Central Bank of Bahrain Releases Groundbreaking Bitcoin Investment Product
The Central Bank of Bahrain (CBB) has made history by introducing the first-ever Bitcoin (BTC) investment product, as reported by Cointelegraph. This groundbreaking move positions Bahrain as a pioneer in the adoption of cryptocurrency and blockchain technology. This innovative product offers investors a regulated and secure way to participate in the Bitcoin market. It is expected to attract a wide range of investors, including individuals, institutions, and fund managers. The CBB's proactive approach to regulating cryptocurrency demonstrates its commitment to fostering innovation and enhancing financial inclusion. This development has generated significant excitement within the cryptocurrency community. It is a testament to the growing recognition of Bitcoin as a legitimate investment asset class. The CBB's bold decision is likely to inspire other central banks and financial institutions to explore the potential of cryptocurrency and blockchain technology.
đš BIG BREAKING NEWS đš
đșđž DONALD TRUMP has just made BIG ANNOUNCEMENTS regarding #BITCOIN! đ„đ°
đą Hereâs what you need to know:
đč Supports Bitcoinâs Growing Adoption đ
đč Highlights the Role of Cryptocurrency in the Future of Finance đĄ
đč Discus
đš BIG BREAKING NEWS đš
đșđž DONALD TRUMP has just made BIG ANNOUNCEMENTS regarding #BITCOIN! đ„đ°
đą Hereâs what you need to know:
đč Supports Bitcoinâs Growing Adoption đ đč Highlights the Role of Cryptocurrency in the Future of Finance đĄ đč Discusses Bitcoinâs Potential to Strengthen the Economy đïž đč Hints at Policy Changes to Embrace Digital Assets đłïž
đłđŽ Norwayâs Central Bank is making moves by buying MicroStrategy shares! đŠđ°
Hereâs what you need to know:
đč Major bet on Bitcoin through MicroStrategy đ đč Increased institutional confidence in #Bitcoin đ đč Norway embracing digital assets đ đč Crypto investment strategies on the rise đ
The future of finance is here, and itâs Bitcoin-powered! đđĄ
September Jobs Report May Influence Fed's Rate Cut Decisions
According to PANews, Nick Timiraos, often referred to as the 'Fed's mouthpiece,' has indicated that the employment report for September could potentially close the door on a 50 basis point rate cut by the Federal Reserve next month. Instead, it may keep officials on track for a 25 basis point reduction. This development comes as the Fed continues to navigate economic conditions and adjust its monetary policy accordingly.
Analyst Says Bitcoin Crash Might Not Be Over, Why $60,365 Is Important
Crypto analyst Ali Martinez has suggested that the Bitcoin crash might not be over despite the relief rally to $61,000. The analyst highlighted the $60,365 price level as being important to avoid a potential crash to as low as $57,000.
Bitcoin Needs To Hold Above This Price Level To Avoid Crash
Martinez stated in an X post that $60,365 is a key price level to watch for Bitcoin. He claimed a break below this could cause the flagship crypto to fall to $57,420. However, if it holds above this level, the analyst remarked that a rebound to $63,300 is on the table. Therefore, Bitcoinâs trajectory depends on the crucial support at $60,000.Â
In another analysis, Martinez suggested that Bitcoin was likely to suffer more downward pressure in the short term rather than a rebound. He revealed that since May, every correction of the market value to realized value (MVRV) ratio from its 90-day average has led to a significant Bitcoin correction.Â
In line with this, the analyst noted that the latest rejection has already triggered a 10% drop, suggesting that Bitcoin could suffer more price decline. Analyst Justin Bennett also believes that Bitcoin will likely drop lower and predicts that it could fall to as low as $57,000. He added that a relief to take out the $63,200 short positions would be nice.Â
Meanwhile, he alluded to the US Job report, which is set to be released on October 4. The analyst expects significant volatility amid this inflation data. A weak job report could lead to a Bitcoin crash, similar to what happened in August, with the flagship crypto dropping to $54,000. The inflation data is also significant as it would provide insights into whether the market can expect further rate cuts from the Federal Reserve this year.Â
Veteran trader Peter Brandt also looks to be bearish on Bitcoin at the moment. He highlighted a âThree Blind Miceâ pattern that was forming on the BTC chart, indicating that the crypto is set to witness a bearish reversal following its uptrend in October.Â
Why A Price Crash Could Be Good
The on-chain analytics platform Santiment suggested that a Bitcoin price crash might be much needed for the flagship crypto to go higher. The platform noted that the crowd has considerably cooled off its excitement toward crypto since BTC retraced over 9% from its local high of $66,400 recorded on September 27.Â
Santiment claimed that this is encouraging, considering that markets typically move in the opposite direction of the crowdâs expectation. As such, the Bitcoin price could enjoy a surprise rally, seeing as market participants are more bearish on its trajectory.Â
Ali Martinez noted that Bitcoin was currently in the complacency stage and just needed to cool off before it began its next rally.Â
Source: NewsBTC.com
The post Analyst Says Bitcoin Crash Might Not Be Over, Why $60,365 Is Important appeared first on Crypto Breaking News.
