While Bitcoin Might Recover Its Bullish Trend in September, the Price of Altcoins Keeps Dropping

Alexander Salazar
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While Bitcoin Might Recover Its Bullish Trend in September, the Price of Altcoins Keeps Dropping

Despite pessimistic price movements, the growing number of addresses with non-zero balances indicates increased investor trust in BTC. SOL would soon drop to USD 25 in an accumulation phase, while traders might find a place to acquire AVAX sooner.

Bitcoin (BTC) has undergone many difficulties as it moves between USD 19,000 and 20,000. Its price action over the last week was insignificant as when it was on a red candlestick.

Bitcoin is trading at around USD 19,944 and has accumulated a 1.5% loss over the last 24 hours. While its daily trading volume is above USD 25.74 billion, its market capitalization is about USF 381.69 billion, according to CoinGecko.

The hard days of the pioneering currency may not end soon, although the market has reversed its position. However, crypto experts and strategists have provided predictions based on its analysis.

According to CryptoQuant author Maartunn, recent large transactions may have affected the market, leading prices to fall.

Although Maartunn considers the move unpredictable, he believes it will not become a bullish run. He also says he is unsure whether there will be a drop or a consolidation like in May.

The Price of Bitcoin Might Go Up this Month

Contrary to Maartunn, technical expert Gert van Lagen points to a positive head-and-shoulders pattern on the Bitcoin chart, suggesting a bullish move.

Although some market participants did not support that forecast, some on-chain metrics did.

Despite pessimistic price movements, the number of BTC addresses with non-zero balances has grown steadily, indicating increased investor trust in Bitcoin.

Some metrics have supported the idea of an early bullish market, but others have suggested better times for Bitcoin. The losing position of the Bitcoin supply was recently on track to hit its three-month high once more.

However, the number of coins dropped as the bearish market changed earlier this month.

The Market-Value-to-Realized-Value (MVRV) share for Bitcoin was also significantly below 1, indicating a bearish market. Since the report had posted lower lows in the first few months than the current situation, historical data suggest another drop might occur.

Making reliable predictions about how Bitcoin will hold up is difficult due to the wide range of views. In addition, inconsistent metric readings and the unpredictable nature of the crypto market pose obstacles.

Meanwhile, the Price of SOL and AVAX Might Drop

Altcoin Sherpa, an anonymous strategist, recently told his Twitter followers that Solana (SOL) would soon drop to USD 25.

He said the altcoin would reach lows again if this occurred in an accumulation phase. However, he added that its price would hit bottoms even if it were just bearish momentum.

Solana is trading at around USD 31.43 and has accumulated a 3.5% loss over the last 24 hours. While its daily trading volume is above USD 679.99 million, its market capitalization is about USD 10.99 billion, according to CoinGecko.

The Price of AVAX Might Also Drop this Month

The anonymous analysts also predicted the price of Avalanche (AVAX) might drop by around USD 14.

He believes traders would find a place to buy the altcoin within a shorter period.

Avalanche is trading at around USD 19.21 and has accumulated a 3.0% loss over the last 24 hours. While its daily trading volume is above USD 298.81 million, its market capitalization is about USD 5.64 billion, according to CoinGecko.

By Alexander Salazar

Jim Cramer: Cryptocurrencies Make No Sense “Apart From Separating You from Your Money”

Audy Castañeda
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Jim Cramer: Cryptocurrencies Make No Sense “Apart From Separating You from Your Money”

Former hedge fund manager Jim Cramer warned CNBC viewers to stay away from purely speculative assets.

On Tuesday, August 30, former hedge fund manager Jim Cramer warned CNBC viewers to stay away from purely speculative assets.

Cramer is the host of the CNBC show “Mad Money w/ Jim Cramer.” He is also the co-anchor of CNBC’s “Squawk on the Street” as well as the co-founder of the financial news website TheStreet.

On June 8, Cramer told CNBC’s “Make It,” “If you’re a young person and you’re thinking about crypto, I think it’s smart. I think that cryptocurrencies should be part of a person’s diversified portfolio. I can’t tell you that you don’t have crypto. I own cryptocurrencies: I own Ethereum. Why did I buy Ethereum? Because I was at a charity auction to buy what’s known as NFTs, and they wouldn’t let me make dollars. I had to buy it on Ethereum.”

“Stay Away from Speculative Assets”

Cramer further added that, “I looked into it and said, ‘Well, you know, I have some qualities that I like (scarcity, value) not as attractive, if you will, as Bitcoin. So, I bought it. These are values ​​of hope. Now I don’t like hope. I think you should never invest in hope, but this is speculative, and one of the things I teach in my classrooms is that it’s okay to own something speculative.”

