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Bitcoin Price and Ethereum Hold Crucial Support, Huobi Gains 75% In A Week

The Bitcoin price is trading choppy near $19,189 after being rejected below the $19,950 resistance level. While Ethereum‘s price has dropped by more than 2% to $1,298. 

Since About Capital bought out the Huobi platform and appointed Sun as an advisor, the price of Huobi Token has skyrocketed. Therefore, Huobi remains in the spotlight after gaining more than 75% in a week. 

Global Market Cap 

During the early Asian session, most of the cryptocurrencies were trading negatively, as the global crypto market cap fell 1.9% on the previous day to $919 billion. The crypto market volume for the last 24 hours was over $64 billion, a decline of 23.4%.

The overall volume in DeFi is currently $3.8 billion, accounting for nearly 6% of the entire 24-hour volume in the crypto market. The volume of all stablecoins is now $59.9 billion, which is 93% of the total volume of the cryptocurrency market in a 24-hour period. 

Top Altcoin Gainers and Losers

The top performers in the Asian session were Terra (LUNA), TRON (TRX), and UNUS SED LEO (LEO). The Terra (LUNA) price has risen by more than 3% to $2.8, while TRON’s price has risen by 3.5% to $0.063. In contrast, LEO’s price rose over 3% to $4.45.

Cryptocurrency Market Heatmap | Source: Coin360

The TerraClassicUSD price has remained bearish, falling nearly 10% in the last 24 hours to $0.046. Synthetix’s price has dropped more than 6% to trade near $2. The cryptocurrency market’s trading sentiment is slightly negative, and digital assets are struggling to rise.

Here are some of the events that stood out in the crypto news section:

US Retail Sales & Prelim UoM Consumer Sentiment

According to official data released on Friday, consumer spending was unchanged in September as prices rose rapidly and the Federal Reserve raised interest rates to slow the economy. 

The advance estimate from the Commerce Department shows that sales in the retail and food services industries were flat in September after increasing by 0.4% in August. That was lower than the 0.3% increase predicted by the Dow Jones. Without accounting for automobiles, sales increased by 0.1%.

The University of Michigan‘s consumer sentiment figures, on the other hand, showed a significant improvement. Consumer sentiment increased in October 2022 to 59.8, the highest level in six months, from 58.6 the previous month and higher than market predictions of 59. 

UoM Consumer Sentiment source: University of Michigan

The score measuring perceptions of the immediate future of the economy increased to 65.3 from 59.7, but the latter dropped to 56.2% from 58.4%.

With stronger economic data, the Fed’s rate hike sentiment grows even stronger, driving the cryptocurrency market down.

Bitcoin Price 

The current Bitcoin price is $19,191, with a $33 billion 24-hour trading volume. Bitcoin has dropped by more than 3% in the last 24 hours. CoinMarketCap is now the leader, with a $368 billion live market cap. 

Bitcoin Price Chart – Source: Tradingview

On the technical front, Bitcoin has found immediate support near $19,135 and has also crossed below the 50-day moving average, indicating a bearish trend. A break below $19,135 can push BTC’s price lower to previous triple bottom support near $18,709, while another break can take BTC to $18,246. 

On the upside, resistance remains near $19,958. Investors are likely to consider selling if the price falls below $19,135 and vice versa.

Ethereum Price 

The current price of Ethereum is $1,299, with a 24-hour trading volume of $11 billion. In the last 24 hours, Ethereum has dropped over 2%. CoinMarketCap now ranks #2, with a live market cap of $159 billion.

The ETH/USD pair is holding a critical support level of $1,292, which is supported by the 50-day moving average. Above this, ETH has a good chance of showing a bullish reversal, but the downward trendline will act as a barrier near $1,340. 

Ethereum Price Chart – Source: Tradingview

A break of the $1,292 support level could expose ETH to the $1,269 or $1,225 support levels. Because the RSI and MACD are indicating a selling trend, investors are likely to wait for a bearish breakout before entering any ETH trades.

Huobi Gains 75% In A Week

Despite widespread losses across the cryptocurrency market, the Huobi Token’s value has soared by 75% in just the past seven days to trade near $7.5. The reason behind such a massive spike could be associated with the appointment of Tron founder Justin Sun as an advisor to Huobi.

Moreover, Sun’s name came up as a possible investor when the Chinese cryptocurrency exchange said it had been acquired by an investment firm called About Capital.

