Crypto News Ethereum

Trade Activity Shows Ethereum Whales Are Seeking Refuge In Stablecoins

For a while now, Ethereum whales have been moving their coins around. This has been a direct result of the bear market that has caused investors to lose a significant amount of their portfolios. Even now, the crypto market is still being ravaged by declining prices. The result of this has been investors seeking refuge in tokens that do not see a lot of volatility, and Ethereum whales have not been left out of this flight to safety. Stablecoins Gain Favor Over the last 24 hours, the trade activity of the top Ethereum whales has shown a big shift towards stablecoins. These whales, who have usually been known to trade across a number of digital assets regardless of their volatility, are taking less risk during this time. The USDT stablecoin has been the number 1 token by trade volume for these top Ethereum whales. The average volume transacted by the whales came out to $267,328, even higher than the volume for ETH, which was the second-highest by trading volume. USDC featured in third place on this list, with an average amount of $89,180 over this time.  Related Reading: Bitcoin Sees Massive Decline In On-Chain Activity In the same vein, the stablecoins were at the top of the most purchased tokens over this time. USDT naturally led the list, while USDC was in second place. Interestedly, ETH did not take 3rd place as expected because Ethereum whales bought more SRM than ETH over this time period.  ETH price settles above $1,300 | Source: ETHUSD on TradingView.com On the topic of sales, the whales continued the trend of moving toward stablecoins. ETH was the most sold token over the last 24 hours, most of which had gone to converting ETH holdings into the more stable USDT and USDC. Ethereum Whales Want Stability Over the course of 2022, Ethereum whales have moved towards more stable options. While ETH continues to top their holdings, the change in their token holdings shows that these whales are getting ready to weather another bear storm. The start of the year had seen tokens such as Shiba Inu and FTX Token topping the holdings of these large investors. However, the tide has shifted so much in this regard that the largest token holdings of these whales are now in stablecoins. Related Reading: Why Most Public Bitcoin Miners Have Performed Terribly In Their Lifetimes Presently, USDC is the largest token holder of the top 100 Ethereum whales at $653.3 million (26.09%). It is then followed by USDT with a cumulative holding value of $575.14 million (22.96%). Shiba Inu still features highly on this list but is a long way from being the largest token held by these large investors. Given that analysts continue to warn investors that the bottom of the crypto bear market is not in, it is no surprise that these investors are looking for safety. If the bottom happens to be lower than already recorded cycle lows, then there is more pain to come. Featured image from CryptoSlate, chart from TradingView.com Follow Best Owie on Twitter for market insights, updates, and the occasional funny tweet…

Crypto News

Web3 Wellness Platform Amino Celebrates Historic Career of Four-Time NBA Champion Klay Thompson in Inaugural Drop of the GRAILS NFT Collection

As the first drop in a series of NFT launches, the collection will be available on Binance NFT to celebrate the amazing careers and accomplishments of some of the world’s most recognizable athletes Amino, a new platform that is bringing health and fitness into Web3, has announced it is launching a new NFT collection to celebrate the incredible career of Klay Thompson, one of the famous “Splash Brothers” of the Golden State Warriors. The Warriors are the reigning champions of the NBA, and this collection features unique artworks from Klay Thompson’s 2015, 2017, 2018, and 2022 championship runs with the Warriors. Andrew Shore, the CEO of Amino, said in a statement that the Binance NFT marketplace is the perfect choice for the launch of the GRAILS collection. “Klay Thompson is a globally-recognized and beloved NBA superstar, and we are extremely excited to be kicking off our partnership with Klay’s NFT collection on Binance NFT to allow fans to be part of and experience his most iconic career moments in new and innovative ways,” he said. Amino says it is bringing health and wellness into Web3 and user engagement via NFTs. That is why the recognition of successful superstars is an important part of the company’s vision, Shore explained. To meet consumer demand for exclusive, high-end NFT drops, Binance NFT uses Mystery Boxes as part of its drops. These drops go on sale exclusively on the Binance NFT marketplace. The drop for the Klay Thompson collection is set to go live on October 18, 2022. The drop includes 10,000 Mystery Boxes at $50 each. Depending on rarity and exclusivity, some of these NFTs will include exclusive Klay Thompson memorabilia, from autographed jerseys, basketballs, and photographs, to live experiences and in-person and online access to events and other in-demand offerings. Every one of the 30 NFT collections set to be launched by Amino as part of the GRAILS project will celebrate iconic athletes across a range of sports. All of the drops will include rare NFTs that unlock special experiences and memorabilia, thereby helping to connect users not just to online, Web3 experiences but to real-world, in-person, and physical items and assets. Users can follow news about the Klay Thompson GRAILS drop on Twitter at @aminorewards and @thebinanceNFT. Amino says that future drops and athletes will be announced as part of this exciting new collection. Amino positions itself as a health and fitness ecosystem that brings personal wellness into Web3.  It has a unique suite of personal fitness apps, premier athlete NFTs and Metaverse gaming for users to earn by staying active and “being the best version of themselves”.