“You must admit that it is speculative. So you don’t put it in the Procter & Gamble class, [it’s] not Coca-Cola, it’s not Apple, but I suggest and accept speculation. Now, when I started Mad Money, I said, ‘I think you should have a spec and I think you should have a gold stock.”

The Value of Cryptocurrencies

Ever since crypto came along, Cramer has pointed out that instead of 10% being gold, 5% should be gold and 5% should be crypto. He says he has no idea of ​​the value of cryptocurrencies, although he acknowledges that interested people want the opportunity to make a fortune.

He recommends that those who want to invest in cryptocurrencies do so in Ethereum or Bitcoin, which have the largest following and appear to be the most legitimate. “I’d be careful not to borrow money, as a lot of people own them because they’re speculative.”

Warning: “Bitcoin cannot live in your home”

Cramer firmly states that, “Bitcoin cannot live in your house. It is not a mortgage. It’s a sheet of paper, or in this case, it’s not even a sheet of paper. Borrow for your home, borrow for your car, but don’t borrow for crypto.

On July 5, Cramer told Joe Kernen on CNBC’s “Squawk Box” the following: “Right now, everything seems to be going wrong, and I’m not going to deny that all asset classes are being hurt. I’m most interested in is crypto. There are a lot of people into crypto. There’s no real value there.”

In closing, Cramer had this to say on “Mad Money”: “We won’t see the end of this slide until we get a giant laundering of all the things that are speculative, that don’t make money. This is what it looks like when the Fed gets serious… What matters is that we just have to get through it.”

He recommends staying away from unprofitable junk, because, simply put, “there’s no point to any of this, other than parting with your money.”

By Audy Castaneda

MundoCrypto Hangover Leaves 30,000 New Registrations and a Notice from Mani Thawani: “We Will Try Again”

Audy Castañeda
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MundoCrypto Hangover Leaves 30,000 New Registrations and a Notice from Mani Thawani: “We Will Try Again”

The founder of the company believes that the event was “a success” despite the controversy it sparked and the resignation of the presenters and sponsors.

The hangover from the controversial crypto festival organized by MundoCrypto last weekend in Madrid has left the organizers with a bittersweet taste, in addition to a brutal marketing campaign and an increase in people registered on their platform since then.

The event aimed to achieve a Guinness record for attendance of the largest number of people wearing virtual reality glasses at the same time. It was the most anticipated moment of the night, and yet it failed miserably. “It is very difficult to achieve and it was a shame that it failed, but we are going to try again and we are going to achieve it,” warns Mani Thawani, CEO of the company, in conversation with EL MUNDO just 48 hours after the appointment.

The Controversy

The controversy surrounding the meeting continues to rage even after it has taken place. The National Securities Market Commission (CNMV) assured days before that neither MundoCrypto nor several of the sponsors of the event had the authorization to provide financial services and that, since July of last year, MundoCrypto itself has been part of the supervisor’s gray list, which includes entities that could be raising funds or providing services of a financial nature without any type of permit or being registered with the CNMV.

His warning triggered the resignation of the presenters, Cristina Pedroche and Jorge Fernández, and also that of several sponsors. Some even doubted that the crypto festival would finally take place, but it did happen and Thawani now calls it “a success.” “I am very happy with the impact. The crypto community is with us and is supporting us. Now we have to show our strength as a company,” he says.

Thawani is Optimistic Despite Criticisms

Far from fearing the criticism and controversy that the meeting unleashed, Thawani puts on the table the reasons for his optimism: 4,000 new requests for instructors on his platform and more than 30,000 registrations in total since last Saturday. “We want to repeat the event even before a year, but it is not safe because we do not want to tire the people who follow us,” he says.

The business model that Thawani supposedly wants to promote is based on the formula “to learn to earn”, and on a platform that allows “connecting instructors and students with a new technology within the metaverse.” Translated, his idea is none other than to copy the formula of companies like Uber, Airbnb, or Glovo and enable a digital space that puts supposed crypto professors in contact with students interested in training and courses on currencies and digital assets.

The teachers – who are called “instructors” here because there is no regulated training for them – are independent (and probably autonomous) and the fees they receive will depend on a scale that MundoCrypto has yet to establish. “We will check that the content they create respects the law and that it is informed about the risk involved in investing in cryptocurrencies,” Thawani said at the Metaverse Day presentation.

