BNB Price Rockets to $400: Get Ready for a Bullish Rally!

• Binance coin (BNB) price found support near $300 against the US Dollar and rallied above $320.
• There was a break above a major contracting triangle with resistance near $320 on the 4-hours chart of the BNB/USD pair, indicating further upside momentum.
• BNB could potentially aim for the $400 level if it manages to clear the $335 resistance.

BNB Price Finds Support Near $300

Binance coin (BNB) price found support near $300 against the US Dollar, allowing for a rally past the $320 mark. On the 4-hours chart of the BNB/USD pair, there was a break above a major contracting triangle with resistance near $320, indicating further upside momentum in store for BNB.

Price Rallies Over 5%

The bulls were active and managed to pump up BNB’s price beyond both the $310 and $312 resistance levels. The price went up more than 5%, breaking through the 100 simple moving average (4-hours). The pair traded as high as $332 before consolidating its gains at around this level.

Upside Potential For BNB

If BNB can manage to clear its current hurdle at around the$335 level, it could potentially aim for higher levels such as reaching towards or even surpassingthe psychological mark of 400$. Above this level lies another significant resistance at around 420$.

Dips Supported In BNB?

In case of downside break below$308 support level, then we may see an extended decline towards$300 support zone. Initial dip support is seen near$325 while first major support lies at around 315$. It is close to 50% Fib retracement level of overall upward move from 301 swing low to 332 high.

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St. Maarten to Adopt TRON as Legal Tender, TRX Price to Soar

• St. Maarten has expressed interest in adopting TRON as legal tender.
• TRON’s architecture is dispersed into three layers: the Storage Layer, the Application Layer, and the Core Layer.
• Decentralization is the focus of the TRON project which facilitates the smooth transfer of money between users.

On January 24, Justin Sun, TRON Founder, announced that the Caribbean country of St. Maarten has expressed interest in adopting TRON as a legal tender. This news marks a major milestone for the TRON project, which has been pushing for a worldwide adoption of its blockchain technology.

TRON is a decentralized, open-source blockchain network that allows users to connect with each other and access a variety of entertainment applications, such as graphics, videos, and games. As a result, the transfer of money between users is facilitated without the need for financial companies or middlemen.

The TRON architecture is dispersed into three layers: the Storage Layer, the Application Layer, and the Core Layer. The Storage Layer has a distributed block storage and the Application Layer is mobilized by developers to create dApps that are used for issuing tokens. The Core Layer consists of various modules and smart contracts.

The TRX price is expected to peak by Q2 of 2023, potentially shooting up to $0.0973. This news of St. Maarten’s interest in adopting TRON as a legal tender is encouraging, as it is a step towards the project’s goal of massive adoption on a global scale.

All in all, the news of St. Maarten’s adoption of TRON is a positive development for the project, as it signifies one more country on the list of those who are embracing the blockchain technology. With this adoption, the TRX price could potentially rise to new heights in the near future.

aSOPR Retest Could Signal BTC Market Regime Shift

• The Bitcoin Adjusted Spent Output Profit Ratio (aSOPR) is retesting the historical bull-bear junction.
• A successful retest of the 1.0 level could signal a regime shift in the BTC market.
• The 7-day EMA value of the metric has sharply risen recently and is approaching the 1.0 level.

The Bitcoin Adjusted Spent Output Profit Ratio (aSOPR) is an indicator used to measure whether Bitcoin investors are selling their coins at a profit or a loss. According to the latest weekly report from Glassnode, the aSOPR is currently doing another retest of the 1.0 level, which is a historical bull-bear junction. This suggests that a meaningful regime shift could be on the horizon.

The aSOPR is a modified version of the Spent Output Profit Ratio (SOPR), which is used to measure the relative profitability of Bitcoin holders. When the value of this metric is greater than 1, it means that the average holder in the market is moving coins at a profit. On the other hand, values below the threshold imply that the overall market is realizing a loss. A value of exactly 1 implies that investors are just breaking even on their selling right now.

Glassnode’s chart of the 7-day exponential moving average (EMA) Bitcoin aSOPR over the last couple of years shows that the metric has sharply risen in recent days and is now approaching the 1.0 level. If the aSOPR successfully retests this level, it would suggest that a regime shift is underway in the BTC market. This shift could potentially cause a significant impact on the prices of Bitcoin and other cryptocurrencies in the coming weeks and months.

