Cardano price started a downside correction below the $1.050 zone. ADA is consolidating and facing hurdles near the $1.020 and $1.040 levels. ADA price started a downward move below the $1.020 support zone. The price is trading below $1.00 and the 100-hourly simple moving average. There is a key bearish trend line forming with resistance at $1.015 on the hourly chart of the ADA/USD pair (data source from Kraken). The pair could start another increase if it clears the $1.020 resistance zone. Cardano Price Faces Selling Pressure After struggling to clear the $1.120 resistance zone, Cardano started a fresh decline, like Bitcoin and Ethereum . ADA declined below the $1.10 and $1.050 support levels. The pair even declined below $1.00. A low was formed at $0.9151 and the price is now consolidating losses. There was a minor increase above the $0.940 resistance level. It cleared the 23.6% Fib retracement level of the downward move from the $1.1113 swing high to the $0.9151 low. Cardano price is now trading below $1.00 and the 100-hourly simple moving average. On the upside, the price might face resistance near the $1.00 zone. The first resistance is near $1.020. There is also a key bearish trend line forming with resistance at $1.015 on the hourly chart of the ADA/USD pair. It is close to the 50% Fib retracement level of the downward move from the $1.1113 swing high to the $0.9151 low. The next key resistance might be $1.050. If there is a close above the $1.050 resistance, the price could start a strong rally. In the stated case, the price could rise toward the $1.0650 region. Any more gains might call for a move toward $1.10 in the near term. Another Decline in ADA? If Cardano’s price fails to climb above the $1.020 resistance level, it could start another decline. Immediate support on the downside is near the $0.9450 level. The next major support is near the $0.920 level. A downside break below the $0.920 level could open the doors for a test of $0.90. The next major support is near the $0.8650 level where the bulls might emerge. Technical Indicators Hourly MACD – The MACD for ADA/USD is losing momentum in the bearish zone. Hourly RSI (Relative Strength Index) – The RSI for ADA/USD is now below the 50 level. Major Support Levels – $0.9450 and $0.9200. Major Resistance Levels – $1.020 and $1.050.
The United States Congress recently introduced a large spending plan, known as the "Christmas Tree" bill, to keep the government running until March 2025.
On-chain data shows a massive amount of the stablecoin USDT has been moving to exchanges recently, potentially acting as fuel for the Bitcoin and wider cryptocurrency rally. USDT Exchange Inflows Have Remained High Recently In a new post on X, the on-chain analytics firm Santiment discussed the trend in the Exchange Flow Balance for Tether’s USDT. The “Exchange Flow Balance” here refers to an indicator that keeps track of the net amount of a given asset entering or exiting the wallets associated with centralized exchanges. When the value of this metric is positive, it means the inflows outweigh the outflows, and a net amount of the coin is entered into the exchanges’ wallets. Such a trend is usually a sign of demand among investors for trading away the cryptocurrency. Related Reading: Ethereum On-Chain Demand Should Sustain ETH Above $4,000, IntoTheBlock Says On the other hand, the negative indicator implies the holders are withdrawing a net number of tokens from these platforms. This kind of trend suggests the market is in a phase of accumulation. Now, here is a chart that shows the trend in the Exchange Flow Balance for USDT over the last couple of years: As displayed in the above graph, the Exchange Flow Balance for USDT has observed several large positive spikes over the past month, implying that large investors have been depositing their tokens. For assets like Bitcoin, a positive Exchange Flow Balance can be a bearish sign, as it could suggest the holders are planning to sell. However, the same isn’t true when the asset involved is a stablecoin. Investors generally store their capital in these fiat-tied tokens to avoid the volatility of Bitcoin and other cryptocurrencies. Such users eventually plan to venture into the volatile side once they feel the conditions are right. And when the time comes, they naturally transfer to exchanges to swap to Bitcoin or whatever desired coin. This act of selling USDT does not affect its value since the coin is, by definition, always stable around the $1 mark. Related Reading: Solana Struggles Against Bitcoin & Ethereum: Glassnode Explains Why On the other hand, The asset they are shifting to does witness fluctuations from the purchase. As such, stablecoin exchange inflows are usually considered a bullish sign for Bitcoin and other assets. During the last eight weeks, exchanges have received a net average of $40 million USDT. “Helping to fuel this bull rally and the many historic crypto pumps, look for stablecoin ‘dry powder’ to continue flowing in during this final stretch of 2024,” explains the analytics firm. Bitcoin Price Bitcoin set a new all-time high (ATH) beyond the $108,000 mark yesterday, but the coin appears to have seen a pullback since then, as its price is now trading around $104,500. Featured image from Dall-E, Santiment.net, chart from TradingView.com
At press time, the 23.6% Fibonacci extension level at $4.494 served as a short-term support.
