Cryptocurrency Market News From tradecoind2.com

[NewspaperD2]

Updating his latest BTC price estimate on October 17, prominent trader and analyst CryptoCon pointed to a two-year target of around $130,000.

Many Bitcoin
price forecasts
converge at
$ 130,000
by 2025
 
Bitcoin market participants are divided on how price behavior will react to next year’s halving, but for CryptoCon, the long-term roadmap appears to be firmly bullish.

In an updated post that charts both Bitcoin price cycles as well as their highs and lows, the analyst reiterated that the area around $130,000 is quickly becoming a magnet.

“I’ve been doing a lot of testing of Bitcoin cycle tops lately and I keep seeing the same price level of $130,000,” he summarized .

The accompanying chart highlights the “early” peak in each price cycle, which along with the actual cycle peak constitutes a new all-time high.

Early peaks occurred on average three weeks before or after July 9, CryptoCon explained. The new all-time high occurred 3 weeks before or after November 28.

The timing for these events is determined by drawing simple diagonal trend lines from the first early peak.

Post X continued:

“Doing so found the price of the last two cycle tops accurately and our trend from the previous cycle gave us a price of around 138,000 VND. I was prepared for lower prices, but the stars are pointing towards $130,000 for Bitcoin this cycle!”

According to the model’s timeline, 2025 will be the year of the next cycle peak, nearly double the current record set in 2021.

“History favors bears”
Meanwhile, the four-year halving cycle forms the guiding principle for many prominent Bitcoin market commentators.

Among them is prominent trader and analyst Rekt Capital, who continues to emphasize that the year before the halving of 2023 could bring some new local lows before the bull market reaches full force.

Previously, he warned the peaks around $32,000 earlier this year could create a double top structure, helping to promote an extension of the BTC price decline.

“At this same point in the cycle (~180 days before halving)…BTC retraced -25% in 2015/2016 and -38% in 2019. The only question is: will history repeat itself? Or will 2023 produce something completely different? I am a macro bull but history favors bears,” reads one of his latest X posts .

Rekt Capital added that any new lows “should be seen as an opportunity for re-accumulation.”

Source:
https://tradecoind2.com/bitcoin-price-model-suggests-target-of-130000-after-2024-bitcoin-halving/

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In a recent announcement, Immutable, the layer 2 solution for NFTs on the Ethereum blockchain, revealed an important decision regarding the unlocking of 125 million IMX tokens allocated to the project #DevelopmentTeam . Co-founder Robbie Ferguson made this announcement through a series of tweets on October 17, 2023, highlighting delays in unlocking and changes in unlocking mechanics.

Last year, Immutable committed to locking up IMX 125 million for Project Development allocation for another year. These tokens were initially scheduled to unlock early, but the team has now decided to extend the lockup period until at least July 2024. Robbie Ferguson’s tweet conveys a commitment to long-term success and sustainability of the project, stating:

“We are committed to long-term operations.”

https://twitter.com/0xferg/status/1714270599214981164

Furthermore, Robbie Ferguson revealed that they are updating the unlocking mechanism so that it happens more slowly. When the decision is finally made to unlock these tokens, they will be released on a linear monthly vesting schedule rather than a single massive release.

This decision to delay unlocking and modify the unlocking mechanism reflects Immutable’s dedication to ensuring the stability and longevity of the IMX token and the project as a whole. It is designed to prevent sudden and potentially destabilizing fluctuations in token supply, which could impact the market and value of IMX.

This move is also in line with Immutable’s strategic vision for the future. Robbie Ferguson highlighted that over the past year, Immutable has made significant progress, with more than 200 fully funded games on its platform and a win rate that doubled to more than 60% after partnering with Polygon . The upcoming launch of immutable zkEVM and cross-liquidity plans demonstrate the ambitious goals of the project.

Immutable has now spent around four years in the web3 gaming space and its team of 270 individuals is pushing the boundaries of the industry. The organization has also expanded its presence in key markets such as Japan and Korea.

In terms of token supply, Immutable holds 25% of IMX on its balance sheet. The initial private sale tokens, most of which remain unspent, ensure a majority of holders are committed to the success of the project.

Immutable’s approach to funding focuses on time-based and milestone allocations, accelerating the growth of the protocol and protecting the value of IMX. This approach contributes to improving the efficiency and sustainability of the ecosystem.

