Bitcoin Is Now Competing Against Traditional Assets, Investor Says

According to Michael Saylor, a massive investor and the creator of Microstrategy, Bitcoin is vying with traditional store-of-value assets such as Gold and real estate. The statement by Saylor, whose firm owns around $3 billion worth of Bitcoin, follows the return on investment (ROI) that BTC has given this year when compared to that of Gold. Saylor’s company also owns about $3 billion worth of Gold.

On-chain research revealed that Bitcoin’s value has increased by more than 47% to date, whilst the price of an ounce of gold has only managed to increase by 0.38% from the beginning of the year to the end of the first month of this year.

Michael Saylor also cites an article named “Bitcoin’s full potential valuation” which states that any assets have varying “ceilings,” or the maximum percentage of the total global asset pie that they could ever reasonably account for. 

This is due to the fact that the value of each asset category is restricted by key variables in the valuation formulae that are specific to that category. According to the post, what makes Bitcoin so different is that the market has to absorb half as much new supply from “mining” every four years.

Why Bitcoin is surging in the recent past

With a moderate drop in inflation in December, experts think that the Federal Reserve (Fed) may have decided to suspend its rate rises, which may have contributed to the rise in the value of the cryptocurrency market

The stock market, gold prices, and bitcoin prices have already been impacted by inflation. Yet, according to Kumar Gaurav, founder, and CEO of Cashaa, a crypto neo-bank, the institutionalization of Bitcoin as well as a plethora of Fed initiatives taken in the previous year may have proven to be a boon for the cryptocurrency.

A number of analysts have an optimistic outlook for Bitcoin in preparation for the so-called “halving event” that will take place in 2024. It has been discovered that the rewards given to Bitcoin miners are reduced by one-half every four years (3.125 BTC). It is thought that this will favor demand as the supply continues to decrease.

Bitcoin is still in the green

As a result of these pronouncements, Bitcoin bulls have been able to maintain the required pressure, which has maintained the price of the cryptocurrency in the green zone. To be more specific, the Bitcoin to US Dollar exchange rate was last seen at 24,935.73 USD, reflecting an increase of 0.40% over the previous 24 hours and a 24-hour trading volume of $34,173,465,525.

It has a maximum limit of 21,000,000 BTC coins but can only have a circulating quantity of 19,296,881 BTC coins at any one time.

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The People’s Bank of China Intensifies Liquidity Injection

China’s central bank rose significantly in medium-term liquidity injections and wrapped over policy loans that were due to end on Wednesday. This kept the interest rate steady and was in line with what the market expected.

According to a recent Twitter thread by @tedtalksmacro, China’s central bank accomplished its single-largest liquidity injection on Friday, which will improve the country’s economy and aid China in recovering from its present economic downturn.

PBOC meets analysts’ expectations

In the past month, the People’s Bank of China put in a net of 199 Billion yuan through its one-year medium-term lending facility. This is about the same as the median estimate of 200 billion yuan from the analysts Bloomberg polled.

According to current events, China has the world’s second-largest economy, after only the United States. Surprisingly, the Chinese economy has developed steadily in recent years, rising at a pace that is 2.2 percentage points faster than the US economy. The People’s Bank of China (PBoC) is the world’s third-largest central bank, with $6 trillion in assets. Furthermore, the People’s Bank of China is critical to global liquidity.

Most economists are focused on the implications of a Fed tightening on risky assets this cycle, but they are neglecting the magnitude of easing in the East. Japan’s and China’s fourth biggest central banks are simply pouring money into global markets, outpacing the Fed’s tightening measures.

Widening Perspective on Crypto

In a following series of tweets, @tedtalksmacro stated that it could be more useful to evaluate crypto markets by considering the liquidity of the whole globe rather than only the United States. For instance, the Federal Reserve is tightening its policies (risk-averse). To counteract this, the third and fourth biggest central banks in the world are becoming more dovish, hence expanding global liquidity.

He went on to say that when the “zero covid” policy is over at the end of 2022, China’s economy will start to get better. In 2022, a series of lockdowns put an end to the huge boom that China’s economy had during the 21st century. China’s economy was shaped by this huge growth throughout the 21st century.

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CRO Bulls Recoup Market, However Indicators Point to a Reversal

The Cronos (CRO) market has been bearish in the previous 24 hours, with bears managing to lower the price to an intra-day low of $0.07925. Since then, the price has rebounded to $0.08111, although it is still much below the 24-hour highs of $0.08122.

Despite this negative tendency, the CRO market has shown tenacious, regaining almost all of its losses within a few hours after the drop and rebounding by 1.59% as of press time. Its persistence is a sign of solid bullish support and an indication of the underlying strength of the CRO market.

As a consequence of the bulls regaining control of the CRO market, traders joined, leading the market capitalization to rise by 0.94% to $2,035,428,039.

This rise implies that traders and investors trust in the CRO’s potential and that, despite any brief bearishness, the fundamental trend is optimistic. Yet, given that the 24-hour trade volume declined by 22.77% to $14,405,859, this increase may not indicate long-term sustainable growth. But still, the CRO market’s resiliency in the face of pessimistic sentiment is noteworthy and an optimistic indicator of stability.

CRO/USD 24-hour price chart (source: CoinMarketCap)

The MACD blue line on the 2-hour price chart is trending at the same level as its signal line, which reads 0.0003, indicating that the bullish momentum in CRO is slowing. This reading suggests that the present rising trend may be tiring and that a change in direction is possible soon. 

Nevertheless, this does not necessarily imply that the increasing trend will reverse, as the bulls may still be able to maintain the movement since the histogram rests on the “0” line, suggesting a flat trend signaling the current market balance of buying and selling pressure. Therefore, despite the decreasing pace, CRO might likely maintain its upward trend due to the credit of buying and selling pressure if purchasers can continue to match the selling pressure to avoid a reversal in direction.

As the Aroon up is at 92.86 and the Aroon down is at 71.43, there is a clear indicator that the bulls are still in charge of the market, as they have a significant influence in continuing the present upward trend. But, if the market experiences an increase in selling pressure that buyers cannot match, the market may have a bearish reversal, causing the rising trend to reverse. This is reflected in the Aroon indicators, with the Aroon up decreasing and the Aroon down increasing to imply a more significant bearish momentum.

The Money Flow Index (MFI) level of 60.31 indicates that money is moving between buyers and sellers, with neither having a significant edge. If the money flow remains stable, the bulls will probably be able to maintain their rising trend, and purchasers will be able to resist selling pressure. If, on the other side, the money flow swings in favor of sellers, this might signal the beginning of a bearish reversal.

CRO/USD 2-hour price chart (source: TradingView)

The MACD line on the 24-hour chart falls below its signal line with a value of 0.007, indicating that although bulls have the upper hand in the near term, bearish pressure may increase, signaling a probable bearish crossing. This bearish crossing might suggest that the bulls have run their course and the bears have taken charge, or it could just be a temporary trend reversal.

Adding to the CRO gloom, the histogram falls below its signal line with a reading of -0.004, indicating that negative momentum is growing and that a move to the downside is possible soon.

The Aroon up hits 21.43% while the Aroon down touches 57.14%, suggesting that negative momentum is in the majority and hence a downward trend is emerging. This action warns traders to be cautious and brace for a negative swing.

The MFI reading of 54.92 confirms the market’s weakness, indicating that trading activity is steadily drying up and market players may flee from their holdings. Furthermore, this level implies that the present momentum might lead to a negative price reversal, indicating the possibility of a downward trend.

CRO/USD 24-hour price chart (source: TradingView)

Indications show that, although bulls have the upper hand in the near term, their reign may be short-lived since bear power is increasing.

