Ethereum’s recent drop to $1,551 raises concerns. Ethereum’s trading volume increased 119% in the past 24 hours. Ethereum, the second-largest cryptocurrency by market capitalization experienced a significant downturn by hitting $1,551, nearing a seven-month low. This drop comes after a challenging week in which it declined by over 8%. The Ethereum community is reeling from this shock, especially considering that ETH began October by breaking the resistance level of $1,700, only to find itself under intense bearish pressure now. Adding to it, a prominent crypto data aggregator, Santiment, reported that Ethereum has become a polarizing topic with its price performance—its social dominance hit a seven-month high. At its lowest fee levels of 2023, traders are growing increasingly impatient. Despite this, the trading volume has surged by 119% in the past 24 hours, reaching $7 billion. Some traders view the rising bearish sentiment as a potential sign of an impending turnaround. Several factors have played a role in this price decline. Ethereum’s co-founder, Vitalik Buterin, notably conducted significant sell-offs of his holdings. Additionally, the Ethereum Foundation (0x9e…313d) executed a sale of 1.7k ETH on Uniswap at 16:18 (UTC+8). It resulted in 2.738 million USDC. The address now retains 240.68 ETH, 3.238 million USDC, 49,700 DAI, and 10,000 ARB, totaling assets worth $3.687 million. Moreover, the launch of futures-based exchange-traded funds (ETFs) for Ethereum on the Chicago Mercantile Exchange (CME) and Chicago Board Options Exchange (CBOE) on October 2 proved underwhelming. As with less than $10 million in combined assets under management during the first week of trading. Data from Arkham Analytics reveals that an address associated with Vitalik Buterin has sent 3,999 ETH to exchanges in the past five weeks. It amounts to approximately $6.4 million. This substantial movement has fueled speculation within the community regarding its motivations, given the magnitude of the sale. Will The ETH Bulls Take Over? A closer analysis of Ethereum’s current price movements reveals bearish forces. The 9-day exponential moving average (EMA) has risen above the current trading price, settling at $1,656. At the same time, the daily relative strength index (RSI) stands at 41, indicating that the asset is nearing oversold territory. ETH Price Chart, Source: TradingView As Ethereum has broken below the crucial support level at $1,600, traders are closely monitoring the next significant support levels at $1,548 and $1,526. Conversely, if Ethereum manages to breach the resistance at $1,650, it could open the door for a retest of the $1,735 level. Will Ethereum bounce back? Share your thoughts by tweeting us @The_NewsCrypto

The intricacies of US monetary policy have been placed under the microscope by Jordi Alexander, CIO of Selini Capital, who today offered an incisive analysis of the potential ripple effects these policies may have on the Bitcoin and crypto market. Drawing correlations between traditional financial mechanisms and the nascent digital asset landscape, his commentary elucidates a series of complex market dynamics that every investor should be aware of. At the crux of Alexander’s argument is his observation that the Federal Reserve’s approach to handling current economic conditions might be nearing an inflection point. As reported by NewsBTC, there are growing concerns in the bond market. Bonds with maturities exceeding 10 years have seen a decline of 46% from their highest value in March 2020. Moreover, the 30-year bonds have fared even more poorly, with a drop of 53%. Alexander remarked, “Haven’t expressed macro views in a while – but as things are about to really start moving – its time. I spent months analyzing the endgame of US policy. The outcome I saw is now coming into view. Gradually at first.. then all at once, the Fed will poo-poo in their pampers. ” Why QE Might Be Back Sooner Than Later The analyst perceives the recent shifts in the bond market, especially concerning long-term bonds, as a precursor to potential policy changes. To back this up, Alexander is referencing Nick Timiraos of the Wall Street Journal who recently highlighted a specific sentiment from the Dallas Fed President Lorie Logan that is indicative of this shift. Logan has begun to express reservations about the earlier hawkish stance of the Federal Open Market Committee (FOMC), largely due to the recent surges in Treasury yields and term premiums. Her concerns emphasize the tug-of-war between the need for restrictive financial conditions to bring inflation down and the current strength of the labor market and overall economic output. Remarkably, Logan believes that the reasons for the tightening of financial conditions, especially those connected with the recent surges in Treasury yields and term premiums, might reduce the necessity to raise the fed funds rate. Commenting on this U-turn by the Fed’s Logan, Alexander argues, “This is the Bat-Signal I have been waiting for. What does it mean? Why is the Dallas Fed president in the top tweet doing a big baby U-turn? Because they are starting to realize they are losing control of the bond market!” Expanding on the nuances of the bond market, Alexander emphasized the distinction between the front and back ends of the curve. He stated, “The front of the curve, such as T-bills & 2-year bonds, are generally very responsive to rate guidance by the Fed… But the Fed never has as good control over the back end- especially 30-year bonds.” Alexander’s analysis points towards a decelerating demand for these long-term bonds, suggesting a potential loss of market control by the Federal Reserve. This evolving bond market scenario places the Federal Reserve in a precarious situation. Alexander, elaborating on this potential dilemma, posits, “What if they agree to stop raising rates or even initiate cuts, but bond buyers still don’t show up?” He further speculated on a possible shift – the endgame – in the Federal Reserve’s approach: “Placed between a rock and a hard place, the Fed might be pushed towards Yield Curve Control,” hinting at a reversion to Quantitative Easing (QE) policies. Drawing a parallel to the Japanese financial scenario, Alexander prophesied, “The USD could very well be the casualty of this policy direction, much like the Yen’s predicament in Japan.” He then connected these macroeconomic shifts to the digital asset space, forecasting, “Goodbye Quantitative Tightening, hello my old friend Mr. QE. The timeline is uncertain, but it is time to start paying attention to term premium, like the Dallas Fed!” Bitcoin And Crypto Could Profit Massively Ultimately, QE is something that Bitcoin and cryptocurrencies have benefited tremendously from in the last bull market. Alexander therefore also predicts “yes your internet coins [aka Bitcoin and crypto] could then benefit”. Remarkably, this view is shared by several analysts. BitMEX founder Arthur Hayes recently expressed a similar view, according to which the Fed will sooner than later find itself in a bind to reintroduce QE. Hayes predicts a Bitcoin price of $750,000 in 2026. But this perspective isn’t universally accepted. Yuga.eth from Coinbase drew on Austan Goolsbee’s confidence in the FOMC’s commitment to tackling inflation. To this, Alexander sharply responded, “Nothing about increasing the debt is helping the inflation anyway. As I wrote at the very beginning, the only way to do it properly would be to increase taxes, especially corporate.” At press time, Bitcoin traded at $26,677.

