Monat: Juni 2023

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Bitcoin Cash price touches 1-year high after BCH soars 72%

  • Bitcoin Cash price jumped to a 1-year high today when BCH hit $194, up 72% over the week.
  • BCH price broke higher as institutional-driven crypto sentiment pushed Bitcoin (BTC) above $31,000.
  • Bullish sentiment for Bitcoin Cash also followed the listing on BCH on the Citadel-backed crypto exchange EDX Markets.

Bitcoin Cash price has soared to its highest level in twelve months after spiking more than 40% in 24 hours to hit $194 on Coinbase. 

As CoinJournal highligted here, Bitcoin Cash price had jumped to a 3-month high on Wednesday.

Why is Bitcoin Cash price up?

BCH was up by 72% in the past seven days and traded at prices last seen in early June last year. This is when the crypto winter and market contagion pushed it from highs of $210 on June 1 to lows of $103 by the end of the month.

The Bitcoin fork cryptocurrency then slumped to lows of $89 in November as the FTX implosion catalysed massive crypto losses.

A bullish start to 2023 however faded with BCH/USD trading around $154 in February. This week’s breakout above a technical downtrend line coincided with the broader crypto market rally, buoyed by the news of BlackRock’s application for a spot Bitcoin ETF. Today’s gains came as Bitcoin reached $31,450, its highest price since June 2022.

While BTC is up 85% year-to-date, Bitcoin Cash price is slightly higher at 90% YTD.

Bitcoin Cash performance on the daily chart. Source: TradingView

BCH open interest up 79%

BCH Futures open interest has since jumped, up 79% in the past 24 hours. It follows the bullish breakout above $135 after newly-launched EDX Marketslisted Bitcoin Cash as one of four coins on the exchange alongside Bitcoin, Ethereum and Litecoin. 

EDX Markets, which went live this week, is backed by some of Wall Street’s largest financial investment firms – Charles Schwab, Fidelity Investments and Citadel.

According to data from Coinglass, open interest in BCH was over $200 million as of 3pm ET on Friday, June 23. It’s the highest the metric has risen to since March 2022.

The post Bitcoin Cash price touches 1-year high after BCH soars 72% appeared first on CoinJournal.

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BTC hits $31k as SEC approves first leveraged Futures Bitcoin ETF

  • Bitcoin rose to above $31,450 on Friday, its highest level since June 2022.
  • BTC price spiked to the year-high level after the SEC allowed the Volatility Shares 2x Bitcoin Strategy ETF, or BITX.
  • This is the first leveraged Bitcoin Futures ETF in the US and comes after this week’s BlackRock-fueled bullish sentiment for the crypto market.

Bitcoin smashed past the $31,000 level on Friday afternoon as the market reacted to the latest news about the US market’s first leveraged Futures Bitcoin exchange traded fund (ETF).

The upside pushed BTC price to highs of $31,458 on crypto exchange Bitstamp, with the flagship cryptocurrency’s price setting a new year-to-date high and its highest level since June 2022. BTC traded at $31,170 at the time of writing, about 4% higher in the past 24 hours but an impressive 87% up YTD.

SEC approves first leveraged Futures Bitcoin ETF

On Friday, June 23, the US market entered a new chapter in crypto investing when the first leveraged Bitcoin Futures ETF became effective. The Volatility Shares 2x Bitcoin Strategy ETF, or BITX, will begin trading on Tuesday 27 June and will allow its investors an exposure to Bitcoin with daily returns.

Instead of investing directly in Bitcoin, BITX will “seek to benefit from increases in the price of Bitcoin Futures Contracts,” per details of the Fund in the prospectus filed with the SEC. The 2x Bitcoin Strategy ETF will align with the CME Bitcoin Futures Daily Roll Index.

Bitcoin has led the market higher over the past week or so, riding on the bullish sentiment triggered by $9 trillion asset manager BlackRock’s filing for a spot Bitcoin ETF. BlackRock has a very high rate of success with ETF applications, the reason for the market’s optimism. 

Analytics platform IntoTheBlock pointed out what a spot ETF would mean for Bitcoin adoption and price.

Indeed, the asset manager’s filing paved way for a frenzy of spot ETF applications from several other Wall Street giants and global financial institutions. With BTC price in bullish momentum, its likely the market could see many more mega moves by smart money.

The post BTC hits $31k as SEC approves first leveraged Futures Bitcoin ETF appeared first on CoinJournal.

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Crypto price prediction: Cardano, Polygon MATIC, Stellar Lumens

  • Cryptocurrencies had a strong performance this week as Bitcoin surged to $30,000.

  • Most altcoins like Cardano, Pepe, and MATIC also jumped.

