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Bitcoin is back near its year-to-date highs, but BTC price moves belie an underlying lack of support, analysis fears. Bitcoin (BTC) starts the last week of October in classic style as 3% BTC price gains take cryptocurrency markets higher. In what could yet turn out to be a classic “Uptober” for Bitcoin and altcoins, BTC/USD is back near 2023 highs as a resistance battle brews. Can bulls win? That is the key question for traders and market observers going into the week’s first Wall Street open as Asia sets the tone for a crypto comeback. Given the extent of resistance to overcome, however, traders are playing it safe — lofty BTC price predictions are less evident than might be expected, and few believe that the road beyond $32,000 will open up quickly or easily. Bitcoin must also dodge potential headwinds in the form of macroeconomic data prints at a time when inflation continues to beat expectations. Ahead of the United States Federal Reserve’s interest rate decision on Nov. 1, the ...

The US dollar strengthened following the FOMC September meeting The Fed sees the funds rate higher for longer Ethereum should hold above $1,400 for the bullish bias to persist This year had two distinct parts for financial market participants – one characterized by the dollar ’s weakness and one dominated by the dollar ’s strength .  The US dollar runs the show both in the traditional and cryptocurrency markets. EUR/USD is the best example of the correlation between the two markets.  It opened the year at 1.06, rallied to 1.12, where it peaked during the summer, and then gave up its gains. The same dollar cycle may be seen in many cryptocurrencies.  For example, Ethereum rallied from the start of the trading year, peaked at $2,000, where it met resistance, and then corrected. Therefore, cryptocurrency traders may want to focus on the dollar’s direction in order to position on the right side of the cryptocurrency mark...

When far-right libertarian candidate Javier Milei took a surprise lead in the race to become Argentina ’s next president in August, Crypto fans could have been forgiven for thinking that there was another political heavyweight on the scene poised to extol the virtues of digital currency. After all, he once dubbed the central bank “a scam,” and had, as reported by news outlet Rest of World, previously claimed that “Bitcoin represents money’s return to its original maker: the private sector.” He has also been vocal in his support for alleged crypto Ponzi CoinX. However, any excitement about his presumed pro-crypto stance may have been a little premature. Indeed, according to Rest of World, his plans may even depress crypto adoption . The issue, it claims, lies in his commitment not to cryptocurrency but to a policy of dollarization and its ramifications for crypto of replacing the Argentinian peso with the US dollar. Argentina’s leading presidential candidate sued for alleged c...

Robert F. Kennedy Jr. (RFK Jr.) has been making bold claims about the COVID-19 vaccines and now says he would back the US dollar with bitcoin (BTC). The Democratic presidential candidate shared his pro-crypto, especially bitcoin, policies in a video recording with Heal The Divide and Bitcoin Magazine. RFK Jr. added that he plans to start “very small” by backing just 1% of the Treasury Bills (T-bills) “by hard currency, by gold, silver platinum or bitcoin.” The allocation will increase gradually, RFK Jr., the nephew of the 35th US President John F. Kennedy, said. You might also like: Vitalik Buterin shares insights on Ethereum’s account abstraction journey Moreover, he added that the Kennedy administration would encourage using bitcoin while trying to make the US the global crypto hub. RFK Jr. stated using BTC in the country to attract more investments and engineers that would bring innovation. “Backing dollar s and U.S. debt obligations with hard assets could hel...

BRICS countries are looking to launch a new currency to replace the U.S. dollar for global trade. The development will introduce a new tender in the international markets and compete with other existing currencies. The foreign exchange markets come with volatility and the BRICS currency stabilizing in the robust industry might take time. Therefore, the potential exchange rate is thrown in the wind with uncertainties of its value gaining or losing power. Also Read: BRICS: 10 Asian Countries Agree to Ditch The U.S. Dollar Why BRICS Currency Will Not Replace U.S. Dollar Source: smestreet.in New countries accepting the BRICS currency for import and export comes with a risk as the tender’s value offers no stability. Introducing a new currency in the markets could disrupt the existing financial conditions dominated by the dollar . The BRICS currency will take on global leaders like the Euro, Pound, and Yen. Competing with existing yet strong currencies is a challenge as BRICS nations...

Bitcoin is showing the strength it needs for continuation higher, says Michaël van de Poppe, after key trend lines are preserved. Bitcoin (BTC) saw five-day highs on May 15 as a rebound continued after the Wall Street open. BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView $40,000 "still a magnet" for BTC price Data from Cointelegraph Markets Pro and TradingView showed BTC/USD reaching $27,666 on Bitstamp. The pair held strength on hourly timeframes after a weekly close just below the $27,000 mark. With United States equities in a tight range on the day, crypto analysts looked for cues over where markets might go next. For Michaël van de Poppe, founder and CEO of trading firm Eight, the outlook was good. “Bitcoin breaks upwards and tests $27,600. Good signs ,” he summarized. “Weekly timeframe; Holding 200 MA and EMA. I think we're continuing towards $38,000-42,000 from here.” Van de Poppe referenced the 200-week moving average and exponential moving average, t...

Tether's USDT has seen its market capitalization rebound to nearly $70 billion as the SEC ordered Paxos to stop issuing BUSD, the third-largest stablecoin. The U.S. Securities and Exchange Commission (SEC) wants to sue Paxos for issuing and listing stablecoin Binance USD (BUSD) to the benefit of its top-rival stablecoin Tether (USDT), whose market capitalization has risen to multi-month highs.  BUSD market cap drops by $2 billion The SEC asserts that BUSD, a U.S. dollar-backed stablecoin , is a security, noting that Paxos has violated investor protection laws by white-labeling it. Related:  Paxos ‘categorically disagrees’ with the SEC that BUSD is a security Since Feb. 13 when the news broke, the BUSD market cap has lost roughly $2 billion, down to around $14 billion as of Feb. 16 — the lowest since January 2022.  BUSD circulating supply. Source: Messari As Cointelegraph reported, Binance has seen its withdrawals and BUSD redemptions surge post-Paxos crackdown. USD Coin market cap...