Push has fully retraced to the starting point, indicating a bigger drop is imminent.

01.09.2023

Dear traders,

The push in BTC was followed by a pullback, and a significant amount of BTC is flowing into exchanges, which suggests that the next big dump is on the horizon.

Jake
TOP Trader

BTC pushed back to its starting point and is currently holding at $26k, with a high likelihood of a further push downward. Prepare your positions.

ETH retraced to a major support level at $1630, and there is a possibility of it filling the wick down to $1500. It remains in a precarious position before a potential larger pushback.

XRP dropped back to the $0.5 support level and needs to hold it; otherwise, a bigger drop may be in store.

LINK is experiencing a significant pullback toward the $6 support level and is losing strength for a larger push upward. Despite diminishing momentum, any price below $7 offers an attractive buying opportunity.

SOL has dropped back from the $20 support level, and the continuation of the drop is still possible. There is a substantial likelihood of a larger pullback in the coming days.

EOS has fallen below the $0.6 support level and is losing momentum for a larger push upward. It remains an appealing option for long-term investment.

LTC has dropped below the $65 support level and is losing momentum, with a high likelihood of a larger breakdown.

DXY needs to maintain a position above 103.5 to continue the push.

Crypto/stock daily news:

CRYPTO GETS ANOTHER BIG WIN IN COURT

**sniff sniff**

You smell that?

It’s the sweet, sweet smell of another legal win for crypto.

This time, the winner was Uniswap – one of the most popular decentralized exchanges.

Here’s what you need to know:

A handful of users lost money to scam tokens (like Matrix Samurai, Rocket Bunny, and Alphawolf Finance) on Uniswap last year

The users sued Uniswap and argued the decentralized exchange should be liable for the scams

Yesterday, a judge from the U.S. District Court for the Southern District of New York (SDNY) dismissed the class-action suit.

(btw – SDNY is nicknamed “The Mother Court” due to its age and influence over other federal courts. Weird, I always thought that was Judge Judy.)

The main reason the court dismissed the lawsuit? “It defies logic that computer code underlying a particular software could be liable under Section 29(b) [of the Exchange Act] for a third party’s misuse of that platform.”

Now I’ll be honest. I have no clue what Section 29(b) of the Exchange Act says.

But I do know Section 30(a) of the Survival of the Fittest Act says: “Those who play with fire, will get burned.”

That’s exactly what happened here.

A few users decided to invest in tokens with names like Matrix Samurai (wtf) and Rocket Bunny (wtf x2), then got burned and tried to blame Uniswap for it.

It’s like if criminals robbed a bank while using a self-driving car, and then the bank tried to go after the developers of the car, instead of the robbers.

It just doesn’t make sense. And it seems the U.S. courts agree.

Big win for the future of DeFi.

FAST NEWS:

The European Blockchain Convention kicks off on October 24th. The largest blockchain event in Europe takes place in Barcelona, with one day left to get a discounted price on tickets.*

“There’s a 75% chance a Bitcoin spot ETF will launch this year” – Bloomberg analysts. There’s a 95% chance it will happen by the end of 2024. It’s not if, it’s when.

According to the latest Coinshares crypto fund report, institutional funds sold off $168M in crypto last week. It’s the highest week of outflows since March. Ouch.

Circle is teaming up with Mercado Pago to offer USDC as a payment option. Mercado Pago is one of the largest fintech companies in Latin America.

Robinhood has added support for Bitcoin and Dogecoin to its crypto wallet. It’s slowly also rolling out swap features that let users trade ETH for 200+ different assets.

Bitcoin’s average trade size has jumped to its highest point since June. According to data from Kaiko, the average trade size for BTC on exchanges increased from $850 → $2000+ after the Grayscale ruling.