In his recent interview, Mike McGlone, Bloomberg Intelligence’s Senior Commodity Strategist, predicted Bitcoin’s potential fall amid the ongoing market downturn. However, it wasn’t all gloom from the seasoned analyst, as he also touched upon the longer-term prospects of the flagship cryptocurrency. Will Bitcoin Touch $8,000? It is worth noting that Bitcoin has undergone a fair share of price fluctuations since its inception. In the interview, McGlone compared Bitcoin’s volatile nature to the days of the stock market. His predictions, grounded in his analytical observations, also prompted apprehension and agreement. Mike McGlone’s interview was rife with insights into the cryptocurrency market, but one statement stood out: his belief that Bitcoin could plunge to a low of $8,000 in the current bear market. McGlone emphasized that despite the potential for such a drastic drop. Bitcoin remains the world’s top-performing asset. McGlone stated that Bitcoin hasn’t exhibited deflationary characteristics like Treasury bills and gold. Instead, he pointed out that macroeconomic elements, particularly the Federal Reserve’s ongoing tightening policies, continue to have a pronounced effect on Bitcoin’s price. Institutional Influence: Not the Immediate Boost Many Anticipate? Another popular belief within the crypto community is that spot ETF approvals, and an influx of institutional investors would catapult Bitcoin’s price to new heights. McGlone, however, expressed skepticism regarding this sentiment. In his view, while a spot ETF approval may sway market sentiment, it might not substantially impact Bitcoin’s price trajectory. McGlone suggested that the earliest spot ETF might not see daylight until next year. On which spot ETF could potentially make the first move, McGlone’s bet is on BlackRock. Citing the institution’s commanding presence in the market and its reputation as the world’s leading asset manager, he believes BlackRock might lead the pack in the spot ETF space. McGlone maintained confidence in Bitcoin’s long-term bullish prospects despite these short-term projections. He reaffirmed his vision of the crypto giant eventually reaching a value of $200,000. Meanwhile, following the announcement of Grayscale’s legal victory against the US Securities Exchange and Commission (SEC), Bitcoin has retraced noticeably from its Tuesday peak of $27,974, dropping to $26,885 at the time of writing. Bitcoin’s daily trading volume has also dipped along with its price, dropping from last Thursday’s peak of $12 billion to $10 billion in the past 24 hours. Notably, Bitcoin’s market cap currently sits at $523 billion when writing. Featured image from Unsplash, Chart from TradingView

In a recent legal win for Grayscale against the US Securities and Exchange Commission (SEC), Bitcoin (BTC) soared to $27,000. However, the bullish sentiment seems to have waned as the cryptocurrency has retraced to $26,000. QCP Capital, a cryptocurrency analysis firm, has provided valuable insights into the implications of this ruling and the overall market outlook. BTC’s Short-Term Challenges Persist According to QCP, while the ruling is a positive outcome for the industry, the firm notes that its near-term impact on spot prices is “inconsequential.” The firm cautions against getting caught up in the short-term “knee-jerk pump” in spot prices and volatility, suggesting it may present an opportunity to fade such fluctuations. It is important to note that the ruling does not equate to approval of Grayscale’s application nor guarantees approval for the refilling of GBTC. The SEC still holds the authority to reject the refilling on new grounds. However, QCP Capital believes that the ruling solidifies the likelihood of an eventual approval for a Bitcoin spot exchange-traded Fund (ETF) while increasing the probability that the SEC will defer the decision to the March 2023 final deadline. What’s concerning, is that QCP Capital’s wave count analysis, previously shared in their update two weeks ago, suggests that a final push higher to conclude the B wave correction is probable in the coming weeks. This, coupled with positive developments in the Artificial Intelligence (AI) sector led by companies like NVIDIA and recent strength in traditional proxies such as Gold and Rates, creates a more favorable environment for cryptocurrencies. Despite these positive factors, QCP Capital anticipates a potential Q4 2023 start near the market lows. They attribute this to fading optimism surrounding the spot ETF due to SEC delays and a perceived lack of innovation within the cryptocurrency sector compared to other technology sectors. Additionally, the upcoming Mt. Gox payout is expected to exert short-term bearish pressure on the market. However, QCP Capital remains optimistic about a significant rally in Q1 of 2024. They anticipate the likely approval of the ETF in March, coinciding with the upcoming Bitcoin halving in April, and a potential US economic slowdown in Q2. To capitalize on this outlook, the firm suggests considering a topside end March 2024 option structure, which offers limited loss and the potential for a substantial payout if the bullish scenario unfolds. Bitcoin Faces Downside Pressure According to Material Indicators, a prominent analysis firm’s algorithmic models, called Trend Precognition, indicate a downside trend on multiple timeframes for Bitcoin (BTC). The Daily chart, which closes in less than 9 hours, the Weekly chart, which closes in 3 days, and the Monthly chart, which closes in less than 9 hours, all point towards a potential test of support shortly. Per the firm’s analysis, the Weekly signal would be invalidated if BTC’s price moves and holds below the $25,350 level. However, if support holds above the lower low (LL) at $24,750, it would provide a solid foundation for a potential rally and a retest of resistance. Overall, both QCP Capital and Material Indicators concur that the analysis points towards continuing Bitcoin’s current downtrend in the short term. Presently, Bitcoin is trading at $26,100, reflecting a 3% decline over the past 24 hours. The upcoming days will reveal whether these projected scenarios materialize or if the cryptocurrency manages to consolidate at its current level, resulting in sideways price action. Featured image from iStock, chart from TradingView.com

