DAILY CRYPTOCURRENCY NEWS

Tech Selloff Positions Bitcoin As a Guard Against Inflation

Despite the decline in the share prices of technology companies with valuation multiples that rely on energy and could be vulnerable to faster-rising inflation, “crypto stocks” like MicroStrategy, Coinbase, Square, and Paypal that trade at much higher valuations and have direct exposure to Bitcoin and Ethereum, were less affected.

U.S. Federal Reserve’s Powell Says No Crypto Ban In Sight

During a session at the U.S. House Financial Services Committee, Federal Reserve Chairman Jerome Powell answered the questions about the crypto market. He emphasized, a ban on cryptocurrencies, such as what China has implemented recently, was unrealizable. Then he added, stable coins ought to be brought into the regulatory framework.

Illegal Crypto Mining Equipment Found in Tehran Stock Exchange Basement

The director of Tehran’s stock exchange, Ali Sahraee, announced his resignation after cryptocurrency mining machines were found at the TSE’s headquarter.

SEC Chairman Gary Gensler: Files of Bitcoin Futures ETF Will Be Reviewed

The U.S. Securities and Exchange Commission (SEC) Chairman Gary Gensler explained some legislation hedge protect investors who want to invest in their futures bitcoin exchange-traded funds (ETF). The file reviews are expected from SEC.

DeFi and DEX Volumes Explode Amid China's Crypto Ban and Ongoing US Regulations

The data shows that crypto investor worries increase about China's ongoing cryptocurrency bans and heavy regulations that make US-based traders switch to DeFiprotocols and DEX.

Canada Launches First Multi-Cryptocurrency ETF Pegged to Both Bitcoin and Ethereum

Canadian exchange-traded funds (ETF) provider Evolve Funds Group has launched the country’s first multi-crypto ETF on the Toronto Stock Exchange, the Evolve Cryptocurrencies ETF.

DAILY CRYPTOCURRENCY ANALYSIS

BITCOIN [BTC] 359482.64 TRY

Bitcoin lost a 0,55% value during morning hours; the current price is $43.616. Despite the decline in the share prices of technology companies with valuation multiples that rely on energy and could be vulnerable to faster-rising inflation, “crypto stocks” like MicroStrategy, Coinbase, Square, and Paypal that trade at much higher valuations and have direct exposure to Bitcoin and Ethereum, were less affected. In this sense, we suppose companies might add Bitcoin to their balance sheets against the risk of inflation in the coming period.

When we consider the BTC/USDT parity in technical terms, yesterday, BTC broke resistance levels at $42.235 (Fibo'61,80) and the $42.000-42.600 band upward Having closed the month overnight at $43.824, BTC sedated the investors with the above levels. BTC might retest the resistance level at $44.250 (downward trend), and go up if an upward break comes into existence. The $42,250 level should be followed within retreating.

RESISTANCES 44.167 / 44.809 / 45.512
SUPPORTS 42.822 / 42.119 / 41.477

BITCOIN [BTC] 359482.64 TRY +7.00 +0.03 VOL 21 BTC

ETHEREUM [ETH] 24632.26 TRY

Ethereum gained a 0,40% value during morning hours, and the current price is $3010,33. The data shows that crypto investor worries increase about China's ongoing cryptocurrency bans and heavy regulations that make US-based traders switch to DeFi protocols and DEX. As the demand on the sectors relies on the Ethereum network, ETH crypto value will increase, too. Also, Canadian exchange-traded funds (ETF) provider Evolve Funds Group has launched the country’s first multi-crypto ETF on the Toronto Stock Exchange, the Evolve Cryptocurrencies ETF. There will be a money flow into ETH through funds in the next period, in our opinion.

When we consider the ETH/USDT parity in technical terms, having risen with the monthly support at $2798, ETH broke the resistance level at $2901 upward yesterday and closed the day above this level. In the daily chart, MACD goes well, and we expect a rise for ETH in October. $2798 is the monthly support level against possible short-term retreats.

