Crypto News

Solana (SOL) Holds Its Gains While Most Coins Bleed

Solana (SOL) has managed to keep most of its gains over the past 48 hours while most coins bled out. The token started yesterday, September 29th, at $33.25, going as high as $34.34 at midday. Solana (SOL) suffered a loss in value on September 28th, when it dropped from $32.85 to $31.74. However, it quickly recovered before the end of the trading day and has been steadily increasing since then. The Price of SOL currently sits at $33.72 at the time of writing. Related Reading: Trade Activity Shows Ethereum Whales Are Seeking Refuge In Stablecoins SOL Holding On For Dear Life The past few days have seen most coins in the top 100 drop in value by more than 10%. SOL is one of the few tokens that have held its ground during this time. The coin price was off to a rocky start, entering the new week at $32.1. At a point, it seemed like it would rally up to $40 when it reached $35.02 on Tuesday, the 27th. However, the run was short-lived as it fell to $31.77 the next day. Later, the token left investors smiling as it slowly galloped back up to $34.34 the next day, September 29th. So far, it has kept a decent amount of profit for itself and is currently sitting at $33.89. Gains Amidst Troubled Waters SOL’s performance is nothing short of impressive, considering how volatile the market has been for other tokens.  It seems like there are no signs of slowing down anytime soon, either, with the coin still holding strong at above $33. SOL’s price stays modestly above a crucial support level of $30, which serves as a good buying zone for traders. For SOL to trend upward, the price must break over $35, its weekly resistance. If the price of SOL breaks and remains over $35, it might significantly rise to the $45-$58 range. Historically, SOL pricing has found breaking out of this range tough. Based on its performance in the last three months, it’s likely that SOL will likely continue to climb higher. Some people are already predicting the token to go up to $41. An analyst on TradingView noted that a move in the US market could be a catalyst for SOL to reach the $35 mark. Social Engagement And NFTs Might Just Be What SOL Needs The past week has been an eventful one for Solana on social media. According to a recent tweet by PHOENIX, Solana was the best-performing project in terms of social activity. The token had a total of 35,100 mentions and 58.3 million engagements across social media platforms.  Related Reading: Uniswap Could Slide Below Support Zone – No Demand For UNI This Week? But that’s not all. Statistics from Delphi Digital show an increase in Solana’s share of NFT trading volume. According to the tweet, Solana’s NFT volume increased from 7% to 24% in the past six weeks. This gained traction in the NFT sector can help push SOL beyond its resistance and into new heights. Featured image from Pixabay and chart from TradingView.com

Bitcoin Crypto News

Bitcoin Slowly Trends Upwards Into $20,000, Will The Monthly Candle Turn Green?

Bitcoin has seen some profits over today’s trading session as September’s monthly candle is coming to an end. Market participants were expecting a tight battle between bullish and bearish forces, but the cryptocurrency has been moving sideways with slight upward pressure. Related Reading: Trade Activity Shows Ethereum Whales Are Seeking Refuge In Stablecoins At the time of writing, Bitcoin (BTC) trades at $19,700 with a 2% and 1% profit over the last 24 hours and 7 days. Other cryptocurrencies in the crypto top 10 by market cap are displaying similar price action, but BTC seems to be leading the low timeframe bullish momentum. People Buy Bitcoin To Hedge Against Their Currencies Downside Trend? Data from Material Indicators shows that investors with buying orders from $1,000 to $10,000 bought into Bitcoin’s recent price action while other investors sold their coins. In that sense, a rally into the monthly close seems unlikely. However, Material Indicators also show that ask (sell) liquidity has been decreasing as Bitcoin is rejected from the area of around $20,000. If the price can resume its bullish momentum and can gain more support from larger buyers, bears might be unable to defend $20,000. This might lead BTC to higher levels, and possibly for a reclaim of the levels around $26,000, according to a report from NewsBTC. The cryptocurrency must flip $20,100 into support, analyst from Material Indicators wrote the following about BTC odds as the market heads into the monthly close: There are short term signs of a potential pump, but the crossing of key moving averages suggests the broader trend will continue down. Resist the urge to overtrade or FOMO in. Additional data provided by research firm Messari picked a spike in buying pressure from investors in the Eurozone and the United Kingdom (UK). This pressure is related to a decline in the value of their currencies as the U.S. dollar rallied to a multi-decade high. The New Narrative, Will The Fed Pivot Leading Bitcoin To New Highs? This data from Messari has been put into question by several users. Regardless of its legitimacy, this data speaks about an increasing trend in the sector: more and more market participants are highlighting the impact of central banks in the financial sector and the global economy. According to a report from Charles Gasparino, a reporter for FOX Business, members of the U.S. Federal Reserve (Fed) are aware of the negative consequences of their monetary policy. They have brought a steep downside pressure for equities and risk-on assets, such as Bitcoin. SCOOP (1/2): @federalreserve officials getting increasingly worried about “financial stability” as opposed to inflation as higher rates begin to crush bonds, several big investors tell me. Fed growing worried about possible “Lehman Moment” w a 4% FF rate as Bonds and derivatives — Charles Gasparino (@CGasparino) September 30, 2022 Related Reading: Uniswap Could Slide Below Support Zone – No Demand For UNI This Week? If the pressure inside the Fed becomes too high, the financial institution might pivot its measures, and provide some room for a relief rally across the board. Speaking on this possibility, and on why Bitcoin has been showing strength relative to legacy financial assets, analyst William Clemente said: In theory: People front-running expected CB (Central Banks) pivot by buying BTC -> Perceived BTC “safe haven” flows -> Reflexive response from other market participants? Not my base case but non-zero possibility that my mind is open to.

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…

Altcoins Bitcoin Ethereum

Crypto Trader Updates Outlook on Bitcoin and XRP, Says Ethereum’s Preparing a Move Up – Here’s His Target

A widely followed crypto trader is giving a bearish forecast for Bitcoin (BTC) and XRP as he expects Ethereum (ETH) to surge once the leading smart contract platform bottoms out. The pseudonymous analyst known as Altcoin Sherpa tells his 183,600 Twitter followers that the price of BTC will likely continue trading within the $18,200 and $19,500 […]

The post Crypto Trader Updates Outlook on Bitcoin and XRP, Says Ethereum’s Preparing a Move Up – Here’s His Target appeared first on The Daily Hodl.

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

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

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