As bitcoin flirts with the boundaries of its recent trading range, its price oscillation reflects a vibrant yet undecided market, standing at a pivotal ,259 per unit, after testing waters between ,522 and ,902 within a 24-hour frame. Bitcoin Presently, bitcoin’s (BTC) oscillators present a mixed view but lean toward a cautious sentiment. The relative […]
Bitcoin News
Topps Navigates Web3 Hurdles: Shifts to Fortress Amid Regulatory Challenges in NFT Expansion
This week the collectibles and candy company Topps communicated with its customers regarding its non-fungible token (NFT) initiatives. The company acknowledged encountering challenges with a payment service provider in January 2023, leading to a transition to a new provider, Fortress, in September. Nevertheless, regulatory constraints have resulted in the unavailability of custodial wallets for collectors in New York and Texas.
Topps Partners With Fortress, Faces State Regulatory Hurdles in NFT Journey
Topps has acknowledged that the past year presented numerous obstacles for the Web3 community, stating that its own NFT program was “not excluded” from these difficulties. Back in January 2023, Bitcoin.com News covered the story of Wyre altering its withdrawal procedure, a development that occurred several months before the payment company announced shutting down operations in June. As partners, Wyre’s complications had a direct impact on Topps, compelling the firm to temporarily halt its NFT shop and marketplace operations.
In a recent communication to its clients, Topps revealed that it has transitioned to a new service provider, Fortress, and has successfully relaunched both its platform and marketplace. However, this changeover has led to certain delays in progress, particularly in two specific states. “Due to regulatory and state laws, we cannot setup Fortress custodial wallets for collectors based in NY or TX,” Topps detailed. “Our vendors are working with the states to enable functionality in these locations.”
Topps also mentioned its collaboration with its developer and the Avalanche (AVAX) blockchain network. The company emphasized, “We are also continuing our efforts to unlock alternative marketplace solutions for collectors and will provide a timeline update when available,” as it explained its ongoing endeavors. To prioritize these objectives, Topps has chosen to suspend any further NFT drops. This decision comes in the wake of Gamestop concluding operations of its NFT marketplace.
What do you think about the issues Topps faced with Wyre and its transition to Fortress? Share your thoughts and opinions about this subject in the comments section below.
Bitcoin Technical Analysis: BTC Navigates Through Bearish Currents
With market capitalization standing at 8 billion and a 24-hour trade volume of .58 billion, bitcoin’s current state remains consolidated just above the K zone. As bitcoin hovers around ,088, a meticulous analysis of its 1-hour, 4-hour, and daily chart unveils a predominantly bearish trend.
Bitcoin
Oscillators, key indicators of bitcoin’s momentum, and potential trend reversals present a mixed signal. The relative strength index (RSI) at 40 suggests a neutral to bearish stance, while the Stochastic at 12 and commodity channel index (CCI) at -120 also show a balancing act. However, the momentum indicator points to positivity at -2054, contrasting with the moving average convergence/divergence (MACD) level at -484, which indicates a bearish outlook.
The moving averages (MAs) offer a more bearish outlook. Both exponential moving average (EMA) and simple moving average (SMA) across various timeframes, from 10 to 50 days, predominantly signal negative sentiment in the market, reflecting a downward trend. However, the longer-term EMAs and SMAs, specifically at 100 and 200 days, show bullish signals, suggesting potential long-term upside amidst short-term volatility.
The 4-hour chart reveals a recent bearish trend, highlighted by a significant drop and subsequent consolidation. This period of less volatility and consolidation could indicate market uncertainty. For traders, potential entry points might involve waiting for a bullish reversal or a breakout above resistance levels, while exit points could be geared towards protecting against further downside movement.
On the daily chart, bitcoin (BTC) exhibits a more extended bearish phase with consistent drops and increasing volume on these bearish signals, confirming the downtrend’s strength. Entry points for long positions could be identified through bullish patterns at key support levels or candle closures above previous highs, while exits might focus on minimizing losses if the price breaks below support levels.
