Coin overview
MAJOR
Mapped
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Last price (USDT)
27.44K
24h total (USDT)
338.41K
Total vol (USDT)
2024-08-08 11:00:00 ~ 2024-11-14 06:00:00
Trading time (UTC+0)
-
Delivery time (UTC+0)
Introduction
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Major Asset Manager Files for Spot XRP ETF
WisdomTree, a major player in the asset management and ETF industry, is reportedly preparing to launch an exchange-traded fund (ETF) centered on XRP. This development was highlighted by Eleanor Terret of Fox News, who revealed that the company filed for an XRP ETF in Delaware. WisdomTree, which oversees more than $100 billion in assets, confirmed the legitimacy of the filing. Earlier this month, another asset manager, 21Shares, submitted a Form S-1 registration to the U.S. Securities and Exchange Commission (SEC) for its proposed “21Shares Core XRP Trust.” This product is designed to serve as a passive investment vehicle mirroring the performance of XRP, a cryptocurrency tailored for payments. These moves follow a similar initiative by Bitwise Asset Management, the largest U.S. digital asset index fund provider, which filed for an XRP ETF in October. The growing interest among major firms signals increasing momentum toward institutional adoption of XRP-related products. READ MORE: Binance Futures Expands Trading Options with New Leverage Opportunities In parallel, a well-known crypto strategist recently suggested that XRP could potentially surge to a remarkable $20, sparking conversations about its long-term growth prospects.
Ethereum Price Steadies: Bulls Ready for The Next Move?
Ethereum price started a fresh increase above the $3,400 zone. ETH is consolidating and might aim for a move above the $3,500 resistance. Ethereum started a fresh increase above the $3,320 and $3,400 levels. The price is trading above $3,400 and the 100-hourly Simple Moving Average. There is a key bullish trend line forming with support at $3,400 on the hourly chart of ETH/USD (data feed via Kraken). The pair could gain bullish momentum if it clears the $3,485 resistance zone. Ethereum Price Holds Gains Above Support Ethereum price remained supported above $3,220 and started a fresh increase while Bitcoin corrected gains. ETH gained pace for a move above the $3,420 and $3,450 resistance levels. The bulls even pushed the price above the $3,500 resistance. A high was formed at $3,545 and recently the price corrected some gains. There was a move below the $3,500 level. The price dipped below the 50% Fib retracement level of the upward move from the $3,289 swing low to the $3,545 high. However, the bulls are active near the $3,400 level. There is also a key bullish trend line forming with support at $3,400 on the hourly chart of ETH/USD. The trend line is close to the 61.8% Fib retracement level of the upward move from the $3,289 swing low to the $3,545 high. Ethereum price is now trading above $3,420 and the 100-hourly Simple Moving Average. On the upside, the price seems to be facing hurdles near the $3,485 level. Source: ETHUSD on TradingView.com The first major resistance is near the $3,500 level. The main resistance is now forming near $3,550. A clear move above the $3,550 resistance might send the price toward the $3,650 resistance. An upside break above the $3,650 resistance might call for more gains in the coming sessions. In the stated case, Ether could rise toward the $3,720 resistance zone or even $3,880. Downsides Supported In ETH? If Ethereum fails to clear the $3,500 resistance, it could start another decline. Initial support on the downside is near the $3,420 level. The first major support sits near the $3,400 zone and the trend line. A clear move below the $3,400 support might push the price toward $3,350. Any more losses might send the price toward the $3,285 support level in the near term. The next key support sits at $3,220. Technical Indicators Hourly MACD – The MACD for ETH/USD is gaining momentum in the bullish zone. Hourly RSI – The RSI for ETH/USD is now above the 50 zone. Major Support Level – $3,400 Major Resistance Level – $3,550
Bitcoin Price Slips Below $95K: Is The Rally Losing Steam?
Bitcoin price is correcting gains below the $96,500 resistance. BTC is now trading below $95,000 and might face hurdles near the $95,750 resistance. Bitcoin started a downside correction from the $98,880 zone. The price is trading below $96,000 and the 100 hourly Simple moving average. There was a break above a short-term bearish trend line with resistance at $94,200 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair could start another increase if it clears the $95,750 resistance zone. Bitcoin Price Corrects Gains Bitcoin price struggled to extend gains above the $98,800 and $99,000 levels. BTC started a downside correction below the $97,000 and $96,000 levels. It even dipped below $95,000. A low was formed at $92,550 and the price is now rising. There was a move above the $93,800 resistance level. The price cleared the 23.6% Fib retracement level of the downward move from the $98,880 swing high to the $92,550 low. Besides, there was a break above a short-term bearish trend line with resistance at $94,200 on the hourly chart of the BTC/USD pair. Bitcoin price is now trading below $96,000 and the 100 hourly Simple moving average . On the upside, the price could face resistance near the $95,200 level. The first key resistance is near the $95,750 level. It is close to the 50% Fib retracement level of the downward move from the $98,880 swing high to the $92,550 low. Source: BTCUSD on TradingView.com A clear move above the $95,750 resistance might send the price higher. The next key resistance could be $97,350. A close above the $97,350 resistance might initiate more gains. In the stated case, the price could rise and test the $98,880 resistance level. Any more gains might send the price toward the $100,000 level. Another Dip In BTC? If Bitcoin fails to rise above the $95,750 resistance zone, it could start another downside correction. Immediate support on the downside is near the $93,800 level. The first major support is near the $92,500 level. The next support is now near the $90,000 zone. Any more losses might send the price toward the $88,000 support in the near term. Technical indicators: Hourly MACD – The MACD is now gaining pace in the bullish zone. Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level. Major Support Levels – $93,800, followed by $92,500. Major Resistance Levels – $95,750, and $97,350.
