Markets

Solana price started a decent increase above the $22.40 resistance against the US Dollar. The price is now trading above $23.50 and the 55 simple moving average (4 hours). There was a break above a major bearish trend line with resistance near $23.20 on the 4-hour chart of the SOL/USD pair (data feed from Coinbase). The pair must clear $24.40 and $25.00 to continue higher in the near term. Solana price is trading in a positive zone above $23.50 against the US...

Bitcoin price started a downside correction from the $30,000 zone against the US Dollar. The price is now trading above $28,000 and the 55 simple moving average (4 hours). There is a short-term contracting triangle with support near $28,250 on the 4-hour chart of the BTC/USD pair (data feed from Coinbase). The pair could start a fresh increase if it stays above the $27,750 support zone. Bitcoin price is correcting lower below $28,750 against the US Dollar. BTC...

TL;DR Xsolla, a gaming company, integrates XRP payments for games like Smite and Roblox through BitPay. XRP’s price surged 70% after a partial court win against the US SEC, peaking at $0.85. Post-ruling, major exchanges like Crypto.com and Coinbase re-listed XRP, boosting its prominence in the US crypto market. XRP Adoption on the Rise Ripple’s native token – XRP – has been the subject of mass adoption recently, with numerous companies allowing clients to pay for services in...

Major cryptocurrency exchange Binance has stopped onboarding new users from the United Kingdom, pending when the firm can find a new FCA-authorized partner to approve its cryptocurrency promotions. The UK financial regulator restricted Binance’s previous local partner from approving crypto marketing materials. Binance Currently Unable to Promote Crypto to UK Customers Binance said it will place temporary restrictions on its platform for users in the United Kingdom as it is...

ProShares is gearing up to introduce a unique offering to the market. The firm recently launched three Ethereum futures ETFs and is now preparing to debut the ProShares Short Ether Strategy ETF (SETH). This new ETF is poised to launch in early November, just a few weeks after the initial Ethereum futures ETFs debuted. ProShares Adds SETH to its Crypto ETF Lineup According to a recent filing, SETH will be listed on the NYSE Arca exchange. It is designed to deliver daily...

Though the anticipation for MiCA has gone into full throttle, ESMA has warned national regulators against allowing what it calls ‘letterbox’ entities. The European Securities and Markets Authority (ESMA) is wary of global crypto firms who might try to exploit loopholes currently present in its Markets in Crypto Assets regulation (MiCA). MiCA, whose rules are set to take effect by December 2024, would allow companies that have been registered under an existing regime to continue doing their...

Binance’s American entity, Binance.US, has officially informed its customers that their digital assets held on the exchange are no longer Federal Deposit Insurance Corporation (FDIC) insured. This change follows a previous advisory from the US agency, alerting individuals to the fact that funds placed with financial service providers dealing in cryptocurrency do not fall under the protection of FDIC insurance. Binance.US Crypto Assets Lose FDIC Coverage Binance.US has...

The team overseeing the bankruptcy process has put forward a new plan to distribute the remaining assets to affected creditors. The proposal aims to give creditors back up to 90% of their holdings at the time of FTX’s collapse. Cryptocurrency exchange FTX has introduced an amended proposal to return a substantial portion of funds to creditors impacted by the company’s bankruptcy last November. The Troubled FTX Exchange FTX, once one of the largest crypto exchanges, filed for bankruptcy...

Bank of America, once expected to be a major beneficiary of rising interest rates, has faced unexpected challenges in 2023. In a recent earnings report, Bank of America Corp (NYSE: BAC) showcased its resilience and financial strength, surpassing analysts’ expectations for the third quarter of the year (Q3 2023). Exceeding Earnings Expectations The North Carolina-based banking giant reported robust earnings per share and impressive revenue figures, further cementing its reputation as one of...

A new report notes that AI has brought trillions in good fortune to tech giants in the United States, like Microsoft, Apple, and Amazon. The ongoing AI explosion has benefited several tech companies in the US, adding trillions to their market capitalizations in a year. According to a venture capital firm Accel report, AI has helped US tech giants increase their valuations by $2.4 trillion. Tech Giants Enjoy AI Boom Accel published its annual Euroscape Report, noting the benefits tech...