Cryptocurrency Market News From tradecoind2.com

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Chainlink’s LINK hit a 17-month high on Monday, but there are signs that investors are taking profits after the massive surge.

The token price has fallen slightly over 1% in the past 24 hours after rising nearly 50% in the past two days to reach a high of $11 after trading sideways in a range of around $5-$9 since May 2022. Since then, it has given up some gains but still managed to gain 45% over the past month, making it one of the best performers among large-cap digital assets.

The native token of decentralized oracle network Chainlink is benefiting from the recent hype surrounding the tokenization of real-world assets (RWA). Tokenization means bringing traditional assets such as equity, bonds or real estate onto the blockchain, and oracles play a crucial role in delivering data from the real world to networks and applications. blockchain-based.

However, blockchain data suggests the rally may pause as exchange deposits increase, a sign that investors are taking profits.

Depositing tokens to an exchange typically signals an investor’s intention to sell, while withdrawing tokens indicates a purchase.

Monday marked the largest net LINK outflow – nearly 1.4 million – to centralized exchanges, data from digital asset analytics firm CryptoQuant showed, spanning four consecutive days.

On-chain analytics firm Arkham Intelligence noted on social media platform on Monday before withdrawing $3 million USDT.

https://twitter.com/ArkhamIntel/status/1716512113970282985


The entity then sent an additional 380,447 LINKs worth $3.9 million to Binance. The investor still holds $3.1 million in LINK value after depositing.

Source:
https://tradecoind2.com/link-reversed-to-decline-as-investors-rushed-to-take-profits/

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Tellor (TRB) price has increased more than 700% since its yearly low on August 17.

The increase has moved along an ascending parabolic support line. How long will TRB maintain its upward momentum?

Tellor hit a yearly high

TRB price has been increasing rapidly since late August. In 63 days, the price has increased 760%, reaching a new yearly high of $85 today.

The altcoin reclaimed the $80 horizontal resistance zone during a bull run that dates back to May 2021. Today’s high is the highest price in nearly 900 days.

One interesting development during the bull run has been whale activity.

On October 20, a group of whale wallets withdrew $9.50 million from centralized exchanges. Today, two other wallets withdrew nearly $2 million worth of TRB from the OKX and Binance exchanges.

Withdrawing such large amounts of coins from centralized exchanges could cause a supply shock.

The weekly Relative Strength Index (RSI) points to a bullish outlook. 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 signs of an uptrend. However, it is worth mentioning that this indicator is deep in the overbought zone and has reached an all-time high of 90.

TRB price prediction: How long will it continue to increase?
Technical analysis from the daily timeframe shows that the price has been rising parabolically since late August. While this is not sustainable in the long term, the rise could continue if the ascending parabolic support line remains original.

If the line remains intact, there will be a confluence of resistance levels between $104.50 and $108.50.

Resistance levels are created by the 0.618 Fib retracement level of the entire decline since the all-time high (white) and the 2.61 Fib outside of the most recent decline (black).

Therefore, they could act as a potential top if Tellor price reaches that level. This zone is 30% higher than the current price.

The daily RSI supports continued upward movement. The indicator has broken above the bearish divergence line (green) and is increasing.

Despite this bullish prediction, a daily close below the ascending parabolic support line could result in a 45% decline to the next support at $45.

Source:
https://tradecoind2.com/tellor-trb-price-hits-2-5-year-high-will-it-continue-toward-100/

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Can Bitcoin Price Hit $40,000 When Crypto Markets Recover? Bitcoin Minetrix Hits $2.1 Million Milestone

The cryptocurrency market is showing signs of strong growth again. The clearest evidence is from the world’s top cryptocurrencies – Bitcoin (BTC) has now risen again above 33,000 USD, and Ethereum (ETH) is also currently trading above 1,800 USD.

With many current positive factors in both economics and law, many experts predict that Bitcoin price could reach $40,000 in the near future.

In this article, join us to learn about the main factors driving the growth of Bitcoin price as well as the entire cryptocurrency market, and learn more about a potential presale coin project Bitcoin. Minetrix (BTCMTX). This new virtual currency project is also attracting great attention from the investor community, after raising more than $2 million in the pre-sale phase.

Excitement Around Spot BTC ETF Approval Could Push Bitcoin Price Above $40K

The first reason why Bitcoin could rise above $40,000 is the excitement of the investor community surrounding the possibility of a Bitcoin Exchange Traded Fund (ETF) possibly being approved in the US. America.

The prospect of a new, easier, more convenient way for mainstream investors to access Bitcoin through their regular brokerage accounts has the cryptocurrency community especially buzzing and excited.
In particular, the attention of the entire crypto world is currently focused on BlackRock’s spot BTC ETF application, which appears to be progressing very well and has the greatest prospects for success at present.

