Cryptocurrency Market News From tradecoind2.com

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Liquidity staking has recently become a focal point in the DeFi space, playing a key role in the growth of Total Value Locked (TVL) across various DeFi protocols.

Polkadot enters the liquidity staking space
 
In a notable development for the Polkadot ecosystem, a strategic partnership has emerged between ZodiaCustody and paritytech. This partnership aims to improve the staking landscape by facilitating institutional access to the Polkadot network, including participation in the staking process.

In addition to staking, this partnership will also provide important custody services to support the Polkadot ecosystem.

Besides the above developments, the number of staked DOTs continued to increase over the past month. However, this increase coincided with a decrease in reward rates.

The falling reward rate raises questions about the sustainability of the staking model and its appeal to users.


Source: Staking Rewards
 

How is DOT doing?
Socially, sentiment around DOT has taken a hit over the past few weeks. This bearish sentiment could have a ripple effect on market behavior and investor confidence, influencing the decisions of both retail and institutional players.

Despite these challenges, DOT has proven to be strong in terms of social engagement. Engagement increased by 64% and DOT-related mentions increased by 16.4%.

Such heightened interest shows that DOT remains on the radar of crypto enthusiasts and investors at the time of writing.


Source: Santiment
 

Over the last month, the DOT price has decreased, moving from $5.05 to $4.08 at the time of writing. Furthermore, development activity has declined, suggesting that new developments on the network may be slowing down.

Furthermore, DOT price volatility increased. These fluctuations could affect the trading environment for DOT and potentially impact its adoption and long-term prospects.


Source: Santiment

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The US Securities and Exchange Commission (SEC) has accused Binance.US of failing to cooperate in an ongoing investigation against the exchange, according to a September 14  court filing .

The SEC in its court filing noted that Binance.US parent company BAM only produced 220 documents during the discovery process. Many of the documents submitted under the Consent Order “included confusing screenshots and documents without dates or signatures.”

The SEC added that BAM refused to provide the necessary witnesses for depositions, instead only agreeing to four witness statements it unilaterally deemed appropriate, saying:

“It has responded to related communications requests with a general objection and refusal to provide documents held in the ordinary course of its business, claiming that such documents do not exist, but then the SEC received those documents from other sources.”

The SEC also raised concerns about Binance.US’s use of Ceffu, the wallet custody software developed by global entity Binance Holdings Ltd. provide. The SEC noted that BAM has made inconsistent statements regarding Ceffu and Binance’s involvement in the management of customer wallets and funds.

The SEC said BAM first claimed Ceffu was BAM’s wallet custody software and services provider but later claimed that Binance was BAM’s wallet custody software provider. Regulators raised concerns that the cryptocurrency exchange’s use of Ceffu violated a previous agreement to prevent funds from being transferred abroad.

The SEC filed a lawsuit against Binance on June 5, making 13 charges against the crypto exchange including its unregistered securities offerings, Simple Earn and BNB Vault products, and its staking program. It. The SEC stated that Binance.com, Binance.US, and BAM Trading should have registered as clearing agents, broker-dealers, and exchanges, respectively. The unregistered offering and sale of Binance.US’s staking-as-a-service program requires BAM Trading to also register as a broker-dealer.

The SEC’s latest charges against Binance.US come amid an internal crisis at the exchange. Binance.US CEO Brian Shorder has joined a long list of top Binance executives to leave the company this year, following the resignation of the exchange’s head of legal and chief risk officer. in a few days.

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Given what has been happening, there is certainly growing interest from Wall Street firms in cryptocurrencies.



Grayscale’s recent victory before the U.S. Securities and Exchange Commission (SEC) and the ongoing conversation surrounding BlackRock’s Bitcoin spot ETF significantly changes market sentiment in the crypto space . Several companies, including Valkyrie, Bitwise, WisdomTree and Invesco, quickly followed suit and filed their own ETF applications.

Traditional financial players have also made notable strides in the sector. Deutsche Bank, the $1.4 trillion asset manager, has applied for a license to provide cryptocurrency custody services, while Citadel, Fidelity and Charles Schwab support exchanges The new EDX Markets service was recently launched. PayPal continues to enter the space by launching its own stablecoin project.

However, many are wondering whether crypto is ready to retain the huge influx of institutional capital?

