Bitcoin Finds Support At $60,000: Good News From US, UAE Catalyst For $66,000?

Posted on October 7, 2024 by Dalmas Ngetich

Bitcoin is firm at press time, shaking off weaknesses and racing above the $60,000 support. At spot rates, the path of least resistance is northwards and will remain to be so in the short term as long as the support remains. Traders are closely monitoring the support at around the $56,500 and $60,000 zone. If there are gains this week, the probability of the coin flying to over $66,000 is highly likely. Buyers are resilient and successfully managed to arrest the wave of lower lows of last week.

Presently, traders are watching how prices pan out. Most importantly, for the September uptrend to take shape, there must be a strong rejection of all attempts to push the coin to fresh lows, confirming the losses of last week. For now, Bitcoin is steady, sliding 3% in the previous week amid a relatively low trading volume of around $19 billion in the past 24 hours.

Traders are watching the following Bitcoin trending news events:

United States lawmakers are now pushing for a Bitcoin reserve plan. If it goes through, the goal will cement the country as a global crypto leader.
The UAE has removed VAT on Bitcoin transfers and any form of conversion. This directive will take effect on November 15 of this year, allowing holders who engage in these transactions not to pay any VAT to the FTA.

Bitcoin Price Analysis

[[BTC/USD]] is firm when writing.

Looking at the daily chart, not only is the coin finding support, but engagement has also been decent.

Local support is at $60,000.

Traders who expect prices to edge higher can consider longing on dips above $60,000 with targets at September highs at $66,000.

In the meantime, a close above $64,000 or October 1, reversing the local bearish trend established by this bar, will set the ball rolling for a strong bounce.

Conversely, losses below $60,000 will dim hopes for optimistic Bitcoin buyers.

Ethereum Rejects Bears, ETH Finds Support At $2,300, Will The $2,800 Sell Wall Fall?

Posted on October 7, 2024 by Dalmas Ngetich

Ethereum found support in the second half of last week, rejecting attempts for lower lows before recovering steadily. Even though traders want a sharp close above $2,800, the effort to shake off the losses of last week is admirable. Accordingly, if prices float higher, anchoring their immediate support at $2,300, there is a high probability of Ethereum breaking $2,800. This move will be ideal for traders, bullish, as the second most valuable coin has what it takes to breach $2,800, $3,000, and even $3,500. Before then, conservative, risk-off traders should watch from the sidelines, cautious that the general trend is still bearish.

Traders are confident. After the pockets of strength seen last week, traders want more. Any expansion above $2,800 and last week’s highs will be perfect, setting the ground for even more gains. So far, Ethereum is weak and is in a bearish formation. Nonetheless, after gains in the past day stabilizing the coin, losses of last week have been managed. All the same, ETH is down 5% in the previous week, pushing the average trading volume to around $11 billion in 24 hours.

The following Ethereum trending news events are worth tracking:

Ethereum is firm, attempting to rebound. Amid this confidence, sentiment is bearish, with 69% of those who voted expecting ETH to continue slipping in the coming sessions.
Optimism, a popular layer-2, was recently updated, adding the ICrossChain ERC20 update feature. The upgrade enhances user experience and simplifies asset transfers via neutral minting and burning.

Ethereum Price Analysis

[[ETH/USD]] remains within a bearish formation despite recent gains.

As things stand, ETH has support at $2,300.

If this level anchors the uptrend, risk-on traders can load the dips above this level, targeting $2,800 in the short term.

Losses below this level sets up Ethereum for $2,100 in the coming sessions.

Meanwhile, gains lifting the coin above $2,700 and reversing last week’s losses could see ETH rally to $3,000.

XRP Bearish after US SEC’s Appeal But 84% Of Ripple Holders Bullish: Will $0.50 hold?

