Cryptocurrency Market News From tradecoind2.com

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Until Bitcoin breaks its long-established $25,000 – $30,000 trading range, the cryptocurrency market is said to be in a “crab market.” It will likely take a specific macroeconomic or crypto catalyst to break out of it. This did not happen in September.

BTC price briefly tested the lower end of its established trading range and touched $25,200. However, in the second half of the month, the price recovered to $26,900 and the monthly close was +3.92%. This goes against both the historical trend of a negative close in September and against traditional markets. The S&P 500 fell 5.4% in the same time frame.

However, Bitcoin’s relative resilience has not stabilized the entire industry. Crypto stocks have suffered an even bigger correction than the S&P, and altcoins continue their months-long losing streak against BTC. With its overview of developments across the industry, it is an invaluable resource, especially during bear market conditions when many of the less mature sectors of the industry no longer make the headlines.

Major Mining Companies 30% Off
 
Most publicly traded crypto companies faced a challenging month in September and their stocks underperformed. In many cases, stock prices fell between 10% and 40%, and the industry average decline was 22.4%. Cryptocurrency mining stocks were hit particularly hard.

TeraWulf, Marathon Digital and Iris Energy all lost nearly a third of their value. Miners affected by these major corrections surged in the first half of the year, sometimes up +300%. However, the stock price began falling in July and has now almost erased the previous gains. Some of the reasons for this adjustment are specific to the mining sector and are unlikely to affect cryptocurrencies more broadly.

Bitmain releases new version of Antminer
Among other things, the large inventory revision of mining stocks can be attributed to tightening mining economics. In April 2024, the next Bitcoin halving event will take place, which will cut rewards for validating votes in half overnight. Despite this outlook, the network’s hashrate and difficulty show no signs of slowing down and continue to reach all-time highs.

As a result, Bitcoin mining is becoming increasingly competitive and profit margins are becoming thinner. Once miners exhaust their ability to raise new capital, they could be financially squeezed post-halving unless Bitcoin increases in price significantly.

 In September, Bitmain, the largest manufacturer of ASIC mining hardware, announced a new Antminer rig model that will intensify this competition even further in the coming months. The new S21 rigs will have a mining efficiency of 17.5 J/TH – an increase of more than 20% compared to the previous rig. Miners that can raise capital to upgrade quickly will be able to command higher prices than their competitors when the effects of the halving take effect.

Source:
https://tradecoind2.com/major-mining-company-shares-fall-30-despite-bitcoins-rising-price/

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On October 20, Polkadot released its latest treasury spending report and provided some insight into the state of the network.

The Treasury spending report reveals how the Polkadot ecosystem performed over the past 12 months and more broadly over the past four years. According to the report, Polkadot Treasury spending recorded four consecutive years of growth.

Their spending increased from $13.4 million in 2022 to $21.06 million in 2023. Note that this number is calculated over the past 12 months, to October 18.

The report reveals the majority of the network’s spending has been put into development. A significant amount is spent on community outreach, including educational activities, media products and social activities. Most of the funding is allocated for development which is a good sign. Because it shows that the network focuses on building the Polkadot ecosystem.

While the data mentioned above shows that Polkadot Treasury maintains its focus on growth, there are still concerns. Projects related to Polkadot are said to have cut their workforce. So it seems the ecosystem is feeling the pressure of crypto winter.

DOT tries to bounce back from new year-to-date lows
Concerns regarding a crypto winter are evident in Polkadot’s native cryptocurrency DOT, which recently fell to a new three-year low of $3.57. Still, the lower highs of the Relative Strength Index (RSI) compared to the lower lows of price action suggest some bullish momentum is building that could explain the bullish action over the past 24 hours. .

Technically, reduced selling pressure will give way to demand. However, there also needs to be demand to create momentum to push prices higher.

The demand situation in the derivatives industry shows that negative funding rates have prevailed over the past four weeks. Therefore, the focus is on the downside. It reflects bearish price action but negative funding rates are falling.

Although negative funding rates are decreasing, positive funding rates are almost non-existent. This suggests demand in the derivatives market. At the same time, a similar situation also occurs with open interest (OI) data. Binance’s OI and volume profile dropped sharply over the past 3 days in contrast to the performance over the previous few days.

The same data also shows a sudden increase in the volume and number of open interest in the past 24 hours. This reflects bullish price action, suggesting a spike in demand.

Source:
https://tradecoind2.com/polkadot-treasury-releases-latest-report-as-concerns-arise-about-dots-future/

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When will XRP “go to the moon”?
Cryptocurrency analyst Jaydee recently shared on X (Twitter) another intriguing chart of XRP. The analyst presented  a 2-month XRP dominance chart spanning 2014 to present, shedding light on the cryptocurrency’s historical price action and future potential. This test focuses on the downtrend line and horizontal resistance line, which shows a key XRP dominance level at 2.62%, which could be key to the price’s next parabolic move.

