A trader who accurately predicted the bottom of Bitcoin's 2018 bear market believes that the cryptocurrency is on the verge of another significant upward movement. The trader, known as Bluntz, has a large following on the social media platform X and has identified a bullish pennant pattern in Bitcoin's current consolidation phase.
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The crypto prices today have started the month on a positive note, continuing the rally from October. This upward momentum is in line with the "Uptober" sentiment that is typically observed in the digital asset space. The crypto market fear and greed index currently stands at 72, indicating a "greed" scenario in the market.
The XRP price has increased by 3% in the last 24 hours, reaching $0.60 and pushing its market cap to $31.7 billion. On-chain data reveals that this price surge is accompanied by a rise in whale participation. According to Santiment, the number of wallets holding at least 10,000 XRP has reached an all-time high of 277,620. This surge in price and whale activity suggests a positive outlook for XRP.
Ripple's native cryptocurrency XRP has maintained stability around the current level of $0.59, following the recent upsurge in the crypto market. Analysts expect a positive outcome for XRP going into November 2023.
Top Republican lawmakers are demanding that the U.S. Securities and Exchange Commission's (SEC) April 2022 rule on crypto accounting be blocked. They argue that the rule, known as Staff Accounting Bulletin (SAB) 121, is harmful and prevents companies from revealing their crypto asset balances.
A crypto strategist warns that Dogecoin (DOGE) may experience a deep pullback after failing to break through a key resistance level. The pseudonymous analyst, Rekt Capital, notes that Dogecoin respected its multi-month diagonal resistance last week, indicating a potential fall to its support at around $0.053. The recent weekly close below the channel top resistance suggests that the DOGE breakout is postponed, with previous similar closes resulting in downside movement. However, if DOGE can hold its highs and reclaim the channel top as support, there may still be a chance for an upward move. On the weekly chart, DOGE needs to convert the $0.07 resistance into support to confirm the channel breakout. At the time of writing, DOGE is trading at $0.0697.
The Financial Conduct Authority (FCA), the regulatory body responsible for overseeing financial markets and financial services firms in the United Kingdom, has issued a warning to UK customers regarding the crypto exchange Bitfinex. In a press release, the FCA states that Bitfinex may be promoting financial services or products without the necessary authorization or approval from the FCA. As a result, the FCA advises customers to avoid doing business with Bitfinex.
The judge ruled that the jury should find Bankman-Fried guilty of one count of wire fraud if there was either misrepresentation or misappropriation in how he marketed FTX to customers. This ruling is an early win for the prosecution.
The Biden administration has recently issued an ambitious order aimed at regulating artificial intelligence (AI). This order is an attempt to address the concerns and aspirations of various stakeholders, including tech CEOs and civil rights advocates. However, it is important to recognize the limitations of the White House's power in implementing this vision. The execution of the Biden administration's plan will heavily rely on the actions taken by executive branch agencies, which may face legal challenges. Additionally, the legislative branch is also actively working on its own plans for regulating AI.
Exchange-Traded Funds (ETFs) have the potential to revolutionize the accessibility of bitcoin investments. Unlike the cryptocurrency itself or existing bitcoin investment products, such as the Grayscale Bitcoin Trust (GBTC), ETFs offer a simpler and more convenient option for the average investor.
According to a recent projection by global asset management firm Bernstein, Bitcoin (BTC) price is expected to reach $150,000 levels in the 2024 to 2027 cycle.
Siemens, a powerhouse in technology, and Microsoft, a global software leader, have joined forces to create something phenomenal. The Siemens Industrial Copilot, a generative AI assistant, is now set to transform the professional world across various sectors.
The Government Accountability Office (GAO) has concluded in a report that the 2022 guidance on cryptocurrency should have been treated as a formal rule. The report states that the industry believes this guidance threatens the ability of crypto investors to find safe harbors for their assets. According to federal rulemaking procedures, the GAO argues that the accounting bulletin should have gone through a different process, including submission to Congress before it went into effect. However, the report clarifies that this finding does not directly impact the ongoing status of the bulletin as technically nonbinding SEC policy.
Circle, the stablecoin issuer, recently announced its plans to terminate individual or consumer accounts by November 30. This decision was revealed when a crypto enthusiast shared an email from Circle on social media. As a result, users discovered that functionalities like wiring and minting will no longer be available for these accounts.
In a recent strategy session, veteran crypto trader Tone Vays highlights a bullish pattern forming in Bitcoin (BTC) that could lead to a significant breakout. With a large following of 123,000 subscribers on YouTube, Vays predicts a potential 10% surge in Bitcoin's price.