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Bitcoin Analyst’s Market Insights: Potential Crash And Bullish Signals

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In a recent revelation, cryptocurrency trader and analyst Dan Gambardello shared insights, affirming that a potential crash in the cryptocurrency market would align with established market cycles. Gambardello anticipates that such a downturn could set the stage for Bitcoin (BTC) to surge to unprecedented heights, steering the market into the next bull run.

According to data from CoinMarketCap, the global cryptocurrency market cap exhibited a modest uptick of 0.18% within the past 24 hours, bringing the collective valuation to approximately $1.08 trillion at the time of reporting. However, Bitcoin (BTC) experienced a marginal 24-hour dip of 0.09%, with its trading price at $26,938.44.

From a technical vantage point, Bitcoin’s price recently broke free from a medium-term bearish trajectory. Following this breakthrough, the flagship cryptocurrency encountered a critical resistance level at $26,915. The outcome of the next 48 hours holds significant weight; a daily candle closure above this threshold could propel BTC toward the $27,915 mark.

Bitcoin’s Promising Trajectory

Conversely, failing to secure a daily candle above the $26,915 resistance level might trigger a sharp retracement in Bitcoin’s value. In this bearish scenario, the cryptocurrency could plummet to as low as $26,000 in the coming week. Persistent selling pressure may even drive BTC’s price down to $25,110.

In a twist of fortune, a promising bullish technical signal has recently emerged on Bitcoin’s daily chart. This indicator suggests that the odds are tilting in favor of the buyers, granting them a slight advantage over the bears in the next 48 hours. Over the past two days, the 9-day Exponential Moving Average (EMA) line has crossed above the 20-day EMA line, signifying a potential shift in short-term momentum.

Should this particular technical signal hold, Bitcoin’s price may swiftly transform the $26,915 resistance level into a solid support. The validation of this flag, coupled with sustained bullish sentiment, could signal a promising trajectory for BTC in the immediate future.

Related Reading:| Bitcoin’s September Showdown: Will it Survive the Storm at $25,500?

Crypto Crossroads: NYDIG Warns Of Possible U.S. Government Shutdown & Its Impact

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NYDIG, a leading Bitcoin-focused financial services firm, has predicted that the United States government could face a shutdown lasting anywhere from 1 to 35 days due to Congress’s inability to pass a federal appropriations bill. This looming shutdown has raised concerns in financial markets, particularly cryptocurrency.

Though rare historically, the recurring specter of government shutdowns has become more frequent in recent years. With three shutdowns in the last decade alone, the potential impact on financial markets, particularly crypto, has become a cause for concern.

Moody’s, the sole major rating agency still assigning a AAA credit rating to the U.S., warns of negative repercussions if the government shuts down. 

This isn’t the first time the US’s financial stability has come into question. In 2011, Standard & Poor’s downgraded the country’s credit rating amid debt ceiling negotiations, citing concerns about policymaking effectiveness and political instability.

In the event of a government shutdown, the Department of Justice (DOJ) is likely to be minimally affected, given its crucial role in ensuring public safety. However, financial regulators, such as the SEC, face significant disruptions. With a lean staff operating during a shutdown, the SEC delays decisions on ETFs, including the iShares Bitcoin Trust.

Spot Bitcoin ETF decisions are postponed, hinting at the SEC’s preparedness for a potential prolonged shutdown. The SEC aims to maintain flexibility in the approval process, anticipating renewed interest post-shutdown. A crucial deadline of January 10, 2024, looms, requiring the SEC to decide on the entire spot Bitcoin industry, potentially adopting a consistent approach for all ETFs.

Divergence In the Cryptocurrency Landscape

While Bitcoin faces uncertainty, Ethereum’s landscape sees divergence. Ethereum futures ETFs appear set for launch as firms like VanEck and Valkyrie update registration statements. However, spot Ethereum products face SEC disinterest, with decisions swiftly deferred to future deadlines.

However, the intertwined fate of financial markets and cryptocurrency decisions hangs in the balance as the government shutdown looms, awaiting a resolution in Congress and its potential repercussions on the economy at large.

Despite the looming government shutdown, Bitcoin managed to end the week with a 1.9% increase, possibly benefiting from concerns about the U.S.’s creditworthiness. Meanwhile, gold, a traditional fiat hedge, fell by 2.9%. 

Concerns about economic growth and consumer stress led to a 1.3% decrease in the S&P 500 and a 0.2% drop in the Nasdaq Composite. Bonds also experienced declines, while oil saw an increase of 2.3% due to tight supply.

