Connect with us
  • tg

Cryptocurrency

Why is Ethereum (ETH) price up today?

letizo News

Published

on

Ethereum’s native token, Ether (ETH), gained over 4.5% to reach $1,622 on Sep. 12 despite falling to its lowest level in six months the day before.

ETH/USD daily price chart. Source: TradingView

The ETH price recovery on Sep. 12 occurred as worries about a potential FTX liquidation receded. 

Ethereum market can absorb potential FTX dump 

New FTX court filings on Sep. 11 showed that it holds $3.4 billion worth of cryptocurrencies, including $1.16 billion in Solana (SOL), $560 million in Bitcoin (BTC), and $192 million in Ether. The defunct crypto exchange has requested a New York court to sell its crypto holdings to refund creditors.

FTX Digital Asset A Holdings screenshot. Source: FTX

The court will respond to the request on Sep. 12 as some believe that the approval to sell $3.4 billion worth of crypto assets could spark a market crash. 

However, researchers at crypto analytics platform Messari argue that FTX will not negatively impact the crypto market, noting that their holdings comprise mostly illiquid and locked assets. For example, only $9.2 million worth of SOL gets unlocked per month, which is absorbable by the market.

Also, as Messari explained, FTX’s $353 million BTC holdings are roughly 1% of the coin’s weekly traded volume. That means the market will likely absorb much of the Bitcoin and Ether sell-pressure

FTX crypto holdings and their weekly trading volumes. Source: Messari

That perhaps explains why, as of Sep. 12, Ether price has recovered the entire losses it suffered a day before.

Short liquidations overpower longs

The Ethereum market gains on Sep. 12 coincide with a run-up in the short liquidations across Ether-linked derivatives.

ETH total liquidations chart. Source: CoinGlass

Notably, Ether has liquidated $8.37 million worth of short positions versus $1.66 million in long positions on Sep. 12. Short sellers liquidate their positions by buying the underlying asset. Therefore, the combination to new buyers and short liquidations have pushed up the price of ETH. 

Oversold bounce

Ether’s daily relative strength index (RSI) dropped below 30 on Sep. 11, which traditional analysts view as an “oversold” zone.

ETH/USD daily price chart. Source: TradingView

In addition, ETH price bounce has originated from an important locsupport level of $1,545. 

Ethereum technical analysis for September 2023

Ethereum’s latest bounce has brought its price closer to testing its falling wedge’s upper trendline for a potential breakout.

Related: Bitcoin price must take $26K, trader says after ‘textbook short squeeze’

Falling Wedges are bearish reversal patterns characterized by the price consolidating  between two descending, converging trendlines. They typically resolve after the price breaks above the upper trendline and rises by as much as the wedge’s maximum height. 

As a result of this technical setup, Ether’s decisive close above the upper trendline may lead to $1,740 in September, up over 8% from current price levels. What’s more, the level coincides with ETH’s 50-day exponential moving average (50-day EMA; the red wave in the chart below).

ETH/USD daily price chart. Source: TradingView

Conversely, a pullback from the falling wedge’s upper trendline risks dropping the ETH price near the lower trendline around $1,500 for a potenti 8% decline in September.

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

This article is for general information purposes and is not intended to be and should not be taken as legal or investment advice. The views, thoughts, and opinions expressed here are the author’s alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.

Cryptocurrency

Hipposol, A Solana-based Memecoin Announces $Hippos Token Presale Round

letizo News

Published

on

[PRESS RELEASE – London, United Kingdom, April 24th, 2024]

Today marks a monumental day as Hipposol, A solana memecoin proudly announces the launch of $hippos pre sale round for early participants. Drawing vibrant inspiration from the mighty and playful hippopotamus, the $Hippos token presale event begins today April 24th 2024, with a sale duration of 26 days.

Hipposol Ready To Pioneer A New Era in Memecoin

$Hippos isn’t merely another entry in the memecoin ledger; it heralds a new era where community, technology, and sheer fun merge to forge genuine value. “With $Hippos, we’re not just redefining memecoins; we’re revolutionizing how a memecoin community and digital currency coexist. This journey isn’t about speculative trading alone; it’s about crafting a community empowered to steer its course and reap substantial growth,” said King Hippo, the revered leader of the Hipposol herd.

The Hipposol team believes the $Hippos pre sale event means more than buying a token; it means joining a memecoin herd that leads. With Hipposol community-driven development approach, users insights and votes directly influenced by the $Hippos holders, Hipposol is set to be next meme sensation on Solana.

$Hippos Presale Facts:

  • Token Presale Rate: 1 SOL = 150,000 $Hippos
  • Minimum Buy: Dive in with as little as 0.5 SOL

Users can join the Solana meme adventure with Hipposol and experience a new breed of memecoin that’s ready to make waves.

For more updates and news on Hipposol memecoin;

Website | $Hippos Sale portal | Twitter | Telegram 

Hipposol is the source of this content. This Press Release is for informational purposes only. The information does not constitute investment advice or an offer to invest. Investing in cryptocurrencies can be volatile and dangerous.

SPECIAL OFFER (Sponsored)
LIMITED OFFER 2024 for CryptoPotato readers at Bybit: Use this link to register and open a $500 BTC-USDT position on Bybit Exchange for free!
Continue Reading

Cryptocurrency

Tether Will Freeze Venezuelan Wallets Being Used to Evade US Sanctions

letizo News

Published

on

Tether has announced that all wallets associated with Venezuela’s attempts to bypass U.S. sanctions on oil exports will be frozen.

The decision follows recent reports indicating an increased use of Tether’s USDT by Venezuela’s state-run oil company, PDVSA, to avoid sanctions imposed by the United States.

