🧐
The price of Solana $SOL has experienced a positive deviation from its competitors, rising by 1.88% in the last 24 hours.

👉 https://2if.net/sol

#SOLPriceAnalysis #PriceTrends #SolanaTrade #sol #Cryptocurrrency $SOL

Bitcoin price surpasses $40,000 as rally continues
A single Bitcoin BTC +
is worth more than $40,000 for the first time since April 2022 following a price rally of nearly 9% since Nov. 27, according to The Block's Price Page. The rest of the cryptocurrency market has also rallied in recent days, with the total market cap for cryptocurrencies up 1% in the past day.

Bitcoin's recent rise has been fueled by industry-wide anticipation of spot Bitcoin ETFs, which trade Bitcoin at its real-time price, widely expected to be approved in the coming months. Analysts said the SEC's recent request for comment from the public may show the agency is on an accelerated timeline when it comes to Bitcoin ETF approval.

The SEC has yet to approve a Bitcoin ETF, despite filings from major asset managers including BlackRock, Fidelity, 21Shares & Ark Invest, Bitwise, VanEck, Wisdomtree, Invesco, Valkyrie, Global X, Hashdex and Franklin Templeton. Swiss asset manager Pando Asset was the latest firm to file an S-1 form with the SEC, seeking approval for a spot Bitcoin ETF.

#BTC #bitcoin #CryptoNews🔒📰🚫 #BinanceTournament

Solana DEX aggregator Jupiter starts token airdrop, with 10% of supply set to be allocated

Jupiter, a DEX aggregator on Solana SOL +

blockchain, opened up inital claims for its JUP token airdrop, the project announced on X on Friday.

As users started claiming their tokens, some expressed discontent over their allocation on X and Discord, saying they should have received more tokens due to the age of their wallets and how much they used the protocol over the years.

The airdrop is designed to distribute four out of 10 billion of JUP, or 40% of the total supply, in four phases, the project announced in November. The first phase will release one billion Jupiter tokens to users who have done a minimum of $1,000 in swap volume on the protocol by the snapshot date of Nov. 2.

The project's pseudonymous founder who goes by Meow said on X that the first phase would see 2% of tokens distributed to all wallets, with 7% allocated in a "tiered score based distribution, with score based on adjusted volume." Another 1% would be allocated to community members on Discord and Twitter, and developers.

"We believe this breakdown will reward power users and contributors significantly more, while likely giving everyone else a reason to come back and engage," Meow said.

According to the founder, Jupiter facilitated $35 billion in cumulative trading volume by October, with 80% of that made by 0.2% of all wallets.

#Airdrop #SolanaAirdrop #sol #solana #CryptoisBetter

Ripple’s CEO criticizes former SEC Chair Jay Clayton’s comments

The former SEC Chair emphasized that regulatory agencies should introduce regulations and legal cases they believe will successfully withstand judicial scrutiny.

Ripple’s chief executive officer(CEO), Brad Garlinghouse, strongly criticized former Securities Exchange Commission(SEC) Chairman Jay Clayton’s remarks regarding the SEC’s regulatory approach. Beginning in the first quarter of 2023, the SEC has initiated various regulatory actions against crypto exchanges and companies.

During an interview with CNBC on June 29, 2023, Clayton expressed his view that the U.S. SEC should pursue legal action against specific companies only when they have strong legal grounds. He emphasized that regulatory agencies should introduce regulations and legal cases they believe will successfully withstand judicial scrutiny.

In light of the SEC voting to dismiss the allegations without prejudice, the Ripple CEO reminded that the former SEC Chair himself had filed a lawsuit that had little chance of success in court. In the XRP lawsuit of December 2020, the SEC had accused Garlinghouse and Larsen of conducting an “unregistered, ongoing digital asset securities offering,” alleging that they had raised more than $1.3 billion.

The recent exoneration of the two executives follows a decision by Judge Analisa Torres in July 2023, where it was determined that selling XRP on secondary markets to individual buyers does not qualify as an investment contract.

#xrp #ripple #BitcoinWorld #bitcoin
$XRP

Shiba Inu Price Prediction: Will $SHIB Price Rally to $0.000008 By October End?

