Igloo Inc., the team behind the Pudgy Penguins non-fungible tokens (NFTs) has announced the acquisition of Frame, aiming to enhance the consumer crypto experience by developing Abstractchain. This move is expected to address limitations in current layer two (L2) solutions and expand cultural and community-driven crypto adoption. Igloo Expands Crypto Infrastructure With Frame Acquisition Igloo […]
Bitcoin News
Crypto Wealth Bolsters Real Estate Markets and Consumer Spending, Study Finds
As cryptocurrency becomes a significant part of American investment portfolios, its influence extends beyond digital transactions into tangible impacts on real estate markets and household spending, a recent study finds. Report Shows Cryptocurrency Wealth Adds ‘Meaningful Implications for the Real Economy’ The study, first reported on by Bloomberg, analyzes bank and credit card data from […]
Bitcoin News
Bitcoin, Ethereum Technical Analysis: BTC Consolidates Below $35,000 Ahead of US Consumer Confidence Report
Bitcoin continued to trade under the ,000 level on Tuesday, as markets prepared for the upcoming U.S. consumer confidence report. It is expected that the confidence index will come in at a reading of 100 in October, down from 103 the month prior. Ethereum remains above ,800.
Bitcoin
Bitcoin consolidated on Tuesday, as markets braced themselves for the upcoming consumer confidence report from the United States.
Following a high of ,843.94 to start the week, BTC/USD slipped to an intraday low of ,083.31 in today’s session.
This has resulted in the world’s largest cryptocurrency hovering below a key price point of ,000.
Additionally, the relative strength index (RSI) tracked above a floor at 79.00, which is deep in bull territory.
Price strength is now sitting at 82.02, with the next visible point of resistance being at the 88.00 mark.
Overall, many see BTC as being overcooked, with a more long-lasting reversal potentially on the cards.
Ethereum
Ethereum (ETH) continued to hover around the ,800 level, despite a slight stint below this point during today’s session.
ETH/USD fell to a low of ,784.95 earlier in the day, which came following a peak at ,829.25 on Monday.
Bulls have since bought this earlier dip, pushing ethereum to a current reading around the ,813.25 region.
From the chart, it appears that the rally came as the RSI bounced from 68.00. It is now tracking at 71.65.
A ceiling at 75.00 now awaits traders, and should strength move beyond this, ETH will likely move closer to ,900.
Register your email here to get weekly price analysis updates sent to your inbox:
How will today’s report impact crypto markets? Leave your thoughts in the comments below.
Bitcoin, Ethereum Technical Analysis: BTC, ETH Consolidate Ahead of US Consumer Sentiment Report
Bitcoin slipped below the ,000 level earlier in today’s session, ahead of the upcoming consumer sentiment report in the United States. Data on Thursday showed that the U.S. economy grew at a rate of 4.9% in Q3, largely driven by consumer spending. Ethereum moved below the ,800 level to start the day.
Bitcoin
Bitcoin slipped below the ,000 mark on Friday, as markets consolidated ahead of U.S. consumer sentiment figures.
BTC/USD fell to a low at ,762.32 earlier in today’s session, which comes following a peak at ,649.40 the day before.
As a result of the decline, bitcoin continued to pull away from a recent 18-month high, as bears began to gradually seize market sentiment.
This comes as the relative strength index (RSI) remained in overbought territory, with a current reading of 83.68.
Bulls in the market seem reluctant to let go of their positions, and have gone on to once again push BTC above ,000.
Overall, BTC remains nearly 15% higher than at the same time last week, despite the recent price consolidation.
Ethereum
Ethereum (ETH) also edged lower in today’s session, falling below the ,800 mark in the process.
After reaching a high of ,857.81 on Thursday, ETH/USD dropped to a bottom at ,764.01 earlier in the day.
This decline has seen ETH snap a seven-day bull run, pushing the cryptocurrency away from a multi-month high in the process.
The drop coincided with the RSI failing to breach a resistance level of 74.00, and it is now tracking at a reading of 71.13.
Traders who are holding onto their long positions may begin to reconsider this, should the index fall below the 70.00 mark.
