Blockchain

Shiba Inu’s ecosystem hasn’t been spared from the crypto market volatility in recent weeks, as the price has been caught in a whirlwind of uncertainty in recent times. While investors are still wondering about the short-term outlook of the crypto, a Shiba Inu whale has gone ahead to move $32.4 million in SHIB tokens into an unknown wallet. 

Whale Moves $32.4 Million Shiba Inu

This whale transfer appears to have generated interest from SHIB investors, considering the relatively quiet environment within the Shiba Inu ecosystem. The sheer size of this transaction is notable and worth monitoring, as a selloff could introduce selling pressure and negatively impact SHIB’s price, even if temporary. 

However, sometimes whales will move their funds around between wallets for various reasons other than buying and selling. It would seem like this is the case, as an in-depth look into the transactions shows the transfer could’ve been between wallets controlled by the same entity.  

4,587,030,677,374 #SHIB (32,409,665 USD) transferred from unknown wallet to unknown wallethttps://t.co/Mbf5ejiaYb

— Whale Alert (@whale_alert) October 16, 2023

According to on-chain data, the transaction was made from the address “0xe9bb” into a new private address “0x44a8”. The recipient wallet “0x44a8” now holds a total of over 4.58 trillion SHIB, worth more than $33 million at the time of writing. Address “0xe9bb” had initially received the tokens from “0xA863” before transferring it out to “0x44a8” in less than 10 minutes. 

 Large Sell Incoming?

This whale transfer is one of the largest SHIB transactions this month. But while whale movements tend to reveal the current market sentiment, a single transfer cannot necessarily move the entire market, even if there’s a selloff. 

As a result, Shiba Inu’s price hasn’t reacted much to the transfer but has lost 0.29% of its market cap in the past 24 hours. Although there’s always a possibility of the whale dumping their entire bag, this trading behavior suggests they intend to keep holding the tokens.

SHIB is currently the second-largest meme cryptocurrency, although the majority of investors are losing money at this point. As reported from data provided by IntoTheBlock, only 9% of holders are making money at the current price. 

Nevertheless, the SHIB burn rate saw a spike of 233% since the beginning of the new week as community members remain committed to reducing its available supply. 

At the time of writing, Shiba Inu is trading at $0.000007059. Yesterday, the value of the cryptocurrency skyrocketed to 0.000072 as a direct reaction to Bitcoin crossing the $29,000 threshold. However, the meme coin has retraced most of its gains from Monday. It is down 0.61% in the last 24 hours, but seeing 1.97% gains on the weekly chart.

Bitcoin (BTC) has retraced to the $28,400 level following a failed breakout above $30,000, resulting in a high rate of liquidations for both long and short positions. 

Additionally, the recent fake news surrounding the approval of Blackrock’s spot Bitcoin Exchange-Traded Fund (ETF) by the US Securities and Exchange Commission has disrupted the upward trend and introduced new bearish indicators in the Bitcoin market.

RSI Screams Sell

Renowned trader and crypto analyst Ali Martinez suggests selling BTC based on its 4-hour chart Relative Strength Index (RSI) indicator. His simple trading strategy advises selling BTC when the RSI exceeds 74.21 and buying when the RSI dips below 30.35.

As seen in the chart above, BTC’s RSI stands at the 74 level, which is notably high considering that on October 16, after the spread of the fake news on various platforms, including X (Formerly Twitter), the RSI reached as high as 82.83.

While this indicator may seem straightforward, it has proven effective on BTC’s 4-hour chart. For instance, on October 1st, Bitcoin peaked at $28,500, but after the RSI climbed above 80, the leading cryptocurrency swiftly dropped to $27,150 within hours.

Although the effectiveness of these indicators is not always guaranteed, the combination of the recent false pump, the ongoing retrace evident in all BTC charts, the lack of bullish momentum, and the prevailing market sentiment of fear, doubt, and uncertainty could create the perfect storm for BTC to retest lower support levels before potentially embarking on another upward movement.

Bitcoin Pre-Halving Retracements Sound Alarm Bells

To further support Ali Martinez’s bearish thesis, renowned crypto analyst Rekt Capital recently shed light on Bitcoin’s historical retracements approximately 180 days before halving events. 

