US Federal Reserve (Fed) Jerome Powell spoke at the annual Jackson Hole Economic Symposium, which has significantly pressured the Bitcoin price. Consolidation has been the new normal for BTC over the past few weeks, but with September around the corner, macroeconomic events are likely to exercise renewed influence. As of this writing, Bitcoin has been hovering around $26,000, but with increasing fluctuations as the Jackson Hole event approaches. All eyes and ears are set on the Fed Chair as he takes center stage and influences global markets. Jackson Hole Takes Place, Price Of Bitcoin Reacts In the first part of his speech, the US Fed Chair highlighted the increasing inflation due to the COVID-19 pandemic and its impact on the country’s economy. Government officials believe the economy has shrunk in recent years, but there is evidence that some sectors remain strong and might contribute to swelling inflation. The Fed Chair stated the following, emphasizing intentions to bring down inflation, as measured by the Consumer Price Index (CPI), to 2%. Powell noted that further potential interest rate hikes could have unintended consequences for financial markets: As of this writing, the Bitcoin price and the crypto market are yet to show some reaction to Powell’s seemingly hawkish speech. Across social media, some analysts are pointing out the aggressive tone from the Fed Chair, but there weren’t unexpected statements. An analyst called the current price action a classic “Powell is talking” dynamic, with the Bitcoin price moving sideways from $26,000. As the analyst pointed out, the price action seems to lean toward the upside as the cryptocurrency seeks liquidity around upper levels. On low timeframes, uncertainty remains king. On higher timeframes, a report published by Deribit Insights claims that the market structure will need time to recover following an aggressive move to the downside and the increasing volatility. In that sense, sideways movement seems likely for the coming weeks until another macroeconomic event comes into the picture. The report stated: Chart from Tradingview

Bitcoin has come a long way since its inception in 2009. From being worth less than a penny initially, it has seen massive growth over the years with some dramatic ups and downs. Today, Bitcoin is emerging as a major alternative asset class and its future valuation prospects remain optimistic. This comprehensive guide takes a data-driven approach to analyze factors affecting Bitcoin prices and makes educated projections about its potential highs and lows in the short, medium and long-term timeframes. With cryptocurrencies gaining mainstream traction, the report aims to provide clarity to investors on what lies ahead for Bitcoin prices based on historical patterns and developments. What is Bitcoin (BTC)? Bitcoin is the first and most popular cryptocurrency in the world. It was created in 2009 by the pseudonymous Satoshi Nakamoto, who published the Bitcoin whitepaper and developed the Bitcoin protocol. Bitcoin introduced blockchain technology to the world. The Bitcoin blockchain is a public ledger that records all Bitcoin transactions ever made. It is decentralized, meaning no single entity controls it. The blockchain is maintained by a global network of computers known as Bitcoin miners. Key attributes of Bitcoin include: Decentralized No central authority controls Bitcoin. It is maintained by a distributed network of users. Limited supply Only 21 million Bitcoins will ever exist. This scarcity gives Bitcoin value. Pseudonymous Bitcoin addresses are not linked to real-world identities by default, giving users privacy. Secure Bitcoin uses cryptography and the blockchain to ensure the security of payments and ownership records. Divisible One Bitcoin can be divided into 100 million smaller units called satoshis, allowing small transactions. Permissionless Anyone can use Bitcoin without the need for permission from authorities. These attributes make Bitcoin unique compared to traditional fiat currencies and a promising digital asset for investment. Factors Influencing Bitcoin Price Many factors can affect the price of Bitcoin, leading to volatility. Some major factors include: Supply and Demand Basic economic theory states that when demand increases while supply remains constant, price goes up. As more investors and institutions adopt Bitcoin, demand rises. But since new Bitcoins are mined at a fixed rate, supply remains steady, driving prices up. Media Hype and Public Sentiment Positive or negative media coverage and public sentiment can influence demand and price. For example, Elon Musk’s tweets on Bitcoin often lead to price swings based on his views. Major Protocol Changes and Upgrades Major Bitcoin developments like the SegWit upgrade or Lightning Network adoption can improve Bitcoin’s capabilities and affect price. Regulations and Legal Status Regulatory crackdowns or acceptance of Bitcoin in different countries impacts price as it affects demand. Whales and Institutional Investors “Whales” – entities holding large amounts of Bitcoin – can manipulate prices when they buy or sell. Increased institutional investment also drives up prices through increased demand. Security Breaches and Scandals Security issues with exchanges and wallets like the Mt.Gox hack or malicious business practices like the FTX collapse can erode investor confidence and depress prices. Macroeconomic Conditions Economic instability and currency devaluations motivate investors to buy Bitcoin as a hedge, boosting its price. However, it has struggled in a hawkish Fed environment and amidst rate hikes. Bitcoin Price Performance in the Past Looking at past price performance can provide insights into long-term trends and help predict future prices. Let’s take a walk down BTC memory lane. The Early Days – Volatility and Growth (2009-2013) When Bitcoin launched in 2009, it was practically worthless. In 2010, Bitcoin went from $0 to $0.39 and was extremely volatile in its early days. By early 2011, it achieved parity with the US dollar, hitting $1.00 in February 2011. In the same year, it reached $10 and then $30. This early volatility was attributed to insufficient liquidity, scarcity due to the low Bitcoin supply, and lack of exchange infrastructure. In mid-2011, Bitcoin fell from around $30 to $2 after a series of exchange hacks and thefts shook investor confidence. It took over a year to reach $10 again. 2012 saw gradual gains up to $12 but also wild fluctuations between $7-$15. In 2013, Bitcoin entered a bull run from $12 to over $1,100 driven by increasing media coverage and adoption in the dark web. But it ended the year around $700 following a China ban on financial institutions and payment processors dealing with Bitcoin. This cycle of rapid gains and dramatic crashes would come to define Bitcoin price performance. The 2014-2016 Bear Market 2014 kicked off with the collapse of Mt.Gox, then the largest Bitcoin exchange, after a series of hacks. This erased most gains from 2013 and caused Bitcoin to fall from around $850 to below $350. For the next two years, Bitcoin hovered in the $200-$300 range. Increased regulation and lack of institutional interest kept mainstream adoption low during this period. Prices were relatively stable compared to past volatility. 2017 – The Bull Run and Mainstream Mania 2017 marked Bitcoin’s entry into mainstream awareness and a massive growth in price to nearly $20,000. Several factors drove this rally: Growing media and investment bank coverage calling Bitcoin “digital gold” Increased adoption in countries facing currency crises like Venezuela and Zimbabwe Proposals for Bitcoin ETFs (exchange-traded funds) drew investor attention Launch of Bitcoin futures trading on major exchanges like CME and CBOE lent legitimacy Large institutional investments – U.S billionaire Michael Novogratz invested $500M in Bitcoin in 2017 Demand rose as Bitcoin went from being an obscure digital asset to a household name. But by January 2018, Bitcoin had lost over 60% from its peak following regulatory measures and other factors leading to a cool down from its previously overheated state. 2018-2020 – The Crypto Winter and Maturation Bitcoin spent much of 2018 in a bear market following the 2017 rally, trading in the $3,000-$6,000 range. Increased regulatory scrutiny, exchange hacks, and coin scams contributed to falling prices. But this period also saw the maturation of Bitcoin with developments including: Lightning Network launch – enabled fast, cheap Bitcoin micropayments Increased mainstream institutional investment from firms like Fidelity and US Bank Bitcoin futures added on Bakkt, Nasdaq exchanges Countries like Japan recognized Bitcoin as legal tender These developments likely prevented further drops. By mid-2019, Bitcoin recovered to the $10k-$11k range. The COVID-19 pandemic and resulting economic crisis in 2020 proved Bitcoin’s value as a hedge against inflation and currency devaluation. Stimulus spending eroded fiat savings while Bitcoin held its value. Growing institutional interest like Microstrategy’s $500M Bitcoin purchase helped take prices past 2017 highs, eventually reaching an all-time high of around $68,000 in 2021. 2021-2022 – Twin Peaks and Recession Risk Bitcoin price made not one, but two new highs in 2021. The second high failed to move significantly past the first high, catching investors off-guard who had anticipated BTC reaching $100,000 or more. Instead, Bitcoin crashed throughout 2022 as the US Federal Reserve launched its QT program and began raising interest rates to fight back against inflation. The situation was worsened by the implosion of several crypto businesses, including FTX. Eventually, Bitcoin reached a local low of $15,800 in November 2022. How is Bitcoin Doing Now in 2023? Bitcoin price is doing its best to recovery from the crypto market carnage of 2022. The US Federal Reserve continues to raise rates to record levels, and the US SEC is cracking down on the rest of the crypto industry, making it harder for Bitcoin to regain its footing. Despite the challenges, many institutions are eying launching Bitcoin EFTs, which could create a bullish narrative that drives prices higher. In the meantime, BTC is correcting after spending the majority of 2023 in a short-term uptrend. The question remains: Is Bitcoin falling back into a bear market, or will the short-term uptrend roll into a more meaningful mid-term uptrend? Short-Term Bitcoin Price Prediction for 2023 In the short-term, as in before the end of 2023, there are primarily three options from a technical standpoint. The bullish scenario is based on Elliott Wave Principle, and points to a wave 5 and a possible new all-time high this year. The bearish scenario would put Bitcoin in a further corrective pattern, targeting $6,000 per BTC. Of course, an alternative scenario is that Bitcoin simple remains in a sideways consolidation phase for several months longer to finish out 2023. Otherwise, a Bitcoin price prediction of $160,000 in 2023 isn’t impossible given past price trajectories and percentage moved. Medium-Term Bitcoin Price Prediction for 2024 & 2025 In the medium-term, Bitcoin price forecasts are based on the four-year cycle theory that relies on the Bitcoin block reward halving to tip the tides of supply and demand in favor of price appreciation. Fundamentally over the next several years, Bitcoin should have limited downside. Instead, Bitcoin price predictions for 2024 and 2025 point to anywhere between $100,000 to $250,000 per coin on the upside. Long-term Bitcoin Price Prediction for 2030 and Beyond Predicting Bitcoin’s price in the long-term is challenging considering how new it still is. However, using a logarithmic growth curve, Bitcoin price predictions reach between $150,000 and $1 million per coin by 2030. Further out into the future, if Bitcoin establishes itself as the leading global digital currency, it could be worth between $1 million and $10 million per coin. Total 21 million BTC in supply would give Bitcoin a market cap of $21-$210 trillion, rivaling major assets like real estate and global broad money supply. But such valuations remain speculative. Bitcoin may also face future competition from both other cryptocurrencies and central bank digital currencies (CBDCs). Bitcoin Price Predictions by Experts Here are some Bitcoin price forecasts by noteworthy experts and analysts. Ark Invest CEO Cathie Wood believes that Bitcoin could hit over $1,000,000 per coin in the long term, with a “base case” of $600,000. Venture capitalist Tim Draper sees Bitcoin price ultimately at more than $250,000 per BTC by the end of 2025. Standard Chartered has a Bitcoin price prediction of $120,000 by the end of 2024. FAQ: Frequently Asked Questions Here are answers to some common questions about this Bitcoin price prediction article: What was Bitcoin’s lowest price? The first recorded Bitcoin transaction in 2010 valued BTC at $0.0008. Bitcoin’s lowest recent price was around $15,800 in late 2022. What was Bitcoin’s highest price? Bitcoin’s all-time high price was around $68,000 in November 2021. How high could Bitcoin realistically go? Considering growing mainstream adoption and investment interest, Bitcoin realistically could reach $100,000-$500,000 by 2030. A $1 million+ valuation cannot be ruled out in the very long-term. Can Bitcoin price fall to zero? It is unlikely Bitcoin price will crash to zero given its growing adoption, finite supply, and increasing regulation. There will likely always be some demand for Bitcoin which gives it fundamental value. Anything is possible, however. Why is Bitcoin price so volatile? As a new asset class, Bitcoin is still establishing itself, leading to volatility. Manipulation by “whales”, media hype, and regulatory uncertainty add to large price swings. Price should stabilize with broader adoption. When will Bitcoin price stop fluctuating so much? Bitcoin price volatility should reduce significantly as it becomes a mainstream asset and gains broader public adoption in 5-10 years. But some short-term fluctuations will always remain. Will Bitcoin price rise in 2023? Considering adoption trends and investor interest, the overall Bitcoin price trajectory appears to be upwards in 2023 despite some short-term fluctuations.