Leading financial analysts have pointed to new developments such as BlackRock securing a specific license for a Bitcoin exchange-traded fund and preparing to cash in on the fund this month.

While the initial seed amount will be quite small, these moves signal that BlackRock is truly ready for a potential green light from the U.S. Securities and Exchange Commission.

With spot BTC ETFs likely to be approved and licensed soon, investors are betting a more inclusive approach could significantly boost demand for the cryptocurrency Bitcoin, via That could soon push the value of this virtual currency up to $40,000.

Capital Flow Continuously Pours Into Cryptocurrency Investment Products, Creating More Growth Momentum for Bitcoin
In addition to the excitement surrounding Bitcoin-related ETFs, continued capital inflows into cryptocurrency investment vehicles are driving Bitcoin prices back up to $40,000.

According to the latest report from CoinShares, crypto products marked the fourth consecutive week of new capital inflows, with an estimated total value of up to $66 million.

Most of these capital flows poured into Bitcoin-related products, accounting for 55.3 million USD – 84% of the total capital flows of the entire cryptocurrency market.

While lower than the investment fever seen earlier this year around the time BlackRock filed for a BTC spot ETF, this steady increase still represents growing interest among institutional investors. for cryptocurrencies as a valuable asset class.

With major firms like BlackRock and Grayscale fighting to get their ETF applications approved, demand for Bitcoin appears set to skyrocket, if regulators allow it.

And this consistent demand points to building momentum that could lift BTC back to test $40,000 soon.

Fed “Dovish” Dovish Monetary Policy Strengthens BTC’s Chances of Reaching $40 Trillion
Finally, after a series of aggressive interest rate hikes aimed at curbing inflation, the Federal Reserve appears to be shifting to a more dovish stance, a very positive sign for the overall economy and markets. cryptocurrency market in particular.

In recent comments, Fed Chairman Jerome Powell admitted that rising bond yields have caused conditions for economic and financial development to deteriorate significantly.

Despite warning that more interest rate hikes were likely, Mr. Powell – the current Chairman of the US Federal Reserve, took a surprisingly dovish stance – making financial markets prices that the likelihood of further interest rate hikes will be significantly reduced.

This apparent pivot is weakening the value of the dollar and boosting risk assets like Bitcoin.

As the Fed potentially nears the end of its monetary policy tightening cycle, crypto traders are betting that the removal of this “headwind” could significantly boost demand for Bitcoin.

This improved macroeconomic outlook could be the final catalyst to push BTC prices back towards $40,000.

Bitcoin Minetrix Also Rises As Cloud Stake-to-Mine Model Hits $2.1 Million Milestone
With the world’s number one cryptocurrency Bitcoin returning to a positive trajectory, a number of new cryptocurrency projects are also seeking to take advantage of the new dynamics of the cryptocurrency market.

One such project is Bitcoin Minetrix (BTCMTX) , which is currently in the presale phase before its official launch.

This pre-sale phase of Bitcoin Minetrix raised over 2.1 million USD in just under a month – showing growing market demand, especially from retail individual investors.

The main driver of this demand is Bitcoin Minetrix’s unique value use cases, which revolve around making cloud mining safer and more accessible. through the novel “Stake-to-Mine” model.

Users can purchase and stake BTCMTX tokens, the project’s native token, to earn non-tradable credits, which can then be burned to gain online BTC mining power through the infrastructure. of Bitcoin Minetrix.

This new decentralized method allows investors to mine BTC without the need for expensive hardware or depositing money with shady companies.

With Bitcoin price likely to return to $40,000 soon, Bitcoin Minetrix offers a way for everyday crypto enthusiasts to gain access to valuable BTC mining rewards.

More than 2,900 people have opted in to Bitcoin Minetrix’s Telegram channel in recent weeks, while the Bitcoin Minetrix project’s X (formerly Twitter) account has grown to nearly 4,000 followers in just a short period of time.

The Bitcoin Minetrix #DevelopmentTeam  has also outlined a detailed roadmap with four “phases,” including plans for a Stake-to-Mine mobile app and partnerships with cloud miners. Top.

With BTCMTX still available to purchase via presale for just $0.0112 per token, Bitcoin Minetrix could be positioned as a potential new token worth adding to the portfolio.

Source:
https://tradecoind2.com/can-bitcoin-price-hit-40000-when-crypto-markets-recover-bitcoin-minetrix-hits-2-1-million-milestone/

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After Bitcoin price hit an impressive mark above $35,000, ProShares Bitcoin Strategy ETF (BITO) – the first US fund to hold Bitcoin futures contracts – saw trading volume of 21.1 million shares , nearly tripled the average of about 8 million shares.