On-chain data shows that Ethereum traders are capitulating following the slowdown of the rally, something that may turn out to be positive. Ethereum Traders Are Selling At A Loss Right Now According to data from the on-chain analytics firm Santiment, ETH investors are getting increasingly frustrated as they are now participating in significant loss-taking. The relevant indicator here is the “ratio of daily on-chain transaction volume in profit to loss,” which, as its name already implies, compares the profit-taking volume to the loss-taking volume for any given cryptocurrency. This metric works by going through the on-chain history of each coin being sold/transferred to see the price at which it was previously moved. If this last selling price for any coin was less than the current spot price, then that particular token is now being sold at a profit. Naturally, the sale of this coin would count under the profit-taking volume. Similarly, the opposite type of coins would contribute towards the loss-taking volume. Now, here is a chart that shows the trend in this ratio for some of the top assets in the cryptocurrency sector over the past few months: When the value of this metric is positive, it means that the profit-taking volume outweighs the loss-taking volume right now. On the other hand, negative values suggest the dominance of loss-taking in the market. From the chart, it’s visible that many of these top assets have seen negative values of the indicator recently as the rally that began following the Grayscale news has slowed down. Ethereum, however, stands out among these coins as the indicator’s value for the asset is significantly more negative than the likes of Bitcoin and Cardano, who are observing loss-taking volumes that are only mildly more than the profit-taking ones. At the metric’s current value, the Ethereum investors are making loss-taking transactions at a rate nearly double that of the profit-taking ones. This difference between ETH and the other top assets would suggest that the coin traders are showing the least amount of patience. This could be because they don’t think the cryptocurrency would continue its rally anymore, or if it does, the profits wouldn’t be as large as for some of the other altcoins, so they may be exiting here at losses to go to greener pastures. This high amount of loss-taking could, however, actually turn out to be beneficial for Ethereum. Historically, whenever investors have participated in capitulation, rebounds in the price have become more probable. The likely explanation behind this pattern may be the fact that investors pick up the coins that these relatively weak hands sell with a stronger conviction, who provide a better foundation for a sustainable price surge. It remains to be seen whether Ethereum can use this capitulation to bounce off towards higher levels or if the rally will remain muted for a while longer. ETH Price At the time of writing, Ethereum is trading around $1,700, up 3% in the last week.

Shiba Inu’s BONE token has blasted past 190,000 holders as excitement builds for the Shibarium layer 2 launch. The token’s staking and transactions have also surged, with 22 million tokens now staked as investors prepare for Shibarium. Despite exploding adoption metrics, the token’s price has oddly declined recently. Shiba Inu’s native token, BONE, has blasted past a major adoption milestone, topping 190,720 holders amid growing excitement for the upcoming Shibarium Layer 2 launch. According to data from IntoTheBlock, the total number of addresses holding BONE has steadily climbed, recently reaching a record high of over 190,720. This 50% increase in holders comes as anticipation builds for Shibarium, which will utilize the token as its gas token. The surge of new holders likely reflects investors stocking up on BONE coins to transact on Shibarium. At one point last week, BONE saw over 2,000 new holders added in a single day as momentum snowballed. More BONE staked on Shibarium In further proof of burgeoning activity, the amount of BONE staked on Shibarium has also exploded. Staking allows holders to help validate transactions on the network in return for rewards. Reports indicate the total token staked has swelled to 22 million this week, up significantly from 19 million at the start. Additionally, Shibarium has now facilitated over 600,000 transactions and amassed nearly 450,000 registered wallet addresses. Despite sensational growth in holders and network usage, BONE’s price has oddly declined recently. After peaking at $1.45 on August 25th, profit-taking has since dragged the token down 11% over the past week. This divergence between adoption and price may present an opportunity for savvy investors ahead of the mainnet launch. Shibarium’s long-awaited release promises to be a potential game-changer for BONE and the broader Shiba Inu ecosystem. If Layer 2 can deliver on its lofty goals, BONE’s adoption explosion may be just getting started.

In anticipation of the announcements made by the Ethereum-based Decentralized Finance (DeFi) lending platform team, the price of Maker (MKR) has experienced a remarkable surge of over 12% within hours. Now, what do these developments entail, and how will they impact the future of Maker? Maker Empowers SubDAOs? On August 28th, the Maker team made a significant announcement regarding their plans to introduce SubDAOs in South Korea. This move represents a critical evolution for MakerDAO, marking the “final effort” to unlock the potential of Decentralized Autonomous Organizations (DAOs). According to the announcements made on August 28th, introducing SubDAOs is expected to streamline, innovate, and strengthen the Maker ecosystem, paving the way for increased opportunity and growth. SubDAOs, which stands for Subsidiary Decentralized Autonomous Organizations, are expected to play a pivotal role in the next phase of MakerDAO’s development. These entities will leverage liquidity allocation from the Maker Protocol, exploring various yield opportunities across the financial landscape. From decentralized finance protocols to real-world asset solutions, SubDAOs aim to harness the potential of diversified investment strategies. Per the announcement, this presents a unique opportunity for Korean crypto leaders to engage with the forefront of DeFi developments. Participants will have the chance to be part of forming their own SubDAO or contribute to existing ones. This involvement offers insights into the success story of Spark Protocol, the first yield product incubated by a future SubDAO. Spark Protocol has demonstrated significant achievements, such as boasting high liquidity, industry-leading borrowing fees, and managing hundreds of millions in liquidity. Additionally, the event encourages forging connections between leaders in centralized finance (CeFi) and decentralized finance. These connections are expected to help bridge the South Korean community to SubDAO token acquisition and farming opportunities, fostering collaboration and growth within the ecosystem. The move into SubDAOs signifies MakerDAO’s commitment to cultivating innovation across the industry. Participants can explore “cutting-edge” decentralized finance protocols and real-world asset solutions. The MRK Rally, How Close To A New Annual High? The recent announcements have sparked a surge in MKR’s price, following a decline that began on August 2nd, which coincided with the token reaching its yearly high of $1,371. Subsequently, MKR experienced a drop, reaching a low of $984 and breaching the significant psychological level of $1,000 and its 50-day Moving Average (MA), which had previously provided substantial support for the token. However, with the recent announcements and the excitement surrounding the protocol’s new phase and increased liquidity entering its ecosystem, MKR has surged by an impressive 12% within 24 hours. Currently, MKR is trading at $1,170, surpassing and regaining its 50-day MA, which has played a pivotal role in driving Maker’s rallies throughout the year. Moreover, according to Token Terminal data, MakerDAO’s Total Value Locked has reached $5.16 billion, indicating a 3.03% uptrend in recent days. Considering these developments, the question arises: Is MKR poised to reach a new yearly high? During MRK’s rally, the token reached as high as $1,230 but encountered a strong resistance wall at that level. However, suppose the protocol’s developments continue to attract liquidity, and MKR bulls can defend its 50-day MA as support, while further consolidating above the $1,260 level. In that case, there is a possibility that, in the coming months, MRK could achieve a new yearly high above $1,375 and even touch the $1,400 level, a threshold not reached since May 2022. Featured image from iStock, chart from TradingView.com