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Reasons Why Bitcoin Went Above $25K on Thursday

The world of cryptocurrencies is notoriously volatile, with unpredictable price shifts and sudden price swings being more the rule than the exception. In recent years, Bitcoin has established itself as the dominant cryptocurrency, and the value of Bitcoin has frequently been used as a proxy for gauging the overall performance of the market.

On Thursday, the cryptocurrency reached a new milestone, surging past $25,000 for the first time in the previous 8 months. This represents a staggering increase of more than 50% since the beginning of 2023 when its value stood at around $16,000. The surge has left many investors and experts wondering: what exactly is driving Bitcoin’s meteoric rise, and what does this mean for the future of cryptocurrencies and the broader financial landscape?

Worldwide acceptance is growing 

There are several factors that could be contributing to Bitcoin’s surge. One of the most significant is the growing mainstream acceptance of cryptocurrencies as a legitimate asset class. In recent months, several major companies, including Pick-n-Pay and major hotels, have announced plans to incorporate cryptocurrencies into their businesses, allowing customers to buy and sell using different cryptocurrency pairs. 

Because of this, the credibility and visibility of cryptocurrencies have received a significant boost, which has resulted in greater ease of access for the general public and may encourage the participation of new investors.

Economics vs Regulation

According to observers, a new crypto custody rule that the SEC proposed on Wednesday may make it more difficult for fund managers to invest their clients’ money in cryptocurrencies.

Even after Sam Bankman-FTX Fried’s was allegedly found to have defrauded its consumers of $10 billion, the majority of which is lost, regulatory issues with cryptocurrency have gotten worse. Politically, crypto is in a much weaker position as a result of that enormous scam, with both sides of the political aisle pledging a crackdown on Capitol Hill. Since then, cryptocurrency values have fallen precipitously.

But, according to blockchain analyst Lookonchain, institutional investors have started to return and have invested $1.6 billion in the cryptocurrency market during the previous week.

The surge could be a bubble

However, there are also concerns that the current surge in Bitcoin’s value could be a bubble, with prices being driven up by hype and speculation rather than real value. In the past, Bitcoin has experienced several significant crashes, and some experts worry that a similar collapse could be on the horizon. Additionally, the unregulated nature of cryptocurrencies could make them vulnerable to fraud and manipulation, further complicating the issue.

Despite these concerns, the recent surge in Bitcoin’s value represents a major milestone for the world of cryptocurrencies and has the potential to transform the broader financial landscape. As the world continues to grapple with ongoing economic uncertainty and the rise of digital technologies, cryptocurrencies like Bitcoin may play an increasingly important role in shaping the future of money and finance.

The crypto market is still green

For the time being, the crypto market is showing some positive signs. Despite recent dips and fluctuations, the overall trend in the market is currently upward, with many cryptocurrencies experiencing steady growth and gains. In other words, the crypto market is still in the green.

In concrete terms, at the time of publication, Bitcoin was trading at $24,667.44, up 0.73% from the previous day. The 24-hour trading volume for the BTC/USD pair is $18,676,188,220.

Ethereum (ETH), the second-largest cryptocurrency, is currently trading at $1,696.90, which is an increase of 0.42% in the same timeframe as the previous price point. There was $5.3 billion worth of trades executed in the ETH/USD pair just now.

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ETC Bulls Outweigh Bears Efforts to Dip Price, Indicators Reflect Increasing Bullish Presence

Bears had taken control of the Ethereum Classic market in the early hours of the day, causing prices to fall until finding support around the intra-day low of $22.16. On the other hand, Bulls recaptured the market after establishing this support and drove the ETC price to an intra-day high of $23.05, where the market met firm resistance. At press time, the bullish control had effectively increased the price by 0.93% to $22.56. This price increase was caused mainly by bulls reclaiming the market and forcing bears out of the arena.

ETC market capitalization and 24-hour trading volume increased by 0.94% and 4.14%, respectively, to $3,147,228,810 and $223,021,555, ranking #25. Ethereum Classic has reclaimed its market position following the increase and is trading over the crucial resistance level of $22. This renewed bullish trend has instilled confidence in traders and investors seeking solid investment returns.

ETC/USD 24-hour price chart (source: CoinMarketCap)

As the Keltner Channel bands climb higher and bulge, with the upper band at 23.203941 and the lower band at 21.495869, the bullish momentum in the ETC market continues. Ethereum Classic prices have been steadily rising on the back of bullish speculation and optimism, with the price action recently breaking above the Keltner Channel’s middle band to signal a departure from the neutral zone in the medium term and laying the way for a further climb to new highs. The near-term picture for Ethereum Classic seems favorable. Traders are optimistic that this market is ready for additional development as more investors engage in anticipation of further gains.

The market may maintain its positive trend for the foreseeable future, as the True Strength Index (TSI) now hits 17.9835 and heading over the signal line.

This notion is backed up by the high market volume, which has surged dramatically since yesterday as investors try to ride the wave of positive sentiment.

With a “strong-buy” signal from the Technical Ratings Indicator at 0.40, investors should aim to profit on the market’s bullish outlook in the coming days as Ethereum Classic’s growth remains stable. Taking everything into account, Ethereum Classic is in a great position to continue rising as interest in its market grows.

ETC/USD 4-hour price chart (source: TradingView)

The Keltner bands move linearly on the 24-hour price chart, with the top bar at 23.807625 and the lower band at 20.397110, illustrating the volatility of the ETC market and emphasizing the ability for investors to join and leave the market at any moment. This linear pattern symbolizes the ETC market’s steady and constant nature, letting investors profit from swings without concern about large-scale volatility. Price movement above the middle band confirms ETC bullishness, signaling an excellent opportunity for investors to join the market and enjoy the potential profits of a rapidly developing asset class.

Nevertheless, with the TSI sliding below its signal line at 4.4435, the bullish force in ETC is beginning to wane, signaling the possibility of a short-term reversal. If the TSI remains below its signal line, the market may move from bullish to harmful. This reversal may be a reason for worry since it suggests that the market is no longer seeing constant growth, so investors should proceed with care when contemplating any new investments.

Despite the probable reversal, the Technical Ratings indicator (TSI) is still displaying a solid buy signal at 4.4435, which might indicate a continued market rise for ETC. This reading suggests that the market may be entering a phase of consolidation in which large-scale growth is unlikely, but small-scale gains may still be possible.

ETC/USD 24-hour price chart (source: TradingView)

Indicators suggest bullishness may dominate in the near run, as their movement north indicates a bull strength increase.

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Regulators Ignore Red Flags in the Crypto Sector: Jesse Powell

Kraken co-founder and CEO Jesse Powell responded to Caitlin Long’s Twitter thread by stating that he can’t express how aggravating it was to have alerted regulators to significant red flags and blatantly unlawful activities only to have them disregard the issues for years. 

Additionally, Powell largely supported Caitlin Long’s claims. He said that he can’t express how aggravating it was to have alerted regulators to significant red flags and blatantly unlawful activities

Caitlin Long’s fight against fraud

Concretely, Caitlin Long, the CEO of Custodian Bank, has criticized Washington, D.C. regulators and lawmakers for their ignorance of the cryptocurrency industry and for disobeying her warnings of significant “fraud” allegedly committed by now-bankrupt firms.

Additionally, in a post on a blog from February 17, Long criticized the government’s approach to cryptocurrency regulation, saying it failed to protect investors and turned off decent actors in the industry. Long emphasized that she has been pointing out the worst aspects of cryptocurrency while working to provide a legitimate, compliant alternative.

By utilizing her digital asset custody organization, the alternatives will relegate fraudulent activities to the garbage heap. Yet, she believes that the majority of the decision-makers in today’s society are, unfortunately, intent on putting a stop to the innovators who uphold high standards of ethics.

