All articles tagged with #cryptocurrency trading
Experts predict that Solana (SOL) could reach $1000 in the next bull run, driven by strong buying pressure and market sentiment. Currently trading at $152.12, SOL has shown significant volatility and recovery, with technical indicators suggesting a bullish trend. Analysts believe that Solana's accessibility and potential for an ETF, along with its historical growth patterns, support its optimistic future.
Bitcoin's price has risen by 1.70% in the last day and 4.48% over the past week, currently trading at $59,729. Despite the recent increase, bulls are struggling to maintain momentum, and a test of the $59,000 zone is expected. If the daily bar closes below $60,000, a correction to the $58,000-$58,500 area is likely next week, with consolidation in the $58,000-$60,000 range being the most probable scenario.
Despite Dogecoin's recent 13% fall, traders remain bullish on the cryptocurrency, with a Long/Short ratio of 1.02 indicating a strong bullish sentiment. The Open Interest (OI) of $1.29 billion suggests that net positioning by traders has remained stable, potentially minimizing the impact of market volatility on the coin's price. However, technical indicators such as the Relative Strength Index (RSI) and the Parabolic SAR point to a weak momentum and bearish signs. The coin is expected to continue trading within its current price range, but a surge in capital flow or a tweet from Elon Musk could trigger a potential uptrend.
A trader notes a bullish reversal signal for Dogecoin against Bitcoin, indicating potential momentum for the meme crypto asset. Additionally, the trader is monitoring Filecoin, observing early signs of activity within its accumulation range. Disclaimer: The opinions expressed are not investment advice, and investors should conduct their own research before making high-risk investments in cryptocurrencies or digital assets.
Bitcoin's price remained stable, but a trader predicts a potential drop to $47,000, while the CD20 broad market gauge fell 0.4%. Oanda is launching a UK cryptocurrency trading platform, and the Frax Finance team is considering distributing protocol fees to stakers of its native token, FXS. The market for most coins appears overheated, with excess bullish leverage potentially leading to mass liquidations and rapid price corrections.
Traders are flocking to bullish bets on Bitcoin, with many placing options contracts that will profit if the cryptocurrency trades above $70,000 by June 28, and some even eyeing $100,000 by the summer. The surge in demand for spot Bitcoin exchange-traded funds has also been notable, with significant inflows in the US market. The options data from derivatives platform Deribit indicates a strong bullish sentiment among traders, with open positions on various price targets, including $60,000, $65,000, $70,000, $75,000, and $100,000 by the expiration date in June.
Lyra Finance, a decentralized BTC options marketplace, indicates a 20% chance of Bitcoin surpassing $70,000 by the end of April, with options data suggesting this possibility. Traders are speculating on price trends ahead of and following Bitcoin's reward halving in mid-April, and the consensus is that Bitcoin could see further gains due to fiscal policy in the U.S. and a declining global recession probability. As the world's largest decentralized crypto options venue, Lyra accounts for 50% of the global DEX options volume and has listed Bitcoin options with an expiry date of April 26, allowing traders to bet on the price action surrounding the reward halving.
Solana-based trading aggregator Jupiter has seen a significant increase in trading volumes, settling over $500 million in trades in the past 24 hours ahead of its planned token issuance. With 550 tokens and more than 5,550 trading pairs listed, Jupiter has overtaken Uniswap v3 to become the biggest trading platform by that metric. The platform routes orders to several Solana-based exchanges and executes the best available price for an asset when a trade is requested. Jupiter's JUP tokens are expected to be issued on Wednesday, with nearly 1 million Solana wallets qualifying for a slice of the unusually large airdrop, reflecting Jupiter's popularity with traders and expected to boost activity on Solana.
The Solana (SOL) daily chart indicates a potential bullish reversal, with a tentative ascending channel forming and a local support level around $74.73. If the price continues to respect the ascending trend line, a bullish scenario targeting the upper boundary of the channel and potentially reaching $100 could unfold. Conversely, a break below $74.73 could signal a bearish scenario with potential declines towards $57.32 and $50. An inverse double bottom pattern suggests a bullish reversal, with a breakout above the neckline potentially leading to a rally in the SOL/ETH pair.
Traders are taking advantage of the "cash and carry" trade with bitcoin following the launch of an exchange-traded fund (ETF). This strategy involves buying the cryptocurrency and simultaneously selling futures contracts at a higher price, profiting from the price difference. The move comes after the recent launch of a bitcoin futures ETF, providing new opportunities for traders in the cryptocurrency market, as reported by the Financial Times.
Robinhood announced the launch of Bitcoin and cryptocurrency trading in the European Union, causing a breakout in HOOD stock. The Robinhood Crypto app will offer customers the ability to trade over 25 digital tokens, including Bitcoin, ether, and ripple, at a low cost. Customers will also receive a percentage of their trading volume back every month, paid in Bitcoin. The surge in cryptocurrency prices has contributed to the rise in Robinhood's stock, which is up over 23% this week. The company plans to expand its stock trading services to the U.K. by early 2024.
Marc-Antoine Julliard, a cocoa bean trader, testified as the first witness in the criminal fraud trial against FTX founder Sam Bankman-Fried. Julliard recounted his experience with FTX, including the anxiety he felt when he unsuccessfully tried to withdraw $100,000 worth of crypto and cash from the platform. The prosecution aims to prove that FTX misled clients into believing their funds were safe. Bankman-Fried faces federal charges including wire fraud, securities fraud, and money laundering. The defense argues that clients should be accountable for their own choices in buying and trading crypto. The trial is expected to last six weeks.
The U.S. Securities and Exchange Commission (SEC) reportedly asked Coinbase to stop trading in all cryptocurrencies except bitcoin before suing the exchange for failing to register as a broker. Coinbase CEO Brian Armstrong revealed that the SEC made this recommendation, claiming that every asset other than bitcoin is a security. The SEC and Coinbase are currently engaged in a legal battle, with Coinbase arguing that the SEC's actions violate due process. This development sheds light on the SEC's view of cryptocurrencies other than bitcoin, particularly Ether, as securities.
Binance and Binance.US have reached a temporary agreement with the SEC to ensure that only Binance.US employees can access customer funds, wallets, and Amazon Web Services tools. The agreement also requires Binance.US to create new crypto wallets that global exchange employees cannot access, provide additional information to the SEC, and agree to an expedited discovery schedule. The SEC sued Binance and Binance.US last week on charges of offering and trading unregistered securities, but also alleged massive commingling of funds and poor practices.
DonAlt, a trader who successfully predicted the 2023 crypto rally, suggests that altcoins are weak and many are trading close to their yearly lows despite Bitcoin's price floor. He advises crypto bulls to accumulate coins with a strong underlying narrative, such as Litecoin and XRP, which he has been trading due to their halving and SEC case narratives, respectively.