Coinbase Service Outage

Coinbase Service Outage

Coinbase, the leading cryptocurrency exchange in the United States, is experiencing a complete outage.
The company has confirmed that it is investigating the cause of the problem
and assured that customer funds are safe.

 

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Coinbase is facing an outage in all its digital services,
both on its website and through its mobile app,
as stated on its website.
The company is conducting investigations to determine the root of the problem
and has reassured its customers that their funds are secure.
The current outage has halted trading on both the web and mobile platforms.
As of 12:55 PM Singapore time on Tuesday,
the prices of cryptocurrencies have not been significantly affected by this outage.

 

 

Coinbase Service Outage

 

 

Bitcoin’s Longest Losing Streak in 2024 Impacts the Cryptocurrency Market

Bitcoin’s Longest Losing Streak in 2024 Impacts the Cryptocurrency Market: Bitcoin recorded five consecutive days of decline,
marking the longest losing streak since last October.
This was part of an overall dip in digital assets with a market value of $500 billion,
raising questions about whether the cryptocurrency market recovery has peaked.
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The cryptocurrency market value fell to $2.4 trillion after a 17% decrease
following Bitcoin’s record high in mid-March when it reached $73,798,
according to data from CoinGecko and Bloomberg News.

The recent drop in Bitcoin warns of “upcoming problems” for global markets. Diminished flows into
US-traded Bitcoin funds and the potential for prolonged high U.S. interest rates negatively affected digital assets.
Last week, the launch of cryptocurrency exchange-traded funds in Hong Kong failed to improve market sentiment.

Despite challenges, many analysts remain optimistic. Benjamin Sillermayer, a digital asset investment manager at Magnet Capital,
noted that the bull market is not over yet and
expects Bitcoin to reach new record levels by the end of 2024.

Data in the derivatives market indicates that investors expect fewer fluctuations than
in the period following the launch of exchange-traded funds. Bitcoin stabilized at $61,660, while Ether rose by 2% to $3,009.

Bitcoin Market Share in Cryptocurrency at Highest Since 2021

Bitcoin Market Share in Cryptocurrency at Highest Since 2021: Bitcoin now dominates the cryptocurrency market at a level not seen in three years,
driven by strong demand for U.S. exchange-traded funds (ETFs) that invest in the most prominent digital currency,
amid challenging times for smaller cryptocurrencies.

 

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Bitcoin domination
Institutional Demand


Bitcoin domination

As of last week, Bitcoin made up nearly 55% of the $2.4 trillion virtual currency market,
a share last observed in April 2021, per CoinMarketCap.
Following Bitcoin in market dominance are Ether, the stablecoin Tether, Binance’s native token BNB, and Solana.

Recent U.S. spot ETFs introduced by firms such as BlackRock Inc. and Fidelity Investments,
which are just three months old, have already gathered around $56 billion in assets,
marking one of the most successful launches in the fund category.
These inflows pushed Bitcoin to a record high of $73,798 in mid-March.
Since then, Bitcoin has fallen by about 6%, while a measure of smaller cryptocurrencies has plummeted over 30%.
This decline aligns with dampened expectations for a more relaxed U.S. monetary policy, often boosting speculative investments.

Institutional Demand

Institutional investments in U.S. ETFs have led to Bitcoin performing exceptionally well compared to other cryptocurrencies,
according to Benjamin Celermajer, director at Magnet Capital, a digital-asset investment firm.
On Monday, Bitcoin and Ether, the second-largest cryptocurrency,
saw prices increase following news that asset managers are
set to introduce ETFs listed in Hong Kong for both digital tokens.
At 2:35 p.m. in New York, Bitcoin was trading down about 1% at $63,500,
while Ether was up approximately 1% at $3,094.
Meanwhile, smaller cryptocurrencies like Polygon and Cardano, as well as the popular meme token Dogecoin, were trading lower.

