Toncoin worst performing major altcoin

Posted on September 5, 2024 by Olumide Adesina

Toncoin posted a double-digit daily fall for the day, making it the worst-performing cryptocurrency in the major altcoin market.

The altcoin dipped by more than 44% from its 2023 peak, to as low as $4.58 on Wednesday. Its market value has decreased to $11 billion from a peak of $23 billion. Alongside TON’s decline was a reduction in the value of money secured in its decentralized finance (DeFi) apps.

TVL, or total value locked, fell from a high of $770 million for the year thus far to $318 million, the lowest since June. From 115 million TON to 66.01 million TON, TVL fell.

Furthermore, the TON Blockchain is no longer among the top 20 chains in the DeFi industry, as networks like Linea.
Toncoin formed a triangle pattern on the daily time frame, and it has been trading inside it since July. However, the altcoin broke through its support trendline due to the recent market instability, plunging 15.12% over the preceding week.

The price chart of Toncoin shows a consistent downward trend according to the EMA 50/200-day. This suggests that there is more selling pressure in the cryptocurrency market.

Moreover, the indicator indicates a high likelihood of a Death Cross, implying a dismal future outlook. In addition, the RSI indicator has dropped significantly in the direction of the oversold range and is about to test it. This implies that the value of the TON cryptocurrency may continue to decline this week.

Furthermore, TON’s decentralized exchanges have seen a greater decline in the volume of assets traded than other chains, with a 62 percent decline to $144 million in the last seven days.

The recent arrest of Telegram CEO Pavel Durov in France may have hurt TON’s performance. Authorities accused him of major crimes like assisting organized crime and defying court orders. If Durov is found guilty his sentence may be more than ten years.

The next significant factor influencing the price of Toncoin is expected to be the airdrops for Tapswap and Hamster Kombat later this month. In September, the popular tap-to-earn mini-app Hamster will go live. 26.

The makers of TapSwap have pledged to reveal the exact date of the airdrop before the end of this month’s third quarter, despite not having disclosed one yet.

Robinhood pays $4 million settlement over Crypto withdrawal restriction

Posted on September 5, 2024 by Olumide Adesina

The California Department of Justice declared a $3.9 million settlement with the company over Robinhood’s refusal to permit cryptocurrency withdrawals between 2018 and 2022, resolved by this settlement.

It also highlighted the company’s opaque order processing and trade management practices. The settlement addresses Robinhood’s inability to provide customers with cryptocurrency, forcing them to sell their assets to the platform. Additionally, it charges Robinhood with deceiving clients by making false claims about better pricing cryptocurrency storage and trade execution.

This is the state’s first significant public enforcement action against a cryptocurrency company, taken by California Attorney General Rob Bonta. The settlement mandates that Robinhood abide by legal requirements and permit users to withdraw their cryptocurrency holdings to external wallets. The trading app must guarantee that the information it provides customers about its trading practices is accurate, especially about order routing and pricing for cryptocurrency transactions.

Robinhood has previously encountered comparable regulatory challenges. The company was fined $65 million by the SEC in 2020 for failing to execute orders at the best prices and misleading customers about its revenue sources.

SEC had earlier accused the firm of frequently preventing customers from obtaining the best trade prices by selling market makers’ customer orders at exorbitant prices. The financial watchdog warned Robinhood in a Wells Notice earlier this year about potential violations of securities laws in the company’s cryptocurrency operations.

Vlad Tenev, the CEO of Robinhood, denounced the agency’s actions and said they were part of a larger “regulatory onslaught” against the cryptocurrency sector.
He contended that these actions hurt US businesses and investors and stifle innovation.

Forex Signals Brief September 4: Third Rate Cut by the BOC Today

Posted on September 4, 2024September 4, 2024 by Skerdian Meta

Yesterday we had a taste of September markets, as the US traders came to their desks after the long holiday that followed August. September brought negative seasonals for stock markets and crude oil, leading to significant declines in both categories. The Chinese and US manufacturing PMI data suggested the possibility for further growth slowdown, which, although not particularly surprising, shifted market focus back to concerns that the Federal Reserve might fall behind in its response to economic conditions. Continue reading “Forex Signals Brief September 4: Third Rate Cut by the BOC Today” →

Bitcoin Bulls Failing, BTC Retests $56,500: What’s Going On?

