Kategorie: Crypto News

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Polygon price forecast: Will it hold above $0.5?

  • Polygon erased all of its 2023 gains
  • The technical picture is bearish
  • Only a move above parity will change the bearish bias

What a ride it has been for Polygon investors. Since its inception, the cryptocurrency rallied strongly, only for the move to be faded.

Twice, it had tried at the $2.8 area, failing both times. The market has put a double top pattern there, as it was unable to break above the horizontal resistance area.

Following the double top, it all went wrong for Polygon investors. Another bearish pattern formed, a descending triangle, with a scary measured move for those that bought at the top.

The measured move sent the market all the way down to $ 0.4 before bouncing in the last part of 2022.

When cryptocurrencies rallied at the start of 2023 on the back of Bitcoin’s move higher, optimism emerged again. Polygon rallied, too, trading above $1.4, but those gains are long gone. However, Bitcoin still holds on most of its 2023 gains, which spells trouble for Polygon investors.

Polygon chart by TradingView

Polygon remains bearish while below $1

For the bearish bias to end, the market needs two things. First, it must break the bearish trendline on the chart above. Ideally, it should also break the series of lower highs.

Second, it must trade above parity with the dollar. That is a pivotal level; holding there builds energy for further advances.

The post Polygon price forecast: Will it hold above $0.5? appeared first on CoinJournal.

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Judge rules in favour of Uniswap in class action lawsuit

  • A US court has dismissed the class action lawsuit against crypto platform Uniswap.
  • The suit alleged Uniswap users lost money in scam tokens on the platform,but the judge ruled you cannot sue software of provider of the software for crimes committed by third parties.

Judge Katherine Polk Failla of the US District Court for the Southern District of New York has thrown out a class action lawsuit filed against Uniswap. 

The judge ruled that Uniswap Labs and its CEO cannot be sued for providing the software, when its third-party users who committed alleged scams.

No identifiable defendant

The lawsuit filed in April 2022 alleged that the plaintiffs lost money in scam tokens bought via the DEX platform. Judge Failla, who is also the judge assigned to the Coinbase/SEC case, wrote that there is no “identifiable defendant” to sue as the identity of the scammers was unknown to either party.

“Due to the Protocol’s decentralized nature, the identities of the Scam Token issuers are basically unknown and unknowable, leaving Plaintiffs with an identifiable injury but no identifiable defendant,” read part of the judge’s ruling.

The class action lawsuit had also named Uniwap founder Hayden Adams and VC backers Andreessen Horowitz and Paradigm as defendants. Other than the allegation that Uniswap listed the Scam Tokens, the suit also claimed that the decentralised exchange platform sold unregistered securities.

Commenting on the court’s decision, Uniswap’s chief legal officer Marvin Ammori said via X:

“Another huge victory for the crypto world & software devs. SDNY court tossed out a class action against us, deciding that the “self-driving” Uniswap protocol has primarily *lawful* use & protocol devs aren’t liable when others misuse it. The trend in courts is obvious.”

Judge Failla’s ruling is the latest in a series of court decisions that reflect on the broader crypto ecosystem and the highly crucial question of clarity. Recent high profile wins for crypto companies include that of Ripple Labs and that of Grayscale Investments, both involving the US Securities and Exchange Commission (SEC).

The post Judge rules in favour of Uniswap in class action lawsuit appeared first on CoinJournal.

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Bitcoin spot ETF? Experts say SEC has “very little wiggle room”

  • ETF analyst Eric Balchunas and James Seyffart say the odds of a Bitcoin spot ETF approval this year are 75%.
  • The Bloomberg ETF analysts say the SEC has “very little wiggle room” and that denying spot ETFs further would be “politically untenable”.
  • The SEC has suffered both legal and PR loss after Grayscale’s win.

The US Securities and Exchange Commission (SEC) has “very little wiggle room” now and will soon have to approve the first Bitcoin spot ETF for the US market.

That’s Bloomberg ETF analysts Eric Balchunas and James Seyffart’s take after yesterday’s court decision that granted a review petition filed by Grayscale Investments. The odds are up from 65%.

Experts say odds of spot ETF have increased

Balchunas shared his and Seyffart’s prediction of when the SEC could approve the ETF, noting a 75% probability it happens in 2023 and 95% by the end of next year. Noting that the SEC’s loss in the Grayscale lawsuit had increased odds of a spot ETF finally being approved, the senior ETF analyst said via a post on X:

According to the ETF experts, the SEC has suffered a double loss that leaves further denials “politically untenable.” Other than the legal blow that comes with Grayscale’s win, the US regulator is looking at a PR loss that has a far greater impact in terms of setting narratives and changing minds. Mainstream’s coverage of the story and what it implies doesn’t help the agency, Balchunas noted.

