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  • Here’s why the Bitcoin Cash (BCH) price has just gone parabolic

    Here’s why the Bitcoin Cash (BCH) price has just gone parabolic

    • Bitcoin Cash price has been in a strong bullish trend in the past few days.

    • The coin has surged by over 150% from the lowest level in May.

    • This rally is being supported by the Bitcoin ETF applications.

    Bitcoin Cash price continued surging on Monday even as BTC and other cryptocurrencies moved sideways. The BCH coin jumped to a high of $228.72, the highest level since May 14th of last year. In all, the coin has jumped by more than 150% from the lowest level in May, making it one of the top-performing cryptocurrencies in the world.

    BCH rally continues

    Bitcoin and other cryptocurrencies have been in a strong bullish trend in the past few days. This rally is mostly because of the recent crypto news. Companies like Blackrock, WisdomTree, and Invesco announced plans to launch their Bitcoin ETF. If this is accepted, it will likely help many institutional investors allocate funds to Bitcoin.

    These ETF proposals do not impact Bitcoin Cash directly. However, analysts believe that these companies will file their Bitcoin Cash spot ETF proposals if the Bitcoin one is accepted. Bitcoin Cash, as with BTC, is seen as a commodity since it is a hard fork of Bitcoin itself.

    Other cryptocurrencies that could benefit in all this are Litecoin, Bitcoin SV, and Ethererum Classsic. There are concerns that Ethereum will be avoided because of its staking feature, which SEC believes contravenes securities law.

    Bitcoin Cash price also jumped after it became one of the four cryptocurrencies offered by EDX Markets, the new Fidelity, Schwab, and Citadel-backed crypto exchange. The other cryptocurrencies offered by the exchange are Ethereum, Bitcoin, and Litecoin.

    Further, Bitcoin Cash is doing well since it has a lower price than Bitcoin itself. The BTC and BCH ratio currently stands at 131, meaning that 1 Bitcoin is worth about 131 BCHs. 

    Bitcoin Cash price prediction

    The 4H chart shows that the Bitcoin Cash price has been in a strong bullish trend in the past few days. It has jumped above the important resistance point at $124, the highest point on May 9th. The coin has moved sharply above the 25-day and 50-day moving averages (MA).

    It has also invalidated the upper part of the double-top pattern at $221.10. This was an important level since it was the highest level last week. The Relative Strength Index (RSI) has moved above the overbought level.

    Therefore, there is a likelihood that the BCH price will continue rising as buyers target the next key resistance point at $250. A move below the double-top neckline at $184 will signal that there are more sellers left in the market.

    How to buy Bitcoin Cash

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  • Kaspa (KAS) price rising after CoinPal integration

    Kaspa (KAS) price rising after CoinPal integration

    • Kaspa (KAS) price has surged 31% in the last 7 days and 4% in the last 24 hours.
    • Kaspa was on June 22 integrated on CoinPal.
    • CoinPal is a leading cryptocurrency payment service provider.

    While yesterday’s Kaspa integration with CoinPal is not the sole reason why Kaspa (KAS) price is rising, the integration has added impetus to the KAS bullish momentum.

    The integration comes at a time when the crypto market is seeing a rebound that has pushed Bitcoin (BTC) price above $30K for the first time in months. It is also ten days since Michael Sutton, Georges Künzli, and Shai Wyborski presented a proposal referred to as KIP-4 that aims at refining the Kaspa protocol by translating its complex mechanisms into a language that everyday enthusiasts can easily grasp.

    Kaspa integration with CoinPal

    Kaspa is one of the fastest, open-source, decentralized, and fully scalable Layer-1 blockchains in the world. It is the world’s first digital ledger enabling parallel blocks.

    Kaspa and Bitcoin share the fundamental principles of decentralization and peer-to-peer technology. Kaspa has, however, introduced upgrades like increased scalability, lower transaction fees, and faster transaction speeds. Therefore, by integrating Kaspa, CoinPal and its users will have access to more than 50 supported cryptocurrencies thus expanding their options.