Register your email here to get weekly price analysis updates sent to your inbox:
Could we see momentum shift lower this weekend? Leave your thoughts in the comments below.
‘Stringent AML and KYC Processes’ Can Help Build Consumer Confidence in the Web3 Economy — Przemek Kowalczyk
Integrating crypto into the global financial system has so far proved to be problematic to due what Przemek Kowalczyk, the chief product officer (CPO) of the fintech startup Ramp, described as “digital incompatibility.” Kowalczyk, a data scientist, told Bitcoin.com News that the “two paradigms” use distinct frameworks which in turn makes it difficult for the two to be combined.
Prioritizing User Experience
In written answers sent to Bitcoin.com News, Kowalczyk said this is because crypto is “decentralized and open source-based.” In contrast, the banking sector is more attuned to a “top-down” approach.
Meanwhile, when asked to identify some key factors which Web2 and Web3 must consider before attempting to integrate crypto with conventional payment platforms, Kowalczyk said the most important thing is knowing that not everyone is “interested in the complexities pervading the blockchain.” Understanding this means platforms that offer crypto on and off-ramp services should aim to make their user interface not only easy to use but “highly navigable.”
While many financial freedom advocates are still very opposed to the implementation of know-your-customer (KYC) or anti-money laundering (AML) measures by Web3 companies, Kowalczyk told Bitcoin.com News that doing this can help build consumers’ confidence in the industry. The Ramp Network CPO, however, said this should done without affecting the user’s experience.
Below are Przemek Kowalczyk‘s written answers to all the questions that were sent to him via Telegram.
Bitcoin.com News (BCN): For new users, the journey from fiat to crypto or vice-versa is still quite complicated. The fear of not being able to convert their crypto back to fiat often makes many prospective users unwilling to embark on this journey. On the other hand, many new users often have to rely on an external platform to buy or sell their crypto assets and this can be frustrating as well as time-consuming. Can you describe to our readers what the envisaged frictionless merchant-customer experience should look like?
Przemek Kowalczyk (PK): It should be a one-click system where all of the technical intricacies involved in converting crypto to fiat (and vice versa) are taken care of in the background. At Ramp we are trying to deliver an Apple Pay-like experience, such that when a Web3 product requests your payment, all you have to do is click once, and the transaction is done.
A truly frictionless merchant-customer experience is where users don’t ever have to learn about the intricacies involved in the crypto-fiat buy and sell process. Recently, we introduced our off-ramp solution that offers payouts to credit cards directly. I believe such steps are necessary to help lure in more users from traditional finance (trad-fi) into crypto.
BCN: What do think are some of the factors that Web2 or Web3 businesses should consider before integrating crypto on-ramp and off-ramp solutions for processing payments?
PK: First and foremost, any platform offering crypto on/off ramp should come with an easy-to-use, highly navigable user interface. This is important because not everyone is aware/interested in the complexities pervading the blockchain. Secondly, the payments being processed by these businesses need to be processed in a timely manner, with conversion rates being reasonable.
Lastly, we need platforms that are inclusive and easily accessible so that users from all over the world can benefit from them. Transparency is another key facet to consider when having this conversation, with businesses being upfront about things like fees, transaction charges, etc.
BCN: What are the biggest challenges to seamlessly integrating crypto into the global financial infrastructure? Do you agree that traditional finance (tradfi) institutions have been relatively slow to integrate crypto?
PK: The biggest hurdle to overcome when marrying crypto with trad-fi is that of ‘digital incompatibility.’ To put it simply, the two paradigms use completely different frameworks, with one being decentralized and open source-based while the other is top-down, controlled, and regulated in its structure. As a result, they encounter a lot of friction when operating in each others’ neck of the woods (such as difficulty in converting assets).
That being said, as more and more companies in the trad-fi realm begin to recognize crypto’s value, the two industries are starting to work in conjunction with one another rather than being at loggerheads. A prime example of this change is Paypal’s recent decision to release its very own stablecoin.
