Telegram disables “People Nearby” feature

Posted on September 7, 2024 by Olumide Adesina

Telegram’s creator, Pavel Durov, disclosed in a Sept. 6 announcement that Telegram is deactivating the “People Nearby” feature and removing some features from the platform, such as media uploads to the “Telegraph” blog.

Pavel Durov admitted there were situations that “made it easier for criminals to abuse our platform” because of the dramatic increase in Telegram users, which he now estimates to be 950 million worldwide. “The 0.01% of Telegram users engaged in illegal activities give a bad image of the application, even though 99.99% of users have nothing to do with crime.”.

Although the great majority of the Telegram community was not abusing these features, Durov informed his followers that media uploads to the blogging platform were “misused” by bad actors.

The great majority of law-abiding Telegram users, however, are disproportionately at risk from the “0.001 percent involved in illicit activities,” as stated by Durov. A “businesses nearby” option will replace the individual geolocation tracking, the co-founder of Telegram also revealed.

According to French prosecutors, by not enforcing stricter content moderation policies, the founder of Telegram and the platform participated in the spread of child pornography. In August. 28. On February 28, 2024, Durov was accused by French authorities of money laundering, criminal association, and offering “cryptology” services without authorization.

Arrest warrants were issued for Pavel Durov and his brother Nikolai in France. The founders of Telegram allegedly refused to assist with an earlier investigation, according to French law enforcement officials, by not naming a specific Telegram user who allegedly disseminated materials about child abuse.

French officials claim that the investigation began when cybercrime investigators from the Paris prosecutor’s office discovered a hidden Telegram chatroom that was meant to entice and take advantage of minor girls.

For the first time since his arrest, Durov spoke out on Sept. 5. , using his Telegram channel to explain what had happened. Since then, Telegram has trimmed some features and altered the language in the Telegram Frequently Asked Questions section regarding the moderation of private chats, signaling a change in the platform’s content moderation policies.

Forex Signals Brief September 6: Mind A Soft August NFP Reading!

Posted on September 6, 2024September 5, 2024 by Skerdian Meta

Yesterday market jitters intensified ahead of the US non-farm payrolls (NFP) release, leading to volatile swings without a clear direction, with the US data also showing mixed outcomes. Initially, the US dollar weakened in response to the disappointing ADP employment report, but later regained ground as services PMIs highlighted this part of the economy is still performing well.

On Thursday, the dollar softened as bond yields dropped to their lowest levels of the year, signaling a potential shift from disinflation to risk-averse, pushing traders toward flight to0 safety. Lower yields applied downward pressure on the US dollar, with [[Gold]] heading toward record highs, while [[USD/JPY]] fell below the 143.00 mark.

Meanwhile, Oil gave the bearish bias confirmation, particularly after it failed to move higher following OPEC’s announcement to delay any production ramp-up until December. The $2 rally in crude prices fizzled out and [[WTI]] crude fell below $70 again, which is a negative signal for Oil prices, but offers positive news for bond markets and the Federal Reserve.

Today’s Market Expectations

The Canadian employment report data is expected to show an increase of 25,000 jobs in August, a rebound from the -2.8K jobs lost in July, with the unemployment rate predicted to rise slightly to 6.5% from 6.4%. Despite this, the market is not expected to pay much attention to the Canadian report since it will be released at the same time as the highly anticipated US Non-Farm Payrolls (NFP) report.

The US NFP is projected to show 165K jobs added in August, up from 114K in July, with the unemployment rate expected to dip to 4.2% from 4.3%. Year-over-year average hourly earnings are forecasted to increase to 3.7%, slightly up from the previous 3.6%, while the month-over-month figure is expected to rise to 0.3% from 0.2%. Last month’s US labor market report fell short of expectations across all metrics, leading to a sell-off in risk assets that began with the ISM Manufacturing PMI report the day before. The household survey also revealed that 436,000 people were unable to work due to severe weather caused by Hurricane Beryl in July, the largest figure on record for that month. Additionally, there were 249,000 temporary layoffs last month.

