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Reports from South Korea-based Yonhap News Agency have revealed that Upbit, one of the largest crypto exchanges in South Korea experienced over 159,000 hacking attempts in the first half of 2023 alone. Upbit’s Hacking Attempts According to the data from Upbit’s parent company Dunamu shared with the local news agency, the hacking attempts of the first half of 2023 indicate a 117% increase compared to the first half of 2022, and a 1,800% increase in hacking attempts compared to the second half of 2020. The crypto exchange recorded 8,356 hack attempts in the second half of 2020, 34,687 in the first half of 2021, 63,912 in the second half of 2021, 73,249 in the first half of 2022, and 73,249 in the second half of 2022. These hack attempts have increased over the years after the crypto exchange suffered a hack of 58 billion won ($50 million) in 2019. The exchange has since successfully fortified its security measures to prevent these hacks, and the exchange has not experienced any exploit since 2019. “After the hacking incident in 2019, we took various measures to prevent a recurrence, such as distributing hot wallets and operating them, and to date, not a single cyber breach has occurred,” a Dunamu Official stated. Some of these measures included an increased percentage of money retained in cold wallets by 70%. Hot wallets, which keep keys online and are more susceptible to breaches, are thought to be less secure than cold wallets, which store private keys offline. This is because the majority of known cryptocurrency exchange hacking instances have occurred in hot wallets, especially the crypto hacks that occurred in September. One such example is Hong Kong-based CoinEx which suffered a $70 million hack in September 2023, and Mixin Network which suffered a $200 million hack, among others. Due to the significant increase in cryptocurrency hack attempts in South Korea, the country’s Representative Park Seong-jung has called upon the South Korean government to take considerable measures to handle the issue. “The Ministry of Science and Technology must conduct large-scale whitewashing mock tests and investigate information security conditions in preparation for cyber attacks against virtual asset exchanges where hacking attempts are frequent,” Representative Park said. Upbit recently experienced an issue in late September 2023, where the crypto exchange was unable to identify a fake token, “ClaimAPTGift.com, present in 400,000 Aptos wallets. This led to the suspension of Aptos token services. Compilation Of Crypto Funds Stolen In September September 2023, was a nightmare for certain crypto exchanges as about $332 million in crypto assets were stolen from certain crypto exchanges in September alone. Blockchain security firm Certik took to their official X handle in late September to share the compilation of the crypto hacks that occurred in the month alone and how much was stolen from these incidents. The stolen funds accounted for exploits, exit scams, and flash attacks. However, exploits accounted for the most, with over 98% ($329.8 million) of the total amount stolen in that month, while exit scams and flash attacks accounted for the rest.

The price faced strong resistance at $1735 level and has been falling ever since. If the price breaks above $1665 resistance level then it will likely test $1735 yet again. The crypto market today continued its bearish phase. In recent days, the value of Bitcoin (BTC) has struggled to rise beyond the $28,000 mark, and on Monday morning, it was trading at about $27,769, down 0.69% in the last 24 hours. The selling pressure has resulted in significant losses for most altcoins as well. A Safe multisig wallet with the address 0xbC9a9 sent 1,700 ETH to the Ethereum Foundation address recently, and the address swapped those tokens for almost 2.74 million USDC, according to on-chain statistics. A further 494k USDC were subsequently transferred from the multisig wallet to the Ethereum Foundation. Moreover, as an after effect of PoS transition, the average transaction on the Ethereum network now costs just 7 gwei, or around $0.24, according to recent statistics. The current average cost of a transaction on the widely used NFT marketplace OpenSea is $0.94. Bearish Sentiment Looms At the time of writing, ETH is trading at $1615, down 0.73% in the last 24 hours as per data from CMC. Moreover, the trading volume is up 33.14%. The price faced strong resistance at $1735 level on October 2 and has been falling ever since. Source: CoinMarketCap If the price breaks above $1665 resistance level then it will likely test $1735 level yet again. Moreover, if it manages to breach this level then it will rally towards the $2000 area. On the other hand, if bears continue their domination and drive the price below $1611 then it will test $1569 support level. Price movements in cryptocurrencies are still being influenced by a complex web of factors, including geopolitical tensions, market speculation, and the characteristics of the crypto market itself.

