Markets

The world’s largest cryptocurrency platform – Binance – received a permanent license from Kazakhstan’s AIFC Financial Services Authority (AFSA) to operate a digital asset platform and provide custodial services in the country. Earlier this month, the company and the Kazakhstani monetary regulators signed a Memorandum of Understanding (MoU) to create a safe environment for domestic crypto investors and diminish crime in the sector. Two months ago, Binance obtained in-principal...

Investors are currently fleeing bitcoin and gold amidst a strengthening US Dollar and rising interest rates. This has negatively impacted both – the world’s largest crypto and the precious metal. As a result, the correlation between the two has shifted and has hit its highest level in more than a year. Bitcoin and Gold Correlation Over the past year, bitcoin has been mostly uncorrelated with gold. Its correlation hovered between negative 0.2 and positive 0.2. But this year...

Now that The Merge is in full swing, is it possible Ethereum could potentially flip bitcoin and become the largest and most powerful digital currency in the crypto space? Will Ethereum Overtake BTC? Many analysts have been talking about what they refer to as the “flippening” for some time. The idea is that Ethereum will eventually become so strong it could ultimately outdo bitcoin, and what was once the world’s second largest digital currency by market cap will become...

The market is currently attempting a recovery that might take the price up to $22K after being supported by the critical $18K level. However, there is significant resistance at around $20K. The bearish phase appears far from over as the substantial lack of demand in the market continues. Technical Analysis By Shayan The Daily Chart The descending multi-week trendline (currently at $20.5K) has been acting as significant resistance to the price for the past five months....

EOS price started a fresh decline from the $1.25 resistance against the US Dollar. The price is now trading just above $1.18 and the 55 simple moving average (4-hours). There is a major contracting triangle forming with resistance near $1.200 on the 4-hours chart of the EOS/USD pair (data feed from Coinbase). The pair could start a fresh increase if it clears the $1.20 and $1.22 resistance levels. EOS price is struggling below $1.25 against the US Dollar, similar to...

The phenomenal rise of NFTs in the last few years surprised many, but experts and enthusiasts long believed in the potential held by this domain of the blockchain space. The costliest NFT to date was sold just a few months ago for a whopping $91.8 million. And there are several others fetching millions of dollars in the market. The meteoric rise led to an increased interest in the domain and attracted more investors. But the dearth of reliable marketplaces significantly...

Litecoin is facing a major resistance near the $55.80 zone against the US Dollar. LTC price is now trading above $54 and the 55 simple moving average (4-hours). There was a break above a major bearish trend line with resistance near $54.05 on the 4-hours chart of the LTC/USD pair (data feed from Coinbase). The pair could start a steady upward move if it clears the $55.20 and $55.75 levels. Litecoin price is rising above $54 against the US Dollar, similar to bitcoin. LTC...

Owing to the historic inflation, Q3 has been painful for Bitcoin. The largest cryptocurrency by market cap appears to have largely lost its inflation hedge and store-of-value narratives in the market. According to Messari’s new report, the demand for block space fell, resulting in a decline in Bitcoin’s transaction count and fees by roughly 3% and 23%, respectively. The average daily value settled also plunged 44% QoQ. While Bitcoin’s hashrate reached a new milestone of 258...

The Bitcoin closed a daily candle above $20,000 on Tuesday, marking the highest daily close in about 24 days. That’s after trading range-bound from the $19K to $20K level for the latter half of September. Foreign pressure on the Fed to slow rate hikes and a low supply of bitcoin on crypto exchanges rallied the price of BTC. The Near Term Assessment of Bitcoin Traders As markets watch the price of BTC move on crypto exchanges this month, traders are assessing bitcoin’s...

The Markets in Crypto-Assets (MiCA) regulation passed in the European Council on October 5th. The development is a significant step toward bringing a consistent legislative landscape to the continent that has been, so far, fragmented. The text of the laws was signed off by the representatives of the bloc’s member governments in the EU’s Council. The policies are expected to go into effect in 2024. Creating a Consistent Regulatory Framework in the EU MiCA will eliminate the...