As the U.S. stock market scales new heights, a growing chorus of analysts warns that a severe crash could be on the horizon, reminiscent of the devastating 1929 collapse. Concerns center around the meteoric rise of Nvidia and the burgeoning artificial intelligence (AI) sector, feared to be the latest bubble in a pattern echoing past […]
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Robinhood’s Crypto Revenue Surges 232% Despite Looming SEC Battle
Retail trading platform Robinhood has announced that its crypto revenue grew by 232% in the first quarter. Despite this success, Robinhood faces potential enforcement action by the U.S. Securities and Exchange Commission (SEC), alleging that some of the cryptocurrencies offered on its platform are securities. Crypto Drives Robinhood’s Profitable Q1 Retail trading platform Robinhood Markets […]
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New Era For VeChain: Marketplace Platform Unveiled, Price Spike Looming?
In a new development, VeChain (VET) has announced the introduction of its latest No-Code Tokenized Asset Marketplace-as-a-Service platform (MaaS), fueling optimism within the community of an impendent price uptick.
The announcement also featured the collaboration of the MotoGP racing team Gresini Racing as its first enterprise client. By collaborating with Gresini Racing, an enormous fan base will be offered digital collectibles through the MaaS platform.
VeChain To Onboard A Rapid Tokenizing World
With the launch of its No-Code Tokenized Asset Marketplace (MaaS) platform, VeChain has made tremendous progress toward increasing mass adoption of blockchain technology. VeChain’s continuous goal to promote widespread blockchain technology adoption by removing technological hurdles is consistent with this user-friendly strategy.
Since its founding, VeChain has created several use cases powered by blockchain applications. These include product authentification, creating new digital communication channels, provenance and sustainability traceability, and others. This demonstrates its understanding of the tremendous potential that its technologies have for Web 3.
Given the rise in demand for tokenizing Real-World assets (RWAs) solutions, the introduction of MaaS seems appropriate. Furthermore, NFC functionality and support for “Phygitals,” or real-world physical assets with NFT/digital counterparts, will be added later in the platform.
Specifically, this innovation was created to significantly influence the digital asset market. It aims to provide enterprise and individual builders with an “easy-to-use white-label NFT platform for digital asset sales” and transfers that require little to no programming.
MaaS applications are diverse and address the increasing need for platforms that enable asset tokenization. Blackrock‘s latest application for a Real World Asset (RWA) tokenization fund highlighted this path. So far, the No-Code Tokenized Asset Marketplace-as-a-Service platform (MaaS) is expected to be fully operational later this year.
VET Is On A Downtrend
Despite the launch of MaaS, VeChain (VET) is witnessing a daily downtrend of nearly 2%. However, in the weekly timeframe, the crypto asset has increased by over 5%, suggesting an upward move.
As of the time of writing, VET was trading at .0440, with its market cap dropping by 2.78% in the past day. Meanwhile, its trading volume is down by about 24% in the last 24 hours.
In August 2018, during a downside trend in the cryptocurrency market, VET made its market debut. However, following the 2021 bull run, VET rose to the top, peaking at .281 before the cycle ended.
XRP Bulls Looming: Analyst Predicts 400X With Historical Trend
XRP is one of the most affected crypto assets amid the general bearish sentiment within the market, as the token has been on a downtrend for a while now, struggling between the .49 and .50 price marks.
XRP Could Be Poised For A Massive Surge To
Even though the digital asset is now in a bearish phase, a substantial price rally might be in store for the coin. Several crypto analysts have been bullish on the token, predicting significant upward movement that could take XRP to a new all-time high.
One of the popular crypto experts who has shared an optimistic projection for the asset is Crypto Patel. Patel shared his latest forecast on the social media platform X (formerly Twitter) with his thousands of followers. The analyst believes that this is finally the “time for XRP to shine” and go parabolic due to past trends.
According to Patel, during the last bull market, the crypto asset “failed” to perform very well alongside other tokens like Bitcoin. He highlighted that while Bitcoin reached its all-time high in the last bull market, XRP failed to surpass its 2017 peak of .30. However, he asserted that this was because of the legal battle between Ripple and the US Securities and Exchange Commission (SEC) regarding XRP’s non-security nature.