Forex Signals Update

Yesterday we made a comeback regarding the forex signals, leaning short on the USD, as the retreat continued after a number of weak employment reports. We opened 7 trading signals in total, ending with five winning forex signal in total and one losing trade.

Gold Makes Lower Highs

Earlier this week, gold dropped to a low of $2,070 but found solid support at the 20-day SMA (gray) on the daily chart. Two hammer candlesticks, signaling a potential reversal, prompted buyers to return on Wednesday, pushing the price back above $2,520. This second surge was primarily driven by expectations of a 50 basis point rate cut by the Federal Reserve, fueled by weak job data. Gold’s decline below $2,500 this week erased much of the strong buying momentum seen in August. The fall paused near the 20-day SMA before rebounding midweek, as buyers sought to reignite the bullish trend. However, the recovery has stalled below last month’s high, and traders are now shifting focus to the upcoming August US Non-Farm Payrolls report, after a string of disappointing labor data.

XAU/USD – Daily chart

Trying the Upside in USD/CHF

In the USD/CHF pair, the price fell more than 6 cents to 0.84 over the past two months, but a strong bullish reversal late last week pushed the pair above 0.85, gaining more than 1 cent. The return of USD buyers has been a key factor in this bullish momentum since mid-last week. However, with expectations of a 50 basis point rate cut by the Federal Reserve this month, the USD has been losing steam. After today’s JOLTS job openings report, USD/CHF dropped by approximately 40 pips. Despite this decline, the price remains above the 50 SMA (yellow) on the H4 chart, which has served as support since USD/CHF broke above it last week.

EUR/USD – Daily Chart

Cryptocurrency Update

Bitcoin Falls Below Support

Bitcoin’s price has retreated after a recovery from its early-August lows, during which steady buying pushed it past $62,000, nearing $65,000. However, the cryptocurrency is now facing strong resistance at the 100-day and 200-day SMAs, which are hindering further gains. This week, Bitcoin saw a reversal, forming an inverted pin bar that signals a bearish trend reversal. The price has since dropped below the critical $57,000 support level, suggesting weakening bullish momentum as sellers take advantage of recent downward pressure.

BTC/USD – Daily chart

The 20 Daily SMA Turns Into Resistance for Ethereum

Ethereum has been in a downward trend since March, with a series of lower highs hinting at potential further losses. After a sharp drop from $3,830 to below $3,000, Ethereum briefly rebounded in June, surpassing the 50-day SMA. However, persistent selling pressure triggered another decline, driving the price below the 200-day SMA before recovering to around $2,600. Currently, sellers remain in control, with the 20-day SMA acting as resistance on the daily chart.

ETH/USD – Daily chart

Bitcoin Selling-Off: Network Activity, Volatility Shrinks As BTC Bears Eye $50,000

Posted on September 6, 2024 by Dalmas Ngetich

Bitcoin is down when writing, slipping below July 2024 lows. At this pace, there is no discounting the possibility of the world’s most valuable coin retesting August lows in a bear trend continuation pattern. There are several reasons to support this bearish outlook. First, the coin is within a bear breakout following losses early this week. Second, despite the rejection of lower prices on September 4, the continuation of the sell-off yesterday means sellers are determined. All the same, with traders upbeat, a revival above $60,000 would be a timely shot in the arm.

The failure of bulls to step in means the downtrend remains. Coin trackers point to weakness, at least based on the performance. Bitcoin is down 1% in 24 hours, pushing weekly losses to over 4%. At the same time, the sell-off has decent trading volume, averaging nearly $30 billion when writing.

Traders are watching the following trending Bitcoin news:

Amid the drop, Bitcoin volatility is falling in tandem. The only time this will change is if prices either rapidly expand above $60,000 or dump to $50,000.
Trackers also note that the Bitcoin active user addresses count is at 2024 lows. Surprisingly, this risk-on attitude is when the coin is trading less than 20% from all-time highs. Activity will pick up, signaling investor interest once there is a surge in prices above local resistances.

