An analyst has explained that a pattern in Grayscale Bitcoin Trust (GBTC) could suggest a potential 50% rise for BTC may be ahead. Bitcoin & GBTC Have Seen A Decoupling In Recent Months In a new post on X, analyst James V. Straten has discussed the correlation between GBTC and BTC that has been present over the years. The Grayscale Bitcoin Trust is an investment vehicle that holds Bitcoin and allows exposure to these holdings through its shares. The chart below shows the trend in the percentage performance of Bitcoin and GBTC, as well as the correlation coefficient between them, over the past year. The “correlation coefficient” here refers to a metric that tells us how tied the prices of any two assets are. When this metric has a positive value, the given commodities show positive correlations as they replicate each other’s moves. The closer the metric is to 1, the stronger this relationship is. On the other hand, negative values imply the assets are responding to each other’s moves by moving in the opposite direction. The strongest negative correlation occurs at a value of -1. Naturally, when the correlation coefficient is around zero, there isn’t any correlation between the commodities, as their prices move independently. From the above graph, it’s apparent that Bitcoin and GBTC have often had a correlation coefficient close to 1, implying that there has been a robust positive correlation between the two. There have been some temporary periods of deviation, mainly during drawdowns in the cryptocurrency’s price and other significant events like the SVB collapse. The correlation reverted to the norm soon after these, however. Straten says this correlation is especially striking in a 5-year timeframe, where it becomes 100%. The analyst also notes, however, that the two assets have decoupled since June. As is visible in the chart, GBTC has enjoyed some sharp uptrend recently, while BTC has been mostly flat. GBTC’s performance currently stands at +81% during the past year, while Bitcoin is up about 43%. “GBTC will be the first to be approved for the spot ETF before Blackrock and others,” says Straten, referring to what British HODL, another analyst, said earlier. “Price action agrees with this. Irrespective of whether it’s late Q3 or early Q4, it’s a six-month window from now.” Based on this, the analyst believes that either Bitcoin will have to close up the gap created between it and GBTC since June, which would mean a price jump of around 50%, or GBTC would have to come down towards BTC. Straten believes the latter scenario to be unlikely, however. BTC Price Bitcoin has declined over the past few days as its price has dropped to just $27,100.

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Amid the bear dominance, the XRP price is down 8.61% in the last 7 days. The price recently broke below the key support level at $0.49. The escalating Hamas-Israel confrontation is having repercussions beyond the realm of politics. There are also indications of trouble in the cryptocurrency sector. Bitcoin and other cryptocurrencies are already feeling the heat. Traditional equity investments have seen a decline in popularity among investors. The trend now is clearly towards safer assets like gold and oil. The top brass at Ripple has always insisted that they have no influence whatsoever on the market performance of XRP. However, the company’s choice to not sell a significant amount of its monthly XRP allocation from the escrow account has begun to create doubts. Bears in Total Control After a daily symmetrical triangle pattern in XRP’s price was confirmed, a greater fall is likely imminent. Furthermore, the token continues to trade under all three key moving averages (21-day EMA, 100-day EMA, and 200-day EMA). Source: CoinMarketCap At the time of writing, XRP is trading at $0.488, down 1.86% in the last 24 hours as per data from CMC. Moreover, the trading volume is down 0.54%. Amid the bear dominance, the XRP price is down 8.61% in the last 7 days. The attempt to break over $0.54 resistance level failed recently. Ever since, the price has been under severe selling pressure. Adding salt to the wound, it recently broke below the support level at $0.49. Moreover, it will likely head towards $0.47 support level. Further decline will see the price test $0.42 key support level. If the price manages to go past the $0.50 resistance level, then it will likely move towards the $0.52 mark.