It will be interesting to see whether the aSOPR breaks through the 1.0 level or not. If it does, it could mean that more investors are moving coins at a profit, which would be a positive sign for the market. On the other hand, if the metric fails to break through the 1.0 level, it could mean that the market is still in a bearish state and investors are still realizing losses from their Bitcoin holdings. Either way, it will be interesting to monitor the development of the aSOPR in the coming weeks and see how it affects the market.

GALA Token Rallies 194%, On-Chain Activity Suggests Further Appreciation

• GALA, the native token of the non-fungible token (NFT) gaming project, has recently seen a significant bullish price action with a 194% rally since late December 2022.
• On-chain activity, such as whale activity, has supported the token’s price action and allowed it to push beyond resistance at $0.048.
• Data from analytics firm Santiment indicates that the spike in activity preceded the rally and suggests further appreciation.

The non-fungible token (NFT) gaming project, GALA, has recently been experiencing a significant uptrend in its native token. Since late December 2022, the token has seen an impressive 194% rally, pushing its price to levels not seen since mid-September 2022. This massive rally has seen the token move independently during these periods, with the larger cryptocurrencies barely catching up. At the time of writing, GALA’s price trades at $0.04 with a 16% profit in the last 24 hours.

The recent upward trend of GALA can be attributed to an increase of on-chain activity, such as whale activity, that has supported the token’s price action and allowed it to push beyond resistance at $0.048. Data from analytics firm Santiment indicates that the spike in activity preceded the rally and suggests further appreciation.

The firm has also noted that amongst the many surging altcoins in 2023, GALA has been making a tremendous run. They believe that the price of the Ethereum-based asset could continue to rise over the coming months, as whales continue to invest heavily in the token.

Despite the recent surge in GALA’s price, investors should still exercise caution when investing in the token. As with any investment, there is always the potential for losses, and investors should be aware of the risks associated with investing in this digital asset. Furthermore, investors should also be aware of any potential changes in the token’s fundamentals, as these could have an effect on the token’s price movements.

Crypto Investors Put on Alert Following Warning From Arcane Research

• Arcane Research has issued a warning to Bitcoin and Ethereum investors in light of the current financial distress surrounding Digital Currency Group (DCG), Genesis, and Grayscale.
• If DCG goes bankrupt, it could be forced to liquidate its assets which could include its sizable positions in GBTC and unknown positions in ETHE and other Grayscale trusts.
• A Reg M solution which allows investors to redeem shares at net asset value could resolve the near-record NAV and trigger massive arbitrage opportunities which could have a significant impact on crypto markets.

Crypto investors have been put on alert following a warning from renowned crypto firm Arcane Research. In an article by analyst Vetle Lunde, the firm stated that investors should pay attention to the ongoing financial distress related to Digital Currency Group (DCG), Genesis, and Grayscale as the outcome could severely impact crypto markets.

DCG is a major player in the crypto space, with a sizable position in GBTC and unknown positions in ETHE and other Grayscale trusts. If the company goes bankrupt, it could be forced to liquidate its assets which would have an adverse effect on crypto markets. Arcane Research warned that a “natural, less liquidity-constrained” solution could be a Reg M solution that allows holders of Grayscale Bitcoin Trust (GBTC), Grayscale Ethereum Trust (ETH), and the other trusts to redeem shares at net asset value. This would resolve the near-record NAV – the value by which the fund trades below the Bitcoin spot price.

Currently, GBTC is trading at -45.35% while ETH is at a NAV of -55.83%. The dissolution of the trust via Reg M would trigger tangible impacts on crypto markets, as GBTC comprises about 3.3% of the circulating BTC supply and 2.5% of the ETH supply. Arcane Research also noted that a Reg M would cause a massive arbitrage strategy of selling crypto spot versus buying Grayscale Trust shares which could have significant implications for crypto markets.

Overall, the events surrounding DCG, Genesis, and Grayscale should serve as a warning to crypto investors. If DCG goes bankrupt and is forced to liquidate its assets, the consequences for crypto markets could be severe. A Reg M solution could resolve the near-record NAV and trigger massive arbitrage opportunities, but this is far from certain. Investors should remain vigilant and watch for any further developments in the ongoing financial distress related to the companies in question.

25-Year-Old Records $7M Profit From Crypto Trading Desk at Home

• A 25-year-old registered a million-dollar-worth trading company at his parents’ house, successfully trading over $2 billion in Bitcoin and other cryptocurrencies.
• The trading desk, PO Street Capital, scored a $7 million profit in 2021 and a 1,400% profit when compared with 2020.
• As Bitcoin revisited its all-time high at $20,000 in late 2020, other cryptocurrencies saw similar or higher profits and the trading desk saw its profits swell.

