Crypto exchanges would be needed to apply for a license from the ASIC. The paper advises a token mapping exercise be completed by the end of 2023. Recently, the Australian government announced its intention to license cryptocurrency exchanges as a means of regulating the digital asset market. The policy shift has consumer protection and innovation in the crypto sector as its stated goals. Concerns have been raised by certain exchanges, however. On October 16, the Australian Treasury released a discussion paper titled “Regulating digital asset platforms.” To mitigate consumer damages and systemic hazards in the digital asset industry, this paper lays forth a suggested regulatory structure for crypto exchanges and service providers. License Mandatory The paper suggests that rather than creating new laws for cryptocurrencies, the current standards for financial services be applied to cryptocurrency exchanges. Moreover, in this model, cryptocurrency exchanges would be subject to the same regulations as any other financial institution and would need to apply for a license from the Australian Securities and Investment Commission (ASIC). The paper makes it clear that crypto exchanges and service providers, rather than specific cryptocurrencies or tokens, will be the primary targets of regulatory action. Also, payment tokens, utility tokens, security tokens, and stablecoins are only few of the crypto assets that are acknowledged. Some of these assets may not qualify as financial products under the Corporations Act, which is recognized in the paper. The paper advises a token mapping exercise be completed by 2023’s end to solve this issue. The goal of this project is to categorize various crypto assets so that it can be decided whether or not they need to be regulated as financial products. Highlighted Crypto News Today: Staked Bone ShibaSwap (BONE) Records an All-Time High (ATH)

Renowned crypto analyst Egrag presented a compelling Elliott Wave analysis on the potential XRP price trajectory in a tweet today. Drawing attention to the inner workings of the Elliott Wave theory, he highlighted that XRP has entered Wave 3 in recent days, which in particular plays a transformative role in determining the course of asset prices. In Egrag’s words: “XRP aiming to $27 – Wave 1 inside Wave 3: Diving into the Elliott Wave theory as we explore the potential for XRP to reach $27! Wave 3 is typically a game-changer in the Elliott Wave theory.” Elliott Wave Analysis: Wave 3 The crypto analyst further elaborated that Wave 3 emerges as the trend’s dominant force, outshining other waves in size and influence. This stage often witnesses positive news that prompts fundamental analysts to revise their outlook, giving a boost to upward momentum. Notably, prices tend to shoot up rapidly during this phase, with minimal corrections. Investors who try to enter the market on a pullback often find themselves missing out as the third wave gains traction. At the outset, pessimistic news might still dominate, with most market participants maintaining a bearish stance. However, as Wave 3 unfolds, a significant shift towards bullish sentiment becomes evident among the majority. Deep-diving into the XRP analysis, Egrag points out that the green wave count reflects the Grand Cycle spanning from 2014 to 2018. This cycle commenced with Wave 1 and was succeeded by a corrective Wave 2. “Presently, XRP finds itself amidst the thrilling currents of Wave 1 within the Grand Cycle’s Wave 3. Prepare for a fascinating journey ahead!” he noted. He further elucidated that XRP has adeptly navigated through the initial waves and is now setting its course for the anticipated Wave 3, which he predicts will touch the Fibonacci 1.618 mark at $6.5, followed by a brief correction. The subsequent and concluding phase, Wave 5, according to Egrag’s analysis, will propel the XRP price to a staggering $27. A Deep-Dive Into Egrag’s XRP Price Chart Egrag’s analysis delineates the intricate voyage of the XRP price through the conceptual lenses of the Elliott Wave theory. The chart starts its narrative in March 2020, when the subordinate Wave 1 began. This initial phase witnessed XRP escalating to a prominent peak of $1.96, buoyed by a favorable outcome in Ripple’s legal battle with the US Securities and Exchange Commission (SEC). Subsequent to the apex of Wave 1, the chart navigates through a territory marked by correction, which is dubbed Wave 2. In this segment, the XRP price experienced a pullback and dropped to a low of $0.4313. This corrective phase, although incisive, respects the sanctity of Elliott wave norms by not falling below the initial point of Wave 1. With the transition into the Wave 3 area, bullish momentum is currently starting to build up. Egrag, with a combination of analysis and foresight, expects the XRP price to rise beyond the zenith of Wave 1 and target the Fibonacci extension of 1.618, valued at around $6.57. This upside, plotted on Egrag’s chart, is expected to end sometime in 2024 or 2025. Wave 4, as described by Egrag, provides for a corrective move following the upswing of Wave 3. At this point, the XRP price is expected to drop heavily and find support at $1.96, which interestingly mirrors the peak of Wave 1. In Egrag’s chart, Wave 5 emerges as the pinnacle of the bull market. In this decisive phase, the analyst projects his most audacious forecast for the XRP price trajectory. Anticipating a monumental bull surge in 2025, he envisions XRP oscillating between Fibonacci extension levels of 2.272 and 2.414, corresponding to price points of $23.63 and $31.20. Egrag, averaging the values, subsequently forecasts a price target of $27 for XRP. At press time, XRP traded at $0.4934.

