Blockchain

As anticipation builds around the potential approval of the first spot Bitcoin ETFs in the US by the Securities and Exchange Commission, the keyword “XRP ETF” is currently trending on X (formerly Twitter). Numerous XRP community members have posted supposed proof that an ETF in the US is on its way and could soon become a reality. However, a closer examination reveals a more nuanced reality.

Why is $XRP ETF trending?

— XRPcryptowolf (@XRPcryptowolf) January 7, 2024

XRP ETF Is Trending

Good Morning Crypto recently stated, “JUST IN: Fidelity Unveils XRP ETP !?! With Grayscale & Fidelity offering XRP products, 2024 could be the breakout year for XRP as it inches closer to all-time highs.” Similarly, XRP CAPTAIN announced, “BREAKING: Spot XRP ETF is for real,” while CryptoGeek claimed, “BREAKING: XRP ETF CITED TO BE RELEASED IN A ‘MATTER OF WEEKS’ FOLLOWING BITCOIN ETF APPROVAL BY THE UNITED STATES SECURITIES AND EXCHANGE COMMISSION.”

BREAKING SPOT #XRP ETF Is For Real pic.twitter.com/Up2sA9jbDK

— XRP CAPTAIN (@UniverseTwenty) January 7, 2024

The root of these claims lies in an XRP ETP from 21Shares (formerly Amun), which is available on Fidelity Investments’ platform. This development has generated significant excitement within the XRP community. However, the narrative around a US-launched ETF is misleading.

The buzz partly stems from Grayscale’s recent decision to reincorporate XRP into its Grayscale Digital Large Cap (GDLC) fund, following Judge Analisa Torres’ July 2023 ruling that classified XRP as a non-security. This ruling reversed Grayscale’s previous removal of XRP in January 2020 amid legal controversies over its security status. This move by Grayscale has fueled speculation about an upcoming ETF from the firm.

But contrary to circulating claims, Fidelity has not launched an XRP ETP. Fidelity’s platform only showcases the XRP ETP launched by Swiss financial institution Amun AG in April 2019. This product, initially called AXRP and later rebranded to 21Shares, is available on the SIX Swiss Exchange. Moreover, it is not a US-registered ETP.

Meanwhile, it is backed by physical XRP and managed by Coinbase Custody. Remarkably, the product is 100% backed by physical XRP and records $49,325 million in assets under management (AUM).

Why A XRP ETF Won’t Happen Anytime Soon

Regarding the possibility of an XRP ETF in the US, Bloomberg ETF expert James Seyffart offered a sobering perspective a few months back in response to rumors about a fake BlackRock XRP ETF which initiated a 15% pump that was quickly erased. In an interview, he stated: “I don’t think that XRP is ever going to get through the SEC’s doors, essentially not anytime soon, even after that loss [Ripple vs. SEC].

He added, “First of all, CME would have to list XRP futures before a futures ETF would launch, and I can’t imagine them allowing them a spot XRP ETF anytime soon. But again, like I said, three weeks ago I said I didn’t think Ethereum futures ETFs would be coming anytime soon unless there’s a huge change in the SEC, so theoretically it could be. But the SEC has said in that Terra case and multiple other cases that they believe Judge Torres got it wrong.”

In summary, while the XRP community’s excitement is palpable, the reality of an ETF in the US remains distant, with regulatory hurdles and the SEC’s stance posing significant challenges.

At press time, XRP traded at $0.55178.

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Solana is moving lower from the $115 resistance. SOL price is showing a few bearish signs and might decline sharply toward the $68 support.

SOL price started a fresh decline from the $115 resistance against the US Dollar.
The price is now trading below $100 and the 100 simple moving average (4 hours).
There is a key bearish trend line forming with resistance near $92 on the 4-hour chart of the SOL/USD pair (data source from Kraken).
The pair could continue to move down toward the $80 support or even $68.

Solana Price Starts Downside Correction

After a steady increase, Solana bulls struggled to clear the $115 resistance. SOL price formed a short-term top and started a fresh decline below the $105 support.