After joining Huobi last week as an advisor, Tron founder Justin Sun said that he had “tens of millions” of tokens on the exchange.

Sun has stated that the tokens are crucial to the company’s international expansion plans. 

Huobi Price Chart – Source: Tradingview

As shown in the chart above, Huobi is facing significant resistance near the $7.85 level, which has previously served as a triple bottom support. Under $7.75, the HT/USDT has formed doji and spinning top candles, which are likely to weaken the upward trend and may trigger a bearish retracement.

On the downside, HT has the potential to complete a 38.2% Fibonacci retracement at $6.65, while a further breakout could push it lower to $5.55, which represents a 61.8% Fibo level. Investors may consider selling below $7.85 and vice versa. 

New Crypto Presales

Putting money into a fresh token presale is one strategy to beat the bearish crypto market and extreme volatility. 

Our eyes have been on the IMPT token presale, a new cryptocurrency that has just crossed the $4.5 million mark in its initial seed round fundraising.

Visit IMPT Site

Find The Best Price to Buy/Sell Cryptocurrency

 

Cryptocurrency Price Tracker – Source: Cryptonews




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Bitcoiners Have Cassandra’s Curse – Bitcoin Magazine

This is an opinion editorial by Mark Maraia, an entrepreneur, author of “Rainmaking Made Simple” and Bitcoiner.

Legend has it that there was once a princess of Troy named Cassandra, the daughter of King Priam and Queen Hecuba, sister to Hector, the prince of Troy who famously fought Achilles (of heel-related fame). The god Apollo fell in love with her and in an attempt to woo her, he gave her the gift of being able to see the future. Unimpressed, she rejected his love. A god could not take back a divine gift once it had been given, so in his anger Apollo could only give her something more — this time a curse. Cassandra was fated always to see the truth of the future, but never to be believed by anyone who she told her vision to.


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Las acciones cripto se desploman y bitcoin cae a US$18.100 tras la publicación de la inflación

La noticia hizo que bitcoin (BTC) cayera hasta US$18.100, no muy lejos de su mínimo del 2022 de US$17.600. Al momento de publicación, el precio ha rebotado modestamente hasta US$18.800. Todos los principales promedios del mercado bursátil de Estados Unidos cayeron más de 2%, pero actualmente están intentando lograr un repunte de media mañana, con el S&P 500 reduciendo su caída a solo 1%.


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Nigel Farage refers to Bitcoin as “the ultimate freedom”

Editor’s Note: With so much market volatility, stay on top of daily news! Get caught up in minutes with our speedy summary of today’s must-read news and expert opinions. Sign up here!


(Kitco News) – Nigel Farage, the former U.K. Independence Party (UKIP) leader, spoke recently at the Bitcoin Amsterdam conference to throw his support behind cryptocurrencies, and Bitcoin in particular, referring to the top crypto as “the ultimate freedom.”


Farage has long been considered a Euro-skeptic and has shown no qualms about voicing “anti-establishment” opinions in the past on such topics as condemning the wars in Iraq and Afghanistan, questioning climate change data, and opposing bank bailouts.


The ex-European Parliament (MEP) member compared his experience as a political outcast to what is currently transpiring in the Bitcoin movement, saying that he “led a political insurgency” against the establishment for which he was slammed as being “mad, bad, and dangerous.” 


“What I think is happening with Bitcoin is I think we’re seeing a similar type of insurgency. This is an economic insurgency, and it’s being driven and led by people who are worried about the sheer size, scale of big government,” Farage elaborated. 


The former MEP member revealed that he first discovered Bitcoin 10 years ago while working in the financial markets industry – before he started his political journey. “I always got a very close ear to the ground in terms of financial development. So, I heard about it very, very early,” he said.


At the time, Farage indicated he had reservations about the new monetary concept, but over the years, he warmed up to the technology as inflation continued to worsen. 


“The disease of money, inflation is now back in the system, which I remember from being a younger person, this history of inflation is once it sets in, it’s there for longer than anyone could imagine,” Farage explained. “So, the appeal of Bitcoin was rather like the gold standard appeal. There is a set number. It can’t be inflated away,” he added.


As for the future of Bitcoin adoption in Europe, Farage suggested that the timetable for integration will likely be influenced by how the U.S. approaches regulating crypto.