Bitcoin (BTC) surges 4.5%, reaching $27,963, fueled by growing optimism about the potential approval of a Bitcoin ETF. Bitcoin’s daily trading volume spikes by 139% to $11.6B, indicating increased market activity. The oldest gem, Bitcoin (BTC), has experienced a significant price jump of 4.5%, rising from $27,001 to $27,963. The surge has been fueled by growing optimism surrounding the potential approval of a Bitcoin exchange-traded fund (ETF) in the near future, igniting bullish hopes within the crypto community. Over the weekend, BTC’s price regained its bullish momentum, coinciding with the imminent decision on the Bitcoin spot ETF expected in the coming month. This resurgence in sentiment among investors has led to significant growth over the past 48 hours. Bitcoin’s (BTC) 24-Hour Price Boost The surge in BTC price has resulted in the formation of a couple of bullish engulfing candles, surpassing key technical indicators like the Exponential Moving Averages (EMA) and Relative Strength Index (RSI). At the time of writing, Bitcoin is trading at $27,958, marking a 3.57% increase in the last 24 hours and a notable 5% gain over the past month. Additionally, the daily trading volume of Bitcoin has surged by approximately 139% to reach 11.6 billion. This sudden reversal in BTC’s price has created a significant neckline close to the $28,000 mark. If the cryptocurrency manages to assert its dominance above this critical level, the uptrend will likely have a higher probability of reaching $29,000 and possibly extending to $30,500. In a technical analysis, the RSI line mirrors the price reversal. Showing an upward movement surpassing the halfway point and the 14-day SMA while also approaching the overbought zone. This uptick in the daily RSI line notably strengthens the prevailing bullish sentiment. Bitcoin (BTC) Price Chart (Source: TradingView) Crucially, the alignment of the 50 and 200-day EMA remains bullish, and this price reversal has caused an uptick in the 50-day EMA. As long as the bullish momentum persists, these EMAs are expected to provide dynamic support for Bitcoin’s price. The likelihood of a bearish reversal is currently minimal. However, in the event that sellers maintain their control at the $28,000 mark, and if the U.S. Securities and Exchange Commission (SEC) delays the confirmation of a Bitcoin spot ETF, the market could enter a sideways trend. In such a scenario, Bitcoin’s price trend may revisit the $27,000 mark and possibly even dip to $26,500. The crypto market remains on the edge as the decision regarding the Bitcoin spot ETF eagerly awaits.

With new regulatory frameworks for digital assets and issuance of commercial licenses for web3 projects, Dubai is all set to become the blockchain capital in the Middle East region. World Blockchain Summit, an event by Trescon, returns to Dubai on 1-2 November 2023 at the Address Dubai Marina, with strategic partners like Dubai AI & Web3 Campus by DIFC, the largest cluster of Artificial Intelligence and Web3 companies in MENA. The Summit, one of the longest-running global blockchain series, has become an integral platform where top blockchain-leaders, industry veterans, web3 innovators and visionaries converge to debate over the current trends and innovations that are driving the inclusion of blockchain based solutions in key sectors of the global economy. Dubai, one of the leading financial hubs in the region, is rapidly becoming the global blockchain capital through its progressive regulations, favourable investment climate and expanding digital infrastructure. As per a recent Fintech Global report, Blockchain and Crypto emerged as a dynamic subsector within the UAE’s FinTech landscape, commanding a substantial 42 per cent of the total deals in 2023. With the establishment of Dubai AI & Web3 Campus by DIFC, Virtual Assets Regulatory Authority (VARA) Dubai and the Dubai Blockchain Strategy is attracting global investors and innovators, the opportunity is ripe for the UAE to foster a thriving digital economy. The Summit is bringing together 2000+ web3 decision makers, 300+ investors and 100+ speakers and also features the regional finale of the Startup World Cup organised by the prestigious US-based venture capital firm Pegasus Ventures, offering the winner an opportunity to pitch at the global finals hosted in San Francisco and a chance to win US$ 1 million in funding. #WBSDubai features exciting keynote speeches, use-case presentations by leading blockchain visionaries and experts, and captivating panel discussions on core issues that dominate the web3 space today. The focal points of discussions at the summit encompass Web3 regulations, NFTs in music and entertainment, Web3 gaming, privacy in blockchain, tokenomics and more. Amongst the notable speakers at the event are: – Charles Hoskinson, CEO & Founder, Input Output Global | Cardano – Fredrik Gregaard, CEO, Cardano Foundation – Shogo Ishida, Co-CEO, Middle East & Africa, Emurgo – Julian Banks, CEO, Univox – William Bao Bean, Managing Director, Orbit Startups – Miriam Kiwan, Vice President, MEA, Circle – Joao Blumel, Metaverse Mind Reading Show, – Hasnae Taleb, Member of The American Chamber of Commerce| Partner & CIO -Ento Capital |TV Personality & Influencer, AmCham Abu Dhabi – Dr. Sameer Al Ansari, CEO, Ras Al Khaimah, Digital Assets Oasis “Dubai’s global prominence in innovation and technology is undeniable. By embracing blockchain-based solutions, the UAE’s national economy is set to witness a meteoric ascent. Sharing a common passion for global digital transformation, we at Trescon are committed to supporting the global network of innovators, founders and startups through platforms like the World Blockchain Summit. This summit is poised to become the perfect stage for blockchain pioneers to foster meaningful connections and unveil the next-gen solutions that can redefine the blockchain landscape.” – Sharath Kumar, Business Director, World Blockchain Summit As the countdown for another exciting edition of the World Blockchain Summit begins, seize the moment and get involved with the event. Book your tickets today before it is too late. The Dubai edition of the World Blockchain Summit is presented by: Lead Sponsor: – Unicoin After Party Sponsor: – Legacy Network Platinum Sponsor: – Zeebu Silver Sponsors: – Qlindo, Core, Sui,Galileo Protocol Bronze Sponsors: Innes Global, Sastanaqqam, Yardhub, Mimo Pitch Partners: Cryptounity, Umma Life, Gorki Association Partner: Arabs in Blockchain About World Blockchain Summit (WBS) World Blockchain Summit (WBS) is an event by Trescon that supports the growth of the blockchain, crypto and Web3 ecosystem globally. WBS is the world’s longest-running blockchain, crypto, and web 3-focused summit series. Since our inception in 2017, we have hosted more than 20 editions in 11 countries as we strived to create the ultimate networking and deal flow platform for the Web3 ecosystem. Each edition brings together global leaders and emerging startups in the space, including investors, developers, IT leaders, entrepreneurs, government authorities, and others. About Trescon Trescon is a pioneering force in the global business events and services sector, driving the adoption of emerging technologies while promoting sustainability and inclusive leadership. With a deep understanding of the realities and requirements of the growth markets we operate in – we strive to deliver innovative and high-quality business platforms for our clients. To book your tickets, visit: https://bit.ly/get-passes-wbs-dxb-pr2 For inquiries, Contact: [email protected] For media inquiries and further information, please contact: Shadi Dawi Director, Public Relations & Partnerships – MENA [email protected] +971 55 498 4989 Disclaimer: TheNewsCrypto does not endorse any content on this page. The content depicted in this press release does not represent any investment advice. TheNewsCrypto recommend our readers to make decisions based on their own research. TheNewsCrypto is not accountable for any damage or loss related to content, products, or services stated in this press release.

