Mercadolibre Inks Partnership With Mastercard to Secure Its Crypto Ecosystem in Brazil
Mercadolibre, one of the biggest “e-tailers” in Latam, has partnered with credit giant Mastercard to make use of its tech to secure the cryptocurrency ecosystem of the company. Through this partnership, Mercadolibre will be able to use Mastercard’s Ciphertrace technology, to allow the company to enhance the control and security of the crypto transactions in its trading ecosystem.
Mercadolibre, a leading e-tailer of Latam, has partnered with Mastercard, the credit tech company, to improve its due diligence when assessing risks in its cryptocurrency trading platform. The company, which introduced cryptocurrency trading through its own payment system, Mercado Pago, will use Mastercard’s technology to keep track of transactions on its trading services to prevent money laundering and other crimes from happening.
Mastercard’s technology, which comes from the acquisition of Ciphertrace, a blockchain auditing company, will allow Mercadolibre to monitor, identify, and assess risks while helping the retailer to comply with its regulatory obligations, according to a PR statement issued by the company.
On the importance of this partnership for the improvement of their products, Paula Arregui, Mercado Pago’s senior vice president and COO, stated:
In line with our purpose of democratizing trading and financial services, we want to break down more barriers and offer a simple and secure experience with crypto assets. Our alliance with Mastercard enhances financial education, user experience and transparency in the industry.
Brazil is one of the hottest cryptocurrency markets in Latin America, with adoption levels reaching high numbers, per Mastercard Brazil reports. Compliance and due diligence are becoming more and more important in Latam environments and in the country, where the government is focusing on getting a cryptocurrency bill passed later this year.
On the compliance issue, Ajay Bhalla, president of Cyber and Intelligence at Mastercard, stated:
The potential for cryptocurrencies to change our everyday experiences is huge, but every interaction and experience must be protected.
Mercadolibre has been investing in crypto since January, with the company announcing strategic investments in Paxos, a tokenization company, and in Mercado Bitcoin, a Latam-based cryptocurrency exchange, in January. Furthermore, the company purchased $7.8 million worth of bitcoin last April for its Treasury.
Mercadolibre, one of the biggest “e-tailers” in Latam, has partnered with credit giant Mastercard to make use of its tech to secure the cryptocurrency ecosystem of the company. Through this partnership, Mercadolibre will be able to use Mastercard’s Ciphertrace technology, to allow the company to enhance the control and security of the crypto transactions in its trading ecosystem.
Mercadolibre, a leading e-tailer of Latam, has partnered with Mastercard, the credit tech company, to improve its due diligence when assessing risks in its cryptocurrency trading platform. The company, which introduced cryptocurrency trading through its own payment system, Mercado Pago, will use Mastercard’s technology to keep track of transactions on its trading services to prevent money laundering and other crimes from happening.
Mastercard’s technology, which comes from the acquisition of Ciphertrace, a blockchain auditing company, will allow Mercadolibre to monitor, identify, and assess risks while helping the retailer to comply with its regulatory obligations, according to a PR statement issued by the company.
On the importance of this partnership for the improvement of their products, Paula Arregui, Mercado Pago’s senior vice president and COO, stated:
In line with our purpose of democratizing trading and financial services, we want to break down more barriers and offer a simple and secure experience with crypto assets. Our alliance with Mastercard enhances financial education, user experience and transparency in the industry.
Brazil is one of the hottest cryptocurrency markets in Latin America, with adoption levels reaching high numbers, per Mastercard Brazil reports. Compliance and due diligence are becoming more and more important in Latam environments and in the country, where the government is focusing on getting a cryptocurrency bill passed later this year.
On the compliance issue, Ajay Bhalla, president of Cyber and Intelligence at Mastercard, stated:
The potential for cryptocurrencies to change our everyday experiences is huge, but every interaction and experience must be protected.
Mercadolibre has been investing in crypto since January, with the company announcing strategic investments in Paxos, a tokenization company, and in Mercado Bitcoin, a Latam-based cryptocurrency exchange, in January. Furthermore, the company purchased $7.8 million worth of bitcoin last April for its Treasury.
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Bitcoin, Ethereum Technical Analysis: BTC Drops Below $24,000 to Lowest Level Since December 2020
Bitcoin fell to its lowest level since December 2020 to start the trading week, as crypto markets continue to plunge. ETH also fell considerably on Monday, as prices declined by over 16%, falling below $1,200 in the process.
Bitcoin fell to its lowest level since December 2020 on Monday, as crypto markets plunged to start the week.
Markets sold off over the weekend following an unexpected rise in U.S. inflation, with price declines carrying over into the new trading week.
BTC/USD fell to an intraday low of $23,607.69 earlier in today’s session, which is its lowest point in over sixteen months.
Overall, prices have declined for seven consecutive sessions, falling by over 24% within that time frame.
The most recent drop comes as BTC moved past its long-term support point at $25,200, with some expecting prices to fall to as low as $19,000.
As of writing, the 14-day RSI is tracking at 27, however it looks as though it could be moving towards a floor of 24.50.
There was also some bloodshed in ETH on Monday, as prices fell below $1,200 for the first time in over a year.
The world’s second-largest cryptocurrency plummeted to an intraday low of $1,190.04 on Monday, falling by over 15% in the process.
Monday’s drop saw ethereum’s price hit its lowest level since January 2021, and also comes after seven straight daily declines.
As a result of this, prices have dropped by over 35% in the last seven days, with the RSI having its lowest reading in over two years.
With price strength so oversold, the hope is that prices could rebound, however some bears are seemingly targeting the $1,100 point.
Overall, this recent sell-off comes after days of consolidation, which ended on Friday, following the release of U.S. inflation data, which came in at 8.6%.
Bitcoin fell to its lowest level since December 2020 to start the trading week, as crypto markets continue to plunge. ETH also fell considerably on Monday, as prices declined by over 16%, falling below $1,200 in the process.
Bitcoin fell to its lowest level since December 2020 on Monday, as crypto markets plunged to start the week.
Markets sold off over the weekend following an unexpected rise in U.S. inflation, with price declines carrying over into the new trading week.
BTC/USD fell to an intraday low of $23,607.69 earlier in today’s session, which is its lowest point in over sixteen months.
Overall, prices have declined for seven consecutive sessions, falling by over 24% within that time frame.
The most recent drop comes as BTC moved past its long-term support point at $25,200, with some expecting prices to fall to as low as $19,000.
As of writing, the 14-day RSI is tracking at 27, however it looks as though it could be moving towards a floor of 24.50.
There was also some bloodshed in ETH on Monday, as prices fell below $1,200 for the first time in over a year.
The world’s second-largest cryptocurrency plummeted to an intraday low of $1,190.04 on Monday, falling by over 15% in the process.
Monday’s drop saw ethereum’s price hit its lowest level since January 2021, and also comes after seven straight daily declines.
As a result of this, prices have dropped by over 35% in the last seven days, with the RSI having its lowest reading in over two years.
With price strength so oversold, the hope is that prices could rebound, however some bears are seemingly targeting the $1,100 point.
