Tag: Factors

  • Unity Wallet COO: three factors are affecting crypto market prices

    Unity Wallet COO: three factors are affecting crypto market prices

    • The Bybit hack has increased fears over centralized exchange security vulnerabilities
    • US President Donald Trump’s trade tariffs are increasing market uncertainty
    • Trump’s crypto promises may have started as being great, but they could end up proving catastrophic

    Three things are contributing to the drop in crypto prices, which has seen Bitcoin fall 7.50% over 24 hours to $78,000, according to Unity Wallet’s COO.

    BTC price at $78,000. Source: CoinMarketCap

    It’s a significant drop from Bitcoin’s all-time high, which reached $109,000 in January ahead of US President Donald Trump’s inauguration.

    According to James Toledano, it feels like optimism around the crypto market post-election created a bubble and that the “reality post-inauguration is now setting in – and hard,” he said to CoinJournal.

    In Toledano’s view, the Bybit hack at the crypto exchange last Friday—which resulted in the theft of nearly $1.5 billion worth of Ethereum—is one of the contributing factors affecting crypto prices.

    Undermining investor confidence, it has led to panic withdrawals and a market-wide selloff across the board. While Bybit’s CEO, Ben Zhou, quickly responded to the hack, the situation has increased “fears about centralized exchange security vulnerabilities—which only solidifies the case for self-custodial services,” Toledano continued.

    Dom Harz, co-founder of BOB (“Build on Bitcoin”), a hybrid Layer-2, said to CoinJournal the theft at Bybit is a “stark reminder of the industry’s fundamental issues,” adding:

    “We’ve been hypnotized by price spikes, memecoin frenzies, and media spectacles, forgetting that crypto was meant to be a new financial system—one built on decentralized protocols that make finance accessible to everyone. Bybit just gave us a $1.5 billion reminder that we are nowhere near that reality.”

    Trump’s tariffs

    The continued market selloff follows Trump’s trade tariff announcement earlier this week.

    During his election campaign, the US president made promises regarding crypto, stating that America will be the “crypto capital of the planet.”

    Since entering the White House, he has appointed pro-crypto individuals to reshape government agencies, namely Paul Akins as the incoming chair of the US Securities and Exchange Commission (SEC).

    Mark Uyeda is currently acting chair of the SEC.

    Trump also signed an executive order to establish a crypto working group to provide regulatory clarity. It’s also expected that the working group will look into the potential of a national crypto stockpile.

    Yet, despite these steps, Trump’s trade wars—which could soon hit the EU, the world’s largest trading bloc, with a 25% tariff—is increasing market uncertainty.

    According to Toledano, Trump’s tariffs are “harming the global economy” and that many in the crypto space feel let down by the US president.

    “The promise was great and the reality is potentially proving to be catastrophic,” he added. “It does make me wonder if Trump understands that financial verticals are interlinked and increasingly converging.”

    Biggest economic risk

    The third contributing factor affecting market prices—according to Toledano—are questions around the overall governance of the US.

    An article by Chatham House suggests that the biggest economic risk from Trump’s presidency is a loss of confidence in US governance. It reads that while Trump’s policies may seem mild in the short term, steps that undermine the US and its international allies could have lasting effects.

    “I rarely get spooked from the peaks and troughs that crypto presents but when I combine what’s happening with traditional equities volatility, I think there is cause for concern right now,” said Toledano.

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  • Bitcoin surges above $30,100: here are the driving factors

    Bitcoin surges above $30,100: here are the driving factors

    • It is the first time the Bitcoin price is above $30,000 since June last year.
    • The surge comes after a one-month consolidation around $28K.
    • Analysts had set a support level at $25,000 and a resistance level at $30,000.

    Bitcoin price surged above $30,100 early Monday and has been above that level for the better part of the morning. It hit a daily high of $30,160.48 but was trading at $30,126 at press time.

    It is the first time since June 2022 that Bitcoin has hit $30,000, thus cementing the Bull Run that the cryptocurrency started at the beginning of the year.