    By incorporating Kaspa into its platform, CoinPal.io has made significant progress toward broadening its scope. By consistently expanding the number of cryptocurrencies it supports and improving its services, CoinPal stays ahead of the curve in the rapidly changing world of digital currencies.

    By incorporating Kaspa, CoinPal is advancing e-commerce and establishing itself as a major force in the adoption of cryptocurrencies.

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  • Why is Bitcoin price up today?

    Why is Bitcoin price up today?

    Key takeaways

    • Bitcoin briefly touched the $29k level on Wednesday after rallying by more than 6% in the last 24 hours.

    • The rally comes after BlackRock filed for a Bitcoin ETF and Fidelity, Schwab, and Citadel backed a crypto exchange.

    Institutional interest pushes Bitcoin higher

    Bitcoin has been performing well since the start of the week and set a new milestone a few hours ago. The leading cryptocurrency touched the $29k level for the first time since May after adding more than 6% to its value over the last 24 hours.

    At press time, the price of Bitcoin stands at $28,834 per coin. Bitcoin reached a daily high price of $29,110 a few hours ago before retracing to currently trade above $28,800 per coin.

    The rally comes as institutional interest in the cryptocurrency market increased in the last few days. 

    Earlier this week, BlackRock, the world’s largest asset management firm with nearly $10 trillion in assets under management, applied with the US Securities and Exchange Commission (SEC) to launch a Bitcoin exchange-traded fund (ETF). 

    The SEC has rejected all the spot Bitcoin ETF applications filed over the years. However, market participants are optimistic that the SEC could approve BlackRock’s application due to the company’s standing.

    A few hours ago, EDX Markets, a crypto exchange backed by Fidelity, Schwab, and Citadel, also went live. 

    The increased interest in the crypto market by traditional financial institutions fueled Bitcoin’s rally over the last 24 hours. 

    Bitcoin Eyes $30k

    Bitcoin could be looking to break past the $30k psychological level in the near term if the current market momentum is maintained. The technical indicators currently show that Bitcoin is bullish.

    If the Bulls can maintain the current market sentiments, Bitcoin could rally toward the $30k level in the next few hours. 

    The total cryptocurrency market cap surged past the $1.1 trillion mark a few hours ago as Bitcoin and the other leading cryptocurrencies rallied. 

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  • Bitcoin price dips below $25k after Fed decision- what next?

    Bitcoin price dips below $25k after Fed decision- what next?

    • Bitcoin price fell below $25,000 after the Fed rate pause news.
    • An analyst points out that the decline saw bulls lose a 7-month trendline support and $20k-$22k could be next.
    • The main resistance zone is between $26k and $28.3k, which can be touched if BTC bounces back.

    Bitcoin price broke below the $25,000 level overnight Wednesday as bulls failed to hold a key support zone, with the new price weakness coming after the US Federal Reserve’s interest rate pause decision.

    Bitcoin had consolidated near $26k ahead of the Fed’s decision. However, as the markets reacted to the news, BTC dipped past $25,500, losing a major trendline that has acted as upside support for the past seven months.

    Analyst share short term Bitcoin price prediction

    Bitcoin’s decline below $25k now puts bulls at risk of further rot, a scenario that could crystalise if bears take control. In this case, downside pressure could allow sellers to target new lows.

    Crypto analyst Captain Faibik says:

    “$BTC Bulls have lost the 7-Month Major Trendline, Not a good Sign..!! Is it a TRAP or Bears are back in the Town? If it’s a trap and Bitcoin bounces back, reclaiming the 26.7k resistance, we could witness a Bullish Rally towards 31k. If Bears are back, Bitcoin may face more downward pressure, possibly testing the 20-22k area.”

    Bitcoin price chart shared by Captain Faibik on Twitter

    Another analyst, Ali, says BTC has its most important support area in the $22.7k-23.6k region. On the upside, the main resistance zone lies between $26k and 28.3k. This suggests a bounce could see Bitcoin reclaim this zone and possibly look to retest the $30k area.