That number increased on Tuesday (October 24), when 32.5 million BITO shares were traded as of 1:30 p.m. Vietnam time, according to Nasdaq data. The BITO price at the time was 17.2 USD, resulting in a trading volume of approximately 557 million USD.

BITO’s Tuesday trading volume was poised to easily surpass the 33.5 million shares traded on October 16. That day, Bitcoin quickly rose from around $28,000 to $30,000 after a press release. Erroneous media reports claim that the United States Securities and Exchange Commission (SEC) has approved BlackRock’s Bitcoin spot.

Trading volume on the two days of October 24 and October 16 was the highest since August 29 at 58.3 million shares, reflecting optimism following Grayscale Investments’ court victory against the SEC.

High BITO trading volumes earlier this week coincided with a Bitcoin price rally that appears to be partly driven by optimism about the approval of a Bitcoin spot ETF.

Fund issuers have updated Bitcoin ETF applications in recent weeks – a move that industry watchers say signals continued dialogue with the SEC. Grayscale said Monday that the firm intends to “move as quickly as possible” in its efforts to convert Bitcoin Trust (GBTC) into a spot ETF after a court formalized its legal victory over the SEC. .

Additionally, BlackRock’s iShares Bitcoin Trust (IBTC) was listed on the Depository Trust and Clearing Corporation (DTCC) website on Monday, before being delisted on Tuesday.

Gabor Gurbacs, director of digital asset strategy at VanEck funds group, said in an X post on Tuesday that he does not consider the removal of IBTC from the DTCC website to be bearish.

“Everything is going smoothly with momentum said to be increasing. Discussions are ongoing. Questions are answered. The problems are being resolved. To me, it’s all good news in terms of direction and the right kind of cooperation within industry and regulation.”

Nasdaq data shows other Bitcoin-linked ETFs have seen increased interest amid the rally, with Volatility Shares’ 2x Bitcoin Strategy ETF (BITX) recording trading volume of more than 800,000 shares as of 1:30 p.m. on Tuesday.

BITX trading volume reached 1 million shares only three times since its launch in June, including on October 16.

Trading volume of the ProShares Short Bitcoin Strategy ETF (BITI) also spiked on Tuesday, reaching 4 million shares before the market closed – the highest level since August 29.

Source:
https://tradecoind2.com/bito-volume-and-price-jumped-amid-btc-price-increase/

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With the development of the cryptocurrency market, more and more people are realizing the importance of crypto assets. Meanwhile, cryptocurrency security has attracted attention, especially in light of a series of blockchain security incidents that have occurred in recent years.

In the cryptocurrency space, security breaches and attacks have occurred with cryptocurrency exchanges, public chains, and crosschain bridges, as well as private key theft. Data shows that the cryptocurrency industry encountered 306 security incidents in 2022 alone, resulting in $10.1 billion in losses. Hacking, the most common type of attack, accounts for 37% of incidents. DeFi projects were hit hard, suffering a whopping $7.21 billion in losses (see image below). These malicious actors pose a serious threat to the industry’s ecosystem and growth environment.

Build the will to secure cryptocurrency
Cryptocurrency security goes beyond individual cases or certain crypto companies. It is a concern that requires collective action from all industry stakeholders, as cryptocurrency security affects not only our personal interests but also the growth and industry sustainability. Hackers pose a significant threat to the security of crypto assets. They infiltrate the system, steal information and manipulate data in many different ways, creating major vulnerabilities. Therefore, all stakeholders, from cryptocurrency exchanges and security organizations to users and experts, must join forces to fight hacker attacks and together protect the security of their assets. electronic money products.

We need to take a series of effective measures to mitigate cryptocurrency security risks. First and foremost, cryptocurrency exchanges must strengthen their own defenses. They should use multiple protections to establish a strong asset security system, enhance platform security, and prevent hacks and malicious changes.
For example, CoinEx recently introduced a new web segment Asset Security, taking its security system to the next level. This page covers all the exchange’s security efforts and improvements, including a self-developed offline storage system, multi-signature protocol, multi-location backups, and several backup plans , providing comprehensive asset protection for users.

CoinEx’s asset security page also includes a series of security measures, such as a self-developed wallet storage system, multi-signature protocol, real-time monitoring of remittances, deposits and withdrawals unusual money as well as automatic warning system. These powerful measures keep users’ assets safe and secure, minimizing the risk of theft. Additionally, the exchange has established the CoinEx Protection Fund to ensure the integrity of user assets in case of uncontrollable risks. CoinEx has built an internal security committee and security team to develop advanced security strategies, perform rigorous security monitoring and risk assessments, and detect and address threats potential threat as soon as possible.

