Bitcoin Up 27% From August Lows: What’s Next for BTC? Will Bulls Break $64,000?

Posted on October 9, 2024 by Dalmas Ngetich

Bitcoin is firm when writing, soaking in the selling pressure of October 7 and 8. Even though buyers are still struggling for momentum and the downtrend remains, if the trend of last week leads, the uptrend set in motion in September is still valid. In the short term, traders can wait for a clear trend definition, aware that any dip below the $58,000 to $60,000 support zone may trigger more losses. As this happens, there are fundamental factors to track, including the involvement of new whales, looking at what has been happening over the last few years.

Traders are confident that Bitcoin is up nearly 27% from the Q3 2024 lows. Although sellers are determined, buyers stand a chance as long as the coin trends above the $60,000 level. For now, traders are watching how the coin performs in the past day and week. It is stable in the previous week, amid flat engagement, standing at over $27 billion.

The following trending Bitcoin news events are worth watching:

Despite the attempts of sellers to cap gains, new whales, onchain data reveals, have bought over $108 billion worth of the asset. At the same time, older whales have invested $113 billion. However, the realized cap of new whales will likely surpass those of older whales in the coming sessions.
All spot Bitcoin ETF issuers in the United States currently control over $59 billion worth of the coin. The number is only expected to increase in the coming months, especially if the coin recovers.

Bitcoin Price Analysis

[[BTC/USD]] is steady, trading above $60,000.

Although the uptrend remains, there is a risk of the coin dropping, breaking below the support band of around $58,000 and $60,000.

For buyers to take charge, Bitcoin, on the other hand, must reverse all October 1 losses and break above $64,000.

Preferably, the breakout bar must be with rising trading volume, confirming gains of September.

In that event, BTC could easily float above $66,000 to over $70,000.

CATS on steam ahead of Bybit, KuCoin, Bitget listing

Posted on October 8, 2024 by Olumide Adesina

CATS, a meme coin built on the TON blockchain, increased dramatically before being listed on several significant cryptocurrency exchanges. According to CoinMarketCap data, Cats (CATS) increased by about 71% within a day trading at $0.0001269 at the time of publication.

There has been a significant increase in CATS trading activity in tandem with its value boom. A 13-fold rise in daily trading volume brought the total to about $303,000.

The meme token is now trending on Google due to the enthusiasm about CATS and its extensive use as a well-liked Telegram mini-app with millions of active users.
The Cats price spike happened before the meme coin was listed on several exchanges, such as Bybit, KuCoin, Bitget, and Haskey, on October 8 at 10:00 UTC.

Community members can now withdraw the airdropped tokens that were given during the project’s first season using these listings. User activity, premium status, and account age on Telegram were among the data that determined how the airdrop was distributed.

The entire supply of CATS is 600 billion tokens, most of which are set aside for airdrops in Seasons 1 and 2. In instance, 30% of the total supply, or 180 billion tokens, have already been given out to engaged community members during Season 1, leaving 55% of the stock still to be distributed.

Rewards have been tailored to target users with OG passes and those who engage in daily transactions, guaranteeing that the most dedicated players benefit from the airdrop.

As part of its community-building strategy, the project invites users to improve their token earnings by recommending friends and doing simple tasks like joining the official CATS Telegram channel.

Revolut blocked illegal transactions worth $13.5 million within a quarter

Posted on October 8, 2024 by Olumide Adesina

Revolut says it has prevented potential crypto fraud totaling about $13.5 million in the last three months. Revolut, a fintech startup, prevented $13.5 million in potentially fraudulent cryptocurrency transfers between June and September 2024, according to a press release

The Neobank, based in London, introduced “Revolut X,” a cryptocurrency exchange, early this year. Since then, it has strengthened security measures to stop fraudulent transactions before money leaves client accounts.