Overall, this recent sell-off comes after days of consolidation, which ended on Friday, following the release of U.S. inflation data, which came in at 8.6%.
Bitcoin, Ethereum Technical Analysis: BTC Moves Away From $20,000 Following Historic Fed Rate Hike
Bitcoin moved away from its recent low of $20,000 on Thursday, following a historic rate hike from the Federal Reserve. As inflation in the United States rose to a 44-year high of 8.6% last month, the Fed responded by hiking rates by 0.75%. ETH was also marginally higher today.
BTC was marginally higher on Thursday, as markets responded to the latest interest rate hike from the Federal Reserve.
The Fed opted to hike rates by 75 basis points (bps) during its latest policy meeting, with BTC/USD rising to $22,868.92 as an ostensible result.
Thursday’s move sees bitcoin move away from yesterday’s low of $20,391.30, and comes as traders attempt to create a new support point.
As of writing, it looks as though the $21,100 point could be a potential price floor, however, bears will likely attempt to send BTC even lower.
In addition to price, the 14-day RSI also seems to have settled at a support area of 23.20, which might give bulls some optimism.
However, should relative strength be relegated below this point, the $19,000 target that bears have in their sights may still be hit.
ETH was close to falling below $1,000 on Wednesday, however it has also rallied in today’s session following the FOMC meeting.
Following a low of $1,060.97 during hump-day, ETH/USD hit an intraday high of $1,246.14 earlier in today’s session.
Like bitcoin, today’s move saw ETH attempt to find a new support point, with traders so far appearing to be settling on the $1,100 area.
Overall, ETH is still nearly 40% lower than at the same point last week, with bearish sentiment still present.
Should this sentiment once again turn into momentum, bears will likely take ethereum below $1,000, with some expecting a bottom of $800.
For this to happen, the Relative Strength Index will likely need to be trading below 20, where it currently resides.
Bitcoin moved away from its recent low of $20,000 on Thursday, following a historic rate hike from the Federal Reserve. As inflation in the United States rose to a 44-year high of 8.6% last month, the Fed responded by hiking rates by 0.75%. ETH was also marginally higher today.
BTC was marginally higher on Thursday, as markets responded to the latest interest rate hike from the Federal Reserve.
The Fed opted to hike rates by 75 basis points (bps) during its latest policy meeting, with BTC/USD rising to $22,868.92 as an ostensible result.
Thursday’s move sees bitcoin move away from yesterday’s low of $20,391.30, and comes as traders attempt to create a new support point.
As of writing, it looks as though the $21,100 point could be a potential price floor, however, bears will likely attempt to send BTC even lower.
In addition to price, the 14-day RSI also seems to have settled at a support area of 23.20, which might give bulls some optimism.
However, should relative strength be relegated below this point, the $19,000 target that bears have in their sights may still be hit.
ETH was close to falling below $1,000 on Wednesday, however it has also rallied in today’s session following the FOMC meeting.
Following a low of $1,060.97 during hump-day, ETH/USD hit an intraday high of $1,246.14 earlier in today’s session.
Like bitcoin, today’s move saw ETH attempt to find a new support point, with traders so far appearing to be settling on the $1,100 area.
Overall, ETH is still nearly 40% lower than at the same point last week, with bearish sentiment still present.
Should this sentiment once again turn into momentum, bears will likely take ethereum below $1,000, with some expecting a bottom of $800.
For this to happen, the Relative Strength Index will likely need to be trading below 20, where it currently resides.
Ukraine Joins European Blockchain Partnership as Observer
Ukraine has been granted observer status in the European Blockchain Partnership (EBP). Officials in Kyiv hope the move will facilitate the implementation of blockchain technologies by the Ukrainian government and lead to the adoption of more efficient crypto regulations.
Ukraine has been accepted as an observer in the European Blockchain Partnership (EBP), an initiative to develop an EU strategy on blockchain and build blockchain infrastructure for public services. The observer status is a step towards full membership, for which Ukrainian officials and members of the crypto community have been lobbying.
The push for the country’s accession to the EBP was initiated by Oleksii Zhmerenetskyi, chairman of the Blockchain4Ukraine inter-factional association of Ukrainian lawmakers, and Konstantin Yarmolenko, who chairs the “Virtual Assets of Ukraine” non-government organization.
In March this year, they sent letters to the President of the European Commission Ursula von der Leyen and other EU representatives, urging for the establishment of a common European blockchain infrastructure based on the EBP.
In response to their call, the head of the executive body in Brussels confirmed the prospects of Ukraine’s accession as an observer. The country has now become the third non-EU nation participating in the initiative, besides Norway and Liechtenstein.
“Ukraine’s integration into the European Blockchain Partnership will strengthen joint work on the introduction of blockchain technology in government registries and services,” Ukraine’s deputy minister of digital transformation Alexander Bornyakov was quoted by his department as stating.
Bornyakov, who represents the Eastern European nation in the EBP, recently took part in an online meeting of all members. He added that the accession will also promote “a highly efficient regulatory environment, including for the virtual assets market” in the country.
According to the head of Blockchain4Ukraine, Zhmerenetskyi, by joining the blockchain partnership, Ukraine will be in a better position to push for recognition of its higher education diplomas and the driver’s licenses of millions of Ukrainian refugees in Europe.
Ukraine has been granted observer status in the European Blockchain Partnership (EBP). Officials in Kyiv hope the move will facilitate the implementation of blockchain technologies by the Ukrainian government and lead to the adoption of more efficient crypto regulations.
Ukraine has been accepted as an observer in the European Blockchain Partnership (EBP), an initiative to develop an EU strategy on blockchain and build blockchain infrastructure for public services. The observer status is a step towards full membership, for which Ukrainian officials and members of the crypto community have been lobbying.
The push for the country’s accession to the EBP was initiated by Oleksii Zhmerenetskyi, chairman of the Blockchain4Ukraine inter-factional association of Ukrainian lawmakers, and Konstantin Yarmolenko, who chairs the “Virtual Assets of Ukraine” non-government organization.
In March this year, they sent letters to the President of the European Commission Ursula von der Leyen and other EU representatives, urging for the establishment of a common European blockchain infrastructure based on the EBP.
In response to their call, the head of the executive body in Brussels confirmed the prospects of Ukraine’s accession as an observer. The country has now become the third non-EU nation participating in the initiative, besides Norway and Liechtenstein.
“Ukraine’s integration into the European Blockchain Partnership will strengthen joint work on the introduction of blockchain technology in government registries and services,” Ukraine’s deputy minister of digital transformation Alexander Bornyakov was quoted by his department as stating.
Bornyakov, who represents the Eastern European nation in the EBP, recently took part in an online meeting of all members. He added that the accession will also promote “a highly efficient regulatory environment, including for the virtual assets market” in the country.
According to the head of Blockchain4Ukraine, Zhmerenetskyi, by joining the blockchain partnership, Ukraine will be in a better position to push for recognition of its higher education diplomas and the driver’s licenses of millions of Ukrainian refugees in Europe.
Bitcoin, Ethereum Technical Analysis: ETH Down, as Two-Day Winning Streak Ends on Hump Day
Bitcoin hit a hurdle on hump day, as the world’s largest crypto token moved lower, following strong gains to start the week. ETH also slipped during today’s session, with prices moving back towards the $1,000 mark.
