Kategorie: Crypto Analysis

Daily headlines and news about crypto analysis.

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Bitcoin price forecast: BTC could dip lower as ETF demand fades

Key takeaways

  • BTC is trading above $109k, down 5% in the last seven days.
  • The demand for spot Bitcoin ETFs has declined as Powell said another rate cut in December is uncertain.

Demand for spot Bitcoin ETFs declines

The demand for spot Bitcoin ETFs has declined over the past few days amid the current financial climate. Fed Chair Jerome Powell revealed earlier this week that it remains unclear if there will be another rate cut in December.

Data obtained from CryptoQuant’s latest weekly report shows that U.S. investor demand for spot Bitcoin ETFs has cooled sharply. Spot bitcoin ETFs posted a seven-day average outflow of 281 BTC, one of the weakest readings since April. Meanwhile, Ether inflows have stalled over the last seven days.

The report added that Coinbase premiums for BTC and ETH have flattened to near zero, and the CME futures basis has dropped to multi-year lows. These data show that institutional and retail traders alike are taking profits rather than adding exposure.

According to Glassnode, Bitcoin continues to struggle below the short-term holders’ cost basis of around $113,000, with the coin’s long-term holders still distributing roughly 104,000 BTC per month.

Transfer volumes from whale wallets to exchanges have surged to $293 million a day, suggesting that investors are taking profit rather than increasing exposure to the market. 

Bitcoin could dip to $102,000 if it closes below key support

The BTC/USD 4-hour chart remains bearish and efficient as it is down 1% in the last 24 hours. The monthly candle will close in a few hours and could indicate how the market will react in the near term.

If Bitcoin continues its correction and closes the candle below the 61.8% Fibonacci retracement level at $106,453, it could extend its dip towards the October 10 low of $102,000.

Bitcoin price by TradingView

The RSI of 46 is below the neutral 50, indicating bearish momentum is gaining traction. The Moving Average Convergence Divergence (MACD) lines are also converging, suggesting a bearish trend. 

However, if Bitcoin holds the support level at $106,453, it could rally towards the 50-day EMA at $112,872 over the next few hours and days.

The post Bitcoin price forecast: BTC could dip lower as ETF demand fades appeared first on CoinJournal.

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Cronos (CRO) rolls out “Smarturn” upgrade for advanced EVM features

  • Cronos EVM v1.5.0 has officially debuted today, October 30.
  • The upgrade introduces new EVM opcodes, smart accounts, and enhanced interoperability.
  • Smarturn targets a more flexible, faster, and developer-friendly blockchain.

The Cronos blockchain has announced the launch of its anticipated Smarturn upgrade, welcoming a new era in its network evolution.

The update brings significant improvements across Cronos’s Ethereum Virtual Machine (EVM), including increased interoperability, enhanced ecosystem performance, and smooth wallet functionality.

According to the announcement:

This mainnet upgrade marks a major leap in Cronos’ evolution – unlocking smart accounts, new EVM features, and improved performance for developers and users alike.

The blockchain temporarily paused operations for roughly 60 minutes to integrate the new components.

Meanwhile, services are resuming gradually as the Cronos ecosystem undergoes a key milestone.

Smarturn aims to revolutionize Cronos through speed and compatibility using its unique innovations.

Smarter accounts arrive on Cronos

The high-end EIP-7702 smart account support is at the core of Cronos’ latest upgrade. With this feature, regular user wallets (Externally Owned Account (EOA) can perform like smart contract wallets.

That helps unlock capabilities previously possible via different accounts. According to the official blog:

EIP-7702 bridges this gap by letting EOAs act like smart contracts. The assigned contract code remains valid until the account issues a new authorization, which can apply to one chain or to multiple chains simultaneously.

Individuals can now perform different activities without changing account types, including using flexible gas payment methods, personalizing permissions, batching many transactions, and programming wallet behavior.

With EIP-7702, Cronos joins the few EVM-compatible platforms boasting such a level of account abstraction, merging automated control with simplicity.

The functionality will advance DeFi platforms and decentralized applications (dApps) on the Cronos blockchain through efficiency and user-friendliness.

Performance sees a massive boost

Furthermore, Cronos upgraded its EVM’s VM to operate on go-Ethereum v1.15.11, aligning with Ethereum’s Prague and Cancun upgrades.

The update aims to make contract execution and transacting cheaper and faster.