That’s for sure.

How ready are you?

Determining whether a cryptocurrency is ready depends on many different factors, including regulatory clarity as well as the robustness of infrastructure providers and market makers. . All play a key role in retaining institutional investors as they ensure healthy, fair and integrated markets are maintained.

Or to put it more generally, centralized finance is ready for Wall Street. When we talk about CeFi, we are talking about well-known digital currency platforms that look a lot like the type of services familiar to traditional financial players. For example, the Coinbase and Gemini platforms.

By largely sticking to Web2 infrastructure, they can handle the scale of Wall Street operations. These CeFi companies have taken into account healthy market volumes and market maker participation. In most jurisdictions there is also increasing regulatory clarity on how to work with these services.

Of course, there are some details that need to be ironed out, such as the lack of a true prime broker and solid coverage at scale. However, given enough time and a larger balance sheet, these will certainly be added to the system. They are not basic clogging problems.

Bringing DeFi into play
Looking at DeFi, we have to see this space can play two different roles in the crypto market. DeFi can be used as a payment layer for non-custodial services that limit some aspects of centralization (called “backend DeFi”). But it can also be fully decentralized (“pure DeFi”).

In case DeFi is the payment layer or backend DeFi, it is similar to CeFi. These types of operations still provide some centralized oversight, making them more compatible with the approach of traditional finance.

Some examples are OTC offerings with atomic settlement capabilities through Fireblocks, Copper, or other digital asset custodians. There are also digital asset settlement platforms for derivatives trading, such as Paradigm for the settlement of digital asset options.

Backend DeFi certainly comes with the necessary infrastructure to function as a payment layer. Many layer 2 DeFi services provide the speed and cost needed for Wall Street operations. At the same time, there are market makers that provide healthy liquidity and the ability to absorb large volumes. Their monitoring capacity also allows them to comply with local regulations.

A longer appraisal process may be needed here when large organizations give the green light. However, it is just a matter of perception for institutions to fully embrace backend DeFi and understand the technology and security behind it.

There is definitely potential for pure DeFi. However, the situation here may be a little different from less decentralized alternatives. When we talk about pure DeFi, we are talking about protocols that operate in a virtually permissionless and decentralized way like Uniswap or Curve Finance. This area represents the biggest paradigm shift, but is still one that is still a long way from being ready for adoption across organizations.

Pure DeFi protocols are still subject to too many black swan factors due to the experimental nature of the infrastructure. The Curve Finance mining attack is a notable recent example. This presents a scenario that seems too risky for most institutional investors to want, as they are not yet ready to trust software to ensure the safety of their money. There are also legal challenges that come with their license-free nature.

However, that does not mean that pure DeFi is not an interesting point of discovery for all market participants – it is perhaps even the most interesting field to explore. For now, however, it should be seen as a springboard for new types of financial tools that could eventually be introduced into more organization-friendly environments.

Ready enough
Overall, the most conservative view of cryptocurrencies’ ability to handle Wall Street inflows is closer to readiness than not. Some areas are more ready than others, but we should only focus on those areas that are likely to attract initial interest.

As traditional financial institutions continue to participate, the most likely scenario is that they will start by entering CeFi – a sector that is already primed for this attention. Wall Street’s attitude towards the crypto market will then continue to improve over time as backend DeFi and pure DeFi grow.

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The Congressional Budget Office (CBO) is revising its projections for this year’s US budget deficit, saying it will be significantly higher than previous estimates.

In a new report, the agency says it now projects government expenditures will outpace revenues to the tune of $1.7 trillion in 2023.

“On the basis of its estimate of the deficit through July and preliminary estimates of revenues and outlays in August and September, CBO now expects that the total deficit for 2023 will be $1.7 trillion, or about $200 billion larger than the estimate it published in May.”

The figure represents a 13% jump from the CBO’s projections from four months ago.

After 2023, the CBO predicts that the country’s budget deficit will range between $1.6 trillion and $1.8 trillion before reaching $2.9 trillion in 2033.



In a CNBC interview, CBO Director Phillip Swagel says that the US government is facing a challenging and unusual situation.

“The economy is recovering. We’re past Covid. The labor market is looking much closer to normal, and yet the deficit is still wide.”