- A renewed sense of bullish sentiment is observed in the crypto market as Bitcoin sustains its recovery above $28,000, positively impacting Shiba Inu's price.
- Shiba Inu recently bounced off the lower trendline of its falling wedge pattern at $0.0000063, resulting in a 5% gain over the past three days and potentially setting the stage for a breakout from its corrective phase.

Bullish Pattern and Potential Rally:
- A bullish breakout from the wedge pattern could trigger a new recovery.
- The intraday trading volume of Shiba Inu is $72.5 million, showing a 29% gain in trading activity.

Potential Breakout:
- Shiba Inu has been adhering to a falling wedge pattern over the last two months, prompting rebounds from both its upper and lower trendlines.
- If buying pressure continues, there could be a 2% gain, attempting to break out from the upper trendline and signaling the end of the correction.
- A daily candle close above the upper trendline could intensify bullish momentum, potentially pushing the price 25% higher to reach the $0.00000876 mark.

Possibility of Further Correction:
- While the short-term outlook is bullish, the overall trend remains bearish.
- The lower trendline has acted as support for the past two months, preventing a more significant correction.
- If selling pressure breaches this support, it could lead to accelerated selling and potentially push the price down to the $0.0000055 level.

Indicators:
- The 50-day Exponential Moving Average (EMA) aligned with the upper trendline of the wedge pattern provides additional resistance against buyers.
- The Relative Strength Index (RSI) shows a daily RSI slope above the 40% mark, indicating sufficient bullish momentum for a significant recovery.

Shiba Inu's price is showing potential for a bullish breakout from its falling wedge pattern, but there remains a bearish trend in the mid-term, and the article highlights key levels and indicators to watch for potential price movements.
#Shibainu #crypto2023 #SHIB $SHIB

Cardano Price Prediction: $ADA Price May Rally 16% If Break this Key Barrier

- Cardano's price has been in a two-month consolidation period with repeated rebounds from its $0.24 support level, which suggests a high accumulation zone.
- The sustained support, combined with the overall bullish sentiment in the cryptocurrency market, has led to the formation of a double-bottom pattern, a bullish reversal signal.

Price Recovery and Targets:
- Over the past three days, Cardano's price has seen an 8.8% recovery, taking it to its current trading price, which appears to be around $0.26.
- A successful breach of this resistance level with a daily candle close above it could lead to a 12% surge in price, reaching the psychological resistance level of $0.3.

Sideways Trend Possibility:
- While the short-term outlook for Cardano's price looks bullish, the mid-term trend remains bearish, with a downsloping trendline visible on the daily time frame.
- This trendline is currently around the $0.28 mark, increasing supply pressure at this horizontal level.
- If Cardano shows signs of rejection at this barrier, it's likely that the coin will continue its sideways trajectory.

Indicators:
- The Relative Strength Index (RSI) shows a significant rise in the daily RSI slope, indicating increased buying pressure around the $0.24 mark.
- The Super Trend Indicator on the daily time frame chart displays a green flag, suggesting a recovery sentiment is active among traders.

Cardano's price may see a recovery with the potential to reach $0.3 if a resistance level is breached, but it also highlights the possibility of a sideways trend in the mid-term, with certain technical indicators supporting the bullish case.
#ada #cardano #crypto2023 #cryptocurrency #cryptonews $ADA

Ethereum Price Prediction 2023, 2024, 2025: Will ETH Price Cross The $2,000 Again This Year?

Current Developments:
- The altcoins market is showing signs of recovery, with Ethereum's price aiming to reach the psychological mark of $2,000.
- Ethereum, known for its decentralized platform and smart contract functionality, is expected to enter a bullish phase, with a retest of the channel pattern increasing the likelihood of a price jump.

**Ethereum Price Predictions**:

- **October 2023**: The article suggests that Ethereum's price may reach $200 with a successful post-retest reversal, driven by overall market improvement and Bitcoin ETF sentiments.

- **2023**: The price may reach $2,200 by the end of the year, but a sideways trend below $1,600 is possible in case of a downside risk.

**Ethereum Price Predictions for Future Years**:

- **2024**: The transition to Proof of Stake (PoS) and reduced gas fees may push the price to $3,582, with a potential low of $2,160 and an average price of $2,871.

- **2025**: Ethereum is expected to maintain an upward trajectory, reaching a new all-time high of $4,925, with a potential dip to $3,917 and an average price of $4,392.5.

