Technical Analysis - cyptoranking.com

2024-05-13

Popular crypto exchanges(2023 Update) 2024-05-13
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"'We need to ensure that we fully understand what every witness is saying because we didn't have an adequate opportunity to prepare [...] an adequate defense as required by the U.S. Constitution.'" Morpho Blue externalizes risk management and allows institutions to integrate it into their own risk and compliance management systems. Technical AnalysisOn Oct. 2, the price of Bitcoin (BTC) saw a 5.5% intraday increase to $28,600, but the largest cryptocurrency by market capitalization lost momentum as the highly anticipated launch of Ether (ETH) futures exchange-traded funds (ETFs) failed to generate significant trading volumes. While the recent rally into the upper end of the current price range was likely encouraging to investors, recent comments from United States Federal Reserve representatives reiterated concerns about an impending economic downturn.Bitcoin demonstrated short-term strength by maintaining support at $27,200 on Oct. 3 and subsequently surged above $27,500 on Oct. 5. Nevertheless, three key trading metrics indicate a lackluster level of support. These metrics encompass spot market volumes, derivatives and confidence in the approval of a spot Bitcoin ETF.Macroeconomic forces exert downward pressure on Bitcoin priceOn Oct. 2, U.S. Federal Reserve Vice Chair for Supervision Michael Barr stated in New York that he anticipates a slowdown in economic growth “below its potential” due to higher interest rates constraining economic activity. He also noted that the full impact of the current monetary policy has yet to be realized. According to the CME FedWatch tool, the market is currently evenly divided on the possibility of another interest rate hike by the Fed in 2023.On Oct. 3, the real yield on U.S. 10-year Treasurys, a measure that adjusts for inflation, reached 2.47% — its highest level in nearly 15 years — according to data from the U.S. Treasury Department. This development partly explains the U.S. Dollar Index (DXY) reaching its highest point in 10 months.Additionally, Reuters reported that the U.S. has become a relatively more appealing investment destination due to its “resilient economy,” boasting stronger growth prospects when compared with Europe and China.Bitcoin trading metrics show diminished activity for leverage longsBitcoin monthly futures typically trade at a slight premium to spot markets, indicating that sellers are asking for more money to delay settlement. As a result, BTC futures contracts should typically trade at a 5%–10% annualized premium — a situation known as contango, which is not unique to crypto markets.Bitcoin 2-month futures annualized premium. Source: Laevitas The BTC futures premium continues to trade below the 5% neutral threshold, remaining in the neutral-to-bearish range. This indicates a lack of demand for leveraged long positions.Additionally, spot trading activity on traditional exchanges has declined to levels not seen since late 2020, signifying reduced participation by institutional investors.Bitcoin daily spot trading volume, USD. Source: Messari and Kaiko It’s worth noting that the decrease in trading volumes may be attributed to major U.S.-based trading firms, such as Jane Street Group and Jump Trading, distancing themselves from the cryptocurrency markets ahead of May 2023. Bloomberg reported that the primary reason for this shift was “heightened regulatory scrutiny,” which rendered the market less appealing to institutional investors.Related: Bitcoin price drops its early week gains — Here is whyInvestors’ expectation for a spot BTC ETF drops One of the factors supporting Bitcoin’s 68% gains in 2023 is the anticipation of approval for a spot Bitcoin ETF by the U.S. Securities and Exchange Commission. However, despite the regulator’s multiple postponements, the recent launch of Ether futures-based ETFs on Oct. 2 saw lackluster demand.Furthermore, despite a favorable court ruling for the conversion of the Grayscale Bitcoin Trust into a spot Bitcoin ETF, it continues to trade at a 19% discount compared with its Bitcoin holdings. This data indicates a lack of confidence in the approval of a spot Bitcoin ETF, as investors would have the option to redeem their shares at par value following the conversion.Ultimately, Bitcoin was unable to surpass the $28,500 resistance level, and Federal Reserve representatives warned of impending economic pressures. Consequently, the prospects of breaking above this resistance in the short term appear less than favorable.This article is for general information purposes and is not intended to be and should not be taken as legal or investment advice. The views, thoughts, and opinions expressed here are the author’s alone and do not necessarily reflect or represent the views and opinions of Cointelegraph. The announcement comes just one month after the Web3 Foundation announced the appointment of a new CEO, Fabian Gompf, the former VP of Ecosystem Development at Parity Technologies.

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Bitcoin ASIC manufacturer Bitmain pauses employee salary payments: Report The company is led by Pavel Shkitin, whose previous experience, according to his LinkedIn profile, includes stints with several Russian firms. The chief technology officer is Alexander Petrovich, and his LinkedIn also shows previous experience with Russian entities and a location in Russia. Which country holds the most Ethereum?As a result, a bullish divergence had formed on ADA’s charts, noted the analysts. At the time the video was published, ADA’s RSI indicator printed higher lows while ADA’s price remained somewhat dormant. This bullish divergence played out over the past few days, resulting in the cryptocurrency breaking out of a significant bearish chart pattern. LasMeta is a leading GameFi firm. It has partnered with immersive inter-chain NFT communication platform Trantor Network. Trantor Network wishes to revolutionize NFT asset and data exchanges between blockchains. Advanced mathematics supports the inter-chain non-fungible token (NFT) messaging technology. The Trantor Network secures Web3 NFT asset transfers between chains without validators.

This interview has been edited for brevity and clarity.Galxe front-end compromised in possible ongoing attack In an Oct. 6 thread on X, the anonymous account NFT Ethics tagged OpenSea asking them to respond to its accusations that their former head of ventures Kevin Pawlak is linked to the pseudonymous identity “0xSisyphus" and was involved in "various dubious business dealings." Buy Bitcoin, Litecoin & other crypto with bank accountFestive revelry could set the tone for 2024 SAGE Labs saw 1,442 active players on Sunday, each making roughly 1,590 transactions apiece. That’s a staggeringly high number of transactions for one player—but it’s because of how the game was designed.

Floki: Valhalla Gameplay and Upcoming Plans Foster innovation and collaboration in the blockchain ecosystem by supporting various decentralized applications and use cases that leverage Radix’s smart contracts and interoperability features. Algorand price has crawled back but challenges remainFor example, the firm is in the midst of constructing a 175 MW immersion cooling data center in Norway. Bitdeer offered no indication as to when that will be completed. An investigation found “only a few customer accounts” were compromised and unauthorized trades made. 3Commas did not disclose the number of users affected.

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