Crypto Crafters

[PRESS RELEASE – Mahe, Seychelles, October 4th, 2024]

Tectum, the fastest blockchain network globally with 3.5 million transactions per second, announced the release of the SoftNote Wallet App on iOS, marking a significant step toward mass adoption of its SoftNote technology. Previously accessible only through a web interface, SoftNote now allows users to conduct instant and zero-fee crypto transactions directly from their mobile devices. Android users can look forward to the app’s release later this month.

The SoftNote Wallet App is currently available in the Apple App Stores in the USA, Russia, Turkey, India, and Brazil, with more markets to follow in the coming months, bringing this game-changing technology to a growing global audience. With SoftNote, Tectum eliminates the need for intermediaries, offering a seamless, bankless payment experience for users globally.

“The SoftNote Wallet puts this powerful technology directly into users’ hands, allowing them to transact freely without barriers,” said Alexander Guseff, Founder of Tectum. “This is a major step toward our vision of making crypto transactions free & instant.”

The app enables secure, real-time transactions with major cryptocurrencies such as Bitcoin, Ethereum, USDT, and Tectum Emission Tokens. Users can easily create, manage, and transfer SoftNote Bills through a streamlined, user-friendly interface designed for seamless navigation.

“SoftNote Wallet’s mobile release moves us closer to a world where global transactions no longer rely on traditional systems like SWIFT,” Gusev added. “We’re creating a faster, more secure, and cost-effective way to handle payments worldwide.”

About Tectum

Tectum is a blockchain pioneer redefining global remittance and payment systems with its SoftNote solution, offering a seamless, borderless platform for both fiat and crypto transactions.

For more information, users can visit

This week, we examine Ethereum, Ripple, Cardano, Shiba Inu, and Dogecoin in greater detail.

Ethereum (ETH)

Ethereum had a difficult week and closed with a 10% loss. The price briefly fell under $2,400 and is currently trying to reconfirm this level as support. If it fails, then sellers may have an opening to push it lower.

This past weekly candle erased all the gains from September and turned the bias bearish. So far, ETH has not made a lower low, but it is very close to one. Critical days await, which may be decisive for the rest of the month.

Looking ahead, if this cryptocurrency continues to show weakness, its price may fall to $2,200. On the other hand, if buyers return, the price can work its way back to $2,500.

Ripple (XRP)

XRP mirrored Ethereum’s price action and closed the week with an 11% loss. In the process, it also erased all its progress from September and is now found under 54 cents, which used to act as support. This level is now resistance.

If buyers do not reverse this price action in the next few days, XRP could fall much lower, with the next major support at 48 cents. At the time of this post, momentum is bearish.

Looking ahead, XRP’s downtrend may continue and only find relief at the 48 cents support. With the rejection at 66 cents, sellers have pushed this cryptocurrency back in its same range since July.

Cardano (ADA)

ADA made a good attempt at breaking above 40 cents, but sellers had other plans in mind and managed to reverse this price action in full. This is why ADA closed the week with a 12.5% loss and is back at its starting position from early September.

Yesterday, the price found some good support around 33 cents, and a relief rally could follow over the weekend. Nevertheless, it is hard to be optimistic after such a week.

Looking ahead, Cardano will now require more time before it can escape the range between 32 and 40 cents, which has kept its price hostage since August.

Shiba Inu (SHIB)

The recent market turmoil pushed SHIB into a deep correction, which caused it to close the past week with a 12% loss. Even so, the price did not make a lower low, which gives hope that this correction could soon end so that it can return to an uptrend.

After its strong rally at the end of September, the price was rejected at the $0.000020 resistance and has fallen to $0.000015, where buyers showed renewed interest. In the next few days, we will know if the current bounce is a temporary relief or the start of a new attempt to break the key resistance.

Looking ahead, SHIB shows resilience despite the volatility. As long as the price does not make a lower low, market participants have reasons to remain optimistic.

Dogecoin (DOGE)

DOGE also suffered and mirrored the price action of SHIB with a 12% loss this past week. After a strong rally at the end of September, the price made a full reversal in the first few days of October. At the time of this post, the cryptocurrency is at 10 cents and appears to be holding well.

Despite the recent price drop, DOGE remains in an uptrend and could recover in the coming days as long as the support at 10 cents is not lost. This may allow buyers to have another go at the 14 cents resistance, which, so far, has managed to stop any major rally.

Looking ahead, meme coins such as DOGE appear better placed to recover faster once market optimism returns. This is contingent on BTC and ETH not making new lows in the coming days.

The identity of Satoshi Nakamoto has remained a secret ever since the pseudonymous creator of Bitcoin left the scene back in 2010.

Now, “Money Electric: The Bitcoin Mystery” claims to have identified him.

According to a Politico report, Cullen Hoback’s documentary is expected to air next Wednesday at 2 AM CET.