The rapidly evolving crypto market is set to witness yet another milestone as Deribit, the world’s preeminent crypto options exchange, prepares to launch options contracts for XRP, Solana (SOL), and Polygon (MATIC). Given the dominating position of Deribit in the options sphere, this inclusion could have noteworthy ramifications on the pricing dynamics of XRP. Deribit To Debut XRP Options Deribit, having established itself as the leading crypto options exchange both in terms of trading volume and open interest, is not letting the recent dip in digital-asset volatility deter its expansion endeavors. As reported by Bloomberg, the exchange is poised to roll out options contracts for the XRP token in January. This move, announced by Chief Commercial Officer Luuk Strijers, will augment the platform’s offering which until now has been focused mainly on Bitcoin, Ether, and USD Coin options. The choice might be influenced by financial interests and prevailing market conditions. Trading volumes for crypto derivatives declined to roughly $1.5 trillion in September, down from about $2 trillion earlier in the year, affected by reduced prices and volatility relative to the highs of 2021. Further solidifying its strategic vision, Deribit is not just limiting itself to options expansion. The Panama-based giant has disclosed plans to transition its operations to Dubai, a more crypto-receptive jurisdiction, following the attainment of necessary licensing. Parallel to this, the firm intends to bolster its workforce by approximately a dozen, adding to its current roster of 115. Strijers expressed the inherent challenges in timing new product launches given the current market sentiment. “Is this the best environment to launch new products or should we defer?” he reflected, but remained optimistic about potential volatility upticks post the January launch. Impact On The Price With an overwhelming 85% market share in options trading, the influence of Deribit is unmistakable. The rest of the market is shared by competitors like OKX, Binance, and Bybit. A considerable 85% of the volume flowing through Deribit originates from institutional clientele. Therefore, the addition of XRP options on such a dominant platform is inevitably going to steer substantial attention toward XRP’s pricing dynamics. Options, by design, provide traders the privilege (without an obligation) to buy or sell the underlying asset at a preset price until a specific date. This can have multifaceted implications for the underlying asset. XRP, as it gets intertwined with the options mechanism, might witness higher short-term volatility in its pricing, particularly around the expiry of these contracts. “Quarterly expiries are typically the most significant, in terms of volume and value,” highlighted Strijers in a recent discourse. Drawing parallels with Bitcoin, it’s plausible that XRP might undergo amplified volatility as these options contracts approach their expiration, especially at quarter-end, depending on the volume of XRP options being traded. Conclusively, with Deribit’s unassailable stature in the options space and the inherent nature of options contracts, the induction of XRP options might very well become a pivotal point in XRP’s pricing journey. Traders, especially those engaged in XRP, will need to brace themselves for the nuanced challenges and opportunities this integration brings forth. At press time, XRP was trading at $0.4994 after briefly falling to $0.4880.

With this increase, it has surpassed the $435 million valuation of zkSync Era. The Base platform is rapidly becoming a formidable rival in the DeFi industry. The decentralized finance (DeFi) market has been very active over the last week. And much of the momentum can be attributed to Coinbase’s Layer-2 network Base. L2Beat reports that the Base network’s Total Value Locked (TVL) increased by 25.15 percent, in the previous week, to a total of $556 million. With this increase, it has surpassed the $435 million valuation of zkSync Era. On October 4th, the network’s native USDC was re-minted, causing a phenomenal 470.55% jump to a total of 159 million USDC. Growing Dominance The debut of the USDC stablecoin on the Base platform was announced by USDC stablecoin issuer Circle last month. Launching the stablecoin on new blockchains as a native token was a smart move by Circle to expand USDC’s usefulness. This method does away with the need for bridging using Ethereum tokens. Users of Coinbase and Circle who have USDC in their wallets were unable to make a direct transfer to the Base network on the day it debuted (August 9). Users of Base were forced to rely on a bridging version of USDC called USDbC in order to trade in U.S. dollars. Base’s major objective is to facilitate the development of on-chain applications. By providing a safe, efficient, and user-friendly setting in which to do so. All Ethereum Virtual Machine (EVM) wallets, including the popular Coinbase wallet, are fully supported. Moreover, the Base platform is rapidly becoming a formidable rival in the DeFi industry. Top market players immediately began testing the Base following its release in early August. Highlighted Crypto News Today: As Bitcoin Bulls Assemble, Will BTC Surpass $30,000 Soon?