“What happens in America first happens here, too. There’s going to be a very, very big change here over the next two or three years, and it [Bitcoin] will become a trusted means of exchange.”






When comparing Bitcoin to making banking transactions, Farage highlighted that the latter is inefficient, costly and very slow, and believes that Bitcoin is a more attractive option versus the existing infrastructure. 


The former party leader noted that any radical new idea, be it political, scientific, or monetary, is subject to ridicule and resistance, and encouraged Bitcoin supporters to talk to friends, “hound” political representatives and build a grassroots movement that generates power and influence from numbers.


“Actually, all of you have a lot more power than you realize… As I was building the Purple Revolution, from literally a few dozen of us in the pub to millions of supporters across the country, the phrase I used to use was, ‘join the people’s army.’”


Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.


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Bitcoin, Ethereum And Dogecoin Hold Stable Despite Market Volatility: What To Watch This Weekend – Bitcoin (BTC/USD)

Bitcoin BTC/USD popped up almost 3% higher on Friday morning but was dragged down by the general market shortly after the regular trading session opened.

Ethereum ETH/USD, which followed Bitcoin higher was holding onto some of its gains, trading up about 1.2%, while Dogecoin DOGE/USD was the weakest of the three, declining about 1.3% over the 24-hour period.

The crypto sector has shown relative strength in comparison to the general markets over the last few weeks. Since Sept. 21, Bitcoin has up about 2%, Ethereum is down about 1.3% and Dogecoin is flat to where it opened that trading day.

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In contrast, the S&P 500 has declined over 7% during the same time period, falling within a downtrend pattern on the daily chart.

The crypto sector has flat-lined, trading sideways over the past few weeks but traders and investors can watch for Bitcoin, Ethereum and Dogecoin to break up or down from the pattern to indicate the future direction the sector may take.

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Here’s a look at the three cryptos:

The Bitcoin Chart: Bitcoin has been trading between $18,131 and $20,479 since Sept. 14, in short uptrends and downtrends. The crypto is currently trading in a downtrend within the sideways pattern, with the most recent lower high formed on Friday at $19,954 and the most recent lower low printed at the $18,131 mark on Thursday.

If Bitcoin closes the 24-hour trading period near its low-of-day price, the crypto will print a shooting star candlestick, which could indicate lower prices will come again on Saturday. If that happens, bullish traders will want to see a bullish candlestick, such as a doji or hammer candlestick, print above the $18,100 level to indicate the sideways pattern will continue.

Bitcoin has resistance above at $19,915 and $21,313 and support below at $18,293 and $17,580.

The Ethereum Chart: Ethereum is also trading in a slight downtrend within its horizontal pattern, with the most recent lower high formed on Friday at $1,344 and the most recent lower low printed at the $1,190 mark on Thursday.

Also like Bitcoin, Ethereum was working to print a shooting star candlestick on the 24-hour chart.

Ethereum has resistance above at $1,421.80 and $1,717.41 and support below at $1,245 and $1,081.

The Dogecoin Chart: Dogecoin has been trading in its sideways pattern since Aug. 27 and like Bitcoin and Ethereum, is currently in a slight downtrend. Dogecoin’s most recent lower high was formed on Friday at $0.061 and the most recent lower low was created at the $0.055 mark on Thursday.

Unlike Bitcoin and Ethereum, which have seen their 24-hour trading volume holding steady, Dogecoin’s trading volume has been declining, which may indicate a move either up or down from the sideways pattern is nearing. Traders can watch for a break to come on higher-than-average volume to indicate the pattern was recognized.

Dogecoin has resistance above at $0.065 and $0.075 and support below at $0.057 and at 5 cents.

See Also: Bitcoin, Dogecoin Rise, Ethereum Drops After Inflation Spike: Analyst Says Apex Crypto Technical Selling ‘Could Get Ugly’ Below This Level


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Binance Launches $500 Million Fund To Support Bitcoin Mining Industry

The Bitcoin mining industry has grown tremendously in the last few years. With multiple bull markets so far, there has been a large profit margin for those who have gone down this route, with companies making hundreds of millions of dollars off their operations. The bear market has had a profound impact on the bitcoin mining industry but it has not scared off participants, and now Binance is providing support for miners.