BCN: In terms of unlocking new economic value, do you believe that easier fiat on-ramping could boost user acquisition or retention for crypto-native businesses?
PK: Absolutely! Allowing the non-crypto natives to make inroads into this space in the easiest manner possible would accelerate their shift towards Web3. The digital asset platforms should be able to transact with the fiat economy seamlessly. Also, as more people realize how easy it is to navigate between the two sectors, it will become progressively easier for crypto projects to retain non-native customers.
BCN: Your company Ramp Network offers a non-custodial solution that businesses can integrate into their platforms or apps to provide easy on- and off-ramp. In your opinion, why should businesses and users care about using a non-custodial solution?
PK: First off, let’s understand what the term ‘non-custodial’ means. It simply refers to a financial infrastructure where the owner of an asset is fully responsible for managing it. Simply put, the assets are in possession of the individual themselves rather than a third party like a bank, financial institution, etc. In fact, such a setup is the very basis of the entire Web3 revolution. Over the past 2-3 years, a growing number of people are beginning to realize the potential of such a financial setup, something that is highlighted by the fact that between 2021 and 2022 alone, the number of defi users in the world rose by a whopping 40%!
BCN: When talking about international financial transactions, AML and KYC obviously pop up. How do you help businesses ensure AML and KYC compliance while providing a smooth user experience?
PK: Crypto is still in its nascency, and as a result, there are some bad actors using this space for nefarious reasons. Naturally, it pushes many governments to regulate the ecosystem to protect customers. We always proactively comply with the laws, as it’s vital for crypto’s long-term health, and for users to feel safe when using web3 platforms.
That said, it is also essential to keep our user experience in mind and make these processes more accessible to the average crypto consumer. For example, when dealing with digital assets, it can be beneficial to make use of a dynamic verification system, which adjusts the KYC requirements from user to user on a per-transaction basis.
BCN: Ramp Network is reported to have set up a base in Brazil as the first step in Latin American (Latam) expansion. Can you talk about what makes Latam so attractive and whether it can fuel the next stage of growth for crypto projects?
PK: Latin America is the fastest-growing crypto region in the world. The region has a digitally savvy youth population that is educated and online. A large number of South Americans work in other countries and send remittances back home. These factors combined with the lack of widespread access to financial services make South America ripe for crypto adoption.
Brazil, in particular, has a central bank-supported national payment system called Pix that lets you make instant payments from your bank account. I believe that such innovative solutions would help bridge the gap between crypto and traditional finance. We at Ramp have integrated Pix as a payment method, allowing users a fast and convenient way to purchase crypto.
What are your thoughts about this interview? Let us know what you think in the comments section below.
Bitcoin, Ethereum Technical Analysis: BTC, ETH Rebound Ahead of US Consumer Confidence Data
Bitcoin rebounded from a multi-week low on Tuesday, as markets awaited the latest consumer confidence report in the United States. The latest figures from the Conference Board are expected to show a slight decline, with a reading of 105.9 in September. This will be down from 106.1 the month prior.
Bitcoin
Bitcoin was back in the green on Tuesday, as its price rebounded from a multi-week low during yesterday’s session.
BTC/USD peaked at ,421.51 earlier today, which comes following a low of ,011.47 the day prior.
Monday’s low saw the world’s largest cryptocurrency trade at its weakest point since September 13, after dropping below ,800.
From the chart, it appears that the rebound in price came as a result of the relative strength index (RSI), finding a floor of its own at 45.00.
As of writing this, price strength is now tracking at 45.84, with the next visible point of resistance at the 55.00 mark.
Should bulls reach the 55.00 level, there is a strong possibility that BTC will move close to the ,000 zone.
Ethereum
Ethereum (ETH) also rose higher on Tuesday, after dropping to a key point of support to start the week.
Following a low of ,565.03 on Monday, ethereum rallied to an intraday high at ,598.10 less than 24 hours later.
Not only did ETH bulls reject a breakout below a floor at ,565, but also used this as a point of reentry, buying the dip in price.
Similar to bitcoin above, the surge came as a floor of the RSI also held firm, acting as a springboard for traders.