Shiba Inu (SHIB) investors have been caught in a whirlwind of uncertainty for the past month as the cryptocurrency’s price has stubbornly clung to a narrow range between $0.0000075 and $0.000007. This protracted period of stagnation has left traders and enthusiasts alike scratching their heads, wondering when the next significant move might occur. The current SHIB price, as reported by CoinGecko, hovers at $0.00000715, representing a modest 1.4% decline over the last 24 hours. Over the span of seven days, the meme coin has dipped by nearly 6%, indicating a gradual erosion of value. This pattern of price fluctuations within such a confined range underscores a lack of decisive action from both buyers and sellers, painting a picture of market ambivalence. Implications Of A Range-Bound Market For Shiba Inu One can’t help but wonder about the implications of this seemingly stuck range. Given the broader crypto market’s recent slump, it wouldn’t be surprising to see SHIB test the lower echelon of this range, potentially signaling an extension of its bearish undertones. With the larger market sentiment in a state of flux, SHIB’s fate remains intertwined with the broader crypto landscape. The ongoing downtrend in SHIB’s price can be visually traced to the formation of a falling wedge pattern on the weekly chart. This pattern is characterized by two converging trendlines that serve as dynamic resistances and supports. While such patterns can sometimes hint at an impending bullish breakout, the prevailing market sentiment suggests that investors should remain cautious and prepared for any outcome. Declining Whale Activity: What Does It Mean? Another noteworthy development in the SHIB ecosystem is the decline in large network transactions. The number of significant transactions on the SHIB network has dwindled to a mere 20, marking one of the most inactive periods for the meme coin, especially concerning the activity of its large holders. Several factors could be contributing to this sudden drop in whale activity. One of the potential reasons might be the waning interest in highly volatile assets like SHIB, particularly as Bitcoin’s dominance continues to rise within the crypto sphere. As the flagship cryptocurrency asserts its dominance, many investors appear to be realigning their portfolios, moving away from riskier assets to more established ones. This shift in investor sentiment could explain the reduction in significant SHIB transactions as market participants seek more stability in their cryptocurrency holdings. The formation of a falling wedge pattern and the decline in large network transactions underscore the challenges facing SHIB’s price trajectory. SHIB holders and enthusiasts must remain vigilant and adaptable to navigate the ever-changing tides of the digital asset market. (This site’s content should not be construed as investment advice. Investing involves risk. When you invest, your capital is subject to risk). Featured image from Shutterstock

Bitcoin (BTC) closed the week above $28K, marking three consecutive weeks of profitability since mid-September. Bitcoin is currently targeting the $28,500 resistance; potential targets include $30,000 and $31,281. In a week marked by increasing geopolitical tension, Bitcoin (BTC) managed to maintain its stronghold above the $28,000 mark. The oldest cryptocurrency closed the week on October 8th, recording its third consecutive week in profit after briefly dipping below $25,000 on September 12th. Over the weekend, Bitcoin demonstrated resilience, avoiding major downside volatility. This stability came after a brief retest of the $27,000 mark on October 6th. The unexpected factor that contributed to this rebound was the release of surprising employment data in the United States, which diverged from the Federal Reserve’s policy adjustments. As a result, the $28,000 resistance level became the focal point for traders as they prepared for the new trading week. Bitcoin Bulls Target $30K Analyzing historical data, this current trend has led Bitcoin bulls to anticipate a move towards the coveted $30,000 mark in the upcoming week. Taking a technical analysis approach and looking at the daily time frame, both simple moving averages (SMA) and exponential moving averages (EMA) suggest a generally positive trend in the short to medium term. Bitcoin (BTC) Price Chart (Source: TradingView) This indicates that if the bulls can sustain their momentum as predicted, Bitcoin’s price may encounter initial resistance around the $28,500 range. However, if this resistance is overcome, Bitcoin could quickly reclaim $30,000 and potentially even push higher to $31,281. On the flip side, if bears manage to reverse the current trend, they could face significant support at the $26,700 mark. Failure to hold this support level may trigger a more substantial downward movement, potentially targeting $25,174. At the time of writing, Bitcoin traded at $27,887 and has witnessed a substantial 8.5% surge in its daily trading volume. Although the BTC price experienced a slight 0.20% dip in the past 24 hours. Nevertheless, Bitcoin remains up by approximately 7.7% over the course of the last month.

In the past, many have argued whether or not the XRP token was deflationary or not. In support of the former, pro-XRP crypto analyst Panos Mekras has provided data that suggests that the token has deflationary characteristics. Number Of Tokens Burned So Far In a tweet shared on his X (formerly Twitter) platform, Mekras referenced another tweet showing that over 11 million tokens had been burned. This stat undoubtedly suggests that the token is deflationary since its total supply has decreased over time due to the burn mechanism. However, another X user (@hasen_van) argued that the token was only deflationary in “respect to all XRP in existence” and that the token will continue to be inflationary as long “as Ripple keeps on selling into the open market.” In response, Mekras tried to correct the belief that some XRP tokens were not yet “in existence” as he stated that XRP’s total supply of 100 billion has existed since “day 1,” meaning that 100% of its supply has been circulating from the beginning and some XRP tokens cannot be classified as ‘non-existent’ yet. This debate seems to stem from the fact that Ripple has an escrow system in place. As such, some (like VanHansen) believe that the XRP in escrow lockups does not fall under its circulating supply and that this escrow system affects XRP’s deflationary status. However, people like Mekras argue that the escrow system doesn’t change the fact that the token is deflationary. VanHansen further argued that the token cannot be deflationary (except technically) as XRP’s circulating supply gets inflated every time “Ripple releases XRP from the escrow.” Both sides seemed to look at it from different angles, with Mekras abiding by what deflationary meant in the strict sense while VanHansen was trying to provide a context. Is XRP Deflationary Or Not? It is worth mentioning that the XRP Ledger doesn’t exactly have a built-in mechanism to decrease the token’s total supply, unlike some other networks. For instance, Ethereum implemented the London hard fork, which introduced a fee-burning mechanism with some Ether burned immediately after processing a transaction. Related Reading: When Are AMMs Coming To XRP Ledger? Ripple CTO Gives Clear Answer However, in XRP’s case, these token burns have occurred coincidentally rather than being a deflationary model on the network. In July, an engineer at Ripple explained that the monumental increase in the burn rate was mostly because of the XRPL account deletions. He mentioned that 2 XRP are usually burned when an account is deleted. He further noted that 85,556 old accounts on the Ledger were deleted in June, which led to over 100,000 XRP being burned. Hence, the burned token figure rises every time an account is deleted.

