Norton Rose Fulbright advises world's third busiest crypto ... - cyptoranking.com

2024-05-01

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In a recent tweet, crypto educator CryptoBusy explained how a US government shutdown will push investors toward Bitcoin “as a hedge against economic uncertainty.” That being said, data from Chainanalysis has shown that it isn’t exit scams that are top of mind but rather ransom attackers, which are becoming a persistent issue. Norton Rose Fulbright advises world's third busiest crypto ...Because of AWS's dominance, competitors have been forced to innovate and differentiate themselves in numerous ways. Microsoft Azure, for example, has positioned itself as a major hybrid cloud solution provider by using its broad enterprise software portfolio. Google Cloud Platform has concentrated on data analytics and machine learning to attract customers, exploiting its experience in these areas. The Federal Reserve did not hike interest rates in its meeting on Sept. 20 but hinted that rates could remain higher for longer. At the post-meeting press conference, Fed Chair Jerome Powell cautioned that “the process of getting inflation sustainably down to 2% has a long way to go.”This possible scenario may have triggered the sell-off in the United States equities markets and also in the cryptocurrency space. Risk assets typically tend to underperform in a high-interest-rate environment. While the S&P 500 is down more than 2% and the Nasdaq about 3% this week, Bitcoin (BTC) has remained flat. Daily cryptocurrency market performance. Source: Coin360Altcoins have been unable to hold on to their intra-week gains due to a risk-off sentiment. Still, an encouraging sign is that Bitcoin and the major altcoins have largely managed to stay above their crucial support levels. The price action over the next few days is critical as it is likely to witness a tough battle between the bulls and the bears.Will bears seize the initiative and drag Bitcoin and the major altcoins lower, or could buyers regroup and push prices higher? Let’s study the charts of the top 10 cryptocurrencies to find out.Bitcoin price analysisBitcoin has been trading between the moving averages for the past few days. This tight-range trading indicates indecision between the bulls and the bears about the next directional move.BTC/USDT daily chart. Source: TradingViewBuyers are attempting to keep the BTC/USDT pair above the 20-day exponential moving average ($26,520). If the price rises from the current level, the bulls will again try to overcome the barrier at the 50-day simple moving average (SMA) ($27,050). If they are successful, the pair could surge to the next resistance at $28,143.In contrast, if the price plummets below the 20-day exponential moving average (EMA), it will suggest that the bears are back in command. That will increase the possibility of a retest of the pivotal support at $24,800.Ether price analysisEther (ETH) turned down from the 20-day EMA ($1,628) on Sept. 20, indicating that the bears continue to sell on rallies.ETH/USDT daily chart. Source: TradingViewThe bears will try to solidify their position further by pulling the price below the vital support at $1,530. If they manage to do that, the ETH/USDT pair could start a downward move toward the next major support at $1,368.Contrarily, if the price turns up from the current level or rebounds off $1,530, it will suggest that lower levels are attracting buyers. The first sign of strength will be a break and close above $1,670. That will clear the path for a potential rally to $1,745.BNB price analysisBNB (BNB) turned down from $220 on Sept. 18 and broke below the 20-day EMA ($214) on Sept. 20. This suggests that the price may consolidate between $203 and $220 for a while longer.BNB/USDT daily chart. Source: TradingViewIf the price sustains below the 20-day EMA, the bears will make one more attempt to tug the BNB/USDT pair below the crucial support at $203. If they succeed, it will indicate the resumption of the downtrend. The next support on the downside is at $183.On the upside, the bulls will have to clear the hurdle at the 50-day SMA ($222) to signal a comeback. The pair could first rally to $235 and subsequently attempt an up-move to $250. This level is expected to attract sellers.XRP price analysisXRP (XRP) rose above the 20-day EMA ($0.51) on Sept. 19, but the bulls are struggling to sustain the recovery. XRP/USDT daily chart. Source: TradingViewThe price has again dropped to the 20-day EMA, which is an important support to keep an eye on. If the price turns up from the current level, it will suggest a change in sentiment from selling on rallies to buying on dips. The bulls will then again attempt to kick the price above the