The Bloomberg Galaxy Crypto Index has surged over threefold since the beginning of last year,
rebounding from a deep bear market in 2022. Crypto enthusiasts are now anticipating the upcoming Bitcoin halving event,
which is expected around April 20 and will cut the new supply of the token by half.
While previous halvings have spurred price increases, skepticism remains about the likelihood of a similar impact this time,
especially after Bitcoin’s recent peak.

 

 

Bitcoin’s Market Share in Cryptocurrency at Highest Since 2021

Bitcoin is approaching $45,000

Bitcoin is approaching $45,000 due to demand for the Meme Coins: The Meme coin and non-fungible token (NFT) have made significant gains recently as optimism
that the
upcoming U.S. exchange-traded fund listing announcement date will allow ownership of the Bitcoin-led cryptocurrency headlines market in the current year.

 

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Altcoins Market
Bitcoin trading price increases
Solana and Avalanche are the most profitable

Altcoins Market

Altcoins (alternative cryptocurrency to Bitcoin) such as the “Dogwifhat” coin,
which bears the image of a dog in a hat, became the most popular currency.
Speculative currencies
saw a similar rise in markets that had been on the rise for more than two years.
The prices of these
coins increased by more than 1000% in a few days, but their trading price is still less than a cent.

According to Teong Hng, CEO of cryptocurrency investment firm Satori Research, the alternative cryptocurrency trading season has returned and the current conditions are similar to those of the first quarter of 2021.

 

Bitcoin trading price increases

Bitcoin has hit its highest price in more than a week as the US Securities and Exchange Commission
will decide on January 10 whether
or not to approve the listing of exchange-traded funds.
US Securities Bitcoin trading price rose 4.2% to reach $44,294 in Wednesday’s trading session.
What is noteworthy is that the price of Bitcoin,
the
best-selling currency valued at $1.6 trillion and accounting for half of the market value of cryptocurrencies, has not reached a price of $45,000 since April 2021.

 

 

 

Solana and Avalanche are the most profitable

The prices of the tokens of the platforms where they are traded, such as Solana and Avalanche,
have increased as a result of this rally,
making Solana and Avalanche the most advantageous and profitable
in the cryptocurrency
market with an increase of more than 10% on Wednesday. Negotiation session.

 

 

Bitcoin is approaching $45,000 due to demand for the Meme Coins

Bitcoin Approaching $42000

Bitcoin Approaching $42000

Bitcoin rose to nearly $42,000 on Tuesday,
driven by expectations of a rate cut and increased demand from exchange-traded funds.

 

 

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The price of Bitcoin rose to $40,000, surpassing the previous level of collapse after the collapse of TerraUSD. This rise in Bitcoin reflects investors’ optimism about a rate cut.

 

Tony Sycamore, a market analyst at IG Australia, wrote in a note: “Bitcoin is still supported by optimism about the approval of the Securities and Exchange Commission to reduce interest rates on exchange-traded funds and Federal Reserve interest rates in 2024.” He added that the technical chart patterns of the currency indicate that $42,330 is the next level to watch.

 

Bitcoin’s recovery from the collapse of cryptocurrencies last year has withstood the US crackdown that put Sam Bankman-Fried behind bars on charges of fraud at FTX. Binance, a major cryptocurrency exchange, and its founder Changpeng Zhao were also fined heavily.

 

For optimists, the push to curb questionable practices and the wave of exchange-traded fund applications point to the maturity of the industry and the potential for wider adoption of cryptocurrencies.

 

 

 

 

 

 

Conclusion:

 

If Bitcoin can break through the $42,000 level, it could be on track to reclaim the record levels it reached during the pandemic rally.

 

While the rise in the price of Bitcoin indicates that investors are feeling more confident about the future of the cryptocurrency, amid expectations of a rate cut and increased demand from exchange-traded funds.