PEPE, the once-promising meme coin that garnered attention in the past quarter, suffered an unforeseen blow on Thursday as it succumbed to the grip of FUD (fear, uncertainty, and doubt). Despite making waves in recent months, PEPE’s momentum fizzled out by August, exacerbated by a wave of negative sentiment that battered the altcoin. The current price of PEPE stands at a mere $0.000000870194 according to CoinGecko, sustaining a 21% slump in the last 24 hours alone. Over the span of seven days, the meme coin incurred losses of 15.3%, signaling a distressing trend for its holders. Multisig Wallet Changes Fuel PEPE Rug Pull Allegations The root of this downturn traces back to recent alterations in PEPE’s multisig wallet, coupled with newfound token transfers that ignited a prevailing fear of a potential “rug pull” orchestrated by the project’s developers. On August 24, nearly $16 million worth of Pepe tokens were transferred from the developers’ multisig wallet to various crypto exchanges, sending shockwaves throughout the community. The tokens flowed out of the PEPE multisig wallet, directed towards addresses affiliated with notable platforms such as Binance, OXK, and Bybit. What further exacerbated concerns was the transformation in the transaction approval process within the vault-like wallet. Previously requiring consensus from five out of eight wallets, it had inexplicably shifted to a meager two out of eight. This unprecedented maneuver marked the first instance in which the project’s crucial multisig, responsible for safeguarding a significant portion of the token’s supply, executed such an outward transfer. Investor Reactions And Realized Losses While the authenticity of the allegations remains unverified, investors swiftly leaped to conclusions, suspecting the development team of orchestrating a scam for personal gain. Contrary to this sentiment, closer analysis suggests that had foul play been intended, the transfer’s magnitude would have been substantially larger. Nevertheless, the panic-induced sell-off rapidly gained traction, precipitating an abrupt nosedive in PEPE’s price and fostering an environment dominated by fear. On a broader scale, the network experienced a surge in Realized Losses, reaching a three-month peak and registering the third-highest single-day losses since the token’s inception. Ultimately, investor losses tallied a staggering $14 million. The rollercoaster journey of the PEPE meme coin, from soaring highs to a precipitous fall, underscores the impact of FUD within the volatile cryptocurrency landscape. While the true intentions behind the wallet changes and token transfers remain shrouded in uncertainty, the incident serves as a stark reminder of the fragility inherent in meme-based tokens. (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 Blockcast