Bitcoin Price Analysis

[[BTC/USD]] is within a bearish formation, per the formation in the daily chart.

At press time, traders can consider aligning with the trend.

This means shorting on every attempt higher, ideally within the $57,000 and $58,000 zone.

The first target would be $49,000.

However, if sellers are dominant, the coin may drop even lower, retesting $45,000.

All the same, the outlook will change assuming Bitcoin picks up momentum, racing above $60,000.

In that case, BTC may find the much needed support for another uptick to $66,000.

Ethereum Drops Below $2,400 Amid DeFi Boom: Why The Divergence?

Posted on September 6, 2024 by Dalmas Ngetich

Ethereum is trending lower, looking at the performance in the daily chart. The coin is below $2,400, pointing to weakness, and bear bars are beginning to band along the lower BB. Therefore, unless there is a shift in momentum favoring buyers in the coming days, ETH might continue trickling lower. At this pace, the first target would be $2,100. However, if there is more dumping, the second most valuable coin could contract, breaking below $2,000.

The state of affairs in the daily chart shows in how the coin performs in the past day and week. To put in the numbers, Ethereum is now down 1% in 24 hours, pushing losses of the last week to over 5%. Evidently, sellers are in control, at least for now. The only concern for bears, at least in the short term, is the dip in engagement. The average trading volume is down to $13 billion on the last day.

Traders are keeping tabs on the following trending Ethereum news:

As Ethereum trends lower, its DeFi ecosystem is building. Synthetix, one of the earliest finance protocols, is building its platform using Optimism technology. The app chain, built on the SuperChain, will be dubbed SNAXchain.
EigenLayer, the largest liquidity staking platform for Ethereum, plans to distribute 86 million EIGEN, their native token, to stakeholders via Season 2 “Stakedrop.” The distribution ends on September 17 but will target users who interacted with the protocol between March 15 and August 15.

Ethereum Price Analysis

[[ETH/USD]] is weak at spot rates.

Even as its ecosystem explodes, ETH is under pressure.

The local resistance is at $2,400, while a breakout above $2,800 would mark a significant shift in trend.

Every high below $2,400 may offer sellers an opportunity to sell, targeting $2,100.

Conservative traders, on the other hand, can wait for a clean break above $2,800 or below $2,100 before committing.

A recovery placing ETH above $2,800 may see the coin bounce to $3,500 in a refreshing trend shift.

XRP Sellers Build Up Momentum: Ripple Safe from A US SEC Appeal At Least Until 2026

Posted on September 6, 2024 by Dalmas Ngetich

XRP is under pressure, and cracks are beginning to show. From the daily chart, not only is the coin retesting $0.55, briefly dropping below this line on September 5 but there is also fizzling momentum. Sellers have the upper hand as the coin flat-lines within a tight range. This shows because XRP has been weaving around the $0.55 for days, signaling bear pressure. Unless a bounce takes the coin to the upper end of the range, the probability of sellers forcing prices below this range remains high.

As XRP consolidates, the $0.55 level will be crucial. How the coin performs today might shape the short to medium trend. Specifically, traders are watching the local resistance and support at $0.58 and $0.55, respectively. So far, XRP is down 2% on the last day amid falling trading volume that’s now below the $1 billion mark.

The following XRP and Ripple news events might shape the short-term trend:

Ripple, the blockchain company, has filed a letter requesting the court for a stay of execution. This concerns the monetary portion of the court ruling issued in early August. Then, the firm was to pay $125 million as a fine to settle the multi-year court case.
Even with XRP choppy, one lawyer is downplaying the impact of the United States SEC appealing their case versus Ripple. Even if they do, the lawyer thinks it will be made in 2026. For this reason, the short-term trend of the coin will be purely influenced by factors outside the SEC.

XRP Price Analysis

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

Sellers have the upper hand, per the state of affairs in the daily chart.

While prices weave around $0.55, there might be entries for sellers only once there is a decisive, high volume close below this crucial support.

When that happens, XRP may slip towards August 7 lows at $0.50 as the coin retraces.

