Cryptocurrency News and Analysis | Coin and Token Post

By Kidist
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November 3, 2023

Bitcoin Weekly Forecast: BTC may fall to $30,000 due to a lack of ETF news

On a daily basis, the Bitcoin (BTC) price exhibits not one, but numerous sell signals. To make matters worse, on-chain data reveal widespread profit-taking. While the rise fueled by the probable ETF approval has boosted BTC so far, the lack of it could send the pioneer cryptocurrency lower. Bitcoin ETF news is critical to the continued rally. For some years, the approval of a Bitcoin spot Exchange-Traded Fund (ETF) has been a speculative event. However, ETF-related innovations have recently accelerated. After losing a run of crypto lawsuits, the US Securities and Exchange Commission (SEC), which approves or disapproves ETF products, has been on the defensive. The initial run-up in Bitcoin prices began in mid-October, following the SEC's dismissal of Grayscale's lawsuit for transforming the GBTC product into a spot ETF offering, as well as other ETF-related news. However, because there have been no updates, BTC has been trading sideways. Regardless, the speculative Bitcoin trading frenzy will reach new heights in January 2024, the next critical deadline for the ETF decision. This event will either make or break the cryptocurrency space. However, investors should be prepared for a regression before then, especially given that the Bitcoin price has been emitting multiple sell signals. Bitcoin's price may fall soon Bitcoin's (BTC) price increased by 30% between October 16 and 24, reaching a local high of $35,280. Because of the tremendous bullish momentum, this move was spectacular. However, since the formation of this swing high, BTC has been trading sideways. The daily candlestick closures have generated an upward slope since October 25, which may appear bullish to the naked eye. A closer examination of the Relative Strength Index (RSI) reveals that it is sliding downward. This deviation is known as bearish divergence, and it frequently results in a pullback or correction. This is the first major sell signal that investors should be aware of. In addition to the bearish divergence, the Momentum Reversal Indicator (MRI) has flashed two sell signals. The first sell signal was posted in the shape of a red down arrow following the daily candlestick closure on October 23. The MRI showed another red down arrow nine days later. This indicator predicts one to four down candlesticks. As a result, investors may see the Bitcoin price fall. The Fair Value Gap (FVG) range, which stretches from $30,248 to $32,832, and its midpoint of $31,540, are important support levels to monitor.

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By Kidist
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August 29, 2023

Bitcoin rises above $27,000 as Grayscale defeats the SEC in court, boosting sentiment

In trade on Wednesday, the cryptocurrency markets were trading higher. Ethereum (ETH) was trading above the 1,700 mark while Bitcoin (BTC) increased 5.5% to $27,450. In the meantime, the market capitalization of all cryptocurrencies was increasing, trading at roughly $1.09 trillion, up 4.22% in the previous day. As news spread that digital asset management Grayscale had won a case against US regulators, Bitcoin came close to reaching two-week highs. Instantly, the markets responded, rising $1,700 in just 30 minutes. The Securities and Exchange Commission (SEC) of the United States was found to have erred when it denied Grayscale's request to launch an exchange-traded fund (ETF) with the Bitcoin spot price as its benchmark, according to a judgement by the U.S. Court. On Wednesday, the prices of other popular crypto tokens increased as well. Solana increased by 6.4%, Toncoin soared by 14%, and Dogecoin increased by nearly 4%. XRP, Polkadot, and BNB all saw gains. 5.27% of the 24-hour volume of the whole crypto market, or $2.91 billion, is now being traded in DeFi. All stablecoin volume is currently $51.29 billion, or 92.8% of the 24-hour volume of the whole crypto market. The largest cryptocurrency in the world by market cap, Bitcoin, was valued at almost $534 billion. According to CoinMarketCap, Bitcoin presently has a 48.85% market share. BTC volume was over $30.9 billion at the time, up 185.3% in the previous day. In its legal dispute with the Securities and Exchange Commission over the conversion of the Grayscale Bitcoin Trust into an Exchange-Traded Fund (ETF), Grayscale won, according to the court. This significant breakthrough has encouraged a positive environment among market players, driving market prices higher.

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By Kidist
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August 21, 2023