The 1-hour chart offers a more granular view of bitcoin’s price movements, showing a clearer consolidation pattern post-downtrend. Entry points for long positions could be identified through breakouts or bullish patterns at support levels, while exit strategies should focus on minimizing losses if the price breaks below recent lows, especially with signs of significant volume.
Across all charts, the market exhibits a bearish phase, necessitating cautiousness in long positions and attentiveness to reversal signals. Volume remains a critical indicator; spikes in conjunction with price movements are essential to confirm trend strength. Investors should be wary of false breakouts or reversals and employ stop-losses strategically to manage risks.
Bull Verdict:
Despite the prevailing bearish signals across various technical indicators, bitcoin’s market presents underlying strengths that could fuel a bullish reversal. The long-term moving averages and the potential for reversal patterns on the daily chart suggest resilience. If the market responds positively to broader economic cues and investor sentiment shifts, there is a reasonable prospect for bitcoin to initiate a recovery phase, breaking through current resistance levels and signaling a bullish trend.
Bear Verdict:
The preponderance of bearish indicators across bitcoin’s technical analysis points to a continued downtrend in the near term. Oscillators and short-term moving averages, especially on the 1-hour and 4-hour charts, indicate sustained selling pressure and a lack of strong buyer momentum. Unless there is a significant change in market dynamics or external factors, BTC is likely to face further downward pressure, making lower price levels a distinct possibility in the short to medium term.
Register your email here to get weekly price analysis updates sent to your inbox:
What do you think about bitcoin’s market action on Monday? Share your thoughts and opinions about this subject in the comments section below.
Bitcoin Technical Analysis: BTC Navigates Choppy Waters and Uncertainty
As bitcoin trades between ,850 to ,075, investors are eyeing several charts, oscillators, and moving averages for clues about the leading crypto asset’s next move. Oscillators signal neutrality, while moving averages paint a mixed picture, indicating a critical juncture for the cryptocurrency.
Bitcoin
On the 4-hour chart, bitcoin’s (BTC) trajectory shows a downtrend, marked by consistent lower highs and lower lows. A significant drop is notable, where the price plummeted from approximately ,440 to ,513. This pattern is underpinned by increased selling pressure, as evidenced by significant volume during downward movements. The formation of the current bearish candlestick formation further suggests the possibility of the downtrend persisting.
In contrast, the daily chart offers a different perspective, previously highlighting a bullish run where prices escalated from around ,378 to ,729. However, this trend has recently inverted, now characterized by a sequence of downturns. The intensified selling volume on these down days could be indicative of a strong bearish sentiment in the market, possibly forecasting further declines.
Oscillator readings present a more neutral stance. The relative strength index (RSI) at 52, Stochastic at 33, and the commodity channel index (CCI) at -27 all hover in the neutral range. The average directional index (ADI) at 37 and the awesome oscillator at 2230 also maintain this neutrality. However, the momentum indicator at -3227 and the moving average convergence/divergence (MACD) level at 1092 suggest selling action, adding complexity to the current market analysis.
The moving averages offer a divergent view. Short-term exponential (EMA) and simple moving averages (SMA) for 10 and 20 days indicate a sell signal with values at ,891, ,260, ,291, and ,683, respectively. Conversely, longer-term EMAs and SMAs (30, 50, 100, 200 days) signal a buying opportunity, with the 200-day EMA and SMA at ,057 and ,845, showcasing a bullish long-term trend amidst short-term volatility.
The current scenario suggests caution for traders. For short positions, a break below the last low of ,513 could be a potential entry point, with a stop loss above the most recent high or a lower high. Conversely, for long positions, a reversal pattern, such as a bullish engulfing candle or a higher low setup accompanied by increased buying volume, would be key indicators to watch.