Posted on September 4, 2024 by Dalmas Ngetich

Bitcoin turned lower yesterday, which is visible in the daily chart. As it is, the downtrend remains, retracing from local resistance levels. Even though there were pockets of strength from over the weekend, the diffusion of yesterday questions the strength of buyers. What’s needed is a sharp expansion, ideally above $60,000, as a start. However, if sellers press on, like they are doing right now, and fundamental factors, especially interest from institutions, wane, then BTC traders would be a difficult spot in the coming sessions.

At press time, the world’s most valuable cryptocurrency is down 4% in the past day. Even though traders are upbeat, there must be sharp movements for trend definition. Specifically, the average trading volume of $32 billion recorded yesterday must increase, ideally expanding above $50 billion.

Traders are closely monitoring the following trending Bitcoin news:

After the drop in June, mainly from miner liquidation and sell-offs from the United States DoJ and Mt. Gox, there is fear that prices might continue plunging again due to the actions of these entities. From the daily chart, the $56,500 level is crucial for buyers.
A Bitcoin wallet linked to Do Kwon of Terraform recently moved $62 million worth of the coin. While the amount moved is insignificant, even if they are sold, it would still be bearish, especially for other holders.

Bitcoin Price Analysis

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

As it is, the coin is wavy, moving inside a narrow range.

From the state of price action, the immediate resistance is around the $60,000 mark. Meanwhile, support is at $56,500.

Since prices are inside the September 1 bear bar, every high below $60,000 might offer entries for sellers targeting August lows.

This outlook will only change if Bitcoin surges above $60,000 at the back of rising volume.

Bulls will have more opportunities if BTC rallies, breaking $65,000.

Ethereum Slips, Even With Trump’s Endorsement, Is $2,100 Unavoidable?

Posted on September 4, 2024 by Dalmas Ngetich

Ethereum, more like Bitcoin, is also in red. While there is hope that ETH bulls will take over, changing the fortunes of holders, sellers are resilient. What’s needed for this trend to shift is a convincing, fundamentally driven uptrend lifting prices above $2,800. Only then will the coin build sufficient momentum for a leg up toward $3,500 or higher in a buy trend continuation formation. Before then, sellers are in the driving seat with the state of spot ETFs, for example, not helping determined bulls.

Considering the recent sell-off and the inability of bulls to revive demand, Ethereum is in red. To put in the numbers, it is down nearly 4% in the past day and week. Accompanying this drop is discouraging trading volume at $15 billion on the previous day.

Traders are closely monitoring the following trending Ethereum news:

As Ethereum prices fall, its top lending markets, including Aave and Spark, continue to see forced liquidations. Following the unexpected contraction yesterday, the market saw the second-largest liquidation event ever.
Yesterday, Donald Trump launched the World Liberty Financial lending platform on Aave, leveraging the Ethereum blockchain. This is a massive endorsement of the first smart contracts platform.

Ethereum Price Analysis

[[ETH/USD]] remains in a bearish formation.

The coin is inside a narrow range with caps at around $2,600 on the upside and $2,400 on the lower end.

Even so, since prices are inside the bear candlestick of August 27, sellers have the upper hand from an effort-versus-result perspective.

Every high below $2,800 will offer entries for aggressive sellers targeting $2,100.

In the short term, if sellers press on, breaking below the recent distribution, the odds of Ethereum sliding even faster to $2,100 will be high.

This development will be confirm losses of August 27 and September 1. In turn, it would set the base for another leg down toward $1,800 or lows.

XRP Falls Despite Ripple Plans of Connecting With Ethereum and Expanding In SE Asia

Posted on September 4, 2024 by Dalmas Ngetich

XRP is down, looking at events in the daily chart. Still, bulls have the upper hand. Unless there is a discouraging drop closing below $0.55, optimistic bulls might consider every low to be a loading opportunity. Before then, aggressive bulls are picking out favorable entries with every contraction. As it is, there are a few fundamental triggers. How XRP performs will largely depend on how other coins fare and reject every attempt for sellers to force prices lower.