A 25-year-old Australian man recently registered a million dollar-worth trading company at his parents’ house. The trading desk, PO Street Capital, is the brainchild of Darren Nguyen, a man who was determined to make a success of his cryptocurrency trading venture. Over the past two years, the company has kept a low profile and avoided attracting attention, but its success can no longer go unnoticed.

In 2021, PO Street Capital reported a whopping $7 million profit, a 1,400% increase when compared with its 2020 performance. Similarly to the rest of the crypto market, the trading desk experienced a surge in profits as the bull cycle ended in mid-February, with the company scoring a $460,000 profit.

The success story of PO Street Capital coincides with Bitcoin’s performance in late 2020. Following a turbulent period, the cryptocurrency revisited its all-time high of $20,000 and went on an impressive bull run. In subsequent months, the Bitcoin price kept growing to eventually reach an unprecedented all-time high of $60,000.

The success of Bitcoin was mirrored by other cryptocurrencies, with Ethereum – the second crypto by market capitalization – rising from under $100 to an all-time high of $4,500. As the crypto market continued to surge, PO Street Capital was able to make the most of the situation and recorded a historic $7 million profit.

The incredible performance of the trading desk was eventually made public in 2022, when the company disclosed its financial results to the Australian Securities and Investment Commission. Despite its initial attempts to remain under the radar, PO Street Capital’s success is now firmly established, and the company is likely to remain a key player in the crypto market for years to come.

Ethereum Price Surges Above $1,200, Poised for Bullish Momentum

• Ethereum (ETH) has seen an increase in price above $1,200 against the US Dollar.
• There is a connecting bullish trend line forming with support near $1,200 on the hourly chart of ETH/USD.
• Ethereum could gain bullish momentum if there is a clear move above the $1,250 resistance level.

The cryptocurrency market has been seeing a resurgence of late, with Ethereum (ETH) being one of the major beneficiaries. The second-largest digital asset by market capitalization has seen its price increase above the $1,200 level against the US Dollar over the past few days.

The bulls have been active and defended heavy losses below the $1,180 level. This has enabled ETH to start a decent increase above the $1,220 level, similar to that of Bitcoin. A low was formed near the $1,204 mark and the price has subsequently climbed above the $1,220 level. The price even climbed above the $1,230 level and is currently showing a lot of positive signs.

Looking at the hourly chart of ETH/USD, it is evident that there is a connecting bullish trend line forming with support near $1,200. This trend line support has been in play since the start of the recent increase. The pair is currently consolidating above the 23.6% Fib retracement level of the recent wave from the $1,204 swing low to $1,233 high.

If Ethereum manages to clear the $1,250 resistance level, it could open the doors for a fresh increase. The next major resistance is near the $1,265 level, above which the bulls are likely to aim a test of the $1,300 resistance level.

On the downside, the trend line support near $1,200 is likely to provide a strong buying opportunity. If the bears gain strength, the price might break the trend line support and move back into a bearish zone. The main support is near the $1,180 level, below which the bears are likely to aim a test of the $1,150 level.

Overall, Ethereum is showing a lot of positive signs above the $1,220 level. If ETH climbs above the $1,250 and $1,265 resistance levels, it could start a fresh bull run. Conversely, a break below the trend line support near $1,200 may open the doors for more losses.

DCG and Grayscale Face Pressure to Return $900M in Customer Funds

• Digital Currency Group (DCG) and Grayscale are under pressure from the Winklevoss twins and a class action lawsuit to return $900 million in customer funds.
• Valkyrie Investments and Fir Tree recently got involved in the dispute, putting more pressure on DCG CEO Barry Silbert.
• Grayscale holds a massive amount of Bitcoin, and also holds large percentages of Ethereum Classic (8.53%) and Horizen (4.64%).

Digital Currency Group and Grayscale, two major players in the crypto space, have recently found themselves at the center of a heated debate. This follows the ultimatum issued by the Winklevoss twins, demanding the return of $900 million in customer funds by January 8th, as well as a class action lawsuit filed against both companies. To make matters worse, two more entities, Valkyrie Investments and Fir Tree, have now joined the fray, putting even more pressure on DCG CEO Barry Silbert.