Robbie Ferguson concluded by expressing pride in Immutable’s efforts in the web3 gaming industry, saying they will not stop until digital ownership of 3 billion players becomes the norm . Immutable’s vision focuses on the success of the games it has funded over the past two years, emphasizing that they will significantly impact the web3 user adoption curve.

Source:
https://tradecoind2.com/immutable-delays-unlocking-125-million-imx-tokens-until-july-2024/

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Amid a volatile NFT market downturn, leading NFT developer Yuga Labs is implementing a strategic restructuring plan. During his 6 months in office, CEO Daniel Alegre always actively interacted with the community and attended meetings to better understand Yuga.

This engagement has resulted in initiatives such as Made by Apes and a focus on elevating the art form of CryptoPunks.

Yuga Labs provides insight into the company’s future

During his tenure, Alegre attended many real-world events on BAYC, CryptoPunks, Meebits, and 10KTF in many cities around the world.

Alegre shares :

“Since day one, I was determined to attend as many meetings as possible. I took it all in and it was invaluable.”
Under Alegre’s leadership, Yuga Labs has identified three core priorities: supporting existing communities, focusing on the Otherside project, and leveraging partnerships to ensure seamless implementation of innovations. big ants.

Yuga Labs’ top products include CryptoPunks, Bored Ape Yacht Club, Mutant Ape Yacht Club, and Otherdeed for Otherside.

Alegre explains:

“After spending time doing a deep dive into everything we’re doing and everything we value, three core priorities emerged: Supporting existing communities, focusing on implementing Otherside, Leveraging partnerships to ensure seamless execution of our high stakes projects.”

Yuga Labs’ restructuring plan was launched after realizing that the team was spread too thin across many projects. Some of these teams are also outside their core competencies.

Restructuring the bear market
The exact number of employees downsized has not yet been disclosed, but the company promises comprehensive support, including severance and promotion packages.

The strategic shift focuses on prioritizing partnerships and promoting key projects like Bored Apes. These efforts will primarily grow the community, especially the Otherside project and various web3 initiatives powered by Yuga Labs.

The company aims to celebrate crypto’s artistic legacy through educational resources and the integration of Meebits and 10KTF into the upcoming 2024 Otherside gaming venture.

Despite the challenging industry landscape, Yuga Labs remains committed to its mission of building culture on blockchain. The company’s restructuring and refocusing efforts are a testament to its dedication to its community, its art form, and its long-term success.

Source:
https://tradecoind2.com/yuga-labs-shares-new-focus-post-restructuring/

[NewspaperD2]

The future of DAOs is limited due to the lack of a legal framework

Decentralized Autonomous Organizations (DAOs) need a comprehensive regulatory framework if they are to gain a foothold in the future of finance, as proposed in the Occasional Paper Series (OP) – a regular report of the European Central Bank (ECB).

OP “The future of DAOs in the financial sector – legal status is needed” written by Ellen Naudts, Market Infrastructure Payments Specialist at the ECB, highlights how the technology is going beyond regulation regarding DAO – has a negative impact on the safety and sustainable growth of the ecosystem.

Exponential Growth of the DAO Ecosystem Amid Uncertain Regulatory Conditions | Source: Ecb.europa.eu

As DAOs continue to flood the market with unique offerings, implementing a “registry framework built for the pen-and-paper era” does not address the various legal responsibilities they present to the investors.
“Until DAOs are fully regulated globally, in the sense that the above challenges have been addressed so that they do not and will not pose a serious threat to financial stability in the future, payments and securities systems will operate smoothly and consumers will be properly protected, the place for DAOs in the financial sector in the future will necessarily remain limited,” the article concluded.

In parallel with calls for a regulatory framework, ECB executive board member Fabio Panetta recently said a digital Euro could “help Europe take the lead in advanced economies.”

“Executive Board member Fabio Panetta said the digital Euro will be a new form of central bank money. Now lawmakers must ensure that it replicates the key characteristics of cash in the digital realm, especially its privacy.”

Panetta backs the European Commission’s legislative proposals for a digital Euro, claiming it would ensure Europeans always have access to a public payment option, whether cash or digital digitally, even as “closed-loop solutions are becoming increasingly popular” in private payments services.