XRP, the cryptocurrency at the center of a high-stakes legal clash between Ripple and the US Securities and Exchange Commission (SEC), has remained under the cloud of uncertainty, with its price trajectory impacted by the twists and turns of the legal battle. Ripple, the company behind XRP, celebrated a legal win when a court ruled that XRP was not a security, providing a temporary reprieve for the embattled cryptocurrency. Nonetheless, market participants are acutely aware that the final resolution of this case could hold the key to XRP’s future value and trajectory. Recent analysis of the XRP price chart suggests a potential shift in the market sentiment, indicating that XRP might be on the cusp of an upward trend after a prolonged period of decline spanning over three months. XRP Current Support Level As Short-Term Optimism The examination of the recent price movements has unveiled a critical finding—XRP has gravitated towards a pivotal support level, steadfastly hovering around the $0.473 mark. Market observers are closely monitoring this level, recognizing its significance in determining the short-term trajectory of the cryptocurrency. Historically, such support levels have proven instrumental in preventing further plunges, acting as a barrier against steep declines. A sustained position above this critical line could signal the presence of a strong buying interest, potentially fueling an optimistic outlook for XRP. However, a concerning element has emerged from the analysis of the price chart—the ominous “death cross” phenomenon, which has been looming on the horizon. In technical analysis, the death cross occurs when a security’s short-term moving average crosses below its long-term moving average, suggesting a potential bearish turn for the asset. XRP enthusiasts and traders are now closely scrutinizing this development, cautiously considering its implications for the future price movements of the cryptocurrency. XRP’s Resilience Amid Legal Uncertainty Meanwhile, a closer examination of the volume bars presents a more nuanced perspective. These bars represent the volume of XRP traded on specific days, offering insights into the buying and selling patterns associated with the cryptocurrency. Despite the tumultuous legal environment and the price fluctuations, the volume bars do not reflect an overwhelming surge in selling volumes, providing a glimmer of assurance for XRP holders and market participants. As of the latest market data, the current XRP price, as per CoinGecko, stands at $0.482482, showcasing a 24-hour gain of 1.4% despite a seven-day loss of 4.2%. These fluctuations, though reflective of the ongoing market volatility, underline the resilience of XRP in the face of the regulatory storm, as well as the cautious optimism brewing among traders anticipating a potential upward shift. While the legal battle continues to cast its shadow over XRP, market participants remain cautiously optimistic, eagerly awaiting further developments that could shape the future trajectory of this resilient cryptocurrency. (This site’s content should not be construed as investment advice. Investing involves risk. When you invest, your capital is subject to risk). Featured image from Shutterstock

As analysts continue to debate the future of the flagship cryptocurrency, Bitcoin, the network’s hashrate has seen exponential growth, with this key indicator poised to experience an 100% increase (from the beginning of the year) before the year runs out. How Bitcoin’s Hashrate Has Grown The hashrate, which is used to measure the computational power used to mine and process transactions on the network, currently (at the time of writing) stands at 445 exahashes per second (EH/s). This figure represents a significant increase, considering that the network hashrate stood at 255 EH/s on January 1, 2023. These figures mean that the network hashrate has grown by 190 EH/s since the year began, and at this rate, it could well hit 510 EH/s by the end of the year, signaling a 100% increase from when the year began. These figures also suggest that more miners have jumped on the Bitcoin blockchain, with it being faster and more secure as a result of this. At this rate, the hashrate could also well be on the way to fulfilling some of the predictions made by analysts. In March, A research analyst at River Financial, Sam Wouters, noted the impressive growth rate and predicted that Bitcoin’s hashrate could reach a “Zettahash by the end of 2025.” A Zettahash is equivalent to 1,000 EH/s. Going by this current rate, some have noted that Wouters’ prediction could become a reality by December 23, 2025, or the beginning of 2026. Despite this significant growth rate, it is worth mentioning that Bitcoin’s hash price has remained rather tepid during this same period. Hash Price refers to the revenue generated by miners on a per tera-hash basis. The hash price currently stands at close to $60, almost the same figure as at the beginning of the beginning of the year. Notably, Miners’ biggest payday came on May 8, 2023, when the hash price was $125. Where The Bitcoin Hashrate Is Coming From In his tweet back in March, Wouters also tried to analyze where the growth in Bitcoin’s hashrate could be coming from. He shared his belief that it was unlikely that the added hashrate was coming from nation-states, as some people may suggest. According to him, the odds of nation-states providing computing power to the network and remaining a secret is low as “there are far too many people involved in running massive operations.” He concluded by stating that the source of the added hashrate was “nuanced” as it could simply be a result of factors like new models being put on the market, unused inventory going online, more facilities going live, and also entrepreneurs who are finding cheap sources before regulators step in.