At press time, XRP is still at seventh on the market cap leaderboard, closely battling with USDC. The coin is down 4% on the last day and week. At the same time, engagement is recovering but low, expanding above $1 billion.

The following XRP and Ripple news could shape price action in the short term:

Ripple Labs, the developer behind the XRP Ledger, is building an Ethereum sidechain as it seeks smart contracts interoperability. The development will be a huge boost for the ledger and possibly drive prices in the coming weeks.
Ripple, the blockchain company, is also expanding in Southeast Asia, following new partnerships with South Korea and Japan. The goal is to support crypto infrastructure as they prepare for institutional adoption.

XRP Price Analysis

[[XRP/USD]] is within a tight range.

While the uptrend remains, for now, the short-term favors sellers.

The primary support is at $0.55.

However, if prices expand above $0.58, the coin may easily find the momentum to fly to as high as $0.62.

Meanwhile, any high-volume drop below $0.55 will likely fuel the sell-off. In that case, the emerging trend will confirm the bears of August 25 through to 27.

The first target would be $0.50 and later $0.45.

WazirX hacker transfers loot into Tornado Cash

Posted on September 3, 2024September 3, 2024 by Olumide Adesina

Digital assets worth $6.5 million were recently transferred through the authorized cryptocurrency mixer Tornado Cash from a wallet address linked to the hacker who stole over $235 million from the Indian cryptocurrency exchange WazirX.

Blockchain security platform Cyvers revealed in a post on September 3rd, X, that the hacker moved 2,600 Ether — approximately $6.5 million — to Tornado Cash, to conceal the stolen money.

According to data from cryptocurrency tracking platform DeBank, starting on September 2, the wallet address contained $6.7 million and now has $154,000 after the hacker made 26 individual transfers of 100 ETH to Tornado Cash in just one hour.

It occurred just one week before the withdrawal window was supposed to open, WazirX stated that it had started enabling users to withdraw up to 66% of their Indian rupee token balances from the exchange.

The troubled crypto exchange stated in a Sept. 3 X post that “as of today, all eligible users can now withdraw up to the full 66% limit of their INR [Indian rupee] balances.”
Following the July 18 $235 million exploit, WazirX is halfway through implementing a phased plan to resume regular financial operations.

Restoring withdrawals in Indian rupees, which started on Monday, August 26, is part of the plan.

On August 23, the exchange announced that because of ongoing investigations with different law enforcement agencies, 34% of balances denominated in rupees were “frozen” and not immediately available for withdrawal.

WazirX claimed that withdrawals of cryptocurrency were still subject to legal concerns. WazirX has chosen Singapore as the jurisdiction for its legal restructuring procedure, therefore one of its restructuring activities also involves pursuing legal action there.

Bitcoin Bulls Waking Up: Is This The Build-Up Lifting BTC To $65,000?

Posted on September 3, 2024 by Dalmas Ngetich

Bitcoin is firm at press time, looking at the formation in the daily chart. Bulls flew back yesterday, finding support at around $56,500. Even though the coin remains under pressure, how price action pans out today will shape the short to medium-term formation. Buyers stand a chance unless there is a dump below June and July lows. Risk-on, conservative traders can wait for a sharp close above $65,000 before committing. Losses below $56,500 would also open up opportunities for shorts.

Traders are closely monitoring events. At press time, buyers are confident of what lies ahead. Even so, price movements are tight, at least for now. To put in the numbers, BTC is up 4% on the last day, down 6% in the previous week. At the same time, trading volume remains muted, at around $26 billion over the last day.

As BTC consolidates, traders are tracking the following trending news:

Buyers are back in the picture despite the general bear trend evolving at press time. Paper BTC volumes continue to shrink as more capital flows to the spot markets.
Amid the weakness of the past day, traders are watching how the Puell Multiple indicator evolves. Currently, it is in the neutral zone. A surge above the 0.8 level would mark the start of a leg up.