 

 

Bitcoin Approaching $42,000

Theft of $110 Million in Cryptocurrencies Hits Digital Asset Network

Theft of $110 Million in Cryptocurrencies Hits Digital Asset Network

In a massive cybersecurity incident, projects affiliated with the pioneer in digital assets,
Justin Sun, fell victim to two separate attacks.
The cryptocurrency exchange “HTX” (HTX) and the “HECO Bridge” were breached,
resulting in losses exceeding $110 million.

 

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the details

Confirmation came through a tweet from Justin Sun on Wednesday,
where he affirmed that the HTX exchange had temporarily halted deposit
and withdrawal operations while an investigation is underway.
Another statement from the exchange spokesperson confirmed
that around $30 million worth of cryptocurrencies were stolen from its wallet.

 

In a separate development, CryptoQuant, a research company,
reported a loss of over $85 million in Ether and other tokens due to a breach of the HECO Bridge.
Despite the independence of HECO Bridge from the HTX exchange,
both suffered simultaneous cyberattacks.

 

As of now, there has been no official comment from HECO Bridge,
and more details are expected to be revealed after the completion of investigations into the twin attacks.

 

 

 

 

 

 

 

Conclusion

These incidents come shortly after the announcement by Poloniex,
another cryptocurrency exchange supported by Justin Sun,
revealing a similar security breach resulting in the theft of over $100 million.
Additionally, HTX incurred losses of $8 million due to a security breach in September.

 

Justin Sun stated in a post on the former “X” platform, now known as Twitter,
that HTX would fully compensate for the losses from its wallet and
affirmed the resumption of services once the investigation concludes and
the reasons behind these massive cyberattacks are identified.

 

 

 

Theft of $110 Million in Cryptocurrencies Hits Digital Asset Network

Bitcoin Surpasses $36,000 with Optimism

Bitcoin Surpasses $36,000 with Optimism Regarding Trading Funds Approval

Bitcoin surpasses $36,000 with optimism about the approval of its associated trading funds continuing to grow. On Thursday, the leading digital currency saw a 3.6% increase, reaching $36,856, its highest level in the past 18 months, reinforcing expectations for the future of investment in the digital currency world.

 

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Bitcoin has overcome obstacles amid increasing engagement from investors in traded investment funds, potentially significantly enhancing its value. Additionally, other currencies like Ethereum and Solana have also witnessed increases, indicating a general improvement in the cryptocurrency market.

 

This surge is attributed to the growing optimism about the potential approval from regulatory authorities after an extended period of studies and analyses. In this context, Caroline Moron from Orbit Markets expressed her expectation to see “sustainable interest” in investments linked to Bitcoin. This optimism extends beyond digital currencies, as global stocks rose by 10%, with Bitcoin maintaining a significant lead.

 

Josh Gilbert, a market analyst at eToro, emphasized that expectations of approval for traded investment funds are a key factor behind this surge. Alongside the strong momentum provided by these funds, Gilbert points to expectations of the involvement of the US Federal Reserve in interest rate cuts, further supporting the outlook for continued Bitcoin growth in the upcoming period.

 

 

Bitcoin Surpasses $36,000 with Optimism

 

 

Australia’s New Crypto Regulations

Australia’s New Crypto Regulations: A Step Towards a Secure Future

The Australian government is taking significant strides towards regulating the cryptocurrency market.
This move aims to foster the growth of digital assets and safeguard consumers.
In this article, we delve into the latest developments and the potential impact these regulations might have on the crypto industry.

 

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What’s Happening Down Under?

Protecting Investors

 

 

 

 

 

 

What’s Happening Down Under?

Cryptocurrency exchanges in Australia will soon be required to obtain licenses. This mandate is a proactive measure designed to instil confidence in the burgeoning digital asset sector. The government recognizes the importance of ensuring a secure and transparent environment for both investors and crypto enthusiasts.

 

Consultations and Draft Legislation

To facilitate a well-rounded and inclusive regulatory framework, the Australian government has initiated consultations on these plans. These consultations are set to continue until December, allowing various stakeholders to voice their opinions and concerns. This open dialogue is crucial to crafting legislation that caters to the diverse needs of the crypto community.

