Solana’s outlook bearish, fund rate now negative

Posted on September 1, 2024September 1, 2024 by Olumide Adesina

Solana recently breached through the 135 support line on the first trading day of this month, The smart contract network’s token could extend losses by sweeping liquidity at the $130 support. This is an important tier of support for the altcoin.

Solana’s (SOL) current price is $133.85; over the past day, it has decreased by -1.11 percent, at the time of writing. Trader sentiment has shifted to bearish, at least temporarily, due to Solana’s recent decline. The funding rate for SOL has gone negative for the first time since August 23 according to important data from Coinglass.

A negative funding rate, means traders pay to keep their short bets against SOL because short positions now outweigh long positions.
This change in attitude indicates that traders are beginning to anticipate more price declines for Solana. Several traders and analysts are projecting a decline toward important support levels, contributing to the bearish sentiment.

If SOL can’t maintain its current levels, this bearish scenario may come into play. Such a drop would denounce the digital asset’s ability to hold onto its past gains this year in jeopardy and validate the bearish sentiment driving the market.

Solana’s short-term trajectory will be determined by its capacity to recover and possibly rebound as the market responds to this pressure.

Should Solana witness a daily candlestick close surpassing significant resistance at $148, it could refute the bearish hypothesis and allow SOL to extend gains to $160. SOL could extend losses into the Fair Value Gap (FVG) between $119 and $126

This represents the 50% Fibonacci retracement level of the drop from the $210 point 18 peak on March 18 to the $110 low on August 5.

The 50-period EMA, presently at $139, keeps stopping any attempts at rising. More losses could be observed toward the $123.95 and $116.55 support levels if Solana can’t break above the $136 resistance.

If the descending channel is broken, the sell-off could pick up speed and move the price closer to $110. On the other hand, a break above $136 might aim for the levels of $152.18 and $143.83.

It’s also possible that the SOL chain, the meme coin engine, has reached its limit, a similar result to 2023 is anticipated. Although meme coins led gains in the first half of 2024, other sectors outperformed them, and traders probably became more cautious because of recent macroeconomic developments.

Binance calls again for Tigran Gambaryan’s release

Posted on September 1, 2024 by Olumide Adesina

Binance chief, Richard Teng, highlighted the “dire” state of detained Binance executive Tigran Gambaryan, pressure is growing on the Nigerian government to release him.

Teng said in a blog post this week that Gambaryan’s condition has “deteriorated rapidly” as he approaches his six-month detention mark as the head of compliance for cryptocurrency exchanges. Before his trial on September 2 on money laundering charges that appear to be connected to his employment at the digital asset exchange, Teng states that Gambaryan is currently “unable to walk due to a herniated disc” and is in “severe pain.”.

The CEO of Binance claims that despite the upcoming legal battle, Gambaryan has not been allowed to see his attorney a representative at the U.S. consulate. Despite being under a court order to do so, the Nigerian government reportedly withheld the release of Gambaryan’s medical records for several months.

“I appeal once again for the Nigerian government to allow Tigran to return home to his family on humanitarian grounds so that he can seek the appropriate medical treatment in the US, recover, and get back to the healthy, active life he previously had,” Teng said. “I am deeply concerned about the long-term, potentially irreversible physical and mental impact this horrific episode is having on Tigran.”.

Along with Nadeem Anjarwalla, another Binance employee, Gambaryan was arrested in Nigeria in late February for allegedly breaking local financial laws. However, the veracity of Nigeria’s claims regarding digital asset employees is still up for debate.

The two were supposedly promised “safe passage” when they arrived in the nation for a series of discussions with government officials about crypto policy. The crypto worker’s health rapidly deteriorated after his unexpected arrest.

In June, Gambaryan was diagnosed with double pneumonia and malaria when lawmakers French Hill (R-LA) and Cynthia Houlahan visited him.

Bitcoin fights on $58K support line

Posted on September 1, 2024September 1, 2024 by Olumide Adesina

Bitcoin once again headed lower in the first trading session of September, continuing a trend that has emerged over the past several weeks. Price action shows its current value of $58,200 and has decreased by less than ten percent this week.

Cardano, Chainlink, and Ethereum have dropped more than Bitcoin. Solana has the worst session, declining nearly double digits in % terms. The price of bitcoin is at $58K, down 9% over the last seven days, based on data from CoinMarketCap.