ApeCoin (APE) finds itself grappling with a tumultuous period as on-chain metrics present a mixed picture while price charts continue to reflect the dominance of bearish sentiment. In recent weeks, ApeCoin has encountered a series of conflicting signals from its on-chain metrics. While such metrics are typically regarded as essential indicators of a cryptocurrency’s health, they have failed to provide a clear consensus on APE’s trajectory. Despite this ambiguity, one undeniable fact remains – bears are firmly in control of ApeCoin’s price movements. ApeCoin Price Plunge Persists Despite Short-Lived Rebounds Mid-August witnessed ApeCoin’s value tumble from a relatively promising $2.216 to a worrisome $1.66. Market observers and analysts swiftly responded by plotting a comprehensive set of Fibonacci retracement and extension levels based on this steep decline. Unfortunately, the downward pressure experienced by APE over the subsequent two weeks has prevented any semblance of recovery, pushing its value even lower than the initial drop to $1.66. As of the latest data, ApeCoin’s price currently hovers at $1.48 according to CoinGecko, reflecting a 0.7% decline over the past 24 hours. This downtrend is further underscored by a 0.8% slump observed over the course of the past seven days. Despite such precarious circumstances, analysts are identifying potential bright spots within the gloomy horizon. ApeCoin (APE) has experienced two significant collapses, paralleling the decline of other altcoins in the cryptocurrency market. After dropping below the support level of $1.72 last week, APE has not managed to rebound. Despite efforts by APE proponents to push for an increase, they have been stymied by adverse market conditions. There’s a prevailing belief among experts that the ongoing bearish trend in the market could continue to negatively impact ApeCoin, potentially leading its price to plummet to $1. Investor Exodus Fuels ApeCoin’s Woes In tandem with the persistent decline in ApeCoin’s value, a separate report underscores the alarming exodus of investors, particularly those with significant holdings, colloquially known as whales. Faced with a lack of profit opportunities within the APE ecosystem, these whales have sought more promising investment avenues elsewhere. This mass departure has undoubtedly contributed to the accelerated downward spiral of ApeCoin. Consequently, as the coin grapples with mounting challenges, questions are raised about its near-term viability. ApeCoin’s journey in recent times has been characterized by a tug-of-war between uncertain on-chain metrics and the unmistakable dominance of bearish price charts. While the crypto community holds onto hope for potential rallies in the future, APE’s immediate prospects remain under intense scrutiny. As the market eagerly watches, the fate of ApeCoin hangs in the balance, teetering between revival and irrelevance. (This site’s content should not be construed as investment advice. Investing involves risk. When you invest, your capital is subject to risk). Featured image from iStock

App users may trade in their boarding passes for NFT trading cards simply by scanning. Travelers may earn NFTs from their airline trips and redeem them for several perks. One of Europe’s leading airline companies, Lufthansa, has created a new loyalty program on the Polygon Network that uses NFTs. Travelers may earn NFTs from their airline trips and redeem them for perks like free flights or access to a business class lounge. Lufthansa’s digital innovation branch, Lufthansa Innovation Hub, and the airline’s frequent flyer program, Miles & More, collaborated on the Uptrip smartphone application, which was introduced on August 31. According to the release, app users may trade in their boarding passes for NFT trading cards simply by scanning. To mint and transfer Uptrip NFTs, users must link their cryptocurrency wallets inside the app. Passengers may earn perks like upgrades, airport lounge access, or award miles by completing certain NFT collections. Banking on Web3 Lufthansa Innovation Hub executive Kristian Weymar stated that the Web3 is in its infancy since people are interested yet wary. Weymar emphasized that the goal of the initiative is to provide consumers with easier access to Web3. The director of program development at Miles & More, Christopher Siegloch, says that Uptrip has received a lot of attention. Over 20,000 people have signed up, and 200,000 NFT trading cards have been minted, according to the claims. Lufthansa has shown interest in adopting Web3 technology for internal use this year. Meanwhile, other airlines have begun making statements about their plans to adopt Web3. Emirates, the biggest airline in the United Arab Emirates, has also said it would begin accepting Bitcoin payments and launching NFTs earlier in 2022. Highlighted Crypto News Today: CYBER Surges Over 20% in 24H, A Rising Star?

After a long stretch of only offering Polygon (MATIC) in its Web3 wallet, Robinhood shocks the crypto space with its announcement that it is adding two prominent cryptocurrencies, Bitcoin and Dogecoin, into its wallet offerings. Dogecoin And Bitcoin Now Available On Robinhood Wallet California-based financial services company Robinhood has announced its new listing of Dogecoin and Bitcoin in its self-custodial Web3 wallet, Robinhood Wallet. The press release comes as a thrilling surprise for cryptocurrency investors, as users can now have access to BTC and DOGE tokens through their Robinhood wallets. Responding to its users’ pleas, Robinhood Wallet revealed that it was adding Bitcoin and Dogecoin blockchains, which means it now supports a total of six blockchain networks, including Polygon, Optimism, Ethereum, and Arbitrium. The financial services firm has also launched a Web3 Browser which will allow its users to link their wallets directly to decentralized applications (dApps). Christine Brown, Robinhood’s Head of Crypto spoke enthusiastically on the newly added tokens in the Robinhood Wallet. She stated that the two tokens were one of the most prominent cryptocurrencies in the space and the financial services firm looks forward to its users to benefit from trading and investing in the newly listed cryptocurrencies. “We’re excited to add Bitcoin and Dogecoin to Robinhood Wallet. These are two of the most popular cryptocurrencies in the world, and we’re glad to give our users the ability to store, send, and receive them,” Brown stated. Robinhood Crypto GM, Johann Kerbat also welcomed the new addition to the Robinhood wallet. He stated that the Robinhood wallet aims to facilitate adoption and reduce the challenges faced by the DeFi ecosystem. He explained that Robinhood will continue to satisfy its user’s needs as it advances and improves its platform with more unique features. “With Robinhood Wallet, we stripped away many of the complexities of DeFi and the broader Web3 ecosystem, and reduced some of the challenges and barriers to entry for everyday people,” Kerbat said. He added, “We’ve been really encouraged by the adoption so far, and are excited to keep building for our customers around the world as we ship new features and expand support for new networks and tokens.” Robinhood Wallet Adoption Poised For Increase Following In-App Ethereum Swap Feature Earlier in 2022, Robinhood launched a beta version of its crypto wallet and the demand for the wallet was staggering, with over 2 million users on the waitlist. Currently, the Robinhood Wallet boasts hundreds of thousands of users based in more than 120 countries around the globe. The Robinhood Wallet will be offering in-app swaps on Ethereum for selected users, allowing them to trade their ETH for over 200 different ERC-20 tokens available on the platform. The wallet is currently available for all users in the United States. In a blog post, Robinhood described the new Ethereum swapping feature now available on its Robinhood Wallet, saying: “Unlike other wallets, users can swap without holding Ethereum, and network fees are automatically deducted from the tokens they already hold, making it easier for everyone to get started and use DeFi.” The Robinhood Wallet is available for iOS users to trade and swap cryptocurrencies. The financial services company also previously listed USDC, its first stablecoin, in its portfolio, potentially closing the gap with the stablecoin’s major competitor, USDT.