$500 Million For Bitcoin Mining

On Friday, Binance announced that it was launching a $500 million pool for bitcoin miners. It provides a line of credit for up to $500 million for miners who are looking for capital for their mining operations. The crypto exchange said that this was in an effort “to help maintain a healthy digital asset ecosystem.”

This fund comes at a time when the crypto mining industry is under pressure as the cost of production is high enough that profit margins are being diminished. Many bitcoin miners are at risk of going bankrupt and having to shut down their operations.

The loans from the Binance fund will be subject to terms & conditions such as interest rates ranging between 5-10% and an 18 to 24-month term. Borrowers will also have to provide some sort of security for the loans.

Bitcoin price chart from TradingView.com

BTC price trending at $19,600 | Source: BTCUSD on TradingView.com

In addition, Binance is also looking for cloud mining vendors to partner with. This goes in line with the cloud mining products that the crypto exchange says it plans to launch.

Mining Becomes Harder

Declining market prices are not the only thing that bitcoin miners are currently battling with. Given how profitable the industry can be, there have been more players entering the field and this has made it more difficult to run profitable mining.

The entrance of new mining machines into the market has increased the hash rate drastically and the difficulty has shot up as a result. Earlier this week, the bitcoin network saw its largest difficulty adjustment for the year 2022 when it increased by 13.5%. This means that it now requires a higher hash rate to mine a single block.

Miners will now have to increase their hash rate to have a competitive advantage and loans such as the ones being offered by the Binance fund will help miners keep their operations going. The loans are also not relegated to a specific group as both public and private bitcoin miners and digital asset infrastructure companies will be able to partake.

Featured image from The Times, chart from TradingView.com

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Oman-backed bitcoin miner announces new acquisition

US-based digital flare mitigation technology pioneer Crusoe Energy Systems LLC, which recently received funding support from Oman Investment Authority (OIA) – the integrated sovereign wealth fund of the Sultanate of Oman – has announced that it has acquired the assets of fellow US flare mitigation specialist Great American Mining (GAM).

The acquisition, Crusoe Energy said, will position the integrated company strongly in the Digital Flare Mitigation (DFM) space. DFM technology centres on the utilisation of stranded gas and flared gas to power data centres and enable energy intensive computation, primary for bitcoin mining.

In June, OIA along with Mubadala Investment – the sovereign wealth fund of the government of the UAE emirate of Abu Dhabi – announced an investment in Crusoe Energy with the goal of supporting the introduction of DFM in Oman and the wider region. By harnessing stranded gas and flared gas – resources that are otherwise wasted with potential consequences to the environment – it can be channelled towards powering modular data centres that in turn drive energy-intensive computation.

Significantly, the potential for Oman and the wider region to become a hub for bitcoin mining is immensely promising once deployment of DFM technology begins in the Middle East, it is pointed out.

According to Crusoe Energy, the Middle East and North Africa (MENA) region accounted for over 38 per cent of global flaring in 2020. Oman’s share of the global volume was around 1.8 per cent (equivalent to 2.517 billion m3 of gas annually). With DFM deployments, a sizable share of flared gas volumes can be harnessed and put to productive use, thereby mitigating environmental impacts as well.

Since it rolled out its cutting-edge Digital Flare Mitigation technology, Crusoe’s roughly 100 data centres have utilised an estimated 2.5 billion cubic feet of gas that would otherwise have been flared. The company’s fleet of flare-eliminating data centres have a capacity to reduce CO2-equivalent emissions estimated at 650,000 metric tonnes per year, comparable to removing approximately 140,000 cars from the road, it noted.

Now this capability is set to be significantly ramped up with the acquisition of Great American Mining’s assets. The integrated business will now include 125 flare gas-powered modular data centres currently in operation, effectively reducing flaring by around 20 million cubic feet per day. Commercial relationships cultivated by GAM with several large-scale energy producers in the Bakken region of North Dakota and Montana will revert to Crusoe Energy as well.

In a statement, Chase Lochmiller, Crusoe’s Co-Founder and CEO, said: “We value the relationships established by Great American Mining with oil and gas producers in the Bakken oil fields, and look forward to developing these relationships to enhance and expand DFM operations wherever flaring may be a challenge. Given Crusoe’s industry leading operational efficiency, scale and technology, we believe we can materially improve the overall performance of GAM’s existing asset base to create value and deliver even better results for clients.”


