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PEPE’s recent price action is raising concerns among traders, as bullish momentum appears to be fading. After attempting to rebound, the token faced strong resistance at the $0.00000963 mark, signaling a potential shift in market sentiment. 

With bulls struggling to maintain control and selling pressure mounting, the door is now open for further downside movement, leaving investors to question whether PEPE can recover or if more losses are on the horizon.

The purpose of this article is to examine the token’s loss of bullish momentum after failing to break past the $0.00000963 resistance. By analyzing current market trends and technical signals, the aim is to highlight the increasing downside risks and explore whether the meme coin is set for additional declines or a potential reversal shortly.

Bulls Lose Steam: PEPE Set For Further Decline

PEPE has recently entered bearish territory on the 4-hour chart, dipping just below the 100-day Simple Moving Average (SMA) and approaching the crucial $0.00000766 support level. This drop below the 100-day SMA indicates weakening strength, and with sellers taking control, the cryptocurrency faces the possibility of more losses.

An analysis of the 4-hour Relative Strength Index (RSI) indicates that the signal line has dropped to 43%, following a brief rise to the 50% threshold suggesting that buying pressure is weakening, as the RSI moves deeper into bearish territory. Typically, an RSI reading below 50% implies that sellers are gaining control, which could lead to further downward pressure on the price.

Also, the meme coin is demonstrating notable negative momentum on the daily chart, having encountered resistance at $0.00000963, as evidenced by a bearish candlestick formation. With sellers gaining the upper hand, the meme coin is on the verge of breaking below the 100-day SMA, a crucial support level that, if breached, could intensify selling pressure potentially setting the stage for more losses.

A closer look at the RSI formation on the 1-day chart shows that the RSI signal line has decreased to 53%, previously reaching 55% suggesting that buying pressure is beginning to wane. Particularly, the RSI remaining above the 50% threshold indicates that the asset is still in a relatively strong position, but the downward movement could signal an impending loss of bullish strength.

Price Action Breakdown: Can The Meme Coin Find Support?

After facing resistance at $0.00000963, PEPE’s price has begun to show weakness, dropping below the 100-day SMA and moving toward the $0.00000766 support level. A break below this threshold could unleash heightened selling pressure, potentially resulting in an extended decline toward the $0.00000589 support level and beyond.

Meanwhile, a recovery above the $0.00000963 threshold could reignite bullish momentum, which could spark a price surge toward the $0.00001152 resistance level. Successfully breaking through this level may pave the way for further price growth and boost traders’ optimism, indicating a more sustained upward trend.

David Carmona, founder of the cryptocurrency Ponzi scheme IcomTech, has received a 10-year prison sentence following a court ruling in the last week. This development was revealed on October 4  by the US Attorney’s Office, Southern District of New York.

Carmona To Serve 121 Months In Jail For Crypto Fraud

According to the statement released, Carmona alongside other individuals launched IcomTech in 2018 which was presented as a crypto mining and trading company that helped investors earn profits by acquiring supposed crypto-related investment products.

Carmona and other promoters of IcomTech sold these fake investment funds to unsuspecting victims on which they guaranteed daily returns and promised to double their capital within six months. It was noted that purchases were made via cash, checks, transfers, and even cryptocurrencies.

Each investor was usually granted access to an online portal where they monitor their supposed accruing gains. However, these victims always found difficulty in withdrawing their profits or capital from the online platform resulting in complaints that were appeased with excuses, delays, and hidden charges for the few successful withdrawals. With increasing levels of complaints and rising tensions, IcomTech began offering native digital coins known as “Icoms” as compensation which they claimed would rise in value and could be utilized as a medium of exchange for goods and services.

This initiative also proved false leading to the ultimate collapse of the IcomTech Ponzi scheme. 

Investigations by the US authorities soon revealed that Carmona and other co-conspirators of IcomTech had sold fake crypto investment products to unsuspecting investors, funds from which were diverted to lure more victims through flamboyant expositions as well as personal luxurious expenditure.

In December 2022, The US Attorney’s Office, Southern District of New York announced an indictment against Carmona accusing him of conspiracy to commit wire fraud to which he pled guilty.  In October 2024, Judge Jennifer L. Rochon issued a 121-month imprisonment sentence to the crypto fraudster which will be followed by three years of supervised release.

Commenting on this development, US Attorney for the Southern District of New York, Damian Williams expressed much appreciation of Carmona’s prison sentence saying: 

Carmona’s days of scamming honest people are at an end, and he now faces substantial time in prison. 

