Kategorie: Crypto News

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Ethereum price forms bearish flag ahead of a pivotal week

  • Ethereum price has formed a bearish flag pattern on the four-hour chart.

  • The next key catalysts will be the Fed statement, NFP data, and consumer inflation numbers.

  • ETH could crash to the next support level at $1,500.

Ethereum price remained in a consolidation phase in the past few days as investors brace for its defining moment. ETH was trading at $1,566, where it has been in the past few days. This price is significantly lower than the year-to-date high of $1,747. 

Key market events

The next two weeks will be important for the future of cryptocurrencies and other financial assets like stocks and bonds. That’s because of the key events that will happen from a macro perspective. On Tuesday, Jerome Powell, the Federal Reserve chair will testify before congress, where he is expected to make a case for more rate hikes in a bid to calm the elevated inflation.

The other important data will come out on Friday, when the US will publish the latest non-farm payrolls (NFP) data. Economists expect the data to show that economy added more than 200k jobs in February. This report will be an important one considering that the previous on caught many investors by surprise as the economy added over 500k jobs.

Therefore, a strong jobs report means that the Fed has room for more interest rate hikes. It will signal that employers are still adding jobs, which is doing good thing for the economy. 

The other catalyst for Ethereum prices will be next week’s consumer price index (CPI) data scheduled for next week. Economists expect the data to show that consumer prices remained at an elevated level, even as they pulled back below 6%.

Take together, these numbers will signal what the Fed needs to do going forward. Signs of more tightening will mean that the recent ETH price rally has faded and that it could move to retest its lowest points in 2022. 

ETH price will also react to the upcoming Shanghai upgrade and the ongoing collapse of Silvergate Capital. Silvergate is a company that provides banking solutions for mostly crypto companies like FTX.

Ethereum price prediction

The 4H chart is not looking good for ETH prices. For one, the coin has formed a bearish flag pattern, which is usually a bearish sign. It has collapsed below the 25-day and 50-day moving averages while the Relative Strength Index (RSI) has moved sideways. Before that, Ethereum has found a strong resistance level at about $1,700.

Therefore, my view is that Ethereum will likely continue falling as sellers target the key support at $1,500 followed by $1,436. 

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The post Ethereum price forms bearish flag ahead of a pivotal week appeared first on CoinJournal.

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Bybit suspends USD payments via bank transfer

  • USD payments suspension impacts both national and international bank transfers.
  • Bybit will also pause USD withdrawals as from 10 March 2023.
  • Customers can however continue to buy crypto with credit or debit cards.

Bybit, one of the world’s leading crypto exchanges, will be suspending the US dollar (USD) payment option “until further notice,” a notice issued to customers on Saturday detailed.

The move follows a similar one taken earlier this year by Binance, the world’s largest crypto exchange. CoinJournal highlighted Binance’s announcement in early February, and recently reported on how crypto-friendly bank Silvergate has increasingly found itself in trouble amid concerns about its solvency.

Bybit suspends USD deposits and withdrawals

According to the crypto platform, the suspension of USD deposits is down to service outages involving a partner. The exchange will also be halting USD withdrawals beginning 10 March 2023.

“We have temporarily suspended USD deposits via Wire Transfer (including SWIFT) due to service outages from our end-point processing partner until further notice,” the crypto exchange notified its customers.

While users can still withdraw USD via WireTransfer up to 10 March, that option will be temporarily disabled on the noted dates. Instead, customers will be able to buy crypto with credit card or withdraw cryptocurrencies to their wallet.

Bybit has also announced that it is delisting several cryptocurrency trading pairs. The spot trading pairs whose support ends as of 10 March include NXD/USDT, POSI/USDT, GAS/USDT, and DRIV/USDT among others. 

The delisted tokens have failed to meet listing requirements, the exchange noted.

The post Bybit suspends USD payments via bank transfer appeared first on CoinJournal.

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Bitcoin price prediction: BTC outlook after Silvergate and Tether news

  • Bitcoin price outlook after this week’s Silvergate and Tether news.
  • BTC is hovering around $22,400 with key resistance near $23k amid a potential technical breakout to YTD highs.
  • The $20k zone is a critical and psychological level for bulls.

Bitcoin price remains constrained below $22,500 after posting a sharp decline on Friday following a combination of broader market weakness and negative crypto-related news.

However, with price above $22,000, the technical outlook suggests bulls might still have a chance to push for new year-to-date highs in March or April.

Bitcoin price prediction: BTC declined amid Silvergate Bank and Tether news

On Wednesday, crypto-friendly bank Silvergate (SI) revealed it was a little deeper in trouble with a SEC filing that it would delay its financial report. The crypto bank then announced a halt to its payments network the Silvergate Exchange Network (SEN), triggering further uncertainty around its operations following the previously revealed $1 billion loss.

Indeed, selling pressure for BTC increased as major crypto firms including Coinbase and Paxos announced a switch from Silvergate to alternative banking partners.

But the price of bitcoin went on to touch lows of $22,000 as more negative news emerged – the Wall Street Journal published an article related to Tether, the company that issues the world’s largest stablecoin USDT. Allegedly, Tether and Bitfinex used “falsified documents” to acquire banks accounts amid questions over the stablecoin’s reserves.

Crypto trader and investor Scott Melker heighted the WSJ’s report in a Twitter thread on Friday.

Bitcoin price outlook: What next for BTC/USD?

The RSI on the 4-hour chart remains largely flattened near the lower band as price action consists mainly of doji prints. While Bitcoin is holding above a support base formed in early January, there’s indecision as signaled by the doji candlesticks.