There was a steady decline below the $100 pivot level. The bears pushed the price below the 50% Fib retracement level of the upward move from the $71 swing low to the $108 high. The price is now showing a few bearish signs from the $115 resistance zone, like Bitcoin and Ethereum.

SOL is now trading below $95 and the 100 simple moving average (4 hours). There is also a key bearish trend line forming with resistance near $92 on the 4-hour chart of the SOL/USD pair.

Source: SOLUSD on TradingView.com

If there is a fresh increase, immediate resistance is near the $92 level and the trend line. The first major resistance is near the $100 level or the 100 simple moving average (4 hours). The main resistance is now near $105. A successful close above the $105 resistance could set the pace for another major rally. The next key resistance is near $115. Any more gains might send the price toward the $125 level.

More Losses in SOL?

If SOL fails to rally above the $92 resistance, it could continue to move down. Initial support on the downside is near the $80 level.

The first major support is near the $72 level, below which the price could test $68. If there is a close below the $68 support, the price could decline toward the $50 support in the near term.

Technical Indicators

4-Hours MACD – The MACD for SOL/USD is gaining pace in the bearish zone.

4-Hours RSI (Relative Strength Index) – The RSI for SOL/USD is below the 50 level.

Major Support Levels – $80, and $68.

Major Resistance Levels – $92, $100, and $105.

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Ethereum price is struggling to clear the $2,300 resistance zone. ETH is showing a few bearish signs and might decline toward the $2,080 support.

Ethereum is still struggling to clear the $2,280 and $2,300 resistance levels.
The price is trading below $2,260 and the 100-hourly Simple Moving Average.
There is a connecting bearish trend line forming with resistance near $2,240 on the hourly chart of ETH/USD (data feed via Kraken).
The pair could extend its decline if it stays below the $2,300 resistance zone.

Ethereum Price Faces Major Hurdle

Ethereum price attempted a fresh increase above the $2,200 level, like Bitcoin. ETH climbed above the $2,250 and $2,260 levels. However, the bears were active near $2,300 and the 100-hourly Simple Moving Average.

A high was formed near $2,289 and the price recently saw a bearish reaction. There was a move below the $2,250 level. The price traded below the 23.6% Fib retracement level of the upward wave from the $1,860 swing low to the $2,289 high.

Ethereum is now trading below $2,260 and the 100-hourly Simple Moving Average. There is also a connecting bearish trend line forming with resistance near $2,240 on the hourly chart of ETH/USD.

If there is a fresh increase, the price might face resistance near the $2,250 level and the trend line. The first major resistance is now near $2,280. The next major hurdle sits at $2,300.

Source: ETHUSD on TradingView.com

A close above the $2,300 resistance could start a decent upward move. The next key resistance is near $2,400. If the bulls push Ethereum above $2,400, there could be a rally toward $2,500. Any more gains might send the price toward the $2,620 zone.

More Losses in ETH?

If Ethereum fails to clear the $2,250 resistance, it could start a fresh decline. Initial support on the downside is near the $2,120 level.

The first key support could be the $2,080 zone or the 50% Fib retracement level of the upward wave from the $1,860 swing low to the $2,289 high. A downside break and a close below $2,080 might spark strong bearish moves. In the stated case, Ether could test the $2,020 support. Any more losses might send the price toward the $1,960 level.

Technical Indicators

Hourly MACD – The MACD for ETH/USD is gaining momentum in the bearish zone.

Hourly RSI – The RSI for ETH/USD is now below the 50 level.

Major Support Level – $2,080

Major Resistance Level – $2,280

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Bitcoin price is still struggling to clear the $44,500 and $44,700 resistance levels. BTC is showing a few bearish signs and might drop toward $42,150.

Bitcoin is facing a major hurdle near the $44,500 resistance zone.
The price is trading below $44,000 and the 100 hourly Simple moving average.
There was a break below a key bullish trend line with support at $44,000 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair could decline toward the $42,350 and $42,150 support levels.

