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Bitcoin Still Number One Due to Higher Futures Premium, K33 ResearchBitcoin Still Number One Due to Higher Futures Premium, K33 Research
Source: Pixabay
A research conducted by K33 shows that Bitcoin still retains its top position as the most appealing cryptocurrency due to its higher premiums in futures trading.
Ether, the second most valuable crypto asset by market capitalization, is expected to play second fiddle once again due to the lower yields it would post in the derivatives market.
The researchers believethat the innate potential of Bitcoin operating as digital gold and the imminent launch of a spot Bitcoin exchange-traded fund(ETF) could play crucial roles in why Ethereum is expected to underperform once more.
Giving even more background, K33 stated that sticking to Bitcoin is the safest option until a strong positive fundamental emanates from the Ethereum ecosystem.
While the chances of a sudden turnaround are not immediately expected, Bitcoin has solidified its hold on the crypto marketplace.
For one, BTC's dominance has grown to almost half of the crypto market despite a broader market downtrend.
Moreover, BTC has an open interest of 411,000 BTC, equivalent to approximately $11.6 billion in value.
The open interest volume has spiked 1.8% in the past seven days, although its spot volume has nosedived by 15% in that same period.
Bitcoin is also coming into more spotlight following Grayscale's open intentions to convert their Bitcoin Trust Fund into a spot Bitcoin ETF.
The courts are expected to rule on the asset manager's request on October 13, and K33 researchers argue that the courts would likely instruct US regulators to re-evaluate Grayscale's application.
The approval of a Bitcoin ETF could attract over $150 billion worth of capital into the crypto market over a period of years.
So far, the US Securities and Exchange Commission (SEC) has been previously averse to approving a Bitcoin ETF on multiple occasions.
According to the top financial regulator, market manipulation and improper price tracking of Bitcoin have been its weapons in defending against the barrage of requests.
However, it has been more open to offering futures contracts surrounding Bitcoin and Ether in the last few months.
Remarking on the expected ruling on Friday, K33 analysts postulated that there would be a strong positive reaction in the crypto market, although it might be for the short term.
This temporary lift-off would be driven by other asset managers having their applications on the SEC's table.
On the list of management firms hoping for the SEC's spot Bitcoin ETF blessings, Invesco, BlackRock, Bitwise, and Valkyrie, amongst others, make the team.
75% Chances of Approval by Year End
The SEC has deferred its spot BitcoinETF ruling for much of the last two years, rebuffing all attempts to sway its hand. However, changes are expected in the coming months.
Senior Bloomberg ETF Analyst Eric Balchunas stated on X (formerly Twitter) that the changes of the SEC approving a spot Bitcoin ETF application would hit 75% by the end of this year in response to a question by another user.
Furthermore, Balchunas said this figure will likely hit 90% by March 2024, the final deadline for BlackRock'sapplication.
Is Ethereum Due for a Bullish Breakout and a Surge to $2,000? (ETH Price Analysis)After a brief bullish phase that brought optimism to the market, Ethereum’s price reached the 100-day moving average and faced increased selling pressure, resulting in a sharp decline.
However, the price is currently within a critical range, suggesting a potential consolidation scenario in the mid-term.
Technical Analysis
By Shayan
The Daily Chart
Upon examining the daily chart, Ethereum experienced a significant upward movement with strong bullish momentum after finding support around the $1.5K range. However, after it reached the 100-day moving average at approximately $1.7K, ETH faced substantial rejection, resulting in a steep downtrend. This price action completed a pullback to the broken 100-day moving average, indicating a highly bearish trajectory.
The only bullish indicator is the price encountering robust support within the range between the 0.5 and 0.618 levels of the Fibonacci retracement. This range serves as the bulls’ last line of defense, and a breach below it could trigger a sudden cascade in the market.
Source: TradingView
The 4-Hour Chart
Analyzing the 4-hour chart, it is evident that the price has predominantly followed a downward trend, forming a descending wedge pattern. However, ETH recently reached the crucial support level of $1.5K and found support, leading to a period of sideways movement within this range.
