Bitcoin, Ethereum Technical Analysis: BTC Rallies to 1-Month High, as ETH Nears $1,300

Renee Fowler

After the recent FTX crash, Binance has been dealing with rumors, speculation and FUD (fear and uncertainty and doubt). Social media has been abuzz with speculation about Binance’s proof of reserves (POR), and criticism regarding the company’s POR efforts.

CZ was Changpeng Zhao (also known as CZ) who addressed the FUD via Twitter on December 13. CZ tweeted that FUD helped them grow, even though it was extremely annoying. You can make a FUD about anyone without mentioning their name. This spreads awareness. This helps to unify their supporters and creates a common defense alliance.

CZ insists Binance was targeted relentlessly with FUD since day one – some of it allegedly sponsored by a large exchange. “Since then there has been almost no week without FUD. CZ shared his thoughts via Twitter.

CZ’s comment follows the Reuters report, published Dec. 12. It claims that the U.S. Department of Justice has been investigating Binance. Reuters reported Monday that four sources familiar with the matter said that DOJ prosecutors were at odds over the alleged investigation. Angus Berwick, Reuters reporter, wrote that the reported split between DOJ prosecutors was ‘delaying conclusion of a long-running penal investigation’ into Binance.

The speculation and confusion surrounding Binance’s largest crypto exchange, BNB have taken a huge hit to Binance’s exchange token . In the past two weeks, the crypto exchange token BNB lost 8.5%.

The seven-day stats show BNB has lost more than 8% against USD. However, BNB is down 6.9% since Tuesday’s U.S. inflation data. This trend is opposite to what other leading cryptos such as BTC or Ethereum have done. Both coins rose in value between 5-7% and 9:01 AM on Tuesday. ET).

BNB is outperforming crypto assets BTC, Ethereum in terms losses from last year’s all-time highs. BTC is up today but the top crypto asset is still 74% below the all-time high (ATH). While Ethereum ( ETH is down 72% from last years ATH, Binance’s BNB is only down 60% since the crypto asset’s $686 per-unit high price printed on May 10, 2021.

Bitcoin, Ethereum and Stocks Rebound as Inflation Shows Signs of Turning

Renee Fowler

Bitcoin and Ethereum surged Tuesday, along with stocks, on positive news from the U.S. regarding inflation.

According to CoinGecko, the largest cryptocurrency market cap by value was $17,014, up 3.4% over 24 hours.

After the news about the collapse of FTX, a prominent digital asset exchange, the coin has fallen more than 17% over the past week.

Ethereum, the second largest cryptocurrency, rose 2.6% in 24hrs and was priced at $1,269. In the last week, the cryptocurrency that powers smart contract platform and blockchain was hit more than Bitcoin: It’s fallen nearly 20% in seven days.

Many of the crypto markets, including the largest digital assets by market capital, were in the green today.

This small recovery is due to U.S. stocks being buoyed Tuesday by new data from Labor Department’s Producer Price Index report showing a decrease in the cost for goods excluding energy and food. Experts believe this could indicate that inflation is finally under control.

Mati Greenspan, Quantum Economics CEO, stated that “inflation data seems to be turning,” which is really good for asset prices.

This year, the cryptocurrency market has largely followed the U.S. stock markets; inflation in the States is at an all-time high of 40 years. The Federal Reserve has been aggressive in raising interest rates.

Investors have resorted to holding onto greenbacks instead of taking on risk assets like Bitcoin and tech stocks. The U.S. Dollar has seen a significant increase in value over the past year, but today it is losing ground to other currencies based on new Labor Department data.

Rektember, Uptober and a look at the cyclical nature of Bitcoin

Renee Fowler

Over the past few years, this crypto pattern has been more evident in October and September. These two months were so obvious that they have been renamed “Rektember” and “Uptober” in the cryptosphere. Follow along as we explain how these moniker are created and why they can offer hope in the midst of the crypto winter.

According to Bitcoin and other cryptocurrency, they are cyclical. This means that a price rise is usually followed by a selloff, which is then followed up by another rally. The cycle repeats itself repeatedly.

This pattern has been more evident over the years, particularly in September and October. These two months were so obvious that they have been renamed “Rektember” and “Uptober” in the cryptosphere. Follow along as we explain how these moniker are created and why they can offer hope in the midst of the crypto winter.

September is usually a bad month in the crypto industry, especially Bitcoin. In the past nine years, Bitcoin experienced seven Septembers in red. The average monthly decrease was 6 percent. This has earned September the notorious title of Rektember.

The September trend continued this year with crypto prices staying the same. Bitcoin saw a 3.3 percent drop in price between the beginning and the end. ETH dropped 15% from $1,557 to $1,348 between September 1 and September 30, which is a drop of 15 percent.

