Day: October 3, 2023

XRP Price Prediction – Why Bulls May Have A Chance For Fresh Bullish Streak?

Ripple’s token price is correcting gains from $0.550 against the US Dollar. XRP price could start a fresh bullish wave unless there is a close below $0.50. Ripple’s token price is correcting gains from the 0.550 resistance against the US dollar. The price is now trading above $0.505 and the 100 simple moving average (4 hours). There is a key bullish trend line forming with support near $0.504 on the 4-hour chart of the XRP/USD pair (data source from Kraken). The pair might start a fresh increase if it stays…

Fed inspector blames crypto focus, nepotism for Silvergate Bank collapse

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Crypto-friendly Silvergate Bank ultimately collapsed this year due to over-dependence on risky crypto deposits and nepotism that led to ineffective management, according to inspectors at the Federal Reserve. In a Sept. 27 executive summary of its review into the collapse of Silvergate Bank, the Federal Reserve Board’s Office of Inspector General pointed the finger at Silvergate’s change in strategy to focus on “customers engaged in crypto activities” in 2013. “Silvergate’s concentration in crypto industry deposit customers, rapid growth, and multilayered funding risks led to the bank’s voluntary liquidation.” Evolving from…

Celsius seeks court approval to start repaying customers by year-end

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Embattled crypto lender Celsius Network has told a judge it plans to start paying back its customers by year’s end, amid an Oct. 2 hearing seeking approval for its reorganization plan. In his opening statements at the confirmation hearing in New York, Celsius’ legal counsel Christopher Koenig said the new company dubbed “NewCo” will emerge from the proceedings with $450 million in seed funding. A filing on Sept. 29 shows that Celsius plans to partially repay its creditors using $2.03 billion in Bitcoin (BTC) and Ethereum (ETH) and stock in…

Ethereum Price Trims Gains But Here’s Why ETH Could Start Fresh Rally

Ethereum price corrected gains from the $1,750 zone against the US dollar. ETH is holding the key $1,620 support and might start a fresh rally. Ethereum is correcting gains from the $1,755 high. The price is trading below $1,700 and the 100-hourly Simple Moving Average. There was a break below a connecting bullish trend line with support near $1,690 on the hourly chart of ETH/USD (data feed via Kraken). The pair could start a fresh increase unless there is a close below the $1,620 support. Ethereum Price Corrects Gains Ethereum’s…

Hong Kong could be a ‘tailwind’ for lagging crypto activity in Asia: Chainalysis

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Recent crypto advancements in Hong Kong could provide a “potential tailwind” to lift crypto activity in the East Asian region, which has mainly suffered from a China-wide ban on trading activities since 2019. Cryptocurrency value received in East Asia amounted to just 8.8% of the world between July 2022 and June 2023, according to an Oct. 2 report from Chainalysis, making it the fifth most active crypto market. However, Chainalysis said Hong Kong’s recent moves could help increase this number. “A potential tailwind for East Asia comes from Hong Kong,…

Bitcoin Price Sees Technical Correction But The Bulls Are Not Done Yet

Bitcoin price extended its increase toward the $28,500 resistance. BTC corrected gains and is currently holding a key support at $27,350. Bitcoin climbed further higher above the $28,000 and $28,200 resistance levels. The price is trading above $27,400 and the 100 hourly Simple moving average. There is a major bullish trend line forming with support near $27,400 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair could start another increase unless there is a move below the $26,650 support. Bitcoin Price Remains Supported Bitcoin price…

Bitcoin Price Action in October: A Probabilistic Overview

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October has traditionally been a pivotal moment for Bitcoin’s price action. Historical data shows an enticing average price increase of 17% for the month (excluding the early, volatile years of Bitcoin). In pre-halving years, this average price fluctuation is slightly higher, around 21%. If the same price change occurs in 2023, Bitcoin could reach somewhere between $32,000 and $33,000 in October. But will this month follow the historical trend, or is a bearish turn still possible? October Over Time October has been particularly bullish for Bitcoin, with an average of…

Chainalysis axes another 15% of staff citing difficult market conditions

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Blockchain analytics firm Chainalysis has reduced its headcount by another 15% this week, citing the need to reduce expenses due to continued bear market blues. On Oct. 3, Chainalysis confirmed to Cointelegraph that it had made the difficult decision to part ways with 15% of its employees, amounting to approximately 135 staff.  “While Chainalysis continues to be well positioned for long-term success as a consistently top-performing software company, we are very focused on growing efficiently and, due to market conditions, believe it necessary to reduce our expenses at this time,”…

FTX’s Bankman-Fried contemplated paying Trump $5b not to run for president

Michael Lewis, the author of “The Big Short,” says the disgraced crypto entrepreneur was exploring the legality of such a move. Sam Bankman-Fried (aka SBF), founder and former CEO of the now-bankrupt cryptocurrency exchange FTX, was considering paying Donald Trump $5 billion not to run for re-election. In an interview with CBS, Michael Lewis, the author of “The Big Short” and “Going Infinite: The Rise and Fall of a New Tycoon,” noted that SBF was not sure at the time whether that number came directly from Trump. However, the disgraced…

Is This the Game-Changer For Avalanche (AVAX) To Hit $20?

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Ava Labs, the developer of Avalanche, the high throughput platform for deploying decentralized applications (dapps) and custom chains, has released Firewood, an update the team said is a “multi-year effort that,” on the eventual rollout, will make blockchain data storage more efficient. Specifically, Ava Labs said Firewood resolves a big concern for expanding blockchains: data management.  Ava Labs Releases Firewood To The Public Ava Labs is open-sourcing the code for Firewood for refinement before its final implementation. Eventually, the team wants Firewood to be a choice tool through which blockchain data…