An analysis of the Bitcoin/USDT 1-hour chart reveals that the dominant cryptocurrency is currently trading in proximity to its 200-day Moving Average (MA).The Relative Strength Index (RSI) reading of 41.91 suggests that bears are attempting to establish market dominance.Additionally, the Average True Range (ATR) of Bitcoin is displayed at 158.23, further emphasizing market volatility.Bitcoin/USDT 1-Hour Price Analysis (Source: TradingView) Furthermore, after an extended period of consolidation, the digital asset appears to have finally breached its 200-day Moving Average to the downside.Nevertheless, numerous crypto analysts are anticipating a retest of the previous resistance level at $25,000 for Bitcoin.Should this price level be retested, it is speculated that a significant sell-off could ensue.Ethereum/USDT 1-Hour Price Analysis (Source: TradingView) The chart above depicts an evaluation of Ethereum, the second largest cryptocurrency by market capitalization.Currently, the cryptocurrency is trading near its 1-hour support level at a price point of $1,540.
The Relative Strength Index (RSI) is exhibiting a bearish slope with a reading of 42.89.However, the Bull Bear Power Indicator displays a positive value of 8.76, indicating that bulls are currently exerting control over the market.Additionally, Ethereum has violated its 200-day Moving Average and is now trading beneath it, suggesting that sellers are attempting to break the current support level.If this support level fails, it is projected that Ethereum will experience a price decline towards $1450.Solana/USDT 1-Hour Price Analysis (Source: TradingView) Lastly, the third and the most well-known cryptocurrency for the NFT collects, Solana 1-hour chart is displayed above.Solana is also following the patterns of the major cryptocurrencies, Bitcoin and Ethereum.
Additionally, the Bull Bear Power indicator is shown at a reading of -0.25, meaning that the bears are taking the throne as of now.But however, if Bitcoin, the dominant cryptocurrency, manages to trigger a bullish trend, it is likely that other cryptocurrencies such as Solana will mirror its movement.The post Top 3 Cryptocurrencies Technical Analysis: Bitcoin, Ethereum, and Solana appeared first on Analytics Insight.The Amesbury, Massachusetts-based Bankprov, a subsidiary of Provident Bancorp, has announced that it will no longer provide loans secured by cryptocurrency mining rigs.
In a filing with the U.S.Securities and Exchange Commission (EX-99.1), Bankprov stated that revenue from its digital asset loan portfolio will continue to decrease as the company has discontinued new loan originations backed by mining equipment.
Bankprov’s Portfolio of Cryptocurrency Collateralized Loans Decreased by 65% Bankprov disclosed that it holds approximately $41.2 million in cryptocurrency-collateralized loans, with about $26.7 million of the debt backed by crypto-mining equipment.Collateralized loans secured by application-specific integrated circuit (ASIC) mining rigs became a popular investment vehicle in 2021, but the crypto winter resulted in significant pressure on the industry.By the end of June 2022, Luxor executive Ethan Vera estimated that about $4 billion in loans backed by mining machines were under financial strain.Since then, several crypto-mining companies have either sought bankruptcy protection or reorganized tens of millions in debt.For example, at the end of September 2022, the bitcoin mining firm Compute North filed for bankruptcy.
Two months later, Core Scientific also filed for bankruptcy.Other mining operations are attempting to restructure debt.Greenidge Generation announced Tuesday that it has reorganized $11 million in debt with B.Riley.Bankprov stated that it repossessed ASIC mining equipment from undisclosed crypto-mining operations in September.“Our digital asset loan portfolio declined by $79.3 million, or 65.8%, largely due to paydowns on outstanding lines of credit, the partial charge-off, and repossession of cryptocurrency mining rigs in exchange for forgiving a $27.4 million loan relationship,” according to Bankprov’s filing.The financial institution’s EX-99.1 earnings filing added: The portfolio of loans secured by cryptocurrency mining rigs will continue to decline as the Bank is no longer originating this type of loan.