Bitcoin price analysts are pointing to a combination of high timeframe indicators that suggest the bear market for the leading cryptocurrency may be over, hinting at an impending upward surge. TechDev, a prominent crypto analyst known for insightful market analysis, recently shared a compelling perspective on social media platform X. Drawing parallels to historical trends, TechDev contends that Bitcoin is currently in a familiar position, reminiscent of the preludes to the 2016 and 2020 bull markets. Bitcoin Price Analysis: Volatility Contraction Signals Imminent Breakout To illustrate this perspective, TechDev presented a chart featuring monthly candles, Bollinger bands, and a specialized indicator showcasing the logarithmic width between the bands in relation to the 200-month moving average. What is particularly intriguing about this chart is how Bitcoin’s Bollinger bands, which gauge relative volatility, have significantly contracted, implying a forthcoming breakout to the upside. This influential analyst further points out that Bitcoin is not alone in its quest for a bullish breakout; the broader altcoin market is also in contention. To make this comparison, TechDev references the “OTHERS” chart, measuring the collective market capitalization of all cryptocurrencies except Bitcoin and Ethereum (ETH). In TechDev’s analysis, Bitcoin has forged crucial support levels at the inception of a long-term bullish momentum. Simultaneously, the “OTHERS” index has managed to break through a long-standing downward resistance. These developments collectively indicate that both Bitcoin and the altcoin market are primed for significant moves, potentially marking the end of the bear market phase. As of the latest data from CoinGecko, Bitcoin’s price stands at $27,916 with a 24-hour price movement of 0.0% and a marginal 0.1% decline over the past week. This relative stability suggests that investors are holding their positions, awaiting the anticipated breakout. Whale Activity Sparks Speculation Meanwhile, in a surprising turn of events, a dormant Bitcoin address that had remained inactive for three years suddenly sprung back to life. Approximately 5,000 Bitcoins, valued at around $140 million, were transferred from this address. Notably, this substantial transfer was divided among three different addresses, as highlighted by PeckShield, a renowned blockchain security firm. The implications of this significant whale movement on Bitcoin’s price remain to be seen. Such sizeable transactions often draw attention and can have varying effects on market sentiment. Traders and investors will be closely monitoring how this unexpected development plays out in the coming days and weeks. The convergence of multiple high timeframe indicators suggests that Bitcoin may be on the cusp of a bullish resurgence, reminiscent of previous market cycles. As Bitcoin continues to vie for an upward breakout alongside the broader altcoin market, the crypto community eagerly anticipates the potential end of the bear market and the start of a new phase in the digital asset landscape. (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 The Drive

As the crypto community’s anticipation heightens for the upcoming Bitcoin halving, Changpeng Zhao (CZ), CEO of Binance, recently elucidated his observations around the historical patterns tied to this quadrennial event. Highlighting the evolving sentiments and speculations, CZ spotlighted the dominant themes before and after the halving events. CZ observed that the preceding months to the halving are generally characterized by heightened discourse, diverse sentiments, and amplified expectations within the cryptocurrency sphere. “The few months leading up to the Bitcoin halving, there will be more and more chatter, news, anxiety, expectations, hype, hope, etc.,” he stated. Addressing the commonly held belief that Bitcoin’s price will witness an immediate uptick post-halving, CZ dispelled such notions based on historical patterns. “The day after the halving, the Bitcoin price won’t double overnight. And people will be asking why it didn’t,” he remarked, addressing the immediate aftermath expectations. While the short-term reactions post-halving may be tempered, CZ shed light on a longer-term trend where Bitcoin often reaches new all-time highs (ATHs) within the year that follows. In reference to the market’s ability to quickly transition from skepticism to marvel, he quipped, “People have short memories.” However, CZ urged caution, emphasizing that historical patterns should not be construed as definitive indicators for future behaviors, noting, “Not saying there is proven causation. And history does NOT predict the future.” A More In-Depth Analysis Of Bitcoin Halving As Bitcoinist reported, renowned crypto analyst Rekt Capital recently published an in-depth analysis of the Bitcoin halving, offering a more granular view of the potential phases surrounding the event which is only 197 days and a few hours away according to Binance’s estimates. Reflecting on historical patterns, the analyst suggested a possible deeper retrace for Bitcoin in the 140 days leading up to the halving. Drawing historical parallels, Rekt Capital emphasized, “You can debate whether 2023 is more like 2015 or more like 2019… Doesn’t change the fact that BTC retraced -24% in 2015 and -38% in 2019 at this same point in the cycle (i.e. ~200 days before the halving).” Anticipating market dynamics as the halving nears, Rekt Capital postulated that roughly 60 days before the event, historically a pre-halving rally will likely emerge. This phase, marked by investor enthusiasm and elevated expectations as CZ puts it, is often characterized by buying into the halving anticipation. But this enthusiastic phase doesn’t last. Around the halving event, the market often shows pullback behavior under the motto “buy the rumor, sell the news”. Highlighting this trend, the analyst cited the -38% dip witnessed in 2016 and the -20% decline in 2020, moments when the market re-evaluated the halving’s short-term implications. Subsequent to this, Rekt Capital predicts a multi-month re-accumulation phase, often marked by investor fatigue due to stagnation. However, breaking out of this phase typically heralds Bitcoin’s entry into a parabolic uptrend, potentially culminating in new all-time highs. At press time, BTC traded at $27,904.