XRP, along with the broader cryptocurrency market, witnessed a significant decline in prices today, as bearish pressure gripped the digital asset. This downward trend has raised concerns among XRP enthusiasts and experts, who are closely analyzing the recent price movements. Bill Morgan, a lawyer and devoted XRP enthusiast, has drawn attention to a compelling observation that draws parallels between the current price drop and a previous significant event. Morgan has pointed out that the recent plummet in XRP’s price bears an uncanny resemblance to the downward spiral witnessed after Judge Torres issued her summary judgment ruling back in July. It’s worth noting that XRP’s price had initially surged to as high as $0.549 on Oct. 3, following Judge Torres’ decision to deny the appeal request my by the Securities and Exchange Commission. Ripple, the company behind XRP, celebrated this as another victory in their ongoing legal battle with the SEC. However, this surge was short-lived, as profit-taking activities swiftly ensued. XRP’s Market Snapshot Over the past six days, XRP has experienced a series of declines, with only one day in the green. Notably, during this turbulent period, XRP slipped below both its 50-day and 200-day moving averages, signaling a bearish sentiment in the market. As of the latest data from CoinGecko, XRP’s price stands at $0.497, reflecting a 3.9% decline in the last 24 hours and a 3.1% dip over the past week. Crypto expert Benjamin Cowen weighed in on the situation, characterizing the recent drop in altcoin prices as a typical phase in the market cycle. “Namely, where BTC drops, but BTC dominance goes up because altcoins are dropping more. It is always the most brutal part of the market cycle,” Cowen noted. This perspective underscores the interconnectedness of the cryptocurrency market and the complex dynamics that influence price movements. Technical Indicators, Potential Scenarios For XRP’s Future Furthermore, technical indicators are hinting at the possibility of a bearish momentum building up for XRP. The Relative Strength Index (RSI) has slipped below the neutral line at 50.0, indicating weakening buying pressure. Additionally, the Moving Average Convergence Divergence (MACD) indicator, which measures momentum changes, is inching closer to a potential bearish divergence. If the MACD line crosses below the signal line, XRP may face further declines. In this scenario, there’s a real possibility that XRP’s price could drop to the September low of $0.47. Falling below this crucial level could result in the altcoin reaching a three-month low. However, if the broader sentiment in the market turns positive, XRP might manage to hold the $0.505 support level. As XRP navigates these turbulent waters, investors and enthusiasts will be closely watching for any signs of a reversal in its fortunes and hoping for a brighter future ahead. (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 iStock

Ethereum price struggled to clear $1,660 and reacted to the downside against the US dollar. ETH remains at risk of more losses if it breaks the $1,550 support. Ethereum resumed its decline and retested the $1,550 support. The price is trading below $1,600 and the 100-hourly Simple Moving Average. There is a key bearish trend line forming with resistance near $1,610 on the hourly chart of ETH/USD (data feed via Kraken). The pair could accelerate lower if there is a close below the $1,550 support zone. Ethereum Price Dives Again Ethereum failed to settle above the $1,665 resistance zone. ETH started a fresh decline from the $1,665 resistance zone and dived below the $1,650 level. The bears pushed the price below the $1,600 level and the 100-hourly Simple Moving Average. Ether retested the $1,550 support. A low was formed near $1,549 and the price is now attempting a recovery wave. There was a move above the 23.6% Fib retracement level of the recent decline from the $1,664 swing high to the $1,549 low. Ethereum is now trading below $1,600 and the 100-hourly Simple Moving Average. There is also a key bearish trend line forming with resistance near $1,610 on the hourly chart of ETH/USD. On the upside, the price might face resistance near the $1,600 level. The first major resistance is near the trend line and $1,610. It is close to the 50% Fib retracement level of the recent decline from the $1,664 swing high to the $1,549 low. Source: ETHUSD on TradingView.com The next major resistance is $1,620 or the 100-hourly Simple Moving Average, 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 key resistance at $1,750. The next key resistance might be $1,820. 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 $1,565 level. The next key support is $1,550. A downside break below the $1,550 support might start another strong decline. In the stated case, the price could revisit the $1,465 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 – $1,550 Major Resistance Level – $1,620

XRP price started a fresh decline from the $0.550 resistance against the US Dollar. It could accelerate lower and revisit the $0.45 support. Ripple’s token price is declining from the 0.550 resistance against the US dollar. The price is now trading above $0.500 and the 100 simple moving average (4 hours). There is a major bearish trend line forming with resistance near $0.5065 on the 4-hour chart of the XRP/USD pair (data source from Kraken). The pair might continue to move down if it breaks the $0.488 support zone. XRP Price Takes Hit Recently, XRP made another attempt to clear the $0.550 resistance. However, the bulls failed to clear the $0.550 barrier. The price traded as high as $0.5510 and started a fresh decline, like Bitcoin and Ethereum. There was a steady decline below the $0.532 and $0.525 levels. The price even declined below the $0.50 level and the 100 simple moving average (4 hours). Finally, it retested the $0.488 support zone. A low is formed near $0.4875 and the price is now consolidating losses. XRP is now trading above $0.500 and the 100 simple moving average (4 hours). There is also a major bearish trend line forming with resistance near $0.5065 on the 4-hour chart of the XRP/USD pair. The trend line is near the 23.6% Fib retracement level of the recent decline from the $0.5510 swing high to the $0.4875 low. On the upside, immediate resistance is near the $0.505 level and the trend line. A close above the $0.505 level could send the price toward the $0.525 resistance or the 61.8% Fib retracement level of the recent decline from the $0.5510 swing high to the $0.4875 low. Source: XRPUSD on TradingView.com A successful break above the $0.525 resistance level might start a strong increase toward the $0.550 resistance. Any more gains might send XRP toward the $0.580 resistance. More Losses? If XRP fails to clear the $0.505 resistance zone, it could continue to move down. Initial support on the downside is near the $0.488 zone. The next major support is at $0.450. If there is a downside break and a close below the $0.450 level, XRP price might turn red. In the stated case, the price could retest the $0.420 support zone. Technical Indicators 4-Hours MACD – The MACD for XRP/USD is now losing pace in the bearish zone. 4-Hours RSI (Relative Strength Index) – The RSI for XRP/USD is now below the 50 level. Major Support Levels – $0.488, $0.465, and $0.450. Major Resistance Levels – $0.505, $0.525, and $0.550.