VICTORIA, Seychelles–(BUSINESS WIRE)–#blockchain–KuCoin, one of the top 5 crypto exchanges in the world according to CoinMarketCap, has released the 16th report of “Understanding Crypto Users” Series, South Korea edition. This edition shifts its focus to the dynamic South Korean crypto market, which has experienced significant growth and evolution. In the recent years, South Korea market has become one of the most active forces in the crypto market, to better understand the South Korean market, KuCoin commissioned a third-party research company to conduct the survey on the South Korean crypto market, and the key data obtained is as follows: Around 26% of South Korean adults are investing in cryptocurrencies, with a significant increase in participation from women, who make up 67% of Gen Z crypto investors. The growth in crypto investment is largely driven by the younger generation, with 35% of Gen Z investors joining in the last six months and a third of Gen Z and Gen Y investing more than 50,000 KRW (which Is about USD$ 280). The report provides valuable insights for crypto enthusiasts, investors, and businesses considering expanding into the South Korea market. Key Findings: 1. Growing Crypto Adoption in South Korea: 26% of South Korean adults invest in crypto, with increasing engagement from female investors, accounting for 67% of Gen Z crypto investors. According to the survey, over a quarter (26%) of South Korean adult internet users aged 18 to 60 own crypto or have invested in crypto in the past six months. The survey also showcased the increasing participation of young women aged 18-30 (Gen Z) in crypto investment. Gen Z’s higher percentage of female participation (67%) compared to Gen Y (33%) and Gen X (39%) suggests a potential shift in gender dynamics within the crypto space, signifying a potentially transformative shift in the demographics of crypto investors, with women playing a more significant role in the future of the industry. 2. Crypto Growth Fueled by Youth: 35% of Gen Z Crypto investors joined in last 6 months, 1/3 of Gen Z and Gen Y invest more than 50,000 KRW The data indicates a substantial influx of new investors into the South Korean crypto market, with 25% of overall crypto investors having made their first crypto investment within the last six months. The data also reveals that Gen Z and Gen Y investors are more likely to invest larger amounts in crypto, with 31% of Gen Z and 30% of Gen Y investing above ₩50,000, compared to 21% of Gen X doing the same. 3. Motivations of Crypto Investment: 38% of Gen Z crypto investors desire to get rich overnight with crypto Survey shows that the primary motivation for crypto engagement across all generations is long-term wealth accumulation (47%). However, Gen Z and Gen Y are slightly less focused on this compared to Gen X, reflecting a more conservative approach to crypto investing among older generations. Report shows that Gen Z stands out at 38% indicating a desire “get rich overnight” compared to the overall average of 30%, suggesting a greater inclination among younger investors to seek quick profits. 4. Crypto Investment Interest: BTC and ETH remain dominant choices, followed by NFT and Metaverse projects; Gen Z prefer public chains and DeFi projects 5. Exploring Crypto Usage in South Korea: HODLing is the most common use case embraced by 39% of South Korean crypto investors; 29% of Gen Z crypto investors bought NFT 6. Learning About Crypto: 43% of Gen Z learn crypto investment via social media; YouTube, Instagram and Kakao are top social media for trusted crypto news In the spirit of sharing latest movements in that market with our users, KuCoin recently launched the latest feature of “Hot Money” to deliver trending projects in South Korea, which could be a tool to assist users to catch the trends and find the crypto gems. The full report on “Understanding Crypto Users in South Korea” can be accessed on KuCoin Blog here English Version, Korean Version. The survey participants were individuals who completed an online survey between May 5 – May 12, 2023. The data presented in this report is based on surveys conducted by KuCoin using the SurveyMonkey Audience tool. About KuCoin Launched in September 2017, KuCoin is a global cryptocurrency exchange with its operational headquarters in Seychelles. As a user-oriented platform with a focus on inclusiveness and community action reach, it offers over 700 digital assets and currently provides spot trading, margin trading, P2P fiat trading, futures trading, staking, and lending to its 30 million users in more than 200 countries and regions. KuCoin is currently one of the top 5 crypto exchanges according to CoinMarketCap. In 2023, KuCoin was named one of the Best Crypto Exchanges by Forbes and recognized as a highly commended global exchange in Finder’s 2023 Global Cryptocurrency Trading Platform Awards. Contacts For any media inquiry, please contact: [email protected]

Amidst the debate on the XRP price future trajectory, the CEO of Evai Crypto Ratings, Matthew Dixon, has provided insights into the token’s direction using the Elliot Wave Theory. However, his analysis doesn’t provide any relief to XRP holders as he projects a further decline for the token and its ecosystem. How XRP Price Is Looking On The Charts In a tweet shared on his X (formerly Twitter) platform, Dixon shared a price chart of XRP dating back to July, when Judge Analisa Torres ruled in favor of Ripple against the US Securities and Exchange Commission (SEC). As part of his analysis, he noted that XRP aligned with the BTC outlook. Looking at the chart, he highlighted the bearish divergence, which indicated that the 5th wave was expected to cause a decline in the XRP price. However, before then, he projected that there is a likelihood of the token experiencing an upward trend to complete wave 4. While Dixon’s analysis suggests a bearish outlook, he quickly noted that nothing was certain in technical analysis, although there is a high probability of this happening. The Elliot Wave Theory, which he used to come to this conclusion, is a popular technical analysis indicator used to predict future price trends. The theory propounds that markets like XRP follow predictable sequences of optimism and pessimism driven by investor sentiment and psychology. Simply put, it agrees with the trend that there will always be a correction or retracement after a particular trend (upward or downward). Time To Lower Expectations Many crypto analysts have made far-fetched predictions of the XRP price, with one, in particular, stating that the token could rise as high as $10,000. However, a crypto influencer (Crypto Assets Guy) advised those in the XRP community to lower their expectations as the token won’t hit “$10,000, $1,000, $50” or even $10 any time soon. He took a more conservative stance by stating that the token could hit a new all-time high late this year or in 2024, suggesting it could add around $3.70 to its current all-time high of $3.84. He believes the XRP community should be more than satisfied if that happens. Meanwhile, many in the XRP community seem tired of these price predictions. This was evident when some expressed frustration after XRP influencer Jack The Rippler posted the headline of an article (dated July 31, 2023), which stated that a Wells Fargo staff had predicted the XRP price to hit $100 to $500 in the next 2 to 7 months. One particular X user stated, “Bla bla bla evey [every] goddamn day the same shit.”

Bitstamp will stop serving Canadian clients as of January 8, 2024. Canadian users have been urged to withdraw their funds and close their accounts. According to Bobby Zagotta, CEO of Bitstamp USA and the company’s worldwide chief commercial officer, the cryptocurrency exchange Bitstamp intends to restart operations in Canada after suspending them early in 2024. Bitstamp has stated in a statement that it will stop serving Canadian clients as of January 8, 2024. Moreover, all Bitstamp Canada accounts will be closed and users will lose access to their funds as a consequence of the service discontinuation. Canadian users of Bitstamp have been urged to withdraw their funds and close their accounts before the end of the month of January 2024. The exchange stated: Raising Funds for Expansion Zagotta said that the decision to end Canadian operations was “primarily a timing issue” relating to Bitstamp’s current growth plans. He said that Bitstamp is leaving the Canadian market in order to shift its attention to other locations where it can comply “more effectively” with local legislation. Bitstamp is dedicated to supporting its worldwide user base, as previously stated by Zagotta, and any choices about its presence in certain countries would likely be based on changing legislative settings and market realities. While Bitstamp is apparently trying to raise capital to expand its worldwide operations, the exchange has decided to pull out of the Canadian market. To facilitate the debut of derivatives trading in Europe in 2024 and the expansion of services in the United Kingdom, the platform has apparently been attempting to obtain fresh funding since May 2023. Highlighted Crypto News Today: Ethereum Price Continues Downfall; Worst Yet to Come?

