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Record Liquidations Spur Bitcoin and Dogecoin to Drive Crypto Market Rebound

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In the last 24 hours, the overall capitalization of the crypto markets increased by 3.3%, with some individuals suggesting that recent SEC filings could enhance the value proposition of Bitcoin in the eyes of investors. On Wednesday, the crypto markets experienced a slight upward movement, despite the regulatory concerns surrounding Binance and Coinbase, two of the largest exchanges in terms of trading volumes. This upward trend indicated a bullish sentiment for major tokens.

Bitcoin (BTC) and dogecoin (DOGE) were the primary contributors to the gains, with both currencies rising by 5% within the past day. Additionally, litecoin (LTC), XRP, and shiba inu (SHIB) saw increases of up to 4%. As a result, the total market capitalization of the crypto market reached $1.12 trillion.

The rebound in the market helped to alleviate the losses experienced by traders following a significant liquidation event on Monday, which resulted in over $293 million worth of futures products tied to tokens being liquidated. Liquidation takes place when an exchange forcibly closes a trader’s leveraged position due to insufficient initial margin, resulting in either a partial or total loss. This occurs when a trader fails to meet the margin requirements necessary to maintain an open leveraged position due to insufficient funds.

Large-scale liquidations can indicate a potential turning point in the price movement, suggesting either a local peak or bottom. This information can be useful for traders to strategically position themselves in response to the market conditions.

The market rebound occurred as traders seemingly disregarded the potential long-term consequences of regulatory issues faced by prominent U.S. exchanges, particularly in relation to certain tokens being classified as securities. Securities are tradable financial instruments that represent some form of economic value, such as stocks, bonds, or options.

In separate filings made on Monday and Tuesday, the U.S. Securities and Exchange Commission (SEC) accused Binance and Coinbase of selling unlicensed securities within the United States. These charges were made despite the SEC’s lack of clear regulatory guidelines regarding the classification of crypto tokens as securities. The SEC has not provided official legal definitions to token issuers and has yet to respond to a petition submitted by Coinbase, which seeks well-defined rules and regulations for the industry.

BNB coin (BNB), SOL from Solana, ADA from Cardano, and MATIC from Polygon, which were mentioned as tokens facing allegations of being securities in recent filings, managed to recover from their losses but were still trading with a 3% decrease compared to Tuesday.

Consequently, certain market observers have indicated that major cryptocurrencies labeled as securities in the SEC filings might experience short-term instability or volatility.

Bitcoin Holds Ground Amid Regulatory Uncertainty for Altcoins

According to Jeff Mei, the COO of crypto exchange BTSE, there has been a significant decline in the value of altcoins, possibly due to the SEC’s lawsuits specifically identifying a group of altcoins as securities, while not placing bitcoin and ether in the same category. In response, many crypto traders appear to be seeking the perceived safety of the top cryptocurrencies by market capitalization.

Mei further commented that it is likely that this division in the crypto markets will persist, with established cryptocurrencies like bitcoin and ether maintaining their stability, while uncertainty continues to surround the majority of altcoins.

In summary, Mei suggests that the market may continue to witness a divergence, where bitcoin and ether are considered blue-chip cryptocurrencies and retain their value, while most altcoins face ongoing uncertainty.

According to Alex Adelman, the CEO of the bitcoin rewards app Lolli, some believe that the recent filings have actually bolstered the value of bitcoin. This is because the Securities and Exchange Commission (SEC) did not specifically label bitcoin, the largest cryptocurrency, as a security in its filings against Binance and Coinbase.

Adelman further emphasized that the absence of any mention of bitcoin in the SEC’s filings reinforces the regulatory agency’s previously stated position that bitcoin is not considered a security and therefore falls outside of its jurisdiction.

In summary, Adelman suggests that the SEC’s omission of bitcoin as a security in the filings has contributed to strengthening its value proposition, as it aligns with the agency’s previous stance on the matter.

Ethereum regains bullish stance after market crash, new ATH ahead?

