Kategorie: Crypto News

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Bitcoin price prediction: Analyst says BTC is poised for a retest of $28,800

  • Bitcoin price has dropped below $30,000 to currently trade near $29,480.
  • Crypto analyst Rekt Capital says BTC price could retest $28,800 and establish it as a major support area.
  • BTC price bounced above $31,000 last week, having struggled to break past the anticipated buffer zone.

Bitcoin is trading around $29,479, about 3% down in the past 24 hours and now just 4% up in the past seven days. After trading to highs above $3,100 and then retreating to current levels, the market might have to brace for a retest of $28,800.

That’s today’s Bitcoin price prediction as shared by crypto analyst Rekt Capital.  

Bitcoin price at key area, with possible dip to $28,800

Following a retracement to lows of $15,500 in the aftermath of the FTX debacle market rout, Bitcoin price saw a decent flip in 2023. An upswing off the post-death cross retracement of the bear market saw BTC recover more than 80%.

According to Rekt Capital, the rally to $30,000 area had BTC trending at an area that has previously acted as a stubborn resistance as well as support zone on the monthly chart. Bulls managed to breach the supply wall last week, but the $28,800 was equally resolute and despite a decent weekly close above the zone, a fresh dip to the level is likely.

Such a retest might be what buyers need to solidify it as a demand reload area. Rekt says a successful retest of the level could reenergize bulls for another upward move.

The post Bitcoin price prediction: Analyst says BTC is poised for a retest of $28,800 appeared first on CoinJournal.

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CME to expand Bitcoin and Ether options expiries in May

  • CME group says demand from clients has increased amid the heightened market volatility.
  • The marketplace plans to expand expiries for its standard and micro-sized BTC and Ether options contracts.
  • Approval would see the derivatives platform make the changes on 22 May, 2023.

Derivatives marketplace CME Group is seeking to expand its options expiries for Bitcoin and Ethereum, according to an announcement published today, 17 April 2023.

The platform, which says the plans are subject to regulatory approval, indicates that the plan is to have its suite of crypto options for BTC and ETH contracts expiries be available every business week day – Monday to Friday.

Currently, expiries for micro-sized options on the two crypto futures are available on Monday, Wednesday and Friday. The CME also offers monthly and quarterly expiries for BTC and ETH options on its futures contracts.

If approved, the company will look to have the new expiries available beginning 22 May.

Client demand for BTC and ETH products

Giovanni Vicioso, CME Group Global Head of Cryptocurrency Products said the goal is to have market participants access options contracts that offer “greater precision and versatility” for managing short-term Bitcoin and Ethereum price risk.

“Against a backdrop of heightened market volatility in the digital asset sector, we continue to see clients turn to a trusted, regulated venue like CME Group for reliable and efficient cryptocurrency risk management products,” Vicioso added.

CME Group has seen an increase in demand for Bitcoin and Ethereum futures and options. The top two assets by market cap are also the two best cryptocurrencies for crypto derivatives trading. 

The bitcoin’s numbers in Q1, 2023 for CME achieved a notional of over $3 billion, a record in terms of daily average. The marketplace also saw a record BTC options contracts of 2,357 traded on 22 March 22. Open interest rose to an all-time high of 14,700 contracts on 31 March and could soar further amid a long-term bullish Bitcoin price prediction, particularly going into the next halving.

The all-time high for Ether options contracts was 311 on 22 February, while OI hit a record 1,800 contracts on 24 March.

The post CME to expand Bitcoin and Ether options expiries in May appeared first on CoinJournal.

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Dash price prediction: Here’s why DASH is down today

  • Dash price outlook after SEC lists tokens as securities in complaint against Bittrex.
  • DASH/USD traded nearly 6% lower on Monday, with the 24 hour losses coming after the SEC news.
  • Cryptocurrencies were also down after Bitcoin and Ethereum retreated from recent highs.

The prices of Dash (DASH) and Algorand (ALGO) traded lower as the SEC’s complaint against cryptocurrency exchange Bittrex listed the tokens among others as securities.

DASH price was down 5.8% on Monday afternoon (around 1:15 pm ET) as it traded near $58.19.

Dash price outlook- why is DASH down?

As CoinJournal reported earlier, the SEC claims that Dash, Algorand, OMG Network, TokenCard and Naga investors had reason to expect profits for their investment. As such, the tokens should have been registered as securities. 

The regulator has charged Bittrex and its former CEO William Shihara for violating US securities laws.

Amid recent buy pressure, DASH/USD had traded from lows of $54 on 12 April to hit highs of $62. It was the token’s highest price since 24 March 2023 when it traded above $63,

However, with news of the SEC’s complaint against Bittrex, Dash has retreated from intraday peaks. The dip sees DASH down more than 96% from its all-time high of $1,493 reached in 2017. During the last bull market, the price of Dash rose to $444.

