Bitcoin (BTC) remained muted, registering a marginal decline over the past 24 hours. It continues to hover just under the $62,500 mark. The crypto markets have not seen much movement over the past 24 hours, with cryptocurrencies such as Ethereum (ETH) registering a marginal increase to remain above $2,400, while Solana (SOL), Ripple (XRP), Dogecoin (DOGE), Toncoin (TON), and others reported similar marginal increases.
The overall crypto market cap also reported a marginal decline, falling by 0.17% to $2.17 trillion. In an unrelated development, an HBO documentary has alleged that well-known Canadian Bitcoin developer Peter Todd is Satoshi Nakamoto, the mysterious creator of Bitcoin.
Crypto.com Sues The SEC
Crypto.com has announced that it is suing the United States Securities and Exchange Commission in response to the Wells Notice issued by the regulator in August. A Wells Notice serves as a formal warning that the agency could pursue legal action against the notified company. Crypto.com’s CEO stated that the exchange had filed a lawsuit against the SEC to protect the future of crypto in the US.
“We are doing so to protect the future of the crypto industry in the US, joining a series of our peers who are actively defending themselves and taking action against a misguided federal agency acting beyond its authorization under the law.”
According to the platform, the SEC has overstepped its authority and is hindering the growth of crypto in the US. According to the lawsuit filed by Crypto.com, the SEC has failed to treat all cryptocurrencies equally, with Bitcoin (BTC) and Ethereum (ETH) escaping regulatory scrutiny while other similar assets are facing regulatory action. Crypto.com is not the only crypto company taking legal action against the SEC. Earlier in the year, Binance and Consensys also took legal action against the SEC after getting similar notices.
Spot Bitcoin ETF Inflows Register Jump
US-based spot Bitcoin ETFs registered an impressive $235 million in inflows on Monday, with Fidelity’s FBTC leading the charge with $103.6 million. BlackRock was a close second with inflows worth $97 million to its IBIT Fund. Meanwhile, Bitwise registered $13 million in inflows, and Ark Invest and 21shares’ ARKB registered around $12.6 million. VanEck’s HODL rounded off the inflows after bringing in just over $5 million.
However, Grayscale’s Mini Bitcoin Trust, GBTC, BRRR, EZBC, BTCW, and DEFI witnessed no changes. On the other hand, spot Ether ETFs remained unchanged, with no inflows reported on Monday. Meanwhile, market watchers are looking for potential catalysts that can positively impact the price of BTC and are hopeful for a bullish Q4. Traders and analysts are optimistic that BlackRock’s new spot Bitcoin ETF options could spark interest and a recovery. Analysts believe the new options could attract retail investors. However, they also cautioned about the regulatory approvals needed, with the new options also requiring approval from the Commodity Futures Trading Commission.
HBO Documentary Alleges Peter Todd Is Satoshi Nakamoto
An HBO documentary aired on Tuesday has alleged that Canadian Bitcoin developer Peter Todd is Satoshi Nakamoto, the mysterious creator of Bitcoin. The documentary triggered an intense debate within the cryptocurrency community. Todd has played a crucial role in a number of blockchain projects such as OpenTimestamps, Counterparty, Mastercoin, and Zcash and now finds himself in the eye of a storm thanks to the documentary’s claims.
However, the Bitcoin developer has strongly denied being Satoshi Nakamoto and dismissed the documentary’s claims, calling them ludicrous.
Bitcoin (BTC) Price Analysis
Bitcoin (BTC) is struggling to push above $64,000, with investors wary thanks to political uncertainty in the lead-up to the US elections. As a result, most investors have sought cash options. BTC has struggled to stay above $65,000, with the world’s largest cryptocurrency experiencing a lull in demand and limited upside. BTC has been rejected multiple times from its resistance levels. Several factors are responsible for BTC’s limited price action and a lack of positive investor sentiment. Uncertainty about global economic growth continues, and the Middle East conflict influences sentiment. Traders also await the upcoming US presidential elections and its results before planning their next move.
While a stronger-than-expected September US Jobs data report has cooled recession concerns to a certain extent, it also caused the implied probability of a 0.50% interest rate cut to drop to 0% from 40% just a couple of weeks earlier.
The price chart shows that BTC has been trading between $60,000 and $64,000 since the middle of last week as buyers struggle to break above key resistance levels and moving averages. BTC was quite bearish at the beginning of the previous week and had slipped below the 20-day SMA to a low of $60,309. Buyers attempted a recovery on Wednesday but could not move past the 20-day SMA as sellers took over and pushed the price back down. BTC eventually registered a marginal decline and settled at $60,671. After a slight recovery on Thursday, buyers returned to the market on Friday as BTC posted an increase of 2.14% and rose to $62,214.