Posted on October 7, 2024 by Dalmas Ngetich

XRP is yet to recover after the hammering of last week. Technically, buyers are still in control. However, much depends on holder sentiment and events from the regulatory front. With the United States SEC appealing the court of appeal ruling, it has been rough for Ripple and XRP. The immediate support is $0.50 while buyers must re-conquer and close above $0.55 for the uptrend to continue. Until this setup is complete, risk-off traders can stay on the sidelines. Any drop below $0.50 could spell more trouble and pain for holders, while a spike above $0.55 will be a welcomed reassurance.

Presently, the path of least resistance is southwards, even with the impressive uptick in Q3 2024. Traders are looking at price action at around the $0.50 and $0.55 zone, aware that buyers need to break off and peel back last week’s losses. Before then, XRP is down 17% in the past week while trading volume over the last day is low, at around $700 million.

Ripple and XRP Traders are closely monitoring the following trending news events:

Regardless of the bearish sentiment after the United States SEC’s appeal, XRP holders and traders are bullish. In a CMC poll, 84% of holders are defiant, expecting prices to steadily print higher.
Even with high confidence, one analyst thinks XRP could retrace to as low as $0.45 before a major price rally begins.

XRP Price Analysis

[[XRP/USD]] is bearish even though prices steadily recovered over the last few days.

Technically, the uptrend remains, considering that bears didn’t reverse losses of Q3 2024.

The local support is $0.50, while bulls need to break $0.55 for traders to consider longs.

Ideally, a total reversal of October 1 losses will be bullish for XRP.

Confirmation of last week’s losses, pushing XRP below $0.50, could see the coin retest $0.45 and $0.40.

Popcat hottest meme, market valuation hit $1.2 billion

Posted on October 6, 2024 by Olumide Adesina

Popcat was the meme coin in the past week, its market valuation hit $1.2 billion. Popcat became this week’s top meme gainer due to a huge increase in its future open interest and increased market optimism.

Although it’s unclear if the meme coin can maintain this level, CoinMarketCap data suggests that community mood is positive, the meme is trading at $1.22, 4 cents from its high, down from a market valuation of $1.2 billion.

Popcat’s value increased by over one-third within a week, reaching a new all-time high of $1.26 on October 5.

The Solana-based cryptocurrency was also up 110% over the previous month, giving it the second-largest gainer among the top 100 cryptocurrencies.

The rise of Solana-based meme assets over Ethereum can be attributed to several factors. First, the Solana blockchain is renowned for its low costs and quick transaction execution. This makes it very appealing for meme coin developers searching for a high-performance platform.

Furthermore, the Solana ecosystem appears to be benefiting more from the growing public interest in meme coins inspired by pets, as it has effectively capitalized on this trend. Investors seem more inclined to resort to Solana meme coins. As opposed to Ethereum tokens like Floki and Shiba Inu, consider tokens like Popcat and Dogwifhat.
One of the primary positive justifications for Popcat is its highly distributed ownership, with large holders controlling just 17% of the total supply per CoinCarp data.

Popcat has been well received by the meme community partly because it is less susceptible to manipulation by “whale” traders and provides a more stable and equitable trading environment.

The Popcat meme coin’s inventor has not been identified by name. The meme of Oatmeal the cat chirping at a bug is what made the token so popular. The video, which showed Oatmeal with its mouth open and closed alternately, soon became a GIF.

XRP melts like ice under sun

Posted on October 5, 2024October 8, 2024 by Olumide Adesina

XRP token decreased by almost 15% this month, the primary driver is SEC’s appeal in the Ripple lawsuit.

Market pundits, however, see XRP’s plunge as an opportunity for buying and not as a source of panic.

In more detail, the previous price behaviors of assets and the recent activity of whales in the market imply an XRP price boom. The SEC’s recent filing in the Ripple lawsuit might create some tough obstacles to the bullish scenarios for XRP, especially if the financial watchdog convinces the Court that the secondary trade of XRP to retail investors is unlawful in the USA.

The possibility of a cross-appeal is being discussed internally at Ripple, according to Alderoty, who said: “The SEC case against the company has been wrongheaded from the beginning.”