XRP dominance is just below the critical level

Diving into historical performance, the chart shows moments when the token experienced rapid growth and sharp declines in crypto market dominance. There was a time when XRP experienced a staggering 39x price increase, reaching $0.39 in just 56 days in 2017. Soon after, another bull run saw the digital asset increased 17 times within 28 days, marking its value at $3.31.

Both times, the dominance rate was rejected at the yellow 5.5-year trendline. This resistance line has continuously acted as a major barrier to XRP dominance in the cryptocurrency market. Any approach or touch of this line results in significant price action to the downside.

Notably, the price of the cryptocurrency experienced a similar situation from 2015 to 2017 when the dominance rate also held below the downtrend line for over two years. However, the breakout of this trend signaled a major bull run as XRP dominance increased from just 1% to over 30% in just four months in 2017.

Fast forward to today, the cryptocurrency may be in a similar situation to 2017. It has broken the trend and is moving beyond the red trend line. However, instead of a spike like in 2017, XRP dominance now faces a key milestone of 2.62%.

According to analyst charts, the ratio is currently at 2.55%, very close to the critical level. Notably, over the past 14 months, dominance has failed to close above 2.62% on the two-month chart. However, if it breaks above this level, it could signal the start of the next parabolic move, as outlined by Jaydee.

Currently touching the yellow resistance line. If we can have a full 2-month candle close above the yellow resistance line, wait for the next parabolic move! Will 2024 happen?

Weekly chart: When will it “go to the moon”?
Jaydee shared another chart on X (Twitter) today, saying regarding the weekly XRP/USD chart:

“Price remains making higher highs (HH) while lower lows (LL) in the weekly RSI and SRSI, while bouncing on the 2-year trend line.”

From this, he realized three important points before XRP can “go to the moon”.

First, cryptocurrencies need to gain momentum. He suggested that it needs to break above the $0.54 mark, at least on the daily chart. Second, the Stochastic RSI (SRSI) on the weekly timeframe will cross the 20 level, indicating the possibility of a bullish move. Finally, the most important point in Jaydee’s analysis is the yellow 6-year trend line. For XRP to witness a parabolic move, a break of this trendline is required.

 Source:
https://tradecoind2.com/when-will-xrp-go-to-the-moon/

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While the Bitcoin Halving event is about to take place, traders and market analysts are predicting a consensus end for 2023. Right now, one cryptocurrency is considered the most promising meme coin As the year comes to a close, it is Meme Kombat – a pre-sale project that holds practical utility that redefines the potential of meme coins.

Since its launch , this project has raised more than $580k and attracted the attention of some of the most famous experts . While its long-term potential remains to be seen, many analysts are calling it a significant profit over its current pre-sale price.

Analysts predict a 10x profit for Meme Kombat

One trader who showed significant support for Meme Kombat was Jacob Bury. According to Bury, this project could be the next 10x pre-sale event and he has invested $1k of his own capital in this project.

Jacob Bury is a respected analyst, known for predicting high-potential presale events early. Some of his recent predictions include Wall Street Memes (which increased in price 3x after launch) and BTC20 (which increased in price 7x after launch).

Meanwhile, YouTuber Inspector Mindblow has emphasized that this project holds remarkable growth potential. This analyst’s recent video highlights the utility of the $MK token, its revolutionary use case, and the early presale by investors, providing opportunities for significant gains tell.

Michael Wrubel also reported on the project and predicted the pre-sale event to take place and end quickly . Wrubel boasts more than 300,000 subscribers, so the project was able to sell out quickly thanks to his contributions. However, this means those looking for the best prices must act early.

GambleFi Meme Coin is fun
Meme Kombat is a meme coin in the Play-to-Earn ecosystem that allows users to bet on the outcome of AI-generated meme battles using the $MK token .

This web-based platform ensures everyone can easily start their Meme Kombat journey . However, the game is still complex and feature-rich, with multiple game modes to promote engagement in a variety of ways.

It offers player versus player gameplay and users can bet against each other, encouraging community participation and competitiveness.

Meme Kombat also offers a player-versus-game play option that leverages traditional betting mechanics to deliver a fair, realistic, and engaging betting experience.

Furthermore, users can participate in “Live Betting” where they bet on the outcome of specific battles or characters. This is a simple mode for those looking for a quick and easy game.

However, it also offers a “Side Events Betting” mode where users can bet on dynamic combat events such as next moves or specific match results.

Overall, Meme Kombat offers a comprehensive betting experience with a fun meme coin appeal, demonstrating high demand for the platform and the $MK token.

Powerful utilities and vibrant community hint at becoming the next Shiba Inu
Shiba Inu rose to prominence during the 2021 bull run as a meme coin that advances ecosystem expansion and real-life utility. This gives it a competitive advantage over the market-leading meme coin Dogecoin, and has allowed it to reach a market capitalization of £37 billion.

However, the ever-changing crypto landscape has made Shiba Inu somewhat irrelevant, with its market price falling 33% in the last year and 92% from its ATH. This leaves a gap in the market for a new utility-oriented meme coin that takes advantage of current market trends.