RESISTANCES 3046 / 3095 / 3145
SUPPORTS 2848 / 2897 / 2947

ETHEREUM [ETH] 24632.26 TRY +7.00 +0.03 VOL 21 ETH

AVALANCHE [AVAX] 319.48 TRY

AVAX lost a 1,30% value during morning hours, and the current price is $65,44. When we consider the AVAX/USDT parity in technical terms, AVAX moves in the lower band of the major channel as of Sept. 13. In the 4-hour chart, AVAX has stagnated price movement.  MACD continues to give a buy signal. If the band goes down, there will be a pullback to the $61,5 and then $57 levels. With the upward break of the descending trend, the first price target is the level of $78 (the mid-level of the channel).

RESISTANCES 66,41 / 69,12 / 70,59
SUPPORTS 58,05 / 60,76 / 62,23

AVALANCHE [AVAX] 319.48 TRY +7.00 +0.03 VOL 21 AVAX

RIPPLE [XRP] 8.79 TRY

Ripple lost a 0,15% value during morning hours, and the current price is $0,9520. Ripple has launched a $250 million "creative fund" to create scenarios using non-fungible tokens (NFT) for creators, brands, and marketplaces. The future project partnerships and agreements will have a positive impact on the price in the next period, we suppose.

When we consider the XRP/USDT parity in technical terms, XRP, which continues its downward trend as of September 10, has breached the trend upwards this morning. In the daily chart, stochastic gives buy signals. But we need to wait for the signal approval by the daily close. XRP, which has gained upward momentum with the trend break, has seen resistance at $0,9632 (200-day moving average) this morning. Along with the upward break, the next price target is $1,045.

RESISTANCES 0,9646 / 0,9770 / 0,9941
SUPPORTS 0,9056 / 0,9180 / 0,9351

RIPPLE [XRP] 8.79 TRY +7.00 +0.03 VOL 21 XRP

LITECOIN [LTC] 989.38 TRY

LTC gained a 0,40% value during morning hours, and the current price is $154,3. When we consider the LTC/USDT parity in technical terms, LTC, which rose with the support at $141.3 (Fibo'38.20), yesterday broke its downward trend of $152 as of September 6 and closed the daily candle above this level. In the daily chart, MACD goes well. So, we can say the downward trend has ended. LTC, which is priced just below the $155.40 (Fibo'50), if it breaks this resistance level upwards, the next price target is the $165-170 band.

RESISTANCES 155,80 / 157,94 / 161,34
SUPPORTS 144,72 / 146,86 / 150,26

LITECOIN [LTC] 989.38 TRY +7.00 +0.03 VOL 21 LTC

LINK lost a 0,90% value during morning hours, and the current price is $23,82. When we consider the LINK/USDT parity in technical terms, LINK, which recently began its upward price movement with the support found at $22.05 (Fibo'50), LINK's support line is between Fibo'61,80 and Fibo'50 tranches. In the daily chart, MACD has not yet given a buy signal. LINK saw a reaction from the resistance at $24,2-24,8 yesterday. A break will determine the LINK price direction. If an upward break occurs, we expect that the downward trend existing as of September 6 will go off.

RESISTANCES 24,12 / 24,61 / 24,96
SUPPORTS 22,44 / 22,93 / 23,28

BASIC ATTENTION TOKEN [BAT] 5.65 TRY

BAT lost a 1,20% value during morning hours; and the current price is $0,6249. When we consider the BAT/USDT parity in technical terms, having had an upward direction with the support at $0,557, BAT broke the downward trend that existed as of September 6 upward and closed the day above this level. There is a notable recovery in the MACD, and we suppose that the buy signal will also come in the coming days. As mentioned in the bulletin yesterday, if the downward trend breaks and BAT closes the day above this level, it will resolve from sales pressure, and horizontal/rising price movements will follow. Although there is a possibility of a short-term horizontal price movement for the BAT, we think that the rises will begin.

RESISTANCES 0,6441 / 0,6643 / 0,6851
SUPPORTS 0,5621 / 0,5823 / 0,6031

BASIC ATTENTION TOKEN [BAT] 5.65 TRY +7.00 +0.03 VOL 21 BAT

We always love and support sports!

We support the Turkish sports and our sportspeople via our sponsorships agreements with 1907 Fenerbahçe Wheelchair Basketball Team, Cem Bölükbaşı, Erden Eruç, and Turkish Automobile Sports Federation! In this very rewarding and helpful journey of ours, we will continue to enrich and strengthen the Turkish sports thanks to the new steps we take in reaching brand new sponsorship agreements.