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Ethereum

Bitcoin, Technical Analysis: BTC falls from 5-Week high as traders continue to digest Fed Decision

Bitcoin fell from a five-week high on Thursday, as markets continued to react to the latest Federal Reserve interest rate decision. The U.S. Fed moved to increase interest rates by 50 basis points as expected, whilst also laying the ground for a slower pace of hikes in coming months. Ethereum also retreated from recent highs, falling below $1,300 earlier today.

Bitcoin

Bitcoin (BTC) was once again trading below $18,000, as bears reentered the market following the latest Fed meeting.

Following a move to a five-week high of $18,318. 53 on Wednesday, BTC/USD slipped to an intraday low of $17,642. 51 earlier today.

The drop seems to be due to traders moving to make profits after three consecutive days of gains.

Bitcoin, Ethereum Technical Analysis: BTC Falls From 5-Week High as Traders Continue to Digest Fed Decision
BTC/USD – Daily Chart

Looking at the chart, this reversal in price coincided with the 14-day relative strength index (RSI) failing to break out of a ceiling at 60. 00

As of writing, the index is tracking at the 57. 17 mark, with the next visible point of support at 54.00.

Should price strength find its way to this floor, it is likely that BTC will be trading close to the $17,200 point.

Ethereum

In addition to bitcoin, ethereum (ETH) also moved lower on Thursday, following the U.S. Federal Reserve’s decision to hike rates by 0.5%.

After the decision, Fed Chair Jerome Powell gave some market guidance stating that they “are getting close to the level we think [is] sufficiently restrictive.”

ETH/USD fell to a bottom of $1,280. 52 earlier in today’s session, less than 24 hours after hitting a high of $1,346.17.

Bitcoin, Ethereum Technical Analysis: BTC Falls From 5-Week High as Traders Continue to Digest Fed Decision
ETH/USD – Daily Chart

As can be seen from the chart, the drop comes as ETH failed to sustain a breakout from its long-term ceiling of $1,300.

Overall, prices are down by nearly 4% from yesterday’s peak, with the RSI currently tracking at 50. 92, which is marginally above a floor at 50.00.

Bulls see this as a positive and hope that today’s selloff does not continue for the remainder of the week.

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Do you believe ethereum will fall below $1,200 this week? Please leave your comments below.

Eliman Dambell

Eliman has a unique perspective on market analysis. He was previously a retail trading teacher and brokerage director. He is currently a commentator on various asset classes including Crypto, Stocks, and FX.

Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. This article is not intended to be a solicitation or offer to buy or sell any products or services. Bitcoin.com does not provide investment, tax, legal, or accounting advice. The author and the company are not responsible for any loss or damage resulting from or in connection to the content, goods, or services in this article.

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Ethereum

Gensler Criticizes Crypto Exchanges for Questionable Practices, Says Spot ETH ETFs Will ‘Take Some Time’

SEC Chair Gensler has voiced concern over unethical conduct within crypto exchanges, noting that the introduction of spot Ethereum ETFs will require additional time.

Gensler’s comments were made during a June 5 interview on CNBC, where he also responded to Jim Cramer’s inquiries about potential exchange-traded products for cryptocurrencies beyond Bitcoin and Ethereum.

Gensler Criticizes Crypto Exchanges

Gensler stated that while the SEC had approved the associated 19-4b filings for spot Ethereum ETFs last month, the launch of these products would “take some time.”

He explained that the ETF applications are undergoing the normal procedural reviews, which inherently take time, but refrained from providing a specific timeline for their market debut.

However, Gensler soon turned his attention to the broader cryptocurrency market with a more critical perspective. He slammed the widespread unethical practices within crypto exchanges, stressing that the market is still plagued by fraud and manipulation.

“Crypto exchanges are engaging in practices that would never be allowed on the NYSE. Our laws don’t permit exchanges to trade against their customers, yet this is happening in the crypto space,” Gensler stated, drawing a line between crypto exchanges and traditional ones like the New York Stock Exchange.

Referencing recent high-profile failures like FTX and Celsius Network, Gensler stated that such illegal activities remain a big problem in the crypto market. He reaffirmed the SEC’s dedication to upholding market integrity through ongoing enforcement measures and highlighted the agency’s role as a civil law enforcement agency.

Gensler Highlights Regulatory Gaps in Crypto Market

While acknowledging some positive steps in regulation, Gensler voiced serious concerns about the inadequate disclosure and regulation in the cryptocurrency industry.

