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  • Crypto price predictions: Bitcoin, Cardano, Binance Coin

    Crypto price predictions: Bitcoin, Cardano, Binance Coin

    Crypto prices remained in a consolidation phase this week as concerns about FTX contagion continued. They also reacted to the latest interest rate decision by the Federal Reserve and the arrest of Sam Bankman-Fried. Here are some of the top crypto price predictions for the weekend.

    Bitcoin price prediction

    Bitcoin pulled back sharply after the latest interest rate decision by the Federal Reserve. This decline correlated with the performance of American indices like the Dow Jones and the Nasdaq 100 indices. 

    Bitcoin price dropped to a low of $16,923, which was the lowest level since December 12. It also declined below the important level at $17,395, which was the neckline of the inverted head and shoulders pattern.

    It has also pulled back below the 25-day and 50-day moving averages while the Relative Strength Index (RSI) has moved below the neutral level of 50. Therefore, Bitcoin price will likely continue falling as contagion fears continue. 

    If this happens, the next key level to watch will be at $16,000. In the near term, however, a bullish breakout to $18,000 cannot be ruled out as the shakeup eases.

    BTC/USD chart by TradingView

    How to buy Bitcoin

    eToro

    eToro offers a wide range of cryptos, such as Bitcoin, XRP and others, alongside crypto/fiat and crypto/crypto pairs. eToro users can connect with, learn from, and copy or get copied by other users.


    Buy BTC with eToro today

    Bitstamp

    Bitstamp is a leading cryptocurrency exchange which offers trading in fiat currencies or popular cryptocurrencies.

    Bitstamp is a fully regulated company which offers users an intuitive interface, a high degree of security for your digital assets, excellent customer support and multiple withdrawal methods.


    Buy BTC with Bitstamp today

    Binance Coin price prediction

    Binance Coin price has been in a strong bearish trend in the past few days. It collapsed to the lowest level since November this year. This decline accelerated this week as Bitcoin FUD trended in Twitter and other social media platforms like Reddit. FUD stands for Fear, Uncertainty, and Doubt.

    Concerns about Binance continued after the arrest of Sam Bankman-Fried, which we wrote about in this article. Investors are worried about the significant information that we still don’t know about Binance. For one, it is unclear how much money Binance makes and how much debt it has.

    Therefore, like Bitcoin, the BNB price will likely continue falling as sellers target the psychological level of $200.

    BNB/USD chart by TradingView

    How to buy BNB

    eToro

    eToro offers a wide range of cryptos, such as Bitcoin, XRP and others, alongside crypto/fiat and crypto/crypto pairs. eToro users can connect with, learn from, and copy or get copied by other users.


    Buy BNB with eToro today

    Binance

    Binance is one of the largest cryptocurrency exchanges in the world. It is better suited to more experienced investors and it offers a large number of cryptocurrencies to choose from, at over 600.

    Binance is also known for having low trading fees and a multiple of trading options that its users can benefit from, such as; peer-to-peer trading, margin trading and spot trading.


    Buy BNB with Binance today

    Cardano price prediction

    Cardano price plunged on Friday as concerns about the hawkish Fed continued. It has also fallen because of the underperformance of its DeFi and NFT ecosystem. NFT volume crashed to just $8 million in November, its lowest level in months. 

    On the daily chart, Cardano remains below all moving averages. It also crashed below the important support level at $0.300, the lowest level on December 13. The Relative Strength Index has moved to the oversold level. Cardano price will likely continue falling as sellers target the next key support at $0.2500. 

    ADA/USD chart by TradingView

    How to buy Cardano

    eToro

    eToro offers a wide range of cryptos, such as Bitcoin, XRP and others, alongside crypto/fiat and crypto/crypto pairs. eToro users can connect with, learn from, and copy or get copied by other users.


    Buy ADA with eToro today

    Bitstamp

    Bitstamp is a leading cryptocurrency exchange which offers trading in fiat currencies or popular cryptocurrencies.

    Bitstamp is a fully regulated company which offers users an intuitive interface, a high degree of security for your digital assets, excellent customer support and multiple withdrawal methods.