The Kombat meme fits perfectly into this scene, integrating crypto and P2E betting to deliver a rich and competitive experience where users can earn crypto while having fun.

Furthermore, this project will enjoy utility-driven demand, providing additional demand alongside the speculative demand and hype of known meme coins.

It has also had significant influence on social networks, with Meme Kombat’s Telegram channel boasting 2.3k subscribers and the Meme Kombat account on X gaining 7k followers in just 3 weeks .

While there’s no guarantee that Meme Kombat will create millionaires like the Shiba Inu, the similarities in utility and community interest, combined with analyst optimism, suggest a a bright future for this meme coin.

Staking tokens reward holders with 112% APY and help drive scarcity
The Meme Kombat token also has a staking facility, allowing users to earn a whopping 112% annual percentage return on their holdings . As many analysts expect, this token staking yield could translate into significant profits if the token price increases.

Users can take advantage of the discounted presale price by staking and earn profits immediately.

Another benefit is that the token will be 100% in the hands of the community, facilitating sustainable and long-term price action . The #DevelopmentTeam  has allocated 50% of the tokens to the presale event, 10% to liquidity on DEX exchanges, 30% to staking and battle rewards, and 10% to be used as community rewards.

However, with such support from industry players and a pre-sale event expected to sell out quickly, those who want to buy $MK at rock-bottom prices should not wait and act now.

Source:
https://tradecoind2.com/traders-are-thinking-that-this-new-token-could-be-the-most-successful-meme-coin-in-q4-2023/

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Anthony Scaramucci believes Bitcoin will reach $750,000 by the end of the decade

Founder and managing partner Anthony Scaramucci at SkyBridge Capital, a company operating in the field of cryptocurrency investments, used social media platform X (formerly known as Twitter) to refute the rumors that he predicts Bitcoin will reach an insane $31 million after becoming a Bitcoin ETF spot receives the green light from regulator SEC.

 

In the same X post, Scaramucci shared his current view on how Bitcoin could rise in price over the next few years.

“$750,000 by the end of the decade”

Responding to a request for comment from Jason A. Williams, investor and entrepreneur, partner at Morgan Creek Digital, Scaramucci never said he expected Bitcoin to go as high as $31,000,000 per coin. “This is clearly a typo,” he wrote.

However, Scaramucci believes that, according to his publication

Scaramucci believes in the power of the Bitcoin ETF
Overall, according to Scaramucci’s recent statement, it seems that Bitcoin price will increase as soon as the Bitcoin spot ETF filing filed by BlackRock with the SEC is approved. BlackRock is the world’s largest asset management fund with trillions of dollars.

At the beginning of the week, news was spread by several crypto media and later reported to mainstream media, such as Reuters and Bloomberg, that the US securities regulator had application approval. Bitcoin price then spiked nearly 10%, almost reaching the psychologically important level of $30,000.

However, shortly after BlackRock head Larry Fink denied this rumor, saying that its iShares Bitcoin Spot ETF filing was still under review, BTC fell about 8%.

This week, financial expert and head of Galaxy Digital fund Mike Novogratz said that he expects the first Bitcoin spot ETF to be approved this year.

Robert Kiyosaki expects Bitcoin to reach $135,000
Financial expert and author of the book “Rich Dad, Poor Dad” on financial literacy Robert Kiyosaki recently published a post dedicated to leading cryptocurrency Bitcoin.

Kiyosaki wrote that currently Bitcoin is testing the $30,000 price level but he expects the “next stop” to be $135,000, as Bitcoin Magazine reported.

Source:
https://tradecoind2.com/anthony-scaramucci-believes-bitcoin-will-reach-750000-by-the-end-of-the-decade/

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In his keynote speech at the 6th meeting of the Standing Committee of the 14th National People’s Congress, Pan Gongsheng (潘功胜) – Governor of the People’s Bank of China issued the ” Full Report Representative on Financial Work of the State Council” on October 21, 2023. The report outlines a series of key points and strategic measures to maintain financial stability, promote economic recovery and prevent risks in China’s financial sector.

The most notable aspect of this report is its strong stance against cryptocurrency speculation in China. Governor Phan Cong Thang made it clear that the Chinese government is determined to resolutely prevent speculative cryptocurrency trading in the country. The announcement is in line with China’s longstanding stance on cryptocurrencies that bans ICOs, closes exchanges and warns against cryptocurrency trading.

https://twitter.com/azcoinnews/status/1715893742652268809
 

Furthermore, the Governor emphasized the need to strictly handle illegal fundraising and money laundering activities. The Chinese government remains vigilant against illegal financial activities and has a renewed focus on combating them, emphasizing its commitment to maintaining a clean, safe financial ecosystem .

In an effort to maintain stability while promoting economic progress, the Governor raised 6 main points in the report:

1. Prudent monetary policy: China will continue to implement a prudent monetary policy, focusing on controlling every small detail, ensuring large-scale money supply growth consistent with the growth rate nominal economy.

