Bitcoin, Ethereum, and Ripple prices are consolidating tightly along their current support levels. While BTC shows signs of a continued trend, the ETH daily chart says otherswise.

Also Read: BlackRock deliberately driving down Bitcoin price in anticipation for Spot BTC ETF approval, analyst says

Bitcoin (BTC) price is treading on dangerous grounds, exhausting the $24,995 support level after a longstanding consolidation. Unless the king of crypto finds its footing, it could soon lose the aforementioned support, and descend to the psychological $24,000 level. In the dire case, expect an extended hobble to the demand zone at $21,915, where some buying activity could finally present. This assumption comes as demand zones are often populated by buyers.

Notably, the Relative Strength Index (RSI) is inclined south and could soon cross below the signal line (yellow band). Such a move is often interpreted as a sell signal. Also notable, the histogram bars of the Awesome Oscillator are negative, suggesting bears have the upper hand.

BTC/USDT 1-day chart

On the flipside, with the $24,995 support level acting as a buyer congestion zone, bullish momentum above this level could send Bitcoin price north, potentially confronting the 200-, 50-, and 100-day Exponential Moving Averages (EMA) at $27,085, $27,830, and $27,522 levels respectively, before the $29,692 resistance is activated.

While overcoming this barricade would be ideal, Bitcoin price would remain in the woods until after a decisive daily candlestick close above the $31,518 level.

Also Read: Bitcoin set to form death cross as Dollar Index teases Golden crossover.

Ethereum (ETH) price is inclined towards the downside, recording lower lows as the price tests the $1,621 support level. Meanwhile, the RSI is recording higher highs, with the disparity presenting a bullish divergence. This forecasts a possible move north, but it all depends on whether the $1,621 support level holds. If it does not, ETH could fall 5% to the $1,552 support level. The negative AO adds credence to the bearish outlook.

ETH/USDT 1-day chart

Conversely, if the bullish divergence works out, Ethereum price could pull north, past the $1,701 hurdle before confronting the 50-, 200- and 100-day EMA at $1,741, $1,765, and $1,778, respectively. The $1,841 could be overcome in highly ambitious cases, but the bearish outlook would only be invalidated once the PoS token makes it above the $2,008 level.

Also Read: Ethereum whales accumulate ETH as researchers explore scaling beyond EIP-4844.

Ripple (XRP) continues to stagnate despite swimming in a demand zone, suggesting bulls are sitting on their hands. This exposes XRP to a slump, possibly sending it below the critical support at $0.4800, which is the mean threshold of the order block. A decisive break below this level would whiplash any short-term hope of a bullish case, with the price possibly breaking below the lower base of the demand zone at $0.4600.

In a dire case, Ripple price could extend to the August 17 intraday low of $0.4191, marking a 15% drop below current levels. The RSI is also heading down, pointing to falling momentum.

XRP/USDT 1-day chart

On the flipside, the AO histograms are edging toward the midline with consistently green bars, showing that bulls maintain a presence in the market. Increased activity from this cohort of traders could send XRP up, flipping the 200-day EMA hurdle into support and potentially using it as a jumping-off point for more gains. In such a case, the $0.5040 would be the level to beat, considering it is where the 100- and 50-day EMA converge at $0.5567 and $0.5624 levels, respectively.

Also Read: XRP to power international remittance for banks in Philippines, Vietnam and Indonesia through SBI Remit

Ripple is a payments company that specializes in cross-border remittance. The company does this by leveraging blockchain technology. RippleNet is a network used for payments transfer created by Ripple Labs Inc. and is open to financial institutions worldwide. The company also leverages the XRP token.

XRP is the native token of the decentralized blockchain XRPLedger. The token is used by Ripple Labs to facilitate transactions on the XRPLedger, helping financial institutions transfer value in a borderless manner. XRP therefore facilitates trustless and instant payments on the XRPLedger chain, helping financial firms save on the cost of transacting worldwide.

XRPLedger is based on a distributed ledger technology and the blockchain using XRP to power transactions. The ledger is different from other blockchains as it has a built-in inflammatory protocol that helps fight spam and distributed denial-of-service (DDOS) attacks. The XRPL is maintained by a peer-to-peer network known as the global XRP Ledger community.