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Ethereum reached a new all-time high on Nov 10, at $4,859.50, and is currently 11% down from that price level. The market capitalization of the entire cryptocurrency market also rose by 4% today. Bitcoin also rose above the $55,000 price levels.

As per data from CoinmarketCap, the trading volume dropped by more than 23.88% in the last 24-hours with prices rising by more than 4.05% as of 12:11 pm GMT. The market capitalization of the world’s second-biggest cryptocurrency is up by 4.48% with a dominance of 19.53%.

After a few bearish candles, Ethereum continues to rise to make its second consecutive candle hinting that $3956 was its local bottom. It is expected that ETH will continue to be bullish as ETH 2.0 nears launch.

Ethereum price analysis on the chart using indicators

The 50-day and 100-day Moving Averages continue to progress below the price momentum while the buyers try to revive the bullish momentum that the ETH/USDT pair earlier had.

On the other hand, prices failed to break out from the lower end of the Bollinger Bands, preventing a further fall in prices. on the daily chart.

Ethereum
Ethereum price chart by TradingView

The chart below shows that the RSI levels are trying to recover as buying pressure increased and price action gained bullish strength. Also, the gradient is slightly positive and higher prices are possible.

The MACD line (blue) continues to progress below the signal line (orange) following the bearish divergence we witnessed a few days ago. The MACD histogram is also bearish with multiple red bars indicating that selling pressure is dominating currently.

Ethereum price chart by TradingView

Conclusion

Ethereum has performed extremely well this year, rising from $485.50 to $4,891.70 in the last 52 weeks. As Ethereum continues to attract more DeFi investment and institutional capital, the chances of reaching a new all-time high is certainly possible.

FC Barcelona cuts ties with NFT Marketplace Ownix

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The popular football club, FC Barcelona, has canceled its deal with Ethereum-based top NFT marketplace Ownix. The deal was aimed to portray and honor 122 years of the football club and also, enhance the global exposure of the Club.

The NFT collection would include trophies from 95 domestic and international victories of FC Barcelona. The collection also included 26 national league and five UEFA Champions League titles NFTs. However, it seems that the deal has now fallen through.

The NFT collection was supposed to be launched in the first week of November but, there has been zero drops until now. The CEO of Ownix, Guy Elhanani, revealed that the deal also includes a few limited addition NFTs that will be released in the near future.

FC Barcelona canceled the deal

FC Barcelona canceled the deal with Ownix marketplace following the arrest of well-known Israeli crypto tycoon Moshe Hogeg. He was charged with crypto-related fraud and sexual assault. In a report by The Associated Press, it was reported that Hogeg has ties to Ownix, whose website is still promoting the NFT collection launch.

In light of information received today that goes against the Club’s values, FC Barcelona hereby communicates the cancellation of the contract to create and market NFT digital assets with Ownix with immediate effect.”

FC Barcelona said in a statement on its website.

As per reports from various outlets, the crypto mogul, who was behind many blockchain-based startups and the blockchain-based firm Sirin Labs, was arrested with seven other people who were his partners and employees. According to the statement in the local outlets, “eight suspects were arrested on suspicion of committing fraudulent offenses in the field of cryptocurrencies, amounting to hundreds of millions of shekels.”

Another post said that the Hogeg was arrested along with a family member at the office of the Premier League football club he owned, Beitar Jerusalem. His alleged ties with Ownix are responsible for FC Barcelona’s cancellation.

Terra [LUNA] Price Jumps on Trampoline as Bull Elevates Market Cap, Volume

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The cryptocurrency market’s positive turn has riled up the ecosystem with several new investors entering the industry. Altcoins made steady progress on the charts at a time when Bitcoin was tearing through new avenues. One altcoin making a name for itself was Terra [LUNA], as its market cap and volume shot up on Wednesday.

Luna has steadily been climbing ever since the first bull run during the summer. This unprecedented performance was helped along by a strong push from its community. At the time of writing, Terra was trading for $38.98 while its market cap held at a strong $15.629 billion. The day’s trading volume hit $795,368 after a hectic Wednesday that saw the price go up by 8 percent.