XRP has been in the spotlight recently as it exhibits intriguing price dynamics. Amidst the turbulent waters of the crypto market, XRP seems to be carving out a path towards a significant upswing. Early last week, it faced yet another pullback from the stubborn resistance level at $0.55, a steadfast battlement that has thwarted crypto buyers repeatedly in the past two months. The $0.55 resistance level has proven to be a tough barrier for XRP enthusiasts, with four unsuccessful attempts to breach this significant threshold. Each time, rejection candles have punctuated the charts, underscoring the determination of sellers to maintain their defensive stance. However, amidst this persistent standoff, there is a glimmer of hope in the form of a steadily ascending support trendline, acting as a protective barrier against deeper price plunges. This intriguing interplay between resistance and support is indicative of the formation of an ascending triangle pattern, a potential sign of bullish continuation. XRP’s Rejection Candles: The Formation of an Ascending Triangle An ascending triangle is a technical chart pattern characterized by a rising support trendline and a horizontal resistance level. It suggests that as the price nears the apex of the triangle, buyers could regain their enthusiasm, potentially propelling the coin upwards and maintaining its lateral movement. Currently, XRP is trading at approximately $0.517198 on CoinGecko, with a minor 24-hour decline of 1.0% and a seven-day loss of 1.2%. These fluctuations are part and parcel of the cryptocurrency market’s inherent volatility, and the formation of the ascending triangle adds an intriguing dimension to XRP’s price action. In addition to the technical aspects, recent data from an XRP report has revealed a noteworthy surge in XRP’s active addresses. On October 8, active addresses surged to 24,400, a significant increase from the previous day’s figure of just 13,100. This surge indicates that over 10,000 additional users decided to engage with the XRP blockchain, a development that has caught the attention of market observers. XRP’s Potential Evolution The surge in active addresses may be linked to RippleX’s recent announcement. On October 6, RippleX, the developer arm of the Ripple network and the XRP Ledger (XRPL), confirmed the successful completion of performance testing for XLS-30 AMM (Automated Market Maker). The journey of XLS-30 began around July, with the blockchain community proposing to enhance the XRP Ledger by introducing features to facilitate liquidity provision, trading, and automated swaps on XRPL. For some industry participants, this development signifies that XRPL is evolving into a full-fledged decentralized finance protocol, potentially unlocking new possibilities for XRP and its community. XRP enthusiasts will undoubtedly be watching closely to see how these dynamics unfold. (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 9P Online

Ethereum price is slowly moving lower toward the $1,600 support against the US dollar. ETH remains at risk of more losses unless it clears $1,650 and $1,665. Ethereum is struggling to stay above the $1,600 support zone. The price is trading below $1,640 and the 100-hourly Simple Moving Average. There is a connecting bullish trend line forming with support near $1,620 on the hourly chart of ETH/USD (data feed via Kraken). The pair could start a fresh increase if it clears the $1,650 and $1,665 resistance levels. Ethereum Price Holds Support Ethereum made another attempt to gain strength above the $1,650 resistance. ETH failed to settle above the $1,650 level, struggled to clear $1,665, and underperformed vs Bitcoin. A high was formed near $1,664 before the price saw a fresh decline. It retested the $1,620 support. A low has formed near $1,617 and the price is now attempting another recovery wave. There was a minor increase above the $1,625 level. Ethereum is now trading below $1,640 and the 100-hourly Simple Moving Average. There is also a connecting bullish trend line forming with support near $1,620 on the hourly chart of ETH/USD. On the upside, the price might face resistance near the $1,640 level or the 100-hourly Simple Moving Average. It is close to the 50% Fib retracement level of the recent decline from the $1,664 swing high to the $1,617 low. The next major resistance is $1,650 or the 76.4% Fib retracement level of the recent decline from the $1,664 swing high to the $1,617 low. The main resistance is still near the $1,665 level. A close above the $1,665 resistance might send the price toward the key resistance at $1,750. Source: ETHUSD on TradingView.com To start a decent upward move, Ether must settle above the $1,720 and $1,750 levels. The next key resistance might be $1,850. Any more gains might open the doors for a move toward $1,920. More Losses in ETH? If Ethereum fails to clear the $1,665 resistance, it could continue to move down. Initial support on the downside is near the $1,620 level. The next key support is $1,600. The first major support is now near $1,585. A downside break below the $1,585 support might start another strong decline. In the stated case, the price could revisit the $1,540 level. Any more losses may perhaps send Ether toward the $1,500 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 – $1,600 Major Resistance Level – $1,665

