Cryptocurrency Market News From tradecoind2.com

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Stacks (STX) price has bounced off long-term support and broken above a bullish formation. It is expected to recover strongly in October.

Weekly outlook

Stacks (STX) price has been moving lower since reaching a yearly high of $1.30 on March 20. This move took the price to the previous resistance zone of $0.40 on August 14. As this zone has provided strong resistance to the price over a period of 154 days so it is expected to provide support when the price retests.

Indeed, the bulls defended this zone aggressively and created a bullish candlestick last week. This shows that the bulls have gained control.

Although the weekly RSI remains below 50, it has broken above a descending and upward-sloping resistance line. This is an early sign that a recovery will occur.

If the price continues to rise, the next key resistance level is found at $0.82.


Source: TradingView
 

Break out of bullish price pattern
The daily chart shows that STX price has broken above a descending wedge formed from the aforementioned $1.30 high. This shows that the previous downtrend has ended and a new price increase has begun.

The daily RSI has also created a bullish structure and is above 50, showing that the advantage is in favor of the bulls.

Therefore, STX price could rise towards the next resistance zone at $0.64 in the next few days.


Source: TradingView
 

Conclude
Technical indicators show that STX price is ready for a new rally. The nearest target is found at $0.64 and above it up to $0.82.

Source:
https://tradecoind2.com/stacks-stx-price-could-surge-in-october-heres-why/

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Michael Lewis, famous author of “The Big Short” and “Flash Boys” claims Sam Bankman-Fried, founder of collapsed cryptocurrency exchange FTX, considered spending $5 billion to prevent Donald Trump ran for president in a CBS interview broadcast on Sunday (October 1).

Lewis added that Bankman-Fried is also investigating whether the money was legitimate.

“The question Sam asked was not just ‘Is $5 billion enough to pay Trump not to run’ but ‘Is it legal?’”

Donate to politics
Before FTX’s demise, Bankman-Fried was an active political donor. Federal prosecutors reportedly investigated his donations to both Democratic and Republican lawmakers.

Bankman-Fried could face more than 100 years in prison if convicted on a series of charges, including fraud, in his upcoming trial, scheduled to begin tomorrow (October 3).

Source:
https://tradecoind2.com/sam-bankman-fried-considered-paying-5-billion-to-donald-trump-not-to-run-for-president/

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Grayscale Investments in conjunction with NYSE Arca has applied for approval from the United States Securities and Exchange Commission (SEC) to convert the Grayscale Ethereum Trust (ETHE) into a spot ETH ETF.

Grayscale’s ETHE is the world’s largest ether investment product, with nearly $5 billion in assets under management.

Michael Sonnenshein, CEO of Grayscale said:

“At Grayscale, our unwavering commitment is to provide investors with transparent and regulated access to cryptocurrency through familiar product structures. As we apply to convert ETHE into an ETF, the natural next step in our product development, we see this as an important moment to bring Ethereum even further into the US regulatory sphere .”

The company – following a court victory against the SEC this past summer – is also awaiting approval from the agency to convert the Grayscale Bitcoin Trust (GBTC) into an ETF.

Source:
https://tradecoind2.com/grayscale-files-with-sec-to-convert-5-billion-ethe-fund-into-etf/

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In a surprising development, digital asset investment products recorded significant inflows of up to $21 million, breaking a six-week streak of outflows. This data comes from CoinShares Digital Asset Flow Weekly Report , which sheds light on dynamics in the cryptocurrency market.

Investment flows spiked over the weekend, mainly on Friday, and were likely due to a combination of factors, such as positive price momentum, concerns about US government debt and the quagmire. happening around government funding all play a role in pushing investors towards digital assets.

Despite the recent surge in interest, it is worth noting that trading volumes in both investment products and the overall cryptocurrency market remain relatively low. However, the $21 million inflow shows that investors still have strong demand for digital assets.



One of the standout cryptocurrencies in this landscape is Solana, with a notable inflow of $5 million – marking its 27th week of attracting investment, with just four weeks of outflows during the year. now. This impressive performance underscores Solana’s position as one of the most popular altcoins in 2023.