A prominent cryptocurrency analyst, Bluntz, has expressed skepticism about the recent uptrend that increased Bitcoin and Ethereum prices by more than 5%. The pseudonymous analyst told his over 224,000 Twitter followers that the flagship crypto assets may face more downturns. Applying the Elliott Wave theory in his analysis, Bluntz predicted that Ethereum is about to complete a five-wave pattern. According to him, Ethereum will decline to $1,450 on completing the wave pattern marked 1, 2, 3, 4, and 5. Bitcoin And Ether Could Face More Downturn Before A Bounce In Bluntz’s technical analysis, the five-wave chart pattern exists within a larger three-wave pattern marked A, B, and C. And this three-wave pattern is also on a downtrend. He noted that ETH and BTC must complete this wave pattern before a bullish upturn. However, while this analysis projects a bearish trend for ETH and BTC, Bluntz believes there is potential for a bullish breakout. He said the theory becomes invalid if ETH breaks above $1,804 or Bitcoin surpasses the $28,770 price level. Bluntz noted: Bears Intent On More Downturns For ETH And BTC; Any Hope For A Rebound? Meanwhile, Bitcoin and Ethereum are exhibiting a slightly bearish outlook at press time. Bitcoin trades at $27,211, with a nearly 1% decline, while Ethereum price is down by 0.89%, at $1,704. Bitcoin had also been under bearish pressure over the past seven days after slipping off the $29,000 support level on August 16. As the bears pressed on, the flagship cryptocurrency traded within the $26,000 price level, occasionally regressing to $25,900. The downturn was in tune with the bearish sentiment in the cryptocurrency market over the past few days. However, on August 29, the news of the court ruling in favor of Grayscale Investment in its case against the US SEC broke out. This news generated a buzz in the crypto market, leading to an uptick in market capitalization. As a result, Bitcoin recorded a sharp spike that returned its value to the $28,000 price mark. At the time, BTC’s price surged 8%, climbing from a week low of $25,860 to a high of $28,010. But the bulls couldn’t sustain the momentum as Bitcoin quickly regressed, dipping to $27,394. Bitcoin now consolidates around the $27,000 price zone, awaiting a bullish turn to trigger a rally. Ethereum Market Outlook Ethereum also met a similar fate as Bitcoin, exhibiting the same chart pattern and price movement in the last week. The second-largest cryptocurrency by market cap remained on a bearish trend in line with the broader crypto market. Ether’s price slipped off the $1,800 support on August 17, accompanied by a prolonged bearish momentum that pushed it to $1,600. Just like Bitcoin, Ethereum reacted to the brief market recovery, pushing above $1,740 on August 29. While ETH’s rally has relapsed, it maintains a price level above $1,700, holding over 2% of its past week’s gains. However, ETH’s latest strides suggest the bulls are up for a recovery.

Bitcoin eyes $30k as the next key level based on on-chain data showing underwater holders between current prices and $30k. These underwater clusters could drive volatility both ways – selling if bearish but upside if bull momentum builds. IntoTheBlock data shows $30k is the critical make-or-break level to watch for Bitcoin’s next major move. Bitcoin has regained the spotlight following a legal victory by Grayscale this week. And now, $30,000 emerges as the next key milestone, according to on-chain analytics by IntoTheBlock. Approximately 6.2 million Bitcoin addresses acquired coins between the current price and $30k. This represents around 2.6 million BTC worth of ‘underwater’ holders who are still at a loss on their positions. These clusters of holders waiting to break even are significant levels that could fuel price moves in either direction. Bitcoin depicts two-way breakout potential On one hand, bearish sentiment could trigger a rush of underwater holders to dump coins and try to recoup losses, adding momentum to the downside. On the other hand, strong enough bullish catalysts could see Bitcoin blast through these underwater walls without issue on the way to higher highs. An ETF approval is one potential accelerant cited. The on-chain data highlights the precarious balance Bitcoin finds itself in currently. Though the bulls are still building momentum, the next major test will come as they attempt to break above the $30k resistance zone. Bitcoin has seen a steady grind higher since its June lows but still remains nearly 50% below its all-time high. The clusters of holders in loss could slow down and temper any parabolic rise. However, the Grayscale ETF ruling does appear to have improved sentiment around Bitcoin’s outlook. If bullish momentum builds, BTC could swiftly leave the ‘bubbles’ of underwater holders behind as it reaches toward $30k and beyond. Time will tell whether bearish or bullish forces exert themselves as Bitcoin makes its next move. But on-chain insights highlight the $30k level as the critical battleground to watch. A decisive breakout above could signal a new bull market is underway.