Following two straight days of gains, BTC was lower on hump day, as bears seemingly re-entered the marketplace.
BTC/USD is down by nearly 3% as of writing, after hitting an intraday low of $20,045.63 earlier in today’s session.
This move comes after prices failed to sustain a breakout of yesterday’s resistance level at the $21,000 mark.
Typically after such a false breakout, this acts as a signal to bears to retake momentum, however there seems to be a level of uncertainty still in this.
After previous lows today, BTC is now trading almost $500 higher, which shows that the bullish sentiment from the past two days still remains.
Despite this, bears will likely attempt to test this sentiment, and attempt to push bitcoin off the $20,000 cliff in coming days.
Ethereum was also a cliff of its own, as bears once again pushed prices close to the $1,000 level in today’s session.
Following a peak of $1,185.43 on Tuesday, ETH/USD slipped to a bottom of $1,073.88 on hump day.
This move put an end to ETH’s first two-day winning streak since June 5, and as of writing the token is trading roughly 4% lower.
Thanks to gains in the past few days, ETH has gone from being down by nearly 40% in its seven-day average on Sunday, to now only being down 2.95% in the last week.
Overall, momentum still looks bearish for the world’s second largest token, with some expecting moves back towards $800.
However, should we see a breakout of the resistance on the 14-day RSI at 30, then there will likely be a continuation of this week’s bullish pressure.
Bitcoin hit a hurdle on hump day, as the world’s largest crypto token moved lower, following strong gains to start the week. ETH also slipped during today’s session, with prices moving back towards the $1,000 mark.
Following two straight days of gains, BTC was lower on hump day, as bears seemingly re-entered the marketplace.
BTC/USD is down by nearly 3% as of writing, after hitting an intraday low of $20,045.63 earlier in today’s session.
This move comes after prices failed to sustain a breakout of yesterday’s resistance level at the $21,000 mark.
Typically after such a false breakout, this acts as a signal to bears to retake momentum, however there seems to be a level of uncertainty still in this.
After previous lows today, BTC is now trading almost $500 higher, which shows that the bullish sentiment from the past two days still remains.
Despite this, bears will likely attempt to test this sentiment, and attempt to push bitcoin off the $20,000 cliff in coming days.
Ethereum was also a cliff of its own, as bears once again pushed prices close to the $1,000 level in today’s session.
Following a peak of $1,185.43 on Tuesday, ETH/USD slipped to a bottom of $1,073.88 on hump day.
This move put an end to ETH’s first two-day winning streak since June 5, and as of writing the token is trading roughly 4% lower.
Thanks to gains in the past few days, ETH has gone from being down by nearly 40% in its seven-day average on Sunday, to now only being down 2.95% in the last week.
Overall, momentum still looks bearish for the world’s second largest token, with some expecting moves back towards $800.
However, should we see a breakout of the resistance on the 14-day RSI at 30, then there will likely be a continuation of this week’s bullish pressure.
Bitcoin, Ethereum Technical Analysis: ETH Climbs to Over $1,200 to Start the Weekend
ETH moved into the $1,200 region to start the weekend, as prices rose for a third consecutive session. Bullish sentiment has been missing from crypto markets in recent months, however the timely return also saw BTC near its highest point this week.
Bitcoin entered the weekend trading in the green, as bulls extended their recent run for a third consecutive session.
Following a low of $20,794.19 during Friday’s session, BTC/USD rose to an intraday peak of $21,520.91 on Saturday.
Today’s move was the highest point prices have reached since Tuesday, when bitcoin was trading at $21,732.
This looks to be the next target for bulls, who will need to overcome this hurdle in order to reach their next destination at $22,000.
Looking at the chart, there is another hurdle they must first overcome, and that is the 36.45 ceiling on the RSI.
Should we see this point broken, then we might see bullish momentum also increase, leading prices to their respective targets.
Following some turbulence in the middle of the week, ETH started the weekend trading higher, as bullish sentiment returned.
Prices of the world’s second largest crypto token hit a high of $1,238.62 on Saturday, following a low of $1,146.52 yesterday.
As discussed yesterday, once the resistance of $1,190 was breached, bulls re-entered with significant pressure.
As of writing, ETH is at its highest point in nine days, and is up nearly 10% in the last seven days of trading.
Similar to BTC, ethereum has also just encountered a resistance point via the 14-day RSI, and until this is broken, we may see a slight drop in upwards momentum.
ETH moved into the $1,200 region to start the weekend, as prices rose for a third consecutive session. Bullish sentiment has been missing from crypto markets in recent months, however the timely return also saw BTC near its highest point this week.
Bitcoin entered the weekend trading in the green, as bulls extended their recent run for a third consecutive session.
Following a low of $20,794.19 during Friday’s session, BTC/USD rose to an intraday peak of $21,520.91 on Saturday.
Today’s move was the highest point prices have reached since Tuesday, when bitcoin was trading at $21,732.
This looks to be the next target for bulls, who will need to overcome this hurdle in order to reach their next destination at $22,000.
Looking at the chart, there is another hurdle they must first overcome, and that is the 36.45 ceiling on the RSI.
Should we see this point broken, then we might see bullish momentum also increase, leading prices to their respective targets.
Following some turbulence in the middle of the week, ETH started the weekend trading higher, as bullish sentiment returned.
Prices of the world’s second largest crypto token hit a high of $1,238.62 on Saturday, following a low of $1,146.52 yesterday.
As discussed yesterday, once the resistance of $1,190 was breached, bulls re-entered with significant pressure.
As of writing, ETH is at its highest point in nine days, and is up nearly 10% in the last seven days of trading.
Similar to BTC, ethereum has also just encountered a resistance point via the 14-day RSI, and until this is broken, we may see a slight drop in upwards momentum.
Cryptoys Raises $23 Million to Mix NFTs, Gaming, and Virtual Toys
Cryptoys, an NFT-based startup, announced it has raised $23 million in a Series A funding round led by a16z. The company, which seeks to mix NFTs with the world of gaming and virtual toys, will create what it calls a “cryptoyverse,” in which it will also implement play-to-earn features and issue its own tokens.
The NFT market is facing a slump phase that is affecting prices and the popularity of NFT projects recently. However, there are projects that have managed to stay afloat and even thrive. One of them is Cryptoys, an NFT startup that has announced the completion of a successful funding round.
The Series A funding round, which raised $23 million, was led by a16z crypto, with the participation of other companies and firms including Mattel, Dapper Labs, Draper & Associates, Acrew Capital, Coinfund, Animoca Brands, and Sound Ventures.
The company will use these funds to further develop its own platform, dubbed “cryptoyverse,” which aims to entice a younger crown to engage with NFTs and play-to-earn services on top of the Flow blockchain, the same tech used by Dapper Labs to deploy its well known NBA Top Shot app.
About the inclusion of younger users in this play-to-earn and gaming platform, Cryptoys’ CEO Will Weinraub stated:
You have to take a step back from all of this Web3 maximalism. You’ve got to take baby steps to getting millions and millions of people to these new paradigms.
