Crypto Today: Bitcoin, Ethereum and XRP consolidate as SUI continues impressive run
Ethereum bounced off the $2,595 support, and XRP is moving horizontally around $0.589.
SUI has given investors a monthly gain of 65% after seeing key updates within its ecosystem.
Bitcoin traded around $63,600 on Tuesday, as prices appear to be consolidating within the $62,000 and $64,700 key levels. On-chain data shows that the consolidation may be due to profit-taking by holders and mild Bitcoin ETF net inflows of $4.5 million, per Farside Investors data.
Ethereum is trading within key rectangle channels and tested the $2,595 support before bouncing toward the $2,630 level. If the support level continues to hold, ETH could rally to test the resistance at $2,817. Additionally, Ethereum ETFs posted heavy net outflows of $79.3 million on Monday â their highest since July.
XRP is consolidating around the $0.589 level at press time, following a similar weak performance across the crypto market. XRP could see increased bullish momentum if it reclaims the $0.600 psychological level.
Market movers
Bitcoin and the general crypto market remained fairly muted following People's Bank of China (PBoC) Governor Pan Gongsheng's announcement that China will reduce its reserve requirements ratio (RRR) by 50 basis points (bps). RRR is a portion of deposits that a commercial bank must hold in its reserve instead of lending or investing all its assets. A reduction in the RRR is used to stimulate the economy, meaning investors have access to more loans, and banks could make more investments.
While Chinese stocks rallied after the announcement, the price of Bitcoin and altcoins showed no response, unlike the crypto market rally that followed the US Federal Reserve's (Fed) decision to cut interest rates by 50 bps. The reaction underscores Bitcoin and crypto's rising correlation to Fed rates and US stocks.
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$SUN
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$POND
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When #ALTCOINS rally Will Start ?
The flow to the alts continues
Over the past 24 hours, major Bitcoin holders have sold more than 20,000 coins for a total of $1.28 billion!
Following these sales, a large influx of investment into many altcoins was seen, which basically answered the question of where all these volumes were directed.
The flow of funds from bitcoin to alto is starting to gain momentum. It is because of this factor that we are seeing a good revival of altos.
These events usually occur shortly before a significant dominance correction and the start of altcoin bull run. If this trend continues, Q4 of this year promises to be promising.
#altsesaon #BinanceLaunchpoolHMSTR #BTCReboundsAfterFOMC #NeiroOnBinance
Blum Coin is scheduled to launch on October 1, 2024, with an initial price of $2.00 per token. Analysts are suggesting a potential rise to $5.00 within the first few months. The coin is expected to be listed on Binance, although the exact date has not been confirmed.
Blum Coin functions as a decentralized exchange, allowing traders to access tokens from centralized and decentralized platforms. With over 20 million users already onboard, the platform is gaining attention. Investors should monitor developments closely, especially with the upcoming Binance listing.
#Blum #Binance #CryptoLaunch
đ Exciting news from the blockchain world! XProtocol, built on Coinbase's Base chain, has just launched XForge, the world's first node-operated DePIN smartphone! đ± This Android device lets users participate in the DePIN network directly, earning rewards and crypto incentives. XForge is set to revolutionize mobile devices by merging blockchain power with smartphone convenience.
Theta Labs isn't far behind with their new EdgeCloud for Mobile! Now, Android users can contribute spare GPU power to the Theta EdgeCloud network and earn TFUEL tokens. With AI video detection, this app supports AI research in media, healthcare, and finance.
What do you think about these innovations? Share your thoughts below! đŹ #Blockchain #Crypto #Web3
đ **Blockchain Meets Smartphones and AI!**
- **XProtocol** just unveiled the **XForge**, the "worldâs first node-operated DePIN smartphone." Built on Coinbase's Base chain, this Android device lets users participate in the DePIN network directly from their phones, earning rewards and cryptocurrency incentives. Imagine combining blockchain power with smartphone convenience!
- **Theta Labs** launched **EdgeCloud for Mobile** on Google Play. This app allows Android users to contribute spare GPU power to the Theta EdgeCloud network, earning TFUEL tokens. It supports AI research in media, healthcare, and finance, and features AI video detection technology.
What do you think about these innovations? Share your thoughts in the comments! đ
đ Hold onto your hats, DeFi & Web3 fans! XProtocol just dropped the mic with XForge, the world's first node-operated DePIN smartphone, built on Coinbase's Base chain. Imagine earning crypto rewards straight from your phone! đ±đž
But wait, there's more! Theta Labs launched EdgeCloud for Mobile, letting Android users contribute spare GPU power for AI tasks and earn TFUEL tokens. Talk about multitasking! đ€đ„
The future is here, and it's decentralized! What do you think? Ready to turn your phone into a blockchain powerhouse? Comment below! đ #DeFi #Web3 #CryptoRevolution
đ Worldcoin (WLD) surged for the third straight day, testing the $2 resistance level, its highest since Aug. 2. The token has jumped over 54% from its August low. đ
- **New Launches**: World ID now available in Guatemala, Malaysia, and Poland. Already in Argentina, Chile, Austria, Mexico, and the US.
- **Stats**: 6.7M World ID verifications, 155K new accounts in the last week. Wallet transactions hit 142M, with daily transactions nearing 400K.
- **Future Plans**: Developing World Chain, an Ethereum layer-2 network to lower gas fees and enhance scaling.