Bitcoin Price Analysis

[[BTC/USD]] is firm at press time.

Buyers are back in the equation though there needs to be confirmation.

Aggressive traders can short on every attempt higher within the September 1 bar.

Their short-term target would be $56,500.

If sellers press on, BTC could slump to as low as $50,000 in a bear trend continuation of early August.

Conversely, gains unwinding losses of September 1 may offer relief traders targeting $65,000 in the short term.

Ethereum Firm–Is It A Bull Trap? ETH Reserves on Exchanges Rising

Posted on September 3, 2024 by Dalmas Ngetich

Ethereum is wavy at press time, per the formation in the daily chart. As long as the coin remains below $2,800, sellers have the upper hand. However, the encouraging bounce from around the $2,400 and $2,500 support is a net positive for buyers. In the days to come, how prices evolve from spot rates will shape the short-term trend. Technically, any uptick above the local liquidation zones at the back of rising trading volume could see ETH soar, confirming traders’ expectations.

At spot rates, Ethereum is consolidating– showing in its performances. ETH is stable in the past day but down 6% in the previous week. At the same time, though trading volume is down, it is firmer than it was over the weekend and currently stands at over $12 billion.

The following Ethereum news events could influence price action:

The increased inflow of ETH to exchanges should be a concern for traders. As trackers show, coin holders are sending more coins to Binance, Coinbase, and other exchanges. Any exchange transfer from non-custodial wallets is considered bearish.
Technical indicators also show that there is a death cross in the daily chart. As the trend shifts lower, prices might follow. Even so, this formation is formed by lagging indicators and may not be, after all, valid.

Ethereum Price Analysis

[[ETH/USD]] is in green at press time, stabilizing after the drop of September 1.

Overall, the recovery of September 2, reversing all losses of Sunday, is welcomed.

Even so, the trend favors sellers in the short term.

Aggressive traders can consider shorts on every attempt higher but below $2,800. Their target would be August low at $2,100.

This will only change when prices expand above $2,800, at the back of rising volume.

If this prints out, the first target would be $3,300 and $3,500, respectively.

XRP Rejects Bears, Defends $0.55, Over $744 Million Traded On Binance Spot Market

Posted on September 3, 2024 by Dalmas Ngetich

XRP is firm and steady, like most top altcoins. Although it remains perched at seventh in the market cap leaderboard, the short-term trend favors sellers more. The downtrend of the last week of August was deflating for optimistic traders. Nonetheless, as long as prices are above $0.55, buyers stand a chance. What’s needed is a conclusive close above the triple top, ideally with a rapidly expanding volume. When this happens, it will signal the continuation of the buying trend, a continuation traced to July 2024.

Traders are confident, but this hasn’t translated into massive gains on the chart. For now, XRP is consolidating again. It is in green on the last day but down 4% in the previous week. Moreover, the average trading volume is below $1 billion, meaning engagement is generally low. A strong expansion in price would require rapidly rising trading volume, pointing to trader involvement.

The following XRP and Ripple trending news could shape price action:

One trader remains bullish on XRP. From his analysis of X, the coin’s medium to long-term trajectory would be shaped in the next six months. However, for this trend to take shape, bulls must reject any attempt to push prices below $0.54 in the short term.
According to Coinglass, over $744 million worth of XRP has been traded on Binance, the world’s largest exchange, in the past week of trading. While Bybit is a choice perpetual exchange for leveraged traders, it comes at second, enabling the trading of $405 million worth of XRP.

XRP Price Analysis

[[XRP/USD]] bulls are confident.

The local support is at around $0.55, a level buyers have managed to defend.

Even though the uptrend of July remains, prices are consolidating.

It could be a chance for accumulation should XRP prices expand above $0.60.

If there is confirmation of yesterday’s gains, aggressive traders can buy on dips above $0.55, targeting $0.66.

Gains above $0.66 would fuel the FOMO-rally to $1—or better.

Conversely, there will be panic selling if there is a sharp drop below $0.55, mirroring losses of September 1.

In that case, XRP could plunge to $0.45—or worse.