According to Rekt, in 2015/2016, approximately 180 days before the halving, Bitcoin experienced a retracement of -25%. Similarly, in 2019, around the same timeframe before the halving, Bitcoin retraced by -38%. 

While Rekt Capital identifies as a macro bull, he acknowledges that historical data favors bearish trends before halving events. 

This observation raises the question of whether history will repeat itself in 2023. Will Bitcoin witness a significant retracement similar to previous cycles, or will the market dynamics 2023 deviate from historical patterns?

What is certain is that as the crypto community eagerly anticipates the 2023 halving, uncertainty looms regarding Bitcoin’s price behavior leading up to the event.

As of the current market conditions, BTC is trading at $28,400, indicating a profitable position across all time frames. In the past 24 hours, Bitcoin has experienced a modest increase of 1%.

Over the seven, fourteen, and thirty-day periods, BTC has recorded profits of 3.7%, 4%, and 7%, respectively, despite the earlier bearish factors. The sustainability of Bitcoin’s current price level remains uncertain, as it remains to be seen whether it will withstand potential retracements soon.

Featured image from Shutterstock, chart from TradingView.com 

Polkadot (DOT) has been grappling with a descending resistance trendline, experiencing a relentless decline since February. In the month of October, the digital asset suffered a 10% drop, plummeting from $4.3 to $3.6. 

Market analysts are warning of the potential for further losses should the prevailing bearish pressure persist. However, a slight glimmer of hope emerged as DOT attempted a reversal at $3.6, hinting at the possibility of overcoming the overhead resistance barrier.

At present, the DOT price according to CoinGecko stands at $3.74, depicting a marginal 0.3% decline over the last 24 hours and a 2.8% dip over the span of seven days. 

DOT’s Struggle For Recovery

The absence of horizontal support below the current price underscores the significance of Fib retracement levels in forecasting potential bottoming areas. Notably, a Fibonacci retracement tool was utilized, encompassing the lower high of $4.8 on August 29 and the recent dip of $3.6 on October 12. This analysis highlighted that the path to recovery for DOT faces significant obstacles at the 23.6% Fib ($3.9) and the 38.2% Fib ($4).

Complicating matters further, the $4 level, serving as the second resistance target, coincides with a daily bearish order block (OB). This confluence suggests that crossing the $3.9 threshold could prove challenging for bullish momentum.

Polkadot Developers Stand Strong

Despite the persistent price downturn, the developers within the Polkadot ecosystem remain resolute and undeterred. This unwavering commitment is evident from the substantial Polkadot active developers, which are currently hovering close to an all-time high. This figure notably exceeds the levels recorded in 2021 when the altcoin’s price reached its peak.

In a recent announcement, Parity Technologies, a significant player in blockchain infrastructure, revealed its strategic shift towards decentralization within the Polkadot (DOT) ecosystem. The forthcoming organizational changes are anticipated to mark a new chapter for the company in the months to come.

Polkadot’s Cutting-Edge Technology Advancement

Amidst circulating rumors, Parity Technologies promptly dispelled speculations about a massive layoff of approximately 300 employees during a recent off-site gathering in Mallorca. The company emphasized that any adjustments to the workforce will be gradual and in alignment with its progressive decentralized strategy.

Emphasizing their dedication, Parity underscored their commitment to driving the advancement of Polkadot’s cutting-edge technology. Their key focus remains on enhancing the developer experience and fostering a resilient developer community within the Polkadot ecosystem, ensuring its sustained growth and innovation.

(This site’s content should not be construed as investment advice. Investing involves risk. When you invest, your capital is subject to risk).

Featured image from Mudrex

The Ripple Initial Public Offering (IPO) rumors continue to wax stronger as many expect that the event will push the XRP price upward. Back then, it was mostly just rumors and speculation, but the XRP community has gotten their hands on a Ripple job listing that suggests there might be some truth to the IPO rumors.