  • More upside will depend on whether Bitcoin is able to clear $31,000.

Cryptocurrencies had a strong performance this week as investors focused on TradFi and the positive comment from Jerome Powell, the Federal Reserve chairman. Bitcoin price jumped by more than 20% in the past 7 days while Ethereum soared by 14%. The near-term price action for cryptocurrencies will depend on whether BTC will soar above the year-to-date high of $31,000. So, what next for MATIC, Stellar, and Cardano?

Cardano price prediction

Cardano has been in a strong bearish trend in the past few months. It dropped to a low of $0.4592 on April 16th to a low of $0.2295. The lowest point was a notable one since it was the lowest level in December.

While the recent rebound is welcome, buyers should be cautious considering that the coin has formed an inverted cup and handle pattern. The current rebound is part of the handle section. In price action analysis, the inverted C&H pattern is usually a bearish sign. Therefore, there is a likelihood that the Cardano price will resume the bearish trend in the near term.

If this happens, the next level to watch will be at $0.2414. A break below this level will confirm the bearish thesis and signal that the ADA price could slip to the key support level at $0.20, which is about 30% below the current level.

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Polygon MATIC price prediction

Polygon MATIC price has been in a steep sell-off in the past few months. This decline happened as the layer-2 network faces significant competition from the likes of Optimism and Arbitrum. On the daily chart, the price dropped to $0.5079 in June and then resumed the bullish trend this week. It has now retested the important resistance point at $0.6905, the lowest point on September 20th last year. 

MATIC remains below the 25-day and 50-day moving averages. Therefore, I believe that this recovery will not hold. If this happens, the coin will likely retest the month-to-date low of $0.50, which is about 26% below the current level.

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Stellar Lumens price prediction

The daily chart shows that the XLM price crashed to a low of $0.075 on June 15th. This was an important level since it coincided with the lowest level on March 11th of this year. Stellar has now moved slightly above the 25-day and 50-day moving averages. It has also formed what looks like a double-bottom pattern whose neckline is at $0.1145. 

Therefore, there is a likelihood that the Stellar coin will likely continue rising as buyers target the key resistance point at $0.10, which is about 11.31% above the current level. 

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The post Crypto price prediction: Cardano, Polygon MATIC, Stellar Lumens appeared first on CoinJournal.

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US Supreme Court hands Coinbase key win

  • The US Supreme Court ruled that the district court must stay proceedings in a class action lawsuit when interlocutory appeal is ongoing.
  • Coinbase filed an appeal after its motion to compel arbitration was denied.
  • The ruling comes days after Coinbase was sued by the SEC over allegations of violating securities laws.

Coinbase has scored a notable victory after the US Supreme court’s ruling on its appeal over arbitration.

On Friday, the apex US court ruled in favour of the crypto exchange’s argument, stating that a federal court must stay proceedings in a lawsuit where a defendant’s appeal for arbitration is ongoing.

US Supreme Court sides with Coinbase

The Supreme Court’s verdict comes after the exchange filed an appeal earlier this year after its “motion to compel arbitration” was denied the US District Court for the Northern District of California.

Coinbase moved to file an interlocutory appeal and sought to have the District Court stay proceedings of a class action lawsuit pending the resolution of its appeal. That too had been denied at the US Court of Appeals for the Ninth Circuit.

“When a federal district court denies a motion to compel arbitration, the losing party has a statutory right to an interlocutory appeal. The sole question here is whether the district court must stay its pre-trial and trial proceedings while the interlocutory appeal is ongoing. The answer is yes: The district court must stay its proceedings,” Justice Brett Kavanaugh noted in the Supreme Court’s opinion.

Coinbase is facing a class action lawsuit filed by Abraham Bielski at the US District Court for the Northern District of California, in which he alleges that the US-based cryptocurrency exchange “failed to replace funds fraudulently taken from the users’ accounts.”

The Supreme Court notes in its ruling that “Coinbase’s User Agreement provides for dispute resolution through binding arbitration.” This is what informed the exchange’s move to file for arbitration – which the lower courts denied.

“We are grateful to the Supreme Court for its careful review. Another example of why I believe in the American court system. The rule of law is sometime slow, and at times disappointing. But it remains our last, best hope in an imperfect democracy,” Coinbase Chief Legal Officer Paul Grewal tweeted.

While the majority was in favour of Coinbase, Justice Ketanji Brown Jackson dissented, noting that “today’s majority invents a new stay rule perpetually favoring one class of litigants—defendants seeking arbitration.” 

According to Justice Jackson, the move could have “significant implications for federal litigation.”

Coinbase was recently sued by the US Securities and Exchange Commission (SEC) over allegations of violating securities laws.

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