Day: August 15, 2023

Bitcoin Price Relatively Muted – What Could Trigger A Sharp Decline?

Bitcoin price is still struggling below the $29,650 zone. BTC could gain bearish momentum if there is a close below the $29,100 support. Bitcoin is showing a few bearish signs below the $29,650 zone. The price is trading below $29,400 and the 100 hourly Simple moving average. There is a short-term bullish trend line forming with support near $29,320 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair could continue to move down if it breaks the $29,250 and $29,100 support levels. Bitcoin Price Stuck…

Crypto highlighted as ‘novel and complex’ risk to US banks: FDIC report

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Crypto-assets and their related activities present key risks to the United States banking system and warrant closer supervision, warns a leading U.S. financial regulator. For the first time, cryptocurrency was given a dedicated section in the Federal Deposit Insurance Corporation’s (FDIC) annual risk review, calling digital asset risks “novel and complex.” The Aug. 14 Risk Review 2023 report highlights what the FDIC argues are key risks to banks — and comes after it noticed an increased banking interest in crypto activities. What are the emerging risks facing the banking system?…

Cardano Whales Rapidly Accumulating, ADA Bull Run Incoming?

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There are encouraging on-chain activities in Cardano. According to Santiment, an on-chain analytics platform, on August 14, there were 25,294 wallet addresses with at least 100,000 ADA, the highest in over 16 months. The uptick could signal interest, especially considering that prices are under pressure looking at the performance in the daily chart.  Cardano Whales Accumulating | Santiment ADA Whales Accumulating Looking at Santiment trends, it appears that ADA whales began accumulating as early as June 2022, and the number has been rising steadily ever since. However, amid this encouraging “bullish”…

Analysts tip 5 catalysts that could break Bitcoin, crypto from its stupor

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A potential wave of spot Bitcoin exchange-traded funds, PayPal’s new stablecoin and a key Ethereum upgrade are among the catalysts that could wake crypto from its hibernation. While early 2023 has seen the price of Bitcoin and other cryptocurrencies improve from the second half of 2022, the past five months have seen more lethargy, with Galaxy Digital CEO Mike Novogratz calling the markets “lackadaisical” in June. However, analysts told Cointelegraph that they’re tipping several catalysts that could add a new spark to crypto markets. Apollo Crypto Chief Investment Officer Henrik Andersson…

Crypto custodian Prime Trust files for Chapter 11 bankruptcy

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Crypto custodian Prime Trust has filed for Chapter 11 Bankruptcy in Delaware after it faced a shortfall in customer funds. The company said in an Aug.15 filing that it has between 25,000 to 50,000 creditors with estimated liabilities between $100 million to $500 million compared to $50 million to $100 million worth of estimated assets. “The Company believes that the commencement of the Chapter 11 Cases will provide a transparent and value-maximizing process for the benefit of the Company’s clients and stakeholders,” it said in an accompanying press release. Prime…

Bernstein Predicts Spot ETFs Could Claim 10% Of Bitcoin Market If Greenlit

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According to Bloomberg, a recent research report from Sanford C. Bernstein has shed light on the potential impact of Exchange Traded Funds (ETFs) on the Bitcoin market dynamics. Potential Surge In Bitcoin Market Value Sanford C. Bernstein’s research indicates that should the US green-light a fund investing directly in spot Bitcoin, ETFs could constitute roughly 10% of Bitcoin’s market value within the next three years. Such a shift could amplify Bitcoin’s presence in traditional financial portfolios and potentially foster more significant institutional adoption. According to Bloomberg, Gautam Chhugani, an analyst…

Grayscale Bitcoin ETF decision could happen this week, pundits say

Grayscale Investments, which has been seeking to convert its Bitcoin (BTC) trust into a spot Bitcoin exchange-traded fund, could be getting a decision on its lawsuit against the federal securities regulator before the week’s end. In an Aug. 11 tweet, Scott Johnsson, a general partner of Van Buren Capital, explained that law clerks in the United States District Courts generally cycle out in August, pushing judges to clear out the caseload “before the new guard arrives.” He noted that 30 out of 32 cases in March of 2021 and 2022…

HarryPotterObamaSonic10Inu Casts Spell On Memecoin Sector And Soars 26%, Which Token Will Follow?

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While Bitcoin and the crypto market experienced, HarryPotterObamaSonic10Inu and the memecoin sector are blooming. Recent data points to double-digit gains across the board for these assets, with the potential for further profits if Bitcoin and larger cryptocurrencies continue trading sideways. As of this writing, HarryPotterObamaSonic10Inu trades at $0.14, with profits of around 30% during the last 24 hours. On the previous seven days, the token saw a 54% profit, but the last month has been the best in performance, with a 246% increase. HarryPotterObamaSonic10Inu price trends to the upside on…

Coinbase becomes officially available for Canadian citizens

Share Share on Twitter Share on LinkedIn Share on Telegram Copy Link Link copied The US-based crypto exchange is now officially available for Canadian citizens. Coinbase, the trading platform previously only available in the US, has announced its launch in Canada today, on Aug. 14. The company said it is integrating Interac e-Transfers in collaboration with Peoples Trust Company. This integration allows all Canadian users of Coinbase the ability to utilize Interac e-Transfers to create a more streamlined process for transactions. Recent data indicates that the feature has garnered attention,…

Bitcoin Price Supported By Thin $40 Million Bid Pool, But For How Long?

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In the ongoing market turbulence on higher timeframes, Bitcoin (BTC) is at a crucial juncture as a great consolidation phase persists. Research and analysis firm Material Indicators closely monitored the recent weekly candle close/open, paying particular attention to two key factors: the trend line and the 21-day, 21-week, and 21-month moving averages (MA) – all of which are currently influential in shaping market dynamics.  Uncertainty And Potential Turning Point For Bitcoin The opening of the weekly candle below the trend line triggered a “subsequent nosedive,” amplifying concerns. While the 21-week…