Litecoin price is struggling to gain pace above $66.40 against the US Dollar. LTC could revisit the $60 support before the bulls take a strong stand. Litecoin is correcting losses from the $63 support zone against the US Dollar. The price is now trading below $66 and the 100 simple moving average (4 hours). There is a key contracting triangle forming with resistance near $65.50 on the 4-hour chart of the LTC/USD pair (data feed from Kraken). The price could drop toward the $60 support before it starts a fresh increase. Litecoin Price Signals Bearish Move This past week, there was a fresh decline in Bitcoin, Ethereum, Litecoin, and other altcoins against the US Dollar. LTC price formed a top near $68.40 before it started a fresh decline. The price traded below the $66.40 and $65.00 support levels. It retested the $63.00 support zone. A low was formed near $63.01 and the price is now attempting a fresh increase. There was a move above the $65.20 resistance. The price spiked above the 50% Fib retracement level of the downward move from the $68.38 swing high to the $63.01 low. Litecoin is now trading below $66 and the 100 simple moving average (4 hours). There is also a key contracting triangle forming with resistance near $65.50 on the 4-hour chart of the LTC/USD pair. On the upside, immediate resistance is near the $65.50 zone. The next major resistance is near the $6.40 level. It is close to the 61.8% Fib retracement level of the downward move from the $68.38 swing high to the $63.01 low. If there is a clear break above the $66.40 resistance, the price could start another strong increase. Source: LTCUSD on TradingView.com In the stated case, the price is likely to continue higher toward the $68.40 and $70 levels. Any more gains might send LTC’s price toward the $75 resistance zone. Downside Thrust in LTC? If Litecoin price fails to clear the $66.40 resistance level, there could be a fresh decline. Initial support on the downside is near the $63.00 level. The next major support is forming near the $60 level, below which there is a risk of a move toward the $58.00 support. Any further losses may perhaps send the price toward the $55 support. Technical indicators: 4-hour MACD – The MACD is now losing pace in the bullish zone. 4-hour RSI (Relative Strength Index) – The RSI for LTC/USD is still below the 50 level. Major Support Levels – $63.00 followed by $60.00. Major Resistance Levels – $66.40 and $68.40.

Bitcoin price is eyeing a fresh increase toward the $28,500 resistance. BTC could start a strong increase if it clears the $28,500 resistance zone. Bitcoin is holding gains and showing positive signs above the $27,450 zone. The price is trading above $27,800 and the 100 hourly Simple moving average. There is a short-term declining channel forming with resistance near $27,980 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair could soon revisit the $28,500 resistance zone in the near term. Bitcoin Price Aims Higher Bitcoin price started a downside correction after it failed to clear the $28,500 resistance zone. BTC declined below the $28,000 level and tested the $27,200 support zone. The recent low was formed near $27,185 and the price is again rising. There was a move above the $27,400 and $27,500 resistance levels. A high is formed near $28,284 and the price is now consolidating gains below the 23.6% Fib retracement level of the recent increase from the $27,185 swing low to the $28,284 high. Bitcoin is now trading above $27,800 and the 100 hourly Simple moving average. The price is now testing the $28,000 resistance zone. There is also a short-term declining channel forming with resistance near $27,980 on the hourly chart of the BTC/USD pair. Source: BTCUSD on TradingView.com Immediate resistance on the upside is near the $28,000 level. The next key resistance could be near the $28,500 level. 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 Rejection In BTC? If Bitcoin fails to continue higher above the $28,000 resistance, there could be a fresh decline. Immediate support on the downside is near the $27,800 level and the 100 hourly Simple moving average. The next major support is near the $27,4500 level. The main support is now forming near the $27,200 level. A downside break and close below the $27,200 level might push the price further lower toward $26,650 in the near term. 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 – $27,800, followed by $27,200. Major Resistance Levels – $28,000, $28,500, and $29,200.