Bull Verdict:
The long-term perspective for bitcoin remains optimistic. Despite recent downward trends on the 4-hour and daily charts, the stronger moving averages over longer periods (30, 50, 100, and 200 days) showcase a robust bullish undercurrent. The market’s resilience, as indicated by the 200-day EMA and SMA positioned well below the current price level, suggests that this could be a temporary consolidation phase before a potential upward breakout.
Bear Verdict:
The immediate outlook for bitcoin leans towards bearishness. The prevailing downward momentum observed in the 4-hour and daily charts, coupled with short-term moving averages signaling sell, paints a cautionary picture for the near future. The presence of consistent lower highs and lower lows, along with increased selling volume, indicates strong bearish sentiment.
Register your email here to get weekly price analysis updates sent to your inbox:
What do you think about bitcoin’s market action on Monday morning? Share your thoughts and opinions about this subject in the comments section below.
XRP Technical Analysis: Market Navigates Rumor-Induced Volatility
In the wake of recent market rumors about Blackrock’s involvement with XRP, the cryptocurrency’s price experienced significant volatility. Today, XRP stands at .654, reflecting a dynamic interplay of market forces and investor sentiment.
XRP’s Price Rollercoaster: Blackrock Rumors Stir Market Waves
The 24-hour trading window saw XRP’s price fluctuate between .643 and .731, demonstrating a volatile market response. This volatility is partly attributed to the unfounded rumors regarding Blackrock’s alleged registration of an XRP ETF. Despite these speculations, XRP’s market capitalization remains at .10 billion, with a 24-hour trading volume of .99 billion.
Analyzing the relative strength index (RSI), XRP exhibits a value of 61.99, indicating a neutral stance in the market at press time. This suggests that XRP is neither overbought nor oversold, providing a somewhat stabler ground for traders. The market’s reaction to rumors and news often reflects in such oscillators, with the RSI being a primary indicator of market sentiment after such events.
The Stochastic oscillator currently presents a value of 54.24, also falling in the neutral category. This figure implies that XRP is currently in a phase of equilibrium, balancing out the buying and selling pressures after last night’s high to .7488 per unit. In conjunction with the RSI, the Stochastic oscillator underscores a period of consolidation in XRP’s market movement after the drop.
The commodity channel index (CCI), with a value of 47.82, further supports this range-bound market stance. The CCI’s current value indicates that XRP is neither experiencing an unusual deviation from its typical price range nor entering a new trend. Moving averages offer a broader perspective on XRP’s current price trajectory.
The exponential moving average (EMA) and simple moving average (SMA) over various time frames present a mixed sentiment. Shorter-term EMAs and SMAs (10-day) suggest a bearish sentiment, while longer-term averages (20-day, 30-day, 50-day, 100-day, and 200-day) lean towards a more bullish stance. This divergence reflects the market’s uncertainty in the immediate term after the phony Blackrock news.
Bull Verdict:
Based on the current technical analysis of XRP, there is a strong bullish sentiment for the longer term. The key indicators such as the Relative Strength Index (RSI) and Stochastic oscillator are in neutral zones, suggesting stability in the market. XRP traders may simply shrug off the news similar to the phony spot BTC ETF news a few weeks ago.
Bear Verdict:
Conversely, the bearish perspective on XRP’s future is grounded in its recent price volatility and negative short-term technical indicators. The unfounded rumors about Blackrock’s involvement may continue to create uncertainty and negatively impact investor sentiment. This, combined with the neutral indicators of the RSI and Stochastic oscillator, could lead to a bearish trend in the immediate term.
Register your email here to get weekly price analysis updates sent to your inbox:
What’s your opinion about XRP’s market action on Tuesday? Share your thoughts and opinions about this subject in the comments section below.