Not much else is known at the time of this writing, while the report says that:

“If its findings are widely accepted, the disclosure could send shockwaves through the financial markets and even the US presidential election, given the way Republican candidate and former President Donald Trump has cultivated the support of Bitcoin enthusiasts.”

Hoback, the documentary’s creator, is also known for his series called “Q: Into the Storm,” which exposed the authors of the QAnon conspiracy theory.

TL;DR:

• History shows that the SEC’s actions against Ripple have had an immediate and drastic impact on XRP’s price movements.
• However, the latest crash could actually be a blessing in disguise for Ripple’s token, as there have been four-digit price surges in the past.

Can XRP Surge by 4 Digits?

It’s safe to say that the lawsuit initiated by the US Securities and Exchange Commission has harmed Ripple’s native token, and the developments from the past 24 hours only solidified this narrative. XRP stood above $0.6 yesterday but lost 15% of its value, and it now struggles at around $0.51.

This all happened after the US watchdog decided to appeal a previous court decision by a US judge claiming that secondary XRP sales did not constitute securities sales.

Although the current landscape seems quite dire, history shows that it could turn out to be the start of a massive rally for XRP. Its price tumbled hard after the SEC’s initial lawsuit in December 2020, and it took just over a week to bottom out.

According to popular industry analyst Crypto Karlos, XRP shot up from $0.17 to almost $2 in the next four months back then. A similar 1,100% rally now would push its price to more than $6.

For anyone in the #XRPCommunity feeling distressed by the SEC’s decision to appeal the ruling. #XRP bottomed just 8 days after the suit was first announced. It then went on to rally nearly 1100% from 17¢ to $1.98 in the following 4 months.

That was with no backing from any court pic.twitter.com/E7BBcQHr69

— Crypto Karlos (@Crypto_Karlos) October 3, 2024

Will XRP ETFs Have an Impact?

Just hours before the SEC’s appeal, another important news regarding Ripple and its native token came out. Bitwise, a large crypto-focused company with already two active ETFs tracking BTC and ETH, said it has filed in Delaware to launch such a product tracking the performance of XRP.

Many analysts claimed that this is highly bullish for the current seventh-largest cryptocurrency. In fact, CrediBull_Crypto told their 423,000 followers that the XRP ETF will be the next approved in the States. Although this seems rather unlikely at the moment since the SEC is the US regulator that approves or rejects ETFs, a potential green light could be the propeller for a massive XRP rally.

Yes, I’m aware of the SEC appeal on the @Ripple case, but at the same time in the last 12 hours (seemingly unbeknownst to a lot of crypto twitter) @BitwiseInvest just filed for an $XRP ETF.

XRP will be the next approved ETF after $BTC and $ETH imo.

As far as narratives go, I…

— CrediBULL Crypto (@CredibleCrypto) October 2, 2024

On Oct. 2, the US Securities and Exchange Commission filed a notice of appeal in the Ripple lawsuit seeking to overturn an earlier ruling.

The agency has appealed a 2023 verdict set by Judge Torres, which ruled that secondary sales of Ripple’s XRP token did not constitute securities sales.

The judge ruled that XRP failed to satisfy all the conditions for the SEC’s Howey test to be classified as an investment contract.

The filing was shared by defense lawyer James Filan on X.

#XRPCommunity #SECGov v. #Ripple #XRP BREAKING: The @SECGov has filed a Notice of Appeal of Judge Torres’s Ruling. pic.twitter.com/j8bLIZQ5LT

— James K. Filan (@FilanLaw) October 2, 2024

Ripple Fights Back

Ripple chief legal officer Stuart Alderoty said the appeal was “disappointing, but not surprising.”

He added that this just prolongs what is “already a complete embarrassment for the agency.”

“The Court already rejected the SEC’s suggestion that Ripple acted recklessly, and there were no allegations of fraud and, of course, there were no victims or losses.”

He said that the SEC “continues to engage in litigation warfare against the industry” before adding that the firm is evaluating whether to file a cross-appeal.

Ripple CEO Brad Garlinghouse also addressed X on Oct. 3, stating that if SEC chair Gary Gensler and the regulator were rational, “they would have moved on from this case long ago.”

He vowed to continue fighting as long as necessary:

“While we’ll fight in court for as long as we need, let’s be clear: XRP’s status as a non-security is the law of the land today – and that does not change even in the face of this misguided – and infuriating – appeal.”

If Gensler and the SEC were rational, they would have moved on from this case long ago. It certainly hasn’t protected investors and instead has damaged the credibility and reputation of the SEC.

Somehow, they still haven’t gotten the message: they lost on everything that…

— Brad Garlinghouse (@bgarlinghouse) October 2, 2024

Candidate for Massachusetts Senator John Deaton unleashed a tirade on X, stating that a candidate wouldn’t typically comment on an appeal:

“However, I’m not your typical candidate and I spent hundreds of pro bono hours and over $75K of my own money, fighting gross overreach and misconduct at the SEC.”

