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Robust BTC derivatives data indicates strong demand for leverage longs. Bitcoin (BTC) has been trading within a narrow 4.5% range over the past two weeks, indicating a level of consolidation around the $34,700 mark.  Despite the stagnant prices, the 24.2% gains since Oct. 7 instill confidence, driven by the impending effects of the 2024 halving and the potential approval of a Bitcoin spot exchange-traded fund (ETF) in the United States. Investors worry about the bearish global economic outlook Bears expect further macroeconomic data supporting a global economic contraction as the U.S. Federal Reserve holds their interest rate above 5.25% in order to curb inflation. For instance, on Nov. 6, China exports shrank 6.4% from a year earlier in October. Furthermore, Germany reported October industrial production down 1.4% versus prior month on Nov. 7. The weaker global economic activity has led to WTI oil prices dipping below $78 for the first time since late July, despite the potential ...

The rumors were fueled by reports citing anonymous sources and a job posting from Kraken which highlighted that the company is "enthusiastic" about layer-2 solutions. Crypto exchange Kraken neither confirmed nor denied rumors of the company’s plans to potentially release a layer-2 solution similar to what its competitor Coinbase did with Base network earlier this year.  The rumors were fueled by reports citing anonymous sources and a job posting from Kraken highlighting that the organization is looking to hire a senior cryptography engineer who would be in charge of designing and implementing cryptographic protocols and “ layer-2 solutions.” Within the job post, Kraken also noted that its team has “recently embarked on exploring how more protocols and decentralized applications can be integrated” into its crypto ecosystem. The post also noted that the company is enthusiastic about layer-2 protocols. Kraken’s job posting for a senior cryptography engineer. Source: Lever Co...

THORSwap acknowledged the ongoing illicit use of the DEX and are acting to find a permanent block to the misuse. THORSwap, a decentralized exchange (DEX) powered by multichain THORChain, has entered maintenance mode to prevent bad actors from moving illicit funds through the platform. On Oct. 6, THORSwap transitioned into “ maintenance mode” as an immediate measure to counter the potential movement of illicit funds . The decision comes after consultation with advisors, legal counsel, and law enforcement, according to the original announcement. Fellow THORChads, A pressing and persistent concern has recently come to light: the potential movement of illicit funds through THORChain and, specifically, THORSwap. Such activities have no place on the THORSwap platform, and THORSwap stands firmly against any and all criminal… — THORSwap #BetterThanCEX (@THORSwap) October 6, 2023 Bad actors often use cross-chain platforms like THORSwap to move funds across multiple blockchains, making ...

CoinEx has undergone a complete reconstruction of its wallet system after the $70 million hack. The exchange will recommence deposit and withdrawal services for specific cryptocurrencies. Deposit and withdrawal services of BTC, ETH, USDT, USDC and other seven tokens will resume from September 21. CoinEx, the cryptocurrency exchange that recently fell victim to a $70 million hack due to compromised hot wallet private keys, is preparing to reinstate deposit and withdrawal services for its users. This significant development comes after more than a week of intense efforts to address the security breach, which was reportedly orchestrated by the notorious North Korea’s Lazarus Group. According to reports, CoinEx is currently prioritizing the creation and deployment of an entirely new wallet system. The new system will support the vast array of 211 blockchains and 737 tokens that were originally served by the platform before the hacking incident occurred. Co...

Bitcoin and select altcoins are starting to recover, but selling at the top of each price breakout suggests that bears remain in control. After the sharp fall on Aug. 17, Bitcoin (BTC) remained stuck inside a tight range over the weekend. This suggests indecision between the bulls and the bears about the next directional move.  After the latest fall, about 88% of Bitcoin held by Short-term Holders (STHs), owning Bitcoin for 155 days or less, has plunged into loss, according to Glassnode’s weekly newsletter, “The Week On-Chain.” Glassnode warns that the STH cohort is “increasingly price sensitive.” In comparison, the long-term holders have neither panicked nor gone on a shopping spree during the current fall. Daily cryptocurrency market performance. Source: Coin360 Traders are likely to keep a close watch on the United States Federal Reserve Chairman Jerome Powell’s speech at the annual Jackson Hole Economic Symposium on Aug. 25. If Powell does not spring a negative surprise, then the ...

Bitcoin’s future price surge and mainstream adoption could happen independently of institutional adoption of the digital currency. The connection between Bitcoin and gold goes back to Bitcoin’s origin. While it is not mentioned in the Bitcoin white paper, Satoshi Nakamoto actually referred to gold’s rarity in a Bitcointalk forum post when introducing the first version of Bitcoin (BTC) in 2009. This was to emphasize the importance of a limited supply of 21 million coins. Bitcoin’s market value is frequently matched up against gold, which boasts a total worth of $12.8 trillion, and many crypto pundits often point to the approval of a gold exchange-traded fund (ETF) in 2004 as the catalyst for the asset’s price appreciation. Currently, Bitcoin encounters resistance at the $30,000 mark, and its inability to surpass this level could lie in how institutional investors perceive the comparison of BTC and gold as stores of value. Bitcoin’s present market cap of $570 billion outshines traditi...

Bitcoin’s failure to rebound off strong support may open further downside as bears may be tempted to sell. Bitcoin (BTC) has been trading near the $29,000 level for the past few days. This suggests a lack of strong demand at higher levels but the only solace for the bulls is that they have managed to sustain the price above the immediate support. The uncertainty about the next directional move may have tempted short-term traders to book profits. CoinShares said in its latest weekly report that Bitcoin investment products witnessed $111 million in outflows, the largest weekly outflows since March. Daily cryptocurrency market performance. Source: Coin360 While the short-term price action remains uninspiring, crypto bulls remain confident that Bitcoin will rally before its next halving in 2024. Blockstream CEO Adam Back said in a conversation on X (previously known as Twitter) that Bitcoin will hit $100,000 by the end of March. Could Bitcoin extend its decline in the near term or will i...

Brad Garlinghouse stressed Ripple’s unchanged commitment to transparency but hinted that future reports might undergo some changes. Ripple CEO Brad Garlinhouse on Aug. 2 expressed his disapproval of the United States Securities and Exchange Commission for utilizing Ripple’s quarterly XRP (XRP) Markets Report, designed to enhance transparency in the cryptocurrency industry, as evidence against the company in the ongoing lawsuit .  Garlinghouse stated that the company initiated the report s with the intention of voluntarily offering updates on its XRP holdings. However, the CEO said these report s were later “used against” the company in the SEC’s lawsuit . Garlinghouse reiterated the company’s commitment to transparency but hinted that future report s might undergo some changes. We began these reports to voluntarily provide updates given our XRP holdings. Sadly, they were used against us in the SEC lawsuit - however, we remain steadfast in our commitment to transparency but I suspect t...

Bitcoin price is showing some strength, and charts suggest BNB, LTC, OKB and QNT could follow? The bears lost an opportunity when they failed to sustain Bitcoin (BTC) below the $25,000 level this week. That may have attracted buying from the bulls who are attempting to start a recovery in Bitcoin and select altcoins.  Additionally, BlackRock’s application to launch a Bitcoin spot price exchange-traded fund and the sustained strength in the United States equities markets may have helped improve crypto sentiment. Bitcoin is on track to finish the week with a minor gain of 2% and institutional buying in the Grayscale Bitcoin Trust reduced its discount to Bitcoin spot from 44% on June 13 to 36.6%, according to CoinGlass data. Crypto market data daily view. Source: Coin360 Although Bitcoin and select altcoins are trying to start a relief rally, the overall trend remains bearish. Therefore, short-term traders who buy for a pullback should consider booking profits or tightening their stops ...