Bonk (BONK) Lost -10.74% Against USD Today, But Don't Panic! đ
đč BONK is up 21.00% in the last month and is up an incredible 9,283.92% year-over-year. đč Forecast: Expected to grow 30.23% in the next 5 days to $0.000027. đč Current Support Levels: $0.000021, $0.000019, $0.000017. đč Resistance Levels: $0.000025, $0.000027, $0.000029.
Your opinion matters! Share in the comments what you think about the future of BONK? đŹ
Time to Buy the BTC Dip, Says Lekker Capital Founder
Quinn Thompson, the founder of crypto hedge fund Lekker Capital, believes that now is a good time to buy the dip in Bitcoin (BTC). Thompson told Cointelegraph that while he "doesn't normally share short-term price views," the recent action "feels like a good time to be accumulating." He explained that âthere have only been three other recent instances where Bitcoin has sold off and subsequently traded materially below its 200-week moving average. In all three cases, BTC has rallied substantially thereafter." Thompson acknowledged that "macro conditions are certainly different this time around," but he still believes that Bitcoin is a good investment at current prices. "It feels like a good spot to be putting some money to work," he said.
đšBREAKING NEWS: TRUMP LEADS IN 2024 PRESIDENTIAL POLLS-COULD THIS BE A BILLISH SIGN FOR CRYPTO?đ±đ±
With Trump's previous support for crypto initiatives, his potential win might bring: âą Increased adoption âą Clearer regulations âą A stronger U.S. presence in the global crypto market
Could this trigger the next bull run? #Write2Earn! $BTC
Coinspeaker Ethereum (ETH) Price Signals Potential Bullish Rebound as Vitalik Buterin Opines Potential Path to Mainstream Adoption
Amid the ongoing crypto bearish outlook, which has seen the total market valuation slip by over 3 percent to hover about $2.1 trillion on Thursday, Ethereum ETH $2 343 24h volatility: 3.2% Market cap: $282.57 B Vol. 24h: $21.75 B price led the top-tier altcoins in a bearish outlook. The large-cap altcoin, with a fully diluted valuation of about $282 billion and a daily average traded volume of around $22 billion, declined over 4.2 percent in the past 24 hours to trade about $2,346 on Thursday during the early New York session.
Despite beginning the fourth quarter in a choppy mode, contrary to the crowdsâ expectations, Ethereum price could be forming a potential bullish pattern. From a technical standpoint, Ether price is currently retesting a crucial support level, which could catch most bears by surprise.
Furthermore, the top-tier altcoin has been forming a potential reversal pattern characterized by an inverted head and shoulders (H&S) shape coupled with a bullish divergence in the daily Relative Strength Index (RSI).
The bullish reversal pattern will, however, be invalidated if Etherprice consistently closes below the support level of around $2,121. In such a situation, nothing will stop the bears from pushing Ether price below $2k towards $1,954.
However, the former situation has a higher probability since the crypto market is likely to rebound and follow Gold and major stock indexes.
The upcoming US elections, amid a shifting global economic outlook and rising geopolitical tensions, will be major bullish factors for the entire crypto industry in the coming months.
Buterinâs Plans to Revitalize Ethereum
According to Ethereum co-founder Vitalik Buterin, the current threshold of 32 ETH to achieve a validator position is high enough to lock out mainstream decentralization. As a result, Buterin has proposed a pathway to reducing the minimum staking requirement to 1 ETH in the long haul.
I think there's a sane version of this where we recognize that 32 ETH is much more of a barrier than bandwidth reqs, and temporarily do a trade where we up the bandwidth reqs a bit and in exchange drop the staking deposit minimum to eg. 16 or 24 ETH.
It's net-good for bothâŠ
â vitalik.eth (@VitalikButerin) October 3, 2024
According to Buterin, the core developers should work on increasing the bandwidth requirement in exchange for lowering the overall staking requirements to 16 or 24 ETH. As the Ether core developers work on the PeerDAS upgrade and the Orbit SSF, Buterin highlighted that the ultimate goal will be to lower the staking limit to 1 ETH.
Ether Whales Moves to the Sideline
The past few weeks have been treacherous for the Ethereum market, as on-chain data shows whales have been actively selling. In addition to the Ethereum Foundation which has sold nearly $10 million year-to-date to cater for its expenses, the US spot Ether ETFs have registered notable cash outflows in the recent past.
Since the approval of the US spot Ether ETFs, more than $557 million have been liquidated led by Grayscaleâs ETHE.
Earlier today, an Ethereum ICO wallet sold around 19K ETH, worth around $47 million, thus weighing down the bullish sentiment.
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Ethereum (ETH) Price Signals Potential Bullish Rebound as Vitalik Buterin Opines Potential Path to Mainstream Adoption
Traders Expect Higher Volatility for Ethereum Than Bitcoin Ahead of U.S. Election
Traders Expect Higher Volatility for Ethereum Than Bitcoin Ahead of U.S. Election
As the U.S. presidential election approaches, traders are bracing for heightened volatility in the Ethereum (ETH) market, with predictions of significant price swings between October 25 and November 8, 2024, according to a report by Cointelegraph. While Bitcoin (BTC) is expected to remain relatively stable due to its role as a digital store of value, Ethereumâs close ties to the decentralized finance (DeFi) sector and potential regulatory risks are causing traders to anticipate more dramatic price fluctuations.