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To HODL or have kids? The IVF Bitcoin Babies paid for with BTC profits

Hold Bitcoin till the very end or sell a little bit to start a family? For one Bitcoiner in orthwest London, it was a no-brainer.

Noodle, (a nickname) a Brit who first heard about Bitcoin around 2012, took profits on his Bitcoin buys to pay for in vitro fertilization (IVF) treatment for his wife. He told Cointelegraph he has “no regrets,” about his decision to start a family using fiat-denominated profits from buying, holding, a then selling Bitcoin.

Noodle first found out about Bitcoin at the tail end of 2012, when one Bitcoin was worth roughly $13.

“I was in the gym chatting to this guy that I get on well with. We were speaking in the changing rooms, and it’s funny because he was trying to explain this Silk Road thing to me — which was on the dark web.”

The now-defunct marketplace Silk Road was a place where early Bitcoin users could buy and sell pretty much anything using Bitcoin as the in-house currency. At the time, Noodle didn’t necessarily dismiss Bitcoin despite his gym buddy’s recommendation, but it passed him by until a close friend explained how to buy cannabis with Bitcoin on the Silk Road.

The Silk Road was a popular website for buying and selling just about anything using Bitcoin.

Once his close mate had explained that they might be able to use the Bitcoin to buy real-world items, Noodle was convinced: 

“And I thought Let’s do it… So we bought seven Bitcoins and at the time — they were $57 a pop.”

The price of Bitcoin has since risen almost 400 times higher, to a $20,000 bear market value in 2022. For Noodle in 2013, he explained it was actually quite difficult to obtain Bitcoin — it was “a really convoluted process.” However, he persevered and managed to obtain Bitcoin to buy goods. Unknowingly, Noodle had also tripped down the rabbit hole and his Bitcoin journey had just begun.

Once the weed arrived, I was fully down the rabbit hole, like I was looking into everything. I never, ever thought I would have any interest in fiscal policy, in macroeconomic outlooks, etc — any of this stuff!

For Noodle, Bitcoin opened his eyes to finance, education and a whole world of new information. From fractional reserve banking to the Federal Reserve to currency debasement and how money works, Noodle was hooked. Naturally, Noodle’s wife with whom he’d been since 2008, was exposed to Noodle’s newfound passion.

The passion eventually rubbed off as in 2014, Noodle’s wife took some of the newly married couple’s wedding money to buy Bitcoin. Noodle jokes, “And who would know […] that that Bitcoin would then go on to effectively fund IVF — which is not f**king cheap!”

The Noodle family had always planned to have kids. Sadly, due to Mrs. Noodle’s medical condition, conceiving was a challenge. They sought medical advice and soon realized that they may have to undergo fertility treatment:

“We struggled for a long time. We’ve never really liked the stigma around IVF, which means we prefer to talk about it then kind of keep it sort of hush.”

IVF is a fertility technique in which an egg is removed from the woman’s ovaries and fertilized with sperm in a laboratory. The fertilized egg is returned to the woman’s womb to grow and develop.

The process is time-consuming, expensive and has a success rate of 4% to 38% depending on various factors. Plus, as Noodle alluded to, there is still a stigma attached to IVF treatment, despite being a regular occurrence in Noodle’s home country, the United Kingdom. Noodle continued:

“The costs behind IVF are astronomical. Most people can’t afford it or they go into debt to afford it. Some people said ‘you shouldn’t sell Bitcoin; you should have got a loan.’ But I wasn’t prepared to be that pigheaded about it.”

So Noodle sold some Bitcoin. In sum, Noodle converted north of $70,000 in Bitcoin into government-issued pounds sterling over the course of a few years. The fiat-denominated profits paid for several rounds of IVF treatment for both of his children leading to two healthy babies.

Without Bitcoin, Noodle explained he would have likely taken out a loan to pay for the treatment: “Family is important to me and I would have thrown anything and everything at it in order to try and make it work. But we were very fortunate that we had some Bitcoin and I didn’t sell it for a long time.”

Related: The UK ‘Bitcoin Adventure’ shows BTC is a family affair

With Bitcoin, Noodle and his wife were able to live their dream of starting a family, but debt free. As for whether or not there might be any more Bitcoin baby Noodles running around northwest London soon, Noodle joked, “I think we’re done with two kids unless the price goes super crazy!”

Noodle’s story is part of an upcoming crypto story on Cointelegraph’s Youtube channel. Subscribe here.