By Audy Castaneda

Litecoin (LTC) Price Analysis: Bulls Struggling Near $56 and $58

Audy Castañeda
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Litecoin (LTC) Price Analysis: Bulls Struggling Near $56 and $58

Litecoin price is struggling below $58 against the US Dollar, similar to Bitcoin. LTC price could resume its decline if there is no clear move above $58.

Litecoin is a decentralized cryptocurrency, created by Charlie Lee on October 13, 2011. Nicknamed “Bitcoin’s Silver to Gold”, Litecoin is famous in the world of cryptocurrencies.

Litecoin is close to Bitcoin in some of its functionality, but it has fundamental differences. For example:

  • A proof of work that uses the scrypt hash function instead of SHA-256
  • Four times faster block creation with an average interval of 2.5 minutes instead of 10 minutes
  • Four times the total number of units with 84 million instead of 21 million
  • A mining difficulty that changes every two and a half days instead of two weeks

Litecoin is therefore a famous cryptocurrency, for a long time, it was among the first capitalization markets, with several billion euros. Barring some major issues, Litecoin will certainly remain one of the top cryptocurrencies on the market.

In the last few days, there was a further decline in Bitcoin, Ethereum, ripple and Litecoin against the US dollar. Earlier, LTC formed a short-term top near $58 and started a fresh decline.

There was a clear move below the $56 and $55 support levels. The price even fell below the $55 level and the 55 simple moving average (4 hours). However, the bulls were active near the $51.50 level. A low is formed near $51.69 and the price is now consolidating losses.

Major Highlights

There was a move above the $53 resistance zone. It scaled above the 23.6% Fibonacci retracement level of the recent drop from the $58.31 high to $51.69 low. The price is now trading below $55 and the 55 simple moving average (4 hours).

On the upside, the price is facing resistance near the $54.80 and $55.00 levels. There is also a key bearish trend line forming with resistance near $55 on the 4-hours chart of the LTC/USD pair.

The trend line is near the 50% Fibonacci retracement level of the recent drop from the $58.31 high to $51.69 low. The next major resistance lies near the $58 level. A clear move above the $58.00 level could push the price towards the $60 level.

On the downside, immediate support is near the $52 level. The next key support is near the $51.50 level. If there is a downside break below the $51.50 support, the price could accelerate down towards the $50 level in the near term.

Litecoin price is trading clearly below $60 and the 55 simple moving average (4 hours). Overall, the price could rally but the upside could be limited above the $58 and $60 levels.

Technical Indicators

4 hours MACD – The MACD for LTC/USD is now losing pace in the bearish zone.

4-hours RSI (Relative Strength Index) – The RSI for LTC/USD is now close to the 50 level.

Key Support Levels: $52 and $51.50

Key resistance levels: $55 and $58.

It is worth remembering that the volatility of digital currencies is one of the characteristics that makes them very valuable assets. The possibility of the price of a coin rising by more than 100% in a short period of time creates numerous profitable opportunities for investors. However, it also comes with risks, as the price can drop by more than 70% in an instant. For this reason, it is always advisable to try integrating risk management techniques when making predictions based on probability. In other words, do your own research before making major decisions.

By Audy Castaneda

While Elon Musk Sends another Termination Notice to Twitter, Sam Bankman-Fried Views the Crypto Winter Optimistically

Alexander Salazar
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While Elon Musk Sends another Termination Notice to Twitter, Sam Bankman-Fried Views the Crypto Winter Optimistically

The whistleblower led Musk to consider cutting the USD 44 billion deal to buy Twitter. Bankman-Fried does not mind whether the SEC or the CFTC oversees the industry.

Elon Musk, the CEO of Tesla, recently sent Twitter Inc. a second termination notice of termination of their contract. The billionaire entrepreneur argued that a whistleblower led him to close his USD 44 billion deal with the social media.

According to former Twitter security head Peiter Zatko, the social media lied to authorities about the number of spam and bot accounts. The whistleblower also said they did not plan to collect any information to determine the number of bots.

Twitter Breaks the Terms of the Agreement

Elon Musk stated that Twitter Inc. hid information necessary for the USD 44-billion transaction. According to Bloomberg, his lawyer said that the claims made by Zatko indicate that the platform broke the terms of the agreement.

However, Musk and Twitter issued subpoenas requesting information about Zatko as he exposed problems dealing with user information. For example, not upgrading the software meant compromising the confidentiality of the executives.

The CEO of Tesla wants Zatko to testify in court to continue the case, as he wants to pull out of the deal with Twitter. More than 100 people, financial institutions and other businesses have faced lawsuits in the Delaware case, whose trial will start in October.