Source:
https://tradecoind2.com/the-future-of-daos-is-limited-due-to-the-lack-of-a-legal-framework/

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The Aptos blockchain, known for its Move language and mainnet launch in October 2022, was down for more than four hours this morning. The unexpected downtime sent shock waves throughout the market, causing major exchanges such as Upbit and OKX to temporarily suspend Aptos (APT) deposits and withdrawals.

According to block explorer AptoScan, onchain transactions on Aptos stopped at block 104621314, with the last transaction recorded at 8:11 on October 19 (Vietnam time).

At around 12:00 on the same day (Vietnam time), Aptos officially announced that the network had returned to normal operation and continued block production.

https://twitter.com/Aptos_Network/status/1714799744231539064
 

Following the news of the resumption, the price of the native APT token recovered more than 4% from an intraday low of $4.79 – recorded after the network crashed. Currently, APT price is fluctuating near the $5 mark.

Aptos made headlines over the past year thanks to its successful mainnet launch and famous airdrop campaign that distributed thousands of dollars in APT tokens. The project has successfully raised 350 million USD through many funding rounds. Its integration with Indian social network Chingari led to a 900% increase in new users on the layer 1 network by the end of July.

According to data from DeFi Llama, despite current challenges, Aptos has managed to maintain a total value locked (TVL) of around $64 million. This reflects the strong fundamentals and community support of the Aptos blockchain.

Source:
https://tradecoind2.com/aptos-blockchain-returns-after-incident-apt-price-recovers-more-than-4/

[NewspaperD2]

Lighting Labs has announced the mainnet alpha of its Taproot Assets daemon, providing the network with the ability to hold tokenized assets.

 

According to a post by business development manager Ryan Gentry at Lightning Labs, this release provides a comprehensive developer experience in issuing, managing, and exploring stablecoins and other assets on the Bitcoin blockchain. .

The launch of Taproot Assets on the Bitcoin mainnet is expected to facilitate the issuance of multiple global currencies in the form of Taproot Assets. These transactions will be processed instantly via the Lightning Network, routing Taproot Assets transactions through existing Bitcoin liquidity.

The protocol’s design allows nodes to route transactions without realizing they are Taproot Assets, thereby expanding Bitcoin’s global network effect while strengthening the blockchain’s strong security foundation. Meanwhile, developers are exploring bringing many other potential real-world assets on-chain, such as gold, US Treasuries, and corporate bonds.

The Taproot Assets v0.3 protocol presents a complete set of tools for developers looking to start issuing, managing, and exploring on-chain mainnet assets. It introduces several new functionalities and improvements in scalability, security, and developer experience.

Multi-asset platform
Taproot Assets’ stated goal is to turn the Lightning Network into a multi-asset platform. Important steps toward this goal have been completed, including running unannounced Taproot channels in production with lnd v0.17 and publishing draft specifications for Taproot Asset Protocol channels as an Enhancement Proposal Lightning Bitcoin (bLIP).

Lightning Labs introduced Taproot Assets in May 2023, calling it “a new protocol powered by Taproot for issuing assets on the Bitcoin blockchain. These assets can be transferred over the Lightning Network to perform instant, high-volume, low-fee transactions.”

The protocol’s promise to allow users to send and receive their chosen currency over the Lightning Network, using Bitcoin liquidity as a globally routed currency and medium of exchange, has the potential to redefine or at least make significantly disrupt the progress of global currency transactions.

Source:
https://tradecoind2.com/lightning-labs-introduces-rwa-minting-protocol-stablecoin-on-bitcoin/

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How Much Can Bitcoin Halving Drive Price Increase?

A workshoprecent Swan Pacific Bitcoin festival was aptly titled “are halving cycles bullshit for prices?”. During the discussion, host and Bitcoin Layer founder Nik Bhatia asked Marathon Digital CEO Fred Thiel, Swan CIO Ralph Zagury, and Swan product manager Andy Edstrom to share their thoughts on whether the Bitcoin halving is real. Is it a bullish event or just another story that inexperienced investors buy into?

While the conference title may be off-putting to some, the discussion is of great interest to Bitcoin and cryptocurrency investors. The commonly held belief among many in the space is that the Bitcoin supply halving is a bullish phenomenon that, when completed, will lead to almost parabolic price increases for BTC.

