Bitcoin (BTC) is trading in a tight range between $43K and $44K on Wednesday. The cryptocurrency could find short-term support at $40K, although upside momentum is starting to wane on intraday charts. Original
The RSI on the weekly chart continues to rise from the most oversold level since March 2020, which preceded a strong price rally. Momentum signals are also improving on the weekly chart, which is constructive so long as support above $30,000-$40,000 holds. Source
The U.S. Securities and Exchange Commission has allowed comments and feedback on a proposed rule change that would convert Grayscale’s Bitcoin Trust to a spot-based exchange-traded fund (ETF). A notice of filing a proposed rule change to list and trade shares of Grayscale Bitcoin Trust as a spot-based ETF has generated a long list of comments with a large majority in approval. Bloomberg’s senior ETF analyst Eric Balchunas had a look through some of the more recent comments on Feb. 15 observing that 95% are in favor of the proposed…
Bitcoin (BTC) is capped below the $46K resistance level after flat trading over the weekend. The cryptocurrency could stabilize around $35K-$40K support, although upside appears limited. Original
Trading perpetual futures contracts in decentralized apps is a crypto sub-sector ripe for growth, especially as discussions of regulation, taxation and mandatory KYC at centralized exchanges continue to take place. One DEX platform that has begun to gain traction is Injective (INJ), an interoperable layer-one protocol designed to facilitate the creation of cross-chain Web3 decentralized finance (DeFi) applications. Data from Cointelegraph Markets Pro and TradingView shows that after hitting a low of $3.91 on Feb. 3, the price of INJ has rallied 157.8% to a daily high of $10.08 on…
XRP price has continued to bounce back after falling by more than 70% in a correction between April 2021 and January 2022. Why the XRP/USD 50-week EMA is key On Feb. 13, XRP/USD reached as high as $0.916, above its 50-week exponential moving average (50-week EMA; the red wave) around $0.833. The upside move, albeit not decisive, opened possibilities for further bullish momentum, mainly owing to a historical buying sentiment around the said wave. XRP/USD weekly price chart featuring 50-week EMA. Source: TradingView For instance, traders had successfully reclaimed the…
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Bitcoin (BTC) is under pressure after approaching resistance near $45,000. Momentum indicators are improving, which could keep buyers active over the short-term. Original
Coinbase continues to expand its crypto footprint by offering custodial services to more than half a dozen altcoins. In a pair of tweets, the US-based cryptocurrency exchange says that it’s adding eight new cryptos to its roster of 150+ assets that are part of the Coinbase Custody cold storage trust. Coinbase Custody now supports deposits and withdrawals for $FX, $ENS, and $TRAC Details here → https://t.co/HtybLZgDc1 pic.twitter.com/4XL1ZeQWb3 — Coinbase Assets (@CoinbaseAssets) February 10, 2022 Coinbase Custody is a custodial service for institutional investors with big money. It’s chartered in New…
Bitcoin (BTC) and cryptocurrency holders are enjoying the fruits of their labor on Feb. 10 after Bitcoin price rallied shortly after the U.S. Bureau of Labor Statistics showed a blistering 7.5% Consumer Price Index (CPI) print. This shows that inflation continues to worsen as fiat currencies bleed out their purchasing power. Data from Cointelegraph Markets Pro and TradingView shows that after trading below $44,000 during the early hours on Thursday, the price of Bitcoin spiked to an intraday high at $45,850 following the release of the CPI data and most…