2. Strengthening financial supervision: The Government is actively making efforts to improve modern financial supervision, enhance financial capacity to serve the real economy and promote stable operation of the market finance.

3. Financial reform and openness: The report emphasizes the importance of strengthening financial reform and expanding access to financial markets with international organizations. This reflects China’s commitment to global financial integration.

4. Financial risk prevention: The Chinese government is committed to preventing and resolving financial risks, especially in small and medium-sized financial institutions. Measures to resolve underperforming assets and reduce risks are underway.

5. Support the real economy: Financial institutions are encouraged to provide ample financing to support key sectors, including technology-based, manufacturing-based SMEs, to create conditions for economic growth.

6. Legal framework and anti-corruption: The report places significant emphasis on financial legislation and commits to severely punishing financial corruption. The regulatory framework will be improved to ensure appropriate oversight.

The report further emphasizes the importance of guiding and stabilizing financial market behavior and expectations. The central bank will take timely measures to prevent the spread of risks in the stock market, bond market and foreign exchange market, while maintaining the stable operation of the financial market.

This comprehensive report highlights the Chinese government’s commitment to maintaining financial stability, preventing risks and promoting economic growth. It’s clear that China’s new central bank governor is intent on addressing the evolving financial landscape, resolutely implementing policies that ensure China’s financial system remains safe and reliable.

Source:
https://tradecoind2.com/chinas-new-central-bank-governor-announces-tough-measures-on-cryptocurrency-speculation/

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Many airdrop hunters expect some Ethereum rollup solution to release their cryptocurrency in 2024 and are preparing by all means to qualify as beneficiaries in the initial distribution phase.

ZKsync and Starknet are among the most prominent projects in the Ethereum layer 2 scene that will most likely issue their own tokens, accompanying the launch with an airdrop to users of the decentralized network.

Data from the valuation of the respective companies in line with the growth of the 2 ecosystems in the market over the past year shows that the rewards could be truly significant in the event of an airdrop.

Then there are also “second-tier” projects that are less mentioned than the first mentioned projects, but still worth considering. Such as Linea, Scroll and Fuel.

Airdrops
of
ZkSync, Starknet and LayerZero projects among the best for 2024

In 2023, it is rumored that several cryptocurrency projects will issue their own tokens later this year, considering the development of a variety of decentralized ecosystems, especially Ethereum zero-knowledge (ZK) rollups.

Unfortunately, the prolonged bear market following the brief bull run in early 2023 has caused some companies in the blockchain infrastructure development sector that had planned these events to postpone the year. Present.

Regarding this issue, the Starknet team, specifically StarkWare, announced in October that they decided to postpone the first round of unlocking STARK tokens from November 2023 to April 2024 in a plan to reorganize the internal roadmap. set.

Many airdrop hunters expect Starknet’s future cryptocurrency to be distributed via airdrop to all users who contributed to the development of the chain and the various Dapps built on it.

With an enterprise valuation of $8 billion, a total value locked (TVL) on the infrastructure of $130 million, and a total of 17 million transactions in the past 30 days, it’s very likely that rewards are for the community. The coin will be very significant in case of airdrop implementation.

 

As for ZkSync Era, one of the most important layer 2 of Ethereum using ZK cryptographic proof-of-concept technology, token airdrop from the project is also expected to be announced by the end of the year. now.

However, once again, the plan to decentralize sequencers and provers took a long time, postponing the coin release for the ZK ecosystem to next year.

Then, the crypto world is focused on the Bitcoin spot exchange-traded fund (ETF) story and the possibility of its approval soon. Launching a token in a situation like this could be counterproductive for the issuing company.

Some suggestions such as the team’s revelation about the feasibility of rewards for layer 2 users have attracted airdrop hunters in 2023, so these events have a huge impact on the development of the chain.

ZkSync has a TVL of $432 million, 28 million transactions in the past 30 days, and a billion-dollar valuation from parent company Matter Labs.

All these factors suggest that when the rumored airdrop is confirmed in 2024, backers will be rewarded with a three-digit amount.

Best layer 2 crypto airdrops:
Speculate heavily
on Linea, Scroll, and Fuel
While expectations for the Starknet and ZkSync airdrops are high, we should not forget that there are also other “layer 2” projects that could bring their tokens to the crypto market in 2024.

Typically, three other Ethereum ZK rollups have recently attracted public attention thanks to the development of the ecosystem.

The most prominent among them is undoubtedly Linea, a secondary scale-up solution that in just 3 months since launch has achieved a total TVL of $72.8 million.

Linea is a product of software development company Consensys. The company received significant funding this year from Animoca Brands and Coinbase Ventures for layer 2 development.

Linea only recently joined the mainnet, so it will likely be several months before the utility token is actually released. Therefore, logically speaking, during 2024 we could see Linea’s airdrop, along with celebrations involving the first contributors of this crypto network.

Another notable infrastructure is Scroll, one of the crypto community’s most anticipated Ethereum rollups that recently came to mainnet, opening up hope for airdrop hunters.