Expected Continued Bitcoin Drop Amid Persistent Market Issues

The price of Bitcoin (BTC) reached a high of $29,653.10 over the previous seven days. The world's oldest and most important cryptocurrency, Bitcoin (BTC), had a difficult week, and it now seems that the current market problems will continue to limit its chances of rising in the coming days. According to CoinMarketCap, the total market fear and greed index leans more towards fear among investors, scoring 35 out of 100. The market was still plagued by SpaceX's abrupt sale of its Bitcoin assets and Grayscale's ongoing legal battle over Bitcoin ETFs. Readers should be aware that the entire cryptocurrency market and coin prices are very erratic before continuing. There are no surefire ways to predict how cryptocurrencies will act in the future. The goal of this post is to assist investors in staying informed about the current market conditions, the most significant recent events, as well as some noteworthy upcoming developments. Before making any decisions, investors are encouraged to conduct their own research. Prices Of Crypto Over The Last Week The total value of the cryptocurrency market was $1.17 trillion as of last Monday, August 14. BTC's price was approximately $29,300, and ETH's price was approximately $1,840. The market cap as a whole dropped to $1.06 trillion a week later. Check Today's Best Cryptocurrency Prices DeFi's overall volume is $1.67 billion, or 7.54 percent of the 24-hour volume for the entire market. Stablecoins currently account for $20.56 billion in total volume, or 92.77 percent of the total 24-hour market volume. The entire market fear and greed index, according to CoinMarketCap, was at 35 points (out of 100) for fear. At the time of writing, BTC held a 47.99 percent market share. Bitcoin reached a high of $29,653.10 on August 14 and a low of $25,729.500 on August 18 over the course of the past seven days. In contrast, Ethereum experienced a high of $1,853.60 on August 14 and a low of $1,604.11 on August 18. Events In The Crypto World According to reports, Elon Musk's SpaceX sold off all of its Bitcoin assets last week. These interests, which the corporation purchased between 2021 and 2022 and were estimated to be worth $373 million, have been sold off. According to reports from numerous media sources, this decision comes at a time when the bitcoin market is uncertain. It took just 30 minutes for SpaceX to sell its Bitcoin holdings, which led to the liquidation of positions valued almost $800 million. Although the precise connection between this sale and the following liquidations is still unknown, the timing has led to rumours. The report impacted the ongoing bear market in the cryptocurrency space by putting downward pressure on the price of Bitcoin. These liquidation operations abruptly put an end to the transient recovery that temporarily raised the price above $28,000. Contrary to speculations, Grayscale's legal battle with the Securities and Exchange Commission (SEC) over their proposal to convert a spot Bitcoin Exchange-Traded Fund (ETF) has not yet resulted in a definitive decision. Despite growing hope for a settlement today, James Seyffart, a Bloomberg Intelligence analyst, ruled out the likelihood. Whenever they are established, the lawsuit's possible consequences have the power to create a standard that will influence how transactions involving digital assets are conducted in the future. Grayscale, a well-known name in the world of managing digital currency assets, has been involved in a protracted legal battle appealing the SEC's decision that obstructs the company's attempt to convert its Bitcoin holdings into a spot ETF. And finally, in a vast global debt restructuring attempt, the troubled company China Evergrande Group has started the process of applying for bankruptcy protection in the United States, marking a crucial milestone. This action is being taken amid growing worries about China's worsening real estate upheaval and its possible effects on the already fragile economy. This week, in an unexpected turn of events, China reduced important interest rates in an effort to bolster a flagging economy. In addition, Monday's expected decrease in prime loan rates is anticipated. Analysts point out that considerably more powerful initiatives are necessary to stop the economy's continued collapse since they believe the measures that have been put in place so far are inadequate and tardy. Investors should exercise cautious for the time being because the outlook for the market as a whole seems bleak, particularly in light of the recent dearth of noteworthy crypto-positive news.

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By Kidist
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August 11, 2023

APT Overtakes $30,000 for a Short Period of Time in Bitcoin

Trading Quick analysis of the cryptocurrency pricing on August 10: The value of the world market was $1.18 trillion. The oldest and most valuable cryptocurrency in the world, Bitcoin (BTC), managed to surpass the $30,000 mark for a brief period of time late on Wednesday before settling in the $29,500 region early on Thursday. Other well-known altcoins witnessed a mix of reds and greens, including Ethereum (ETH), Dogecoin (DOGE), Ripple (XRP), Litecoin (LTC), and Solana (SOL). With an increase of 11% over the course of a day, the Aptos (APT) token ended up being the largest winner of the group. On the other hand, optimism (OP) experienced a 24-hour decline of about 7 percent, making it the greatest loser. At the time of writing, the market cap of all cryptocurrencies was $1.18 trillion, showing a 24-hour decline of 0.18 percent. Bitcoin Price Today According to CoinMarketCap, the price of one bitcoin was $29,555.99, a drop of 0.47 percent over the previous 24 hours. Bitcoin was trading at Rs. 25.20 lakh, according to Indian market WazirX. Ethereum Price Today At the time of writing, the price of ETH was $1,851.51, reflecting a 24-hour decline of 0.11 percent. According to WazirX, the price of ethereum in India was Rs 1.57 lakh. Dogecoin Price Today According to data from CoinMarketCap, the 24-hour growth rate for DOGE, which is currently trading at $0.07586, was 1.50 percent. Dogecoin's price in India as of WazirX was Rs 6.54. Litecoin Price Today Litecoin gained 0.43 percent during the course of a day. Its price at the time of writing was $84.10. The cost of LTC in India was Rs 7,100.01. Ripple Price Today The price of XRP was $0.6377, down 0.18 percent over the previous 24 hours. WazirX reported that the price of ripple was Rs 54.10. Solana Price Today The price of solana was $24.28, down 0.31 percent over the previous day. SOL was priced at Rs 2,026 in India, according to WazirX.

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Bitcoin Weekly Forecast: BTC may fall to $30,000 due to a lack of ETF news

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Bitcoin rises above $27,000 as Grayscale defeats the SEC in court, boosting sentiment

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Expected Continued Bitcoin Drop Amid Persistent Market Issues

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APT Overtakes $30,000 for a Short Period of Time in Bitcoin

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