overhead zone between the 50-day SMA ($0.53) and $0.56. On the contrary, if the 20-day EMA gives way, the pair could fall to the uptrend line. This is an important level for the bulls to defend because a break below it will invalidate the bullish pattern.Cardano price analysisThe price action of Cardano’s ADA (ADA) over the past few days has formed a descending triangle pattern, which will complete on a break and close below $0.24.ADA/USDT daily chart. Source: TradingViewThe gradually downsloping moving averages suggest an advantage to bears, but the bullish divergence on the relative strength index (RSI) indicates that the bearish momentum may be slowing down. Buyers will have to quickly shove the price above the downtrend line to prevent a breakdown. If they do that, the ADA/USDT pair will be well-positioned for a relief rally to $0.30.If the price continues lower and breaks below $0.24, it will complete the bearish setup and set the stage for a fall to $0.22 and eventually to the pattern target of $0.19.Dogecoin price analysisDogecoin (DOGE) turned down from the 20-day EMA ($0.06) on Sept. 21, indicating that the bears are aggressively defending the level.DOGE/USDT daily chart. Source: TradingViewHowever, the bears have not been able to strengthen their position by yanking the price below the formidable support at $0.06. This suggests that the bulls are buying on dips. The DOGE/USDT pair may swing between $0.06 and the 20-day EMA for some more time.If bulls kick the price above the 20-day EMA, it will indicate the start of a sustained recovery to the 50-day SMA ($0.07) and then to $0.08. On the downside, if the $0.06 level cracks, the pair risks a potential decline to $0.055.Solana price analysisSolana’s SOL (SOL) rose above the 20-day EMA ($19.57) on Sept. 18, but the bulls could not push the price to the 50-day SMA ($21.01). This suggests that the bears are active at higher levels.SOL/USDT daily chart. Source: TradingViewThe 20-day EMA is witnessing a tough battle between the bulls and the bears. If the sellers sustain the price below the 20-day EMA, the SOL/USDT pair could slump to $18.50 and thereafter to the next support at $17.33.Related: Bitcoin blasts past its 2021 all-time high in Argentina, but hyperinflation outpaces gainsOn the other hand, if the price sustains above the 20-day EMA, it will suggest that the bulls have flipped the level into support. That could increase the possibility of a retest of the overhead resistance zone between the 50-day SMA and $22.30.Toncoin price analysisToncoin’s (TON) failure to rise above $2.59 on Sept. 19 and 20 may have tempted short-term traders to book profits. TON/USDT daily chart. Source: TradingViewThe immediate support on the downside is at $2.25. If this level is violated, the TON/USDT pair could drop to the 20-day EMA ($2.08). If bulls want to retain the positive sentiment, they must defend this level. A strong rebound off the 20-day EMA could keep the pair stuck inside the large range between $2.07 and $2.59.Another possibility is that the price snaps back from $2.25. If that happens, it will suggest that traders are not waiting for a deeper correction to buy. That will increase the likelihood of a break above $2.59. The pair may then jump to $2.90. Polkadot price analysisThe bears are fiercely guarding the breakdown level of $4.22 in Polkadot’s DOT (DOT), indicating that every minor relief rally is being sold into.DOT/USDT daily chart. Source: TradingViewThe downsloping moving averages and the RSI in the negative territory indicate that the bears have the upper hand. If the price continues lower and skids below $3.90, it will suggest the start of the next leg of the downtrend toward $3.58.A minor advantage in favor of the bulls is that the RSI is showing early signs of forming a positive divergence. This suggests that the selling pressure could be reducing. A break and close above $4.22 will open the doors for a possible rally to the downtrend line.Polygon price analysisPolygon’s MATIC (MATIC) closed above the 20-day EMA ($0.54) on Sept. 19, but the bulls failed to build upon the momentum. This suggests that demand dries up at higher levels.MATIC/USDT daily chart. Source: TradingViewThe bears pulled the price back below the 20-day EMA on Sept. 21. The sellers will try to sink the pair below the strong support at $0.49. If they manage to do that, the MATIC/USDT pair could resume its downtrend. The next support on the downside is $0.45.Alternatively, if the price rebounds of the $0.50 support with strength, it will suggest that lower levels are attracting buyers. The bulls will have to propel and sustain the price above $0.55 to signal the start of a stronger recovery.This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

