CME Bitcoin Market Is Trading in Bullish Ascending Triangle Pattern

Bitcoin has undergone a drop since peaking at $14,100 on Saturday. On Monday morning, the leading cryptocurrency fell as low as $13,200, marking a 6.5% drop from the highs. Bitcoin has since bounced to $13,700 as of this article’s writing. While the cryptocurrency remains below the $14,000 technical resistance, analysts remain optimistic about the digital asset. One crypto-asset analyst recently noted that the CME futures’ Bitcoin market is currently printing a bullish chart pattern. Should this pattern play out as it does in textbooks, the asset should move higher in…

CertiK dissects the Axion Network incident and subsequent price crash

On November 2, the Axion Network launched its new token, known as AXN. The project touted the asset as a new investment vehicle, claiming that it would be the most profitable blockchain of its kind to date. During the interim lead up to AXN's airdrop, five separate teams allegedly examined the token's code; industry darlings such as CertiK and Hacken were among those who conducted the audits.  A few short hours after the protocol's freeclaim event, however, it became clear that something had gone awry. An unauthorized actor unexpectedly minted…

Bitcoin Bounces $500 After 7% Correction: What's Next for BTC?

On Monday morning, Bitcoin plunged lower despite a rally in the price of equities. The price of the leading cryptocurrency currently is $13,700, around $500 above the daily lows at approximately $13,200. Analysts are divided over what comes next for Bitcoin in the short term. Some think that the cryptocurrency is likely to continue its consolidation as there are some uncertainties in global markets that could drive further downward Bitcoin pressure. Related Reading: Here’s Why Ethereum’s DeFi Market May Be Near A Bottom Bitcoin Bounces After Strong Correction After bottoming…

Market Wrap: Bitcoin Bounces From $13.2K; Ether on Centralized Exchanges at 2-Year Low

Bitcoin opened the week recovering from a dip while ether balances on centralized exchanges fell. Bitcoin (BTC) trading around $13,673 as of 21:00 UTC (4 p.m. ET). Slipping 1.2% over the previous 24 hours. Bitcoin’s 24-hour range: $13,221-$13,877 BTC above its 10-day but below the 50-day moving average, a sideways signal for market technicians. Bitcoin trading on Bitstamp since Oct. 31.Source: TradingView Bitcoin’s price dipped as low as $13,221 at around 12:00 UTC (7 a.m ET), according to CoinDesk 20 data. It subsequently rebounded up to $13,673 as of press…

Major Defi Token Prices Plunge, as Money Moves Back Into Bitcoin

Major decentralized finance (defi) projects fell sharply in October, with token prices tumbling by between 30% and 56%, as money appears to be moving away from the overhyped space and back into bitcoin. According to Coingecko data, Andre Cronje’s Yearn Finance (YFI) fell fastest, crashing 56% to around $10,400 as of Nov. 1, down from $23,800 thirty days earlier. Since Sept. 12, YFI total market capitalization has bled $957 million from a high of $1.27 billion. The asset, whose price peaked at over $43,000 two months ago, currently boasts $312.9…

Chainlink Could Soon Rally Towards $13.60 as Bulls Build Strong Support

Chainlink has been closely tracking Ethereum’s price action as of late, with investors trading altcoins like LINK largely based on the movements seen by ETH. This has made ETH essentially a benchmark index for altcoins, with its overnight plunge following an attempted rally yesterday striking a blow to many alts – including LINK. Despite this, Chainlink’s bull case remains incredibly strong regardless of where ETH trends in the near-term. It is currently trading just above a strong base of support that has been holding strong throughout the past week. If buyers…

Who Is Better for Bitcoin, Trump or Biden?

In a chaotic year of dueling recriminations and very different visions of the future, the real question of this U.S. presidential election is: Who is better for bitcoin? Our main discussion: Which U.S. election outcome is better for bitcoin?  After a surprisingly close Twitter poll with more than 1,600 respondents answering the question “Is Trump or Biden better for bitcoin?”, NLW breaks down the most common themes, including: Original

Silent XRP Accumulation Builds Pressure For Breakout Against Bitcoin

XRP has barely moved more than a few cents away from an average of 25 cents for months, while on the Bitcoin trading pair, the asset has continued to fall. But while altcoins are bleeding out against BTC, Ripple whales continue to accumulate and the soaking up of the supply could soon cause an enormous breakout against Bitcoin. XRP Versus BTC: Bollinger Bands Squeeze Into Hidden Bullish Divergence It is hard to imagine an asset of any type is bullish when it is currently falling and setting new downtrend lows.…

Huobi says all is fine amid massive USDT exchange deposits and BTC withdrawals

Crypto-Twitter has been abuzz with speculation about a large amount of USDT flowing into the Huobi crypto exchange. Significant amounts of Bitcoin (BTC) also appear to have exited the platform during the same period. The Singapore-based entity recently issued a statement claiming all is well. "We have noticed that recent events have sparked inquiries and speculation from some users," Huobi said earlier today, adding:   "Huobi reiterates: 'We are currently operating normally, user assets are safe, and trading, deposits and withdrawals are operating as expected.'" Twitter profile Whale Alert notified the…

Decentralized Exchange Volume Dropped 25% in October

Monthly volume on decentralized exchanges fell for the first time since April, dropping 25% after three consecutive months of doubling aggregate volume through Q3, according to Dune Analytics. Aggregate trading volume on decentralized exchanges fell to $19.4 billion in October, down from $25.8 billion in September amid a respite for speculative interest in decentralized finance (DeFi) applications and assets. Even highly anticipated new entrants like SushiSwap and Serum reported over 60% declines in volume last month.  The sector’s continued cooling is demonstrated by DeFi index futures trading on FTX, which…