LUNA 1 hour price chart:

LUNA

After registering consecutive green candles, Luna was on the verge of setting new immediate supports. The current support was at $35.6 after the cryptocurrency’s stagnant performance throughout October.

Relative Strength Index: The RSI hit a 2-week high as the graph moved on the overbought threshold. This meant that buying pressure outrightly overtook the selling pressure.

Chaikin Money Flow: The capital coming into the Luna ecosystem increased over the past week. The safety of the zero line looked solid as the graph cleared it with ease.

Bollinger bands: Both the bands moved parallel to each other after a strong Bollinger cloud formation.

LUNA 1-day price chart:

Luna’s distinct price increase was evident on the daily charts as its July losses were covered for. The long-term support was clocked at $25.2.

Chaikin Money Flow: The long-term graph fell below the zero line as the capital outflow overtook the influx. This was also the longest, the graph spent below the zero line since the middle of May.

Relative Strength Index: The long-term RSI was in the middle of the bandwidth. An increase in the HODLers is also expected to benefit the price.

Bollinger bands: Just like the hourly timeframe, the Bollinger bands moved parallel to each other here too.

Shiba Inu [SHIBA] Pushes Its Price Boundaries As Token Continues Green Charge

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After a week of multiple positive gains, the cryptocurrency market hit a price flux forcing investors to watch the trail. The altcoin ecosystem was inspired by Bitcoin’s run-up above the $50k mark with capital coming into the market. The meme-inspired Shiba Inu [SHIB] pushed new boundaries for itself as it climbed on both the daily and weekly timeframes.

At the time of writing, SHIB was trading for $0.000029 with a total market cap of $11.75 billion. The increased capital pump elevated the cryptocurrency into the top 20 cryptocurrency clubs. As more users bought into the world of Shiba Inu, the daily trading volume also shot up to $4.6 billion. As active players shilled the cryptocurrency, it became a major talking point on social media.

Shiba Inu 1 hour:

After a successful week that propelled Shiba on the charts, the indicators all leaned towards the bull. Shiba’s immediate support rose to $0.000026 while new users constantly pushed for higher prices.

Relative Strength Index: Shiba’s RSI stayed near the overbought zone, a sign of the active ecosystem. The indicator showed that the number of users HODLing SHIB was more than the ones selling it.

Chaikin Money Flow: Staying bullish as well, the CMF rose strongly against the zero line. Since the bullish sentiment is strong, the graph is expected to rise some more towards the upper boundaries.

Parabolic SAR: All the markers for the past 48 hours stayed below the price candles, showing strong bullish momentum. Shiba Inu holders would want the consecutive green candle formation to go on for extended timeframes.

Shiba Inu 1 day:

Shiba’s long-term performance was just growing, helped along by strong October tides. Long-term support increased to $0.0000069 after the cryptocurrency’s most active month since inception.

Chaikin Money Flow: In the long run, Shiba moved parallel to the zero line. A deeper dive further pointed to the increasing interest from the larger cryptocurrency ecosystem.

Parabolic SAR: The markers from the last month have all stayed below the price candles as the momentum became bullish.

Relative Strength Index: The RSI in the long term showed similar characteristics to that of the CMF. This further meant that the buying pressure was a strong contributor to higher prices.

XRP braves bear storm as major cryptos see their weekly gains erode

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The digital asset industry’s rollercoaster mid-week movement aligned with the predictions of a lot of investors after their price capitulation calls. Almost all the cryptocurrencies on the chart suffered bear attacks that resulted in the formation of new immediate supports. Ripple’s XRP was one of the assets undergoing a price shift as weekly gains enabled it to stay afloat.

XRP’s previous 7-day performance was a key factor in establishing the cryptocurrencies’ dominance in the face of the bear. Although the sixth-largest cryptocurrency recorded a 7 percent hourly dip, its market cap held above the $50 billion marks at $51.355 billion. The cryptocurrency was trading for $1.11 as the daily trading volume fell to $7.52 billion. One positive for XRP fans was the fact that the fully diluted market cap had gone up by 7 percent in the same time period.