    Buy ADA with Bitstamp today

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  • JP Morgan reports shows 13% of Americans are into crypto

    JP Morgan reports shows 13% of Americans are into crypto

    • JP Morgan has released a new report showing that more than 13% of the American population have transferred funds into crypto accounts.
    • The research sampled 5 million customers with checking accounts, 600,000 of whom had transferred money into a crypto account.
    • Most new investors first fund a crypto account during spikes for Bitcoin price, according to the report.

    Nearly 44 million Americans have ever transferred money into a crypto-related account, according to details shared in a new report by JP Morgan.

    In a report titled ‘The Dynamics and Demographics of US Household Crypto-Asset Use’, released on 13 December, the financial giant estimates that about 13% of the population has sent money to a crypto account. Per the bank’s data, involvement in crypto by the general population spiked during the COVID-19 pandemic, with more money finding its way into cryptocurrency investments as individuals’ personal savings also increased.

    The report covered close to 5 million active checking account users, more than 600,000 of whom were shown to have transferred funds to crypto accounts.

    Transfers to crypto accounts tripled between 2020 and 2022

    Cryptocurrency adoption across the United States has been steady, with other statistics suggesting similar adoption rates to what’s contained in this latest report.

    While JP Morgan says that only a tiny fraction of the US population was in crypto five years ago, its researchers found that the last three years have witnessed a huge jump in adoption. From the sample indicated, the banking giant estimated that crypto users in the US increased from a pre-pandemic population share of less than 3% to almost 15% by mid-2022.

    Of those to fund crypto accounts from their checking accounts, the research data shows a 300% spike. Cumulatively, only 3% of the population had transferred funds into a digital asset-related account prior to the pandemic. 

    That figure more than tripled in the last three years, with the trend seeing more than 43 million Americans, or 13% of the population funding crypto accounts.

    New investors increase when Bitcoin price spikes

    Another observation from the research is that funding of crypto accounts is that the transfers have largely come at a time when the price of Bitcoin is going up. Large volumes occur during bull markets or sharp rallies, with the trend going back to 2015, JP Morgan said.

    For most new users, the deposits span a few days and have coincided with the price of bitcoin seeing a trailing monthly change of +25%. It is this time that many people look to trade Bitcoin and other cryptocurrencies.

    Also observable is that most investors only make small transfers to their crypto accounts – less than a month’s pay. Indeed, the median transfer for the majority of investors is $620. Nonetheless, about 15% of individuals transfer more than a month’s worth of income. The share is even higher among high-income individuals.

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  • Dogecoin is one of the biggest market leaders in the Crypto World

    Dogecoin is one of the biggest market leaders in the Crypto World

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  • Crypto market overview November 2022

    Crypto market overview November 2022

    • Cryptocurrency prices have declined significantly in 2022, with crypto assets tracking the performance of stocks such the Nasdaq 100.
    • An overview of three top cryptocurrencies  in Bitcoin, Ethereum and Ripple highlights the opportunities and risks that abound.
    • Investors seeking to trade on contracts for differences, CFDs, for crypto need to do due diligence and understand how the contracts work.

    Crypto has tracked high-risk assets like the Nasdaq 100 for much of 2022, crumbling as a result of the high inflation and high interest rates prevalent in the financial markets. 

    Bitcoin, the world’s largest digital coin, failed to get past $20,000 for most of September and October. However, amid multiple price predictions BTC managed to rise late that month after some modest indications that the US Federal Reserve was ready to ease policy. 

    Bitcoin price shot up 6.5% to $20,700 on October 29, and Ether followed by 19%. In context, the two largest crypto powers had suffered losses five of the last six months. Perhaps it wasn’t one single factor driving it, but rather “a more favorable backdrop for risky assets and short liquidations,” suggested NYDIG’s Greg Cipolaro.

    One of the drivers for the rally may have been Dogecoin’s massive 40% surge that month, as crypto traders expected Elon Musk’s takeover of Twitter to give him a platform to promote the dog-themed coin. 

    One notable aspect of the crypto upswing was the fact that it happened at the same time as major tech stocks like Meta Platforms and Amazon.com were in the red. “Digital asset markets have shown early signs of tech decoupling,” Fundstrat’s Walter Teng announced.

    Below are 3 top cryptocurrencies that we have used to outline and distinguish the above-mentioned “signs”, and crypto performance in November. Read on to find what else you can learn about trading cryptocurrency CFDs.