Also, it brings comprehensive client improvements and new EVM opcodes on Cronos to enhance efficiency, developer experience, and debugging. The team added:

These opcodes collectively make contract execution more efficient for complex DeFi, gaming contracts that handle multiple operations per transaction, and other computation-heavy applications.

Together, these upgrades make the Cronos EVM runtime faster, lighter, and more developer-centric.

Enhanced interoperability and tools

Smarturn also improves infrastructure for cross-chain builders and developers.

For instance, a new RPC endpoint enables the fetching of full block data in a single query.

That’s a win for dApp backends, analytics dashboards, and blockchain explorers.

Moreover, the mempool now allows users to cancel or speed up pending transactions.

That improves responsiveness amid massive network load.

Also, Cronos has adopted IBC v2 through ibc-go v10.1.1 to bolster cross-chain communication.

CRO price outlook

The alt hovered at $0.1470 after dropping roughly 1.5% the past 24 hours.

Its daily trading volume has collapsed by more than 60%, signaling faded enthusiasm.

Nonetheless, CRO reflects the broader sentiments.

Bitcoin trades below the key $110,000 after shedding nearly 3% of its value over the previous 24 hours.

Markets lost momentum after Powell’s cautious remarks concerning a rate cut in December.

The post Cronos (CRO) rolls out “Smarturn” upgrade for advanced EVM features appeared first on CoinJournal.

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Official Trump ($TRUMP) soars 13% as meme issuer eyes Republic acquisition

  • Fight Fight Fight LLC is reportedly planning to purchase Republic’s US operations.
  • The deal might enrich the meme’s utility in payment apps and startup fundraising.
  • $TRUMP traders are enjoying profits amidst the rebound.

Bearish sentiments gripped the cryptocurrency market today as Bitcoin plunged below $110,000.

While the 2% decline in global market capitalisation confirms broader weakness, the Official Trump meme token maintained a bullish 24-hour chart.

The meme crypto extended its weekly gains to over 40% after rallying 13% the previous day.

$TRUMP continued its rally after news emerged that the company behind the project, Fight Fight Fight LLC, plans to acquire the US operations of a leading crowdfunding and investment platform, Republic.

The news stirred the digital assets community, propelling the politically charged altcoin over the last 24 hours.

What started as a satirical token tied to the US president could be evolving into a financial product that experiments with the combination of real-world finance, blockchain fundraising, and politics.

Notably, Republic offers retail and institutional investors streamlined access to startup fundraising, RWAs, and tokenised investments.

Integrating Official Trump into Republic’s ecosystem could merge meme crypto enthusiasm and real-world blockchain use cases.

Imagine investing in a themed token that funds startups, backs innovative ventures, or even supports online payments.

$TRUMP eyes real-world utility with the Republic deal

If successful, the strategic acquisition would enable Fight Fight Fight LLC to control Republic’s robust crowdfunding ecosystem.

The meme coin will possibly leverage Republic’s reputation to gain legitimacy and credibility.

Such perks can attract more investors and partnerships.

Republic’s role in fueling blockchain adoption

Republic has been vital in supporting cryptocurrency’s mainstream acceptance.

It focuses on inclusive investment models and tokenisation, allowing individuals to own fractions of real-world assets previously restricted to wealthy investors and venture capitalists.

Now, Fight Fight Fight LLC wants to gain control of Republic’s operations in the United States.

Besides boosted exposure, the deal could mean access to a regulatory ecosystem, a significant user base, and a bridge between fast-moving meme culture and traditional finance.

$TRUMP price outlook

The digital asset is trading at $8.20 after a brief correction from daily peaks.

Its daily trading volume has increased by more than 35% to $2.6 billion.

Rising volumes amid bullish price actions signal trader optimism and possibilities of continued rallies.

$TRUMP has gained over 41% the previous week, and bulls seem ready to push for more.

Moreover, prevailing whale activity suggests confidence in $TRUMP’s performance.

For instance, one trader is dominating Hyperliquid and Solana platforms with substantial bets on the meme token.

According to Lookonchain, this participant spent 5,346 Solana tokens, worth around $1.07 million, to buy 165,401 TRUMP coins on the SOL blockchain.

He entered at roughly $6.45, and is now cheering approximately $335,000 unrealized profit.

The same investor deposited $485,669 in USDC into the perp DEX Hyperliquid.

Here, the player used maximum leverage for a $9.5 million long position.

As of this writing, the trader sat on roughly $1.18 million in unrealized gains, bringing his total returns to $1.5 million.

