Litecoin (LTC) Jumps 10%: Can the Bulls Fuel a Bigger Rally?
Litecoinpriceisgainingpaceabovethe$70.00levelagainsttheUSDollar.LTCcouldcontinuetoriseifitclearsthe$72.80resistancezone. Litecoinisshowingpositivesignsfromthe$65supportzoneagainsttheUSDollar. Thepriceisnowtradingabove$70andthe100-hourlySimpleMovingAverage. Thereisakeybullishtrendlineformingwithsupportat$68.00onthehourlychartoftheLTC/USDpair(datafeedfromKraken). Thepriceisupover10%andmightcontinuetoriseifitclearsthe$72.80resistancezone. LitecoinPriceGainsBullishMomentum Afterformingabaseabove$65,Litecoinstartedafreshincrease.LTCpricebrokethe$68and$70resistancelevelstomoveintoapositivezone,likeBitcoinandEthereum. Thepricegainedover10%andevenclearedthe$72level.Ahighwasformedat$72.74andthepriceisnowconsolidatinggains.Itisstableabovethe23.6%Fibretracementleveloftheupwardmovefromthe$65.29swinglowtothe$72.74high. Litecoinisnowtradingabove$70andthe100simplemovingaverage(4hours).Thereisalsoakeybullishtrendlineformingwithsupportat$68.00onthehourlychartoftheLTC/USDpair.Thetrendlineisclosetothe61.8%Fibretracementleveloftheupwardmovefromthe$65.29swinglowtothe$72.74high. Ontheupside,immediateresistanceisnearthe$72.00zone.Thenextmajorresistanceisnearthe$72.80level.Ifthereisaclearbreakabovethe$72.80resistance,thepricecouldstartanotherstrongincrease.Inthestatedcase,thepriceislikelytocontinuehighertowardthe$75.50and$78.00levels.AnymoregainsmightsendLTC’spricetowardthe$80.00resistancezone. AreDipsSupportedinLTC? IfLitecoinpricefailstoclearthe$72resistancelevel,therecouldbeadownsidecorrection.Initialsupportonthedownsideisnearthe$71.00level. Thenextmajorsupportisformingnearthe$69.00level,belowwhichthereisariskofamovetowardthe$67.50support.Anyfurtherlossesmayperhapssendthepricetowardthe$65.00support. Technicalindicators: HourlyMACD–TheMACDisnowgainingpaceinthebullishzone. HourlyRSI(RelativeStrengthIndex)–TheRSIforLTC/USDisabovethe60level. MajorSupportLevels–$71.00followedby$67.50. MajorResistanceLevels–$72.80and$80.00. newsbtc.com
Key Technical Indicator Suggests Bitcoin Price Could Skyrocket to $233,000 by Early 2025
AcryptocurrencyanalysthasrecentlypredictedthatBitcoin’spricecouldsurgetoastaggering$233,000bythefirstquarterof2025,basedonakeytechnicalindicatorthatBTC’scurrentconsolidationphasecouldleadtoamassivepriceincrease. InapostsharedonthemicrobloggingplatformX(formerlyknownasTwitter),cryptocurrencyanalystBitcoindata21suggestedthatthere’sahistoricalcorrelationbetweenBitcoin’sRelativeStrengthIndex(RSI)peaksandthecryptocurrency’spricerises. TheRelativeStrengthIndexatechnicalindicatormeanttochartthecurrentandhistoricalstrengthorweaknessofanasset‘srecentpricechanges. BycomparingcurrentRSIlevelstothoseduringpreviousbullmarkets,asCointelegraphfirstreported,theanalysthasconcludedthatapricetargetof$233,000orhigherisarealisticpossibilityinthefirstquarterofnextyear. Justtotietogethermyprevious2posts: ThetopofthetrendchannelformonthlyRSIisaround88.6inQ12025.IfyouareexpectingitNOTtogethit,thenyoubelievethistimeisdifferent. The2standarddeviationredline(formonthlyRSIcumulativemean)is89.3 Sothe…https://t.co/NyOJPLDdmNpic.twitter.com/QDTDEFaWvt —bitcoindata21(@bitcoindata21)October14,2024 