Bitcoin price failed to clear the $28,500 resistance and corrected lower. BTC retested the $27,250 support and is currently attempting a fresh increase. Bitcoin is holding gains and still consolidating above the $27,250 zone. The price is trading below $27,800 and the 100 hourly Simple moving average. There is a key bearish trend line forming with resistance near $27,780 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair could struggle to clear the $27,800 and $28,500 resistance levels in the near term. Bitcoin Price Faces Key Hurdles Bitcoin price started a decent increase above the $27,800 resistance. However, BTC failed to remain in a positive zone and revisit the $28,500 resistance zone. There was a steady decline below the $28,000 level. The price declined below the $27,500 level, but the bulls were active above the $27,250 support zone. A low was formed near $27,275 and the price is now rising. There was a move above the $27,500 level. Bitcoin climbed above the 23.6% Fib retracement level of the recent decline from the $28,284 high to the $27,275 high. It is now trading below $27,800 and the 100 hourly Simple moving average. Besides, there is a key bearish trend line forming with resistance near $27,780 on the hourly chart of the BTC/USD pair. Immediate resistance on the upside is near the $27,780 level and the trend line. It is close to the 50% Fib retracement level of the recent decline from the $28,284 high to the $27,275 high. Source: BTCUSD on TradingView.com The next key resistance could be near the $28,100 level. The first major resistance is $28,250, above which Bitcoin might test $28,500. A close above the $28,500 resistance could start another increase. In the stated case, the price could rise toward the $29,200 resistance. Any more gains might call for a move toward the $30,000 level. Another Drop In BTC? If Bitcoin fails to continue higher above the $27,780 resistance, there could be a fresh decline. Immediate support on the downside is near the $27,500 level. The next major support is near the $27,250 level. A downside break and close below the $27,250 support might spark strong bearish moves. The next support sits at $26,200. Technical indicators: Hourly MACD – The MACD is now gaining pace in the bullish zone. Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level. Major Support Levels – $27,500, followed by $27,250. Major Resistance Levels – $27,780, $28,250, and $28,500.

Edward Farina, the founder and CEO of various crypto-focused initiatives, is confident that XRP is a better “investment” in early October than it was before July when the United States Securities and Exchange Commission (SEC) claimed that the coin was an unregistered security. In a post on October 9, Farina asserted that the coin was declared not a “security,” but was bothered by the fact that prices are at “the same level” as before the July 13 ruling. XRP Bears Reversed July 2023 Gains XRP, the native coin of the XRP Ledger, a decentralized blockchain that recently supported smart contracts, remains one of the most liquid crypto assets. Looking at price data from CoinMarketCap (CMC), the coin is lodged at fifth in the market cap leaderboard, trailing Bitcoin (BTC), Ethereum (ETH), BNB, and USDT–the stablecoin. At this level, the coin is one of the most liquid and has managed to shake off bear pressure since the SEC lodged a lawsuit against some of Ripple’s top brass, including Brad Garlinghouse. In the lawsuit filed in late 2020, the agency said Ripple conducted an illegal crowdfund, raising over $1 billion by selling unregistered securities. With the allegations, XRP prices fell by 78%, crashing from around $0.77 to $0.17 in days. XRP found reprieve in 2021 when it shook off losses, rallying to as high as $1.95 despite the ongoing lawsuit where Ripple lawyers defended the company against claims put forward by the regulator. Prices fell in 2022, reversing gains before stabilizing in the better half 2023. In July, XRP prices rose sharply, briefly reaching $0.92 before cooling off, peeling back all gains in mid-August. Prices have stabilized, but bears wiped gains from the rally induced on July 13 when a United States court ruled that XRP is not a security when sold to the general public on an exchange. Still, it is when sold to institutional investors. In early October 2023, Judge Analisa Torres barred the SEC from appealing the decision made in July, stating that there was no “substantial ground for difference of opinion.” The trial is not set for April 2024. Prices Make Zero Sense? Following the Judge’s decision barring the agency from appealing, XRP prices have been relatively firm but at pre-July 2023 levels. Farina believes that XRP ought to be higher at spot rates, a reason why the market “makes absolute zero sense and price manipulation is real.” Whether XRP prices are manipulated or not is not clear at spot rates. However, the broader crypto market, including Bitcoin and Ethereum, is suppressed, having cooled off from July 2023 highs.