In the midst of the highly unpredictable and volatile crypto market since the start of 2023, certain cryptocurrencies have managed to maintain their stability and some marked new lows. Despite the extreme fluctuations and declines, key players like Bitcoin (BTC) and Ethereum (ETH) attempted to exhibit enduring strength. Notably, the crypto market trends have evolved over the unpredicted ups and downs. In addition to this, crypto investors and traders should definitely consider HODL (an acronym for Hold On for Dear Life), the state of being in the strategy of not selling crypto assets amidst abrupt price shifts in the market which is termed as market volatility. The first three quarters of 2023 have delivered an exhilarating rollercoaster ride marked by compelling buy and sell signals for various crypto assets. However, certain users have adopted a subtle HODLing approach, choosing to retain their cryptocurrencies amid both market downturns and surges. As the year progresses into the fourth quarter, here’s a set of top cryptocurrencies that crypto investors and traders might consider HODLing: 1. Bitcoin (BTC) Bitcoin (BTC) dominates the whole crypto world and is the king of cryptocurrencies. Furthermore, the upcoming fourth Bitcoin halving will be more impactful where the block rewards reduce to 3.125 BTC for every block from 6.25 BTC. The predictions of crypto enthusiasts say that the BTC price might substantially rise concerned to the loading halving event, in less than a year. Bitcoin (BTC) 24H Price Chart (Source: CoinMarketCap) Currently, BTC is trading at $26,088.80, down from nearly $30K this month. At the time of writing, the market cap is just 1.38% down, standing at $508.11B whereas the trading volume crossed $12.48B with a 23.53% surge in the last 24 hours. Moreover, there are 92.70% of BTC is in circulation from its total market supply. Any effect on BTC would probably impact the altcoins in huge as the market drops globally. 2. Ethereum (ETH) The second most promising cryptocurrency and the top-most altcoin of all time, Ethereum (ETH) has an unlimited maximum supply in the crypto market. Also, the recent Ethereum Shanghai Capella, an upgrade to confer improved security and sustainability to the PoS Chain. Ethereum (ETH) 24H Price Chart (Source: CoinMarketCap) Regardless of the upgrade constraint, the investors are hugely trading ETH which is currently trading at a price of $1,652.12. The trading volume stands at $5,317,038,439 with a market cap of around $200M. Several whale transactions have resurfaced thus indicating the strongest buy signal among others. 3) Ripple (XRP) Over the partial win of Ripple (XRP) in the SEC lawsuit, XRP was substantially supported by the larger crypto community. Even after the interlocutory appeal, Ripple has stood firm rather than stepping back over the fight with the SEC. During the court decision, XRP gained massive support thereby witnessing increase in price. Regardless of the case, the XRP Ledger featured decentralized exchanges (DEX) with tokenized capabilities that have been reliably built into the protocol. Having around half of its total market supply in circulation, the XRP trading at $0.511 at press time, after a 2.32% dip in the last 24 hours. Ripple (XRP) 24H Price Chart (Source: CoinMarketCap) Notably, the trading volume has seen a fall of over 4.58% and currently stands at $935,036,962, ranking 7th position on CoinMarketCap. Though XRP is not even close to its all-time high (ATH), the final decision of the Ripple Vs SEC case would support growth thereby awaiting a near future opportunity anytime soon. 4) Polygon (MATIC) Polygon, Ethereum layer 2 scaling solution, has become the popular gateway for the enhanced adoption of crypto and Web3. One of the potential investment opportunities could be MATIC as the developments and innovations are making innovative projects contributing to the long-term gain and engagement of users. To mention, the Polygon’s zero knowledge Ethereum Virtual Machine (zkEVM) has seen an ATH in its transaction volumes. From the reports of PolygonLabs, it is evident that the total value locked (TVL) has increased by 70% considerably since the launch. Meanwhile, the price change on MATIC got affected irrespective of the growth potential of Polygon zkEVM. Polygon (MATIC) 24H Price Chart (Source: CoinMarketCap) Though the price has seen a fall, the investors remained strong. At present, the trading volume of MATIC has reached $279,317,514, with a 3.26% increase in the last 24 hours. And, is trading at $0.5433 with a 2.04% dip. Over 93.19% of MATIC is in circulation which is around 9,319,469,069 MATIC tokens. To resolve transaction fees at lower costs, Polygon puts forth huge revolutionary measures for easier and more effective solutions. Importance and Advantages of HODLing Despite the losses, cryptocurrencies continue to offer the potential for lucrative gains. These strategies involve long-term commitment, with investors remaining watchful of evolving challenges and opportunities. In contrast to short-term buying and selling tactics, the HODL approach emphasizes sustained holding. HODLing is rooted in the belief that despite the volatility, certain cryptocurrencies have historically shown commendable growth over time. In the dynamic realm of cryptocurrencies, risk assessment is paramount due to market volatility and sudden uncertainties. Yet, through the HODL strategy, crypto investors can potentially leverage the following advantages: They manage risks, harnessing long-term gains if prices rise over the period. This flexible approach minimizes fees and offers substantial profit potential. By HODLing, investors have good chances to maximize their profits or returns on the crypto assets over the long term. This strategy also aligns with the long-term vision of many crypto projects and promotes stability. Challenges in HODLing Clearly, hodling isn’t devoid of risks or challenges in the crypto market. The following are found to be the common challenges faced by crypto investors while hodling: During bear markets, long-term investors fail to resist the urge to execute impulsive or panic selling. The most common ones are security risks. The chances of losing your access to your keys and assets multiply over a long period. Long-term HODLers are subjected to panic as crypto regulations and adoption rates could get uncertain. While navigating the crypto trade landscape demands strategic approaches, it remains a lucrative avenue for risk-takers who carefully research, time the market and execute trades. Recommended For You: How To Buy and Use Crypto – A Guide for Beginners

Cardano officially entered its DeFi summer in 2023, with TVL tripling since January! To understand what has driven this rise in Cardano DeFi, see the article on why Cardano’s TVL is rising. With this, now is as good a time as any to get involved in Cardano DeFi, and using a DEX is the first stepping stone into the world of DeFi — so here’s the what, the why, and the how! What is a DEX? A centralized exchange, i.e., a stock exchange, is where a middleman, a central clearinghouse, facilitates exchanges between users. A DEX (Decentralized EXchange) is a place where asset exchange is automated, with no need for an intermediary. Self-executing smart contracts or matchmaking bots execute transactions on a DEX. These transactions are completed in a permissionless manner, and no one can prevent a user from partaking in exchanges. How do DEXes Work? There are two models that a DEX can use: The Automated Market Maker (AMM) model, first popularized by Ethereum’s Uniswap, is the most popular. Tokens are paired in pools of liquidity provided by users, and the exchange rate for the tokens is set by the ratio of tokens in a pool. When exchanging assets, a user is simply adding one token to the pool and receiving the other—paying a small fee to the liquidity providers in the process. Examples include: Minswap, SundaeSwap, WingRiders The Order Book model is the same as that used by centralized exchanges. Users place buy or sell orders for a token at a particular price. These orders are stored on-chain, and a matchmaker pairs matching orders to execute trades, earning a fee for doing so. The assets’ exchange rate is the price where the buy and sell orders converge. Users can also conduct “market orders”, where they buy or sell their assets at the current exchange rate. Examples include: MuesliSwap How to Swap Tokens on a Cardano DEX Here we use the Minswap DEX (but the process is very similar across all DEXes) and assume that you own some ADA and have a dApp compatible Cardano wallet. Select “Connect wallet” from the menu bar of the Minswap app and connect your wallet. Select “Trade” in the menu bar. ADA will be preselected in the “From “ dropdown box. Click the “Select a Token” dropdown box in the “To” section. “From” is the asset you’re selling, and “To” is the asset you’re buying. From the list that pops up you select the token you want to buy. Here we’re going to select the platform’s token, MIN. NB: Verified tokens have a checkmark next to them. If you toggle verified tokens off you will see more tokens, but be careful. There are many tokens imitating real ones, and swaps cannot be reversed. Now, you can either type the amount of the token you want to buy or the amount of the token you’ll want to sell, and the other box will auto-populate. Here we’re buying 100 MIN. Click “Swap” to confirm your trade. A popup provides a breakdown of all the elements of your trade. Hover over the ︎ symbol to learn more about each element of the trade. Scroll down to find and click the “Confirm Swap” button. Follow the instructions for signing the transaction. Depending on blockchain congestion, your transaction will take between a few seconds and a few hours to be processed (most transactions are processed in under 10 seconds). A pop up will tell you when your transaction was successful! Congratulations! You just bought assets on a DEX Swapping is Just the Beginning! Swapping tokens is a simple task once completed once or twice, and knowing how to swap tokens allows you to obtain the tokens needed to interact with other Cardano protocols! Minswap is not the only DEX on Cardano, and each DEX has its own fee system and set of features that makes it unique. Don’t know where to start researching? Check out this article looking at Cardano’s top 3 DEXes to get started! Disclaimer: This article is not financial or investment advice, it is solely an excellent how-to guide for using a decentralized protocol. Using decentralized protocols comes with inherent risks which the user assumes the whole responsibility for.