 

As we look ahead, it’s expected that the draft legislation will be unveiled in 2024. This timeline provides ample room for thorough discussions, revisions, and refinements to ensure that the final regulations are fair, effective, and practical.

 

A Global Effort

Australia’s move towards crypto regulation is not an isolated event.
It’s part of a broader global effort to bring the digital asset sector under regulatory purview.
The past year witnessed significant fluctuations and losses in the cryptocurrency market,
emphasizing the need for responsible oversight.

 

 

 

 

 

 

 

Protecting Investors

One of the primary objectives of these regulations is to protect consumers and investors.
By requiring licenses for cryptocurrency exchanges,
the government aims to curb fraudulent activities and enhance transparency.
Investors will have more confidence in the market, knowing that it operates within a legal framework.

 

Promoting Innovation

While regulations might seem restrictive, they also pave the way for innovation.
Cryptocurrency companies that comply with the new regulations
will contribute to the development of a trustworthy crypto ecosystem.
This, in turn, can attract more institutional investments and drive innovation in the sector.

 

Conclusion

Australia’s decision to regulate cryptocurrency exchanges is a significant step towards ensuring the long-term sustainability of digital assets.
By conducting consultations and drafting legislation, the government is taking a thoughtful and inclusive approach.
This move aligns with a global trend of increased regulatory scrutiny,
ultimately working to create a safer and more stable environment for crypto enthusiasts and investors.

 

 

Australia’s New Crypto Regulations

Bitcoin Price Battles for $26K

Bitcoin Price Battles for $26K Amid Surging US Dollar Strength

The cryptocurrency realm is witnessing a pivotal moment once more,
with Bitcoin at the forefront of attention.

 

Table of contents
Introduction
Technical Indicators
Conclusion

 

 

 

 

 

 

 

 

Introduction

The cryptocurrency realm is witnessing a pivotal moment once more, with Bitcoin at the forefront of attention. In its ongoing battle to maintain a position above the $26,000 mark, Bitcoin faces an increasingly robust US dollar, which has recently reached a 10-month high. In this comprehensive article, we delve deep into the analysis and insights surrounding this critical juncture, providing you with the latest updates and expert opinions.

 

Bitcoin’s Support Struggle

Bitcoin, the flagship cryptocurrency, has experienced its fair share of fluctuations. Recent data from Cointelegraph Markets Pro and TradingView paints an uncertain trajectory for Bitcoin’s price after briefly piercing the $26,000 support level. The weekend following this event saw sideways trading, but as the new week dawned, a sense of unease enveloped the market. Bulls struggled to regain lost ground, and the situation grew increasingly precarious.

 

The Analyst’s Perspective

Analyst BaroVirtual, acting as an ambassador for the on-chain data platform Whalemap, succinctly summarized the situation. According to BaroVirtual, Bitcoin grappled to break through the local resistance marked by a descending trend line. This struggle has raised concerns about the potential formation of a bearish right shoulder, a pattern that sends shivers down the spines of traders.

 

 

 

 

 

 

 

 

Technical Indicators

To illustrate these concerns, BaroVirtual posted a daily chart snapshot on X (formerly Twitter), highlighting the looming possibility of a head-and-shoulders formation. This chart snapshot serves as a visual representation of the technical indicators that currently have the market on edge. If this pattern materializes, Bitcoin could face a significant drop into the $22,000–$20,000 range, raising the stakes even higher.

 

Expert Insights

In this section, we dive into the insights provided by experts in the cryptocurrency field. Their analysis and perspectives shed light on the factors influencing the market:

 

Dollar Dominance

Experts emphasize that the recent surge in the US dollar’s strength has exerted pressure on Bitcoin’s price. As a digital asset often viewed as a hedge against inflation and fiat currency devaluation, Bitcoin typically moves inversely with the US dollar. A robust dollar can divert investors away from cryptocurrencies, negatively impacting Bitcoin’s price.

