust (GBTC) and $85.8 million from its Bitcoin Mini Trust ETF. The Bitwise Bitcoin ETF (BITB) lost $88.3 million.

Bitcoin market correction was amplified by Friday’s $1.49 billion hack against the cryptocurrency exchange Bybit.

Bitcoin fell from nearly $100,000 to $97,370 when the hack was made public.

The pioneer crypto asset made a modest comeback over the weekend, settling back into the $96,000 range until Monday’.

Bitcoin maintained the consolidation pattern it had seen over the previous ninety days or so over the weekend. However, BTC started a new downward trend Monday evening, driven by President Donald Trump’s comments regarding trade restrictions on Mexico and Canada.

The president announced that the import duties on both nations would resume next week following a month-long delay in their implementation.

 

 

Forex Signals Brief February 26: Markets Feel Nervous Ahead of Nvidia Earnings

Posted on by Skerdian Meta

Yesterday the crypto crash highlighted the day, today market will focus on Nvidia earnings among other factors.

We might see a major move in stocks on Nvidia's reports in after-hours trading

We might see a major move in stocks on Nvidia's reports in after-hours trading
We might see a major move in stocks on Nvidia’s reports in after-hours trading

Continue reading “Forex Signals Brief February 26: Markets Feel Nervous Ahead of Nvidia Earnings” →

Ethereum: Criminal Behind Bybit Hack Keeps 399,000 ETH

Posted on by Olumide Adesina

Spot On Chain stated that Bybit cyber-criminal systematically transferred the 499,000 ETH, stolen through numerous addresses, breaking up transactions into smaller ones, according to the blockchain analytics company.

 

The hacker mostly used THORChain (RUNE), turning Ethereum into Bitcoin (BTC), Dai (DAI), and other assets.

The attacker still has 399,000 ETH even after an extensive battle against money laundering more than the Ethereum Foundation’s and co-founder Vitalik Buterin’s holdings.

Bybit has already taken action to lessen the attack’s financial impact, a noteworthy demonstration of resilience.

Securing a 40,000 ETH loan from rival exchange Bitget was one of these steps.. The loan was given without interest or collateral as a show of support for the industry, and Bitget CEO Gracy Chen confirmed on February 25 that Bybit had fully repaid it.

‘It’s wonderful to see Bybit completely recovered, and we never had any concerns about the loan’s repayment. This incident demonstrated our industry’s resilience and unity. We advance together with even more resiliency!” she said.

Bybit quickly reassured its users and the larger crypto community after the breach. CEO Ben Zhou declared that compensation measures had already been in place and that the exchange had fully covered all losses resulting from the attack.

A proof-of-reserves audit was made public, confirming Bybit’s sound financial standing and resilience to the exploit’s effects.

Bybit has obtained substantial whale deposits, obtained more loans from bridge partners, and aggressively repurchased Ethereum to stabilize its reserves. Bybit’s aggressive purchasing activity, according to Bitfinex analysts, may help offset selling pressure and sustain ETH prices following the hack.