The XRP price is facing an extremely crucial juncture, which could become a make-or-break moment for the cryptocurrency. After the XRP token managed to rally almost 100% after the summary judgment in the case between Ripple Labs and the US Securities and Exchange Commission (SEC), there is almost nothing left of the gains just 43 days after the ruling, NewsBTC reported. However, this is far from the worst. The recent price decline has brought XRP to key support levels that must be held at all costs to avoid another deep fall. At the same time, there is hope due to the formation of an extremely rare golden cross on the 1-week chart. Golden Cross: A Beacon For XRP Bulls? As of August 25, 2023, XRP stands at $0.5115. The weekly chart reveals the much-discussed golden cross, a phenomenon where a short-term moving average surpasses a long-term one, often hinting at a shift from a bearish to a bullish trend. In XRP’s case, the 50-week EMA has moved above the 200-week EMA. This movement is typically seen as a harbinger of an impending upward trajectory. However, the tokens price is teetering just above the 200-week EMA, pegged at $0.5083. A weekly close below this figure could spell trouble. Not only would it undermine this crucial indicator, but it might also negate the golden cross’s significance. Moreover, the uptrend line (black), which has been intact since early January, could be jeopardized if XRP dips below the $0.50 mark on a weekly basis. Given this backdrop, the golden cross on the weekly chart is a beacon of hope. Yet, the risks are palpable. Should the token breach the $0.50 threshold on a weekly timeframe, a sharper decline seems imminent, potentially plummeting to the 78.6 Fibonacci level at $0.4350. Before potentially hitting the year’s low of just under $0.30, XRP might find support at $0.41 and $0.36. As in previous weeks, news of the legal battle between Ripple and the SEC are the most potent catalysts for an XRP price rally. While the SEC’s interlocutory appeal is currently under review by Judge Torres, the trial is not scheduled until mid-April next year. A Historical Perspective Remarkably, XRP has only seen one golden cross on a weekly basis in its history. This was at the end of November 2020. XRP saw an increase of 196% in three weeks. However, as we all know, XRP’s rally was prematurely thwarted by the US Securities and Exchange Commission’s lawsuit against Ripple Labs and the declaration of the XRP token as a security. Therefore, the golden cross failed to materialize, while the price crashed. Probably, the next week or two will tell if the golden cross chart pattern will play out this time.

The crypto space is in pandemonium after MasterCard, a global payment service giant, announced the imminent termination of its services and alliance with the Binance crypto exchange. Mastercard To Sever All Ties To Binance Binance, the world’s largest cryptocurrency exchange by trading volume, is facing new challenges that could impact its reputation and growth rate. According to reports, Mastercard will discontinue its services on Binance, ending a years-old relationship and crypto cards programs starting Friday, September 22. The reason for the abrupt termination has not been clarified by Mastercard. Some have attributed the news to the recent regulatory challenges and lawsuits Binance has been up against since this year. Binance has refrained from making any comments regarding the reason for the suspension or who initiated the decision first. However, the crypto exchange has reassured users around the globe, stating that their Binance accounts are not affected by the news and they can continue their crypto transactions per usual. “Binance accounts around the world are not affected. Where available, users can also shop with crypto and send crypto using Binance Pay, a contactless, borderless, and secure cryptocurrency payment technology designed by Binance,” Binance stated. Mastercard and Binance have been working together as partners for about four years. Around August 2022, they both joined hands to initiate debit card programs for four major countries, allowing users in Brazil, Argentina, Colombia, and Bahrain to have access to cryptocurrency assets via their Mastercards linked to a cryptocurrency wallet. Binance first partnered with Mastercard to launch crypto card payments in Brazil and Latin America at the beginning of 2023. The crypto exchange then made a similar announcement and launched prepaid crypto cards in Argentina in August 2022. Financial Service Companies Break Away Following SEC Lawsuit Binance has been in a legal battle with the United States Securities and Exchange Commission (SEC) since June when the SEC sued the crypto exchange for allegedly offering unregistered securities. The regulator further attempted to freeze all Binance assets stating that the crypto exchange was operating a “web of deception” and filing 13 charges against Binance. Since then, Binance has been facing regulatory hurdles and industry challenges with many companies ending year-long partnerships and the price of BNB declining as a result. The cryptocurrency exchange has also ended several projects in the course of a month and carried out massive layoffs following the SEC’s Lawsuits. Recently, Binance shut down all cryptocurrency service operations on its official fiat-to-cryptocurrency payments provider, Binance Connect. The cryptocurrency exchange also discontinued its partnership with Checkout.com, a global payment service, after Checkout’s CEO terminated its contract this month. Visa, another payment service giant, also cut ties with Binance in July and stopped supplying co-branded cards with Binance in Europe. At the moment, it is unsure what the outcome of the SEC and Binance case would be. However, the results will undoubtedly impact the crypto industry and financial sector.

The developer behind the memecoin PEPE had sold around 16 trillion tokens. The trading volume of PEPE has experienced a surge of 285.27%. Pepe (PEPE), the frog-themed memecoin, has experienced a massive downtrend, resulting in a decline of around 20% in the last 24 hours. Adding to that, the developer behind Pepe memecoin has moved over 16 trillion PEPE tokens, worth $15.6 million. On August 25, a crypto influencer tweeted that the developer behind the memecoin PEPE had sold around 16 trillion tokens. The transactions are worth around $15.6 million. However, the account still holds 2.5% of the total supply. So the crypto community is closely watching the wallet and its impact on the memecoin price. Pepe Experiencing Strong Downtrend Following that, Lookonchain, the crypto transaction analyzer, reported some notable transactions of the memecoin Pepe. A few hours ago, an early buyer of the memecoin Pepe dumped 1.88 trillion tokens for 1,010 Ethereum (ETH) worth $1.68 million on the Decentralized Exchange (DEX). After that, Pepe’s multi-sig wallet and Wintermute Trading deposited over 17.3 trillion worth of around $18 million to the crypto exchanges. Following the Pepe team’s deposit, another early buyer of Pepe also dumped 932 billion Pepe for 524 Ethereum, worth around $870K. The trading activity surrounding the memecoin Pepe has started reflecting on its price. On the other hand, the trading volume of memecoin has shown a massive increase after continued transactions. At the time of writing, Pepe is trading at $0.0000008979, with a decline of over 16.77% in the last 24 hours. However, the daily trading volume of PEPE has experienced a surge of 285.27%, according to CoinMarketCap. Moreover, memecoin has become the second trending cryptocurrency on the CoinMarketCap list.

