- Bitcoin is back above $67,000, and Ethereum above $2,600 on Wednesday.
- XRP holds on to gains at $0.54 on day 2 of the Ripple Swell 2024 event.
- On-chain data shows large volume transfers of USDT to Binance.
Bitcoin, Ethereum and XRP updates
- Bitcoin trades at $67,161 at the time of writing on Wednesday. The largest crypto by market capitalization recorded $371 million in inflows on Tuesday, signaling institutional investor interest returns.
- Ethereum is back above $2,600, gaining nearly 1% on the day. The second-largest cryptocurrency’s role could “grow dramatically,” according to BlackRock CEO Larry Fink’s recent statement.
- XRP holds steady above $0.54 on Day 2 of the Ripple’s annual flagship event, Swell 2024.
Chart of the day: Dogecoin (DOGE)
Dogecoin (DOGE) extends its upward movement for the sixth consecutive day and rises nearly 7%, trading at $0.1261 at the time of writing on Wednesday. DOGE could extend gains by another 5% and climb to the September 28 high of $0.1321.
Supporting the bullish thesis, the Moving Average Convergence Divergence (MACD) indicator shows green histogram bars, signalling DOGE price trend has an underlying positive momentum.
Additionally, the Relative Strength Index (RSI) indicator reads 67.95, close but below the overbought level of 70. DOGE is currently trading above its 10, 50, and 200-day Exponential Moving Averages (EMAs).
DOGE/USDT daily chart
A daily candlestick close under the 50-day EMA could invalidate the bullish thesis and send DOGE’s price to collect liquidity at Tuesday’s low of $0.1101.
Market updates
- On-chain data tracker Whale Alert identified several large USD Tether (USDT) transfers to the largest centralized crypto exchange, Binance. Typically, a rise in stablecoin reserves across exchanges is considered a bullish sign as it represents higher demand from traders.
- Donald Trump-backed World Liberty Financial’s token sale kicked off on Tuesday. The project raised $5 million in the first hour. However, owing to technical hiccups, token sales slowed down and remain far from its target of $300 million.
- Philip Gladwell, head of economics at Tether, reports that Tether has 330 million on-chain wallets.
Today I am launching Tether Insights: a regular series where you will learn how people use digital money
— Philip Gradwell (@philip_gradwell) October 16, 2024
Three insights to start...
1⃣ USDT has 330M on-chain wallets and accounts, a proxy for users, as of Q3 2024, plus 10's of M's more who only use USDT on centralised platforms pic.twitter.com/4ermPvAdIi
Industry updates
- Ripple President Monica Long says stablecoin RLUSD will work alongside XRP at Swell 2024. Long’s statement fuels hope for a positive impact on the altcoin’s price.
- Bloomberg reports that Italy plans to raise the capital gains tax on Bitcoin investments from 26% to 42%.
- OKX exchange announces delisting of several crypto trading pairs, including BLOCK/USDT, UTK/USDT, UTK/USDC, AST/USDT, AST/USDC, SIS/USDT, SIS/USDC, WXT/USDT, WXT/USDC, WIFI/USDT, WIFI/USDC on October 24, according to an official announcement.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Polygon joins forces with WSPN to expand stablecoin adoption
WSPN, a stablecoin infrastructure company based in Singapore, has teamed up with Polygon Labs to make its stablecoin, WUSD, more useful in payment and decentralized finance.
Coinbase envisages listing of more meme coins amid regulatory optimism
Donald Trump's expected return to the White House creates excitement in the cryptocurrency sector, especially at Coinbase, the largest US-based crypto exchange. The platform is optimistic that the new administration will focus on regulatory clarity, which could lead to more token listings, including popular meme coins.
Cardano's ADA leaps to 2.5-year high of 90 cents as whale holdings exceed $12B
As Bitcoin (BTC) gets closer to the $100,000 mark for the first time — it crossed $99,000 earlier Friday — capital is rotating into alternative cryptocurrencies, creating a buzz in the broader crypto market.
Shiba Inu holders withdraw 1.67 trillion SHIB tokens from exchange
Shiba Inu trades slightly higher, around $0.000024, on Thursday after declining more than 5% the previous week. SHIB’s on-chain metrics project a bullish outlook as holders accumulate recent dips, and dormant wallets are on the move, all pointing to a recovery in the cards.
Bitcoin: Rally expected to continue as BTC nears $100K
Bitcoin (BTC) reached a new all-time high of $99,419, just inches away from the $100K milestone and has rallied over 9% so far this week. This bullish momentum was supported by the rising Bitcoin spot Exchange Traded Funds (ETF), which accounted for over $2.8 billion inflow until Thursday. BlackRock and Grayscale’s recent launch of the Bitcoin ETF options also fueled the rally this week.
Best Forex Brokers with Low Spreads
VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.