In contrast to Solana’s success, Ethereum, one of the leading cryptocurrencies, saw outflows for the seventh consecutive week, amounting to $1.5 million. This trend puts Ethereum at the bottom of the altcoin list when it comes to investor sentiment, highlighting the challenges it faces in the current market.

On the other hand, Bitcoin saw a significant inflow of $20 million last week, becoming the asset that attracted major investment capital among digital assets. Meanwhile, Short Bitcoin products continue to record outflows, with $1.5 million withdrawn last week. Since April, these products have seen total outflows of up to $85 million, indicating bearish sentiment among some investors.

The global cryptocurrency market continues to exhibit regional differences. While the United States saw outflows totaling $19 million, both Europe and Canada recorded significant inflows of $23 million and $17 million, respectively. These regional differences highlight the complex and evolving nature of cryptocurrencies on a global scale.

Furthermore, blockchain stocks saw outflows of $8.4 million, coinciding with a broader sell-off in the technology sector. This difference shows that investors are making different choices in the digital asset space, choosing cryptocurrencies over traditional technology stocks.

Source:
https://tradecoind2.com/digital-asset-records-21-million-inflows-sol-extends-winning-streak-to-27-weeks/

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Solana (SOL) total value locked (TVL) hit a new yearly high last week. The price accelerated its rise on September 27, peaking at a high of $24.80 today.

Solana price is also trading in a long-term horizontal range between $18 and $32.

Solana ended the week up
 
Weekly time frame analysis of SOL’s price movements shows a sharp increase since the beginning of the year.

During this uptrend, SOL managed to break above the $18 resistance and the 600-day descending trend line.

Following the breakout, Solana reached a high of $32 before encountering resistance at $27. In early September, SOL price returned to the $18 horizontal level and rebounded (green symbol), confirming this as a reliable support zone.

This has resulted in the creation of a trading range bounded by $18 and $32. In such trading ranges, the price often consolidates between these levels before deciding to break out of them.


SOL/USDT Weekly Chart | Source: TradingView
 

The weekly relative strength index (RSI) is yet to be determined. The RSI plays a key role in helping investors identify momentum to make informed choices to buy or sell assets.

Bulls see an RSI above 50 and sloping up as a positive sign, while a number below 50 is considered a bearish sign. The RSI is moving freely above and below 50, failing to confirm the direction of the trend.

SOL Price Prediction: Acceleration After Daily Breakout
Technical analysis from the daily timeframe shows this trend accelerated after Solana price broke out above a descending wedge on September 14. Prices made a higher low on September 27 and then accelerate. Year to date, SOL price has increased 30%, reaching a high of $24.80.

It is possible that this increase has supported the increase in total value locked (TVL) in the Solana network. TVL hit a 2023 high of $337.49 million last week. TVL has grown steadily since the liquidation of FTX’s assets was approved by the court.

The daily RSI supports continued upside for SOL. 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 then the bulls have the advantage, but if the index is below 50 the opposite is true.

First, the RSI has broken above the descending resistance line (green line). It then moved above the 50 trend line (white) and increased since then.

These signs legitimize the breakout and hint at further increases. The next closest resistance is $27, 12% above the current price.


SOL/USDT Daily Chart | Source: TradingView
 

However, despite this bullish prediction, a sudden drop in momentum could send prices down 23% towards the long-term ascending support line at $19.

Source:
https://tradecoind2.com/solana-sol-total-value-locked-hits-2023-high-as-price-jumps-30-2/

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John E Deaton – a US attorney representing thousands of XRP investors in a lawsuit against the US Securities and Exchange Commission (SEC) – continued to criticize Chairman Gary Gensler.

Gensler has been criticized for his negative approach towards the cryptocurrency industry, with some claiming that the Commission’s stance could cause a “brain drain” from the United States.

Gensler must resign
 
Deaton asserted that the SEC Chairman “didn’t know” what a security was. The agency he is in charge of filed a lawsuit against Ripple in December 2020, accusing the blockchain business of raising capital years ago by selling XRP tokens as an unregistered securities offering to retail investors. .


 https://twitter.com/JohnEDeaton1/status/1708492398689390909

However, a court decision from mid-July determined that the sale did not constitute an investment contract offer. In addition to hitting the SEC’s ambitions to win the case, this ruling also positively affected the price of XRP , causing it  to skyrocket by more than 70%.

