Archive for Cryptocurrencies – Page 3

13 Sep

Mid-Week Technical Outlook: Cryptocurrencies

By ForexTime 

  • Tension grips markets ahead of US CPI report
  • Bitcoin forms ‘Death Cross’ technical pattern
  • Ethereum flirts near oversold levels
  • Cardano gets no love
  • Dogecoin approaches key support

A sense of tension gripped financial markets on Wednesday as investors braced for the latest U.S. inflation data published later today.

Asian stocks were painted red this morning after a selloff in technology stocks dragged Wall Street lower overnight. European stocks opened lower amid the negative sentiment, with market players adopting a cautious stance towards riskier assets. There seems to be little action in the currency space with the dollar drawing some strength from the risk-off mood. Interestingly, gold has secured a daily close below $1915 as discussed in the (Trade of the Week).

With markets likely to remain on standby mode ahead of the US CPI, our focus falls on the cryptocurrency space – especially after Bitcoin triggered a ‘death cross’ technical pattern!

More pain ahead for Bitcoin?

The past few weeks have been choppy for Bitcoin amid fears around FTX liquidations and its potential impact on the crypto market. Bitcoin has shed roughly 15% in the second half of 2023 with prices recently triggering a “death cross” pattern on the daily timeframe.

A death cross happens when an asset’s 50-day simple moving average (SMA) cross moves below its 200-day SMA. This technical signal is widely viewed as a sign that prices may continue to decline further in the medium to longer term.

  • So essentially, Bitcoin prices have the potential to sink even further on the daily timeframe with a solid breakout and daily close below $25,000 opening a path towards $24,200 and $23,000 respectively.
  • Should $25,000 prove to be reliable support, prices may rebound towards resistance at $26,400 before potentially heading towards $28,000.

Ethereum flirts near oversold levels

Ethereum remains under pressure on the daily charts as there have been consistently lower lows and lower highs with prices trading below the 50, 100, and 200-day SMA. However, the Relative Strength Index (RSI) on the daily charts recently dipped below 30, indicating that it may be oversold. This could provide an opportunity for bulls to strike, especially if $1500 proves to be a reliable support level.

  • A rebound from $1500 could inspire a move back towards $1665 and $1750, just above the 50-day SMA.
  • Should prices slip below $1500, this may open a path to levels not seen since January around $1300.

Cardano gets no love

Cardano prices are trading near their lowest levels in 2023, falling below $0.25 as bears switch into higher gear. Funny enough, the cryptocurrency is back to where it started the year with technical indicators showing mixed signals. Although prices are respecting a bearish channel and remain well below the 50,100 and 200-day SMA, the RSI recently dipped below 30, indicating that it may be oversold.

  • If prices can push back above 0.2500, this may open a path back towards the 50-day SMA at 0.2760.
  • Sustained weakness below 0.2500 could send Cardano towards 0.2300.

Dogecoin approaches key support

The past few days have been choppy for Dogecoin with prices slowly approaching key support at 0.0550. Even though the cryptocurrency is respecting a bearish channel, there seems to be some indecision on the daily charts.

  • Key levels of interest can be found at 0.5500 and 0.0680 where the 100-day SMA resides. A breakout could be on the horizon, but this may need a fresh directional catalyst.

Forex-Time-LogoArticle by ForexTime

ForexTime Ltd (FXTM) is an award winning international online forex broker regulated by CySEC 185/12 www.forextime.com

Cryptocurrencies Opinions
12 Sep

Bitcoin is the currency for AI, attracting institutional investors

By George Prior

Bitcoin’s compatibility with AI technologies is driving major institutional investors to increase their exposure to the cryptocurrency, says the CEO and founder of deVere Group, one of the world’s largest independent financial advisory, asset management and fintech organizations.

Nigel Green says: “The buzz surrounding AI is real – Nvidia’s shares, for example, have jumped almost 210% this year on the frenzy around its uses within AI.

“The AI boom is grounded in tangible technological advancements and the potential to reshape industries across the board.

“The transformative capabilities of AI, coupled with its cross-industry disruption, data-driven nature, and rapid innovation, make it a compelling investment opportunity.

“This is, of course, attracting huge amounts of institutional capital.

“These same institutional investors are increasingly recognising Bitcoin as the currency for the AI era and, therefore, are also increasing their exposure to the world’s largest cryptocurrency.”

There are three key reasons why Bitcoin is the currency for AI and why this synergy is attracting institutional money.