The Crypto Community Witnesses a Rebirth of RWA Tokenization in 2024
Last updated: November 25, 2024 15:24 EST The global focus on real-world asset (RWA) tokenization surged in 2024, with the on-chain value of RWA assets surpassing $13 billion, according to data from rwa.xyz at the time of writing . Industry analysts and recent reports predict exponential growth for this sector, which is reshaping traditional finance. A recent Tren Finance study suggests the market could expand more than 50-fold by 2030 . 📈 The real-world asset (RWA) tokenization market is set for a 50-fold expansion by 2030, according to a @TrenFinance report. #RWA #Tokenization https://t.co/bDo8fWIJGc — Cryptonews.com (@cryptonews) October 16, 2024 Zachary Nelson, growth lead at Tren Finance, told Cryptonews that the tokenization sector’s growth trajectory appears extremely promising. “Major institutions project market sizes for RWA assets will range from $2 trillion to $30 trillion by 2030,” Nelson said. The Rebirth of RWA Tokenization in 2024 Experts agree that the RWA tokenization space has undergone a significant transformation throughout 2024. Margaret Rosenfeld, chief legal officer of fintech platform Tilt, told Cryptonews that the past few years saw limited progress in tokenization projects due to the crypto bear market and negative U.S. regulatory trends. “This was coupled with the negative U.S. regulatory headwinds over the last two years,” Rosenfeld said. However, she pointed out that improved regulatory sentiment in the U.S. and the ongoing bull market have sparked what she described as a “rebirth of tokenization.” Bhaji Illuminati, chief marketing officer of Centrifuge, described 2024 as a pivotal year for RWA platforms. “A perfect storm of converging forces makes RWA platforms not just attractive, but perhaps inevitable,” Illuminati told Cryptonews. Illuminati believes that traditional finance giants — like BlackRock and Janus Henderson – are also responding to a fundamental shift in how institutional capital views the crypto industry. “Not as a speculative bet, but as an efficiency play,” she said. How the U.S. Presidential Election Influences RWA Tokenization According to Illuminati, the election outcome has re-energized the decentralized finance (DeFi) space with a number of expected upcoming regulatory changes. “This includes stablecoin legislation, which would bring clear and substantial benefits to the RWA space,” she said. “As regulatory guardrails take shape, they will lower perceived risks, paving the way for RWAs to integrate more deeply with both DeFi and TradFi frameworks.” And while the crypto bull market happens to be in full swing, Illuminati noted that the RWA platform surge is less about market conditions and more about technological and regulatory readiness. “After years of infrastructure building and lessons learned from previous DeFi cycles, paired with regulatory tailwinds, we’ve finally reached a point where the technology can truly deliver on the promise of tokenized real-world assets at scale,” she said. New Trends Driving RWA Tokenization Forward The surge in RWA tokenization is also being demonstrated by leading Web3 companies. The topic of tokenization was particularly apparent at the Hedera Forum – an event hosted by the decentralized public network Hedera — that took place in Miami on Nov. 13. Charles Adkins, president of Hedera, told Cryptonews that Hedera chose to focus on tokenization because the platform is purpose built for this. “Hedera’s hashgraph consensus provides the speed, fairness, and security required to achieve tokenization goals,” Adkins said. “Purpose-built tools like the ‘Hedera Token Service’ and ‘Asset Tokenization Studio’ offer a trusted foundation for securely scaling RWA tokenization, as demonstrated by successful use cases across multiple sectors.” Although Hedera launched in 2017, the platform’s tokenization features appear to be taking off this year. Edward Nwokedi, CEO of RedSwan, spoke about real estate tokenization during the “Unlocking RWA Value” panel at the Hedera Forum. Source: Cryptonews / Edward Nwokedi, CEO of Redswan, and Other Panelists Discuss Rwa Tokenization at Hedera Forum 2024 Nwokedi mentioned that RedSwan works with Hedera leadership to integrate $280 trillion worth of tokenized real estate shares. “We are building a fully functional, compliant business ecosystem that can be 25%-40% more efficient,” Nwokedi told Cryptonews. “We are fully focused on real estate and very soon will be minting a substantial amount of registered real estate security tokens locked on Hedera.” Nwokedi also explained the benefits of tokenization in the real estate industry , noting how blockchain provides strategic leverage over traditional applications. “Tokenization allows for the openness to unlimited options within the real estate industry, transmitting transactions at high speeds,” he said. “Institutions are front and center in deploying resources for adoption and implementation this year.” Tether Launches Tokenization Platform While tokenization was a hot topic of discussion at the Hedera Forum, stablecoin issuer Tether recently revealed an RWA tokenization platform dubbed “Hadron .” Paolo Ardoino, CEO of Tether, announced on social media platform X that Hadron by Tether is, “Tether’s new platform as a service that encapsulates all tokenization tech that Tether built in the last 10 years in a product available for institutions and professionals.” Hadron by Tether is Tether's new platform as a service that encapsulates all tokenization tech that Tether built in the last 10 years in a product available for institutionals and professionals. With Hadron, customers can issue and manage the full life-cycle of: – stablecoins… https://t.co/Z5kZsJZDoi — Paolo Ardoino 🤖🍐 (@paoloardoino) November 14, 2024 Ardoino added that while Hadron has launched as a private beta, the product has already gained the attention of “many companies, institutions and governments during the last months, receiving extremely positive feedback.” The Tether CEO also noted that this demonstrates the beginning of a new era for finance. Key Trends in Tokenization for 2024 Illuminati identified several key trends shaping the RWA tokenization landscape this year. One notable shift is the move from asset tokenization to process tokenization. “It’s not just about creating a digitized version of an offchain asset,” she said. “It’s about re-imagining the entire workflow onchain.” This shift creates “operational alpha,” or value derived from the efficiency of managing assets and integrating DeFi tools. Additionally, Illuminati highlighted the emergence of flexible compliance layers that adapt to various jurisdictions and investor needs. “Early platforms forced a choice between being fully permissionless or fully regulated,” she explained. “Now, dynamic systems are evolving to cater to diverse regulatory frameworks.” Another key trend is the growing interconnectivity between networks, which unlocks utility and liquidity for tokenized assets. Overcoming Challenges in Tokenization While 2024 has been a pivotal year for RWA tokenization, education remains a barrier to widespread adoption . Edward Nwokedi noted that traditional financial organizations have yet to invest substantially in blockchain education. To address this, Centrifuge co-created the Tokenized Asset Coalition (TAC), a group working to accelerate adoption. Introducing the newest members of the Tokenized Asset Coalition @a16zcrypto • @Aptos • @arbitrum • @axelar • @ChronicleLabs • @elmnts_ • @etherfuse • @GalaxyDigital • @Hashnote_Labs • @injective • @KintoXYZ • @KaiaChain • @Matrixport_EN • @MercadoBitcoin •… pic.twitter.com/CjAToUCtR7 — RWA.xyz (@RWA_xyz) September 26, 2024 “TAC has a bold mission of bringing the next trillion dollars of assets onchain. In order to do so, it operates at multiple levels, from educating investors to facilitating regulatory discussions, essentially creating an ecosystem-wide translation layer between traditional and decentralized finance,” Illuminati said. Illuminati believes that the ecosystem’s success hinges on network effects. “Each new participant, whether an issuer, investor, or service provider, makes the ecosystem more valuable for everyone else,” she said. As RWA tokenization continues to evolve, its integration into traditional and decentralized finance systems is expected to redefine the global financial sector.