    Bitcoin

    In the second week of November, Binance CEO Changpeng Zhao said his company was on track to acquire FTX.com – the well-known crypto exchange co-founded by Sam Bankman-Fried – after the exchange lost liquidity following Zhao’s own sale of 530 million dollars from its FTX holdings. 

    Crypto trust was hit by the demise of FTX, whose native FTX token FTT, lost 75% of its value in a single day on November 9. SOL (the token of the Solana blockchain) reacted dramatically (because Solana is connected to FTX), dropping 36% on that day and bringing the total loss for the year to 90%. Bitcoin was 7.7% in the red, after an 11% loss the day before, which kept Bitcoin from breaking above $17,430. 

    The sentiment was memorable for Modular Asset Management’s Dan Liebau, who said that since 2016, “few periods have tested [the crypto industry’s] market infrastructure and participants as much as the past 24 hours.”

    Ether

    Has ETH been able to maintain momentum after its monumental September merge? Not according to some analysts such as BeQuant’s Martha Reyes who said in mid-September, “Now that the Merge excitement is over, we don’t have a catalyst for Ethereum any time soon“. 

    Ether lost 3.8% that day to hit $1,475 after dropping 6% the day before. Excitement over the upcoming Merge into a proof-of-stake system of validation, which would reduce the blockchain’s environmental impact and make it more efficient, had kept Ether afloat since mid-June. 

    The Merge itself was “certainly a success,” in the words of Ethereum developer Preston Van Loon. “What we’ll see over time is whether the stats hold up.”

    A month later, Ether rallied 10.25% in just 24 hours. Internet lawyer Andrew Rossow thought it was due to a “combination of traders capitalizing” and “the success we’re seeing with some of the NFT projects thriving in the current bear market.” 

    According to Brett Sifling of Gerber Kawasaki Wealth & Investment Management, it was an overflow from the stock market rally. It will certainly be interesting to see how ETH prices will perform in the coming months for those trading cryptocurrencies in the form of CFDs.

    Ripple

    On September 19, traders braced themselves for higher interest rates on both sides of the Atlantic. This would mean that the cost of borrowing goes up, draining the liquidity needed in the crypto market. Bitcoin and Ether continued their losing streak, dropping 7.4% and 6.6% respectively, but XRP – the token created by Ripple Labs Inc. – fell as much as 13.5%. 

    A trigger may have been the news that the Securities and Exchange Commission (SEC) wanted an immediate ruling in the lawsuit they were pursuing against Ripple for its “reckless” conduct in failing to register XRP as a security. Also in September, Ripple filed a motion to dismiss the lawsuit, based on their position that XRP is ineligible as a security.

    In the second week of October, Ripple CEO Brad Garlinghouse said the case would be resolved by the first half of 2023. The issue, he said, was “about the whole industry,” not just the world’s sixth-largest crypto.

    In summary

    When trading cryptocurrencies in the form of CFDs, it is always a good idea to understand the prevailing macro environment. For instance, what was Fed Chair Jerome Powell’s tone the last time he spoke? What did the latest inflation data tell us? And what recent events are shaping crypto sentiment? 

    Answering these questions and listening to the popular opinion of reputable analysts can help those trading cryptocurrency CFDs make more informed decisions.

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  • Normalcy returning to crypto markets, on-chain data shows

    Normalcy returning to crypto markets, on-chain data shows

    Over the last few months, the crypto market has largely been pretty serene. Bitcoin had been in crab motion around $20,000 for quite a while, as it plodded along while waiting for the wider macro conditions to make a move.

    I wrote in late October to be cautious around this price action, and that Bitcoin could be one bearish event away from an aggressive downward wick. What I did not except was that event to be shake crypto to its bones, as one of the blue-chip companies in the space, FTX, inexplicably descended into insolvency.  

    This obviously shook markets. Last week I assessed how the flow of bitcoins out of exchanges has been fierce, as people’s trust in these central entities to store their coins was understandably at an all-time low. 

    In fact, I saw yesterday that 200,000 bitcoins have left exchanges since the FTX implosion. But now, the data suggests that the market is calming down a bit. And again, it seems like we may enter crab mode until macro provides an impetus one way or another – or an unexpected crypto-specific development comes out of the woodwork. 

