Cryptocurrency News Today TheBitTimes.com

The sharp rebound in Bitcoin and select altcoins suggests that bulls remain in charge and continue to buy at lower levels. Traders hate uncertainty; hence, the settlement between Binance, Changpeng “CZ” Zhao and the United States Department of Justice is likely to be viewed as a positive for the cryptocurrency space. Analysts largely remained positive on the deal, but a few sounded cautious due to the Securities and Exchange Commission’s pending lawsuit against Binance. Bitcoin (BTC) and several major altcoins fell sharply on Nov. 21 following the Binance news but are finding support at lower levels. This suggests that traders stepped in after the initial knee-jerk reaction, and are buying at lower levels. After the initial bounce, the bulls are likely to head into stiff opposition from the bears. Daily cryptocurrency market performance. Source: Coin360 Buying on dips and selling on rallies results in a range-bound action as both the bulls and the bears battle it out for supremacy. Ge...

Bitcoin is giving many traders a feeling that a support retest could be next, but BTC price strength is winning out over altcoins. Bitcoin (BTC) circled $36,000 after the Nov. 16 Wall Street open as Analysis hoped for a deeper BTC price comedown. BTC/USD 1-day chart. Source: TradingView Bitcoin traders map out likely bottoms Data from Cointelegraph Markets Pro and TradingView followed a retracement from intraday highs of $36,600. Having failed to establish a breakout beyond 18-month highs during the week, Bitcoin was uninspiring for market participants, some of whom hoped to see a fresh correction to retest lower levels. “Would be happy to see this latest rally complete the round trip back to $35k. Would be even happier to see a retest of $33k,” monitoring resource Material Indicators wrote in part of the day’s X commentary. A snapshot of BTC/USDT order book liquidity showed support building at $35,000. BTC/USDT order book data. Source: Material Indicators/X Continuing, Material Ind...

Led by Chairman Jerome Powell, the Federal Reserve has halted the rise of interest rates. Will it be enough to fuel the surging market through Christmas? Historically, a Santa rally happens in the weeks leading up to Christmas when a collective sense of goodwill bleeds into equity markets. This is typically a seasonal blip and nothing to write home about. But this year, we could see a far more significant rally as the United States Federal Reserve, the Securities and Exchange Commission and BlackRock line up to deliver a bonanza of holiday cheer. The Federal Open Market Committee (FOMC) finished its penultimate meeting of 2023 on Wednesday, and it decided to hold interest rates steady. As we know, U.S. inflation has been tamed from a high of 9.1% in June 2022 to its current level of 3.7% thanks to the Fed’s aggressive interest rate hiking cycle that brought the Federal Funds Rate to 5.25-5.5% — its highest level since 2001. However, while this campaign has been unquestionably successf...

CNBC market analyst Jim Cramer says FED Chair Jerome Powell is the reason financial markets “can go higher so easily.” “Powell is winning in so many places, from homes to job openings to starting salaries,” Cramer says in a post on X. “That’s one of the reasons this market can go higher so easily.” Powell is winning in so many places, from homes to job openings to starting salaries. That's one of the reasons this market can go higher so easily — Jim Cramer (@jimcramer) August 29, 2023 Replies to his post were quick to joke about Jim Cramer’s notorious jinx based on his takes, saying that the markets will now go lower because of the Fed Chair. The FED has been in an active battle for a year now in fighting off inflation. Interest rate hikes have come after nearly every FED meeting, and have only just started slowing down this summer. Jim Cramer earlier this month explained on his CNBC show that he sees little inf...

Crypto traders are actively investing in projects launching on zkSync as the hype around its potential governance token airdrop increases. The total amount of funds bridged to zkSync reached $115 million within 10 days of the public mainnet launch as users rush to farm the airdrop of the Ethereum rollup’s expected native token, per L2BEAT data. The zkSync era mainnet was launched one day after the March 24 Arbitrum airdrop. The median airdrop for eligible wallets was 1,250 ARB, earning its owners around $1,500 in free money. As users rushed to farm the next airdrop, zkSync has emerged as one of the most popular airdrop plays for the market. The new Zero-knowledge proof (ZK) based Layer-2 is also giving an opportunity for developers to establish an economic moat within the fresh ecosystem by gaining a first-mover advantage. Moreover, these projects also become eligible for an expected airdrop of the platform’s native token, similar to Arbitrum. DeFi Liquidity on zkSync skyrockets The t...

BTC, ETH, MATIC, HBAR and EOS are likely to pick up momentum if they cross above their respective overhead resistance levels. The market witnessed a major banking crisis in March as Silicon Valley Bank and Signature Bank failed and Silvergate Bank entered liquidation as the result of dire financial distress. In Europe, the government brokered a forced takeover of Credit Suisse by UBS. Still, the United States equities markets and the European stock markets closed the month on a positive note. The cryptocurrency market was also shaken by volatility, but Bitcoin (BTC) gained about 23% in March. Going forward, the picture looks encouraging for Bitcoin bulls in April and data from Coinglass suggests that the month has largely favored the buyers. Crypto market data daily view. Source: Coin360 Although altcoins reacted positively to Bitcoin’s rise, the rally has not been equal across the board. This suggests that market participants have been selective in their purchases. As a result, trad...

Whales can manipulate buy and sell orders because they can deploy excessive capital into the market. In cryptocurrency trading, a “buy wall” is a massive buy order, or multiple buy orders, around a particular price level. Conversely, a “sell wall” is a significant accumulation of sell orders at a given price level. Before understanding how buy and sell walls work, it is important to know what an order book and its market depth are. What is an order book in crypto trading? An “order book” is an index listing buy and sell orders for a specific cryptocurrency based on price levels. A trade is executed when the orders on either side meet at a certain price level, establishing the cryptocurrency’s price as supply meets demand. BTC/USDT order book example. Source: Binance Nonetheless, these orders don’t get executed randomly — rather, the market fulfills them in the order of their sequence. For example, two open orders are created when Peter Griffin attempts to sell 1 Bitcoin (BTC) for $25,...

Strong inflation data has pulled Bitcoin and select altcoins below their immediate support levels, signaling a few days of corrective action. Bitcoin (BTC) is struggling to stay above $23,000 as the weekend approaches. The selling pressure increased after the personal consumption expenditures excluding food and energy rose 0.6% in January and 4.7% over the year, above market expectations of an increase of 0.5% and 4.4% respectively.  This could trigger fears that the United States Federal Reserve may have to continue its rate hikes to bring inflation under control. Expectations of a rate hike could strengthen the U.S. dollar index further, which is already near a seven-week high, and that may put pressure on the cryptocurrency markets in the near term. Daily cryptocurrency market performance. Source: Coin360 A drop in the cryptocurrency Markets may start a discussion that the rally in January may have been a bull trap. However, the price action in Bitcoin and several altcoins show tha...

Some crypto tokens will perform better than stocks in 2023 as they become less sensitive to macroeconomic factors, according to CIO at Arca Jeff Dorman. Digital assets will largely decouple from traditional equity Markets in 2023, says Chief Investment Officer at Arca, Jeff Dorman. Discussing his outlook for 2023 in a recent interview with Cointelegraph, Dorman argues that as the global economy enters a recession this year, equities will be negatively affected while some crypto tokens will perform well: the value of the latter, he explained, is determined not only by macroeconomic factors but also by their utility within the respective ecosystems, which would remain unaltered in a recession. “You're going to see a lot of stocks get punished under the weight of restructurings and under the weight of lower revenues and lower cash flows. And you're actually going to see a lot of tokens do really well”, Dorman explained.  Crypto's decoupling process from equities may not ...