Bitcoin price movement on the 4-hour chart. Source: TradingView

If bears take charge further, BTC/USD will likely retest the aforementioned support line and potentially break past $22k to another key level near $21,600. Below that we could see a retest of the vastly important $20k level.

On the upside, the immediate hurdle is the $22.5k zone, with robust supply areas expected at the price levels currently signaled by the 50 and 200 moving averages.

The outlook on the daily chart shows the RSI sloping to suggest bears might have an upper hand. 

However, there’s potential formation of an inverse head & shoulders pattern. The neckline of this likely inverse H&S pattern could be in the $25k zone. In any case, the immediate key price levels to watch as signaled by the 50-day and 200-day moving averages near $22,900 on the upside and $19,712 on the downside.

Bitcoin price prediction levels on daily chart.Source: TradingView

 

The post Bitcoin price prediction: BTC outlook after Silvergate and Tether news appeared first on CoinJournal.

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Circle moves its USDC reserve deposits out of troubled Silvergate Bank

  • Silvergate bank in a filing on Wednesday said losses might leave it with less capital than it needs.
  • The bank recently closed its SEN Platform which institutions used to move money to crypto exchanges.
  • Coinbase, Galaxy, and Paxos have stopped accepting transfers via Silvergate Network.

USDC stablecoin issuer Circle has today announced that it has moved its USDC reserve deposits out of Silvergate Bank to other banks as the bank’s woes deepen.

In the press statement, Circle said that it had made the decision to move the small percentage of USDC it held in Silvergate because of the ongoing uncertainty at the bank. On Wednesday, Silvergate set off alarms with a filing that said losses might leave the bank with less capital than it needs, and that it was evaluating its ability to continue.  The bank also suspended preferred stock dividends.

The bank’s shares immediately started to plummet following the turn of events and key partners including Paxos Trust Co., Coinbase Global Inc., and Galaxy Digital Holdings Ltd. Cut off ties with the bank. Other crypto firms also decided to stop accepting of making payments through Silvergate.

The huge exodus of partners threatens the bank’s key source of deposits seeing that it was a major cryptocurrency player in the US.

Protecting reserve funds

In the press statement, Circle noted that its top priority is protecting the reserve funds backing USDC even if it meant cutting off ties with Silvergate Bank.

Interestingly, Circle started withdrawing its USDC deposits from Silvergate last year as signs of trouble and broader crypto asset risk exposure became increasingly visible on Silvergatee’s end.

Circle has maintained that its USDC reserves are held in the Circle Reserve Fund and several well-capitalized US banks. The Circle Reserve Fund holds 80% of the USDC reserves. The reserves are reviewed on a monthly basis by Deloitte, a leading audit firm.

The post Circle moves its USDC reserve deposits out of troubled Silvergate Bank appeared first on CoinJournal.

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Tether and City of Lugano launch Plan Business Hub celebrating Plan’s anniversary

  • The Plan Initiative was launched on March 03, 2022.
  • The main objective of the Plan was to scale Lugano’s blockchain capabilities.
  • Tether and the City of Lugano have launched the Plan Business Hub to celebrate the first anniversary of the Plan.

It is now a year since the Plan Initiative was launched in the city of Lugano. So far The Plan has brought crypto to over 150 shops and businesses within the city. As a result, Tether Operations Limited (Tether), the company behind USDT stablecoin, has joined the city to celebrate this achievement.

When The Plan was launched, the city of Lugano announced that Bitcoin (BTC), Tether (USDT), and the city’s own LVGA token would be accepted as payment for taxes, parking tickets, tuition fees, and public services. So far, over 150 businesses and shops including Mcdonald’s have also started accepting USDT, BTC, and LVGA in addition to fiat currency as payment for goods and services.

To celebrate the culmination of a successful year for The Plan Inititiative, Tether and the City of Lugano on March 3, 2023, announced the launch of the Plan Business Hub.

The Plan Business Hub

The Plan Business Hub will help explore the potential adoption of blockchain technology in businesses and the long-term use of cryptocurrencies in the European region.

The Hub will house more than 300 blockchain experts and enthusiasts and serve as a global point of reference in Lugano. It will also host a recreational space for meetups and workshops fostering education and development. It is designed to attract talent, and encourage networking and knowledge sharing.

The Mayor of Lugano, Michele Foletti, commenting on the development said:

“The goal of this collaboration is to make Lugano a center of excellence for blockchain technologies. In the first 12 months we have seen growing interest and Lugano is now definitely on the world map, alongside a handful of other destinations. The strength of Lugano’s Plan ₿ is that it has been able to demonstrate real-world use of blockchain technologies by applying it practically to local communities in Lugano. Businesses of all sizes and scale have begun to leverage blockchain platforms to improve their processes and we are watching before our very eyes as Lugano becomes a model for the global adoption of cryptocurrency.”

Since The Plan was launched, Lugano has hosted numerous networking, outreach, and educational events that have attracted people from around the world to learn and discuss the opportunities presented by blockchain technology and cryptocurrency adoption. For instance 86 students from 26 countries visited the city over the past year for the first-ever Plan summer school, an intensive 2-week program by Tether taught by world-class experts on the business, regulatory, and technological implications of blockchain and Bitcoin.

There is a 500-student grant set aside for future Plan summer school program students. Tether and the City of Lugano are also working together to provide additional grants to university students in the coming months.

For the 2023 calendar, there is the 2023 Plan forum in Lugano that is scheduled to take place between October 20 and October 21. Tether will also continue its Plan summer school program with two sessions for 2023 in the spring and summer.

The post Tether and City of Lugano launch Plan Business Hub celebrating Plan’s anniversary appeared first on CoinJournal.