So far, Patel believes that with the recent SEC victory over Ripple, perhaps the “floodgates” might be open for a breakout. He pointed out that a 2017 triangle breakdown, which formed before XRP went parabolic, is reappearing on the yearly chart.
Patel has asserted that if the coin mirrors the trend in 2017, it could be poised for a massive rally. “If 2017’s 40,000% pump repeats, we could see mind-blowing + XRP,” he stated.
A 6-Year Long Brutal Bear Days
Over the past six years, XRP’s price has unquestionably gathered more positive fundamental qualities after consolidating in a triangle range. “Survived 2,291 – 6+ Years brutal bear days, this coiling pattern signals Ripple’s ready to erupt,” Patel stated.
Due to this, the cryptocurrency analyst anticipates that the price of XRP will rise to .90. However, this is expected to occur following a successful breakout from the .40 and .50 price range.
After that, the crypto expert believes there will be no doubt as to the route to a new peak and a parabolic rise to . He further underscored several price targets for XRP, while putting his accumulation range between “40 and 50 cents.”nPatel has urged the community to look out for the digital asset, as it might be on the “launching pad again.”
As of the time of writing, XRP’s price is trading slightly below .50, indicating a 2% decrease in the past week. Despite the price decline, its trading volume has increased by over 15% in the past day, according to CoinMarketCap.
XRP Bears Looming: Analyst Predicts Potential Drop To $0.28
Amid the bearish sentiment encompassing the crypto market, XRP has experienced a notable decline to the pivotal .51 price, which has led to several predictions from analysts concerning the price action of the token.
Could The Price Of XRP Fall To .28?
One of the well-known crypto analysts who has shared a daring prediction regarding the price action of XRP is JD. JD recently took to the social media platform X (formerly Twitter) to share his insights on the crypto asset with the crypto community.
In his projections, the analyst looked at the potential for additional declines in an attempt to forecast where XRP will go next. According to JD, the digital asset might be forming a “hidden bullish divergence” on a weekly basis.
On the weekly period, JD pointed out that XRP has been trapped in a symmetrical triangular pattern since 2021. His chart’s data indicates that the crypto asset is presently moving toward the direction of the triangle’s lower trendline.
JD highlighted an orange box he drew in November of last year, which overlaps the bottom trendline. The analyst also noted that the orange box is situated between Fibonacci 0.618 and 0.786.
The box, according to him, is a desirable level for dollar-cost averaging (DCA) move, and a decline into the box is conceivable. He stated that once XRP hits the box, he intends to open a “buy-the-dip” campaign, “heavily” filling his bags around .28 and .33.
He also mentioned several other price levels for his personal DCA, such as .45, .51, and .59. This simply suggests that the analyst is confident about the asset in the long run.
The post read:
A wick down the orange box is very possible. (Orange box has been posted since November 2023). My personal DCA: 0.28 – 0.33 (HEAVILY!), 0.45, 0.51, 0.59.
Nonetheless, he has urged the community not to time the bottom and highlighted a signal for investors to buy more XRP. “Don’t time bottom. When ‘Dumb Money’ complains, during the fear, that’s the signal to buy more,” he stated.
Floor Price For The Digital Asset
Even though the entire crypto market is currently experiencing a bearish trend, XRP is one of the most affected assets. The trend is mostly attributed to the waning enthusiasm around the Bitcoin Spot Exchange-Traded Funds (ETFs).
The token has recently experienced severe losses, falling below the .55 support level. Due to the trend, analysts are now predicting significant drops in XRP’s valuation in the upcoming days.
Another analyst who has predicted a decline in the price of the asset is XRP Shark. According to the analyst, the token could fall to a price level between .35 and .45.
He believes that the aforementioned levels are the “bottom area” of the decline. However, XRP Shark has expressed optimism toward the token, while noting a “violent” recovery.
As of the time of writing, XRP was sitting at .5129, demonstrating a decline of 10.27% in the past week. Despite the decline, its trading volume is presently up by over 15% in the past 24 hours.
Ethereum Price Crash Looming? Celsius To Unstake $465 Million ETH
Celsius Network, the bankrupt cryptocurrency lending company, is gearing up to unstake approximately 5 million worth of Ethereum (ETH) as part of its efforts to compensate creditors. This development follows the company’s bankruptcy filing in July 2022, leaving creditors in a prolonged 18-month wait for financial recompense.