“First, in the world of AI, data integrity is paramount. The ability to trust the source and history of data is crucial, whether it’s for training machine learning models or verifying the authenticity of data inputs.

“Bitcoin’s blockchain provides a tamper-proof record that can be used to ensure data integrity in AI applications,” notes Nigel Green.

“Second, Bitcoin’s borderless nature facilitates seamless cross-border transactions, enabling AI companies to access the resources they need without the limitations of traditional financial systems, such as high fees and lengthy processing times.

“Third, AI relies heavily on data, and organisations are increasingly seeking ways to monetise their data assets.

“Bitcoin opens-up new possibilities for data marketplace platforms where AI-focused firms can access and purchase datasets with ease, creating a thriving ecosystem of data sharing and monetisation.”

As AI continues to advance, new use cases for Bitcoin in AI applications will inevitably emerge. Research and innovation at the intersection of AI and crypto are likely to unlock even more opportunities for synergy between the two fields.

Institutional investors are forward-thinking and recognise the potential for substantial returns on their investments in this rapidly evolving space.

“As both Bitcoin and AI technologies continue to evolve, their integration is set to drive innovation and transformation in various industries, reshaping the way we perceive and interact with both digital currencies and artificial intelligence.

“The growing interest from institutional investors underscores the enormous potential of this partnership and further validates Bitcoin’s role in the future of AI,” concludes Nigel Green.

About:

deVere Group is one of the world’s largest independent advisors of specialist global financial solutions to international, local mass affluent, and high-net-worth clients.  It has a network of offices across the world, over 80,000 clients and $12bn under advisement.

Cryptocurrencies Financial News
06 Sep

The cryptocurrency market digest (BTC, TRON). Overview for 06.09.2023

By RoboForex.com

The BTC exchange rate dropped to 25,737 USD on Wednesday. Over the past week, the flagship cryptocurrency has lost 6.26%, with bearish trends in the last 24 hours contributing to most of the impact.

Support for BTC is at the level of 25,150 USD. This mark is gaining importance as sellers become more active. The next potential target for bears could be 23,300 USD, a level that could cause significant stress in the market.

The cryptocurrency market currently lacks compelling fundamental reasons to halt the sell-off, and buyer participation is minimal.

The total cryptocurrency market capitalisation has dropped to 1.04 trillion USD. The share of BTC decreased to 48.3%, while the ETH share has risen to 18.9%.

Yuga Labs launches new NFTs

The developers of Yuga Labs digital studio have introduced a series of Bitcoin NFT-based decryptions named TwelveFold. The studio is expected to release a new Moon Puzzle every week. The user who first solves the puzzle will be rewarded 0.12 BTC. The correct answer must be provided in satoshis.

Justin Sun holds his cryptocurrency on an exchange

Justin Sun, the founder of the TRON project, has revealed to his social media followers that he stores his BTC holdings on the Huobi exchange, where he is one of the early users. Market rumours suggest that Sun might be the actual owner of this exchange.

Article By RoboForex.com

Attention!
Forecasts presented in this section only reflect the author s private opinion and should not be considered as guidance for trading. RoboForex LP bears no responsibility for trading results based on trading recommendations described in these analytical reviews.

Cryptocurrencies Financial News
30 Aug

Bitcoin ETFs are an inevitability and will drive crypto prices: deVere CEO

By George Prior

Bitcoin exchange-traded funds are “an inevitability”, which will send the price of the cryptocurrency soaring, predicts the CEO of one of the world’s largest independent financial advisory, asset management and fintech organizations.

The bullish assessment from deVere Group CEO – and long-time crypto advocate – Nigel Green, comes as the US Court of Appeals sided with Grayscale in a lawsuit against the Securities and Exchange Commission (SEC) which had rejected the company’s application to convert the Grayscale Bitcoin Trust to an ETF.

Spot ETFs invest directly in underlying assets, typically stocks or bonds, at the current market price (spot price). They aim to replicate the performance of a specific index or asset class by holding a portfolio of the actual securities that make up the index.

Mr Green says: “This is a landmark legal win for crypto against the US regulator.

“The court’s decision destroys the SEC’s central argument for rejecting every spot Bitcoin ETF over the last few years.

“This win paves the way for Bitcoin ETFs.

“Following the monumental ruling, there’s very little chance now the SEC will block the launch of ETFs.

“A swathe of big-name asset managers, among others, have filed ETF applications for Bitcoin ETFs and we expect that the SEC will organise a block approval of applications that meet requirements, as it will not want to be seen as a kingmaker.

“We believe that Bitcoin ETFs are now an inevitability. And they could come to market sooner than many anticipate.”