XRP 1 hour:

In the short term, XRP’s selling pressure increased ever sop slightly. The aforementioned indicators all sided with the bear as the cryptocurrency’s price settled since its climb on the 11th. According to the Bollinger bands, XRP was in for a bearish downturn that may see its support slip to just below $1. The fall can be broken once more capital enters the market.

XRP’s RSI fell to its lowest since the start of this month. Regulatory tussles and price capitulations may be the main reason for the slump in the XRP buying scene. Only the Chaikin Money Flow lent a positive spin to the price action after climbing above the zero line today. This meant that capital coming into the market was more than the outflow.

XRP 1 day:

XRP’s positive price action since June seems to have been cut short this week. With the Bollinger bands opening its maw, fans of the cryptocurrency kept their fingers crossed for a bullish breakout. Even though XRP escaped the bear trap formed in April, it needs to remain wary of new support breaks.

After having stayed above the overbought threshold for a good part of a week, the indicator fell back into the RSI zone. This was a positive sign for XRP as it meant more users were HODLing their tokens rather than selling them. XRp’s CMF skirted on the zero line as the indicator dipped hard for the first time since July 20. Ripple’s new announcements could lend a hand to XRP and boost its stock in the crypto market, thereby bringing in more capital to the XRP ecosystem.

Ethereum Slipstreams On Bitcoin’s Gains as Bull Fever Grips Market

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In the last week, Ethereum has attempted to follow Bitcoin’s exuberance on the price charts. Although the value of the largest altcoin had fallen in the hourly spectrum, Ethereum held its fort on the daily charts. 

At press time, Ethereum was trading for $3037, with a total market cap of $353.67 billion. An hourly fall of 3.2 percent had barely affected the increased trading volume of $28.43 billion. The 7-day hike of 17.45 percent was one of the biggest in the top 10 cryptocurrency club, only bettered by Uniswap and Dogecoin. 

Ethereum 1 hour:

Since crossing the $2000 mark, Ethereum has only grown in leaps and bounds. The immediate support maintained just below $2500 with the price action only pushing it upwards. 

Ethereum’s Relative Strength Index had shot up indicating a shift in buying momentum. The graph had made a u-turn ever since it fell into the oversold zone. Even the Parabolic SAR sided with the bull with the markers staying below the price candles. 

The hourly CMF stayed below the zero line despite its sudden hike on June 9. Once the capital increases, Ethereum users can expect an upward tick on the CMF.

Ethereum 1 day:

The second half of July spurred a sudden green run as Ethereum formed 13 consecutive green candles for the first time in 2021. Long-term support maintained near the $1700 mark which was created in June. 

PSAR markers have been below the price candles for extended periods of time. The formation of two consecutive red candles may indicate a price downturn. 

Both the RSI and the CMF were completely bullish with significant hikes in the past couple of weeks. The RSI was teetering on the threshold of the overbought zone while the Chaikin Money Flow indicator hit the 0.39 mark for the first time since May. 

XRP Price Action Changes Direction As Support Suffers

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Cryptocurrency price fluctuations have dominated the ecosystem in the last few days as traders hedged on shorting or longing for their positions. XRP enjoyed a decent July with proponents expecting a rise after the support settles. The cryptocurrency continued to trade above 70 cents with a market cap above $30 billion.

XRP 1 hour:

XRP’s hourly chart showed a step-wise climb for the cryptocurrency shorted by the latest bear run. Since the price hike on July 28, XRP’s immediate support had lifted slowly but surely only to be wrecked by the bear. As markets opened on Tuesday, Bitcoin’s price action continued to stay bearish. The lower Bollinger band diverged from its parallel movement indicating a dip in prices.

The Relative Strength Index tried moving away from the oversold zone after crashing towards it yesterday. This slight spike could be attributed to more people buying into the XRP market. The Parabolic SAR markers also sided with the bear with the markers staying below the price candles.

XRP 1 day:

Long-term readings for Ripple’s cryptocurrency looked better than the hourly charts as a majority of the indicators blinked green. The Parabolic SAR for the daily charts stayed under the markers pointing to a clear shift in momentum.