Bitcoin Price Faces Hurdles

Bitcoin price attempted a fresh increase above the $43,500 resistance zone. BTC even broke the $43,800 resistance zone but the bears were active near the $44,500 resistance zone.

There were a few attempts to gain strength above $44,500, but the bears remained active. A high was formed near $44,483 and the price is now showing a few bearish signs. There was a drop below the $44,000 support zone. The price traded below the 50% Fib retracement level of the upward move from the $42,480 swing low to the $44,483 high.

Besides, there was a break below a key bullish trend line with support at $44,000 on the hourly chart of the BTC/USD pair. Bitcoin is now below $44,000 and the 100 hourly Simple moving average.

Source: BTCUSD on TradingView.com

On the upside, immediate resistance is near the $44,000 level. The first major resistance is $44,200. The main resistance is now forming near the $44,500 level. A close above the $44,500 level could send the price further higher. The next major resistance sits at $45,450. Any more gains above the $45,450 level could open the doors for a move toward the $46,200 level.

More Losses In BTC?

If Bitcoin fails to rise above the $44,000 resistance zone, it could continue to move down. Immediate support on the downside is near the $43,200 level or the 61.8% Fib retracement level of the upward move from the $42,480 swing low to the $44,483 high.

The next major support is near $42,800. If there is a move below $42,800, the price could gain bearish momentum. In the stated case, the price could drop toward the $42,150 support in the near term.

Technical indicators:

Hourly MACD – The MACD is now gaining pace in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level.

Major Support Levels – $42,800, followed by $42,150.

Major Resistance Levels – $44,000, $44,200, and $44,500.

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Injective is a blockchain designed specifically for finance. It is an interoperable and environmentally-friendly layer 1 blockchain that supports advanced DeFi applications, including crypto trading dApps, like spot and derivative exchanges, and lending protocols.

That being said, in the fast-paced world of cryptocurrency, the Injective Network has emerged as a trailblazing force, revolutionizing the landscape with its innovative approach to scalability and seamless trading experiences. In my opinion, I will say that Injective is trying to follow the Solana path in terms of progressive growth in the ecosystem and price value. 

In this in-depth guide, we’ll navigate through the essential features of the Injective (INJ) Network, unravel the intricacies of initiating your trading journey, and explore various methods to acquire and trade the coveted Injective Coin (INJ).

Solving Scalability: The Essence of Injective (INJ) Network

The scalability challenge has long been a hurdle for widespread crypto adoption, and Injective Network steps up to the task as a groundbreaking solution. Scalability is the reason some people don’t trade certain coins. For instance, I avoid making certain Ethereum transactions because of the high gas fees. If I want to make any monetary transaction, I prefer to use a more scalable coin like injective (INJ).

Scalability isn’t just about transaction costs but also about the speed of transactions. Injective Network boasts a remarkable transaction speed of 0.8 seconds, leaving competitors, including Ethereum and its layer 2 counterparts, in the rearview mirror. What more can you ask for with their gas fees as low as $0.01, Injective Network brings unparalleled efficiency to the world of blockchain transactions.

Injective (INJ) gives you a better DeFi experience, this is because you are not scared of exploring the DeFi space due to high gas fees and slow annoying transaction speed. If you have transacted on the Ethereum chain or done any past DeFi activity on the Ethereum chain, you will be conscious of your exploration because each activity will incur a transaction fee whether the contract signed is successful or not and it’s not cheap.

Initiating Your Injective Trading Journey

Embarking on your trading journey within the Injective Network involves meticulous steps to ensure a seamless experience. The choice of a compatible wallet is paramount, and here, we delve deeper into two main types:

EVM Based Wallets:

EVM compatibility is the bedrock for smooth integration with Injective Network. While Metamask is a popular choice, it’s essential to understand its intricacies, especially when it comes to the EVM chain. Exploring alternative EVM-based wallets can provide tailored solutions for optimal user experience.