ETH continues to hover below the ,600 level, however, this could change following this afternoon’s consumer confidence report.
Register your email here to get weekly price analysis updates sent to your inbox:
Do you expect ethereum to rally after the consumer confidence data? Leave your thoughts in the comments below.
Bitcoin, Ethereum Technical Analysis: BTC Below $26,000 Ahead of US Consumer Confidence Report
Bitcoin returned to the red on Tuesday, as markets began to anticipate the upcoming consumer confidence report in the United States. The Conference Board index is expected to fall to a reading of 116 in August, from 117 the month prior. Ethereum was also marginally lower.
Bitcoin
Bitcoin slipped slightly during Tuesday’s session, as markets began to anticipate the upcoming consumer confidence report from the United States.
BTC/USD dropped to an intraday low of ,914.93 earlier in today’s session, following a peak of ,406.15 on Monday.
The decline sees bitcoin remain in consolidation, however some traders are optimistic about this ending as the week progresses.
Looking at the chart, one of the reasons for this long stretch of price uncertainty is the relative strength index (RSI) failing to surge past resistance.
In this case, the aforementioned ceiling is at the 33.00 mark, which has remained intact for nearly two weeks.
As of writing, the index is tracking at 30.72.
Ethereum
Ethereum (ETH) edged marginally lower on Tuesday, as it continued to trade close to a support point of its own.
Following a high of ,665.14 to start the week, ETH/USD dropped to a bottom of ,641.63 earlier in the day.
The move saw ethereum once again fall below a support point of ,650, which it has hovered around for the last ten days.
As of writing, the index remains in oversold territory, with a reading of 30.92, and appears to be heading for a floor at 29.00.
Should it reach this point there is a strong chance that ethereum will move under ,630.
Register your email here to get weekly price analysis updates sent to your inbox:
Could today’s report trigger the return of bulls? Leave your thoughts in the comments below.
Bitcoin, Ethereum Technical Analysis: BTC, ETH Find Price Support Ahead of US Consumer Confidence Report
Bitcoin rebounded from a one-month low Tuesday, as markets prepare for the upcoming U.S. consumer confidence report. The confidence index is expected to increase to a reading of 111.5 in July, up from 109.7 the month prior. Ethereum also bounced higher, after colliding with a key price floor.
Bitcoin
After dropping to a one-month low to start the week, bitcoin (BTC) rebounded in today’s session.
BTC/USD jumped to a peak at ,327.86 earlier in the day, following Monday’s drop to a bottom of ,934.29.
Bitcoin bulls rejected the pressure to settle at a support point of ,800, and now seem to be targeting a ceiling of ,000.
One reason why the price appears to have stabilized is the relative strength index (RSI), which found a floor of its own around 42.00.
At the time of writing, price strength is tracking at 41.90, with the next point of support around the 37.00 mark.
Currently, it appears that price will remain marginally stable above ,000, however this could change following this afternoon’s report.
Ethereum
Ethereum (ETH) bounced from a support point of its own on Tuesday, after slipping to a multi-week low on Monday.
Following a bottom at ,836.85 to start the week, ETH/USD marginally rose to an intraday high of ,862.43 in today’s session.
The bounce came after ethereum moved away from a recent support point at the ,830 mark, with ,900 now the likely target.
Similar to bitcoin, ETH’s RSI settled at a floor around 43.00, which has played a big part in halting yesterday’s sell-off.
Now tracking at 45.00, the next visible point of resistance lies at 50.00, and a move to this point will almost certainly send ETH to ,900.
Register your email here to get weekly price analysis updates sent to your inbox:
Do you expect US consumer confidence to fall in today’s report? Leave your thoughts in the comments below.
JPMorgan CEO Jamie Dimon Calls 2023’s Banking Fiasco a ‘Mini Crisis’, Foresees Consumer Savings Depleted by Year’s End
Four days ago, JPMorgan Chase CEO Jamie Dimon was interviewed by The Economist and he discussed the recent U.S. banking disaster that occurred last March. At that time, the public witnessed the second, third, and fourth largest bank failures in U.S. history. Dimon asserted that “for the most part,” the financial crisis of 2023 is over. He downplayed its severity, dubbing it a “mini-crisis” and stating it was “nothing like 2008 or 2009.”