Crypto News

Uniswap Could Slide Below Support Zone – No Demand For UNI This Week?

On Thursday, the $6.7 price range of Uniswap was rebuffed once again. The momentum has slowed on the shorter time frames, which is a bearish indicator for traders and investors. It’s possible that the recent decline in Bitcoin’s value is responsible for UNI’s lag. Statistics show that there is a moderately high relationship between UNI and Bitcoin. Recent price changes for both coins show a strong correlation between them. UNI has been closely following Bitcoin’s price action. As the bearish slump in Uniswap continues into its second day, the currency pair may be retracing its recent gains. As of this writing, UNI is trading at $6.45, up 12% in the last seven days, data from Coingecko show, Friday. Related Reading: ApeCoin Performance Could Attract The Whales – How About The Bulls? Uniswap Indicator: Bearish UNI fell to a closing price of $6.379 yesterday, 7.62% lower than its September 28 closing price of $6.555. Price action in the past is also suggestive of a developing bearish momentum. The momentum indicator is at a bearish low at the moment. Daily and 4-hourly trends tell the same pattern as well. The amount of UNI currency on hand is at an all-time high, per CryptoQuant statistics. Foreign exchange reserves on the rise portend worse conditions. As of this writing, daily UNI transaction volume in the shorter time frames from September 27 to now has been volatile. During this time range on September 27, UNI rallied and tested the $6.7 resistance level. This price trend mirrored that of Bitcoin. Although demand for UNI is not very great, both BTC and UNI are currently exhibiting indications of recovery. A Retreat, Or Advance? A recent research predicted that UNI would decline to $5.50, a volatile region that might spark a bigger sell-off in the crypto. A decline of this nature could prompt investors and purchasers to acquire a position inside the aforementioned price range, restoring the currency to its current value. However, UNI’s technological aspects are relatively neutral. On the charts, this appears as a near-stabilization of the price, which is supported by the 38.20 Fibonacci level. This neutrality of the technical indicators and the relatively stable price range can assist the bulls in gaining strength for a breakout. However, UNI has struggled to surpass the $6.49 level of resistance. A breach of this resistance might initiate a gradual rally toward the $6.7 price level. As the price trend wanes, UNI has a same chance of falling to $5.5 or rising to $6.7. Related Reading: QUANT Basks In Green As QNT Coin Surges 35% On 7-Day Rally UNI total market cap at $4.95 billion on the daily chart | Source: TradingView.com Featured image from Brightnode, Chart: TradingView.com