New Cryptocurrency Releases, Listings, & Presales Today – Jumbo Blockchain, Blockchain Web Services, Trackedbio
Cryptocurrency markets are experiencing unprecedented volatility, with Dogecoin reaching new highs before facing a sharp correction. Major cryptocurrencies, including Bitcoin, have shown remarkable strength by achieving record-breaking price levels this month. The recent market movements have created both opportunities and risks for investors in digital assets. This dynamic market environment has sparked a wave of new cryptocurrency releases entering the blockchain space. Many new tokens are capitalizing on the momentum by offering innovative features and technological advancements. The market fluctuations demonstrate both the potential and risks associated with investing in emerging cryptocurrencies. New Cryptocurrency Releases, Listings, & Presales Today Jumbo Blockchain transforms patents into digital assets with lightning-fast block generation and a sustainable approach. Blockchain Web Services simplifies blockchain technology through developer-friendly APIs and innovative marketplace solutions. TrackedBio leverages AI and computer vision for advanced research and medical monitoring technologies. Flockerz creates a community-driven governance model with vote-to-earn rewards and decentralized decision-making processes. 1. Jumbo Blockchain ($JNFTV) The blockchain landscape welcomes a groundbreaking innovator with Jumbo Blockchain’s revolutionary $JNFTC token. Through its unique approach, Jumbo Blockchain transforms real-world patents into digitalized assets on the chain. Subsequently, this innovative system creates unprecedented opportunities for fractional ownership of intellectual property. Moreover, Jumbo Blockchain stands out with its remarkable technical capabilities and sustainable approach. The platform generates new blocks in just 150 to 300 milliseconds, making it lightning-fast. Additionally, their proprietary Proof of Nexus consensus mechanism slashes carbon footprint by more than fifty percent. The platform’s native token, $JNFTC, serves as the cornerstone of this transformative ecosystem. Users can leverage $JNFTC for various functions, including smart contracts and cross-chain transfers. Furthermore, the token enables seamless monetization of intellectual property through innovative tokenization mechanisms. Recent developments have sparked tremendous excitement within the Jumbo Blockchain community. The token recently achieved a new all-time high on BitMart Exchange. Consequently, this milestone has attracted substantial attention from investors seeking promising blockchain opportunities. Jumbo Blockchain has forged strategic partnerships with several industry leaders to enhance its ecosystem. Notable collaborations include NivaPay, an EU-licensed crypto payment provider ensuring regulatory compliance. Furthermore, partnerships with ZenMagix and Blockpen strengthen the platform’s technological infrastructure and user experience. 2. Blockchain Web Services ($BWS) Blockchain Web Services is revolutionizing the way people interact with blockchain technology. Through its innovative platform, BWS makes complex blockchain solutions accessible to everyone. Furthermore, this groundbreaking project aims to bridge the gap between technical complexity and everyday users. The platform introduces a comprehensive suite of APIs that simplify blockchain integration for developers. Additionally, these tools enable the creation of user-friendly applications without requiring deep Web3 knowledge. Moreover, BWS’s blockchain-agnostic approach allows developers to choose the most suitable network for their needs. BWS has created a robust marketplace where developers can showcase and monetize their blockchain solutions. This marketplace serves as a central hub for connecting innovative creators with potential users. Meanwhile, the platform ensures all solutions maintain high standards of accessibility and usability. The project’s first flagship solution, NFT Game Cube, demonstrates the platform’s practical applications. Through this solution, sports clubs can tokenize their game fields for enhanced fan engagement. Subsequently, fans can participate in interactive experiences while earning rewards for their involvement. To foster innovation, BWS has launched an exciting Developer Grants program with attractive incentives. Selected developers receive grants in $BWS tokens to build creative blockchain solutions. Consequently, successful projects can generate ongoing revenue through the BWS marketplace’s sharing model. 3. TrackedBio ($TRACKEDBIO) TrackedBio emerges as a groundbreaking force in the biotechnology sector with innovative monitoring solutions. Moreover, this woman and minority-owned business brings fresh perspectives to research and information technology. Additionally, their platform harnesses the power of AI, computer vision, and enhanced statistical algorithms. The company’s flagship product, TrackedMouseWatcher, revolutionizes the way laboratories conduct mouse phenotyping studies. Furthermore, this non-invasive system attaches easily to existing mouse cages for immediate monitoring. Subsequently, researchers can assess toxicology, animal health, lifespan, behavior, and social interactions without specialized training. TrackedBio’s real-time dashboard provides comprehensive insights into mouse health and experimental data. Scientists can perform statistical analysis directly through the intuitive platform interface. Additionally, the system offers flexible data export options for customized research pipelines. The company extends its expertise through Tracked Consulting, operating in advanced BSL Level II Labs. Their experienced staff delivers precise results using state-of-the-art phenotyping equipment and techniques. Subsequently, clients benefit from services including lifespan experiments, behavioral assessments, and comprehensive biological analyses. TrackedGait represents another innovative solution in the company’s growing portfolio of products. This revolutionary platform simplifies gait analysis through an accessible smartphone application. Consequently, users can gather immediate phenotyping results without specialized training or equipment. The human platform offers versatile applications across clinical and research settings. Healthcare providers can assess gait speed and predict age-related conditions effectively. Meanwhile, the platform’s disease prediction capabilities open new possibilities for early intervention. 4. Flockerz ($FLOCK) In the wild world of meme coins, a new project called Flockerz is soaring above the rest. Moreover, this revolutionary token puts true power in the hands of its community members. Through its innovative FlockTopia platform, every holder becomes a vital part of the project’s future. The heart of Flockerz lies in its groundbreaking Vote-to-Earn system that rewards active participation. Subsequently, community members earn $FLOCK tokens simply by casting votes on important project decisions. Furthermore, this unique approach ensures that those who contribute most to the project’s direction receive the greatest rewards. Unlike traditional crypto projects, Flockerz operates without any central authority pulling the strings. Instead, the community, known affectionately as “The Flock,” guides the project toward its goals. Additionally, this democratic approach has caught the attention of major crypto media outlets like CoinPedia and Newsbtc. The Flockerz presale has already generated substantial buzz in the crypto community with impressive results. Currently, the presale has raised over $3.2 million, nearly reaching its target of $3.3 million. Meanwhile, early investors can acquire tokens at an attractive presale price of $0.0061259. Presale participants gain access to exclusive staking opportunities with generous rewards over a two-year horizon. As a result, early supporters can earn passive income while maintaining their voting rights. Consequently, this combination of staking rewards and governance power creates a compelling investment opportunity. Flockerz has allocated 20% of the total token supply specifically for presale participants. Through this thoughtful distribution, early supporters receive significant advantages for their faith in the project. Finally, this strategic approach ensures a strong foundation for the project’s long-term success. Visit Flockerz Presale Read More Best New Cryptocurrency
FIFA Partners with Mythical Games to Launch Free-to-Play Soccer Game ‘FIFA Rivals’ on Mobile