Over the past few years, cryptocurrencies have become an attractive way to generate income in a number of different ways. One of the methods is to mine digital currencies. However, for many investors, this is a tedious and difficult process. They need to know how to set up mining equipment, buy the machines, run them, etc., which results in a very complex process. Cloud mining has become a viable option for investors seeking exposure to cryptocurrency mining. CGMD miner is one of the leading cloud mining platforms on the market, providing investors with a unique hash rate market and attractive proposition. What is cloud mining? Cloud mining has become a new and convenient solution for individuals looking to earn passive income through cryptocurrency mining. The main difference with traditional methods of mining virtual currencies is that investors do not need to purchase an actual hardware machine and manage it. The CGMD miner service provides a streamlined way for investors to leverage the platform to remotely access mining power. This eliminates the need to hire technical experts, maintain hardware machines, etc. Therefore, cloud mining makes the entire experience easier and more accessible to new people around the world. What is a CGMD miner? CGMD Miner is the world’s leading computing power marketplace, providing cutting-edge cloud mining technology to investors in the cryptocurrency market. Users can easily start mining digital currencies with just a few clicks, without actually purchasing a mining rig. The process is very accessible and secure, which makes it very attractive for individuals to start using this cloud mining platform. Thanks to a team of IT and blockchain professionals with years of experience in the industry, CGMD Miner allows users to earn passive income using the latest Antminer and GPU equipment. Why use CGMD miner? There are several reasons why you should use the CGMD miner. News Hardware The company decided to use only the latest hardware on the market for Antminer and GPU mining. The company has extensive experience in cloud mining operations. Users don’t have to worry about updating hardware devices and selling old, inefficient machines. Make money automatically The company also has a system that automatically starts running after a user places an order. Additionally, operational payments for cloud mining rigs are processed every 24 hours, much faster than other alternatives on the market. Safety and Team On the CGMD miner, customers’ funds are securely stored with tier-one banks, and all their personal information is protected by SSL encryption. We insure each investment, provided by AIG Insurance Company. Once you lose your property, you can apply for compensation from us. The expert team behind CGMD miner company consists of professionals with many years of experience and are always ready to meet the needs of clients. Choose the best plan CGMD miner also provides several services to cloud miners. Some services include the following packages: conclusion All in all, the CGMD miner offers a hassle-free way for individuals looking to earn passive income through cryptocurrency mining. The CGMD miner simplifies the cloud mining experience by offering the latest hardware, automated yields, and robust security features. The platform has a dedicated team of experts to ensure a safe and efficient environment for users around the world, making it an attractive option for those looking for reliable passive income in the crypto industry. If you want to know more about CGMD Miner, please visit its official website www.365miner.com

Shiba Inu (SHIB) holders are not exempt from the turbulence of the market in recent weeks. Analyzing the current state of affairs for holders of the meme coin, it becomes apparent that the profitability of investing in this particular asset type has been a rollercoaster journey. Data derived from IntoTheBlock, an analytics firm, reveals a striking fact: a mere 9% of the current SHIB holders find themselves in a profitable position at the current value of roughly $0.0000069 per coin. This figure is indicative of the challenges that many SHIB investors are currently grappling with. Moreover, an additional 1% find themselves at a break-even point, while a staggering 91% face the harsh reality of being at an overall loss. Shiba Inu’s Price Plunge: A Tale Of Highs And Lows One of the key contributing factors to this landscape of varying profitability is the undeniable influence of Shiba Inu’s price volatility and the composition of its holder base. Over the past few months, SHIB’s market value has been subject to dramatic oscillations, largely propelled by substantial trading volumes. This volatility has undoubtedly played a pivotal role in shaping the current financial positions of SHIB holders. It is also worth noting that an overwhelming 78% of the circulating supply of SHIB is concentrated within the wallets of the so-called ‘whale’ holders, emphasizing the significant influence of a few major players within the SHIB ecosystem. The plunge of Shiba Inu’s price, a staggering 92% drop from its all-time high of $0.00008616 in October 2021, has left many investors who bought at or near peak prices in a precarious position, facing significant losses. However, on the flip side, those who entered the market at relatively lower prices are potentially reveling in the positive returns yielded by their investments. At the time of writing, SHIB’s price stands at $0.00000700, as per CoinGecko, showing a 1.2% gain over the past 24 hours, though still nursing a 1.0% loss over the past seven days. Can Shiba Inu Overcome Resistance? Despite the apparent challenges faced by SHIB holders, a glimmer of hope emerges from the analysis of the price trends. It is evident that every significant dip in SHIB’s value is consistently followed by a period of recovery, creating what appears to be a repetitive “zig-zag” pattern. This pattern is indicative of a healthy correction process, a natural phenomenon within the realm of cryptocurrency markets. It speaks to the resilience of SHIB and its ability to bounce back from adversities, offering a ray of optimism amidst the prevailing uncertainty. Furthermore, the current market dynamics suggest that SHIB is grappling with a local resistance level, posing a formidable challenge to its upward trajectory. The interplay of reduced activity among the whale holders and the ongoing battle to overcome this resistance level implies that if SHIB manages to break through this barrier, a bullish trend could be on the horizon. (This site’s content should not be construed as investment advice. Investing involves risk. When you invest, your capital is subject to risk). Featured image from Shutterstock

The world’s leading cryptocurrency, Bitcoin (BTC), has seen a significant surge in its price today, reaching $28,004. While several factors have contributed to this jump, here are the primary reasons: #1 SEC’s Non-appeal On Grayscale Spot Bitcoin ETF Late on Friday night, the market became aware of the US Securities and Exchange Commission’s decision not to appeal the verdict which favored Grayscale’s conversion of the Grayscale Bitcoin Trust (GBTC) into a spot ETF. This decision wasn’t perhaps fully priced in on Friday, as Bitcoin’s price rose by a mere 1.2% on Friday ((followed by a fast retracement), in stark contrast to the 8% spike on August 29 when the initial ruling was announced. The move signifies the SEC’s potential readiness to green-light a Bitcoin ETF in the imminent weeks. As one Grayscale spokesman pointed out, “The Federal Rules of Appellate Procedure’s 45-day period to seek rehearing has now passed. The Grayscale team remains operationally ready to convert GBTC to an ETF upon the SEC’s approval.” James Seyffart from Bloomberg Intelligence highlights the probable talks between Grayscale and the SEC in the near future, stating, “Dialogue between Grayscale and SEC should begin next week. Hoping for more info on next steps sometime next week or week after?” As for when a Spot ETF is coming, Bloomberg Intelligence analysts predict a staggering 90% chance of the SEC’s approval by around January 10. #2 BTC’s Correlation With Gold Renowned analyst MacroScope recently provided in-depth insights into the complex relationship between gold and Bitcoin which may have contributed to today’s price move. Gold has soared by more than 6.5% from October 6 till Friday last week, driven by a combination of elements such as central bank policies, the US’s fiscal challenges, and unfolding geopolitical events like the Israel-Hamas war. Remarkably, the Gold market has been witnessing a discernible pattern: savvy investors, often labeled as the ‘smart money’, have been strategically capitalizing on price dips to augment their long positions. This behavior has been particularly pronounced around the $1820-1860 price marks, suggesting a foundational shift in gold’s pricing trajectory. Related Reading: Analyst Predicts Next Bitcoin Cycle Top – Is It $89,000 Or $135,000? This evolving dynamic in the gold market bears significant implications for Bitcoin. Historically, gold often pioneers a trend, with Bitcoin tailing behind to emulate it. This lead-lag relationship, as highlighted by MacroScope, might have been pivotal in forecasting Bitcoin’s move today. As gold appears to be charting a bullish course, Bitcoin, while influenced by its distinct set of catalysts like the spot ETF approval, could be poised to mirror gold’s trajectory. #3 Short Squeeze Finally, on a more technical note, there has been significant activity in the BTC futures market that played a part in the soaring price. Thus far today, about $20 million in short positions have been liquidated, the highest amount since October 1, when $37.5 million in shorts were liquidated and BTC rose 4% from $27,000 to nearly $28,100 in a very short period of time. In conclusion, Bitcoin’s impressive surge to $28,000 can be attributed to a combination of regulatory developments, its correlation with gold, the increasing influence of big holders or ‘whales’, and significant futures market activity. At press time, BTC traded at $27,880.

