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Ethereum price analysis: ETH struggling to top the $4,200 level
The broader cryptocurrency market is starting to recover following a slight decline in prices over the past few days The cryptocurrency market is slowly recovering following the slight dip experienced over the past few days. Bitcoin slipped to the $60k level after reaching a new all-time high above $67k. However, it is now trading above $62k and could rally towards $65,000 if the market condition is sustained. Ether is also one of the top performers this week as it has managed to stay above the $4,000 psychological point despite the cryptocurrency market experiencing a slight bearish dip. Ether is now trading above the $4,100 level and could surge higher if it continues with the current bullish performance. Ethereum price outlook The ETH/USD 4-hour chart is currently bullish followin...
ProShares wants CME to waive position limits on new Bitcoin Futures ETF
The ProShares Bitcoin futures exchange-traded fund (ETF) went live last week, and it is close to hitting the monthly allocated limit. The ProShares Bitcoin futures exchange-traded fund (ETF) has had an excellent time in the market since it was launched roughly a week ago. The high demand for the Bitcoin futures ETF has seen the investment firm ask for a waiver Chicago Mercantile Exchange (CME). ProShares, the investment firm behind the first-ever exchange-traded fund (ETF) backed by bitcoin futures, has applied for a waiver with the CME. The firm is seeking to remove the limits put in place for the amount of bitcoin futures a buyer can buy in the new fund. The ProShares Bitcoin futures ETF has recorded massive growth within a few days of launching. The ETF hit a $1 billion transaction volu...
Is excessive bullish optimism behind Bitcoin’s drop below $60K?
Bitcoin (BTC) has a long history of forming local tops when events that are anticipated by the market occur. The recent Bitcoin exchange-traded fund (ETF) launch on Oct. 19 was no different and led to a 53% monthly rally to an all-time high at $67,000. Now that the price has briefly fallen below $60,000, investors are attempting to understand if the 10% correction was a healthy short-term profit taking or the end of the bull run. To determine this, traders need to analyze BTC’s previous price activity to evaluate the possible similarities. Bitcoin price in USD. Source: TradingView The chart above depicts the day of a New York Times headline announcing that “Bitcoin gets cautious nod from China’s central bank” in November 2013. At the time, Yi Gang, the deputy govern...
CFTC reportedly investigating decentralized prediction platform Polymarket
New York-based decentralized prediction market Polymarket has come under investigations from the United States Commodity Futures Trading Commission (CFTC). According to an Oct. 23 report from Bloomberg citing anonymous sources, the CFTC is investigating whether Polymarket is allowing its customers to trade binary options and swaps that should be registered with the financial regulator. The CFTC is yet to confirm whether it is investigating Polymarket. A spokesperson for the platform stated: “Polymarket is firmly committed to complying with applicable laws and regulations and to providing information to regulators that will assist them with any inquiry.” The report claims that the company has engaged the former director of the CFTC’s enforcement division and current partner at legal firm Su...
SHIB plummets 20% as Elon Musk reveals he owns none
Shiba Inu (SHIB), the recently surging Dogecoin-inspired ERC-20, suffered a 20% retracement in two hours as Tesla founder and hypothetical Doge CEO Elon Musk announced to Twitter that he doesn’t hold any Shiba Inu tokens. The retracement came after SHIB surged past its previous all-time high to tag a local top of $0.000044 on Oct. 24 following a more than 500% rally since the start of October. Amid the token’s bullish price action, Twitter user “ShibaInuHodler” asked Musk how much Shib he was holding, to which Musk responded: “None.” Hey @elonmusk How Much $Shib You Are Holding!! — Shiba Inu (@ShibaInuHodler) October 24, 2021 While SHIB sellers had already stepped in to take profits at the token’s local all-time high, SHIB would quickly lose a further 10% to trade for $0.000035 withi...
Buyers shell out $7M for unseen NFT collection
Nonfungible token (NFT) investors have poured $7 million into a dutch auction that sold 50 tokens conferring ownership over digital artworks that will not be minted until December. Tyler Hobbs, the artist behind the popular NFT series Fidenza, will launch 100 one-a-kind digital artworks in his latest collection Incomplete Control at the New York City-based Bright Moments gallery from Dec. 9 to Dec. 13. On Oct. 22, Hobbs’ fans contributed 1,800 ETH (worth more than $7 million) in exchange for 50 of 100 “Golden Tokens” that grant its holder ownership rights to one of the artworks slated to be minted during the event. Each of the tokens features a number between one and 50 that corresponds to a specific artwork from the collection. The Golden Tokens were sold via a dutch auction hosted by Mir...