Deaton also added that Gensler “completely ignored the fact that U.S. securities laws do not apply to the purchase of assets for non-investment use cases,” urging him to resign.

A few days ago, the lawyer argued that the regulator can use all its options to delay the final outcome of the lawsuit but does not know how to prevail against Ripple.

“If the early appeal is granted, it will take another year and a half to two years for the United States Court of Appeals for the 2nd Circuit to rule on this matter. If the SEC wins at the 2nd Circuit, which I believe they won’t, then the case will be returned to Judge Torres, who will apply the facts of the case to other factors Howey has not yet analyzed ,” he said.

Gensler’s response to the lawsuit
Gensler seems  to prefer  remaining silent rather than providing any specific details.

Furthermore, he once again criticized the cryptocurrency sector, describing people and companies operating in the space as “scammers” and accusing them of misusing customer funds.

Source:
https://tradecoind2.com/attorney-john-deaton-us-sec-chairman-doesnt-know-what-securities-are/

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Solana (SOL) total value locked (TVL) hit a new yearly high last week. The price accelerated its rise on September 27, peaking at a high of $24.80 today.

Solana price is also trading in a long-term horizontal range between $18 and $32.

Solana ended the week up

Weekly time frame analysis of SOL’s price movements shows a sharp increase since the beginning of the year.

During this uptrend, SOL managed to break above the $18 resistance and the 600-day descending trend line.

Following the breakout, Solana reached a high of $32 before encountering resistance at $27. In early September, SOL price returned to the $18 horizontal level and rebounded (green symbol), confirming this as a reliable support zone.

This has resulted in the creation of a trading range bounded by $18 and $32. In such trading ranges, the price often consolidates between these levels before deciding to break out of them.


SOL/USDT Weekly Chart | Source: TradingView
 

The weekly relative strength index (RSI) is yet to be determined. The RSI plays a key role in helping investors identify momentum to make informed choices to buy or sell assets.

Bulls see an RSI above 50 and sloping up as a positive sign, while a number below 50 is considered a bearish sign. The RSI is moving freely above and below 50, failing to confirm the direction of the trend.

SOL Price Prediction: Acceleration After Daily Breakout
Technical analysis from the daily timeframe shows this trend accelerated after Solana price broke out above a descending wedge on September 14. Prices made a higher low on September 27 and then accelerate. Year to date, SOL price has increased 30%, reaching a high of $24.80.

It is possible that this increase has supported the increase in total value locked (TVL) in the Solana network. TVL hit a 2023 high of $337.49 million last week. TVL has grown steadily since the liquidation of FTX’s assets was approved by the court.

The daily RSI supports continued upside for SOL. 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 then the bulls have the advantage, but if the index is below 50 the opposite is true.

First, the RSI has broken above the descending resistance line (green line). It then moved above the 50 trend line (white) and increased since then.

These signs legitimize the breakout and hint at further increases. The next closest resistance is $27, 12% above the current price.


SOL/USDT Daily Chart | Source: TradingView
 

However, despite this bullish prediction, a sudden drop in momentum could send prices down 23% towards the long-term ascending support line at $19.

Source:
https://tradecoind2.com/solana-sol-total-value-locked-hits-2023-high-as-price-jumps-30/

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A class action lawsuit was  filed on October 2 in California federal court accusing cryptocurrency exchange Binance and its CEO Changpeng Zhao (CZ) of unfair competition and manipulation. market to cause the collapse of rival exchange FTX.



The lawsuit was filed by an FTX user who lost all of his assets when FTX collapsed and filed for bankruptcy last month. It accuses Binance, which holds a large amount of FTX’s FTT tokens, of making false statements about the sale of those shares, causing the price of FTT to fall, and then making false statements about its intention to buy FTX again, temporarily stabilizing FTT’s price before rejecting the acquisition again.

According to the complaint, Binance invested in FTX’s FTT token in 2019 and owned up to 5% of the total FTT supply. On November 6, CZ tweeted that Binance would sell its remaining FTT due to “recent revelations,” causing FTT to drop 14% in 24 hours. However, the lawsuit claims Binance sold 23 million FTT worth $530 million the day before Zhao’s tweet.