In the midst of the highly unpredictable and volatile crypto market since the start of 2023, certain cryptocurrencies have managed to maintain their stability and some marked new lows. Despite the extreme fluctuations and declines, key players like Bitcoin (BTC) and Ethereum (ETH) attempted to exhibit enduring strength. Notably, the crypto market trends have evolved over the unpredicted ups and downs. In addition to this, crypto investors and traders should definitely consider HODL (an acronym for Hold On for Dear Life), the state of being in the strategy of not selling crypto assets amidst abrupt price shifts in the market which is termed as market volatility. The first three quarters of 2023 have delivered an exhilarating rollercoaster ride marked by compelling buy and sell signals for various crypto assets. However, certain users have adopted a subtle HODLing approach, choosing to retain their cryptocurrencies amid both market downturns and surges. As the year progresses into the fourth quarter, here’s a set of top cryptocurrencies that crypto investors and traders might consider HODLing: 1. Bitcoin (BTC) Bitcoin (BTC) dominates the whole crypto world and is the king of cryptocurrencies. Furthermore, the upcoming fourth Bitcoin halving will be more impactful where the block rewards reduced to 3.125 BTC for every block from 6.25 BTC. The predictions of crypto enthusiasts say that the BTC price might substantially rise concerned to the loading halving event, in less than a year. Bitcoin (BTC) 24H Price Chart (Source: CoinMarketCap) Currently, BTC is trading at $26,088.80, down from nearly $30K this month. At the time of writing, the market cap is just 1.38% down, standing at $508.11B whereas the trading volume crossed $12.48B with a 23.53% surge in the last 24 hours. Moreover, there are 92.70% of BTC is in circulation from its total market supply. Any effect on BTC would probably impact the altcoins in huge as the market drops globally. 2. Ethereum (ETH) The second most promising cryptocurrency and the top-most altcoin of all time, Ethereum (ETH) has an unlimited maximum supply in the crypto market. Also, the recent Ethereum Shanghai Capella, an upgrade to confer improved security and sustainability to the PoS Chain. Ethereum (ETH) 24H Price Chart (Source: CoinMarketCap) Regardless of the upgrade constraint, the investors are hugely trading ETH which is currently trading at a price of $1,652.12. The trading volume stands at $5,317,038,439 with a market cap of around $200M. Several whale transactions have resurfaced thus indicating the strongest buy signal among others. 3. Ripple (XRP) Over the partial win of Ripple (XRP) in the SEC lawsuit, XRP was substantially supported by the larger crypto community. Even after the interlocutory appeal, Ripple has stood firm rather than stepping back over the fight with the SEC. During the court decision, XRP gained massive support thereby witnessing an increase in price. Regardless of the case, the XRP Ledger featured decentralized exchanges (DEX) with tokenized capabilities that have been reliably built into the protocol. Having around half of its total market supply in circulation, the XRP trading at $0.511 at press time, after a 2.32% dip in the last 24 hours. Ripple (XRP) 24H Price Chart (Source: CoinMarketCap) Notably, the trading volume has seen a fall of over 4.58% and currently stands at $935,036,962, ranking 7th position on CoinMarketCap. Though XRP is not even close to its all-time high (ATH), the final decision of the Ripple Vs SEC case would support growth thereby awaiting a near future opportunity anytime soon. 4. Polygon (MATIC) Polygon, Ethereum layer 2 scaling solution, has become the popular gateway for the enhanced adoption of crypto and Web3. One of the potential investment opportunities could be MATIC as the developments and innovations are making innovative projects contributing to the long-term gain and engagement of users. To mention, the Polygon’s zero knowledge Ethereum Virtual Machine (zkEVM) has seen an ATH in its transaction volumes. From the reports of PolygonLabs, it is evident that the total value locked (TVL) has increased by 70% considerably since the launch. Meanwhile, the price change on MATIC got affected irrespective of the growth potential of Polygon zkEVM. Polygon (MATIC) 24H Price Chart (Source: CoinMarketCap) Though the price has seen a fall, the investors remained strong. At present, the trading volume of MATIC has reached $279,317,514, with a 3.26% increase in the last 24 hours. And, is trading at $0.5433 with a 2.04% dip. Over 93.19% of MATIC is in circulation which is around 9,319,469,069 MATIC tokens. To resolve transaction fees at lower costs, Polygon puts forth huge revolutionary measures for easier and more effective solutions. Importance and Advantages of HODLing Despite the losses, cryptocurrencies continue to offer the potential for lucrative gains. These strategies involve long-term commitment, with investors remaining watchful of evolving challenges and opportunities. In contrast to short-term buying and selling tactics, the HODL approach emphasizes sustained holding. HODLing is rooted in the belief that despite the volatility, certain cryptocurrencies have historically shown commendable growth over time. In the dynamic realm of cryptocurrencies, risk assessment is paramount due to market volatility and sudden uncertainties. Yet, through the HODL strategy, crypto investors can potentially leverage the following advantages: They manage risks, harnessing long-term gains if prices rise over the period. This flexible approach minimizes fees and offers substantial profit potential. By HODLing, investors have good chances to maximize their profits or returns on the crypto assets over the long term. This strategy also aligns with the long-term vision of many crypto projects and promotes stability. Challenges in HODLing Clearly, hodling isn’t devoid of risks or challenges in the crypto market. The following are found to be the common challenges faced by crypto investors while hodling: During bear markets, long-term investors fail to resist the urge to execute impulsive or panic selling. The most common ones are security risks. The chances of losing your access to your keys and assets multiply over a long period. Long-term HODLers are subjected to panic as crypto regulations and adoption rates could get uncertain. While navigating the crypto trade landscape demands strategic approaches, it remains a lucrative avenue for risk-takers who carefully research, time the market and execute trades. Recommended For You: How To Buy and Use Crypto – A Guide for Beginners

Dubai, UAE, August 25th, 2023, Chainwire Sensei Inu, a new memecoin, has launched its presale and onchain analysis suggests that SHIB whales could be claiming their share. Whales exiting SHIB may have found a new diamond in the rough whose compelling tokenomics make it one to watch. Sensei Inu (SINU) aims to challenge SHIB for the top memecoin spot. The project introduces a new and unique consensus mechanism called Proof of Value, where members are rewarded for their contribution to the crypto community. Sensei Inu is an ecosystem where community members are rewarded based on their skills and knowledge via trivia-style games. It marks an important step in rewarding those who have taken the time to learn about crypto but ordinarily lack the funds to acquire a significant portfolio. Sensei Inu essentially rewards people for taking the time to research the crypto industry. It realizes the value of knowledge, incentivizing the community to spread the word about SINU. The more value a Sensei Inu member can prove they offer, the more they can earn. Sensei Inu also features games that can be played on PC or mobile. Successful players will receive SINU tokens, which will allow them to gain economic power and positively impact the crypto world. The Sensei Inu crypto trivia game comprises 10 questions, which become gradually harder. Each question has a time limit, which adds to the excitement. The top 10 players from each round will receive rewards in SINU tokens. However, other participants will also receive rewards for their participation. There is also a champions’ round with harder questions to determine the true winner. SINU is an ERC20 token issued on the Ethereum blockchain. There are 5 billion SINU tokens with 0% buy tax and 3% tax on sales, which is committed to the treasury. Every month, SINU tokens will be burned via an automated token burning mechanism, with the burn tokens coming from the treasury. Consequently, the SINU token supply will fall over time. The Sensei Inu presale is currently live, giving memecoin fans a chance to get involved at the earliest opportunity. About Sensei Inu Sensei INU is a Learn2Earn Memecoin part of the MemeFi sector with a proof of value consensus. Official channels: Website | Telegram #1 | Telegram #2 | Twitter Contact CMO Shing Tao Sensei Inu [email protected]

