China News by Thebittimes.Com

As Solana (SOL) trades just below the $200 mark amid broader market weakness, an analyst has suggested that the cryptocurrency could be on the verge of a sharp correction toward $105. This outlook, shared by TradingShot in a TradingView post on October 21, is based on Solana’s trading pattern since bottoming out in early April. Since then, the token has moved within an upward channel, consistently forming higher highs and higher lows. SOL price analysis chart. Source: TradingView The bullish structure has so far been supported by the 200-week moving average (MA), which acted as the foundation for the April rebound. However, the analyst noted that the latest pullback has exposed underlying weaknesses, bringing the token dangerously close to a key support level at the 200-day moving average around $165. Despite holding this level on four successive tests, the outlook indicates that Solana’s price action shows signs of waning momentum. The Relative Strength Index (RSI...

Per a recent press release, the U.S. Securities and Exchange Commission collected a record of $6.4 billion in penalties, disgorgement, and pre-judgment interest. The same turned out to be the highest amount in its history. It also marked a substantial increase from the $3.852 billion registered in the fiscal year 2021. Alongside, the Commission brought 760 enforcement actions this year, a 9% increase from last year. Commenting on the same, SEC Chair Gary Gensler said, “I continue to be impressed with our Division of Enforcement. These numbers, though, tell only part of the story. Enforcement results change from year to year. What stays the same is the staff’s commitment to follow the facts wherever they lead.” Evidently, the Enforcement Division is working with a “sense of urgency” to protect investors, hold wrongdoers accountable and deter future misconduct. Regulators, however, do not expect the new record to be broken anytime soon. Elaborating...

As seen in the last couple of days, the crypto industry was challenged by the collapse of the prominent crypto exchange, FTX . The entire market was bleeding which further caused immense fear among investors. Bitcoin [BTC] despite surviving the harsh bear market without slipping below $18K, reached a two-year low. Several analysts believe that this was just the start of a significant downward spiral. A recent report noted the possibility of Bitcoin plummeting to a low of $13,000. Strategists from JPMorgan Chase & Co. pointed out that a “cascade of margin calls” could be in the making between FTX as well as Alameda Research along with the whole industry. Taking into consideration Bitcoin’s production cost, these strategists noted that BTC entailed the chances of dropping to $13,000. Nikolaos Panigirtzoglou and his team wrote, “At the moment, this production cost stands at $15,000, but it is likely to revisit the $13,000 low seen over the summer mo...