Bitcoin Approaching $60,000, Analysts Expect BTC To Reach $125,000 If Trump Wins

Posted on September 13, 2024 by Dalmas Ngetich

Bitcoin is firm when writing and trending at early September 2024 zone. That the world’s most valuable coin is at around the $58,000 zone is bullish. So far, buyers have reversed September 6 and 7 losses and appear firm. Technically, the trend is beginning to shift. Even so, the coin is within a neutral zone, and for the uptrend to take shape, a spike above $60,000 will be critical. If not, losses reversing recent gains from early this week, will question the commitment of buyers, slowing down the uptrend.

Buyers are back, considering the series of higher highs of the past four days. The rejection of bears means the coin is stable in the past day and 3% in the previous week. Notably, engagement is also improving, rising to $30 billion. Now that there is a rejection of lower prices and bulls are back, there could be a reason to closely monitor how BTC performs today.

Traders are closely watching the following trending Bitcoin news:

According to Standard Chartered analysts, Bitcoin will edge higher regardless of who wins the United States presidential seat. A Donald Trump win will, nonetheless, be more favorable for the broader crypto scene, lifting BTC to as high as $125,000 by the end of the year.
The crypto trading exchange, eToro, has agreed to settle with the United States SEC. As a result, they will pay a $1.5 million penalty following the regulator’s claim that they were operating an unregistered broker and a clearing agency.

Bitcoin Price Analysis

[[BTC/USD]] is back to green at spot rates.

Of importance, looking at the formation in the daily chart is the expansion of the world’s most valuable coin to around the $58,000 region.

As bulls build momentum, traders can wait for a clean break above $60,000 before committing. If this leg up has a decent trading volume, there will be a high likelihood of Bitcoin rallying and providing entries.

In that event, every low may see aggressive traders load up, targeting $66,000.

A dump reversing gains from yesterday and pushing prices below $56,500 would puncture the uptrend.

Whale triggers SUNDOG bullish run, most valuable TRON meme-coin

Posted on September 13, 2024 by Olumide Adesina

SUNDOG’s price shot up after a whale purchased $2 million worth of the token. Lookonchain claims that on Sept. 12, A whale bought the trending meme coin with the money he made from selling the native Tron

The analytics platform states that the whale took out $2 million worth of 13.07 million TRX from Binance and quickly bought 3.52 million Sundog, a meme coin created on the TRON blockchain.

The meme asset, launched on August 19, has already amassed $200 million in market valuation after Justin Sun unveiled the SunPump token creation platform as an alternative to Pump. fun the project, the sole participant in this market until recently. More than 6,000 tokens were created on SunPump within a day, bringing in more than $1 million in fees.

Investors’ interest in SUNDOG has lately increased due to the hype surrounding SunPump, which explains its remarkable performance. Some even think that the emergence of these coins on the TRON blockchain signals the start of a new trend in the meme coin industry.

After the transaction, the price of the SUNDOG token skyrocketed, going from lows of $0.30 to $0.35. At the time of writing, the token’s total 24-hour gains were 25%. The token’s price spiked while slightly below its new all-time high. The market capitalization of the meme coin surged to over $350 million during the price surge. In the meantime, daily volume increased by 32% and surpassed $198 million.

SUNDOG is the top meme coin on Tron based on market capitalization, It debuted in August, less than a month ago. 15—and has witnessed incredible increases of 770 percent since drops to $0.039 on August 15. 16. Sundog’s traction is largely due to Justin Sun and SunPump’s launch and the excitement of the meme coin launchpad. Additionally, Sundog has been aggressively listed on some significant exchanges, such as KuCoin, MEXC, Bybit, and Gate. io.

Ethereum Capped Below $2,400: Bears Take Charge Despite US SEC’s Endorsement

Posted on September 13, 2024 by Dalmas Ngetich

Ethereum is steady at press time, struggling for momentum. Though the expansion of BTC was highly expected to lift ETH, this time, the coin remains pinned within the September 11 trade range. Overall, sellers are in control, and it would take a lot of effort for buyers to take over, shaking off recent weakness. Technically, if prices are below $2,400, sellers will still be in control. For this reason, the trend will only shift if there are attempts to rewind losses. A break above $2,800, on the other hand, would signal the presence of buyers.