Crypto News

Terra Reacts To Case Against Do Kwon, Claims Matter Is Highly Politicized

The collapse of the algorithmic stablecoin Terra and its native token LUNA remained a shocking event in the crypto space. The outcome was the loss of billions of dollars for many individual and institutional investors. It also threw the entire crypto industry into a historic crisis. Lots of changes have taken place following the fall of the stablecoin. Subsequently, some investigations and legal cases have been against the founder of Terraform Labs, Do Kwon. Firstly, the South Korean Prosecutors leveled some allegations against the Terra Chief. Related Reading: Polkadot Price Drops On Chart With Resistance At $6.80, What’s Next? Also, the International Criminal Police Organization (Interpol) issued a Red Notice against him. The Interpol request is for law enforcement’s immediate arrest of Do Kwon globally. There was a massive loss of over $60 billion of investors’ funds through the fall of Terra and its ecosystem in the first half of the year. The South Korean Prosecutors requested the assistance of Interpol for the arrest of Kwon. The prosecutors accused the Terra chief of hiding to avoid their investigations. According to a source, Kwon was seen in Singapore, though the city police noted that he later left. Terra Says Case Against Kwon Is Highly Hyped Up Following the alert from Interpol, there was a slight fall in the prices of Terra Classic (LUNC) and the newly launched Terra LUNA. Some rumors have been that Kwon went into hiding since the collapse of Terra and its ecosystem. Terraform Labs has finally reacted to the case against Do Kwon. The firm stated that the case is highly politicized while speaking to Bloomberg. The spokesperson mentioned that the South Korean Prosecutors’ steps depicted unfairness in all aspects. Related Reading: Cardano Price Fails To Pierce Through $0.48 As Bears Continue To Dominate According to the spokesperson, the prosecutors failed to adhere to the basic rights available under Korean Law. Also, he noted that the prosecutors’ allegations against Kwon of breach of capital market laws indicated reasonable bias. Featured Image Pixabay, Charts From Tradingview.com

Crypto News

Subsidiary Of Block Inc. Collaborates With Circle To Promote Global USDC Adoption

One of the expectations of the crypto community is adoption, a journey on which USDC has embarked. The more countries adopt crypto and its products, the better the industry thrives in value and utility. That’s why the reports of adoptions always evoke a sense of satisfaction in enthusiasts. Following cryptocurrency adoption reports from different countries year after year, 2020 and 2021 recorded the most global adoption based on transaction volumes. However, from quarter three of 2021 to 2022, the crypto adoption slightly leveled off the challenging market conditions. Related Reading: Why Most Public Bitcoin Miners Have Performed Terribly In Their Lifetimes However, despite the decline, the market has remained resilient, and long-term crypto investors continue to hold on, hoping for better outcomes. The Crypto industry Stakeholders try to explore endless options to enable the mainstream adoption of cryptocurrencies globally. A recent report revealed that TBD, a subsidiary of Block Inc., has formed a collaboration with Circle to work on open-source and open-standard technologies. In addition, the partnership aims to promote the adoption of digital currencies for global transactions and financial applications. Details Of The TBD-Circle Collaboration TBD is an open-source platform that allows developers to create products and services on decentralized technologies. TBD plans to connect traditional payments and decentralized financial systems to promote digital currency through its products. Block Inc. is a multinational tech firm founded by Jack Dorsey and co-founder Jim McKelvey. Block has many subsidiaries, such as Square, Cash App, Afterpay, and lots more. The company’s subsidiaries are majorly payments Platforms. It also owns a digital music streaming company known as Tidal. Block invested 1% of its total asset into Bitcoin in 2020. On September 29, TBD posted a tweet announcing its partnership with Circle to support cross-border remittance and self-custody of USDC stablecoin. The circle is a global financial tech company that helps businesses and developers explore the power of digital currencies for payment and internet commerce worldwide. The collaboration between TBD and Circle would undoubtedly yield benefits for the crypto industry. The Chief operating officer of TBD, Emily Chiu, thinks BTC is a potential reserve currency and might challenge the USD in the future. Chiu also feels the stablecoins would become the bridge between USD and BTC future. TBD to Support USDC Use Cases For Cross-border Remittance In the collaboration, TBD plans to support USDC in use cases. These use cases would enable developers to build on Block’s tbDEX protocol and Web5 decentralized identity platform. Related Reading: ApeCoin Performance Could Attract The Whales – How About The Bulls? The use cases include global real-time and low-cost remittance and self-custody USD-backed stablecoin wallets. The use cases would also enable businesses and consumers to make traditional payments using digital assets. In the current US Feds’ monetary tightening policy and inflation, currencies of many countries have devaluated. As a result, the stablecoins are now remittance and savings alternatives. TBD intends to support remittance in the United States and Mexico, targeting India, and the Philippines, the world’s largest remittance recipients. Mexico receives 95% of the remittances that come from the United States. Featured Image Pixabay, Charts From Tradingview.com