XRP uses the interledger standard. This is a blockchain protocol that aids payments across different networks. For instance, XRPs blockchain can connect the ledgers of two or more banks. This effectively removes intermediaries and the need for centralization in the system. XRP acts as the native token of the XRPLedger blockchain engineered by Jed McCaleb, Arthur Britto and David Schwartz.

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Top 3 price Prediction Bitcoin, Ethereum, Ripple: ETH bullish divergence in play, but will it hold out? - FXStreet

09/06 update below. This post was originally published on September 5

BitcoinBTC, ethereum, XRPXRP and other major cryptocurrencies could be headed into one of their biggest-ever months that one crypto watcher has said will be "crazy."

Subscribe now to Forbes' CryptoAsset & Blockchain Advisor and successfully navigate the bitcoin and crypto market rollercoaster

The bitcoin price has crashed after a summer rally, falling back even as a China earthquake appears on the horizon, with the price of other major cryptocurrencies including ethereum and XRP, also falling back after a "black swan" failed to materialize.

Now, former U.S. Securities and Exchange Commission (SEC) chair Jay Clayton has said eventual approval of a spot bitcoin exchange-traded fund (ETF) is "inevitable" following the SEC punting a decision on ETF filings from asset managers who look after a combined $15 trillion until October.

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"It is clear that bitcoin is not a security. It is clear that bitcoin is something that retail investors want access to, institutional investors want access to, and, importantly, some of our most trusted providers who are fiduciaries or have duties of best interest want to provide this product to the retail public. So I think [...] an approval is inevitable," Clayton told CNBC. "The dichotomy between a futures product and cash product can't go on forever."

The SEC approved a bitcoin futures ETF in 2021, with the bitcoin, ethereum, XRP and crypto market peaking at just over $3 trillion when the first fund launched.

Last week, the SEC said it needs more time to decide on the recent flurry of spot bitcoin ETF applications, pushing back decisions on filings from BlackRockBLK, WisdomTree, Invesco Galaxy, Wise Origin, VanEck, Bitwise and Valkyrie Digital Assets at least mid-October.

Spot bitcoin ETF hype had built among traders ahead last week's decisions following crypto asset manager Greyscale's legal victory over the SEC in which a court ruled some of the regulator's arguments in rejecting spot bitcoin ETF applications seemed "arbitrary and capricious," forcing the SEC to reexamine Greyscales proposal to convert its flagship GBTC fund to a fully-fledged spot bitcoin ETF.

The odds of a spot bitcoin ETF approval by the end of 2023 were raised from 65% to 75% by Bloomberg Intelligence analysts in the aftermath of Grayscale's victory.

09/06 update: Grayscale has called on the SEC to approve the proposed conversion of its bitcoin trust to a fully-fledged spot bitcoin ETF following its legal victory.

"Now that the Court of Appeals has spoken, there is no available rationale that would distinguish a bitcoin futures [exchange-traded product] from a spot bitcoin ETP under the legal analysis previously adopted by the Commission in rejecting spot bitcoin ETPs," Joseph Hall, a lawyer at Davis Polk representing Grayscale, said in a letter filed with the regulator.

"We hope you will agree that the best use of resources now is for the [SEC] to issue an order approving" the product, Hall wrote, arguing the approval of a futures bitcoin ETF with a market surveillance arrangement via the Chicago Mercantile Exchange should be sufficient for a spot bitcoin ETF. "If any other reason could be offered in attempting to differentiate" the two types of products "we are confident that it would have surfaced by now."

The SEC will have no choice but to approve the spot bitcoin ETF applications following Grayscales victory in its case against the SEC, according a note written by JPMorgan analysts seen by The Block.

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To defend its denial of Grayscales proposal of converting its bitcoin trust into an ETF, the SEC would have to retroactively withdraw its previous approval of futures-based bitcoin ETFssomething that would be "very disruptive and embarrassing for the SEC," JPMorgan's analysts led by Nikolaos Panigirtzoglou wrote.

Meanwhile, Bernstein analysts have said a spot bitcoin ETF approval could be quickly followed by an ethereum fund due to its similar market structure.