This sideways consolidation is confined between the $1.5K support and the notable $1.7K resistance. Therefore, the most likely scenario for Ethereum in the mid-term is a sideways consolidation until the price breaks out of this static range. The direction of Ethereum’s upcoming trend heavily depends on the direction of the breakout.
Regardless of the outcome, it is essential to closely monitor the price action in the coming days, as increased volatility can be expected, which will shape the market’s direction.
Source: TradingView
On-chain Analysis
By Shayan
Ethereum’s price has ultimately initiated an uptrend after failing to break below the $1.5K support region. Interestingly, the futures market is demonstrating a very bullish signal in contrast to Ethereum’s bearish price action.
The chart represents the taker buy-sell ratio, which is one of the most useful metrics for evaluating futures market sentiment. Values above 1 are considered bullish, while values below 1 are bearish.
It is evident that after months of decline, the taker buy-sell ratio has recently spiked rapidly, surging above the 1 mark. This suggests the presence of aggressive buyers in the futures market. If this metric continues to trend upwards, it would likely lead to a new bullish stage in the market, with the price aiming for a significant resistance zone of $2K in the coming months.
Source: CryptoQuant
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Cryptocurrency chartsby TradingView.
Tags: Ethereum (ETH) PriceIs Ripple Due for a God Candle? Realistic XRP Price PredictionTL;DR
EGRAG CRYPTO predicts XRP could rise to $1.12, with support at $0.28 and a “macro bottom” at $0.17.
The analyst’s earlier forecasts ranged from $1.40 to a bold $27 after Ripple’s court wins against the SEC.
An ascent to $27 would require XRP’s market cap to surpass $1.4 trillion.
Is XRP Poised for a Huge Spike?
Despite XRP’s recent price decline and the overall plunge of the cryptocurrency market, some analysts are still optimistic that the coin might head north in the following months. One example is the X (Twitter) user using the handle EGRAG CRYPTO.
They recently presenteda chart, according to which XRP could experience a so-called “Gods candle” that might drive the valuation to as high as $1.12. The coin first needs to overcome a major resistance level known as the “Berlin Wall” to have a chance for such a surge.
“STAY STEADY, Keep dollar-cost averaging (DCA), and aim for a brighter financial future,” the analyst advised.
EGRAG CRYPTO further explained that the $0.28 line could serve as “life support,” whereas $0.17 could be viewed as “macro bottom.”
Their Previous XRP Forecasts
The analyst laid out another prediction at the end of September, envisioningXRP to jump to $1.40 should it close above certain key levels “with undeniable confirmation.” A few weeks later, EGRAG CRYPTO changedtheir stance with a much more bullish forecast that depicts the asset trading at a whopping $27:
“I’m firmly on board with the exciting $27 journey, but we must also be prepared for the unexpected, which might just put XRP’s legendary nickname, “The Rise of The Phoenix,” to the test.”
This happened shortly after Ripple securedits second court victory in a row against the United States Securities and Exchange Commission (SEC).
It is worth mentioning that such a price increase would require XRP’s market capitalization to skyrocket above $1.4 trillion. In comparison, the entire market cap of the crypto industry stood at around $3 trillion during its peak in 2021.
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Tags: Ripple (XRP) PriceXRPAnalysts Forecast Increased Volatility in Markets Due to Israel-Palestine WarAs Israel declares a state of war against the Palestinian military group Hamas, the crypto community is speculating on how Bitcoin (BTC) and the broader altcoin markets will react.
The market volatilitytends to increase during geopolitical crises such as war or other military conflicts. While the price of commodities such as oil and gold increases, investors tend to move away from riskier assets such as stocks and crypto.
Crypto Analyst Expects Volatility in Shorter Term
The renowned crypto analyst Miles Deutscher talked about the impact on the S&P 500 due to the Israel-Palestine war. He wrote on X (Twitter):
“Data suggests that markets typically recover quickly from wars and other geopolitical shocks despite experiencing initial volatility.”
The screenshot below shows that while there was uncertainty in the first month of the conflict, the market started turning positive after three months in most cases. In 75% of the cases, the S&P 500 was positive 12 months after the military event.
