Category: News

XRP price has recently recovered most of its losses, rallying towards the $2.75 level. However, the cryptocurrency is now facing significant hurdles near the $2.70 zone, which could potentially lead to another decline in the near future.

The recent upward move saw XRP price break above the $2.60 level, gaining pace for a move above the $2.00 and $2.25 resistance levels. The bulls managed to pump the price above $2.50 and $2.55, but the bears remained active below the critical $2.80 level.

Technical analysis of the XRP/USD pair on the hourly chart reveals a new connecting bearish trend line forming with resistance at $2.710. If XRP fails to clear this resistance zone, it could trigger another decline, with initial support on the downside near the $2.420 level.

The key support levels to watch out for are $2.2650, which is the 50% Fib retracement level of the upward move from the $1.750 swing low to the $2.780 high, and the $2.050 zone. A downside break and close below these levels could see XRP continue its decline towards the $2.20 support.

On the upside, a clear move above the $2.80 resistance might send the price towards the $2.940 resistance, with potential for further gains towards $3.000 or even $3.050 in the near term. However, the bulls will need to overcome the major hurdle at $3.120 to sustain any significant upward momentum.

The current market sentiment for XRP remains uncertain, with the price now trading below the 100-hourly Simple Moving Average and the RSI (Relative Strength Index) dipping below the 50 level. The MACD for XRP/USD is also gaining pace in the bearish zone, suggesting that the bears may be gaining control.

As the XRP price faces this critical resistance, investors and traders should keep a close eye on the key support and resistance levels, as a decisive break in either direction could set the tone for the cryptocurrency’s near-term price action.

Tags: XRP price, Ripple, technical analysis, crypto markets, price prediction

Source: https://www.newsbtc.com/analysis/xrp/xrp-price-tests-critical-barrier-2-8/

Iran has expressed support for the creation of a unified BRICS currency, signaling a shift towards economic cooperation among the bloc’s member nations. However, Iran’s support comes with the caveat that all BRICS members must agree to the unified currency proposal. This move suggests Iran’s focus on prioritizing its national interests while exploring alternatives to reliance on the U.S. dollar amid global tensions.

The potential introduction of a unified BRICS currency could have significant implications for global financial markets. As BRICS nations represent a substantial portion of the world’s population and economic output, a move away from the U.S. dollar could challenge its dominance as the global reserve currency. This shift may lead to increased volatility in currency markets and potentially impact the value of the U.S. dollar.

Iran’s willingness to support a unified BRICS currency also highlights the country’s desire to strengthen economic ties with other nations in the face of ongoing sanctions and geopolitical pressures. By aligning itself with the BRICS bloc, Iran may seek to mitigate the impact of U.S.-led sanctions and diversify its economic partnerships.

However, the success of a unified BRICS currency will depend on the level of coordination and agreement among member nations. Each country’s unique economic conditions, monetary policies, and geopolitical considerations may pose challenges in implementing a shared currency. As discussions progress, it will be crucial to monitor the stance of other BRICS members and assess the feasibility of such a significant financial undertaking.

Tags: BRICS currency, Iran, economic cooperation, U.S. dollar, geopolitics

Source: https://news.bitcoin.com/iran-backs-unified-brics-currency-with-a-focus-on-national-interests/

Bitcoin (BTC) has fallen below the critical $100,000 level as trade tensions between the United States and China escalate. The US proceeded with its 10% tariffs on China, prompting retaliatory measures from Beijing, including additional tariffs on US goods and tightened export controls on key raw materials.

The ongoing trade war has heightened volatility in the crypto market, with analysts predicting further uncertainty in the coming days. Despite a brief relief rally to $102,000 following the US delaying tariffs on Mexico and Canada, Bitcoin failed to sustain its momentum above the $100,000 mark.

Historically, heightened tariffs have spelled trouble for cryptocurrencies. In 2018, when US President Donald Trump first initiated a trade war with China, BTC plummeted by 65%, while the S&P 500 dropped 12% in the weeks following the implementation of tariffs.