Disgraced FTX Founder Sam Bankman-Fried’s (SBF) trial is set to begin on October 3. However, a recent development suggests that his trial date could be pushed back. Judge Kaplan Could Delay FTX Founder Trial Date According to a Reuters report, Judge Lewis Kaplan, the judge in charge of SBF’s case, said he could consider delaying the trial slated for October 3 to give SBF and his lawyers more time to review discovery documents and prepare their defense. Judge Kaplan told SBF’s lawyers they could ask for a postponement if they needed more time. However, he clarified that there is no guarantee that he would grant it as the defendant must prove there is “a need” to postpone the trial date. To prove this, they must go beyond just stating the number of discovery materials they need to review. According to the Judge, there has to be “more meat on those bones.” A virtual hearing had taken place on August 30 to rule on the pending requests by the FTX founder’s lawyers. They had earlier asked that the government be precluded from using certain documents as evidence when the trial commences. The defense counsel had alleged the government had produced “an additional 4 million pages of discovery” on August 24, which they believe their client won’t be able to finish reviewing before his trial begins. However, the judge denied this request, noting that the government had clarified that they would obtain information continuously. Interestingly, before his bail was revoked, SBF had access to the Google documents, which form part of the documents the defense asks to be precluded as evidence. The judge stated that the defense’s alleged “deluge of documents” was “seriously exaggerated.” SBF and his lawyers will have to file a motion by the end of this week if they intend to ask for a postponement. The Judge also suggested that any postponement would likely move the trial date to March 11, 2024, subject to approval by the Bahamas government. Lawyers Ask For Temporary Release For Sam Bankman-Fried During the hearing, SBF’s lawyers asked for a temporary release for their client, stating that they had no faith in the provisions the government had made for SBF. Meanwhile, the prosecutors argued that they had made enough provisions for SBF as he had 70 hours a week to do discovery. Furthermore, his lawyers were allowed to visit him seven days a week, and they provided him with a laptop that he could use every day from about 8 AM to 7 PM Judge Kaplan stated he wasn’t going to rule on the defendant’s application just yet and asked for a joint report to be presented to him by September 5 as to the “exact situation” at the Brooklyn Metropolitan Detention Center (MDC) where SBF is being held.

XRP has been one of the most controversial cryptocurrencies since its creation by Ripple Labs in 2012. Its close ties to traditional finance have alienated parts of the crypto community. However, it retains a loyal following for its fast and cheap transactions. This XRP price prediction guide examines the coin’s outlook using technical analysis methods. What is XRP? XRP is a cryptocurrency created by the Ripple payment network to facilitate fast cross-border payments. Ripple Labs founders Arthur Britto, David Schwartz, and Chris Larsen designed it to overcome Bitcoin’s scalability issues while enabling seamless transfers between different currencies. Some key features of XRP include: Speed Settlement of XRP transactions takes 3-5 seconds, far faster than Bitcoin’s 10+ minutes. Low cost XRP transaction fees are a fraction of a penny, making it affordable for micropayments. Fixed supply The total supply of 100 billion XRP was created at launch, unlike Bitcoin’s limited issuance schedule. Bank partnerships Ripple has partnered with over 300 banks and financial institutions to use XRP for settlement. Controversies XRP has been mired in controversy regarding everything from centralization to securities classification. XRP is designed for use by financial institutions, though it trades publicly on exchanges. Its adoption rate will likely depend significantly on the outcome of Ripple’s ongoing SEC lawsuit. Factors Influencing XRP Price Numerous factors impact XRP prices, leading to high volatility: Ripple Company Developments and XRP Regulatory Status Ripple’s partnerships, service offerings, and legal issues have significant ramifications for XRP’s price action. For example, the SEC deeming XRP kept the asset from making new all-time highs during the 2020 and 2021 bull market in crypto. Now that Ripple has won the case against the SEC and a US judge deeming XRP not a security, new all-time highs could arrive during the next bullish cycle. Cryptocurrency Market Trends Like most altcoins, XRP’s price tends to follow Bitcoin’s price movements overall. When Bitcoin rises or falls sharply, so does XRP. Bitcoin itself has been struggling recently due to the US Federal Reserve raising interest rates. Mainstream Adoption XRP gaining transactional adoption from banks and payment providers would establish real-world utility and boost prices. But it faces stiff competition from private blockchains. Decentralization Efforts Lessening Ripple Lab’s control over XRP supply and the ledger through further decentralization could enhance XRP’s appeal and value to the crypto community. Burn Rate Ripple periodically burns XRP supply to manage circulation. Higher burn rates decrease available XRP which can positively impact prices. XRP Price History XRP’s price history has been defined by major announcements, partnerships, and controversies. 2012-2014: The Early Years XRP traded for a fraction of a penny initially. Prices remained relatively flat between $0.002 to $0.02 till 2017 as Ripple focused on building partnerships rather than exchanges. 2017: Crypto Bubble Peak As crypto mania peaked in late 2017, XRP saw massive speculative gains, rising from $0.006 in April to an all-time high of $3.84 in January 2018 – an incredible 63,000% return within 9 months! However, this meteoric rise was fueled by hype rather than fundamentals. XRP came crashing down as Bitcoin collapsed, declining over 90% within a year after the peak. 2018-2020: Building Products Between 2018-2020, XRP stayed afloat better than most altcoins, trading between $0.20 to $0.60 as Ripple doubled down on establishing real-world utility. Major developments included: Ripple launched On-Demand Liquidity (ODL) allowing financial institutions to use XRP for instant cross-border payments. Over 300 banks signed up for RippleNet to connect payment channels globally. Remittance firms including MoneyGram began using ODL for transferring funds. This suggested future adoption could be driven by Ripple’s offerings. 2021 – 2022: Legal Woes and a Bear Market Emerge After starting 2021 strongly with XRP exceeding $1 again thanks to crypto resurgence, Ripple was hit by an SEC lawsuit in December 2020 alleging XRP was an unregistered security. Many exchanges delisted XRP while its price collapsed due to negative sentiment. XRP failed to set a new all-time high while Bitcoin, Ethereum, Dogecoin, and several others as a result. Each of these other cryptocurrencies set a peak during this time, entering a bearish market in 2022. This lowered the chances of XRP making a recovery during the year. Recent XRP Price Action 2023 has been a difficult year for most cryptocurrencies, which are only starting to recover from the prolonged crypto winter. XRP, however, has outperformed most cryptocurrencies this year thanks to Ripple winning its legal battle with the SEC. A US court judge ruled that XRP is not a security when sold to retail investors. This caused several exchanges to relist the asset, and prices spiked from under $0.50 to $1 in 48 hours after the decision. The SEC plans to appeal the decision, which prompted a full retrace of the rally. Now what’s next for XRP price? Short-Term XRP Price Prediction for 2023 With XRP fully retracing the SEC court case ruling rally, sentiment is back to scared across the crypto market. Combined with other altcoins setting new lows, investors are fearful that the bear market might return. XRP, however, could be performing a throwback retest of ascending triangle resistance turned support, which is common in financial markets. If support holds, price could ultimately approach over $1 in the next attempt. Meanwhile, if price were to fall back through the bottom of the ascending triangle pattern, it would indicate failure and lead to a retest of bear market lows. Medium Term XRP Price Prediction for 2024 – 2025 If XRP can continue with its bullish market, then 2024 and 2025 could see the final move in the first major bull market sequence. Elliott Wave Principle believes that bull markets move in what’s called a motive wave, which is a five-wave upward sequence, where odd numbered moves are in the direction of the primary trend, while even numbered moves move against the trend. Corrections are typically labeled as ABC, unless the correction is a triangle, in which it is labeled ABCD and E. More complex corrections can evolve over time. Triangles represent the consolidation before the final thrust in a sequence. Price projections put XRP above $10, between $14, and $17 depending on momentum and supporting environment. Long-Term XRP Price Prediction for 2030 XRP’s long term forecast is a lot more difficult to predict using traditional technical analysis techniques. In this case, we’ve chosen to draw a price mean through years of price action in an attempt to project a linear trend line. Peaks and troughs would occur above and below the mean, providing the potential for mean reversion trades. The trajectory puts XRP upwards of $20 per coin in the future if the mean line is accurate. XRP Price Prediction FAQs Let’s look at some commonly asked questions regarding XRP price forecasts: What was XRP’s lowest price? During its initial couple years after launch, XRP hit lows between $0.002 to $0.005. Its recent low was $0.24 in July 2022. What was XRP’s highest price? XRP’s all-time high was $3.84 reached in January 2018 during the crypto bubble. It also briefly exceeded $3.60 in the same time frame. How high can XRP realistically go? Based on its fundamentals and adoption risks, a realistic best-case high for XRP by 2025-2030 is likely in the $10 to $20 range if it gains widespread utility. Reaching triple digits appears very unlikely. Can XRP’s price crash to zero? If Ripple suffered an existential threat, XRP could potentially crash below $0.01. But delisting risks have reduced after a US court deemed XRP not a security, making a complete collapse improbable without a catastrophic event. Why is XRP price volatile? As a cryptocurrency exposed to speculative trading, XRP experiences high volatility from hype cycles and shifts in investor confidence amplified by its low liquidity relative to larger cryptos. When will XRP’s price stabilize? XRP volatility should stabilize and gravitate closer to currency-like fluctuations once it establishes a reliable demand baseline among commercial users and institutions. But this remains dependent on Ripple’s success.

