Category: NewsBTC

NewsBTC: Bitcoin Funding Rates At 6-Month High, Long Squeeze Alert?

On-chain data shows the Bitcoin funding rates have now hit a 6-month high, something that could lead to a long squeeze in the market. Bitcoin Funding Rates Currently Have A Highly Positive Value As pointed out by an analyst in a CryptoQuant post, BTC funding rates have surged up to the highest for the last six months. The “funding rate” is an indicator that measures the periodic fee that traders in the Bitcoin futures market have to pay each other. When the value of this metric is greater than zero, it means long traders are paying shorts to hold onto...

NewsBTC: Users Flee FTX? Exchange Sees 47% Drop In On-Chain Balance

The crypto industry is witnessing a new war between exchange giants FTX, led by Sam Bankman-Fried, and Binance-led Changpeng “CZ” Zhao. Over the past week, rumors emerged about the former exchange becoming insolvent and holding an illiquid balance sheet.  Related Reading: Tron Transaction Volume Balloons To 5.3 Million In Q3, But There’s Still Doubts Ahead The Binance CEO seems to be fulling speculations. During the weekend, CZ expressed concerns about “recent revelations” around FTX. In 2021, Binance invested FTX and received around $2 billion in BUSD, and the Bankman-Fried supported token FTT.  Now, Binance will sell its FTT tokens and...

NewsBTC: Solana Plunges 12% – Is FTX Selling Its SOL To Defend FTT?

Amidst the turmoil surrounding crypto exchange FTX, there is currently one big loser, Solana (SOL). While the FTT token is at the center of discussions for many market observers after Binance CEO Changpeng Zhao announced to sell all FTT tokens, SOL is seeing a massive -12% drop in price over the last 24 hours. Even the FTT token is currently posting a loss of just under -3%. So what is driving the SOL sell-off ? Just a few days ago, SOL experienced a massive price spike after Google announced the launch of a Solana validator. Related Reading: Solana: A Quick...

NewsBTC: Tron Transaction Volume Balloons To 5.3 Million In Q3, But There’s Still Doubts Ahead

Once a week, the official Tron Twitter account would tweet out an update for the world to see. The events of the past week, the post claims, have provided Tron with new possibilities. Also during the quarter, Messari published their own report on Tron’s performance. As more data on the token’s side are investigated, the research claims that the future of the protocol is bright, but that mixed signals are spreading doubt to fans and investors. This can be worrisome since low confidence can lead to a sell-off, which can further drive the token’s price down. Even while there is...

NewsBTC: Bitcoin (BTC) Looks Strong Above $20,500; Here Is The Key Level To Watch

 BTC’s price needs to stay above $20,500 for the price to have a chance to rally high to a region of $22,500.  BTC’s price continues to trend, creating a more bullish bias as the price aim for $22,500, where the price could face resistance.  BTC’s price remains strong, holding key support on the daily timeframes as the price trades above the 50 Exponential Moving Average (EMA). The crypto market had a good run in the previous week as the price of Bitcoin (BTC) surpassed the expectations of many holding out for the price to continue in its downtrend as many...

NewsBTC: These Events Will Be Key For Bitcoin And Crypto This Week

The Bitcoin and crypto market is kicking off what could be an extremely important week. While the market is currently overwhelmed by the news surrounding the battle between Binance CEO Changpeng Zhao (“CZ”) and FTX CEO Sam Bankman-Fried (“SBF”), the midterm elections and the release of the CPI data in the US are two major events that could be of crucial importance for the market. As Bitcoinist reports, CZ had announced on Sunday that Binance will sell all of its FTT tokens after a report surfaced that FTX’s books are in trouble. Even though FTX and Alameda have denied the...

NewsBTC: MATIC Price Prediction: Why Rally Isn’t Over Yet

MATIC price started a major increase from the $0.840 support zone. Polygon buyers pumped the price above $1.20 and there could be more upsides. MATIC price rallied above the $1.00 and $1.20 resistance levels against the US dollar. The price is trading well above $1.00 and the 100 simple moving average (4-hours). There is a key contracting triangle forming with resistance at $1.22 on the 4-hours chart of the MATIC/USD pair (data source from Kraken). The pair could continue to rise and might soon revisit the $1.50 resistance zone. Polygon’s MATIC Price Rallies Steadily After forming a base above the...