Bitcoin dropped more than 12% for the month just over a day after August ended, more than offsetting a bullish July. While the market might have disappointed retail traders,Santiment data showed the number of Bitcoin whales is increasing.

In just one month, there has been a net gain of +283 wallets with at least 100 BTC. The network’s total number of these wallets, 16,120, has surpassed a 17-month peak.

Consequently, Bitcoin problems that began in August, can be ascribed to worries expressed by investors in traditional finance, despite the market’s pricing of a 100% chance of an interest rate cut in September and the strong reliance on the growth of tech companies, which is being driven by demand for artificial intelligence.

In other words, even marginally unfavorable economic data can trigger sharp fluctuations in fixed-income markets, have a knock-on effect on the stock market, and impact the price of Bitcoin.

Market pundits affirmed a well-liked Bitcoin indicator that traders use to assess miner selling activity is getting close to a level that suggests a good time to buy Bitcoin. These two crucial thresholds are where the Puell Multiple index oscillates. Contributor Grizzly of CryptoQuant explained in an Aug. 31 research note that “a bearish scenario where the index drops below 0.6 could once again signal a favorable buying opportunity for investors if historical patterns hold.”

Traders commonly use the Puell Multiple to gauge the state of miner revenues. For instance, a high Puell Multiple could point to low sell pressure, but a low Puell Multiple might point to high sell pressure.

At the time of this publication, the Puell multiple is reading a score of 0.69. To put things in perspective, the Puell Multiple was at 1.88 on March 13, when Bitcoin reached its all-time high of $73,679.

However, CCData highlighted an increase in options open interest affirming traders of Bitcoin are highly optimistic about a bullish trend that may prevail, According to the data, since the start of the month, open interest in Bitcoin options has increased by 32.5 percent, with a low put/call ratio.

The total calls compared to puts in an asset’s options market is known as the put/call ratio. Concentrated call options around the $100K price level indicate that investors may be targeting the $100K price level for Bitcoin,

Telegram exposure in crypto market worth $400 million

Posted on September 1, 2024 by Olumide Adesina

Telegram, a well-known social messaging program is becoming more and more reliant on cryptocurrencies, especially because of its connection with the TON blockchain. The platform currently generates a large amount of its revenue from these cryptocurrency activities.

According to Telegram’s financial filings, the company’s cryptocurrency holdings have increased significantly from $106.35 million in 2022 to about $400 million. In comparison, its real estate and equipment assets were valued at $372.94 million in 2023, while its cash and cash equivalents were only $170.85 million. According to this data, Telegram’s most valuable item right now is cryptocurrency.

This disclosure coincides with the legal scrutiny that its CEO and founder, Pavel Durov, is currently facing in France. He was prosecuted by a French court last week on charges that the program was used to support illegal activity.

Telegram’s integrated wallet services brought in $130 million, according to a recent Financial Times story. This sum exceeds its revenue from premium memberships and advertising.

Telegram unveiled a self-custodial wallet aimed at cryptocurrency enthusiasts in September 2023. With this functionality, users may trade, transmit, receive, and store cryptocurrency assets all within the app—avoidance of other well-known wallet providers such as MetaMask.

Furthermore, the business made $17.8 million by charging Toncoin, the native token of the TON blockchain, for the sale of digital assets like usernames and virtual phone numbers.

When combined, these cryptocurrency-related endeavors generated close to $148 million, or almost 40% of Telegram’s yearly income.
The article also stated that Durov paid the company in Toncoin for $300,000 worth of Telegram Premium memberships, in addition to buying $64 million of the company’s convertible bonds the previous year.

Bitcoin down 12% in August

Posted on August 31, 2024 by Olumide Adesina

Bitcoin price action showed vulnerability after the $60K support was breached later this week.

The digital asset experienced a more than 12 percent monthly decline, undoing the gains from July. Bitcoin’s value has dropped by more than 20 percent since reaching an all-time high of almost $73,500 in April, despite some encouraging signs such as increasing institutional adoption, a potentially more accommodative regulatory environment, and impending Federal Reserve rate cuts.

Coinglass data revealed the crypto market recorded over $321 million worth of liquidations on Wednesday after Bitcoin dropped below $60K for the first time in about a week.

Bitcoin hovers around $59.1K at the time of this publication. The most valuable crypto asset extends its value by nearly 1% on the day after suffering heavy losses the prior day.