Meanwhile, former CEO of IcomTech Marco Ruiz, Ochoa remains in jail following a five-year sentence in January.

Crypto Market Overview 

In other news, the total crypto market cap is valued at around $2.16 trillion following a 1.75% increase in the last day. The market leader Bitcoin, continues to trade around $62,206 with a 1.70% gain in the past 24 hours.

Shiba Inu (SHIB) rallied over 5% in the last 24 hours, leaving Dogecoin (DOGE) behind, as the largest meme coin by market cap recorded lesser gains. Onchain data shows that crypto whales, considering the whale activity for both meme coins, seem to be favoring Shiba Inu over Dogecoin at the moment. 

Why Shiba Inu Price Rallied Over 5%, Leaving Dogecoin Behind

The Shiba Inu Price has rallied over 5%, leaving Dogecoin behind as crypto whales accumulate the second-largest meme coin by market cap. Shiba Inu’s whale activity has exploded in the last few days, with large investors actively accumulating the meme coin. Specifically, data from the market intelligence platform IntoTheBlock shows that the large holders’ netflow has skyrocketed by over 258% in the last seven days.

 

It is worth mentioning that the macro side has also contributed to this price rally. The September US job report, released on October 4, showed the country’s economy is strong. This further boosted Shiba Inu whales’ confidence to continue actively accumulating the meme coin, leading to the price rally witnessed in the last 24 hours. IntoTheBlock shows that these whales traded 4.3 trillion SHIB tokens amid the positive job report. 

More eyes are also on Shiba Inu ahead of the inaugural ShibaCon conference in November. The Shiba Inu team is expected to make game-changing announcements at the event, providing more bullish momentum for the meme coin. One potential announcement includes an update on the launch of the layer-3 privacy chain, which they are currently working on. 

Meanwhile, Shiba Inu’s Marketing Lead, Lucie, recently hinted that a stablecoin was already in the works. Therefore, there could also be an announcement about this stablecoin’s launch. This could drive more decentralized finance (DeFi) activity in the Shiba Inu ecosystem. 

DOGE Could Catch Up Soon Enough

Shiba Inu has been outperforming Dogecoin since the start of the year, with the former boasting a year-to-date (YTD) gain of over 54% compared to DOGE’s 15% YTD gain. However, that could change soon enough, with Dogecoin witnessing a run of its own. Crypto analyst Ali Martinez recently predicted that the foremost meme coin could enjoy a price rally to $0.16. 

Dogecoin’s fundamentals support such a bullish outlook for the meme coin. Bitcoinist recently reported how DOGE’s new addresses jumped by over 72% in one week. 

This indicates that new investors are flocking to Dogecoin’s ecosystem, which could lead to significant price surges as these investors begin to accumulate the meme coin. Dogecoin’s utility is also expected to grow soon enough, with the QED Protocol recently announcing plans to enable smart contracts on the meme coin’s network. 

Meanwhile, Dogecoin whales are regaining confidence in the meme coin’s potential. These whales recently accumulated $108 million DOGE in 24 hours. 

The price of Bitcoin (BTC) experienced a steep decline in the past week, falling as low as $60,000 based on data from CoinMarketCap. However, the BTC market has made some recovery in the last day in line with positive jobs data news from the US. Diving into this development, financial industry analysts at Kobeissi have tipped the US Federal Reserve to implement a 25% rate cut in November.

US Jobs Rise Higher Than Expected As Inflation Slips By 1%

On Friday, the US Bureau of Labor Statistics released the latest employment situation summary for the North American country. This is a monthly statement that measures aspects of the US labor force including unemployment by demographics, and nonfarm employment, hours, and earnings by various industries. 

Providing a commentary on this report, Kobeissi highlights that jobs in the US economy rose by 254,000 in September, marking an unexpected 107,000 increase in the last month over popular expectations.

On the same “hawkish”’ note, the unemployment rate crashed to 4.1% falling below common predictions of stability at 4.2% recorded in August. In fact, Analysts at Kobeissi highlight that the exact unemployment rate was 4.051% which is 0.002% shy of being rounded off to 4.0%.

Based on this report, Kobeissi states the Fed is 93% likely to adopt a 25 bps rate cut at the next Federal Open Market Committee (FOMC) meeting on November 7 which also falls below former market expectations of a 50% cut.