Thepriceprediction,whileambitious,isn’tentirelywithoutprecedentasBitcoin’spastbullmarketshavebeencharacterizedbyrapidandsubstantialpricerises,oftenasaresultofsupplyshocksinthemarketafterhalvingevents.Bitcoin’slatesthalvingwasseeninAprilofthisyar. Bitcoinisatthetimeofwritingtradingat$65,000aftermovingupsignificantlyoverthepastweek.Datafromon-chainanalyticsfirmCryptoQuant,asreported,showsthatBitcoinreservesonexchangesrecentlyhitanall-timelowof2.6millionBTC,downfromover3.3millionseennearlythreeyearsago. Meanwhile,theBitcoinnetworkhasremainedactive,withhighlevelsoftransactionvolumeandaddressusageaslong-termholderskeeponaccumulating,whileshort-termholders“showsignofselling.” LowerBitcoinreservesonexchangessuggestthatavailablesupplyonthemarketisdropping,whichmeansthatthepriceofthecryptocurrencycouldriseifdemandremainssteady,orifitincreases.BTC’spricecouldhavealsorecentlybenefittedfromthetrusteeoverseeingMt.Gox’sassetsannouncinganotherdelayindistributingtheremainingfundstocreditors,pushingthedeadlinebyoneyeartoOctober31,2025. SupplyonthemarketmayhavealsodroppedasBitcoinstakingprotocolBabylonhasrecentlyreopenedforadditionalBTCdeposits,anddrewinabout$1.5billionworthoftheflagshipcryptocurrencyshortlyafterdoingsoasinvestorsrushedintostaketheircoinsinlessthananhourandahalf. FeaturedimageviaUnsplash. cryptoglobe.com
BREAKING: Grayscale to Apply to Convert its Bitcoin, Ethereum, Solana, XRP and AVAX Fund into an ETF
Accordingtothelatestinformation,GrayscaleispreparinganapplicationtoconvertitsDigitalLargeCapFund,whichincludesBTC,ETH,SOL,XRP,andAVAX,intoanETF. en.bitcoinsistemi.com
Grayscale Files to Convert Digital Large Cap Fund into Mixed Crypto ETF
GrayscaleInvestments,aleadingcryptoassetmanagementfirm,hasfiledarequestwiththeU.S.SecuritiesandExchangeCommission(SEC)toconvertitsDigitalLargeCapFund,whichincludesmajorcryptocurrencieslikeBitcoin,Ethereum,Solana,XRP,andAvalanche,intoanexchange-tradedfund(ETF).Currentlytradingover-the-counterwith$524millioninassetsundermanagement(AUM),thefund’scompositionisdominatedbyBitcoin(nearly75%)andEthereum(around19%),withSolana,XRP,andAVAXmakinguptheremainder. ThismovefollowsGrayscale’sprevioussuccessfulconversionsofbothBitcoinandEthereumfundsintoETFs.Grayscale’sBitcoinETF,launchedinJanuary,boastsanAUMof$14billion,underscoringthegrowingdemandforregulatedcryptoinvestmentproducts.AsGrayscalecontinuestopushforwardwithitsETFofferings,thefirmalsorecentlylaunchedproductsprovidingexposuretoXRPandAAVE,highlightingitsambitiontoofferdiversified,regulatedcryptoinvestmentoptions. Grayscale’sCEO,MichaelSonnenshein,emphasizedtheimportanceofofferingtransparentandregulatedaccesstocryptothroughfamiliarproductstructures.Thisispartofthecompany\'sbroaderstrategy,particularlyafteritscourtvictoryovertheSEC,toconvertitsflagshipBitcoinTrustintoaspotETF.TherecentfilingsalsoplaceGrayscaleincompetitionwithotherassetmanagerslikeBitwiseandCanaryCapital,whoareseekingapprovalfortheirownXRPETFs.WhileGrayscaleawaitstheSEC\'sdecisiononitsfilings,itsEthereumTrust—currentlythelargestetherinvestmentproductgloballywithnearly$5billioninAUM—maysoonbeconvertedintoaspotEthereumETFaswell. Grayscale’sefforts,ifsuccessful,wouldfurthersolidifyitspositionasamarketleaderinofferinginvestorsaccesstoawiderangeofcryptoassetsthroughregulatedandfamiliarinvestmentvehicles.Withcompetitionheatingup,theapprovalofmorespotcryptoETFs,especiallyforXRPandEthereum,couldsignificantlyshapetheU.S.cryptoinvestmentlandscapeinthecomingmonths. bsc.news
What Factors May Affect XRP ETF Approval?
