Schlagwort: crypto business

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The altcoin uprising: Ether, Solana, and BNB defy market fear as Bitcoin stalls

  • Major altcoins like Ether and Solana are strongly outperforming Bitcoin.
  • BNB, the token of BNB Chain, surged 6% to a new all-time high of 875.
  • Bitcoin’s market dominance is on the verge of hitting a new six-month low.

In a stunning display of defiance, a powerful cohort of major altcoins staged a dramatic comeback on Wednesday, completely eclipsing Bitcoin and brushing off a wave of risk-aversion that sent traditional stock markets lower.

The move signals a potential changing of the guard, as leadership in the digital asset space appears to be shifting, at least for now, from the king to its court.

The rebellion was led by BNB, the native token of the BNB Chain, which blasted through to a fresh all-time high, surging 6% to hit 875.

The ferocity of the rebound was just as palpable in the Ethereum market, where Ether (ETH) rocketed 7% from its overnight lows to 4,350, completely erasing all of Tuesday’s losses in a single, powerful move.

Some market observers speculated the rally was fueled by ETH treasury firms strategically buying the dip.

The strength was broad-based. Solana’s SOL gained a formidable 6.1%, also outpacing its recent decline, while tokens for ChainLink and AAVE put on even more impressive shows, soaring 10% and 7%, respectively.

A king on shaky ground

While the altcoin market was exploding with activity, Bitcoin was a sea of calm. The leading cryptocurrency advanced a modest 1.4% from its lows, trading just above 114,000.

This tepid performance was more in line with the broader capital markets, where major stock indices like the S&P 500 and the tech-heavy Nasdaq closed in the red.

This stark divergence is forcing a market-wide reassessment. The relative strength of altcoins during a period of fear is a notable and potentially significant signal.

Bitcoin’s dominance—a key metric measuring its share of the total crypto market capitalization—is now teetering on the brink of a new six-month low.

Historically, a sustained fall in Bitcoin’s dominance is the classic harbinger of an “altcoin season,” a period where smaller, riskier tokens take the lead.

But before investors get carried away by dreams of repeating the wild, speculative rallies of past cycles, a crucial note of caution has been sounded.

Analysts at ByteTree, led by Shehriyar Ali and Charlie Morris, warn that the rules of the game have fundamentally changed.

“An alt season may be brewing, but it will not look like the wild rallies of the past,” their report stated. 

Instead, it will be defined by selective, fundamentals-driven growth, rewarding quality projects and penalising those without substance.

The message is clear: the era of blind speculation may be over. The current uprising is not lifting all boats equally.

Instead, it appears to be a more discerning, mature rebellion, one that is selectively rewarding projects perceived to have genuine value and long-term potential.

The post The altcoin uprising: Ether, Solana, and BNB defy market fear as Bitcoin stalls appeared first on CoinJournal.

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SoFi Bank to start using Bitcoin for cross-border payments

  • SoFi will enable instant cross-border transfers using Bitcoin and UMA.
  • Transfers will convert USD to Bitcoin via Lightning, then to local currency.
  • The service will first launch in Mexico with lower fees than traditional remittances.

SoFi Bank is preparing to shake up the global remittance industry by introducing a blockchain-powered international money transfer service.

The US digital bank has partnered with Lightspark, a Bitcoin infrastructure company founded by former PayPal president David Marcus, to bring faster and cheaper cross-border payments directly into its app.

SoFi steps into blockchain payments

The new service will allow SoFi customers to send money abroad without relying on traditional remittance providers or third-party platforms.

Instead, transfers will be powered by the Bitcoin Lightning Network and Lightspark’s Universal Money Address, or UMA.

This technology is designed to move dollars across borders instantly, at any time of the day, while ensuring that fees and exchange rates are displayed clearly before each transaction.

SoFi says the service will debut later this year, beginning with Mexico, a key remittance corridor from the United States.

Once rolled out, users will be able to initiate transfers directly through the SoFi app, where US dollars will be converted into Bitcoin, routed across the Lightning Network, and then converted back into the recipient’s local currency before being deposited in their bank account.

Notably, this is not SoFi’s first step into the digital asset space.

The bank began offering crypto trading in 2019, but later scaled back the service following regulatory concerns during the collapse of FTX.