Last updated: November 24, 2024 12:00 EST FIFA, the global governing body for soccer, has partnered with blockchain gaming studio Mythical Games to develop “FIFA Rivals,” a free-to-play soccer game set to launch on iOS and Android in the summer of 2025. The game promises real-time arcade gameplay, allowing players to manage their own soccer clubs and compete against others worldwide. Mythical Games described FIFA Rivals as an opportunity for players to “build their squad, dominate the competition, and create their legacy.” FIFA Rivals to Copy Success of NFT Rivals John Linden, CEO of Mythical Games, expressed optimism about the game’s potential audience, citing the success of NFL Rivals, which attracted over 6 million players despite a smaller fan base. FIFA’s massive global appeal—with an estimated 5 billion viewers tuning into the 2022 FIFA World Cup—positions FIFA Rivals to reach over 100 million gamers, according to Linden. The game will operate on the Mythos blockchain, supported by the Polkadot network. The integration underscores a broader trend of sports organizations collaborating with blockchain gaming platforms to create interactive experiences for fans. Blockchain-based games offer unique features, such as enabling players to own and monetize in-game assets within a play-to-earn economy. FIFA Rivals also builds on the success of Mythical’s earlier projects, such as “Blankos Block Party,” a social NFT-based game that transitioned to the Polkadot network and facilitates around 3 million monthly transactions. The game’s development is supported by the Mythos Foundation, an initiative launched by Mythical Games in 2022 to onboard gamers and developers into its ecosystem. New title in the 'Rivals' franchise! Introducing @FIFARivals , an officially licensed mobile game from @playmythical and @FIFAcom ⚽ Powered by Mythos chain, build your dream team, own your players, and compete in real-time arcade action. Available in 2025 on iOS & Android. pic.twitter.com/2S5EnhV3sB — Enter the Mythos (@EnterTheMythos) November 22, 2024 The Mythos Foundation focuses on building cross-chain infrastructure, integrating NFT-based in-game economies, supporting gaming guilds, and expanding esports participation within the Web3 space. It also collaborates with traditional gaming platforms to create policies that cater to the evolving needs of gamers. Mythical Games’ ambitions have been bolstered by a $37 million Series C1 funding round in June 2023. The funding has been instrumental in expanding the company’s marketplace and pursuing revenue-generating initiatives, including FIFA Rivals. Sports Clubs Continue to Explore Blockchain Technology There has been a surge in sports clubs exploring partnerships with blockchain firms. Just recently, French football club Paris Saint-Germain (PSG) partnered with blockchain platform Matchain to revolutionize fan engagement and enhance data security through Web3 innovations. In August, Major League Soccer’s Inter Miami, home to star player Lionel Messi, announced a partnership with Polkadot to enhance fan engagement through blockchain applications. Per the deal, Inter Miami’s First Team training kit will display Polkadot’s logo on all training tops. In March, it was also reported that UEFA, the governing body of European soccer, was looking to secure sponsors from the crypto exchange sector for the upcoming 2024-2027 cycle of its prestigious men’s Champions League (UCL) club competition. In 2021, Crypto.com spent $700 million for the naming rights to the former Staples Center, where the Los Angeles Lakers play. The venue is now officially called Crypto.com Arena. The exchange also entered a $175 million deal to sponsor the UFC. This agreement placed the exchange’s logo on various fight gear, including shorts, top bras, and walk-out hoodies, for a decade. Furthermore, the company has engaged in various other sports partnerships, including with the Philadelphia 76ers and Formula 1 Racing , and even featured basketball superstar LeBron James in its promotional efforts.
Ethereum Price Poised for Gains: $3,600 Within Reach?
Ethereum price started a fresh increase above the $3,320 zone. ETH is rising and aiming for more gains above the $3,500 resistance. Ethereum started a fresh increase above the $3,300 and $3,320 levels. The price is trading above $3,300 and the 100-hourly Simple Moving Average. There is a short-term bearish trend line forming with resistance at $3,350 on the hourly chart of ETH/USD (data feed via Kraken). The pair could gain bullish momentum if it clears the $3,420 resistance zone. Ethereum Price Eyes More Gains Ethereum price remained supported above $3,120 and started a fresh increase like Bitcoin . ETH gained pace for a move above the $3,220 and $3,300 resistance levels. The bulls pumped the price above the $3,400 level. It gained over 10% and traded as high as $3,499. Recently, there was a downside correction below $3,400. The price dipped below $3,320 and tested $3,280. A low was formed at $3,288 and the price is now consolidating above the 23.6% Fib retracement level of the recent decline from the $3,499 swing high to the $3,288 low. Ethereum price is now trading above $3,300 and the 100-hourly Simple Moving Average. On the upside, the price seems to be facing hurdles near the $3,350 level. There is also a short-term bearish trend line forming with resistance at $3,350 on the hourly chart of ETH/USD. The first major resistance is near the $3,400 level. The main resistance is now forming near $3,420 or the 61.8% Fib retracement level of the recent decline from the $3,499 swing high to the $3,288 low. Source: ETHUSD on TradingView.com A clear move above the $3,420 resistance might send the price toward the $3,500 resistance. An upside break above the $3,500 resistance might call for more gains in the coming sessions. In the stated case, Ether could rise toward the $3,600 resistance zone or even $3,620. Downsides Limited In ETH? If Ethereum fails to clear the $3,350 resistance, it could start another decline. Initial support on the downside is near the $3,320 level. The first major support sits near the $3,285 zone. A clear move below the $3,285 support might push the price toward $3,220. Any more losses might send the price toward the $3,120 support level in the near term. The next key support sits at $3,040. Technical Indicators Hourly MACD – The MACD for ETH/USD is gaining momentum in the bullish zone. Hourly RSI – The RSI for ETH/USD is now above the 50 zone. Major Support Level – $3,300 Major Resistance Level – $3,350
Major Cryptocurrency Exchange Decided to Shut Down Its Chain: Users Need To Take Steps By 10 January To Avoid Loss Of Assets
Huobi’s Layer 1 blockchain HECO Network has announced its official sunset date, announcing that it will cease operations on January 15, 2025. Launched on December 10, 2020, the HECO Network has served as a key component of the Huobi ecosystem, but will now transition HRC20 assets into the platform’s token, HTX. In a statement, HECO outlined the steps for users holding HRC20 assets, including HRC20ETH, HRC20TUSD, HRC20LINK, HRC20USDC, HRC20UNI, HRC20SHIB, HRC20HBTC, and HRC20USDT. Users need to deposit these assets to the addresses designated on HECODAO’s official website before January 10, 2025. Related News Mystery of $2 Billion USDT Printed Yesterday May Have Been Solved - "Bitcoin Price Might See..." Deposited assets will be converted into points based on their price on November 10, 2024, with 1 USDT being equivalent to 1 point. These points will be linked to the wallet addresses linked to users’ HECO accounts. After the deadline of January 10, 2025, all accrued points will be subject to final calculation and redeemed for HTX tokens. The process will be completed in 12 batches and users will receive HTX tokens in the TRON network addresses provided during the redemption process. *This is not investment advice.
Ripple (XRP) Shares Its Demands to New SEC Administration – Here Are The Details
Ripple’s Chief Legal Officer Stuart Alderoty has laid out a bold set of recommendations for reforming the U.S. Securities and Exchange Commission (SEC), urging the next chairman to reset the agency’s strained relationship with the cryptocurrency industry. Alderoty's comments coincide with Donald Trump's return to the presidency, just after Gary Gensler announced he would resign as SEC Chairman on January 20. Alderoty’s proposals include halting all non-fraud-related crypto lawsuits, a move that would put an abrupt end to the SEC’s long-running legal battle with Ripple. The case, which began in 2020, centers on XRP’s classification as a security. A federal court ruled earlier this year that Ripple violated securities laws in its institutional sales of XRP, while individual sales on public exchanges did not. Ripple was fined $125 million, significantly less than the SEC’s original demands. But the regulator has since appealed the decision, with Alderoty slamming the move as “disappointing but not surprising,” adding that it further compounded “what was already a complete embarrassment for the institution.” Related News Major Cryptocurrency Exchange Decided to Shut Down Its Chain: Users Need To Take Steps By 10 January To Avoid Loss Of Assets Alderoty also cited the importance of balanced leadership at the SEC, suggesting that Commissioners Hester Peirce and Mark Uyeda, both of whom have been strong critics of the agency’s crypto enforcement strategy, remain in office. Peirce, widely known in the industry as “Crypto Mom” for her dissenting views, is widely admired for her pro-crypto stance. However, she is not expected to take on a senior role at the SEC, with sources from her office jokingly indicating that her post-agency plans lean more toward beekeeping than public service. Uyeda, who has often aligned himself with Peirce in criticizing the SEC’s approach, has expressed interest in running the agency. He recently called the SEC’s enforcement-focused crypto regulation “a disaster for the entire industry” and called for a shift toward clarity and collaboration. Alderoty also called on the SEC to work with Congress and other financial regulators to create clear, simple, and unified rules for cryptocurrencies, emphasizing that the agency should abandon its assumption of primary jurisdiction over the industry and advocating for a more collaborative and open regulatory framework. The SEC’s current stance, largely shaped under Gensler’s leadership, has drawn widespread criticism from the crypto industry, which argues that the lack of clear guidelines stifles innovation and leaves businesses vulnerable to enforcement actions. *This is not investment advice.