If not, and there is an explosion from $0.55, the coin will extend gains of early August, pushing it toward July 2024 highs.

Forex Signals Brief September 5: More US Jobs Data Before the NFP

Posted on September 5, 2024September 5, 2024 by Skerdian Meta

Yesterday the day started with the GDP report from Australia, which showed a 0.2% for July, but on a yearly basis, it continued to move lower, falling to 1.0% in Q2 after the decline to 1.1% in Q1. As a result, the Australian Dollar tumbled 30 pips lower during the Asian session, but [[AUD/USD]] ended the day higher nonetheless on the back of returned USD weakness.

Continue reading “Forex Signals Brief September 5: More US Jobs Data Before the NFP” →

DOGS can’t bark, down 55% from listing price

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

The highly anticipated DOGS token, a meme token native to Telegram, has had a bumpy beginning since going live on August 26, 2024. The token first gained enormous traction shortly after increasing its market capitalization to more than $600 million in the first ten trading hours.

The joy, was fleeting as the token soon experienced considerable volatility, falling more than 55% from its peak of approximately $0.001817. It is currently trading at $0.0009, down over 4% over the past day, according to Binance data.

The abrupt decline in DOGS’s value can be explained by market volatility and the actions of early adopters. The significant drop in the token’s value can be explained by the fact that most of them took a huge loss, in an attempt to realize quick profits.

The difficulties with the token have increased partly because of the arrest of Telegram CEO Pavel Durov. Given that DOGS is a token that is intimately linked to the Telegram ecosystem, the platform’s general issues have affected it.

As a reaction, the Telegram community started the Telegram campaign on social media to show support for Durov and voice worries about the future of the token.
Even with that initial error, some analysts remain optimistic about DOGS’s potential for recovery.

The Money Flow Index (MFI), on the hourly chart, has increased noticeably, suggesting that more money is entering the cryptocurrency. A technical indicator of the amount of capital flowing into a cryptocurrency is the MFI. The indicator highlighted increased selling pressure when it declined.. Conversely, an increase suggests the opposite.

DOGS, declining price combined with an increasing Money Flow Index indicates that buyers are intervening and selling pressure is lessening, resulting in a bullish divergence. Usually, this formation suggests that a price increase is imminent.

A result like this could drastically change the token’s value and, in turn, offer investors and holders of DOGS a way out. However, it’s critical to acknowledge that the current technical indicators indicate a bearish outlook for DOGS soon.

CoinCodex’s analysis suggests risks involved and that now might not be the best time to buy DOGS. The DOGS team has been putting a lot of effort into keeping its services dependable amid the market turmoil.

Through the Wallet platform, more than 1.6 million users have exchanged DOGS as of right now. Since the token’s listing, there has been a lot of demand for the Wallet services, so the team has announced some critical updates to guarantee their steady operation.

Bitcoin Bears Target $50,000: Why Are Large Whales Fast Accumulating?

Posted on September 5, 2024 by Dalmas Ngetich

Bitcoin is down at press time, struggling for momentum. Even though traders are confident of what lies ahead, the short-term trend is bearish for the world’s most valuable coin. A close below $56,500 may trigger panic selling, forcing the coin even faster to $50,000 or worse. Aggressive traders, considering the structure of BTC at spot rates, might look at shorting entries. However, if there is an expected price expansion above $60,000, momentum could start building up, relieving traders.

At press time, BTC is down, shedding nearly 5% in the past day and week. Meanwhile, the average trading volume in the last 24 hours is at $33 billion; a slight improvement. Overall, the prevailing sentiment swings in favor of sellers. As fear grips the market, bears might take advantage and further squeeze shaken bulls, accelerating the downtrend.

The following trending Bitcoin news events are worth monitoring:

Despite the market shakeout, holders of between 100 and 1,000 BTC are unfazed. According to trackers, it appears that this cohort is actively accumulating, taking advantage of low prices.
One analyst is also convinced that as long as prices remain below $68,000, bears have the upper hand. Ideally, the leg up above the resistance trend line must be with rising trading volume, pointing to trader engagement.