Like other ZK networks, internal project tokens are expected to be created and distributed to early adopters in the chain.

Scroll has been in development since 2021 and received $80 million in private funding. The project team will use a portion of it to compensate their community.

Currently, the chain has a very small TVL but could see huge inflows in the short term due to the hype being created on social media about a rumored airdrop.

In addition, it is impossible not to mention Fuel, one of the most important module implementation layers currently being developed.

The network’s team has raised $81 million in funding, and its growth prospects show that its infrastructure is one of the fastest growing in the Ethereum layer 2 landscape.

Fuel is currently still in the testnet phase, so it will likely be several months before it is launched on the mainnet and creates the ecosystem’s native cryptocurrency.

Quarter 4/2024 is the most likely time frame for Fuel airdrop, however, preparations need to be made from now until the next 6 months.

How
to earn cryptocurrency from these projects
Earning cryptocurrency from airdrops is not an easy activity and requires minimal experience and ability to navigate the Web3 industry.

In any case, this is not a complicated method to implement once you understand the main elements and what’s more, it allows you to get decent rewards even if you haven’t actually Experienced in the crypto world.

First of all, to get started, you need to own a non-custodial wallet, such as Metamask and Trustwallet.

If you have so far only used your crypto through exchanges, it is best that before diving into the world of airdrops, get a clear grasp of all the mechanics of DeFi and Web3.

In addition to a decentralized wallet, it is mandatory to have at least a few hundred dollars in cryptocurrency to perform transactions in the infrastructure you will be interacting with.

In the case of the Ethereum layer 2 ZK airdrop, we can find many similarities in the strategies used by so-called “hunters” to receive gift tokens without much effort.

In principle, it is necessary to follow these 4 transaction types to properly receive airdrops from ZkSync, Starknet and other layer 2s:

– Bridge from Ethereum to rollup: each layer 2 has an interface where you can transfer your coins (ETH) from the Ethereum core network.

– Provide liquidity and swaps on reference decentralized exchanges of these networks. On the official Ethereum rollup websites, you can find all the links to the platforms in the “Ecosystem” section.

– General interaction with the network’s smart contracts (at least 10 different protocols).

– Activities on the main Ethereum network: keep a minimum balance of $50 and occasionally make some transactions even for small amounts.

The criteria by which the teams of these projects decide to conduct an airdrop may vary and include different requirements, but they will likely consider at least some of the four items just listed.

The more you participate in these rollups (both in terms of trading volume and number of transactions), the larger the rewards you will receive.

Source:
https://tradecoind2.com/top-ethereum-rollup-airdrops-expected-in-2024-focus-on-zksync-and-starknet/

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Top trader sets an ambitious price target for DOGE: $1

In a recent post on social media X, AngeloBTC, a legendary Bitcoin trader and market commentator, made an optimistic prediction about the meme-inspired cryptocurrency, Dogecoin. Trader set an ambitious target of 1 USD.

https://twitter.com/AngeloBTC/status/1716287412140482987/history
 

Dogecoin’s rapid rise and subsequent decline
The beginning of 2021 saw Dogecoin turn heads and dominate the headlines. Its price has skyrocketed, due to a combination of factors that have made it the talk of the air.

Celebrity endorsements, especially from influential figures such as Elon Musk, along with growing interest from retail investors, have played a key role in the growth. its superiority.

Furthermore, widespread cryptocurrency adoption and subsequent bullish market sentiment acted as a catalyst, pushing Dogecoin to an all-time high.

However, this rapid ascent did not last. As the months passed, Dogecoin went through a strong correction. The coin is currently down at a staggering -91.39% from its ATH.

Several reasons contributed to Dogecoin’s sharp correction, including early profit-taking by investors, concerns about the coin’s fundamental value and utility, and a pullback in the cryptocurrency market across the world. wider range.

Dogecoin is trading at $0.062 after gaining 2.9% in the past 24 hours. Boasting a market capitalization of nearly $9 billion and a 24-hour trading volume of over $296 million, Dogecoin certainly remains a cryptocurrency of significant interest among traders.

In fact, it remains in the top 10 largest coins by market capitalization. However, it remains to be seen whether certain bullish catalysts can push Dogecoin price to the $1 mark that it could not reach during the previous bull run.

Source:
https://tradecoind2.com/top-trader-sets-an-ambitious-price-target-for-doge-1/

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Whale Alert, the blockchain detective that tracks major cryptocurrency transfers, has released some curious data – in the past 24 hours, anonymous whales have transferred nearly half a billion XRP tokens linked to Ripple Labs.

The larger of the two transactions moved over 400 million XRP.

https://twitter.com/whale_alert/status/1716114260449706313
 

Ripple’s role
Whale Alert reports that the two XRP transfers were back-to-back; first, a total of 412,334,412 XRP were sent from one anonymous wallet to another, then 26,500,000 XRP were transferred by an unknown blockchain wallet to the cryptocurrency exchange Bitstamp.