The post 3 Coins Ending the Year Strong and Ready for Even Bigger Moves in 2025 appeared first on Coinpedia Fintech News As the crypto market closes its books on 2024, a wave of optimism is sweeping through the final days of the year. December’s end brings not just festive cheer but also an opportunity to spotlight the coins that have captured attention with their strong year-end momentum. So far, $CHO, $DOGE, and $HYPE are looking like the ones to watch for gains by January 1, and there’s a good chance they’ll keep it up into 2025. $CHO $CHO, the native token of Choise.ai , an enterprise crypto platform with over one million users, experienced a 700% spike from February to April, setting a yearly high . With the token’s utility growing through updates to Choise.ai’s expanding ecosystem of products, it seems poised to cap off the year with even greater gains. One of the most recent announcements from Choise.ai highlights their work with Vault , a B2B platform specializing in white-label crypto banking solutions, on Meme Bank, a new Choise.ai ecosystem addition designed to introduce real-world utility for meme coins. This will enable holders to, for example, spend their meme coins in real life via Visa and Mastercard. Meme Bank will actually feature individual banks for each meme coin, offering seamless transactions, exchanges, withdrawals, additional utility-driven features like token burns, staking options, and many more. This is probably going to be huge for $CHO because portions of the token will be burned during transactions within Meme Bank, alongside the associated meme coins, directly increasing their scarcity. With millions of transactions anticipated, $CHO holders stand to benefit as supply decreases and demand grows. In a recent post on X, Choise.ai revealed that the first meme bank will soon be unveiled, with community chatter suggesting that $DOGE will be the inaugural coin, and this means potentially tapping into its massive community of over 6 million active holders. Image Source: X Adding to the momentum, Choise.ai just announced the addition of Ryan Horn, a former Binance executive known for high-profile partnerships like those with Cristiano Ronaldo, to its Board of Directors. Earlier in the year, $CHO’s surge was partly fueled by its listing on BingX, building on its presence on exchanges like KuCoin and MEXC. Now, anticipation is building for a new tier-1 CEX listing, which could significantly broaden its audience and drive further demand. $DOGE As of 2024, meme coins command a staggering market capitalization of over $127 billion. And, even though many of them, such as $PEPE or $POPCAT, have gained serious attention and seen impressive growth, $DOGE, the original meme coin, still stands out as having the most genuine potential. With 11 years under its belt, its rise is driven by utility, not just speculation or hype. $DOGE has already seen a 342% increase in yearly growth, and the last two weeks of 2024 could push it even higher. The most popular meme coin certainly benefited from the overall bullishness in the market, especially after Bitcoin smashed through $100,000. But the momentum continued for another reason: hints from Elon Musk about $DOGE payments for X’s premium features, as well as President Trump’s appointment of Musk and Vivek Ramaswamy to lead the new Department of Government Efficiency (D.O.G.E.). The name alone sparked attention, boosting $DOGE’s trading volume and hinting at its expanding utility. Plus, beyond its current use for payments within Tesla and various online and offline stores like Newegg, Jomashop, Burger Bear, Travala, and AirBaltic, $DOGE seems poised for more. After a healthy retest, which followed the big jump in November, $DOGE appears ready to finish the year with even stronger gains. One factor that could fuel this is if it actually becomes the first meme coin bank within Choise.ai’s Meme Bank project. If this scenario unfolds, burning $DOGE with each transaction could drive up demand while decreasing the supply in circulation. Additionally, expanding $DOGE’s utility and increasing its real-world applications could also be a major boost for its further growth. $HYPE Hyperliquid burst onto the scene on November 29 with the launch of its $HYPE token, marking one of the most talked-about token generation events in recent memory. As a decentralized perpetual trading platform and layer-1 blockchain, Hyperliquid allows users to trade perpetual derivatives and spot assets, all while pulling liquidity from multiple sources. At the heart of the platform is the $HYPE token, which does double duty as both a utility token for trading and the gas token for HyperEVM, the platform’s execution environment. Since its launch, $HYPE quickly climbed into CoinGecko’s top 30 cryptocurrencies. Over $1 billion in USDC net inflows have been recorded, and the token is being celebrated as one of the most successful airdrops ever, despite the absence of any major centralized exchange listings. What sets Hyperliquid apart is its commitment to decentralization; no token supply was allocated to private investors or exchanges, keeping ownership squarely in the hands of its users. The platform’s unique approach to decentralized perpetual trading has resonated with the DeFi community, and its rising popularity suggests it could become a key player in the space. However, with $HYPE’s value skyrocketing by 748% in less than a month, it’s important to tread carefully. While the token shows plenty of promise, its newness and rapid rise call for cautious optimism. Summary It doesn’t matter whether it’s the beginning or end of the year for coins with real potential and ongoing developments to get the recognition they deserve, but this time, the end of the year is lining up perfectly with big things happening for some projects. With teams like Choise.ai constantly building, there’s a lot in store. With the Meme Bank launch on the horizon, $CHO seems set for some nice gains, while $DOGE and $HYPE also have some strong potential to grow.