Major Altcoin Boom Could Be Closer Than we Think, Predicts Crypto Analyst
A popular crypto expert predicts that altcoins could soon take the spotlight away from Bitcoin (BTC). ТechDev suggests that historical patterns in the market hint at an imminent “altseason,” a period when altcoins outperform Bitcoin . When #altseason ? Not sure. But the last 2 started after 3 consecutive weekly closes over the last #Bitcoin weekly high… pic.twitter.com/jpsbNZrb3b — TechDev (@TechDev_52) November 20, 2024 The analyst points to trends observed during the 2017 and 2020 bull runs. He highlights that past altseasons began after Bitcoin achieved three consecutive weekly closes above its previous cycle high. According to his analysis, Bitcoin’s dominance (BTC.D), which measures its share of the total crypto market cap, tends to drop sharply during these periods, paving the way for altcoin surges. Another #altseason trigger? When #Bitcoin touches this line… pic.twitter.com/ueGxJn4LoK — TechDev (@TechDev_52) November 22, 2024 He also notes another potential trigger for altseason: Bitcoin touching specific resistance levels. His charts suggest that altcoins might gain momentum as BTC recently reached the upper band of its Bollinger Bands (BB), a tool used to identify volatility and price extremes. Historically, this has often marked a turning point where altcoins begin to rally. READ MORE: Could the Crypto Market Soar Further After Gensler’s Resignation? For Bitcoin itself, TechDev believes it has entered a bullish phase, pointing to the Relative Strength Index (RSI) on its two-month chart, which has climbed above 70—a signal of strong upward momentum. He compares the current market dynamics to Bitcoin’s 2017 bull run, where similar patterns in the M1 money supply chart coincided with parabolic price action.
Major insurance company Allianz Insurance bought 25% of MicroStrategy bonds
Europe's second-largest insurer Allianz Insurance now owns 25% of convertible bonds in the largest corporate Bitcoin holder, MicroStrategy, for $750 million. Allianz is the largest buyer of MicroStrategy's convertible bonds, ahead of other companies Calamos Investments, Context Capital Management, State Street, Fidelity Investments and BlackRock, according to Bloomberg data. Many in the crypto community see the deal as a sign that the insurance company supports Michael Saylor's strategy of investing in bitcoin. This is the only way the insurance company can access BTC, as they are not allowed to directly buy securities or cryptocurrency, one trader wrote on social media. MicroStrategy is the largest corporate holder of Bitcoin. Its latest purchase of 51 BTC increased Bitcoin - the company's assets are up to 331 coins, which at the current price of the flagship asset are valued at approximately $200 billion. MicroStrategy Stock Chart for the Year According to TradingView, MicroStrategy shares have risen more than 30% in 430 hours to $22,13. Despite this, the company's securities have grown by 96% over the past five days, by 510% over the past month, and by XNUMX% since the beginning of the year. EN @happycoinnews EN @happycoinnews_en
Cardano Jumps 215% After Major Breakout and Sets Sights on Higher Targets
Cardano broke out of a two-year pattern and surged past critical resistance levels with strong market interest. The cryptocurrency has reached $2.20 and could climb to $3.75 as analysts monitor its sustained growth potential. Traders see new opportunities while investors focus on Cardano’s strong blockchain fundamentals and its growing market relevance. Cardano (ADA) has surged by 215% after breaking a two-year resistance, marking one of its strongest rallies to date. The cryptocurrency breached the $0.75 level, flipping it into support, and climbed past $2.20 with significant trading volume backing the breakout. $Ada #Ada Cardano Flying After Breakout 215% Profit So Far https://t.co/iSbl6SqAiE pic.twitter.com/WWSgw0M5tm — World Of Charts (@WorldOfCharts1) November 23, 2024 The Technical Breakout and Rally The breakout followed two years of consolidation in a descending triangle pattern, a setup defined by steady support at $0.30. The triangle’s upper boundary was breached, signaling a bullish reversal. Consequently, this move drew significant attention from traders and analysts. Moreover, the $0.75 resistance zone flipped into a strong support level, boosting confidence in the ongoing rally. This support provides a base for potential consolidation and further gains. Additionally, trading volume surged during the breakout, confirming the bullish sentiment driving the price higher. The next target for Cardano, based on the measured height of the triangle, is projected at $3.75. If ADA sustains this momentum, it could reach this level soon. However, short-term corrections remain possible due to rapid price increases. Opportunities and downsides for Investors The rally offers opportunities for both quick-term traders and prospective investors. Traders benefit from ADA’s clear upward trend, creating multiple entry points for possible profits. Besides, the $0.75 support level enables safer stop-loss placements. For potential shareholders, this breakout validates Cardano’s fundamentals, including its focus on scalability and smart contracts. Consequently, many investors view this rally as the beginning of a new bullish phase. Furthermore, ADA’s performance positions it as a strong contender in the blockchain ecosystem. However, market risks cannot be ignored. Overbought conditions, typical in rapid price surges, may result in short-term corrections. Additionally, general digital assets market volatility and macroeconomic uncertainties could affect ADA’s price trajectory. What’s Next for Cardano? Will the token maintain its momentum and challenge its previous all-time highs? The breakout’s strength and market sentiment suggest further upside potential. Significantly, the parabolic rally aligns with optimistic projections, but sustaining this pace will require consistent support from trading volume and market fundamentals. As ADA pushes toward its next target of $3.75, traders and investors will closely monitor its performance. Besides, external market factors and price consolidation will determine whether this rally can evolve into a long-term trend. disclaimer read more Crypto News Land, also abbreviated as "CNL", is an independent media entity - we are not affiliated with any company in the blockchain and cryptocurrency industry. We aim to provide fresh and relevant content that will help build up the crypto space since we believe in its potential to impact the world for the better. All of our news sources are credible and accurate as we know it, although we do not make any warranty as to the validity of their statements as well as their motive behind it. While we make sure to double-check the veracity of information from our sources, we do not make any assurances as to the timeliness and completeness of any information in our website as provided by our sources. Moreover, we disclaim any information on our website as investment or financial advice. We encourage all visitors to do your own research and consult with an expert in the relevant subject before making any investment or trading decision.