Arianna Simpson, a general partner of a16z, who also participated in the seed round of the company, stated:
The high caliber of creative and storytelling from the Cryptoys team is primed to delight and excite the next generation of consumers and collectors.
The company also announced that it would pursue alternative activities, including gaming activities where users can win NFTs to get onto the platform. For monetization, the platform is planning to issue a pair of tokens, Toyken and Binary Dust.
Cryptoys recently entered a partnership with Mattel, which also contributed to this funding round, to bring some of the classic toy lines of the company into its world. According to reports, these IPs might include toys like Hot Wheels, Barbie, and Masters of the Universe, but none have been confirmed as of yet by the company. These will be sold as avatars to be used in Cryptoys’ cryptoyverse.
Cryptoys, an NFT-based startup, announced it has raised $23 million in a Series A funding round led by a16z. The company, which seeks to mix NFTs with the world of gaming and virtual toys, will create what it calls a “cryptoyverse,” in which it will also implement play-to-earn features and issue its own tokens.
The NFT market is facing a slump phase that is affecting prices and the popularity of NFT projects recently. However, there are projects that have managed to stay afloat and even thrive. One of them is Cryptoys, an NFT startup that has announced the completion of a successful funding round.
The Series A funding round, which raised $23 million, was led by a16z crypto, with the participation of other companies and firms including Mattel, Dapper Labs, Draper & Associates, Acrew Capital, Coinfund, Animoca Brands, and Sound Ventures.
The company will use these funds to further develop its own platform, dubbed “cryptoyverse,” which aims to entice a younger crown to engage with NFTs and play-to-earn services on top of the Flow blockchain, the same tech used by Dapper Labs to deploy its well known NBA Top Shot app.
About the inclusion of younger users in this play-to-earn and gaming platform, Cryptoys’ CEO Will Weinraub stated:
You have to take a step back from all of this Web3 maximalism. You’ve got to take baby steps to getting millions and millions of people to these new paradigms.
Arianna Simpson, a general partner of a16z, who also participated in the seed round of the company, stated:
The high caliber of creative and storytelling from the Cryptoys team is primed to delight and excite the next generation of consumers and collectors.
The company also announced that it would pursue alternative activities, including gaming activities where users can win NFTs to get onto the platform. For monetization, the platform is planning to issue a pair of tokens, Toyken and Binary Dust.
Cryptoys recently entered a partnership with Mattel, which also contributed to this funding round, to bring some of the classic toy lines of the company into its world. According to reports, these IPs might include toys like Hot Wheels, Barbie, and Masters of the Universe, but none have been confirmed as of yet by the company. These will be sold as avatars to be used in Cryptoys’ cryptoyverse.
Bitcoin, Ethereum Technical Analysis: BTC Rebounds on Friday, Following a Drop Below $19,000
Following a move below $19,000 on Thursday, BTC was able to rise above $20,000 during today’s trading session. ETH also was able to remain above $1,000, following an attempt by bears to push price under this level during yesterday’s session.
Bitcoin was trading marginally higher on Friday, as markets rebounded following a bearish session on Thursday.
Despite a heightened level of volatility, the world’s largest crypto token climbed to an intraday peak of $20,632.67 earlier today.
This comes less than 24-hours after prices fell to a bottom of $18,729.66, leading BTC/USD below its long-term floor of $18,800.
During the past three weeks, there have been at least three attempted breakouts from this point, however bulls have mostly managed to stifle these attempts.
Looking specifically at the RSI indicator on the chart, strength is tracking below support at 30, however if a true rebound were to occur, bulls would need to reenter this level.
Prices have since declined after earlier gains, and as of writing, bitcoin is trading at $19,194.26, which is marginally higher than yesterday’s low.
Following a fall to an 11-day low on Thursday, ETH was also higher in today’s session as prices continued to stay above $1,000.
Ethereum bears attempted to move below this point yesterday, however bulls were able to prevent this from happening, for now.
As of writing, ETH/USD has so far risen to an intraday peak of $1,100.22 in today’s session, following a drop to $1,009.09 on Thursday.
Yesterday’s drop came as relative strength in ETH fell below a recent support of 35.85, falling to as low as 32.
This drop in the RSI has since slowed, with prices now appearing to consolidate close to a floor at $1,050.
The last time we were trading around this support point, prices went on rally for four consecutive sessions.
Following a move below $19,000 on Thursday, BTC was able to rise above $20,000 during today’s trading session. ETH also was able to remain above $1,000, following an attempt by bears to push price under this level during yesterday’s session.
Bitcoin was trading marginally higher on Friday, as markets rebounded following a bearish session on Thursday.
Despite a heightened level of volatility, the world’s largest crypto token climbed to an intraday peak of $20,632.67 earlier today.
This comes less than 24-hours after prices fell to a bottom of $18,729.66, leading BTC/USD below its long-term floor of $18,800.
During the past three weeks, there have been at least three attempted breakouts from this point, however bulls have mostly managed to stifle these attempts.
Looking specifically at the RSI indicator on the chart, strength is tracking below support at 30, however if a true rebound were to occur, bulls would need to reenter this level.
Prices have since declined after earlier gains, and as of writing, bitcoin is trading at $19,194.26, which is marginally higher than yesterday’s low.
Following a fall to an 11-day low on Thursday, ETH was also higher in today’s session as prices continued to stay above $1,000.
Ethereum bears attempted to move below this point yesterday, however bulls were able to prevent this from happening, for now.
As of writing, ETH/USD has so far risen to an intraday peak of $1,100.22 in today’s session, following a drop to $1,009.09 on Thursday.
Yesterday’s drop came as relative strength in ETH fell below a recent support of 35.85, falling to as low as 32.
This drop in the RSI has since slowed, with prices now appearing to consolidate close to a floor at $1,050.
The last time we were trading around this support point, prices went on rally for four consecutive sessions.
Bitcoin, Ethereum Technical Analysis: BTC, ETH Hover at Key Support Levels to Start Week
Bitcoin continues to hover below $20,000 to start the week, as U.S. markets were mainly closed due to the Independence Day celebrations. This past weekend’s volatility carried forward into Monday’s session, with ETH remaining close to a breakout below $1,000.
Bitcoin started the week in the red, as the world’s largest crypto token continues to hover below $20,000.
Following a volatile weekend of trading activity, BTC/USD dropped to an intraday low of $18,971.81 on Monday.
As a result of this move, bitcoin continued to trade close to its support point of $18,800, with bears still targeting further lows.
Looking at the chart, there is currently a lower floor at $17,700, which may be the next destination for prices, should momentum continue on its downward trend.
However, there is one notable obstacle in the way of this move, that being of the 14-day RSI which is currently tracking at a support of its own.
This is at the 28.60 level, and it is a support that has held firm for the past two weeks. Should this eventually give way, however, then more bears will likely enter the market.
In addition the BTC, ethereum was also in the red to start the week, with price once again tracking close to a support level at $1,050.
Overall, ETH/USD has now been in this current downtrend for the past ten sessions, with today’s low seeing it hit a floor of $1,044.01.
