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Bitcoin on-chain data is pointing to "up only" as BTC price action fights to eke out an uptrend below fierce resistance near $40,000. Bitcoin (BTC) starts a new week keeping traders guessing near its highest levels in 18 months — what’s next? BTC price action has held higher after spiking above $38,000 last week, but since then, a testing "micro-range" has left bulls and bears locked in battle. Whether a deeper retracement will come or a trip to $40,000 will leave naysayers behind is now the key short-term question for market participants. Coming up over the next few days are various potential catalysts to help effect trend emergence for Bitcoin, while underneath, there are mounting signs that the market is due a boost. Volatility is set to come at the hands of the monthly close later on, but before then, a host of macroeconomic events has the ability to inject some surprise price action. Cointelegraph takes a look at these issues and more in the weekly rundown o...

Tether and Bitfinex say the decision not to appeal the Freedom of Information Law request by several media outlets was made in the interests of transparency. Tether and Bitfinex have jointly agreed to drop initial opposition to a Freedom of Information Law (FOIL) request lodged in New York by a number of high-profile news publications. A statement from the USDT stablecoin issuer and cryptocurrency exchange shared with Cointelegraph notes that it is committed to transparently sharing information following a FOIL request from CoinDesk earlier this year. The companies also indicated that they would not be openly releasing documentation, claiming that the approach is not in line with its business practices: “It’s essential to clarify that transparency does not mean a wholesale release of all our documents.” Tether and Bitfinex will not appeal against the FOIL request put forward by journalists, including Zeke Faux, Shane Shifflett and Ada Hui, whom they accuse of exhibiting “certain beh...

Bitcoin and select altcoins are showing strength, a possible sign that the bull trend has resumed. Bitcoin (BTC) succumbed to profit-booking on Nov. 13 and 14, which pulled the price below $35,000. Corrections are a normal part of every up-move and are considered healthy as they shake out the weak hands and allow the stronger hands to add to their positions.  A note of caution to the eager dip buyers is that Glassnode data shows the number of whale wallets with more than $1,000 Bitcoin dropped to its lowest level in about a month. This indicates that some whales may have sold into the recent strength. Daily cryptocurrency market performance. Source: Coin360 DecenTrader co-founder Filbfilb said in an interview with Cointelegraph that a drawdown could come before the rally leading into Bitcoin halving in April 2024. Filbfilb believes Bitcoin could pick up pace after that and reach $46,000 to $48,000 by halving. Could Bitcoin and the select altcoins resume their uptrend, or will higher l...

Bitcoin options and futures data suggests the current BTC price movement could have longevity. Bitcoin’s (BTC) price action is the talk of the town this week and based on the current sentiment expressed by market participants on social media, one could almost assume that the long-awaited bull market has started.  As Bitcoin's price rallied by 16.1% between Oct. 22 and Oct. 24, bearish traders using futures contracts found themselves liquidated to the tune of $230 million. One data point that stands out is the change in Bitcoin's open interest, a metric reflecting the total number of futures contracts in play. The evidence suggests that Bitcoin shorts were taken by surprise on Oct. 22 but they were not employing excessive leverage. Bitcoin futures aggregate open interest, USD. Source: Coinglass During the rally, BTC futures open interest increased from $13.1 billion to $14 billion. This differs from August 17, when Bitcoin's price dropped by 9.2% in just 36 hours. That s...

Bitcoin and select major altcoins are under pressure as the September Producer Price Index report shows wholesale inflation surged to 0.5%, exceeding the markets' expectation. Buyers are finding it difficult to maintain Bitcoin (BTC) price above $27,000. The selling increased after the September producer price index rose 0.5% for the month versus expectations for a 0.3% increase. This shows that the inflation pressures are unlikely to ease in a hurry for the United States economy. The uncertain near-term environment has shifted analysts’ focus to November and the upcoming halving event expected in April 2024. Crypto analyst Miles Deutscher cited a chart from CryptoCon and said that if history repeats itself, then Bitcoin may turn up by November 21 and start its journey higher to the next halving. Daily cryptocurrency market performance. Source: Coin360 Going further ahead to 2026, BitMEX founder Arthur Hayes is even more bullish. While speaking as a guest on Impact Theory with Tom...