Almost four years after suing Ripple and making the above ridiculous claims, SEC lawyers apologized (in a different case) for suggesting tokens themselves were securities, he said before adding:

“Because the SEC is pursuing an anti-crypto agenda, it will now waste more taxpayer money. Gary Gensler is a disgrace.”

XRP Tanks

The news has rattled XRP holders who have been aggressively selling the asset, resulting in a 12% slump on the day.

The asset was trading above $0.60 on Oct. 2 but crashed to bottom out at just below $0.53 during early trading in Asia on Thursday morning.

XRP is currently at a three-week low and still trading down 84% from its January 2018 all-time high despite recent ETF applications.

Bitcoin’s price is currently trending down as a result of the potential war brewing in the Middle East. A key level is lost, which could lead to a further decline in the short term.

Technical Analysis

By Edris Derakhshi (TradingRage)

The Daily Chart

In the daily timeframe, the BTC price dropped below the key $64K mark and the 200-day moving average, which is located around the same price mark. Currently, the $60K support level remains intact, as investors remain hopeful that this decline is a temporary pullback.

However, with the RSI also showing values slightly below 50%, the momentum is shifting bearish, and a move lower toward $56K remains a possibility.

The 4-Hour Chart

The 4-hour chart demonstrates a clear bearish shift in market structure in terms of classical price action. The market has decisively broken an important bullish trendline to the downside. Yet, the price bounced from the $60K level, as the RSI has also shown an oversold state in momentum.

Meanwhile, a complete rebound is still less probable, as the market structure suggests a deeper correction toward the $57K level is more likely. This scenario would, of course, fail if the price somehow climbs back above the $64K level soon.

On-Chain Analysis

By Edris Derakhshi (TradingRage)

Bitcoin Open Interest

While Bitcoin’s price has been dropping over the past few days, future market sentiment metrics are still overheated.

This chart presents the BTC open interest, which shows the number of open perpetual futures positions, both bullish and bearish.

As the recent drop suggests, the minimal decline in open interest indicates that a long liquidation cascade has not occurred yet. A capitulation event would be highly probable in the event of a further price decline, which could lead to a rapid market crash and push the price even lower toward the $50K area.

What a difference a couple of days makes, from bullish ‘Uptober’ momentum to bearish price predictions.

Bitcoin slumped around $4,000 in the wake of the Iranian missile attack on Israel, and negative sentiment has seeped back onto crypto social media.

However, zooming out shows that BTC is still within its range-bound channel, which has continued for the past half a year.

A Fall to $40K Possible?

On Oct. 2, ITC Crypto founder Benjamin Cowen painted a very gloomy picture based on historical price action following Federal Reserve interest rate cuts.

Bitcoin rallied for two weeks following the first rate cut in 2019. However, it then tanked to the 100-week moving average in the months that followed.

If history rhymes, a similar fall to the same technical indicator would put BTC prices back at around $42,000 by mid-November, he said.

Just to offer a different view to consider other than the “up only” view mostly shared on this platform, in 2019, #BTC rallied for 2 weeks after the 1st rate cut, then dropped to the 100W SMA 2 months later, which would correspond to mid-November. pic.twitter.com/ogicF89JrM

— Benjamin Cowen (@intocryptoverse) October 2, 2024

However, the suggestion does not take into account that 2019 was the middle of a bear market, and it was not a halving year, which makes a difference.

Nevertheless, other analysts also suggested something similar but provided no rationality, later describing it as a ‘shitpost.’

This was the $BTC test dump for 40k. Bearish. pic.twitter.com/vbmszAMHmb

— Altcoin Sherpa (@AltcoinSherpa) October 1, 2024

As market analyst Miles Deutscher pointed out in a post on X on Oct. 1, there are plenty of reasons to remain bullish.

Increasing global liquidity through M2 money supplies, rate cuts, which are usually good news for riskier assets, China’s economic stimulus measures, an approaching US election where crypto is a focus, and a traditionally bullish period for crypto in Q4 are some of them.

On Oct. 2, ‘Ash Crypto’ told his 1.1 million X followers that this was “a big shakeout.” He added that October will start with a dump, and we will see a sideways chop for most of the month before things lift off.

Miner Profitability Slumps

Nevertheless, Bitcoin miners may have a reason to be bearish. According to JPMorgan analysts, Bitcoin mining profitability hit a recent low in September.

Daily block reward gross profit decreased 6% month-over-month in September, marking the third consecutive month of decline. The drop in revenue has been largely attributed to the Bitcoin halving event in April. However, transaction fee revenue for the month was only $13.86 million, observed Colin Wu.