The lawsuit claims CZ intentionally misled the market to cause FTT to decline and undermine confidence in rival FTX. It further alleges that CZ’s tweets on November 7 about Binance signing a non-binding letter of intent to acquire FTX were also deceptive in order to temporarily halt FTT’s slide. The next day, CZ tweeted that Binance would not acquire FTX, causing FTT to plummet again and forcing FTX into bankruptcy.

The class action lawsuit accuses Binance and CZ of unfair competition, market manipulation, fraudulent practices, and making false statements, asserting that their actions were motivated by animosity. opposition to FTX and its founders’ lobbying for stricter regulation of cryptocurrencies. It claims Binance engaged in ‘bait and switch’ tactics to hasten the collapse of FTX after Binance sold its FTT shares.

The lawsuit seeks damages for FTX users who cannot access their funds as well as disgorgement of ill-gotten profits that Binance allegedly obtained from profiting at FTX’s expense. It claims Binance’s market share has increased significantly since eliminating its major rival.

Binance and CZ have yet to comment on the lawsuit. The case highlights the lack of regulatory clarity regarding cryptocurrencies as disputes play out in court.

Source:
https://tradecoind2.com/changpeng-zhao-and-binance-were-sued-for-alleged-market-manipulation-that-caused-ftx-to-collapse/

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On Tuesday (October 3), the US Department of Justice issued  sanctions against several Chinese companies and their employees for participating in the production of Fentanyl and Methamphetamine, the distribution of synthetic Opioids and the sale of pre-chemical substances, noting that they use cryptocurrency to hide their identities.

“These Chinese companies often attempt to evade law enforcement by using U.S.-based couriers, fake labels, fake invoices, and fraudulent postage and packaging to hide the true content. of the parcel and the identity of the distributor. Additionally, these companies tend to use cryptocurrency transactions to conceal their identities as well as the location and amount of their funds.”

Distributed in the US

Authorities seized 1,000 kilograms of “fentanyl-related precursors,” and officials said they also tracked packages containing the chemical through the U.S. mail. China-based manufacturers ship “precursors, Opioid and synthetic Opioid additives” Fentanyl and Methamphetamine globally, where drug cartels and other groups mix the substances, officials said. This chemical then distributes drugs in the US.

“We know that the global Fentanyl supply chain, which ends in American deaths, often begins with chemical companies in China. The United States government is focused on breaking every link in that chain, getting Fentanyl out of our communities and bringing those who put it there to justice,” said Attorney General Merrick B. Garland. know.

According to a DOJ statement, Fentanyl is the leading cause of death for people in the United States between the ages of 18 and 49.

“From February 2022 to January, at least 105,263 Americans died from drug overdoses, the majority of which involved synthetic opioids such as Fentanyl and Fentanyl analogs.”

Cryptocurrency sabotage
Other officials have also cracked down on the use of cryptocurrencies to distribute drugs. The Treasury Department’s Office of Foreign Assets Control sanctioned a member of Mexico’s Sinaloa Cartel last week, saying it used an Ethereum wallet to transfer funds related to the smuggling of Fentanyl into the United States. .

Lawmakers in the United States have expressed their concerns about the use of cryptocurrencies in money laundering and drug trafficking. Sen. Elizabeth Warren, D-Mass., with the support of Sen. Joe Manchin, D-W.Va., Sen. Roger Marshall, R-Kan., and Lindsey Graham, R-S.C., introduced introduced a bill in July to bring cryptocurrencies into compliance through tightening money laundering and KYC rules.

Source:
https://tradecoind2.com/doj-sanctions-chinese-companies-that-exploit-cryptocurrencies-to-distribute-drugs/

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Bitcoin price rose 6% from October 1 to October 2 but after failing to overcome resistance at $28,500, the price fell 4.5% on the same day. This decline occurred due to the disappointing performance of the Ethereum futures ETF launched on October 2 and concerns about an upcoming economic recession.