Like BTC, there seems to be a lower low ahead for the world’s second largest cryptocurrency, with bears firmly set on heading below $1,000.
The target here could be as low as $885, which is a point that was last hit on June 18, following a then nine-day losing streak.
Despite this current run of lows from ETH, the 10-day and 25-day moving averages are at their closest proximity since they last crossed over in an upward trend on March 22.
So although we could see further lows, there is also the possibility of a bounce in prices, once a firm floor is finally found.
Bitcoin continues to hover below $20,000 to start the week, as U.S. markets were mainly closed due to the Independence Day celebrations. This past weekend’s volatility carried forward into Monday’s session, with ETH remaining close to a breakout below $1,000.
Bitcoin started the week in the red, as the world’s largest crypto token continues to hover below $20,000.
Following a volatile weekend of trading activity, BTC/USD dropped to an intraday low of $18,971.81 on Monday.
As a result of this move, bitcoin continued to trade close to its support point of $18,800, with bears still targeting further lows.
Looking at the chart, there is currently a lower floor at $17,700, which may be the next destination for prices, should momentum continue on its downward trend.
However, there is one notable obstacle in the way of this move, that being of the 14-day RSI which is currently tracking at a support of its own.
This is at the 28.60 level, and it is a support that has held firm for the past two weeks. Should this eventually give way, however, then more bears will likely enter the market.
In addition the BTC, ethereum was also in the red to start the week, with price once again tracking close to a support level at $1,050.
Overall, ETH/USD has now been in this current downtrend for the past ten sessions, with today’s low seeing it hit a floor of $1,044.01.
Like BTC, there seems to be a lower low ahead for the world’s second largest cryptocurrency, with bears firmly set on heading below $1,000.
The target here could be as low as $885, which is a point that was last hit on June 18, following a then nine-day losing streak.
Despite this current run of lows from ETH, the 10-day and 25-day moving averages are at their closest proximity since they last crossed over in an upward trend on March 22.
So although we could see further lows, there is also the possibility of a bounce in prices, once a firm floor is finally found.
Russian State Duma Adopts Law Banning Payments With Digital Financial Assets
The lower house of Russian parliament has adopted a law prohibiting the use of digital financial assets in payments. To implement the restriction, exchange operators have been obliged to reject transactions which make it possible to employ these assets as a means of payment.
The majority in the State Duma, the lower house of Russia’s Federal Assembly, has supported the adoption of a bill banning payments for goods and services using digital financial assets (DFAs) within the Russian Federation.
Under current Russian legislation, DFAs is the only legal term that can apply to cryptocurrencies, until lawmakers review and adopt the dedicated draft law “On Digital Currency,” designed to more comprehensively regulate the crypto space. The ban also affects utilitarian digital rights, or tokens.
The measure will be implemented by obliging platform operators, such as exchanges, to refuse to process DFA transactions facilitating digital asset payments. Token issuers and investment platform operators should also make it impossible for their clients to change records of DFAs when making transactions with them, Forklog reported, quoting the document.
However, the restrictions may not apply to some payments with utility tokens that are regulated by other federal laws, or if certain transactions are envisaged in the original agreement for the acquisition of the respective digital right, the report notes.
The new legislation also classifies DFA platform operators as subjects of Russia’s national payment system. That means they must be added to a special register maintained by the Central Bank of Russia (CBR).
While opinions on how to treat cryptocurrencies vary among institutions in Moscow, there is a general consensus that the ruble, and its digital incarnation, should remain the only legal tender in the Russian Federation. However, the Bank of Russia has recently signaled it could back the legalization of crypto payments for international settlements.
Officials hope that the newly adopted law, which was submitted to the Duma in mid-June, will eliminate the risks of using DFAs as “money surrogates.” Another piece of legislation, that’s still under review, aims to introduce administrative liability for the illegal issuance and exchange of digital financial assets.
The lower house of Russian parliament has adopted a law prohibiting the use of digital financial assets in payments. To implement the restriction, exchange operators have been obliged to reject transactions which make it possible to employ these assets as a means of payment.
The majority in the State Duma, the lower house of Russia’s Federal Assembly, has supported the adoption of a bill banning payments for goods and services using digital financial assets (DFAs) within the Russian Federation.
Under current Russian legislation, DFAs is the only legal term that can apply to cryptocurrencies, until lawmakers review and adopt the dedicated draft law “On Digital Currency,” designed to more comprehensively regulate the crypto space. The ban also affects utilitarian digital rights, or tokens.
The measure will be implemented by obliging platform operators, such as exchanges, to refuse to process DFA transactions facilitating digital asset payments. Token issuers and investment platform operators should also make it impossible for their clients to change records of DFAs when making transactions with them, Forklog reported, quoting the document.
However, the restrictions may not apply to some payments with utility tokens that are regulated by other federal laws, or if certain transactions are envisaged in the original agreement for the acquisition of the respective digital right, the report notes.
The new legislation also classifies DFA platform operators as subjects of Russia’s national payment system. That means they must be added to a special register maintained by the Central Bank of Russia (CBR).
While opinions on how to treat cryptocurrencies vary among institutions in Moscow, there is a general consensus that the ruble, and its digital incarnation, should remain the only legal tender in the Russian Federation. However, the Bank of Russia has recently signaled it could back the legalization of crypto payments for international settlements.
Officials hope that the newly adopted law, which was submitted to the Duma in mid-June, will eliminate the risks of using DFAs as “money surrogates.” Another piece of legislation, that’s still under review, aims to introduce administrative liability for the illegal issuance and exchange of digital financial assets.
Kenya Has Highest Proportion of Crypto Owning Citizens in Africa UNCTAD Data Shows
The latest data from the United Nations Conference on Trade and Development (UNCTAD) suggest that Kenya has the highest proportion of crypto-owning inhabitants than any other African country. To counter the growing use of cryptocurrencies, UNCTAD said it recommends the imposition of taxes that discourages crypto trading.
According to the data in the latest (UNCTAD) policy brief, Kenya’s digital currency ownership as a share of the population of 8.5% is the highest in Africa and the fifth-highest globally. Only Ukraine with 12.7%, Russia (11.9%), Venezuela (10.3%), and Singapore (9.4%) have a higher proportion of crypto-owning residents than Kenya.
As the data shows, South Africa is the second-ranked country in Africa and eighth globally, with 7.1% of the population that owned or held cryptocurrencies in 2021. In Nigeria, which is one of the biggest cryptocurrency markets globally, about 6.3% of the population own or hold cryptocurrencies. Using the UNCTAD data, this means from the country’s population of 211 million inhabitants, just over 13 million were owners of digital currencies in 2021.
Out of the 20 countries that were surveyed, Australia was found to have the least percentage of its population (3.4%) that owned cryptocurrency in the said period.
Meanwhile, in a report on its findings, UNCTAD acknowledged that cryptocurrencies have grown in their popularity because they are “an attractive channel through which to send remittances.” The UN agency also said it found that middle-income individuals from inflation-hit developing countries own or hold cryptocurrencies because these are seen “as a way to protect household savings.”