 

Implications For Bitcoin Price 

Despite the change in expected bps cut, Kobeissi describes this situation to remain bullish for financial markets including the crypto space even if the expected rate cut has already been “priced-in”. 

The analysts explain that generally, investors continue to retain a high risk appetite therefore all news is being received as good news. In addition, many financial market enthusiasts are hopeful of a “soft landing” as they predict inflation could continue falling (closer to the 2% target) while the economy remains stable. 

Following the release of the employment situation report, Bitcoin already showed a positive reaction rising by 2.53% to trade above $62,000 on Friday. Therefore, the confirmation of the expected rate cut by the Fed in November will contribute to Bitcoin’s highly anticipated bullish performance in Q4 2024.

Despite a bearish start to the quarter, the premier cryptocurrency is expected to record hefty market gains based on historical reports. Amidst high levels of optimism, multiple analysts expect Bitcoin to attain a six-figure price value soon. At press time, Bitcoin continues to trade at $62,874, following a 7.65% gain in the last month.

The Bitcoin price having an outstanding Q4 to close the year 2024 has been one of the most prominent narratives in the cryptocurrency market in recent weeks. Interestingly, a popular blockchain firm has weighed in with unique on-chain insights into the BTC’s price trajectory.

Can Bitcoin Price Reach $100,000 By December 2024?

In a new report, CryptoQuant revealed that the price of Bitcoin is entering a period of positive seasonal performance with the historically bullish Q4 yet to take its usual course. The on-chain analytics firm highlighted that the premier cryptocurrency usually performs well in the last three months of a halving year.

According to data from CryptoQuant, the Bitcoin price increased by 9%, 59%, and 171% in 2012, 2016, and 2020 (the first three halving years), respectively. Meanwhile, the value of the premier cryptocurrency is up by 46.79% so far in 2024.

Interestingly, CryptoQuant put forward an end-of-the-year target of between $85,000 to $100,000 for the Bitcoin price. It is worth noting that the Q4 rally to this new price high would place the coin’s yearly performance between 100% and 138%.

However, the blockchain firm has identified certain factors that need to align for the Bitcoin price to resume its bull run and potentially reach a new record high. One of these critical factors is demand, which has been mostly stagnant over the last few months.

CryptoQuant data shows that Bitcoin demand growth has been swinging between -23,000 to +69,000 BTC since July. For context, demand soared as high as a staggering 498,000 BTC in April when the market leader danced around the $70,000 price level. Ultimately, this suggests burgeoning demand could have a positive impact on the Bitcoin price in the latter part of 2024.  

BTC Demand From US Spot ETFs On The Rise

Propitiously, demand for Bitcoin from spot exchange-traded funds (ETFs) in the United States has been picking up in recent weeks. According to CryptoQuant data, the Bitcoin funds went from net selling 5,000 BTC in early September to net buying 7,000 BTC by the month’s end.

In comparison, the US spot ETF market purchased nearly 9,000 BTC daily in 2024’s first quarter, catapulting the premier cryptocurrency to the current all-time high of $73,737 by mid-March. If this positive trend continues, investors could see the Bitcoin price revisit its all-time high or even higher before the year is out.

As of this writing, the price of Bitcoin sits just above the $62,000 mark, reflecting a 2.3% increase in the last 24 hours.

An analyst has explained how the data of an on-chain indicator could suggest a bullish trend is still on for Bitcoin despite the latest pullback.

Bitcoin Coinbase Flow Pulse Is Still Signaling Bull Market

In a new post on X, CryptoQuant author Axel Adler Jr has talked about the latest trend in the Bitcoin Coinbase Flow Pulse. The “Coinbase Flow Pulse” refers to an indicator that keeps track of the total amount of BTC flowing into Coinbase from other centralized exchanges.

Here is the chart shared by the analyst, which shows the trend in the 30-day and 90-day simple moving averages (SMAs) of this indicator over the last few years:

As displayed in the above graph, the Bitcoin Coinbase Flow Pulse has seen both of these SMAs moving up since early 2023, suggesting that there has been a long-term trend of increasing inflows to Coinbase from other platforms.

At present, the 30-day is still above the 90-day, which means the inflows are continuing to accelerate. From the perspective of this indicator, whenever these two lines are arranged in this manner, Bitcoin can be assumed to be in a bull market.