Bitcoin Price Analysis

[[BTC/USD]] is within a bearish formation at press time.

The retest and breach of $56,500 means the coin is changing hands below the July low.

Therefore, in a bear breakout formation, active traders can consider shorting on every attempt higher, targeting $50,000.

This formation will align with the sellers of August 27 and September 1.

Overall, this will also be in sync with early August lows, confirming the strength of bears.

If there is an unexpected recovery, a close above $60,000 would assuage fears, strengthening bulls.

Ethereum Selling Off, Toyota Exploring: Are Bears Preparing For Sub-$2,000?

Posted on September 5, 2024 by Dalmas Ngetich

Ethereum is down at press time, mirroring the general performance of top altcoins. While there is hope that prices will recover in the sessions ahead, the turn of events in the past few trading days points to weakness. For now, active traders can consider shorts whenever prices rise but stay below $2,400 and $2,800. Looking at the daily chart, it is evident that bulls are struggling for momentum while aggressive bears double down, confirming losses of late August 2024.

The sequence of events of the last day means Ethereum is stable on the previous day, losing 2% in the last week. Additionally, prices are now within a bearish breakout formation. Since prices are tethered around $2,400 and the accompanying bear bar has rising trading volume, sellers stand a chance. In this case, ETH might sell off in the second half of the week.

Traders are closely monitoring the following trending Ethereum news:

Despite Bitcoin outperforming Ethereum, the smart contracts platform is registering more users. Over the last three months, Ethereum posted more new wallet addresses than Bitcoin but trailed those recorded on USDT, the world’s largest stablecoin.
Toyota, one of the world’s largest automobile manufacturers, may adopt Ethereum and use the tech in its mobility-oriented account (MOA) system. The endorsement is massive for the smart contracts platform.

Ethereum Price Analysis

[[ETH/USD]] is selling off when writing.

Even though there are optimists, expecting a sharp recovery in the coming days, the short-term swings in favor of sellers.

Since prices are weak, at around $2,400, traders can consider shorts on every attempt higher within the $2,400 and $2,800 zone.

The first target would be $2,100 or August lows.

However, sustained losses below this mark may open up opportunities for conservative traders to ride the trend, targeting $1,500.

If Ethereum finds support, any expansion above $2,800 will nullify this outlook.

XRP Extremely Shaky At $0.55: Ripple Has “No Interest” In US IPO

Posted on September 5, 2024 by Dalmas Ngetich

XRP is wavy inside a narrow, horizontal range, which is clear in the daily chart. Even though the uptrend remains and is anchored by the August 7 bull bar, sellers might take charge in the short term. For now, the coin is trending above $0.55. However, if there are losses below this level of support, meaning the coin breaks out of this range, the next stop would be August 7 lows. If XRP’s fortune is to change, then prices must break decisively from the current range, racing to over $0.70.

At press time, the path of least resistance is northwards; at least clear from a top-down preview. In the past day, XRP is down 2% while extending losses by 3% on the last week. The average trading volume remains constant at around $1.1 billion, meaning interest is lower than expected.

Traders are keeping tabs on the following XRP and Ripple news:

Plans for launching the RLUSD stablecoin are at an advanced stage. According to Brad Garlinghouse, the CEO of Ripple, the stablecoin will be issued within “weeks,” not months.
Ripple, the blockchain company, won’t be listed in the United States. The CEO, Brad Garlinghouse, recently revealed that they have no interest in issuing the IPO in the country. This is primarily due to the strict regulator.

XRP Price Analysis

[[XRP/USD]] is consolidating, looking at the development in the daily chart.

Even though the uptrend remains, there are concerning cracks.

For instance, XRP bulls have been unable to crack $0.66, confirming gains of August 7.

Instead, the coin’s valuation is at around the lower limit of the range at $0.55.

If there is a high volume breakout below this range, XRP would likely reverse all gains of August 7.

However, things will turn for the better if the coin breaks upward from the current range, trading above $0.65.

In that case, the coin might fly to $0.74 and $1.