These two lots of XRP were worth $213,373,038 and $13,807,682 respectively at the time the transactions were made.

XRP-focused analytics platform Bithomp shared that the second transfer was made by San Francisco-based blockchain decacorn Ripple Labs, as it transferred its regular batch of XRP to Bitstamp.

https://twitter.com/whale_alert/status/1716174834667757994
 

Over the past few months, Ripple has transferred 26 million – 30 million worth of XRP to Bitstamp and less frequently to Bitso, a cryptocurrency unicorn based in Mexico. Persistent sending tens of millions of XRP to these two exchanges may be more than simply selling cryptocurrency.

Both of these crypto exchanges have been collaborating with Ripple for the past few years on the ODL (On-Demand Liquidity) project recently renamed “Ripple Payments”. It uses XRP for high-speed and low-cost international payments in XRP through RippleNet.

Last week, Whale Alert also discovered a transaction that moved a staggering 400,000,000 tokens from one anonymous address to another.

Following a series of recent victories by Ripple in court, interest among large investors (known in the crypto community as whales) in XRP appears to have increased.

Last week, Ripple and the entire XRP community celebrated another big win for the crypto giant.

US regulator, SEC, has dropped pending charges against Ripple chief executive Brad Garlinghouse and Ripple co-founder Chris Larsen. Both were charged by the SEC with selling more than $1 billion worth of XRP to financial institutions since 2013.

With this news, the price of XRP increased by 5%, but the community believes that the coin did not create the momentum that this news should have brought.

However, while Ripple and its community are celebrating this big win, the SEC is preparing to file an appeal to the court over the recent ruling that secondary market sales of XRP do not qualify as stock.

Source:
https://tradecoind2.com/nearly-500-million-xrp-transferred-in-the-last-24-hours/

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Bitcoin (BTC) price peaked at $30,985 on October 23, just slightly below its yearly high of $31,804.

BTC trades below the major resistance zone at $31,300. Will the price rise above it?

Bitcoin nears yearly high

Technical analysis from the weekly timeframe shows that Bitcoin price has been rising since September (green symbol), when it bounced from the long-term $25,000 horizontal support zone.

The gains accelerated last week and BTC created a massive bullish engulfing candle. This is a bullish candlestick where the entire decline of the previous week is covered by the next week.

Bitcoin peaked at $30,985 before falling slightly. While the yearly high was at $31,900, the highest weekly close of the year was $31,600.

Therefore, if the current price holds through the weekend, it would be the highest weekly close this year.

Since the price has not yet reached this closing level, some traders do not believe that the rally has begun.

There is also mixed news regarding Bitcoin. The price has posted its strongest weekly gain in 17 weeks, which may be related to growing rumors about the approval of a Bitcoin Spot ETF.

However, a key developer of the Lightning Network resigned after discovering a serious security vulnerability in the network.

The weekly RSI is rising. Market traders use the RSI as a momentum indicator to identify overbought and oversold conditions in the market to decide whether to accumulate or sell an asset.

A reading above 50 and sloping up shows that the bulls still have the advantage. A reading below 50 indicates the opposite. The indicator is above 50 and rising, both of which are signs of an uptrend.

More importantly, the RSI broke above the bearish divergence (green line), formed from the yearly high.

Will BTC reach a new yearly high?
Daily time frame analysis shows that BTC price broke above the $29,000 horizontal resistance area. This area has been available since August. This breakthrough accelerated the rate of increase.

BTC price is currently approaching the $31,300 resistance area. This is the final resistance area before the yearly high.

The daily RSI supports continued upside above 50 and sloping up. Even though the indicator is in an overbought state, it has not yet created any bearish divergence.

If BTC price breaks out, it could reach the next resistance levels at $33,700 and $36,000, respectively, which are 10 and 18% above current prices.

Despite this bullish prediction, a rejection by the $31,300 resistance area could send the price down nearly 6% to the nearest support at $29,000.

Source:
https://tradecoind2.com/bitcoin-btc-price-moves-above-30000-will-it-hit-a-new-yearly-high/

[NewspaperD2]

LINK is the native token of the Chainlink decentralized oracle network platform. This altcoin is leading the market this morning, with an optimistic start to the new week.

The price spiked to $10.93 earlier today. This is the highest level since May 2022, shortly before the Terra ecosystem collapsed, dragging the market into crypto winter. At the time of writing, LINK is trading at $10.27.

Accordingly, the price has increased 10% in the past 24 hours and nearly 50% in 72 hours.

Chainlink’s impressive performance can be attributed to the increasing popularity of the Cross-Chain Interoperability Protocol (CCIP). This is a recently launched technology stack upgrade aimed at simplifying cross-chain transactions.

Introduced in July this year with early adopter projects including Avalanche, Ethereum, Optimism, Polygon, as well as DeFi lending protocols Aave and Synthetix, CCIP has created a standard communication system between Different blockchains, often incompatible.