Ripple Is Looking For A Shareholder Communications Manager

In a listing that was shared by multiple influencers in the XRP community, Ripple looks to be on the hunt for a Shareholder Communications Senior Manager. Now, according to the job listing requirements, whoever is accepted for this role will be expected to basically work with multiple teams at Ripple and maintain communications between ‘prospective shareholders and investors.’

Also, the individual will be “managing a shareholder database/mailing list and investor/analyst communication database.” Given this description, many in the community have taken it as a sign that Ripple is hiring in preparation for a potential IPO.

Some of the job descriptions also coincide with things and events that tend to take place in companies that have undergone the IPO process. One example pointed out in this Bitcoinist report is the Annual Analyst Day expected to the carried out by the Shareholder Communications Senior Manager. This is an event that is done by publicly traded companies.

The expectations of a Ripple IPO go as far back as 2020 when its Chief Executive Officer (CEO) Brad Garlinghouse first talked about initial public offerings in crypto. Back then, Garlinghouse had said that “you’ll see initial public offerings in the crypto/blockchain space” in the next 12 months. He wasn’t far off as Coinbase would become the first crypto exchange to go public the next year on April 14, 2021.

What Happens To XRP Price Is There Is An IPO?

The impact of a potential Ripple IPO on the XRP price has been discussed at length, especially in the second half of this year. One of the very first mentions of this was by financial expert Linda Jones who talked at length about how valuable Ripple would be if there were an IPO.

Using the XRP market cap, Jones explained that at $35 a share, Ripple would be valued at $5.7 billion which is much lower than XRP’s $21 billion valuation. So the financial expert explained that Ripple’s valuation would be a lot higher. Eventually, she arrived at a $107 billion valuation which would mean Ripple stock would trade at a price of $600. Using XRP’s correlation to Ripple’s development, this could easily see the XRP price surge above $100.

Crypto influencer Ben Armstrong aka BitBoy also shared his thoughts on what would happen to the XRP price in the event of an IPO. The influencer said back in July that he expects the XRP price to reach as high as $35 if Ripple were to undergo such a situation.

While there is no confirmation from Ripple on this news, the consensus remains that such a move would be bullish for the XRP price.

An analyst has pointed out how some suspicious Bitcoin buying activity took place on Bybit and Deribit in the leadup to yesterday’s flash surge.

Bitcoin Taker Buy Sell Ratio Saw Extraordinary Spikes On Bybit & Deribit Yesterday

In a new post on X, Julio Moreno, head of research at CryptoQuant, discussed how the BTC taker buy-sell ratio looked like for the different exchanges in the market leading up to the surprise rally yesterday.

The “taker buy sell ratio” here refers to an indicator that keeps track of the ratio between the taker buy and taker sell volumes for Bitcoin on any given exchange (or group of platforms).

When the value of this metric is greater than 1, it means that the taker buy volume is more than the sell volume currently. Such a trend suggests that the investors are willing to pay more to purchase the asset and thus, a bullish sentiment is shared by the majority.

On the other hand, a value under the threshold implies a bearish mentality is active on the exchange as the traders are willing to sell the asset at a lower price at the moment.

Now, here is a chart that shows the trend in the 24-day simple moving average (SMA) Bitcoin taker buy-sell ratio over the past few days for four exchanges: Binance, OKX, Bybit, and Deribit.

Yesterday, Bitcoin saw a very sharp sudden rally as false news broke out that the iShares BTC spot ETF had been approved by the US SEC. This surge, however, retraced in as spectacular a fashion as it had occurred as the market quickly realized that the rumor was without any substance.

From the chart, it’s visible that all four of these exchanges saw spikes in the taker buy-sell ratio in the hours leading up to this rally. The spikes on Binance and OKX, though, were of pretty normal levels, as spikes of similar scales had occurred in the preceding days as well.

In the case of Bybit and Deribit, however, the 24-day SMA of the ratio had hit peaks of 41 and 98, respectively, which are both extremely high levels. For comparison, the indicator only hit 1.8 on Binance and 6.3 on OKX.

This would suggest that some really high Bitcoin buying volume was observed on Bybit and Deribit, which was unlike what was seen on other exchanges in the sector.

It’s unclear what this pattern means, but it’s possible that some users on these platforms had already been tipped on the fake announcement in advance.