Another focus is to increase cooperation and information sharing between security organizations and cryptocurrency companies. Sharing information about hacker attacks and mitigating security vulnerabilities allows the industry to respond more quickly to potential security concerns, which will ultimately help make the crypto space safe than. CoinEx recently announced a strategic partnership with SlowMist Technology, a leading blockchain security company, and the exchange has also committed to building deep partnerships with more security organizations. With the help of security experts, CoinEx will access the latest industry security intelligence and protection strategies to ensure the security of its systems. In this sense, the asset security website marks an important step for CoinEx to strengthen its asset security, which reflects the exchange’s consistent dedication to the interests of its users.

Last but not least, cryptocurrency users should be more aware of security issues. Users need to create strong password combinations, update them regularly, and store passwords securely to avoid leaks. Additionally, we should exercise caution when conducting cryptocurrency activities and verify the legitimacy of relevant links and addresses to avoid becoming victims of scams.

Cryptocurrency security is a complex and serious issue that should not be attributed to just a few cryptocurrency companies or viewed solely as a matter of personal privacy. Only through the joint efforts of all stakeholders can we effectively prevent hacker attacks, protect the legitimate rights and interests of cryptocurrency users in general, and promote promote a more secure and trustworthy trading environment.

Source:
https://tradecoind2.com/security-concerns-in-the-cryptocurrency-landscape-are-frequently-hacked/

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Polkadot (DOT) price has bounced off long-term support and generated short-term bullish signals. However, the direction of the future trend is still undecided.

Important price zone

Polkadot (DOT) price has been falling below a descending resistance line since reaching a yearly high of $7.9 in February 2023. In the process, the price broke below a key support zone at $4.3 and confirmed it as resistance during the week of October 2-8 (red arrow).

Since this support has been in place for 245 days, a break below it could cause a 50% decline to the all-time low support of $2.

However, instead of falling sharply, DOT price bounced from the long-term $3.60 support zone, where the 2020 bull market began. The bounce created a candle that engulfed growth in the week 16 to October 22 (blue arrow), signaling bulls are buying aggressively at lower levels.

Despite this, DOT price is still trading below the $4.30 zone, which is confluenced by a descending resistance line and the previous key support zone.
Therefore, to confirm this is a sustainable rally, DOT price needs to reclaim the $4.30 zone on the weekly timeframe.

Reclaiming this zone would create a bear trap and could help the DOT price rally quickly to the next resistance zone at $5.70. However, DOT price could fall 50% to the support zone at the all-time low of $2 if rejected.

The weekly RSI is still trading below the descending resistance line, providing no support for a recapture.

Daily outlook
The daily timeframe shows a more positive outlook. It shows that DOT price has broken above the short-term resistance line, formed from the local high at $5.7 in mid-July. This is a positive signal, suggesting that the previous correction has ended and a new price increase is possible.

Although the price is being rejected by the previous support zone at $4.3, the bullish candle formed on October 23 (blue ellipse) was a large bullish engulfing candle and closed above the $4 zone, 3.

This shows that the bulls are returning and the selling pressure in this area is being absorbed.

The daily RSI has formed a significant bullish divergence ahead of the rally and is near the overbought zone, supporting the possibility of continued growth.

Therefore, DOT price is likely to break above the $4.30 zone in the next few days.

Conclude
While signals from the weekly timeframe remain bearish, the daily timeframe suggests that DOT price will reclaim the $4.30 area and rally to the next resistance area at $5.70.

This view will be invalidated once the price breaks below the $3.6 support zone.

Source:
https://tradecoind2.com/assessing-the-resilience-of-polkadot-dot-going-forward/

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PEPE price has broken above the long-term descending resistance line and the short-term ascending parallel channel.

The PEPE team just announced that they will be minting a large amount of tokens. Will this help the continued increase?

PEPE clears long-term resistance

PEPE price has been falling below a descending resistance line since July. The decline resulted in a low of $0.00000060 on September 22.

After an uptrend, PEPE price broke above the resistance line on October 20.

At the time of the breakout, the trend line had existed for 110 days.

On October 24, PEPE hit a high of $0.00000106, its highest price since August. This rise also took PEPE above the $0.00000080 horizontal resistance zone.

The daily relative strength index (RSI) is rising.

Market traders use the RSI as a momentum indicator to identify overbought or oversold conditions to decide 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 RSI is rising and above 50, both of which are considered signs of an uptrend.

PEPE hires new advisor – token burn
A new team of advisors is now guiding PEPE. Additionally, the group announced on October 24 that it burned 6.9 trillion PEPE tokens worth nearly $6.4 million.

The team now intends to use the remaining 3.79 trillion tokens from the original team’s CEX multi-signature wallet for strategic partnerships and marketing.