The data accounted for military conflicts in the period between the Pearl Harbor incident in December 1941 and the Iraq war in March 2003.
The cryptocurrency market has not witnessed major geopolitical conflicts, except the Russia-Ukrainewar. Hence, it is difficult to determine the isolated impact on the crypto assets. However, there has beena correlation betweenBitcoin and the S&P 500 index.
Read more: Crypto vs. Stocks: Where To Invest Your Money in 2023
As a result, along with the S&P 500, Bitcoin is also likely to show volatilityin a shorter time frame.
The Bitfinex Alpha report shared with BeInCrypto suggests that there will be “heightenedlevels of volatility” in Bitcoin’s price action. The screenshot below shows that the daily historical volatility remains above the 200-day exponential moving average (EMA).
According to TradingView data, Bitcoin (BTC) has declined nearly by 2% since the Israel-Palestine war started on Saturday.
Read more: Cryptocurrency Trading Courses Tailored for Beginners.
Do you have anything to say about the impact on crypto due to the Israel-Palestine war or anything else? Write to us or join the discussion on our You can also catch us onTikTok, Facebook, orX (Twitter).
For BeInCrypto’s latest Bitcoin (BTC) analysis, click here.Venture funding for crypto hits lows last seen in 2020 due to SBF trial falloutGlobal venture capital (VC) investmentsin the cryptocurrency sector are down 63% during the third quarter, marking the lowest level of funding since 2020, Bloomberg News reported, citing PitchBook research.
A mere $2 billion was poured into the sector, contrasting sharply with the enthusiasm seen in previous industry peaks, based on data provided by PitchBook.
VC Retreat from Crypto Investments
The decline coincides with the ongoing legal tumultinvolving FTX co-founder Sam Bankman-Fried (SBF) and his alleged mismanagement of the cryptocurrency exchange, which received hundreds of millions in venture funding.
Once the driving force behind the meteoric rise of the crypto industry, venture capitalists are now retreating in the face of increasing scrutiny due to their association with the beleaguered FTX platform.
Robert Le, a seasoned analyst at PitchBook, said:
“We aren’t seeing the big deals anymore. That’s one of the drivers of the decline – deals are smaller.”
Le further delved into the predicaments now facing companies that once thrived during the crypto bull market, such as FTX, OpenSea, and Yuga Labs.
With VCs stepping back, these companies might have no choice but to cut costs, lay off employees, or, in dire circumstances, face acquisition at slashed valuations.
He added:
“If they’re not able to raise a round, even a down round, they’re either going to go out of business or get acquired at a valuation that’s much, much lower.”
While early-stage crypto companies still see some investment deals, many established tech investors have vacated the scene entirely. Adding complexity to the situation is the continued ripple effects of the FTX scandal.
FTX fallout on VCs
Prominent VCs, such as the renowned Sequoia Capital, once backed FTX with relatively substantial investments, which it had to write off when the exchange went under.
FTX and its trading division, Alameda Research, were prolific investors in their own right before legal challenges clouded their horizons. Their vast investment portfolio boasted industry heavyweights like Circle, Paxos, Aptos Labs, and Anchorage Digital.
As FTX and Alameda navigate bankruptcy proceedings, their equity stakes in various startups have become crucial lifelines. The buzz surrounding a prospective funding round for AI startup Anthropic, an FTX investment, offers a silver lining for FTX’s creditors, holding out the promise of recouping lossesthrough potential equity sales.
However, the U.S. Department of Justice (DOJ) is opposingSBF’s attempt to present the current value of investments, like AI startup Anthropic, in court. Prosecutors argue this is irrelevant and could mislead the jury.
Meanwhile, the prospect of a broad liquidation sale looms large, which, if executed hastily, could further drive down the valuations of crypto startups. Le accentuated this concern, stating:
“Because FTX and Alameda have such a huge portfolio, it could further depress valuations in this space.”
The global crypto investment community now waits with bated breath, keeping a keen eye on developments surrounding the FTX sagaand its possible ramifications on the sector’s future.