TOPGOAL and Chiliz merge Web3 tech with Footballcraft for decentralized football experience. GOAL tokens drive in-game actions, expands Chiliz fan token utility. In a groundbreaking move, TOPGOAL leading sports metaverse platform has teamed up with Chiliz, a leading name in Web3 sports technology, to revolutionize the world of football gaming. The collaboration aims to merge traditional gaming with Web3 innovations, introducing Footballcraft, a cross-platform mobile game set to reshape the decentralized football metaverse. Footballcraft, a 12x speed football metaverse game, integrates Web3 technology with Football AI to offer an immersive virtual space. Players will use GOAL tokens on Chiliz Chain, an independent layer 1 blockchain for in-game activities such as NFT trades and player purchases. The game also expands utility for Chiliz’s club fan tokens, allowing direct purchases within Footballcraft. Moreover, fan token holders gain influence over real-world club decisions, boosting Chiliz’s appeal. TOPGOAL’s CEO, Xander, expressed excitement about bridging gaming and blockchain. And Chiliz’s CEO, Alexandre Dreyfus, highlighted the transformation of football through Web3. They empower to redefine the digital football industry, offering fans an interconnected and interactive experience.

Ethereum (ETH) saw increased activity among major addresses during the drop below $1,650. Four major whales have amassed 56,100 ETH equivalent to $94 million within the past 7 days. In a show of resilience amidst a volatile market, Ethereum (ETH) has managed to shown slight recovery from its recent dip below the $1,603 mark. The cryptocurrency’s price now stands at $1656 with a 24 hours trading volume of $199 billion. Amidst Ethereum’s plunge below the $1,650 mark and the accompanying high volatility in its price, the network has experienced a notable uptick in activity among significant addresses. Impressively, the number of wallets holding between 10 and 10,000 ETH has rebounded to a substantial 355K paralleled by a surge in transactions surpassing $100K+. According to data from LookIntoChain, four prominent entities have collectively amassed a staggering 56,100 ETH, equating to a substantial $94 million, within the past week. Ethereum (ETH) Price Reaction Ethereum’s price demonstrated strength by establishing support above the range of $1,580 and $1,600. This foundation facilitated a recovery wave that enabled ETH to climb marginally above the $1,650 resistance barrier. A pivotal moment in this upward trend was the breach of a significant bearish trend line, which had a resistance point close to $1,660, as observed on the hourly chart of ETH/USD. Ethereum (ETH) Price Chart (Source: TradingView) Further, Ethereum’s price successfully recovered above the $1,650 resistance level against the US Dollar and nearing the critical $1,700 resistance point, which could propel ETH’s price even higher. Although Ethereum achieved a recent spike to $1,695, the cryptocurrency is currently consolidating its gains. At the time of writing, the price of ETH stands at $1656, which decreased 0.89% in the last 24 hours.

The price of XRP is $0.5119, down 2.52% in the last 24 hours as per data from CMC. Both the trading volume and market cap are down by 2.22% and 4.54% respectively. The XRP token, which is embroiled in a protracted legal fight with the U.S SEC, has been struggling amid the recent market downturn. Trading volumes for XRP have returned to pre-July decision levels in the SEC lawsuit. Despite the positive verdict, XRP’s amazing surge after the judgment failed to meet its target of $1. After reaching $0.93 in July, XRP has been trending downward ever since. After a sharp decline last week, XRP briefly surged to $0.53 mark. However, it quickly lost the short term gains. Struggle Continues According to CMC, the price of XRP is $0.5119 and is down 2.52% in the last 24 hours. Moreover, both the trading volume and market cap are down by 2.22% and 4.54% respectively. Whale Alert stated today that an anonymous wallet had sent over 15 million worth of XRP to the cryptocurrency exchange Bitstamp. This transaction indicates that the whale is unloading its stockpile, thus casting doubt on whether prices would drop soon. Fred Rispoli, a well-regarded attorney, has been a leading voice who believes the trial will not go on. Rispoli’s reasoning provides a more complete picture of the stakes and explains why the SEC may like to avoid a confrontation of this kind. The attorney thinks there was more to the decision to go after Garlinghouse and Larsen than just the law. According to his assessment, forcing Ripple’s top executives into an arrangement was the primary goal. Highlighted Crypto News Today: Bitcoin Price Fails To Reverse Downtrend; Further Decline Likely?

Uniswap’s decentralized model outpaces Coinbase in spot trading, reflecting market shift. Coinbase’s 83% drop vs. Uniswap’s 50% showcases decentralized strength. In a striking turn of events, Uniswap, the leading decentralized exchange, has emerged as the forerunner in the realm of spot trading volume, outpacing Coinbase, the prominent U.S. crypto exchange, throughout the course of 2023. A recent report by Bitwise’s crypto asset manager, Ryan Rasmussen, reveals a compelling trend that underlines the growing prominence of decentralized protocols. During the second quarter of this year, Uniswap achieved an impressive feat by processing approximately $110 billion worth of trades, compared to Coinbase’s $90 billion. This follows the trend set in the first quarter, when Uniswap’s quarterly spot volume triumphed over Coinbase with trading activities amounting to around $155 billion. And $145 billion respectively for the two exchanges. The divergence becomes even more remarkable when examining the aftermath of the bear market that plagued the crypto industry in 2022. Coinbase experienced an 83% drawdown from its Q4 2021 trading volume of nearly $540 billion. In contrast, Uniswap’s volume decreased by a comparatively modest 50% from $235 billion over the same period. While centralized crypto firms, including exchanges, and venture capital entities, faced substantial losses during the 2022 bear market. Decentralized protocols like Uniswap demonstrated their capacity to operate independently of human intervention, relying on immutable code. Adding to that, Binance CEO, CZ well-known figure in the crypto space, has lent his support to this narrative. He tweeted, “DeFi is taking over,” further cementing the growing influence of decentralized finance in the industry. How it Impacted Uniswap (UNI) Price ? However, amidst this triumph, the native token of Uniswap, UNI, has experienced a 10% decline in value throughout 2023. This decline comes in spite of the exchange’s notable increase in trading volume this year. And currently in 24H, it is down 9%. Current Price stands at $4.60 with a decline of 3.26% in 24H. Notably, UNI remains significantly below its ATH reached in May 2021, languishing at a level 90% below its peak value. A look at UNI’s holder composition by time held, as revealed by IntoTheBlock, indicates a distribution where 73% of holders have retained for over a year, 26% for 1 to 12 months, and a mere 2% for less than a month. This pattern suggests a strong foundation of long-term investors who remain committed to the project despite short-term market fluctuations.