As Bitcoin struggles to hold the $100,000 level, concerns are mounting about a potential breakdown in price. Technical analysis suggests that if BTC fails to hold the $97,190 support level, further downside could be expected. The top digital asset is currently trading in a bearish flag pattern, which could indicate a continuation of the downward trend.

The escalating trade tensions between the US and China have far-reaching implications for the global economy and financial markets, including cryptocurrencies. As the two economic powerhouses continue to impose tariffs and restrictions on each other, market participants should brace for increased volatility and potential downside risk in the near term.

Tags: Bitcoin, BTC, US-China trade war, tariffs, crypto market, volatility

Source: https://www.newsbtc.com/bitcoin-news/bitcoin-struggles-to-hold-100000-as-china-strikes-back-with-us-import-tariffs-more-downside-for-btc/

Ethereum’s price has started to recover after dropping below the crucial $2,500 support level, but the path to a sustained rally seems to be facing significant hurdles. The second-largest cryptocurrency by market cap managed to climb above the $2,550 resistance and even surpassed the 50% Fibonacci retracement level of the recent downswing. However, bears have become active near the $2,900 zone, blocking further upside momentum.

Despite the positive signs of recovery, Ethereum is now trading below the key $2,880 level and the 100-hourly Simple Moving Average. The formation of a short-term declining channel on the hourly chart with resistance at $2,800 suggests that the price could be gearing up for another leg down if it fails to break above the channel.

For Ethereum to maintain its bullish momentum, it needs to decisively break above the $2,920 resistance level. Such a move could open the doors for a retest of the $3,000 psychological level, followed by potential upside targets at $3,120 and $3,250. On the flip side, if the price fails to clear the $2,880 hurdle, it could trigger another sell-off, with immediate support levels at $2,640 and $2,550.

The technical indicators also paint a mixed picture, with the MACD losing momentum in the bullish zone and the RSI dipping below the 50 level. This suggests that the bulls are losing their grip on the market, and a bearish reversal could be on the cards if the key resistance levels are not breached soon.

As the cryptocurrency market continues to experience heightened volatility, investors and traders need to keep a close eye on the key support and resistance levels for Ethereum. A breakdown below the critical $2,500 support could lead to a more extended downtrend, while a clear break above $2,920 could signal the start of a fresh rally.

Tags: Ethereum price, ETH recovery, cryptocurrency market, technical analysis, key support levels

Source: https://www.newsbtc.com/analysis/eth/ethereum-price-barriers-2880/

Bitcoin price has started another decline after failing to sustain above the $102,500 resistance zone. The cryptocurrency is currently trading below $99,500 and the 100 hourly Simple Moving Average, struggling to maintain its position above the key support level of $96,500.

The recent pullback has seen Bitcoin lose its bullish momentum, with the bears pushing the price below the 50% Fibonacci retracement level of the upward move from $91,000 to $102,500. This suggests that the market sentiment may be shifting, and further losses could be on the horizon.

If Bitcoin fails to rise above the $99,000 resistance zone, it could trigger a fresh decline, with immediate support lying near the $96,500 level. A break below this level could see the price drop to the $95,500 level, which coincides with the 61.8% Fibonacci retracement level.

On the upside, a close above the $100,000 resistance level could signal a potential trend reversal, opening the door for a retest of the $102,500 level and possibly higher. However, given the current market conditions, such a scenario seems less likely in the short term.

As Bitcoin continues to consolidate below key resistance levels, traders and investors should keep a close eye on the support zones and be prepared for potential further downside. The technical indicators, such as the MACD and RSI, suggest that the bullish momentum is waning, which could lead to increased selling pressure in the near term.

Tags: Bitcoin price, crypto market, technical analysis, support levels, resistance zones

Source: https://www.newsbtc.com/analysis/btc/bitcoin-price-pulls-back-100k/

Coinbase, the leading US-based cryptocurrency exchange, has achieved a significant milestone by securing regulatory approval in the United Kingdom. The Virtual Asset Service Provider (VASP) registration granted by the Financial Conduct Authority (FCA) solidifies Coinbase’s position as the largest registered digital asset provider in the country.