    “Bitcoin sits on thin ice! Notice the most important support zone is between $22,785 and $23,595 where 1.34 million wallets hold 450,000 $BTC. On the flip side, #BTC faces stiff resistance between $26,000 and $28,250 where 5.18 million wallets bought 2.1 million BTC,” the analyst tweeted.

    While the sub-$25k level offers a buy the dip opportunity, crypto analyst Rekt Capital notes that the loss of $26,600 threatens turning it into stiff resistance. A rejection of this level after the Weekly Close below could mean “lower $20000s await.”

    Bitcoin traded at $24,878 early Thursday morning, about 4% down as altcoins mirrored the losses. The total crypto market cap was down 3.8%, with Ethereum trading at $1,674 and XRP at $0.47 – down 6% and 7.3% respectively at the time of writing.

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  • MASK price spiked10% today: Here’s why

    MASK price spiked10% today: Here’s why

    • MASK price is up by double digits today and 17% this past two weeks.
    • Most of the gains have come after the team announced it had invested in The Open Network (TON) network.
    • MASK price remains nearly 90% down from its all-time high of $41.45.

    Mask Network (MASK), a decentralized social network seeking to bridge Web2 and Web3 apps, has seen its price increase by over 10% in the last 24 hours. The current price of MASK is $4.40.

    MASK price is up more than 17% this past two weeks.

    Why is the price of Mask Network (MASK) up today?

    There seems to have been no particular trigger for MASK price rallying by double-digits today. However, it is likely the project’s recent announcement of an investment in The Open Network (TON) continues to boost investor confidence and aiding buying pressure.

    Another reason could be the uptick seen today across the broader cryptocurrency market.

    Bitcoin price traded above $27k again after it came close to dipping under $26k earlier in the week. This comes after news the US had struck a deal on its debt ceiling, and with BTC up, it’s likely the sentiment cascaded into small cap altcoins like MASK.

    At the time of writing, Mask’s daily trading volume is well over $80 million, representing a 148% jump in the past 24 hours. The spike in market activity has seen Mask Network, which is ranked 110 on CoinGecko, hit a market cap of about $354 million.

    MASK price prediction

    Despite the gains, MASK price remains nearly 90% down from its all-time high of $41.45. The token hit the ATH February 24, 2021.

    The current value is however 352% higher than the all-time low of $0.976528, hit on Oct 13, 2022 and today’s gains could, therefore, see traders seek to take profits. While this could happen, some analysts believe that the token is primed for a breakout.

    Crypto analyst Captain Faibik says MASK could see a breakout as shown in the chart below shared on Twitter.

    Chart showing the potential price breakout for Mask Network. Courtesy of Captain Faibik on Twitter.

    According to the analyst, MASK could surge by more than 60% to more than $7.20. Looking at the chart, it suggests the scenario will likely unfold if price breaks and sustain fresh momemtum above the upper resistance of channel pattern.

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  • LTC, ARB and MATIC price outlook amid US debt limit deal

    LTC, ARB and MATIC price outlook amid US debt limit deal

    • LTC bulls need to break above $93, a key hurdle below the psychological level of $100.
    • MATIC must reclaim $1 to target the $1.30-$1.50 range, or risk dip to $0.75.
    • Elsewhere, ARB is near a key resistance level as Arbitrum price jumps 3.9% amid the market’s reaction to US debt ceiling news.

    The US has reached a “tentative deal” on its debt limit crisis after a week of high uncertainty. With the news of the deal seeping through the markets, cryptocurrencies reacted slightly positively as Bitcoin and Ethereum prices rose above $27k and $1.8k respectively.

    The outlook was also visible across the top 10 altcoin market, with sentiment relief showing as Litecoin (LTC), Arbitrum (ARB), and Polygon (MATIC) moved up. Even then, markets remain largely weak as May comes to a close.