Swagel also says that while economic growth will likely improve the country’s financial situation, it will likely not be enough to bridge the gap.

“The challenge we face is that the fiscal deficit and trajectory are so difficult that even super optimistic growth is not enough by itself to make us sustainable. Growth will help and will make the policy environment better, but ultimately policymakers need to make some choices whether on spending or on revenue.”

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A closely followed crypto strategist believes that Solana (SOL) is still in a downtrend despite last week’s surge.

Pseudonymous analyst Altcoin Sherpa tells his 196,300 followers on the social media platform X that Solana is facing a key resistance level at around $19.50.

According to the analyst, Solana has been printing bearish lower-high setups ever since hitting its 2023 high of $32.30 in July.

“Would be cautious on this current move up. It’s nice to see some recovery but every rally the last few weeks has resulted in just a lower high. Regardless, if you’re in it for an investment, it cant be bad to accumulate sub-$20.”


Source: Altcoin Sherpa/X

At time of writing, SOL is trading for $19.04, up over 8% from its seven-day low of $17.57.

Should SOL’s latest rally fade, Altcoin Sherpa says that the $14 level could act as support. However, he warns that SOL’s prospects of staying above $14 all depend on how the bankrupt crypto exchange FTX liquidates its massive Solana trove to the tune of $1.16 billion.

“This one should take a while to form a bottom though. I don’t know if the FTX stuff is ‘priced in.’ The next few months will be very interesting to see how the price reacts to the large supply on the market.”


Source: Altcoin Sherpa/X

While Altcoin Sherpa is sounding the alarm about FTX’s large Solana holdings, investor Chris Burniske tells his 263,400 followers on the social media platform X that only a tiny amount of the defunct crypto exchange’s SOL trove is liquid.

“Only ~13% of FTX’s SOL holdings are liquid.”


Source: Chris Burniske/X

Burniske, who is a partner at the crypto-focused venture capital firm Placeholder, says that he’s long-term bullish on SOL despite its FTX baggage.

“ETH and BTC both have baggage and have made new ATHs (all-time highs) in each major expansion. Every human is flawed, every institution is flawed and every coin is flawed.

In other words, we all have baggage, and many of us, be it a human, institution, or coins, continue to make new ATHs.”

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Chairman Gary Gensler of the United States Securities and Exchange Commission (SEC) is facing aggression that is no longer limited to the cryptocurrency industry as both the Financial Times and Wall Street Journal as well as newspapers Others criticized his leadership.


Gary Gensler – Chairman of the US SEC
 

An editorial in the New York Post said Gary Gensler is turning the US SEC into a “banana republic” following action against trading company Virtu after its CEO criticized the agency.

A Wall Street Journal editorial was even harsher when William Barr, senior counsel for the American Free Enterprise Chamber of Commerce, said of Gensler:

“He takes fleeting theoretical problems and attacks them with broad precautionary regulations that rely on too much speculation and paternalism, lack evidence and sound analysis, and fail to pay attention to attention to the Congress and the Constitution of the United States”.

Meanwhile, FT said :

“The U.S. SEC’s interventions are expanding the definition of its role in private markets… The broad scope of the reform agenda is also causing greater concern in the financial and business communities. US industry on exceeding the scope of management”.

The chairman of the US SEC has been facing intense criticism in the cryptocurrency space, but the reaction in the wider business world shows that his approach to expanding his power is popular. and not limited to just one industry.

In addition to the lawsuits involving Coinbase and Binance, as well as the appeal in the Ripple case, the US SEC is currently in court with the US Chamber of Commerce.

They are suing to overturn new rules on corporate share buybacks while a coalition of private equity, venture capital and hedge fund groups have sued over the new disclosure rules.

Under Gensler, the US SEC engaged in a series of regulations, the largest scale since 2008. He declared even NFTs, Monkey JPEGs were securities even though the court found XRP tokens were not securities .

Many in the crypto industry have complained the US SEC is inflexible, with a recent court ruling finding the US SEC’s decisions “arbitrary and capricious”.

Regardless of whether this affects the White House in the upcoming election year, the US Congress may get involved as the business world seeks to limit the overreach of the US SEC.

Several cryptocurrency laws have been proposed in the US Congress, with Republicans said to be more proactive.