However, based on its findings, the UNCTAD said it determined that “the use of cryptocurrencies may lead to financial instability risks.” In addition, their use potentially opens “a new channel for illicit financial flows.”
“Finally, if left unchecked, cryptocurrencies may become a widespread means of payment and even replace domestic currencies unofficially [a process called cryptoization], which could jeopardize the monetary sovereignty of countries. The use of stablecoins poses the greatest risks in developing countries with unmet demand for reserve currencies,” UNCTAD noted in the policy brief.
To minimize some of these risks, UNCTAD said it recommends “the mandatory registration of crypto-exchanges and digital wallets.” The agency also recommended imposing “entry fees for crypto-exchanges” or levying taxes on cryptocurrency trading. Doing this would make the use of cryptocurrencies less attractive, UNCTAD said. Other recommendations include restricting cryptocurrency advertisements and the issuing of a central bank digital currency (CBDC).
The latest data from the United Nations Conference on Trade and Development (UNCTAD) suggest that Kenya has the highest proportion of crypto-owning inhabitants than any other African country. To counter the growing use of cryptocurrencies, UNCTAD said it recommends the imposition of taxes that discourages crypto trading.
According to the data in the latest (UNCTAD) policy brief, Kenya’s digital currency ownership as a share of the population of 8.5% is the highest in Africa and the fifth-highest globally. Only Ukraine with 12.7%, Russia (11.9%), Venezuela (10.3%), and Singapore (9.4%) have a higher proportion of crypto-owning residents than Kenya.
As the data shows, South Africa is the second-ranked country in Africa and eighth globally, with 7.1% of the population that owned or held cryptocurrencies in 2021. In Nigeria, which is one of the biggest cryptocurrency markets globally, about 6.3% of the population own or hold cryptocurrencies. Using the UNCTAD data, this means from the country’s population of 211 million inhabitants, just over 13 million were owners of digital currencies in 2021.
Out of the 20 countries that were surveyed, Australia was found to have the least percentage of its population (3.4%) that owned cryptocurrency in the said period.
Meanwhile, in a report on its findings, UNCTAD acknowledged that cryptocurrencies have grown in their popularity because they are “an attractive channel through which to send remittances.” The UN agency also said it found that middle-income individuals from inflation-hit developing countries own or hold cryptocurrencies because these are seen “as a way to protect household savings.”
However, based on its findings, the UNCTAD said it determined that “the use of cryptocurrencies may lead to financial instability risks.” In addition, their use potentially opens “a new channel for illicit financial flows.”
“Finally, if left unchecked, cryptocurrencies may become a widespread means of payment and even replace domestic currencies unofficially [a process called cryptoization], which could jeopardize the monetary sovereignty of countries. The use of stablecoins poses the greatest risks in developing countries with unmet demand for reserve currencies,” UNCTAD noted in the policy brief.
To minimize some of these risks, UNCTAD said it recommends “the mandatory registration of crypto-exchanges and digital wallets.” The agency also recommended imposing “entry fees for crypto-exchanges” or levying taxes on cryptocurrency trading. Doing this would make the use of cryptocurrencies less attractive, UNCTAD said. Other recommendations include restricting cryptocurrency advertisements and the issuing of a central bank digital currency (CBDC).
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US Bankruptcy Judge Freezes Crypto Hedge Fund Three Arrows Capital’s Assets
A federal judge in a New York bankruptcy court has frozen the assets of crypto hedge fund Three Arrows Capital (3AC). “A key part of this motion is to put the world on notice that it is the liquidators that are controlling the debtor’s assets at this stage.”
Judge Martin Glenn, a United States bankruptcy judge for the Southern District of New York, granted an emergency motion Tuesday to freeze the remaining assets of bankrupt crypto hedge fund Three Arrows Capital (3AC), CNBC reported, noting that it attended the hearing.
The judge noted in the order that only the assigned bankruptcy liquidators are authorized to “transfer, encumber or otherwise dispose of any assets of the debtor located within the territorial jurisdiction of the United States,” the publication conveyed.
Global consulting and advisory firm Teneo was assigned to manage the liquidation. The firm was granted permission to subpoena Three Arrows Capital co-founders Zhu Su and Kyle Davies as well as companies that have done business with 3AC, including banks and crypto exchanges.
An attorney representing Teneo, Adam Goldberg, stressed in the hearing:
A key part of this motion is to put the world on notice that it is the liquidators that are controlling the debtor’s assets at this stage.
3AC managed about $10 billion in assets as of March. The Singapore-based hedge fund filed for Chapter 15 bankruptcy protection in the Southern District of New York on July 1. Chapter 15 governs cross-border bankruptcy and insolvency proceedings.
Prior to the bankruptcy filing, a court in the British Virgin Islands ordered the liquidation of 3AC’s assets in order to pay back its debts. According to reports, partners from Teneo in the British Virgin Islands are handling the insolvency proceedings.
The lawyers representing 3AC’s creditors explained that one of the main reasons for the aggressive action is that the physical whereabouts of Su and Davies are “currently unknown.” The creditors also alleged that Three Arrows Capital’s offices in Singapore were vacant, except for a few inactive computer screens.
Su broke silence after a month on Twitter Wednesday. Posting screenshots of two emails from Advocatus Law, which represents Three Arrows Capital, to Teneo, he wrote:
Sadly, our good faith to cooperate with the liquidators was met with baiting. Hope that they did exercise good faith wrt the Starkware token warrants.
A federal judge in a New York bankruptcy court has frozen the assets of crypto hedge fund Three Arrows Capital (3AC). “A key part of this motion is to put the world on notice that it is the liquidators that are controlling the debtor’s assets at this stage.”
Judge Martin Glenn, a United States bankruptcy judge for the Southern District of New York, granted an emergency motion Tuesday to freeze the remaining assets of bankrupt crypto hedge fund Three Arrows Capital (3AC), CNBC reported, noting that it attended the hearing.
The judge noted in the order that only the assigned bankruptcy liquidators are authorized to “transfer, encumber or otherwise dispose of any assets of the debtor located within the territorial jurisdiction of the United States,” the publication conveyed.
Global consulting and advisory firm Teneo was assigned to manage the liquidation. The firm was granted permission to subpoena Three Arrows Capital co-founders Zhu Su and Kyle Davies as well as companies that have done business with 3AC, including banks and crypto exchanges.
An attorney representing Teneo, Adam Goldberg, stressed in the hearing:
A key part of this motion is to put the world on notice that it is the liquidators that are controlling the debtor’s assets at this stage.
3AC managed about $10 billion in assets as of March. The Singapore-based hedge fund filed for Chapter 15 bankruptcy protection in the Southern District of New York on July 1. Chapter 15 governs cross-border bankruptcy and insolvency proceedings.
Prior to the bankruptcy filing, a court in the British Virgin Islands ordered the liquidation of 3AC’s assets in order to pay back its debts. According to reports, partners from Teneo in the British Virgin Islands are handling the insolvency proceedings.
The lawyers representing 3AC’s creditors explained that one of the main reasons for the aggressive action is that the physical whereabouts of Su and Davies are “currently unknown.” The creditors also alleged that Three Arrows Capital’s offices in Singapore were vacant, except for a few inactive computer screens.