    What pushed Bitcoin price above $30,000

    The BTC price has surged by more than 46% over the last few months rising to a ten-month level.

    Several analysts had predicted that Bitcoin would regain its $30,000 price tag as traders wait for the United States Consumer Price Index (CPI) report on April 12. The CPI is expected to give insight into the Federal Reserve’s battle against inflation.

    The Crypto Fear and Greed Index has remained within the “Greed” region for the last week, with the latest update putting the score at 68 out of a possible 100. The Crypto Fear and Greed Index numerically present the “emotions and sentiments” toward the cryptocurrency market and Bitcoin.

    The 68 Crypto Fear and Greed Index score is the highest Bitcoin has ever scored since it scored 66 on November 16, 2021, which was just days after Bitcoin hit its all-time high above $69,000.

    However, despite the Crypto Fear and Greed Index score being high, a majority of technical indicators still point to a strong bullish trend which points to a possible long-term bull run over the next days.

    The post Bitcoin surges above $30,100: here are the driving factors appeared first on CoinJournal.

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  • SHIB could rally another 20% based on these factors

    SHIB could rally another 20% based on these factors

    Shiba Inu price took the market by surprise as a 20% rally unfolded early in the week. Key levels have been identified to gauge a potential entry before the uptrend continues.  

    Shiba Inu price could rally higher

    Shiba Inu price rallied in applaudable fashion as the notorious meme coin pulled off a stunning 20% rally. At the current time, the bears have entered the market, forging an 8% decline. Still, there are reasons to believe the uptrend move is still ongoing. 

    Shiiba Inu price currently auctions at $0.00001089. During the recent upswing, the bulls have breached both the 8-day exponential and 21-day simple moving averages. Now, the two trend indicators converge under the SHIB price, which signals bullish strength.

    tm/shib/10/27/22

    SHIB/USDT 12-Hour Chart

    A Fibonacci retracement tool surrounding the strongest part of the recent rally suggests the current profit-taking consolidation is just a 50% retracement. If market conditions persist, a bullish cross of the indicators could prompt an additional 20% rally. Key bullish targets would be $0.00001250 and potentially $0.00001300.

    Invalidation of the bullish thesis could occur if the bears manage to tag the $0.00001040 liquidity zone. A sweep of the low could trigger a mudslide rally toward $0.00000970. The price of Shiba Inu would decline by 11% if the invalidation scenario occurred. 

    In the following video, our analysts deep dive into the price action of Shiba Inu, analyzing key levels of interest in the market. -FXStreet Team

     

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  • These Factors May Trigger Shiba INU(SHIB) Price to Reach $0.000017 before the End of 2022

    These Factors May Trigger Shiba INU(SHIB) Price to Reach $0.000017 before the End of 2022

    The Shiba INU price is appearing to be extremely bullish in the near future, but also carries the possibility of an interim plunge to its lows. Meanwhile, the bulls appear to be pre-determined in pushing the price higher in the coming days. However, the prices, at present flashes no major attempt at recovery & hence the asset appears to be preparing for the interim plunge. 

    After settling up an immediate high around &0.0000179 in mid of August 14, SHIB price further continued to form consequent lower highs & lower lows, indicating the persistence of the bearish trend.  The popular meme coin which is trading around $0.00001 for quite a long time faced rejection in an attempt to go beyond these levels. Therefore, these levels are presently acting as a strong support level, from where the SHIB price may get triggered for a fine upswing. 

    Currently, the SHIB trade setup displays a couple of lower targets to be reached in the next couple of weeks. Meanwhile, both the lower targets at $0.00000908 & $0.00000959 could eventually trigger the price toward the upper targets above $0.000017. Once the SHIB price surpassed these levels the market participants may expect liquidity may rest above these levels which may enable the bears to extract some profits.

    Therefore, after a slight pullback, the rally may continue to rise forward. On the other hand, if the SHIB price fails to bounce it may further test the lower support below $0.000008 and reach $0.0000077. Hence buyers are expected here to step in and uplift the price beyond $0.00001. Moreover, if the bearish thesis prevails further, a steep drop may compel the price to test $0.000006 too.

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