Solana is one of the altcoins with the highest bullish potential, but it could respect its current resistances and suffer corrections. The RSI is showing bearish signals and is in overbought territories after hitting a double top.

Although the cryptocurrency market is in the midst of a bullish boom, the big player is Bitcoin. Much market capital is in BTC, but it will undoubtedly continue to migrate from altcoins for a few more days. Meanwhile, the prices of some leading altcoins, such as Solana (SOL) and Ether (ETH), will suffer considerable declines, corrections, and sideways trends.

Those are some of the main aspects to consider when analyzing the market behavior of Solana. SOL is trading at around USD 190 while it has accumulated a 20% profit in the past week, according to CoinGecko.

Factors That Could Be Hindering the Rise in the Price of Solana

One of the aspects that could be holding back the price of Solana is the amount of money that is migrating from altcoins to Bitcoin. That aspect affects not only SOL but also the rest of the altcoins, which will remain bullish. That situation will continue on the days when BTC tests its most recent all-time high.

However, the competition from Ether continues to gain ground in the cryptocurrency market, showing its full potential. The latest announcements on Twitter show that there has been a clear evolution in the DeFi sector.

The growth in recent months indicates that Solana is one of the altcoins with the highest bullish potential. However, it could respect its current resistances and suffer corrections, as the market situation favors Bitcoin. Therefore, it is sure that BTC will capitalize on the profits of the altcoins.

Analysis of the Price of Solana in the Short Term

Solana recently reached significant resistance and will have to break through it to hit a new all-time high. However, money is migrating from altcoins to Bitcoin, which would cause a prolonged drop in the prices of altcoins in the coming days.

The RSI is in overbought territories and shows a bearish trend after hitting a double top. Meanwhile, the ENV channels suggest a correction as the candlesticks did not respect the upper margins, besides marking significant supports. The first of those indicators stands at USD 196 and the second at USD 190.

The former is going through a testing process, but the bulls have rejected it in the last hours. Therefore, a rally to the resistance at USD 210 is likely.

At that point, there could be new profit taking by traders, leading to the abovementioned supports.

The correction process could drag on for a few more days until reaching the last support between USD 175 and USD 170. From there, the bulls should start to take control and drive the price of Solana to the nearest resistance. The only obstacle to this would be that there would be more intense selling pressure on the holders.

By Alexander Salazar

The cryptocurrency again demonstrated its limitless capacity to recover by hitting nearly USD 67,000, a rise of 5.87%. Cryptocurrency market analysts predicted that the cryptocurrency could reach between USD 65,000 and USD 168,000 by December.

The price of the pioneering cryptocurrency recently hit a new all-time high amid the launch of the first Bitcoin ETF in the United States. No one knows where the value of the first crypto asset on the market will go after reaching that milestone.

In May, Bitcoin surprised the cryptocurrency market by setting what would then be an all-time high of USD 64,800. On October 20^th, the cryptocurrency again demonstrated its limitless resilience by reaching almost USD 67,000, an increase of 5.87%.

Bitcoin is trading at around USD 63,300, after a loss of about 5% in the past two days, according to CoinGecko. However, about three months ago, the price of Bitcoin bottomed out at USD 29,000.

Some Factors Driving the Price of BTC Higher

The US Securities and Exchange Commission (SEC) recently approved the first Bitcoin futures ETF of the country. That element seems to have boosted the new all-time high for the cryptocurrency.

Bitcoin exchange-traded funds (ETFs) are investment vehicles that track the price of the leading cryptocurrency. In addition, the way to trade them is similar to that with a stock.

During its first day of operations, the ProShares Bitcoin Strategy ETF closed with a rise of 2.59% at USD 41.94. The following day, the ETF increased by 3.76% to USD 43.57.

Will Hershey, CEO of Roundhill Investments, stated that their trading volumes were exceptional during the first day. BITO traded over USD 700 million, placing it ahead of retail ETFs like BUZZ and ARKX on their launch days, according to CBNC.

James Quinn, a managing partner at Q9 Capital, believes that launching that new investment product will prove significant for Bitcoin. He said that trades and hedges underpinning ETFs mean the activity will flow into the market and the price of Bitcoin.

What Will Happen After the All-Time High

That is one of the most common questions when the price of Bitcoin makes such upward movements. Makara CEO Jesse Proudman believes that will depend on whether there is support above USD 65,000.

If the price of Bitcoin achieves that support, the classic bullish rallies of the fourth quarter could lead to some high predictions. However, high selling pressure could cause the next stage to take some time to materialize.

Cryptocurrency market analysts point to Bitcoin reaching a price above USD 80,000 by the end of 2021.

Excitement over the new Bitcoin ETF has made analysts at Fundstrat Global Advisors predict a value of USD 168,000. The firm did not specify when that would happen, but its research chief, Tom Lee, says more people will allocate money to Bitcoin.

Renowned cryptocurrency analyst PlanB is targeting a price above USD 135,000 for December, in the worst scenario. The graph of the Bitcoin S2F Model has usually proven that his predictions of that scenario have been very accurate.