Ask any Bitcoin enthusiast what they’re most excited about in the coming year, and if they don’t mention the chances of spot Bitcoin ETF approval first, they’ll probably talk about the upcoming halving.

While previous performance provides some compelling evidence of what might happen during the next halving, it is not uncommon to question long-standing confirmations and price expectations for an asset. A highly volatile asset like Bitcoin is probably something every investor should do more often – especially considering the number of bearish events that have occurred in the past 2 years.

At the beginning of the discussion, host Nik Bhatia immediately asked “will halving be the main driving force behind Bitcoin price?”.

Thiel quickly responded:

“In this cycle, not, I think, liquidity.”

Zagury agreed, adding “flow is really what drives the market, so by definition the halving will have no impact on price.”

Interestingly, Edstrom takes a different view, suggesting:

“I think the halving is still bullish and we can debate how much of an impact it has, but nonetheless it is important for prices.”

Each panelist, including host Bhatia, seemed to agree that while the halving may have some ability to move markets, its influence appears to diminish over time. According to Bhatia:

“Halving affects supply. The influence becomes less and less over time and has no effect on demand. But from a psychological perspective, we can argue.”

Basically, speculation is the root of all investment activities. While Zagury and Thiel argue that investors have placed more hope than reality on the anticipated impact of the Bitcoin halving, Edstrom sees the event as a manifestation of a “psychological feedback loop moving towards demand.” .

“We think Bitcoin prices will be higher in the future and, more broadly, we are applying an investment lens when investing in Bitcoin.”

Another popular belief long held by many investors is the role of derivatives in Bitcoin price discovery. Bhatia asked whether derivatives play a bigger role than spot trading in influencing Bitcoin price action and Zagury said:

“The reality is that the data points we have on the halving are not enough to draw any conclusions. If you look at historical Bitcoin prices, we have a whole host of price data. When you try to find distribution patterns, how returns actually work, you’ll quickly see that there’s a lot of extrinsic correlation, meaning price depends on time and also past performance. ”.

According to Zagury, “one thing about Bitcoin is extremely curious and I think there is no other asset class like this out there. “Most of the time, Bitcoin is moving sideways, in terms of days it’s been flat or down.”

The time Bitcoin spends trading in a limited range or in a downtrend is what Zagury says “makes holding really difficult, because it means you’re going to have years of pain and suffering.” glory days. By definition, being a holder by allocating to the prices you see historically is extremely difficult.”

Returning to the original question about the role of derivatives in Bitcoin price discovery, Zagury replied:

“When we talk about derivatives, the first thing you will talk about is probability. It’s impossible to conclude what will actually happen to Bitcoin price, which is the first thing you conclude by looking at historical returns.

Coming back to the halving, the reality is that it is actually highly correlated, especially in times of low liquidity. A small move pushes the price up, the marginal sellers will switch to the short sellers and then the price will spike significantly. This explains why prices increased so quickly.”

Liquidity will be the focus
Although the halving has lessened the impact on BTC price, each panelist expressed a positive long-term bullish view on its value.

With liquidity being the agreed future price catalyst for the crypto king, Zagury said:

“I am very optimistic. I think we’ll see that soon because liquidity has gone down and we see that these things are starting to happen. It won’t take long to see a big move.”

When asked when and how this all-important liquidity would return, Edstrom alluded to 10-year U.S. Treasuries rising above 5%, risking regional bank bankruptcies as seen seen six months ago and the losses many banks holding long-term government debt are signs that the US Federal Reserve may soon return to quantitative easing.

Source:
https://tradecoind2.com/how-much-can-bitcoin-halving-drive-price-increase/

[NewspaperD2]

In an October 18 interview , Mike Novogratz, CEO of Galaxy Digital, believes that a spot Bitcoin ETF will eventually be approved.

Speaking on SquawkBox, Novogratz highlighted a visible change in the US Securities and Exchange Commission’s (SEC) stance on ETFs. According to the CEO, significant progress has been made in the dialogue with the SEC, towards early approval, possibly in 2023.

Novogratz drew attention to the SEC’s recent decision not to appeal a decision in its legal battle with Grayscale, saying the decision could be pivotal.