This news comes on the heels of a recovery in the Memecoin market, which was also evident in another popular memecoin, Dogelon Mars (ELON), which surged 57% last week.

PEPE Price Prediction: Where Next?
The shorter-term six-hour timeframe also offers a bullish forecast. The first reason is that the price broke out above an ascending parallel channel and confirmed it as support (green symbol).

Such breakouts show that the upward trend is valid and are often preceded by a significant increase.

The second reason comes from Elliott Wave theory. Technical analysts use Elliott Wave theory to identify long-term price patterns and investor psychology, helping them determine the direction of trends.

The most likely wave count shows that PEPE is in the third wave of expansion in a five-wave upward movement (white). The number of sub-waves is shown in black.

If the wave count is correct, PEPE price will rise to the next resistance at $0.00000145. This would be a 55% upward movement, calculated from current prices.

Despite this bullish prediction, a close below the channel’s resistance line would invalidate the breakout. In that case, the price is likely to fall 35% to the support line at $0.00000060.

Source:
https://tradecoind2.com/pepe-price-hits-2-month-high-has-a-new-price-increase-begun/

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Whales are taking particular interest in this altcoin amid an 835% increase in two months

Crypto analytics firm Santiment says that whales are showing significant interest in a Chainlink (LINK) rival.

The native asset of decentralized oracle protocol Tellor ( TRB )  hit  51 unique transactions worth more than $100,000 on Monday, a new all-time high.

TRB is trading at $112 at the time of writing, up from around $9.83 two months ago, a staggering increase of more than 835%. However, despite the huge gains, the asset is still down more than 30% from its all-time high of $161.12 reached in May 2021.

Santiment also noted that TRB’s unique active addresses and newly created addresses are both surging. In a post on X, the analytics platform writes:

“The price of Tellor is now up ~+750% since July and whales are showing more interest than ever while new addresses continue to pour in. TRB is currently the #192 market cap asset (and rising) as it led altcoins in October.

Additionally, the analytics firm  notes that LINK, blockchain scaling solution Polygon ( MATIC ), layer 1 blockchain Aptos ( APT ), and lending platform Aave ( AAVE ) are all seeing “decoupling.” best” of the year.

“Unlike Bitcoin’s two previous hits to $30,000, the latest resistance break that ended this weekend occurred as altcoins surged, rather than falling behind BTC price.

Source:
https://tradecoind2.com/whales-are-taking-particular-interest-in-this-altcoin-amid-an-835-increase-in-two-months/

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In a dramatic development, the 3-month-old First Digital USD (FDUSD) has overtaken leading stablecoins to become the 2nd most traded stablecoin on centralized exchanges (CEXes).

According to crypto market data provider Kaiko, FDUSD’s market share has increased dramatically to 16%, leading the market and the largest stablecoin by market capitalization, Tether (USDT).

TUSD’s loss is FDUSD’s gain

FDUSD is a 1:1 USD-backed stablecoin issued by Hong Kong-based First Digital Labs and launched on Binance in July. As is quite clear from the chart above, FDUSD’s rise coincided with the market. The share of stablecoin TrueUSD (TUSD) dropped sharply.

TUSD was supported by Binance in March after Binance USD (BUSD) fell due to regulatory scrutiny. Binance began actively marketing TUSD, supported by its successful free trading program.

The promotional strategy aims to promote trading activity by waiving maker and taker fees for specific trading pairs. The gimmick paid off and TUSD’s market share increased from 1% to 23% in a short period of time.

Interestingly, the majority of the volume is generated from the BTC-TUSD pair.

However things turned out, Binance removed the no-fee promotion for the said pair in early September.

While the rationale behind the move remains unclear, rumors of exposure to bankrupt custodian Prime Trust have been circulating for some time. TUSD’s stablecoin volume ratio to CEX has since plummeted to 1% at the time of this writing.

At the same time, FDUSD trading activity increased dramatically. Incidentally, FDUSD is also promoted by Binance through its free program.

TUSD still has something to be excited about
Despite the drop in trading activity, TUSD’s market capitalization has not seen any notable decline. On the contrary, it has increased slightly by 2.7% as of press time, data from Glassnode shows.

Furthermore, TUSD continues to maintain its position as the 4th largest stablecoin, with a market capitalization of $3.36 billion as of this writing.

It remains to be seen which way the growing stablecoin landscape will veer from the current scenario. Binance’s support of FDUSD could go a long way in strengthening its position in the market.

At the same time, the gap in market capitalization between FDUSD and TUSD is huge and it would be unfair to consider FDUSD as a replacement for TUSD.

Source:
https://tradecoind2.com/fdusd-increased-tusd-decreased-shedding-light-on-binances-moves/

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Ripple (XRP) price has been rising since October 19, reaching a new 70-day high at $0.586 yesterday.