Su broke silence after a month on Twitter Wednesday. Posting screenshots of two emails from Advocatus Law, which represents Three Arrows Capital, to Teneo, he wrote:
Sadly, our good faith to cooperate with the liquidators was met with baiting. Hope that they did exercise good faith wrt the Starkware token warrants.
Biggest Movers: XMR Surges to 1-Month High, as ALGO Also Climbs on Saturday
XMR was a notable mover in crypto markets to start the weekend, as prices rose to their highest level in over four weeks. Despite a large section of the market consolidating on Saturday, ALGO was also higher, as it too hit a multi-week high during the weekend.
Monero was a notable mover on Saturday, as the token rallied to its highest point in over four weeks in today’s session.
Following a low of $133.16 on Friday, XMR/USD raced to an intraday peak of $141.17 to start the weekend.
This move saw the token race hit its highest point since June 13, and this came as prices broke beyond a key resistance level at $136.
Since this breakout, volatility in XMR has increased, with some bears trying to halt the current streak of upward momentum.
As of writing, prices have slightly slipped from earlier highs, with monero now trading around the $138 region.
Should earlier bullish sentiment continue to fall, then we may soon see XMR trading below its long-term ceiling of $136.
ALGO was another relatively strong gainer on Saturday, as it too rose to a multi-week high to start the weekend.
The token hit an intraday peak of $0.3425 earlier today, which is the most it has traded at since June 26.
As a result of today’s surge, ALGO/USD is now on the cusp of colliding with its long-term price ceiling at $0.3500.
Looking at the chart, relative strength has risen considerably over the last few weeks, with the index now tracking at 54.19.
This is the highest reading for the RSI since April 4, when prices were trading at double the current value.
Bulls seem to be aiming to move past the upcoming price ceiling, however it is likely that bears will look to send prices lower at that level.
XMR was a notable mover in crypto markets to start the weekend, as prices rose to their highest level in over four weeks. Despite a large section of the market consolidating on Saturday, ALGO was also higher, as it too hit a multi-week high during the weekend.
Monero was a notable mover on Saturday, as the token rallied to its highest point in over four weeks in today’s session.
Following a low of $133.16 on Friday, XMR/USD raced to an intraday peak of $141.17 to start the weekend.
This move saw the token race hit its highest point since June 13, and this came as prices broke beyond a key resistance level at $136.
Since this breakout, volatility in XMR has increased, with some bears trying to halt the current streak of upward momentum.
As of writing, prices have slightly slipped from earlier highs, with monero now trading around the $138 region.
Should earlier bullish sentiment continue to fall, then we may soon see XMR trading below its long-term ceiling of $136.
ALGO was another relatively strong gainer on Saturday, as it too rose to a multi-week high to start the weekend.
The token hit an intraday peak of $0.3425 earlier today, which is the most it has traded at since June 26.
As a result of today’s surge, ALGO/USD is now on the cusp of colliding with its long-term price ceiling at $0.3500.
Looking at the chart, relative strength has risen considerably over the last few weeks, with the index now tracking at 54.19.
This is the highest reading for the RSI since April 4, when prices were trading at double the current value.
Bulls seem to be aiming to move past the upcoming price ceiling, however it is likely that bears will look to send prices lower at that level.
Indian Finance Minister: Crypto Ban, Regulation Effective Only With Significant International Collaboration
India’s finance minister has informed parliament that the central bank, the Reserve Bank of India (RBI), wants cryptocurrencies to be prohibited. However, she noted that “any legislation for regulation or for banning can be effective only after significant international collaboration.”
Indian Finance Minister Nirmala Sitharaman answered some questions about cryptocurrency on Monday in Lok Sabha, the lower house of India’s parliament.
Parliament Member Thirumavalavan Thol asked the finance minister whether the Reserve Bank of India (RBI) “has recommended for framing suitable legislation to restrict the flow of cryptocurrency in India” and whether “the government has any plan to legislate any law restricting the use of cryptocurrency in India.”
The finance minister replied: “In view of the concerns expressed by RBI on the destabilizing effect of cryptocurrencies on the monetary and fiscal stability of a country, RBI has recommended for framing of legislation on this sector.” She elaborated:
RBI is of the view that cryptocurrencies should be prohibited.
However, Sitharaman noted that “Cryptocurrencies are by definition borderless and require international collaboration to prevent regulatory arbitrage,” adding:
Therefore any legislation for regulation or for banning can be effective only after significant international collaboration on evaluation of the risks and benefits and evolution of common taxonomy and standards.
The Indian government has been consulting with the International Monetary Fund (IMF) and the World Bank on crypto policies.
Last week, Sitharaman called on the G20 countries to bring crypto within the “Automatic Exchange of Information” framework, which over 100 countries are already using. The Financial Stability Board (FSB) also said it is working on a “robust” regulatory framework for crypto assets and will report its recommendations to the G20 finance ministers and central bank governors in October.
RBI Governor Shaktikanta Das recently said that “Cryptocurrencies are a clear danger,” emphasizing that “Anything that derives value based on make-believe, without any underlying, is just speculation under a sophisticated name.” In addition, the Indian government’s chief economic adviser, V. Anantha Nageswaran, warned in June about the danger of crypto and the risks posed by its lack of regulation.
Meanwhile, cryptocurrency income is taxed at 30% in India, and a 1% tax deducted at source (TDS) on crypto transactions went into effect earlier this month.
India’s finance minister has informed parliament that the central bank, the Reserve Bank of India (RBI), wants cryptocurrencies to be prohibited. However, she noted that “any legislation for regulation or for banning can be effective only after significant international collaboration.”
Indian Finance Minister Nirmala Sitharaman answered some questions about cryptocurrency on Monday in Lok Sabha, the lower house of India’s parliament.
Parliament Member Thirumavalavan Thol asked the finance minister whether the Reserve Bank of India (RBI) “has recommended for framing suitable legislation to restrict the flow of cryptocurrency in India” and whether “the government has any plan to legislate any law restricting the use of cryptocurrency in India.”
The finance minister replied: “In view of the concerns expressed by RBI on the destabilizing effect of cryptocurrencies on the monetary and fiscal stability of a country, RBI has recommended for framing of legislation on this sector.” She elaborated:
RBI is of the view that cryptocurrencies should be prohibited.
However, Sitharaman noted that “Cryptocurrencies are by definition borderless and require international collaboration to prevent regulatory arbitrage,” adding:
Therefore any legislation for regulation or for banning can be effective only after significant international collaboration on evaluation of the risks and benefits and evolution of common taxonomy and standards.
The Indian government has been consulting with the International Monetary Fund (IMF) and the World Bank on crypto policies.
Last week, Sitharaman called on the G20 countries to bring crypto within the “Automatic Exchange of Information” framework, which over 100 countries are already using. The Financial Stability Board (FSB) also said it is working on a “robust” regulatory framework for crypto assets and will report its recommendations to the G20 finance ministers and central bank governors in October.