“The judge said… you have a futures ETF and you said you can’t have a cash ETF. Intellectually, that makes no sense. And I think that puts the SEC at a disadvantage. And I think Gensler needs a win – there’s a huge pressure to do something sensible. The American public wants this. BlackRock, the world’s largest asset manager, has publicly said we will get this done… it looks like the conversation with the SEC is on track.”

Galaxy Digital’s CEO credits a fundamental shift in sentiment and growing acceptance of Bitcoin as a trusted asset by institutional players like Blackrock as contributing to this optimistic outlook. .

Furthermore, Novogratz said that public filings and comments regarding the Bitcoin ETF approval process have become more constructive, implying that the SEC’s approach to Bitcoin ETFs has fundamentally changed. .

However, Novogratz’s predictions need to be considered in context. Critics say his particular interest in Bitcoin and its wider acceptance may influence his views. However, a momentum is seen building around the approval of a spot Bitcoin ETF.

Novogratz further noted that the market would likely react positively to any such approval, suggesting Bitcoin’s potential to increase in value. He emphasized that this potential increase is not merely speculative but is backed by the commitment of major firms such as BlackRock, Invesco and Fidelity.

Bitcoin ETF is a matter of when, not if
According to Craig Salm, chief legal officer at Grayscale Investments, an upcoming Bitcoin spot ETF will be a matter of when, not if.

Salm expressed his optimism for such a product on SiriusXM radio on Wednesday, days after the Securities and Exchange Commission said it did not plan to appeal the court’s ruling  on  Wednesday . August asked it to reconsider Grayscale’s proposal to convert its flagship GBTC fund into a spot Bitcoin ETF.

Salm also said Grayscale has been spending a lot of time in Washington as lawmakers consider two bills aimed at regulating cryptocurrencies. One bill focuses on rules for stablecoins, while the other takes a comprehensive approach to regulating cryptocurrencies. Both were approved by the House Financial Services Committee over the summer and await a full House vote. However, the outlook in the Senate is less certain.

Source:
https://tradecoind2.com/mike-novogratz-predicts-bitcoin-etf-will-be-approved-in-2023/

[NewspaperD2]

More than 100 US lawmakers called on the Biden administration to clarify its efforts to combat global terrorist financing using cryptocurrencies.

The letter follows reports that Hamas, the Islamist organization that carried out attacks on Israeli civilians earlier this month, has used cryptocurrency to raise millions of dollars over the past two years.

Terrorism and cryptocurrency

Citing the Wall Street Journal, the lawmakers allege that between August 2021 and June 2023, both Hamas and Palestinian Islamic Jihad (PIJ) raised more than $130 million in cryptocurrency, of which $12 million was sent to the Islamic militant group Hezbollah this year.

“Given the clear and ongoing danger posed by funding for these and other militant organizations, we ask the Administration to provide further details on its plans to prevent their use. using cryptocurrency to finance terrorism.

Several efforts to combat the funding of Hezbollah and Hamas have been undertaken by the Israeli government. Days after the attacks, Binance announced that it had successfully cooperated with Israeli police in seizing more than 100 accounts linked to Hamas.

In June, Israel also seized $1.7 million related to Hezbollah and Iran. By August, the military wing of Hamas also announced the closure of its cryptocurrency donation program due to successful efforts to prosecute donors.

However, the lawmakers said that only a “small percentage” of cryptocurrencies funding Hezbollah and Hamas had been confiscated and that authorities “must take strong action” to prevent cryptocurrencies “from being used.” used to finance another tragedy.”

Some of the letter’s demands include an estimate of the amount of cryptocurrency Islamist militant groups currently own and a description of any challenges the government may face in preventing a successful capital raise. through cryptocurrency channels.

It also requested information on which actors are facilitating such transactions, noting that most PIJ accounts at Binance “primarily use Tether’s USDT stablecoin for trading.”

On Monday, Tether froze more than $800,000 in USDT on addresses linked to terrorism in Israel and Ukraine.

Senator Warren’s latest request
Lawmakers leading the request for information include U.S. Representative Sean Casten (D-Ill.) and senators Roger Marshall (R-Kan.), and Elizabeth Warren (D-Mass.) – who are from has long criticized cryptocurrency for its role in tax evasion, money laundering, terrorist financing and sanctions circumvention.

