Shiba inu surged to a multi-month high on Wednesday, as the meme coin collided with a key price ceiling. Prices rose by as much as 17% in today’s session, as the global cryptocurrency market cap also trended higher. Polkadot was once again in the green, with the token hovering close to a two-month high of its own.
Shiba inu (SHIB) rallied on Wednesday, as the meme coin surged to a two-month high, following declines on Tuesday.
Following a low of $0.00001053, SHIB/USD raced to an intraday peak of $0.00001289 earlier in today’s session.
Today’s move saw shiba inu climb to its strongest point since early November, when prices last collided with a ceiling at the $0.00001290 level.
Looking at the chart, the move came as the 14-day relative strength index (RSI) rebounded from a support point at 76.00.
As of writing, the index is tracking at a level of 80.31, which is deep in overbought territory.
Earlier gains have also been wiped out, and the meme coin is currently trading at $0.0000124.
Polkadot (DOT) continued to trade near a two-month high, as the token remained near a key resistance level.
DOT/USD jumped to a high of $6.19 earlier in the day, before selling off following the release of U.S. retail sales figures.
Sales in the world’s largest economy fell by 1.1% in December, more than the decline of 0.8% many had expected.
As a result of the news, earlier gains have now been erased, with the price currently trading at $5.69.
The RSI has also given way, with price strength falling below a floor of 70.00, and currently tracking at 64.25.
Should this reversal worsen, DOT could be heading to a floor of $5.00.
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Will polkadot continue to move lower as the week progresses? Let us know your thoughts in the comments.
Eliman brings an eclectic point of view to market analysis. He was previously a brokerage director and online trading educator. Currently, he acts as a commentator across various asset classes, including Crypto, Stocks and FX, whilst also a startup founder.
Image Credits: Shutterstock, Pixabay, Wiki Commons
Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.
Ripple CEO: SEC Lawsuit Over XRP 'Has Gone Exceedingly Well'
The CEO of Ripple Labs says that the lawsuit brought by the U.S. Securities and Exchange Commission (SEC) against him and his company over XRP "has gone exceedingly well." He stressed: "This case is important, not just for Ripple, it’s ... read more.
Shiba inu surged to a multi-month high on Wednesday, as the meme coin collided with a key price ceiling. Prices rose by as much as 17% in today’s session, as the global cryptocurrency market cap also trended higher. Polkadot was once again in the green, with the token hovering close to a two-month high of its own.
Shiba inu (SHIB) rallied on Wednesday, as the meme coin surged to a two-month high, following declines on Tuesday.
Following a low of $0.00001053, SHIB/USD raced to an intraday peak of $0.00001289 earlier in today’s session.
Today’s move saw shiba inu climb to its strongest point since early November, when prices last collided with a ceiling at the $0.00001290 level.
Looking at the chart, the move came as the 14-day relative strength index (RSI) rebounded from a support point at 76.00.
As of writing, the index is tracking at a level of 80.31, which is deep in overbought territory.
Earlier gains have also been wiped out, and the meme coin is currently trading at $0.0000124.
Polkadot (DOT) continued to trade near a two-month high, as the token remained near a key resistance level.
DOT/USD jumped to a high of $6.19 earlier in the day, before selling off following the release of U.S. retail sales figures.
Sales in the world’s largest economy fell by 1.1% in December, more than the decline of 0.8% many had expected.
As a result of the news, earlier gains have now been erased, with the price currently trading at $5.69.
The RSI has also given way, with price strength falling below a floor of 70.00, and currently tracking at 64.25.
Should this reversal worsen, DOT could be heading to a floor of $5.00.
Register your email here to get weekly price analysis updates sent to your inbox:
Will polkadot continue to move lower as the week progresses? Let us know your thoughts in the comments.
Eliman brings an eclectic point of view to market analysis. He was previously a brokerage director and online trading educator. Currently, he acts as a commentator across various asset classes, including Crypto, Stocks and FX, whilst also a startup founder.