The company estimates that by 2024, the system will handle about 92% of Bitcoin transactions without human intervention because it is built on sophisticated algorithms and real-time monitoring. Further inspections are “necessary to ensure compliance with fraud prevention, anti-money laundering regulations, and other safeguards” for the remaining 8% of the sample.

Revolut with over 45 million users, highlighted the prevention of fraudulent transactions involving fiat money and cryptocurrencies, saving its clients an estimated $590 million by 2023.

In addition to monitoring trends in suspicious behavior to identification checks, Emil Urmanshin, director of cryptocurrency at Revolut, informed clients that the company adheres to “strict financial regulations to create a secure environment for all of our customers’ crypto transactions.”

Fraudulent crypto transactions remain a persistent threat, with bad actors targeting fintech platforms and crypto exchanges. Bybit last highlighted that it had stopped over $79 million in client losses by identifying about $1 billion in questionable transfers in the first half of 2024.

Solana’s investment activity surged in third quarter

Posted on October 8, 2024 by Olumide Adesina

Solana saw a surge in investment activity in the third quarter despite a decrease in on-chain usage, with projects securing over $170 million. This funding level has been the highest since Q2 2022.

Solana’s tokenized Treasury market value increased to $123 million within a month. This shows how rapidly the market has grown. A $50 million inflow of USDC from Ethereum (ETH) on September 23, boosted the surge

Solana’s tokenized treasuries currently rank third, behind Ethereum ($1.6 billion) and Stellar ($422 million), but new developments point to possible expansion. In July, alternative investment company Hamilton Lane launched Solana’s first private credit fund.

Franklin Templeton, a well-known worldwide asset manager with $1.7 trillion in assets under management, intends to introduce a money market fund on Solana. By submitting a public registration statement to the SEC upon launch, Franklin Templeton will be the first asset manager to issue securities on Solana.

Over the past six months, Solana’s on-chain activity has decreased despite a rise in institutional interest. Monthly transaction fees are still far greater than a year ago, having increased by about 1,900%, but decreased by 66% from their March 2024 peak.

Although Solana’s monthly transaction fees peaked in March, its market share of fees continuously rose until July, reaching a significant 25%. Solana’s market share had never surpassed 1.5% prior to today.

With $260 million in transaction fees over the last six months, Solana is in third place behind TRON ($268 million) and Ethereum ($752 million).
The research claims that transaction volume, not expensive individual transaction costs, determined the overall fee amount.

Bitcoin Struggling: Are The Big Boys Accumulating Readying For $70,000?

Posted on October 8, 2024 by Dalmas Ngetich

Bitcoin is down when writing, moving away from the local resistance at $64,000, and the key liquidation is at around $66,000. At present, the path of least resistance remains to be northwards despite the losses of last week. Looking at the price action of the past two months, the September bar guides the short to medium-term formation. Since it surprisingly ended up higher, the trend, for now, is bullish. Accordingly, every low might offer entries for optimistic buyers as long as the primary support zone is at around $58,000 and $60,000.

Despite the recent dump, bulls are confident, especially now that prices are above the psychological round number at $60,000. Presently, the coin is down nearly 3% over the last day and week amid expanding trading volume which is up to over $33 billion in the previous 24 hours.

The following Bitcoin trending news events are worth watching:

Amid the market volatility, fewer short and long-term holders are unwilling to part with their coins. The percentage of HODLers continues to rise, looking at trends over the past ten years.
At this point, technical analysts think the coin is within an accumulation period, looking at the Wyckoff formation. In their view, a breakout is imminent and could lift the coin above the local resistance levels, even to $70,000.

Bitcoin Price Analysis

[[BTC/USD]] is down, cooling off from recent highs.

As mentioned earlier, the local resistance is at $64,000, marking October 1 highs.

On the flip side, support is at $60,000.

Traders can consider aligning with the September bull bar, targeting $66,000 and $70,000 in the short term. As such, they can load on dips. Alternatively, they can wait for a clean break above $64,000 before considering longs.