NateGeraci,thePresidentofETFStore,hasputthespotlightonkeyelementsthatcouldswaytheU.S.SecuritiesandExchangeCommission(SEC)towardsapprovingapplicationsforXRPETFs.Variousassetmanagers,includingBitwiseandCanaryCapital,arevyingfortheSEC’snodtointroducetheseinvestmentvehiclesaimedatinstitutionalinvestors. Contents 1WhatRoleDoesTrumpPlayinThisScenario? 2WhatChallengesRemainforApproval? WhatRoleDoesTrumpPlayinThisScenario? DuringaninterviewontheThinkingCryptopodcast,GeracisuggestedthatapotentialwinforDonaldTrumpintheupcomingpresidentialelectionscouldpositivelyimpacttheSEC’sdecision-makingregardingXRPETFs.HebelievesTrump’spushforamorecrypto-supportiveregulatoryenvironmentwouldlikelyenhancethechancesofapproval. WhatChallengesRemainforApproval? Despitetheoptimisticoutlook,GeraciwarnedthatTrump’selectiondoesnotassureautomaticapproval.ThelackofXRPfuturescontractstradingontheCMEisamajorhurdle,astheestablishmentoffuturesmarketshaspreviouslyfacilitatedtheapprovalprocessforBitcoinandEthereumETFs. KeytakeawaysfromGeraci’sinsightsinclude: Trump’spresidencymaycreateamorefavorableclimateforXRPETFapprovals. TheabsenceoftradingforXRPfuturescontractspresentsasubstantialbarrier. TheSECwilllikelyrequiremeasurestopreventmarketmanipulationpriortoanyapproval. AclearregulatoryframeworkfromCongresscouldbenefitthecryptoindustryasawhole. ThepathtoSECapprovalforXRPETFsisfraughtwithcomplexities,heavilyinfluencedbyregulatoryconditionsandpoliticaldynamics.Investorsareadvisedtostayvigilantregardingshiftsinpoliciesandemerginglegislativeframeworks. en.bitcoinhaber.net
Crypto Rally: Bitcoin and Altcoins Climb After China Boosts Debt Ceiling for Economic Stimulus
Bitcoinclimbedto$64,300followingChina’sneweconomicstimulusmeasures. Othercryptocurrencies,likeEthereumandSolana,alsosawgains. Bitcoinhasrisentoaseven-dayhigh,reaching$64,300,followingChina’sannouncementofneweconomicstimulusmeasuresovertheweekend.Thecryptocurrencytradedupby2.5%duetopositivesentimentsfrominvestorsduetoChina’splanstoincreaseitsdebttoboosttheeconomy. Afterdecliningslightlytobelow$60,000earlierlastweek,Bitcoinhashadastrongcomeback.ThisupwardmovementcamedespiteincreasedmarketvolatilityandconcernsoverrisingUSconsumerpriceindex(CPI)data,initiallydraggingBitcoinpricesdown. However,long-terminvestors,especiallytheBitcoinwhales,havenotstoppedseizingtheopportunitiesfromthesemarketdeclines.SinceMarch,theselargeinvestorshavebought1.5millionBitcoins,roughly7%ofalltheBitcoinsincirculation.ThisaccumulationhashelpedintherecoveryofBitcoin’sprice. Besideswhaleaction,institutionalinterestinBitcoinhasnotwanedeither.BitcoinETFshaverecentlysurpassed5%ofthetotalsupplyofBitcoin.Thishasalsohelpedincreasethemarket’sconfidence,asbigfirmssuchasBlackRockandMetaplanethavecomeintosupporttheinstitution. ThisisnotthefirsttimeChina’seconomicdecisionshaveimpactedthepriceofBitcoin.Bitcoinhit$65,000inlateSeptemberafterChinapumped$113billionintotheeconomyandrelaxedseveralbankingmeasures,includingreducingreserveratios. AltcoinsFollowBitcoin’sLead