Santiment data revealed that the digital asset key support is now $58.9K. For the past month, BTC wallets holding between 10 and 10K BTC have added 133.3K coins, whereas the smaller ones remain with excess BTC and are in a rush to sell these to them

If Bitcoin fails to hold towards the support at $58K, its situation could worsen for the bulls because there’s no telling how low Bitcoin’s price could drop and whether these factors have already been fully priced in.

Funding rates are defined in this manner, they represent time-based payments made by and to traders of crypto derivatives contracts known as perpetual swaps based on the difference between the price of the index and the price of a futures contract.

During his speech, Federal Reserve (Fed) chief Jerome Powell suggested that there could be an interest rate cut for September to trigger the market to open long positions in Bitcoin and Ethereum. However, the latest liquidation shows that the market went the other way.

Jerome Powell’s comments are what Scout believes were the catalysts that the market desperately needed sparking positivity that more down rate is coming. However, he failed to give any concrete timing.

A key support level for Bitcoin in the months that followed the spot Bitcoin exchange-traded funds (ETF)’s approval in January was early presumed to be at $64K, However, this confidence changed recently in August. 5, the mood infamously known as “Crypto Black Monday” saw Bitcoin breaching the $50K support line.

Forex Signals Brief August 30: Loaded for US PCE and EU CPI Inflation

Posted on August 30, 2024August 30, 2024 by Skerdian Meta

Yesterday the day started with the German Prelim CPI inflation, which was expected to fall flat at 0.0% in August, after the 0.3% jump in July, but it showed a -0.1% decline, indicating that inflation is falling fast in Europe and last month’s jump was a one-off. The Euro resumed the decline, with the idea that today’s CPI inflation from the Eurozone will also be soft. Continue reading “Forex Signals Brief August 30: Loaded for US PCE and EU CPI Inflation” →

Bitcoin Shrinks, Australian Whales Are Loading Up: Will Bears Win?

Posted on August 30, 2024 by Dalmas Ngetich

Bitcoin is firm at press time but under pressure considering the sell-off yesterday. There were hints of strength, but bulls failed to follow through. The result is an inverted hammer that swings price action in favor of sellers. For the trend to shift and buyers to take control of events, there must be a decisive close above $66,000. In that event, prices could drift higher in continuation of gains seen in the first half of July. Before then, risk-averse traders can stay on the sidelines, waiting for a clean trend definition in either direction.

When writing, the world’s most valuable coin is consolidating within a narrow range. Though there were pockets of strength, the coin is now steady in the past day and week. At the same time, the average trading volume is low, at around $33 billion. Unless otherwise there is a surge in either direction, engagement will rise. Before then, traders are cautious, protecting their bottom lines.

The following Bitcoin trending news are worth tracking:

Bitcoin is bearish, and whale movements don’t support bulls. Over the past few days, long-term holders have been moving their coins. The more they shift, the more bearish it is.
While there were outflows in the United States, there is sustained buying in spot Bitcoin ETF offered by Australian issuers. Since they all draw from the same pot, this is bullish and might support prices.

Bitcoin Price Analysis

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

With prices moving inside a narrow range, defined by the bear bar of August 27, sellers have the upper hand.

Aggressive, risk-off traders can consider shorts on every attempt higher below $65,000.

The first target would be $56,500.

However, if sellers are relentless, the next stop would be $49,000 or August 2024 lows.

Assuming there is a rapid shift in trend, lifting sentiment, a close above $66,000 will cancel out this bearish outlook. Ideally, the leg up should be with rising trading volume.

Ethereum Losing Shine As Buying Interest Fast Fall: What’s Happening?

Posted on August 30, 2024August 30, 2024 by Dalmas Ngetich

Ethereum is steady but still shackled by bears. For now, conservative but bullish traders can wait for price action to develop. Until there is a strong close above the immediate local resistance levels, the path of least resistance will be southwards. Specifically, traders must break above $3,500 for a clean shift in trend. On the other hand, as long as prices struggle to sustain the upside momentum, sellers will easily take over, driving the coin to August lows.

The path of least resistance is southwards. Over the past few weeks, $3,000 has proven elusive, and traders are struggling to maintain this valuation. As prices consolidate but remain within a bearish formation, its performance shows. Ethereum is stable in the past day but down 6% in the previous week. Interestingly, trading volume remains muted, averaging just $14 billion in the past day. For activity to spike, prices must soar above $2,800 or fast dump below $2,100 in a bear trend continuation formation.