If Republicans gain control of both the U.S. House and Senate, the White House leadership may be less concerned about the U.S. SEC overstepping its authority because the agency is circumventing the law through prolonging the status quo. legal interpretation due to the lack of new legislation by the US Congress.

Therefore, the 2024 election could include two elections, one for president that is considered too broad to consider these issues and another for the US Congress, where the branch The cryptocurrency industry and the broader business world could use more effort.

If he loses to the Senate, Gensler will be supported.

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Traders have been advised not to short every time the price pumps. The advice appeared in a post on X by Whale Analysis, a personality that claims to help people make money in the bear market. According to Whale Analysis, there is a new trend in which a few coins increase more than 50% in a single day for no identifiable reason.

https://twitter.com/Whaleanalysis/status/1703053647880626562

Whale Analysis notes that this trend has been present for weeks and is likely to liquidate short positions. He identified several coins that have experienced such significant price increases over the past few weeks, including  CYBER , PERP ,  TRB  , and HIFI.

Data from TradingView shows that CYBER increased from $3.65 on August 30 to $16.23 on September 1. It increased 341% in 4 days before falling to its current price of $5.

From September 5 to 8, PERP increased from $0.64 to $1.23, an increase of 91%. The price consolidated after the spike and is now trading at $0.65.

TRB’s rally has lasted longer than CYBER and PERP. The move that began on August 26 saw TRB rise from $9.90 to $48.90 before falling to its current price of $39.20. TRB surged 398% at the start of the bull run, making it one of the top performers in September 2023.

HIFI topped the group with a 589% gain between September 2 and 16. It rose from $0.39 to $2.63 before the consolidation. HIFI was trading for $1.16 at the time of writing, according to data from TradingView.

Whale Analysis advises traders intending to short these coins to use a small percentage of their futures portfolio, keep leverage low and set stop losses. According to the market analyst, no technical or fundamental analysis is effective for these coins as they intend to stimulate as many liquidators as possible. He believes this is a deliberate pump & dump approach used by whales.

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A research report by web3 security experts Forta Network and Blockfence detailed how a phishing operation targeting Ethereum users known as “sleepdropping” led to a total loss of $11.5 million since it was first discovered in December 2022.

This scam works by sending seemingly authentic ERC-1155 tokens, often NFTs, to unsuspecting users. This tactic lures users to fraudulent websites where they are tricked into authorizing transactions, unknowingly transferring their assets to the scammer. The perpetrators behind this operation have not yet been identified.

According to Forta Network and Blockfence, more than half a million addresses received these misleading token airdrops. Currently, more than 20,000 users have been confirmed as victims.

Fake NFT airdrops used to steal funds
In one documented case, users received fake Lido NFT tokens, which presented themselves as “badges” to claim an airdrop.


An example of an NFT “sleepdropping” scam. Source: Forta

In essence, NFTs do not affect the user’s wallet. However, if users believe the airdrop is legitimate, their curiosity may lead them to interact with the token, possibly confirming the token is malicious on a phishing website.

The distribution appears to originate from an authentic smart contract that, in 2021, issued an airdrop to early Lido stakers. The complex technical aspects of the ERC token contract allow it to be manipulated, even when genuine.

Forta said in the report:

“A savvy user can look at the transfer in more detail and see that the tokens are being transferred from a legitimate Lido: Early Stakers Airdrop account. This is an act of deception that fraudsters carry out by exploiting the implementation of ERC token contracts.”

Research from Forta and Blockfence identified more than 100 separate smart contracts involved in fraudulent activity with similar deployment patterns. The research also points to three main stages of the scam: fraudulent airdrop operations sending NFTs that appear to come from trustworthy sources, websites designed to deceive users, and final malicious contracts trick users into transferring their money.

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In a turbulent 2023, Polkadot has faced many challenges in asserting its prominence, especially amid the emergence of many protocols such as layer 2 solutions and liquidity staking in the cryptocurrency sector. .

What’s happening to Polkadot’s revenue?

However, during these tests, Polkadot revenue volatility spiked. Recent data from Polkadot Insider shows that Polkadot’s revenue volatility increased by a significant 25.6% over the past week.

The revenue gap in the period is the difference between budgeted revenue and actual revenue. A beneficial revenue variance occurs when actual revenue exceeds budgeted revenue and vice versa.