By now, Bitcoin has grown to the point where crypto investors do not expect very large returns from it and are now looking toward altcoins that could provide the kind of returns they seek. However, with thousands of altcoins circulating in the crypto market, it can become quite hard to pick the coins that could end up doing well. So here are five altcoins that are well-positioned to do well in the next bull market that could potentially 20x your crypto portfolio. Lido DAO (LDO) Is A Top Crypto Contender Lido DAO (LDO) has grown rapidly to dominate the Ethereum liquid staking game, accounting for over 30% of all staked ETH in LSD protocols. This has brought immense attention to its native token, LDO, which on its own has also seen a good run over the years. However, at just a $1.4 billion market cap, LDO is still what can be referred to as undervalued given its standing in the decentralized finance (DeFi) sector. A bull market could easily see the market cap of LDO cross $30 billion, which would be a more than 20x return on investment from its current $1.61 price level. Arbitrum (ARB) Dominates Ethereum Layer 2 Altcoins Arbitrum (ARB) features on this list because of the network’s performance over the years. Of all the Ethereum Layer 2 networks currently in the game, Arbitrum leads the pack both in terms of Total Value Locked (TVL) and daily trade volume. This puts it ahead of the likes of Optimism (OP), Avalanche (AVAX), and Polygon (MATIC), all of which have been in the game just as long. However, of the 4 leading Ethereum L2s, Arbitrum has the lowest market cap. At $1.08 billion, it is yet to see the same kind of surge its competitors saw in 2021 due to the token launching in the bear market. Arbitrum’s performance even in a bear market shows that it could easily be a top 10 cryptocurrency in the bull market. Stacks (STX): The Crypto Child Of Bitcoin Currently, when crypto investors think of NFTs and DeFi on the Bitcoin network, they think of Stacks (STX). This is because Stacks is a Layer 2 network that allows the usage of smart contracts on Bitcoin. This means developers are able to build protocols as well as launch NFT collections on the Bitcoin network using Stacks (STX). STX’s market cap is still very low at just $715 million especially given what it enables developers to do on the Bitcoin network. This offering makes sure that Stacks is always on the radar of investors, making it a billion-dollar token that could easily bring 20x returns. Kava (KAVA) Joins The Fun With Layer 1 Technology Kava (KAVA) has been building up into mainstream adoption despite competition with the biggest networks in the space. This Layer 1 blockchain is taking another route to interoperability by combining the best parts of the Ethereum and the Cosmos networks. Ethereum is known for its developer power, enabling developers to build pretty much anything, but still held down by slow transactions and high fees. On the other hand, Cosmos has some of the highest speeds and interoperability and when both of these are combined, it presents basically a supercharged Layer 1 blockchain equipped to handle almost anything. Its native token KAVA is already one of the most watched Layer 1 native tokens, and at a $500 million market cap, it’s fair to say that this altcoin is far from done. Altcoins Are Not Complete Without The Trust Wallet Token (TWT) With so many centralized exchanges running into issues such as hacks and bankruptcy, more crypto investors are choosing to self-custody their coins. The top 2 self-custody wallets that also allow users to take advantage of DeFi and NFTs are MetaMask and Trust Wallet. Since only the latter currently has a token, it has been able to corner that market share for itself. Trust Wallet’s native TWT token rose in popularity when the FTX crypto exchange crashed in 2022 and has not stopped. Going into the bull market, self-custody is expected to be the main avenue to store coins and TWT’s current $411 million market cap could quickly turn into an $8 billion market cap in the bull market.

Last week marked a noteworthy surge for Solana in inflows, leading the pack in altcoin investment interests and outshining Bitcoin. Solana’s recent performance particularly placed it in the spotlight as it amassed roughly $24 million, the altcoin registered its largest inflow since March 2022, according to a recent report from Coinshares. A Closer Look: Dissecting The Solana Inflow Surge Diving into the numbers, the broader digital-asset investment domain observed net inflows for the second consecutive week, accumulating a significant $78 million, showcasing a bullish sentiment reminiscent of July’s performance. While Bitcoin, the quintessential crypto giant, continued to dominate, Solana grabbed headlines. As highlighted by James Butterfill, Head of Research, Solana’s re-emergence as a sought-after altcoin signifies its growing appeal among digital investors, especially in light of recent Ethereum futures ETF product launches. According to the report, with a noteworthy track record for 2023, Solana funds reported inflows for 28 weeks, with a mere four weeks registering outflows. Always a major player, Bitcoin recorded inflows of $43 million. The report disclosed that a certain subset of investors, potentially riding on Bitcoin’s recent price momentum, initiated positions in short-bitcoin products, leading to an inflow of $1.2 million within the week. Diverging Investment Patterns: Europe Leads While ETH ETFs Underwhelm Geographically, Europe continued its digital asset supremacy, accounting for 90% of the total inflows. On the contrary, the combined inflows from the US and Canada totaled a mere $9 million. According to Butterfill, this noticeable regional disparity in investment sentiments underscores evolving market dynamics and investor preferences. Adding to the digital fervor, trading volumes for exchange-traded products surged by 37%, settling at $1.13 billion for the week. Trusted exchanges dealing with Bitcoin also witnessed a 16% jump in trading volume. However, it wasn’t all sunshine and rainbows. The recent US launch of six Ethereum futures ETFs raked below $10 million. While seemingly substantial, Butterfill termed the response as showcasing a “tepid appetite,” particularly when juxtaposed against the $1 billion amassed by Bitcoin futures ETFs in their inaugural week back in 2021. However, Butterfill attributed this difference more to the contrasting market environments and the “poor investor appetite” for digital assets rather than a direct reflection of the asset’s potential. Furthermore, regardless of the recorded positive inflows from Solana last week, the altcoin is currently facing a bloodbath along with Bitcoin. Notably, Solana has declined by nearly 10% in the past week and 4.5% in the past 24 hours, with a market price of $22.30 at the time of writing. In contrast, Bitcoin has also shed its portion of losses, down by 2.9% in the past 7 days and 1.4% in the past day, with a trading price currently at $27,518. Featured image from Unsplash, Chart from TradingView