Amid the stalemate, at least in the short term, traders are looking at the following trending Ethereum news:

After nine days of outflows, spot Ethereum ETFs in the United States posted net inflows. This is massive and a big shot in the arm for optimistic traders. Confidence from institutions could set a firm base for the next leg up.
Still, even though traders are optimistic, the funding rate on Ethereum perpetual platforms like OKX has been dropping. Therefore, unless there is a sharp rise in funding rate—signaling interest from buyers, ETH will technically remain bearish.

Ethereum Price Analysis

[[ETH/USD]] is under pressure.

From the daily chart, the coin is still within the early August bearish range.

At the same time, the coin is moving inside the August 27 bear bar.

As long as Ethereum is below $2,800, every attempt higher would offer entries for aggressive sellers.

If sellers press on, breaking $2,100, sellers will take over, confirming losses of August 4 and 5.

In that event, the possibility of ETH dropping to $1,800 will be high.

XRP At A Difficult Position: If $0.55 Falls, Ripple Might Slip By Over 20%

Posted on August 30, 2024 by Dalmas Ngetich

XRP edged lower yesterday, looking at the performance in the daily chart. There were cracks even before August 28. Therefore, the inability of prices to tick higher is a concern. As things stand, prices might breach the all-important $0.55, questioning the strength of the uptrend. In the coming days, traders can stay on the sidelines should there be a conclusive dip below this reaction level. What’s needed for Ripple bulls to truly take charge is an unexpected expansion above July highs. This will confirm gains of August 7 and 8, setting in motion another leg up towards 2024 highs.

The turn of events in the daily chart means the coin is under immense selling pressure, and cracks are widening. To put in the numbers, XRP is down 2% on the last day, pushing losses in the past week to over 6%. Interestingly, XRP is falling is at the back of dropping engagement. On the last day, the average trading volume is at $1 billion.

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

As XRP waves, moving from $0.55 to $0.66, traders have taken an opportunity to cash out from this consolidation. Trackers show that traders have taken over $8.3 million in profit. As they take profit, prices could slip lower, impacting sentiment.
There is a possibility that the United States SEC will appeal in their case versus Ripple. Even so, one pro-XRP lawyer thinks the odds are low, which is a net positive for bulls.

XRP Price Analysis

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

As long as prices remain above the lower range of the bull flag, the uptrend remains.

This level of interest is $0.55.

Notice that bears, even if they take over, must first completely unwind the gains of August 7.

If this breakout, possibly over the weekend, has a high trading volume, aggressive traders can consider selling, riding with the emerging trend.

They will only take charge, driving prices toward $0.43 and July lows.

However, if there is a revival lifting XRP above $0.66, buyers will be back in contention, possibly rallying to over $0.74 and later $1.

U.S Judge rules “no reasonable investor” will regard Musk’s Dogecoin tweets

Posted on August 30, 2024 by Olumide Adesina

The lawsuit accusing the richest man in the world, Elon Musk, and his electric car firm, Tesla, of manipulating the price of Dogecoin and causing losses of $258 billion, has just been dismissed.

US District Judge Alvin Hellerstein of the US District Court for the Southern District of New York dismissed the complaint on August 29. According to Judge Hellerstein, the defendants misrepresented in multiple ways what Musk had tweeted about Dogecoin, including that he would take on the role of formal CEO and that he might place a “literal” Dogecoin inside a SpaceX rocket and send it to the moon.

“No rational investor could rely upon these statements as they are aspirational and puffery, not factual, and subject to falsification.” In June 2022, a group of angry Dogecoin investors filed a lawsuit against Musk and Tesla, demanding an astounding $258 billion in damages from Musk.

Dogecoin’s price increased by “more than 36,000% over two years,” according to the investors, who said Musk should have let it crash. Additionally, they asserted that Musk had “managed and operated the Dogecoin Pyramid Scheme using his pedestal as the richest man in the world.”

Elon Musk filed a request in Manhattan federal court on March 31 to dismiss such a complaint. Musk’s attorneys called the lawsuit’s allegations and its request for $258 billion in damages a “fanciful work of fiction.”

Following the termination announcement, Dogecoin’s price stayed unchanged despite gaining 0.1% over the previous day. According to Binance data, Dogecoin is currently trading for $0.10 and has dropped a fifth of its value over the past month

The world’s richest man currently has a net worth of $234 billion. Musk owns nearly 42% of SpaceX, the world’s most valuable start-up, estimated to be worth $210 billion.