It is preferable to use an EVM wallet like Metamask if you are bridging from an EVM chain to an injective chain. As we go further into this post, you will learn how to bridge from EVM to the injective chain. EVM wallet like metamask makes your Defi experience on the injective easier but you can’t compare it to that of the cosmos-based wallet. 

Cosmos Based Wallet:

For a user-friendly experience on your PC, consider Cosmos-based wallets like Leap and Keplr. These Chrome extensions are tailor-made for Injective Networks, ensuring not just compatibility but also enhanced security features. Using a Cosmos-based wallet makes interaction far easier than EVM-based wallets. But you can’t have EVM-based assets on this wallet, this means that you can’t bridge EVM assets to injective using this wallet, you need to use Metamask. 

These wallets, the EVM-based wallets, and the Cosmos-based Based Wallets are great for your smooth Defi experience when interacting on the injective chain.

Acquiring Injective Coin (INJ)

Once your wallet is set up, the next crucial step is acquiring the prized Injective Coin. INJ is prominently listed on various centralized exchanges, including Binance, Coinbase, Kucoin, Bybit, OKX, and Gate.io. Each exchange offers its unique advantages, and strategic users may explore multiple platforms for optimal trading conditions.

 

Consider securing your INJ in a Keplr wallet for efficient portfolio management. When you are sending INJ from centralized crypto exchanges to your Keplr wallet, make sure you choose the Injective network and paste your Injective network address from your Keplr wallet.

Setting Up Keplr Wallet for Injective Chain Visibility

Creating a Keplr wallet is a straightforward process through the Chrome extension. Get your Keplr wallet, and create a new wallet, you will be given a seed phrase, save the seed phrase, usually a 12 or 24-word seed phrase. Do not forget to save them, in order not to lose your account permanently.

To make the Injective chain visible in your Keplr wallet, follow these steps:

Click on the hamburger sign in the top left corner.
Navigate to “Manage Chain Visibility.”

This will take you to where you can view the chain visibility on the Keplr wallet, this is essential as it helps you select other chains on the Keplr wallet.

Search for “Injective” or “Inj” and click on “Add Token.”

By enhancing Injective-related keywords in your wallet setup process, you not only optimize for search engines but also ensure clarity for users seeking to manage their INJ effectively.

It is important to know that every address on the injective chain starts with the “inj” prefix, this helps you identify the injective chain easily. Congratulations you are about to begin your Injective DeFi journey. 

Defi means Decentralised Finance, this is a type of transaction that doesn’t require a centralized platform like Binance, Bybit, OKX, or whatever centralized exchange you know. All you need to perform a DeFi transaction is a DEX (Decentralised Exchange) wallets like Keplr and a Dapp (Decentralised Application).

We have a wallet now, we need to fund it with INJ before interacting with a Dapp on the Injective wallet. You can get INJ tokens from an exchange like Binance Binance. You can deposit on your Binance in whatever way you are used to depositing on your Binance, you can deposit USDT with fiat. Trade the USDT for INJ. The next step is to withdraw the INJ to your Keplr wallet. Withdraw the INJ on the Injective wallet.

Withdrawing INJ coin and Bridging Tokens:

The withdrawal process after acquiring INJ involves selecting the coin, choosing the Injective chain, and pasting your Keplr Injective address. Remember the address has to start with “INJ”. This step is crucial for securing your assets, and benefits from additional details regarding security measures, transaction confirmation times, and potential challenges users might encounter. This is just one method to get INJ from a centralized exchange, you can also get INJ by bridging. 

Bridging, an alternative method for bringing tokens to Injective, is an essential strategy, especially for users keen on optimizing their portfolio across multiple chains. Bridging from an EVM-based wallet requires a metamask and INJ on an EVM chain. For instance, if you have INJ on the ETH chain in your metamask, all you need to do is connect your metamask to the Injective Bridge platform. This will help you bridge from the ETH chain to the injective chain.

