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ETH Price Forming Bullish Weekly Candle Investors counted massive losses during August’s sell-off, with Ethereum falling from higher support at $1,800 to $1,545. The capitulation that saw the liquidation of long positions is expected to be the final one as the crypto winter begins ushering in the bull market. advertisement According to Santiment, an on-chain analytics firm, ETH is being moved at a major loss ratio as traders exhibit their frustrations. What this means is that wallets are “disposing of their coins at lower values” and this suggests a “price bounce” is likely in the short term. Ethereum ratio of on-chain Tx. Volume in profit/loss | Santiment As for traders, knowing where and how to position themselves following the sell-off is critical to their readiness for the bull run anticipated in 2024/2025. Since the immediate support at $1,700 might not hold for long if  ETH price delays the upswing above $1,800, those seeking exposure to new long positio

The ETF aimed to allocate funds into either Bitcoin Futures Contract or Ethereum Futures Contract based on the relative market capitalization between the two. Bitwise even partnered with ProShares to create another ETF during the same time period. advertisement Also Read:  Breaking: US SEC Delays Decision on WisdomTree Bitcoin ETF Application What Caused Bitwise To Redact Its ETF Application? Despite the bullish sentiments in the market after Grayscale’s victory over the SEC, Bitwise seems to be silently reconsidering its plan of action. The withdrawal for the Bitcoin and Ethereum Market Cap Strategy was a surprise; however, in the  filing , a statement read, “The Fund seeks to provide investors with capital appreciation. There can be no assurance that the Fund will achieve its investment objective.” In the withdrawal  statement , the asset management company only said, “The Trust no longer intends to seek effectiveness of the Fund and no securities o

Crypto Market Post ADP Report The ADP National Employment report released on Thursday revealed a significant surge of 497,000 jobs in the private sector, exceeding economists’ predictions of a 228,000 increase. However, May’s figures were revised downward to show 267,000 jobs added instead of the previously reported 278,000. advertisement After the release of the ADP National Employment report, the Crypto Market experienced slight declines. Bitcoin (BTC) fell by 1.21% to reach a price of $30,544.90, while Ethereum (ETH) dropped by 1.17% to reach $1,902.00. These minor downturns reflect the market’s response to the report’s findings. Higher-than-expected US jobs data may indicate a potential increase in interest rates by the US Federal Reserve. Just a few hours ago, Bitcoin (BTC) achieved a significant milestone by reaching a new all-time high of $31,141.54 for this year. “Consumer-facing service industries had a strong June, aligning to push job creation hi

South Korean lawmaker and Wemix investor Kim Nam-kuk will stay in the parliament after a 3:3 vote in the expulsion motion. South Korea’s parliamentary ethics subcommittee has voted down a motion to expel Kim Nam-kuk, a former member of the main opposition Democratic Party. A parliament ary ethics subcommittee of South Korea has voted down a motion to expel Kim Nam-kuk, a former member of the main opposition Democratic Party (DP), the local news agency Yonhap reported on Aug. 30. The subcommittee rejected the proposal on Aug. 29 after the ruling People Power Party (PPP) and the DP divided evenly over the motion in a 3-3 vote. A majority of votes was needed for the motion to be passed, the report notes. As previously reported, Kim came under fire earlier this year when he was found to have once held at least $4.5 million in Wemix (WEMIX) tokens, developed by the South Korean blockchain game developer Wemade. Wemix tokens have been allowed for trading on major exchanges in South Kore

There are multiple Spot Bitcoin ETF applications currently pending approval from the US SEC. While the SEC has been strict on applications so far, there is a light at the end of the tunnel, as a Washington court overturned the SEC blocking an application from Grayscale for Spot Bitcoin approval. That decision paves a path for other Spot Bitcoin ETF applications to be approved , and CNBC analysts predict that all of those applications will be approved this fall. JUST IN: CNBC Markets Analyst predicts all Spot #Bitcoin ETFs will be approved this fall. — Watcher.Guru (@WatcherGuru) August 30, 2023 CNBC’s Bob Pisani acknowledges that the approval of these applications all relies on the SEC. The SEC’s chair, Gary Gensler, has been actively fighting the approval of these Spot Bitcoin ETFs and crypto. In terms of yesterday’s decision by the three-judge panel in Washington to overturn the SEC blocking Grayscale’s application, the SEC must first decide within 45 days if it will appeal