The periods where this condition held true are highlighted in green on the chart. It would appear that the metric has only seen a bearish crossover a few times since this uptrend began, with each ‘bear’ period lasting just momentarily.

In recent days, the Bitcoin price has observed some notable bearish momentum, but so far, this indicator has shown no signs of a bearish cross. “Despite the local pullback, the bullish trend persists,” notes the analyst.

As for why a transfer from other exchanges to Coinbase is considered bullish, the reason lies in the type of users that do their trading activities on the platform. Coinbase is primarily used by US-based investors, especially the large institutional entities, who tend to be the drivers of the market.

Inflows to Coinbase imply demand from such users is up, which can end up reflecting into the cryptocurrency’s value. The Coinbase Flow Pulse isn’t the only indicator that’s used for gauging demand from the American investors, there is also the Coinbase Premium Gap, which tells us about the short-term changes in demand.

This indicator measures the difference between the Bitcoin prices listed on Coinbase (USD pair) and Binance (USDT pair). Binance is used by a global traffic, so this metric’s value basically represents the difference in behavior between US and world users.

Below is a chart for the 1-hour version of this indicator shared by an analyst in a CryptoQuant Quicktake post.

As the quant has highlighted in the graph, the 1-hour Bitcoin Coinbase Premium Gap has shown a break above the daily recently, which can be a sign that buying from Coinbase users is starting to pick up.

BTC Price

Bitcoin has taken to sideways movement since its plunge to start the month as its price is still trading around $61,300.

On Friday, crypto asset manager Bitwise, filed with the US Securities and Exchange Commission (SEC) to convert three existing futures-based exchange-traded funds (ETFs) into a new series of funds utilizing “Trendwise strategies” approach. 

This strategy is expected to rotate investments between cryptocurrencies and US Treasuries based on prevailing market conditions, aiming to optimize returns and mitigate risks.

New Strategies Set To Launch By December 2024

According to Friday’s announcement, the proposed funds will implement Bitwise’s proprietary “Trendwise” rotation strategy, which is designed to minimize downside volatility while seeking long-term capital appreciation. 

Under this approach, the exchange-traded funds will shift their allocations from crypto assets to Treasuries when the cryptocurrency markets show signs of retreat, thereby protecting investors from potential losses during downturns.

The conversion is anticipated to take effect around December 3, 2024, with the following name and strategy changes:

• BITC: The Bitwise Bitcoin Strategy Optimum Roll ETF will become the Bitwise Trendwise Bitcoin and Treasuries Rotation Strategy ETF.
• AETH: The Bitwise Ethereum Strategy ETF will transition to the Bitwise Trendwise Ethereum and Treasuries Rotation Strategy ETF.
• BTOP: The Bitwise Bitcoin and Ether Equal Weight Strategy ETF will be renamed the Bitwise Trendwise BTC/ETH and Treasuries Rotation Strategy ETF.

Bitwise also assured investors of these funds that there will be no alterations to the funds’ expense ratios or tax treatments, meaning existing investors will not need to take any action as these transitions occur. 

This filing marks a significant development in what has already been a busy year for the firm, which launched its first spot Bitcoin and Ethereum ETFs in January and July, respectively, acquired the European crypto fund provider ETC Group in August, and filed for a spot XRP ETF earlier this week.

Crypto And US Treasury Investments

Matt Hougan, Chief Investment Officer at Bitwise, emphasized that momentum is a critical factor across various asset classes, especially in the “highly volatile crypto market.” The new Trendwise strategies aim to leverage this momentum through a trend-following approach. 

Specifically, the strategy relies on a proprietary signal that evaluates the 10- and 20-day exponential moving averages (EMA) of Bitcoin and Ethereum prices. When the 10-day EMA is above the 20-day EMA, the funds will invest in the respective cryptocurrencies. Conversely, when the 10-day EMA dips below the 20-day EMA, the funds will rotate into US Treasuries.

Teddy Fusaro, President of Bitwise, highlighted the firm’s commitment to offering diverse access points to the evolving asset class of cryptocurrencies. He stated:

We believe there are many different ways in which investors will want to gain access to this new and emerging asset class. We’re excited to introduce new groundbreaking strategies for these three ETFs to give investors more options for accessing the market

At the time of writing, the largest cryptocurrency on the market is trading at $61,750, up 2.5% over the past 24 hours.

Featured image from DALL-E, chart from TradingView.com

Bitcoin (BTC) has faced a rough start to the historically bullish month of October, impacted by escalating geopolitical tensions in the Middle East. Despite this, bulls remain hopeful for a turnaround later in the month.