Bridging Tokens in the Cosmos-Based Wallet Ecosystem:

An intriguing method to diversify your portfolio involves bridging tokens from the Cosmos-based wallet ecosystem to Injective. For example, bridging TIA (Celestia) to Injective and swapping TIA (Injective) to INJ (Injective) using Astroport opens up opportunities within the Cosmos ecosystem.

You will have to go to the Injective Bridge platform, connect to your cosmos-based wallet, select whatever cosmos-based wallet token you have like TIA (Celestia), and bridge from the Celestia chain to the injective chain. Emphasizing this integration showcases the versatility of Injective Network and its compatibility with other blockchain ecosystems. Now you have TIA(Injective) you need to swap it to INJ, trading or swapping can be done Astroport.

Trading INJ on Astroport

Astroport, the decentralized exchange (DEX) on the Injective chain, serves as the epicenter for token swaps. After successfully bridging tokens, users can initiate trades on Astroport, leveraging the platform’s decentralized nature for portfolio diversification. Whatever you are swapping here is expected to be on the injective chain, you can swap INJ for all the available tokens, and now you can trade as easily as you like.

How To Trade on Coinhall

Coinhall is a site where you can bridge directly and swap. It is a multi-token bridge swap DEX that you can use to bridge and swap at the same time but only for Cosmos-based tokens and coins. It serves as a smart chart for all cosmos-based tokens including injective and also for swapping and bridging. 

You can see all the available coins and tokens with their respective prices here, it’s a good DEX dApp to use. You can scroll here and search for the token you are looking for. You can also search by using the search bar. 

If you want to trade a token and you can find it on the list, all you have to do is go to Coinhall and type the name of the token, as well as search using a contract address.

Coingecko is also a good site that has the details of coins. Here, you can search for the name of the coin or token you are looking for, and get the contract address directly. 

Go to the info section and search for the contract, copy the smart contract from Coingecko, and paste it into the coinhall market search button. 

Like this:

This will take you to where you will be able to trade any token based on the dex.  

Let’s explore Coinhall as A Bridge Swap DEX

To explore Coinhall this way, you need to navigate to the Swap section. This section will give you the opportunity to bridge and swap at the same time. For instance, if you want to swap TIA (Celestia) to INJ (Injective) you can do this at ease with one click. 

Instead of bridging TIA (Celestia) to TIA (Injective) then swapping it to INJ. You can do it as shown below:

Conclusion

With your INJ Coin securely stored in your wallet, you’re now poised to explore the exciting world of trading on the Injective Network. The scalability, low transaction fees, and swift processing times position the blockchain as a promising platform for crypto enthusiasts and traders alike. In the dynamic realm of decentralized finance (DeFi), Injective Network stands tall, offering innovative solutions for seamless and efficient trading experiences. 

As you navigate this multifaceted landscape, remember that the Injective Network isn’t just a platform; it’s a gateway to transformative technology shaping the future of cryptocurrency. These steps, when taken with a strategic mindset, offer not only trading opportunities but also a deeper understanding of the evolving crypto ecosystem. 

Stay informed, trade wisely, and harness the full potential of the Injective Network, where every transaction is an opportunity to redefine your crypto journey.

In summary, this comprehensive guide provides an extensive roadmap for mastering the Injective Network, ensuring that users, from beginners to seasoned traders, can navigate the intricacies of this innovative blockchain ecosystem with confidence and clarity.

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MATIC was one of the altcoins affected by the recent market downturn triggered by the controversial Matrixport report on the Bitcoin spot ETF this week. This negative sentiment pushed the cryptocurrency’s price from trading at nearly $1 to below $0.85 in a single move.

However, the tide seems to be turning in favor of the bulls, as the MATIC coin has jumped more than 1.2% in the past day. In fact, a popular crypto analyst on the X (formerly Twitter) platform has sounded a buy alarm for Polygon’s native token.

Can MATIC’s Price Return To $0.96?

In a recent post on X, crypto analyst Ali Martinez has put forward a bullish projection for the price of MATIC over the coming days. According to the crypto pundit, the cryptocurrency looks set to recover all its lost gains in a potential upward price movement.

