Droppers of btc

2023-09-03 19:35:11 Bitwise Retracts Bitcoin and Ether Market Cap Weight Strategy ETF Registration

In a recent submission to the U.S. Securities and Exchange Commission (SEC), Bitwise has decided to retract its registration for its Bitcoin and Ether Market Cap Weight Strategy exchange-traded fund (ETF). The reasoning behind this action remains unknown, but Bitwise’s chief legal officer, Katherine Dowling, briefly noted that the company has postponed plans to launch the fund.

Subsequent to the postponement of seven spot bitcoin ETFs, Bitwise Asset Management has rescinded its Bitcoin and Ether Market Cap Weight Strategy ETF, as stated in an SEC filing on August 31, 2023.

Owing to the market cap of bitcoin (BTC) and ethereum (ETH), the combined allocation of these crypto assets within the proposed ETF would have been constrained at 75%.

Bitwise was one of the seven ETF filings that experienced a delay this past week, which encompassed Wisdomtree, Valkyrie, Fidelity’s Wise Origin, Vaneck, Blackrock, and Invesco Galaxy. Regardless of this setback, Bloomberg’s senior ETF analyst Eric Balchunas mentioned that he and James Seyffart still assign a 75% probability for spot BTC ETF approval in 2023.

The Bitwise spot bitcoin ETF aspires to be listed on the NYSE Arca under the ticker symbol “BITW.” The ticker for the Bitwise Bitcoin and Ether Market Cap Weight Strategy ETF was going to be “BITC,” before the fund was withdrawn. Open / Comment

2023-08-31 18:05:07 South African Crypto Premium Surge After Kraken Abruptly Starts Blocking Deposits by Local Residents

The premium on crypto assets listed on South African exchanges briefly surged to 3.5% after Kraken’s abruptly started blocking deposits from users based in the African country. Some South African crypto experts have linked Kraken’s decision to the Financial Action Task Force’s recent addition of the African country to its greylist.

According to a report, the U.S.-based crypto exchange Kraken’s recent decision to stop accepting deposits from South African nationals briefly saw the premium on crypto assets like bitcoin surge to 3.5%. Before Kraken’s announcement, the premium or arbitrage, which is the gap between prices of crypto assets on global exchanges and South African exchanges, had reportedly ranged between 0.7% and 1.5%.

As explained in a report published by Moneyweb, Kraken made the sudden decision to block South African deposits after its banking partner placed the African country on its anti-laundering blacklist.

Meanwhile, the report by Moneyweb suggested that Kraken’s abrupt decision had impacted many local crypto arbitrage market participants. However, according to the report, market participants such as crypto arbitrage and forex specialists like Future Forex have since found alternatives. Open / Comment

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2023-08-28 22:32:14 Bitcoin, Ethereum Technical Analysis: BTC Consolidates, Ahead of Key Week of US Economic Announcements

Bitcoin hovered below $26,000 on Monday, as traders awaited a big week of economic announcements in the United States. The consumer confidence report will be released on Tuesday, with gross domestic product and nonfarm payrolls coming in the upcoming days. Ethereum was largely unchanged today.

Bitcoin started the week hovering around the $26,000 region, as markets prepared for a big week of economic data. Following a high of $26,406.15 on Sunday, BTC/USD dropped to an intraday low of $25,914.93 earlier in today’s session.

The world’s largest cryptocurrency has mostly consolidated around this level for the past ten days, since surging above $30,000 earlier in the month.

Bitcoin chart by TradingView

Since then a huge red wave has swept through the market, with BTC falling to a two-month low just over a week ago. Prices have continued to trend sideways as the 14-day relative strength index (RSI) has failed to break out of a resistance level of 30.00.

Ethereum chart by TradingView

Similar to bitcoin, the RSI has been unable to move past a ceiling of 33.00, which seems to be the main barrier to a bullish resurgence. In the event this level is breached in the coming days, ethereum will most likely move above $1,700. Open / Comment

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2023-08-25 18:35:14 Bitcoin, Ethereum Technical Analysis: BTC Traders Jittery, as Federal Reserve Symposium in Jackson Hole Is Under Way

Bitcoin marginally declined during Friday’s session, concurrent with the ongoing Federal Reserve symposium in Jackson Hole. The Chair of the Fed, Jerome Powell will be speaking at the annual meeting, and providing guidance on the upcoming policy decision. Ethereum also consolidated today.

Bitcoin briefly fell below the $26,000 level on Friday, as traders readied themselves for Jerome Powell’s speech. BTC/USD dropped to an intraday low of $25,914.93 earlier in the day, following a high of $26,406.15 on Thursday.

The decline saw bitcoin move one step closer to its recent support point of $25,600, a level it has tracked for most of the week.