Dimon: ‘I Think the Odds of Rates Going Higher From Here Are Higher Than What Other People Think’
Jamie Dimon, the lead executive at JPMorgan Chase, shared his insights on a myriad of topics including the March 2023 U.S. banking turmoil, soaring interest rates, fluctuating consumer savings, and the escalating conflict in Ukraine. The Economist probed Dimon about his perspective on whether the 2023 banking crisis was truly behind us, to which he replied, it was “for the most part.”
Dimon categorically labeled the banking calamity as a “mini-crisis,” insisting that it paled in comparison to the catastrophic events of “2008 or 2009” when the system was buckling under the pressure of excessive leverage. “There wasn’t too much leverage this time, there’s plenty of capital, we had a trillion dollars in mortgage problems last time.” With regard to the recent incident, the JPMorgan chief highlighted that certain banks suffered from interest rate exposure and witnessed “uninsured deposits that kind of ran like a flock of birds.”
Dimon proposed his belief that rates have the potential to “go up from here and they might rear it’s ugly head again.” He expressed hope that banks, along with other financial institutions, are braced for this potential upheaval. “I think the odds of rates going higher from here are higher than what other people think,” he emphasized, speaking about the federal funds rate. “We’ve never had quantitative tightening before, I think the effects on that in the market may be more serious than other people think.”
Furthermore, Dimon conveyed that JPMorgan foresees American consumers exhausting their pandemic savings by the close of the year. “Consumers have money, they have a trillion dollars more in their checking accounts, and it’s been coming down and we think sometime around the end of the year … that excess money will be spent,” he predicted. Despite this not being the most welcome news, Dimon is not overly apprehensive about a recession.
“It’s possible you know, [a recession] and it could be very mild, it could be a soft landing, and it could be a hard landing,” Dimon mused. “I’m much more worried about some of these other serious things getting worse, the war in Ukraine spreading out, nuclear blackmail, you know if food doesn’t get delivered there’s starvation in Africa … I’m far more worried about that.” While Dimon acknowledged the potential for these concerns to subside, he cautioned against outright expecting this to happen.
What do you think about Jamie Dimon’s interview and his statements about the U.S. economy? Share your thoughts and opinions about this subject in the comments section below.
Bitcoin, Ethereum Technical Analysis: BTC Remains in the Green, Ahead of US Consumer Sentiment Report
Bitcoin remained close to the ,000 level on Friday, as momentum in the market continued to be bullish heading into the weekend. This comes ahead of the anticipated consumer sentiment report from the United States, which is expected to show an increase in overall consumer confidence. Ethereum also edged higher today, climbing above ,900.
Bitcoin
Bitcoin (BTC) remained close to ,000 in today’s session, as traders prepared for the consumer sentiment report from the United States.
After dropping to a low of ,273.22 on Thursday, BTC/USD raced to an intraday peak of ,256.86 earlier today.
As a result of the move, bitcoin neared a recent one-year high at ,443, which was last Friday’s high.
Friday’s surge also led to a breakout of a key price ceiling at ,800.
This appears to be due to the relative strength index (RSI) running into its own resistance level at the 70.00 mark.
At the time of writing, BTC is trading at ,831.12.
Ethereum
Ethereum (ETH) climbed above the ,900 mark earlier in the day, however traders have already moved to consolidate gains.
ETH/USD briefly rose to an intraday high of ,906.37 on Friday, but has since tailed off, and is now trading at ,891.36.
Friday’s peak saw the world’s second largest cryptocurrency come close to a collision with the resistance level at ,910.
Looking at the chart, the RSI also neared a ceiling of its own, as it approached the 58.00 point of resistance.
In the event this level is broken, there is a strong possibility that ethereum could move beyond ,930.
Register your email here to get weekly price analysis updates sent to your inbox:
Will this bullish sentiment continue throughout the weekend? Leave your thoughts in the comments below.