On-chain data suggests an Ethereum close under the $1,530 level could lead to a significant drawdown for the cryptocurrency. Ethereum Support Levels Below $1,530 Are Very Thin Currently In a new post on X, analyst Ali has discussed what the support and resistance levels of Ethereum are looking like right now. These support and resistance levels aren’t the technical ones, however, but rather ones based on on-chain analysis. The support and resistance levels here are defined based on the density of investors’ cost bases. The “cost basis” here refers to the average price at which an investor acquires their coins on the blockchain. Whenever the spot price interacts with a holder’s cost basis, they may be more prone to make a move. How the investor may react depends on the surrounding price trend. If the Bitcoin price was earlier under the cost basis of the holder (meaning that they were in a state of loss), the asset recovering back to it could tempt the investor into selling, as they may fear that their coins would go into losses again, so exiting at break-even would seem like the better option. On the other hand, if the price retests the cost basis from above, the investor may decide to accumulate more, thinking that if they were able to go into profits with an earlier buy at the same level, they might be able to do so once more. Naturally, not all investors think like this, but if there are price ranges where a large amount of coins were purchased, behaviors like this might become visible on non-negligible scales. The below chart shows how the various Ethereum price ranges look like right now based on the density of cost bases that they host: In the above graph, the larger the circle for a price range, the more Ethereum addresses’ cost bases lie inside it. As mentioned before, levels that are particularly dense are more likely to show reactions to retests from the spot price. This means that large circles above the price can act as resistance, while those below can provide support. From the chart, it’s visible that the current Ethereum price range has only modest on-chain support, while the higher levels are pretty dense with cost bases, so a move up would face a potentially large amount of resistance. What’s worse, however, is the fact that the levels below the current range are quite thin, implying that there isn’t much support down there. “Keep a close watch, as a daily close below $1,530 could signal a steep correction ahead for ETH,” warns the analyst. ETH Price Ethereum is currently trading around the $1,575 mark, meaning that it isn’t that far from the $1,530 level where support would end.

The XRP price has experienced a lot of volatility in the first two weeks of October, in contrast with previous months. This trend will continue as a critical metric hint at a potential “short squeeze,” a price move set to take liquidity from long or short positions. As of this writing, the XRP price trades at $0.48 with a 2% loss in the last 24 hours. The cryptocurrency recorded a 9% loss in the previous seven days and operated as the worst performer in the top 10 by market cap, closely followed by Solana (SOL). XRP Price Sets Trajectory For Short Squeeze? The crypto market has been experiencing a spike in volatility since October. Following months of sideways movement by Bitcoin and Ethereum, the XRP price broke the trend and ignited new life into the nascent sector. The spike in volatility was recorded when the US Securities and Exchange Commission (SEC) lost its case against payment company Ripple. A US Judge favored the company and deemed the XRP token outside of securities laws in the country. This event propelled XRP to fresh yearly highs, but the cryptocurrency has been losing some steam. Uncertainty in the crypto market remains high, and any individual bull run seems likely to lose power, as demonstrated by XRP’s latest price action. However, the current status quo is fragile, and fresh data indicates an aggressive move is in the making. A pseudonym analyst shared the chart below, showing the spike in the Bitcoin Open Interest. The analyst claims that the metric stands at a critical point that often leads to sudden moves in the price of Bitcoin, XRP, and other cryptocurrencies. In the short term, this spike in volatility could lead the XRP back to critical support levels. However, the most likely scenario is that the Short Squeeze, the sudden spike in volatility, operates as a tool for prominent market participants to take liquidity off both sides, longs and shorts. Crypto Poised For Downside Price Action On higher timeframes, the crypto market and more prominent cryptocurrencies could become an obstacle to any upside on XRP. According to another analyst, the sector is gearing up for a significant move to the downside. The analyst bases this theory on the upcoming Bitcoin Halving. This event has a profound impact on all other cryptocurrencies, and right now, BTC is at a critical point in which historical data points to a deep retrace back to around $20,000. If BTC follows this trajectory, XRP could return to its pre-SEC victory levels. However, this downside price action might provide bulls with the “perfect” opportunity to accumulate before an overall bull run unleashes its force on the nascent sector. As News reported, historical data also points to a great performance for XRP in the year’s second half. The cryptocurrency enjoys a 30% return on investment (ROI) during this period. Cover image from Unsplash, chart from Tradingview