Crypto News Ethereum

TA: Ethereum Price Momentum Above $1,320: Here’s Why Bulls Are Comfortable

Ethereum started a consolidation phase above the $1,300 level against the US Dollar. ETH could start a fresh increase if there is a clear move above $1,350. Ethereum recovered above $1,300 and started a consolidation phase. The price is now trading above $1,310 and the 100 hourly simple moving average. There is a key declining channel forming with resistance near $1,340 on the hourly chart of ETH/USD (data feed via Kraken). The pair could start a fresh increase if there is a clear move above the $1,350 resistance zone. Ethereum Price Eyes Upside Break Ethereum started a steady recovery wave above the $1,300 resistance zone. The bulls were active above the $1,300 level and ETH settled into a short-term positive zone. There was a clear move above the 50% Fib retracement level of the key decline from the $1,400 swing high to $1,252 low. Ether price even spiked above the $1,340 resistance, but upsides were limited. It is now trading above $1,310 and the 100 hourly simple moving average. There is also a key declining channel forming with resistance near $1,340 on the hourly chart of ETH/USD. On the upside, the price is facing resistance near the $1,340 and $1,350 levels. The next major resistance is near $1,364 level. It is near the 76.4% Fib retracement level of the key decline from the $1,400 swing high to $1,252 low. A clear break above $1,364 might start a decent increase towards the $1,400 level. Source: ETHUSD on TradingView.com Any more gains may perhaps open the doors for a move towards the $1,450 resistance zone, above which the price could surge to $1,500. Fresh Decline in ETH? If ethereum fails to climb above the $1,340 resistance, it could start a fresh decline. An initial support on the downside is near the $1,310 level. The next major support is near the $1,290 level and the channel lower trend line. A downside break below the $1,290 level might send the price towards the $1,265 support in the near term.  Any more losses could increase selling and the price might drop to $1,250 or even towards $1,220. Technical Indicators Hourly MACD – The MACD for ETH/USD is now losing momentum in the bullish zone. Hourly RSI – The RSI for ETH/USD is now just above the 50 level. Major Support Level – $1,290 Major Resistance Level – $1,350

Crypto News

Monero Price Continues Its Bullish Streak, Will This Be Its Next Trading Range?

Monero price has been bullish despite the broader market trends. Over the last 24 hours, XMR has continued moving up on its chart. It gained close to 4%. In the past week, Monero price gained significantly as there was a 9% appreciation on the altcoin’s chart. The technical outlook for the coin was bullish on the one-day chart. Monero has experienced low buying pressure over the past few days. The technical indicator now displayed that buying strength was recovering on the charts, which meant that XMR could be headed close to its next resistance mark. With increased demand, XMR could hold onto its bullish momentum. The support zone for Monero price was between $146 and $136, respectively. Bitcoin was also up on the charts, which has helped other altcoins make recoveries on their respective charts. Monero has to move above the $146 price mark. That could only be possible if the demand for XMR continues to increase and remain consistent. Monero Price Analysis: One Day Chart XMR was trading at $146 at the time of writing. The coin’s immediate resistance level was $154. The coin needs to move past that level for the bullish streak to strengthen on the chart. The other tough price ceiling for Monero price to break past would be $163. The bulls have been rejected at that level for multiple weeks now. On the flip side, if Monero prices go through a pullback, the first level for Monero would be $134. A fall below the $134 price mark could cause XMR to move down to $127. The amount of Monero traded in the last trading session decreased, which indicated that selling strength had fallen at the time of writing. Technical Analysis XMR’s technical indicators have reflected the increase in buying strength, painting a positive price action. Selling strength on the chart declined, which could help XMR move up on its chart further. At the moment, the Relative Strength Index moved up near the half-line, and buying strength and selling strength were almost even. As the indicators displayed, the chart sided with the buyers more. Monero price moved up above the 20-SMA as buying strength recovered. It also meant that buyers were driving the price momentum in the market. Related Reading: Polkadot Price Drops On Chart With Resistance At $6.80, What’s Next? XMR’s other technical indicators are also inclined towards the bullish side. The Moving Average Convergence Divergence indicated the price momentum and overall price action. The MACD underwent a bullish crossover and formed green signal bars, which was buy signal for the coin. The Parabolic SAR determines the price direction of a particular crypto. The dotted line below the price candlestick means an upward trend for Monero price. Related Reading: Cardano Price Fails To Pierce Through $0.48 As Bears Continue To Dominate Featured image from The Street, Chart: TradingView.com

