Bitcoin (BTC) rose to an intraday high of $62,338 on October 4, as stronger-than-expected September employment data and bullish on-chain indicators added tailwinds to ideas of a fourth-quarter rally. BTC/USD daily chart. source: TradingViewBitcoin’s price action came as U.S. non-farm payrolls in September came in at 254,000, well above the expected 147,000. The unemployment rate fell from 4.2% in September to 4.1%, below the forecast of 4.2%.As a result, market participants are starting to see a whopping 97% chance of a 25 basis point rate cut at the Fed’s next meeting on November 7, following an aggressive half-point rate hike…
Author: Crypto Flexs
Read More
Cardano price started a new decline from the $0.3850 resistance. ADA is consolidating above $0.3350 and may attempt a recovery. ADA price began a decline below the $0.3550 support level. The price is trading below $0.350 and the 100-hour simple moving average. On the hourly chart of the ADA/USD pair, there is a short-term bearish trendline forming at resistance $0.3480 (data source from Kraken). If it stays below the $0.360 resistance zone, the pair may continue to fall. Cardano price falls again. After testing $0.4150 resistance, Cardano struggled to hold higher levels. ADA formed a short-term high and started a…
Bitwise Asset Management plans to restructure three cryptocurrency futures exchange-traded funds with government bonds in the mix in an effort to reduce volatility.The company filed changes to the ETF with the U.S. Securities and Exchange Commission on Friday. Bitwise Bitcoin BTC +2.65% Strategy Optimum Roll ETF converts to Bitwise Trendwise Bitcoin and Treasuries Rotation Strategy ETF. Similar changes will be made to the Bitwise Ethereum Strategy ETF and the Bitwise Bitcoin and Ether Equal Weight Strategy ETF. This transition is expected to occur around December 3, 2024, Bitwise said.“The new Trendwise strategy leverages this momentum through a trend-following strategy that…
Venture capitalist Arthur Cheong believes one decentralized finance (DeFi) altcoin could be ready for a major breakout. The DeFiance Capital CEO tells his 176,400 followers on social media platform He suggests that Aave’s open interest (OI), the total number of outstanding derivatives contracts for a particular asset, may have bottomed out after a significant decline last month. “Despite the leverage flush on the culprit over the past few weeks, AAVE price is holding up very well. 1. Open interest is at a 30-day low, down 50% from September 11th. 2. The funding ratio is negative. Be well prepared for the…
The XRP market outlook was once again uncertain for several days after being rejected at $0.64. Price action and indicators suggest a buying opportunity targeting a 12% upside. Ripple (XRP) saw a big price reset last week. The token threatened to break through the local resistance zone at $0.625 and the bulls achieved this on Sunday, September 29th. Since then, XRP has fallen 21% on the price chart. The Bitwise XRP exchange-traded product (ETP) application sparked social media engagement. However, the increase in whale trading began as Bitcoin (BTC) showed rejection at $66.5,000 resistance. Can the bulls successfully defend the…
james ding October 4, 2024 11:31 Binance Futures has announced an update to its Futures NEXT program, introducing changes to rewards and referral allocations starting in October 2024. According to Binance, Binance Futures has introduced significant updates to its Futures NEXT program, focusing on changes to the reward structure and referral allocation. These changes aim to improve user engagement and provide a more streamlined experience for participants. Updated reward structure and referral allocation From October 17, 2024, all rewards for participation in Futures NEXT will be converted to futures trading fee rebate vouchers, replacing…
Bitcoin (BTC) saw volatility on Wall Street on October 4 as U.S. employment data significantly beat expectations.BTC/USD 1-hour chart. Source: TradingViewBitcoin joins U.S. stocks as non-farm wages riseThe price of BTC on Bitstamp is close to $62,000, according to data from Cointelegraph Markets Pro and TradingView.On this day, BTC/USD was up about 2% on significantly higher-than-expected US non-farm payrolls figures for September, at 254,000 vs. 147,000, respectively.U.S. stocks also responded positively, with both the S&P 500 and Nasdaq Composite Index rising.“The obvious answer here is that risk appetite is incredibly strong,” wrote trading resource The Kobeissi Letter, as part of…
Charlie Lee, founder of Litecoin (LTC), appeared at this year’s Proof of Work Summit in Frankfurt, Germany, contrasting Litecoin’s privacy-enhancing features with the almost unavoidable transparency of the Bitcoin (BTC) network.Lee explained that the unspent transaction outputs (UTXOs) that underpin the Bitcoin ledger contain a record of how transactions were used, potentially ruining the digital asset’s fungibility. Mr. Lee told the audience:“Because of the history attached to every Bitcoin spent, each Bitcoin is not the same as another Bitcoin. I think that’s important when it comes to money.”A hypothetical example of this would be an on-chain analytics company that labels…
The International Monetary Fund (IMF) has once again recommended that El Salvador narrow the scope of Bitcoin legislation and adoption.Julie Kozack, IMF Director of Communications, told the press: briefing On Thursday, the IMF announced its ongoing engagement with El Salvador authorities. “Addressing the risks posed by Bitcoin is a key element of these discussions,” she said.“Our recommendations are to narrow the scope of Bitcoin law, strengthen the regulatory framework and oversight of the Bitcoin ecosystem, and limit public sector exposure to Bitcoin,” Kozack added. .Kozack said the IMF aims to reach an agreement with El Salvador on a new IMF-backed…
The third quarter revealed a challenging environment for the cryptocurrency market, including low on-chain fees, Bitcoin’s rising dominance, and Ethereum’s struggles with inflation and poor performance. Ethereum (ETH)’s identity is shifting from a deflationary to an inflationary model, raising questions about its role as a cryptocurrency amid the rise of layer 2 solutions and the growing dominance of Bitcoin (BTC). Lucas Outumuro, head of research at IntoTheBlock, noted in an October 4 “Although fees rebounded slightly in September, Ethereum’s trend toward substantially lower fees has been a major contributor to ETH’s underperformance as the market effectively rejects the argument for…