Venezuela’s PDVSA Turns to Tether Amid Sanctions

According to a Reuters report, Venezuela’s state-run oil company, PDVSA, transitioned to using Tether’s USDT after facing renewed sanctions on its oil exports.

Tether took a similar stance in December last year, freezing 161 wallets in compliance with U.S. sanctions.

A spokesperson for the stablecoin issuer emphasized the company’s commitment to upholding sanctions by stating, “Tether respects the OFAC SDN list and is committed to working to ensure sanction addresses are frozen properly.”

PDVSA’s increased use of cryptocurrency payments is part of a broader strategy to mitigate the repercussions of U.S. sanctions re-imposed due to Venezuela’s failure to implement electoral reforms.

By using cryptocurrencies like USDT, PDVSA can conduct transactions while minimizing the risk of assets being seized by U.S. authorities. Reuters notes that PDVSA uses intermediaries to hide the trail and evade tracking in USDT transactions.

However, a recent PDVSA scandal has complicated matters, as investigations uncovered around $21 billion in unexplained receivables from oil exports. This scandal is partly linked to prior transactions involving other cryptocurrencies, adding complexity to the situation.

USDT Prepayment for Oil Deals

In 2024, PDVSA restructured its spot oil deals to require prepayment for half of each cargo’s value in USDT. This requires new customers interested in buying Venezuelan oil to possess a digital wallet capable of conducting cryptocurrency transactions.

Furthermore, the U.S. government has conditionally permitted the resumption of business with PDVSA. This decision came in October when Washington issued a six-month license, allowing trading houses and former PDVSA customers to resume business with Venezuela. However, due to digital transaction requirements, many of these entities had to rely on intermediaries to facilitate the transactions.

Venezuela’s venture into cryptocurrencies dates back to 2018, when it introduced the “petro” token to mitigate the economic turbulence induced by U.S. sanctions. However, the petro’s poor adoption led to its shelving earlier this year.

Meanwhile, OFAC has recently intensified its scrutiny of the cryptocurrency industry. In December, OFAC imposed fines on crypto exchange CoinList amounting to $1.2 million for facilitating Russian users in evading sanctions. Before this, the agency sanctioned a crypto mixer allegedly used by hackers in North Korea.

SPECIAL OFFER (Sponsored)
LIMITED OFFER 2024 for CryptoPotato readers at Bybit: Use this link to register and open a $500 BTC-USDT position on Bybit Exchange for free!
Continue Reading

Cryptocurrency

Here are the Top 5 Gainers in the Bitcoin (BTC) Ecosystem YTD: Details

letizo News

Published

on

TL;DR

  • Core (CORE) has significantly outperformed Bitcoin and many other major cryptocurrencies with a 350% price surge this year.
  • Other digital assets related to BTC’s ecosystem, such as Sovryn (SOV) and Ordiswap (ORDS), also reported notable gains, with increases of 210% and 100%, respectively.

CORE Leads the Pack

Bitcoin (BTC) has been making serious waves since the beginning of the year, with its price rising from approximately $42,000 on January 1 to almost $67,000 on April 24 (a 60% increase). However, some cryptocurrencies related to its ecosystem have witnessed even more substantial gains over the same period, and Core (CORE) is the perfect example.

It is a new blockchain that leverages the advantages of Bitcoin’s Proof-of-Work network and the delegated Proof-of-Stake consensus mechanism to offer more security, scalability, and decentralization. 

Its native token, CORE, is currently worth around $2.51 (per CoinGecko’s data), a 350% surge compared to the $0.55 observed at the start of 2024.

CORE Price
CORE Price, Source: CoinGecko

The asset’s price was even higher at the beginning of April, briefly surpassing the $4 mark, while its market capitalization crossed the $3.5 billion milestone before settling at its current level of around $2.2 billion.

Sovryn (SOV) Comes Next

The protocol, running on a Bitcoin sidechain called Rootstock Smart Contract (RSK), has also witnessed a significant resurgence in the past several months. 

Its native token – SOV – has been up 210% since New Year’s Eve, currently trading at approximately $2.10. However, its price performance is far from its glory days in 2021, when a single coin was worth over $35.

SOV Price
SOV Price, Source: CoinGecko

Ordiswap (ORDS)

Ordiswap is the first Automated Market Maker (AMM) designed for the BTC blockchain. Its main purpose is to provide liquidity provision and decentralized trading directly to Bitcoin’s native layer.

The governance cryptocurrency of the AMM—ORDS—was launched at the end of December last year and has jumped by 100% since then. Last month, it soared to an all-time high of $0.26 before retracing to its current mark of $0.10.

ORDS Price
ORDS Price, Source: CoinGecko

LeverFi (LEVER)

This is a decentralized leverage trading platform with a native token called LEVER. The latter ascended by 98% since January 1, 2024. It is also among the notable gainers today (April 24), registering a 10% increase on a daily scale.

LEVER Price
LEVER Price, Source: CoinGecko

LEVER’s market capitalization recently jumped above $120 million for the first time while currently hovering around $100 million.

Bitcoin Cash (BCH)

The popular hard-fork blockchain, split from Bitcoin in 2018, finds a place in the list, too. Earlier in April, it completed its second halving, with its price ascending substantially in the months prior to the event. Two weeks ago, BCH hit a multi-year high of more than $700, but it has been on a downtrend as of late. 

Currently, a single token is worth around $500, which is still a 93% increase compared to the figure observed at the beginning of the year.

BCH Price
BCH Price, Source: CoinGecko

 

 

SPECIAL OFFER (Sponsored)
LIMITED OFFER 2024 for CryptoPotato readers at Bybit: Use this link to register and open a $500 BTC-USDT position on Bybit Exchange for free!
Continue Reading

Trending

©2021-2024 Letizo All Rights Reserved