During the rise, XRP moved above the $0.550 horizontal resistance area but has yet to close above it. Will it finally do that?

Ripple attempts to reclaim an important price zone

Technical analysis from the weekly timeframe shows that XRP has been rising alongside a long-term ascending support line since the beginning of the year. This line has been validated several times, most recently in the first week of October (green symbol).

The subsequent recovery confirmed the ascending support line and created a bullish engulfing candle. This is a bullish candle where the entire decrease from the previous period will be covered by the next period.

After this candle, XRP price reached a high of $0.586. While this appears to have caused a retracement to the horizontal $0.550 zone, a weekly close above this zone has yet to occur.

The weekly relative strength index (RSI) is yet to be determined.

With the RSI indicator as a momentum indicator, traders can determine whether the market is overbought or oversold to decide whether to accumulate or sell an asset.

The bulls have the advantage if the RSI is above 50 and sloping up. The opposite is true if the reading is below 50.

While the indicator is bullish, it is right at the 50 level (green circle), so it does not help confirm the direction of the trend.

Yesterday, Ripple Labs announced that it has established a partnership with Uphold.

The Ripple Labs partnership allows Ripple Labs to strengthen its infrastructure platform. Uphold’s deep understanding of liquidity will help Ripple further strengthen its fast and adaptable international payment solutions around the world.

XRP Price Prediction: How long will it continue to rise?
Short-term daily price action and the Relative Strength Index (RSI) both support the possibility of XRP price reclaiming the $0.550 area and continuing to rise.

Price action shows that the cryptocurrency broke above a descending resistance line on October 19. Before the breakout, this line had existed since July.

On the daily timeframe, XRP broke above the $0.550 resistance area and closed above it. Price is currently confirming it as support.

The daily RSI is also above 50 and rising, both of which are considered signs of an uptrend.

XRP could reach the 0.5-0.618 Fib retracement resistance at $0.680-$0.740 if the bullish momentum continues. The resistance zone is 30% higher than the current price.

Despite this bullish prediction, a daily close below the $0.550 horizontal support area could send the price down 20% to the nearest support at $0.430.

Source:
https://tradecoind2.com/ripple-xrp-price-hits-70-day-high-after-announcing-new-partnership/

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U.S. Securities and Exchange Commission (SEC) Chairman Gary Gensler declined to outline any of the agency’s plans for spot Bitcoin ETFs on Wednesday, although his agency must now decide decided their next move after the court ordered them to remove objections to Grayscale Investments’ proposal.

“All proposals are being reviewed by staff,” he shared at the Securities Enforcement Forum event in Washington. He said he would “let things take their natural course” and not pre-judge the situation before SEC staff makes recommendations to the five-member commission.

When asked to give any indication of when or how the order might be reviewed, Gensler declined.

Grayscale and the rest of the industry are now awaiting the outcome of the court order quashing the SEC’s rejection of the company’s attempt to convert GBTC into an ETF. Major financial firms like Fidelity and BlackRock are also on the same front lines, eager to learn how regulators will approach pending spot ETF applications. Grayscale is owned by Digital Currency Group.

Gensler also declined to comment on other lawsuits his agency is pursuing against cryptocurrency companies.

“I will let each of these cryptocurrency exchange cases speak for themselves and they will stand before the jurists. They will play themselves where they should play.”

Gensler attended the event to speak about SEC enforcement, and those comments mainly contained criticisms of the cryptocurrency industry which he said – in an oft-repeated phrase – is “rife with non-compliance”.

“We have a $110 trillion capital market. Worldwide cryptocurrency may be a trillion, but in the US it is less. So it represents less than 1% of the U.S. capital market.”

Discussion about Bitcoin ETF
Asset manager Hashdex recently held a meeting with the SEC to address the regulator’s concerns about allowing the Hashdex Bitcoin Futures ETF to hold spot Bitcoin.

According to a memo released by the Division of Exchange Markets, the meeting took place on October 13, and was attended by six SEC officials and representatives of Hashdex, NYSE Arca, Tidal Financial Group and law firm K&L Gates.

During the meeting, Hashdex presented its mechanism that allows spot Bitcoin to be traded and held in ETFs on the Chicago Mercantile Exchange (CME), regulated by the Commodity Futures Trading Commission.

Hashdex’s profile differs from other Bitcoin spot applications because it does not have a custodial sharing agreement with cryptocurrency exchange Coinbase. Instead, Hashdex proposes to buy spot BTC from physical exchanges in the CME market, thus making it completely dependent on CME prices for trades, according to  NYSE  Arca’s SEC filing in late August .