ThisrallyinBitcoinhasalsoledtogainsacrosstheothercryptocurrenciesinthemarket.ThepricesofprominentdigitalcurrencieslikeEthereum(ETH),BinanceCoin(BNB),Solana(SOL),andDogecoin(DOGE)alsosawsignificantincreases.Thecollectiverallyindicatesincreasedadoptionofcryptosasaproductofmacroeconomicchanges. DespitethefactthatOctoberhasrecentlybeenrelativelycalmforBitcoinandothercryptocurrencies,expertsstillhavehighexpectationsforfurthergrowth.Analystshavebeendebatingwhenthemuch-awaited‘Uptober’willcomeintoplay,withOctoberhavingbeengoodtoBitcoininvestorsnineoutofthelastelevenyears. BitcoinerKyleChasséstatedinapostonXthat“thetidesareshifting”indicatingthatthepriceofBitcoincouldbesettoriseinthenearfuture.Chasséexpressedconfidenceinthemarket,stating,“Thenextbigrallyisn’tjustapossibility—it’sarealitywaitingtounfold.” ChinaIncreasesGovernmentDebttoBoostEconomy TherecenthappeningsinthemarketcanbeattributedtoChina’sdecisiontoincreaseitsgovernmentdebtissuance.Inapressconference,China’sfinanceminister,LanFo’an,confirmedthatthegovernmentwillcontinuetousewhatitcalls“counter-cyclicalmeasures”tosupporttheeconomy. However,hedidn’tprovideclearfigures,whichraisedquestionsamonginvestorsregardingtheamountandthenatureoftheproposedstimulus.WhileLanfocusedontheworkingonlocalgovernmentdebt,helpinglow-incomefamilies,andstimulatingthepropertymarket,thelackofspecificfiguresraisesquestionsaboutthesuccessofthefuturepolicies. ThesemeasuresareviewedasaresponsetotheeconomicslowdownidentifiedattheSeptemberPolitburomeetinginChina. crypto-news-flash.com
Tesla Relocates $760M Worth of Bitcoin, While Spacex Funds Remain Untouched
OnOct.15,2024,Teslainitiatedatransaction,transferring1,800BTCatprecisely5:03p.m.EDTatblockheight865,811.Followingthisinitialmove,thecompanyshiftedagrandtotalof11,509BTC,valuedatmorethan$760million,fromitswell-knownwallets.Atthistime,it’ssuspectedthatthefundshavebeenrelocatedtonewwallets,althoughthisremainsunconfirmed. Tesla’sBitcoinExodus Teslahasemptieditsbitcoinholdings,withallassetssenttounknownwallets.Interestingly,alltheaddressesreceivingthefundswerelegacy-styleP2PKH(PaytoPublicKeyHash)addresses.ThefirstbatchofBTC,detectedbyArkhamIntelligence,involved1,800BTCsenttoawalletstartingwith“1D6Vh,”wherethefundsremainuntouchedasofnow.Thesameholdstruefortheremaining11,509BTC,whichwasmovedinaseriesofroughly20distincttransactions,collectivelyvaluedatover$760million. ElonMusk‘sSpacex,withitsholdingof8,285BTCvaluedat$555.47million,addsanotherlayertothebroadernarrativeofhiscompanies’significantinvolvementincryptocurrency.AsTeslamovesitsfunds,attentionturnstoSpacex’sstrategy.Thealignmentofthesemassiveholdingssuggestsacalculatedapproach,leavingspeculationonhowtheseassetswillbemanaged.Itremainsuncertainifthesecoinsweresoldormerelytransferred. Thelarge-scalemovementofTesla’sbitcoincouldsignalstrategicrepositioningorenhancedsecuritymeasures,raisingquestionsaboutthecompany’sfuturecryptointentions.Whilethedestinationandpurposeofthesefundsremainunclear,thistransactionhasundoubtedlycaughttheattentionofanalystsandcryptoenthusiastsalike,sparkingcuriosityaboutTesla’sevolvingroleinthedigitalassetspace. news.bitcoin.com
As Bitcoin Tops $66K, Fear & Greed Index Moves To Neutral—What’s Next?