In August, Warren joined a host of Democratic senators in petitioning the Treasury and IRS to propose rules to address the estimated $50 billion tax gap plaguing the U.S. cryptocurrency industry. USA. In May, she also urged the Senate Banking Committee and others to oppose the use of cryptocurrencies in global fentanyl trading.

Amid terrorism and drug trafficking, the U.S. Treasury took action. On Wednesday, the Office of Foreign Assets Control announced sanctions against a Gaza-based Bitcoin exchange and its founder for ties to Hamas.

Source:
https://tradecoind2.com/more-than-100-us-lawmakers-call-for-combating-cryptocurrency-funded-terrorism/

[NewspaperD2]

Pendle (PENDLE) price has been rejected by a long-term resistance zone and is trading inside a short-term bearish formation. It is expected to continue to decrease in the near future.

Weekly outlook

Pendle (PENDLE) price has been falling since being rejected by the long-term resistance zone at $1 during the week of July 3-9, 2023. Over the next 2 weeks, PENDLE price formed an evening star ellipse green). This is a bearish pattern, which usually appears at the end of an uptrend.

Indeed, the price broke below the low point of the evening star pattern and confirmed it as resistance two weeks ago (red arrow).

This confirms that the PENDLE price has peaked and a sharp decline will follow.

The weekly RSI supports this possibility as it forms a significant and downward sloping bearish divergence.

Therefore, PENDLE price could drop to the critical support zone of $0.36 in the near term. This represents a 46.19% decrease from the current price.

Parallel channel ascends
The daily chart shows that PENDLE price has been trading inside an ascending parallel channel since the bounce on August 17. This suggests that this is just a relief rally within the downtrend and a breakdown is being expected.

This outlook was further strengthened when the price was rejected by the channel’s midline on October 17 (red arrow).

A breakdown from the channel would take the price down to the next support zone at $0.51.

Conclude
The technical outlook shows that PENDLE price has peaked. It is expected to fall to $0.51 and lower to $0.36 in the near term.

Source:
https://tradecoind2.com/pendle-pendle-price-faces-nearly-50-drop-heres-why/

[NewspaperD2]

Bitcoin SV (BSV) price has accelerated over the past 4 days, reaching a new 100-day high yesterday.

During the rally, BSV also broke above the $40 horizontal resistance area, which has existed since July.

Bitcoin SV clears the $40 resistance area

BSV price has been rising along with the ascending support line since hitting a low of $15.70 in June.

The trend line has been validated multiple times (green symbol), most recently on October 9.

During the time BSV moved along this support line, it traded below the $40 horizontal resistance area. When combined with the support line, it creates an ascending triangle, which is considered a bullish pattern.

It is worth mentioning that this cryptocurrency will be listed on the Bitrue exchange today.

The altcoin’s price accelerated significantly on October 16, reaching a 100-day high of $43.50 yesterday. The rise also caused a decisive breakout above the $40 horizontal zone.

Although BSV has not yet achieved a daily close above this zone, it is trading some distance above this zone.

BSV Price Prediction: Will the Price Hit $50?
Price action and the Relative Strength Index (RSI) support the current breakout.

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 RSI is above 50 and rising, both of which are considered signs of an uptrend. However, it is worth mentioning that the indicator is in an overbought state (white symbol), a sign related to local peaks.

The most potential target for BSV’s top can be found by projecting the height of the triangle (red symbol) to the breakout level.

Doing so would give a target of $56, 30% above the current price. Since this target coincides with the $56 horizontal resistance area, it will likely act as a top.

Despite this bullish prediction, a daily close below $40 would invalidate the breakout’s validity.

In that case, the price would likely fall 20% to the ascending support line at $34.

Source:
https://tradecoind2.com/bitcoin-sv-bsv-hits-100-day-high-can-it-maintain-its-upward-momentum/

[NewspaperD2]

Stellar (XLM) price has been falling below a long-term descending resistance line since July 13.

On October 9, XLM broke the $0.110 horizontal support area and was rejected in an attempt to reclaim it. How long will this denial continue?

Stellar cannot reclaim long-term support

Technical analysis from the daily timeframe shows that XLM price has been falling below a descending resistance line since July 12. At that time, the cryptocurrency had just hit a yearly high of $0.197.