On-chain data shows the Bitcoin whales have been buying the dip, as their addresses have surged back towards pre-crash levels again. Bitcoin Whales Have Fully Recovered To Their Pre-Crash Number As pointed out by an analyst in a post on X, the whales appear to have been accumulating recently. The relevant indicator here is the “whale address count,” which measures the total number of Bitcoin addresses that hold at least 1,000 BTC and at most 10,000 BTC. At the current exchange rate, this range converts to approximately $26 million at the lower bound and $260 million at the upper bound. These are clearly very significant amounts and the only investors large enough to be owners of these addresses would be the whale entities. The whales naturally carry some influence in the market, due to the fact that they hold a notable part of the total circulating supply of the asset. Thus, their movements can be worth keeping an eye on, as they can influence the price of the asset. Another version of the indicator tracks the addresses with balances upwards of 10,000 BTC (that is, this range’s upper bound), but at those levels, the wallets become more likely to belong to central entities like exchanges, so the trend in their addresses may not hold the same significance as what that of the normal whales would. Now, here is a chart that shows the trend in the Bitcoin whale address count over the past month or so: As displayed in the above graph, the whale address count observed a large drop around the time of the asset’s crash a few days back, where the price plummeted from the $29,000 level to below the $26,000 mark. This decline in the number of addresses of these humongous investors would imply that some members of this cohort participated in distribution during the crash. These whales who participated in the selloff didn’t necessarily clear out their entire holdings and exit the market, though, as distribution just enough to bring their address balances below the 1,000 BTC mark would still lead to a drawdown in the indicator. Initially, following the crash, the number of these large Bitcoin holders remained flat, implying that there wasn’t any significant accumulation or distribution taking place. In the past few days, however, the BTC whale address count has registered a sharp spike, suggesting that more whale-sized addresses have popped up on the network. With this uplift, the indicator has returned back to about the same values as it was before the price crash had occurred. The whales participating in buying at the current price lows is naturally a positive sign for the cryptocurrency, as it could provide a more solid foundation for a rebound in the asset’s value. BTC Price At the time of writing, Bitcoin is trading near $26,021, down 1% in the last seven days.

Among playful meme coins, a new addition is emerging: Pomerdoge. This underdog may soon steal the spotlight from Shiba Inu and Dogecoin. Analysts hint at its potential to shine brighter. Let us tell you more about these tokens. Shiba Inu (SHIB) token price may reach $0.00009143 soon. Dogecoin (DOGE) may trade at $0.0709 by late 2023. Pomerdoge might go up by a massive 3,000% by the end of the year. Click Here To Find Out More About The Pomerdoge (POMD) Presale Shiba Inu’s (SHIB) L2 resumes block generation while the token trades at $0.000007971 Recently, Shibarium, Shiba Inu’s (SHIB) layer 2 network, stopped its block generation. The stoppage continued for a day. But, currently, Shiba Inu (SHIB) users can reuse the network as it’s now resumed. According to experts, many Shiba Inu (SHIB) users were active on Shibarium. In fact, users’ numbers increased after its mainnet launch. Hence, the system got overburdened, and the Shiba Inu (SHIB) team suspended the operations. Furthermore, Shiba Inu (SHIB) network’s lead developer said that high traffic caused a risk to fund security. Hence, the Shiba Inu (SHIB) team took this step. But, some reports suggest Shiba Inu (SHIB) token price may drop due to stoppage. Currently, it is trading at $0.000007971, a 2.19% dip in a day. Further, experts say this downturn may reverse, and Shiba Inu (SHIB) token may reach $0.00009143 soon. Dogecoin (DOGE) sees increased active addresses while the token sells at $0.06304 Dogecoin (DOGE) is making its way among the popular cryptos with higher active wallets. In fact, a data analytics firm says Dogecoin (DOGE) is seeing a steady increase in wallet addresses’ activities. Hence, experts indicate a rise in crypto investors’ interest in Dogecoin (DOGE). Furthermore, it also suggests that many investors are willing to engage with the Dogecoin (DOGE) community. An official presented the data on crypto active wallets as a Twitter post. It showed the numbers for the past 30 days. The Dogecoin (DOGE) figure shows that crypto gained around 46.08k active users within the past month. Despite this progress, the Dogecoin (DOGE) price is still low. Currently, Dogecoin’s (DOGE) live price is $0.06312, a slight 0.49% increase in 24 hours. Furthermore, price forecasts say the token may reach $0.0709 by late 2023. Pomerdoge (POMD) may reach the top three spot Pomerdoge is a meme token. But its worth doesn’t depend on only hype like DOGE. The platform provides a super fun play-to-earn game, an in-built marketplace, and several special NFTs at 0.2 ETH. Notably, these special NFTs are a collection of 7,777 digital treasures. But, one can only buy them after joining the presale group. Moreover, buyers can enter healthy gameplay battles against each other. As of 2023, global online gaming has earned $24.14 billion in revenue. This indicates the promising growth of this new P2E project. Furthermore, experts say that Pomerdoge might go up by a massive 3,000% by the end of the year. That’s a really rare chance to gain big returns on investment. Currently, the first POMD presale stage is going on. The platform will offer a mega pomer prize of $50,000 and $100,000 in giveaways during the presale. Thus, many investors are joining in to avail the benefits. Each token costs just $0.009. Indeed, it’s a fantastic deal considering how much it could grow. Find out more about the Pomerdoge (POMD) Presale Today Website: https://pomerdoge.com/ Telegram Community: https://t.me/pomerdoge

The US Securities and Exchange Commission (SEC) had on August 11 moved to delay its decision on the ARK 21Shares Spot Bitcoin ETF application. Following this, Cathie Wood’s ARK Invest and 21 Shares has moved to apply for a separate Ethereum futures ETF in what many may consider a double-barreled approach for these firms. ARK Invest Joins Ethereum Futures ETF Race According to a filing with the SEC on August 24, ARK Invest and 21 Shares will act as sub-adviser and sub-sub-adviser respectively, on two separate funds that seek to invest in Ethereum futures contracts. These include the ARK 21Shares Active Ethereum Futures ETF on the one hand and Bitcoin and Ethereum futures contracts ARK 21Shares Active Bitcoin Ethereum Strategy ETF on the other hand. This won’t be the first time ARK Invest and 21 Shares are partnering together to offer an ETF, as they had on different occasions jointly applied to offer a Spot Bitcoin ETF, with the most recent application delayed by the SEC. If approved, the ARK 21Shares Active Ethereum Futures ETF (with ticker ARKZ) will invest in a “portfolio of ether futures contracts.” This will include futures contracts traded on regulated commodity exchanges like the Chicago Mercantile Exchange (CME). The fund is focused on futures contracts and would not directly invest in Ether or have any direct exposure to the “spot” Ether. Futures ETFs are known only to track the underlying asset’s performance, while Spot ETFs involve direct investment in the asset. Furthermore, the document noted that the fund’s remaining assets would be put into short-term cash instruments like US Treasury securities, money market instruments, and repurchase agreements. These investments will serve as a way to shore up the fund’s liquidity and hedge against its investments in Ether futures. Meanwhile, ARK Invest and 21 Shares are also looking to offer the ARK 21Shares Active Bitcoin Ethereum Strategy ETF (with ticker ARKY). This fund will invest in both Bitcoin and Ethereum futures contracts. Interestingly, this is similar to what Valkyrie was trying to do when it applied to the SEC to include ETH futures contracts as part of its Valkyrie Bitcoin Strategy ETF (BTF). According to the filing, there will be an “Active Bitcoin Futures ETF” and “Active Ethereum Futures ETF” known together as the “Underlying ETFs” under the fund. That will suggest that this fund is a two-in-one approach whereby there will be a standalone investment in Bitcoin futures and another for Ethereum futures. The remaining net assets of the fund will be allocated to cash or cash equivalents with a primary focus on US government securities. Bullish Or Something Else? Several traditional finance institutions have filed to offer a crypto ETF (both futures and spot). Some of these firms, including ARK Invest and Grayscale, have filed to offer both futures and spot ETFs. As such, it raises questions about whether these firms are truly bullish on the crypto space or whether other factors are involved. Nate Geraci, the President of ETF Store, pointed out that the total BTC futures ETF market is valued at less than $1.5 billion in Assets Under Management (AuM). So, it might not be profitable, especially for those looking to enter the market. However, if the market doesn’t provide many profits for these firms, why are they looking to gain crypto exposure at all costs? Former BitMEX CEO Arthur Hayes, for one, stated that these firms are simply looking to become the “gatekeepers” of crypto in a bid to balance their deposit base. He doesn’t believe that these firms are bullish on the fundamentals of the crypto industry and are simply to make maximum profits when cryptocurrencies disrupt the economy.