Coinbase has successfully fended off a restraining order sought by BiT Global as a California court ruled in favor of the exchange's decision to delist wrapped bitcoin.
Coinbase has successfully fended off a restraining order sought by BiT Global as a California court ruled in favor of the exchange’s decision to delist Wrapped Bitcoin. The Hong Kong-based company BiT Global is allegedly tied to crypto entrepreneur and TRON founder Justin Sun who had sought the order to prohibit Coinbase from removing Wrapped Bitcoin ( wBTC ), arguing it would inflict irreparable damage to its business. The ruling from U.S. District Judge Araceli Martínez-Olguín permits the delisting to move forward as scheduled. As covered by crypto.news earlier, the American cryptocurrency exchange giant Coinbase revealed on Nov. 19 that it would delist wBTC from its platform on Dec. 19. The decision came as a result of Coinbase’s regular review process, which BiT Global alleged was biased. The firm subsequently filed a lawsuit alleging violations of competition laws and libel, claiming the exchange damaged wBTC’s reputation by promoting its own tokenized Bitcoin product, cbBTC. You might also like: BiT Global sues Coinbase for $1b over WBTC delisting Coinbase, as a private company, defended its decision. A spokesman for the exchange rejected the allegations, saying that they have the right to decide whether to list or delist a token. The company further denied accusations of monopolistic behavior, saying it represented less than 1 percent of all wBTC trading activity. cbBTC has taken off since its Sept. launch , with a market cap exceeding $2.11 billion . You might also like: This altcoin could pump 17100% like Solana 3 years ago BiT Global also asserted Justin Sun, the firm’s adviser, had been wrongly involved in the scandal. Still, Coinbase pointed to Sun’s previous accusations of financial misconduct and argued that his distancing from wBTC was a strategic decision. Coinbase’s legal counsel characterized the suit as frivolous and suggested sanctions could be imposed against both BiT Global and its counsel. They pointed to a failure of evidence to support claims that Coinbase’s actions had caused users to abandon wBTC. BiT Global also claimed that wBTC is crucial to the crypto ecosystem and defended their stance by accusing Coinbase of impartial listing policies and accusing the exchange of listing meme coins such as Mogcoin ( MOG ) and pepe ( PEPE ) that serve little purpose. So in a court filing today, @Coinbase gave their reason why they delisted wBTC, and it's basically just they don't like Justin Sun. That's really just it. They don't give any technical or legal arguments about why wBTC can't be listed. It's just guilt by association pic.twitter.com/bJmMnAue7x — Pledditor (@Pledditor) December 17, 2024 However, many crypto enthusiasts are siding with BiT Global saying Coinbase’s decision to delist wBTC is because they “don’t like Justin Sun”. Critics further argued that wBTC is more acceptable than cbBTC does not provide proof of reserves, unlike its competitor. A token requires proof of reserves to prove an issuer possesses enough assets to back the token and to expand transparency and trust. For wrapped tokens such as wBTC or cbBTC, it shows that each token is actually 1:1 backed by the original asset, in this case, Bitcoin ( BTC ). The absence of proof of reserves, on the other hand, puts each user at an increased risk of insolvency, fraud, or mismanagement by the issuer. Read more: Coinbase refutes ‘baseless’ BiT Global wBTC suit
XRP has been on a remarkable rally, surging nearly 300% over the past few weeks to levels last seen seven years ago. However, the momentum has recently slowed, with the token consolidating around the $2.6 mark. According to crypto analyst Ali Martinez, breaking this critical resistance level is crucial for XRP to aim for a … Continue reading "XRP Targets $4 Amid Whale Accumulation and RLUSD Launch" The post XRP Targets $4 Amid Whale Accumulation and RLUSD Launch appeared first on Cryptoknowmics-Crypto News and Media Platform .