The latest whale activity paints an optimistic picture for Official Trump in the near term.

Corporate expansion developments and the excitement around the alt as Donald Trump discusses a trade deal with China’s Xi Jinping has formed a mix of momentum and hype.

 

The post Official Trump ($TRUMP) soars 13% as meme issuer eyes Republic acquisition appeared first on CoinJournal.

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Ethereum price forecast: ETH eyes $4,200 after bouncing back from recent low

Key takeaways

  • Ether is down 2% in the last 24 hours and is now trading below $4k.
  • The bearish performance comes after Wednesday’s FOMC.

Ether drops below $4k on FOMC news

Ether, the second-largest cryptocurrency by market cap, has turned bearish after losing 2% of its value in the last 24 hours. The bearish performance saw Ether temporarily drop to the $3,800 mark, but it is now approaching $4k.

Yesterday’s sell pressure came after the FOMC meeting, with the Federal Reserve cutting interest rates by 25 basis points. However, Fed Chair Jerome Powell revealed that the apex bank will end quantitative tightening on December 1st. 

This means that the Fed will reduce the financial assets it holds on its balance sheet by selling them into the financial markets, which decreases asset prices and raises interest rates. With this, it is highly unlikely that the Fed will cut interest rates in its next FOMC meeting in December.

Ethereum’s Fusaka upgrade, slated to bring increased scalability and security improvements, successfully debuted on Hoodi on Tuesday, the third and final testnet before mainnet launch. This launch didn’t push ETH’s price higher in the near term due to the broader crypto market volatility. 

ETH could bounce back above $4,200 soon

The ETH/USD 4-hour chart remains bearish and efficient as Ether is down 2% in the last 24 hours. It is now trading at $3,939 per coin and could rally higher in the near term. 

Ethereum price by TradingView

 

The technical indicators remain bearish but are showing signs of recovery following the recent dip. The RSI of 46 shows that the bearish trend is fading, with the bulls set to push its price higher over the next few hours and days. The MACD lines are also within the negative territory after flashing a sell signal on Wednesday.  

If the recovery continues, ETH could reclaim the resistance level at $4,232 over the next few hours or days. An extended rally would allow ETH to hit the 4-hour ILQ at $4,409. However, failure to climb above $4,200 in the near term could see ETH retest the $3,800 low in the coming hours or days.

The post Ethereum price forecast: ETH eyes $4,200 after bouncing back from recent low appeared first on CoinJournal.

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Bitcoin price forecast: BTC dips below $113k ahead of FOMC

Key takeaways

  • BTC is down 1% in the last 24 hours and is now trading below $113k.
  • The Fed is expected to cut interest rates by at least 25 basis points today.

FOMC meeting dominates headlines

Bitcoin, Ethereum (ETH), and Ripple (XRP) are currently bearish as they are struggling to break above key resistance levels. Bitcoin has dropped below 113k and is now trading around $112,950 per coin.

This price action comes after Bitcoin’s price was rejected at the 78.6% Fibonacci retracement level. The bearish performance in the last few hours comes ahead of the FOMC meeting in a few hours.

The Federal Reserve is expected to cut interest rates by at least 25 basis points, a move that could see Bitcoin and other leading cryptocurrencies rally in the near term. The rate cut is expected despite the ongoing U.S. government shutdown, which caused a financial data backlog in the last three weeks. 

Bitcoin could hit $120k if the bullish trend resumes

The BTC/USD 4-hour chart is bearish and efficient as Bitcoin has underperformed in the last 24 hours. The bearish performance comes after Bitcoin retested and faced rejection from the 78.6% Fibonacci retracement level at $115,137 earlier this week. It is now down 1% in the last 24 hours and is currently trading below the 50-day Exponential Moving Average (EMA) at $112,950.

The Relative Strength Index (RSI) on the 4-hour chart hovers around 60, indicating a bullish bias among traders. Furthermore, the Moving Average Convergence Divergence (MACD) showed a bullish crossover on Sunday, supporting the bullish thesis.

Bitcoin price by TradingView

If Bitcoin holds its price above the $112k level and closes its daily candle above $115,137, it could extend the rally toward the key psychological level at $120,000.

However, failure to close above the $115,137 resistance level could see Bitcoin lose its recent momentum and decline toward the 61.8% Fibonacci retracement level at $106,453.

The post Bitcoin price forecast: BTC dips below $113k ahead of FOMC appeared first on CoinJournal.