Schlagwort: crypto business

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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.

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Dogecoin finds buyers at $0.06, focus shifts to the $0.08 area

  • Dogecoin remains bearish while below $0.08
  • A move above would invalidate the lower highs series
  • A weak US dollar might matter more for Dogecoin than anything else

Not much is happening in the cryptocurrency market lately. Traders used to high volatility levels were disappointed lately.

For example, Dogecoin has been in consolidation for more than twelve months. Sure enough, the market bounced several times but only found resistance at the $0.1 level.

Having said that, it does not mean that Dogecoin cannot bounce from these depressed levels. As long as the market holds above $0.06, bulls will try to overcome $0.1. But the critical level to overcome first is $0.08.

By breaking and holding above, the market would invalidate the lower highs series. Therefore, the bias would then shift from bearish to bullish.

Dogecoin chart by TradingView

What can drive Dogecoin higher?

Like it or not, cryptocurrency traders must recognize that volatility is not what it used to be in the crypto market. Sure enough, rallies or selloffs have a larger magnitude than in the traditional currency market, but nevertheless, the amplitude of market movements is not the same anymore.

It can only mean that the cryptocurrency market aligns with the traditional currency market in terms of what drives volatility. Hence,  it is only logical to look at the US dollar and where it might go next.

Recent labor market data suggests that the August NFP report will disappoint. If that is the case, expect the US dollar to continue its downward trend that started yesterday after the disappointing JOLTS report.

The post Dogecoin finds buyers at $0.06, focus shifts to the $0.08 area appeared first on CoinJournal.

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Ethereum price prediction: ETH has more short-term upside

  • Ethereum price made a strong bullish breakout on Tuesday.

  • Investors expect companies to launch of several Ethereum ETFs.

Ethereum price staged a strong recovery on Tuesday as investors remained optimistic about cryptocurrencies. ETH coin jumped to a high of $1,738 on Tuesday, the highest level since August 17th. It has soared by more than 11% above its lowest level this month.

Ethereum ETF next?

The main catalyst for the Ethereum price surge was the decision by a US court to side with Grayscale. The lawsuit emerged from a decision by the SEC to arbitrarily reject Grayscale’s attempt to convert its GBTC ETF into a spot ETF.

In the verdict, the court said that the SEC should review and approve the ETF. As a result, investors hope that the SEC will move on to approve the fund together with those requested by companies like Blackrock, Vanguard, and Invesco.

Grayscale’s initial strategy will likely be to convert the $5.2 billion Grayscale Ethereum Trust (ETHE) into a spot ETF. An ETF operates best because it does not have the discount to Net Asset Value (NAV). Today, the market price of ETHE stands at $11 while the value of holdings stand at $16.72.

Other companies like Blackrock and Invesco could also apply for their Ethereum ETFs. The challenge for Ethereum is that it has become significantly different from Bitcoin. By merging with the Beacon Chain, Ethereum transitioned into a proof-of-stake coin. 

SEC’s Gary Gensler has previously argued that Ethereum, because of its staking features, has transitioned into a financial security. He believes that brokers and exchanges that hold ETH for staking should provide more disclosures to investors.

Analysts believe that the agency has a better chance of convincing a court about Ether being a security than in the XRP case.

Ethereum price prediction

The 4H chart shows that the ETH price moved from a consolidation phase and made a strong bullish breakout. It has moved above the crucial resistance level at $1,702, the highest level on August 23rd. The coin has also moved above the 25-day and 50-day moving averages.

Most importantly, it seems like it is forming a small bullish flag pattern. Therefore, the outlook for the coin is bullish, with the next level to watch being at $1,800. A move below the key support of $1,702 will invalidate the bullish view.

How to buy Ethereum

AVATrade

Ava Financial Ltd operates the AvaFX and AvaTrade forex brands and all business associated with them. The company has a branch office in Dublin, Ireland, which enabled it to get an operational license from the Irish authorities.

Buy ETH with AVATrade today

Binance

Binance has grown exponentially since it was founded in 2017 and is now one of, if not the biggest cryptocurrency exchanges on the market.

Buy ETH with Binance today

The post Ethereum price prediction: ETH has more short-term upside appeared first on CoinJournal.

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HashKey partners with imToken to advance retail crypto adoption

  • HashKey and imToken announced a strategic partnership towards enhancing retail crypto adoption.
  • imToken becomes HashKey’s official non-custodial wallet provider.

Hong Kong-licensed crypto platform HashKey Exchange and non-custodial crypto wallet provider imToken have partnered to promote crypto adoption across the retail market.

In a press release published on Wednesday, HashKey Exchange said the companies will look to leverage both Web2 and Web3 strengths to offer secure asset management for customers. The companies are looking to integrate non-custodial wallet services with compliant fiat deposits and withdrawals. 

Accordingly, HashKey will provide a trusted and compliant trading platform for imToken users. Meanwhile, mToken is now the exchange’s official non-custodial wallet partner, providing self-managed crypto services to HashKey Exchange users.

“We are excited to partner with imToken, a renowned name in the decentralised wallet space,” said Livio Weng, COO of HashKey Group. “By combining HashKey Exchange’s regulated trading platform with imToken’s secure and decentralised capabilities, we aim to bring virtual asset management experience to the next level.”

Creating a trusted fiat gateway

According to HashKey, collaboration with imToken will catalyse growth across the ecosystem by removing the barriers between fiat and digital assets and between custodial and non-custodial services. 

Building on strengths of a trustless platform and HashKey’s compliance is key to this goal, which should see users benefit from a secure fiat gateway, the companies said in the press release.

imToken CEO and founder Ben He, commented that the partnership with HashKey Exchange is a significant step in the quest to create a seamless and secure crypto ecosystem.

“Together, we empower users to take control of their assets while ensuring they have access to a trusted fiat gateway for a holistic Web3 experience,” He added.

HashKey officially launched its trading platform for retail users on August 28, offering support for Bitcoin, Ethereum and USDT trading pairs. The platform also offers direct bank deposits for USD and HKD.

The launch followed the exchange’s landmark approval and licensing by Hong Kong’s Securities and Futures Commission (SFC) as a virtual asset trading provider for retail. The SFC recently issued a warning to crypto exchanges purpoting to have secured approval to offer crypto trading to retailers.

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