Image Credits: Shutterstock, Pixabay, Wiki Commons
Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.
NFT Sales Volume Saw a Small Uptick This Week — Moonbirds, Mutant Apes Take Top Sales
Non-fungible token (NFT) sales saw a small uptick over the last week as $658.4 million in NFT sales were recorded, up 3.35% in seven days. Out of 15 blockchains, Polygon-based NFT sales saw the largest increase in volume, jumping 106.68% ... read more.
On Jan. 17, 2023, FTX Trading Ltd. and affiliated debtors updated the public and detailed that the firm’s current administrators have discovered $5.5 billion of liquid assets to date. Top-level executives, including the new FTX CEO and chief restructuring officer, John J. Ray III, met with the bankruptcy case’s committee of unsecured creditors to share the news.
FTX has discovered $5.5 billion in liquid assets, according to a press statement released at 2:40 p.m. Eastern Time, Tuesday. The debtors, including FTX CEO John J. Ray III, announced that the team identified the funds through a “herculean investigative effort.” The company’s press release details that the team found $3.5 billion in cryptocurrency assets, $1.7 billion in cash deposits and roughly $3 million in securities.
The press release further noted that the FTX team discovered $323 million was lost to unauthorized third-party transfers before the Chapter 11 bankruptcy filing was registered on Nov. 11, 2022. Furthermore, $426 million “was transferred to cold storage under the control of the Securities Commission of The Bahamas,” the debtors’ statement details.
FTX debtors disclose that crypto assets currently held by FTX executives and the restructuring teams are also held in cold storage. “We are making important progress in our efforts to maximize recoveries, and it has taken a Herculean investigative effort from our team to uncover this preliminary information,” Ray explained in the update. “We ask our stakeholders to understand that this information is still preliminary and subject to change. We will provide additional information as soon as we are able to do so.”
The presentation shared with the committee of unsecured creditors is also attached to the FTX press release, and it notes that an investigation “confirmed shortfalls at both international and U.S. exchanges.” Furthermore, the investigation “uncovered the mechanics behind how Alameda Research had the ability to borrow without collateral effectively unlimited amounts from customers.” The debtors’ report insists that a “small group of individuals” had the ability to remove assets from FTX without it ever being “recorded on the exchange ledger.”
In addition to the recovered $5.5 billion, FTX debtors are exploring multiple facets to maximize the recovery process through the “potential sale” of four subsidiaries. The team is exploring ways to monetize the hundreds of investments made that currently hold a book value of around “$4.6 billion.”
FTX debtors want to maximize recovery by “marketing real estate in the Bahamas,” and investigators aim to probe “all historical transactions” related to the business.
The real estate owned by the inner circle is worth around $205.5 million, stretched across 27 different properties located in The Bahamas. The historical transactions being investigated involve the Voyager and Blockfi deals, alongside $93 million worth of political donations FTX executives made between March 2020 and November 2022.
“Hundreds of [mergers and acquisitions] M&A and other transactions under review,” the presentation explains. The presentation also gives a detailed visual map of how the inner circle, mostly Alameda Research, could “withdraw assets without [a] record on the exchange ledger.”
What are your thoughts on FTX’s efforts to maximize recovery and uncover the truth behind the unauthorized transfers and historical transactions? Share your insights in the comments below.
Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 6,000 articles for Bitcoin.com News about the disruptive protocols emerging today.
Image Credits: Shutterstock, Pixabay, Wiki Commons, Editorial photo credit: Poetra.RH / Shutterstock.com
Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.
Central Bank of Brazil Confirms It Will Run a Pilot Test for Its CBDC This Year
The Central Bank of Brazil has confirmed that the institution will run a pilot test regarding the implementation of its proposed central bank digital currency (CBDC), the digital real. Roberto Campos Neto, president of the bank, also stated that this ... read more.
Source From : News