Another crypto-friendly financial institution, Metropolitan Commercial Bank, announced during the second week of January 2023 that it plans to “exit its crypto-asset-related business.” Metropolitan stated that it holds no exposure to crypto assets, but has business relationships with four customers focused on cryptocurrencies.The bank did not specify an exact date, but said that these relationships and the crypto business will be phased out this year.Tags in this story Amesbury, application-specific integrated circuit, ASIC mining equipment, B.Riley, Bankprov, bankruptcy protection, Bitcoin, business relationships, collateralized loans, compute north, Core Scientific, crypto assets, crypto mining companies, Crypto Winter, Cryptocurrency, debt, decline, digital asset loan portfolio, Discontinued, Ethan Vera, Executive, Exposure, financial institution, financial strain, Greenidge Generation, industry, investment, Loan Originations, loans, Luxor, Massachusetts, Metropolitan Commercial Bank, mining rigs, phased out, Provident Bancorp, reorganized, repossessed, restructuring, revenue, U.S.Securities and Exchange Commission, undisclosed operations What do you think the future holds for banks and the cryptocurrency industry? Share your thoughts in the comments below.
Jamie Redman 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 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.Ordinals, a new way of using and getting content using Bitcoin, are enabling creators to harness the utility of NFTs (non-fungible tokens) directly from the blockchain, essentially creating native Bitcoin NFTs.This has stirred the pot in some circles, which are now discussing if this is the way in which Bitcoin’s blockchain should be used, and how this new use case will affect bitcoin nodes and fees in the future.Ordinals Enable Bitcoin NFTs Courtesy of Taproot A newfound use case for the Bitcoin chain is now being tested by individuals that have found a way of getting content directly to the blockchain.The project, called Ordinals, and launched just a few days ago, has enabled anyone to create Bitcoin NFTs (called inscriptions) as part of its functionality.
This opportunity was inadvertently opened by the Taproot upgrade that the network underwent in November, which extended the length of Bitcoin transactions to almost the whole size of a block.This has been key for what’s currently happening.
Before Taproot, transactions could only be 80 bytes in size, limiting the usability of what was stored in the block space.Now, Bitcoin NFTs are being saved directly on the chain, enabling the benefits of portability, durability, and decentralization that characterize Bitcoin.
This could present unique benefits for content creators and users, given that each piece of content stored on the blockchain via Ordinals will have to be synced by each node out there, giving them the longevity of the blockchain itself.Most NFT projects that harness other chains, Ethereum included, just store pointers to the information, that does not reside directly on the blockchain.
Controversy Behind the New Functionality While there are some ostensible advantages surrounding the adoption of Bitcoin NFTs, the rise of this new feature has awakened an old debate about the true function of the network and what constitutes an attack against the Bitcoin ecosystem.There are already two groups in this public debate: those who support this new face of Bitcoin, and those who believe this is a spam attack that should be avoided and even censored.
The first group alleges that this is a net positive for the chain and that it will contribute to bringing more fees and uses cases for the chain.This is the case of known bitcoin-influencer Dan Held, who believes that each transaction paying its fee is not spam and that the chain is permissionless for anyone to build on top of it.The second group states that, even if there is nothing that they can do to stop it, this will hurt Bitcoin’s financial and transactional use case.Blockstream CEO Adam Back, believed by some to be Satoshi Nakamoto, is part of this faction, stating that bitcoin users can “educate and encourage developers who care about bitcoin’s use-case to either not do that, or do it in a prunable space-efficient eg time-stamp way.” Luke Dashjr, a bitcoin developer, called this an “attack” on the protocol and asked for “spam” filters to be developed to counter ordinal functionality.