CoinEx has rebuilt its wallet system following a $70 million hack and is set to resume deposit and withdrawals for select cryptocurrencies. Cryptocurrency exchange CoinEx is set to resume deposit and withdrawals for its users more than a week after it suffered a $70 million hack due to compromised hot wallet private keys. In previous correspondence with Cointelegraph, the exchange outlined its priority to build and deploy a new wallet system to facilitate activities for the 211 blockchains and 737 tokens that it served before the hacking incident. The latest statement from the exchange announces the resumption of deposit and withdrawal services of BTC, ETH, USDT, USDC and other tokens from Sept. 21. CoinEx will resume deposits and withdrawals with 11 cryptocurrencies. CoinEx will update deposit addresses for the listed tokens and will generate new deposit addresses for its users. CoinEx customers were advised not to deposit into old addresses on the platform, as this would result ...

Bitcoin bears benefit from the current macroeconomic uncertainty and are aiming for a $270 million profit if the BTC price falls below $25,000. Bitcoin’s price failed to break above $27,500 for the fourth time in 12 days on May 23. The subsequent 24-hour rejection down to $26,100 might seem small in absolute terms, but it potentially represents the lowest daily close in 68 days. As the deadline for the Bitcoin (BTC) monthly options expiry on May 26 approaches, the fate of the $2.26 billion open interest could determine whether the recent bearish trend will prevail, opening room for a correction down to $25,000 or lower. Bitcoin price and the U.S. debt ceiling debate Analysts argue that even if the United States government is able to raise the debt ceiling ahead of the June 1 deadline, risk-on assets such as stocks and cryptocurrencies could suffer, as the offer of new U.S. Treasurys would drain liquidity from the market. The incentives for fixed income are in place as the one-year in...

BTC trading volume at CME recently eclipsed Bybit, but what does this mean for Bitcoin's price? The Chicago Mercantile Exchange (CME) introduced its Bitcoin futures contract in December 2017. This was around the same time that Bitcoin (BTC) had reached an all-time high of $19,800, but by late 2018, the price had dropped to $3,100. Investors in cryptocurrencies quickly learned that CME derivative contracts allowed them to make bullish bets with leverage but also enabled them to bet against the price , a practice known as shorting. Historically, the Securities and Exchange Commission has rejected Bitcoin exchange-traded fund (ETF) proposals due to concerns about manipulation on unregulated exchanges. The growing significance of CME’s Bitcoin futures market might address this issue, and recently, Hashdex has even requested a Bitcoin ETF that relies on Bitcoin's physical trades within the CME market. Professional traders often use BTC derivatives to hedge risks. For instance, on...

Responsibility for crypto scams does not only belong to the cryptocurrency industry, it also involves banks, telecoms and social media platforms, Australian exchanges say. Cryptocurrency exchanges in Australia have been increasingly communicating with their users as part of preventative measures against scams. According to local crypto firms, such communication is the key to preventing scams as it is able to “break trust” between victims and scammers. Executives at major Australian crypto firms such as Cointree, CoinSpot and Swyftx met at a panel of the fintech conference Intersekt 2023 in Melbourne on Aug. 31 to discuss the issue of scams and fraud in crypto. At the panel, the executives mentioned a variety of measures taken by the platforms in order to protect their users from fraud, including automated and manual Anti-Money Laundering (AML) checks, investigations, education and communication. Cointree, CoinSpot, Swyftx and Chainalysis executives at Intersekt 2023. Source: Cointeleg...