Any break below $60,000, on the other hand, could see Bitcoin tank, even towards $50,000 in the coming days.

Ethereum Shaky: Will Massive Spot ETF Outflows Force ETH Below $2,100?

Posted on October 8, 2024 by Dalmas Ngetich

Ethereum is moving sideways amid a generally bearish market, looking at how prices have been acting over the past few weeks. From a top-down approach, Ethereum is down, aligning with the bearish breakout formation of July 2024. The climactic collapse in early August toward $2,100 is a concern. It may be confirmed if bulls fail to sustain the upside momentum. Technically, the immediate support and resistance levels to watch out for are at $2,100 and $2,800. Since bears are in charge and in line with the July candlestick, the odds of ETH tumbling below August lows cannot be discounted.

Traders are confident, but buyers are yet to breeze past local resistance levels. The coin is up 12% from September lows but below $2,800. Meanwhile, the support is at $2,300 and $2,100. As buyers attempt to shake off weaknesses, it is down 8% in the previous week. Even so, what’s encouraging is the expansion in trading volume, standing at over $16 billion.

Ethereum traders are monitoring the following trending news:

Last week, all spot Ethereum ETFs in the United States posted outflows. Most are from the Grayscale ETHE that is being wound up. Even as clients load up these shares, the bleed from ETHE means net flows remain negative at over $30 million in the previous week.
The uptrend remains, looking at the formation in the weekly chart. Despite the series of lower lows, buyers have a chance. However, this will change if there is a break below the local support, at between $1,800 and $2,100.

Ethereum Price Analysis

[[ETH/USD]] is down at press time.

Still, as long as resistance is at $2,800, the path of least resistance is southwards.

Accordingly, every high might offer entries for sellers targeting $2,100 and $1,800.

This sell-off might be accelerated should the support at $2,300 be broken.

Conversely, any uptrend lifting Ethereum above $2,800 will see the coin soar to $3,000 and $3,500.

XRP Buyers Must Reassure Traders With A Breakout: Will Ripple Defy Gravity?

Posted on October 8, 2024 by Dalmas Ngetich

XRP is down and not out of the woods at press time. Looking at the formation in the daily chart, it is still too early to back buyers especially considering the sell-off of last week. The local resistance remains at $0.55, and it will take considerable effort to push the seventh most valuable coin above this liquidation zone, especially if the underlying momentum is low. In the coming sessions, traders should closely monitor how prices behave between $0.50 and $0.55, aware that sellers remain in control from a top-down preview.

From the candlestick arrangement, prices are springing higher, but traders are waiting for more signals that may negate the downtrend. Considering the recent sell-off, XRP is down 16% in the past week amid rising trading volume at $1.1 billion. Unless there is a fundamental trigger that can lift sentiment and thus price, the path of least resistance remains southwards.

Traders are closely monitoring the following XRP and Ripple news:

Although the United States SEC’s decision to appeal the Ripple ruling saw XRP prices slide, one legal expert thinks the regulator made a big mistake. If it wins, the Commission, the analyst said, would get more money from Ripple but won’t have protected anyone.
When the regulator appealed the court ruling last week, whales, on-chain data show, moved over 150 million XRP. Prices fell by over 15%, pushing the coin from around $0.66 to as low as $0.50.

XRP Price Analysis

[[XRP/USD]] is down at press time.

While there have been welcomed gains, the shadow of last week still defines the short-term trend.

The local support is at $0.50, while resistance is at $0.55.

Unless there is a breakout above the liquidation line and a complete reversal of October 2 bears, the path of least resistance is southwards.

Accordingly, traders can consider on every attempt higher, targeting $0.50 and $0.45 in the coming sessions.

FTX payment plan approved by U.S judge

Posted on October 8, 2024 by Olumide Adesina

A Delaware judge accepted FTX’s bankruptcy plan, which calls for paying consumers back with interest and cash, despite a demand for Bitcoin payments.