During the price decline, the altcoin continuously bounced up from the $0.110 area. When combining it with the long-term downtrend line, we see the presence of a descending triangle. This is a bearish model, which often leads to crashes in the majority of cases.

Indeed, XLM price broke below the pattern on October 9 and rejected it on October 16 (red symbol).

This rejection catalyzed the current decline.

The daily relative strength index (RSI) shows a bearish bias. Traders rely on this momentum indicator to evaluate whether the market is overbought or oversold, which helps them decide whether to buy or sell an asset.

When the RSI is above 50 and sloping up, the bulls have the advantage. Conversely, if the RSI is below 50, it shows the opposite.

The RSI is below 50 and decreasing, which shows that Stellar’s trend is down.

However, it is worth mentioning that the indicator reached the oversold zone on October 15. When this happened on the previous two occasions (white symbol), a significant increase followed.

XLM Price Prediction: How long will it continue to decline?
Due to the drop in the RSI and the unsuccessful attempt to regain it, the future outlook for XLM is most likely to continue to decline.

A bearish movement equal to the height of the pattern (black) connecting on the breakout point would see the XLM price drop to a level slightly below the $0.076 horizontal support zone, which has been in place since March.

The reduction will be 30% when calculated from the current price.

Despite this bearish prediction, the oversold RSI could catalyze a rise. For this to happen, the altcoin must break above the resistance line and the $0.110 resistance area.

In that case, a 30% increase to $0.140 is possible. The extent of the increase will be in line with previous upward movements (green) due to overextension in the RSI.

Source:
https://tradecoind2.com/stellar-xlm-price-could-drop-another-30-after-losing-key-support/

[NewspaperD2]

The New York Attorney General’s Office filed a lawsuit against Genesis Global Capital, Gemini Trust, and Digital Currency Group (DCG) this morning.

The complaint also includes allegations against Soichiro Michael Moro, former CEO of Genesis, and Barry E. Silbert, founder and CEO of DCG.

“These crypto companies lied to investors and tried to hide more than $1 billion in losses, and middle-class investors suffered as a result,” said Attorney General Letitia James. know in a statement .

https://twitter.com/NewYorkStateAG/status/1714975010815696897
 

Genesis Global Capital was a New York-based loan marketplace that went bankrupt in January. It was one of many Genesis entities.

Gemini is a cryptocurrency exchange run by Tyler and Cameron Winklevoss, while DCG is a large conglomerate focused on cryptocurrency, owning various assets in the industry, including Genesis, the first Cryptocurrency investor Grayscale and media outlet CoinDesk.

NYAG’s lawsuit alleges that these three entities defrauded 232,000 customers out of more than $1 billion.

This is said to have been accomplished through “two separate fraud schemes,” labeled throughout the lawsuit as the “Gemini Scheme” and the “DCG Scheme.”

NYAG alleges that Gemini’s scheme saw Gemini misrepresent Genesis Global’s creditworthiness when attracting users to its Earn program. Before pausing withdrawals last year, Gemini offered users a yield on their idle cryptocurrency through the program. To generate that profit, Gemini deposited those shares into Genesis Global.

“However, Gemini’s internal risk analyzes contradicted its assurances regarding Genesis Capital,” the complaint reads, stating that Gemini once downgraded Genesis’s credit rating from investment grade to junk. .

Earn users were also defrauded by the DCG Scheme after Genesis entities sought to hide “structural holes” at Genesis Capital worth more than $1 billion following the collapse of Three Arrows Capital – a hedge fund based The Singapore headquarters went bankrupt last year.

The Genesis entities, along with Moro, Silbert and DCG, were then accused of misrepresenting Genesis Capital’s financial condition.

The lawsuit comes amid a dispute between the Winklevoss twins and DCG CEO Barry Silbert over the amount of money owed.

In January, Gemini CEO and co-founder Cameron Winklevoss went so far as to ask Silbert to step down as CEO, declaring him “unfit” to run DCG.

Silbert countered that same day, calling the move designed to deflect blame from Cameron Winklevoss and Gemini themselves.

Source:
https://tradecoind2.com/new-york-attorney-generals-office-sues-genesis-gemini-dcg-for-defrauding-investors-of-more-than-1-billion/

[NewspaperD2]

Peter Schiff: ‘Nobody needs Bitcoin’
Peter Schiff, chief economist and global strategist at Europac, criticized the utility and scarcity characteristics of Bitcoin.