The reasoning behind this bullish prediction for the Polygon token revolves around the TD (Tom DeMark) Sequential indicator. For context, the Tom DeMark Sequential indicator is used to identify the exact time of trend exhaustion and price reversal.

#Polygon | The TD Sequential presents a buy signal on $MATIC 4-hour chart.

A spike in buying pressure around the current levels could see #MATIC rebound, potentially toward $0.88, and even as high as $0.96. pic.twitter.com/lj96zgPh7k

— Ali (@ali_charts) January 6, 2024

Martinez noted in his analysis that the TD indicator is currently flashing a buy sign on MATIC’s 4-hour price chart. However, the crypto analyst highlighted that a bullish future for MATIC hinges on a spike in buying pressure around the current price levels.

This could potentially see the Polygon token climb toward $0.88 and as high as $0.96, Martinez said. Ultimately, this bullish prediction depicts an almost 16% surge from the current price point. 

It is worth noting that the Relative Strength Index (RSI) on the 4-hour timeframe, which tracks the bullish and bearish momentum of a token, is currently at 38.2. When the RSI is below 50, it may suggest that the token is witnessing some bearish momentum.

MATIC Price Overview

As of this writing, the price of MATIC stands at $0.828969, reflecting a mere 1.2% increase in the past 24 hours. Polygon’s sluggish performance in the past day emphasizes the altcoin’s struggles over the last seven days.

According to data from CoinGecko, the MATIC price has declined by more than 14% in the past week. And this recent market downturn saw the cryptocurrency lose virtually all of the profits it accrued in December.

Nevertheless, MATIC ranks as the 14th-largest cryptocurrency in the sector, with a market capitalization of about $7.8 billion.

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Ethereum whales have been on a buying spree for a while now, which is an indication of their sustained support for the king of altcoins. These whale buys have particularly increased in the past few weeks. On-chain data from Santiment reveals Ethereum’s largest private wallets now hold an all-time high of 56.25 million ETH, representing 46.8% of the crypto’s total circulating supply. 

Ethereum Whales Accumulate Record Amounts Of ETH

Ethereum is currently trading in a range, as price action shows the crypto trading between the higher end of $2,434 and the lower end of $2,127 in the past 30 days. However, the crypto is now showing signs of recovery after a recent price recovery and is now building strong momentum above $2,200. 

Amidst the price theatrics, Ethereum whales have been buying more ETH into their wallets to push the total count to new highs upon new highs. At the same time, these whales have been withdrawing from exchanges, causing ETH on exchange-owned addresses to drop to their lowest levels in over five years.

According to data from on-chain analytics platform Santiment, a record 65.71 million ETH, representing 54.67% of the total circulating supply is now held by top addresses. Out of this figure, 56.25 million ETH belong to the top 150 self-custodial wallets. Consequently, the top 150 exchange-linked wallets now hold 9.46 million ETH, nearing its lowest level since June 2018. 

Increasing Whale Accumulation: Possible Explanation

The crypto industry went through a strong price surge in the last quarter of 2023, flipping the optimism around most cryptocurrencies bullish. Continued whale acquisitions can be linked to an anticipated continuation of the price growth in 2024, with the imminent approval of Bitcoin and Ethereum spot ETFs in the US lurking in the background.

The accumulation from Ethereum’s largest whales is a good sign for the long-term price, as it signals they believe the price will continue to increase. Their buying power also helps to establish price support by reducing the supply of ETH for sale. 

Spotonchain recently showed that an Ethereum whale, identified as ‘0x931’, bought 21,192 ETH worth approximately $48 million at an average price of $2,265. The recent purchase now puts the whale’s total buys at 79,500 ETH since January 2023 and is now sitting on $36.84 million unrealized profit.

At the same time, liquid staking protocols witnessed steady deposits throughout 2023. Data from DeFiLlama shows that 12.3m ETH ($27.585 billion) are currently locked in ETH liquid staking derivatives. This represents an 80% growth from 6.8 million ETH locked in January 2023. 