Ripple’s vs SEC to End Soon?—XRP Surges on Settlement Rumors
Ripple’s legal battle has sparked settlement rumors, boosting XRP. Gary Gensler’s resignation has fueled market speculation. Garlinghouse has expressed optimism amid recent developments. The XRP community is abuzz with excitement as fresh rumors of a potential “emergency settlement” in Ripple’s lawsuit with the SEC circulate. Whispers of a behind-the-scenes resolution have traders and investors on the edge of their seats. Adding to the frenzy, SEC Chair Gary Gensler’s unexpected resignation announcement has sent shockwaves through the crypto market. With XRP’s price surging and optimism running high, could this be the turning point Ripple enthusiasts have been waiting for? Ripple Settlement Talk Gains Momentum Crypto influencer Ben Armstrong, known as BitBoy, recently addressed the swirling rumors about a possible settlement between Ripple and the SEC. In a YouTube video, BitBoy acknowledged the speculation but admitted, “I can’t verify the claims, but I’ll look into them further.” His comments have only intensified the buzz within the community. Sponsored The speculation stems from the SEC’s closed-door meetings, where ongoing cases and injunctions are discussed. Notably, such a meeting occurred on November 21—the same day Gensler announced his resignation, effective January 20, 2025. This coincidence has led many to believe that a settlement might be on the horizon. Former SEC attorney Marc Fagel weighed in on the matter, stating that while previous reports about Ripple settlement talks were unfounded, the latest rumors seem more credible. He noted that any resolution would take time, especially with a new SEC Chair needing appointment and confirmation before major decisions are made. “We might not see clarity until important deadlines, like the January 15 brief filing, are reached,” Fagel explained. The idea of a settlement has fueled a significant surge in XRP’s price . The cryptocurrency has seen an almost 200% increase, reaching highs of $1.60 in recent days. Market experts are optimistic, with some suggesting that XRP could hit $2 soon, and potentially even $10 in the next bull run. XRP Soars 60% After Trump Appoints Treasury Head Adding another layer to the unfolding story, Ripple CEO Brad Garlinghouse shared what he called “good news” with the XRP community. Garlinghouse announced that Donald Trump has elected Scott Bessent , a prominent hedge fund manager known for his pro-cryptocurrency stance, to serve as the next Secretary of the Treasury. “Scott Bessent is the perfect choice for pushing forward innovation and supporting cryptocurrency,” Garlinghouse tweeted. “He could be the most crypto-friendly Treasury Secretary the U.S. has had.” Bessent’s appointment has been met with enthusiasm from crypto enthusiasts. His background as the founder of Key Square Group and his experience working with George Soros position him as a strong advocate for digital assets. With his pro-crypto stance, many believe Bessent could help shape policies that promote growth within the industry. The market reacted swiftly to the news. XRP’s price surged by over 60%, reaching $1.56. Analysts believe that Bessent’s appointment could signal the end of the long-running Ripple vs. SEC battle and open new doors for the industry. On the Flipside Gary Gensler’s resignation may not immediately impact ongoing SEC cases, including Ripple’s. A new Treasury Secretary’s influence on the SEC is indirect, and policy changes could take time. Market volatility remains high; investors should exercise caution amid speculation. Why This Matters A potential settlement with the SEC would remove a major cloud hanging over XRP, potentially leading to widespread adoption and institutional investment. As Ripple’s ecosystem evolves and regulatory clarity improves, XRP could be poised for substantial gains, potentially reaching new all-time highs. Discover what Ripple and Cardano’s latest developments mean for the market and what’s potentially on the horizon: Ripple & Cardano Tease Major Move—Here’s What to Expect Learn how XRP’s price action, legal battles, and recent news could shape its future trajectory: XRP Tags $1.26 Amid SEC Battle, Trump’s Win, and What’s Next
Major Cryptocurrency Platform to Airdrop Tokens Gets French Crackdown – What Happens Now?
Polymarket, a leading blockchain-based prediction market platform, has banned French traders from its services as part of an investigation launched by France’s national gaming authority, the ANJ, over potential violations of gambling laws. The restriction, which was implemented today, had not yet been reflected in Polymarket’s terms of service at the time of publication. However, a reporter who used a VPN to access the platform from a French server encountered a digital blockade that suggested the ban was in place. The move comes after reports that a French trader had caught ANJ’s attention by placing significant bets on former US President Donald Trump’s potential victory in the 2024 presidential election. The ban first appeared on social media and was reported by French crypto news outlet The Big Whale. Related News As Bitcoin Hits $100,000, Analyst il Capo Still Not Convinced: 5 Reasons Why Polymarket has raised $74 million from venture capital firms and notable crypto figures, including Ethereum co-founder Vitalik Buterin, since its founding in 2020. Despite its blockchain-centric approach, critics argue that Polymarket’s operations align with traditional definitions of games of chance. “While Polymarket uses cryptocurrencies, it remains a gambling activity that is illegal in France,” a source close to ANJ said. William O’Rorke, a partner at ORWL Avocats, also supported this view: “Polymarket involves betting on uncertain events. ANJ has the authority to block such platforms, even if they do not specifically target French users.” *This is not investment advice.
Payday for FTX Creditors Nears as Fresh Dates Roll Out
Awaiting FTX creditors have received positive updates. The exchange will soon commence repayments. Important deadlines to watch out for have been outlined. Over two years have passed since the downfall of FTX , a turbulent chapter that marked one of the biggest financial implosions in industry history. With a whopping $10 billion hole left to be filled, repayment efforts have dragged out for months , leaving impacted customers in a state of uncertainty. As the wait continues, recent updates now hint that the long-awaited resolution may finally be drawing near. FTX Payouts on the Horizon The FTX bankruptcy estate has been on a year-long mission to reimburse the customer funds mismanaged by the exchange’s former executives, and the ongoing efforts are gaining traction. Sponsored The exchange has announced progress in finalizing the prerequisites for its Court-approved reorganization plan, brightening the roadmap for creditor and customer distributions. FTX’s updates come on the heels of its successful recovery of billions necessary for creditors’ repayments, following a series of wins in some of its boldest litigations . Commenting on the payout plan, CEO and Chief Restructuring Officer John J. Ray III confirmed the progress, asserting the focus on expediting distributions. “We are pleased to announce that we will begin distributing proceeds in early 2025. The timeline laid out reflects the experience and continued work of the team of professionals supporting the Debtors, who have already recovered billions of dollars on behalf of FTX's creditors and customers,” stated the CEO. The film has now outlined the timeline for the upcoming payouts. Key Dates for FTX Creditor Distributions While no specific dates have been provided, FTX has outlined a schedule for creditors to watch out for. Early December 2024: The FTX bankruptcy estate expects to finalize all arrangements for distribution by early December 2024, including the selection of distribution agents which will assist in distributing the reimbursements to customers globally. Impacted customers will also receive guidance to set up accounts on the FTX portal during this period. End of December 2024: Creditors can expect more concise details by the last days of the year, as the exchange will confirm the Plan’s effective date following Court approval. January 2025: By this time, FTX’s reorganization plan is expected to take effect, officially launching the payout timeline. The first set of payouts will commence within 60 days of the plan coming into effect, and the firm added that customers and creditors must meet all eligibility requirements before distributions commence. What FTX Creditors Must Do in Preparation In order to be eligible for distributions and ensure smooth and timely receipt of funds, customers must: Set Up an Approved Account: When required, awaiting creditors must register with a designated Distribution Agent via the FTX customer portal. Complete KYC Verification: Following account set-ups, creditors must proceed to fulfill the necessary Know Your Customer (KYC) requirements as mandated by regulatory guidelines. Submit Required Tax Documents: Additionally, all necessary tax forms must be provided before the distribution record date. On the Flipside The former CEO and mastermind of the FTX fraud SBF is attempting to get out of jail . FTX recently filed a $1.8 billion lawsuit against Binance and its founder Changpeng Zhao. Why This Matters The latest updates by FTX offer a glimmer of hope creditors may soon see light at the end of a long and tumultuous tunnel. Read more on the recent twists in consequences for the FTX fraudsters: One FTX Fraudster Isn’t Going to Jail: Here’s Why The impressive track record of the Sui blockchain was recently disrupted by an outage, find out more here: Sui Network Suffers First Major Outage in 2-Hour Blackout
Ripple’s SEC Legal Battle: What’s Next After Gensler’s Exit?