Cardano (ADA) has remained perched above the critical annual support level of $0.24, a steadfast line of defense in the face of market volatility. Despite the notable price swings, the asset’s price action has failed to commit to either a bullish or bearish trend, leaving market participants uncertain about the coin’s future. A closer look at the daily chart reveals that this indecisive phase is gradually forming a symmetrical triangle pattern, potentially holding the key to forecasting the coin’s near-term trajectory. As of the most recent data from CoinGecko, Cardano is trading at 0.251940, reflecting a modest 0.3% increase over the past 24 hours, although it has experienced a seven-day loss of 2.7%. These minor fluctuations underscore the prevailing market uncertainty surrounding ADA’s price movement. Cardano Key Support: A Resilient Barrier The significance of the $0.24 support level should not be underestimated, as it has acted as a formidable barrier against significant downward moves on three separate occasions in the past four months. According to a price report, Cardano can maintain its position above this lower trendline, a moderate upswing towards the upper boundary of the triangle at approximately $0.258 could be in the cards, representing a potential gain of 5.5%. While the triangular pattern remains intact, ADA is expected to remain trapped in a sideways trend. However, should a decisive breakout occur above the triangle, it could ignite a robust 15% rally, setting its sights on the coveted $0.3 milestone. In a separate report, the outlook remains bearish if buyers fail to seize control of the market in the near future. Traders should brace themselves for a potential test of the $0.24 range in the coming days, adding to the prevailing uncertainty that has kept ADA investors on their toes. ADA’s Path Ahead Taking a midterm perspective, the immediate focus should shift to the nearest support level of $0.2380. Given the absence of any convincing reversal signals at this point, a further decline to $0.23 may be on the horizon. These developments suggest that Cardano is currently navigating a challenging period characterized by price indecision and market fluctuation. As Cardano continues to oscillate above the critical support level of $0.24 and grapples with a symmetrical triangle pattern, investors must remain vigilant and adapt to the evolving dynamics of this digital asset, as it inches towards a potential breakout or further testing of key support levels. The path forward for ADA remains uncertain, but the market’s response to the ongoing price indecisiveness will undoubtedly provide valuable insights for traders and enthusiasts alike. (This site’s content should not be construed as investment advice. Investing involves risk. When you invest, your capital is subject to risk). Featured image from Cointribune

Tron price is gaining pace above $0.0865 against the US Dollar. TRX is outperforming Bitcoin and could rise further toward $0.091. Tron is moving higher above the $0.0865 resistance level against the US dollar. The price is trading above $0.0870 and the 100 simple moving average (4 hours). There was a break above a key bearish trend line with resistance near $0.0850 on the 4-hour chart of the TRX/USD pair (data source from Kraken). The pair could continue to climb higher toward $0.0885 or even $0.091. Tron Price Aims Higher After facing a rejection near $0.0910, Tron price started a downside correction. TRX declined below the $0.088 and $0.0865 support levels. Finally, it found support near the $0.0850 zone. A low was formed near $0.0847 and the price is now rising. It broke a couple of hurdles near the $0.0850 level. There was a break above a key bearish trend line with resistance near $0.0850 on the 4-hour chart of the TRX/USD pair. The pair is up over 2% and outperforming Bitcoin and Ethereum. It also cleared the 23.6% Fib retracement level of the downward move from the $0.0910 swing high to the $0.0847 low. TRX price is now trading above $0.0870 and the 100 simple moving average (4 hours). On the upside, an initial resistance is near the $0.0875 level and the 100 simple moving average (4 hours). The first major resistance is near $0.0880 or the 50% Fib retracement level of the downward move from the $0.0910 swing high to the $0.0847 low, above which the price could accelerate higher. Source: TRXUSD on TradingView.com The next resistance is near $0.091. A close above the $0.091 resistance might send TRX further higher toward $0.095. The next major resistance is near the $0.098 level, above which the bulls are likely to aim for a larger increase toward $0.100. Fresh Decline in TRX? If TRX price fails to clear the $0.0875 resistance, it could start a downside correction. Initial support on the downside is near the $0.0862 zone. The first major support is near the $0.0850 level, below which it could test $0.0847. Any more losses might send Tron toward the $0.0830 support in the coming sessions. Technical Indicators 4 hours MACD – The MACD for TRX/USD is gaining momentum in the bullish zone. 4 hours RSI (Relative Strength Index) – The RSI for TRX/USD is currently above the 50 level. Major Support Levels – $0.0862, $0.0850, and $0.0830. Major Resistance Levels – $0.0875, $0.0880, and $0.0910.