Before this, traders are monitoring how the coin performs, relative to the weak greenback. So far, Ethereum is down double digits, sliding nearly 35% from July highs. On the last day, Ethereum is stable, though it has yet to overcome the sellers of the past week who have the upper hand. Amid the sideways chop inside a generally bearish trend, the average trading volume is low, dropping to around $11 billion in the last day.

The following Ethereum news events are trending:

Crypto solutions, including ETH and stablecoins like USDT issued on Ethereum, are considered optimal solutions for global payments. According to Brian Armstrong, the CEO of Coinbase, these assets would play a major role in speeding up the economy and removing needless friction.
Reading from the United States SEC’s settlement with the crypto exchange, eToro, is appears that the regulator thinks ETH is not an unregistered security. The exchange has stopped the trading of crypto assets except for Bitcoin, Bitcoin Cash, and Ethereum.

Ethereum Price Analysis

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

ETH might be undervalued as things stand, considering the general alignment of fundamental factors.

Sellers might continue shorting as long as prices trend below $2,400—or even $2,800—for the conservative one.

Since the downtrend remains, the first target would be $2,100.

This will only change once Ethereum bulls flow back, shaking off recent weakness and lifting the coin above $2,800.

Only then will Ethereum likely expand, even racing to $3,500 in a reinvigorating bull trend resumption.

Dips below $2,100 would crash hopes, possibly sparking a panic sell to $1,500.

XRP Spikes After Grayscale Endorsement: Is Ripple Preparing For Another 40% Surge?

Posted on September 13, 2024 by Dalmas Ngetich

XRP broke higher yesterday after a favorable announcement from Grayscale. Now that prices are floating above $0.55, the probability of bulls extending gains is high. Technically, buyers are now in charge. Looking at fundamental developments, especially the recovery of Bitcoin and the possible realignment of the general crypto trend, there could be more room for growth. In the short term, the primary support will remain at $0.55. Meanwhile, buyers can set their eyes on $0.66, or the upper limit of the current range.

In light of the bullish development over the past day, traders are upbeat, explaining the explosion. To put in the numbers, XRP is up 6% in 24 hours, pushing weekly gains to over 4%. At the same time, the average trading volume of the last day shot to above $1.7 billion in the past 24 hours.

XRP and Ripple holders are watching out for the following trending news:

Grayscale, a top crypto asset management firm, has launched an XRP trust. The announcement is seen as positive, setting the stage for the potential application of a spot XRP ETF.
Ripple, one fund manager assesses, is a standout in the crypto scene for its unwavering business strategy. Instead of being swayed, they have remained put, only focusing on institutions. As recently mentioned, the RLUSD stablecoin, reports suggest, will be accessible for organizations, not retail.

XRP Price Analysis

[[XRP/USD]] is turning the corner, looking at the performance in the daily chart.

The explosion lifting XRP above $0.55 signals the presence of buyers and the shift in trend, aligning with that of early August.

Accordingly, traders can consider loading the dips above $0.55.

As mentioned earlier, the first target would be $0.66, or July highs.

However, since XRP found support at the 50% Fibonacci of the July trade range, nothing prevents buyers from targeting $0.77.

This marks the 1.618 Fibonacci extension level of the same range.

eToro offers U.S. clients Bitcoin, Ethereum, and Bitcoin Cash only

Posted on September 13, 2024 by Olumide Adesina

eToro and the U.S. Securities and Exchange Commission reached a settlement of $1.05 million following claims that it had violated federal securities laws. American users can only trade Bitcoin, Ethereum, and Bitcoin Cash as of right now.

The trading platform has 187 days to sell its current holdings and offboard all other cryptocurrencies in compliance with the September 12 ruling, Customers will receive proceeds based on their balance.

eToro delisted (XRP) and three other cryptocurrencies in 2020 in reaction to the SEC’s lawsuit against Ripple. The business’s cryptocurrency services did, however, continue outside the world’s largest economy. The company has CySEC CASP approval to provide digital asset facilities within the European Union.

In the meantime, a broad crackdown by the SEC and other American regulatory watchdogs was maintained on the developing blockchain industry. Since 2013, the SEC has fined cryptocurrency firms more than $7.4 billion.