Gary Gensler’s resignation as SEC Chair sparks fresh debate on Ripple’s legal future. Speculation swirls on potential shifts in the SEC’s crypto litigation strategy. Ripple’s case becomes a bellwether for digital asset regulation in the U.S. The resignation of SEC Chair Gary Gensler has sent shockwaves through the cryptocurrency world, with Ripple’s ongoing legal saga now thrust into the spotlight. Gensler’s tenure was marked by a stringent regulatory approach that many saw as stifling innovation, particularly in the case of Ripple Labs and its native token, XRP . While Ripple achieved a partial victory in its legal battle earlier this year, Gensler’s exit adds an unexpected twist to an already complex case. Will new leadership at the SEC adopt a more collaborative approach, or will Ripple continue to face the agency’s aggressive enforcement policies? XRP’s Legal Future in Doubt as SEC’s Leadership Shifts Ripple’s legal journey with the SEC has been nothing short of dramatic. Initiated in December 2020, the lawsuit accuses Ripple of conducting an unregistered securities offering, raising over $1.3 billion through XRP token sales. Sponsored While the court ruled in July 2023 that XRP sales to retail investors did not constitute securities transactions, it also found Ripple guilty of violating securities laws in institutional sales, leading to a $125 million fine. The SEC has since appealed the ruling, seeking clarity on XRP’s status. This leaves Ripple in legal limbo, with the potential for years of litigation ahead. However, Gensler’s resignation injects new uncertainty into the case’s trajectory. His successor’s stance on cryptocurrency regulation could reshape the SEC’s approach and even open the door for a settlement . On January 20, 2025 I will be stepping down as @SECGov Chair. A thread 🧵⬇️ — Gary Gensler (@GaryGensler) November 21, 2024 A settlement, if reached, could mark a turning point for Ripple. Analysts suggest the SEC might opt to resolve the case rather than risk further legal battles under new leadership. Such an outcome would not only benefit Ripple but also establish a clearer regulatory framework for digital assets across the industry. Ripple’s Case Reignited? Gensler’s departure has fueled speculation about a shift in the SEC’s regulatory philosophy. Under his leadership, the agency adopted a “regulation by enforcement” strategy, targeting major crypto firms like Binance and Coinbase. While effective in some cases, this approach drew widespread criticism for its lack of clear guidelines. Market watchers are now closely monitoring the appointment of the next SEC Chair. A leader with a more collaborative mindset could prioritize defining clear rules over litigating high-profile cases. This potential change could influence Ripple’s legal battle, as well as the agency’s broader stance on crypto innovation. Legal experts have floated the possibility of the SEC re-evaluating its case against Ripple, potentially leading to a settlement or a less aggressive approach. A favorable resolution could serve as a precedent for other crypto firms, signaling a more constructive relationship between regulators and the industry. On the Flipside The SEC’s appeal could extend Ripple’s legal battle for years, maintaining uncertainty for XRP holders. A new SEC Chair may continue aggressive regulatory actions, keeping Ripple under scrutiny. Market volatility may persist as investors react to leadership changes and ongoing litigation. Why This Matters As the crypto world awaits the appointment of a new SEC Chair, the decisions made in this critical period will shape the future of digital assets, influencing everything from innovation to market stability. For Ripple, the stakes couldn’t be higher, with the potential to not only secure a win but also redefine the rules of the game for the entire industry. To learn more about Ripple and Cardano’s teased moves and their potential impact on the crypto market, read here: Ripple & Cardano Tease Major Move—Here’s What to Expect Discover how XRP hit $1.26 amid SEC battles and a Trump-related market reaction, and what this means for its future, here: XRP Tags $1.26 Amid SEC Battle, Trump’s Win, and What’s Next
8,100 Banks and Financial Institutions Brace for Fallout As Hackers Reveal Major Data Breach on Dark Web: Report
Thousands of banks and financial institutions around the world are bracing for new developments on a third-party data breach. The financial services giant Finastra has confirmed it detected “suspicious activity” in an internal file transfer system. The breach, which was first reported by cybersecurity journalist Brian Krebs, was discovered after someone on the dark web claimed to have 400 gigabytes of compressed information from the firm. Finastra works with 8,100 financial institutions including 45 of the world’s 50 largest banks and according to Forbes , early findings suggest the breach may involve sensitive data from major banking clients, including financial records and transaction details. Confidential information on Finastra’s operations and services may also be at risk. Finastra has sent a letter to its clients alerting them to its ongoing investigation. “The affected system remains isolated while the investigation continues. We believe that this incident was limited to the system in question and there is no further evidence at this time to suggest any lateral movement beyond it. We are continuing to investigate root cause, but thus far, initial evidence points to credentials that were compromised. The source of the compromise is a priority aspect of the investigation… At this time, as a priority we are also curating a list of the customers potentially affected and are currently reviewing all information. Should we determine that files associated with your organization were exfiltrated, we will notify you.” Finastra provides software solutions to help banks and financial institutions manage their operations. The firm’s banking platforms offer core functions like account management, transactions and reporting, with cloud options for scalability and modernization. Don't Miss a Beat – Subscribe to get email alerts delivered directly to your inbox Check Price Action Follow us on X , Facebook and Telegram Surf The Daily Hodl Mix Generated Image: Midjourney
Major takeaways from this week’s BTC ETF options launch
This week I had the pleasure of interviewing Jeff Park, head of alpha strategies at Bitwise Asset Management, to unpack the BTC ETF options launch this week. Here are the main takeaways from our interview that I learned: Volatility Smile Typically with risk assets, puts demand a higher premium than calls. This is because most people use options to hedge their longs, creating skewed demand for puts over calls. This typically creates a half smile in the volatility structure as seen below: Something very unique about crypto, however, is that it has a persistent smile to its volatility surface — where calls are equally as juiced as puts, creating a “smile” in the volatility surface: Often this smile only occurs in commodity assets during supply shocks, where demand outpaces available supply and prices surge. However, since supply can then increase to a new equilibrium with demand, the price will then revert and the volatility smile ends. What is unique about Bitcoin, however, is due to the difficulty adjustment that makes that supply adjustment like you see in traditional commodities impossible, the smile remains persistent and permanent. This is extremely unique. Newsletter Subscribe to Forward Guidance Newsletter Subscribe Call Heavy Flow The vast majority of the options activity has been in out-of-the-money calls. As we can see in the chart below from Bloomberg Intelligence’s Eric Balchunas, most of the activity has been in either marginally OTM calls or as far out as the strikes are currently available: Further, we can see that 82% of the first day options volume on IBIT was from calls: Deribit vs TradFi options One