About 5.8 percent of the total BTC supply is stored on cryptocurrency exchanges. Bitcoin is trading at $26,081 and is down 1.82% in the last 24 hours. Bitcoin (BTC) price failed to sustain the bullish momentum after the price spiked on August 23, and is now trading around the $26,000 mark. Despite the ongoing bear assault, on-chain data is showing signs of improvement for traders. The data shows that Bitcoin supply on cryptocurrency exchanges has hit a 6-year low. About 5.8 percent of the total BTC supply is stored on cryptocurrency exchanges at the moment. Moreover, every week there are an average of 57,000 Bitcoin transactions, as reported by analytics platform Santiment. A drop in Bitcoin reserves on cryptocurrency exchanges amid a general market downturn is indicative of investors’ preference for holding BTC rather than selling in anticipation of a recovery. Unchanged Market Sentiment Contrarily, Rekt Capital, a prominent crypto analyst, has recently predicted that the price of Bitcoin (BTC) might decline significantly over the next several weeks. Rekt Capital assessed past data and chart patterns to determine Bitcoin’s probability for a drop. Moreover, there was no change in market sentiment despite the addition of two more exchange-traded fund (ETF) applications based on Ethereum futures. The applications were submitted to the U.S SEC yesterday. Source: CoinMarketCap At the time of writing, Bitcoin (BTC) is trading at $26,018 and is down 1.82% in the last 24 hours as per data from CMC. If the price manages to break the recent support level at $25,660 then severe sell-off can be expected. High volatility is expected as investors are closely watching the upcoming speech by Federal Reserve Chair Jerome Powell at the Jackson Hole Symposium 2023.

Tron (TRX) has orchestrated an impressive recovery, bouncing back from last week’s dip of $0.07000 and regaining losses it incurred this month. As of the latest data from CoinGecko, the TRX price currently stands at $0.076, despite a minor 1.2% decline over the past 24 hours. This resurgence follows a decent seven-day rally that has seen TRX gain 5.4%. Delving into the technical analysis on a weekly timeframe, it becomes evident that TRON has been tracing an ascending support line since November 2022. This trajectory has been consistently validated through multiple instances, underscoring its significance. Resistance Targets On Tron Radar Market analysts and enthusiasts are now setting their sights on potential price trajectories for TRX. Based on a comprehensive price analysis, bullish sentiment is prevailing as TRX bulls seem poised to take on the next resistance level at $0.080. Meanwhile, a noteworthy development has emerged within the derivatives market, adding a new dimension to TRX’s ongoing journey. This development revolves around the concept of Open Interest rates, a critical metric that measures the cumulative value of outstanding derivative contracts. Over a recent period, from August 18 to the present moment, Open Interest rates have experienced a remarkable surge, escalating from approximately $45 million to a robust figure exceeding $51 million. This surge in Open Interest rates carries profound implications, casting a spotlight on the prevailing sentiment among traders. The notable increase is indicative of a prevailing bullish outlook held by a substantial portion of traders and market participants. This surge essentially signifies that there is a widespread belief in the potential for further upward movement in TRX’s price. The significance of this rise in Open Interest rates transcends mere optimism. It’s also a concrete indicator of the broader market’s growing interest in TRX derivatives. This trend underscores a heightened willingness among traders to engage in derivative contracts linked to TRX, thereby enriching the trading landscape around the token. Balancing Act: Consideration Of Fluctuating Funding Rates Despite these encouraging signs, market participants are cognizant of potential headwinds. Fluctuating funding rates, which denote the cost of holding positions in futures contracts, could introduce volatility and potentially impede a solid and sustained upward momentum in the short term. As TRX ventures toward key resistance levels, it faces the challenge of maintaining its upward trajectory while navigating potential dips. The derivatives market provides a favorable backdrop, but market players remain watchful of funding rate fluctuations. The coming days will shed light on whether TRX can maintain its ascent and solidify its position. (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 Zipmex

In a surprising turn of events, the Shiba Inu-based BONE token has emerged as one of the top-performing assets in today’s crypto market. Despite the broader market’s subdued performance, the Bone Shibaswap (BONE) token has registered an 11% surge in the past 24 hours. Why Is The Shiba Inu-Based BONE Up? The primary catalyst behind BONE’s commendable price action is a series of positive developments within the Shiba Inu ecosystem. A significant boost came from the recent overhaul of the Shibarium testnet explorer, Puppyscan. Furthermore, the ongoing process of releasing previously stuck BONE tokens to users has also played a pivotal role. As NewsBTC reported, the Shibarium layer-2 network faced a significant technical glitch with its bridge contract, resulting in roughly $1.7 million worth of Ethereum getting trapped between Ethereum and the layer-2 solution post the Shibarium launch on August 16. Lucie, a renowned Shiba Inu influencer, recently updated the community about the BONE status on Shibarium. She confirmed that many users have now received their previously stuck BONE tokens, a claim that has been corroborated by several other users. Another driving factor behind BONE’s rising popularity is the ongoing enhancement and optimization of the Shibarium mainnet in anticipation of its public relaunch. Shytoshi Kusama, on Wednesday, unveiled a slew of new features designed to elevate the user experience on the layer-2 scaling solution. Remarkably, Shibarium is still in private mode and not relaunched for the public yet. BONE Price Analysis Since it was announced that the Bone ShibaSwap (BONE) token would become the gas token of the long-awaited scaling solution for Shiba Inu, Shibarium, the price has been in a strong uptrend. This was only dampened by the failed launch of Shibarium. However, yesterday’s news has given new momentum to the BONE token. BONE has thus completed its retracement to the 61.8% Fibonacci retracement level at $1.10. In the past two days, BONE managed to rise above the 200-day EMA (blue line). Yesterday, both the 50% and 38.2% Fibonacci retracement levels were broken. Especially the latter at $1.3792 is of utmost importance for the further price development. From February to mid-March this year, the price level served as the most valuable support. Currently, a retest of the 38.2% Fibonacci retracement level at $1.3792. Should the BONE bulls manage to defend this level, the conditions would be in place for another push higher. Next target would be the 23.6% Fibonacci retracement level at $1.4052 before BONE could complete its correction and target the early August high at $1.8155. To that level would be another 29% upside. A move above the August high would be seen as opening the door for an attack on the all-time high at $2.10, representing a whopping 48% price increase. After that, BONE would enter the price discovery phase. A target could be the 1,618 Fibonacci extension at $2.25.