The deVere chief executive believes that the price of crypto will jump if/when Bitcoin ETFs are launched for three reasons.

“First, if Bitcoin ETFs are approved, it would open up the cryptocurrency market to a broader range of investors who might have been hesitant to directly invest in digital assets. This influx of new capital from institutional and retail investors could drive up demand for Bitcoin, leading to an increase in its price.

“Second, ETFs typically involve the purchase of the underlying asset by the fund managers. If Bitcoin ETFs follow this structure, it could create a substantial demand for actual Bitcoins to back the ETF shares. This increased demand, coupled with the limited supply of Bitcoin (capped at 21 million coins), could lead to a supply-demand imbalance, resulting in a price surge.

“And third, the launch of Bitcoin ETFs might improve the overall perception of cryptocurrencies in the eyes of regulators and traditional financial institutions. This increased legitimacy could attract more conservative investors who were previously wary of the regulatory uncertainties surrounding cryptocurrencies. As more institutional money flows into the market through ETFs, the price of Bitcoin would experience upward pressure.”

deVere expects that the first Bitcoin ETFs will be available in Quarter 1 of 2024 “if not before.”

Nigel Green concludes: “In-the-know investors are unlikely to wait until the potential launch of the ETFs to increase their holdings of Bitcoin.”

About:

deVere Group is one of the world’s largest independent advisors of specialist global financial solutions to international, local mass affluent, and high-net-worth clients.  It has a network of offices across the world, over 80,000 clients and $12bn under advisement.

Cryptocurrencies Opinions
30 Aug

The cryptocurrency market digest (BTC). Overview for 30.08.2023

By RoboForex.com

The BTC exchange rate climbed to 27,434 USD on Wednesday. The daily gain was 5.26%.

The cryptocurrency’s value started appreciating last night after the market heard about Grayscale’s victory in court. The judicial authorities ruled in favour of Grayscale in the company’s case against the US Securities and Exchange Commission (SEC). The lawsuit was filed in October 2021 and concerned the SEC’s repeated refusals to acknowledge Grayscale’s trusts as fully-fledged ETFs.

The Grayscale victory could serve as the long-awaited trigger for the cryptocurrency industry. The bitcoin-ETF matter had temporarily faded into the background because investors had grown pessimistic about a positive resolution.

The BlackRock fund awaits a decision on its ETF, expected this Friday.

So far, BTC has not used the support at 25,150 USD, which is a good sign.

The majority of altcoins followed BTC’s trajectory. The price of ETH increased by 4.12%, BNB rose by 3.23%, and SOL and TON also demonstrated growth, rising by 5.63% and 12.08%, respectively.

The cryptocurrency market capitalisation has increased to USD 1.09 trillion. The share of BTC rose to 48.8%, while the share of ETH remains at 18.9%.

“X” has been granted a licence for crypto payments

The X company (Twitter) has obtained a licence to conduct payments in cryptocurrency in the US. The document is necessary for providing digital asset-related services. Elon Musk is determined to transform the social network into an “app for everything” and is making rapid progress in this regard.

Losses incurred by mining companies exceed 4 billion USD

The mining industry is facing a challenging phase. According to Finbold, the combined losses of the industry’s 16 largest companies amount to a minimum of 4.47 billion USD. These losses have accumulated over the last twelve months.

Article By RoboForex.com

Attention!
Forecasts presented in this section only reflect the author s private opinion and should not be considered as guidance for trading. RoboForex LP bears no responsibility for trading results based on trading recommendations described in these analytical reviews.

Cryptocurrencies Financial News
23 Aug

The cryptocurrency market digest (BTC, MATIC). Overview for 23.08.2023

By RoboForex.com

The BTC exchange rate looks weak on Wednesday, hovering around 26,015 USD.

The cryptocurrency sector has suffered noticeably after the crash triggered by the Bitcoin Magazine publication. The BTC decline also pulled down key altcoins. Currently, the sector is still impacted by the bearish seasonal factor, and its transition to a bullish trend in early September could be delayed.

An important support for the BTC is the 25,150 USD mark, with the next one at 23,350 USD. There are still no buyers on the platform.

The cryptocurrency market capitalisation remains around 1.05 trillion USD. The share of BTC has dropped to 48.4%, while the share of ETH decreased to 18.8%.

NFTs from the Bored Ape Yacht Club collection sold at a loss

A trader who bought NTF tokens from the Bored Ape Yacht Club collection 11 months ago sold them with a loss of 80%. The NFTs were bought for 777 ETH, representing the most expensive NFT token in this collection. The sale transaction took place on the X2Y2 platform, and the amount totalled 153 ETH.