By Alexander Salazar

The Binance blockchain could see a fee-burning mechanism similar to the one Ethereum introduced with EIP-1559. Proposal BEP-95 is waiting for a vote.

Binance Smart Chain (BSC), the blockchain of the largest cryptocurrency exchange Binance, could soon work using a token-burning mechanism similar to the one introduced on the Ethereum network.

The proposed BEP-95 update that met its introduction to BSC’s public Github this week suggests a fee-burning mechanism, somewhat similar to that implemented through Ethereum’s EIP-1559.

The goal of the procedure is to set up the accelerating of the burning process to make the native Binance Coin token a more valuable item.

The notion of ‘burning’ in this context refers to the process of permanently removing a crypto token from circulation, thereby reducing its supply and potentially boosting its price. The process usually takes place by sending the coins to an address that is not accessible to anyone, thus being destroyed.

Automatic Rate Burning for BSC

The new BSC update adds two mechanisms that would impact the network, one of these procedures is the burning of the fixed rate that gets currently distributed to validators and a manageable burn rate. The ones who made the proposal also claimed that it could make BSC more decentralized.

As such, the BEP-95 proposal suggests burning a portion of the transaction fees in each block and that the burning ratio be met and adjusted through the network’s governance system.

The result would be that the validators would receive fewer transaction fees, as the tokens would get destroyed instead. Over time, this would help set up a reduction of the total supply of BNB, which could eventually lead to a high peak.

Since the BSC network has no rewards for miners like Bitcoin and Ethereum, the transaction fee gets distributed among the validators. In the BSC blockchain, the fee gets charged on each validated block, and then it gets distributed between two smart contracts.

The proposal suggests that the portion of the burned tariffs could reach a set at 10%. Currently, the network sees around 6,814 BNB (or about $ 3.4 million) in transaction fees per day, so a burn of that amount would reduce supply to 681 BNB per day, about $ 334,000 according to current prices.

Binance Smart Chain is already the target of regular burning processes. When Binance released BNB in   2017, it promised to burn a total of 100 million tokens, that is, 50% of its total supply. The company burns massive amounts of BNB each quarter focused on the exchange’s trade fee ratio. The most recent burn destroyed 1,335,888 BNB, or nearly $ 660 million.

Proposals BEP-95 and EIP-1559 are not the Same Things

Currently, the proposal is in the draft stage and is awaiting a vote for its implementation. For the voting process to take place, the proposal must acquire a minimum deposit of 2,000 BNB. If this sum gets gathered, the network validators can vote for or against the changes to move forward.

By: Jenson Nuñez

The first Bitcoin futures ETF is facing various problems, but the situation could ease as more ETFs go live, and the CME raises contract limits.

The first Bitcoin exchange-traded fund (ETF) in the US market is gaining more popularity, so much popularity that it is now at risk. After releasing on the New York Stock Exchange (NYSE) on Tuesday, the ProShares Bitcoin Futures ETF is in danger of hitting a cap on the number of futures contracts allowed.

The fund, Proshares Bitcoin Strategy, which gets traded under the symbol BITO, receives back-up from futures contracts from the Chicago Mercantile Exchange (CME).

CME, one of the first financial derivatives exchanges in the world, imposes a limit of 2,000 contracts that an entity can have for the first month; however, as reported by Bloomberg, the ProShares ETF already has nearly 1,900 contracts for October and is very close to breaking market rules.

Exchanges impose limits on positions to prevent a single entity from setting up unilateral power and control over the market and prices, According to Pankaj Balani, CEO of Delta Exchange.

Popular Equal Risk

According to the report, the ETF has also gathered 1,400 November contracts, with more than $ 1 billion of assets under management. This gathering took place as a way of solving to get around the established limit. However, the fund’s accelerated growth rate has awakened fears on the product reaching a maximum total position of 5,000 open contracts.

One of the solutions that arise is for the ETF to distribute its shares in longer-term contracts. However, there is a risk that the fund will stray too far from Bitcoin’s performance.

A gap would thus arise between the performance of Bitcoin and the actual returns of the fund. This situation takes place because longer-duration futures contracts trade at a substantial premium over the spot price.

The fund could sell low and buy high while rolling over positions to expiration, leading to a counting bleeding.

According to Bloomberg, the fund’s current ability to track the cryptocurrency is questionable anyway, as it has to pay to renew contracts, and the futures curve is currently descending upward.

The Arrival of other ETFs Could Improve the Outlook

The good news is that the CME is raising the ceiling to 4,000 contracts from the previous month, starting with November futures, although there would still be a limit of 2,000 contracts for each month.

Experts have also highlighted that the situation could improve as other Bitcoin futures ETFs start trading. Launching competing products such as the Valkyrie Bitcoin Strategy ETF, which will begin trading today, and the VanEck ETF, which will debut on Monday, October 25, could help weaken the demand for the ProShares fund.

On the other hand, Bloomberg Intelligence Senior ETF Analyst Eric Balchunas believes the ProShares momentum will remain hard to stop at this time.

By: Jenson Nuñez

The police seized computers that will get investigated by computer experts. The ZOE headquarters are in Argentina, a country where they also offer investments.