The DASH market today did not just suffer from the news from the SEC. Earlier in the day, the broader crypto market had shed some of recently accumulated gains as a correction materialized. This after Bitcoin retreated from its recent pump to above $31,000 and altcoins that had briefly thrived in the wake of Ethereum’s breakout to above $2,100 also cooled off.

While the view is bullish, Bitcoin price prediction suggests a retest of $28,800 as support is possible. In that case, a further dip for DASH could happen and see the price of the privacy-centric token head towards $54. 

The Dash daily RSI indicator is dipping downwards near the 50 mark, while the MACD is showing weakness after last week’s strong move.

The post Dash price prediction: Here’s why DASH is down today appeared first on CoinJournal.

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Decred launches DCRDEX 0.6, the latest version of its decentralized exchange

  • The new decentralized exchange will offer peer-to-peer cross-chain swaps.
  • The DEX will not depend on any intermediaries.
  • The exchange combines privacy, resilience, and cross-chain compatibility.

Sovereignty and privacy maximizing currency Decred (DCR/USD) has today launched the latest version of its decentralized exchange.

The new version of decentralized exchange DCRDEX 0.6 will use a combination of privacy, resilience, and cross-chain compatibility to offer direct peer-to-peer cross-chain swaps without any kind of intermediaries, solving key problems around privacy and security. This makes it the first exchange to offer direct P2P swaps without using intermediaries.

New features introduced on DCRDEX 0.6

The most prominent new feature on DCRDEX 0.6 is the introduction of USDC and Ethereum. Users will have access to direct layer 1 atomic swaps without the need for an intermediary, utility token, or third-party arbitration.

When swapping from an asset like BTC, the funds are locked in a native contract of the user’s creation that is never spendable by a third party, only the swap participants.

In addition, the DEX offers P2P swaps between Ethereum and other layer 1 chains like Decred and Bitcoin among others without the use of centralized pools or crypto wallets.

All the features on DCRDEX 0.6 ensure users maintain full custody of their funds throughout the swapping process.

The new version of the exchange also introduces native wallets for Bitcoin Cash and Litecoin. Just like the Bitcoin and Decred wallets previously available on the exchange, the two newly added wallets are built on the privacy-preserving light wallet technology introduced by BIP157/158 and transact directly on P2P networks, providing a high level of privacy and security while keeping the system requirements and sync times reasonable.

The DCRDEX 0.6 also eliminates the previous one-time registration fee and replaced it with time-locked fidelity bonds. Instead of completely parting with some funds when registering, users will now lock up funds on-chain for a certain amount of time after which the bond expires and the user redeems it.

The post Decred launches DCRDEX 0.6, the latest version of its decentralized exchange appeared first on CoinJournal.

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SEC sues crypto exchange Bittrex and its ex-CEO

  • The Securities and Exchange Commission (SEC) has sued Bittrex and a former CEO over the exchange’s offering of unregistered securities.
  • SEC’s complaint alleges the platform offered securities in tokens such as DASH, OMG and ALGO.
  • Bitcoin and crypto dipped on Monday after the news, with BTC price breaking below $30,000.

The Securities and Exchange Commission (SEC) has sued Bittrex, one of the world’s largest and oldest cryptocurrency exchanges. 

In charges announced on Monday, the SEC said it had also sued Bittrex co-founder and ex-CEO William Shihara and highlighted various tokens it claims are securities, including Dash.

SEC filed the complaint in the US District Court for the Western District of Washington.

The cryptocurrency market was trading lower on Monday morning following the Bittrex news, with Bitcoin price dipping below $30,000. Ethereum price was just above $2,080 at the time of writing, with the total crypto market cap down 2.9% to $1.3 trillion. 

SEC charges Bittrex for operating unregistered exchange

The SEC says in its complaint that Bittrex has operated illegally, offering securities to users since 2014 yet it hadn’t properly registered.  Specifically, the US watchdog holds that Bittrex is an unregistered securities exchange, broker, and clearing agency.

The charges are also against Bittrex’s foreign affiliate, Bittrex Global GmbH. The entities failed to register their exchange operation, which shared an order book.

“Bittrex and Bittrex Global should have registered as an exchange because they brought together, using a shared order book, the orders for securities of multiple buyers and sellers using established, non-discretionary methods under which such orders interacted, and the buyers and sellers entering such orders agreed to the terms of a trade,” the regulator said in a press release.

Assets named as securities in the complaint include Dash (DASH), OMG Network (OMG), Algorand (ALGO), TokenCard (TKN). The regulator also highlighted MANA as one of the “securities” listed for trading on the exchange.

News of the SEC’s lawsuit against Bittrex comes days after the agency issued Coinbase with a Wells Notice and is part of a growing list of cases against crypto companies. 

Other platforms that have faced charges or settled with the regulator in 2023 include Kraken, Gemini and CoinEx.

The post SEC sues crypto exchange Bittrex and its ex-CEO appeared first on CoinJournal.