Related Reading | Crypto Regulation Battle Lines Drawn as Congressman Takes Charge

Chainlink Roars With 16% Weekly Gain: Analysts Predict Further Momentum

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In a week marked by positive momentum for the crypto market, Chainlink emerged as a standout performer with a staggering 16% gain in its LINK token. Santiment’s recent tweet highlighted notable double-digit market cap rises for Chainlink, BitcoinCash, Maker, and THORChain, suggesting a broader positive trend in the crypto space.

The LINK token’s price journey is particularly impressive when compared to other top 20 cryptocurrencies, which experienced lackluster performances. Starting the week at $6.09, LINK reached a peak of $8.12, outshining its counterparts.

Source: CoinMarketcap

The driving force behind Chainlink’s robust performance lies in the heightened activity within its ecosystem. On September 21, the network address activity hit a two-month high, witnessing interaction from nearly 4,000 unique addresses. 

This surge is attributed to the growing adoption of the Cross-Chain Interoperability Protocol (CCIP) by both decentralized finance (DeFi) developers and traditional financial institutions.

Future Prospects for Chainlink

Crypto strategist Kevin Svenson sees this as a promising sign for Chainlink’s future. With a substantial following on YouTube, Svenson suggests that LINK is on the cusp of reversing its multi-year downtrend. He points to the recent breakthrough above the 500-day simple moving average (SMA), a key indicator of a potential macro shift.

Svenson comments on the technical aspects, “Chainlink is breaking the 500-day SMA. Getting above these longer-term SMAs is usually a sign of a macro shift taking place.”

While Svenson envisions a short-term bullish momentum for LINK, he cautions that it might take more time before entering a full-fledged bull market. The analyst identifies a macro downward resistance line at around $10.90, emphasizing an area of interest between $10.13 and $11.

In the event of a breakout, Svenson anticipates a possible retest of lower levels before a sustained upward trend. The crypto community is now closely watching Chainlink’s movements as it navigates these critical levels, with October potentially holding more positive surprises for this leading decentralized oracle network.

Related Reading | Crypto Coins on the Radar for October 2023

Bitcoin’s Surge To $27,000: Eyes On $30,000 Amid US Shutdown Uncertainty

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In a surprising turn of events, Bitcoin has surged to an impressive $27,000 as the impending U.S. government shutdown on October 1 looms. Market analysts speculate that if the shutdown does occur, BTC’s price could soar even higher, potentially breaching the $30,000 mark.

Renowned crypto analyst Rekt Capital has highlighted the next 140 days leading up to the Bitcoin halving event as a pivotal period. According to him, this window could represent the final opportunity to accumulate BTC below the $20,000 threshold. Drawing from historical data, Rekt Capital emphasizes the significance of implementing a dollar-cost-averaging strategy during this critical timeframe, anticipating a potential post-halving parabolic rally. If a retracement were to occur, it is most likely within these 140 days.

Navigating Bitcoin’s Post-Halving Landscape

Rekt Capital issues caution, emphasizing that potential investors might find it increasingly challenging to capitalize on market downturns once the halving event occurs. He strongly recommends taking action now despite Bitcoin possibly experiencing further short-term dips. The allure of significant post-halving profits far surpasses the associated risks, making the current juncture a strategically opportune time to enter the market.

According to Rekt Capital, positioning oneself strategically for the forthcoming 500 days of parabolic uptrend post-halving is paramount. Based on historical trends, the Bitcoin Halving is slated for April 2024, with the next Bull Market peak projected between 518-546 days post-halving. This suggests a potential peak for Bitcoin in either mid-September or mid-October of 2025.

October has historically held a significant sway over Bitcoin’s performance. The cryptocurrency typically experiences a robust recovery this month, extending its momentum into the fourth quarter. Notably, October has stood out as BTC’s strongest month for the past three years, often setting the tone for a prosperous first quarter in the subsequent year. However, this year’s crypto landscape is marked by unique challenges, as pointed out by experts.

As the clock ticks down to the government shutdown, the crypto community watches BTC closely, eager to witness if it can uphold its bullish stride and possibly initiate an unprecedented surge, breaching the $30,000 milestone.

Related Reading:| Bitcoin Surges Above $30k: Watch For Large Address Activity, Predicts Santiment

Polygon Labs Forges Game-Changing Partnership: Google Cloud Joins As Validator

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In a groundbreaking move, Google Cloud has officially become a validator for the Polygon Proof of Stake (PoS) network, Polygon Labs recently announced. This partnership demonstrates the increasing prominence of the Polygon protocol and signifies a meaningful convergence of tech giants with innovative blockchain platforms.