    The first way to demonstrate that the dust is beginning to settle is by looking at Bitcoin’s volatility. This obviously spiked as Sam Bankman-Fried’s “games” were revealed to the public. But after remaining elevated throughout the last few weeks, it has fallen back down to more standard levels in the last few days.  

    Another way to view this is the falloff in large transactions. These transactions (defined as greater than $100,000) jumped up in the few days around the bankruptcy, but have fallen gradually since, back to the same levels we have seen throughout much of 2022.

    Another useful metric to track is the net realised profit or loss of moved coins. This spikes in times of crisis as the price abruptly drops, before typically coming back towards the $0 mark as the markets calm down.

    The below chart shows this well, with trades on November 9th netting an ugly $2 billion loss, before November 18th then topped this with a $4.3 billion loss. That is lower than the worst mark post-Celsius crash ($4.2 billion loss) and Luna ($2.5 billion loss).

    This reflects the continued downward pressure on Bitcoin’s price, but the trend has bounced back up to close to zero again.

    FTX was a central part of the ecosystem, and its bankruptcy understandably rocked the market. As I wrote recently, this contagion is not over.

    Yet data from the last week or so suggests that normalcy is returning to the crypto markets. Going forward, it may tread water again for a while. With China opening up post-lockdown, the latest inflation numbers imminent and the EU ban on Russian crude imports, macro certainly has a lot going on. 

    Crypto investors will just need to hope that the crypto-native scandals are out of the way for the time being.  

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  • TRIOTIS – Ready to takeover 2023 crypto market.

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  • What crypto analyst Benjamin Cowen thinks of Bitcoin (BTC/USD) before a reversal occurs

    What crypto analyst Benjamin Cowen thinks of Bitcoin (BTC/USD) before a reversal occurs

    • Bitcoin could undergo another Capitulation event around Christmas – Cowen

    • The cryptocurrency is consolidating but lacks an upside momentum

    • BTC price could break into upside or downside

    When will Bitcoin price (BTC/USD) bottom-up after slipping below the crucial $19,000 level? Crypto analyst Benjamin Cowen believes Bitcoin has to undergo one capitulation event before a price reversal. Cowen examines the historical patterns to explain when this is likely to occur.

    Cowen points out that the final capitulation event will occur around Christmas this year. A capitulation event occurs when a sizable portion of investors succumb to bear pressure and sell their holdings. Capitulation events are characterised by unusually high trading volumes coinciding with sharp price falls. When the price reaches its lowest point, it signals a market bottom that ushers in a bullish move.

    Relating to the historical patterns, Cowen says that Bitcoin bear markets last around a year. In 2014, he says, the bear markets lasted 14 months, while in 2018, it was 12 months. Thus, if the current one is to reflect historical patterns, the dates around December 25th, 26th, and 27th, could be.

    Bitcoin has been very choppy heading to this important prediction at year-end. Cowen thinks that $15,000 is the balanced price for Bitcoin. The analyst says that the cryptocurrency has to fall below this level to hit bottom. That will prompt attempts to recapture the fair value.

    BTC outlook as price consolidates at $16,000

    BTC/USD Chart by TradingView

    On the daily chart, Bitcoin is choppy and consolidates around $16,000. The MACD indicator is in the bearish zone. The RSI remains below the midpoint, indicating that the sellers are in control.

    What next for BTC?

    Bitcoin lacks a directional bias. Although bulls have continually defended $16,000 successfully, they are unable to take the price higher. That’s despite the recent Fed statement indicating slower rate increases.

    With the current choppy trading pattern, Bitcoin can go either way. Just as Cowen predicted, BTC could claim a new bottom. For that to happen, the price must break below the $16,000 support zone.

    Where to buy BTC

    eToro

    eToro offers a wide range of cryptos, such as Bitcoin, XRP and others, alongside crypto/fiat and crypto/crypto pairs. eToro users can connect with, learn from, and copy or get copied by other users.


    Buy BTC with eToro today

    Bitstamp

    Bitstamp is a leading cryptocurrency exchange which offers trading in fiat currencies or popular cryptocurrencies.