“We think the legal and PR loss will combine to make denial politically untenable,” Balchunas wrote.

While the SEC could delay upcoming ETF decisions – or even deny them – the analysts say the regulator will find it difficult to deny the one by crypto asset management firm Hashdex.

The SEC recently delayed a decision on the Ark 21Shares Bitcoin ETF proposal, while soft deadlines for several filings including for BlackRock, Fidelity and others are coming up.

The post Bitcoin spot ETF? Experts say SEC has “very little wiggle room” appeared first on CoinJournal.

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Bitcoin Cash price outlook: Sellers pounce after BCH spike above $220

  • Bitcoin Cash price is down 5% on the day after rising 21% on Tuesday as Grayscale news helped push BCH to above $228. 
  • Sellers could push the altcoin’s price lower amid broader market’s profit taking deals.

Bitcoin Cash (BCH) was one of the biggest gainers Tuesday after crypto surged on news of Grayscale’s court victory against the US Securities and Exchange Commission (SEC).

Bitcoin Cash paring gains after huge spike

BCH rose to $228, rising a notable 21% on the day as the market repriced news of a Bitcoin ETF approval. The altcoin ended the day 18% up. Santiment shared the chart below showing BCH led the crypto spike.

Bitcoin Cash is however trading 5% down on the day as can be seen in the chart below. Sellers appear to be taking control after rejection at the critical horizontal level that also marked the point of further downward moves in mid-August.

The daily chart shows price is above the 100 SMA, which provides support near $198. The daily RSI is also still above the 50 mark. However, it’s beginning to slant to suggest possible selling pressure. Key price levels to watch are $183 and $252.

Bitcoin Cash price chart. Source: TradingView

Bitcoin Cash price also jumped in June when a host of Wall Street companies looked to embrace crypto with a series of ETF filings.

At the time, BlackRock-fueled positivity sent Bitcoin to above $31k and Bitcoin Cash rose to above $329 – partly driven by the unveiling of Fidelity-backed crypto exchange EDX Markets. BCH was one of four crypto assets EDX Markets supported.

The post Bitcoin Cash price outlook: Sellers pounce after BCH spike above $220 appeared first on CoinJournal.

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Whales bought $388M of Bitcoin just before the Grayscale-SEC news

  • Bitcoin price rose sharply on Tuesday, reaching highs of $28k after news of Grayscale’s win against the SEC. 
  • Santiment has shared data showing whales and sharks scooped over $388 million in BTC ahead of the news.

Bitcoin (BTC) whales have accumulated more and more over the past few months, with price dips providing a good buying opportunity. These large BTC holders appear to have rode the impending court decision in the Grayscale vs. US Securities and Exchange Commission (SEC) lawsuit to add to their holdings.

Bitcoin whales and sharks buy $388 million in BTC

Bitcoin price has retreated to around $27,370 at the time of writing on Wednesday, August 30, giving up some of the gains seen on Tuesday when the benchmark cryptocurrency spiked more than 6%.

But even then, market intelligence platform Santiment has highlighted a key on-chain metric involving Bitcoin whales and sharks. Per data from the platform, large holders purchased a total of over $388 million in BTC just prior to the news that Grayscale had scored another landmark win against the SEC.

As crypto reacted with upward action and BTC shot to above $28k, whales and sharks were “handsomely rewarded with a +6% price jump.”

“Whales & sharks may have known a thing or two about the outcome of the #Grayscale and #SEC lawsuit, with 10-10K $BTC wallets accumulating a collective $388.3M in $BTC the day leading up to the news. They were handsomely rewarded with a +6% price jump,” Santiment posted on X.

Was there a hint of manipulation here? Earlier, Santiment had retweeted (re-X’d) analyst Ali Martinez’ highlight of the fact that 30k BTC was sent to exchanges just before the Grayscale victory news.

Bitcoin ETF – chances of approval up

In a decision delivered by the DC Circuit court, SEC’s order denying Grayscale’s proposal to convert its GBTC to a Bitcoin ETF was vacated. The court granted the company’s review petition and criticised the SEC for its capriciousness in the treatment of Bitcoin futures and spot ETFs.

Experts have since opined that the court’s ruling raises chances of the US market getting its first spot Bitcoin ETF. One of these is an application by asset management behemoth BlackRock.

The post Whales bought $388M of Bitcoin just before the Grayscale-SEC news appeared first on CoinJournal.