The exchange has incorporated clear and conspicuous risk warnings. OKX UK now only supports around 40 tokens, unlike previously. In light of recent changes to the laws governing cryptocurrency exchanges in the U.K enacted by the Financial Conduct Authority (FCA), OKX UK, a subsidiary of the global crypto exchange OKX, said in a blog post that it would be making substantial changes to the tokens it supports. OKX UK used to allow trading in a broad variety of cryptocurrencies, but currently just 40 tokens are supported. To comply with FCA regulations and prevent any legal complications, it was decided to delist some. Stringent Compliance The exchange has incorporated clear and conspicuous risk warnings to further strengthen user safety and guarantee that investors are aware of the hazards associated in trading cryptocurrencies. Also, these cautions are made to stand out and be difficult to miss. These cautions are a useful reminder that cryptocurrency investments are highly speculative and subject to large swings in value. OKX wants to promote responsible investment by making it clear that people shouldn’t invest money they can’t afford to lose. The FCA’s new rules emphasize risk education and openness in how cryptocurrency exchanges interact with their customers. It is hoped that by learning about the possibilities and drawbacks of trading cryptocurrencies, people would make more informed decisions. This is consistent with the norms of conventional finance, where visibility and openness about potential harms are of the utmost importance. OKX indicated that it remains dedicated to its consumers, in contrast to other crypto exchanges like Bybit that have decided to leave the UK market as a result of these new rules. Highlighted Crypto News Today: Shiba Inu Whale Activity Plunges Amid Price Stagnation

XRP, the 5th-largest cryptocurrency, may be gearing up for a rally, as per some analysts. Glassnode co-founder Negentropic suggests that the current crypto environment’s volatility could lead to gains in large-cap coins, including XRP. XRP reached highs of around $0.55 in early October following a positive court decision for Ripple in the SEC case. Ripple, the 5th-largest cryptocurrency, could be gearing up for a rally, according to some analysts weighing market risk factors. Glassnode co-founder Negentropic recently tweeted that the current volatile crypto environment may set up willing risk-takers for gains in large-cap coins, including Ripple. He cited declining risk levels similar to those before previous major uptrends. This suggests the market could be on the cusp of another significant bullish move. XRP rallied to highs around $0.55 in early October after a favorable court decision for Ripple versus the SEC. However, some profit-taking has since pulled back prices. At the time of writing, the coin is trading at $0.51. But the coin appears to be carving out a base after a recent death cross event. XRP has historically crossed major price bottoms Historically, XRP death crosses have marked major price bottoms. The current consolidation could lay the groundwork for fresh upside. Meanwhile, Ripple is seen having the upper hand against the SEC in ongoing litigation. A potential settlement could remove regulatory overhangs on XRP. While still a speculative bet, technical and fundamental factors indicate Ripple may have room to run. The volatile market could set the stage for opportunistic traders to capitalize on outsized gains. But taking a position in XRP requires accepting substantial risk. However, analysts say current conditions reflect a favorable risk-reward scenario for a rebound.

SBF is accused of engaging in high-risk trading practices and misappropriating client monies. Ellison is expected to testify in favor of the plaintiffs. On Tuesday, October 10, Caroline Ellison, formerly of the hedge fund Alameda Research and an intermittent business associate of Sam Bankman Fried (SBF), is scheduled to testify against him in his impending fraud trial. SBF is accused of engaging in high-risk trading practices and misappropriating client monies from FTX. After FTX co-founder and ex-CTO Gary Wang has finished testifying, Ellison will take the stand. Wang entered a guilty plea to fraud charges in December. In his testimony on Friday, he said that SBF had ordered him to create code that would allow Alameda to secretly withdraw $8 billion from FTX clients’ accounts. According to Wang, SBF wanted to give Alameda at FTX additional privileges such as the opportunity to have a negative balance and to avoid liquidation. Wang had faith in SBF’s judgment, therefore he did what he was told. More Discoveries Anticipated According to Wang’s testimony, SBF told Alameda to use FTX clients’ money to buy FTT, the native token of FTX. It’s important to note that FTT had no value beyond the exchange. Wang claims that Bankman-Fried sought to artificially increase demand for FTT in order to drive up its price and increase its market share. Ellison is expected to testify in favor of the plaintiffs. Her testimony is expected to offer light on the link between SBF, FTX, and Alameda Research. She will likely also reveal a number of scandals and previously unknown events that occurred at Alameda Research when she was CEO. Highlighted Crypto News Today: Shiba Inu Whale Activity Plunges Amid Price Stagnation