Last month, Chainlink also integrated CCIP into the Base – layer 2 Ethereum network incubated by Coinbase, allowing developers to build secure cross-chain applications and services.

In addition to Chainlink, the cryptocurrency market in general continues to record upward momentum. According to data from CoinGecko, total market capitalization increased nearly 3%, reaching $1.16 trillion. Among the top 10 coins, DOGE led the gains with 6.09%, followed by SOL (4%), ETH and BNB (2.6%).

Bitcoin is up just 2.4% and is currently trading at around $30,658.

Chainlink CCIP
creeps into businesses
By simplifying token transfers between blockchains and reducing complexity compared to third-party bridges, CCIP provides users with an enhanced level of protection. This is a factor that could play an important role in driving digital asset adoption given the susceptibility of cross-chain bridges to security breaches and malicious activities.

Notably, CCIP also aims to reach beyond the cryptocurrency sector, opening up access to traditional finance for crypto.

To that end, Chainlink is partnering with major financial institutions (including Swift, BNY Mellon, Citigroup, and BNP Paribas) to conduct several blockchain interoperability tests to enable token asset transfers chemistry.

Most recently, Depository Trust & Clearing Corporation (DTCC) — the leading post-trade market infrastructure for the global financial services industry — became Chainlink’s latest enterprise partner to integrate CCIP.

 “The partnership between DTCC and Chainlink opens the door to countless use cases that could redefine how the financial industry works,” Chainlink tweeted .

DDTC’s partnership with Chainlink is part of Swift’s interoperability expansion project, in which Swift uses CCIP to facilitate secure token transfers and cross-chain messaging, while DTCC acts as token issuer and central securities depository (CSD).

Source:
https://tradecoind2.com/link-leads-the-crypto-market-up-nearly-50-in-72-hours/

[NewspaperD2]

AAVE Derivatives recorded a roughly 50% increase in derivatives trading volume at the beginning of the week and an increase of more than 100% at the beginning of Monday in Asia, due to a sharp increase in Short trading. Open interest (OI) is also significantly higher and prices show strong performance over the past 7-day period. Accordingly, whether the bull run will continue depends on the selling pressure that the liquidity protocol may encounter.

Short AAVE liquidation increased dramatically

AAVE derivatives trading volume increased more than 100% from Sunday to Monday due to a jump in Short trading. At the time of writing, AAVE derivatives had a volume of $442 million, according to Coinglass data. Open interest also increased to $110 million.

Based on Coinglass data, the Long/Short Ratio for this period of time for the AAVE/USDT pair is 1.01. In the past 24 hours, almost $60,000 of Long positions were liquidated, while Short positions had a significantly higher liquidation of $770,000.

The liquidity protocol’s native token increased by 6% during the same period. CoinGecko data records a 26% price increase over the past 7 days, suggesting that AAVE may have entered a bullish phase and is currently testing new support levels. Accordingly, trader Crypto Tony emphasized the importance of a 3-day close above $75 to maintain an optimistic sentiment. Trader said:

“This is also the first time AAVE has closed above trend line resistance in 500 days.”

At the time of writing, the price of AAVE was at $83.8 with volume on the daily timeframe of $220.4 million.

AAVE’s RSI signals a trend reversal
AAVE’s Relative Strength Index (RSI – a momentum indicator that measures the speed and change of price movements) shows the possibility of a trend reversal as it fluctuates in an overbought range based on CryptoQuant data. This comes as exchange reserves are also increasing, indicating higher selling pressure.

IntoTheBlock’s volume indicator recorded 7-day exchange inflows of $21 million compared to outflows of $15 million. Net deposits on exchanges are currently below the 7-day average, which could be interpreted as a sign of reduced selling pressure.

In the short term, AAVE appears to be on an upward trajectory with recent gains and higher trading volumes in the derivatives market. However, the sustainability of this trend probably depends on the ability to overcome selling pressure. AAVE’s RSI also signals a trend reversal but selling pressure may still be limited.

Source:
https://tradecoind2.com/liquidation-of-short-aave-increased-dramatically-what-will-the-price-be/

[NewspaperD2]

FC Barcelona Fan Token (BAR) and Juventus Fan Token (JUV) prices both bounced off important support zones and showed bullish signals. They are expected to increase sharply by the end of October.

Recently, OKX exchange is attracting cash flow when tokens listed on OKX have created short-term trends. The 34-time trigger of Big Time (BIGTIME) created the gamefi trend and the 4-time trigger of Wall Street Memes (WSM) created the meme trend.

Today, OKX announced that they will list Tottenham Hotspur FC Fan Token (SPURS) at 5:00 p.m. on October 26 (Vietnam time). This will likely trigger the Fan Token trend at the end of October. Especially Fan Tokens have undergone a long period of accumulation and are located very close to their support zone.

BAR technical analysis

FC Barcelona Fan Token (BAR) price has bounced off a long-term support zone at $2 and broken above a descending resistance line formed since a local high at $3.1 on August 7. Here it is a bullish signal that the correction is over and a new price increase is possible.