However, it could not push above the 20-day SMA and registered a marginal decline on Saturday before recovering on Sunday and ending the weekend at $62,813 after an increase of 1.19%. Despite the recovery, BTC was still unable to push above the 20-day SMA.
Source: TradingView
The current week began with BTC pushing to go above the 20 and 200-day SMAs and $65,000. However, buyers lost momentum after reaching a high of $64,487, thanks to strong resistance at higher levels. As a result, sellers took over and pushed BTC back below the 20 and 200-day SMAs to $62,253, a drop of 0.89%. BTC declined marginally on Tuesday as well after another failed attempt to push above the moving averages. The current session sees the price marginally up as buyers and sellers struggle to establish control.
BTC has not registered any significant price movement over the past few sessions, with buyers unable to build enough momentum to push above key resistance levels. Sellers have also been unable to push BTC below its support level. Should buyers build momentum, they will look to drive BTC back above the moving averages and retest the resistance at $64,000 and $65,000. However, if sellers regain control, they will look to drive BTC below $60,000.
Ethereum (ETH) Price Analysis
Like Bitcoin, Ethereum (ETH) has also been muted over the past few days after seemingly hitting a wall at $2,500, a level it has been unable to recover. ETH spent much of the previous week in the red, registering substantial declines and slipping below key support levels and moving averages. By Thursday, ETH had dipped below $2,400 and dropped to a low of $2,311 before settling at $2,350. Despite the prevailing bearish sentiment, ETH recovered on Friday, registering an increase of almost 3% to go back above $2,400 and settle at $2,415. The weekend was mixed as ETH registered a marginal decline on Saturday before rising by 1.05% on Sunday to settle at $2,440.
Source: TradingView
The current week began with ETH attempting to push above $2,500 and the 20 and 50-day SMAs. After reaching a day high of $2,519, ETH lost momentum and fell back into the red as sellers took over, eventually declining by 0.71% and settling at $2,423. It recovered on Tuesday, rising by 0.73% and moving to $2,440. The current session sees ETH marginally down as buyers and sellers struggle to establish control.
Buyers will look to build momentum and push ETH back above $2,500. However, at the moment, sellers have the upper hand. A move above $2,500 will see ETH push to $2,600 and $2,700. On the other hand, buyers will look to keep ETH above $2,300. Should this level be breached, ETH could drop to $2,2,00 or lower.
Solana (SOL) Price Analysis
Solana (SOL) has also struggled to recover following last week’s lows and has still not reclaimed the $150 level. The altcoin dropped to a low of $133 on Thursday before settling at $136, a decline of 2.40%. It made a strong recovery on Friday, registering an increase of almost 5% to push back above $140 and the 50-day SMA and settle at $143. The weekend began with a marginal decline on Saturday, but with the 50-day SMA now acting as a dynamic level of support, SOL quickly recovered on Sunday, rising by almost 3% and moving to $146. However, it could not push above the 20-day SMA, which acted as a dynamic resistance level.
Source: TradingView
Buyers made a strong push to go above $150 on Monday. They did find some initial success as SOL rose to a day high of $152, going above the 20-day SMA. However, it was unable to sustain momentum, and as a result, sellers took over, driving the price back below $150 to $143, a drop of almost 2%. SOL registered a marginal decline on Tuesday as sellers attempted to drive the price below $140. However, they were unsuccessful, as SOL remained above $140. The current session sees SOL marginally down as buyers and sellers struggle to establish control.
Buyers will look to regain control and push towards $150. A break above this level could see SOL rally to $160 or higher. On the other hand, sellers will look to drag SOL below $140. If this level is breached, SOL could drop to $130. A break lower than this level could see the price drop as low as $110.
Ripple (XRP) Price Analysis
Ripple (XRP) has been outperforming the broader crypto market, buoyed by the XRP spot ETF filings, as investor confidence in the asset grows. The update regarding the XRP spot ETF filing was shared by Ripple CEO Brad Garlinghouse on X, with Bloomberg Intelligence Senior Analyst Eric Balchunas stating,
“New filing just dropped for Canary XRP ETF, the second filing, joining Bitwise. Not familiar with this issuer, looks like a first timer. Based out of Nashville, TN. The only crypto-related ETF person I know there is Steven McClurg.”
