Crypto Price Analysis 10-3: BITCOIN: BTC, ETHEREUM: ETH, SOLANA: STELLAR: XLM, COSMOS: ATOM

The cryptocurrency market continues to show bullish momentum as Bitcoin (BTC) surged past $120,000 despite the US government shutdown. The flagship cryptocurrency traded around $118,637 on Thursday before rising. As a result, BTC reached an intraday high of $121,076 before declining and moving to its current level of $119,980, up over 1% in the past 24 hours. Despite BTC’s impressive performance, some altcoins are trading in bearish territory. 

Ethereum (ETH) reclaimed the $4,400 level on Thursday and reached an intraday high of $4,547 during the ongoing session. However, it could not stay above $4,500 and moved to its current level of $4,471, up almost 2% in the past 24 hours. Ripple (XRP) is up over 1%, while Solana (SOL) is up nearly 2%, trading around $229. Dogecoin (DOGE) and Cardano (ADA) are marginally down, while Stellar (XLM) is up almost 1%, trading around $0.40. However, Hedera (HBAR), Chainlink (LINK), Litecoin (LTC), Toncoin (TON), and Polkadot (DOT) are trading in bearish territory. 

Nomura Holdings To Increase Presence In Japan 

Nomura Holdings is preparing to enhance its presence in Japan’s digital asset market. The company’s wholly-owned subsidiary, Laser Digital, is seeking a license to offer trading services to institutional clients in Japan. The firm is in pre-consultation talks with the country’s Financial Services Agency. Japan’s cryptocurrency market has registered substantial growth this year. Data from the Japan Virtual and Crypto assets Exchange Association reveals that transactions doubled to ¥33.7 trillion, or about $230 billion, in the first seven months of the year. 

Supportive legislation and regulatory clarity in the US, along with tax cuts and new rules for crypto-focused funds, have fueled growth in Japan’s crypto sector. Nomura’s attempts to expand its presence in Japan come as cryptocurrencies gain mainstream acceptance in the country. Daiwa Securities, Japan’s second-largest brokerage, recently announced that clients can use Bitcoin (BTC) and Ethereum (ETH) as collateral to borrow yen. 

Tornado Cash Founder Wants Acquittal Of Money Transmission Charge 

Tornado Cash founder Roman Storm has asked a US federal judge to acquit him of his conviction for unlicensed money transmission and the hung counts for money laundering and sanctions violations. Storm argued that prosecutors have failed to prove he helped bad actors misuse Tornado Cash. According to court documents filed on September 30, Storm’s legal team argued that prosecutors failed to prove the Tornado Cash founder intended to help bad actors use the crypto mixer. The defense believes this would nullify grounds for Storm’s conviction, based on negligent action. 

“Storm and bad actors was a claim that he knew they were using Tornado Cash and failed to take sufficient measures to stop them. This is a negligence theory.”

The defense also argued that because the government did not have adequate evidence that Storm acted with the intention of helping bad actors, it claimed the defendant failed to prevent misuse. 

“It is a claim that is antithetical to the willfulness standard and unsupported by the law.”

Tether Co-Founder Believes All Currency Will Become Stablecoins By 2030 

Tether co-founder Colin Reeves believes that “all currency” will become stablecoins by 2030 as part of a shift that will see finance go on-chain. Collins stated during an interview at Token2049, 

“All currency will be a stablecoin. So even fiat currency will be a stablecoin. It’ll just be called dollars, euros, or yen. A stablecoin simply is a dollar, euro, yen, or, you know, a traditional currency running on a blockchain rail by 2030.”

Collins believes stablecoins will become the primary method for transferring money within the next five years because the benefits of tokenized assets have become too compelling for traditional finance to ignore. 

“Probably before that, because you’re still going to use dollars. But it depends on what your definition of stablecoin is. The definition of stablecoin is essentially that you’re moving money on a blockchain.”