    Bitstamp is a fully regulated company which offers users an intuitive interface, a high degree of security for your digital assets, excellent customer support and multiple withdrawal methods.


    Buy BTC with Bitstamp today

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  • 4% of Brits think crypto is a “woke” thing Gen Z loves

    4% of Brits think crypto is a “woke” thing Gen Z loves

    One of the greatest barriers to entry for cryptocurrency is undoubtedly comprehending it. 

    Blockchain technology is difficult to get one’s head around. It has only been around since 2009, so it can also be difficult sometimes to find good resources on where to learn about it. Not only that, but the repeated collapses – the FTX implosion being the latest – put people off looking into it. 

    Education is paramount. This is the single biggest thing I noticed when I visited El Salvador this summer, where Bitcoin is legal tender. So many people I talked with had difficulty truly understanding it.

    I was told by a Wallmart cashier that I could not pay with Bitcoin because I did not have the government-owned Chivo wallet. This is obviously false, as Bitcoin’s lightning network does not discriminate – you just need a QR code and the Bitcoin will go. It is a decentralised network and there is no such thing as certain wallets not being able to send to other wallets.

    One barman also said that he tried to learn about it but gave up after a week because he “didn’t have a computer brain”.

    It’s no different outside of El Salvador. I wrote recently about how 48% of Brits know almost nothing about crypto.  This is the same for countries all around the world. But since I have just moved to London, let’s dig into the British for the time being.

    Top Misconceptions

     Looking at a study by VoucherCodes.co.uk, they presented the below as some of the biggest misconceptions in the UK, which I have put together a chart for:

     

     I think the chart says it all.

    While the top two are hugely understandable, the others show that there is still a massive chunk of the British population that just do not understand crypto. That is perfectly fine. In fact, it’s a good thing – it shows how much further the industry could grow.

    But the first step to adoption is education. I actually think this is what they got wrong in El Salvador. Announcing Bitcoin as legal tender spontaneously – from a Bitcoin conference in Miami – without prior warning or discussion with the people is not the way to go.

    The UK, of course, won’t be announcing Bitcoin as legal tender anytime soon (although with the way the pound has been going recently, don’t rule anything out!).

    But the barriers are still here. And for the 2%: no, Elon Musk didn’t make cryptocurrency up. Unless they think he is Satoshi Nakamoto? I guess it can’t be ruled out.

    Sources

    VoucherCodes.co.uk

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  • FTX insolvent – what next for crypto?

    FTX insolvent – what next for crypto?

    I published an analysis three weeks ago outlining that I feared Bitcoin was one bad news event from a plunge down towards $15,000.

    And hell, did we get that event.

    Now I didn’t quite predict this. My piece made no reference to anything to do with FTX. Not only that, but I have waxed lyrical in the past about Bankman-Fried’s acumen. I misread his character massively, and I was very wrong.

    In an examination of FTX’s solvency published on Monday morning, I still believed it was highly unlikely that FTX were insolvent. 

    I have also gone on record many a time repeating the same old adage: playing with Bitcoin in the short-term is akin to spinning a roulette wheel.

    But as we hung around $20,000, and headed into a winter awash with ominous variables like an energy crisis, high inflation, a nasty geopolitical climate and political upheaval in the US, UK and in many nations across Europe, risk was extremely high.

    And then an extraneous variable – FTX imploding. And in the words of the wonderful Black Eyed Peas, “it’s going down now and not a tad bit later”.

    Is it time to buy the dip?

    I don’t like this question for two reasons.

    The first is that, being a random boy on the Internet, how am I meant to know? Like I said a few sentences ago, betting short-term on Bitcoin is like spinning a roulette wheel. My opinion on whether I fancy red or black would be just as valid as to what I think about Bitcoin’s short-term action will be.

    The second reason is that this question is almost a muscle-memory reaction to crypto prices falling. Born out of the culture in the space, I suppose. Central to it is people pointing to past cycles and referencing how Bitcoin has always returned. But they fail to realise something.

    Bitcoin was launched in January 2009, into one of the longest and most explosive bull runs in history. As of this year, that is no longer the case. The free money has been turned off – then Federal Reserve raising interest rates at historically fast rates, with inflation at levels not seen since the 70’s.