Bitcoin Crypto News

TA: Bitcoin Price Forms Bullish Pattern, Why BTC Could Rally Above $20K

Bitcoin price is holding gains above the $19,000 level against the US Dollar. BTC could rally if there is a clear move above the $19,660 resistance zone. Bitcoin remained stable and consolidated above the $19,000 support zone. The price is trading above $19,100 and the 100 hourly simple moving average. There is a key bullish trend line forming with support near $19,220 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair could start a fresh surge if there is a clear move above the $19,660 resistance zone. Bitcoin Price Consolidates Bitcoin price started a recovery wave from the $18,500 support zone. BTC bulls remained active above the $18,500 level and managed to push the price above the $19,000 resistance zone. There was a clear move above the 50% Fib retracement level of the key decline from the $20,382 swing high to $18,486 low. The price even climbed above the $19,500 resistance zone, but the bears were active near the $19,650 and $19,660 levels. Bitcoin price is now consolidating above $19,100 and the 100 hourly simple moving average. There is also a key bullish trend line forming with support near $19,220 on the hourly chart of the BTC/USD pair. On the upside, an immediate resistance is near the $19,500 level. The next major resistance sits near the $19,660 zone. It is close to the 61.8% Fib retracement level of the key decline from the $20,382 swing high to $18,486 low. Source: BTCUSD on TradingView.com A clear move above the $19,660 resistance might start a fresh increase. In the stated case, the price could even surpass the $20,000 resistance zone. The next major resistance is near the $20,500 zone, above which the price may perhaps revisit the $21,000 zone. Another Drop in BTC? If bitcoin fails to rise above the $19,660 resistance zone, it could start a fresh decline. An immediate support on the downside is near the $19,350 zone and the 100 hourly SMA. The next major support is near the $19,220 zone and the bullish trend line. The main support is near $19,000. Any more losses might call for a drop towards the $18,500 support zone in the coming sessions. 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 – $19,220, followed by $19,000. Major Resistance Levels – $19,660, $20,000 and $20,500.

Crypto News

Bitcoin (BTC) Price Ahead Of Monthly Close, Go Big Or Go Home

BTC price trades below 50 and 200 EMA on the daily timeframe despite showing some relief strength.  BTC rally caught short as price continued to range. The price of BTC must close above $21,500 ahead of the monthly close as bulls sweat over price movement.  The price of Bitcoin showed strength as Bitcoin (BTC) bounced from its weekly low of $18,500 after the increase in interest rate affected its price negatively. The price of Bitcoin has since struggled to regain its bullish run. It has to a region of $25,000 with the monthly candle just a few hours away from closing. Many traders and investors hope for a better month ahead as the BTC movement has seen little to no volume for a long time. (Data from Binance) Related Reading: Why Most Public Bitcoin Miners Have Performed Terribly In Their Lifetimes Bitcoin (BTC) Price Analysis On The Monthly Chart On the monthly chart, the price of BTC has seen more downside than upside, falling from a region of $69,500 to a current value of $19,450, where the price is struggling to close the month on a positive note. BTC’s price needs to close above $21,500 to begin a small relief rally, as it has continued to trade at its previous all-time high and has tested the region numerous times, with the area acting as support looking weaker with each retest. BTC must break and hold above the $21,500 resistance with good volume in order to restore a relief bounce. If the price of BTC remains in this current structure and refuses to break higher, we could see it retest $17,500 support and possibly a lower support area of $17,000 on the Monthly chart if there is a sell-off. Monthly resistance for the price of BTC – $21,500. Monthly support for the price of BTC – $18,000. Price Analysis Of BTC On The Daily (1D) Chart In the daily timeframe, the price of BTC continues to trade below key resistance as the price remains in a range to break above to higher heights.  The price of BTC on the daily chart showed strength to break out above $20,500 as the price faces rejection in an attempt to break out of its range-bound movement.  The price of BTC trades at $19,460 below the 50 and 200 Exponential Moving Average (EMA). The prices of $20,500 and $28,000 correspond to the prices at 50 and 200 EMA for BTC on the daily timeframe.  BTC needs to break and close above $20,500 for the price to gain momentum as the current price action hasn’t been favorable for BTC’s price.  Daily resistance for the BTC price – $20,500. Daily support for the BTC price – $18,000. Related Reading: ApeCoin Performance Could Attract The Whales – How About The Bulls? Featured Image From Dictionary, Charts From Tradingview

