Crypto news

Oh, the drama! The Indian crypto exchange Wazirx, in a twist worthy of a novel, announced on Oct. 13 that the Singapore High Court, in its infinite wisdom, approved the restructuring scheme proposed by Zettai Pte Ltd., the Singapore-based entity of Wazirx, with modifications. The decision, a key development in the crypto exchange’s ongoing recovery process, follows the July 2024 security breach that resulted in an estimated $230 million loss from its wallets. 🤯

Believe it or not, yes! People are buyin’! The Spot Taker CVD – don’t ask, it’s complicated – it’s green! Green is good! And a million dollars flew *out* of exchanges. That’s accumulation, see? These whales, they’re hidin’ their CAKE! 😈

Now, let’s talk open interest, because who doesn’t love a good liquidation panic? This week, SEI’s open interest dropped faster than your last “get rich quick” scheme. The latest tally stands at around $63 million, a significant drop from over $160 million just a few weeks ago. It’s almost like watching a market-wide exit, as leveraged traders flee for the hills, taking their dreams of infinite returns with them.

Our esteemed analyst, ChartNerd (ah, the irony of his name!), has duly noted the parabolic curve of this coin-a structural marvel indeed! Even after fits and starts, it remains intact, refusing to succumb to the whims of fate. The long-term wave pattern, secured by the ever-valuable EMAs of 20 and 55, whispers to us that the uptrend has not been obliterated, despite life’s recklessly chuckling pullbacks. Ah, but can we dare to dream of targets ranging from $1.50 to the ethereal $3.30? And heaven forbid the audacity of the $8.00 mark-the realm of pure euphoria, where traders frolic like madmen during a bull run! 🐂

Bitcoin, that digital phoenix, fluttered with a modest gasp Sunday, as U.S. President Donald Trump, in his theatrical grandeur, softened his thunderous tirades against the trade war with China. By Monday’s golden hour, it had redeemed nearly 46% of its sorrowful slips from Friday, dancing above $115K at the stroke of my quill.

Moreover, old sport, Bitcoin has been bobbing about between $113,696 and $115,792 since Sunday, after last week’s market shenanigans. The price has been loitering between $114.8K and $115.3K into the U.S. afternoon on Oct. 13, as if it’s waiting for the tea to brew. 🫖

Behold, the United States, the so-called beacon of progress, has allowed its political theater to freeze the gears of innovation. Sixteen crypto ETF applications, tied to the likes of Bitcoin, Solana, XRP, and Litecoin, lie dormant, victims of a stalemate between the grand puppeteers of Capitol Hill. 🦹‍♂️ And let us not forget the 21 additional applications submitted in October’s fleeting optimism-now mere ghosts in the machine.

Much like a well-brewed pot of Earl Grey, sustained stability above a delightful $1.6 trillion market cap, paired with a rising Altcoin Season Index, could herald the dawn of a new altcoin fiesta.

Its bounce back seems as solid as a chocolate factory roof, but oh dear, my dear reader, those sneaky on-chain spells and chart whispers are muttering that the next trick might be a mischievous dip before soaring off again. A little holiday for the price, perhaps?

At present, our protagonist trades at a modest $115,200, flirting with resistance levels near $117,500-$120,000, while clutching desperately to support at $110,900. JA Maartunn, that sage of on-chain data, declares it a fragile affair-a failed weekly breakout, no less-reminiscent of November 2021, when buyer fatigue first reared its tedious head. 🧐📉