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NYAG goes after crypto lending firms ahead of Bitcoin ETF launch

2021.10.19 Adam James

The altcoin market is primarily seeing losses ahead of the launch of the first-ever Bitcoin ETF tomorrow — though memecoins are bucking the trend. 

The cryptocurrency market is virtually even on the day at a $2.59 trillion global capitalization. The price of BTC is up 1.4% over the past 24 hours, while the price of ETH is down 2.5%. Memecoins DOGE and SHIB, meanwhile, are bucking a general altcoin decline with 6.1% and 7.6% gains, respectively.

The cryptocurrency market is somewhat mixed, with BTC and some memecoins seeing gains as most altcoins experience mild losses. Source: COIN360

Injecting a bit of negativity into the market today is the news that the New York Attorney General announced cease-and-desist letters against two cryptocurrency lending companies, while also sending requests for information to three others. 

The names of the firms in question have been redacted, but now-corrected files were initially labeled “Nexo Letter” and “Celcius Letter” — implicating Nexo and Celcius.

Meanwhile, ProShares will launch the first-ever futures-tied BTC exchange-traded fund tomorrow.

Top altcoin gainers and losers: DOGE leads large-caps

  • SFG/USDT +18.14%
  • FORTH/USDT +13.69%
  • STX/USDT +12.91%
  • NU/USDT -12.03%
  • UBTC/USDT -13.20%
  • NDN/USDT -32.50%

As mentioned previously, DOGE is the most notable large-cap altcoin seeing gains today after adding more than 6% on OKEx — per the exchange’s default time settings. BABYDOGE, meanwhile, is up nearly 11%.

DOGE is the top-performing large-cap altcoin on OKEx today. Source: OKEx

BTC technical analysis: Climbing the four-hour EMA ribbon

The price of BTC is still using the four-hour EMA ribbon as support on its quest to challenge its previous all-time high of roughly 65,000 USDT. All eyes will be on the launch of ProShares’ BTC futures-tied ETF tomorrow — which could lead to some BTC price volatility in the coming days.

OKEx’s BTC/USDT 4h chart — 10/18. Source: OKEx, TradingView

ETH technical analysis: Struggling against BTC

The price of ETH continues to struggle against BTC and is currently trading around recent lows against the market leader. The four-hour EMA ribbon is trading above and may provide resistance — threatening to push ETHBTC down to new lows.

OKEx’s ETH/BTC 4h chart — 10/18. Source: OKEx, TradingView

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Disclaimer: This material should not be taken as the basis for making investment decisions, nor be construed as a recommendation to engage in investment transactions. Trading digital assets involve significant risk and can result in the loss of your invested capital. You should ensure that you fully understand the risk involved and take into consideration your level of experience, investment objectives and seek independent financial advice if necessary.



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