Analysis

Biggest Movers: ETC Up 12%, As SOL Nears 1-Month High

Published

1 week ago

March 18, 2023

Biggest Movers: ETC Up 12%, As SOL Nears 1-Month High

Ethereum classic rose by as much as 12% in today’s session, as cryptocurrency markets rallied to start the weekend. The global market cap is trading over 3% higher at the time of writing, as investors continue to buy crypto following the recent banking crisis. Solana was also higher in today’s session.

Ethereum Classic (ETC)

Ethereum classic (ETC) rose by as much as 12% in today’s session, as traders continued to pump cryptocurrencies.

Following a low of $19.14 on Friday, ETC/USD moved to a high of $22.46 to start the weekend.

The move came as ethereum classic rose back above a recent floor at $20.00, hitting its strongest point since February 22 in the process.

ETC/USD – Daily Chart

Looking at the chart, the rally also coincided with the 14-day relative strength index (RSI) breaking out of a ceiling at the 58.00 mark.

As of writing, the index is tracking at 60.22, which is its highest reading since February 2.

The next visible point of resistance appears to be a ceiling at 65.00, which could lead to ETC moving closer to the $25.00 mark.

Solana (SOL)

In addition to ETC, solana (SOL) was also in the green to start the weeknd, with prices trading by as much as 9% higher.

SOL/USD rose to a peak of $22.54 earlier in today’s session, after falling to a floor at $19.94 the day prior.

As a result of Saturday’s surge solana has now moved to its strongest point since late-February.

SOL/USD – Daily Chart

Like with ETC, a catalyst for the move was a breakout which took place on the RSI indicator.

As of writing, the index is now tracking at 55.71, which is above the aforementioned ceiling at 50.00

In the short-term bulls may attempt to send the token to $23.00, which is the next key price point for SOL.

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Do you believe that solana will hit $23.00 this weekend? Let us know your thoughts in the comments.

Eliman Dambell

Eliman was previously a director of a London-based brokerage, whilst also an online trading educator. Currently, he commentates on various asset classes, including Crypto, Stocks and FX, whilst also a startup founder.

Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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ada price prediction

Cardano [ADA] bulls began to fight against the bearish trend but…

Published

12 hours ago

March 27, 2023

Akashnath S

Cardano [ADA] bulls began to fight against the bearish trend but…

Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion.

The range formation was not yet broken but the mid-range was flipped to support.
Buyers can look to take profit on a move toward the range highs.

Cardano has traded within a range from $0.24 to $0.42 since November. Imminent levels of importance lie at $0.33, $0.35, and $0.42. Bitcoin was also trading beneath an enormous block of resistance in the $28k-$30k area.

Read Cardano’s [ADA] Price Prediction 2023-24

A retracement for Bitcoin could see short-term Cardano holders suffer greater losses. A drop beneath $0.35 and $0.33 appeared likely, but short sellers looking for swing opportunities can wait for a good risk-to-reward trade to present itself.

The $0.35 support region has been defended so far

Source: ADA/USDT on TradingView

Over the weekend, Cardano prices hovered above the $0.35 support level. On lower timeframes such as 1-hour, it was observed that the prices declined steadily from $0.363 to $0.349 but did not yet fall beneath this support zone.

On the daily timeframe, the indicators gave mixed signals. The Awesome Oscillator formed a bullish crossover above the zero line a few days ago when ADA broke out above the $0.35 resistance.

But the momentum was not strongly bullish yet. Meanwhile, the CMF showed significant capital flow out of the market with a reading of -0.07, which underlined severe selling pressure.

The Directional Movement Index showed both the ADX (yellow) and the +DI (green) above 20 and highlighted an uptrend in progress. While the price has formed a series of higher lows and higher highs over the past two weeks, this did not constitute an uptrend on the higher timeframes.

Realistic or not, here’s ADA’s market cap in BTC terms

Overall, it was a mixed bag. The price action showed that the range highs near $0.42 could be important this week. Buyers from lower levels can take profits there, while short sellers could keep an eye out for rejection.

MVRV begins to plummet once again

The sentiment of the holders did not appear to be strong as the 30-day MVRV ratio began to slide into negative territory once more. This suggested that Cardano holders were going deeper into a loss, and the selling pressure has not yet ceased.

The mean coin age metric was also in a slow decline since late January. The inference was that accumulation was not seen across the network in the past two months and another wave of selling could be upon us. The age consumed metric saw a spike on 24 March which could signal imminent selling pressure.

Analysis

New Kaspersky report finds 14% of crypto users don’t back up keys, seed phrases

Published

14 hours ago

March 27, 2023

Dorian Batycka

New Kaspersky report finds 14% of crypto users don’t back up keys, seed phrases Dorian Batycka · 2 hours ago · 2 min read

Survey also finds a third of Americans fall victim to cryptocurrency scams and theft, with an average loss per victim of $97,583.