Brad Garlinghouse, head at Ripple asks why the agency still harbors this notion partly because they should have given up on it trying to rationalize it. After all, it lacks a rational or reasonable argument for pursuing that case.

“If Gensler and the SEC were sane, they would forget this case long ago. It surely hasn’t protected the investors and ruined the credibility and image of the SEC.”

Price action highlights a possibility that XRP will fall below the lower trend line of the existing symmetrical triangle, which further coincides with its 50-month EMA (the red wave).

Based on its monthly chart, as of October 2024, the asset is getting closer to the peak of a similar triangle structure. These types of formations frequently precede significant directional moves, and if XRP follows past precedents, a breakout may result in major gains.

Symmetrical triangle breakouts are typically bullish, matching the triangle’s height at its widest point in relationship to price gains, especially when the triangle is in an uptrend. The current symmetrical triangle’s top for XRP is located at $0.52.

The potential upside target of the pattern is close to $3.40, which would represent a startling increase of more than 4,200 percent in the upcoming years if the price breaks above the upper trendline from this level sometime around June 2025.

Coinbase to delist non-compliant stablecoins

Posted on October 5, 2024October 5, 2024 by Olumide Adesina

Coinbase announced plans on Friday to delist stablecoins that are non-compliant with the European Union’s MiCA laws beginning at the end of this year. It has been suggested by Coinbase to stop supporting stablecoins that don’t adhere to the Markets in Crypto Assets (MiCA) rules set forth by the EU

According to Bloomberg, this comes after the EU tightened the regulatory framework around the digital asset market.

The report said, “As of December 31, guidance for cryptocurrency exchanges and other businesses operating in the bloc will take effect.”. Coinbase revealed that in the coming months, European Economic Area (EEA) users can convert their assets into stablecoins with regulatory approval, such as Circle’s USDC.

The company reiterated that it will comply with local regulations, and the delisting process will start on December 30. Coinbase’s action may limit stablecoin issuer Tether, whose USDT token is allegedly not yet compliant with MiCA laws. “Given our commitment to compliance, we intend to restrict the provision of services to EEA users in connection with stablecoins that do not meet the MiCA requirements by December 30, 2024,” the company stated.

Several other exchanges like Bitstamp, Uphold, OKX, and Binance stopped supporting stablecoins like USDT for their European users to remain compliant. On June 30, the European Commission expanded the jurisdiction of MiCA to include stablecoin issuers, provided that they hold an e-money license from at least one EU member state. The objective is to improve supervision and guarantee adherence among stablecoin suppliers exposed in the area.

FBI issues warning on Ichcoin

Posted on October 5, 2024 by Olumide Adesina

The Federal Bureau of Investigation (FBI) has issued a warning, regarding the fraudulent cryptocurrency platform Ichcoin, which defrauded investors nationwide. The warning pertains to the Ichcoin cryptocurrency scam, targeting US investors.

Amanda Culver, Assistant Special Agent, draws attention to the simplicity of scammers’ methods. Victims frequently lose their life savings after being tricked into thinking their investments are increasing. In the end, they are left with nothing.

She added: “It is easy to use these platforms to bamboozle people… crypto is one of those platforms on which folks recognize that there can be a return on investment. The concern is that homework needs to be done.” Culver also warned about red flags, saying:

I think it’s important for people to know that any time you receive unsolicited messages from people asking you to invest, promising high rates of return on your investment, telling you that they’re going to give you free money for you to invest, anything along those lines, those are red flags.

Ichcoin, according to Assistant Special Agent in Charge Amanda Culver, is a “scheme” and a “scam” that frequently originates on social media sites like Facebook and Instagram. Next, con artists transfer the conversation to WhatsApp, and pose as advisers on cryptocurrency investments. They then pressure victims to tell lies to their banks and send substantial amounts of money to the fraudulent website. The victims are tricked into believing such investments are increasing, but when they try to take money out, they are “ghosted.”. Culver highlighted that several victims had lost their entire life savings.