    Here is what a respected crypto analyst has predicted for LTC, ARB and MATIC.

    Litecoin price prediction: $93 key to LTC bulls

    In March, LTC creator Charlie Lee offered a huge Litecoin price prediction. Pointing to the 14th ranked cryptocurrency (by market cap today), Lee said Litecoin price could rise to 0.0125 BTC in a new bull cycle. He also believed a downside for LTC could find support at 0.0025 BTC.

    The current LTC price is above this latter level as it trades near $89.40 or 0.0032 against bitcoin. In recent weeks, analysts have pointed to Litecoin’s upcoming halving as a likely trigger for fresh upside momentum.

    According to crypto analyst Michael van de Poppe, bulls need to break above a key resistance at $93 on the higher timeframe. The psychological $100 level would then be in sight as buyers eye a halving rally, he tweeted. 

    “Many squigglies on this chart, but higher timeframe resistance is at $93. Currently, support found at $82 and a strong bounce -> weekly candle looks good. Next week breaking through $93 and the Halving rally might start.”

    Polygon price prediction: MATIC needs to break above $1 again

    MATIC has traded lower since March, with an attempt to flip higher running into rejection in April as price fell below $1.00 (CoinJournal highlighted the subsequent price movement here). Although it remains below the dollar, bulls might have the upper hand if they reclaim control above $0.95.

    Currently, MATIC/USD is around $0.92. According to van de Poppe, MATIC has bounced well above this key area since its NFT announcement during the F1 Monaco GP. Can bulls build momentum from here?

    “I really want to see it flip $0.95, then we can accelerate towards $1.30-1.50. If that’s not the case, then short is activated and longs can be taken at $0.75,” the analyst said in reply to one of the requests for altcoin analysis.

    Arbitrum price prediction: ARB is near key resistance

    Arbitrum, which was trading at $1.20 and 3.9% up in the past 24 hours at the time of writing, needs to hold above the $1.18 level to give bulls an upside boost. That could aid momentum to $1.30, van de Poppe noted.

    “Again, into resistance. This means, entries are available at $1.10. If it doesn’t clearly break & flip the resistance at $1.18, I’d assume shorts are triggered when falling back sub $1.18. Otherwise, long continuation trade towards $1.30.”

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  • 68% of Bitcoin supply in loss after BTC price drop

    68% of Bitcoin supply in loss after BTC price drop

    • Bitcoin supply in loss has risen to 68%, with 6.67 million BTC under water water at current spot price.
    • Indeed, on-chain data shows 2.71 million BTC has fallen into loss as Bitcoin price dropped from the $31k local top.
    • With sell-side risk ratio approaching its all-time lows, Glassnode analyst James Check says BTC could see a big move to either side.

    Bitcoin’s price has dropped about 14.6% since rejecting at the local top of $30.9k, and the result has been a sharp rise in the total amount of supply in loss.

    The leading cryptocurrency’s current spot price is around $26.4k, after the week was spent in a tight range below the key resistance level of $27.6k. Although Bitcoin retested levels above $28k multiple times this month, the drawdown below $27k has bulls staring at a potential dip to support at $25k or lower.

    But even as this outlook materializes, about 2.71 million BTC has drifted underwater. The BTC supply in loss, according to data shared by on-chain analytics platform Glassnode, is equivalent to about 14% of the benchmark crypto’s circulating supply.

    “This raises the total supply in loss across the aforementioned period from 3.96M to 6.67M BTC, a 68.4% increase,” Glassnode noted.

    $45k or $20k? Analysts weigh in on BTC price movement

    Earlier this week, Glassnode lead analyst James Check said Bitcoin could see a “big move” in coming weeks amid seller exhaustion. Pointing to on-chain-data, Check explained:

    “Bitcoin Sell-side Risk ratio is approaching all-time lows. This indicates that investors are reluctant to spend coins which are in profit, or loss within the current price range. This usually occurs when sellers are exhausted on both sides, suggesting big moves are coming.”