However, with a federal banking license secured and new rules under the GENIUS Act offering greater clarity, SoFi is reentering the sector more aggressively.

During its most recent earnings call, the company outlined ambitions beyond remittances.

These include plans for stablecoin issuance, crypto-backed loans, and staking infrastructure for other institutions.

By positioning itself as a bridge between traditional banking and Web3, SoFi hopes to secure a long-term advantage over pure-play crypto platforms.

Faster and cheaper transfers

The promise of speed and lower costs is central to SoFi’s plan.

Traditional remittances often take days to clear and can cost families as much as 6% of the amount being sent.

By embedding blockchain rails into its platform, SoFi expects to deliver a service that is available around the clock and significantly below the national average cost of remittances in the United States.

Anthony Noto, SoFi’s chief executive, emphasised that many of the bank’s members rely on sending money to loved ones overseas.

He said that building blockchain transfers directly into the SoFi app will give users “faster, smarter, and more inclusive access” to their funds.

The bank is also opening a waitlist to meet early demand and gauge interest from members who frequently send money abroad.

Lightspark provides the backbone

Lightspark, which launched in 2022, has been positioning its UMA as a universal standard for moving money globally in a way that feels as simple as sending an email.

According to Marcus, Bitcoin is the only open payments network that can power such transactions securely and at scale.

Marcus added that UMA on SoFi will allow members to move dollars instantly with full transparency and control, while avoiding the delays of traditional systems.

The collaboration makes SoFi the first US bank to integrate Bitcoin’s Lightning Network and UMA at this scale.

It also comes at a time when other major institutions, including Bank of America and JPMorgan, are testing blockchain for their own transfer systems.

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Bitcoin, Ether ETFs record heavy outflows as traders await Fed signals

  • Data from SoSoValue showed spot Bitcoin ETFs recorded daily net outflows of $523 million on Tuesday.
  • Spot Ether ETFs experienced $422.3 million in total net outflows, according to SoSoValue.
  • Investors are now waiting for additional cues, including the release of minutes from the FOMC’s July meeting later on Wednesday.

US spot Bitcoin and Ether exchange-traded funds (ETFs) saw significant net outflows on Tuesday, with institutional investors trimming exposure ahead of key macroeconomic events later this week.

Large outflows in Bitcoin and Ether ETFs

Data from SoSoValue showed spot bitcoin ETFs recorded daily net outflows of $523 million on Tuesday, excluding numbers from Invesco’s BTCO, which were not published.

Fidelity’s FBTC accounted for the largest share, with $246.9 million in negative flows.

Grayscale’s GBTC saw $115.53 million in outflows, while products from Bitwise and Ark & 21Shares also recorded sizable redemptions.

BlackRock’s IBIT reported no flows for the day.

Spot Ether ETFs experienced $422.3 million in total net outflows, according to SoSoValue.

Fidelity’s FETH led with $156.32 million in withdrawals, followed by Grayscale’s ETHE at $122 million.

The Grayscale Mini Ethereum Trust also saw $88.5 million in outflows.

Tuesday’s figure marked the second-largest daily net outflows from spot ether ETFs since their debut.

Crypto market under pressure ahead of Fed signal

Market participants had earlier expected the US Federal Reserve to lower interest rates in September.

However, last week’s producer price index, which came in hotter than anticipated, reduced confidence in that outlook.

Investors are now waiting for additional cues, including the release of minutes from the Federal Open Market Committee’s July meeting later on Wednesday, and a speech by Fed Chair Jerome Powell at the Jackson Hole symposium on Friday.

Bitcoin, Ethereum, and Ripple extended their declines this week, each closing below important technical support levels.

Bitcoin fell beneath its ascending trendline and the 50-day exponential moving average (EMA), closing at $116,300 earlier in the week before slipping further on Tuesday.

It was trading at around $113,400 on Wednesday, showing a slight recovery.

Analysts are watching $111,980 as the next major support level if selling pressure continues.

Ethereum, which hit a yearly high of $4,788 last Thursday, retreated nearly 14% in the following five days.

It was trading at approximately $4,132 on Wednesday. If the resistance at $4,232 holds, further downside could push the price toward $3,946.

