From the opinion that Bitcoin could be about to increase in price exponentially to BlockFi having escaped bankruptcy and being ready to repay debt. Here are some outstanding news in the crypto market.
Bitcoin News
One closely watched analyst believes that an exponential price move is possible for Bitcoin (BTC).
Anonymous analyst, Credible Crypto, told his 348,000 followers on platform X that Bitcoin is just “warming up” after rising to new 2023 highs above $35,000.
According to the trader, BTC's relative strength index (RSI) is in bullish territory on the weekly chart, indicating rising momentum for Bitcoin.
“The gains of the past few days will be nothing compared to what we will see in the next few weeks. The biggest moves occur when RSI is pushed into overbought territory on higher timeframes, starting from the weekly chart.
Source: Credible Crypto
With Bitcoin's bullish momentum, Credible Crypto believes that BTC can now create large price increases in just 1 day.
“The last time we saw a monthly candle worth over $10,000 was in October.”
According to the analyst, there is no longer any strong resistance that can stop Bitcoin from heading towards $40,000 as it is trading above the psychological support of $30,000.
“Basically, the market is looking at $40,000. It's possible that the current uptrend may pause, but that won't last long."
Ripple News
#XRP has undergone notable fluctuations recently. Over the past few weeks, the cryptocurrency has been trying to break through resistance levels, suggesting that stronger price movements are possible in the future.
One notable observation is that XRP's movement crossed both the 200-day and 50-day EMAs, important technical indicators that traders and analysts use to determine the overall trend of an asset over a period of time. certain period of time.
For XRP, a break above these key EMAs represents a potential upside, especially when considered in the context of broader market sentiment.
Source: TradingView
Add to that the formation of a golden cross on the XRP chart, signaling strong upside potential. In the past, golden crosses have been a harbinger of strong bullish price movements, although they can sometimes give false signals.
Recently, XRP recorded its strongest single-day gain in three months. This leap follows the decision of the United States Securities and Exchange Commission (SEC) to drop the charges against Ripple's leaders. This news has strengthened the confidence of XRP holders and potential investors, leading to a sudden increase in purchasing power.
OKX delists XRP/OKB trading pair
In a significant move, OKX, one of the world's leading cryptocurrency exchanges, has announced the delisting of several spot trading pairs. Among the pairs removed is XRP/OKB.
The decision is aimed at enhancing the exchange's spot trading environment and maintaining strict listing standards. This has raised questions about the future of XRP on the platform.
Renowned journalist, Colin Wu, shed light on the decision, suggesting that the delisting was part of a strategic effort to optimize liquidity on OKX. Combining XRP with OKB has a weekly turnover of 46,589 XRP, a fraction of the 1 billion tokens traded in the XRP/USDT pair on Binance.
FTX News
According to documents submitted to the US bankruptcy court on October 24, the representative of the bankruptcy unit taking over the FTX exchange said it had received 3 offers to buy this platform.
However, the floor did not disclose the specific identity of the new investor. FTX said it is reviewing the exchange's acquisition documents and will make a further decision by mid-December.
Options being considered by #FTX include selling the entire trading platform, which includes more than 9 million users, or finding support partners to restart the exchange.
Since declaring bankruptcy in November 2022, the FTX takeover apparatus has sought every way to restore and generate more asset revenue, with the goal of increasing the amount of value that can be compensated for creditors and customers. row.
Ledger News
On the afternoon of October 24, hardware wallet company Ledger announced the launch of a controversial private key recovery service called Ledger Recover.
The new feature was teased in May 2023 and then had to be postponed due to mixed reactions from the community. Ledger Recover is a subscription option that serves recovery phrase backup needs. It is known that this feature will encode the seed phrase string into 3 segments and be stored at three separate companies.
However, the community tried to attack this idea. Users are concerned that Ledger Recover will reveal private keys, facilitate attacks and data leaks, and believe that the hardware wallet company has had a "back door" for a long time.
To use the service, users need to register and pay 9.99 USD/month. Ledger asserts that its solution is safer than centralized exchange wallets, because the company does not hold funds on behalf of users.
TomoChain News
On October 24, TomoChain suddenly shared a hidden image for the upcoming big event. The post attracted the attention of the crypto community and received many comments.
Specifically, yesterday morning (October 24), TomoChain posted an image with a black background, in the middle is a white line with the content: "Open your eyes. Is there a limit or not? In addition, the tweet was tagged with the hashtag #potentialunchained, causing the community to predict that the layer-1 platform is about to have a big announcement.
In addition, many people left comments under TomoChain's post. While some users were curious about the new event, many expressed themselves as ready for the project's big update.
BlockFi News
According to a blog post on October 24, the BlockFi platform has emerged from bankruptcy and is ready to repay some of its creditors.
The post says the withdrawal feature is “now available to nearly all Wallet customers,” and further reveals that BlockFi Interest Account (BIA) and Loan customers will be able to withdraw a portion of their assets in early 2024. .
According to the post, BlockFi's exit from bankruptcy means it can now try to recover assets from other companies that are owed money. This includes bankrupt crypto platforms like Three Arrows Capital (also known as “3AC”) and FTX. The company will also be able to continue distributing assets to creditors and processing claims.
BlockFi instructed Wallet customers with assets on BlockFi to log into the app and submit a withdrawal request, which would allow the team to process the withdrawal. For BIA and Loan customers, BlockFi said it is preparing for distribution under its bankruptcy plan. It is expected that the first distributions will be made in early 2024. Further distributions will be made after this, but the amount distributed will depend on BlockFi's success in the FTX lawsuit, among other factors.
Paradigm News
Fred Ehrsam, co-founder and managing partner of Paradigm, has announced his decision to move to a different role within the company.
In a post shared on X (formerly Twitter), Ehrsam reiterated that he will still maintain a close relationship with Paradigm. However, he will step away from day-to-day management activities.
Ehrsam mentioned his commitment to working with Paradigm co-founder Matt Huang and the project's entire development team to “continue to push the crypto space forward.”
Teddy DAO News
Polkadot (DOT) charity project Teddy #DAO, wants to attract more traditional donors by promoting Web3 education.
To date, the initiative has garnered approximately $14,000 in contributions to support philanthropic efforts, focusing on child welfare, anti-trafficking efforts, cancer research and other causes.
Additionally, the project expects to distribute 190 physical Teddy Bears to disadvantaged children this year, with a commitment to donate one DAO Teddy Bear for every NFT minted.
Teddy DAO is an NFT collection that donates the proceeds of its sale to charity. Project sponsors can enjoy tax benefits as the Teddy DAO Foundation is an official charitable organization registered with the US Internal Revenue Service (IRS).
Bakkt News
Bakkt, the New York-based digital assets platform, has joined LightSpark as one of the first partners in its effort to provide Universal Money Addresses (UMA) with verified transactions KYC on Lightning Network for B2B customers.
According to the latest blog post, Lightspark has announced the UMA standard that combines human-readable Lightning Addresses with enhanced messaging and integration with Lightning Network payment methods to enable sending money is as easy as sending an email.
It is open source and available for anyone to use. In addition to Bakkt, infrastructure provider Zero Hash also plans to expand the UMA solution to their enterprise customers.
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