This announcement reverberates across the blockchain landscape, underscoring the fusion of established tech giants and cutting-edge blockchain solutions. Google Cloud, renowned for powering digital behemoths like YouTube and Gmail, is now lending its robust infrastructure to fortify the swift and cost-effective protocol.

Google Cloud stands among over 100 vigilant validators ensuring the security of the Polygon PoS network. These Polygon labs validators are crucial in maintaining the network’s integrity, consensus, and robust security measures. Each validator validates transactions, suggests new blocks, and guarantees smooth network functionality.

Google Cloud Validates Polygon Labs, Boosts Credibility

The official Google Cloud Singapore account corroborated this development, affirming that Google Cloud is “now serving as a validator on the PoS network” and will contribute to the network’s collective security, governance, and decentralization alongside over 100 other validators.

Among Polygon lab’s validators, Google Cloud now stands shoulder to shoulder with Deutsche Telekom, one of Europe’s largest telecommunications companies, further bolstering the network’s credibility. In the year 2023, It has surged ahead, making bold strides in the realms of scalability and innovation. Through strategic maneuvers and developments, it has firmly established itself as a frontrunner in the blockchain arena.

March witnessed a pivotal moment for Polygon as it unveiled the beta version of its zero-knowledge Ethereum Virtual Machine (zkEVM) to the public. This groundbreaking technology promises to elevate the scalability and efficiency of the network, garnering substantial attention within the blockchain community.

Drawing significant attention in the Polygon community is the latest development, the “Polygon 2.0” initiative, showcasing Polygon’s steadfast dedication to progress and advancement. The initial phase, known as ‘Phase 0,’ has unveiled three crucial Improvement Proposals (PIPs 17-19), as per recent updates.

Related Reading:| Polygon Labs Proposes A Paradigm Shift: Celo’s Journey To Ethereum Layer 2 Harmony

Binance Battle: Paradigm’s Bold Defense Against SEC’s Overreach

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Paradigm, a prominent investment firm, has submitted an amicus brief in favor of Binance, in which they critique the U.S. Securities and Exchange Commission (SEC) for overstepping its regulatory authority.

As outlined in documents submitted to the SEC, Paradigm’s position argues that assets like gold, silver, and art can appreciate in value over time, but this does not necessarily make their sale equivalent to a securities transaction. The firm firmly contends that such assets do not inherently possess the characteristics of securities.

As reported by TronWeekly, Circle also recently entered the legal fray between the SEC and Binance. Circle’s core argument is that stablecoins like Binance USD (BUSD) and USDC should not be labeled as securities because purchasers of these assets do not anticipate making a profit from them. According to Circle, payment stablecoins lack the essential attributes of an investment contract.

Paradigm’s Strong Stance in the Binance SEC Lawsuit

Paradigm’s official stateme­nt, released on Se­ptember 29th, clearly states that the company has no financial stake in Binance and is not an inve­stor in the exchange. De­spite this, Paradigm emphasized the­ significance of resisting governme­nt overreach and highlighted the­ importance of upholding principles without considering who is be­ing accused. 

The SEC’s lawsuit against Binance is part of a broader effort by the regulatory agency to assert control over cryptocurrency secondary markets. This move has prompted criticism from various quarters. 

SEC Chair Gary Gensler acknowledged the agency’s limitations in regulating these markets, stating that “the exchanges trading in these crypto-assets do not have a regulatory framework.”

Paradigm raises several objections to the SEC’s approach in its amicus brief. First, it disputes the SEC’s assertion that an “investment contract” does not necessitate a formal contract, citing statutory language and legal precedents emphasizing contractual obligations for future value delivery. 

Paradigm raises two ke­y arguments against the SEC’s theory. Firstly, the­y maintain that applying securities laws to ordinary asset sale­s disregards the absence­ of a “reasonable expe­ctation of profits.” Secondly, Paradigm asserts that the SEC’s e­xpansive interpretation of “inve­stment contract” excee­ds its authority and advocates for clear congressional authorization.

VanEck To Donate 10% Of Ethereum Futures ETF Profits To Protocol Guild

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Investment management firm VanEck has declared its commitment to donate 10% of profits generated by its upcoming Ethereum Futures ETF (EFUT) to the Protocol Guild. 

The Protocol Guild serves as a compensation plan for core contributors to the Ethereum network, supporting approximately 150 individuals crucial to maintaining the core Ethereum protocol.