The top 10 non-exchange wallet addresses now contain a whopping 39.22 million ETH. The price at the time of writing, broke $1569 key support level. On-chain data suggests that Ethereum whales are showing resilience in the face of heavy selling pressure. According to the available data, the top 10 Ethereum whales have amassed an incredible 40 million ETH in the last few days. Santiment, an on-chain data source, noted that the wealthiest Ethereum wallet addresses on and off exchanges continue to amass ETH even while the price of Ethereum hovers around $1,550. The top 10 non-exchange wallet addresses now contain a whopping 39.22 million ETH, while only around 8.51 percent of the total supply is held on exchanges. However, Ethereum is falling behind Bitcoin as a result of the present selling pressure. Since the beginning of the year, Ethereum’s share of the total crypto market worth has declined from about 18.4% to 17.8%. While Ethereum’s market share is falling, Bitcoin’s has risen beyond 50%. Severe Downtrend At the time of writing, ETH is trading at $1557, down 2.17% in the last 24 hours as per data from CMC. Moreover, the trading volume is down 22.80%. The price has been facing high selling pressure. After facing strong resistance at $1734 level, the price has been witnessing severe downtrend. Source: CoinMarketCap Moreover, the price at the time of writing, broke $1569 key support level. It will now likely test the $1430 level. Further decline will likely see price testing the $1120 area. On the other hand, if bulls could drive the price above $1654 resistance level, then a fresh rally can be expected. With the U.S inflation data expected to be out today, investors and traders can expect high volatility.

In the fast-evolving world of cryptocurrency, a project is gaining momentum, set to redefine the future of decentralized finance. With a groundbreaking vision and a mission to bridge the gap between traditional finance and the blockchain realm, this innovative endeavor is poised to unlock the immense potential of Real World Assets (RWAs). With prominent listings on major exchanges like Binance and Coinbase Custody, this project is rapidly garnering the attention of crypto enthusiasts and investors alike. Unlocking the Potential of Real World Assets (RWAs) UniLend Finance’s vision, since its inception in 2020, has encompassed the inclusion of real-world assets within the DeFi ecosystem. The project’s forward-thinking approach aims to bring RWAs, including assets like gold, silver, stocks, and more, into the DeFi ecosystem. This vision aims to provide crypto enthusiasts and investors with the opportunity to tap into a diverse array of assets beyond cryptocurrencies. The significance of this move cannot be overstated. It empowers users to access a wide range of assets, diversify their portfolios, and explore new avenues for investment—all while enjoying the benefits of DeFi, such as enhanced liquidity and flexibility. UniLend Finance stands at the forefront of this transformative shift, offering a seamless bridge between the traditional financial world and the DeFi space.. The Permissionless Approach for a Promising Future UniLend Finance’s permissionless approach is tailor-made for the current crypto landscape. In a world where accessibility, transparency, and community-driven initiatives are highly valued, UniLend Finance ticks all the right boxes. The project empowers users by providing them with decision-making capabilities through Governance. It fosters an active and engaged community that actively participates in shaping the project’s future. UniLend Finance believes in the power of the community and understands that its success is intricately linked to the collective efforts of its users. UniLend Finance’s permissionless lending and borrowing solutions are designed to be inclusive, making it accessible to users worldwide. This approach aligns perfectly with the ethos of DeFi, where financial services should be available to anyone with an internet connection. Prominent Listings on Binance and Coinbase Custody UniLend Finance’s journey is marked by significant milestones, including listings on Binance and Coinbase Custody. These renowned exchanges are synonymous with trust, security, and accessibility in the crypto industry. Listing on Binance, one of the world’s largest and most influential crypto exchanges, opens up new horizons for UniLend Finance. It provides global exposure to a vast audience of crypto enthusiasts and investors, further cementing the project’s position as a game-changer in the DeFi landscape. Coinbase Custody, known for its robust security measures and institutional-grade custody solutions, adds a layer of trust for institutional investors considering UniLend Finance. This listing signifies UniLend’s commitment to catering to a wide spectrum of users, from individual traders to institutional players Stay Tuned for a DeFi Revolution As UniLend Finance continues to push boundaries, the crypto community is invited to join the journey. With a commitment to unlocking the potential of RWAs, securing prominent listings, and adopting a permissionless approach, UniLend Finance is set to drive a DeFi revolution. About UniLend Finance: UniLend Finance is a pioneering multichain DeFi protocol that specializes in permissionless lending and borrowing solutions. With listings on major exchanges like Binance, Gate.io, HTX and Coinbase Custody, UniLend Finance is at the forefront of the DeFi revolution. For more information and to stay updated on UniLend Finance’s latest developments, please visit the Official website. Twitter Telegram 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.

Since its third halving event was successfully completed in early August, the Litecoin price has fallen off the radar of crypto investors. This was mainly due to the price decline that LTC experienced after heavy profit-taking from investors who had invested leading up to the price surge triggered by the expectations around the halving. But it seems the tides are finally turning for the coin as one analyst predicts a more than 30% increase in price going forward. Litecoin Price Shooting For The Stars The current crypto market headwinds seem to be working in favor of the Litecoin price which one crypto analyst believes is gearing up for a run-up to $83. In the post, the pseudonymous analyst identified as P_S_trade points to the possibility of the crypto market continuing its growth trend. However, this would be null and void if the crypto market were to reverse back below $27,000. For Litecoin, the analyst points out that the altcoin has usually been the first to start to see an upside in the crypto market. But this has not been the case, as previously mentioned since high levels of profit-taking have affected the LTC price. Even from the current level, the analyst’s chart points toward a possible retracement from here back down to $55. However, once this is completed, the bounce-off from there shows LTC reaching as high as $77 before succumbing to another correction. This decline is also similar to the first instance where it falls to $55 in the fact that it signals another price surge. Following this second correction, the analyst puts the bottom somewhere around $67 before Litecoin continues its ascent once more. The top of this second rally then lands just above $84 on the chart. Although there is no official timeline, the range of trades mentioned by the analyst is the medium term, which could see this run out for a couple of months. LTC Daily Transactions Continue To Decline While the analyst foresees Litecoin price to surge, other metrics could be pointing in the opposite direction. For one, the daily transaction numbers for the altcoin have been steadily on the decline since the halving event in August. According to data from BitInfoCharts, the number of daily LTC transactions has fallen from over 584,000 in May to just shy of 104,000 transactions by Tuesday, October 10. This points to a lack of interest from investors usually brought on by bear market headwinds. Additionally, the daily transaction volumes, as shown by the token tracking website CoinMarketCap, show a 13.26% decline in the daily trading volume of Litecoin. These bearish metrics could thwart chances of reversal. However, they could also signal the bottom that triggers the start of another rally.