"The crypto ETF opportunity wont stop at just bitcoin (BTC), but will extend into multiple crypto assets," Bernstein analysts led by Gautam Chhugani wrote in a note seen by Coindesk.

I am a journalist with significant experience covering technology, finance, economics, and business around the world. As the founding editor of Verdict.co.uk I reported on how technology is changing business, political trends, and the latest culture and lifestyle. I have covered the rise of bitcoin and cryptocurrency since 2012 and have charted its emergence as a niche technology into the greatest threat to the established financial system the world has ever seen and the most important new technology since the internet itself. I have worked and written for CityAM, the Financial Times, and the New Statesman, amongst others. Follow me on Twitter @billybambrough or email me on billyATbillybambrough.com.Disclosure: I occasionally hold some small amount of bitcoin and other cryptocurrencies.

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Approval Is InevitableSEC Insider Primes Crypto Market For $15 Trillion Bitcoin, Ethereum And XRP Price ETF Game-Changer - Forbes

LOS ANGELES A Santa Monica man has agreed to plead guilty to breaking federal law by allowing his cryptocurrency-cash exchange company to help scammers and drug traffickers launder millions of dollars in criminal proceeds through his business, the Justice Department announced today.

Charles James Randol, 33, agreed to plead guilty to a single-count information charging him with failure to maintain an effective anti-money laundering (AML) program, a crime that carries a statutory maximum sentence of five years in federal prison.

Both the information and plea agreement were filed today in United States District Court in downtown Los Angeles. Randol is expected to formally plead guilty to the charge in the coming weeks.

According to his plea agreement, from October 2017 to July 2021, Randol owned and operated a virtual-currency money services business that eventually was known as Digital Coin Strategies LLC. This company offered cryptocurrency-cash exchange services for a commission.

Randol offered his cryptocurrency exchange services in various ways, including meeting anonymous customers in-person to complete transactions, controlling and operating a network of automated kiosks in Los Angeles, Orange, and Riverside counties that converted cash to Bitcoin and vice versa, and conducting Bitcoin-for-cash transactions for unknown individuals who mailed large amounts of U.S. currency to him, including to post office boxes that he controlled.

Randol advertised his business on various websites, and he maintained a company website that falsely claimed his business was a fully compliantmoney services business that was registered with the Financial Crimes Enforcement Network, a bureau of the United States Treasury Department. In fact, as Randol admitted in his plea agreement, he repeatedly violated federal law and his companys own AML policies by facilitating suspicious currency exchange transactions and taking steps to conceal them from law enforcement, including by failing to file required currency transaction reports and suspicious activity reports.

For example, Randol frequently conducted in-person cash transactions that exceeded $10,000 with anonymous or pseudo-anonymous individuals, including people who Randol knew only as Puppet Shariff, White Jetta, Aaavvv, Aaaa, Yogurt Monster, and Hood. In his plea agreement, Randol admitted to engaging in three specific transactions from October 2020 to January 2021 in which he exchanged a total of $273,940 in cash for Bitcoin without requesting a name, proof of identity, Social Security number, or any other information about the buyer or the source of the funds being exchanged. Such transactions violated the Bank Secrecy Act and his companys AML policy, which required, among other things, that he verify the identity of customers engaging in transactions over $9,999 by obtaining the customers full name, address, Social Security number, a verified phone number, and a photocopy of the customers official government identification.

While operating his crypto-exchange business, Randol also conducted hundreds of Bitcoin-for-cash transactions after receiving large cash shipments in the mail from anonymous individuals. In a typical transaction, an anonymous individual would text Randol using an encrypted platform to notify him that a parcel containing cash had been sent to a location that Randol controlled in or around Los Angeles. Once Randol received the parcel, he would count the money and send an equivalent amount of Bitcoin minus a commission to a digital wallet controlled by his customers. As with in-person transactions, Randol did not conduct any due diligence on the people mailing him large sums of cash, the source of funds being exchanged, or the purpose of the transaction.

When Randol received the packages, the cash was often packaged in a suspicious manner, including cash hidden inside childrens books, concealed inside fake birthday or holiday presents, buried within puzzle pieces, or wrapped within multiple magazines.