Bitcoin’s “Uptober” Off To A Patchy Start

The leading digital asset by reported market cap had a tumultuous beginning to its most bullish month since 2013. The chart below depicts how October has historically been the most bullish month for Bitcoin, giving a median return of 21.2%.

Yesterday, BTC briefly plunged below the critical $60,000 level before rebounding to $61,179 at press time. During this see-sawing price movement, BTC witnessed liquidations worth over $32 million, while ETH liquidations stood slightly above $18 million.

Over the past seven days, Bitcoin has tumbled by 6.9%, while major altcoins have experienced even greater losses. Ethereum (ETH) is down 11.2%, Solana (SOL) has dropped 10.9%, and BNB has declined by 9.9%.

According to data from CoinGlass, most of BTC’s price appreciation typically occurs in the latter part of October. The chart below illustrates that the initial days of October have historically been less favorable for BTC prices.

Notably, October 1 has been positive for Bitcoin only once since 2013, while October 2 has shown gains five times out of eleven. In contrast, later dates, such as October 28, have delivered positive returns nine times out of eleven, followed by October 20, which has had eight positive days out of eleven.

It’s worth noting that Bitcoin’s most bearish month, September, closed with gains of 7.29% this year, clocking in its best performance since 2013.

Multiple Factors Weighing On Bitcoin Price Action

Bitcoin underwent its fourth halving in April 2024, followed by the US Federal Reserve’s (Fed) interest rate cuts in September, two events typically considered bullish for BTC’s price outlook. 

However, rising geopolitical escalations have overshadowed these positive developments and the uncertainty surrounding the results of the closely-contested US presidential elections in November 2024.

That said, some crypto analysts are confident about Bitcoin’s bounce back later in the year. For instance, an analyst from Standard Chartered sees BTC’s slump below $60,000 as a tremendous buying opportunity.

Similarly, 10x Research’s Markus Thielen foresees “exceptionally high” chances of a crypto rally in Q4 2024. Some of the factors for this prediction are the declining Bitcoin dominance and the rise in Ethereum gas fees.

In contrast, BitMEX co-founder Arthur Hayes opines that interest rate cuts might lead to a short-term market crash. BTC trades at $61,179 at press time, up 2.2% in the last 24 hours.

Директор института ЕАЭС, ректор Школы солидарной экономики и политики Владимир Лепехин, координатор Евразийского клуба, член Русского Космического Общества Анатолий Михайлов и политический обозреватель...

Billionaire and crypto advocate Mark Cuban criticized the US Securities and Exchange Commission (SEC) Chairman for his crackdown on the industry, arguing that FTX and Three Arrows Capital (3AC) would still be in business if it weren’t for the US regulator.

SEC Chairman Under Fire For Crypto Crackdown

Mark Cuban recently joined two podcasts on Thursday to discuss industry-related topics, including the US elections, crypto adoption, and the SEC’s regulatory stance. The billionaire heavily criticized the US regulator and its chairman, Gary Gensler, for their “regulation via enforcement” approach to the sector.

In an interview with Farokh Sarmad, Cuban reiterated his long-standing discontent with the Commission, asserting he is a “big fan of bright line regulation” rather than “regulation via litigation.”

The crypto advocate slammed the SEC’s lack of transparency and argued that the Commission has been trying to make the law based on the rulings of its lawsuits instead of setting clear rules from the start, which has been a common criticism for the regulatory agency.

He revealed he confronted Gensler last week in CNBC’s green room, detailing the reasons for his criticism. “I told him this: You’re screwing the whole thing up you’re pushing Industries overseas (…) that’s just wrong because it starts with crypto but expands into other applications,” he recalled.

However, Cuban believes the SEC’s chairman did not “really get it.” The billionaire suggested that Gensler “got some of that Elizabeth Warren in him,” explaining that the SEC’s chair might be “trying to be a public servant that’s saving the world” with his attempt to crack down on the sector and its “bad actors.”

In the All-In podcast, the entrepreneur continued to slam the US regulator, claiming that if it weren’t for Gensler, crypto companies like FTX and 3AC wouldn’t be out of business. He argued that if the US regulator had taken the appropriate approach, companies would have been able to operate responsibly and protect investors:

What he should be doing is saying here’s the bright line regulations. If FTX wants to loan out all their Ethereum, you have to do what they did in Japan and have 95% collateral, and 95% of anything needs to be put in Cold Storage. If he had followed the same rules for crypto that Japan did, FTX would still be in business. Bankman-Fried might still be in jail, but FTX and 3AC would still be in business.