XRP also weakened, closing below its 50-day EMA at $2.93.

The move suggested further downside risks alongside bitcoin and ether, adding to the cautious outlook for digital assets this week.

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ADA could bounce back after retesting the $0.84 low; Check forecast

Key takeaways

  • Cardano’s ADA is the worst performer among the top 10, losing 8% of its value in the last 24 hours.
  • The coin could recover above $1 soon after retesting the $0.84 low.

ADA retests $0.84 amid bearish PA

The cryptocurrency market has been bearish since the start of the week, and Cardano’s ADA has been the worst performer among the top 10 coins by market cap. ADA is down 8% in the last 24 hours and briefly dropped to the $0.8400 level.

The bearish performance saw ADA retest the TLQ at $0.8400 and could be getting ready for another leg-up after surpassing the $1 psychological mark last week. Its performance coincides with a massive sell-off in the broader crypto market, with Bitcoin briefly dropping below $113k earlier today.

Ether also dropped below $4,200 while XRP and Solana have failed to keep their prices above $3 and $200, respectively.

ADA to hit $1 if the $0.8400 support holds

The ADA/USD 4-hour chart is bullish and efficient despite Cardano losing 8% of its value in the last 24 hours. The technical indicators are switching bearish, suggesting that sellers are currently in control.

The RSI of 44 shows that ADA could be heading into the oversold territory if the bulls don’t regain control. The MACD lines have also crossed over into a bearish region. 

ADA/USD 4H chart

At press time, ADA is trading at $0.8491 as the $0.8400 support level holds. If the support level continues to hold, ADA could surge past the first major resistance level at $0.9570 before surpassing last week’s high of $1.0198.

However, failure to hold the $0.8400 support level could see ADA take out the TLQ and drop to the next major support zone at $0.7685. An extended bearish performance would see ADA retest August’s low of $0.6820.

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Ethereum price prediction: ETH could dip to $4k amid bearish PA

Key takeaways

  • ETH is down 1.6% in the last 24 hours and has dropped below $4,200.
  • The bears are aiming for $4k as the broader crypto market experiences a sell-off.

ETH fails to defend its price above $4,200

Ether, the second-largest cryptocurrency by market cap, failed to hit a new all-time high last week and has since lost 10% of its value. It is currently down by 1.6% in the last 24 hours and now trades at $4,170 per coin.

The bearish performance comes as the broader cryptocurrency market experiences a sell-off. Bitcoin is down 8% since its all-time high milestone last week and temporarily dropped below $113k. XRP has dropped below $3 while Solana has failed to stay above $200.

Analysts believe that profit-taking is one of the primary reasons behind the bearish price action. In an email to Coinjournal, Ruslan Lienkha, chief of markets, YouHodler, stated that,

Profit-taking is indeed occurring at the moment, and in many cases, it reflects disciplined risk management. This is particularly true in the current environment, where institutional discussions increasingly emphasize that we may be entering the later stages of the bull market. A growing number of fund managers point out that U.S. equities appear overvalued, suggesting that the medium-term bullish trend could be approaching its end.

The analyst added that while long-term investors are generally less affected by these short-term dynamics, those operating within medium-term horizons, such as two- to three-year cycles, often adopt relative strategies that encourage them to secure gains when markets look stretched. In this context, realized profits may signal not so much a lack of confidence in further upside, but rather prudent portfolio management in anticipation of potential volatility.

ETH could drop to $4k as bears remain in control

The ETH/USD 4-hour chart has switched bearish despite the Ethereum price reaching a new yearly high of $4,788 on Thursday. The coin failed to continue its upward trend and declined nearly 14% since then. 

At press time on Wednesday, it trades at around $4,170. The technical indicators are bearish, with the RSI (35) and the MACD lines showing a strong sell-off in the market. 

XRP/USD 4-hour chart

If the daily resistance at $4,232 holds as resistance, ETH could dip towards its next key support at $3,946. An extended bearish run would see Ether retest the $3,300 low for the second time this month.

However, if ETH recovers and closes above the daily resistance at $4,232, the bulls could push its price higher and target the $4,488 level. It would need the support of the broader crypto market to hit the $4,788 yearly high.

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