Positive revenue fluctuations will have important implications for the Polkadot protocol, potentially strengthening their position and appeal to users and investors.

However, the level of performance of the protocol is unstable. On September 14, the number of active addresses on the Polkadot network spiked significantly, but this increase was followed by a subsequent decrease in activity.

In contrast, the flow of new addresses registered on the Polkadot network remains relatively small. This shows that although existing users may be actively participating in the network, the number of new participants is still limited.


 Source: Subscan
 

Furthermore, development activity on the Polkadot network has gradually decreased over the past month. The number of code commits and the number of core developers decreased by 14.9% and 17.9%, respectively.

A decline in development activity may raise concerns about the network’s ability to innovate and adapt.

Bears continue to haunt DOT
When examining price movements, Polkadot faced a downtrend over the past month. The price of DOT has slipped from 6.69 to $4,137 during this time. Besides the price drop, the token’s trading volume is also lower.

The decreasing trading volume is an important factor to consider as it could affect liquidity and overall market sentiment around Polkadot.

Low volume can lead to higher price volatility, potentially frustrating investors.

Speaking of volatility, this metric is on the rise, which could indicate instability and speculative trading. Increased volatility will impact investor confidence in the token and its long-term viability.


Source: Santiment

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Chinese cryptocurrency blogger and journalist Colin Wu has shared details about the recent hack of cryptocurrency management company Fortress Trust, which was recently acquired by blockchain giant Ripple.

According to Wu, the weakness that hackers attack here is related to the additional security system provided by a primary authentication application.

https://twitter.com/WuBlockchain/status/1703678755385098470

27 accounts on Fortress Trust were compromised

According to Retool, cyber criminals managed to compromise up to 27 accounts from cryptocurrency custody company Fortress Trust. Hackers successfully exploited this vulnerability following a targeted SMS (text) based social engineering attack.

According to Fortress Trust, hackers used the Google account cloud sync feature introduced this spring. The San Francisco-based company that bought it claims that the feature mentioned above makes compromises worse and calls it a “*dark pattern”.

*Dark pattern: refers to web or application software developers using interface design and tricks that take advantage of influence and trust to trick someone into getting information or convincing the victim to do something. something, or some other technique to get users to do things they wouldn’t otherwise do.

Retool calls this type of synchronization “a new attack vector,” according to the company’s head of engineering, Snir Kodesh. The attack that occurred on August 27 occurred at the same time that Fortress Trust was moving its credentials to Okta.

What happened?
The hackers pretended to be one of the members of the Fortress Trust IT group when they initiated the SMS phishing attack. They direct recipients to follow a seemingly legitimate link to help them resolve their salary-related issue. A real employee fell for this trick and visited a fake landing page, where they then shared their login information.

What happened next was that the bad guy called this employee, pretended to be a member of the IT team (with the help of a deep fake that changed their voice), and asked the employee to pass them a multi-authentication code. factor (MFA).

This code allows hackers to add their own extensions to the victim’s Okta account, and the perpetrator can then generate their own MFA code to access the account.

Finally, after setting fire to this employee, the hacker was able to gain deeper access to all 27 accounts mentioned above. Hackers changed the email addresses of those accounts along with the passwords. As a result, $15 million worth of crypto assets were stolen.

The way the attack was carried out shows similar methods to hacker Scattered Spider (aka UNC3944), who is said to be a high-level phishing attack expert.

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Nine US lawmakers have expressed their support for the Anti-Digital Money Laundering Act, which was recently reintroduced in the House by US Senators Elizabeth Warren, Roger Marshall, Joe Manchin and Lindsey Graham. festival. Experts have warned this cryptocurrency bill is the most direct attack on the privacy and personal freedoms of cryptocurrency users.


US Senator Elizabeth Warren
 

Anti-Digital Money Laundering Act receives support
Nine U.S. lawmakers joined U.S. Senators Elizabeth Warren (D-MA), Roger Marshall (R-KS), Joe Manchin (D-WV) and Lindsey Graham (R-SC) in sponsoring the Act anti-digital money laundering. The bill aims to “close loopholes in existing laws and bring cryptocurrency companies into better compliance with the anti-money laundering and countering the financing of terrorism (AMF/CFT) frameworks that govern the large financial system,” the lawmakers described.