Bitcoin hit $62K after positive nonfarm payrolls data

Posted on October 5, 2024 by Olumide Adesina

Bitcoin continued to rise above the $62K level following the release of positive September nonfarm payrolls data by the U.S. Bureau of Labor Statistics The government data showed 254,000 new jobs were added last month, far exceeding the 140,000 economists had predicted.

The unemployment rate dropped to 4.1 percent in August in contrast to expectations for 4.2 percent. Bitcoin was up nearly 1.5 percent and traded around $62.1K at publication.

Bitcoin’s overbought market narrative in the past five days was hit amid unpleasant macro news, such as the escalation of the Middle East conflict, still, prices are significantly lower than they were a week ago at levels above $66K. CoinGlass data historically affirms the two best months for Bitcoin have been October and November.

The US election could also be a driving force behind Bitcoin and other tokens. Historically, top assets perform positively after the election, as investors accept the new normal of the next administration.

Traders expectations for a second consecutive Fed 50 basis point rate cut at the bank’s next policy meeting, which is scheduled to take place shortly after the November elections, have been lowered in response to recent economic data, including Wednesday’s ADP jobs report and yesterday’s ISM Services report, both of which came in far stronger than expected.

Federal Reserve Chairman Jerome Powell’s remarks contributed to Bitcoin’s downward trend this week. Growing geopolitics uncertainty and the impending election in the world’s largest economy according to a research report released by JPMorgan (JPM) on Wednesday boost the buying power of bitcoin (BTC) and gold.

According to analysts led by Nikolaos Panigirtzoglou, “a Trump win in particular, aside from being supportive of bitcoin from a regulatory point of view, would likely reinforce the ‘debasement trade’ both via tariffs (geopolitical tensions) and an expansionary fiscal policy (‘debt debasement’).”.

Forex Signals Brief October 4: Can the NFP Keep the USD Up?

Posted on October 4, 2024October 3, 2024 by Skerdian Meta

Yesterday the day started with the Swiss CPI inflation report, which showed a 0.3% decline in September, further putting pressure on the Swiss National Bank to reduce interest rates. That kept the CHF down throughout the day, with USD/CHF heading for the top of the range, helped by USD demand and markets turning away from safe havens such as the CHF.

Continue reading “Forex Signals Brief October 4: Can the NFP Keep the USD Up?” →

XRP Drops 23% As SEC Appeals: Is Ripple Preparing For $0.40?

Posted on October 4, 2024 by Dalmas Ngetich

XRP is under immense selling pressure, looking at the formation in the daily chart. After days of sharp losses in the first half of the week, bears didn’t slow down. If anything, XRP retested September lows at around $0.50 before recoiling. This dump means XRP bears have reversed everything posted in September, and there is a high possibility that the sell-off will continue. With XRP below $0.55, all that’s required is a slight push, and the coin will lose $0.50, marking the start of another wave lower.

The current state of price action means sellers are back in the equation, and XRP, for all the strength it posted in Q3 2024, is surprisingly fragile. The sell-off to $0.50 means sellers are determined, pushing losses from September highs to over 23%. In the past week, XRP is down nearly 12% amid decent trading volume at nearly $2 billion.

XRP and Ripple traders are closely monitoring the following news events:

The United States SEC has repealed the recent court of appeal ruling, serving a blow to Ripple and XRP. Notably, the regulator wants an injunction to bar Ripple from selling XRP to institutions. Due to this insistence, the coin may continue losing.
There is a marked spike in XRP whale activity, looking at coin trackers in the past few trading days. Notably, Santiment data shows that XRP transaction volume soared, spiking to a new 8-month high of over $2.3 billion.

XRP Price Analysis

[[XRP/USD]] is sliding at spot rates.

It is down 23% from September highs and might continue losing in the coming days.

With the coin trending below $0.55, every high may offer entries for sellers targeting $0.50 and $0.40.

Notice that the slide of the past few days has seen bears recover gains of September.

At the back of this drop is a spike in trading volume, pointing to trader participation.

The only time this bearish preview will change is if XRP soars above $0.55.

Otherwise, XRP may dump to August lows.