Featured image from Pixabay

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Over the course of a single year, Akash (AKT) – a seemingly unheard of altcoin – exhibited a surprising surge, with its value skyrocketing by over 1,400%, showcasing remarkable resilience and strength in the market. This strong performance not only underscores the asset’s robustness but also positions it as a notable player in the cryptocurrency landscape.

Akash Network’s Remarkable Recovery Surge

When the price of the Akash Network (AKT) token recovered from the $0.75 level in mid-October 2023, it began an aggressive recovery pattern within the general tone of the market. The coin has increased by around 322% in the last three months alone.

At the time of writing, AKT was trading at $3.11, up nearly 8% in the last 24 hours. Notably, the coin has tallied an impressive 40.4% increase in value in the last seven days, and currently sits at the No. 90 spot of Coingecko’s Top 100 roster.

Operating on the Cosmos blockchain, Akash Network is an open-source, decentralized cloud computing platform that offers a unique take on cloud services.

This cutting-edge network increases price-performance and scalability for decentralized applications and organizations by facilitating the deployment of any cloud-native application.

Utilizing the Cosmos SDK, a layer 1 protocol underpins the Akash platform. By using a Proof-of-Stake consensus process and a network of decentralized validators, it maintains network integrity.

These validators, who get commission payments in AKT, the native token of the network, are essential to the process of adding new blocks to the blockchain. By staking their tokens, AKT holders—also referred to as delegators—further enhance the Akash chain’s security.

Coinciding with the apparent divergence of opinion on the legitimacy of spot Bitcoin ETFs, AKT has recently experienced a jump in price. Dennis M. Kelleher, CEO of Better Markets, recently asked the US SEC to turn down all ETF proposals.

Potential fraud and manipulation are Kelleher’s main concerns, and she emphasizes that the SEC is in charge of averting significant harm to investors.

Akash (AKT) Price Analysis

The chart (below) shows the price of Akash Network (AKT) over a 4-hour period. The price has been in a downtrend since October, but it appears to be forming a bullish flag pattern.

A bullish flag is a continuation pattern that occurs after a strong uptrend. The price consolidates within a narrow range for a period of time, before breaking out above the upper trendline of the flag.

The breakout on January 3rd suggests that the bulls are back in control and that the uptrend is likely to resume. The upper Bollinger Band is also rising, which is another indication of bullish momentum.

If the uptrend continues, the price could reach a target of $3.60, which is a 16.86% increase from the current price. However, it is important to note that there is no guarantee that the price will reach this target.

The price could also break down below the lower trendline of the flag, which would signal that the downtrend is resuming.

Overall, the chart looks bullish, but it is important to be aware of the risks involved in trading any cryptocurrency.

Here are some additional things to keep in mind:

The price of AKT is still well below its all-time high of $8.20, which it reached in April 2021.
The cryptocurrency market is very volatile, so it is important to be prepared for sudden price swings.

Featured image from Shutterstock

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Popular Bloomberg ETF analyst Eric Balchunas has lowered the possibility of the US Securities and Exchange Commission (SEC) denying the launch of the Bitcoin spot ETF to 5%. This latest forecast comes as crypto enthusiasts worldwide anticipate a wide-scale approval of various Bitcoin spot ETF proposals by the SEC on Wednesday, January 10.

Why The Bitcoin Spot ETF Approval Appears Nearly Certain: Bloomberg Analysts Weigh In

In October, Eric Balchunas and fellow Bloomberg analyst James Seyffart predicted that there is a 90% chance that ARK Invest and 21 shares would receive approval for their joint Bitcoin spot ETF bid on January 10, which marked the final deadline date for the SEC’s response on their application.

However, in a recent X post on January 6, Balchunas raised the probability of this greenlight to an astounding 95% after declaring that there was only a 5% probability the SEC would reject the ARK/21 ETF bid in the coming days. 

Well said although I probably go with 5% at this point. But you gotta leave a little window open for these things.