A presentation shared with SEC officials during this month’s meeting shows that the strategy also builds on the commission’s Teucrium Order, which stated that the Bitcoin futures market was mature enough to supports financial products seeking exposure to BTC.

The next step is for the SEC to request more information before the first application deadline on November 17, according to the person with knowledge of the matter.

Source:
https://tradecoind2.com/gary-gensler-declined-to-comment-on-the-secs-plans-for-spot-bitcoin-etfs/

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Solana (SOL) price increased rapidly in October and reached a new yearly high of $32.81 today.

Solana price also broke above the $28 horizontal resistance, while the Relative Strength Index (RSI) reached its highest value since November 2021.

Solana recouped all of the decline from the FTX incident

In November 2022, SOL price fell from a high of $31.72 to a low of $12.34 in two days. The decline occurred due to the bankruptcy of the FTX exchange.

Today, crypto analyst Joe McCann noted that the SOL price has recouped all of its decline.

This comes shortly after trading volume hit $1.7 billion, the highest value in more than three months.

Finally, the Total Value Locked (TVL) in the Solana blockchain was $367 million, which was a new yearly high. This is still just 3% of the all-time high of 10 billion as of November 2021.

What are analysts saying?
Cryptocurrency analysts on X are mostly bullish as the price has broken above its major resistance zone.

Pentosh1 believes SOL will rally to at least $37 as soon as it breaks above the $32 average.

Solana price prediction: How long will it continue to increase?
The weekly time frame chart of SOL is clearly bullish.

It shows that the price finally closed above the $28 horizontal resistance area. This is the highest closing level since the FTX incident (red symbol). The closure helped Solana price reach a yearly high of $32.81.

Additionally, the weekly Relative Strength Index (RSI) supports continued gains.

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, while a reading below 50 shows the opposite.

The indicator is moving up and showing 65, the highest level since November 2021.

If the bullish momentum continues, the nearest resistance area in this time frame will be at $46, 45% above the current price.

Despite this bullish prediction, a weekly close below the $28 horizontal resistance area would invalidate the breakout.

In that case, the price could fall nearly 40% to the long-term ascending support line at $20.

Source:
https://tradecoind2.com/solana-sol-price-breaks-out-strongly-how-high-can-it-rise/

[NewspaperD2]

Arthur Hayes picks Bitcoin, gold and tech stocks to counter negative real interest rates in the US

Former BitMex CEO Arthur Hayes once again made headlines by emphasizing Bitcoin’s pivotal role in the current global financial landscape, especially in the face of growing economic challenges. Hayes, known for his insightful views on digital currencies, recently highlighted the pressing concern of negative real interest rates in the United States.

Hayes, who previously led BitMex, one of the world’s largest exchanges, drew attention to this related financial phenomenon via tweet . In his post, Hayes used a simple yet powerful calculation to make his point. Hayes subtracted the third-quarter nominal GDP growth rate of 6.3% from the 1-year Treasury yield of 5.4%, to arrive at a real rate of -1.1%. This negative real interest rate shows that after adjusting for inflation, investors are actually losing purchasing power by holding money in U.S. Treasury bonds.

In his tweet, Hayes urged individuals to carefully consider their financial options, highlighting the risks involved in allowing the government to profit at their expense due to negative real interest rates. Instead, Hayes recommends a multifaceted approach to protecting and enhancing one’s purchasing power. Hayes advocates investing in tech stocks, gold and Bitcoin, arguing that these assets are more suitable options in the current financial environment.

https://twitter.com/azcoinnews/status/1717825661908451604
 

This is not the first time Arthur Hayes has shared his views on the importance of Bitcoin in today’s economic landscape. The former BitMex CEO previously explored this topic in his essays, in which Hayes advocated the idea of ​​Bitcoin as a hedge against economic instability. However, it’s worth noting that there was a slight error in the formula Hayes used in his recent tweet. The correct method to calculate real interest rates is to subtract the inflation rate from the nominal interest rate, not the GDP growth rate, as mentioned in Hayes’ tweet.

Hayes’ support for Bitcoin as a means of preserving and growing one’s wealth in a financially unstable world reflects the growing sentiment among investors and economic experts. As the global financial landscape continues to face challenges and uncertainties, individuals are increasingly looking to alternative assets such as cryptocurrencies and precious metals as a way to hedge against inflation and interest rates. negative real productivity.

In summary, Arthur Hayes’ recent tweet drew attention to negative real interest rates in the United States and the potential implications for investors. While the formula used in Hayes’ calculations may be slightly off, Hayes’ core message of considering alternative investment options, including Bitcoin, remains relevant in the economic climate. unstable.