Long highlighted the string of unpleasant encounters her company has recently had and stated that her attempts to collaborate with government organizations were finally flung back in her face.

In addition, she expresses views comparable to those of individuals such as Coinbase CEO Brian Armstrong, who has asserted on numerous occasions that the Securities and Exchange Commission (SEC) has reacted harshly to his company’s efforts to keep a dialogue going in good faith. She also expresses views comparable to those of individuals such as Coinbase CEO Brian Armstrong.

Crypto Firms Fall Due to Fraud

Long also claimed on Twitter that numerous people tried to warn Washington and assist law enforcement in stopping massive fraud before several crypto businesses collapsed in 2022, but their efforts were fruitless. Long’s claim was made in reference to a series of crypto businesses that failed that year.

Long asserted that she was doing something unprecedented in the public eye by providing law enforcement with information on possible illegal activities carried out by an unknown crypto company. This information emerged in the months leading up to the company’s demise, which resulted in financial hardship for its millions of customers.

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What is Ripple expressly? A Complete Guide

Ripple is a payment protocol in addition to a currency exchange network recognized for its ability to handle transactions on a global scale. The primary motivations for developing Ripple were to provide an alternative to the existing money transfer network known as SWIFT and to eliminate the settlement layers between several well-known financial organizations.

When a user executes a transaction using Ripple, the platform deducts a transaction fee from a tiny amount of XRP, the platform’s native cryptocurrency. As a result, ripple’s transaction fees for international money transfers are far lower than those levied by traditional financial institutions like banks.

It is fascinating to learn that Ripple changed its name many times between 2012 and 2015. In 2012, the name Newcoin was changed to OpenCoin. In 2013, the company’s name was changed to Ripple Labs. The name was then confirmed in 2015 as Ripple.

How Does Ripple Function?

RippleNet, a worldwide network based on a set of rules known as RTXP (Ripple Transaction Protocol), comprises computers known as validators. The validators maintain a blockchain and ensure that all transactions transmitted via the network follow the RTXP rules.

A validator is a program anybody may use to keep the Ripple network running. In addition, companies may utilize gateways to get access to the Ripple network. For example, banks often manage gateways and serve as entrance points to Ripple for people who need to be connected to the network.

Ripple, via RippleNet, offers companies an alternative to the financial system. Via RippleNet and a service called On-Demand Liquidity, businesses may improve their current services for worldwide money transfer.

By joining RippleNet, exchanges, banks, companies, and payment providers may handle various commercial use cases. Among the most critical use cases are the following:

  • Worldwide currency account
  • International bill pay
  • International supply chain payments
  • e-Invoicing 
  • Real-time settlements and international P2P payments
  • Real-time cash pooling

What Is XRP?

As previously stated, XRP is Ripple’s cryptocurrency, and it operates on the XRP Ledger, a blockchain developed by David Schwartz, Jed MaCaleb, and Arthur Britto.

The dissemination of XRP

With the establishment of Ripple Labs, 100 billion XRP were issued or pre-mined. Unfortunately, ripple’s protocol prevents the creation of more XRP.

Twenty billion XRP were awarded to Arthur Britto, Chris Larsen, and Jed Macaleb, the creators of Ripple. Twenty-five billion XRP are sold to individuals and businesses, while Ripple Labs retains 7 billion XRP.

The remaining 48 billion XRP are sealed in a smart contract that will release 1 billion XRP each month into Ripple Labs’ ownership until the 100 billion XRP limit is met.

Ripple Mining

If XRP is a cryptocurrency, is it feasible to mint it? This is a frequent concern among individuals. In short, the answer is no! It is not mintable.

With Ripple, transactions are handled differently. When an XRP transaction is broadcast across the network, the validators who maintain the network determine its legitimacy.

If 80% or more of the votes indicate the transaction is legitimate, the Ripple ledger is updated. This validator collection is called a “Unique Node List.” Each validator has a unique UNL. The operator of the validator determines who will be included in the UNL.

What makes Ripple popular? 

Ripple is famous for several reasons. Some are described in detail below:

  • The transaction time is quick, the transaction charge is minimal, and no bank visit is required to transfer money internationally.
  • Many financial organizations and banks give Ripple the credibility and authority that other cryptocurrencies lack.
  • XRP is regarded as one of the most stable cryptocurrencies, making it a secure investment for crypto newcomers.
  • Bitcoin is among the most liquid cryptocurrencies; thus, it can be easily converted into various currencies.

Ripple in the headlines 

XRP Ledger 1.6

In August 2020, version 1.6 of the XRP Ledger was released with several enhancements to performance. In addition to improvements and bug fixes, the consensus method became more effective by excluding offline validators when they are not connected to the network. In addition, the strengthened validations let servers easily spot Byzantine activity, a significant concern in the XRP ecosystem.

Ripple Xpring

Ripple Xpring is an effort including the ownership, investment, expansion, and provision of grants to enterprises and initiatives that assist the realization of use cases for XRP other than international transactions, such as crypto solutions for derivatives and debt.

SEC allegations

The Securities and Exchange Commission of the United States filed a lawsuit against Ripple in 2020 on the grounds that the company marketed unregistered securities.

Ripple CEO Brad Garlinghouse and co-founder Chris Larsen were accused of wrongdoing in the case. In addition, the SEC said the company and its officials marketed $1.3 billion in unregistered securities.

Perks of Ripple

Ripple offers several benefits, such as:

Quick settlement

Four to five seconds are required for the transmission of transactional confirmations.

Low fees

A transaction on the Ripple network costs just 0.000001 XRP, a minuscule fraction of a cent in the present environment.

Flexible network

In addition to processing transactions using XRP, the Ripple network may also be utilized with other cryptocurrencies and fiat currencies.


Ripple can perform around 1,500 transactions per second, close to Visa’s rate of over 1,700. Consequently, Ripple is a viable choice for fintech businesses seeking a dependable infrastructure for high-volume transactions.

Low power consumption

More conscious of sustainability, businesses seek to reduce their carbon footprints by decreasing energy use. In addition, mining XRP needs minimal CPU resources; hence, nodes can function efficiently by validating and authorizing blockchain transactions.

Hence, the Ripple network consumes less energy than traditional blockchains.

Trusted by major financial institutions

Bank of America, IndusInd Bank, and Santander are a few notable financial institutions that use the Ripple network. In addition, some influential organizations employ Ripple and exhibit its widespread adoption.

The unpleasant side of Ripple 

Ripple has several flaws, so only some things about it are laudable.


Cryptocurrencies acquired appeal due to their decentralized nature, which removed authority from governments and banks. Nevertheless, the Ripple system contains a default set of validators, making it relatively centralized.

Large pre-mined XRP supply

Suppose a significant percentage of the Ripple supply not in circulation is held in escrow. In that case, substantial quantities may be introduced at inopportune periods, which will impact the price of XRP.

Is it worth investing in XRP? 

Owing to the controversy surrounding Ripple, this topic has always been controversial. Yet, given that XRP is one of the most valuable currencies in market capitalization, it may be considered a good investment.

In addition, its efficacy in transaction execution and confirmation time is uncontested. Considering these factors, XRP is a sensible choice.


Due to the dispute surrounding Ripple, this subject has always been contentious. However, XRP is one of the most significant currencies in market capitalization. It is digital money for individuals who believe conventional banking has to be modernized.

As the Ripple network is focused on banks and payment providers, and XRP is the principal cryptocurrency, Ripple has a promising future. Now, Ripple Labs is making progress toward its aim of integrating other banks into its system.

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Bears Control BTC Market; Indicators Point to a Turnaround

After a positive start to the day, bulls in the Bitcoin (BTC) market retraced after encountering tough resistance around the intraday high of $24,990.17. As a consequence of the bulls’ retreat, the BTC price fell by 1.88% to $24,440.84. This dip was shocking since many analysts projected that the bulls would break out and surge beyond the $25,000 level. As a result, many investors take a wait-and-see strategy in the Bitcoin market, wondering which direction the price will move next.