Bitcoin price chart. Source: TradingView
 

This Bitcoin price correction on October 3 marked 47 days since Bitcoin last closed above $28,000 and resulted in the liquidation of $22 million worth of Long leveraged futures contracts. But before discussing the events affecting Bitcoin and the cryptocurrency market, let’s try to understand how the traditional finance industry has affected investor confidence.

An overheating US economy could prompt the Fed to take more action

Investors have raised expectations for further tightening measures by the US Federal Reserve (Fed) following the release of the latest US labor market data on October 3, revealed that there were 9.6 million job openings at the end of August, up from 8.9 million in July.

Fed Chairman Jerome Powell indicated in a speech  at the Jackson Hole Economic Symposium in August that “evidence that tightening in the labor market is no longer comfortable may require a response.” monetary policy”.

As a result, traders are now pricing in a 30% chance the Fed will raise interest rates at its November meeting, compared with 16% last week, according to CME’s FedWatch tool.

The launch of the Ether futures ETF was unsuccessful
On October 2, the market welcomed nine new ETF products explicitly designed to mirror the performance of Ether-linked futures contracts. However, these products had  a trading volume of less than 2 million USD on the first trading day. Senior ETF analyst at Bloomberg, Eric Balchunas, noted that trading volumes were not as expected.


Ethereum futures ETF volume on October 2. Source: K33 Reserch
 

On launch day, the trading volume of the Ether futures ETF lagged significantly compared to the notable price of $1 billion on launch day of the ProShares Bitcoin Strategy ETF. It is worth noting that the Bitcoin futures-linked ETF was introduced in October 2021 during a time when the cryptocurrency market was growing strongly.

This occurrence could dampen investors’ prospects of potential capital inflows behind a spot Bitcoin ETF. However, uncertainty remains regarding the probability and timing of SEC approval of these proposals.

Legal pressure increases as Binance faces a class action lawsuit
On October 2, a class action lawsuit was filed against Binance.US and CEO Changpeng Zhao in the Northern District Court of California. The lawsuit alleges unfair competition aimed at monopolizing the cryptocurrency market at the expense of now-defunct competitor FTX.

The plaintiffs claim that CZ’s statements on social media were false and misleading, especially because Binance had previously sold its FTT token holdings before the announcement on November 6, 2022. The lawsuit asserts that CZ’s intention is to lower the price of FTT tokens.

Despite CZ denying accusations of unfair competition, speculation in the cryptocurrency community continues to circulate.

BTC’s correlation with traditional markets appears to be higher than expected
Bitcoin’s price drop on October 3 appears to reflect concerns about an impending recession and the Fed’s potential monetary policy response. Furthermore, it proves the cryptocurrency market is closely tied to macroeconomic factors.

Excessive expectations for crypto ETFs also signal that $28,000 may not be the consensus level for investors due to pressure and legal challenges, such as class action lawsuits against Binance again, highlighting the ongoing risks in the space.

Source:
https://tradecoind2.com/decoding-the-reason-why-bitcoin-price-lost-its-profits-at-the-beginning-of-the-week/

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XRP price has broken out above a short-term pattern. This could catalyze a breakout above long-term resistance and a strong rally thereafter.

Long-term resistance

XRP price has been moving lower since reaching a yearly high of $0.93 on July 13. The move has caused the price to drop below the $0.55 zone, which was expected to provide support once crossed . The price then fell to the next key support zone at $0.45, marking a 100% retracement from the July 13 increase.

Although the $0.55 zone is a price zone that was formed in September 2022, the price moving decisively through the $0.55 zone on two recent occasions (blue ellipse) has shown that this is no longer the case. Important price areas to monitor in the near future.

The daily RSI has created a bullish structure and moved above the 50 level, showing that the bulls are back. Currently, XRP price is trading just below the $0.55 zone after creating a large bullish candlestick yesterday.


XRP/USDT Daily Chart | Source: TradingView
 

While both suggest bulls have the upper hand, this technical signal is not enough to confirm a breakout above the $0.55 zone on the daily timeframe.

If the price successfully breaks out, it could rise to the next resistance area at $0.65.

Short-term model
The 4-hour chart shows that XRP price broke above a symmetrical triangle and confirmed it as support yesterday (blue arrow). This shows that the bulls have taken control of the short-term price action and a new rally will follow.