Despite initial expectations of a robust rally, major cryptocurrencies Bitcoin (BTC), Ethereum (ETH), and XRP have encountered a slowdown in momentum following a promising start in 2023. However, a prominent tech company’s leaked disclosure can alter this trajectory. With the Federal Reserve (Fed) grappling with a staggering $33 trillion US “debt death spiral,” investment banking firm Jefferies analysts have warned that the Fed may be compelled to restart its money printing presses. This move could trigger the collapse of the US dollar and ignite a significant price boom for Bitcoin, rivaling the value of gold. Expert Advocates For Bitcoin As An Inflationary Safeguard A recent Forbes report indicates that Bitcoin’s highly anticipated halving event, expected to cause price volatility, is imminent. Christopher Wood, Jefferies’ global head of equity strategy, emphasized in a note to clients seen by CNBC that G7 central banks, including the Federal Reserve, are unlikely to withdraw from unconventional monetary policies smoothly. Notably, Wood considers Bitcoin and gold as “critical hedges” against the resurgence of inflation. Since spring of 2022, the Federal Reserve embarked on reducing its ballooning balance sheet of nearly $9 trillion, which expanded significantly during the COVID-19 pandemic and subsequent economic downturn. This process, known as quantitative tightening, involves draining liquidity from the financial system and shifting the burden of newly issued debt onto the private sector. US Dollar Caught In ‘Death Spiral’ In addition to balance sheet reductions, the Fed has implemented rapid interest rate hikes to rein in soaring inflation. However, this approach has raised concerns about a potential counterproductive “death spiral” for the US dollar, potentially bolstering the value of Bitcoin. Wood suggests that the Fed may be forced to adopt a more accommodating stance in response to a US recession. This shift would occur due to a larger-than-usual lag in the Fed’s interest rate hikes aimed at curbing inflation following the significant expansion of the money supply in 2020 and 2021. Wood further explains: The CEO of BlackRock, Larry Fink, who had previously expressed skepticism towards Bitcoin, made a notable shift in June. Fink’s endorsement of Bitcoin sparked a rush among Wall Street investors toward cryptocurrencies. With custodian arrangements in place for digital assets, Bitcoin has gained credibility as an investable option for institutional investors, presenting itself as an alternative store of value to gold. In conclusion, the Federal Reserve’s monetary policy challenges and the growing institutional interest in Bitcoin and other major cryptocurrencies have created a perfect storm, propelling their prices to new heights. Per the report, investors increasingly turn to digital currencies as potential hedges against inflation and storehouses of value as the US dollar faces uncertainty. When writing, the leading cryptocurrency in the market is trading at $27,300, reflecting a decrease of over 2% in the past 24 hours. This decline follows an overall downtrend in the market since the beginning of the new trading week. Notwithstanding the recent drop, BTC is positioned above its critical 50-day and 200-day Moving Averages (MAs). This favorable positioning may support a rebound in the cryptocurrency’s value and prevent further decline, helping it maintain the crucial $27,000 milestone. Featured image from Shutterstock, chart from TradingView.com

Bitcoin is 200 days before halving, a supply shock that historical patterns show that prices tend to rally, even clearing previous all-time highs once it happens. In a price chart shared by the “thescalpingpro” on X on October 9, the analyst appears to suggest that the world’s most valuable coin is in the early stages of not only breaking above 2021 highs but registering new highs after the network halves in 2024. Early Signs Of Bull Rally: 200 Days Before Halving Thus far, the trader notes that Bitcoin is down 60% from previous all-time highs in 2021. This formation, the analyst says, appears to replicate the same pattern before Bitcoin halved in 2019. Then, just like it is presently, the coin fell 60% from 2017 highs of around $20,000. As historical pattern shows, Bitcoin prices tend to bounce back strongly after posting sharp losses from previous highs. These upswings are often accelerated by the halving event momentum, pushing prices further away from cyclical lows. Every four years, Bitcoin halving occurs, where the reward for mining a Bitcoin block is reduced by half. This feature is built into the protocol to slow the issuance of new Bitcoin. Due to the decrease in the number of coins released to circulation during halving, inflation is reduced, which supports prices, as previous price action has shown. Although the impact of halving has been well studied, the sequence of events preceding this event appears to be stirring demand. As aforementioned, 200 days before the 2016 and 2019 halvings, Bitcoin fell roughly 60% from all-time highs. The asset’s prices are at a similar price point precisely 200 days before halving. For this “near-perfect” replication of events, “thescalpingpro” is bullish that the coin might follow a familiar pattern of past cycles. Bitcoin Race To $48,000 Before Halving? The spike to all-time highs and beyond, as previewed, is a scenario that could happen once the halving happens. Before then, however, another analyst is convinced the coin could rally to $48,000. The analysis is based on crucial support and resistance levels formed by the Fibonacci retracement levels. The analyst is convinced that the coin will retest the 61.8% of the swing high low of the recent 2021 to 2022 range, placing Bitcoin at $48,000 once it recovers. The race to this level will be further driven by “halving momentum” and the “bear-to-bull transition from various indicators,” including the Relative Strength Index (RSI), Moving Average Convergence Divergence (MACD), and the on-balance volume of major exchanges, which appear oversold.

Over 38.81 billion LUNC have been burnt by the cryptocurrency exchange Binance thus far. There are now 5.80 trillion LUNC tokens in circulation, with a maximum supply of 6.83 trillion. Since May 18, 2022, the Terra Luna Classic community has burnt a cumulative total of 76 billion LUNC, marking a significant milestone in the collective endeavor to lower the circulating quantity of LUNC. Binance, the biggest cryptocurrency exchange in the world, has burnt about 38.81 billion LUNC, or more than half of the total LUNC burned. There are now 5.80 trillion LUNC tokens in circulation, with a maximum supply of 6.83 trillion LUNC. To speed up the burn rate of LUNC, the community must improve its use-cases. Key Player Binance About 400 million LUNC are burned each week on average, with Binance transferring billions to the burn address every month as part of the LUNC burn process. Over 38.81 billion LUNC have been burnt by the cryptocurrency exchange Binance thus far, with over 1 billion burned in the 14th round of the LUNC burn process on October 1. In Q4, the Terra Classic L1 Task Force (L1TF) development group and the Quant USTC repeg team plan to work on decreasing the available supply of LUNC and USTC. Developers are collaborating with exchanges in an effort to successfully repeg USTC to $1. On the other hand, the Galaxy Station wallet and the Galaxy Finder blockchain explorer are now available to the Terra Luna Classic community. At the time of writing, LUNC is trading at $ $0.00005607, down 3.84% in the last 24 hours as per data from CMC. Highlighted Crypto News Today: Millions in XRP Shifted As Ripple Case Options Emerge Post-Appeal Denial