The US Court ruled in favor of Grayscale arguing that the SEC was wrong in its rejection of Grayscale’s BTC ETF application. The Judge ordered to review Grayscale’s petition claiming that the SEC has failed to produce a clear explanation for their action. Following the ruling, Bitcoin surged by 6%, currently reaching above $27,000. Bitcoin, the largest cryptocurrency by market cap, witnessed a substantial spike of 6% on Tuesday, following a court ruling that favored the investment management company Grayscale Investments in a lawsuit against the Securities and Exchange Commission (SEC). In a filing dated August 29, the court declared that the SEC is not justifiable in the denial of Grayscale’s application to create a spot bitcoin exchange-traded fund. In the recent court filing, the U.S. Court of Appeals Circuit Judge Neomi Rao released an order to review the company’s petition on the grounds of the SEC’s failure to provide adequate explanation for rejecting

Macroeconomics expert Lyn Alden says that after the failure of several regional banks this year, people are beginning to understand the unique value of Bitcoin (BTC). Alden said at a recent MicroStrategy World Panel Session that Americans are starting to understand that banks are dangerous, which is something that the rest of the world already knows. “I think people took for granted what a lot of the world doesn’t take for granted, which is that banks are risky, that there’s risk there, especially if you’re above certain insurance limits. Basically, you’re lending to the bank to invest in a variety of assets, and most of us don’t take the time to study the assets of the banks we operate in. Many of them are not public, so we can’t even do so if we wanted to.” Alden says that the current banking problem is making many investors see the value of Bitcoin for the first time. The macro guru talks about a few of Bitcoin’s basic Features that make it an attractive way

China enacted a number of economic stimulus initiatives to bolster its stock market but will there be a down the pipeline impact on Bitcoin? News headlines have recently covered how China's struggling economy poses significant risk to global growth. Economic activity and the flow of credit in the region are weakening and analysts are not convinced that the Chinese government’s interventions are a sufficient fix for what appear to be structural problems.  For instance, industrial output in July increased by 3.7% compared to the previous year, which is slower than June's growth rate of 4.4%. Furthermore, Chinese banks issued 89% fewer new loans in July versus June, the lowest since late 2009. Beyond its impact on global economic growth, there's concern among investors that the turmoil in China's real estate market might trigger a ripple effect on the U.S. dollar and commodities. This, in turn, could create an unfavorable scenario for Bitcoin (BTC). On Aug. 28, the Shang

Weakness in the macro markets continues to persist. After having a thunderous July on the back of optimistic earnings reports, the stock market started retracing. In fact, the SPX is on the verge of creating a new 22-year-old bearish milestone. Bitcoin and the broader crypto market are more or less following suit. However, experts believe that crypto will end up outperforming Stocks . In a recent AMA session on YouTube, former Goldman Sachs executive and Real Vision CEO Raoul Pal explained that in the digital world, where anything could theoretically be inflated to infinity, blockchain-enabled scarcity. He pointed out that the crypto market cycles were “much bigger” than the tech stock cycles. Pal added, “[Crypto is] a technology you can participate in directly. Crypto cycles can be much, much bigger because you’re actually owning the network itself. That’s why it’s so powerful [and] it tends to outperform the other technology stuff.” Further explaining his thesis, he sa

BTC Price Consolidates As the Next Breakout Brews Bitcoin is on the cusp of a short-term breakout based on the Bollinger bands indicator on the four-hour chart. advertisement Bollinger bands measure the volatility of the Bitcoin market. They comprise a moving average and two standard deviations above and below it. When the bands constrict as is the case with the current BTC price outlook, it means that the market is in a low volatility phase and a breakout is likely to occur soon. Traders tap this indicator to anticipate the direction and magnitude of the breakout and place their bets accordingly. A breakout occurs when the price moves beyond one of the bands and signals a change in the trend. Recommended Articles Crypto Presale Projects For 2023 To Invest; Updated List Must Read