VanEck revealed the news on September 29th, announcing the launch of the VanEck Ethereum Strategy ETF (EFUT). This actively managed ETF is designed to achieve capital appreciation by investing in Ether (ETH) futures contracts rather than directly holding ETH or other digital assets. 

The fund will focus on standardized, cash-settled ETH futures contracts traded on commodity exchanges registered with the Commodity Futures Trading Commission (CFTC), with a preference for those on the Chicago Mercantile Exchange.

EFUT will be listed on the Chicago Board Options Exchange (CBOE) and managed by Greg Krenzer, Head of Active Trading for VanEck, who brings over two decades of experience trading various asset categories, including futures.

Ethereum’s Protocol Guild Ecosystem Impact

VanEck expressed its gratitude to Ether contributors in a tweet on September 29th, emphasizing its commitment to donate a significant portion of EFUT’s profits to the Protocol Guild. This gesture reflects the company’s recognition of the Ether community’s dedication and its hope for its widespread adoption in the future.

This move by VanEck aligns with its acknowledgment and appreciation for nearly a decade of relentless work by Ethereum contributors.

The Protocol Guild, consisting of approximately 150 members, played a significant role in recent upgrades like the Merge and Shanghai. Presently, many members are dedicated to EIP-4844 (“Proto-Danksharding”), an upgrade aimed at reducing costs for Layer 2 solutions and advancing Ethereum’s accessibility.

VanEck’s decision to give back to the Ether community echoes a sentiment of shared responsibility and gratitude. The firm encourages other asset managers and ETF issuers in the traditional finance sector to consider similar initiatives, recognizing the contributions of Ethereum’s core contributors to the broader financial ecosystem.

Related Reading |  Former FTX CEO’s 21 Days Lengthy Trial Set To Begin: Facing 115 Years In Prison?

Former FTX CEO’s 21 Days Lengthy Trial Set To Begin: Facing 115 Years In Prison?

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Former FTX CEO Sam “SBF” Bankman-Fried is gearing up for a lengthy legal battle as he faces criminal charges related to the collapse of his $32-billion crypto exchange.

The trial, set to commence on October 4 and extend until November 9, will span at least 21 days, as revealed in a recently released trial calendar available on the public court docket.

The legal proceedings will kick off with jury selection on October 3, followed by the first official date of Bankman-Fried’s trial on October 4. During the trial, prosecutors will present seven charges against him, including two substantive fraud charges that require convincing a jury of his guilt and five conspiracy charges focused on proving that he planned to commit these crimes.

Source: Courtlistener

The trial calendar specifies 15 full trial days in October and another six in November. Notably, the court will not be in session between October 20 and October 25, and weekends are exempt from proceedings. Public holidays on October 9 and November 10 will also see no trial activity, with November 3 marked as a non-trial day.

Bankman-Fried, who has been in pre-trial detention at the Metropolitan Detention Center since August 11, has made several unsuccessful attempts to secure temporary release for trial preparation. 

United States District Judge Lewis Kaplan denied his latest request on September 28, citing concerns about the possibility of flight due to his young age and the potential for a lengthy sentence if convicted. Nonetheless, Bankman-Fried was granted permission to arrive at court early, at 7 am local time on most trial days, to consult with his legal team before testimony begins.

FTX’s Bankman-Fried’s Journey Behind Bars

Assistant U.S. Attorney Danielle Kudla estimated the trial could last four to five weeks, setting the stage for a protracted legal battle for SBF. If found guilty on all counts, he faces a maximum sentence of 115 years in prison.

Crypto experts believe that Bankman-Fried faces an uphill battle in court. Michael Kanovitz, a partner at Loevy & Loevy law firm, expressed pessimism about his prospects, suggesting that a guilty verdict could lead to a lifetime behind bars. 

Courts consider the gravity of the crime and the defendant’s behavior during the trial when determining sentences, and tampering with witnesses, and a lack of mitigation may weigh heavily against Bankman-Fried in the eyes of the court.

Related Reading | FTX Launches $157.3M Lawsuit Against Former Salameda Employees

Crypto Coins on the Radar for October 2023

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As we approach October, the cryptocurrency community is eagerly anticipating this historically favorable month. In 2021, the crypto market embarked on a ‘double peak’ rally during October, and by November, numerous assets had achieved record highs. Recently, market sentiment has been on the rise, and analysts anticipate a shift in favor of the bulls. Therefore, in this piece, we will assess the leading cryptocurrency assets that warrant attention in October 2023.

