Crypto Shuttle News

Month: September 2021

  • Why Is XRP Price Holding onto Yearly Gains despite Ripple’s Legal Issues?

    Why Is XRP Price Holding onto Yearly Gains despite Ripple’s Legal Issues?

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    XRP as a cryptocurrency keeps catching the attention of global companies, as the firm behind the blockchain, Ripple, is broadening its business fronts within the sphere. As a digital asset, it remains in sixth place in the ranking of the largest cryptos by market capitalization, with a figure of $44.46 billion as of press time, according to Coinmarketcap.

    Although it has not brought too many gains so far from a yearly perspective, XRP has managed to overcome the hurdles amid the legal issues faced by Ripple Inc. in the United States. The San Francisco-based blockchain firm recently launched a fund worth $250 million to support the creation of non-fungible tokens (NFTs) on the XRP Ledger.

    Ripple and the NFT Market

    Such a manoeuvre will allow the company to incentivize brands, marketplaces and creators to explore new use cases for the NFT market amid the current hype this sector has been undergoing nowadays.

    “Since day one, we’ve viewed crypto and blockchain as powerful levelers, unlocking access and equity for everyone. The growth of NFTs is an important part of that vision, helping build a tokenized future that will allow new business models to prosper and people to engage more deeply with the communities and things they care most about,” Ripple noted in a blog post. This announcement propelled XRP price to test fresh highs and skyrocketed by 7.5%.

    Current Status of the US SEC vs. Ripple Legal Battle

    But, what had happened with the legal battle against the US Securities and Exchange Commission? It was recently revealed that the US watchdog did not always consider XRP a security, which is the hot potato of the legal tussle. Only until 2018 XRP was included within the list of securities of the SEC.

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    When the news crossed the wires, XRP price skyrocketed by 10% in September because it contradicted the initial statement from the regulators that XRP cryptocurrency was a security from the beginning. Thus, the US SEC used such assertion to argue that Ripple was allegedly engaged in illicit securities sales from the early days.

    Former US Treasurer Talks about XRP’s Purpose

    The strain of positive news did not stop during September for Ripple and XRP, as Rosie Rios, the 43rd Treasurer of the United States from 2009 to 2016 under President Barack Obama, issued her definition of XRP, which does not align with the SEC’s assertions: “XRP’s primary purpose is facilitating cross-border payments while other #Cryptos find their value in speculation. China’s latest move brings this point home.”

    XRP Price Analysis

    So far, from a broad perspective based on the daily chart, XRP keeps its yearly gains at the end of September above the $0.9000 critical level. This is because XRP was hit hard by the sell-off seen at the start of September, combined with China’s tussles on the regulatory crackdown towards the crypto industry. However, losses were capped by such a psychological area.

    XRP Price Analysis
    XRP Daily Chart

    As a result, the 200-day simple moving average has provided dynamic support across the board, and the RSI indicator keeps trending upwards. The next critical resistance levels lie at $1.018 and $1.123. Should the lows from September give up in order to open the doors for further declines toward a critical resistance, now support, placed at around $0.7643.



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  • Avalanche (AVAX) is now available on Coinbase

    Avalanche (AVAX) is now available on Coinbase

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    Starting today, Avalanche (AVAX) is available on Coinbase.com and in the Coinbase Android and iOS apps. Coinbase customers can now trade, send, receive, or store AVAX in most Coinbase-supported regions, with certain exceptions indicated in each asset page here. Trading for these assets is also supported on Coinbase Pro .

    Avalanche (AVAX) describes itself as an open, programmable smart contracts platform for decentralized applications. AVAX is used to pay transaction fees and can be staked to secure the network. Avalanche is compatible with Solidity, Ethereum’s programming language, and can be used to deploy custom private or public blockchains as “subnets.”

    One of the most common requests we hear from customers is to be able to buy and sell more cryptocurrencies on Coinbase. We announced a process for listing assets, designed in part to accelerate the addition of more cryptocurrencies. We are also investing in new tools to help people understand and explore cryptocurrencies. We launched informational asset pages (see AVAX), as well as a new section of the Coinbase website to answer common questions about crypto.

    Customers can sign up for a Coinbase account here to buy, sell, convert, send, receive, or store e Coinbase Android and iOS apps. Coinbase customers can now trade, send, receive, or store AVAX today.

    Please note: Coinbase Ventures may be an investor in the crypto projects mentioned here, and additionally, Coinbase may hold such tokens on its balance sheet for operational purposes. A list of Coinbase Ventures investments is available at https://ventures.coinbase.com/. Coinbase intends to maintain its investment in these entities for the foreseeable future and maintains internal policies that address the timing of permissible disposition of any related digital assets, if applicable. All assets, regardless of whether Coinbase Ventures holds an investor or Coinbase holds for operational purposes, are subject to the same strict review guidelines and review process.

    This website contains links to third-party websites or other content for information purposes only (“Third-Party Sites”). The Third-Party Sites are not under the control of Coinbase, Inc., and its affiliates (“Coinbase”), and Coinbase is not responsible for the content of any Third-Party Site, including without limitation any link contained in a Third-Party Site, or any changes or updates to a Third-Party Site. Coinbase is not responsible for webcasting or any other form of transmission received from any Third-Party Site. Coinbase is providing these links to you only as a convenience, and the inclusion of any link does not imply endorsement, approval or recommendation by Coinbase of the site or any association with its operators.