Ethereum price managed to recover from the $1,520 level against the US dollar. ETH is now facing hurdles near the $1,565 and $1,600 resistance levels. Ethereum is attempting a recovery wave above the $1,550 level. The price is trading just above $1,550 and the 100-hourly Simple Moving Average. There was a break above a major bearish trend line with resistance near $1,555 on the hourly chart of ETH/USD (data feed via Kraken). The pair could start another decline unless there is a clear move above $1,565 and $1,600. Ethereum Price Starts Minor Recovery Ethereum managed to stay above the $1,500 and $1,520 levels. ETH formed a short-term support base and recently started a fresh increase from the $1,520 zone, like Bitcoin. There was a move above the $1,550 resistance level. The price climbed above the 23.6% Fib retracement level of the main drop from the $1,664 swing high to the $1,521 low. Besides, there was a break above a major bearish trend line with resistance near $1,555 on the hourly chart of ETH/USD. Ethereum is now trading just above $1,550 and the 100-hourly Simple Moving Average. However, the bears seem to be preventing an upside break above the $1,565 resistance. If there is a clear move above the $1,565 resistance, Ether could rise toward the next major hurdle at $1,600. It is close to the 50% Fib retracement level of the main drop from the $1,664 swing high to the $1,521 low. A close above the $1,600 resistance might start a decent increase. Source: ETHUSD on TradingView.com In the stated case, Ether could rise and recover toward the $1,665 resistance. Any more gains might open the doors for a move toward $1,750. Another Decline in ETH? If Ethereum fails to clear the $1,565 resistance, it could start another decline. Initial support on the downside is near the $1,550 level and the 100-hourly Simple Moving Average. The next key support is $1,520. A downside break below the $1,520 support might send the price further lower. In the stated case, the price could drop toward the $1,440 level. Any more losses may perhaps send Ether toward the $1,420 level. Technical Indicators Hourly MACD – The MACD for ETH/USD is losing momentum in the bullish zone. Hourly RSI – The RSI for ETH/USD is now above the 50 level. Major Support Level – $1,550 Major Resistance Level – $1,565

Bitcoin price started an upside correction from the $26,550 zone. BTC is rising and facing a strong resistance near the $27,300 and $27,500 levels. Bitcoin managed to recover above the $27,000 resistance zone. The price is trading above $27,000 and the 100 hourly Simple moving average. There was a break above a major bearish trend line with resistance near $27,000 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair is showing signs of a recovery, but it could struggle near $27,300 and $27,500. Bitcoin Price Attempts Fresh Recovery Bitcoin price found support near the $26,550 level. BTC bears attempted to clear $26,550, but they failed. As a result, the price started an upside correction above the $26,800 resistance. There was a move above the 23.6% Fib retracement level of the downward move from the $28,285 swing high to the $26,550 low. Besides, there was a break above a major bearish trend line with resistance near $27,000 on the hourly chart of the BTC/USD pair. Bitcoin is now trading above $27,000 and the 100 hourly Simple moving average. It seems like the price is facing a strong resistance near the $27,300 level. The next key resistance could be near $27,500 or the 61.8% Fib retracement level of the downward move from the $28,285 swing high to the $26,550 low. A clear move above the $27,500 and $27,650 resistance levels could set the pace for a larger increase. Source: BTCUSD on TradingView.com The next key resistance could be $28,000. A close above the $28,000 resistance might start a steady increase toward the $28,500 level. Any more gains might send BTC toward the $29,200 level. Another Decline In BTC? If Bitcoin fails to recover higher above the $27,500 resistance, there could be a fresh decline. Immediate support on the downside is near the $27,000 level and the trend line zone. The next major support is near the $26,900 level and the 100 hourly Simple moving average. A downside break and close below the $26,900 support might send the price further lower. The next support sits at $26,550. Technical indicators: Hourly MACD – The MACD is now losing pace in the bullish zone. Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level. Major Support Levels – $27,000, followed by $26,900. Major Resistance Levels – $27,300, $27,500, and $27,650.

This remarkable staking number was fueled by the increasing number of validators. There have been more than 3.4M transactions on the network, and more than 1.25M users. Bone ShibaSwap (BONE), has hit an ATH on the Shibarium layer-2 scaling solution, signaling the cryptocurrency’s promising future. Shibarium’s validator tracker shows that the number of staked BONE tokens has reached 26,020,173.6431. This remarkable staking number was fueled by the increasing number of validators that have signed up for the protocol. According to the numbers, Shibarium’s smart contract network has reached a block height of 1,013,400 and there are now 12 validators. Moving in Right Direction Moreover, Shibarium continues to serve as an example of how far a Web3 ecosystem project might hope to shift its focus. To bring in decentralized apps that can bring the next 1 billion people into the digital currency ecosystem, Shibarium was developed. Shibarium’s early logs revealed a congested network, highlighting the need to revamp the platform for greater scalability. While initial difficulties reduced enthusiasm. Recent increases in validator commitment to the protocol indicate that the protocol’s vision for the future is feasible. Shibarium has been steadily progressing towards its important objectives over the previous few weeks, in addition to staking BONE. There have been more than 3.4 million transactions on the network. And more than 1.25 million users, according to statistics from Shibarium scan. However, the Shiba Inu ecosystem is poised for a turnaround thanks to continued partnerships and well defined use cases that could assist boost the development in the long run, despite the previous struggles. Highlighted Crypto News Today: Solana Price Shows Signs of Recovery Post Latest FTX Move