A move equal to the height of the pattern would take the price to $0.65, coinciding with the resistance area outlined above. This would also help the price break above the long-term resistance zone at $0.55.


XRP/USDT 4-hour chart | Source: TradingView
 


The most likely outlook sees XRP price breaking above the $0.55 resistance area and rallying towards the next resistance area at $0.65.

This view could be invalidated on a break below the most recent low at $0.507.

Source:
https://tradecoind2.com/xrp-price-approaches-long-term-resistance-is-a-breakout-happening/

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After an explosive start to the month – with major coins on the market seeing explosive growth in value, the cryptocurrency market is experiencing a significant price drop today.

Bitcoin’s rally to $28k price yesterday failed to surpass the 200-day Moving Average – BTC price corrected by as much as 3% in the past 24 hours.

Leading altcoins such as Ethereum, Dogecoin, and XRP are also mirroring BTC’s bearish move, experiencing sharp declines.



Yet, most experts remain optimistic about Bitcoin’s growth prospects in both the short and long term, and fully expect an “Uptober” scenario to take place. They predict BTC will end October somewhere in the $32,000 to $35,000 price range, thanks to continued positive news surrounding Bitcoin spot ETFs, cooling inflation levels, and financial indicators. Technical policies are favorable and positive.

With new capital expected to continue to be pumped into the market, a new cryptocurrency – Bitcoin Minetrix – is also being highly praised by prominent traders for its potential for explosive growth in time. next. In the short span of a week, the ICO token raised nearly $400k in seed funding.

Experts Predict Bitcoin Price Will Increase Despite Short-Term Decline

Over the past month, Bitcoin has continued to record a trend of showing a bullish breakout move, immediately followed by an almost complete retracement of the rally. This trend continues to overwhelm both bears and bulls, causing the BTC trading market to always have strong fluctuations.



Yesterday’s BTC price action was no different, as the world’s largest cryptocurrency hit $28k without being able to hold it. BTC is currently priced at $27.4k, with open interest in the token having now dropped to the same level as before the initial bull run.

However, MN Trading’s Michael van de Poppe, who has nearly 700k followers on X, revealed that the BTC time frame chart still looks great, adding that Bitcoin price could reach 35 thousand dollars over the next 4 to 8 weeks, if it continues to trade above the 200-week EMA as it is now.

Indeed, BTC technical indicators paint an extremely bullish picture, with TradingView issuing a “buy” signal for the token on the daily timeframe. Next, the bulls hope to break the crucial 200-day Moving Average at $28,037, continuing the strong upward momentum.

Similarly, popular analyst @davthewave, who has nearly 150k followers on X, revealed that BTC’s weekly Gaussian channel has turned green – which traditionally marks the start of The next explosive BTC price rally.



Trader and analyst @CryptoJelleNL, who has 50k X followers, is much more optimistic about BTC, predicting the world’s number one cryptocurrency Bitcoin will reach the $48k mark in the coming months, with $32k strong possibility for October. He highlighted that Bitcoin is back above the 21-week Explosive Moving Average, an indicator that previously served as key support for the bull market.

IntoTheCryptoverse’s Benjamin Cowen, who has nearly 800K followers on X, points out that BTC dominance has successfully retested the bull market support band and could continue to trend higher.



In addition to strong technical factors, anticipation surrounding the Bitcoin ETF Spot will continue to drive the value of BTC. Despite the SEC delaying its decision on pending applications once again, investors continue to believe that a spot BTC ETF is now only a matter of time.

Bernstein analysts and other market insiders have predicted a Bitcoin ETF to be approved as soon as early 2024. Therefore, the SEC delay has not dampened investor enthusiasm for the Bitcoin.

On the other hand, US lawmakers – from both parties – are now actively and publicly pushing the SEC to approve ETFs. This move could lead to more investors opening long positions in BTC.

Finally, Bitcoin could also receive an unexpected but welcome boost from the US economy, as the recent US PCE index shows signs of cooling inflation. While some Fed officials are signaling the possibility of another interest rate hike, experts like Warren Pies of 3Fourteen Research say such a move is highly unlikely.