Bitcoin chart by TradingView

From the chart, the decline comes after the 14-day relative strength index (RSI) was unable to move beyond a ceiling of 30.00 during yesterday’s session.

As of writing, price strength is tracking at 25.89, which remains highly oversold, and could be heading even lower, to a floor of 20.00.

Ethereum chart by TradingView

Similar to BTC above, today’s drop comes after the RSI collided with a resistance point of 33.00 on Thursday.

The index now sits at a reading of 30.66, with the next floor over 10.00 points away. Open / Comment

2023-08-21 17:58:01 Bitcoin, Ethereum Technical Analysis: BTC, ETH Consolidate, Following Last Week’s Losses

Bitcoin rebounded from this weekend’s low on Monday, as markets attempted to consolidate following recent losses. The cryptocurrency rose back above the $26,000 level, after a brief stint below this point. Ethereum also settled, after declines over the weekend.

Bitcoin was marginally higher to start the week, as the cryptocurrency climbed back above the $26,000 level on Monday. Following a low of $25,919.02 on Sunday, BTC/USD rose to an intraday peak at $26,260.68 earlier in the day.

Overall, bitcoin traders seem to have found a semi-stable floor around the $25,900 mark, and now look set to potentially recover some of last week’s gains.

Bitcoin chart by TradingView

Looking at the chart, the relative strength index (RSI) is now tracking at 20.57, which is still deep in the oversold region.

This could work out to benefit bulls however, as bearish momentum may be fully exhausted after last week’s run.

Ethereum chart by TradingView

Similar to bitcoin above, the 14-day RSI remains oversold, and is currently tracking around the 25.00 region. From the chart, the next visible point of resistance seems to be at the 31.00 level, which bulls will likely be targeting.

Should they break out of this point, ETH will likely move back above $1,700.

Ethereum (ETH) was marginally higher on Monday, as price continued to settle around a new support point. ETH/USD hit a high of $1,692.33 to start the week, as bulls attempted to take the world’s second largest cryptocurrency back above $1,700.

The jump in price came as ethereum settled on a support point around the $1,650 mark, with bulls using this as a point of reentry. Open / Comment

2023-08-18 17:54:02 Bitcoin, Ethereum Technical Analysis: BTC Plummets Below $26,000 on Reports Elon Musk’s Spacex Liquidated Bitcoin Holdings

Bitcoin (BTC) bears pushed the cryptocurrency to a two-month low on Friday, following news that Spacex had liquidated all of its holdings BTC. After peaking at $28,525.11 during Thursday’s session, BTC/USD plunged to a bottom at $25,409.11 late last night.

This was the weakest point that bitcoin had fallen to since June 16, when price was near a breakout below $25,000.

Bitcoin chart by TradingView

From the chart, it appears that the sell-off came as the 14-day relative strength index (RSI) fell deep into oversold territory. The index is now tracking at 20.10, which is the lowest level it has hit since January 2022, which ironically was when Tesla began to sell off its own holdings in bitcoin.

Price has somewhat rebounded from earlier lows, and is now trading at $26,341.67.

Ethereum chart by TradingView

Like with BTC above, today’s sell-off has moved the RSI into a bear zone, with a current reading of 21.30. This could work in the favor of bulls looking to buy the dip, and to a degree already has, with ETH now trading at $1,678.05.

In addition to bitcoin, ethereum (ETH) also moved significantly lower following the news, slipping below $1,600 in the process.

ETH/USD dropped to an intraday low of $1,551.71 on Friday, down nearly $200.00 from Thursday’s peak. This is the weakest reading for ethereum since March 12, when price was trading below the $1,459 level. Open / Comment

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2023-08-15 19:44:01 From Crypto Custodian to Court: Prime Trust Files for Bankruptcy Protection

In the wake of financial upheavals and regulatory hurdles, Prime Trust, a digital currency custodian, has formally sought Chapter 11 bankruptcy protection. This move closely follows the appointment of John Guedry as the company’s overseer, bolstered by a designated committee to steer the restructuring process.

Despite the chaos, Prime Trust pledges to operate with transparency, prioritizing its stakeholders’ best interests.

As the gravity of Prime Trust’s monetary woes intensified, the Nevada Financial Institutions Division stepped in, signaling its plan to dismantle Prime Trust and seize its holdings.

Upcoming on Prime Trust’s agenda is the submission of multiple proposals to the Bankruptcy Court. These proposals are designed to refine the assessment of all viable approaches, potentially encompassing the sale of company assets and ongoing operations.

These deliberations emerge from Prime Trust’s recent ordeals, notably its ties with crypto entities like Stably, which encountered disruptions due to their affiliations with the beleaguered custodian. Open / Comment