Another Twitter user called “Bitcoin is saving” criticized this from another point of view, explaining that this would affect the viability of marginalized people in developing countries for running Bitcoin nodes and sending transactions.Tags in this story Adam Back, Bitcoin, Blockchain, controversy, Dan Held, Ethereum, Fees, inscriptions, Luke Dashjr, NFTs, Non-fungible tokens, ordinals, Taproot What do you think about Ordinals and Bitcoin NFTs? Tell us in the comments section below.Sergio Goschenko Sergio is a cryptocurrency journalist based in Venezuela.He describes himself as late to the game, entering the cryptosphere when the price rise happened during December 2017.Having a computer engineering background, living in Venezuela, and being impacted by the cryptocurrency boom at a social level, he offers a different point of view about crypto success and how it helps the unbanked and underserved.
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.Bitcoin How FOMC Meeting Could Impact the Bitcoin Price on Feb 1st ? Here’s What BTC Traders Can Expect As the Federal Open Market Committee (FOMC) meeting is slowly approaching this week, the crypto market wonders about the after-effect of the meeting on the BTC price.
With so much uncertainty and speculation around the corner, it’s no wonder that investors, traders, and enthusiasts alike are eager to know what the future holds, and a question arises on whether this meeting will become the catalyst in sending bitcoin to new heights or it will bring a steep and painful downfall.Will Bitcoin Soar Or Tumble Due To FOMC Meeting? All the eyes of the crypto market are currently on the decision in the FOMC meeting as the anticipation creates intense volatility in the BTC price chart.
As the US economy experiences high inflation, a higher interest rate may create turmoil in the stock market, plunging Bitcoin’s price with solid downward retracement for being heavily correlated.According to the on-chain analyst firm, CryptoQuant, the Bitcoin price has made a spike in volatility in the last few days with the hype of the FOMC meeting, and it has touched the highest level in three months.In addition, the firm noted that the open interest, i.e., the amount of BTC futures contracts opened on crypto exchanges, has reached a three-month high of 8.3%.
It is to be noted that the massive accumulation usually drives the surge in Bitcoin’s OI due to the hype of the FOMC meeting, which pushes the BTC price upward for a short period.However, traders should stay aware as the FOMC meeting may bring a short-squeeze and negative spike in the Bitcoin price after an astronomical surge.
Here Is Where BTC Price Heading Next The Bitcoin market has witnessed a higher high and higher low in the last two days as the $24K resistance level seems too much to handle.Additionally, the spike in BTC mining difficulty creates selling pressure which may cause severe volatility to the downside.As of writing, Bitcoin price trades at $23.2K, with a decline of over 1% in the last 24 hours.
A well-known crypto trader, SkyrexTrading, predicts that Bitcoin is poised for a short-term bearish trend as the asset recently broke below the immediate support level of $23,564.The analyst predicted that Bitcoin might slump hard below its 31.8% Fib level at $22.5K before sparking fresh surges during the FOMC meeting.However, a piece of positive news from the FOMC meeting will leave a bullish impact on Bitcoin’s price, sending the coin to new monthly highs in February.Was this writing helpful? No Yes Shayan Chowdhury Shayan is a digital nomad and a professional journalist.He delivers high-quality engaging articles to Coinpedia through his in-depth research and analysis.Top posts $16002 hours ago Ethereum To Reach Peak Of $2,474 Per Token In 2023, Finder’s Survey Of Crypto And Fintech Experts Reveals Seven days ago, finder.com, a product comparison website, published a forecast report based on predictions from several crypto and fintech…Amesbury4 hours ago Massachusetts-Based Bankprov To End Loan Offerings Secured By Cryptocurrency Mining Rigs The Amesbury, Massachusetts-based Bankprov, a subsidiary of Provident Bancorp, has announced that it will no longer provide loans secured by…Alameda Research subsidiary6 hours ago FTX Debtors Seek Dismissal Of Turkish Entities In Chapter 11 Bankruptcy Proceedings FTX debtors have filed a motion with the court requesting to dismiss its Turkish subsidiaries from the Chapter 11 bankruptcy…
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