Crypto Aid Israel raises funds for conflict-affected Israelis with a multi-signature wallet, supported by Israeli banks and regulators. Hamas’ terrorist organization launched a fundraising campaign on social networks, encouraging people to deposit cryptocurrencies into their accounts. In the wake of escalating tensions between Israel and Hamas, the global cryptocurrency market has exhibited heightened volatility, mirroring the unrest in the geopolitical landscape. The conflict has given rise to significant concerns for both investors and the broader digital asset ecosystem. However, amidst the turmoil, unique developments have emerged, with the crypto community and regulatory bodies responding to the crisis in distinctive ways. In a show of solidarity with Israeli citizens affected by the ongoing hostilities, the crypto and web3 communities in Israel have come together to establish “Crypto Aid Israel.” This humanitarian initiative aims to raise funds for those displaced and in desperate need due to the outbreak of war with Hamas. Also, the organization has introduced a multi-signature wallet, jointly controlled by multiple parties, to accept donations in various cryptocurrencies, including Bitcoin (BTC), Ethereum (ETH), and leading dollar-linked stablecoins, USDT and USDC. The endeavor has also garnered support from multiple Israeli banks and regulatory authorities, who have facilitated the flow of cryptocurrency donations to aid those impacted by the conflict. Hamas Calls for Cryptocurrency Deposits On the other side of the conflict, Hamas, Palestine’s most prominent militant group, initiated a cryptocurrency fundraising campaign through various social platforms, urging the public to deposit digital assets into their accounts. However, this endeavor was met with a swift response from the cyber unit, working in collaboration with the National Bureau for Counter Terror Financing (NBCTF). Together, they identified and promptly froze the accounts associated with Hamas. Notably, Binance, a leading cryptocurrency exchange platform, played a pivotal role in assisting with the seizure of these funds, underscoring the cryptocurrency industry’s commitment to global security and anti-terrorism efforts. The crypto funds seized from Hamas’ accounts are slated for transfer to Israel’s national treasury, effectively undermining the financial operations of the group. Using cryptocurrencies for funding is not new among terrorist groups. In 2019, Hamas turned to crypto donations to evade international sanctions. The Wall Street Journal reports that between June 2021 and August 2023, the Palestinian Islamic Jihad, involved in the recent Israel attack, collected $93 million in cryptocurrency, while Hamas gathered $41 million. Further, in a separate case starting in 2021, Israeli authorities seized more than 190 Binance accounts. Many of these accounts had links to Palestinian businesses connected to Hamas.

Amazon Web Services (AWS) provides cloud-based servers and data storage. The company caters to the gaming industry by providing a wide variety of services. With the growth of Amazon Web Services’ startup accelerator programs, the Web3 gaming platform Immutable has teamed with AWS to increase its choices for game makers. In a blog post published on October 10th, Immutable announced that Amazon Web Services (AWS) has accepted the company into its ISV (independent software vendors) Accelerate Program. John Kearney, AWS’s head of sales in Australia and New Zealand, cited Immutable as an outstanding example of an Australian business that has gone worldwide, and he underlined the cloud provider’s commitment to fostering the growth of Web3 game creation on its infrastructure. Valuable Resources In addition, AWS Activate enables developers interested in working with Immutable’s blockchain with resources including technical assistance, education, and a cloud credit package from AWS worth up to $100,000. Amazon Web Services (AWS) provides cloud-based servers and data storage. The company caters to the gaming industry by providing a wide variety of services, including cloud gaming, game servers, game security services, game analytics, and video game AI and ML solutions. However, Immutable isn’t the only blockchain company collaborating with AWS. The Avalanche subnet deployment service is now available in the AWS marketplace, after the company’s January announcement that it has joined the AWS Partner Network and AWS Activate. Moreover, serverless technologies like Amazon EventBridge and AWS Lambda were used to construct Immutable’s event-driven architecture. Because of this, the platform can “increase its scalability to handle a 10x increase in partnered games,” as the release puts it. Some have voiced worries about the increasing concentration of power in the gaming industry and Ethereum, as well as their dependence on Amazon, the dominant player in the cloud services business, which controls around a third of the industry. Highlighted Crypto News Today: Crypto Exchange Gemini Bolsters Indian Expansion With Key Recruits