Traders are forecasting potential ETH price movements ranging from -26% to +35%, with many viewing the upcoming U.S. election as a critical event that could impact ETHâs future and the broader cryptocurrency market.
Why Ethereum Faces Higher Volatility
According to Nick Forster, founder of the Derive options trading protocol within the Synthetix ecosystem, Ethereumâs heightened volatility compared to Bitcoin can be attributed to its deep integration with the DeFi ecosystem. Ethereum serves as the foundation for many DeFi platforms, decentralized applications (dApps), and smart contract protocols, making it more sensitive to political and regulatory developments that could arise from the U.S. election.
The potential for regulatory changes following the election is a key driver of the expected ETH volatility. Depending on the electionâs outcome, new regulations could be introduced that either support or hinder the growth of DeFi and other crypto sectors that rely on Ethereum. These regulatory risks, combined with Ethereumâs role in DeFi, make it more susceptible to significant price movements during this period of uncertainty.
Ethereumâs Regulatory Risks and U.S. Election Impact
The outcome of the U.S. election is likely to influence the regulatory landscape for cryptocurrencies, particularly in the areas of decentralized finance and blockchain innovation. Some candidates have expressed concerns about the DeFi space, citing the potential for money laundering, fraud, and a lack of consumer protections. If new regulations are introduced targeting DeFi, Ethereum, as the primary platform for these services, could experience sharp price movements as investors react to potential restrictions.
At the same time, the election could bring about pro-crypto candidates or policies that support blockchain innovation and seek to create a more favorable regulatory environment. This scenario could lead to a significant rally for Ethereum, as traders and investors would view such developments as a positive indicator for the long-term growth of DeFi and the broader crypto ecosystem.
Bitcoinâs Stability Compared to Ethereum
While traders expect Ethereum to experience significant price swings, Bitcoin is predicted to remain more stable in the lead-up to the election. This difference in volatility is primarily due to Bitcoinâs status as a digital store of value and its more established role as a hedge against inflation and economic uncertainty.
Bitcoin has often been compared to digital gold, and its simpler use case as a store of value makes it less sensitive to regulatory changes or specific developments in sectors like DeFi. As a result, traders are expecting BTC to be less volatile during the election period, positioning it as a relatively safer asset compared to Ethereum.
Expected Price Swings for Ethereum Post-Election
According to market predictions, Ethereum could experience price swings of -26% to +35% following the U.S. election. These wide-ranging forecasts reflect the high level of uncertainty surrounding Ethereumâs short-term future, particularly as the market waits to see how the election results will impact regulation and policy related to cryptocurrencies.
The potential for a +35% rally suggests that traders believe Ethereum could benefit from a favorable regulatory environment, especially if policies supporting blockchain innovation and DeFi growth are implemented. On the other hand, a -26% decline could occur if regulatory actions targeting the DeFi sector introduce new restrictions or create uncertainty for Ethereumâs development.
Strategies for Traders and Investors
Given the expected volatility in the Ethereum market, traders are likely to adopt various strategies to navigate the uncertain landscape. Options trading, particularly through platforms like Derive, has emerged as a popular way for traders to hedge against potential price swings or capitalize on price movements in either direction.
Investors with long-term outlooks may also take advantage of price dips to accumulate Ethereum at lower prices, especially if they believe that DeFi and smart contract platforms will continue to grow despite any short-term regulatory challenges. Conversely, more risk-averse investors might prefer to shift their focus to Bitcoin or other stable assets to mitigate the impact of potential volatility.
Conclusion
With the U.S. election fast approaching, traders are expecting Ethereum to experience greater volatility than Bitcoin, largely due to its connections to the DeFi sector and the potential regulatory risks that may arise from the electionâs outcome. While Bitcoin is expected to remain relatively stable, Ethereum could see price swings between -26% to +35% in the weeks following the election.
As traders and investors prepare for this period of uncertainty, Ethereumâs volatility will be a key factor to watch, with the election results potentially shaping the future of DeFi and the broader cryptocurrency ecosystem.
To learn more about the innovative startups shaping the future of the crypto industry, explore our article on latest news, where we delve into the most promising ventures and their potential to disrupt traditional industries.
EigenLayer token EIGEN is questioned about its supply transparency. Is there a reason why EIGEN cannot rise?
EigenLayerâs native token EIGEN officially circulated this week and is facing turmoil. After EIGEN was listed on the exchange, the price briefly surged, but has since fallen 22% from its highs. Since its release, the price of EIGEN has dropped from $4.53 to $3.47. However, price volatility is not the only concern for investors, with transparency once again raising questions. This is also the second time that major blockchain media CoinDesk has made negative comments about EigenLayer.
(CoinDesk broke the news: EigenLayer allows employees to receive ecological airdrops and earn millions of dollars by "receiving red envelopes")
EIGEN token supply warning, early investors have a lot of chips