Patricia clarified that it will operate similarly to an IOU (I owe you) document, serving as a means for the exchange to acknowledge its debt to its users. The announcement of Patricia Token (PTK) by Nigerian crypto exchange Patricia was greeted by users with scepticism and some suspicion, as they took to social media to question the motives behind the move. Now, in a response to that reaction, the crypto exchange company has released a white paper seeking to explain the intended function of the Patricia Token. According to the released white paper, the Patricia token is not a stable coin but a debt token , issued to customers to manage users' debt. Patricia said that it will operate similarly to an IOU (I owe you) document, serving as a means for the exchange to acknowledge its debt to its users, and promising to pay holders 1 USDT for each Patricia Token in the future. In April 2023, Nigerian crypto exchange Patricia halted withdrawals and deposits due to a breach. However, cu...

Indian crypto exchanges CoinSwitch and CoinDCX have been struggling to maintain headcount amid bear market and TDS. The CoinSwitch crypto exchange is the latest crypto trading platform in India that cut its workforce amid the prolonged cryptocurrency winter, the local news agency Moneycontrol reported on Aug. 28. The crypto exchange reportedly laid off 44 employees from its customer support division in August, citing redundancy in roles amid the bear market-triggered lack of customer queries. “We continuously evaluate our business to stay competitive, prioritizing innovation, value, and service for our customers. To that end, we right-sized our customer support team to align with the present volume of customer queries on our platform,” CoinSwitch said. The firm added that this impacted the roles of 44 members of its support team, who “voluntarily resigned from their roles after a detailed discussion with their managers.” 44 employees account for a significant share — or roughly 8% — o...

The CEO of Btc. x mentioned the possibility of governments deeming the MiCA framework inadequate, leading to a two-sided power dynamic. Christian Anders, the CEO of Btc. x has said that despite the Markets in Crypto Assets (MiCA) being signed into law, the European Union (EU) might need to do a lot of more lobbying of different regulators in Europe and work with the different governments. In an interview with Cointelegraph, Anders noted that for the crypto framework stated in MiCA to be accepted in most European countries like Sweden, a bit of “pushing” might be required. He stated that MiCA gives the crypto industry a framework to operate with and is expected to bring clarity. Anders noted that crypto exchanges eagerly await the full implementation of the MiCA framework, while acknowledging that governments like Sweden are reluctant to issue new licenses for crypto companies. He emphasized that while these governments cannot halt the framework, they can delay its progress. Furthe...

Bitcoin and most major altcoins are facing selling at higher levels, but there are no signs of panic selling at the moment. Bitcoin (BTC) and altcoins have been volatile in the past two days as the cryptocurrency markets come to terms with the actions of the United States Securities and Exchange Commission (SEC) against two of the biggest crypto exchanges, Binance and Coinbase. After the initial knee-jerk reaction to the news and the subsequent rebound, markets are likely to enter a range as traders reflect upon the uncertainty around the lawsuits. The initial response has been encouraging as the markets have not collapsed, indicating the growing maturity of the crypto space. Daily cryptocurrency market performance. Source: Coin360 Glassnode data shows a decline of 12,600 Bitcoin from exchange balances on June 5 and 6, indicating that traders kept their cool and did not panic as they had done during the FTX episode in November. What are the critical support levels to watch for on the ...

The total supply of the SUI token is capped at 10 billion coins, with tokens running on delegated Proof-of-Stake, or dPoS, consensus algorithm. Major cryptocurrency exchanges around the world are launching trading of the Sui (SUI) token amid the Sui Network's mainnet launch on May 3. According to an official announcement by the Sui Foundation, the Sui mainnet went live at 12:00 pm UTC. A wide number of global crypto trading platforms opted to support the Sui mainnet launch, enabling investors to buy and sell the new SUI token . As such, Binance crypto exchange plans to debut SUI trading right away after mainnet launch. The platform will allow users to trade between SUI and cryptocurrencies like Bitcoin (BTC), Tether (USDT) and Binance Coin (BNB) at 12:15 pm UTC. The firm will also enable investors to exchange SUI against euros and Turkish liras. Other big exchanges including Huobi, KuCoin, ByBit, OKX and Poloniex also announced SUI listings. KuCoin noted that it also plans to ...