2 min read

Updated: March 27, 2023 at 8:50 pm

Cover art/illustration via CryptoSlate

A third of Americans who own or have owned cryptocurrency have fallen victim to scams and theft, according to a recent survey by cybersecurity firm Kaspersky.

The survey released by the security firm found that a third of respondents have had their crypto assets stolen, with the average value of the theft being $97,583.

Kaspersky Value of theft (Courtesy: Kaspersky)

Additionally, a third of respondents have fallen victim to a fraudulent crypto-related website or investment scam, with 19% experiencing identity theft and 27% having payment details stolen and money taken from their bank account, the survey found.

Noting significant age differences in crypto ownership and theft, 36% of respondents aged 25-44 said that they own cryptocurrency or crypto assets, compared to just 10% of respondents aged 55+. Furthermore, nearly half (47%) of respondents aged 18-24 said they have had cryptocurrency or a crypto asset stolen, while just 8% of respondents aged 55+ said the same.

In terms of protection measures, the survey found that 24% of respondents currently own cryptocurrency or other crypto assets, and on average, respondents said the last time they checked on their crypto investments was six weeks ago.

However, 32% of respondents who own or have owned cryptocurrency or other crypto assets said they have lost access to a crypto-related account, and only 34% use multi-factor authentication to protect their accounts, while only 14% said they store seed phrases and private keys for their crypto.

Kaspersky–a firm that provides online and crypto security–advises users to be careful where they invest their money and to keep a close eye on phishing scams and fake websites.

Read more: Scam warning: Circle phishing campaign promises fake USDC DeFi swap

Kaspersky also recommends employing any extra security measures that are available, such as multi-factor authentication and using strong, unique passwords across all accounts, there are still other tools and methods people can use to keep their crypto safe.

While Kaspersky advises users to be vigilant and use any extra security measures available, other experts recommend using cold-storage wallets to mitigate the risk of crypto theft.

Ultimately, the survey highlights the need for increased awareness and caution when investing in cryptocurrency, be it backing up your seed phrases or more advanced methods like using cold-storage wallets, self-custody, and the principles of it are crucially important when it comes to safely storing crypto.

Analysis

Binance Bitcoin trading volume plunges 13% – lowest level in 8 months

Published

24 hours ago

March 27, 2023

Oluwapelumi Adejumo

Binance Bitcoin trading volume plunges 13% – lowest level in 8 months Oluwapelumi Adejumo · 6 hours ago · 2 min read

Bitcoin’s overall market liquidity has dropped to a 10-month low despite the asset’s continued rise in 2023.

2 min read

Updated: March 27, 2023 at 10:48 am

Cover art/illustration via CryptoSlate

Binance’s Bitcoin (BTC) daily trading volume has fell to its lowest levels since July 4, 2022, as the result of ending its zero-fee trading for all trading pairs except TrueUSD (TUSD), according to Kaiko data.

Kaiko researcher Riyad Carey pointed out that the last time Binance’s volume went this low was two days before it introduced the zero-fee trading options. According to him, the volume decline coincided with the end of free trading.

Binance Bitcoin Daily Volume (Source: Kaiko)

Binance ended the free trading option for most of its BTC’s stablecoin pair on March 22 — citing the recent regulatory issues facing the space. The free trading option helped the exchange increase its market share to 72% from 50.5% — it also accounted for roughly 61% of its total volume.

Meanwhile, Binance’s BTC-TUSD market share increased to approximately 10% while BTC-USDT volume on the exchange plunged to 68% from 81%.

Binance Bitcoin Volume (Source: Kaiko)

Since Binance phased out the zero-fee trading, TUSD’s liquidity has risen by more than 250% — while liquidity for stablecoins like Tether’s USDT and Binance USD (BUSD) has declined more than 60%, respectively.

Bitcoin’s declining liquidity

While Bitcoin has rallied by around 70% in the current year, market liquidity surrounding the flagship digital asset has dropped to a 10-month low. Market liquidity is how easy it is to transact an asset without affecting price.

Bitcoin liquidity (Source: Kaiko)

Kaiko’s Conor Ryder noted that the recent collapse of crypto-friendly banks has deeply affected U.S.-based exchanges due to the closure of US Dollar payment rails. He added that “market makers in the region [are] facing unprecedented challenges to their operations.”

According to Ryder, USD pairs spreads have suffered more volatility due to the uncertainty surrounding the crypto industry in the United States. Besides that, slippage on U.S-based exchanges has increased due to these issues.

For context, the slippage on a BTC-USD 100,000 sell order on Coinbase has increased by 2.5x from what it was in early March while that of Binance has barely moved.

Meanwhile, the increased tightening of USD access has seen exchanges pivot to stablecoins. According to Kaiko data, stablecoins now account for 95% of trading volumes on centralized exchanges.

Source: Kaiko

Ryder noted that while the pivot to stablecoins dulls the impact of US banking issues, it is impacting liquidity in the country and could indirectly hurt.