AnalystsobservedthatthenumberofBitcoinactiveaddressesisunaffectedbythefluctuatingsentimentsaroundthemostpopularcryptocurrency,sayingitremainsremarkablystable.This,asthealphacoinbreachesthe$66,000levelatthetimeofwriting. ActiveaddresscountmonitorsthenumberofuniqueBitcoinaddressesthathavebeeninvolvedinatransactionduringagivenperiod.Thismetricisviewedasanessentialindicatorofthedigitalasset’shealthandadoption. AccordingtoSantiment,theseven-dayaverageofabout3.5millionactiveaddressesindicatesthatthedigitalcoin’skeyyardstickremainedstrong,unmovedbytheneutralsentimentrecordedfortheBitcoinfearandgreedbarometer. ThisdespitethepriceofBitcoinundergoingallthatvolatilityassociatedwithcryptomarkets,thecountofactiveaddressesstoodfirm,showingthatcoreusersandparticipantscontinueactivelyusingthecryptocurrencyfortheirtransactionsandholdings. Still,ActiveAddressesAreSomewhatBelowYearlyAverage Activeaddresseshavebeenrelativelystaticoverthelastfewdays,andits2024monthlyaveragehasn’tyetovercometheyearlyaverage,soengagementsaredown. ItwasfoundbyGlassnodetobeinparallelwiththeslideseenmid-2018duringtheBitcoinpricecorrectionafteritsbullrunof2017. Althoughpriceshaveralliedbriefly,networkactivityhasnotreturnedinamannerconsistentwithpastcycles.Thedeclineinactiveaddressesandthepost-halvingperiodofthisyearpointtoadecliningneedforblockspacebythenetwork,whichcouldbeasignofawiderslowdowninthenumberofBitcoinusers. APositiveLong-TermOutlook? Analystspointedoutthattheconsistentnetworkactivitywouldsuggestthatthelong-termprognosisfortheassetrelatedtocryptocurrenciesstaysfavorable. ItalsodemonstratedhowthebasicusageandinteractionwiththeBitcoinnetworkhavenotbeenimpactedbytheswingsinthedigitalcurrencyenvironmentofspeculativeinvestments. Independentoftheenthusiasmorfearthatcoulddrivetemporarypricechanges,thepersistenceoftheactiveaddresscountindicatesafundamentalrobustnessofBitcoin’sinfrastructureandtheactualreal-worldbenefititoffers. SentimentOnBitcoinStabilizing Afterthemarketsentimentexperiencedhighsandlowsinthepastfewdays,theBitcoinfearandgreedindexrevealedthatsentimenthasfounditswayintheneutralzone. Atthetimeofwriting,thefearandgreedindexwasat48,asignofamarketinequilibrium.Italsosignaledtheshifttoneutralcourtesyoftheincreasedanxietyandgreedbroughtonbychangingprices. Basedonvariouscriteriaincludingvolatility,volume,andsocialmediatrends,theBitcoinfearandgreedindexsuggeststhatfollowingtherecentstrongmarketswingsinvestorsareadoptingawait-and-seestrategybeforejumpinginandinvesting. FeaturedimagefromPexels,chartfromTradingView newsbtc.com
Investment Company Files for First Spot Litecoin ETF
Litecoin(LTC)sawabriefsurge,followinganofficialfilingbyCanaryCapital,aninvestmentfirmwithafocusoncrypto,foraspotLitecoinETF. ThisfilingmarkedthefirstattempttogetregulatoryapprovalforanETFtieddirectlytothespotpricesofLTC,whichcurrentlyranksasthe27thlargestcryptocurrencybymarketcapitalization. TheLitecoinETF’sunderlyingtrustwillexclusivelyholdLTC,aimingtomirrorLitecoin’spricewhileaccountingforoperationalexpenses.Forsecurity,mostoftheLTCwillbestoredinofflinecoldstoragetominimizehackingrisks,withthecustodianmanagingbothcoldandhotwalletsystems.Asmallamountofassetswillremaininhotwalletsforquicktransactions. SharesintheETFwillbeissuedandredeemedinbulkbyAuthorizedParticipants,typicallybroker-dealers.TheseparticipantswillexchangecashfornewlyissuedsharesoftheETFandreceivecashbackwhensharesareredeemed. AlthoughAuthorizedParticipantswon’tdirectlyhandleLitecoin,theirinvolvementinsharecreationandredemptioncouldaffecttheLTCmarket,potentiallycausingpriceshiftsduetoarbitragebetweentheETF’ssharevalueandLitecoin’smarketprice. CanaryCapital’srecentETFproposalforLitecoincameshortlyafteritsearlierfilingthismonthforanXRPETF.BothLitecoinandXRParealsoofferedthroughGrayscale’strusts—theGrayscaleLitecoinTrust(LTCN)andthenewlylaunchedGrayscaleXRPTrust(XRX). TheLitecoinTrust,launchedin2018,allowsinvestorstogainpriceexposuretoLTCwithoutthehassleofdirectcryptoownership,whiletheXRPTrustbeganjustlastmonth. TheseETFapplicationscomeamidgrowinginterestincryptoinvestments,spurredbytherecentintroductionofspotBitcoinandEthereumETFsintheU.S.Ifapproved,theproposedETFscouldboostliquidityandstabilizethepricesofthesecryptoassets.However,regulatoryapprovalremainsuncertain,astheSECcontinuestoviewmostcryptocurrencies,apartfromBitcoinandEthereum,assecurities. cryptodnes.bg