The post Crypto Wins: Caroline Crenshaw’s SEC Term Ends appeared first on Coinpedia Fintech News Caroline Crenshaw would not be returning as an SEC Commissioner. Her term is officially ending in January. The Senate Banking Committee has decided not to Re-nominate her. This feels like a big win for crypto people. Crenshaw has been a huge critic of cryptocurrency and often clashed with the industry. Now, with her departure and resignation of Gary Gensler, things could be very different at the SEC. Crenshaw’s Anti-Crypto Legacy Crypto people would be happy as Caroline Crenshaw’s SEC term ends . She was not exactly a favorite in the space. Her close relations with Gary and following his vision of a tough stance towards crypto made her the target for criticism. As a fun fact, the crypto industry poured millions into lobbying efforts to block her renomination, and it worked. People from the crypto industry spend huge funds to support candidates who align with industry goals. This influence didn’t stop with campaigns. Crypto-friendly Republican senators also pushed hard to ensure Crenshaw wouldn’t continue her role. Even Democrats felt the heat. Sherrod Brown, one of Crenshaw’s supporters, lashed out at the crypto industry, calling their lobbying efforts a “disgusting smear campaign.” But it wasn’t enough to save her spot. What Happens Now? With Crenshaw leaving and Gensler stepping down in January, things are already shifting. President-elect Donald Trump’s administration is shaping up to be much more crypto-friendly. Paul Atkins, who’s known for his pro-crypto views, will take over as SEC Chair. There’s also talk about who might replace Crenshaw. Names like Chris Brummer and TuongVy Le are being floated. Brummer, a blockchain expert, seems to have the strongest backing, but nothing is confirmed yet. If he’s chosen, it would send a clear message: the SEC might finally be ready to work with the crypto industry instead of fighting against it. What’s Next This feels like a turning point. For years, crypto companies have been calling for clearer regulations. Now, they might actually get them. Big names in the industry, like Tyler Winklevoss of Gemini , are already celebrating. He called Crenshaw’s departure “a roadblock removed” and emphasized the need for clear rules. Source : X.com The U.S. has lagged behind other countries in embracing crypto. But with these changes, that could change fast. The next few months will be crucial in determining whether the U.S. becomes a global leader in digital assets—or stays stuck in the past.
The post XRP Lawsuit: John Reed Stark Says Judge Torres Was ‘Mistaken,’ Slams Ripple Decision appeared first on Coinpedia Fintech News The legal battle between Ripple and the SEC has been gaining momentum as the January 15 hearing approaches. John Reed Stark, a former SEC enforcement official and crypto skeptic, recently appeared on Docket Media LLC podcast and opened up about the historic Ripple decisions. He said that the Ripple ruling doesn’t provide broad legal clarity and should only be applied to cases with similar specific facts. He criticized the Ripple decision, claiming that many people misunderstand the ruling, likely because they haven’t fully read it. He argued that Judge Torres was ‘mistaken on multiple counts, a view shared by other judges who have reviewed the case. “There’s so many things about the Ripple decision that people get entirely wrong because I don’t think they read it. It’s completely… it’s respectfully to Judge Torres, I think she was mistaken on multiple counts, as does Judge Rakoff and every single other judge that has looked at that decision (thought),” he said. Stark pointed out that the Ripple decision was twofold. First, he agreed that the initial offering of XRP tokens to sophisticated investors should have been registered as securities to protect those investors. However, Stark disagreed with the decision when it came to the secondary market, where XRP was traded on exchanges. ‘Ripple Decision Created Confusion’ He argued that the lack of a direct relationship between Ripple and retail investors meant they weren’t protected, which he believes is an unfair argument. Stark compared it to buying stocks in companies, where investors don’t have a direct contractual relationship with the company but are still protected under securities regulations. Stark also criticized the Ripple decision for creating confusion, especially after pro-crypto companies began citing it to argue that tokens were not securities. In response, the SEC sought an interlocutory appeal, hoping to stop the ongoing proceedings. However, the judge rejected the SEC’s request, stating that the Ripple decision could not be used as precedent unless the exact same circumstances were present.