U.S. Senator Warren first introduced the bill last December. In July, U.S. Senators Warren, Marshall, Manchin and Graham reintroduced the bill. Experts have called the bill the most direct attack on personal freedom and user privacy. Last week, U.S. Senators Catherine Cortez Masto (D-NV), Gary Peters (D-MI), Dick Durbin (D-IL), Tina Smith (D-MN), Angus King (I-ME), Jeanne Shaheen (D-NH), Bob Casey (D-PA), Richard Blumenthal (D-CN) and Michael Bennet (D-CO) have announced they also support the bill.

Senator Cortez Masto emphasized:

“We must prevent transnational drug cartels and other criminal organizations from financing their illegal activities through cryptocurrencies.”

“Our bipartisan bill would ensure crypto companies follow the same rules as banks, close loopholes that criminals are exploiting, and provide our financial institutions necessary tools to hunt down bad guys.”

This bill was also endorsed by the Bank Policy Institute, Transparency International US, Global Financial Integrity, National District Attorneys Association, Major County Sheriffs of America, AARP, National Consumer Law Center (on behalf of low-income consumers), and the National Consumers League. confirm.

“The existing Bank Secrecy and Anti-Money Laundering Act framework must take digital assets into account, and we look forward to participating in this process to protect our nation’s financial system against financial illegal in any form,” the Bank Policy Institute describes.

According to a summary provided by lawmakers supporting the bill, the Digital Money Laundering Act would:

Expands Bank Secrecy Act (BSA) responsibilities, including verification of your identity requirements, to digital asset wallet providers, miners, validators, and participants Other networks may act to authenticate, secure or facilitate digital asset transactions.

It would also “address the major “non-hosted” digital wallet vulnerability,” requiring banks and money services businesses (MSBs) to “verify customer and counterparty identities, maintain records and submit reports related to certain digital asset transactions involving non-hosted wallets or wallets hosted in jurisdictions that are not BSA compliant,” the lawmakers said more.

Furthermore, the bill seeks to expand BSA rules relating to foreign bank accounts to include digital assets by requiring U.S. persons to “engage in transactions of value in digital assets Amounts greater than $10,000 through one or more foreign accounts must file a Report of Foreign Bank and Financial Accounts (FBAR) with the Internal Revenue Service.

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Toncoin (TON) price has broken above a descending resistance line and is approaching a local high of $2.97.

Price action is still bullish, but the RSI and Elliott wave counts suggest that the price will soon reach a top.

TON price broke above the 270-day resistance level

TON price has fallen below a descending resistance line since reaching a local high of $2.97 in December 2022. The decline peaked with a low of $1.02 on June 10.

However, the price rebounded strongly afterward, creating a very long lower wick, which is considered a sign of buying pressure. The long wick underneath was huge, leading to a 45% increase on the same day.

After the bounce, TON made a higher low in early August and accelerated thereafter. On September 15, after 270 days of existence, TON price broke above the descending resistance line.

It reached a high of $2.54 the next day. The increase occurred shortly after the TON wallet was integrated with Telegram, attracting more than 800 million users.

The December 2022 high at $2.97 is 27% above the current price, while resistance at $1.90 is 20% below the current price.


TON/USDT Daily Chart | Source: TradingView
 

The daily RSI gives mixed signals. Traders use the RSI index as a momentum measure to evaluate whether the market is overbought or oversold in order to make decisions to buy or sell assets. When the RSI is above 50 and sloping up, it suggests an advantage for the bulls. On the contrary, when the index is below 50, the situation is favorable for the bears.

Although the indicator is bullish and above 50, it has also created a bearish divergence (green line). This occurs when a decrease in momentum is accompanied by an increase in price and is a sign related to a local or absolute top.

TON Price Prediction: How long will it continue to increase?
Technical analysis from the short-term six-hour timeframe shows that Toncoin price may be in the fifth and final wave of a five-wave upward movement (white).

Technical analysts use Elliott Wave theory as a means to identify recurring long-term price patterns and investor psychology, helping them determine the direction of a trend.

According to the wave count, TON price is approaching the end of the fifth wave. The likely target for the top is $2.77. The target is found by projecting the lengths of waves one and three to the bottom of wave four.