MATIC in the risk zone

The value of the Polygon project’s MATIC token has fallen to its lowest level since July 2022. Due to the pressure from US regulators and the increasing interest in the L2 networks like Base and Optimism, the demand for Polygon’s services declined. This simultaneously affected the MATIC price dynamics.

Article By RoboForex.com

Attention!
Forecasts presented in this section only reflect the author s private opinion and should not be considered as guidance for trading. RoboForex LP bears no responsibility for trading results based on trading recommendations described in these analytical reviews.

Cryptocurrencies Financial News
16 Aug

The cryptocurrency market digest (BTC, BCOIN, HBAR). Overview for 16.08.2023

By RoboForex.com

The BTC exchange rate dropped to 29,190 USD on Wednesday. The risks of the price testing the local low near 28,585 USD are still relevant.

Critical support levels remain at 28,600 USD and 28,350 USD, with resistance at the 30,300 USD mark. The stability of the flagship cryptocurrency is crucial for a few more weeks before a favourable seasonal driver comes into effect.

The cryptocurrency market capitalisation decreased to 1.160 trillion USD. The BTC share increased to 49.0%, while the share of ETH stands at 18.9%.

First Bitcoin ETF launched in the EU

The first Bitcoin ETF was officially launched in the EU this week. Jacobi Asset Management announced the listing of the product. Although initially planned for 2022, the launch was postponed due to the FTX exchange crash. The fund is listed under the ticker BCOIN.

HBAR token gains 25% in value

The price of the HBAR token surged by a quarter over a week. These dynamics allowed the coin to secure the second position in the efficiency rating of cryptocurrency assets. However, not for long.

Shiba Inu team announces significant events

The developers of the Shiba Inu project utilised their social media networks to tease the cryptocurrency community about upcoming major events. Some users speculate that this might refer to the upcoming launch of the Shibarium network.

Article By RoboForex.com

Attention!
Forecasts presented in this section only reflect the author s private opinion and should not be considered as guidance for trading. RoboForex LP bears no responsibility for trading results based on trading recommendations described in these analytical reviews.

Cryptocurrencies Financial News
14 Aug

Is Bitcoin’s lack of volatility a blessing or a curse for investors?

By George Prior

Bitcoin, previously known for its ‘wild price swings’, is now trading sideways which is both a blessing and a curse for investors, affirms the CEO of one of the world’s largest independent financial advisory, asset management and fintech organizations.

The analysis from deVere Group’s Nigel Green comes as volatility for major cryptocurrencies including Bitcoin and Ether are at multi-year lows – and have been for several months now.

He comments: “The price of Bitcoin, the world’s largest cryptocurrency by market cap, is still hovering around $29,400 which is a major combat zone between bulls and bears.

“Until recently, crypto was typically characterised for its wild price swings.  But in recent months it’s been trading pretty flat, which is both a blessing and a curse for investors.”

The deVere CEO explains that as the cryptocurrency market matures, a decrease in extreme price fluctuations lends a sense of stability that is “crucial for its integration” into traditional financial systems.

“This newfound stability attracts institutional investors, who have been historically wary of entering the market due to its extreme price swings.”

He continues: “This stability is also a boon for businesses and consumers looking for a reliable store of value or medium of exchange.

“As Bitcoin’s price becomes more predictable, it becomes a more viable option for everyday transactions. Businesses can confidently accept Bitcoin as a payment method without the fear of losing significant value between the time of purchase and conversion to fiat currency.”

While stability is beneficial for mainstream adoption, the reduction in volatility has raised concerns among investors seeking quick, higher risk, higher reward opportunities.

Bitcoin’s earlier reputation as a highly volatile asset attracted traders who thrived on rapid price swings. With the decrease in volatility, such opportunities for substantial short-term gains have become less common.

“For investors who thrive on volatility, the calmer waters of the Bitcoin market can feel limiting. They must adapt their strategies to the new normal, focusing on longer-term trends and holding positions for extended periods. This shift can be challenging for those accustomed to quick turnarounds and constant market action,” says Nigel Green.

To harness the benefits of Bitcoin’s stability while mitigating the drawbacks, investors are advised to adopt a diversified approach.

While Bitcoin’s reduced volatility might limit short-term gains, it also reduces the risk of significant losses. By allocating a portion of their portfolios to Bitcoin, investors can potentially benefit from its long-term growth prospects while managing overall risk.