Serious repercussions may arise from someone not following the new set of rules. Exchanges are taking the required steps to comply with the laws as the FCA has been firm. The Financial Conduct Authority (FCA), the United Kingdom’s highest financial regulator, issued a warning list to many prominent cryptocurrency exchanges on Sunday, October 8 for advertising their services without the necessary authorization. As of October 8th, the United Kingdom’s financial promotion legislation now includes crypto asset service providers worldwide. All crypto exchanges, regardless of where they are based, are now required by law to clearly post danger warnings to British customers and follow more stringent technological regulations. This involves setting up a cooling-off period of 24 hours for new clients. The generic warning to over 140 firms read: Stringent Penalties Serious repercussions may arise from someone not following these rules. This may lead to demands for the removal of websites and applications, unlimited penalties, and even jail time. A representative for Huobi, also known as HTX, has stated for the record that the firm does not market or operate inside the United Kingdom. Moreover, KuCoin’s CEO, Johnny Lyu, issued a statement through email expressing the company’s dedication to tailoring its offerings to comply with the laws and regulations of each jurisdiction in which it operates. Also, currently, KuCoin is not actively functioning in the UK. Exchanges are taking the required steps to comply with the laws as the FCA has been intensifying its grip on the cryptocurrency sector. Highlighted Crypto News Today: Shiba Inu Sees Surprise Whale Inflow Spike Amid Crypto Selloff

Campbell’s tenure lasted for around 2 years and 7 months at Ripple. She also handled the purchase of Metaco, a supplier of services for crypto assets. Kristina Campbell, the CFO of Ripple Labs Inc., has left the company. Campbell updated her LinkedIn page to reflect that she had left the firm this month, but the corporation did not make the news public. Campbell’s tenure as CFO at Ripple Labs, which ended with her departure, lasted for around 2 years and 7 months. The U.S. SEC complaint targets the company’s financial management, and Campbell seems to be a significant figure of interest. Campbell has played more of a supporting role as Ripple’s CFO, but she has nonetheless made some important financial choices. Ongoing SEC Lawsuit The legal fees suffered by Ripple as a result of the SEC crackdown were estimated at $200 million earlier this year by CEO Brad Garlinghouse. Even though the business has been partially vindicated by Judge Analisa Torres’ finding that programmatic sales of XRP on secondary markets do not constitute a security, the costs have had a significant effect. Campbell also handled the purchase of Metaco, a supplier of services for crypto assets in the institutional sector situated in Switzerland. Ripple’s $250 million Metaco acquisition was the company’s first significant merger and acquisition in a long time. Campbell has left Ripple and is now listed as the Chief Financial Officer of Maven Clinic on LinkedIn. Maven Clinic is a virtual clinic for women and families with a purpose to make healthcare accessible to everyone. Highlighted Crypto News Today: UK Issues Warning to List of Crypto Exchanges; Eyes Enforcing Regulations

The XRP price has retraced a good portion of its gains following its surge above $0.54 last week. Naturally, this could signal that the end is in sight for an XRP rally but this is not necessarily the case when you look at the altcoin’s metrics and performance even amid its price decline. XRP Daily Transaction Count Remains Above 1 Million The XRP daily transaction count first skyrocketed above 1 million back in July when Judge Analisa Torres ruled that programmatic XRP sales did not constitute investment contracts. The XRP price had rallied more than 60% as a result of this and daily transaction counts shot up as well. By the time August rolled around, XRP’s daily transaction counts had surpassed that of Bitcoin and Ethereum, and the network has not slowed down since. Looking at data from BitInfoCharts, XRP is still maintaining its more than 1 million transactions per day numbers. Since the start of October, the altcoin’s daily transaction figures have also come out consistently above that of Bitcoin and Ethereum, showing that interest in the network has not diminished. XRP Ledger Crosses 83 Million Blocks As transaction counts have been on the high side, block production on the XRP Ledger also shows active participation from users. Late last week, the blockchain marked its 83 millionth block. This was confirmed by the XRPScan account on X (formerly Twitter), coming less than two months after the Ledger marked its 82 millionth block. The rapid rise in usage is shown by the over 46,000 payments already made in the current block at the time of writing. Additionally, there have been 392,000 transactions and rising, with an average Transaction Per Second (TPS) of 20 TPS. Daily Trading Volume Jumps 56% Another major factor that could point to the XRP price rally not being over is the jump in daily trade volume. Between Sunday and Monday, the XRP daily trading volume rose more than 56% to reach approximately $480 million. This follows a jump above $500 million previously before the cool-down. Just like other factors listed above, the jump in trading volume suggests rising interest. Given that the XRP price has not been in free fall, it could point to the volume being skewed more toward buying rather than selling. In such a case, a rally is more likely to ensue. XRP Price Rally Could Continue Despite the XRP price falling to bearish pressure over the last few days, it could quickly recover as metrics continue to flash bullish. As one crypto analyst points out, the XRP price is reaching the point in its 39-month cycle where it could bounce toward another rally. For the top of this rally, the analyst puts the price at $1,000. Currently, the XRP price is sitting at $0.5141, registering a 1.49% loss in the last 24 hours.