Harris’ Campaign ‘Knows Gensler Screwed It Up’

The billionaire shared the details of his conversations with US Vice President Kamala Harris and her campaign. Cuban has publicly endorsed the Democratic nominee for the upcoming November Presidential elections.

In the interview with Farokh, he shared that, despite his bias, he considers that having Gensler as SEC’s chairman was a bad look for the Biden-Harris administration as it automatically makes all the resolutions “f*cked up.”

Cuban also claims that Harris and her campaign are aware of it, “they understand that he screwed it up, that’s why you haven’t heard her say anything positive to support him.” He considers not endorsing Gensler as a “huge” and positive signal for her crypto stance, which has been heavily questioned.

Lastly, he revealed he was “trolling” when he offered to be the SEC’s new chairman under Harris’ administration. Instead, the billionaire wanted to open a conversation and send a message to Gensler: “that he’s doing it all wrong.”

Власти американского штата Массачусетс вернули 69-летнему Алексею Мадану криптовалюту на сумму $140 000, которую он потерял при вложениях в мошенническую схему SpireBit.

The US is entering the fray as it backs a class-action lawsuit against tech giant and graphics processing units manufacturer, Nvidia Corp. The Department of Justice and Securities and Exchange Commission are appealing to the Supreme Court to revive a case that accuses Nvidia Corp. of misleading investors about its revenue from cryptocurrency mining. This litigation has been on a rollercoaster ride since it was filed in 2018 and is back on the agenda.

Government Support For Investors

In an amicus brief that was filed October 2, Solicitor General Elizabeth Prelogar and SEC senior lawyer Theodore Weiman argued that the case has sufficient facts to resurrect the course of action. They said Nvidia’s executives, particularly Chief Executive Jensen Huang, had understated the dependence on crypto mining revenue during a period when such sales were through the roof.

The brief underlines how private actions are an essential piece of the securities enforcement puzzle, making the government have a concrete interest in this case. Oral arguments before the Supreme Court are scheduled for November.

The Ninth Circuit Court of Appeals dismissed the case in 2021 as it had no evidence. But in a split panel decision last August, it reinstated it upon further review. Investor plaintiffs claim that before the 2018 crash, Nvidia had misrepresented how much it relied on the revenue generated from crypto mining. Huang’s statements were misleading, thus causing liability for securities fraud, they added.

Allegations Against Nvidia

In essence, it claims that the company misled the investors regarding its financial health and failed to make them aware of how many revenues came from the sale of crypto-related revenue in the open market.

According to the claim made by the investors, this lack of transparency became glaringly obvious after the company’s revenue went downhill following the cryptocurrency crash in 2018. Instead, it gives a suggestion that Huang knew well how his company was reliant on its crypto sales but chose to downplay the same thing publicly.

In their defense, Nvidia said that the investors’ claims were based on incorrect information about how the company made money. But the investors have shown proof from former workers who say Huang was part of conversations about how crypto mining affected sales. The Third Circuit accepted this testimony, and thus, Huang had a guilty state of mind regarding fraud against the investors.

Legal Implications And Future Steps

The participation of the DOJ and SEC gives the investors’ arguments more weight. Treating an expert’s view as adequate evidence for inferring dishonesty or intent would, they contend, compromise investor safeguards set forth under the Private Securities Litigation Reform Act (PSLRA). In order to show their dedication to guarantee the application of securities rules, the agencies have asked 10 minutes of oral argument time when the matter is heard.

Featured image from Vox, chart from TradingView

Скандальный криптоблогер Бен Армстронг, известный как BitBoy Crypto, заявил, что монета XRP может стать одним из самых прибыльных цифровых активов в этом рыночном цикле.

Федеральное бюро расследований США (ФБР) предупредило о мошеннической криптосхеме Ichcoin, создатели которой обманом заставляют пользователей переводить на их платформу крупные суммы денег.

The Dogecoin price suffered a notable crash along with the rest of the market after the Bitcoin price dropped to $60,000. This was brought about by the rising tensions in the Middle East as the fear of war wages on. While the decline in the DOGE price created panic among investors, bot everyone has succumbed to the fear. In particular, Dogecoin whales have seen this as an opportunity to load up their bags, buying over a billion coins in one day.