- **2026**: The price could reach $6,610, with a low of $5,566 and an average of $5,713.

- **2027**: A new all-time high of $8,705 is predicted, with a potential correction to $6,800 and an average price of $7,246.

- **2028**: Ethereum may reach a new high at $16,140, with a potential low of $12,613 and an average price of $14,482.

- **2029**: Ethereum is expected to approach its all-time high of $21,994.32, potentially surpassing $20,000, and may experience a low of $16,192, with an average price of $19,010.77.

- **2030**: The projected price for 2030 is $26,575.21, with a potential low of $20,647.23 and an average price of $23,563.01.

#ETH #Ethereum #crypto2023 #crypto #cryptocurrency
$ETH $BTC

Ripple Price Prediction 2023 – 2025: Will XRP Be Your Best 2023 Investment At $0.50?

- Bitcoin's recent price increase to $30,000 has had a positive impact on the entire cryptocurrency market, including Ripple.
- The SEC dropping charges against Ripple executives has led to increased demand for XRP, reflecting improved market sentiments.
- Ripple's legal battle with the SEC and the regulatory clarity it has received are highlighted.

**Ripple Price Prediction for 2023**:
- With a sustained uptrend, XRP is predicted to reach $1.4 by the end of 2023, provided buying pressure continues.

**Ripple Price Prediction for 2024**:
- Factors like global recognition and institutional adoption may drive the XRP price to $2.23, while delays or economic slowdown could bring it down to $1.60, with an average of $1.915.

**Ripple Price Prediction for 2025**:
- With growth in the remittances market and low transaction fees, XRP is forecasted to reach a high of $3.38 but could fall to $2.47 in adverse scenarios, averaging $2.925.

**Ripple Price Prediction for 2026**:
- XRP's price is expected to range from $3.53 to $5.47 in 2026, with an average of $4.50, potentially due to resolution of the SEC lawsuit and increased regulatory clarity.

**Ripple Price Prediction for 2027**:
- In 2027, XRP's price is anticipated to range between $4.23 and $8.76, averaging $6.495, as a result of partnerships with financial institutions and increased adoption.

**Ripple Price Prediction for 2028**:
- By 2028, XRP's price could range from $9.28 to $12.10, with an average of $10.69, driven by expansion into new use cases like smart contracts and dApps.

**Ripple Price Prediction for 2029**:
- In 2029, XRP's price may rise to fall between $11.52 and $14.15, with an average of $12.835, due to global partnerships and wider adoption.

**Ripple Price Prediction for 2030**:
- In 2030, XRP's price is forecasted to range between $13.80 and $16.24, with an average of $15.02, driven by increasing global recognition and adoption.

#ripple #xrp #bitcoin #crypto2023

UniSwap Price Prediction 2023, 2024, 2025: Will UNI Coin Price Surge To $10 In 2023?

The rally was short lived as the coin experienced a trend reversal, resulting in the Uniswap price leveling out all its gains.

If the market faces a bearish trend and fails to pull itself back, then the price of Uniswap may go as low as $3.989 with an average of $5.439.

The circulation supply of UNI on ETH has shown a surge in the recent past. The digital asset might seek further attention from marketers as it provides an easy way to exchange coins. Uniswap price for 2023 could range from $4.27 to $8.69.
UniSwap Price Prediction 2024

The event holds the potential to kickstart a bull season. In such a case, the price of the altcoin could escalate to its potential high of $12.85.

On the downside, factors like regulatory clampdown could haunt the price down to $7.63. Successively, the average trading price might occur at $10.80.
UniSwap Price Prediction 2025

By the end of 2025, It might concentrate on newer projects to enhance the protocol to make it more user-friendly. That said, by the end of 2025, Uniswap price prediction 2025 could hit its potential high of $18.33.

UNI Price Prediction 2026

According to our analysts, UNI coin price prediction for the year 2026 could range between $17.91 to $25.94 and the average price of Uniswap could be around $21.89.

UniSwap Crypto Price Prediction 2027

Uniswap price for the year 2027 could range between $23.53 to $31.11 and the average price of UNI could be around $27.15.