Celsius’s decision to unstake a substantial amount of ETH is seen as a necessary step to ensure liquidity for creditor compensation. The company’s official announcement, made via X (formerly Twitter), highlights the strategic nature of this move:
“In preparation of any asset distributions, Celsius has started the process of recalling and rebalancing assets to ensure ample liquidity. Celsius will unstake existing ETH holdings, which have provided valuable staking rewards income to the estate, to offset certain costs incurred throughout the restructuring process. The significant unstaking activity in the next few days will unlock ETH to ensure timely distributions to creditors,” the announcement reads.
Celsius Responsible For Over 86% Of ETH In Exit Queue?
Blockchain analytics firm Nansen states that Celsius possesses approximately one third of the total Ether in the unstaking exit queue, totaling around 206,300 ETH. This figure translates to a market value of around 5 million. To date, Celsius has already withdrawn over 40,249 ETH.
Tom Wan, an on-chain data analyst at 21.co (parent company of 21Shares), elaborated on the situation, “Over 540k staked ETH (16,670 Validators) are currently withdrawing from the Ethereum Beacon chain. To fully exit and withdraw now, it will require 14.5 days.” The researcher added that 352,000 ETH (54.7%) waiting to be withdrawn belongs to Figment and 206,000 ETH (32%) belongs to Celsius.
“It is also likely that the withdrawal by Figment belongs to Celsius. Earlier in June, when Celsius redeemed 428.000 stETH from Lido, they have re-staked 197.000 ETH via Figment,” he added. Therefore, Celsius might be responsible for unstaking 86.7% of all ETH in the queue.
Ethereum Price Crash Looming?
While some investors express concern that the release of such a large volume of tokens from staking could adversely impact Ethereum’s price, others maintain a more composed outlook, believing that the market is robust enough to absorb this additional volume.
Even in the unlikely event that all ETH from the queue is sold, liquidity appears to be strong enough to absorb such a process, which would be gradual rather than sudden. According to Coinmarketcap, the current ETH trading volume stands around .35 billion, suggesting that the market could withstand the potential sale of Celsius’ entire ETH holdings without any major ETH price crash. Fear-mongering is therefore superfluous.
After receiving approval for its settlement plan, Celsius has allowed eligible users to withdraw 72.5% of their cryptocurrency holdings, with this option available until February 28. A court document filed in the previous September revealed that approximately 58,300 users possess a total of 0 million in assets, which the court has classified as “custody assets.”
At press time, ETH traded at ,250. The 1-week chart for ETH/USD indicates that, over the past five weeks, the price of Ethereum has formed a consolidation range. The chart defines this zone with a lower boundary at ,125, indicated by the red area, and an upper boundary at the 0.382 Fibonacci retracement level, located at ,441.
Ethereum: Balancing Act At $2,300 – Scaling The Heights Or Facing A Looming Drop?
The past few weeks have been a rollercoaster ride for Ethereum. Buoyed by a waning Bitcoin dominance and an influx of traders seeking greener pastures, Ethereum’s price surged towards critical resistance levels near ,500.
Yet, a palpable anxiety lingers in the air, fueled by questions about Ethereum’s long-term scalability and the increasing chorus of bearish whispers. Can the second-largest crypto navigate this tightrope walk and reclaim its DeFi crown, or will it take a tumble from grace?
Ethereum Rises: Growth, Innovations, And Challenges
Beneath the surface of rising price charts lies a complex story of intertwined strengths and weaknesses. Ethereum’s impressive 87% year-on-year market cap surge, catapulting it from 0 billion to a hefty 7 billion, paints a picture of robust growth.
The Merge upgrade, a landmark event streamlining Ethereum’s blockchain, and the burgeoning DeFi ecosystem pulsating with innovative applications are key contributors to this ascent.
However, lurking beneath this facade is a critical bottleneck: Ethereum’s Layer 1 scalability limitations. The network’s notorious high transaction fees and sluggish throughput have become thorns in the side of DeFi expansion, frustrating both users and developers yearning for a smoother experience.
As of writing, on this 26th of December, Ethereum’s price hovers around ,233, painting the daily and weekly charts red with a dip of roughly 1.5%, data from Coingecko shows. This recent descent adds further intrigue to the complex dance Ethereum is performing near the critical ,500 resistance level.