— Eric Balchunas (@EricBalchunas) January 6, 2024

This new prediction is based on the implausibility of all scenarios, which could represent a possible delay or non-approval of the ARK/ 21 shares Bitcoin spot ETF application. In an earlier X post on January 6, James Seyffart had listed these scenarios starting with ARK/21 shares spontaneously withdrawing their ETF proposal from the SEC, which he claimed to be highly unlikely. 

Another scenario is that the SEC discovers new reasons to reject the launch of a crypto spot ETF, resulting in a drawn-out court battle between the US regulator and ARK/21Shares, a situation that Seyffart believes the SEC would rather avoid, especially following its recent loud legal loss against Grayscale investment.

The final event that the Bloomberg analyst believes could prevent the clearance of the ARK/21 Shares ETF bid is a direct intervention from the US Presidency, another scenario that appears remotely possible.  

The D-Day Approaches

The importance of ARK/21 Shares’ joint bid to the Bitcoin spot ETF saga revolves around its final deadline date for an SEC response, which is the earliest of the bunch. Now, it is believed that the SEC will rather approve several Bitcoin spot ETF applications at once regardless of their respective final deadline date in a similar fashion as it did with Ether-futures ETFs in August. 

This belief is backed by the discussions between the US regulator and various applicants in the last few weeks, leading to amendments in respective proposals, which indicates the preparation of an incoming approval.

At the time of writing, the set date of expectation remains January 10, with crypto enthusiasts highly enthusiastic about the potential bullish effects of a spot ETF on Bitcoin’s price over the year. Meanwhile, Bitcoin continues to trade at $44,050, having gained by 4.50% in the last week.

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Crypto analyst Guy Turner has predicted that Cardano (ADA) could experience a significant price surge soon enough. The analyst also gave an insight into what price levels the crypto token could hit when this happens. 

Cardano To Rise To $1

In a video posted on his YouTube channel, Turner mentioned that ADA could rally to as high as $1 as that is the next significant level of resistance. The analyst’s projection is based on the fact that ADA’s weekly chart suggests that the crypto token is in the process of painting a bull flag. 

A rise to $1 doesn’t seem impressive to the analyst as he alluded to SOL’s price, which has seen incredible gains from its past lows. The crypto analyst highlighted Cardano’s fundamentals as one reason why it has continued to underperform. According to him, the supply of the token seems to be outweighing the demand for it.

He also singled out Cardano’s founding entities, IOG, EMURGO, and the Cardano Foundation, for contributing to a lot of sell pressure for the crypto token. These organizations are said to be selling a huge chunk of their ADA holdings to fund their operations. The silver lining is that this supply and demand dynamics doesn’t look to have impacted ADA’s price too much, Turner said.

Meanwhile, he sounded bullish on Cardano in the long term as he noted that the interest rates, which have had more impact on ADA’s price, are likely to keep declining. As such, the crypto analyst believes that the crypto token could continue to rally alongside the rest of the broader crypto market despite its poor fundamentals. 

Will ADA Hit New All-Time Highs This Year?

Turner further stated that whether or not ADA will hit new all-time highs this year will depend on its upcoming milestones. One of them happens to be the CIP 1694, a proposal that has been in focus in the Cardano ecosystem over the last year. Having been voted upon and passed, the CIP 1694 is set to be implemented with the Chang Hard Fork set to take place early this year.

Another milestone, which Turner considers the most important of them all, is the likely introduction of Cardano’s first fiat-backed stablecoin this year. IOG is said to be working on their stablecoin project, which could be released soon enough. Mehen Stablecoin’s USDM, which Turner referenced in his video, is also billed to launch in the first quarter of this year. 

Following the release of Turner’s video, Mehen provided further updates on the USDM launch. They stated that the stablecoin is currently at the final stage of the audit. Once that is done, they plan to announce a final launch date. 

The introduction of Cardano fiat-backed stablecoin is an important milestone as it can further boost the DeFi landscape on the network. The crypto analyst highlighted that it is “very difficult” to grow decentralized applications (dApps) on the network without the help of liquid fiat stablecoins. 

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