Ethereum has been in a descending channel against Bitcoin since August of last year, meaning Bitcoin has been the better investment over this time. However, historical trends show the tides could be changing soon, with Ethereum possibly on the brink of entering an accumulation phase. Ethereum Price Action Ethereum is trading at $1600, marking a 22% decrease from its price last August. Bitcoin, on the other hand, is 8% up over the same period. This is a common trend that happens during bear markets. Coins with larger market capitalizations tend to be more resilient against price decreases as investors become more risk-averse and look to preserve their capital. While Ethereum isn’t short at a market capitalization of $187 billion, it’s still considerably lower than Bitcoin at $525 billion. During bull markets, coins with lower market capitalization outperform Bitcoin again as investors lean towards assets with greater potential returns. Ethereum Price Compared Against Bitcoin When comparing ETH’s value to BTC, it’s evident that Ethereum has been trading within a descending channel since last August. This pattern, characterized by its lower highs and lower lows, often indicates a bearish trend in the market. The chart above highlights three other distinct phases: Accumulation phase: During this phase, price tends to stabilize, hinting at an upcoming change in momentum Ascending channel: Here, the price experiences a significant reversal, often on a parabolic trajectory, characterized by highs and higher lows. Distribution phase: In the final phase, the price ceases its upward movement. Investors typically use this phase to capitalize on their gains and liquidate their positions. The accumulation phase is typically the best time for investors to convert their Bitcoin into Ethereum. This phase is marked by price holding on at the bottom and then showing signs of reversal. Ethereum is still forming lower lows against Bitcoin, so it has not entered the accumulation phase yet. However, the last cycle shows that this could be changing soon. Last Cycle Reflecting on the last cycle, Ethereum was in a descending channel against Bitcoin for 17 months. The accumulation phase then occurred from September 2019 up until February 2020. Based on the four-year theory, which suggests similar phases in the market occur every four years, this shows that the accumulation phase should also be approaching very soon in this cycle. Yet, while the last cycle offers valuable insights, it’s important to note that no two cycles are the same. In the current cycle, ETH’s price action has not seen as much of a drop as in the previous cycle, which could be attributed to changing fundamentals and asset maturation. Final thoughts While an accumulation phase for Ethereum has not been confirmed yet, there remains the potential for its price to drop even further relative to Bitcoin. However, if the previous cycle is anything to go by, we could enter the accumulation phase soon. This phase typically presents prime buying opportunities for Ethereum. Investment Disclaimer: The content provided in this article is for informational and educational purposes only. It should not be considered investment advice. Please consult a financial advisor before making any investment decisions. Trading and investing involve substantial financial risk. Past performance is not indicative of future results. No content on this site is a recommendation or solicitation to buy or sell securities or cryptocurrencies. Predycto is the author of a cryptocurrency newsletter. Sign up for free. Follow @Predycto on Twitter.

It makes it clear that companies that don’t follow the law will be punished. The DFPI will have the authority to mandate extensive auditing of crypto enterprises. The cryptocurrency bill signed into law by California Governor Gavin Newsom imposes harsher controls on enterprises engaging in crypto activities beginning in July 2025. According to a statement released by Newsom on October 13th, the measure would require people and businesses to be licensed by the Department of Financial Protection and Innovation (DFPI) before they may deal in digital assets. Legislation papers make reference to California’s money transmission rules, which make it illegal for financial institutions to process money transfers or provide banking services without a license from the DFPI commissioner. Stringent Compliance However, with the passage of the new crypto law, the DFPI will have the authority to mandate extensive auditing of crypto enterprises and the maintenance of detailed records. The statement mentioned: It makes it clear that companies that don’t follow the law will be punished. A similar law that sought to create a licensing and regulating framework for digital assets in California was vetoed by Newsom about this time in 2022. The law had unanimous support in the California State Assembly, but Governor Newsom said he was returning it “without my signature.” Newsom said that the law was too rigid to adapt to the dynamic nature of the cryptocurrency market. The Governor has previously claimed that he was holding off on engaging with the legislature to develop crypto licensing measures until federal standards were in place. Highlighted Crypto News Today: MetaMask App Briefly Removed; Then Reinstated on Apple App Store

ApeCoin (APE) will undergo a token unlock valued at $16.69 million. This development comes amidst the token’s bearish price action, which has led to it losing half its market value in Q3 2023. 15.60 Million ApeCoin (APE) Set To Flood The Market Next Week According to data from TokenUnlocks, ApeCoin’s next token unlock is set to occur on October 17, during which the ApeCoin DAO will release 15.60 million new APE tokens into circulation. This will mark the tenth APE token unlock in 2023, as this event occurs on the seventeenth day of every month. Based on more information from TokenUnlocks, the newly released APE coins will be allocated to five major parties. These include Yuga Labs and its founder, the ApeCoin DAO Treasury, charity, and the project’s launch contributors, i.e., early investors in the token before its official launch. Upon release, tokens are expected to form 4.23% of APE’s circulating supply. ApeCoin was launched in March 2022, with a maximum supply of 1 billion tokens, of which 54.25% are currently unlocked. However, only 367.59 million APE are part of the token’s circulating supply. APE’s Bearish Form To Continue? Generally, token unlocks are usually accompanied by concerns of an incoming downward trend. This is because the sudden availability of large amounts of tokens may prompt some investors to sell and take profit, which puts downward pressure on the said token’s price. As earlier stated, APE already finds itself stuck in a long bearish market. Although the token is only down by 2.79% in the last month, its overall performance in 2023 has been largely negative. According to data from CoinMarketCap, APE has lost 70% of its value in 2023 compared to its market price as of January 1. APE could soon record more losses with the token unlock set for next week. However, that may not be the case. Based on historical data, token unlocks do not always result in a price loss, as notably seen with Aptos in January, in which the APT gained by 50% following its monthly token release. Moreover, there have been some interesting developments surrounding ApeCoin in the last week. On October 11, Polygon co-founder Sandeep Narwal proposed on the ApeCoin DAO the development of an exclusive layer 2 solution for ApeCoin, known as “ApeChain.” Currently, APE is based on the Ethereum Network, and it functions as the governance asset of the APE ecosystem, which consists of NFT projects launched by Yuga Labs, such as the Bored Ape Yacht Club (BAYC). However, creating ApeChain could enable Apecoin to achieve a higher level of scalability, which, in turn, could positively affect its adoption and market price. APE trades at $1.06 when writing, with a 1.47% gain in the last day. Meanwhile, the token’s daily volume is down by 16.96%, valued at $19.32 million.