This delicate dance between bullish aspiration and bearish pressure underscores the fragile equilibrium in the market. On one hand, the optimism surrounding Ethereum’s future potential continues to draw in traders.
On the other hand, the specter of high transaction fees and scalability woes, alongside whispers of a potential bear market, keeps selling pressure simmering just below the surface.
Ethereum At ,300: Bulls’ Battle, Bears’ Threats
For Ethereum bulls, the ,300 level is a crucial battleground. If they can muster enough buy-side force to sustain a climb above this mark, it could pave the way for a surge towards the coveted ,500 resistance level. This breakthrough would be a significant psychological victory, injecting fresh confidence into the market and potentially triggering a new upward trend phase.
However, the bears are not out for the count. Their sights are set on breaching the ,200 support level, which would solidify their grip and potentially trigger a more substantial decline. Should this scenario unfold, the ,000 mark could come into play, with further losses possible if selling pressure remains unchecked.
Adding to the intrigue is the factor of exchange supply. A recent increase in Ethereum tokens on exchanges indicates more readily available ETH for sellers, potentially amplifying downward pressure. This highlights the delicate balance between market sentiment and technical factors in determining Ethereum’s future trajectory.
Meanwhile, the ETH traders’ profit-taking is evident in the Network Realized Profit/Loss between October 31 and December 23. A significant amount of profit-taking may cause the price of ETH to decline.
Ethereum’s Critical Crossroads Ahead
Looking ahead, Ethereum’s path hinges on its ability to navigate this complex landscape. Addressing its scalability issues through Layer 2 solutions and potential future upgrades will be crucial for maintaining and expanding its DeFi dominance.
Rekindling developer and user confidence by reducing transaction fees and improving network throughput is also paramount. Only by tackling these internal challenges and adapting to the ever-evolving crypto sphere can Ethereum truly reclaim its throne as the king of DeFi.
The next few weeks are likely to be pivotal for Ethereum. Will it scale the ,500 height and cement its position as a leader in the crypto revolution? Or will internal limitations and external pressures force it to face a precipitous drop?
Featured image from Shutterstock
Bitcoin Traders Eye Bullish Silver Lining in Looming US Government Shutdown, Says Analyst
Numerous reports foretell an imminent U.S. government shutdown, given the anticipated failure of a spending bill to secure passage by Saturday evening — a measure meant to sustain operations till mid-November. On the cusp of this shutdown, bitcoin (BTC) has been on an ascent, catching the eye of many. Coinshares analyst Luke Nolan notes a buoyant sentiment among some traders, who view the government’s looming closure with a favorable lens.
Bitcoin Rides the Wave of Uncertainty as U.S. Braces for Government Shutdown
The U.S. government could shut down this weekend if Democrats and Republican policymakers can’t come to an agreement on spending. Currently, there’s a bill on the table that aims to extend the government’s pay until mid-November, but a number of Republicans and Kevin McCarthy, the current House of Representatives speaker, are not budging on negotiations.
The two chambers find themselves at a deadlock, and should the bipartisan proposal aimed at averting a shutdown fail to gain approval by midnight on Saturday, the government will be compelled to close its doors.
On Friday, Coinshares analyst Luke Nolan told Barron’s that certain market participants harbor the belief that the impending shutdown will serve as a bullish catalyst for bitcoin and the broader crypto economy.
“Some participants view the possible government shutdown as bullish for cryptocurrencies, as it plays directly into the narrative of non-sovereign currencies not being affected by government procedure,” Nolan explained to Barron’s contributor Jack Denton.
Nolan added:
The possible shutdown is a large-scale reflection of the periodic dysfunction of due process, which fits well into the philosophical narrative of cryptocurrencies.
The previous hiatus that the U.S. government navigated spanned 35 days, lasting from December 2018 to January 2019. According to CNN, a “shutdown could have enormous impacts across the country, from air travel to clean drinking water. Many government operations would come to a halt, while services deemed ‘essential’ would continue.”
As the specter of a government shutdown looms closer, both equity markets and crypto assets have enjoyed an uptick in value. Bitcoin notably vaulted above the K threshold on September 29. “Despite large-scale equity weakness across most sectors … Bitcoin currently sits at a nine-day high, reclaiming an important push-and-pull level at ,000,” Nolan conveyed to Denton.