Bitcoin Technical Analysis: BTC Navigates Tides of Low Volume and Market Swells
On Sunday morning Eastern Time (ET), bitcoin’s trading value hovers slightly over the ,000 mark per unit, peaking at ,294 for the day. There’s a slight dip in BTC trading volume over the weekend compared to the previous weekday, totaling .76 billion of the crypto economy’s .15 billion. Over the last day, bitcoin has seen a modest decline of 0.4%, but it’s up by 5.5% over the past week and has surged just above 38% in the last month.
Bitcoin
Bitcoin’s price oscillations on Sunday show a nuanced battleground between bullish sentiment and potential overbought warnings. The leading cryptocurrency displayed a 24-hour price range between ,821 and ,294, with oscillators like the relative strength index (RSI) and the commodity channel index (CCI) signaling caution. Meanwhile, moving averages suggest a continued uptrend, presenting a complex scenario for traders.
On the oscillator front, bitcoin’s RSI reached a high level of 80, typically indicating overbought conditions that could precede a price pullback. The Stochastic oscillator echoed this sentiment with a value also at 80, but held a neutral stance, suggesting hesitation among traders about immediate price direction. The CCI’s reading at 155 further supports the overbought signals, urging investors to brace for potential volatility or a short-term correction in price.
Moving averages tell a different story, revealing a continued and strong bullish trend across multiple time frames. Short-term support is evident with the 10-day exponential moving average (EMA) and simple moving average (SMA) sitting at ,086 and ,917 respectively, both indicating an optimistic sentiment in the market. The longer-term outlook remains bright as well, with the 200-day EMA and SMA at ,672 and ,696, asserting a strong foundation for growth.
The interplay between the shorter-term and longer-term moving averages, along with the EMA and SMA data, showcases a sustained growth trajectory for bitcoin. The consistent optimistic sentiment signals across the 20, 30, 50, 100, and 200-day intervals underscores the momentum that has been building. This suggests that despite the short-term overbought signals from oscillators, the undercurrent of bitcoin’s market sentiment leans toward a bullish continuation. The Crypto Fear and Greed Index (CFGI) hosted on alternative.me, shows a position of “greed” on Sunday with a score of 73.
Concurrently, U.S. stock markets wrapped up Friday on a positive note, with key benchmark indices recording rises from 1-2%. Come Monday, the financial world sets its sights on the monthly U.S. federal budget statement. Following this, Tuesday’s agenda is marked by the U.S. Labor Department’s unveiling of the consumer price index (CPI). The week will further unfold with updates on housing sales and unemployment claims. These elements, combined with the broader economic climate and global tensions, may sway bitcoin’s valuation throughout the week.
Register your email here to get weekly price analysis updates sent to your inbox:
What do you think about bitcoin’s recent market action? Share your thoughts and opinions about this subject in the comments section below.
Stablecoin Market Navigates Shifting Sands as Tether Announces New CEO and USDR Depegs
The stablecoin landscape has been stagnant for the last two months, barely exceeding 3 billion as we approach the third week of October. Even though fiat-pegged token trading saw a spike this week, on October 13, stablecoin transactions made up 22.96% of the global crypto economy’s trade volume. Just a day earlier, they constituted 74% of all trades.
Turbulent Times Ahead? Stablecoin Valuations and Trade Volumes Fluctuate
Over the past month, the market of fiat-pegged tokens has been challenging. Tether (USDT) experienced a modest 0.5% surge in its supply. Contrastingly, usd coin (USDC) faced a 4.3% cut in its stockpile. DAI, the third-largest stablecoin by market cap, had 1.3% sliced off, whereas trueusd (TUSD) enjoyed a 6.5% uptick. Meanwhile, BUSD, ranking fifth, saw a significant 15.5% reduction in its supply.
Currently, BUSD’s market capitalization teeters around .13 billion, flirting with the possibility of dipping below billion. Over the past month, Tron’s USDD remained unchanged, while FRAX enjoyed a subtle 0.5% growth. Pax dollar (USDP) wasn’t so fortunate, shedding 7.2% of its supply, and the newcomer, first digital usd (FDUSD), witnessed an 18.7% supply spike. As of October 13, 2023, Paypal’s fresh-off-the-shelf stablecoin stands as the 13th largest, boasting a circulation of 119 million.