BTC Price

Regardless of the quick rally and crash, Bitcoin has enjoyed some upward momentum during the past couple of days as the cryptocurrency’s value has now climbed toward the $28,500 level.

The Bitcoin price experienced volatility in the last day following speculation about approving a spot BTC Exchange Traded Fund (ETF) in the US. The rumors turned out false, but the cryptocurrency managed to reclaim a critical level.

As of this writing, Bitcoin trades at $28,460 with a 3% profit in the last 24 hours. Over the previous week, the cryptocurrency recorded similar gains while other cryptocurrencies in the top 10 by market cap lagged the sudden rally except for Solana (SOL).

Bitcoin Price Confirms Bull Run?

Data shared by the co-founders of analytics firm Glassnode highlights the importance of the recent rally. However, driven by what many in the crypto community called “fake news,” the upside momentum cleared some obstacles for the cryptocurrency.

In that sense, the data points to a generally positive sentiment around the Bitcoin ETF, which will continue to gain relevance in the coming months as uncertainty about its approval mitigates. The Glassnode co-founders stated via social media platform X:

While this pivotal milestone was momentarily attained on futures, the spot market price peaked at $27.98k earlier today. It’s evident just how crucial this price point is in the larger scheme (…). The rapid movements and these price thresholds aren’t just numbers. They signify investor sentiment, market dynamics.

The market activity surrounding the ETF rumors on some major crypto exchanges represented around 8% of their total trading volume. However, Bitcoin must hold its current level on the daily and weekly charts.

A separate analysis by a pseudonym trader claims that the recent Bitcoin price action broke out of a macro downtrend. As seen in the chart below, every time the cryptocurrency price breaks this trend, Bitcoin consolidates for a while before re-entering price discovery.

Despite the bullish momentum, Bitcoin can still touch critical support levels around $27,880 and $27,550 on short timeframes before resuming the rally. The Bitcoin price can go much lower on higher timeframes while maintaining its bullish structure. The analyst stated:

Bitcoin has long ago broken its Macro Downtrend. It’s undeniable that Bitcoin is in a Bull Market. The question is whether Bitcoin can perform a -30% retrace over the next 4-6 months or so. History suggests it can.

Cover image from Unsplash, chart from Tradingview

Investment management firm Blackrock has reacted to rumors about the approval of its Bitcoin Spot ETF application by the United States Securities and Exchange Commission (SEC) which caused quite a stir among the cryptocurrency community.

Blackrock CEO Responds To Claims On Bitcoin Spot ETF

On Monday, crypto news outlet CoinTelegraph posted on X (formerly Twitter) that the US Security and Exchange Commission (SEC) had approved a long-anticipated application of Bitcoin Spot ETF, but later retracted the report. However, the post sparked excitement within the crypto community causing the Bitcoin price to rise rapidly.

The cryptocurrency’s price surged to almost $30,000 earlier in the day after the alleged post was made by Cointelegraph yesterday. However, the cryptocurrency’s price fell almost immediately after the report was proven to be false by Blackrock’s Chief Executive Officer Larry Fink and other prominent voices in the crypto community.

Eleanor Terrett was the first to report that this news was false after speaking with BlackRock and that the company’s Bitcoin Spot ETF is still under review by the US regulator. 

In an interview with Fox Business, Fink, who said he only learned about the ‘news’ hours later due to him being extremely busy all day, took a rather positive stance on the event. According to the CEO, noting that Monday’s event solely proved the worldwide need and desire for a Bitcoin spot ETF.

“I think the rally today is about a flight to quality, with all the issues around the Israeli war now, global terrorism,” Fink said. “I think there are more people running into a flight to quality, whether that is in Treasuries, gold, or crypto, depending on how you think of it. And I believe crypto will play that type of role, as a flight to quality.”

The SEC also confirmed that the alleged news report was false and that the application is still pending. “Careful what you read on the internet. The best source of information about the SEC is the SEC.” the post read.

So far, CoinTelegrah has apologized with a post on X for the false report it posted “which led to the dissemination of inaccurate information.” The crypto media outlet later posted the result of its internal investigation which showed a team member had posted the ‘news’ without getting approval from its editorial team.