Rekt can be translated as crypto slang meaning “wrecked”. This is a term that refers to someone who has suffered a significant financial loss as a result of poor investments or trades. This could also be used to describe an asset that has experienced a significant loss in value. Rekt isn’t the same thing as a total realised loss. Rekt investments can bounce back over time. This brings us to Uptober

In terms of market performance, October is completely opposite to September. Bitcoin has been in green seven times in the past nine Octobers. The only red Octobers were in 2018 and 2019.

The global crypto market cap increased by 36 percent last year from $1.9 billion to $2.6 billion on Oct. 1 and $1.9 billion to October 31. BTC rose nearly 60% for the month of October 2013, another big Uptober. These signs point to a possible price rally and possibly a reversal in the bear market that we are currently in.

Uptober so far has not lived up to its expectations. While past years saw huge price rises, this year’s Uptober has seen price drops. Bitcoin has lost over 2.5 percent since the beginning of October, while ETH has fallen 4 percent. The crypto industry’s global market cap dropped from $947 billion to $928 billion at September’s end to $928 billion as of this writing. It’s not a good way to start a month associated with rising prices.

Although September 2022 was true to its Rektember title in September 2022, Uptober is still struggling to get its feet under control. Although prices have declined since the beginning of the month there are still many opportunities for a turnaround. But, it is important not to rely too heavily on Uptober for price increases. The volatility of cryptocurrencies is high, so this October could be an exception to the overall trend like 2018 or 2019.

Cryptocurrency prices: Bitcoin slides below $20,000 and Ether below $1,500 as ETHW goes live

Renee Fowler

Bitcoin, the world’s most widely used virtual currency, dropped 2.3 percent to $19 728.8. Its market capitalization was $377.9 million. Its trade volume was $36 billion.

Major cryptocurrency exchanges suffered losses Friday, September 16. Due to the negative trend in global markets, Bitcoin fell below $20,000 and Ethereum dropped below $1,500. Global crypto market cap was $961.02 Billion, with $84.82 Billion in volume over the last 24 hours.

Bitcoin, the world’s most widely used virtual currency, dropped 2.3 percent to $19 728.8. Its market capitalization was $377.9 million. Its trade volume was $36 billion. In the past seven days, the token has seen a nearly 2 percent increase in trade volume.

Ethererum, or Ether, was the second-largest virtual currency. It fell 9.9% to $1,467.4, with a market capitalisation at $179.9 million. In the last 24 hours, Ethereum traded at $26.5 billion. In the past seven days, Ether fell as high as 10.1%.

The fall is coming as EthereumPoW(ETHW) went online one day earlier. Block 15537393 was the block that saw the merger of Ethereum’s Mainnet execution layer and the consensus layer of Beacon Chain. The proof-of-work consensus algorithm will no longer be used by the network.

Dogecoin, a virtual currency based on Memes, was down 3.4 percent with a market capitalization of $7.8 million. Shiba Inu traded 4.5 percent lower, while Solana dropped 3.5 percent to $22.7 billion.

Domestically, the Indian equity indices BSE Index and SSE Nifty50 are likely to open in red on Friday due to largely negative movements across global markets.

 

Philippine Regulator Warns the Public of Engaging With Foreign Crypto Service Providers

Renee Fowler

Bangko Sentral ng Pilipinas, the central bank of Philippines (BSP), issued a warning Tuesday about foreign and unregistered crypto service providers. The primary regulator for the crypto sector in the Philippines is the central bank.

It states that:

Bangko Sentral ng Pilipinas (Bangko Sentral), strongly urges people to avoid dealing with virtual asset service provider (VASPs), who are domiciled in the Philippines or not registered.

According to the central bank’s website, 19 VASPs were registered as of June.

The central bank stated that virtual assets (VAs) pose a risk of price volatility and that VASPs based overseas’may present additional difficulties in enforcing legal recourse, consumer protection and redress mechanism for local customers’.

The Bangko Sentral was highlighted:

Dealings in VA are usually considered high-risk and can lead to huge financial losses from price swings.

The central bank also warned that financial losses resulting from fluctuations in crypto prices cannot be guaranteed by the government. The regulator stressed that the public should be cautious and do their due diligence before engaging in VA-related activities.

Bangko Sentral ng Pilipinas urged the public not to report illegal activities through cryptocurrencies or crypto service providers to its central bank.

The central bank declared last week it would stop accepting new VASP license application for three years starting September 1. According to the regulator, it “aims to strike a balanced between promoting innovation within the financial sector and ensuring that associated risk remain within manageable levels.”