Jimmy Jam & Terry Lewis, MC Lyte, Big Freedia & More Inducted Into Ebony Power 100 Class of 2021
Jam & Lewis were presented with the lifetime achievement award by Janet Jackson via video and singer MAJOR. onstage. Thanking “God in the sky and god on earth, Clarence Avant — the Black Godfather,” his family and Ebony (“I saw people that looked like myself”), Jam said the pair’s award “isn’t a place to stop but a bar set high that we will continue to try to raise every day.” After doing a quick “happy dance,” Lewis thanked his family as well, adding, “You could be in Billboard, Variety or any other magazine, but you didn’t make it until you were in Ebony or Jet. That was the bar. I love awards, but I love the journey that I’ve been on … and the journey that I’m going to be on with you.” Also among the individual ...
Adele’s ‘Easy On Me’ Smashes Records En Route to U.K. No. 1
The new track carves up the competition with 217,300 chart sales in its first week, a tally not seen since Ed Sheeran’s “Shape Of You” packed-in 226,800 combined sales back in January 2017. Today, “Shape Of You” is the most-streamed song ever on Spotify. In its debut week, Adele’s “Easy On Me” accumulates 24 million streams in the U.K., a new mark beating the record set by Ariana Grande’s “7 Rings,” which registered 16.9 million U.K. streams back in January 2019. Also, according to the OCC, “Easy On Me” bags the biggest sum of digital download sales for 2021, with 23,500. “Easy On Me” is Adele’s first music release in six years, and it’s the first track taken from her forthcoming fourth album 30, due out Nov. 19. As anticipation builds, two of her earlier hits power back into t...
Coldplay Blasts to No. 1 In U.K. With ‘Music Of The Spheres’
The last figure to chalk-up six-figures in a week was Ed Sheeran’s No. 6 Collaborations Project, which started with 125,000 in July 2019. Pure sales accounted for 85% of Coldplay’s first week tally, a sum that included 12,400 on wax, enough to lead this week’s Official Vinyl Albums Chart. With the strong opening, Coldplay’s collaboration with BTS, “My Universe,” races 15-5 on the Official U.K. Singles Chart, while “Let Somebody Go” featuring Selena Gomez, opens at No. 24, and “Higher Power” reenters at 26. Coldplay performed all three tracks live last week on CBS’ The Late Late Show With James Corden. With the unbroken, career-spanning run of No. 1s, Coldplay tie with Brandon Flowers, who also has a streak of nine consecutive chart-toppers across The Killers and his solo efforts. Noel Gall...
Fear not, investor: Finding stability amid crypto market volatility
In a calendar year, the total crypto market capitalization more than quadrupled from $361 billion to more than $1 trillion in January — reaching an all-time high of around $2.6 trillion in May. Just weeks later, more than $800 million was wiped off of the total crypto market cap, representing a decrease of over 33%. Volatility of this magnitude in the crypto markets is nothing new, especially for those battle-tested by market cycles of years past. However, research indicates that the global number of blockchain wallet users increased by more than 25 million since March 2020, meaning this is just the first roller coaster ride for 25 million new entrants. For newcomers, volatility can be downright terrifying — but it doesn’t have to be. With well-researched positions and a long-term outlook,...
Crypto in the crosshairs: US regulators eye the cryptocurrency sector
In her monthly Expert Take column, Selva Ozelli, an international tax attorney and CPA, covers the intersection between emerging technologies and sustainability, and provides the latest developments around taxes, AML/CFT regulations and legal issues affecting crypto and blockchain. Lately, news headlines are focused on regulators’ concerns over the lack of investor protections in the cryptocurrency market, which has ballooned to more than $2 trillion, and the possible risks to financial stability. National security agencies across the administration of United States President Joe Biden are grappling with high-profile cases of cryptocurrencies playing a role in ransomware attacks, intellectual property espionage, sanctions violations, bribery of government officials and tax evasion. A...
Top 5 cryptocurrencies to watch this week: BTC, SOL, AVAX, ALGO, AXS
Bitcoin (BTC) continues to face strong selling as bulls attempt to flip the psychological level at $60,000 into support. Some analysts believe that Bitcoin could enter a correction as traders book profits following the successful launch of last week’s Bitcoin exchange-traded funds. In the past, the launch of the Bitcoin Futures product by the Chicago Mercantile Exchange on Dec. 18, 2017, ended a strong bull run and marked the start of a multi-year bear market. A similar crash of a lesser magnitude was seen after the Coinbase IPO (COIN) on April 4, 2021. This suggests that the old adage “buy the rumor, sell the news” could be at risk of repeating once again. Crypto market data daily view. Source: Coin360 However, several analysts are unperturbed by the pullback. Crypto market intellig...