Grayscale, which is owned by DCG, is the largest cryptocurrency asset manager in the world and currently holds more than 630,000 Bitcoins as part of its GBTC trust. This is causing great concern among investors, as it represents over 3.28% of all Bitcoins in circulation. However, it is not just Bitcoin investors who should be worried. Grayscale also holds a significant percentage of two other altcoins, Ethereum Classic (ETC) and Horizen (ZEN). Specifically, Grayscale holds 8.53% of all Ethereum Classic, or around $189 million, and 4.64% of all Horizen, or around $5.7 million.

The pressure on Silbert and the two companies is mounting day by day, as the Winklevoss twins, Valkyrie Investments, Fir Tree, and the customers themselves continue to put pressure on them to return the funds. Silbert is hoping for Feb. 3rd when a three-judge panel will rule on the complaint against the U.S. Securities and Exchange Commission for refusing to convert GBTC into a Bitcoin spot ETF. Until then, the fate of Digital Currency Group and Grayscale remains uncertain, as the drama unfolds.

Bitcoin Struggles To Break $17K, Bears Could Push Price Lower

• Bitcoin price is still facing resistance below $17,000 and could decline heavily if there is a clear move below the $16,000 support zone.
• BTC is showing bearish signs below the $16,800 and $17,000 resistance levels and is trading above $16,500 and the 100 hourly simple moving average.
• There was a break above a key bearish trend line with resistance near $16,550 on the hourly chart of the BTC/USD pair.

Bitcoin prices remain in a downtrend and have failed to break through the $17,000 resistance level. This has led to a bearish sentiment, with traders worried that BTC could decline heavily if it fails to break the $16,000 support zone.

At the time of writing, Bitcoin is trading just above the $16,500 level and the 100 hourly simple moving average. Bulls were able to push the price above a key bearish trend line with resistance near $16,550 on the hourly chart of the BTC/USD pair. This allowed a minor recovery wave, but bears were able to prevent further upside.

The price dropped below the 23.6% Fib retracement level of the upward move from the $16,325 low to $16,683 high. It found support near the $16,500 level and is currently trading above the 50% Fib retracement level.

On the upside, an immediate resistance is near the $16,600 level. Above this, the first major resistance is near the $16,680 zone. The next major resistance is near the $16,800 and $17,000 levels. If the price breaks above the $17,000 level, it could start a strong rally.

Conversely, if there is a clear move below the $16,000 support zone, the price could decline heavily. The next major support is near the $15,600 level.

Overall, Bitcoin remains in a downtrend below the $17,000 level. To start a strong uptrend, the price must break the $17,000 resistance. If not, the bears may take control and the price could decline further.

Bitcoin & Ethereum Rise in Tandem: 2021’s Biggest Crypto Opportunity

• According to the year-end report from Arcane Research, the global markets have all fallen strongly correlated this year.
• The “30-day correlations,” an indicator that measures how in-tune Bitcoin has been with another asset in terms of price movement over a 30-day period, has been very high in recent weeks with Ethereum.
• Bitcoin positively correlated with the US equities during 2022, with its correlation being around or above 0.5 for most of the year.

As the global markets come to the end of a turbulent year, the year-end report from Arcane Research has revealed that the correlation between the various markets has been stronger than ever. This correlation can be measured with the “30-day correlations” indicator, which measures how in-tune Bitcoin has been with another asset in terms of price movement over a 30-day period. When the value of this metric is greater than zero, it means there has been a positive correlation between BTC and the other asset in the past month. On the other hand, negative values imply that the price of the crypto has been reacting to changes in the value of the other asset by moving in the opposite direction.

This year, Bitcoin has been positively correlated with the US equities, the S&P 500, and the Nasdaq. This is evident from the 30-day correlations chart, which shows a metric value of around or above 0.5 for most of the year. Additionally, the data also reveals that Ethereum has also had a year of high correlation with Bitcoin, with the metric hitting all-time high values in recent weeks.

This positive correlation between Ethereum and Bitcoin is an indication that the two digital assets are becoming increasingly intertwined and their prices are more closely linked than ever. This could be the result of the recent surge in Ethereum’s market capitalization, which has seen it overtake Bitcoin’s in terms of market capitalization. Some analysts have also argued that this could be due to the increasing demand for Ethereum’s smart contracts and decentralized applications.

The positive correlation between Bitcoin and Ethereum suggests that the two digital assets could continue to rise in tandem in the coming year, with Ethereum potentially outperforming Bitcoin. This could be a major boon for investors, as the two digital assets could provide a diversified portfolio and be a hedge against market volatility. With the cryptocurrency market expected to continue to grow in the coming months, it could be the perfect time to invest in both Bitcoin and Ethereum.