Best Cryptocurrency Exchanges & Trading Platforms in 2023 - cyptoranking.com

2024-05-06

Popular crypto exchanges(2023 Update) 2024-05-06
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On 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 Federal Reserve did not hike interest rates in its meeting on Sept. 20 but hinted that rates could remain higher for longer. At the post-meeting press conference, Fed Chair Jerome Powell cautioned that “the process of getting inflation sustainably down to 2% has a long way to go.”This possible scenario may have triggered the sell-off in the United States equities markets and also in the cryptocurrency space. Risk assets typically tend to underperform in a high-interest-rate environment. While the S&P 500 is down more than 2% and the Nasdaq about 3% this week, Bitcoin (BTC) has remained flat. Daily cryptocurrency market performance. Source: Coin360Altcoins have been unable to hold on to their intra-week gains due to a risk-off sentiment. Still, an encouraging sign is that Bitcoin and the major altcoins have largely managed to stay above their crucial support levels. The price action over the next few days is critical as it is likely to witness a tough battle between the bulls and the bears.Will bears seize the initiative and drag Bitcoin and the major altcoins lower, or could buyers regroup and push prices higher? Let’s study the charts of the top 10 cryptocurrencies to find out.Bitcoin price analysisBitcoin has been trading between the moving averages for the past few days. This tight-range trading indicates indecision between the bulls and the bears about the next directional move.BTC/USDT daily chart. Source: TradingViewBuyers are attempting to keep the BTC/USDT pair above the 20-day exponential moving average ($26,520). If the price rises from the current level, the bulls will again try to overcome the barrier at the 50-day simple moving average (SMA) ($27,050). If they are successful, the pair could surge to the next resistance at $28,143.In contrast, if the price plummets below the 20-day exponential moving average (EMA), it will suggest that the bears are back in command. That will increase the possibility of a retest of the pivotal support at $24,800.Ether price analysisEther (ETH) turned down from the 20-day EMA ($1,628) on Sept. 20, indicating that the bears continue to sell on rallies.ETH/USDT daily chart. Source: TradingViewThe bears will try to solidify their position further by pulling the price below the vital support at $1,530. If they manage to do that, the ETH/USDT pair could start a downward move toward the next major support at $1,368.Contrarily, if the price turns up from the current level or rebounds off $1,530, it will suggest that lower levels are attracting buyers. The first sign of strength will be a break and close above $1,670. That will clear the path for a potential rally to $1,745.BNB price analysisBNB (BNB) turned down from $220 on Sept. 18 and broke below the 20-day EMA ($214) on Sept. 20. This suggests that the price may consolidate between $203 and $220 for a while longer.BNB/USDT daily chart. Source: TradingViewIf the price sustains below the 20-day EMA, the bears will make one more attempt to tug the BNB/USDT pair below the crucial support at $203. If they succeed, it will indicate the resumption of the downtrend. The next support on the downside is at $183.On the upside, the bulls will have to clear the hurdle at the 50-day SMA ($222) to signal a comeback. The pair could first rally to $235 and subsequently attempt an up-move to $250. This level is expected to attract sellers.XRP price analysisXRP (XRP) rose above the 20-day EMA ($0.51) on Sept. 19, but the bulls are struggling to sustain the recovery. XRP/USDT daily chart. Source: TradingViewThe price has again dropped to the 20-day EMA, which is an important support to keep an eye on. If the price turns up from the current level, it will suggest a change in sentiment from selling on rallies to buying on dips. The bulls will then again attempt to kick the price above the overhead zone between the 50-day SMA ($0.53) and $0.56. On the contrary, if the 20-day EMA gives way, the pair could fall to the uptrend line. This is an important level for the bulls to defend because a break below it will invalidate the bullish pattern.Cardano price analysisThe price action of Cardano’s ADA (ADA) over the past few days has formed a descending triangle pattern, which will complete on a break and close below $0.24.ADA/USDT daily chart. Source: TradingViewThe gradually downsloping moving averages suggest an advantage to bears, but the bullish divergence on the relative strength index (RSI) indicates that the bearish momentum may be slowing down. Buyers will have to quickly shove the price above the downtrend line to prevent a breakdown. If they do that, the ADA/USDT pair will be well-positioned for a relief rally to $0.30.If the price continues lower and breaks below $0.24, it will complete the bearish setup and set the stage for a fall to $0.22 and eventually to the pattern target of $0.19.Dogecoin price analysisDogecoin (DOGE) turned down from the 20-day EMA ($0.06) on Sept. 21, indicating that the bears are aggressively defending the level.DOGE/USDT daily chart. Source: TradingViewHowever, the bears have not been able to strengthen their position by yanking the price below the formidable support at $0.06. This suggests that the bulls are buying