Shiba Inu has experienced a notable increase in large-holder inflows, despite a declining price in the wider crypto market. On October 7, whale inflows for SHIB were at 169 billion, and on October 8, they surged to nearly 3 trillion, marking a 1,587% spike. Large inflows can indicate accumulation and potential market bottoms as major players buy during dips. Shiba Inu is registering a surprising surge in large-holder inflows even as its price declines amid a wider crypto market selloff. According to on-chain analytics firm IntoTheBlock, SHIB saw whale inflows explode from 169 billion on October 7 to nearly 3 trillion on October 8—a 1,587% spike. Large inflows can signal accumulation and potential bottoms as bigger players buy the dip in bulk. This metric rose when SHIB’s price fell around 4%, bucking expectations. Santiment noted high trader loss-taking and mild panic recently, often precursors to capitulation bottoms. Shiba Inu trades in the red Shiba Inu, trading at $0.0000006898, remains down nearly 4.2% in 24 hours amid bearish sentiment. But its network activity hints at the potential for a bullish reversal. Crypto’s inherent volatility means bear markets do not last forever. If SHIB can reclaim key moving averages around $0.0000075 and $0.0000086, it may confirm a comeback. For now, whales appear to be positioning amidst the sell-off. Their inflow spike offers a silver lining as overall markets feel pressure. If crypto stages a relief rally, SHIB could already be primed for outsized gains. As usual in crypto, price and on-chain data diverge in interpreting market bottoms. But the surprising whale activity provides nuance to SHIB’s bearish price action. Savvy traders should watch for confirmation of accumulation kicking off a recovery.

Amsterdam, The Netherlands, October 9th, 2023, Chainwire The token presale for upcoming crypto casino TG.Casino has now raced past $500,000 and is approaching the $1 million soft cap mark. TG.Casino Token ($TGC) is currently available to purchase for $0.125 – holding the token allows users to generate staking rewards and earn a share of casino profits through a token buyback once it is launched. At the time of writing the presale has raised almost $700,000 with the staking annual percentage yield (APY) set at 737%. Stake $TGC to Earn Rewards and Share Casino Profits TG.Casino is a fully decentralized and licensed crypto casino – powered by Telegram – that will offer instant and anonymous play, anonymous crypto transfers, thousands of slots, classic casino games, and a competitive sportsbook. However, unlike many other casinos in the crypto space TG.Casino, which has not yet launched, is offering native token $TGC for holders to earn further rewards beyond gambling and wagering. Staking The first is through its staking mechanism, with presale buyers able to add purchased $TGC tokens immediately to the staking pool and generate an APY. As outlined above, the current APY is over 737% meaning those who have purchased early will continue to accrue tokens as the presale continues. The APY will reduce as more tokens are locked into the pool meaning. Profit Sharing/Token Buyback/Burn Mechanism Staking will also play an integral role in the profit-sharing system. Users who have tokens staked once the casino is up and running will earn a share of daily profits through a planned token buyback system. $RLB, the native token of Rollbit, surged 60% and reached a peak market cap of $700 million after it announced a buyback scheme in August. The TG.Casino buyback will see the casino use a share of daily profits, once live, to purchase $TGC tokens and distribute them to those who are staking. This will allow token buyers to earn more tokens. However, the buyback goes a step further by also adding a burn mechanism as a feature. From the buyback, 60% of purchased tokens will be distributed to stakers as rewards, with 40% sent to a burn address meaning they are permanently taken out of supply. As has been shown with the likes of Maker ($MKR) and Verasity ($VRA), token burns can have a positive effect on price, as the supply is reduced and the value of an individual token increases. Presale Info and Tokenomics The presale launched in late September and is offering tokens at a fixed price of $0.125 through one round. There is a max supply of 100 million tokens with 40 million allocated to the presale (40%) with a soft cap of $1 million – which is now 67% sold out – and a hard cap of $5 million. There is a minimum purchase of 100 tokens ($12.50), with $TGC an Ethereum-based ERC-20 token that can be purchased with ETH, BNB or USDT. The remaining supply will be allocated to decentralized exchange liquidity (20%), the staking pool (20%), the rewards system (10%), marketing (5%), and affiliates (5%). Its token smart contract has been audited by Coinsult with no major security issues found. Telegram-Powered Casino TG.Casino will utilize powerful Telegram bots to offer users an enhanced customer experience, with players able to enjoy anonymous and instant crypto gambling. The crypto casino is fully licensed by the government of Curacao, and follows anti-money-laundering and responsible gambling policies. Some players will only be able to access the site via a VPN, however. Players use the messaging app, which has almost 800 million active global users, to access the casino via command-based prompts. That means that sign-up is instantaneous and anonymous, with no KYC verification steps to complete, and the casino and Telegram recognizing a phone number as a unique reference for individual players. Telegram also allows players to deposit and withdraw crypto instantly and anonymously, via trusted crypto wallets such as MetaMask, Coinbase and Trust Wallet. Players can transfer around a dozen cryptocurrencies, including BTC, ETH and USDT, without fees and with a minimum amount of just $1 (or equivalent). Once live, the casino will offer thousands of leading and provably fair slots games – such as Aviator and Plinko – from leading and trusted developers like Spribe, Hacksaw, and Evolution. TG.Casino will have casino classics such as Poker, Blackjack, and Roulette, with both live and virtual dealers and dozens of different tables that are suitable for both novice players and high rollers. There will also be a sportsbook with competitive odds from leading providers, such as BetRadar, with pre-game and in-play markets on competitions such as the Premier League, NFL, NBA, and many more, including eSports. New players at TG.casino can earn a 150% matched first deposit bonus, up to $30,000, and get 300 free spins – there is a 40x wagering requirement to receive the full bonus. For more information on the casino – as well as the presale, staking and buyback mechanism – users can read through the TG.Casino whitepaper or join the Telegram community group Disclaimer: TG.Casino is the source of this content. This Press Release is for informational purposes only. The information does not constitute investment advice or an offer to invest. Contact TGCASINO TG Casino [email protected]