Collins added that the positive shift towards crypto by the US government was the “best thing to happen.” He argued that traditional financial firms were hesitant to enter the cryptocurrency market because of government scrutiny. However, the positive shift has opened the “floodgates,” as institutions scramble to enter the space. 

“Every large institution, every bank, everyone wants to create their own stablecoin, because it’s lucrative and it’s just a better way to transact. And so those floodgates are open, and what it’s going to lead to is that soon, there won’t be CeFi and DeFi. There’ll be applications that do things, move money, give loans, do investments, and it will be a mix of the old, traditional style investments, and then the DeFi types of investments.”

European Central Bank Announces Partners For Digital Euro 

The European Central Bank (ECB) has announced framework agreements with several technology providers responsible for various components of its central bank digital currency (CBDC). The agreements are part of preparations for the launch of a digital euro. In a notice released on Thursday, the ECB stated that it had reached an agreement with seven entities to provide services related to managing fraud, risk, a secure exchange of payment information, and software development. The ECB expects to announce a partnership with at least one more entity. 

Dr. Ralf Wintergerst, CEO of Giesecke+Devrient, stated, 

“Following the framework agreement conclusion, G+D and other successful tenderers will work with the ECB to finalize planning and timelines. Under the guidance of the ECB Governing Council and in line with EU legislation, this work will cover the design, integration, and development of the Digital Euro Service Platform.”

Bitcoin (BTC) Price Analysis 

Bitcoin (BTC) surged past $120,000 on Thursday despite a US government shutdown as traders poured capital into safe-haven assets. The flagship cryptocurrency has been bullish all week after recovering from a late September slump that pushed it to a low of around $108,000. BTC reclaimed $114,000 on Monday and surged past $118,000 on Wednesday, settling at $118,659. The price crossed $120,000 on Thursday before dropping during the ongoing session. 

BTC traders are already preparing for another round of price discovery, provided there are no major pullbacks. The confidence among traders can be gauged by Rekt Capital’s assessment of prevailing market conditions. The analyst believes even a consolidation will see only the $117,000 levels retested. 

“Bitcoin has Daily Closed above $117.3k. Any dips into blue, if at all necessary, would constitute a post-breakout retest to fully confirm re-entry into the blue-black range of $117.3k-$120k.”

Another analyst stated that BTC is moving exactly as planned in Uptober.

“So far, Bitcoin is moving exactly as planned. Hold $118k from here, and new all-time highs are next. Uptober is here.”

Traders believe BTC’s corrective price behavior and September slump are finally over, highlighting higher highs on the daily timeframe. Popular trader BitBull believes a new all-time high is just a matter of time, stating in a post on X, 

“BTC has now made a higher high on the daily time frame. This is a major sign that the downtrend is now over. Now all I want is a daily close above $118,000, and a new ATH will happen in no time.”

Analysts on Wall Street are also getting bullish on BTC, with Citigroup delivering three potential scenarios for the flagship cryptocurrency. In its base case scenario, Citigroup stated BTC could jump past $180,000 over the next twelve months. A bullish scenario could drive the price well past $200,000, potentially to $231,000. A bear case scenario could see BTC dip below $100,000 to a low of $80,000. 

BTC ended the previous weekend in the red, dropping 0.41% to $115,282 on Sunday. Selling pressure intensified on Monday as the price fell by over 2% to $112,736. Sellers retained control on Tuesday with BTC falling 0.64% to a low of $111,502 before settling at $112,017. Despite the overwhelming selling pressure, BTC recovered on Wednesday, rising over 1% to reclaim $113,000 and settling at $113,348. Bearish sentiment returned on Thursday as BTC plunged nearly 4%, slipping below $110,000 and settling at $109,035. BTC recovered on Friday, rising 0.61% but was back in the red on Saturday, registering a marginal decline and settling at $109,681.