October’s Crypto Standouts: Two Tokens to Monitor

Bitcoin

Since 2013, Bitcoin has registered negative returns for investors in only two Octobers, specifically in 2018 and 2014. Aside from these isolated occurrences, investors have typically enjoyed profits during this month. Presently, there are three critical indicators suggesting that Bitcoin may have emerged from its bearish trend. The Reserve Risk for Bitcoin is presently at historically low levels. To provide some context, when market prices are low and the reserve risk is low, it indicates a high level of confidence among holders.

Crypto

Historically, when this metric has lingered around the green band, the price has eventually rebounded. Moreover, the MVRV ratio for Bitcoin currently indicates that the market valuation of the asset is significantly lower than its realized value. It has consistently remained within levels that have historically acted as accumulation zones.

Crypto

Additionally, it’s noteworthy that the number of dormant BTCs (Bitcoins) held for at least one year has reached an all-time high (ATH). To decipher the implications, a recent Messari thread on X (formerly Twitter) highlighted,

“This trend suggests that a large percentage of the Bitcoin supply is held by long-term holders who hold the conviction that Bitcoin’s price will eventually rebound.”

Considering that the potential bottom has probably already occurred, it’s reasonable to anticipate increased activity in Bitcoin over the next month. Ethereum is presently closely correlated with BTC, boasting a strong 0.9 correlation. Consequently, both of these leading digital assets could jointly revitalize a bullish outlook as we enter the fourth quarter of 2023.

Shiba Inu & Co.

In addition to monitoring the most prominent cryptocurrency assets, investors and traders may also consider keeping an eye on meme coins such as Pepe Coin and Shiba Inu. Pepe Coin, which made its debut in the second quarter of this year, currently lacks historical patterns to follow in the fourth quarter. Lookonchain data indicates that numerous smart wallet addresses have initiated transactions involving Pepe Coin. Notably, an investor who previously realized a 38,860x gain on Pepe recently reinvested $645,000 in this asset. Another tweet from the same on-chain data tracking platform also disclosed,

“2 fresh wallets created 3 hrs ago spent a total of $801K to buy 1.08T PEPE.“

Experienced and astute investors typically boast a track record of success. Therefore, their recent surge in accumulating Pepe Coins could serve as an early indicator of how Pepe Coins might perform in October. Meanwhile, members of the Shiba Inu community have been eagerly anticipating October as well. In 2021, SHIB reached its all-time high during this month, resulting in an impressive 830.14% overall increase in value. In contrast, September and November of 2022 were marked by a bearish trend. However, SHIB showed a positive performance in October, with a 10% rally.

Crypto

Recently, SHIB has been accumulating liquidity at around the $0.000007 level. Given these dynamics, the token might follow the historical October trend in 2023 and potentially experience a recovery, provided the market conditions are favorable.

Shiba Inu’s 950% Price Surge Prediction: Timing and Analysis

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The crypto winter phase spanning 2022 to 2023 is still ongoing without a definitive conclusion. Assets like Shiba Inu have experienced multiple minor rebounds, but they have struggled to transform these recoveries into substantial rallies. The primary factors contributing to this price stagnation have been low trading volumes and inadequate liquidity.

However, in the past 24 hours, the cryptocurrency market has observed an influx of buyers. During this period, SHIB managed to appreciate by 2% and advance by one rank in terms of market capitalization. Nevertheless, this article will shift its focus towards the long-term perspective of SHIB rather than its short-term prospects.

Forecasting Shiba Inu’s Value in 2030

Investors can anticipate an improvement in Shiba Inu’s long-term prospects over time. Concerning its price, Shiba Inu has the potential to generate returns of up to 10 times the current value for investors within a few years. According to the cryptocurrency price-tracking platform DigitalCoinPrice, recent technical indicators for SHIB have indicated a “neutral” market sentiment, making it an unfavorable time to sell the asset. However, when taking a broader perspective, a different story emerges.

Shiba Inu

According to their analysis, SHIB is projected to remove a zero from its current value and reach $0.0000191 by 2024. Over the subsequent three years, DigitalCoinPrice estimates SHIB’s value to increase from $0.0000266 to $0.0000338. In 2028 and 2029, the asset is expected to achieve values of $0.0000401 and $0.00000554, respectively. The bullish trend is anticipated to continue, with SHIB potentially reaching a price of $0.0000775 by 2030. This would represent an impressive 946.59% increase from its current price of $0.000007405.

However, it’s crucial to note that there are no guarantees that SHIB will reach the mentioned target by 2030. The cryptocurrency market is highly volatile, and prices can fluctuate in either direction. As always, it is advisable to conduct thorough research before investing funds in SHIB or any other asset.