In short, the market outlook for Bitcoin is very positive and the token could well reach the $35k price mark by the end of October.

“The Next Bitcoin” Project Bitcoin Minetrix Reaches Nearly 400 Thousand Dollars In ICO
BTC is not the only cryptocurrency expected to record a surge in October – new Bitcoin altcoin Minetrix is ​​also gaining strong traction in its ICO, having raised $385k la in less than a week.

The project aims to make Bitcoin mining accessible to individual retail investors, thereby providing a great opportunity to earn passive BTC rewards.

In the early days, Bitcoin mining was much more popular than buying BTC on the open market. In fact, Laszlo Hanyecz – the man who became the butt of many jokes when he once traded 10,000 BTC for two large pizzas – mined all of his tokens himself.

However, the profitability of this Bitcoin mining sector has led to an “arms race” among wealthy corporations, making it impossible for the average enthusiast with a CPU to mine his or her own BTC. Studies have shown that mining 1 Bitcoin can cost up to $200,000 in some countries.

To challenge this monopoly, Bitcoin’s cloud mining platform Minetrix is ​​allowing investors to rent a portion of the computing power without doing the Bitcoin mining themselves. .

Investors can purchase $BTCMTX tokens and stake them to earn BTC mining credits through the power of the Bitcoin Minetrix ecosystem. These credits can be sent to the burn address, thereby exchanging a percentage of cloud mining output or time, and users can reap rewards in BTC coins.

Cloud mining is not essentially a new concept. However, continuous scams and frauds in the past have caused investors to leave this potential industry.

Such investors can now trust Bitcoin Minetrix’s cryptographic approach, as they can unstake and sell their tokens at any time – with complete transparency and no cash contract required long-term.

Interested buyers can purchase and stake BTCMTX tokens in the pre-sale at bitcoinminetrix.com for just 0.011 USD by debit/credit card or by swapping ETH, USDT or BNB.

Source:
https://tradecoind2.com/3-reasons-bitcoin-price-could-hit-35000-in-october-while-this-next-bitcoin-phenomenal-ico-hits-nearly-400000/

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The biggest cryptocurrency predictions for October involve Bitcoin Cash (BCH), Ethereum (ETH), and EOS.

The volatility since early October has been a rollercoaster. A significant increase on October 1 was followed by a sharp decline the next day. With that in mind, Bitcoin Magazine takes a look at cryptocurrency predictions for the month of October.

Bitcoin Cash will hit a new yearly high
 
BCH price has been falling since reaching a yearly high of $329 on June 30. This drop is contained inside a descending parallel channel, which is considered a corrective pattern.

Movement inside the channel led to a low of $165 on August 17. The subsequent recovery confirmed the channel’s support line and initiated an upward movement. BCH then broke out above the channel on August 29.


BCH/USDT Daily Chart | Source: TradingView
 

The main reason for the bullish prediction comes from the number of waves. Elliott Wave Theory involves analyzing long-term price patterns and investor psychology to determine the direction of trends.

The most likely wave count shows that BCH price is in the fifth and final wave of an upward movement (white), which started in November 2022.

If wave counts are accurate, BCH will reach a new yearly high near $425. The target is found using the 1.61 external Fib retracement level of wave four (black). 75% higher than current price.

Despite this bullish prediction, a close below the horizontal support zone at $225 would mean the wave count is invalid and the price is still correcting.

In that case, a 28% drop to the August 17 low at $168 could be the future price outlook.

EOS will drop to a new all-time low
EOS price has been falling below a descending resistance line since May 2021.

Most recently, this line rejected the price on April 10 (red symbol). This resulted in a low of $0.50 in August.


EOS/USDT Weekly Chart | Source: TradingView
 

This low is important because it coincides with the support zone at the all-time low. The all-time low is $0.48, almost 20% below the current price.

A breakdown from the $0.50 zone could send EOS down to $0.13, 80% below its current price.

Since there is no horizontal support below $0.50, the 1.61 external Fib retracement level of the most recent bounce is used to identify a potential bottom.

Despite this bearish forecast, a break above the descending resistance line would invalidate the bearish forecast.