Consequently, the market capitalization and 24-hour trading volume fell by 2.03% and 1,56%, respectively, to $470,866,587,633 and $40,413,190,307. Despite the modest retreat, the general trend of BTC price remains favorable, with the BTC market retaining its ground. Investors seem to be bullish on the cryptocurrency’s future, and many have adopted a “buy-on-dips” approach, believing it is undervalued.

BTC/USD 24-hour price chart (source: CoinMarketCap)

The Keltner Channel bands rise on the 4-hour price chart, with the upper band at $24584.40 and the lower band at $22615.23, indicating a $1973.17 range, up from $1595.02 and the most fantastic intra-day range this week. This rise suggests the market’s increasing volatility, as traders are likely seeking fresh possibilities to profit from short-term and long-term profits in the present market. 

With the possibility of the present market circumstances, traders have been more eager to take on greater-risk transactions in quest of better gains as the range has extended over the week.

The Money Flow Index (MFI) score of 72.76 reflects this rising volatility since higher readings suggest a rise in the number and intensity of trade signals. Because of the expanded range and Money Flow Index, traders have been more active in seeking to profit from price changes in markets that have been more volatile in the recent week. Therefore, when the range and Money Flow Index climb, traders may be more likely to increase their exposure to capitalize on the possibilities of this highly volatile market situation.

But, with an RSI reading of 62.69, the risk of a retreat remains, as the RSI shows that the market may have overbought to profit from higher volatility. As a result, traders should keep in mind that a downturn remains a possibility despite high levels of volatility and Money Flow Index readings. Consequently, traders must be aware of the risk of a downturn and modify their holdings appropriately to optimize their possible profits.

BTC/USD 4-hour price chart (source: TradingView)

The Keltner Channel bands bulge on the 24-hour price chart, with the upper band at $24621.72 and the lower band at $20844.03. This bulge indicates a potential breakthrough for Bitcoin prices. While the price movement is advancing towards the upper band, the bullish momentum in the market will continue, as seen by the positive sentiment among investors. Given the market’s positive rate, investors remain confident that Bitcoin prices will rise.

Since the MFI score is 49.78, suggesting a lack of buying and selling pressure, Bitcoin prices may stay rangebound immediately, failing to break through the $24621.72 mark. Although the sentiment is positive, and there is a significant possibility of a breakthrough of the $24621.72 level, a lack of buying pressure, as shown by the MFI score, implies that prices may stay rangebound in the immediate term. But, if purchasing pressure increases, a breakthrough of the $24621.72 level is probable, which may lead to additional advances in Bitcoin prices.

At a value of 64.57, the RSI trend is above the signal, indicating intense purchasing pressure. With the RSI showing strong buying pressure and market sentiment generally favorable, Bitcoin prices might break clear of the $24621.72 level in the short term. 

BTC/USD 24-hour price chart (source: TradingView)

According to technical indicators, bulls still have a chance for a rebound, even if the trend is now negative.

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Binance Prompts Crypto to Join Forces Amid Regulation Ambiguity

Discussions have begun inside the cryptocurrency sector on how to manage the new terrain due to the recent regulatory uncertainty surrounding the crypto business. As a result of this development, Binance, via its CEX Guidelines for Building Trust in the Crypto Ecosystem, has encouraged supporters of cryptocurrencies to work together to enhance security and trust in the cryptocurrency ecosystem.

Binance urged liberalizing digital asset trade

Binance has published a set of proposed industry standards in order to help bridge the gap between the limitations that are now in place and the manner in which digital assets are traded. One of the instructions that have been presented is to make sure that client property is not used in an unauthorized manner.

The objective of this guideline is to serve as a reminder that assets should only be used in what the customer has agreed to follow the terms of particular goods, and the guideline purpose is to serve as such a reminder. This runs counter to what was said on the FTX exchange instance before.

According to Binance, customers have the right to verify the security of their assets while they are kept in the custody of a CEX, as stated in another one of the platform’s guidelines. This may be done by providing evidence of reserves or other comparable disclosures. 

Disclosure tactics ought to be technically validated

According to the allegations, the method of disclosure that is used must be technically adequate, updated on a consistent basis, and based on reliable technology that cannot be falsified (such as zk-SNARKs).

In addition to this, CEX must make efficient use of its available money. To counter this, companies are strongly urged to maintain their capital structures as conservative as is practically feasible since the volatility of cryptocurrencies makes the risks associated with using debt to fund development considerably more severe.

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John Ray Ill: Everyone Who Received FTX Funding to Return

John Ray III, the newly appointed Chief Executive Officer of FTX, also overseeing the proceedings for the company’s bankruptcy, has demanded that all companies, charities, and politicians who have received any money from FTX refund it.

Creditors and FTX threaten lawsuit

FTX and its creditors have written “private letters” to several public individuals and advocacy organizations in which they have threatened legal action.

According to a press release issued by FTX, any politician or group that does not make a voluntary refund faces the possibility of a lawsuit being filed in bankruptcy court to recover the money, along with the interest that has accrued since the beginning of any action, and the case could go to trial.

In December, the company allegedly made public its intention to pursue the recovery of hundreds of millions of dollars worth of political donations made to celebrities, charitable organizations, and politicians affiliated with the Republican Party and the Democratic Party. These political donations were allegedly made in the name of the company.

Not only did Bankman-Fried and other members of the leadership of FTX donate substantial sums to political causes, but they also endowed the FTX Foundation and the FTX Future Fund with money so that they could promote his interests. In October, the FTX Foundation claimed that it had donated 140 million dollars to various causes.

SBF and cohorts seized FTX client funds

Damian Williams, the United States Attorney for the Southern District of New York, charged Bankman-Fried and his associates with stealing billions of dollars in FTX client funds. This was allegedly done to spend the money on luxury residences, other investments, political contributions, and to assist Bankman-Fried’s hedge fund.

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Ethereum Price Analysis 16/2: Bullish Power Skyrockets ETH Price to New 90-Day of $1,732.80

After a weak positive trend that gave way to negative efforts to take Ethereum’s (ETH) market, the price fell to an intraday low of $1,577.12. In the following 24 hours, however, bulls rebounded and propelled the ETH price to a new 90-day high of $1,732.80. As of press time, the bulls had effectively increased the price by 8.35% to $1,712.43.

Both market capitalization and the 24-hour trading volume increased by 8.86% to $210,294,227,410 and 71.91% to $13,263,623,901, showing a general uptick in mood and investor confidence. BTC seems to have set the pace for the upward trend, increasing by 9.53% to $25,134.12, while ETH’s high price rise contributed to a stronger argument for its growing market power.

ETH/USD 24-hour price chart (source: CoinMarketCap)

The rising Kelter Channel bands on the 2-hour price chart, with the top bar at 1701.44 and the lower band at 1594.83, depict a volatile market and show prices will fluctuate between these limits shortly. The positive trend in the ETH market is continuing as the price oscillates above the upper band. However, if the price falls below the lower band, it may imply a negative trend and downward pressure on the market.

With a value of 34.87, the stochastic RSI is drifting below its signal line, indicating that a bearish crossover may be on the horizon and the ETH market may be going lower. If the negative trend is confirmed and the price of ETH breaks below the lower range, it might imply that a further slump is coming, and investors should be aware of possible losses. If the bulls continue, and the stock RSI moves above the signal line with a value greater than 50, this may imply that the ETH market is developing bullish momentum and that buyers are gaining strength.