UNI Token Price Prediction 2028

UNI crypto prediction for the year 2028 could range between $30.69 to $40.26 and the average Uniswap coin price could be around $35.85.
UniSwap Coin Price Prediction 2029

Uniswap’s forecast for the year 2029 could range between $37.97 to $49.66 and the average Unicoin price could be around $43.32.
UniSwap Price Prediction 2030

According to our analysts, UNI predictions for the year 2030 could range between $47.62 to $61.89 and the average Uniswap price could be around $54.59.
#uniswap #uni #cryptonews #CryptoTalks

Bitcoin Price Prediction as $10 Billion Sends BTC Above $30,000 Resistance – New Bull Market Officially Starting?

Bitcoin, the pioneering digital asset, has once again captured global attention as it surges past the formidable $30,000 resistance level.

With this significant breach of resistance, market analysis is heralding the onset of a fresh bull market cycle. As the world keenly observes Bitcoin's trajectory, the overarching question remains: How high will it soar this time?

At present, Bitcoin trades at a commendable $29,623. Digital gold has seen an impressive 24-hour trading volume of approximately $21 billion, marking an upward trend of over 3% in this timeframe.

Bitcoin proudly sits at the pinnacle, dominating the crypto market, holding the #1 rank on CoinMarketCap. Its live market capitalization stands at a staggering $578 billion.

Delving into its supply metrics, there are currently 19.52 million BTC coins in circulation, inching closer to its maximum supply cap of 21 million coins.

Analyzing the current technical landscape for Bitcoin, we find several pivotal metrics that provide insight into its potential trajectory. The pivot point, a crucial technical level, is currently placed at $29,350.

As we navigate the price landscape, Bitcoin encounters its immediate resistance at $30,285. Further resistances are sequentially layered at $31,075 and $31,820.

On the downside, the cryptocurrency has established its immediate support at $28,200. Delving deeper, subsequent support levels are discernible at $27,285 and $26,555.

Turning our focus to technical indicators, the Relative Strength Index (RSI) stands out prominently. Currently, the RSI value for Bitcoin is at 68.

This is significant as an RSI value above 70 typically signifies that the asset might be in overbought territory, suggesting a potential correction in the offing.

Further complementing our technical analysis is the 50-day Exponential Moving Average (EMA), another critical metric. For Bitcoin, this EMA is currently valued at $28,700.
#bitcoin #BitcoinWorld #btcusd #BTC

SEC chairman Gensler confirms ongoing review of Bitcoin ETFs

Securities and Exchange Commission (SEC) Chairman Gary Gensler recently commented on the application status of numerous Bitcoin spot ETF applications.

SEC Chairman Gary Gensler confirmed that the regulator reviews numerous Bitcoin spot ETF applications.

While mentioning eight or nine such applications, Gensler emphasized the long-standing review process without specifying Grayscale’s situation.

“The staff is doing work on those multiple filings.”
Gary Gensler, SEC chairman

Speaking to Bloomberg, Gensler added that proponents must ensure that their products are registered with the SEC and go through a filing process somewhat similar to a public offering.

However, the head of the SEC refused to talk about how the Grayscale Investments saga would play out further after the SEC decided not to appeal the court’s decision. He also did not say whether the agency would potentially approve one ETF or wait to approve everything in the group if such approval is received.

Earlier this week, the District of Columbia Court of Appeals issued a verdict in the case between Grayscale Investments and the SEC denying the conversion of the Grayscale Bitcoin Trust into a spot Bitcoin ETF.

The Court granted Grayscale’s motion for reconsideration and reversed the Commission’s order. Thus, the regulator rejected the company’s application to create a spot Bitcoin ETF in July 2022 and must review it again.

#SEC #etf #spotbtcetf #BitcoinWorld #bitcoin

Tesla keeps $275m in BTC holdings amid increased AI investment

Tesla has again opted to maintain its Bitcoin (BTC) holdings, marking the fifth consecutive quarter without any changes.

According to the company’s latest earnings report, Tesla’s Bitcoin holdings remain at 9,720 BTC, valued at approximately $275.4 million based on the current market price of $28,300 per Bitcoin.

Tesla secured 43,000 Bitcoins in 2021

This decision starkly contrasts Tesla’s earlier interactions with the cryptocurrency. In the first quarter of 2021, the electric vehicle manufacturer acquired over 43,000 bitcoins at an estimated average price of $34,000, taking its Bitcoin treasury to a peak value of $1.5 billion.