In that case, a 120% rally to the next resistance at $1.25 could be the future price scenario.

Ethereum Ends October Crypto Predictions
Ethereum has been steadily losing ground against Bitcoin (BTC) for over a year. More specifically, the wedge has been forming since July 2022. ETH/BTC price is currently trading very close to the support line of the wedge.

The point of convergence between the resistance and support lines is approaching, so a decisive movement away from it could happen soon.


ETH/BTC 3-day chart | Source: TradingView
 

Besides the wedge pattern which is considered bullish, the daily relative strength index (RSI) supports the possibility of a breakout.

This indicator has created a bullish divergence (green line), which occurs when price falls but momentum increases. This divergence often leads to a trend reversal to the upside.

If ETH breaks above the wedge, it could rally 25% to the ₿0.075 resistance area. On the other hand, a break of the wedge’s support line would invalidate this bullish prediction, potentially sending the price down 12% to the ₿0.052 support level.

Source:
https://tradecoind2.com/the-biggest-cryptocurrency-predictions-for-october-2023/

[NewspaperD2]

The @satoshi account, which has been silent for a long time on X (Twitter), is once again active. The new message, written in cryptic language, has certainly attracted the attention of the crypto community, sparking speculation as well as some ridicule.

https://twitter.com/satoshi/status/1709261257805570548
 

Vague warning

The message emphasizes the fundamental principle behind Bitcoin, emphasizing its creation to be globally accessible. It also mentioned the upcoming Bitcoin halving, an important event in which mining rewards are cut in half. The halving is expected to change the economic dynamics of the coin, potentially fueling another major price rally.   

Furthermore, the message inexplicably refers to those who want to hide the truth and that “2024 is the year of the Dragon”. Of course, such a vague statement is still open to countless interpretations.

The latest post once again went viral, attracting over a thousand comments and over 300,000 views in just two hours.

A mysterious social network account
The sudden reactivation of the @satoshi account, which had been inactive since 2018, has created a wave of speculation.

One popular theory links the account to Craig Wright, a controversial figure in the cryptocurrency industry who claimed to be Satoshi Nakamoto.

Despite providing some evidence to support his claims, many experts and enthusiasts remain unconvinced of Wright’s identity as the true inventor of the largest cryptocurrency.

With that said, the likelihood of this account being truly linked to the anonymous creator of Bitcoin is extremely low. Nakamoto will prioritize anonymity and is unlikely to participate in platforms that pose a security threat.

User X should exercise caution due to the potential risk of hacking and should not interact with any links that may be shared by the mysterious account.

Source:
https://tradecoind2.com/mysterious-satoshi-account-issues-big-warning/

[NewspaperD2]

As interest in the latest AI efforts, including the GPT-4 and DALL·E 3 generation models, has returned, AI tokens are rising in price once again.

While almost all of the best performers were new low-cap coins, some veteran cryptocurrencies also posted impressive gains.

CQT increased more than 40% in seven days
CQT, the core cryptocurrency of infrastructure manufacturer Covalent, is one of the best performers in CoinMarketCap’s “Top big data and AI tokens” section. Over the past few days, the token has increased by more than 44%.


Source: CoinMarketCap
 

This is not the only epic demonstration in the AI ​​segment. New cryptocurrency DexCheck (DCK) has almost doubled its market capitalization in the past seven days. After making 86% with a peak of $0.0327.

Bridge Oracle (BRG), joins the seven-digit capitalization token club for the first time. However, both of these altcoins trade primarily on DEX with very little available liquidity.

Thus, it can be said that the AI ​​money segment outperformed the overall cryptocurrency market last week. The aggregate capitalization of digital assets tracked by CoinMarketCap increased just 2.3% from $1.047 trillion to the equivalent of $1.072 trillion.

Additionally, low-cap AI token Trustverse (TRV) nearly tripled its capitalization in October 2023.

The frenzy around creative AI and its applications has led to two or three AI-related cryptocurrency pumps.

While it remains unclear whether all of them actually use some type of AI for their products, some AI tokens increased 1,000% in Q1 2023.

Source:
https://tradecoind2.com/this-ai-token-is-up-more-than-40-over-the-week/