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Altcoins That Could Challenge The Bearish Divergence This Week

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The entire crypto space appears to have fallen into a bearish trap as almost all cryptocurrencies are falling with a wide margin. Bitcoin price is nearing the $45K mark, whereas Ethereum price is hovering around $3200. On the other hand, XRP price has tanked below $1 and Cardano price is just above $2.1. Amid the steep downfall, some altcoins show some signs of a retracement and a quick rebound. 

Curve DAO Token (CRV)

Curve DAO Token price initiated this trade with a double-digit figure but only within 2 months, the price slumped drastically close to $0.3 levels. And since then the altcoin is attempting hard to undergo a massive bull run. But woefully it could just hit $4 amid the 2021 bull run. The price in the past couple of days was consolidating but a notable drop began since the early trading hours. However, the price could drop to the strong support zone around $2.47 and by holding strongly, the CRV price could surpass $4. 

Fetch.ai (FET)

Fetch.ai price had smashed its highest levels just a couple of days before by ranging above $1.1. However, the price again tanked down below $1 with a double-digit loss compared to the previous trading day. The asset is trading within the buy zone currently which is around $0.5711 to $0.6168. And a rebound at these levels can be expected which could get aggressive hitting $0.6853.

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Serum (SRM)

Serum price amid the Solana price rally gained immense bullish momentum to hit new highs each day. However, after trending within the discovery phase, the price just got exhausted and dipped down. The current zone just below $10 could be a perfect resistance to support flip zone and a decent reversal could be possible. If the price flips at this point it could regain bullish momentum yet again. 

Holo (HOT) 

The Holo price is testing the crucial support levels and appears well placed ahead of a flip. The crucial support levels are just placed below the current levels at $0.008587. If the HOT price sustains strongly above these levels, a notable flip could be imminent. However, once the asset flips it could undergo a 2x potential run from the current levels.

Coti (COTI) 

Coti price has gone parabolic to reach the levels close to its ATH. Despite a rejection, yet the price continued to range high close to these levels. As the bears have taken back control, the price has tanked considerably. Yet notable flip may be underway that could rebound with a huge margin to smash above $0.5 levels soon. 

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Cosmos (ATOM)

The ATOM price chart is among the most prominent charts in the crypto space. As the price smashed new highs in the past trading day above $44 and experience a slight pullback. Yet, the possibilities of a notable bounce are high as the price is very close to its ATH and refusing to drop drastically. However, many believe ATOM price is capable of smashing a 3-digit figure soon. 

Currently, there is bloodshed in the entire crypto space as almost all cryptos are facing immense drain. No doubt the plunge is expected to remain only for a period of time, yet the upcoming rebound would be important. Amongst all the altcoins, the above mentioned could regain the bullish momentum quickly as the bears fade away.

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Binance to Support the Incoming Polkadot Parachain Slot Auction

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  • Binance exchange will support the Polkadot (DOT) parachain slot auction.
  • The company plans to start the event in November, this year.
  • Doing this will help Polkadot achieve its ecosystem development.

Amid the waves blowing around the incoming Polkadot (DOT) parachain slot auction, Binance exchange has also announced that they are ever-ready to support the Polkadot’s parachain event.

With this synergy, Binance emphasized that it will soon start its Polkadot parachain slot auction program mainly in November 2021. Additionally, the month set to begin the event by the Binance team moves in line with the proposed Polkadot parachain slot auction date.

Meanwhile, Binance didn’t officially give the exact day and time that it will start the event. At the moment, the only news we have is that the team aims to start the parachain event in November.

To clarify, Binance intends to do its part and what it can to help influence Polkadot towards achieving its ecosystem development milestone. In turn, doing this will also push up the growth and adoption of the Polkadot parachain slot project to the mainstream.

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Also, for further info about the event, the Binance team noted that they will keep their eyes on it and provide the community with more updates.

Until then, the team assured that the community should expect a separate announcement in no time and more details than what they have disclosed now. In addition, Binance advised that the community should stay tuned as they are bringing more initiatives ahead.

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CFTC slaps Tether and Bitfinex with $42.5 million fine over misleading statements

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  • Tether is hit with $41 million in fines to settle allegations of misleading statements. 
  • Bitfinex was fined $1.5 million for facilitating retail transactions for American citizens. 
  • Tether has been under the lens of financial regulators over claims of stablecoin reserves for years on end. 

Financial regulators have investigated Tether and Bitfinex for criminal probe into bank fraud and misleading statements. Currently, over $62 million worth of Tether is in circulation, which is likely to impact the broad cryptocurrency market. 

Tether and Bitfinex hit by CFTC fines; there may be an impact on the crypto market

US regulators have accused Tether of making untrue or misleading statements. The Commodity Futures Trading Commission (CFTC) slapped a penalty of $41 million on Tether and $1.5 million on Bitfinex. 