Shiba Inu has experienced a significant decrease in large network transactions and whale activity recently. Significant transactions have dropped to just 20, indicating a lack of activity among larger holders. Shiba Inu’s price has declined to $0.000007216 and is struggling to gain momentum, facing resistance levels. Shiba Inu has seen a massive drop in large network transactions and overall whale activity in recent weeks. According to data, significant transactions have fallen to just 20, marking one of the most inactive periods for the meme coin’s larger holders. The decline coincides with Shiba Inu’s lackluster price performance. SHIB is down to $0.000007216 and has struggled to gain upside momentum, facing recurring resistance levels. Analysts believe dampened interest in Shiba Inu Some analysts believe waning whale activity reflects dampened interest in highly volatile assets like SHIB as Bitcoin asserts market dominance. Investors may be reallocating to less risky cryptocurrencies. Shiba Inu’s stagnant price action could also discourage larger holders from transacting or even drive them to offload their holdings. The meme coin has lacked catalysts to spark renewed enthusiasm. While once hyped on social media, SHIB now faces pressure to deliver tangible utility amid a maturing crypto investment landscape. Meme value may no longer be enough to cultivate sustainable growth. However, the notoriously volatile crypto space has seen many dramatic reversals of fortune. Shiba Inu cannot be counted out completely if the right conditions arise to thrust it back into prominence. For now, though, declining whale transactions signal a period of diminished activity and faith in the meme token. SHIB will likely need strong fundamentals and use cases to regain investor attention going forward.

Whales are some of the most relevant entities in the Bitcoin market because of their potential influence on the Bitcoin price through large-volume transactions. Investors and traders often look out for whale transactions, which can trigger a domino effect on the market. In one of such developments, recent on-chain data revealed that a particular whale has woken up from a three-year slumber, moving their BTC for the first time since 2020. Whale Becomes Active For The First Time In Three Years According to data from blockchain analytics platform Arkham Intelligence, a particular Bitcoin whale became active after years of dormancy and transferred out 5,000 BTC (worth around $137 million) on Saturday, October 7. The whale address initially received the 5,000 BTC from “Poolin mining pool” on June 23, 2020. At the time, the Bitcoin price was around $9,700, putting the total value of the transaction at approximately $48.5 million. The Bitcoin price has experienced significant growth since 2020, with one BTC trading for $27,903 as of this writing. Consequently, the whale address’ holdings had swelled to approximately $137 million when all 5,000 BTC was moved on Saturday. On-chain data shows that this whale split and transferred the 5,000 to two separate addresses. Some 4,000 BTC were transferred to one address, and 1,000 BTC were sent to the other address, both of which are new and unmarked. A Threat To Bitcoin Price? This latest whale action seems to be provoking a sense of caution in the Bitcoin market. This is no surprise, considering that the movement of a large BTC amount (especially a sell-off) often sparks interest or fear in other investors, leading to momentary price fluctuations. Nevertheless, it is worth noting that the reason behind this whale transfer is currently not known. It remains to be seen whether the owner wants to sell or just move their assets into another wallet. If the whale intends to sell off all their BTC holdings, then this latest action could potentially threaten the Bitcoin price. Large-scale selling could negatively impact Bitcoin’s value, as it often puts downward pressure on the cryptocurrency and could trigger a temporary price dip. It may be worth mentioning that the Bitcoin price has not experienced any significant or abrupt changes in the past 24 hours. According to CoinGecko data, the value of BTC has dipped by 0.1% in the past day. Bitcoin has made a relatively healthy start to October, with the premier cryptocurrency recording a 3.3% price gain since the start of the month. The BTC price has been moving mostly sideways in the past few days as it looks to break through the $28,000 mark.

The Pudgy Penguins Toy Collection was recently released at over 2,000 Walmart shops. As of May 2023, the project secured a massive $9 million in funding. Lately, there has been a massive increase in the trade volume of the Pudgy Penguins NFT collection. The 8,888 NFTs included in the Pudgy Penguins NFT collection on Ethereum are all unique in some way. Yesterday, the trading volume of Pudgy Penguins NFT rose by a whopping 530%. The value of a Pudgy Penguins NFT collection surged during the bull run of 2021, only to face significant price variations until April 2022, when a serial entrepreneur named Luca Netz paid a stunning $2.5 million to acquire the project IP. As of May 2023, the project has advanced further and secured a massive $9 million in funding. Good News for Collectors The Pudgy Penguins Toy Collection, which was recently released at over 2,000 Walmart shops, is quickly becoming one of the most popular NFT collections in the crypto sphere. More than $400 million in transactions have been made since Pudgy Penguins began earlier this week. With the NFT market still in a freefall, the recent spike in Pudgy Penguin pricing might be good news for collectors of Pudgy World collections. The Pudgy Penguins NFT collection’s extension, Lil Pudgy Penguins NFT, had its floor price rise significantly, hitting a new all-time high of $788 (0.48 ETH) earlier in the week. The NFTs in Lil Pudgy Penguins total 22,222. Lil Pudgy provides its owners the same privileges and access as their bigger versions. Highlighted Crypto News Today: Hacker Restores Entire $8.2 Million Worth Stolen ETH to HTX Global