Bitcoin Whale’s $82.37 million worth of BTC transfer sparks community curiosity. Trading volume dropped 5% in the past 24H as investors remain cautious. Bitcoin, the leading cryptocurrency by market capitalization, is currently experiencing a turbulent October. It began the month by breaking the $28,000 resistance level, but as of now, the price has dipped to $27,097. While various factors are contributing to this instability, the crypto community is abuzz with speculation about the possibility of an extended bearish trend. The ongoing conflict in the Middle East has become a notable factor affecting Bitcoin’s performance, with repercussions spilling over into the cryptocurrency market. Bitcoin (BTC) and other assets have experienced a short-term decline in value. This was instigated by Hamas, which launched a surprise weekend attack on southern Israeli towns. Furthermore, Bitcoin’s trading volume has seen a 5% decline in the past 24 hours, settling at $11 billion. This drop in trading activity is reflective of the caution that investors are currently exercising. Downfall Upcoming? Meanwhile, prominent CNBC host Jim Cramer recently issued a warning about Bitcoin, suggesting that the digital currency may be on the brink of a significant downturn. Cramer’s caution was framed in the context of helping viewers find ways to safeguard their investments. He stated, “I can’t endorse gold as an option, and Bitcoin, well, it seems Mr. Bitcoin is about to face a substantial drop.” Contrastingly, Arthur Hayes, the former CEO of cryptocurrency exchange BitMEX, projected an optimistic outlook for Bitcoin’s price, anticipating it could reach a remarkable range of $750,000 to $1 million by 2026. Hayes believes that a major financial crisis, potentially worse than the Great Depression, will precede this growth, with the cryptocurrency market witnessing an extraordinary bull run alongside stocks, real estate, art, and other assets. Intriguingly, a Bitcoin whale hours ago, conducted transfers involving 3,000 BTC, valued at approximately $82.37 million. These transactions mark the first significant activity in six years, sparking curiosity within the community. Will the Bulls Take Over? A closer analysis of BTC’s current price movements suggests a bearish trend. The 9-day exponential moving average (EMA) has risen above the current trading price, settling at $27,465. Additionally, the daily relative strength index (RSI) stands at 49, indicating that Bitcoin is nearing oversold territory. BTC Price Chart, Source: TradingView If the price manages to breach the $28,000 level, it may surge towards the $30,600 range. Conversely, if the bears push the price below the $27,300 support level, it could test the $26,000 level.

Renowned crypto analyst Egrag delivered a fresh and in-depth XRP price analysis across multiple timeframes today. As of press time, the cryptocurrency stands at $0.4825, marking a decrease of about 12% since October 3, when it reached a high of $0.5478. Despite the bearish momentum fueled by the broader crypto market trend, Egrag projects bullishness on higher time frames. Monthly Chart XRP/USD On the monthly XRP/USD chart, Egrag took to Twitter to share his insights, stating: “XRP Monthly Bullish Pennant – Super Bullish Sign: Do you spot the pattern like I do? It’s incredibly bullish!” According to Egrag, trading on a monthly time frame reduces the chance of false signals. He believes that a strong flagpole hints at a rapid price increase, and the ongoing consolidation phase forms the pennant. The current pause in the uptrend could potentially lead to further upward movement, especially if there’s a surge in volume after a breakout. For this scenario to occur, XRP shouldn’t break out to the downside, but stay within the two approximating lines until the breakout north. By measuring the flagpole’s height, Egrag anticipates that XRP could potentially surge above $24 (on a longer time scale) if it manages to break out of the bullish pennant pattern. Weekly Chart For the weekly chart, Egrag commented, “It’s evident that XRP is currently undergoing a retest phase following its recent breakout.” This sentiment is anchored in the aftermath of the Ripple Labs case against the US Securities and Exchange Commission, where the price broke out of a longstanding trend channel. However, the continued bearish sentiment in the broader crypto market, along with macro-economic pressures halted XRP’s momentum. Egrag points out the importance of the price range between $0.48 to $0.43, suggesting that maintaining above this line is critical. A breach could lead the cryptocurrency to retest the foundational zone between $0.25939 and $0.32630, which has shown robust support since 2017. Nevertheless, if the altcoin successfully retests and stays above the trendline, Egrag envisions a potential retest of the key resistance at $0.58304. Surpassing this would pave the way for an impressive rally, potentially reaching $2. According to him, XRP would thus penetrate the next higher “steel foundation”, the area between $1.6188 and $2. 1-Day Chart For the daily XRP/USD chart, Egrag’s message was concise: “XRP Army: Don’t miss the forest for the trees.” His analysis for this timeframe focuses on the “wicking” range of $0.3875 to $0.4719, which he sees as the possible dip range if the broader market pressure persists. Only a drop below $0.3875 would negate the bullish pattern. If the cryptocurrency maintains between $0.4719 and $0.5119, Egrag sees no cause for alarm. But for a bullish narrative to play out, the token needs to push beyond $0.5119, aiming for the $0.5738 mark, which corresponds to the 50% Fibonacci retracement level. Egrag emphasizes that breaching this level is crucial for a broader rally, targeting the 1,618 Fibonacci extension at $1.4694. At press time, the XRP price fell below the 61.8% Fibonacci retracement level and was trading at $0.4856, representing a loss of 3.3% in the last 24 hours.