This target is achieved when the fifth wave lasts, as is the case with TON.

After reaching the top, a significant correction is possible. While the target for the bottom depends on the exact level at which price peaks, the area that is likely to serve as support on the downside is the 0.5-0.618 Fib Retracement at $1.77-$1.97.

This could coincide with a retest of the long-term descending resistance line.


TON/USDT 6-hour chart | Source: TradingView
 

Therefore, the most likely TON price prediction is bullish with a potential target of a December 2022 high at $2.97 but could peak at $2.77. Failure to reach this level could result in a 20% drop to the $1.77-$1.97 zone.

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Worldcoin (WLD) price has been on the rise since hitting a new all-time low on September 12.

This increase helped the price break above the 53-day descending parallel channel, indicating that the correction is complete.

Worldcoin (WLD) price broke out of a correction pattern
Since July 24, WLD price has been falling inside a parallel descending channel. Both the resistance and support lines were confirmed multiple times. These channels are considered corrective patterns, which means they often lead to breakouts.

In the most recent developments, on September 7, Worldcoin price was rejected by the channel’s resistance line (red symbol). This marked the beginning of a downtrend that led to an all-time low price of $1.02 on September 12.

However, Worldcoin price has increased since then and broke above the channel on September 15. This is a sign that the correction is complete and a new uptrend has begun. WLD reached a high of $1.72 the next day. Even though the price has pulled back, it is still trading above the breakout level.

The six-hour RSI supports continued upside. When evaluating market conditions, traders use the RSI as a momentum indicator to determine whether the market is overbought or oversold to decide whether to accumulate or sell an asset.

If the RSI is above 50 and sloping up, the bulls still have the advantage, but if the index is below 50 the opposite is true.

The indicator is above 50 and rising, both of which are signs that the Worldcoin price prediction is bullish.


WLD/USDT 6-hour chart | Source: TradingView
 

If the uptrend continues, the price could rise another 50% and reach the $2.10 resistance area. However, if the rally loses momentum, the price is expected to fall 25% to the channel’s resistance line at $1.08.

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Bitcoin price just passed the $27k mark, as traders received their first green candle in more than a month. This is because optimism has returned to the Bitcoin market ahead of this week’s FOMC meeting. The FOMC (also known as the Federal Open Market Committee) is the monetary policymaking agency of the Federal Reserve Board.

BTC price has increased by more than 8.7% in the past week, and more than 2.6% in just the past 24 hours.

Meanwhile, Bitcoin’s newly launched rival, the new cryptocurrency project Bitcoin BSC, has exploded during its presale program, nearly reaching its soft cap target of $3.9 million in less than two weeks. .

Optimistic Sentiment Is Increasing, Pushing Bitcoin Price Up More Than 8% In Just 7 Days

With the FOMC meeting expected to be held this week, traders are optimistic, with Bitcoin price breaking above the 200-day EMA for the first time since August.

Furthermore, the price of BTC has also rebounded at $25,170. This created a double bottom and is proving to be a strong growth for the world’s number one cryptocurrency, as it also acted as resistance in February when Bitcoin prices started to surge.



Bitcoin Price Continues to Rise and Exceeds $27 Thousand

The Federal Reserve meeting will decide the future of interest rate policy, and other monetary issues affecting the cryptocurrency sector and other risk assets.

The recent recovery in Bitcoin price shows positive market sentiment. However, due to its proximity to the 200-day EMA, the FOMC results could have a profound effect on Bitcoin price in both directions.

According to CME Group’s FED Watch tool, the FOMC meeting is unlikely to result in a rate increase, with a 99% prediction that interest rates will not see much change. This could help Bitcoin continue its upward momentum.

However, August CPI data showed that inflation increased by 0.6%, which will likely affect the FED’s upcoming decision.

Despite the uncertainty about the outcome of the FOMC meeting, financial markets in general and cryptocurrencies in particular still appear very optimistic.

Many TradingView analysts have published bullish Bitcoin chart ideas, and even TradingView’s composite technical indicators predict that Bitcoin is in a buy zone.

Prominent cryptocurrency analysts have also agreed on Bitcoin’s next price action, with Michael Van Poppe predicting a significant upside move from its current price.