However, environmental concerns led CEO Elon Musk to change direction. Tesla sold a significant portion of its Bitcoin holdings in the first quarter of 2021 and further reduced its Bitcoin assets by about 75% at a 48% loss in the second quarter of 2022.

Despite these sales, Tesla remains the third-largest Bitcoin holder among public companies, trailing only MicroStrategy and Marathon Digital Holdings.

The market closely watches Tesla’s cryptocurrency decisions, as Elon Musk’s involvement has previously had a notable impact on Bitcoin prices.

Tesla reported a net income of $1.85 billion for the July-September quarter, a 44% decline compared to the same period last year. Earnings per share also dropped to 53 cents from 95 cents.

Although Tesla’s financial performance dipped, the company disclosed a marked uptick in its artificial intelligence capabilities. Tesla has amplified its computing capacity for AI initiatives twofold, moving the training framework for its humanoid robot, Optimus, from conventional coding to AI-based methods.

Tesla’s quarterly spending on research and development climbed to $1.16 billion, marking a 58% increase from the previous year. The company attributed this substantial growth to various projects, such as the Cybertruck, enhancements in artificial intelligence, and other R&D efforts.
#tesla #elonmusk #BitcoinWorld #bitcoin

Bitcoin Price Prediction: BTC Rises 6% Amid Israel Crisis, Taproot & Tesla AI

As global events and tech advancements shape the crypto world, Bitcoin price stands resilient. Trading at $28,247 with a 0.84% decline on Thursday, its price rose 6% amidst US calls for action against Hamas' crypto use following Israel's strike.

Additionally, Bitcoin's ecosystem is enriched by the inclusion of stablecoins through Lightning Labs' Taproot Assets alpha. Even as Tesla dives deep into AI, Bitcoin's value in their earnings remains steadfast.
US Lawmakers Urge Action on Hamas' Crypto Use Post-Israel Strike

A bipartisan group of 105 US politicians, including Senators Elizabeth Warren, Roger Marshall, and Representative Sean Casten, have called on the Biden administration for swift action against Hamas and its affiliates' use of cryptocurrency.

This call to action follows a deadly incident in Israel perpetrated by a militant Palestinian faction. The legislators expressed "grave concern" over how groups like the Palestinian Islamic Jihad and Hamas utilize digital assets to fund their activities, thereby circumventing US sanctions.

Bitcoin Price Prediction

For the October 18 BTC/USD technical analysis, Bitcoin's activity is evident on a 4-hour chart. The pivotal value for the asset is $28,582. Currently, it encounters sequential resistance at $29,237, followed by $29,921, and then at $30,500.

On the contrary, potential support markers are at $27,691, dropping to $27,239, and further down at $26,576. The 50-day Exponential Moving Average (EMA) is set at $27,250. With Bitcoin's price trading above this EMA, it implies a short-term upward trend.

In essence, Bitcoin's current trajectory leans towards the bullish side as long as it sustains above $28,000. In the near future, Bitcoin might challenge the mentioned resistance points, warranting traders' attention to these levels.

#BitcoinWorld #bitcoin #btcusd #btcusdt

Shiba Inu Price Outlook: SHIB Sees 4% Rebound from Recent Low – Is the Downtrend Ending?

The price of Shiba Inu (SHIB) has risen by 1.5% in the past 24 hours, with the meme token's jump to $0.00000712 marking a 4% increase from its seven-day low.

SHIB is now up by 2.5% in the past week, although the altcoin remains down by 4.5% in a month and by 12% since the beginning of the year, in contrast to numerous other major tokens (e.g. BTC, ETH, XRP, SOL).

Yet its bounce today raises the hope that the worst of its 2023 is now over, and that buyers are ready to take advantage of its highly discounted price.
SHIB has been weak and oversold for several months now, which should mean that it has to make a recovery soon enough.

Indeed, its indicators seem to signal that such a recovery may have just begun, with SHIB's relative strength index (purple) rising sharply in the past few days, from nearly 30 last week to nearly 50 today.

This indicates a jump in buying momentum, and while SHIB's 30-day exponential moving average (yellow) hasn't begun rising yet, it looks as though its descent below the coin's 200-day average (blue) has ceased, and that it's now ready to begin rising again as the meme token rallies.

It's not clear whether whales have resumed accumulating the token again, yet a big transfer of over $32 million in SHIB today (from an unknown wallet to an unknown wallet) may suggest that its market could start heating up again soon.