interesting takeaway I learned from Jeff is that Deribit, a crypto options exchange that is open 24/7, should have BTC options that are priced differently from the ETF options. The key reason for this is that because of theta, otherwise known as the time to expiry. Since Deribit options are constantly live for trading, the theta — and therefore the volatility — should sit at a premium to the ETF options, which only trade during standard market hours. Most on IBIT Finally, despite yesterday being the launch day for all the other ETF’s options, we’ve seen the vast majority of the notional exposure reside within BlackRock’s iShares Bitcoin Trust (IBIT): This makes for much wider spreads on the other ETFs given there’s much less liquidity available. Overall, the market structure has changed significantly this week with the launch of ETF options . Whereas traditionally short-term market structure was largely a function of perpetual futures, options flow dynamics will increasingly play a larger role in the price action. For a deeper dive into other implications of this major market regime change, check out my interview with Jeff Park . Start your day with top crypto insights from David Canellis and Katherine Ross. Subscribe to the Empire newsletter . Explore the growing intersection between crypto, macroeconomics, policy and finance with Ben Strack, Casey Wagner and Felix Jauvin. Subscribe to the Forward Guidance newsletter . Get alpha directly in your inbox with the 0xResearch newsletter — market highlights, charts, degen trade ideas, governance updates, and more. The Lightspeed newsletter is all things Solana, in your inbox, every day. Subscribe to daily Solana news from Jack Kubinec and Jeff Albus. Tags bitcoin ETFs Bitwise BTC ETFs
Bitcoin and Ethereum Options Expiration Sparks Potential Market Fluctuations Amid Diverging Sentiments
The impending expiration of $3.42 billion in Bitcoin and Ethereum options is set to influence market dynamics significantly, particularly at critical price levels. With Bitcoin’s put-to-call ratio hovering at 1.09 reflecting a bearish sentiment, while Ethereum’s at 0.66 indicates a bullish outlook, traders are positioning themselves accordingly. As noted by experts from Greeks.live, “A majority of traders betting on declines for Bitcoin contrasts sharply with the optimism surrounding Ethereum, underscoring the divergent market sentiments.” The expiration of $3.42 billion in Bitcoin and Ethereum options could trigger significant volatility, with traders positioning based on contrasting market sentiments. Traders Await Market Impact from Major Option Expirations The crypto market is on high alert as $3.42 billion in Bitcoin (BTC) and Ethereum (ETH) options contracts are set to expire today. This expiration is significant, as it may lead to notable volatility and potential price shifts, particularly as Bitcoin approaches the psychological milestone of $100,000. Traders are keenly watching the market to gauge the effects that these expirations may have on price trajectories. Divergence in Market Sentiment: A Put-to-Call Analysis Recent data from options exchanges reveals that today’s expiring contracts include around 28,905 Bitcoin options, accompanied by a put-to-call ratio of 1.09, indicating a stronger bearish sentiment among traders. In contrast, Ethereum sees a markedly different outlook with 164,687 contracts set to expire and a put-to-call ratio of 0.66, suggesting that traders are anticipating price rises for the second-largest cryptocurrency. This divergence in sentiment is indicative of broader trends within the respective markets, showing how traders are adjusting their strategies in anticipation of the expirations. The implications of these expirations may significantly shape price movements across the cryptocurrencies. Understanding the Max Pain Theory and Its Consequences Traders are increasingly paying attention to the Max Pain Theory, which suggests that the prices of both Bitcoin and Ethereum could gravitate towards their respective max pain points of $86,000 for BTC and $3,050 for ETH as options contracts reach expiration. The theory posits that at these price levels, the maximum number of options will expire worthless, which can create strategic pressures on market makers and influence price directions. Despite the potential short-term volatility, the consensus among analysts indicates that long-term bullish trends remain intact, particularly for Ethereum, bolstered by increasing institutional interest and inflows. This backdrop provides a solid base for its price movements post-expiration. Market Outlook Post-Expiration As the expiration of these contracts concludes, it’s pertinent for traders to remain vigilant. Analysts foresee that fluctuations may stabilize soon after the contracts are settled, particularly with major firms like BlackRock entering the ETF landscape, which has had a notable impact on market sentiment. This could influence how prices adjust following today’s events. Conclusion In summary, the expiration of $3.42 billion in Bitcoin and Ethereum options highlights a crucial moment for traders. With the current market conditions and diverging sentiments, participants should be prepared for potential volatility that could redefine short-term price trends. Understanding the dynamics of put-to-call ratios and the Max Pain Theory will be instrumental in navigating the forthcoming market shifts. In Case You Missed It: Bitcoin Surges Past $90,000 Amid Potential Synergy with Nuclear Energy and Increasing Mining Profitability
Bitcoin Price Approaches $100K: The Countdown Is On
Bitcoin price is rising steadily above the $95,000 zone. BTC is showing positive signs and might soon hit the $100,000 milestone level. Bitcoin started a fresh increase above the $95,000 zone. The price is trading above $95,000 and the 100 hourly Simple moving average. There is a key bullish trend line forming with support at $95,200 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair could continue to rise if it clears the $100,000 resistance zone. Bitcoin Price Sets Another ATH Bitcoin price remained supported above the $92,000 level. BTC formed a base and started a fresh increase above the $95,000 level. It cleared the $96,500 level and traded to a new high at $98,999 before there was a pullback. There was a move below the $98,000 level. However, the price remained stable above the 23.6% Fib retracement level of the upward move from the $91,500 swing low to the $98,990 high. There is also a key bullish trend line forming with support at $95,200 on the hourly chart of the BTC/USD pair. The trend line is close to the 50% Fib retracement level of the upward move from the $91,500 swing low to the $98,990 high. Bitcoin price is now trading above $96,000 and the 100 hourly Simple moving average . On the upside, the price could face resistance near the $98,880 level. The first key resistance is near the $99,000 level. A clear move above the $99,000 resistance might send the price higher. The next key resistance could be $100,000. Source: BTCUSD on TradingView.com A close above the $100,000 resistance might initiate more gains. In the stated case, the price could rise and test the $102,000 resistance level. Any more gains might send the price toward the $104,500 resistance level. Downside Correction In BTC? If Bitcoin fails to rise above the $100,000 resistance zone, it could start a downside correction. Immediate support on the downside is near the $98,000 level. The first major support is near the $96,800 level. The next support is now near the $95,500 zone and the trend line. Any more losses might send the price toward the $92,000 support in the near term. Technical indicators: Hourly MACD – The MACD is now gaining pace in the bullish zone. Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level. Major Support Levels – $96,800, followed by $95,500. Major Resistance Levels – $99,000, and $100,000.
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