What do you think about the traders who view the shutdown as a good thing for bitcoin? Share your thoughts and opinions about this subject in the comments section below.
Dogecoin Looming Plunge: Factors Point Toward An Imminent Significant Decline
Dogecoin (DOGE) has recently witnessed a gradual decline in both its price and Open Interest over the past three days. These developments have raised concerns of a bearish sentiment in the futures market.
In a trend that has been unfolding over the last three days, Dogecoin’s price has experienced a steady descent, accompanied by a decrease in Open Interest.
Open Interest refers to the total number of active contracts in the futures market. Its decline is often indicative of waning enthusiasm among traders and investors, suggesting a prevailing bearish sentiment.
OI is a crucial metric in the cryptocurrency market, revealing the number of outstanding contracts that have not yet been settled. A decrease in this key area can signify that traders are closing their positions, potentially anticipating further price declines.
DOGE Bearish Sentiment Evident
Despite demonstrating some demand, Dogecoin’s price analysis points towards a further 5% drop. As of the most recent data from CoinGecko, the current DOGE price is .070578.
In the last 24 hours alone, the meme coin suffered a 5.0% drop, while its seven-day performance showed a decline of nearly 5%. The downward trajectory intensified as the market structure of DOGE slipped below the .075 mark earlier in the week.
The price report noted that amidst the prevailing bearish sentiment, the On-Balance-Volume (OBV) indicator exhibited an opposing trend. Over the past week, the OBV steadily climbed, suggesting an increase in buying pressure.
This juxtaposition underscores the complexity of market dynamics and indicates that while recent losses have been incurred, the underlying demand for Dogecoin might be stronger than anticipated.
Ancient Dogecoin Whales Resurface
In a surprising turn of events, the crypto community has observed the reawakening of four ancient Dogecoin whales in 2023. These whales, who had maintained a prolonged period of inactivity spanning over nine years, suddenly sprang into action.
Collectively, they have transferred a staggering sum of 6,818,192 DOGE, amounting to approximately 7,157, according to data from Whale Alert.
The emergence of these ancient whales and their substantial movements raises questions about potential market impact. Their actions could potentially inject volatility into the already turbulent Dogecoin market.
While the importance of these movements remains uncertain, they underscore the multifaceted nature and complexities that are deeply ingrained within the realm of cryptocurrency trading.
These fluctuations, whether they manifest as sudden surges or dramatic plunges in market values, serve as a stark reminder of the volatility that characterizes this nascent yet transformative financial landscape.
(This site’s content should not be construed as investment advice. Investing involves risk. When you invest, your capital is subject to risk).
Featured image from iStock
Bitcoin, Ethereum Technical Analysis: BTC Nears Breakout Below $29K, With Key US Economic Events Looming
Bitcoin neared a breakout below the ,000 level on Monday, as traders prepared for this week’s Federal Reserve rate decision. In addition to the Fed meeting, consumer confidence data will also be released from the United States. Ethereum hit a three-week low.
Bitcoin
Bitcoin (BTC) was on the brink of falling outside of the ,000 mark on Monday, as traders began to prepare for a big week of economic data.
Following Sunday’s high of ,330.64, BTC/USD slipped to an intraday low of ,068.48 earlier in the session.
This drop has resulted in bitcoin falling to its weakest point since June 21, which is the last time price was below ,000.
Overall, bitcoin is over 3% lower than at the same time last week, with today’s sell-off coming when the relative strength index (RSI) fell below a floor of 45.00.
Currently, price strength is tracking at 42.93, with the next visible resistance point at the 41.00 mark.
Should the index reach this level, it is highly likely that BTC will be trading around the ,800 level.
Ethereum
Additionally, ethereum (ETH) also edged lower to start the week, once again dropping below ,900.
ETH/USD slipped to a bottom at ,837.98 earlier in the day, which comes less than 24 hours after peaking at ,904.48.
Similar to BTC, ethereum has moved to a multi-week low as a result, with the price trading at its weakest point since June 8.
A downward crossover of the 10-day (red) and 25-day (blue) moving averages has also occurred, which is a sign of potential bearish sentiment.
Further, the RSI is now at a reading of 44.67, which is its lowest point since June 19, when price was last under ,800.
Bears may make another attempt to leave the ,800 mark in the coming days.
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Will markets consolidate ahead of the rate decision? Leave your thoughts in the comments below.