Concerns remain over data privacy, with past issues in Kenya, Hong Kong, and Portugal. What are your thoughts on Worldcoin's growth and privacy issues? Comment below!
China Stimulus To Boost Crypto Outlook As ââStars Are Aligningââ For Macro Environment, QCP Capital Says
China stimulus and favorable global macroeconomic factors will create a bullish environment for risky assets like crypto, according to QCP Capital.
âWe believe more easing is coming from the Peopleâs Bank of China (PBoC), and they have communicated as much,â QCP Capital said in a Sept. 25 blog post. âAll major central banks, except Bank of Japan, are now ready to inject more liquidity into the market. The macro space continues to look more and more bullish for risk assets, including crypto.â
The Peopleâs Bank of China (PBoC) cut interest rates today and plans to reduce the cash banks must hold as reserves as part of a broad stimulus package to support its faltering economy.
âThe stars are aligning in the macro environment, which could drive crypto prices higher,â the QCP analysts said. âWe know how explosive crypto prices can be, and with so many bullish catalysts, we think the next move higher will leave many people surprised and sidelined.â
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$LQTY
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$GAS
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Here's today's analysis update for UMA/USDT:
Current Trend: The current trend for UMA/USDT is looking bullish, with a potential breakout above the trend line. The conversion rate of UMA/USDT has increased by 0.18% in the last hour and grown by 0.53% in the last 24 hours.
Key Levels to Watch:
- Support: 0.9132 USDT, 0.786 Fib. retracement level
- Resistance: 0.9379 USDT, 0.9393 USDT
Technical Analysis: The Relative Strength Index (RSI) and other technical indicators suggest growth, with a possibility of a growth reaction from the 50% level. However, some indicators like RSI, CCI, and Williams %R are overbought, indicating a potential pullback.
Trade Ideas:
- Long-term: Buy above 2.43 USDT, target 7.67 USDT
- Short-term: Sell below 2.05 USDT, target 1.88 USDT
Market Sentiment: The market sentiment is currently bullish, with a 60% chance of an upward move.
Keep in mind that cryptocurrency markets are highly volatile, and thorough research is always advised before investing.
$UMA
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Ethereum ETFs See Biggest Outflows Since July
In recent days, Ethereum ETFs have recorded their biggest net outflows since July of this year, with over $79 million U.S. exiting on Sept. 23.Analysts blame the outflows on waning demand among institutional investors who prefer rival Bitcoin (CRYPTO: BTC) ETFs.Capital allocations to Ethereum ETFs have been steadily declining since they made their market debut in the U.S. on July 23 of this year following regulatory approval.The latest outflows are particularly disappointing coming as they do amid a broad rally in cryptocurrencies that has been sparked by the U.S. Federal Reserve lowering interest rates.While Ethereumâs price has gained 11% since the Fed reduced rates by 50-basis points on Sept. 18, outflows from the ETFs have continued to accelerate.Crypto observers say the growing disconnect between Ethereumâs price and ETF flows indicates that investors are uncertain about the assetâs long-term growth potential.However, even though Ethereumâs price is marching higher currently, the second largest Cryptocurrency by market capitalization hasnât reached a fresh all-time high since autumn 2021, which is the last time the market peaked.Bitcoin, in contrast, hit an all-time high of just under $74,000 U.S. in March of this year.And even with the current advance, Ethereumâs price remains flat (up 0.19%) on the year at $2,357.76 U.S.
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$LOKA
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đ Crypto Market Buzz: Memebet Casino Token Nears $300K in Presale! đ
- The crypto market cap surged 10% this week, fueling interest in new altcoins like Memebet (MEMEBET).
- Memebet, a memecoin casino token, is nearing $300K in presale funds, aiming to build the first meme coin casino.
- Users can gamble with popular meme coins like Dogecoin, Pepe, and Shiba Inu.
- Significant social media traction: 13K+ on X, 6K+ on Telegram.
- Smart money analysts predict high returns; some even forecast a 100x price increase.
- Join the presale for airdrop access and potential gains!
đŹ What do you think about Memebet's potential? Share your thoughts below!
đ $WLD /USDT Market Surge Alert! đ
Folks, let's dive into the electrifying rally of WLD/USDT! Recently, we witnessed a sharp spike in the price, catapulting from $1.713 to an exhilarating high of $2.12. What's even more compelling is this 15-minute chart snapshot showing a robust ascent to $2.076, proving that WLD is not just buzzingâit's soaring!
What's Fueling the Fire? đ„
The surge seems to be driven by strong buyer enthusiasm, evident from the substantial green candles and increased trading volume. The market has spoken: WLD is gaining traction, and fast!
Next Stops on this Rocket Ride đ
- Current Price: $2.076
- Immediate Support: $2.050
- Immediate Resistance: $2.100
- Market Sentiment: Bullish
60-Day Outlook đ
Looking ahead, the 60-day trajectory for WLD seems promising. If the momentum continues, breaking past the $2.100 resistance could set new targets at $2.150 and beyond. Keep your eyes peeled, traders, WLD might just be your next golden ticket!
Bottom Line đĄ
WLD/USDT's performance is a textbook case of market dynamics in play, offering not just a trading opportunity but a front-row seat to the thrilling world of crypto trading. Stay tuned, and let's make the most of this market wave!
đ Stay updated for more insights and ensure your trading strategies are as dynamic as the market!
#WLD #CryptoTrading #MarketAnalysis #Binance #Write2Earn!