Together Bitcoin And Ethereum After being stuck in a narrow range for some time, investors are wondering if the two leading cryptocurrencies can break out and reach new highs. Despite the recent volatility, there are several bullish indicators suggesting that BTC and ETH may be ready for a significant move forward.
Let us examine the key fundamentals of the cryptocurrency market that could influence the overall price action.
Crypto Veteran Analyzes BTC and Crypto Markets: What Has Changed and What to Expect?
After two weeks of silence, a prominent cryptocurrency trader maintains a bearish stance on Bitcoin amid its 2023 rally spoken, When bitcoin fell to $40,000 in April 2022, the trader known by the pseudonym “Capo” exited the market.
Since then, he has maintained his belief that the bear market will end with BTC hitting a new low of $12,000. Despite acknowledging that bitcoin’s recent price increase was a significant bear market rally, Capo admitted that he was taken aback by its scale, as he did not expect such a move.
Capo believes that the recent bitcoin rally is a bear rally, which is being artificially pumped up with BUSD and USDC. According to him, this is the biggest bull trap ever, and the bearish analysis has not yet been invalidated. Capo expects bitcoin to reach a new low of $12,000.
While he admits he did not see the surge coming, he congratulates those who were able to take advantage of the situation, especially as some altcoins saw stronger rallies than expected due to Al Katha.
Coinbase fined over $3 million by Dutch bank
Dutch bank, De Nederlandse Bank (DNB), has fined Coinbase, a major US cryptocurrency exchange, over $3 million. According to DNB, Coinbase had been operating without registration since November 2020. Although Coinbase complied with the registration protocol in September 2022, it failed to pay supervisory fees for the two-year period prior to registration.
According to Dutch law, any company that provides cryptocurrency services in the country must be registered with the DNB under the Anti-Money Laundering and Anti-Terrorist Financing Act. However, Coinbase is challenging the fine, stating that the period in question was the amount of time it took the company to register in the Netherlands, and that it was complying with the law.
The penalty comes as regulators around the world are tightening their grip on cryptocurrency exchanges with a focus on improving security and preventing money laundering. The fine imposed on Coinbase is the largest regulatory fine ever imposed on a cryptocurrency exchange.
Ethereum Tests at 5-Month High as Whales Take Over 80% of Supply
Recent data has shown that large ETH holders, including whale and shark addresses, continue to hold onto their ETH holdings. The graph displayed that addresses with 100–100,000 ETH still owned about 47% of the total ETH supply. Additionally, the lack of selling following the recent price increase indicated that investors were expecting more price gains in the future.
Furthermore, analysis of the supply held by the largest addresses indicates that these addresses are hoarding Ethereum.
Throughout most of January, the graph showing the amount held by the largest addresses as a percentage of the total supply of Ethereum was in an upward trend. Although it has now stabilized, as of writing, it remained at 123.
bitcoin price
current price of Bitcoin $24,756, with a 24-hour trading volume of $18.7 Billion. In the last 24 hours, the price of bitcoin has increased by less than 0.50%. As the top-ranked cryptocurrency, bitcoin has a live market cap of $477 billion, according to CoinMarketCap. It has a circulating supply of 19,295,475 BTC coins and a maximum supply of 21,000,000 BTC coins.
On Sunday, the BTC/USD pair continued to trade sideways, maintaining a narrow range between the $24,400 to $25,250 levels. A bullish breakout of the $25,250 level could potentially expose BTC price towards $26,000 or even $26,450.
An immediate support for bitcoin lies at $24,300, and a break below this level could send BTC price lower towards the $23,750 or $23,300 marks. Further downside, an additional breakout of the $23,300 level could send BTC towards the $22,850 mark.
Overall, the trading bias is neutral, and both the RSI and MACD indicators are showing indecision among investors. The closing of the Doji and spinning top candles on the 4-hour time frame also indicate uncertainty among investors. It is recommended to keep an eye on the $24,300 mark for buying opportunities and vice versa.
ethereum price
yet, the Ethereum The price is trading at $1,701 with a 24-hour trading volume of $5.3B. In the last 24 hours, Ethereum is up by over 0.10%. It has a current market capitalization of $208 billion, and is ranked #2 on CoinMarketCap.
During the Asian session, the ETH/USD pair was experiencing sideways trading, staying within a narrow range of $1,670 to $1,720. The direction of Ethereum’s trend will depend on whether this range is broken or not.
On the 4-hour time frame, Ethereum has formed an ascending channel that is keeping ETH price supported near the $1,650 level. If the pressure increases, ETH could break above the $1,720 mark and reach the next $1,740 and $1,825 resistance areas.
On the other hand, a break below the $1,675 level could extend the downtrend towards the $1,635 or $1,600 marks.
bitcoin and ethereum options
In addition to Bitcoin (BTC) and Ethereum (ETH), the cryptocurrency market is home to several other altcoins that display significant potential. The Cryptonews Industry Talk team has done an analysis and compiled a list of the top 15 cryptocurrencies to keep an eye on in 2023.
This list is updated regularly with new altcoins and ICO projects, so it is advised to check back frequently for the latest additions.
Disclaimer: The Industry Talks section features insights by crypto industry players and is not part of the editorial content of 0x0news.com.
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