Data shows that Bitcoin investors may be close to embracing greed as market sentiment has surged into neutral territory. Bitcoin Fear & Greed Index Points At Neutral Trader Sentiment The “Fear & Greed Index” is an indicator that tells us about the general sentiment among the investors in the Bitcoin and wider cryptocurrency sector. According to the index’s creator, Alternative, the metric takes into account multiple factors for calculating this sentiment. The five factors it currently uses in the indicator’s value are namely: volatility, trading volume, social media sentiment, market cap dominance, and Google Trends data. Earlier, the index also made use of surveys, but for now, they are on pause. To represent the market sentiment, the fear and greed index uses a numeric scale that runs from 0-100. All values above the 54 mark suggest greed among the traders, while values below 46 imply fear. The in-between region means the presence of a neutral mentality. Besides these three basic sentiments, there are also two extreme sentiments, called “extreme fear” (taking place below 25) and “extreme greed” (occurring above 75). Historically, these two regions have been quite significant for Bitcoin, as cyclical bottoms and tops have usually formed in the respective zones. Now, here is what the Fear & Greed Index looks like for the market right now: According to the index, the investors as a whole are sharing a neutral sentiment, meaning that they aren’t leaning one way or the other. Although, at the current 52 value, the metric is certainly closer to the greed territory than the fear one. Earlier in the month, when BTC witnessed a crash from the $29,000 level to below the $26,000 mark, the sentiment in the market naturally plummeted. Investors had become fearful and had remained so for the duration that the asset consolidated around these lows. After the rally spurred by Grayscale’s lawsuit victory, though, the sentiment rapidly registered an improvement and surged toward the current neutral values. The below chart represents how the Fear & Greed Index’s value has changed recently: While the sentiment in the market has seen a rapid improvement with the latest rally, the investors haven’t quite yet made up their minds if they want to give in to greed or not. It’s possible that more positive price action would need to happen before the investors are able to fully embrace the bullish momentum. Nevertheless, a break into the greed territory would naturally be a green signal for any surge’s sustainability, as it would mean that the majority of the investors are ready to support the move. BTC Price After observing a pullback since the rally high, Bitcoin is currently trading around the $27,200 level, with investors still enjoying profits of about 3% over the past week.