On June 5, 2019, FBI agents interviewed Randol about fraud proceeds that had been mailed to post office boxes he controlled. Two days later, Randol texted a customer stating that he would be taking a hiatus from converting cash parcels into cryptocurrency because he ran into an issue with [law enforcement]. But less than a week later, Randol resumed his cash parcels activity after that same anonymous customer asked Randol if he could exchange $10,000 in cash for Bitcoin.

Randol admitted that his failure to comply with Bank Secrecy Act requirements, including maintaining an effective AML program resulted in criminals using Randols business to launder millions of dollars of criminal proceeds. For example, between June 2018 and early 2020, Randol exchanged Bitcoin for cash that was mailed to him by a New Jersey resident who had been tricked into believing his grandson was facing criminal prosecution after purportedly killing an elderly woman in a traffic accident and that the money the victim was sending would be used to help the victims grandson with his legal problems. Based on these lies, the victim drained his savings and retirement accounts. While Randol did not participate in the fraud, his business converted the victims cash to cryptocurrency and sent it to various digital wallets without conducting any customer due diligence or investigating the source of the money he was receiving.

Because to Randols deficient AML practices, criminals were also able to structure and launder funds through his Bitcoin kiosks. Specifically, Randol operated numerous Bitcoin kiosks, which were in malls, gas stations, and convenience stores in cities such as Los Angeles, Glendale, Santa Clarita, Huntington Beach, Santa Ana, and Riverside.

But the setting on Randols kiosks allowed customers to structure funds to avoid currency reporting requirements by creating numerous accounts and by engaging in successive transactions involving up to $3,000. He also set up one or more test accounts that contained no customer information, which he allowed customers to use to complete kiosk transactions.

In September 2020, Randol hired a compliance officer for Digital Coin Strategies. Randol ignored this individuals advice to cease any use of test accounts for customer transactions on Bitcoin kiosks. Randol also continued to conduct in-person transactions, despite his compliance officers warning that doing so increased the risk that the cash or Bitcoin Randol was receiving was derived from an unlawful source.

The FBI and Homeland Security Investigations investigated this matter, with assistance from Federal Deposit Insurance Corporation Office of Inspector General, and the United States Postal Inspection Service.

Assistant United States Attorneys Ian V. Yanniello of the General Crimes Section and James E. Dochterman of the Asset Forfeiture and Recovery Section are prosecuting this case.

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Bitcoin-for-Cash Exchange Business Owner Agrees to Plead Guilty ... - Department of Justice

Bitcoin and other cryptocurrencies slipped back into a pattern of low volatility that has become familiar in recent months, a trend that has tended to usher in further declines. Support may not come until prices edge down a bit further.

The price of Bitcoin has hovered around flat over the past 24 hours at near $25,750. The largest digital asset remains below the $26,000 level that has provided support for much of the past month, with gains from a brief spike above $28,000 last week after a pro-crypto court ruling proving to be short-lived.

Cryptocurrencies continue to trade sideways, said Samer Hasn, an analyst at broker XS.com. This coldness continues in cryptocurrency market trading amid low traders sentiment, with continued uncertainty about the future of the regulatory environment for this market, especially in the United States.

Bitcoin has seen its lowest volatility on record in recent months, and appears to be falling back into that pattern, lacking the excitement of the stock markets Dow Jones Industrial Average and S&P 500. But cryptos remain under pressure from the same macroeconomic backdrop that is impacting equities, with investors fretting over renewed signs of inflation and the impact on interest rates, which influence demand for risk-sensitive assets.

With Bitcoin seemingly on pause again, its likely to take a major macro surprise or a significant crypto catalyst to shake things up. For the time being, more weakness may be coming before any rebound can materialize.

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This could be another pause before a new step down the ladder, as we have seen since July, or a preparation for further growth. We are now leaning towards the first option, said Alex Kuptsikevich, an analyst at broker FxPro. We believe that buyers will remain on the sidelines until the $25,000 level is reached. This has been the critical level for the last 14 months, and we do not expect a real bull-bear battle until this level is reached.