Earlier this month, the deVere CEO included Bitcoin as one of three areas in which he is continuing to put his money this summer.  He said: “Not only does Bitcoin remain one of the best performing asset classes of the decade, I believe its performance will further strengthen. Both institutional and retail investors are increasingly seeing the value of a digital, global, borderless and tamper-proof currency and store of value.

“This trend will increase as adoption picks up further and as confidence grows again in the global economy.”

One potential catalyst that will increase volatility into the market is if, as Nigel Green now believes is likely, the US financial regulator approves spot Bitcoin Exchange-Traded Funds (ETFs).

This prediction comes amid media reports that the US Securities and Exchange Commission (SEC) could imminently give the green light to a swathe of applications from various major asset managers.

Spot ETFs invest directly in underlying assets, typically stocks or bonds, at the current market price (spot price). They aim to replicate the performance of a specific index or asset class by holding a portfolio of the actual securities that make up the index.

He says: “Should the SEC approve these filings, I expect the Bitcoin price will skyrocket.”

The deVere CEO concludes: “While the lack of short-term volatility can be frustrating for some investors accustomed to making quick returns, in the longer-term it will help drive sustainable price growth.”

About:

deVere Group is one of the world’s largest independent advisors of specialist global financial solutions to international, local mass affluent, and high-net-worth clients.  It has a network of offices across the world, over 80,000 clients and $12bn under advisement.

Cryptocurrencies Financial News
28 Jul

The cryptocurrency market digest (BTC, SOL). Overview for 28.07.2023

By RoboForex.com

The BTC rate on Friday stood at approximately 29,229 USD.

Each new attempt by BTC to rise becomes increasingly difficult. The overall fundamental background appears quite calm, lacking spark. The technical picture is more pessimistic. According to seasonal cycles, the current phase is bearish.

Investors are unable to capitalise on the buying impulse in the US stock market due to decreased correlation with indices and stock exchanges. There is not enough news generated from the cryptocurrency market for a confident move into positive territory.

The cryptocurrency market capitalisation remains at the level of 1.180 trillion USD. The share of BTC has decreased to 48.2%, and the share of ETH reached 19.1%.

SOL has recovered after a decline in June

The value of the Solana (SOL) token has recovered after a 41% drop in June. The trigger for the sell-offs was the claims made by the US Securities and Exchange Commission (SEC) against the company. The SEC deemed SOL to be an unregistered security.

“Whales” are accumulating bitcoins

According to CryptoQuant, large holders of digital assets are accumulating coins while the market remains in a sideways range.

Article By RoboForex.com

Attention!
Forecasts presented in this section only reflect the author’s private opinion and should not be considered as guidance for trading. RoboForex LP bears no responsibility for trading results based on trading recommendations described in these analytical reviews.

Cryptocurrencies Financial News
21 Jul

The cryptocurrency market digest (BTC). Overview for 21.07.2023

By RoboForex.com

The price of BTC dropped to 29,846 USD on Friday.

The price of the flagship cryptocurrency is marginally above the 29,800 USD support. The next support is at the 29,500 USD level. If buyers are fighting for bullish momentum, they are doing so without the previous enthusiasm.

The relative weakness of the US dollar and the growth of stock indices are playing in favour of optimistic investors.

Among the news is the addition of six companies to the Federal Register of Decisions by the SEC. Everyone is waiting for a response regarding the licence to launch a BTC-based spot ETF.

The cryptocurrency market capitalisation decreased to USD 1.200 trillion. The share of BTC remains at 48.3%, while the share of ETH fell to 18.3%.

The correlation of BTC with the stock market has dropped to its three-year lows

The correlation of BTC’s value with the traditional finance sector – particularly with the S&P 500 index – has fallen to a three-year low of only 7% at the end of the first half of 2023. The Binance Research survey suggests that this is an argument in favour of using cryptocurrency as a diversification tool. Back in January this year, the correlation was 45%.

Tesla reintroduces the option to pay with BTC

Electric vehicle manufacturer Tesla has reintroduced BTC as an accepted form of payment on its official website. However, it is currently unknown when this cryptocurrency payment option for purchasing vehicles will become publicly available. It is worth noting that the company ceased accepting cryptocurrency payments in May 2021.

Article By RoboForex.com

Attention!
Forecasts presented in this section only reflect the author’s private opinion and should not be considered as guidance for trading. RoboForex LP bears no responsibility for trading results based on trading recommendations described in these analytical reviews.

Cryptocurrencies Financial News
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