John A. DeSalvo allegedly solicited ICO money from police and orchestrated a pump and dump on PancakeSwap shortly after.
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Price analysis 8/23: BTC, ETH, BNB, XRP, ADA, SOL, DOGE, DOT, MATIC, SHIB
Bitcoin and altcoins perked up today, but is this rally nothing more than an oversold bounce?
Price analysis 8/23: BTC, ETH, BNB, XRP, ADA, SOL, DOGE, DOT, MATIC, SHIB
When the markets are trending, traders should be active if they want to earn money. On the other hand, in a ranging market, it is better to wait on the sidelines with patience or traders may lose money due to choppy random moves in either direction.
Bitcoin’s (BTC) sideways price action since the sharp fall on Aug. 17 shows that the bulls and the bears are unsure about the next directional move. Therefore, it is better to wait for the breakout to happen before waging large bets.
Daily cryptocurrency market performance. Source: Coin360In the short term, institutional traders also seem to be taking a cautious approach. A CoinShares report showed an outflow of $55 million from digital asset investment products for the week of Sept. 13.
What are the important support and resistance levels that need to be crossed for a trending move to start in Bitcoin and altcoins? Let’s study the charts of the top-10 cryptocurrencies to find out.
Bitcoin price analysis
The long tail on Bitcoin’s Aug. 22 candlestick is a positive sign as it shows that the bulls are fiercely trying to protect the support at $24,800.
Price analysis 8/23: BTC, ETH, BNB, XRP, ADA, SOL, DOGE, DOT, MATIC, SHIB
Bitcoin and altcoins perked up today, but is this rally nothing more than an oversold bounce?
Cypher announces recovery plan, says it will 'socialize' losses in initial stage
Cypher announced that losses from the exploit will be distributed among users in an initial stage, then compensated through protocol revenue when the platform relaunches.
Why is the crypto market down this week?
The cryptocurrency market has experienced a notable downturn recently, with the total market capitalization falling by 10% between August 14 and August 23, reaching its lowest point in over two months at $1.04 trillion. This movement has triggered significant liquidations on futures contracts, the largest since the FTX collapse in November 2022.
Total cryptocurrency market capitalization, USD. Source: TradingViewSeveral economic factors have contributed to this decline. As interest rates have surpassed the 5% mark and inflation remains above the targeted 2%, finance costs for both families and businesses have risen, placing pressure on consumer spending and economic expansion. That causes less money available for savings and could force people to let go of their investments just to cover monthly bills.
Since inflation expectations for 2024 stands at 3.6% and average hourly earnings increased by 5.5% year-over-year, at the fastest pace since 2020, the Federal Reserve (Fed) is likely to maintain or even raise interest rates in the coming months. Consequently, a high interest rate scenario favors fixed-income investments, which is detrimental for cryptocurrencies.
Inflation has receded from its peak of 9% to the current 3%, while the S&P 500 index is only 9% below its all-time high. This could indicate a "soft landing" orchestrated by the Federal Reserve, suggesting that the likelihood of an extended and profound recession is diminishing, temporarily undermining Bitcoin's investment thesis as a hedge.
Factors emerging from the cryptocurrency industry
Investor expectations had been high for the approval of a spot Bitcoin exchange-traded fund (ETF), particularly with heavyweight endorsements from BlackRock and Fidelity. However, these hopes were dashed as the SEC continued to delay its decision, citing concerns over insufficient safeguards against manipulation. Complicating matters, a substantial volume of trading continues to occur on non-regulated offshore exchanges based in stablecoins, raising questions about the authenticity of market activity.
Why is the crypto market down this week?
Rising interest rates, delayed Bitcoin ETFs, global financial turmoil and other regulatory pressures are contributing to the crypto market's underperformance.
Crypto entrepreneur faces potential prosecution in Israel related to $290M scam: Report
The police force of Israel reportedly recommended to prosecutors that Moshe Hogeg be charged with fraud, theft, money laundering, and sex crimes.
Kresus launches curated marketplace for Polygon projects
The company also announced the launch of Kresus Connect, a Web3 portal for SuperApp.
Tornado Cash co-founders charged with money laundering, sanctions violations
Roman Semenov was placed on OFAC's sanctioned persons list and Roman Storm was arrested as the United States continued its crackdown on the crypto mixer.
Bitcoin Ordinals volume dips 98%, OpenSea to disable royalty tool, and Frend.tech hype: Nifty Newsletter
Bitcoin Ordinals NFT volume plunges 98%, and Yuga Labs is terminating its partnership with OpenSea over creator royalties.
Bitcoin Ordinals volume dips 98%, OpenSea to disable royalty tool, and Frend.tech hype: Nifty Newsletter
Bitcoin Ordinals NFT volume plunges 98%, and Yuga Labs is terminating its partnership with OpenSea over creator royalties.
Unstoppable Domains launches instant messaging with XMTP
Unstoppable Domains now allows owners of .crypto, .polygon and other Web3 usernames to send messages to each other through multiple messaging apps.
Unstoppable Domains launches instant messaging with XMTP
Unstoppable Domains now allows owners of .crypto, .polygon and other Web3 usernames to send messages to each other through multiple messaging apps.
Sam Bankman-Fried can meet with lawyers outside of jail with 48 hours’ notice, says judge
Judge Lewis Kaplan said the order was in line with the accommodations for access to discovery materials the U.S. government proposed for the former FTX CEO on Aug. 18.
Bitstamp halts ETH staking in the United States
The crypto exchange is ending staking services for U.S.-based users on Sep. 25; the decision came a few weeks after Bitstamp halted trading for seven altcoins in the country.
Bitstamp halts ETH staking in the United States
The crypto exchange is ending staking services for U.S.-based users on Sep. 25; the decision comes a few weeks after Bitstamp halted trading for seven altcoins in the country.
Shopify to accept USDC payments with Solana: Report
Solana Pay has reportedly been added to Shopify's payment solutions, giving millions of merchants access to cryptocurrencies.
Sam Bankman-Fried’s lawyers argue previous FTX legal team led him to act 'in good faith'
The filing surrounding the legal strategy followed an all-day session between SBF and his lawyers on Aug. 22 outside of jail, which was granted by a judge on a one-time basis.
China launches blockchain-powered data exchange
The platform will facilitate the buying and selling of Web3 data among enterprises; Alibaba Cloud and Huawei are among the companies to participate.