Judge John Dorsey of the U.S. District of Delaware Bankruptcy Court decided to approve FTX’s repayment, which could disburse assets valued up to $16 billion.
Two years after the crypto exchange collapsed, 98% of creditors were approved to receive 118% of their claims in cash.

Sunil Kavuri, a spokesman for the largest group of FTX creditors, advocated bitcoin or in-kind compensation, even though 94% of claimants approved of the idea.

Nevertheless, Judge Dorsey rejected the proposal during a bankruptcy hearing on October 7. The value of FTX’s exchange token (FTT) was essentially zero according to the court and there was no case for potential price growth. Judge Dorsey ended the 2022 tale with the demise of one of the biggest centralized cryptocurrency exchanges at the time,

Users and US authorities accused Sam Bankman-Fried’s organization of fraud after discovering documents proving it had embezzled customer monies and fabricated financial statements.
Bankman-Fried and other members of the FTX leadership were promptly removed following the company’s Chapter 11 bankruptcy filing. Bankman-Fried was found guilty and sentenced to 25 years following a brief trial and several testimonies from SBF’s close acquaintances,

He is attempting to appeal the ruling, claiming that Federal Judge Lewis A. Kaplan made an unfair conclusion. Gary Wang, Nishad Singh, and Caroline Ellison are among the former high-ranking officials who entered into plea deals with federal prosecutors in exchange for reduced terms. Ellison received a two-year prison sentence late last month from a court.

Forex Signals Brief October 7: US Inflation and RBNZ Rate Cut

Posted on October 7, 2024October 6, 2024 by Skerdian Meta

While this week the US PCI inflation will be the highlight, last week the market attention was all on the NFP numbers, which showed a decent surge during September. In fact, all US employment reports last week showed a robust sector, with JOLTS Job Openings and ADP employment also coming above expectations.

US CPI will highlight the week on Friday

Continue reading “Forex Signals Brief October 7: US Inflation and RBNZ Rate Cut” →

Toncoin posts mild gains despite Telegram’s gift feature

Posted on October 7, 2024October 7, 2024 by Olumide Adesina

Telegram introduced a gift function and a few other software updates Nevertheless, despite the new feature on social media messaging, Toncoin saw a little boost.
As of the time of writing, TON’s price has increased by 2% over the previous day to $5.3. CoinGecko for the past week, the coin has decreased by more than 8%.

Price action shows that despite minor upsides in the cryptocurrency market, TON’s downward trajectory hasn’t stopped.

With TON trading at $5.31 right now, it is moving in the direction of its horizontal channel’s lower line, which has served as support since March. Last month, it sank to this line, and while the bulls can hold it, it couldn’t break above.

The altcoin’s price will reverse course and move upward toward the resistance level at around $8 the bulls can break key resistance levels around $6.5

Telegram created a new feature that allows users to give gifts to their pals, The person who receives the gift can use it to show it on their sites or even turn them into stars.
The CEO of Telegram, Pavel Durov, also revealed that not all gifts are available. Additionally, he said that a capability to convert these donations into TON-based NFTs will be introduced.

Telegram also revealed a technology that allows companies to confirm the phone numbers of their clients. The social app also enhanced its reporting interface. The notification made clear that millions of pieces of content that break the app’s terms of service are removed by moderators. The system is now more capable and can incorporate more categories and specifics of the infraction.

Meanwhile, Co-founder Pavel Durov and his partner Juli Vavilova recently disclosed that they had learned Juli was pregnant. The couple believes the stress of the subsequent investigation while French authorities briefly detained the Telegram founder-led to Juli’s miscarriage on October 4, 2024.

Durov was taken into custody on August 24, 2024, in France. Subsequently, it was revealed that in March 2024, French law enforcement had filed arrest warrants for Pavel Durov and his brother Nikolai.

The accusations included participation in the dissemination of child pornography as a result of what French authorities described as a deficiency in strict content filtering guidelines on the Telegram messaging app.