Source: TradingView

Bullish sentiment intensified on Sunday as BTC rallied, rising over 2% to cross $112,000 and settle at $112,197. Buyers retained control on Monday as the price rose almost 2% to cross $114,000 and settle at $114,365. Despite the positive sentiment, BTC fell to a low of $112,695 on Tuesday. However, it recovered from this level to settle at $114,067, ultimately registering a marginal decline. Bullish sentiment returned on Wednesday as BTC rallied, rising over 4% to cross $118,000 and settle at $118,659. Buyers retained control on Thursday as the price rose 1.65% to reclaim $120,000 and settle at $120,621. BTC is down nearly 1% during the ongoing session, trading around $119,755. The MACD and RSI indicate bullish sentiment is prevailing, meaning prices could push higher.

Ethereum (ETH) Price Analysis

Ethereum’s (ETH) rally has stalled during the ongoing session after briefly crossing the $4,500 mark. The altcoin has rallied this week after dropping to a low of $$3,828. It reclaimed $4,000 on Monday and crossed $4,300 on Wednesday, settling at $4,349. Bullish sentiment persisted on Thursday as ETH briefly crossed $4,500 before settling at $4,486. The price is marginally down during the ongoing session, trading around $4,457.

ETH’s move past $4,500 has prompted a surge of bullish predictions for the altcoin. According to market expert Gert van Lagen, ETH’s price action is following an expanding diagonal pattern on its bi-weekly chart. The pattern is characterised by a series of rising trend lines, suggesting a potential reversal from a downtrend to an uptrend. Meanwhile, a key pattern on the daily chart hints at the possibility of a large breakout. Analysts will be closely watching the Power of 3 (PO3) or the Manipulation-Distribution setup. The setup previously drove ETH from $2,000 to $4,900.

Analysts believe the latest structure is exhibiting a similar trajectory. ETH buyers accumulated between $4,200 and $4,800 before the price briefly fell below $4,000. Analysts interpret this as a deliberate liquidity swap that cleared external liquidity around the $4,180 zone. ETH’s open interest (OI) and futures cumulative volume delta (CVD) have risen only marginally, while prices rose 15% during the week. This suggests that ETH’s rally is not leverage-driven, reducing the risk of forced long liquidations if momentum stalls.

ETH ended the previous weekend down almost 1% at $4,479. Selling pressure intensified on Monday as the price fell nearly 6% to $4,202, but not before dropping to an intraday low of $4,079. Sellers retained control on Tuesday as ETH fell almost 1% to $4,166. The price registered a marginal drop on Wednesday before plunging nearly 7% on Thursday as bearish sentiment intensified. As a result, ETH fell below the crucial $4,000 mark and settled at $3,876. Despite the overwhelming selling pressure, ETH recovered on Friday, rising over 4% to reclaim $4,000 and settle at $4,014.

Source: TradingView

ETH registered a marginal drop on Saturday but regained momentum on Sunday, rising over 3% to settle at $4,144. Buyers retained control on Monday despite selling pressure as ETH rose almost 2% to cross $4,200 and settle at $4,218. Despite the positive sentiment, the price fell nearly 2% on Tuesday and settled at $4,145. ETH recovered on Wednesday as the price rallied, rising almost 5% to cross $4,300 and settle at $4,349. Buyers retained control on Thursday as the price rose over 3% to cross $4,400 and settle at $4,486, but not before reaching an intraday high of $4,517. ETH is marginally down during the ongoing session, trading around $4,475.

Solana (SOL) Price Analysis

Solana (SOL) is down almost 2% during the ongoing session, losing momentum after reaching $234 on Thursday. Like BTC and ETH, SOL has been bullish all week, crossing $220 on Wednesday after rising over 6% and settling at $222. Buyers retained control on Thursday as the price rose nearly 6% to cross $230 and settle at $234.

While SOL has rallied, analysts and traders are not confident SOL will hit a new all-time high before ETH, citing bullish sentiment during “Uptober.” Prediction markets have given their verdict, with 52% traders on Myriad stating that SOL will not hit a new all-time high this year. SOL is currently trading around $231, quite far from its all-time high of $295. However, news that Solana ETFs are imminent could change this outlook, as the altcoin could surge past $300 in such a scenario. The SEC’s adoption of generic listing standards has curtailed the significance of 19b-4 filings and the review deadlines associated with them. According to Bloomberg ETF analyst Eric Balchunas, S-1 registration statements only require a sign-off from the SEC’s Division of Corporation Finance before the product in question can debut in the market.