“These tokens, whether they’re well-known or obscure, have not provided the necessary disclosures required by law,” he noted, emphasizing that most cryptocurrencies do not meet the essential disclosure standards expected of regulated assets. This lack of transparency, Gensler argued, deprives investors of the crucial information needed to make informed decisions.

During the interview, Cramer also questioned Gensler about the possibility of ETFs for various lesser-known cryptocurrencies, including meme coins like SushiSwap (SUSHI) and Bonk (BONK), as well as other tokens such as Cardano, Cosmos, and MyNeighborAlice. Cramer pointed out that these tokens had traded millions of dollars in recent activity, asking whether they too should have their own ETFs.

While Gensler did not provide specific answers, he emphasized his stance on the inadequate disclosures of many crypto tokens, implying that these tokens are often unregistered securities.

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Ethereum

SEC Chair Gensler: Spot Ether ETFs ‘Will Take Some Time’ to Begin Trading

U.S. Securities and Exchange Commission (SEC) Chair Gary Gensler has stated that spot ethereum exchange-traded funds (ETFs) “will take some time” to commence trading, highlighting the necessity for a thorough disclosure process. Additionally, Gensler emphasized the lack of proper disclosure provided by crypto exchanges to investors…
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Ethereum

Nibiru EVM to Transform Ethereum Capabilities for Tomorrow’s Web3

[PRESS RELEASE – Tortola, British Virgin Islands, June 5th, 2024]

Nibiru EVM execution boasts blazing-fast transaction speeds, scalability, and seamless integration for Ethereum developers, positioning Nibiru to drive mainstream adoption and innovation in Web3.

Overcoming Ethereum’s Scalability Hurdles

Nibiru Chain, a pioneering smart contract ecosystem, introduces Nibiru EVM, a high-performance Ethereum Virtual Machine (EVM) execution environment, showcased in its latest v2 release.

Nibiru plans to scale beyond Ethereum’s current infrastructure, which is limited to approximately 20 transactions per second (TPS) and results in high fees during periods of congestion. These constraints hinder developers from building performance-intensive applications similar to the ones seen in Web2. Nibiru EVM surpasses these limitations by offering throughput exceeding 10,000 TPS even with just single-threaded execution.

To take the scaling and performance a step further, Nibiru plans to upgrade the network to process transactions with parallel optimistic execution, which is “targeted for release before the end of 2024,” according to Co-Founder of Nibiru, Unique Divine. This approach allows nodes to utilize extra hardware resources, pushing the boundaries on the network’s transaction handling capabilities.

Fueling Ecosystem Expansion and Enhanced Developer Experience

“Compatibility with Ethereum is a key driver for attracting liquidity and promoting ecosystem growth on Nibiru EVM. Launching a blockchain protocol is about building trust and showcasing real-world utility. Innovating and improving the EVM is a key part of our strategy,” explains Unique.

With Ethereum developers accounting for applications that make up over 90% of the total value locked (TVL) across smart contract ecosystems, Nibiru EVM significantly lowers barriers to entry and accelerates development timelines.

Nibiru EVM empowers developers with a robust, user-friendly environment that enables seamless interaction between Ethereum-based tokens and applications across multiple virtual machines. This multi-VM approach ensures fast transaction processing and a streamlined user experience.

Ethereum developers are able to deploy applications in a familiar EVM environment, reducing barriers to entry and accelerating development timelines, whilst also reaping the benefits of parallel optimistic execution and instant finality.

Nibiru in Early Innings

Since its mainnet launch in March 2024, Nibiru has supported Wasm (Web Assembly) smart contracts written in the Rust programming language. The introduction of Nibiru EVM promises developers an EVM-compatible execution environment that is both highly performant and scalable. Positioned to play a crucial role in the future of decentralized applications, Nibiru is driving innovation and setting the stage for mainstream adoption.

About Nibiru

Users can stay up-to-date on the latest news or engage with Nibiru by visiting the Community Hub. Users can find the official web application and information on user guides, block explorers, and upcoming governance and improvement proposals.

Nibiru aims to be the most developer-friendly and user-friendly smart contract ecosystem, leading the charge toward mainstream Web3 adoption by innovating at each layer of the stack: dApp development, infra, consensus, a comprehensive dev toolkit, and value accrual.

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