Crypto News

Chainlink (LINK) And Cronos (CRO) Post Positive Moves Amidst Market Uncertainty

Chainlink (LINK) and Cronos (CRO) have recently enjoyed positive price movements, despite the market’s uncertainty over cryptocurrencies. Both tokens increased around15% from their low point 7 days back. The recent gains show that LINK and CRO are still holding strong as they continue to rank top 50 based on market cap. The two tokens also maintained a high trading volume throughout the last seven days. Related Reading: Bitcoin And The Golden Ratio Bottom | BTCUSD Analysis September 29, 2022 Upward Trends Amidst Market Uncertainty The entire crypto market still suffers from the recent bearish trend. However, LINK and CRO managed to maintain an upward movement amid investors’ concerns about the future of cryptocurrency markets. In fact, LINK has been one of the best-performing altcoins this week. It gained over 21% since last Thursday, reaching a high of $8.46 yesterday. This is not surprising considering the token’s performance in the last 30 days. LINK was able to gain around 16% this month alone. We can’t say the same for CRONOS’ 30-day performance. However, it did manage to move upwards by 16.9% during the past seven days. Its current value stands at $0.110, which is up from its lowest point of $0.105. Reasons For LINK’s Positive Moves A recent tweet from Santiment suggested that many investors opted to unload LINK holdings they purchased during a price drop. Yesterday, LINK reached a local high of $8.46, providing an opportunity for several market participants to benefit. The number of LINK transactions was four times higher than expected, according to the Santiment analytics team.  In another tweet from Santiment, LINK stakeholder activity peaked on September 28. Despite the general bearishness in the cryptocurrency market, this helped LINK break the $8 threshold and begin a period of growth. The increase led Santiment analysts to conclude that LINK has been “decoupling” from other cryptos in the last 10 days. The coin’s price, however, was unable to maintain the new high. According to CoinMarketCap, LINK has dropped over 0.22% in the last 24 hours to $7.89 at the time of writing. Social Engagement Responsible For CRO’s Rise The recent week was a breakthrough one for CRO. According to statistics from the cryptocurrency social analytics company LunarCrush, the altcoin ranked 26th in terms of market capitalization. The previous week has also seen a surge in CROs’ social engagement. As of September 23rd, its total number of social media mentions had risen by 40% to 37,000. Also, the value of CRO’s social engagements went up by 14% over that time, reaching $61.6 million. The alt’s price rose by 13% as of September 23rd, according to LunarCrush, because of the increased interest in it on social media.  Related Reading: Bitcoin Sees Massive Decline In On-Chain Activity This past week saw a 1% decrease in the average seven-day supply of CRO on exchanges. To investors’ relief, this trend swung in their favor as an uptick in the indicator would’ve signaled a rise in selling pressure. As of the time of writing, CRO has gained 3.16% in value over the previous week, as measured by volume traded on CoinMarketCap. Featured image from Pixabay and chart from TradingView.com