According to the SEC’s complaint, eToro operated a clearing agency and broker without a license since 2020. The exchange refused to acknowledge or refute the SEC’s claims. The enforcement division head of the SEC, Gurbir S. Grewal, stated that eToro’s collaboration opens up a method for other cryptocurrency middlemen to abide by US regulations.

Although the platform did not discuss whether cryptocurrencies are secure, the settlement could serve as a model for similar lawsuits in the future. Distinguishing Bitcoin, Ethereum, and BCH from other cryptocurrencies implies that the SEC considers most digital assets as securities.

Forex Signals Brief September 12: Locked for the ECB Rate Cut, US PPI

Posted on September 12, 2024September 12, 2024 by Skerdian Meta

Yesterday started with the GDP report from the UK, which showed yet another flat month in stagnation at 0.0%, missing expectations of 0.2% for July. That was the third flat reading in the last four months, which shows that the UK economy is suffering. The other data releases such as Industrial and Manufacturing Production, were even worse, showing a decline, but that didn’t hurt the GBP much, especially not as much as the US CPI inflation report, which sent this pair almost 1 cent lower.

Continue reading “Forex Signals Brief September 12: Locked for the ECB Rate Cut, US PPI” →

Bitcoin triggers a break on $58K resistance

Posted on September 12, 2024September 12, 2024 by Olumide Adesina

Bitcoin’s modest retreat on Thursday brings it closer to the crucial $58,000 resistance level amid mixed CPI data

Notably, core CPI increased by 0.3 percent on Wednesday, while monthly CPI data increased by 0.2 percent. The rise in the monthly CPI data raises doubts about the likelihood of the Federal Reserve (Fed) cutting interest rates by 50 basis points in September. The probability of a 50 bps rate cut fell to 8% following the release of the CPI data, indicating a 25 bps cut is more likely. Crypto risk assets shouldn’t benefit from a 25 bps cut. Simultaneously, the yearly core CPI was 3. 2 percent.

Santiment reported that since March 13, when Bitcoin reached its all-time high of $73,679, weekly transactions of $100,000 or more have decreased by 33.6%. The weekly transaction volume of bitcoin whales has decreased by 29,624 from March’s peak

The analytics company pointed out that whales, or wallets with at least 10,000 Bitcoin, can be equally active in bull and bear markets, this isn’t always a bad indication.
In times of high crowd greed or fear, “large key stakeholders continue to bide their time as they wait to make their next moves,” it was said.

Additionally, the negative exchange flow balance, declining supply on exchanges, and less selling pressure from miners indicate an impending rally in the on-chain data.

According to Glassnode’s weekly report, Bitcoin miners’ mining activity demonstrates their tenacity in the face of diminishing earnings. Only 1% separates the Bitcoin mining hash rate from all-time highs. According to the research, the current difficulty of 338k exahashes required to mine a block is the second-highest in the asset’s history. Trader convictions, however, aren’t in line with the steady fall in Bitcoin exchange volume since July.

US Bitcoin Spot Exchange Traded Funds data showed inflows of $117 million on Tuesday, marking the second day in a row. This three-digit million-dollar inflow was finally recorded on August 26th, a long time ago.

Bitcoin Capped Below $58,000: Is This The Most Muted BTC Bull Run In History?

Posted on September 12, 2024 by Dalmas Ngetich

Bitcoin is swinging sideways, looking at the performance in the daily chart. Even though the march from early this week was impressive, what’s needed for trend definition is a conclusive, high volume close above $58,000. The leg up would also mean the total reversal of September 7 losses. Before then, conservative traders can stay on the sidelines until there is a move, either above $60,000 or below $50,000. From the fundamental front, there is little movement, though inflows to spot ETFs continue to build up momentum.

At press time, the world’s most valuable coin is flat. Technically, the downtrend remains from a top-down preview. From the look of things, Bitcoin bulls need to reassert themselves. Any surge will draw back buyers. In turn, it will move dials, pushing engagement higher, above the $36 billion of the past day.