The daily RSI created a significant bullish divergence and spiked above the 50 level. This shows that the bulls have gained control.

If a rally occurs, BAR price could rise to the key horizontal resistance zone at $3.1 (40.47%) and above it to $3.5 (64%).

 

JUV technical analysis
Juventus Fan Token (JUV) price bounced from the key support zone at $1.90 on October 20.

It is important to note that JUV’s trading volume has increased sharply over the 5 trading days, including October 4,5,6, 10 and 11 (blue ellipse). Trading volume increases when the price trades near the support zone, which is a sign of whale consolidation.

The daily RSI generated a significant bullish divergence and spiked above the 50 level, favoring a recovery.

Therefore, JUV prices are likely to fluctuate strongly (increase) when the recovery occurs.

Potential targets are $2.4 (21.95%), $3 (50%), and $3.9 (100%).

Source:
https://tradecoind2.com/okx-list-fan-token-bar-and-juv-prices-may-increase-sharply-at-the-end-of-october/

[NewspaperD2]

A famous Friend.Tech user sold 850 Ether (ETH) worth of keys yesterday (October 23) before switching to New Bitcoin City, a similar social app built on Bitcoin.

User X (Twitter) @Vombatus_eth, who goes by the same name on Friend.Tech, pocketed about $1.5 million after selling 176 keys. Vombatus, one of the largest holders on the platform, still holds 150 keys.

Friend.Tech, which allows X-characters to issue ‘keys’ on its app to access closed group chats, is one of the fastest-growing cryptocurrency platforms shortly after launching in November. 8. It attracted millions of dollars in revenue from more than 100,000 users in less than three weeks after launch – driving expansion on other networks.

Newer opportunities have stymied the initial wave of growth, and Friend.Tech’s applications, such as New Bitcoin City, are quickly emerging as one of the biggest bets. Users like Vombatus are attracting their followers to New Bitcoin City – helping the platform reach more than $3 million in locked value on Monday.

https://twitter.com/Vombatus_eth/status/1715125846426665323
 

New Bitcoin City launched in early August as a Bitcoin gaming and arcade platform, released a social app at the end of September, targeting the social app market.

Developer @punk3700 has previously said that the use of Bitcoin in DeFi applications has so far been limited to tokenized representations of Bitcoin on other chains, such as Ethereum or Solana, but New Bitcoin City believes that there is still space for wealthy Bitcoin holders to use their assets on interactive applications.

The introduction of the BRC-20 standard earlier this year enabled developers to issue tokens and build DeFi applications on top of Bitcoin.

The appeal of New Bitcoin City comes at a time when Bitcoin prices are on an upward trend, up about 20% in the past week on hopes of possible approval of a Bitcoin spot exchange-traded fund (ETF) in the United States. Ky, which traders say could boost demand for BTC.

Source:
https://tradecoind2.com/friend-tech-user-sells-1-5-million-in-keys-moves-to-bitcoin-dapp/

[NewspaperD2]

Maker (MKR) price increased to $1,650 today. This is the highest price since May 2022.

The price could not sustain the gains and fell back below the $1,600 resistance area. What will happen next?

MKR quickly reached $1,650

MKR price has been rising alongside the ascending support trendline since June. Most recently, the line was confirmed in August before the price continued to rise.

The bounce (green symbol) also confirms the $1,000 horizontal zone as support.

On October 24, MKR hit a new yearly high at $1,651. This is the highest price since May 2022. Despite the increase, MKR failed to close above the $1,600 resistance area, creating a long upper wick (red symbol).

An interesting fact about this increase is that one whale has deposited $14.6 million worth of MKR tokens into Binance since the beginning of October. It is common for such large deposits to be sent to exchanges. Concentration is indicative of selling.

However, this is not the case with MKR, which has increased significantly since October.

The weekly RSI is rising. RSI is a momentum indicator that traders use to evaluate whether the market is overbought or oversold and whether to accumulate or sell an asset.

A reading above 50 and sloping up shows that the bulls still have the advantage, while a reading below 50 shows the opposite.

The indicator is rising and above the 50 level, both of which are signs of an uptrend. Although the current reading is overbought, there are no bearish divergences warning of an impending decline.

MKR Price Prediction: Is $2000 the next target?
Although MKR price is at a yearly high, the daily timeframe suggests a possible pullback before the upward momentum resumes.

The first reason is that MKR price is trading inside an ascending wedge pattern, which is considered a bearish pattern. Price confirmed the wedge’s resistance line with its yearly high today (red symbol).

The second is the bearish divergence (green line) in the daily RSI. Bearish divergence occurs when the uptrend is not supported by momentum. It usually happens before prices drop.

If MKR price turns down, the altcoin could fall 15% to the ascending support line.

Despite this bearish prediction, a breakout above the $1,600 zone and the wedge could result in a 45% rally to the next resistance level at $2,300.

Source:
https://tradecoind2.com/maker-price-mkr-rises-to-new-yearly-high-is-2000-in-sight/