The Rate of Change (ROC) trending south with a reading of 2.27 indicates that the price of ETH is decreasing, as the ROC measures how much prices change over a given period. In other words, the decreasing ROC combined with the bearish trend may indicate that ETH prices are in a downward spiral, so investors should be cautious.

ETH/USD 4-hour price chart (source: TradingView)

The Keltner bands on the 24-hour price chart touch at $1737.29 and $1445.49, respectively, showing the bullish trend in ETH. The critical gap between the two Keltner bands indicates a rise in ETH price, indicating an overall upswing in the crypto market. A buy signal forms when the price action produces a green candlestick and climbs toward the upper band as the bullish momentum expands. This buy signal strengthens when the price breaks out of the upper Keltner band, confirming a bullish continuation and an excellent chance to begin an extended position.

As the stochastic RSI trends north with a reading of 66.21, indicating that the asset is likely to continue in an uptrend, traders may consider placing a long position with a tight stop-loss in place to safeguard their capital. As the rally continues, the price may finally break through the upper Keltner zone, testing higher highs before reaching exhaustion. In order to prevent possible losses if the price reverses direction, stop-loss should be positioned just below the previous high.

The ROC reading of 2.48 also indicates that the present uptrend is likely to continue; however, reversals may be imminent if the price fails to achieve a new high and falls below the Keltner band. While technical indications show that a long position is now an appealing alternative, it is critical to be cautious and mindful of possible price reversals.

ETH/USD 24-hour price chart (source: TradingView)

Bulls must drive prices higher and sustain resistance if the positive sentiment in the ETH market is to continue in the short run.

The post Ethereum Price Analysis 16/2: Bullish Power Skyrockets ETH Price to New 90-Day of $1,732.80 appeared first on Tokenhell.

Hong Kong Upholds Crypto: Citizens Can Buy, Sell, and Trade

Recent reports suggest that Hong Kong’s population will formally begin using cryptocurrencies on June 1, 2023. This information comes from many sources. In addition, the legalization of cryptocurrencies in Hong Kong will make it possible for the city’s citizens to buy, sell, and virtually swap currencies without restriction.

Chinese money to Hong Kong

In addition, a prominent Twitter user known as “CryptoLark,” who is a cryptocurrency investor, commented on a tweet that Chinese money is about to surge into the industry as a result of Hong Kong’s adoption of cryptocurrencies. CryptoLark’s comment was made in response to a tweet that stated that Hong Kong’s adoption of cryptocurrencies is attracting Chinese money.

This comes in the wake of a spate of activities pertaining to Bitcoin that have taken place in the special administrative area of China. One such instance involves the proposal by DBS, the largest bank in Singapore, for authorization to provide bitcoin services in Hong Kong.

Regarding the cryptocurrency policy of Hong Kong, the CEO of Coinbase, Brian Armstrong, recently stated in a tweet that the United States is in danger of losing its long-term role as a financial center due to a lack of clear cryptocurrency regulations and a hostile regulatory climate. Armstrong was referring to Hong Kong’s cryptocurrency policy.

He proceeded by stating that the United States Congress must move swiftly to adopt a clear cryptocurrency licensing policy since the technology belongs to everyone. He said this because cryptocurrency belongs to everyone. In addition, the United Kingdom, Hong Kong, and the European Union are at the forefront of this movement.

Collin Wu decried Brian Armstrong

Collin Wu, a Chinese journalist, strongly disagreed with Brian Armstrong’s assessment of the situation. Collin Wu claimed that comments made by the CEO of Coinbase led to a misunderstanding about the legislation governing cryptocurrencies in Hong Kong.

He elaborated that although Hong Kong-compliant exchanges are limited to listing a small number of virtual currencies like ether and bitcoin, Coinbase could offer many altcoins.

Collin Wu, it should be noted, asserted that the future is still uncertain despite Hong Kong’s promotion of Web 3.

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BTC Bulls Target $25,000 Amid 10%+ Price Hike

Despite being in a bear trend for many weeks, Bitcoin (BTC) has staged a surprising rebound, with bulls using the strength of a short squeeze to catapult the price to a 90-day high of $24,769.24. This short squeeze has lifted the price of BTC by an amazing 11.37% at the time of publishing, making it worth $24,666.72.

During the upswing, market capitalization, and 24-hour trading volume surged by 11.32% and 34.47%, respectively, hitting $475,810,997,570 and $36,257,080,602, respectively. This rise in trading volume and market capitalization indicates that there is a large amount of buying activity driving up the price of BTC.

In addition, this surge in price suggests that Bitcoin bulls are gathering strength and that the bull run for the cryptocurrency to $25,000 may have just begun.

BTC/USDT 24-hour price chart (source: TradingView)

BTC/USDT 24-hour price chart (source: TradingView)

The Bollinger Bands are providing a strong sign of optimistic emotion on the 4-hour price chart of BTC/USDT, where the upper band is at $24427.86 and the lower band is at $20420.87, with a gap of approximately $4000. The BTC/USDT market is definitely in the middle of a bull run, as seen by the stacking green candlesticks indicating a price increase, and the upbeat mood seems to be here to stay.

With a reading of 576.06, the MACD line is advancing north and is now above the signal line, indicating considerable buying pressure and more upside potential. Furthermore, the bullish direction of the MACD histogram at 333.31 indicates that buyers are in power and that the present rally will most likely continue for the foreseeable future.

This viewpoint is supported by the fact that the long-term trend line continues higher, implying that the present market direction will most likely continue to trend upward. The RSI indicator is now reading 87.12, suggesting that the market is overbought but with lots of opportunity for more upward possibilities.

BTC/USDT 4-hour price chart (source: TradingView)

BTC/USDT 4-hour price chart (source: TradingView)

On the 1-hour price chart, the Bollinger bands are moving north, with the upper and lower bands at $25477.11 and $21995.10, respectively. The Bollinger bands migrate north and expand apart throughout a time of strong price volatility, as shown in the $3482.01 range between the two bands.

Because these bands act as the next resistance and support levels, traders must exercise care when selecting entry and exit locations during this period.

The MACD line is currently advancing above the signal with a value of 645.55, suggesting that market momentum is still strong and that a probable breakout to the north side may occur if the pace continues. With a value of 87.21, the RSI is heading below its signal line. This level suggests that the market is now overbought and that a decline is probable if price action continues to be strong.

BTC/USDT 1-hour price chart (source: TradingView)

BTC/USDT 1-hour price chart (source: TradingView)

Indicators of the technical analysis suggest that the bulls’ dominance in the Bitcoin market is growing, suggesting that they may break resistance in the near future.

The post BTC Bulls Target $25,000 Amid 10%+ Price Hike appeared first on Tokenhell.

Layton Opposes SEC’s Motion to Seal Hinman’s Documents: Ripple vs SEC

The petition to the court for authorization to petition the court for access to the manuscripts of William Hinman’s controversial speech from 2018 has been submitted. It is thought that attorney Carl Cecere, who was working on Roslyn Layton’s behalf, and his efforts to have the motion allowed were responsible for this result.

Layton opposes the SEC’s Hinman speech

Layton has used her legal advice to convey her opposition to the Securities and Exchange Commission’s recent petition to keep certain records of Hinman’s speech private. The desire was to keep specific recordings of Hinman’s remarks private.

Remember that the SEC submitted a motion on Dec. 22, last year, to seal certain documents connected to Hinman’s speech in support of the SEC’s request for summary judgment. This was done in order to protect the SEC’s move for summary judgment.

According to what was mentioned in the motion’s extract, Layton has said that he does not support the suggestion that was made by the SEC in response to the new material.

The Forbes Professional Contributor underlined that, despite the fact that she does not have any monetary interest in XRP or Ripple, she still wrote a number of op-ed articles on the documents and their importance to the case. This is something that she has done despite the fact that she does not have any financial stake in any of these companies. She has done this.