This approval marks a crucial step in Coinbase’s ambitious plans for global expansion. With the UK serving as a strategic gateway to Europe, Coinbase can now accelerate its growth in the region, offering a wide range of crypto and fiat services to its growing user base. The regulatory green light instills confidence in Coinbase’s operations and reinforces its commitment to compliance and user protection.

The implications of this development are far-reaching for the crypto market. Coinbase’s expanded presence in the UK is expected to drive increased adoption and mainstream acceptance of cryptocurrencies. As more users gain access to a trusted and regulated platform, the overall liquidity and stability of the market are likely to improve. Moreover, Coinbase’s success in navigating the stringent regulatory landscape sets a positive precedent for other crypto businesses seeking to operate in the UK and Europe.

From a technical perspective, Coinbase’s approval may also pave the way for the introduction of new trading pairs and enhanced features on its platform. This could attract a broader range of investors and traders, further fueling the growth of the crypto ecosystem. As Coinbase continues to innovate and expand its offerings, it is well-positioned to capitalize on the growing demand for digital assets and blockchain-based solutions.

Tags: Coinbase, UK Approval, Crypto Adoption, Global Expansion, Regulatory Compliance

Source: https://news.bitcoin.com/coinbase-secures-uk-approval-unlocking-ambitious-expansion-plans-for-mass-adoption/

As Bitcoin’s price hovers above $99,000 following a volatile week, market analysts are highlighting potential opportunities for investors. Despite the recent pullback from the $100,000 mark, underlying trends suggest a bullish outlook for the leading cryptocurrency.

According to Darkfost, a contributor on CryptoQuant’s QuickTake platform, the recent triggering of the Smart DCA indicator suggests that current price levels may be a favorable entry point for investors employing a dollar-cost averaging (DCA) strategy. By comparing Bitcoin’s average price to its short-term realized price, this indicator aims to identify optimal zones for long-term accumulation.

In addition to the Smart DCA signal, other analysts point to increasing buyer activity as a sign of bullish momentum. Onatt, another CryptoQuant analyst, noted a visible premium on Coinbase, indicating strong demand for Bitcoin despite recent volatility. Furthermore, negative funding rates driven by long liquidations suggest that buyers are taking advantage of discounted prices to position themselves for a potential upward movement.

Analyst Ali also identified a critical demand zone for Bitcoin between $96,475 and $99,360, which, if held as support, could favor the bulls. A breakout above the $102,350 to $103,900 supply zone could further strengthen the bullish case and potentially set the stage for a sustained recovery.

As investors navigate the current market conditions, it is essential to consider a range of metrics and conduct thorough analysis before making investment decisions. While the Smart DCA indicator and other bullish signals provide some optimism, it is crucial to remain cautious and prepared for potential volatility in the rapidly evolving cryptocurrency market.

Tags: Bitcoin, DCA, Crypto Market, Technical Analysis, Bullish Momentum

Source: https://www.newsbtc.com/bitcoin-news/key-indicator-signals-dca-opportunity-amid-bitcoin-buyer-momentum/

As the crypto market experiences significant volatility, Binance CEO Richard Teng has stepped forward to offer three essential survival tips for investors navigating these turbulent times. In a recent social media post, Teng addressed investor concerns and provided insights that could prove invaluable in making informed decisions during market downturns.

Teng’s advice comes at a critical juncture for the crypto market, with prices fluctuating wildly and investor sentiment wavering. By sharing his expertise, the Binance CEO aims to help investors maintain perspective and avoid panic-driven decisions that could lead to substantial losses.

The sudden downturn in the crypto market has left many investors grappling with uncertainty and fear. However, Teng’s three survival tips serve as a beacon of guidance, emphasizing the importance of long-term thinking, risk management, and emotional control. By adhering to these principles, investors can potentially weather the storm and emerge stronger on the other side.