Balchunas and his colleague James Seyffart estimate a 95% approval odds for a Solana ETF.

SOL traded in bearish territory on Sunday (September 21), dropping 1.36%. Selling pressure intensified on Monday as the price fell nearly 7% to $220, but not before dropping to a low of $213. Sellers retained control on Tuesday as SOL fell over 3% and settled at $213. The price fell to an intraday low of $204 on Wednesday. However, it recovered from this level to settle at $211, ultimately falling 0.77%. Bearish sentiment intensified on Thursday as SOL fell almost 9%, slipping below $200 and settling at $192. Despite the overwhelming selling pressure, the price recovered on Friday, rising over 6% to reclaim $200 and settle at $205.

Source: TradingView

Price action was mixed over the weekend, with SOL falling 0.83% on Saturday to $203. However, it was back in positive territory on Sunday, rising nearly 4% and settling at $210. Buyers retained control on Monday as the price rose almost 1% to $212. Despite the positive sentiment, SOL was back in the red on Tuesday, dropping over 2% to $208. Bullish sentiment intensified on Wednesday as the price rallied, rising almost 7% to cross $220 and settle at $222. Buyers retained control on Thursday as SOL rose nearly 6% to cross $230 and settle at $234. SOL is down almost 2% during the ongoing session, trading around $231.

Stellar (XLM) Price Analysis

Stellar (XLM) started the previous week in bearish territory, falling to a low of $0.344 before settling at $0.368, ultimately dropping 3.14. Sellers retained control on Tuesday as the price fell almost 1% to $0.365. Despite the overwhelming selling pressure, XLM recovered on Wednesday, rising nearly 3% and settling at $0.375. Selling pressure returned on Thursday as the price fell almost 7% and settled at $0.350. XLM was back in positive territory on Friday, rising 3.45% to $0.362.

Source: TradingView

Price action was mixed over the weekend as XLM registered a marginal decline on Saturday before rising 1.58% on Sunday to settle at $0.366. Buyers retained control on Monday as the price rose 1.38% to $0.371. Despite the positive sentiment, XLM returned to the red on Tuesday, dropping 2.19% to $0.363. Bullish sentiment returned on Wednesday as the price rallied, rising over 9% to $0.398. Buyers retained control on Thursday as XLM rose nearly 3% to $0.408. XLM is down 1,34% during the ongoing session, trading around $0.403.

Cosmos (ATOM) Price Analysis

Cosmos (ATOM) registered a sharp drop on Monday (September 22), falling nearly 6% to a low of $4.02 before settling at $4.16. The price registered a marginal decline on Tuesday before recovering on Wednesday and settling at $4.16, but not before reaching an intraday high of $4.22. Selling pressure returned on Thursday as ATOM fell 3.53% and settled at $4.01. Despite the selling pressure, the price recovered on Friday, rising 2.72% and settling at $4.12.

Source: TradingView

Price action was mixed over the weekend as ATOM registered a marginal decline on Saturday before rising 1.68% on Sunday to settle at $4.18. Selling pressure returned on Monday as the price fell to an intraday low of $4.01. However, it recovered from this level to settle at $4.11, ultimately dropping 1.58%. Selling pressure intensified on Tuesday as ATOM fell below $4 to an intraday low of $3.97. It recovered from this level to reclaim $4 and settle at $4.10. Positive sentiment returned on Wednesday as ATOM reached an intraday high of $4.26. However, it could not stay at this level and settled at $4.14, ultimately rising 0.98%. Bullish sentiment intensified on Thursday as the price rallied, rising over 4% and settling at $4.31. ATOM is down nearly 2% during the ongoing session, trading around $4.24.

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.