    On Wednesday, JPMorgan lead strategist Nikolaos Panigirtzoglou said Bitcoin could rise 25% in the next 12 months. In a note to clients, Panigirtzoglou highlighted the price of gold rallying to a new multi-year high above $2k as the potential lead for BTC to hit $45k.

    According to the analyst, Bitcoin and gold have often traded in sync. Bitcoin’s upcoming halving will also play a role in ticking up prices of the digital asset. Recently, analysts at Standard Chartered predicted a 70% gain for BTC price, outlining the $100k as a target.

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  • SUI price dips below $1, BTC and ETH struggle amid sell-off

    SUI price dips below $1, BTC and ETH struggle amid sell-off

    • Sui (SUI) fell below $1, while Bitcoin and Ethereum dropped below key levels at $26,500 and $1,800 respectively.
    • Altcoins were selling off on Wednesday as the global cryptocurrency market cap dropped to $1.15 trillion, down 2.6% at the time of writing.
    • A confluence of headwinds, including the uncertainty around the US debt ceiling talks and possible default were likely triggers.

    The price of Sui (SUI) fell below $1 on Wednesday as the broader cryptocurrency market continued to sell-off after recent declines catalysed by macroeconomic news events.

    At the time of writing, SUI traded at $0.97, about 7.6% down in the past 24 hours and -16% over the past seven days. The token’s daily trading volume was just over $235 million, up 115% from a day earlier as selling pressure mounted.

    Today’s declines for Sui sees its price below the dollar for the first time since its token launch for trading on exchanges. On 3 May 2023, SUI reached its all-time high price of $2.16. At the current value, its down nearly 55%.

    Crypto market shrinks 2.6% as BTC, ETH and altcoins struggle

    As SUI fell to its lowest price level so far, the sentiment around crypto did not help the global cryptocurrency market cap. According to data from market data aggregator CoinGecko, the total crypto market cap was down 2.6% in the past 24 hours at the time of writing, hovering around $1.15 trillion.

    Crypto markets were also down as Bitcoin (BTC) price retreated towards $26k amid continuing uncertainty in the financial market. The benchmark cryptocurrency’s market cap was $508 billion, down 3.7% from a day earlier.

    Ethereum also struggled to maintain recent upside momentum, with ETH price trading at $1,789 and about 3.3% down in the past 24 hours.

    ETH and BTC both hit year-to-date highs above the psychological levels of $2,000 and $30,000 respectively. However, a confluence of headwinds, including regulatory uncertainty have catalysed declines that threaten further rot to critical support zones.

    At the moment, another downward trigger is the uncertainty around the US debt ceiling talks and possible default. Stocks were down on Wednesday as a result of investor jitters.

    All the top 10 altcoins were also down, including XRP and Litecoin that have had some upside in recent weeks. Crypto analysts say further declines could spell danger for the market. Michael van de Poppe shared such an outlook.

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  • Bitcoin price tests key resistance amid Hong Kong news

    Bitcoin price tests key resistance amid Hong Kong news

    • Bitcoin price rose to $27,500 on Coinbase early Tuesday, with the upside coinciding with positive crypto news from Hong Kong.
    • This is after the Securities and Futures Commission (SFC) announced that registered exchanges will begin allowing retail investors to trade BTC and ETH from 1 June.
    • Analysts say Bitcoin’s immediate price outlook needs a break above $27,600 for bullish continuation.

    Bitcoin (BTC) traded to highs of $27,500 on Coinbase as crypto prices bounced earlier on Tuesday.

    The upside for the world’s largest cryptocurrency by market cap came amid an extended struggle around the 27k area, and happened as bulls capitalised on positive market reaction to news out of fast-growing crypto hub Hong Kong.

    However, as of writing, the price of Bitcoin was hovering near $27,200 as bulls retreated from the resistance level marked by the 20-day moving average on the daily chart.