Source:
https://tradecoind2.com/arthur-hayes-picks-bitcoin-gold-and-tech-stocks-to-counter-negative-real-interest-rates-in-the-us/

[NewspaperD2]

Following yesterday’s highly anticipated blockchain launch , dYdX is now rolling out its unique new token economic plan.

Perhaps the most notable change is that trading fees on this decentralized derivatives platform will now be charged in the US dollar-pegged stablecoin USDC.

Maintained and minted by Circle, USDC is a cryptocurrency that tracks the price of the US dollar and aims for every token to be backed by a dollar equivalent in a variety of asset classes, including corporate bonds and Treasuries. silver.

The dYdX Foundation also shared the new role that the project’s native governance token DYDX will take on.
dYdX is a Cosmos-based PoS blockchain optimized for fast transactions and low fees. The exchange’s governance token can now also be used for staking purposes.

This means token holders can become validators of the DYDX chain by staking the tokens themselves and securing the network. Holders can also delegate their holdings to other validators.

All fees generated from transactions on the platform will be given to validators and stakers. Depending on the platform’s financial situation, that could yield a fairly generous payout.

Data collected from Token Terminal shows that dYdX has raked in over $5.6 million in fees.

Source:
https://tradecoind2.com/new-dydx-chain-charges-transaction-fees-in-usdc/

[NewspaperD2]

As of October 27, FLOKI was up more than 140% to $0.00004261, its highest level in five months. Memecoin, known for its controversial marketing tactics , rebounded after Grayscale Investments filed for a  new spot Bitcoin ETF on NYSE Arca, as shown below.

 

Reason for price increase

Floki developers have announced the launch of a token platform dedicated to the growing real-world asset (RWA) segment in an effort to position the former memecoin project as a serious DeFi contender.

Called TokenFi – with token (TOKEN) as the native digital asset – the platform allows users to launch any cryptocurrency without writing code. Users can then raise funds from the Floki community, connect with exchanges and market makers for liquidity, and float tokens tied to real-world assets that are not considered stock.

Developers say they are trying to capture a piece of the global asset tokenization market.

“The tokenization industry is predicted to become a $16 trillion industry by 2030,” Floki lead developer ‘B’ said in a Telegram message. “BlackRock, the world’s largest institutional investor with $10 trillion in assets under management, believes strongly in the potential of the industry, which it calls “the next evolution in the market.” .

RWA refers to a physical asset, such as real estate or a car, that is digitized and offered in decentralized finance (DeFi) applications. Some analysts see this as a “trillion dollar opportunity,” as such products could theoretically allow anyone in the world to trade or invest in any global asset which – capital is currently a complex process strictly regulated by financial and business laws.

The protocol will initially launch on the top 5 networks Ethereum, BNB Chain, opBNB, Base and Arbitrum but will expand to more blockchains in the coming months.

Incentives will be provided to users using the protocol to launch their tokens or smart contracts. A percentage of TokenFi tokens will be set aside to reward usage of the protocol based on daily activity – this could create a flywheel effect that attracts users to continue using the platform to receive more rewards more rewards.

Initial trading for the TOKEN scheduled for 10:00 p.m. Vietnam time will launch on the Ethereum and BNB Chain networks on Friday, where the cryptocurrency will be offered at its original fully diluted market cap. The initial amount is $500,000.

The TokenFi supply will be divided equally between the BSC and ETH chains: There will be 5 billion tokens on the BNB Chain and 5 billion tokens on Ethereum for a total of 10 billion tokens.

However, more TOKEN supply can be obtained by staking FLOKI tokens.

“Users will be able to earn reward tokens by locking up their FLOKI tokens for a period of 3 months to 4 years,” B said last week. “We envision this will result in a significant portion of FLOKI tokens being locked for an extended period of time, which will significantly reduce the number of FLOKI tokens in circulation and add significant value to the FLOKI token.” .

Looking at the past 24 hours, FLOKI’s profits increased further thanks to the launch of tokenization platform TokenFi.

Where will FLOKI price go next?
FLOKI’s ongoing rally has taken its daily relative strength (RSI) to its most overbought level since January 2023.

Overbought RSI often precedes a period of correction. In the case of FLOKI, its previous period with an overbought RSI was followed by a sharp price decline, thus increasing the likelihood of a similar bearish reaction in the coming days or weeks.

 

If FLOKI’s rally stalls, the FLOKI/USD pair risks falling to the 0.5 Fibonacci retracement line near $0.00003548 in October 2023. A decisive close below this level could push the price down to the Fib line 0.236 near $0.00003069 in November 2023, a 20% drop from the current price.

Conversely, the price could surpass the current resistance at $0.00004027 to gain momentum towards $0.00004078.

Source:
https://tradecoind2.com/decoding-the-reason-why-floki-increased-by-more-than-140/