Crypto tracker, Coinglass revealed that short trading positions held by investors betting on lower prices were liquidated to the tune of over $104 million within 24 hours due to the false news.

BitPay, the pioneering crypto payment service provider based in Atlanta, Georgia, has taken another significant step in its collaboration with global video game commerce company, Xsolla, by integrating the XRP token. Today, October 17, BitPay announced via X (formerly Twitter): “Xsolla now accepts XRP with BitPay as a payment method for their games, such as SMITE and Roblox. You can use your favorite cryptocurrency to buy, play, and enjoy gaming like never before.”

Why This Announcement Is Important

This announcement not only cements XRP’s growing relevance in the gaming world but also marks a significant moment in the longstanding partnership between Xsolla and BitPay. This relationship first began in 2014 when Xsolla decided to process Bitcoin (BTC) payments for gamers globally via BitPay. They’ve since expanded their crypto payment offerings, with the recent addition of PayPal USD (PYUSD) last month.

Established in 2005 by Aleksandr Agapitov, Xsolla has positioned itself as an instrumental force in the gaming industry, providing essential tools that help game developers launch, monetize, and distribute their creations on a global scale. With Xsolla’s key focus on aiding its partners to break geographical barriers and bolster revenue streams, the company continually seeks innovative solutions to global game distribution challenges.

Roblox, the popular online gaming platform boasting over 65.5 million daily active users and over 202 million monthly active users, stands out as a significant beneficiary of the XRP integration. Managed by Xsolla for in-game payments, Roblox now allows its vast user base to utilize XRP for transactions, with BitPay ensuring a smooth connection with crypto wallets. Given that Roblox users spent an astonishing $780.7 million on in-game purchases in just the second quarter of 2023, the potential volume of XRP transactions on the platform could be monumental.

Remarkably, BitPay’s association with XRP can be traced back to 2019 when they collaborated with Ripple’s investment wing, Xpring. However, the relationship hit a snag when BitPay, in alignment with many US-based crypto enterprises, ceased XRP-related transactions following the SEC’s lawsuit against Ripple Labs. The tide turned in favor of XRP when Judge Torres identified it as a non-security, prompting BitPay to reintroduce the cryptocurrency on its platform in August.

XRP Price Faces Stiff Resistance

The recent announcement undoubtedly solidifies XRP’s position in the broader market, showcasing its versatility. However, despite the promising long-term prospects stemming from XRP’s new use case, its price is currently contending with multiple key resistance levels.

Following a brief surge yesterday, attributed to the fake news surrounding a potential spot Bitcoin ETF, XRP’s price experienced a pullback, dipping below the $0.50 mark.

On the 4-hour chart, the price slid beneath the 0.618 Fibonacci retracement level, pegged at $0.4908. Yet, it demonstrated resilience, rebounding and securing a close above the 20-EMA. In the more immediate time frame, the 0.5 Fibonacci retracement level, set at $0.5048, now emerges as the pivotal resistance. A sustained close above this threshold on the 4-hour chart might be the catalyst for renewed bullish vigor.

Should this momentum be achieved, the next focal point for the XRP price would be the September high of $0.55. Notably, this price benchmark isn’t just crucial for short-term analysis but also holds significance on larger scales, like the 1-day chart, as reported previously.

Shiba Inu (SHIB) has recently embarked on a surprising journey, defying the odds and setting the stage for a potential game-changing reversal. 

A recent report unveils fascinating insights into SHIB’s price action, highlighting both optimism and caution in equal measure.

SHIB, currently priced at $0.00000705 according to CoinGecko, has exhibited remarkable resilience in the face of adversity. Over the past 24 hours, it faced a modest 0.9% decline, while the seven-day dip amounted to 1.6%. However, the most intriguing aspect of SHIB’s journey lies in its confrontation with a critical resistance level.

Recent market analysis reveals that SHIB is engaged in a fierce struggle with the 21-day Exponential Moving Average (EMA), a pivotal indicator for deciphering bullish or bearish trends in the world of cryptocurrencies. This battle has not gone unnoticed by traders, who are eagerly awaiting the outcome.

