Monat: November 2023

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Analyst says ETH could spike to $3,100 if key resistance breaks

  • Ethereum is looking to break above a key resistance level at $2,150.
  • Crypto analyst Michael van de Poppe says ETH price could jump to between $3,100  and $3,600 if a breakout happens.
  • Catalyst for the market include a spot Bitcoin ETF approval and developments on Ether spot ETF applications.

Ethereum (ETH) traded to highs of $2,136 last week, before giving up some of the gains over the weekend to touch $2,016.

The top altcoin has however seen an uptick on Monday, rising to change hands around $2,120 as buyers looked for a first green candle in three days.

Various market observers see a potential approval for a spot Bitcoin ETF as a catalyst that could catapult both BTC and ETH. While many experts opine that the most likely period for approval is early January, there’s a window for the SEC to greenlight the first spot Bitcoin ETF for the US market. 

This window is open until November 17.

Analyst on what next for ETH if resistance breaks

For one top analyst, ETH/USD faces a major hurdle near $2,150 – break this and the price of the world’s second largest cryptocurrency by market cap could surge to the next supply zone around $3,100. Above this would be the key resistance at $3,600.

The prediction thus forecasts a 44%-67% price jump for Ethereum if bulls break higher.

According to Michael van de Poppe, the highlighted resistance at $2,150 is comparable to the massive wall that rebuffed numerous bullish attempts for Bitcoin (BTC) at $30,000. Sharing his prediction with more than 672k followers on X, the founder and CEO of crypto trading group MN Trading wrote:

“Ethereum faces the final resistance. Breaking above $2,150 marks the end of the bear market, as this level is comparable to the $30,000 barrier of Bitcoin. If it breaks, then we’re likely seeing a run towards $3,100-3,600.”

Van de Poppe shared a price chart for Ethereum showing an ascending triangle pattern, which in technical analysis, signals a potential bullish breakout. The chart marks the two anticipated primary resistance zones as shown below.

Ether was trading around $2,093 on Monday evening, 2.4% up in the past 24 hours. The cryptocurrency’s value shows an 11% and 35% surge in the past week and 30 days respectively.

The post Analyst says ETH could spike to $3,100 if key resistance breaks appeared first on CoinJournal.

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Crypto ETP inflows surpass $1B year-to-date as total AuM hits May 2022 high

  • Digital asset investment products recorded inflows of $293 million last week.
  • Bitcoin saw $240 million, Ethereum $49 million and Solana $12 million.
  • A report by CoinShares shows year-to-date inflows have surpassed $1 billion.

Inflows into digital asset investment products hit $293 million last week, the seventh consecutive week of positive flows. 

According to data from asset manager CoinShares, the 7-week streak of inflows has brought the total year-to-date flows into crypto exchange traded products to $1.14 billion. This follows increased institutional interest that has pushed yearly inflows YTD to its third highest yearly level. 

Meanwhile, total assets under management (AuM) in cryptocurrencies have increased 9.6% this past week.

The weekly flows report shows total AuM stood at $44.3 billion last week, up 99% this year and at the highest level since May 2022.

Bitcoin inflows hit $240 million last week

In specific investment products, Bitcoin saw $240 million in inflows last week to bring the total YTD reading to $1.08 billion. ETP trading volume for the flagship cryptocurrency accounted for nearly 20% of volume on trusted exchanges.

James Butterfill, the head of research at CoinShares, notes that the increase in ETP volume compared to BTC trading volume is a rare occurrence that “suggests ETP investors are participating much more in this rally compared to 2020/21.”

Also notable were the inflows into Ethereum investment products.

According to CoinShares’ weekly report, inflows of $49 million last week was the largest for Ether since August 2022. The sentiment around Ether-based ETPs has improved significantly over the past two weeks. Notably, this outlook is unfolding as spot Ethereum ETF filings spark interest.

Solana sees huge inflows

Solana, one of the top performing crypto assets these past few weeks, also recorded notable inflows this past week. $12 million were poured into SOL products over the seven days , while the altcoin leads the segment with $121 million in year-to-date inflows.

The optimism is reflected in the SOL price, which had fallen dramatically in November 2022 as the market reacted to the collapse of FTX. At current levels of $59, Solana is trading 170% over the past 30 days and 315% over the past year.

The post Crypto ETP inflows surpass $1B year-to-date as total AuM hits May 2022 high appeared first on CoinJournal.

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Bitget halts plans for crypto licence in Hong Kong

  • Bitget announced that it will halt operations for its Hong Kong unit by December 13.
  • The crypto exchange said the decision is down to “business and market related considerations.”
  • Users have until then to withdraw their funds.

Bitget has announced that its Hong Kong unit will not pursue registration as a Virtual Asset Trading Platform in Hong Kong.

The crypto exchange will also be halting all operations on December 13.

Bitget halts Hong Kong unit

Bitget’s decision to halt operations of its Hong Kong unit and to withdraw from the pursuit of a licence comes amid rumours that the firm may be looking at a potential deal with OSL, the first crypto exchange to be licensed in Hong Kong.

According to crypto news account Wu Blockchain, OSL announced a suspension to its stock trading on Monday. 

A notice by the BC Technology Group, which owns OSL, to the Hong Kong Stock Exchange quoted a “notifiable transaction which constitute inside information.”

Bitget on the other hand pointed to “business and market related considerations.”

“With a heavy heart, we regret to inform you that due to business and market related considerations, we have decided not to pursue a Virtual Asset Trading Platform (VATP) licence in Hong Kong. As a result of this decision, the BitgetX website (www.BitgetX.hk) will cease its operations effective December 13, 2023. At the same time, Bitgetx.hk will permanently exit the Hong Kong market,” the crypto exchange wrote.

According to the platform, users are advised to withdraw their assets by the indicated deadline, thereafter the BitgetX.hk website will go offline.

“It is crucial that you withdraw your assets before the deadline. Failure to do so will result in the inability to access these assets once BitgetX is closed,” the exchange said in a FAQ section of the announcement.

Hong Kong’s new crypto licensing framework

Bitget unveiled its HK unit in April this year, offering access to spot trading and peer-to-peer (P2P) transactions to its customers. The move came ahead of Hong Kong’s crypto licensing framework rolled out in June.

The new requirements mandated crypto providers to seek and receive licences from the Securities and Futures Commission before offering trading services and products to retail customers. The SFC also warned crypto firms against misleading customers about potential licensing by pointing to local arms that were yet to be registered.

The post Bitget halts plans for crypto licence in Hong Kong appeared first on CoinJournal.