BTC Price Blasts Past $80k As Trump Announces 90-Day Pause On Reciprocal Tariffs

Kraken is reportedly putting the final touches to an audacious move to purchase futures trading giant NinjaTrader. The exchange is tying up loose ends in what could be one of the largest acquisitions by a cryptocurrency service provider.

Kraken Inches Toward Mega Deal To Buy NinjaTrader

According to a WallStreetJournal (WSJ) report, Kraken is in the final third of an ambitious plan to purchase NinjaTrader. According to the post, the deal is worth $1.5 billion and will see NinjaTrader become a subsidiary of the US-based cryptocurrency exchange.

Barring any eventualities, insiders say Kraken will announce the completion of the deal before the end of the week. While details are sparse, the move signals Kraken’s interest in dabbling in derivatives and crypto futures.

Kraken is seeking to expand its offerings but the exchange remains wary of regulatory challenges that could bedevil the plans. The US SEC just shuttered its Kraken case that sought to view the firm as a stock exchange.

To sidestep the regulatory hurdles, the purchase will allow the exchange to lean on NinjaTrader’s Futures Commission Merchant (FCM) license to offer its derivatives offering.

Kraken has the funds to see the deal through given impressive financial metrics for the exchange. The US-based crypto exchange racked in over $1.5 billion in revenue, doubling its profits over the last year.

Both Parties Have An Eye On Expansion

Apart from sidestepping potential regulatory hurdles, purchasing NinjaTrader will introduce Kraken to a new demographic. Launched in 2003, NinjaTrader has racked up over 1.8 million retail investors with the deal offering several perks for the futures trading company.

The move will see Kraken support NinjaTrader’s bid to enter the UK and Australian markets. Kraken’s EMI approval from the UK’s Financial Conduct Authority (FCA) may smoothen NinjaTrader’s entry into the UK.

The top crypto exchange has previously secured a MiFID license to offer crypto derivatives to EU-based traders. In line with its expansionist goals, the exchange reintroduced cryptocurrency staking service for US customers.

The post Kraken Closes In On $1.5 Billion Deal To Acquire NinjaTrader appeared first on CoinGape.

Ethereum price has been experiencing a prolonged bearish trend, raising concerns among investors and analysts. Recent technical analysis suggests that the cryptocurrency’s price could decline further, potentially reaching as low as $1,060. Multiple factors, including weak market structure, lack of bullish momentum, and negative on-chain data, influence the downward movement.

Ethereum Price Faces Continuous Rejections at $4,000 Resistance

According to price analysis by Mags, Ethereum has failed to break the $4,000 resistance level three times in this cycle. Each rejection has led to a further decline, with the latest downturn pushing the cryptocurrency below its mid-range level. The price is now also trading below an upward-sloping trendline support, which had been holding since the previous cycle bottom.

Analysts warn that Ethereum could continue its decline if it does not reclaim $2,500 in the near term. A further drop below the current levels could expose ETH to a potential fall toward $1,060, where the range low is positioned. The lack of strong support suggests that downward movement remains a strong possibility.

Market data indicates that Ethereum price remains under bearish pressure. The altcoin has not shown signs of establishing a solid bottom, raising the risk of prolonged losses. Without a strong recovery above resistance levels, the bearish trend may persist.

ETH/BTC Pair Remains in a Bearish Trend

Additionally, the ETH/BTC trading pair has been underperforming, signaling weakness in Ethereum’s relative strength against Bitcoin. The Relative Strength Index (RSI) on the three-day chart remains below 30, a level that often indicates oversold conditions. However, historical trends show that oversold levels have not always marked a definitive bottom for Ethereum price.

Since mid-2024, ETH/BTC has recorded multiple breakdowns, with declines of 13%, 21%, 25%, and 19.5%. The 50-day and 200-day Exponential Moving Averages (EMAs) continue to trend downward, reinforcing the bearish outlook.

Additionally, analyst CarpeNoctom has pointed out that ETH/BTC has yet to confirm a bullish divergence on its weekly chart, further suggesting that ETH price could struggle to find support.

Declining ETF Flows and Weak On-Chain Activity

Since the start of the year, Ethereum-based exchange-traded funds (ETFs) in the US have seen consistent outflows. In March 2021, the net assets of spot Ether ETFs decreased by 9.8%, amounting to $2.54 billion. Bitcoin ETFs, on the other hand, suffered a slight decrease of 2.35% to $35.74 billion. This divergence indicates that institutional fund managers are losing interest in Ethereum.

Further, there is decreasing network usage evidenced by on-chain data. It is worth mentioning the median gas fees have declined on the mainnet and fluctuating at approximately 1.12 GWEI in March. This is a far lower turnover as compared to the previous calendar year, meaning that there are less transaction taking place on the network.

Technical analysts believe that the future performance of Ethereum price is not looking good as it remains below some key levels. The next level of support is at $1,060 which blends with the lower limit of the long-term trading range.

As of this writing, the altcoin is trading at $1,923.03, which is 27.81% low from the previous month. Despite a market cap of $231.96 billion, the ongoing downward trend suggests continued selling pressure.

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