The above findings support the case of Elon Musk, who accused Twitter of material non-compliance. There are responsibilities associated with this regarding user protection and data privacy regulations.

Meanwhile, Sam Bankman-Fried Views the Crypto Winter Optimistically

Sam Bankman-Fried, the CEO of FTX, recently said that the crypto winter could have been worse regarding the value of assets. The billionaire investor considers that the industry sector requires reasonable regulation, regardless of who enforces it.

In addition, Bankman-Fried explained the various investment agreements in cryptocurrencies that his business has had. He mentioned that some rescue investments have succeeded while others have failed.

Earlier in the week, the value of Bitcoin (BTC) dropped below USD, but the executive does not believe that was bad. According to Bloomberg, Bankman-Fried warned that the fall could have been much worse.

The businessman said that the possibility of a collapse in the sector did not worry him. He said an investment of USD 1 billion in a cryptocurrency bailout had produced mixed results.

Bankman-Fried Makes Pressure over Cryptocurrency Regulation

The CEO of FTX highlighted that the investment aimed to help crypto companies rather than increase profits. The wealthy investor, who wants Washington lawmakers to promote the cryptocurrency industry, said he did not mind whether SEC or the CFTC oversaw the sector.

Meanwhile, Bitcoin is trading at around USD 19,944 and has accumulated a 1.5% loss over the last 24 hours. While its daily trading volume is above USD 25.74 billion, its market capitalization is about USF 381.69 billion, according to CoinGecko.

By Alexander Salazar

Forbes Analysis: This is the Number of Fake Bitcoin Transactions

Audy Castañeda
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Forbes Analysis: This is the Number of Fake Bitcoin Transactions

A new FORBES analysis of 157 cryptocurrency exchanges concludes that a high percentage of reported daily Bitcoin trading volume is likely fake.

Within the emerging and turbulent cryptocurrency market, where there are no less than 10,000 tokens, Bitcoin is the great grandfather, the blue-chip, which represents 40% of the trillion dollars in crypto assets in circulation. Bitcoin is the gateway to cryptocurrencies.

An estimated 46 million American adults already own it, according to the New York Digital Investment Group, and a growing number of institutional investors and companies are taking a liking to this fledgling alternative asset.

But can what any crypto exchange or electronic brokerage is reporting about trading the biggest digital currency be trusted?

Bitcoin Criticized

One of the most common criticisms of Bitcoin is widespread wash trading (a form of fake volume) and poor surveillance on exchanges.

The United States Commodity Futures Trading Commission defines wash trading as “the making, or purporting to make, of transactions to give the appearance that buying and selling have taken place, without incurring market risk or changing the operator’s market position’.”

The reason some traders do wash trades is to inflate the trading volume of an asset in order to give the appearance of increasing popularity. In some cases, trading bots execute these wash trades in tokens, increasing the volume, while at the same time insiders reinforce the activity with bullish comments, driving the price up in what is effectively a pump and dump scheme.

Wash trading also benefits exchanges because it allows them to appear to have more volume than they actually do, potentially encouraging more legitimate trading.

Conclusions of the Forbes Analysis

These are the conclusions of the study on 157 cryptocurrency exchanges worldwide:

1. More than half of all reported trading volume is likely to be fake or uneconomic.

2. Tether, the world’s largest stablecoin, remains a dominant player in the cryptocurrency trading economy, especially when it comes to Bitcoin trading. Its current market capitalization is $68 billion, despite doubts about its reserves.

3. In terms of the amount of Bitcoin activity taking place at these companies, 21 cryptocurrency exchanges generate $1 billion or more in daily trading activity, while the next 33 exchanges had between $200 million and $999 million dollars in all types of contracts, spot, futures and perpetual. Binance is the undisputed leader, with a market share of 27%, followed by FTX.

4. The biggest problems when it comes to fake volume are companies that tout high volume but operate with little or no regulatory oversight that would make their figures more credible, especially Binance, MEXC Global, and Bybit.

5. The creation of new assets and trading products, such as stablecoins and perpetual futures, add complications to national authorities trying to regulate cryptocurrency markets.

6. In the Western world, and in the United States in particular, it is tempting to think that bitcoin only trades against the US dollar or the euro and the British pound. But some of the biggest trading pair activity is against fiat currencies like the Japanese yen and Korean won and major stablecoins like Binance’s US dollar and USD coin.

7. An estimated 573 million people visit crypto exchange websites on a monthly basis.

As usual, the best advice is to do your own research before making major decisions.

By Audy Castaneda

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