On-chain data shows the true market mean price of Bitcoin is valued at $29,700 right now, making the level of particular significance for the coin. Bitcoin True Market Mean Price Is At $29,700 Currently In a new post on X, the lead on-chain analyst at the on-chain analytics firm Glassnode, “Checkmate,” pointed out how the BTC price currently trades below the true market cost basis. The “market cost basis” refers to the average price at which the investors in the sector bought their coins. One popular way of calculating this cost basis is through the “realized cap,” which measures the total value of the cryptocurrency by assuming that the price at which each coin on the blockchain was last transferred is its true value. When this capitalization model is divided by the total number of coins in circulation, the “realized price” is obtained, which is the average cost basis of the supply. However, this method has some issues, such as a chunk of the circulating Bitcoin supply being permanently inaccessible (due to wallet keys becoming lost). A lot of this inactive supply would have traded long ago, meaning its cost basis would be shallow compared to today’s prices. Thus, if included in the metric, it would skew its value away from reality. Checkmate and Ark Invest’s David Puell came up with “Cointime Economics” a while back, a new methodology that tackles the problems with the realized price. “Cointime Economics introduces a simplified framework to efficiently discount the impact of lost supply and amplify economic impacts on the truly active supply,” explains Glassnode. The chart below shows the trend in the “true market mean price” for Bitcoin, as calculated by this advanced model. Based on this more accurate model, Bitcoin currently has a true mean price of $29,700. Therefore, the asset’s spot price is trading well below this level. The graph shows that significant breaks above this indicator have historically resulted in the cryptocurrency enjoying some sustained bullish momentum. Checkmate has also attached the “AVIV Ratio Z-Score” data in the same chart. The “AVIV Ratio” tracks the deviation from the true market mean that BTC is currently observing. The Glassnode lead notes that this indicator is the most accurate measure of the market centroid for Bitcoin. At the current value, the metric is “still -0.6 standard deviations below its long-term mean,” according to the analyst. The near-term outcome of the price based on this is uncertain, but in the long term, Bitcoin could see a reversion back to its mean, thus making the current price levels potentially profitable buying points. BTC Price At the time of writing, Bitcoin is trading at around $27,500, down 3% in the last week.

Blockchain tracker Whale Alert detected transfer of nearly 90 million XRP tokens. Transferred 60 million XRP valued at $31 million to an unknown wallet. Legal developments favor Ripple, which maintains regulatory clarity. Blockchain tracker Whale Alert detected the transfer of nearly 90 million XRP tokens worth over $45 million recently. The shifts come as new possibilities emerge in the long-running Ripple lawsuit following a denied appeal bid. According to Whale Alert, Ripple transferred 60 million XRP valued at $31 million to an unknown wallet. Separately, an anonymous wallet moved 29 million XRP worth $15 million to cryptocurrency exchange Bitstamp. The Ripple transaction likely relates to OTC trading or cross-border payments involving XRP as a bridge currency. The reasons behind the Bitstamp transfer are more ambiguous but could point to plans to sell or use the tokens within the exchange ecosystem. XRP whale movements come amid new phase of legal battle with SEC The developments occur just after the SEC’s request for an early appeal was rejected by the presiding judge. This hands a preliminary victory to Ripple, with the status quo favorable to the company remaining in place. Attorney Jeremy Hogan outlined potential scenarios going forward, assigning low odds of resolution before 2025-2026 given the timeline for appeals. The SEC could settle with the individual defendants, then move to finalize judgment against Ripple and lodge an appeal. But remedies and litigation could still extend the case deep into 2026. Meanwhile, Ripple maintains regulatory clarity that transacting XRP does not constitute an illegal securities sale. The company can continue leveraging this advantage as long as the suit persists. For XRP traders, the major token shifts may herald increased volatility around developments in the case. But fundamentally, Ripple continues cementing its position as the legal battle inches forward.

Trust Wallet Token (TWT) seems untouched by the crypto market decline, holding a nearly 20% seven-day gain while top coins recede. After finding support at $0.79, it rallied above the $0.94 resistance, flipping it to a new support level today. The Trust Wallet Extension update on Chrome might be driving its price gains in the past week. Due to the update, users can now enjoy the full features of Trust Wallet integrated with their Chrome browser. Such ease of access may have boosted the use of TWT, thereby pushing its demand and price. Recent Network-Related Developments Can Push TWT’s Price Further The new Trust Wallet Extension update (V 1.9.1) on Chrome Store was announced on October 3. According to the announcement, users can enjoy native EVM swaps, Ledger and hardware support, and crypto purchases. Users can now access 15 different staking options across nine blockchains with the extension. This additional utility is likely driving more investors to the Trust Wallet ecosystem. Also, on October 5, Trust Wallet launched a Trust Wallet Testimonial Contest to reward its loyal community. According to a blog post, participants will share their testimonials and experiences using Trust Wallet. Trust Wallet will reward five lucky winners with mystery swag boxes once they complete certain tasks. This contest will likely boost investors’ interest in the ecosystem and lead to price gains for TWT tokens. TWT Declining On Daily Chart Despite Weekly Gains Despite impressive weekly gains, TWT shows signs of price decline on the daily chart. Its decline could correlate to the retracement in BTC’s price from $28,000 to $27,770 today, October 9, at 5:36 am EST. After its rally from the $0.79 support level, TWT broke above the $0.94 resistance level. Looking at the daily chart, TWT has formed two consecutive red candles on the daily chart, confirming increased selling pressure. Also, today’s candle drops below the trendline, hinting at a slight retracement ahead for the token. TWT is retracing in the Donchian Channel (DC) and approaching the Median Band. A drop below this band will confirm that the sellers have reclaimed dominance on its price. Furthermore, the Relative Strength Index (RSI) indicator displays a value of 64.5 in the buy zone close to 70. A close look at this indicator and its downward motion reveals that it is retracing from the overbought zone. The RSI’s movement confirms the sentiment that the buyers are beginning to take profit and close long positions. Nevertheless, the price retracement for TWT will likely be brief due to its ecosystem developments. The daily chart analysis shows that TWT will likely decline to $0.94 in the next few days before resuming its rally. Also, the next rally may likely send TWT above the $1 resistance zone for more impressive gains. However, buyers must avoid bull traps if the $0.94 support level fails to hold.