With other meme tokens, it would be hard to argue that there's any fundamental reason why a rebound or rally should be coming soon, yet 2023 has seen Shiba Inu take some important steps towards providing it and its ecosystem with some genuine utility.

Indeed, the launch of layer-two network Shibarium remains a major milestone for Shiba Inu, with the layer-two now having processed somewhere in the region of 3 million transactions to date, with around 1.25 million wallets.

#Shibainu #shiba #SHIB #crypto2023

Cardano Yearly Support: The Key To A 15% Price Breakout?

Cardano (ADA) has remained perched above the critical annual support level of $0.24, a steadfast line of defense in the face of market volatility. Despite the notable price swings, the asset’s price action has failed to commit to either a bullish or bearish trend, leaving market participants uncertain about the coin’s future.

A closer look at the daily chart reveals that this indecisive phase is gradually forming a symmetrical triangle pattern, potentially holding the key to forecasting the coin’s near-term trajectory.

As of the most recent data from CoinGecko, Cardano is trading at 0.251940, reflecting a modest 0.3% increase over the past 24 hours, although it has experienced a seven-day loss of 2.7%. These minor fluctuations underscore the prevailing market uncertainty surrounding ADA’s price movement.

Cardano Key Support: A Resilient Barrier

According to a price report, Cardano can maintain its position above this lower trendline, a moderate upswing towards the upper boundary of the triangle at approximately $0.258 could be in the cards, representing a potential gain of 5.5%.

While the triangular pattern remains intact, ADA is expected to remain trapped in a sideways trend. However, should a decisive breakout occur above the triangle, it could ignite a robust 15% rally, setting its sights on the coveted $0.3 milestone.
In a separate report, the outlook remains bearish if buyers fail to seize control of the market in the near future. Traders should brace themselves for a potential test of the $0.24 range in the coming days, adding to the prevailing uncertainty that has kept ADA investors on their toes.
ADA’s Path Ahead

Taking a midterm perspective, the immediate focus should shift to the nearest support level of $0.2380. Given the absence of any convincing reversal signals at this point, a further decline to $0.23 may be on the horizon.

#ada #cardano #trading #Binance

Bitcoin Price Signals Potential Adjustment, Can BTC Overcome the Challenge?

Bitcoin price started an upside correction from the $26,550 zone. BTC is rising and facing a strong resistance near the $27,300 and $27,500 levels.

Bitcoin managed to recover above the $27,000 resistance zone.
The price is trading above $27,000 and the 100 hourly Simple moving average.
There was a break above a major bearish trend line with resistance near $27,000 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair is showing signs of a recovery, but it could struggle near $27,300 and $27,500.

The next key resistance could be near $27,500 or the 61.8% Fib retracement level of the downward move from the $28,285 swing high to the $26,550 low. A clear move above the $27,500 and $27,650 resistance levels could set the pace for a larger increase.

Another Decline In BTC?

If Bitcoin fails to recover higher above the $27,500 resistance, there could be a fresh decline. Immediate support on the downside is near the $27,000 level and the trend line zone.
The next major support is near the $26,900 level and the 100 hourly Simple moving average. A downside break and close below the $26,900 support might send the price further lower. The next support sits at $26,550.

Technical indicators:

Hourly MACD – The MACD is now losing pace in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.

Major Support Levels – $27,000, followed by $26,900.

Major Resistance Levels – $27,300, $27,500, and $27,650.

#bitcoin #BitcoinWorld #btcusdt #btcusd #bitcoinprice

Ethereum Price Stabilizes Potential for Limited Recovery

Ethereum price managed to recover from the $1,520 level against the US dollar. ETH is now facing hurdles near the $1,565 and $1,600 resistance levels.

Ethereum is attempting a recovery wave above the $1,550 level.
The price is trading just above $1,550 and the 100-hourly Simple Moving Average.
There was a break above a major bearish trend line with resistance near $1,555 on the hourly chart of ETH/USD (data feed via Kraken).
The pair could start another decline unless there is a clear move above $1,565 and $1,600.

Ethereum Price Starts Minor Recovery

Ethereum managed to stay above the $1,500 and $1,520 levels. ETH formed a short-term support base and recently started a fresh increase from the $1,520 zone, like Bitcoin.