RBI Governor Shaktikanta Das recently said that “Cryptocurrencies are a clear danger,” emphasizing that “Anything that derives value based on make-believe, without any underlying, is just speculation under a sophisticated name.” In addition, the Indian government’s chief economic adviser, V. Anantha Nageswaran, warned in June about the danger of crypto and the risks posed by its lack of regulation.
Meanwhile, cryptocurrency income is taxed at 30% in India, and a 1% tax deducted at source (TDS) on crypto transactions went into effect earlier this month.
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Bitcoin, Ethereum Technical Analysis: ETH Rebounds, Climbing to Over $1,600 on Friday
Ethereum was back in the green on Friday, as bulls returned to action following yesterday’s selloff. Crypto markets set aside concerns over Tesla’s bitcoin sale, extending this week’s rally in the process. Bitcoin was also up in today’s session, as it headed back towards $24,000.
Bitcoin (BTC) prices rose on Friday, as markets rebounded following yesterday’s Tesla-led selloff.
The world’s largest cryptocurrency climbed to an intraday high of $23,663.72 in today’s session, after dropping to $22,431.12 less than 24 hours ago.
Today’s move sees bitcoin move back towards its long-term resistance level at $24,300, which is a point it hit earlier this week.
Following today’s surge, price strength has once again collided with a ceiling of its own, two days after failing to overcome this obstacle.
This resistance on the 14-day RSI (Relative Strength Index) sits at the 62 mark, and is the highest point relative strength has hit in three months.
Should bulls finally break out of this level, we will likely see bitcoin not only move into the $24,000 region, but make a move towards $25,000.
Ethereum (ETH) was also back in the green on Friday, as the ether price rose towards a resistance level of its own.
Following a low of $1,472.19 during yesterday’s session, ETH/USD raced to an intraday peak of $1,641.21 earlier today.
This move has seen the token climb by almost $200 in less than 24 hours, pushing it to a resistance level of $1,640 as a result.
Looking at the chart, today’s peak is the highest point ethereum has traded since June 11, with the RSI also tracking at multi-month highs.
As of writing, the index now sits at 68.55, which is the highest reading since April 4, and should we see prices continue in an uptrend, the RSI will have to be above 70.
Ethereum was back in the green on Friday, as bulls returned to action following yesterday’s selloff. Crypto markets set aside concerns over Tesla’s bitcoin sale, extending this week’s rally in the process. Bitcoin was also up in today’s session, as it headed back towards $24,000.
Bitcoin (BTC) prices rose on Friday, as markets rebounded following yesterday’s Tesla-led selloff.
The world’s largest cryptocurrency climbed to an intraday high of $23,663.72 in today’s session, after dropping to $22,431.12 less than 24 hours ago.
Today’s move sees bitcoin move back towards its long-term resistance level at $24,300, which is a point it hit earlier this week.
Following today’s surge, price strength has once again collided with a ceiling of its own, two days after failing to overcome this obstacle.
This resistance on the 14-day RSI (Relative Strength Index) sits at the 62 mark, and is the highest point relative strength has hit in three months.
Should bulls finally break out of this level, we will likely see bitcoin not only move into the $24,000 region, but make a move towards $25,000.
Ethereum (ETH) was also back in the green on Friday, as the ether price rose towards a resistance level of its own.
Following a low of $1,472.19 during yesterday’s session, ETH/USD raced to an intraday peak of $1,641.21 earlier today.
This move has seen the token climb by almost $200 in less than 24 hours, pushing it to a resistance level of $1,640 as a result.
Looking at the chart, today’s peak is the highest point ethereum has traded since June 11, with the RSI also tracking at multi-month highs.
As of writing, the index now sits at 68.55, which is the highest reading since April 4, and should we see prices continue in an uptrend, the RSI will have to be above 70.
Biggest Movers: ATOM Drops for Fourth Straight Session, Hitting 1-Week Low
Cosmos was trading lower for a fourth consecutive session on Monday, as prices approached a one-week low. Decentraland was also trading close to a one-week low on Monday, as the global cryptocurrency market fell by over 3% as of writing.
Cosmos (ATOM) declined for a fourth straight session, as the token moved towards a one-week low.
Following a high of $10.25 during yesterday’s session, ATOM/USD dropped to an intraday low of $9.27 earlier today.
The move comes as ATOM moved closer to its support point of $9.00, less than a week after nearing a breakout of a resistance at $11.25.
Looking at the chart, recent declines have come as the relative strength index (RSI) dramatically dropped, moving from 67 on Friday to 50 today.
Should the 14-day RSI fall below the 50 level, which is also a support point, this could see ATOM moving below its $9.00 floor.
Overall, prices of the token fell by just 3.62% from the same point last week, despite this extended streak of declines.
Like ATOM, decentraland (MANA) was trading close to a one-week low during today’s session.
The world’s thirty-fourth largest cryptocurrency slipped to an intraday low of $0.9051 earlier today, which is its lowest level since last Thursday, when prices dropped to $0.8797.
This drop in decentraland comes following a failed breakout attempt above resistance of $1.02 on Sunday.
Despite the ceiling being held, MANA reached a one-month high, however bears have now pushed the token away from this point.
As of writing, MANA/USD is now trading at $0.9128, which is marginally above a support level of $0.9030.
The 14-day RSI currently sits at a floor of 50, which would need to be broken if bears are to extend this recent downtrend.
Cosmos was trading lower for a fourth consecutive session on Monday, as prices approached a one-week low. Decentraland was also trading close to a one-week low on Monday, as the global cryptocurrency market fell by over 3% as of writing.
Cosmos (ATOM) declined for a fourth straight session, as the token moved towards a one-week low.
Following a high of $10.25 during yesterday’s session, ATOM/USD dropped to an intraday low of $9.27 earlier today.
The move comes as ATOM moved closer to its support point of $9.00, less than a week after nearing a breakout of a resistance at $11.25.
Looking at the chart, recent declines have come as the relative strength index (RSI) dramatically dropped, moving from 67 on Friday to 50 today.
Should the 14-day RSI fall below the 50 level, which is also a support point, this could see ATOM moving below its $9.00 floor.
Overall, prices of the token fell by just 3.62% from the same point last week, despite this extended streak of declines.
Like ATOM, decentraland (MANA) was trading close to a one-week low during today’s session.
The world’s thirty-fourth largest cryptocurrency slipped to an intraday low of $0.9051 earlier today, which is its lowest level since last Thursday, when prices dropped to $0.8797.
This drop in decentraland comes following a failed breakout attempt above resistance of $1.02 on Sunday.
Despite the ceiling being held, MANA reached a one-month high, however bears have now pushed the token away from this point.
As of writing, MANA/USD is now trading at $0.9128, which is marginally above a support level of $0.9030.
The 14-day RSI currently sits at a floor of 50, which would need to be broken if bears are to extend this recent downtrend.
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⭐️$313,000 worth of IBAT (1,252 BNB) sold in just a week – and full marketing hasn't started yet!
At 10:50 UTC 18 July 2022 7.59% (1,252.3 BNB / 212,240,000 IBAT) of presale allocation has been sold.
Presale allocation is 2,800,000,000 (28% of the 10 billion total supply).
PRESALE INFO:
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