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On Monday September 5th, the world’s largest cryptocurrency trading platform by volume announced that it would no longer support the trading of the USDC stablecoin. The exchange said the move is intended to “enhance liquidity and capital-efficiency for users.” Binance stated that users holding USD Coin (USDC), Pax Dollar (USDP), and TrueUSD (TUSD) would see their stablecoin balances auto converted into BUSD if users did not remove these funds from the exchange by September 29th, 2022. Customers will still have the ability to withdraw funds denominated in USDC, USDP, or TUSD when removing money from the exchange. The decision to remove the USDC pair from the exchange gives the exchange a chance at overtaking Tether (USDT), the largest stablecoin by market cap. USDT’s market cap is worth near $68 billion compared to USDC’s market cap of about $52 billion, while BUSD is only valued at $19.3 billion. With the removal of USDC from the largest crypto trading platform by global trade volume, the crypto asset’s daily volume could see some changes.
https://www.tradingview.com/x/4gjn0k9P/
https://www.tradingview.com/x/ALuvzM8X/
At the time of writing, bitcoin is priced just under $20k and is trading in a tight range consolidation. Normally when price compresses like this and there is very little movement, a big move usually follows it shortly after. As we stated in last week’s article, while there is no guarantee that the $20k handle will continue to hold, traders/investors could bid this area with invalidations down to the lows made in June of this year. I believe any breach of price below the June lows would bring in fresh new lows.
Bitcoin maintains the $20k cycle high level and attempts to reclaim the $25k area again.
Bitcoin loses the 2017 ATH level and/or the lows made in June are breached and I believe lower prices will follow.
https://www.tradingview.com/x/IDrmBdZ1/
https://www.tradingview.com/x/rLMR1pqj/
At the time of writing, Ethereum is trading around $1650, and has bounced from the prior 2017 cycle high level after a failed reclaim of the $1.8k resistance level. With the upcoming ETH merge approaching, it is possible that we could see more strength from ethereum and possibly get a push back into the $1.8k weekly level to test it as resistance again. If the weekly resistance level is rejected and/or the prior 2017 level does not hold, the next level below to look at for support is in the $700 – $900 region.
Ethereum maintains the 2017 cycle high level and pushes back up to the $1.8k level for a chance at a reclaim of the level.
Ethereum loses the 2017 ATH level and the next area of support is located in the $700 – $900 region.
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