Ethereum is now trading just above $1,550 and the 100-hourly Simple Moving Average. However, the bears seem to be preventing an upside break above the $1,565 resistance.

If there is a clear move above the $1,565 resistance, Ether could rise toward the next major hurdle at $1,600. It is close to the 50% Fib retracement level of the main drop from the $1,664 swing high to the $1,521 low. A close above the $1,600 resistance might start a decent increase.

In the stated case, Ether could rise and recover toward the $1,665 resistance. Any more gains might open the doors for a move toward $1,750.

Another Decline in ETH?

If Ethereum fails to clear the $1,565 resistance, it could start another decline. Initial support on the downside is near the $1,550 level and the 100-hourly Simple Moving Average.

The next key support is $1,520. A downside break below the $1,520 support might send the price further lower. In the stated case, the price could drop toward the $1,440 level. Any more losses may perhaps send Ether toward the $1,420 level.

Hourly MACD – The MACD for ETH/USD is losing momentum in the bullish zone.

Hourly RSI – The RSI for ETH/USD is now above the 50 level.

Major Support Level – $1,550

Major Resistance Level – $1,565

#Ethereum #ethprice #eth #price #cryptonews

Australian Treasury proposes to regulate crypto exchanges, not tokens

The Australian treasury's newly-released consultation paper will require to crypto exchanges to apply for financial services licence from the local financial regulator.

The Australian federal government is charging forward with plans to regulate the digital asset sector at the exchange level, and may soon require cryptocurrency exchanges to hold a financial services license issued by the local financial regulator.

The core theme of the new regulatory framework is that it aims to regulate cryptocurrency exchanges and service providers instead of individual cryptocurrencies or tokens themselves.

The proposed new rules will see any crypto exchange holding more than $3.2 million, or more than $946 per individual, required to obtain a licence from the Australian Securities and Investment Commission (ASIC).
The proposal has seen a mixed reaction from crypto exchanges operating in Australia.

Australian crypto exchange Swyftx's general counsel Adam Percy called the proposal "thoughtful" and agreed that "the primary focus should be to make sure cryptocurrency users can access blockchain technology with appropriate protections and that there’s room for innovation."

Liam Hennessy, partner at international law firm Clyde & Co said that while its clear that the Treasury is still "grappling" with all of the different types of tokens and services providers, it's crucial to remember that all new proposals set out in the consultation paper are still only suggestions, and are not legally binding recommendations.

Hennessy said that the consultation paper arguably doesn't address the more pressing issues facing the crypto industry in Australia, like issues such as the recent slew of de-banking.

"Many licensed digital assets exchanges, both domestic and international, are struggling to find adequate banking arrangements," said Hennessy.

#cryptocurrency #business #australia #adoption #regulation

SEC Decision Not to Appeal Boosts Odds for Grayscale Bitcoin Trust (GBTC) ETF Conversion

Recent reports indicate that the U.S. Securities and Exchange Commission (SEC) has chosen not to appeal the Grayscale decision, as Bloomberg's ETF analyst, James Seyffart, weighed in on the matter, suggesting that spot Bitcoin ETF approvals are now highly likely, deeming it a "done deal" in his October 13 post.

In a significant development, the SEC has chosen not to contest a court's forceful reversal of its decision to deny Grayscale's request to convert its bitcoin trust into a more accessible exchange-traded fund (ETF). The SEC had until midnight on Friday to determine whether to challenge the court's ruling. However, the SEC allowed this deadline to pass without pursuing an appeal. In response to this news, Bitcoin (BTC) experienced a surge, surpassing $27,000, currently trading around $27,950.

On October 15, Grayscale also confirmed that the SEC's 45-day window to request a rehearing has lapsed. Consequently, the court is set to issue its "final mandate" within the next seven calendar days.

Grayscale reiterated its operational readiness to convert the Grayscale Bitcoin Trust (GBTC) into an exchange-traded fund (ETF) upon receiving approval from the SEC. They stated, "The Grayscale team remains operationally ready to convert GBTC to an ETF upon the SEC's approval, and we look forward to sharing more information as soon as practicable."

This development signifies a noteworthy shift in the regulatory landscape, kindling hopes for a more accessible investment vehicle for Bitcoin through an ETF.

#SEC #etf #GBTC