Crypto Today: Bitcoin, Ethereum dip slightly, XRP flat on Monday as dormant Ether whale is back in action
Source Fxstreet
- Bitcoin, Ethereum trade sideways on Monday, hovering around $58,000 and $2,300, respectively.
- XRP trades in a narrow range at around $0.5700 at the start of the American session.
- A dormant Ethereum whale transferred Ether received in 2016, likely to increase selling pressure on the altcoin.
Bitcoin, Ethereum and XRP updates
- Bitcoin trades at around $58,500 at the time of writing. BTC has slightly corrected since the weekend after being unable to hold the key physiological $60,000 level. It is likely that traders have changed their approach to risk assets ahead of the important US macroeconomic developments this week.
- Ethereum trades at around $2,300 on Monday. At the time of writing, the second largest cryptocurrency by market capitalization erases 0.62% of its value on the day. ETH could face increasing selling pressure if dormant whales and Ether holders transfer their holdings to crypto exchanges.
- XRP trades in a narrow range around $0.5700 at the start of the American session on Monday.
Chart of the day: Notcoin (NOT)
NOT/USDT daily chart
Notcoin (NOT) is in a downward trend. At the time of writing, the token erased 4.76% of its value on the day and is likely to extend its decline further. There is a Fair Value Gap (FVG) between $0.00554 and $0.00750 on the NOT/USDT daily chart, which offers support for NOT’s price.
The midpoint of the FVG is $0.00652. There is a high likelihood that NOT dips to this level to collect liquidity before attempting a recovery. The Moving Average Convergence Divergence (MACD) indicator flashes green histogram bars above the neutral line, supporting an underlying positive momentum in the NOT price trend.
NOT could attempt a recovery to $0.00847, the August 23 high.
Market updates
- Binance launched Neiro (NEIRO), Turbo (TURBO), and Baby Doge Coin (100000BABYDOGE) at 10:00 GMT on Monday, and opens spot trading pairs with USD Tether (USDT). Neiro (NEIRO) is a meme coin on the Ethereum chain, Turbo is a meme coin created by AI for people, and Baby Doge is a meme on the Binance smart chain (BSC), per an official announcement.
- An Ethereum whale who received 16,636 Ether from ShapeShift at $5.23 per ETH in February 2016 sold 350 tokens from the holdings at an average price of $2,350, per Etherscan data.
- The government of the UK introduced a bill to the Parliament, focused on the legal status of cryptocurrencies, Non-fungible tokens (NFTs), and tokenized real-world assets (RWAs), on September 11.
Industry updates
- Circle, the USD Coin (USDC) issuer, partners with Sony to integrate the stablecoin as a primary token on Soneium. The partnership is geared at enhancing the security, user-friendly Web3 experiences and creators.
We’re excited to announce our collaboration with Sony Block Solutions Labs to bring bridged USDC on Soneium via our Bridged USDC Standard! This marks a significant milestone to set the stage for a new era of creativity in the Web3 space.
— Circle (@circle) September 16, 2024
Read more about the collaboration here:… pic.twitter.com/0IRxrXhf5P
- The issuer of the USDC stablecoin is moving headquarters from Boston to New York City, as the integration of blockchain technology in financial services continues at a fast pace.
- Binance, one of the largest crypto exchanges, warned users of a global malicious software, “Clipper malware,” that intercepts data stored on keyboards, such as crypto wallet addresses, in a blog post.
Disclaimer: For information purposes only. Past performance is not indicative of future results.
Recommended Articles
Despite higher-than-expected Producer Price Index (PPI) inflation data for November, Bitcoin surged to new eight-week highs, diverging from US stock markets.
Standard Chartered lifts Ethereum call to $7,500, arguing institutional demand could leave Bitcoin trailingStandard Chartered raised its year-end Ethereum target to $7,500 (from $4,000), citing institutional demand, while projecting $25,000 by 2028 and scenarios toward $40,000 by 2030 amid ETF- and treasury-driven accumulation.
Standard Chartered raised its year-end Ethereum target to $7,500 (from $4,000), citing institutional demand, while projecting $25,000 by 2028 and scenarios toward $40,000 by 2030 amid ETF- and treasury-driven accumulation.
Silver price corrects almost 6% to near $86.50 during the Asian trading session on Thursday.
Bitcoin shows strong correlation with institutional demand following 7% uptickBitcoin's price has largely tracked net institutional demand over the past year, according to Bitwise. Net institutional demand is the buying activity of global exchange-traded products (ETPs) and treasury companies minus new supply.
Bitcoin's price has largely tracked net institutional demand over the past year, according to Bitwise. Net institutional demand is the buying activity of global exchange-traded products (ETPs) and treasury companies minus new supply.
US Dollar Index steadies above 99.00 ahead of Retail Sales, PPI dataThe US Dollar Index (DXY), which measures the value of the US Dollar (USD) against six major currencies, is inching lower after registering modest gains in the previous session. The DXY hovers around 99.10 during the Asian hours on Wednesday.
The US Dollar Index (DXY), which measures the value of the US Dollar (USD) against six major currencies, is inching lower after registering modest gains in the previous session. The DXY hovers around 99.10 during the Asian hours on Wednesday.