 

In a recent post on X (Twitter), Schiff emphasized that Bitcoin advocates are like a cult.

“No one needs Bitcoin. So people only buy it after someone else convinces them to do so. After purchasing, they immediately try to convince others to buy. It’s like a cult.”

Schiff made these comments after pondering statements made by Galaxy Digital CEO Mike Novogratz on CNBC’s Squawk Box. In addition to talking about the possibility of approval of a spot Bitcoin ETF this year, he also stated that Bitcoin “has always been an instrument that is sold, not bought,” and that with institutions, “for the first time attract people and explain to them what it is.”

Schiff has repeatedly attacked Bitcoin and its economic thesis in the past, calling it a scam, a collectible digital token, saying it is undesirable and emphasizing that there are many ways to lose it. money other than buying Bitcoin.

Not scarce at all
Schiff also addressed Bitcoin’s scarcity, criticizing its value. Responding to a follower who pointed out that Bitcoin is “digital gold” and a “finite resource with unlimited fiat pursuit,” Schiff stated :

“Bitcoin is not a resource. It has no value.”

Another user compared Bitcoin to gold, adding that gold is also sold instead of bought, and traders have been trying to convince other traders to buy gold. Schiff ignored the comment, saying the user who made the comment “knows nothing about gold.”

Another user commented that Bitcoin is valuable to individuals who live in high inflation environments and who cannot have bank accounts.

Source:
https://tradecoind2.com/peter-schiff-nobody-needs-bitcoin/

[NewspaperD2]

Chainlink, an Ethereum-based platform that supports decentralized oracles, is preparing for a significant upgrade with the introduction of v0.2 staking.

The v0.2 upgrade will enable staking access after the v0.1 migration period ends. According to the official release, “Chainlink Stake is being restructured into a staking platform with a total pool size of 45 million LINK.”

https://twitter.com/ChainLinkGod/status/1714715001314046368
 

This transition is said to be a significant overhaul of the network, promising greater flexibility for investors, improved security, seamless future upgrades, and a reward mechanism dynamic.

If the market sees the upgrade as a game-changer for Chainlink, the value of the LINK token may have room to grow. It is possible that the upcoming v0.2 upgrade will be fully priced into the value of the LINK token once the general access migration from v0.1 to v0.2 is finished.


Chainlink’s exchange reserves paint a positive picture

LINK could see a spike in demand once Chainlink Stake V0.2 is deployed. However, it likely won’t have much impact on its price action. This is because most of the price impact on LINK comes from speculative trading.

The impact on LINK’s price action will be clearer if the implementation of Chainlink Stake V0.2 causes a significant change in market sentiment. This announcement has triggered a significant increase in social dominance over the past 24 hours. However, market sentiment remains low as shown by weighted sentiment remaining near a four-week low.

Two important factors present a mixed picture for Chainlink’s LINK token. Firstly, LINK reserves on exchanges have continued to decrease over the past seven days. Reduced reserves typically indicate lower selling pressure, which drives LINK price increases. According to CryptoQuant data, with lower available reserves on exchanges of nearly $146 million, LINK price has the potential to move higher.

LINK whale addresses have also increased their accumulation, adding $38 million worth of tokens in the last week. This is a positive contribution to its price.

In contrast, total exchange net flows, which represent net deposits on exchanges, have shown higher activity based on a 7-day average. This increase in deposits is typically bearish as it predicts higher selling pressure.

Summary of LINK price action
The long-term descending resistance line reinforces LINK’s upper boundary while the lower range is moving along the ascending support. The token’s $7.55 price action at press time represents an 8.27% decline from where it started October after retesting descending resistance.

Currently, LINK is at a crossroads characterized by directional uncertainty. The market shows signs of improvement but macroeconomic factors show that a liquidity crisis is also possible.

As Chainlink’s v0.2 upgrade progresses and the migration from v0.1 continues, the outlook for LINK is promising. However, increased net deposits may limit LINK’s upside scope. The potential impact of the upgrade on LINK price will ultimately depend on how the market perceives the features.

Source:
https://tradecoind2.com/chainlink-stake-restructured-into-a-staking-platform-how-will-link-price-react/