In a new development in the ongoing case between crypto exchange Binance.US and the Security and Exchange Commission (SEC), the Court has approved Binance’s request for a new attorney. Following approval from Judge Amy Jackson, attorney Andrew Rhys Davies can now appear in court for Binance.US. Approval From US Judge According to a previous filing, attorney Andrew Rhys Davies had initially filed to represent Binance pro hac vice in the lawsuit. However, the federal judge had asked Davies to file a notice of appearance. In the latest filing details on August 30, Davies filed a notice of appearance for BAM Management US Holdings and BAM Trading Services – the company behind Binance.US. Granting the motion would mean Davies can now represent Binance in court pro hac vice, as the attorney is not licensed to practice in the jurisdiction. The pro hac vice is usually applied when an attorney who has not been admitted to practice in a certain jurisdiction can participate in a particular case in the jurisdiction. Davies’ addition to Binance’s legal team comes with years of experience in cross-border cases involving securities, banking, and financial regulation. “MINUTE ORDER granting 99 Motion for Leave of Andrew Rhys Davies to Appear Pro Hac Vice only upon condition that the lawyer admitted, or at least one member of the lawyer’s firm, undergo CM/ECF training, obtain a CM/ECF username and password, and agree to file papers electronically,” the court approval document read. Details Of The SEC – Binance.US Lawsuit The ongoing lawsuit between crypto exchange Binance and the SEC has dragged on for a while, with both parties filing different motions. In its latest move, the SEC filed a motion for leave to file documents under seal in the ongoing case. According to law experts, this could imply that the filing was made to protect details of a criminal investigation into Binance. Additionally, it could have also been filed to protect the safety or identity of a witness or company involved in the case. Binance also previously filed a protective order motion against the SEC. Details of the court filing show that the exchange wanted relief from the regulators’ “fishing expedition” and requests for communications that have become “overboard.” However, Federal Judge Amy Jackson has since passed on the protective order motion to Magistrate Judge Faruqui. The crypto industry is closely watching how the SEC vs. Binance case unfolds as the outcome could set a precedent for how the regulator approaches the entire crypto industry.

Binance users need to convert their BUSD to other available crypto assets. Users can manually convert their BUSD to FDUSD in a 1:1 ratio. Binance, the world’s largest crypto exchange, has released an announcement stating that users should convert their Binance USD (BUSD) into other cryptocurrencies, including the newly listed stablecoins, before February 2024. This announcement comes after Paxos halted the minting of the new BUSD. On August 31, the crypto exchange shared that it would remove support for the stablecoin BUSD. Users need to convert their BUSD to other available crypto assets. However, the crypto exchange will continue to support multiple stablecoins and digital assets on its platform. Paxos Halted Minting Binance USD On February 13, 2023, the stablecoin issuer Paxos announced that it would stop minting new BUSD tokens. This news comes after the legal action thread from the U.S. Securities and Exchange Commission for selling BUSD as an unregistered security. Following that, Paxos ended its relationship with Binance for BUSD. According to the Binance statement, BUSD will always be backed by 1:1 USD. Moreover, users have to convert their BUSD before February 2024. The crypto exchange is delisting the BUSD as a loanable asset on September 6 and will cease the withdrawals of Binance-pegged BUSD tokens via the BNB chain, Avalanche, Polygon, and Tron on September 7. The deposits can be supported until further notice. In this statement, the crypto exchange also mentioned that the crypto exchange encourages users to convert their BUSD balance for First Digital USD (FDUSD), which had its first listing on the crypto exchange. Moreover, users can manually convert their BUSD to FDUSD in a 1:1 ratio using Binance Convert until further notice. It was also mentioned that the 1:1 conversion rate is only applicable for BUSD to FDUSD.

Maker (MKR) has climbed over 11% in the last 24 hours. The price movements of Maker reveal a consolidating pattern with bullish control. While August is concluding, the altcoin market has witnessed a remarkable surge in Maker (MKR), the governance token of the decentralized finance (DeFi) giant MakerDAO. Amidst an array of price fluctuations across the global cryptocurrency market, Maker stands out with an impressive 11% gain, reaching a value of $1,155. This ascent comes at a time when the market leader, Bitcoin, struggles in the red. Notably, Maker’s trading volume has skyrocketed by 40.62% within a single day, showcasing the heightened interest in this altcoin. Over the past week, Maker has demonstrated its performance with a 6% increase in value. Maker (MKR) Technical Analysis On August 1st, the token surged to a one-year high price, solidifying its position as a leading player in the global crypto market, and recorded $1,342. Following that, MKR traded in the $1200 to $1000 range. However, Maker’s recent price movements uncover a consolidating pattern, with bullish forces seemingly in control. The daily Relative Strength Index (RSI) hovers around the inflection point of neutral territory, marking a value of 55.53. Maker (MKR) Price Chart (Source: TradingView) A promising scenario unfolds if Maker’s price continues its upward trajectory in a flag formation, potentially crossing above both the 50-day and 200-day moving averages. In the daily trading pattern, it becomes evident that MKR’s price could scale the heights of the $1,200 resistance level before observe any downward retracement. This upward momentum could then propel the bulls towards their next goal—the $1,350 resistance. If bearish momentum takes control, the price of MKR could experience a decline towards support levels. The initial support sits at $1,044, followed by a potential dip further down to $826.

ALPHARETTA, Ga.–(BUSINESS WIRE)–Bakkt Holdings, Inc. (NYSE: BKKT) announced today that it will participate in three upcoming investor forums in September. Management will attend: 3rd Annual Needham Virtual Crypto Conference on September 7, 2023. Chief Executive Officer, Gavin Michael, will participate in a presentation beginning at 10:40 AM ET. Management will also be hosting one-on-one investor meetings. H.C. Wainwright 25th Annual Global Investment Conference on September 11, 2023. CEO, Gavin Michael, will participate in a presentation. Management will also be hosting one-on-one investor meetings. Rosenblatt 16th Annual Global Exchange Leader Conference on September 21, 2023. CEO, Gavin Michael, will participate in a panel discussion. Management will also be hosting one-on-one investor meetings. Interested parties can listen to any available live audio webcast presentations from the investor relations section of the company’s website at www.bakkt.com. A replay will also be available after the events. About Bakkt Founded in 2018, Bakkt builds solutions that enable our clients to grow with the crypto economy. Through institutional-grade custody, trading, and onramp capabilities, our clients leverage technology that’s built for sustainable, long-term involvement in crypto. Bakkt is headquartered in Alpharetta, GA. For more information, visit: https://www.bakkt.com/ | X (Formerly Twitter) @Bakkt | LinkedIn https://www.linkedin.com/company/bakkt/. Bakkt-C Contacts Investor Relations Ann DeVries, Head of Investor Relations [email protected] Media [email protected]