Beyond Bitcoin, Ether the second-largest cryptowas flat at $1,630. Smaller tokens or altcoins were a bit weaker, with both Cardano and Polygon down less than 1%. Memecoins were more buoyant, with Dogecoin up less than 1% and Shiba Inu advancing 2%.

Write to Jack Denton at jack.denton@barrons.com

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Bitcoin Prices Have Another Drop Ahead. Expect Support at This Level. - Barron's

A sign is seen in a stand during the Bitcoin Conference 2023, in Miami Beach, Florida, U.S., May 19, 2023.

Marco Bello | Reuters

This report is from today's CNBC Daily Open, our new, international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. Like what you see? You can subscribehere.

Dip in marketsU.S. markets were closed Monday for the Labor Day holiday. The pan-European Stoxx 600 was flat, but major bourses dipped slightly and ended the day in the red. Germany's DAX lost 0.1% as new data showed the country's July exports dropping 0.9% on the month and 1% year on year, adding to fears about the German economy contracting in the third quarter.

'Sick man of Europe'Germany is once again the "sick man of Europe," said Hans-Werner Sinn, president emeritus at the Ifo institute. The country's business activity in August contracted sharply, according to the HCOB flash purchasing managers index. Moreover, Germany's plans to be carbon neutral by 2045 poses a risk to its industry, which might cause a "backlash" from the population, Sinn said.

Missing Xi at G20Premier Li Qiang will lead China's delegation at the G20 summit in New Delhi this weekend, said China's foreign ministry. While the ministry declined to confirm if President Xi Jinping would attend the summit, spokesperson Mao Ning didn't correct reporters who asked if Li's attendance meant Xi would not show up. Another noteworthy absence: Russian President Vladimir Putin.

Negotiating new grain dealPutin met his Turkish counterpart Recep Tayyip Erdogan in Sochi, Russia on Monday. Putin reportedly said Russia is ready to renew the Black Sea Grain Initiative which allowed Ukraine to export agricultural products but only if concessions are made to Russia as well.

[PRO] Don't sleep on these stocksAdults need seven to nine hours of sleep per day. Even though 63% of U.S. adults don't meet that requirement, they are growing increasingly concerned about their wellbeing, according to a 2022 McKinsey survey. That's the start of a good dream for these sleep-related stocks.

If charting the trajectory of interest rates in the U.S. economy is like "navigating by the stars under cloudy skies," as Federal Reserve Chair Jerome Powell put it in his Jackson Hole speech, then predicting the movement of stocks is like doing so when the stars are snuffed out. As for forecasting the price of bitcoin? Add a blindfold to the intrepid navigator.

Let's look at two predictions made earlier this year.

At the optimistic end of the spectrum is Geoff Kendrick, head of crypto research at Standard Chartered, who wrote in an April note that bitcoin's value could jump to as much as $100,000 by the end of 2024.

On the other hand, longtime bitcoin bull Chamath Palihapitiya, who said two years ago that bitcoin has replaced gold and would rocket to $200,000, changed his tune. "Crypto is dead in America," Palihapitiya said.

What do the numbers tell us? As of publication time, bitcoin is trading at $25,774. On Jan. 1, it was at $16,606, so bitcoin's up around 55% this year. That suggests bitcoin has legs. But if we take a longer-term view, the current price of the digital currency is about 62% lower than its all-time high of $68,990 reached in November 2021.

Adding to the confusion, bitcoin sometimes tracks the movement of stocks because it's seen to benefit from a booming economy; bitcoin sometimes trades inversely with stocks because some consider it a safe haven in times of uncertainty. The story here, then, is that bitcoin is wildly volatile and it's impossible to prove or dismantle either prediction, at this point.

Still, investors are optimistic about bitcoin because a U.S. court recently sided with Grayscale in a lawsuit against the SEC, which denied the company's application to convert its bitcoin trust into an ETF. That means bitcoin ETFs from major companies are on their way, allowing retail investors to trade the cryptocurrency without actually owning it. The price of bitcoin rallied more than 7% when news broke last Tuesday.

But the SEC has also delayed a decision on bitcoin ETFs, pausing the short-lived bitcoin bull charge. For August, bitcoin fell 10%.

And so it goes.

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CNBC Daily Open: Investors still arent convinced by bitcoin - CNBC