Bitfinex was fined for allowing American citizens to transact on its exchange. The CFTC announced the penalties earlier today.  

Tether has played a key role in the crypto ecosystem, and the US Justice department’s focus is on the stablecoin’s activity in nascent stages following its launch in 2014. Federal prosecutors investigated transactions that were linked to crypto, and banks were unaware of their nature. 

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Former probes remained confidential, according to sources close to the Department of Justice (DoJ). A criminal probe is one of the key developments in the crackdown on cryptocurrencies by regulators. 

Over $62 billion worth of Tether tokens are in circulation; proponents believe it is too big to fail. In a statement, Tether stated:

Tether routinely has an open dialogue with law enforcement agencies, including the DOJ, as part of our commitment to cooperation and transparency.

In light of recent events, however, Tether is faced with a more significant challenge, safeguarding the interests of the crypto community by not failing. Traders across fiat-crypto exchanges and peer-to-peer platforms exchange their fiat for stablecoins to access the cryptocurrency ecosystem. 

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If Tether fails, the inflow of stablecoins to exchanges could be impaired, triggering a drop in capital inflow to Bitcoin. 

In their concurring statements, CFTC was quoted:

The settlement with the Tether respondents finds that there were misrepresentations regarding the assets backing tether, specifically that the USDT tokens were backed 1-to-1 by US dollars. The evidence establishes that this assurance provided to tether customers was not 100% true, 100% of the time.

Tether officials are held accountable by the CFTC. Further, the CFTC has applied a commodities’ definition to stablecoins. Regulators are concerned that enforcement actions may confuse their role in cryptocurrency and stablecoin regulation. 

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The CFTC’s statement reads:

In a recent speech, SEC Commissioner Hester Peirce asked an important question when it comes to the US regulators’ review of stablecoins: Are we fighting for investors or are we fighting for jurisdiction? This question is front-and-center in my mind as I consider these settlements.

Tether believes that,

As Tether represented in the Order, it has always maintained adequate reserves and has never failed to satisfy a redemption request.

Tether has suggested that the CFTC’s findings regarding Bitfinex are related to its activities before December 2018. The stablecoin issuer is focused on resolving the matter and moving forward. 

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The statement reads as follows:

We are grateful that the market has consistently demonstrated its trust and confidence in Tether. We will continue to earn that confidence and lead the industry in innovation and transparency.

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Crypto Market Cap Gained $90B: Bitcoin Taps $60K, SOL up 8% (Market Watch)

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After a six-month hiatus, bitcoin met the coveted $60,000 level before retracing by roughly $1,000. Ethereum went above $3,800 briefly.

Bitcoin skyrocketed by roughly $3,000 in hours following positive reports coming from the US and touched $60,000 for the first time since April. Some altcoins have also joined the ride, with ETH exceeding $3,800 and Solana spiking by more than 8%.

BTC and $60K Met Again

Just two days ago, bitcoin had retraced hard and was close to breaking below $54,000. This came after an unsuccessful attempt to overcome $58,000 for the first time in roughly five months.

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However, the bulls hadn’t given up yet and initiated another impressive leg up yesterday, as reported. This time, BTC reclaimed the aforementioned level and kept climbing upwards.

BTC went as high as $58,500 before another brief retracement drove it back below $57,000. At this time, though, reports emerged claiming that the US Securities and Exchange Commission could greenlight a Bitcoin Futures ETF as early as next week.

The implications of such a significant development in the US led to an immediate price surge. BTC added more than $3,000 of value and touched $60,000 for the first time since April this year.

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As of now, bitcoin has lost around $1,000 of value, but its market cap is still above $1.1 trillion. The dominance over the altcoins has increased to just shy of $46%.

BTCUSD. Source: TradingView
BTCUSD. Source: TradingView

ETH Reached $3.8K: SOL Up by 8%

Ethereum struggled in the past few weeks as it was unable to break above $3,600 decisively. It even retraced by a few hundred dollars but went on the offensive yesterday and continued north today. As a result, the second-largest crypto broke above $3,800 for the first time in months but it was short-lived and is back below it now

Solana is another impressive performer on a 24-hour scale. SOL has surged by 8% in a day and trades well above $160. Uniswap’s 4% increase has driven UNI to $26, but the rest of the larger-cap alts have stalled or retraced.

Binance Coin, Cardano, Ripple, Polkadot, Dogecoin, Terra, and Avalanche are all slightly in the red.

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Cryptocurrency Market Overview. Source: Quantify Crypto
Cryptocurrency Market Overview. Source: Quantify Crypto

The top 100 largest coins have a new representative in the face of NuCypher. NU has exploded by more than 500% in a day and has neared $2, but many community members speculate on Twitter that it could be a pump and dump scheme.

Polygon has increased by 25% to $1.6. The total crypto market cap is above $2.4 trillion for the first time in months as well, after a $90 billion rise in a day.

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