The Paraguayan police carried out a raid on the offices of the company Zoe Capital, in the capital of that South American nation. The reason is that the company, presumably, offers investments without complying with the corresponding authorizations. This entity is related to the Zoe Cash cryptocurrency, which gets widely promoted in Argentine soccer.

On Tuesday of this week, in the police procedure, as reported by the prosecutor Irma Llano, documentation and four laptops were seized, which will then be subject to inspections by computer experts.

Four people got arrested, after giving their statements to the prosecutor, all of them got released. They identified themselves as commission agents.

The accused received payments for offering training for the so-called “Zoe University,” whose headquarters, Llano explains, is in Argentina.

The prosecutor explains that people who have in some way or another invested with Zoe Capital have no one to complain to in case of default.

For this reason, the official urges that anyone who has given money to this company and contacted the Prosecutor’s Office give their testimonial statement, which will be a proper tool to advance the case.

On September 23, The National Securities Commission of Paraguay released a statement indicating that Zoe Capital does not have the authorization to offer investments in that country.

ZOE offers Passive Income, Coaching courses, and Cryptocurrencies

The company’s website in Argentina is zoecapital.com.ar. The page automatically redirects to zoelatam.com.ar. There, ZOE works as a solution for more than 20,000 people who obtain passive income.

The company adds that Generación ZOE has multiple sources of income that allow it to generate profits from 7.5 to 10% per month. They would achieve this, they say, by investing in various areas such as capital markets, foreign exchange, air taxis, soccer teams, and other businesses.

In addition, as part of the combo, they indicate that, with proper investment, users would get access to 28 educational insights in different areas of coaching, leadership, marketing, neuro-sales, among others.

The Zoe Cash Gold Mine in Argentina Remains in Secrecy

The CEO of this company, according to the website consulted, is Leonardo Cositorto. Cositorto is an outstanding Argentine businessman with more than 20 years of experience in ontological coaching.

This businessman had made an appearance quite recently in the Argentine press, especially in the sports field. Cositorto allowed the Deportivo Español football team to start receiving payments in the Zoe Cash cryptocurrency.

On the other hand, the company claims to have purchased a gold mine in northern Argentina, from where they will supposedly extract the mineral to support Zoe Cash.

Cositorto published on Twitter, in August this year, that he was in the province of Jujuy, on his way to the mines to look for gold for the Zoe Cash currency.

By: Jenson Nuñez

The proposal looks a lot like the EIP-1559, which the Ethereum blockchain recently activated. The price of BNB could rise due to a further reduction in its supply in circulation amid growing demand.

The Ethereum blockchain recently incorporated a fee-burning system with the EIP-1559. Likewise, Binance Smart Chain developers plan to add something similar to that network.

Binance Evolution Protocol 95 (BEP-95) consists of a mechanism to burn BNB, the cryptocurrency of that network. If approved, the BEP-95 will destroy 10% of the fees paid instead of sending them to validators.

The burning of BNB already occurs quarterly and the coins destroyed are related to the fees paid on the Binance exchange. On some occasions, the burns of that cryptocurrency have exceeded USD 500 million.

The Reduction of the Circulating Supply Raises the Price of BNB

The destruction of BNB and the reduction of its supply in circulation increase the scarcity of that crypto asset. Amid growing demand, that could cause an increase in the price of the cryptocurrency.

Implementing that BEP could decrease the total amount of BNB that validators and delegates receive for staking. Since such a burning mechanism would reduce the supply of BNB, increased demand would raise the value of BNB, according to Binance Smart Chain.

The creator of Ethereum, Vitalik Buterin, recently burned 8% of the circulating supply of UBI, a basic income token on that network. That produced an increase in its price above 3,000% in less than an hour.

At the time of writing this article, the supply of BNB in circulation is 166,801,148 units, according to CoinMarketCap. The burning of Binance cryptocurrency fees will continue until just 100,000 BNB remain.

Although Binance’s BEP-95 is similar to Ethereum’s EIP-1559, they are not the same. While the Ethereum proposal added a system for paying tips to miners, the Binance Smart Chain will not have it.

Voting for a Proposal on the Binance Smart Chain

For the approval of the BEP-95, it has to pass a voting process based on the power of validators. The amount of BNB they have staked will determine that power.

At the time of writing this article, the Binance Smart Chain has 44 validators, of which only 21 are active, according to BscScan. Those with the highest voting power are CREAM (4.91%), BscScan (4.91%), and Ciscox (4.95%).

The BEP-95 is still at the so-called drafting stage, as it must receive a minimum initial deposit of 2,000 BNB. Voters then receive that amount back to allow the vote.

The validators on the network must choose between approving (yes) or rejecting (no) the proposal. The answer that exceeds 50% of the voting power will determine what will happen with that proposal.

BNB is trading at around USD 485 and has accumulated a 1.2% profit in the last 24 hours. It has a market capitalization of approximately USD 81,6 billion, which places it in 3^rd position of the cryptocurrency ranking, according to CoinGecko.

By Alexander Salazar