Dogecoin Whales Spend $108.7 Million

Earlier this week, the Dogecoin price suffered an almost 20% drop from above $0.12. This triggered a wave of sell pressure that continued to strengthen the bears. As a result, the DOGE price has remained down with no hint of a recovery from here. Naturally, this has sent shockwaves through the community as investors hold out for a recovery.

However, not all investors have remained panicked by the price crash. Rather, some Dogecoin investors have taken this as an opportunity to but more DOGE. Mainly, these large holders who are holding between 100 million and 1 billion DOGE have been the ones buying.

According to a post shared by crypto analyst Ali Martinez using data from Santiment, these whales with at least $10 million in holdings have bought over 1 billion coins. This works out to $108.7 million that the whales have spent buying Dogecoin in one day alone.

This suggests that the whales are not seeing this bearish trend continuing from here. Historically, October has been a bullish month for the crypto market, often fondly referred to as ‘Uptober’. So, investors continue to hold out hope that the market will recover.

October Starts Out On A Bad Note

Looking through the performances of Dogecoin in October in previous years, it is obvious to see why the month of October was expected to be bullish. However, this has not been the case, at least for the start of the month.

The Dogecoin price is already down 4.98% in October after rising 12.6% in September. Since the month is still early, it is possible that there is a turnaround in the DOGE price from here as the month plays out. However, if the bears continue to dominate, then the price could fall further.

The average Dogecoin returns for October is +7.36%, showing how bullish the month usually is. Moving toward the end of the year, it gets better, mainly toward December, which has average returns of 26.4% so far, CryptoRank data shows.

Начало разговора о том, что есть ценности, какая их роль для страны, и попытка синтеза понятия ценностей в философско-методологическом и творческом подходах Ведущая: Валерия Филиппова, руководитель...

Николай Азаров о международном сотрудничестве на Ближнем Востоке, последствиях цветных революций и гражданских войн Ведущий: Максим Романычев

Bitcoin’s recent price swings are gradually raising bearish sentiment around its price trajectory among crypto enthusiasts and investors. However, considering positive developments around Coinbase Premium, the crypto asset could be gearing up for a potential leg up in the short term, triggering hope within the community.

Coinbase Premium Indicates A Short-Term Rally For Bitcoin

In light of waning market conditions, Coinbase Premium, a key indicator of investor sentiment is currently demonstrating positive trends, fueling the potential for a rally in the short term for Bitcoin, according to data from on-chain analytic platform, CryptoQuant.

The Coinbase Premium measures BTC’s price differences on the Coinbase platform and other cryptocurrency exchanges. When there is a positive reading, this usually shows that institutional investors in the United States are exerting significant buying pressure on the digital asset.

In the quicktake post, the expert recognized as Yonsei Dent claims a rally could be on the horizon for Bitcoin following an analysis of the Coinbase Premium Index on the 1-hour time frame in order to observe short-term momentum by employing the 24-hour and weekly moving averages.

Utilizing this indication in tandem with historical BTC price movements, Dent highlighted that when a golden cross forms, the crypto asset frequently sees brief price upswings. This is because, historically, there have been notable price swings right after the moving average on the 1-day time frame makes a golden cross by decisively crossing over the weekly moving average.

Meanwhile, the index currently has broken over the weekly moving average momentarily once again, and the difference between the weekly and daily average is closing up consistently, hinting at a possible price spike in the near future.

He further underlined a renewed upward pressure as a reason for a persistent rise in demand among US investors in spite of the price correction witnessed on Tuesday, in which BTC fell from about $66,000 to the $61,000 threshold. According to the expert, this steady increase in demand may signal that the price of Bitcoin might be poised for a rebound in the short term.

A Price Dip To Take Place Before The Rally?

Even though BTC is set for a rally shortly, there is a potential that the crypto asset could experience a dip before surging once again. Market expert and enthusiast, Crypto Bullet in a recent post on X (formerly Twitter) has warned of a price decline to the $57,000 level.

Crypto Bullet noted that during the time of the post, Bitcoin was trading at the price range between $59,000 and $60,000, which he underlined about 5 days ago when BTC was valued at $65,000. Thus he believes the price could drop a little lower to $57,000, hopefully after a brief uptick. “We need to take out that Sept 16th low at $57,500 and I believe that $57,000 dip will be the ultimate low for the month,” he added.

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