As earlier reported, Bitcoin holders have steadily held on to their coins in the past few months. Bitcoin whales, in particular, seem to be doubling despite the current uncertainty in Bitcoin’s future projection. Long-term holders add an average of 50,000 BTC to their wallets every month, as indicated by the HODLer Net Position Change indicator provided by Glassnode. On the other hand, whales of Ethereum, the second largest crypto in the world, appear to be on a different trajectory. On-chain data has shown that while Bitcoin whales hoard their coins, Ethereum whales appear to be dumping their holdings in recent years. Bitcoin Whales Buying More, Ethereum Whales Selling Bitcoin whales, meaning the largest holders with 1000 BTC or greater, have been steadily accumulating more BTC since 2018, according to data from on-chain analytics firms. However, there have been sell-offs, either through extended bear markets or during profit-taking after a strong bullish uptrend. A research analyst for Cryptoslate named James Straten posted on social media that Ethereum whales with more than 1,000 ETH have been selling since the same period. While sharing a Glassnode chart, he shared a correlation between the whales of the blockchains. On-chain data shows ETH whales have offloaded 20 million ETH since 2022, with 12 million ETH being sold off this year alone. Possible Explanation For The Contrasting Whale Activity The story these on-chain metrics tell provides insight into the prevailing mood among large crypto holders of different blockchains. Although the amount of ETH held by whales might indicate they have sold or moved their funds to other cryptocurrencies, a better possibility is that these whales transferred their ETH into Ethereum smart contracts. Since Ethereum version 2.0 kickstarted its journey in December 2020, the number of tokens in the staking protocol has grown significantly. ETH 2.0 requires validators to stake 32 ETH in its deposit contract to validate transactions on the Ethereum blockchain. At the moment, the contract now has 31.2 million ETH worth $48.6 billion locked. This seems consistent with on-chain data, which shows that the percentage of supply tied in smart contracts overtook the supply in addresses holding 1000+ ETH in late 2020. Crypto research analyst André Dragosch shared this correlation on social media platform X. The correlation buttresses that the Glassnode data doesn’t consider the ETH tied in smart contracts for its whale supply metric. With a domination of 17.8% over the whole cryptocurrency market, the Ethereum blockchain continues to solidify its position as the undisputed leader of smart contracts. Unlike Bitcoin whales, bullish ETH whales are not just HODLing but employing techniques to maximize their crypto gains. At the time of writing, ETH is trading at $1,557. However, a recently failed bullish pattern formation could send the price of ETH falling below $1,000. Cover image from Unsplash, chart from Tradingview

Bitcoin (BTC) struggled to build on its recent momentum over the past week, reflecting the bearish climate of the general market. However, the latest on-chain revelation suggests that investors continue to show significant faith in the premier cryptocurrency and its prospects. Bitcoin Addresses With 10+ BTC Reach All-Time High: Santiment According to a recent report from the blockchain data tracker Santiment, there has been considerable growth within a particular class of Bitcoin investors. The on-chain analytics platform highlighted that the number of shark and whale addresses holding at least 10 BTC has notably increased since early 2022. The report disclosed that an additional 11,806 addresses hold more than 10 BTC, reflecting an 8.12% increase in the past 20 months. Based on data from Santiment, are currently 157,400 wallets holding at least 10 Bitcoin, surpassing its record high set in 2019. Another recent Santiment report has strengthened the Bitcoin accumulation argument even more. The number of addresses holding between 100 and 1,000 BTC witnessed its largest spike in a single day since February 2022. The October 14 report revealed that 16 additional addresses 100 to 1,000 BTC. Sentiment noted that this particular scenario goes in tandem with the accumulation trend of smaller wallets (addresses with at least 10 BTC). Ultimately, these significant on-chain developments indicate a steady accumulation of Bitcoin despite price fluctuations and market instability. Meanwhile, Santiment pointed out that the case for a bullish trajectory becomes more apparent as key Bitcoin investors grow. BTC Price – Overview As of this writing, Bitcoin is valued at $26,901, with negligible price movement in the past day. However, a broader look at the BTC price chart shows that the cryptocurrency has struggled in the past week. According to data from CoinGecko, Bitcoin experienced a 3.7% price decline in the last seven days. After failing to breach the $28,000 mark, the premier cryptocurrency saw its price crash towards $26,500 for the first time in October. Although news of the United States Securities and Exchange Commission (SEC) opting not to appeal the Grayscale decision might have relieved investors, Bitcoin’s price has barely capitalized on the positive development. Nevertheless, most investors seem optimistic about the future of Bitcoin, especially with the approval of a spot exchange-traded fund (ETF) looking more likely than ever.

XRP has struggled to regain bullish price momentum this month, with the crypto going on six days of red candle close last week. The XRP community appears to be feeling the effects of this lack of momentum, as speculations have begun to circulate about a potential catalyst for the next XRP price surge. Word on the street now is that Ripple plans to burn the 41.9 billion XRP tokens they have locked up in escrow. Although this hasn’t been confirmed yet, some say this move could send the value of XRP skyrocketing. The Potential Impact Of A Full Escrow Token Burn Ripple, the company behind the XRP cryptocurrency, currently holds billions of XRP in escrow. As of the time of writing, Ripple has 41.9 billion XRP locked up, with 1 billion XRP released from escrow each month. This huge stockpile of XRP has led to criticism that Ripple could flood the market at any time and crash the price. However, rumors are swirling that Ripple may burn all of the XRP in escrow, potentially spiking up the price of XRP. If Ripple eliminated all of the escrowed XRP, it would significantly decrease the total supply of XRP and could positively impact the market price. The rumor was started on social media X by the account @realXRPwhale and has elicited a response from community members. Although unverified, the account posted the update of Ripple, burning the “50 BILLION $XRP.” While some have shown enthusiasm regarding the price effect if this happens, others have dismissed it as just a baseless rumor. What’s Next For XRP? Ripple has never acknowledged or refuted rumors that it will destroy all of its tokens held in escrow, but this is not the first time that such a rumor has emerged suggesting that the technology company will do so. But the possibility of this happening is not completely out of the question, as Ripple CEO Brad Garlinghouse mentioned in a 2021 interview. Other factors that could drive up XRP prices include major partnerships by Ripple and a clear outcome of the ongoing case with the US Security and Exchange Commission. However, one thing that’s going so well is the increased recognition of XRP after a US judge declared that the token isn’t a security. At the time of writing, XRP is trading at $0.4863 and is within a range as it looks to break above $0.5. According to an analyst, the price of XRP could get a boost from a blooming altcoin season if Bitcoin’s dominance continues to decline. Research has shown that October has historically seen more losses than gains for XRP. Cover image from Unsplash, chart from Tradingview