CYBER trading volume is down 27% in 24H. Bullish trend indicated by EMA, RSI at 71, facing $9.326 resistance. Launched on August 15th, the new cryptocurrency, CyberConnect, is causing a stir with its remarkable surge. Although all coins received a boost from the Grayscale Bitcoin Trust (GBTC) victory over the SEC, they eventually retracted back into the red zone on the chart. However, CYBER, which surged from $3.5937 to $8.0475, is defying this trend and continues to ride high as it kick-starts its bullish rally. As of now, its price stands at $8.48, reflecting a 19% surge over the past 24 hours. According to CoinMarketCap, it has taken the top spot in the trending chart due to its performance. The platform offers developers the opportunity to create social tools that prioritize user ownership of digital identities, content, and interactions. Notably, it reached a peak of $18 on August 15th, only to drop to $1.81 on the same day. Amid this volatile start, the currency still needs to establish trust among investors. The trading volume has dipped by 27%, currently resting at $462 billion, while the market capitalization is surging by 17.19%, reaching $94 billion. The circulating supply stands at 11.08%, with 11 billion CYBER tokens in circulation. Will CYBER Continue its Bullish Momentum? An analysis of CYBER’s recent price movements reveals an ongoing bullish trend on the daily chart. The short-term 9-day exponential moving average (EMA) at $6.047 signals the prevailing bullish sentiment. The Relative Strength Index (RSI) hovers at 71, suggesting that the asset is overbought. CYBER 1D Price Chart, Source: CoinMarketCap Analysts indicate that CYBER currently encounters resistance at $9.326, while finding support around $7.99. It’s worth noting that the current levels lack significant volume, making the sustainability of the rally challenging.

Shiba Inu (SHIB) enthusiasts are keeping a watchful eye on the coin’s price movements as it inches closer to a crucial juncture in the last day of August. The latest indications from the market suggest that a potential breakout opportunity might be on the horizon, hinting at an imminent directional shift. The ongoing consolidation phase is taking the form of a symmetrical triangle pattern. This pattern, marked by two converging trendlines, signifies a period of uncertainty in the market, often followed by a notable price movement. On August 29, a notable surge in Bitcoin’s price set off a chain reaction across the crypto market, prompting a 2.8% jump in Shiba Inu’s value. This push aimed to break the coin free from its protracted consolidation phase. However, the rally faced resistance near the $0.00000845 mark, forcing the meme coin back into the confines of the triangle pattern. As of the latest data, the SHIB price stands at $0.00000816, with a 1.0% decline in the past 24 hours and a 2.0% loss over the past seven days. Shiba Inu Triangle Pattern Unveiled The triangular pattern taking shape on the charts is a recurring technical formation in the world of trading. It signals a period of indecision among investors as the price fluctuates within the converging trendlines. This phase is often followed by a breakout, where the price ventures beyond one of the trendlines with significant momentum, indicating the potential for a new trend to emerge. Amidst the price contemplation, Shiba Inu enthusiasts have found reason to rejoice with the relaunch of Shibarium, the Layer 2 blockchain associated with the SHIB ecosystem. Within days of its official reactivation, Shibarium is already making great strides, sparking enthusiasm within both the SHIB community and generating anticipation for a potential surge in SHIB’s value. In a tweet, Lucie, a prominent figure within the Shiba Inu team, predicts that Shibarium’s impact will become evident over the next eight to 12 months. Shedding light on the details, Lucie emphasizes how Shibarium’s functionalities will aid in reducing the circulation of SHIB tokens. Anticipating The Meme Coin’s Next Move As SHIB clings to the edge of the symmetrical triangle, traders and enthusiasts alike are bracing for the impending breakout. The crypto community’s gaze is fixed on the emerging trendlines, waiting to witness whether the price momentum will gather enough strength and hit $0.00001. (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 Rumble via Yahoo!

Shibarium has only been live for a few days but is already showing early signs of success. The Ethereum layer-2 scaling solution, which hopes to provide lower gas fees and faster transaction times for the Shiba Inu community, has seen some impressive growth numbers in terms of Total Value Locked (TVL). TVL Crosses $1.4 Million Since Shibarium launched its mainnet, the total value deposited in the network has skyrocketed. The TVL recently crossed $1.4 million, indicating strong interest in the new chain. Data from DeFi TVL aggregator DeFiLlama shows that the total TVL in Shibarium has grown to $1.42 million in the past two days. While this amount is small when compared to the total DeFi TVL of $38.731 billion, the rapid growth demonstrates the potential that Shibarium possesses. A look through DeFiLlama shows that Shibarium currently has seven protocols. The DEX DogSwap with a TVL of $794,582 accounts for most of the total TVL. Other protocols on the chain are MARSWAP, Woof Finance, WoofSwap, Shibex, LeetSwap, BoneDex, and yield farm ChocoInu. Shibarium’s growth piggybacks on the vast community Shiba Inu has gathered in the past few years. But the network did witness some hiccups before its launch, as PeckShield reported that a total of $1.7 million was stuck on the bridge. Just hours after its launch, the network witnessed a flurry of user traffic, causing it to be temporarily shut down. However, this has been resolved as Shibarium developer Kaal Dhairya explained this was a fail-safe to ensure the safety of the funds. As of the time of writing, block explorer Shibariumscan shows that there have been a total of 599,554 transactions from 444,134 wallets averaging a daily transaction count of 68,402. Will Shibarium Translate To A Higher Price For SHIB? SHIB’s price has always reacted positively to Shibarium developments. Prior to its launch, the Shiba Inu ecosystem witnessed massive withdrawals from exchanges as many investors opted for self-custody in hopes of what the Shibarium launch might bring. SHIB also saw a jump in price after lead developer Shytoshi Kusama teased Shibarium’s launch on a social media post. It would appear, however, that the launch of Shibarium hasn’t really translated into a price spike for SHIB. At the time of writing, the token is trading at $0.000008178 and is down by 1.28% and 1.73% in the past 24 hours and seven days respectively. With the recent slump in crypto markets, Shibarium’s early success is a bright spot. This early success of Shibarium could potentially boost the price of Shiba Inu. As investors see the rapid growth in total value locked (TVL) on Shibarium, interest in the supporting SHIB token may increase.