    BTC price rose amid positive news from Hong Kong

    On Tuesday, crypto news out of Hong Kong was that retail investors will as from 1 June be able to buy and trade digital assets.

    The announcement was made by the Securities and Futures Commission (SFC), which noted that crypto exchanges will soon be allowed to extend crypto trading services to retail investors. 

    According to the SFC, this will be effective 1 June, 2023, and tokens that receive the nod would require a 12-month track record. The tokens will also need to have a substantial market capitalization, a category that Bitcoin dominates.

    “The news of Hong Kong allowing retail investors to trade in BTC and ETH on registered digital asset platforms delivered a notable BTC price bump in a bleak market – gives you an idea of how significant this news is,” Noelle Acheson, the author of the Crypto Is Macro Now newsletter, said in a tweet.

    Acheson believes the next key step of this announcement is that indeed retail investors can trade Bitcoin and Ethereum on registered exchanges.

    $27,600 is a key level for BTC – analyst

    Despite the positive news, Bitcoin’s latest attempt to break to key levels above $28k look to hinge on overall market outlook. In particular, the headwinds currently in place regarding the US debt limit situation is one investors are likely to watch keenly.

    On what could be next for Bitcoin price, crypto analyst Rekt Capital says the critical resistance area that bulls must conquer for upside continuation is $27,600.

    “BTC may be forming an “exaggerated” Bullish Divergence on the Daily RSI. A potentially positive sign for some upside movement. However, [it is] important to realise that the key resistance to beat is ~$27600,” he noted.

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  • What next for the KAVA price after 40% spike?

    What next for the KAVA price after 40% spike?

    • KAVA price jumped more than 40% despite the overall market lull, reaching highs of $1.56 on Binance.
    • While there was no clear trigger for the surge, Kava has had a few major developments in recent weeks.
    • KAVA currently trades around $1.17 and is in danger of giving up all the gains if profit taking deals intensify.

    The price of KAVA is up about 9% in the past 24 hours as at 9:30 am ET on Tuesday, 23 May. The KAVA/USD pair is trading around $1.16 amid increasing pressure from profit takers. 

    But before the current sell-off pressure, the price of the Cosmos zone token had rallied more than 40% to hit its highest level since November 2022.

    Kava price sliding after rally to multi-month high

    The price of KAVA rose to $1.56 on leading cryptocurrency exchange Binance, with the token spiking 44% from lows of $1.08.  The token’s value was up nearly 63% in the past 30 days.

    Kava price jumped more than 40% on Tuesday morning as shown in this chart. Source: TradingView

    Kava is a highly scalable Layer-1 blockchain that combines the speed and interoperability of Cosmos and the developer power of the Ethereum Virtual Machine (EVM). There was no apparent trigger for the huge move today. However, here’s why the token’s value might have rallied so hard for a brief moment before investors likely started taking profits.

    Although likely a normal pump episode, the price gains follow the recent launch of the KAVA 13 mainnet and the announcement of a new integration with a leading data indexing platform SubQuery. SubQuery’s indexer tool is available across Osmosis, Cronos and Fetch.ai in the Cosmos ecosystem.

    The blockchain developer toolkit is also available for Web3 developers across Ethereum, Polygon, BNB, Flare, NEAR, Polkadot, Avalanche, and Algorand. It is offered as a data-as-a-service solution that allows users to focus on core project use cases and the front-end, all without having to first build a custom backend for data processing.

    Kava also announced a $5000 giveaway as it celebrated the launch of NFTs and GameFi on its chain.

    What next for the KAVA price?

    Today’s price surge for KAVA appears to have been an outlier of sorts given the overall outlook of the crypto market. It’s possible such gains will not hold and any correction that follows could wipe all the upside movement.

    KAVA/USD might thus retreat to support at $1.10 or lower if current levels near $1.20 fail to hold. On the flipside, an uptick across the market or fresh pump based on new KAVA news could see buyers target a retest of today’s highs.

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