Bulls Vs. Bears: The SHIB Tug Of War

SHIB’s recent price action indicates a tug of war between bears and bulls, with the cryptocurrency precariously perched at a crucial resistance level. Should SHIB manage to conclusively close above this level, traders and investors could witness the resurgence of bullish momentum. 

While SHIB enthusiasts are buoyed by the positive signs on the chart, there is one conspicuous element causing concern—the declining trading volume. A reliable rule of thumb in crypto markets is that a cryptocurrency battling significant resistance, like the 21-day EMA, should ideally be accompanied by surging trading volumes.

Increasing volumes signify robust buying interest and provide substantial validity to price movements. In the case of SHIB, the diminishing volume paints a contradictory picture. The declining interest from traders and investors raises questions about the sustainability of any potential bullish surge.

What Lies Ahead For SHIB?

The Shiba Inu community eagerly watches as their beloved cryptocurrency navigates these challenging waters. The battle with resistance and the conundrum of decreasing trading volumes offer mixed signals, making it imperative for investors to exercise caution.

SHIB’s journey remains one of unpredictability and volatility. Only time will reveal whether the recent breakthrough will pave the way for a lasting bullish trend or if caution will be the name of the game. In the ever-changing world of cryptocurrencies, one thing is certain: Shiba Inu continues to be a captivating, enigmatic player in the digital asset landscape. 

As the market closely monitors these developments, the importance of tracking both technical indicators and market sentiment becomes increasingly apparent for traders and investors alike.

(This site’s content should not be construed as investment advice. Investing involves risk. When you invest, your capital is subject to risk).

Featured image from Gfinity Esports

XRP, the cryptocurrency associated with Ripple, has been grappling with renewed supply pressure, with its price circling around the $0.5 mark, indicating that the prevailing downtrend is likely to persist. The recent pressures led to the breaking of a crucial support trendline associated with an ascending triangle pattern. This breach is a clear signal of potential bearishness for XRP in the near term.

An ascending triangle pattern is a technical chart formation frequently observed in financial markets. This pattern suggests a potential bullish breakout and often serves as an indicator of upward momentum. In an ascending triangle, the lower trendline represents an area of support, while the upper trendline is a resistance level. 

The price tends to move within these boundaries, creating a triangular shape. Traders often look for a breakout above the upper trendline as a signal to go long.

XRP Rollercoaster Ride

Earlier in the day, XRP made an impressive surge in price, gaining nearly 4% and reaching the $0.51 level. However, this local peak was short-lived, as the coin retraced its steps shortly after. It attempted another ascent but remained trapped in a volatile cycle. As of the latest data, XRP is trading at approximately $0.493742, reflecting a 24-hour gain of 0.9% but a seven-day loss of 1.6%.

This rollercoaster ride in XRP’s price was triggered by recent news surrounding the American securities regulator’s supposed approval of the iShares Bitcoin spot ETF. This ETF was initially filed by BlackRock, the world’s largest fund manager. The news initially posted on various crypto media outlets gained credibility when Reuters and Bloomberg Terminal picked it up. Consequently, Bitcoin surged by 10% in response to this development. 

However, BlackRock soon issued a statement refuting the news, clarifying that their BTC ETF is still under consideration by the regulatory authorities, including SEC Chairman Gary Gensler. This retracement in Bitcoin’s price had a ripple effect, impacting XRP and other altcoins.

Blackrock has confirmed with Fox that their ETF filing is still under review

h/t @EleanorTerrett

— Will Clemente (@WClementeIII) October 16, 2023

Insights And Implications

XRP’s current price analysis suggests that if it falls below today’s low of $0.485, the altcoin could experience a further decline of approximately 6%. The next support level is anticipated at $0.458, with a worst-case scenario potentially driving the price down to $0.42.

The crypto market is known for its inherent volatility, and sudden reversals are not uncommon. As investors and traders navigate these uncertain waters, it is imperative to stay informed and exercise caution in their financial decisions.

(This site’s content should not be construed as investment advice. Investing involves risk. When you invest, your capital is subject to risk).

Featured image from Investopedia