 

Technical Analysis

Analysts stress the significance of technical analysis when assessing Bitcoin’s price movements. The failure to breach the descending trend line is seen as a bearish sign, potentially indicating further downside. Traders are closely monitoring key support levels to anticipate the market’s next move.

 

Market Sentiment

Market sentiment plays a pivotal role in cryptocurrency price dynamics. Uncertainty surrounding Bitcoin’s price can trigger panic selling, exacerbating price declines. It is essential for traders to stay well-informed and make rational decisions amidst market turbulence.

 

 

 

Conclusion

The Bitcoin price’s battle at the $26,000 support level amidst a surge in US dollar strength has captured significant attention within the cryptocurrency community. While the situation remains uncertain, it is imperative for investors and traders to stay informed, conduct thorough analyses, and exercise caution in their decision-making. Bitcoin’s journey underscores the volatile nature of cryptocurrency markets, where expert insights and technical analysis are indispensable for navigating the twists and turns.

 

Bitcoin Price Battles for $26K0

Bitcoin’s Recent Decline: Insights

Bitcoin’s Recent Decline: Insights and Implications

The cryptocurrency market has been abuzz with the recent decline in Bitcoin’s (BTC) price for the second consecutive month.
This drop comes despite the optimism generated by news suggesting the imminent launch of a spot Bitcoin exchange-traded fund (ETF).
Let’s delve into the details of Bitcoin’s performance and the factors influencing it.

 

 

Table of contents
August: A Month of Contradictions
Short-Term Boost in Trading Activity
Conclusion

 

 

 

 

 

 

 

August: A Month of Contradictions

Throughout August, BTC’s price experienced a notable decline of just over 11%, falling from approximately $29,200 at the start of the month to $25,900 by the month’s end. Despite this overall downward trend, what’s particularly intriguing is the relative stability BTC exhibited in the second half of the month, trading within a range of $26,000 to $26,500. However, the situation took a sudden turn on August 29, when the price surged by more than 6%.

 

Grayscale’s Legal Victory

The surge in late August can be attributed to the news of Grayscale’s legal victory against the US Securities and Exchange Commission (SEC). Grayscale, a prominent digital asset management firm and the entity behind the Grayscale Bitcoin Trust (GBTC) had been fighting for the opportunity to convert its Bitcoin Trust into a spot-based exchange-traded fund (ETF). With this win, the SEC is now legally unable to impede Grayscale’s pursuit of this transformation.

 

 

 

 

 

 

Short-Term Boost in Trading Activity

Fiona Cincotta, a senior market analyst at CFD and forex broker City Index, commented on this month’s price fluctuations. She noted that while the cryptocurrency market had been relatively quiet, the Grayscale news provided a significant short-term boost in trading activity. However, she also emphasized that regulatory efforts to bring stability to the cryptocurrency industry might prolong this story.

 

 

SEC’s Delay and Its Impact

Despite the initial boost following the Grayscale victory, Bitcoin’s price suffered another setback when news broke that the SEC had decided to delay its decision regarding ETF applications. Six out of seven applicants, including prominent names like Fidelity, WisdomTree, Valkyrie, VanEck, Bitwise, and Invesco, received delay notices. The fate of the seventh applicant, asset management giant BlackRock, remains uncertain, but many anticipate a similar delay in its application decision.

 

 

 

 

 

 

Conclusion

As of the most recent update, Bitcoin (BTC) has seen a further decline of 4.6% within the past 24 hours, hovering just above the $26,000 mark. Over the past seven days, the price has remained relatively unchanged.

The cryptocurrency market is constantly evolving, and Bitcoin’s performance is subject to a myriad of factors. The recent legal victory for Grayscale has injected a short-term sense of optimism, but the uncertainties stemming from regulatory actions continue to influence the market. Investors and enthusiasts alike must closely monitor these developments as Bitcoin’s journey unfolds.

 

 

Bitcoin’s Recent Decline: Insights and Implications