The following Bitcoin news events dominate headlines:

Analysts are convinced Bitcoin is finding support. Pointing to the stablecoin supply ratio–which is at the bottom of the Bollinger Band for the first time since June 2022, they think the coin is at a critical support. Even so, for bulls to take over, prices must edge higher, clearing local resistances.
Considering the state of price action, one analyst thinks Bitcoin is either in one of the most muted Bull Run in history or the true Bull Run is yet to start. Either way, sellers are dominant at press time, and prices need to move for this outlook to shift.

Bitcoin Price Analysis

[[BTC/USD]] is in a bearish formation, looking at the daily chart.

The retracement from this week’s highs is a concern for buyers.

Accordingly, aggressive traders can consider shorts below $58,000 and as long as prices are inside the September 7 bear bar.

For this preview to shift, Bitcoin must clear $60,000 with rising volume, confirming bulls of early this week.

If not, and bears double down, conservative traders can consider shorts once there is a high-volume breakout below $50,000.

Ethereum Losing Steam: ETH Bulls Have Potential, Why Is $2,400 Hard To Break?

Posted on September 12, 2024 by Dalmas Ngetich

Ethereum is down at press time following the contraction of September 11. Nonetheless, traders remain confident. Technically, candlestick formation favors aggressive sellers at press time. The coin is within a descending channel, finding heavy resistance from around the $2,400 and $2,800 zones. If there is a shift in momentum, then bulls must push higher, preferably with high engagement signaling interest. Before then, how prices evolve in the next few days will shape the short to medium-term formation.

Ethereum is down in sync with the state of price action across the board. This shows from how it is performing, looking at trackers. To put in the numbers, the coin is stable, adding 1% in the past day but shedding 2% in the previous week. At the same time, the average trading volume is low, hovering at around $15 billion at press time.

Traders are closely monitoring the following headline-making Ethereum news:

One analyst thinks that, although the current sentiment is bearish, Ethereum has achieved its objective of creating a decentralized financial system. Through this blockchain, developers can innovate and launch solutions, solving everyday problems.
Ethereum Name Domains have now been integrated with Venmo and PayPal, two of the world’s leading payment processors. Holders of ENS domains can now receive funds directly from the two giants.

Ethereum Price Analysis

[[ETH/USD]] is stuck in a consolidation.

Looking at price action in the daily chart, the second most valuable coin is inside a descending channel.

As things stand, sellers are in control.

Accordingly, every high below $2,400 would still offer sellers an entry, targeting $2,100 in the short term.

This outlook remains until there is a high volume close above $2,400, and preferably, $2,800.

If sellers win and Ethereum slips below $2,100, Ethereum could crash to $1,500.

XRP Wavy, Ripple Bulls Find Heavy Resistance At $0.55: What’s Next?

Posted on September 12, 2024 by Dalmas Ngetich

XRP is within a short-term bear formation. From the daily chart, the coin is not only down but also stuck inside the bear bar of September 7. Moreover, bulls have failed to decisively push higher and close above $0.55. If this happens, then buyers stand a chance. Before then, the path of least resistance is downward, at least in the days to come. This outlook changes if there is a fundamental factor driving engagement that influences price action in the sessions ahead.

At press time, XRP is stable, adding 1% as the coin moves inside a tight trade range. What’s more? The coin is down 3% in the previous week as the average trading volume rises but struggles below the all-important $1 billion mark. How sentiment and engagement shape up will largely depend on how prices move in the next few trading days.

The following Ripple and XRP news are worth watching:

Ripple’s UBRI, an annual event, is ongoing in Switzerland. The event brings together the best blockchain minds in the world. During this event, attendees will explore all interesting innovations and research from nearly 60 universities and research centers partnering with Ripple.
Ripple Labs aims to drive tokenization to a new level via the XRP Ledger. A big part of that will be through their partner, OpenEden.

XRP Price Analysis

[[XRP/USD]] is under pressure.

The coin is down nearly 20% from July highs and sliding.

Specifically, the short-term trend favors sellers.

This position remains as long as the coin is below $0.55.

The first target will be $0.50, marking September 7 lows.

XRP is also stuck in the early August 2024 range between August 6 and 8.

Conservative traders can consider shorts if $0.45 falls, while there will be longs if $0.66 is broken.