Layton’s antics have polarized the crypto community

People in the cryptocurrency business have responded to Layton’s actions in a number of ways. Top XRP barrister Deaton thanked Cecere & Layton for their work in getting a court to approve the release of Hinman’s data. It was decided to go to court in order to have Hinman’s documents made public.

However, it remains to be seen whether or not Judge Torres would agree to approve the request for the amici brief to be submitted.

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Bulls in Control of the TABOO Market as Price Surge by 4.22%

TABOO TOKEN (TABOO) bullishness has dominated in the previous 24 hours, with the bulls able to move the price between an intra-day high and low of $0.001568 and $0.00174. As of press time, the bulls had successfully shot the price up by 5.59% to $0.001763 from the starting price of $0.001568 in the previous 24 hours, keeping a solid bullish presence in the market.

As a consequence, market capitalization increased by 5.71% to $17,291,974, representing a significant gain in TABOO purchasing power, but 24-hour trading volume decreased by 4.87% to $1,054,080. Nevertheless, despite the drop in 24-hour trading volume, TABOO’s market capitalization climbed dramatically, suggesting that the present optimistic attitude may continue shortly.

TABOO/USDT 24-hour price chart (source: CoinMarketCap)

Since the Moving Average Convergence Divergence (MACD) line for the 4-hour time frame is currently above its signal line, this may indicate that the current bullish movement in the TABOO market will likely go on into the not-too-distant future. Furthermore, the fact that the trajectory histogram is currently located inside the positive region makes it quite evident that TABOO bulls drive price activity.

The TABBO prices are now in a bullish trend, as shown by the Relative Strength Index (RSI), which predicts that the bull run may continue in the hours to come. However, the RSI is now hanging around the “50” level, indicating that the TABOO market is not being dominated by either bulls or bears since there is equal pressure from both camps on the market.

The market is now in a strong uptrend, as shown by the Average Directional Index (ADX), which is going north with a value of 26.09; this suggests that investors will be ready to purchase TABOO tokens as prices increase even more. It is predicted that this will positively influence the TABOO market due to the increased participation of investors in the growing market, which is expected to drive prices even higher.

TABOO/USD 4-hour price chart (source: TradingView)

The Bollinger Bands are becoming wider, suggesting that the present trend is about to end and that there will be an increase in the market’s volatility. The top and bottom bands are close at 0.001675 and 0.001415. Both support and resistance for the market may be found at these levels. In the short term, the market will keep moving closer and closer to the upper band, which will hold a positive trend.

The stochastic RSI line crossed the lower level at a reading of 26.17, indicating to investors that the stock had been oversold and that it might be a good time to buy the TABOO token. This was shown by the line moving above the lower level. This suggests that bears could take over the market and force bulls to play a less critical role in setting the price of TABOO.

It appears that the bullish momentum in the TABOO price may continue in the coming hours as the Williams Percentage Range (William%R) indicator shows that TABOO is moving closer to the overbought (0) region. Currently, William’s %R is at -40.54, which is very close to the zero line, suggesting that this bullish movement may persist over the next few hours.

TABOO/USD 1-hour price chart (source: Trading View)

In conclusion, the price analysis of TABOO indicates that the market has been trading in a bullish sentiment over the course of the previous twenty-four hours. This is due to the fact that the price of TABOO has been climbing at a consistent rate throughout this time period, which suggests that the market might see new price highs in the near future.

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Polygon Announces March 27th Mainnet Beta Release of zkEVM

Polygon, an Ethereum Layer 2 scaling solution, recently announced that the mainnet beta for its zero-knowledge Ethereum Virtual Machine (zkEVM) would be live on 27 March. This date was specified in the announcement. This launch represents a critical milestone in the project’s development and is slated to transform the way Ethereum apps function.

The zkEVM is a zero-knowledge rollup that has been designed to improve both encryption and blockchain technology. The method is a workable solution to the problem of how blockchain should develop since it promises to increase the volume of transactions while simultaneously reducing costs.

The Polygon zkEVM has hit several milestones

According to a Polygon blog post published on February 14,  researchers have been actively developing a zero-knowledge scaling system for the last three years. The Polygon zkEVM development team has accomplished several notable goals throughout this time frame.

The milestones include a six-month battle-testing period on public testnets, the generation of over 75,000 ZK proofs, the deployment of over 5,000 smart contracts, and the passing of 100% of the Ethereum test vectors that apply to a zkEVM.

Additionally, the blog added that the Polygon zero knowledge Ethereum Virtual Machine (zkEVM) testnets have sparked remarkable enthusiasm and growth among the entire industry. In addition, Polygon zkEVM has evolved to become more reliable, efficient, affordable, and safe.

The price of the native Polygon MATIC token has surged by 56% this year, illustrating the tremendous interest in and excitement about Polygon and its ground-breaking blockchain solutions.

Blockchain-based digital bond on Polygon`s blockchain

In other related updates, Siemens (SIE), the third-largest publicly listed business in Germany in terms of market valuation, recently released its first digital bond in an effort to simplify the amount of paperwork it must deal with and to more directly approach prospective buyers.

According to a press statement, the bond with a maturity of one year and a face value of sixty million euros (about sixty-four million dollars) was issued on the Polygon blockchain. The organization did not want to disclose the interest rate.

To sum up, Polygon’s native token, known as MATIC, was traded at $1.27, and the 24-hour trading volume was $769,865,911. In the last 24 hours, Polygon’s price has increased by 7.59 percent, and the cryptocurrency now holds the tenth spot on CoinMarketCap ranking. 

A total of $11,099,569,902 is now available for the MATIC/USD pair on the live market. In addition, it has a supply of 8,734,317,475 MATIC coins that are now in circulation and a maximum supply of 10,000,000,000 MATIC coins.

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Elon Musk: The New Twitter CEO Is Better Than Parag Agrawal

Recently, Elon Musk revealed who would serve as the “new” CEO of Twitter. This comes after Elon Musk acquired Twitter for $44 billion and then sacked Parag Agrawal, who was the Chief Executive Officer of Twitter when Musk bought it.

It is noteworthy that Must posted a picture of his favorite dog, Dogecoin’s Shiba Inu, wearing a blank T-shirt on the right and had the term CEO written on the left. The Tesla owner continued by stating that they thought the company’s new CEO was great.

Musk applauds the Dog’s arithmetic understanding

In a following series of tweets, Tesla’s billionaire stated that the Dog had a solid grasp of statistics. Musk took an up-close image of Floki to show his “style” in a subsequent post, which he published shortly after the first.

On Twitter, Billy Markus, the co-founder of the virtual currency with a dog theme known as Dogecoin, responded to Elon Musk by saying that the Dog was “the only one capable of taking up the position.” Musk reacted to this tweet by stating that the Dog is the perfect candidate for the position.

At first glance, the image may bring to mind for some viewers the Shiba Inu dog that is synonymous with the Dogecoin cryptocurrency. However, a thorough examination of both images reveals that the name “Floki” belongs to the individual who serves as CEO of Twitter.

Floki Inu’s price rises by 39.22% in the previous 24 hrs

Floki Inu has had a price increase of 39.22% during the previous twenty-four hours, bringing its current trading price to $0.00002904. Additionally, the trade volume has climbed by 275.47% and now sits at $57,326,861 dollars. For Floki Inu, the price of $0.00002125 has recently established itself as a new support level, while the price of $0.00003278 has recently established itself as a new resistance level.

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Bittrex Crypto Exchange Fires 83 Workers Due to Industry Turmoil

The United States Department of Employment Security has issued a layoff notice, which states that the cryptocurrency exchange Bittrex, located in Seattle, will be terminating the employment of 83 employees. The number of workers at Bittrex is shown to be 284 by data obtained from LinkedIn.