Although the Relative Strength Index fell over the past week, it was still closer to the overbought threshold than it has been in over 90 days. Once users HODL their XRP, the buying pressure will only increase. In the long-term scenario, the Bollinger bands diverged strongly from one another. After displaying 5 consecutive green candles, XRP users were looking forward with bated breath for the next run.

XRP Rules the Roost as Double-Digit Gains Elevates Cryptocurrency Market

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XRP’s price action over the past few weeks has been similar to the rest of the market: bearish traps followed by slight bullish signals. As July comes to a close, however, the digital asset industry has gained a strong foothold in the green zone. XRP’s surged in the last seven days to post a 7-day gain of 31.2 percent. At press time, XRP was trading for $0.72 with a total market cap of $33.172 billion. The weekly gain elevated the daily trading volume to $5.113 billion after an increase in buying pressure. 

XRP also boomed in the hourly spectrum after posting a rise of 17 percent. This increase was complemented by a bullish sentiment shared by the rest of the cryptocurrency market. Technical analysis of the cryptocurrency showed a marked increase in performance and coin peripherals. The three indicators in question: RSI, CMF, and PSAR, sided with the bull in the short term and the graph rocketed up. 

XRP 1 hour:

XRP’s new resistance of $0.73 was a cause of celebration for the XRP cadre after having suffered in bearish territories earlier.

The Parabolic SAR stayed below the markers as the pressure caused the price candles to stay in the green. 
According to the RSI, the crypto-asset was well and truly in the overbought zone. This meant that more users were amassing XRP in the portfolio rather than selling it. 
Even though the Chaikin Money Flow indicator, was in the green, it showed an affinity towards the zero line

XRP 1 day:

It was good news all the way for the token in the long term as all the corresponding indicators leaned towards the bull. As the immediate supports rectified themselves, it was apparent to see why the cryptocurrency was performing well on the charts. 

The CMF in the long term had shot up to settle near the overbought zone. An increase in buy-in pressure proved to be the kicker here. 

Although its RSI had a difficult June, it rose sharply in the past few days to stay on course for an overbought zone breach. 

The PSAR helped the coin along its bullish path as the markers gave the cryptocurrency a solid foundation. This was primarily due to an increase in conversations around cryptocurrencies and their use cases. 

BNB tries to stay in the green as sell-off pressure increases

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Binance Coin [BNB]’s performance this year propelled it to the top of the charts with the cryptocurrency now sitting pretty at the number four position. Investors have been reassured by Binance CEO Changpeng Zhao about the coin’s use case and what it can do for the digital asset ecosystem in the future.

BNB’s price action over the past week was indicative of the rest of the market: price corrections followed by the bear’s pull once again. At press time, Binance Coin was trading for $292 with a total market cap of $49.28 billion. The cryptocurrency still had some ways to go before catching up to its nearest competitor, Tether [USDT].

In the last hour, BNB climbed by 3.5 percent to elevate its daily trading volume to $1.86 billion. Technical analysis of the cryptocurrency showed marked changes in price behavior since the start of July.

BNB 1 hour:

BNB’s new immediate support was created on the 20th when the cryptocurrency fell to $255.4. The Relative Strength Index [RSI] rallied to the overbought zone after crashing below the oversold zone earlier. This meant that there was an increased BNB buying pressure.

According to BNB’s Chaikin Money Flow indicator, the capital influx was almost equivalent to the money leaving the market. The Parabolic SAR sided with the bull as the markers stayed below the price candles.

BNB 1 day:

In the long term, BNB’s price had settled into a slow price action after the creation of the new support. A hold near the $300 mark was considered safe for the cryptocurrency as long as buying pressure increases.

Daily charts painted the picture of a cryptocurrency struggling to get out of the bear’s thumb. BNB has not been able to climb back to the overbought zone levels since the start of May. The CMF had fallen below the zero line for the first time in the month and the sharp incline indicated a massive sell-off.

Even the Parabolic SAR pointed to a bearish takeover as the markers continued to stay atop the candles.