As one of the most prominent figures in the crypto industry, Teng’s words carry significant weight. His advice is likely to resonate with both seasoned investors and newcomers alike, providing a framework for navigating the challenges posed by market volatility. By taking a measured approach and following Teng’s guidance, investors can potentially mitigate risks and position themselves for long-term success in the crypto space.

While the specific details of Teng’s three survival tips remain undisclosed, their impact on investor sentiment and market dynamics cannot be understated. As the crypto community eagerly awaits further insights from the Binance CEO, his initial post serves as a reminder of the importance of education, resilience, and adaptability in the face of market uncertainties.

Tags: Binance, Crypto Market, Investor Tips, Market Volatility, Risk Management

Source: https://news.bitcoin.com/binance-ceos-advice-3-tips-to-handle-cryptos-sudden-downturn/

Bitcoin and the broader crypto market experienced a sharp decline amidst fears of a U.S. trade war, only to swiftly recover following reports of President Trump’s negotiations with Mexico and Canada to lift tariffs. While this turnaround has brought renewed optimism, volatility remains high.

Amid this turbulence, the Bitcoin Funding Rate has turned negative for the seventh time in a year, according to CryptoQuant. Historically, each of the previous six instances has signaled a strong bullish momentum for BTC, suggesting that traders have turned overly bearish—often a precursor to a sharp rebound.

Bitcoin’s resilience in the face of the recent selloff highlights its potential for a significant rally, reinforcing its long-term bullish outlook despite short-term uncertainty. The current macro environment, with key developments in the U.S. favoring crypto adoption, a pro-crypto president in office, and the final year of the halving cycle unfolding, sets the stage for potential explosive growth.

As Bitcoin consolidates below the $100K mark, traders are closely watching key support and resistance levels. Reclaiming the $100K level as strong support would be the first step toward a renewed push into price discovery, while a break below the critical $98K support could introduce further uncertainty. To fully regain bullish momentum, BTC must decisively break above the $103,600 resistance.

The coming days will be crucial in shaping Bitcoin’s short-term trend and determining whether the market continues its upward trajectory. If historical patterns hold, the current negative Funding Rate could set the stage for another significant rally, solidifying Bitcoin’s dominance as it leads the next phase of the market cycle.

Tags: Bitcoin, Crypto Market, Bitcoin Funding Rate, Market Analysis, Technical Analysis

Source: https://bitcoinist.com/bitcoin-funding-rate-turns-negative-for-the-7th-time-in-a-year-every-previous-drop-led-to-gains/

In a significant development for the digital asset industry, U.S. Senate and House lawmakers have joined forces to establish a powerful crypto working group. The aim of this bicameral initiative is to create a comprehensive regulatory framework that will drive innovation, expand financial access, and secure America’s global leadership in the crypto space.

The formation of this working group comes at a crucial time for the crypto industry, as regulatory clarity has been a long-standing challenge. By bringing together lawmakers from both chambers of Congress, this initiative demonstrates a strong commitment to developing a cohesive and forward-thinking approach to crypto regulation.

The implications of this development are significant for the crypto market. A clear and supportive regulatory environment is essential for fostering innovation and attracting institutional investors. With lawmakers actively collaborating to shape crypto policy, it sends a positive signal to the market and could potentially unlock new growth opportunities.

As the working group progresses, it will be important to strike a balance between protecting consumers and promoting innovation. Overregulation could stifle growth and drive businesses offshore, while underregulation could leave investors vulnerable to fraud and manipulation. Finding the right equilibrium will be key to ensuring the long-term success of the crypto industry in the United States.

The establishment of this crypto working group is a testament to the growing recognition of digital assets as a legitimate and important part of the financial landscape. As lawmakers work to create a comprehensive regulatory framework, it will not only benefit the crypto industry but also position the United States as a global leader in this rapidly evolving space.

Tags: Crypto Regulation, US Lawmakers, Digital Assets, Innovation, Global Leadership

Source: https://news.bitcoin.com/lawmakers-launch-powerful-crypto-working-group-to-shape-us-policy/