Bittrex issued the following statement in response to the news: 

“Unfortunately, due to market circumstances, Bittrex was obliged to lay off over 80 workers. These employees dwell all across the nation in a variety of locales.”

Bittrex and US sanctions

It is vital to know that Bittrex was formed in 2014 by three cybersecurity specialists to aid people in the process of purchasing and selling cryptocurrencies. The United States Treasury Department imposed penalties on the company in October last year, and the total amount of the sanctions was close to $29 million.

It is claimed that it let users from countries subject to sanctions use its platform and did not adhere to the regulations governing the prevention of money laundering.

The bigger cryptocurrency market has been in turmoil due to the abrupt demise of the digital asset exchange FTX. This has negatively influenced cryptocurrencies’ aim to supplant traditional currencies. The value of cryptocurrencies such as Bitcoin, Ethereum, and others has plummeted in the past year.

Other Firms also layed off

On the same accord, the top cryptocurrency exchange in the United States, Coinbase, conducted a wave of layoffs last month that affected 20% of its personnel. 

This was the company’s second round of layoffs in less than a year. The uncertain state of the economy is prompting several other technology businesses to reduce their workforces to save money.

In conclusion, Bittrex had US$19 million in trade volume over the last 24 hours through Thursday morning, according to CoinMarketCap data.

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Polkadot Price Analysis 2/14: DOT Bulls Seize Market Despite Indicator Bear Predictions

Bearishness reigned in the Polkadot (DOT) market early in the day until the intra-day low of $5.92 provided support. After setting support, bulls grabbed market control, propelling it to an intraday high of $6.25. The bullish run has effectively increased the price by 2.78% to $6.19 as of press time.

During the upturn, market capitalization increased by 2.34% to $7,159,271,490, indicating increased investor interest; however, 24-hour trading volume decreased by 10.86% to $267,493,718. Despite the lower trading volume, the bulls’ price explosion has proved that investors have faith in the Polkadot market. Furthermore, this solid bullish run by investors has shown that the Polkadot market will have a long-term rise.

DOT/USD 24-hour price chart (source: CoinMarketCap)

As the MACD line climbs above the signal line with a value of -0.01 and moves outside the negative zone, the positive momentum in DOT may expand, signaling a buying opportunity soon. As the MACD line continues to advance away from the signal line, it indicates a strong bullish momentum in DOT. The histogram of the MACD is also growing, bolstering the impression that DOT prices are likely to climb shortly.

The Klinger Oscillator trends above its signal line, with a reading of 1.708K, indicating that the buying pressure in DOT is greater than the selling pressure. Thus, investors should consider taking advantage of this buying opportunity capitalizing on the bullish momentum likely to continue soon.

The stochastic RSI reading of 98.10 indicates that the bullish trend is overbought, and as such, investors should consider taking gains at regular intervals as the uptrend is likely to slow. However, given the strong positive momentum and high readings on indicators such as the Klinger Oscillator and Stochastic RSI, it is plausible to assume that the upswing in DOT prices will likely continue.

DOT/USD 2-hour price chart (source: TradingView)

The MACD blue line on the 24-hour price chart is trending below the signal line with a value of 0.10 and is going south, suggesting a negative market mood while being positive in the near term. With a value of -0.11, the histogram trends in the negative zone, reinforcing the market’s bearishness. Although the MACD value remains relatively low, the downward trend signals investors may be preparing to execute negative trades to safeguard their holdings.

With a reading of -21.995K, the Klinger Oscillator is drifting below the signal line, indicating a negative market attitude and recommending that investors make bearish swings in the near term. This movement suggests that selling pressure is building and that a sell-off is possible. The trend in the histogram and the Klinger Oscillator shows that negative sentiment is increasing, and investors should make portfolio tweaks to safeguard against potential losses.

The stochastic RSI reading of 2.31 and movement below its signal line also indicate negative sentiment in the market, raising the risk of a sell-off. This trend validates the market’s prediction that selling pressure and negative swings could come soon.

DOT/USD 24-hour price chart (source: TradingView)

While the short-term outlook is favorable, technical indications indicate the upcoming negative trend.

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Binance’s $831M Outflow Sparks Investor Concerns

Nansen, a blockchain analytics firm, proclaimed earlier today that Binance, the largest global cryptocurrency exchange, has experienced an outflow of around $831 million in the last 24 hours. Further, Binance users have withdrawn approximately $2.8B in virtual currency, exceeding the $2B in inflows within the same span.

As a result, investors have been quick to voice their concerns over the recent outflow, with many worried about the potential impact on the cryptocurrency market.

According to reports, this is the most significant withdrawal in Binance since FTX’s insolvency in November 2022. At that time, Binance’s net flow had hit $902 million. In addition, fear, uncertainty, and doubt (FUD) swept the market, and FTX’s bankruptcy only exacerbated the instability.

Binance CEO CZ addresses FUD concerns

The CEO of Binance, Changpeng Zhao, has reassured investors that the recent controversy surrounding Binance is baseless and short-lived. He suggested that everything would soon resume its previous course. Furthermore, there is speculation that the present onslaught is creating an opening for leading stablecoins to introduce a new order in the market.

Notably, it is worth noting that Binance has not been immune to issues in the past. The platform has faced criticism for its handling of customer data and has been accused of market manipulation in the past. However, the platform has always been able to bounce back and regain the trust of its users.

Binance outflow implications

Experts in the industry argue that investors are wary as an outcome of the latest onslaught on Binance’s stablecoin BUSD, in partnership with Paxos. The veracity of these claims, however, is not readily apparent.

In a preceding report by Tokenhell, the Securities and Exchange Commission issued a Wells notice to Paxos Trust Co., alleging that the company had breached investor protection legislation in its issue of the Binance USD (BUSD) stablecoin.

Consequently, Paxos was instructed by the New York Department of Financial Services to cease issuing new BUSD. Positioned as the 3rd biggest stablecoin by market capitalization, Binance USD (BUSD) makes up 35% of all trading volume in Binance.

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Noah Perlman, Former COO of Gemini, Joins Binance

Noah Perlman, previously of Gemini Trust and acting as its Chief Operating Officer (COO), has reportedly begun a new post at the Binance firm, the top cryptocurrency trading platform around the world, as stated in a recent tweet by Wu Blockchain.

Noah Perlman joined Binance as Chief Compliance Officer

Bloomberg has reportedly stated that Noah Perlman would be taking the Chief Compliance Officer role at the cryptocurrency exchange Binance. Perlman stepped forward to take on this new role amidst the controversy when the cryptocurrency firm was challenged with regulatory penalties due to a decline in digital assets and blowups like those with a rival company, FTX.

The New York State Department of Financial Services announced earlier this week that it had issued an order for the Paxos Trust Co., which had worked with Binance, to halt the production of the Binance USD (BUSD) stablecoin. This order was given in response to a complaint that the New York State Department of Financial Services had received. Around $16 billion worth of BUSD tokens is now circulating on the market.

Bitzlato and Binance accused of creating and processing illegal assets

A digital asset marketplace known as Binance was accused of creating and processing illicit assets with a value of millions of dollars only one month ago, together with another platform known as Bitzlato.

Perlman’s departure from the cryptocurrency exchange was precipitated by several factors, including the volatility of digital asset markets and the insolvency of partner Genesis, from whom a significant number of Gemini users had borrowed their currencies.

Tammy Weinrib, formerly the vice president of financial crime compliance at Societe Generale, has been recruited at Societe Generale as the top compliance officer. However, it is unknown whether or not she is still working there. Additionally, in 2022, Binance recruited Steven Christie, the chief compliance officer of Kraken, to serve as the company’s senior vice president of compliance.