on dips. The DOGE/USDT pair may swing between $0.06 and the 20-day EMA for some more time.If bulls kick the price above the 20-day EMA, it will indicate the start of a sustained recovery to the 50-day SMA ($0.07) and then to $0.08. On the downside, if the $0.06 level cracks, the pair risks a potential decline to $0.055.Solana price analysisSolana’s SOL (SOL) rose above the 20-day EMA ($19.57) on Sept. 18, but the bulls could not push the price to the 50-day SMA ($21.01). This suggests that the bears are active at higher levels.SOL/USDT daily chart. Source: TradingViewThe 20-day EMA is witnessing a tough battle between the bulls and the bears. If the sellers sustain the price below the 20-day EMA, the SOL/USDT pair could slump to $18.50 and thereafter to the next support at $17.33.Related: Bitcoin blasts past its 2021 all-time high in Argentina, but hyperinflation outpaces gainsOn the other hand, if the price sustains above the 20-day EMA, it will suggest that the bulls have flipped the level into support. That could increase the possibility of a retest of the overhead resistance zone between the 50-day SMA and $22.30.Toncoin price analysisToncoin’s (TON) failure to rise above $2.59 on Sept. 19 and 20 may have tempted short-term traders to book profits. TON/USDT daily chart. Source: TradingViewThe immediate support on the downside is at $2.25. If this level is violated, the TON/USDT pair could drop to the 20-day EMA ($2.08). If bulls want to retain the positive sentiment, they must defend this level. A strong rebound off the 20-day EMA could keep the pair stuck inside the large range between $2.07 and $2.59.Another possibility is that the price snaps back from $2.25. If that happens, it will suggest that traders are not waiting for a deeper correction to buy. That will increase the likelihood of a break above $2.59. The pair may then jump to $2.90. Polkadot price analysisThe bears are fiercely guarding the breakdown level of $4.22 in Polkadot’s DOT (DOT), indicating that every minor relief rally is being sold into.DOT/USDT daily chart. Source: TradingViewThe downsloping moving averages and the RSI in the negative territory indicate that the bears have the upper hand. If the price continues lower and skids below $3.90, it will suggest the start of the next leg of the downtrend toward $3.58.A minor advantage in favor of the bulls is that the RSI is showing early signs of forming a positive divergence. This suggests that the selling pressure could be reducing. A break and close above $4.22 will open the doors for a possible rally to the downtrend line.Polygon price analysisPolygon’s MATIC (MATIC) closed above the 20-day EMA ($0.54) on Sept. 19, but the bulls failed to build upon the momentum. This suggests that demand dries up at higher levels.MATIC/USDT daily chart. Source: TradingViewThe bears pulled the price back below the 20-day EMA on Sept. 21. The sellers will try to sink the pair below the strong support at $0.49. If they manage to do that, the MATIC/USDT pair could resume its downtrend. The next support on the downside is $0.45.Alternatively, if the price rebounds of the $0.50 support with strength, it will suggest that lower levels are attracting buyers. The bulls will have to propel and sustain the price above $0.55 to signal the start of a stronger recovery.This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision. Best Cryptocurrency Exchanges & Trading Platforms in 2023Do you have anything to say about the crypto funding woes or anything else? Write to us or join the discussion on our Telegram channel. You can also catch us on TikTok, Facebook, or X (Twitter). CITY token hovers near crucial support, with the potential for a rebound or further decline.

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Details unveiled by the XRP-centred data platform Bithomp show that in both cases the initiator of the transfers was San Francisco-based fintech behemoth Ripple Labs. However, caution is advised, as the sentiment in the broader crypto market remains sensitive to macro events. Is Crypto Mining Dead In 2023?That's what the SEC wants to see. Crypto markets may be affected if there are large shifts in monetary policy, but these are also not expected.

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Stratos allocated $5 million of the funds to REZI, a real-estate tech firm focusing on apartment rentals in major U.S. cities, which has now stopped paying and is expected to write down the position to zero, the post said. Notably, this update from the Linqto director comes in response to investors’ undying interest in Ripple stock investment. For example, a crypto enthusiast recently commented on Linqto’s tweet asking: 'Basically a Savior': Why Crypto Is So Popular in TurkeyThe chart illustrates that this metric had been trending upward along with Bitcoin’s recent surge, indicating increased buying activity among American investors. However, the rapid decline in this metric suggests that US investors played a significant role in the recent market downturn. If this trend continues and the metric drops below 0, it could signal further declines in the market in the coming weeks. “Applications like sealed-bid auctions, randomness generation, private governance, encrypted limit orders, all these kinds of ideas can be built on top of our infrastructure using our cryptographic libraries,” Momeni said.

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