The trial of the former CEO of the defunct crypto exchange FTX, Sam Bankman-Fried (SBF), resumed on October 10. As expected, the prosecution called Alameda Research’s ex-CEO and SBF’s ex-girlfriend, Caroline Ellison, to testify against the defendant. Ellison Does More Damage To Sam Bankman-Fried Defense According to a thread on the X (formerly Twitter) platform by Inner City Press, which was present at the trial, Ellison confirmed what was already known as she stated that she and the defendant dated for a couple of years with their on-and-off relationship, beginning in the summer of 2020. However, any affection or feelings that she may have had for the defendant didn’t seem to hinder her as she lived up to the hype as the prosecution’s star witness, providing key insights into how Sam Bankman-Fried allegedly misappropriated FTX’s customers’ funds through Alameda which she headed before its collapse. During her testimony, she admitted that she had committed fraud alongside the defendant. Specifically, she stated that Sam Bankman-Fried directed her to commit these crimes. As to her involvement, she collaborated Wang’s testimony while stating Alameda (and her, by extension) took “several billions of dollars” from FTX customers and used these monies for investments. Meanwhile, Ellison confirmed that Sam Bankman-Fried was the one who set up the systems and directed the trading firm to take the money. Besides using FTX’s customers’ funds for investments, Alameda also took around $14 million to repay its lenders. She also manipulated Alameda’s balance sheets, making the firm look risky to potential lenders. Prosecution Uses Ellison To Drive Home Major Allegations In its opening statement, the Prosecution alleged that Sam Bankman-Fried diverted customers’ fiat deposits to a bank account linked to Alameda, which Ellison confirmed on the stand. She stated that FTX received money into Alameda’s bank accounts between 2021 and 2022. The total sum deposited was between 10-20 billion dollars. Alameda used some of these deposits to repay loans, investments, and stablecoin conversions like USDC. According to her, this summed up to about $2 billion. It didn’t stop there, though, as the trading firm used the other money for other Alameda-related purposes. Sam Bankman-Fried and his lawyers have, at different times, tried to lay a foundation that SBF wasn’t in charge of Alameda and didn’t know what was going on at the trading firm after he stepped down as the CEO. However, Ellison rebutted this on the stand as she stated that things didn’t change much, even when she became the co-CEO alongside Sam Trabucco, as she checked everything with Sam Bankman-Fried and directly reported to him. He also had the power to fire her. Wire fraud on lenders to Alameda Research and conspiracy to commit wire fraud on lenders to Alameda Research is part of the seven charges brought against SBF. As such, Ellison’s testimony is deemed critical (as someone with first-hand knowledge) in the prosecution’s bid to prove these crimes beyond reasonable doubt.

In a recent interview with CNBC, billionaire hedge fund manager and legendary investor Paul Tudor Jones expounded on his bullish stance on Bitcoin amidst mounting global tensions and economic uncertainties. Jones, an influential figure in the investment world, highlighted the current geopolitical environment as one of the most “threatening and challenging” he has ever witnessed and emphasized the importance of diversifying investment portfolios with assets like Bitcoin and gold. Jones told CNBC, “I love gold and bitcoin together. I think they probably take on a larger percentage of your portfolio than they would [historically] because we’re going to go through both a challenging political time here in the United States and we’ve obviously got a geopolitical situation.” Now Is The Time To Buy Bitcoin And Gold Recent global events have exacerbated these sentiments. Over the weekend, the Israeli government launched a military response against Hamas following an attack on Israel, escalating tensions in an already fragile Middle Eastern region. Additionally, Russia’s recent invasion of Ukraine and growing discord between China and the US have further rattled global markets and economies. In the same breath, Jones remarked on the US’s alarming fiscal position, stating it’s “probably in its weakest fiscal position since World War II.” Responding to concerns about the potential impact of high interest rates on Bitcoin, Jones delved deeper into the dynamics of gold and market trades preceding a recession. He stipulated, “I think on a relative basis what’s happened to gold, it has been clearly suppressed. But you know that more likely or not we are going into a recession.” Jones underscored a few hallmarks of recessionary trading environments, indicating, “There are some pretty clear recession trades. The easiest are: the yield curve gets very steep, home premium goes into the backend of the debt market and the 10-year, 30-year, 7-year paper, the stock market typically right before recession declines about 12%.” This decline, according to Jones, is not just plausible but likely to transpire at a certain juncture. Additionally, he emphasized the prospective bullish market for assets like Bitcoin and gold during economic downturns, stating, “And when you look at the big shorts in gold, more likely or not in a recession, the market is typically very long; assets like Bitcoin and gold.” Jones further prognosticated a substantial influx into the gold market, speculating, “So there’s probably $40 billion worth of buying coming in gold at some point before now and when that recession actually occurs.” Expressing his asset preference amidst the aforementioned conditions, Jones concisely noted, “So, I like Bitcoin and I like gold right now.” Jones’s endorsement of Bitcoin isn’t new as the investor had previously championed the digital currency in several interviews, citing its potential as a hedge against inflation and lauding its immutable mathematical properties. He once remarked, “Bitcoin is math, and math has been around for thousands of years.” By mid-2021, Jones even increased his Bitcoin allocation from 1-2%, labeling it as a “bet on certainty amid uncertain economic conditions.” Jones’s remarks came at a time when the cryptocurrency saw an approximate 63% increase year to date, making it the best-performing asset in 2023. At press time, Bitcoin was trading at $27,116, down roughly 2% over the past 24 hours. Amidst the recent price drop, BTC initially found support at the 200-day EMA (blue line), which the bulls should hold at all costs to avoid further downward momentum.