On the morning of October 13, stablecoins made up 22.96% of the billion global trade volume, a stark contrast to the 74% seen on October 12. That Thursday evening, the stablecoin economy momentarily dipped beneath the 3 billion mark, with the global trade volume plummeting to .13 billion. In other developments, Tether announced a leadership shift this week: Paolo Ardoino, previously the Chief Technology Officer, will assume the role of CEO come December, with the former CEO, Jean-Louis van der Velde, transitioning to an advisory position.
Moreover, a relatively obscure stablecoin, USDR, took a hit this week, now trading at half its former parity. Managed by Tangibledao, this once-stable coin lost its parity on October 11 and hasn’t rebounded. Although the team vowed to address the issue via a post on social media platform X, the post remains private, preventing any public responses. USDR has now been added to the growing roster of fiat-pegged tokens that have lost their dollar pegs.
What’s your perspective on this week’s stablecoin developments and the associated news? Share your thoughts and opinions about this subject in the comments section below.
Defi Sector Navigates an Extended Crypto Winter: TVL Dips to February 2021 Levels
The realm of decentralized finance (defi) is grappling with the aftermath of the sweeping crypto market slump that marked the close of August. As it stands, the total value locked (TVL) in defi, pegged at .59 billion, has plummeted to a low last witnessed in the second week of February 2021.
Crypto Winter’s Grip on Defi: TVL Stumbles to Billion
The total value locked in defi is on a steady decline, and as of September 1, 2023, it’s teetering at roughly .59 billion. Rewinding to February 9, 2021, this was the last time the TVL stood at such a level, right before it surged to its record peak.
By May 11, 2021, it swelled to an impressive 1 billion, and by November 8, 2021, it soared to a staggering 8 billion. Although there was a brief resurgence to 1 billion on April 2, 2022, the TVL has been in a consistent descent since the all-time high.
As of the first of September this year, Lido reigns supreme as defi’s leading protocol by TVL, boasting a .06 billion TVL. Hot on its heels are Makerdao, Aave, Justlend, and Uniswap, completing the top-tier quintet of defi protocols based on TVL size. Makerdao stands at .05 billion, Aave at .49 billion, Justlend at approximately .33 billion, and Uniswap close behind with about .27 billion this weekend.
Curve Finance claims the sixth spot, with .33 billion tucked away. While all six experienced percentage dips recently, Lido saw a 0.73% uptick this past week, and Makerdao enjoyed a 0.99% rise.
In the realm of defi TVLs by blockchains, Ethereum wears the crown with a dominant 57.26%, translating to .427 billion locked. Tron secures the runner-up position with .223 billion, representing 13.96% market share. Following them are Binance Smart Chain (BSC), Arbitrum, and Polygon, rounding off the top five chains by TVL.
BSC emerged as the week’s market performer with a 2.35% ascent, while Polygon leaped 0.90% higher. However, the remaining three in the top five blockchains witnessed a week of losses. Much like other crypto sectors, defi is grappling with the chill of a prolonged crypto winter.
What do you think about the recent defi downturn? Share your thoughts and opinions about this subject in the comments section below.
New Semi-Decentralized Cryptocurrency Exchange Navigates Murky Compliance Waters
Tetra, a new entrant in the cryptocurrency exchange sector, describes itself as a semi-decentralized, peer-to-peer exchange with an emphasis on security and usability Tetra will help create the next wave of cryptocoin adoption which will benefit all cryptocurrency users from investors to traders to businesses.The term peer-to-peer exchange tends to suggest the idea of a strong emphasis on privacy and anonymity, as well as a certain level of disdain for Know-Your-Customer KYC rules, meddling r
CryptScout #BitFeed RSS – Bitcoin and Cryptocurrency News 24/7