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（@SlowMist_Team）BitMart 聘请 White & Case 评估债权人分配与分阶段重启方案Techub News 消息，加密货币交易所 BitMart 已聘请国际律师事务所 White & Case，以评估债权人资金分配方案及交易所分阶段重启的可能性。BitMart 表示，下一次重组进展更新将于 9 月 9 日前发布。
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ChudTheBuilder 因与田纳西州法院外枪击案相关的严重刑事指控被羁押，保释金经调整后定为 100 万美元。Duel 作为加密赌博平台的介入引发网络热议，部分用户质疑此举为营销噱头。目前法院仍在审核该保释申请，尚未批准最终释放。芝商所和 FanDuel 将于下月推出美国预测市场平台Techub News 消息，据 unfolded. 报道，芝加哥商品交易所集团（CME Group）和 FanDuel 将于下月推出美国预测市场平台。支付服务提供商 Due 完成 730 万美元种子轮融资Techub News 消息，支付服务提供商 Due 完成 730 万美元种子轮融资，Speedinvest 领投，参投方包括 Semantic Ventures、Fabric Ventures、Strobe Ventures 及 Polymorphic Capital 等。所筹资金将用于推出全球稳定币 API，Due 正在将本地支付通道、流动性市场和区块链网络整合到统一的基础设施中。Bitcoin Still Number One Due to Higher Futures Premium, K33 Research Source: Pixabay A research conducted by K33 shows that Bitcoin still retains its top position as the most appealing cryptocurrency due to its higher premiums in futures trading. Ether, the second most valuable crypto asset by market capitalization, is expected to play second fiddle once again due to the lower yields it would post in the derivatives market. The researchers believethat the innate potential of Bitcoin operating as digital gold and the imminent launch of a spot Bitcoin exchange-traded fund(ETF) could play crucial roles in why Ethereum is expected to underperform once more. Giving even more background, K33 stated that sticking to Bitcoin is the safest option until a strong positive fundamental emanates from the Ethereum ecosystem. While the chances of a sudden turnaround are not immediately expected, Bitcoin has solidified its hold on the crypto marketplace. For one, BTC's dominance has grown to almost half of the crypto market despite a broader market downtrend. Moreover, BTC has an open interest of 411,000 BTC, equivalent to approximately $11.6 billion in value. The open interest volume has spiked 1.8% in the past seven days, although its spot volume has nosedived by 15% in that same period. Bitcoin is also coming into more spotlight following Grayscale's open intentions to convert their Bitcoin Trust Fund into a spot Bitcoin ETF. The courts are expected to rule on the asset manager's request on October 13, and K33 researchers argue that the courts would likely instruct US regulators to re-evaluate Grayscale's application. The approval of a Bitcoin ETF could attract over $150 billion worth of capital into the crypto market over a period of years. So far, the US Securities and Exchange Commission (SEC) has been previously averse to approving a Bitcoin ETF on multiple occasions. According to the top financial regulator, market manipulation and improper price tracking of Bitcoin have been its weapons in defending against the barrage of requests. However, it has been more open to offering futures contracts surrounding Bitcoin and Ether in the last few months. Remarking on the expected ruling on Friday, K33 analysts postulated that there would be a strong positive reaction in the crypto market, although it might be for the short term. This temporary lift-off would be driven by other asset managers having their applications on the SEC's table. On the list of management firms hoping for the SEC's spot Bitcoin ETF blessings, Invesco, BlackRock, Bitwise, and Valkyrie, amongst others, make the team. 75% Chances of Approval by Year End The SEC has deferred its spot BitcoinETF ruling for much of the last two years, rebuffing all attempts to sway its hand. However, changes are expected in the coming months. Senior Bloomberg ETF Analyst Eric Balchunas stated on X (formerly Twitter) that the changes of the SEC approving a spot Bitcoin ETF application would hit 75% by the end of this year in response to a question by another user. Furthermore, Balchunas said this figure will likely hit 90% by March 2024, the final deadline for BlackRock'sapplication.