    Crypto is a new type of asset. Besides potential day to day or hour to hour volatility, each crypto asset has unique features. Make sure you research and understand individual assets before you transact.

    All images provided herein are by Coinbase.

    Avalanche (AVAX) is now available on Coinbase was originally published in The Coinbase Blog on Medium, where people are continuing the conversation by highlighting and responding to this story.

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  • Bitcoin Indicators Now Look Similar To Q4 2020, Big Move Ahead?

    Bitcoin Indicators Now Look Similar To Q4 2020, Big Move Ahead?

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    Quant says some Bitcoin indicators show the same trend as in during Q4 2020, suggesting that BTC could make a similar move up.

    Bitcoin Netflow And Stablecoins Supply Ratio Trends Look Similar To Q4 2020

    As explained by an analyst in a CryptoQuant post, two BTC indicators: the netflow and the stablecoins supply ratio, are both trending similarly to how they did during the last quarter of 2020.

    The Bitcoin netflow indicator shows the net number of coins entering or exiting exchanges. Its value is calculated by taking the difference between the outflows and the inflows.

    When the metric observes positive values, it means exchanges are experiencing more inflows than the outflows, and so more investors have started sending their BTC to exchanges for selling purposes.

    Similarly, negative values imply just the opposite; investors are withdrawing their Bitcoin from exchanges either to hodl in personal wallets or to sell them through OTC deals.

    The other metric of relevance is the stablecoins supply ratio, which is defined as the market cap of BTC divided by the market cap of all stablecoins.

    When the indicator’s values are on the lower end, it means there is an abundance of stablecoins supply in the market. High supplies can imply a potentially bullish sentiment among the market as investors use these coins for picking up other crypto like BTC.

    Related Reading | China’s Ban On Crypto-Assets Forces Huobi Mining Pool To Rotate 100k Bitcoin

    On the other hand, higher values of the ratio indicate a low supply of stablecoins, which implies a lack of buying pressure in the market. This could lead to a potentially bearish trend or sideways movement for BTC.

    Now, here is a chart showing the trend of these two Bitcoin indicators vs the price:

    Bitcoin Netflow, Stablecoins Supply Ratio

    The similarity between Q4 2020 and the current period | Source: CryptoQuant

    As the above chart shows, the netflows seem to have been negative for a while now and the stablecoins supply ratio is also assuming low values.

    Related Reading | Bitcoin Bearish Signal: On-Chain Data Shows Whales Have Started Selling

    This trend looks to be similar to how it was during Q4 2020. What followed it was a big bull rally, and so the quant believes we may see BTC blow up similarly soon.

    BTC Price

    At the time of writing, Bitcoin’s price floats around $43k, down 2% in the last seven days. Over the past month, the crypto has lost 9% in value.

    Over the last few days, BTC has only shown sideways movement as the crypto fails to make a move above $45k. The below chart shows the trend in the price of the coin over the last five days:

    Bitcoin Price Chart

    BTC's price continues to consolidate between the $40k and $45k levels | Source: BTCUSD on TradingView
    Featured image from Unsplash.com, charts from CryptoQuant.com, TradingView.com

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  • Is $40K Bitcoin the new $10K? BTC holds $43K support as exchange Bitfinex halts trading

    Is $40K Bitcoin the new $10K? BTC holds $43K support as exchange Bitfinex halts trading

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    Bitcoin (BTC) erased overnight gains on Sept. 30 as sudden problems at major exchange Bitfinex caused a mass outage.

    BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView

    Bitfinex investigates mystery shutdown

    Data from Cointelegraph Markets Pro and TradingView showed BTC/USD losing $43,000 following the news after hitting local highs above $43,800 on Bitstamp.

    With the source of the issue unknown at the time of writing, traders were left in the dark as an already sensitive crypto market fell back towards es

    “We are investigating issues with the platform and have to temporarily halt trading,” Bitfinex wrote as part of its latest service update.

    Tuesday had seen fellow exchange Binance, the largest by volume in the world, suspend trading for two hours as part of scheduled maintenance, this having no significant impact on BTC price action.

    With Thursday already set to be a charged day, however, Bitcoin looked set to close out September almost exactly at its predicted “worst case scenario” price of $43,000.

    In so doing, the largest cryptocurrency would once again validate predictions made by stock-to-flow model creator PlanB, who also correctly estimated the August close of $47,000.

    Fellow trader and analyst Rekt Capital meanwhile reiterated the need for BTC/USD to reclaim its 21-week exponential moving average level (EMA) by the end of Sunday to preserve overall bullish momentum.

    Market mimics $10,000 BTC from September 2020

    Meanwhile, the overall character of the Bitcoin market was still far from bearish for most.

    Related: Bitcoin breaking new highs in Q4 will ‘temporarily turn alts to dust’ — Analyst

    Despite lackluster price action, the odds remain for a dramatic return to form in the coming weeks and months, with comparisons to the same period in 2020.

    The latest was from Cole Garner, who noted that the large block of buyer support just below $40,000 was reminiscent of the order book setups when BTC/USD was at $10,000 in September last year.

    This week also saw long-time pundit Bobby Lee predict not only $100,000 in the mid term, but as much as $200,000 or more for Bitcoin in a new “FOMO rally.”