However, it remains to be seen if XRP spot ETFs can get approval from the SEC. Looking at the price chart, we can see that XRP witnessed a drastic fall last week, dropping from a high of $0.66 to a low of $0.50 on Thursday. Since then, XRP has been trading sideways, struggling to push above the 200-day SMA and $0.55. It registered an increase of 2.30% on Friday, rising to $0.53, but fell back in the red on Saturday, dropping by 0.88%. A recovery on Sunday allowed XRP to register an increase of 0.74% and end the weekend on a positive note.
Source: TradingView
Monday began with an attempt to push above the 200-day SMA as XRP rose to a high of $0.54. However, it could not go past the moving average and fell back in the red, eventually settling at $0.52 after a decline of 0.94%. Tuesday saw XRP register a marginal increase before falling back into the red during the ongoing session as buyers and sellers struggled to establish control. XRP faces resistance at $0.55 and the 200-day SMA. A break above both could propel the asset to the resistance at $0.58. If XRP can go above this level and the 20 and 50-day SMAs, a move above $0.60 may be possible.
Dogecoin (DOGE) Price Analysis
Dogecoin (DOGE) ’s recovery stalled on Monday after it failed to stay above $0.110, as strong selling pressure forced the price back down. As we can see in the price chart, DOGE was extremely bearish last week, falling into the red after failing to push above $0.130. By Thursday, DOGE dipped to a low of $0.101 before recovering and settling above the 50-day SMA after a marginal increase. With DOGE finding support at this level, it made a strong recovery on Friday, rising by almost 4% and settling at $0.109. DOGE remained positive over the weekend as well, rising by 0.46% on Saturday and 1.37% on Sunday to push above the resistance at $0.110 and the 20-day SMA and settle at $0.111.
Source: TradingView
DOGE attempted to push higher on Monday, reaching a day high of $0.115. However, it fell back in the red thanks to strong selling pressure and registered a drop of almost 3% to go back below the 20-day SMA and settle at $0.108. The price declined on Tuesday, dropping by 1.29% to $0.106. The current session sees DOGE up by almost 2% as it looks to move back above $0.110 and the 20-day SMA. A break above these levels could open the door for a move back towards $0.120.
Render (RNDR) Price Analysis
Render (RNDR) slipped below $5.50 over the weekend despite a strong recovery on Friday, as selling pressure pushed the price below the 50-day SMA. Looking at the price chart, we can see RNDR dipped to a low of $5.02 on Thursday, going below the 50-day SMA before settling at $5.24. However, it quickly recovered on Friday, surging over 8% to go back above the 50-day SMA and $5.50 to settle at $5.67. However, with the 20-day SMA acting as a dynamic resistance level, RNDR fell back into the red on Saturday, dropping nearly 4% to $5.44. The price encountered considerable volatility on Sunday as sellers looked to drive RNDR below the 50-day SMA while buyers attempted a move back above $5.50. In the end, RNDR registered only a marginal drop to end the weekend on a bearish note.
Source: TradingView
The current week began with selling pressure persisting after sellers thwarted an attempt to push above $5.50. With buyers overwhelmed, sellers pushed RNDR down by almost 4% to $5.23. The price recovered on Tuesday as it registered an increase of 1.90% and moved to $5.34. However, it could not push above the 50-day SMA and fell back in the red during the ongoing session. The current sessions sees RNDR down by 1.15% as sellers look to drive the price below $5. Buyers will look to push RNDR back above the 50-day SMA. If it can go above the moving average, a push to $4.50 could be possible.
Arbitrum (ARB) Price Analysis
Like other cryptocurrencies, Arbitrum (ARB) also spent most of the previous week in the red, dropping to $0.531 on Wednesday and slipping below the 50-day SMA. ARB recovered after falling to a low of $0.514 on Thursday, registering a marginal increase and settling at $0.534. ARB continued to push higher on Friday, registering an increase of almost 6% to push above the 50-day SMA and settle at $0.565. However, it fell back in the red on Saturday, dropping by 2.74% to $0.550 but staying above the 50-day SMA. Sunday saw the price recover as it rose by 1.78% to end the weekend on a positive note at $0.559.
Source: TradingView
Buyers attempted to push towards $0.600 on Monday, with ARB reaching a day high of $0.575. However, it fell back in the red thanks to strong selling pressure, eventually dropping by 1.86% and settling at $0.549. Bearish sentiment persisted on Tuesday as ARB fell below the 50-day SMA after a drop of 1.67% and settled at $0.540. The current session sees ARB marginally down as sellers look to push the price lower. Buyers will look to retake control and push ARB back above the 50-day SMA.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