    This is the first time that Bitcoin has ever experienced a wider economy bear market. And for that reason, all bets are off. And it is now trading at levels lower than it was five years ago in December 2017.  

    There is no such thing as buying dips and laughing your way to the bank. A glance at the above chart will show quite how many dips there have been this year. This thing is hard. Trading is hard. Crypto is a volatile game. For every screenshot of 100X gains you see on Twitter, there are 100 more people who lost it all. 

    Don’t take eyes off wider economy

    FTX imploding is wild. And it’s incredibly bearish for the crypto economy at large. Expect some contagion to ripple out of this, as we don’t know yet who was exposed to who – but FTX, as such a large player in the industry, will no doubt drag a few bodies down with them.

    But don’t take your eyes off the bigger trend. Crypto is following the stock market. Blue chip assets like Bitcoin and Ethereum are the tail on the dog, with the dog being the stock market. And that stock market is oscillating back and forth over inflation readings and the Federal Reserve’s approach to interest rates.

    I wrote last month about how this correlation between stocks and Bitcoin is as high as it has ever been. It picked up markedly in April 2022, right as we transitioned to this high-interest rate environment.

    In the short-term, this FTX episode needs to play out. Contagion will ripple, news will break, surprises will come out. And then after that, it’s back to watching the stock market. If it wasn’t clear already – the crypto markets are merciless. Don’t forget that, and stay safe.

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  • crypto price today: Crypto Price Today: Bitcoin holds $20K; Shiba Inu & Cardano tank up to 5%

    crypto price today: Crypto Price Today: Bitcoin holds $20K; Shiba Inu & Cardano tank up to 5%

    New Delhi: Major crypto tokens slipped on Friday on some profit booking after a strong rally in the last few days.
    Bitcoin was above the $20,000 level, whereas Ethereum managed to hold $1,500. The US economy rose 2.6% in the third quarter, higher than expected growth of 2%.

    Barring the Uniswap and the US dollar-pegged Tether, all othe
    r top crypto tokens were trading lower. Cardano and Shiba Inu plunged 5% each, followed by Ethereum and Polygon, which shed 3% each.

    The global cryptocurrency market cap breached below the $1 trillion mark to $980.18 billion, after dropping more than 2% in the last 24 hours. However, the total trading volume tanked as much as 13% to $89.23 billion.

    What’s cooking in India

    Crypto staking platform UniFarm has entered into a strategic alliance with Bengaluru-based ONMETA. The partnership is aimed at empowering Indian users with Indian currency-based purchase of tokens for staking to earn passive income.

    Expert take

    Edul Patel, CEO and co-founder of Mudrex, said Shiba Inu coin has reached a significant milestone in terms of the percentage of long-term holders. Currently, it jumped to the highest value of 38%.

    “Long-term SHIB holders have grown far more since the beginning of 2022, from barely 1% to over 38% of holders,” he said. “The percentage of short-term holders remains relatively steady and midterm speculators continue to decline,” he added.

    Global Updates

    Hong Kong plans to legalize retail trading of cryptos as it looks to become a crypto hub, according to a Bloomberg report. Crypto platforms will be required to apply for a license to offer retail trading.

    Tech giant Google will be launching a cloud-based node engine for Ethereum projects. The company said its Google Cloud Blockchain Node Engine means that it will be responsible for monitoring node activity and restarting them during outages.

    Nearly 12% of all BEP-20 tokens, the standard token on the BNB chain, are tied to scams, according to recently released research from crypto risk monitoring firm Solidus Labs.

    Tech view by BuyUcoin cryptocurrency exchange

    DOGE surged 35% on Twitter deal. The most popular meme coin, DOGE, has witnessed a mega rally since Monday as Elon Musk’s Twitter deal neared finalization. Elon Musk has been a staunch supporter of DOGE and his tweets often move the prices of meme coins in a significant way.

    The jump in DOGE prices is mainly linked to the positive news circulation but lacks fundamental backing so investors should buy the coin as per their risk appetite with a long-term perspective. DOGE was originally designed as a payment mechanism and its growth will depend on real-world use cases, the experts suggested.

    (Views and recommendations given in this section are the analysts’ own and do not represent those of ETMarkets.com. Please consult your financial adviser before taking any position in the asset/s mentioned.)

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