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Solana Price Analysis 12/02: Indicators Question SOL Bullishness as Bear Strength Grows

Despite early bear efforts to grab the market, bullish supremacy has prevailed in the Solana (SOL) market over the previous 24 hours. During the upswing, the bulls could value the SOL price between the support and resistance levels of $20.26 and $21.01, respectively. As of press time, the price has risen by 3.35% to $21.01.

Due to the increased expectation of a lengthy bullish run, traders jumped in, leading the market capitalization to rise by 3.35% to $7,885,540,133. However, the 24-hour trading volume has decreased by 51.63%. Despite a drop in 24-hour trading activity, the bulls managed to pull off a 3.35% gain in price and market capitalization, demonstrating the power of their attitude. While this rally was only transitory, investors have found newfound faith in the bull run’s possibilities.

SOL/USD 24-hour price chart (source: CoinMarketCap)

The 2-hour price chart shows that the SOL market is relatively stable, with price fluctuations staying within a tight band of 21.05 to 20.02, as shown by the linear movement of the Bollinger Bands. Buyers are gathering power as the price action in the 2-hour chart heads higher, confirming the upward trend. This trend is a positive sign for the market, suggesting that traders should consider going long on the SOL market to take advantage of the current favorable conditions. Still, the market’s rapid reversals with significant swings in price movement call for traders to exercise caution and not over-leverage their holdings.

If the MACD line is above the signal line, as it has done in the SOL market (with a reading of -0.11), buyers have the upper hand, and traders could consider taking on more risk in anticipation of more price appreciation. Conversely, if the MACD readings drop, volume drops, or prices start to retrace toward the lower band; traders should keep an eye out for negative signals. In addition, the histogram value of 0.14 is positive, suggesting that the SOL market’s momentum is improving.

With a rating of 0.12 on the Chaikin Money Flow (CMF), it is clear that buyers are outnumbering sellers in the SOL market, signaling an optimistic market outlook. Since buyers are more assertive than sellers now, this bodes well for price increases shortly. When the CMF index is high, buyers are confident that the current price trend will continue. More money is moving into the market than is leaving it, a positive indication of underlying momentum and an indicator of a possible bullish trend.

SOL/USD 2-hour price chart (source: TradingView)

However, the Bollinger bands on the 24-hour price chart are swollen, with the upper band touching $26.57 and the lower band at $20.23. An increasing price range indicates a volatile market, as shown by a more significant gap between the upper and lower bands. Therefore, it may be prudent to wait for the present trend of a bullish breakout to continue as price action forms a green candlestick close to the lower band.

With a value of 0.18, the MACD LINE has also dropped below its signal line, suggesting that the recent upswing in SOL has decreased. As a result, prospective market participants should exercise care, as the current rally might soon reverse. In addition, the histogram trend has recently dropped, consistent with the bearish view that buyers are giving way to sellers.

In addition, the CMF’s recent dip into the negative territory, where it now sits at -0.11, lends credence to the idea that the bullish momentum may be fleeting. This move is evidence that the market has witnessed an infusion of negative sentiment, suggesting the upward trend may not endure. Although the SOL market is buoyant in the short term, this negative trend of the CMF indicates that this may soon reverse and become bearish.

SOL/USD 24-hour price chart (source: TradingView)

Technical indicators reveal that even though the SOL market is bullish, bear strength is growing, cautioning traders of a probable reversal.

The post Solana Price Analysis 12/02: Indicators Question SOL Bullishness as Bear Strength Grows appeared first on Tokenhell.

SAND Market Skyrockets; Up Over 21%+ Due to Bulls Power

The SAND token, used in the Sandbox market, has seen meteoric growth in the last few weeks. This surge is apparent as bulls in the SAND currency market make waves, sending prices up by more than 21.20% in the previous 24 hours. 

According to statistics from Coinmarketcap, the SAND token is now trading at $0.8672 and has a 50% circulating supply of 1.499 billion tokens. 

The SAND token market value has also climbed by 20.51% to $1.297 billion, while the 24-hour trading volume has increased by 574.93% to $1.028 billion, all of which point to a strong positive trend.

SAND/USD 24-hour price chart (source: CoinMarketCap)

The increase in SAND pricing is being ascribed to an agreement signed between Saudi Arabia and Sandbox to work together on developing various metaverse initiatives.

Additionally, the bull run will be inevitable if the SAND currency breaches its resistance level of $0.9365, and the resistance level may switch to its support level. The bears will, however, take control of the market if they can lower the price of the SAND token and shatter the $0.7134 24-hour barrier mark.

On the 4-hour price chart, the Bollinger bands are bulging, with the upper band at 0.9120 and the lower band at 0.6226. As the Bollinger bands widen, this might indicate a strong market trend. When the price goes away from the middle band, it may indicate a strong direction and a tip for traders to seize prospective chances. This notion is because the more the price travels away from the centre band, the more probable it is to revert and trend in the other direction.

With a value of 0.10, the Chaikin Money Flow (CMF) trend is downhill. This level might signify an impending trend shift as throws and possible bearish activity rise. While price movement away from the middle band may be viewed as a sign of a strong trend, the Chaikin Money Flow (CMF) reading gives an additional clue that this trend may soon reverse as the CMF reading approaches 0 lines, indicating capital outflow.

SAND/USD 4-hour price chart (source: TradingView)

The BB bands on a 24-hour chart of the price are also swollen, with the upper band at 0.8629 and the bottom bar touching 0.6741. This behaviour is consistent with the idea of an imminent trend shift, as the price is moving closer to breaking above the upper band, which indicates that bullish momentum may soon start to decrease. Adverse action may be on the horizon. 

The Chaikin Money Flow (CMF) reading of -0.00 on the chart is consistent with this hypothesis; it is hanging close to the equilibrium line, meaning that buying and selling pressure is almost equal, and hence a reversal in trend may be imminent.

SAND/USD 24-hour price chart (source: TradingView)

Technical indications anticipate a SAND market reversal as bullish vigour wanes. Therefore bulls must maintain the resistance level.

The post SAND Market Skyrockets; Up Over 21%+ Due to Bulls Power appeared first on Tokenhell.

Crypto’s current price activity is a ‘manipulation’: Jim Cramer

The well-known presenter of the Mad Money program, Jim Cramer, recently said that “the charts, as read by Carley Garner, imply investors need to disregard the crypto cheerleading now that bitcoin’s rebounding.” Carley Garner is an analyst at CNBC.

He states this while referring to an analysis done by Carley Garner, a prominent commodities market analyst and broker working for DeCarley Trading.

Crypto as a hedge against inflation

Bitcoin might act as insurance against price increases caused by inflation. For instance, in contrast to conventional money, bitcoin cannot be manufactured out of thin air and then distributed as cash. Furthermore, the potential number of bitcoins that might ever exist has been mathematically constrained to at most 21 million.

Cramer, however, recommends using a considerably more conventional approach to combat inflation. Additionally, the Mad Money host tweeted earlier in January that pushing cryptocurrency prices upward tells you that this market is nothing more than a farce.

Other proponents in the market also suggest that investing in the current situations in traditional assets is the best way to protect savings in volatile times. Most investors agree that diversifying one’s portfolio with a mix of stocks, bonds, and money market funds to safeguard against inflation is a time-tested strategy.

Cryptocurrencies are trading in the red today

It is important to remember that the overall market has been trading in the red today as the price of Bitcoin fell by 0.83% in the past 24 hours. The wild action brings the top cryptocurrency to a valuation of $21,713 at press time. 

On the other hand, the second-largest cryptocurrency, Ethereum (ETH), is exchanging hands at $1,529, a 1.71$ decline in the same timeframe. It is to be seen how the market behaves amid current speculations by significant market analysts.

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