Bitcoin Cash price is holding the key $205 support against the US Dollar. BCH could start a fresh increase if it stays above the $205 and $200 support levels. Bitcoin cash price started a fresh decline below the $230 level against the US Dollar. The price is trading below $220 and the 100 simple moving average (4 hours). There is a key bearish trend line forming with resistance near $217 on the 4-hour chart of the BCH/USD pair (data feed from Kraken). The pair could start a fresh increase unless there is a move below $200. Bitcoin Cash Price Holds Support In the past few days, Bitcoin Cash price saw a steady decline from the $255 resistance zone. BCH declined below the $232 support to enter a short-term bearish zone, like Bitcoin and Ethereum. The bears were able to push the price below the $220 support. Finally, the price found support near the $205 zone (a multi-touch zone). A low has formed near $206.59 and the price is now consolidating losses. It seems like there is a key bearish trend line forming with resistance near $217 on the 4-hour chart of the BCH/USD pair. Bitcoin Cash is now trading below $220 and the 100 simple moving average (4 hours). Immediate resistance is near the $217 level and the trend line. It is close to the 23.6% Fib retracement level of the downward move from the $255 swing high to the $206 low. Source: BCH/USD on TradingView.com The next major resistance is near $228 or the 100 simple moving average (4 hours). The next major resistance is near the $232 level. It is close to the 50% Fib retracement level of the downward move from the $255 swing high to the $206 low. Any further gains could lead the price toward the $250 resistance zone. Downside Break in BCH? If Bitcoin Cash price fails to clear the $217 resistance, it could continue to move down. Initial support on the downside is near the $205 level. The next major support is near the $200 level, where the bulls are likely to appear. If the price fails to stay above the $200 support, the price could test the $184 support. Any further losses could lead the price toward the $162 zone in the near term. Technical indicators 4-hour MACD – The MACD for BCH/USD is losing pace in the bearish zone. 4-hour RSI (Relative Strength Index) – The RSI is currently below the 50 level. Key Support Levels – $205 and $200. Key Resistance Levels – $217 and $232.

Ethereum price is struggling to stay above the $1,550 support against the US dollar. ETH could take a hit if it settles below $1,550 and then $1,540. Ethereum is showing bearish signs and struggling to clear the $1,600. The price is trading below $1,600 and the 100-hourly Simple Moving Average. There is a major bearish trend line forming with resistance near $1,600 on the hourly chart of ETH/USD (data feed via Kraken). The pair could start a recovery wave if the bulls defend the $1,550 support zone. Ethereum Price Struggles Ethereum failed to start a recovery wave above the $1,600 resistance zone. ETH remained in a bearish zone and extended its decline toward $1,550, like Bitcoin. It seems like the bears already attempted a close below the $1,550 support zone. A new swing low was formed near $1,542 and the price is now consolidating losses. The price is back above the $1,550 level, but it is still showing heavy bearish signs. Ethereum is now trading below $1,600 and the 100-hourly Simple Moving Average. Besides, there is a major bearish trend line forming with resistance near $1,600 on the hourly chart of ETH/USD. On the upside, the price might face resistance near the $1,570 level. It is near the 23.6% Fib retracement level of the downward move from the $1,664 swing high to the $1,542 low. The first major resistance is near the trend line and $1,600 or the 100-hourly Simple Moving Average. Source: ETHUSD on TradingView.com The 50% Fib retracement level of the downward move from the $1,664 swing high to the $1,542 low is also near the trend line. The next major resistance is $1,620, above which the price could rise toward the $1,665 resistance zone. A close above the $1,665 resistance might send the price toward the main resistance at $1,750. Any more gains might open the doors for a move toward $1,880. Downside Break in ETH? If Ethereum fails to clear the $1,600 resistance, it could continue to move down. Initial support on the downside is near the $1,550 level. The next key support is $1,540. A downside break below the $1,540 support might start another strong decline. In the stated case, the price could revisit the $1,480 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 bearish zone. Hourly RSI – The RSI for ETH/USD is now below the 50 level. Major Support Level – $1,540 Major Resistance Level – $1,600

Bitcoin price is moving lower below the $27,200 support. BTC could decline further if the Israel-Hamas war escalates in the near term. Bitcoin is moving lower and showing bearish signs below $27,500. The price is trading below $27,500 and the 100 hourly Simple moving average. There is a key bearish trend line forming with resistance near $27,550 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair could accelerate lower below the $27,000 support in the near term. Bitcoin Price Starts Descend Bitcoin price failed to gain pace above the $27,800 resistance. BTC reacted to the downside amid rising Israel-Hamas tensions. There were more than 1200 deaths reported already by Israel. The price is moving lower below the $27,500 pivot level. There was also a downside break below the 76.4% Fib retracement level of the upward move from the $27,185 swing low to the $28,284 high. More importantly, the price traded below the key $27,200 support zone. Bitcoin is now trading below $27,500 and the 100 hourly Simple moving average. There is also a key bearish trend line forming with resistance near $27,550 on the hourly chart of the BTC/USD pair. If there is an upside correction, the price might face resistance near the $27,400 level. The next key resistance could be near the $27,500 level and the trend line. The first major resistance is $27,800, above which Bitcoin might test $28,250. Source: BTCUSD on TradingView.com The main downtrend resistance could be $28,500. A close above the $28,500 resistance could start another increase. In the stated case, the price could rise toward the $30,000 resistance. More Losses In BTC? If Bitcoin fails to recover higher above the $27,500 resistance, there could be more losses. Immediate support on the downside is near the $27,000 level or the 1.236 Fib extension level of the upward move from the $27,185 swing low to the $28,284 high. The next major support is near the $26,500 level. A downside break and close below the $26,500 support might send the price further lower. The next support sits at $26,000. Technical indicators: Hourly MACD – The MACD is now gaining pace in the bearish zone. Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level. Major Support Levels – $27,000, followed by $26,500. Major Resistance Levels – $27,400, $27,500, and $28,500.