NewsBTC: Ethereum Price Plunges to $1,550: Can Bulls Save the Day?

Ethereum started a downside correction from the $1,675 high against the US Dollar. ETH must stay above the $1,550 support to start a fresh increase. Ethereum climbed higher above $1,650 before it started a downside correction. The price is now trading below $1,600 and the 100 hourly simple moving average. There is a key bearish trend line forming with resistance near $1,605 on the hourly chart of ETH/USD (data feed via Kraken). The pair could rise steadily if it clears the $1,600 and $1,615 resistance levels. Ethereum Price Corrects Lower Ethereum remained well bid above the $1,550 support zone. ETH...

NewsBTC: Bitcoin Price Starts Constructive Correction, Why BTC Could Drop Further

Bitcoin price traded to a new monthly high at $21,469 before it started a downside correction. BTC could drop towards $20,600 before it starts a fresh increase. Bitcoin gained pace above the $21,000 resistance zone before it faced sellers. The price is trading above $20,500 and the 100 hourly simple moving average. There is a key bearish trend line forming with resistance near $21,150 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair could a fresh increase if it clears the $21,150 and $21,400 resistance levels. Bitcoin Price Corrects Lower Bitcoin price remained well bid...

NewsBTC: CZ Binance Hints At Rising Taxation Being Detrimental To Indian Crypto Industry

The Indian government has maintained a bullish stance on its income tax on crypto assets. The government demonstrated this with the proposal of a Cryptocurrency and Regulation of the Official Digital Currency Bill in 2021. However, cryptocurrencies and NFTs are currently not regulated in India. The RBI even tried to ban crypto in 2018. Related Reading: Why Ethereum Could Drop To $1,500, After ETH Gained 30% In Last 2 Weeks Although the proposed “Cryptocurrency and Regulation of Official Digital Currency Bill” was never implemented, the government’s stance on crypto is still unclear. However, while still weighing its stance, the Indian...

NewsBTC: Dogecoin Climbs 6% In Last 24 Hours – Can DOGE Maintain Its All-Green Aura?

Dogecoin, earlier today, once again initiated a rally that enabled it to go up by 6% in just 24 hours, peaking at $0.127. But as hours went by, DOGE lost some of its momentum as it is now trading at $0.122 according to tracking from Coingecko. Here’s a quick look at the meme coin’s performance: Dogecoin is still up by more than 100% over the last two weeks DOGE could hit $0.17 if it manages to break the $0.14 barrier The altcoin could also revisit its newly established support zone of $0.111 It is still enjoying its gains over the...

NewsBTC: Why Ethereum Could Drop To $1,500, After ETH Gained 30% In Last 2 Weeks

Ethereum is currently at the mercy of sellers that could put a huge dent on its bullish momentum and pull it back to the $1,500 region, or even lower. The king of all altcoins took advantage of the crypto market’s late October push, surging all the way to $1,655. It tried to move past this particular territory to be closer to its $1,700 target. ETH is steadily holding the $1,600 zone, for now Ethereum could retest the $1,500 support level due to tremendous selling pressure The altcoin is forecasted to trade below $1,400 30 days from now But the effects...

NewsBTC: Axie Infinity Can Recoup Its 6-Month Loss And Rise 25%, But It Must First Do This

Axie Infinity (AXS) finally managed to break away from its downward momentum that’s been going on for the last six months. According to latest data from Coingecko, the crypto asset peaked at $11.29 today before entering a minor price correction that made it decline by more than 7% over a 24-hour period. AXS is in recovery after tremendous selling pressure crippled it in late October Axie Infinity is targeting a 23% jump to surpass the $13 marker AXS needs to close today’s session staying above $10.3 for it remain bullish At the time of this writing, AXS was trading at...

NewsBTC: Bitcoin (BTC) Shows Strength As Price Breaks $21,300; Here Are Levels To Watch

 BTC’s price needs to rally high as the price continues to stall in its price movement despite the market looking green across boards.   BTC’s price continues to trend, creating a more bullish bias as the price aim for $22,500, where the price could face resistance.  BTC’s price remains indecisive on the daily timeframes as the price trades below the 50 Exponential Moving Average (EMA). The price of Bitcoin has surpassed the expectations of many holding out for the price to continue in its downtrend as many traders looked trapped with no sign of Bitcoin (BTC) going lower as the price...

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