He also noted that Bitcoin’s bullish trend has begun to cause other altcoins to surge in price.

Looking more generally, Bitcoin’s fundamentals are working very well, especially the Bitcoin hash rate which is currently at its highest ever, above 420 million TH/s.

Meanwhile, CoinMarketCap data shows that the number of cryptocurrency wallets holding Bitcoin is also increasing significantly.



Bitcoin Price Continues to Rise and Exceeds $27 Thousand

While the world’s number one cryptocurrency Bitcoin shows a relative bullish trend, a newly launched competitor, Bitcoin BSC is also recording notable growth.

BSC Bitcoin Stake-to-Earn Cryptocurrency Project Presale Program Raises More Than $2.8 Million in Just Two Weeks
Bitcoin BSC is a new unique presale coin project that aims to provide a more scalable, faster, and significantly more environmentally friendly version of Bitcoin.

After launching two weeks ago, the BTCBSC token presale program has had an explosive start, raising more than 2.8 million USD in just a short time.

BTC BSC has the same number of tokens as Bitcoin (also 21 million tokens) and prioritizes community participation and rewards.

However, the Bitcoin BSC cryptocurrency project is different from Bitcoin because it is built on Binance Smart Chain, which brings many outstanding advantages to this new cryptocurrency project.



Bitcoin Price Continues to Rise and Exceeds $27 Thousand

As mentioned, the Bitcoin BSC cryptocurrency project integrates the Stake-to-Earn feature.

This feature replaces the traditional Bitcoin mining mechanism, which is often criticized as being very expensive, harmful to the environment, and too complicated for the average cryptocurrency user, who is not very technically savvy. .

Meanwhile, Bitcoin BSC’s mining mechanism only consumes minimal energy, is completely free, and is very easy to get started.

Another feature of Bitcoin BSC is that users can participate in the presale program using a MetaMask account or Trust Wallet, making it much more beginner-friendly than Bitcoin.

Most beginner users are more familiar with these cryptocurrency wallets, as they support Ethereum, Binance, Polygon and other EVM compatible chains as well.

Ultimately, Binance Smart Chain offers an extremely fast, secure, and reliable trading and usage experience, allowing Bitcoin BSC holders to enjoy a seamless user experience without performance bottlenecks. Transactions are slow and expensive, as seen on the Bitcoin and Ethereum networks.

The presale price of BTCBSC is only 0.99 USD per token. So, compared to Bitcoin’s current price of $26.6k, it is no surprise that the presale program of the Bitcoin BSC cryptocurrency project has achieved such resounding initial success. It has also attracted the attention of prominent crypto analysts, with Jacob Bury pegging BTCBSC for a 10-fold increase.

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Chainlink (LINK) price bounced off long-term range support and broke above short-term resistance. It is expected to increase further in the near future.

Long term scope

Chainlink (LINK) price has been trading inside a range of $5.50 to $9.50 since May 2022. When price is trading inside a range, traders tend to buy dips towards support and sell when the price rises to the resistance of the range.

Indeed, traders have been aggressively defending the range’s support over the past five weeks and are now in the process of creating a major bullish candle.

The weekly RSI has made a higher low and reclaimed the 50 level, showing that the bulls are returning.

If the bullish momentum continues, LINK price could rise towards the $8.3 horizontal resistance area. A break above this level would see LINK price rally towards the range’s resistance at $9.50.


LINK/USDT weekly chart |Source: TradingView
 
Short-term range breakout
The daily chart shows that LINK price broke out above a consolidation range of $5.7 to $6.4 yesterday. Since this range has been in place for 32 days, the post-breakout movement could be very strong.

The daily RSI has formed a bullish structure and spiked above the 50 level, suggesting that the bulls are in control of the near-term price action.

Therefore, LINK price is likely to break above the short-term descending resistance line and continue to rise towards the $7.7 resistance area over the next few days.


LINK/USDT daily chart |Source: TradingView
 

Conclude
Technical indicators suggest that LINK price will move higher in the near future. The nearest target is $7.7 and above it is up to $8.3.

The bullish view will be invalidated when LINK price breaks below the most recent higher low at $6.06.

Source:
http://tradecoind2.com/chainlink-link-price-could-surge-after-recent-breakout/