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From the data above, it was also seen that the average target for CHZ was $0.057. For CHZ to hit $0.5, buying momentum must increase, and there has been a surge in open interest and volume. Some U.K. football clubs have been releasing tokens that give members access to membership perks like voting on club decisions, merchandise and unique experiences. Buy Ethereum with credit card or bank transferDOGE/USDT Daily Chart. Source: TradingView Cutler: We’re a US-based entity, and that means OFAC SDN is a fact of life for us. We work very hard to be ecosystem aligned, and there are a lot of hard line stances as it relates to OFAC SDN compliance. A number of the public goods funding approaches that were being discussed for relays explicitly carved out relays that were OFAC SDN compliant, and I had some in-depth conversations with [Ethereum Foundation] core devs who basically felt that this was a black and white issue.

Additionally, concerns over erratic inscription numbers have emerged, with some calls to re-index Ordinals. The development may have raised some concerns in the Ordinals community as it impacts existing Ordinals collections. Ripple transfers 119 million XRP – purpose? 11 Most Profitable Bitcoin & Crypto Affiliate Programs of 2023Says the on-chain analyst, In an Oct. 6 thread on X, the anonymous account NFT Ethics tagged OpenSea asking them to respond to its accusations that their former head of ventures Kevin Pawlak is linked to the pseudonymous identity “0xSisyphus" and was involved in "various dubious business dealings."

The Global In/Out of Money Around Price (GIOM) data, which depicts the entry price distribution of current Bitcoin investors, also supports this prediction. The suspected robbers appear to have attempted to throw investigators off the scent by “spreading” the funds “across several crypto wallets.” Best cryptocurrency exchange apps in India for online tradingEther (ETH), the native token of the Ethereum network, has experienced an 8.2% decline between Oct. 2 and Oct. 9. This price drop can be attributed to an increase in coin issuance resulting from its regular monetary policy, relevant sales by Vitalik Buterin, and a disappointing first week for the futures-based exchange-traded fund (ETF) instrument.Ether supply increase shatters the “ultrasound” theoryThroughout 2022, the Ethereum network underwent significant upgrades, which altered its coin issuance mechanism. This overhaul resulted in a substantial reduction in the number of new Ether tokens issued to secure the network and introduced a burn mechanism to further decrease the supply of ETH.Ethereum enthusiasts have affectionately referred to this new supply schedule as "ultrasound money." This is because, for most of 2023, the number of coins burned has exceeded the number issued, effectively causing a net decrease in the total ETH supply. However, what many failed to grasp is the inherent unpredictability of this monetary policy.Ether annualized burn, issuance and supply, 30 days. Source: ultrasound.moneyIn September 2023, the coin issuance equation experienced an inversion as dynamic base fees decreased due to reduced network activity. According to data from the Ethereum analytics provider ultrasound.money, the supply of ETH has increased by 30,064 ETH in the past 30 days due to decreased activity in the burn mechanism.It's important to note that Ethereum's mechanisms are functioning as designed, and there were no unexpected triggers for the reduced demand in transactions. Part of the issue lies in the high fees resulting from persistent network congestion, a problem only partially addressed by layer-2 scaling solutions.Vitalik and the Ethereum Foundations’ sale are bad optics Data from the Arkham analytics reveals that an address associated with Vitalik Buterin has sent 3,999 ETH to exchanges in the past five weeks, with a total value of approximately $6.4 million. This significant movement has sparked speculation within the community regarding its reasons, given the magnitude of the sale.The most recent transaction on Oct. 7 suggests that the ETH was likely exchanged for fiat currency on Bitstamp. Notably, the address 0xD04daa65144b97F147fbc9a9B45E741dF0A28fd7 still holds 36,000 ETH, equivalent to $57.2 million.The Ethereum Foundation has also recently made a sale, converting 1,700 ETH into $2.74 million worth of stablecoins on Oct. 9 using Uniswap. However, in this case, analysts have pointed out that the foundation's actions align with its regular requirements for operational expenses, grants, and incentives.Dwindling demand for the ETH futures ETF A crypto wallet address linked to the FTX exploiter, initially holding 175,496 ETH, has moved a significant portion to the THORChain router and subsequently converted it into Threshold Network's tBTC, an ERC-20 tokenized version of Bitcoin (BTC). Interestingly, this move prompted THORSwap to suspend conversion transactions on Oct. 6 following consultations with advisors, legal counsel, and law enforcement.Numerous hypotheses could be formulated to explain the on-chain activity of the FTX hacker, but there seems to be no reason for converting ETH into a wrapped version of Bitcoin other than anticipating higher returns in fiat currency terms. Despite the recent increase in Ether's supply, its price trend against Bitcoin has been unfavorable since November 2022.Ether has underperformed Bitcoin by 25.7% in the last 11 months, causing the ETH/BTC ratio to breach the 0.06 support level. Therefore, several factors can be attributed to the negative sentiment surrounding Ether's price, including the U.S. Securities and Exchange Commission's lawsuits against Binance and Coinbase in June 2023.More recently, the launch of Ethereum futures-based Ether ETFs on the Chicago Mercantile Exchange (CME) and Chicago Board Options Exchange (CBOE) on Oct. 2 brought in less than $10 million in aggregate assets under management during the first week of trading.Overall, the news surrounding Ether has been predominantly negative, which accounts for its recent poor performance. Factors contributing to this trend include increased regulatory risks for tokens and exchanges, the resumption of net coin issuance, sales by Vitalik and the Ethereum Foundation, and weaker-than-expected demand for the futures-based ETF.This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision. Consider the importance of scalability. Some consensus mechanisms are better suited than others for delivering high throughput performance during high-volume situations. If a Web3 project wants to reach a substantial amount of users and activity in the future, it should build using fully capable blockchain solutions from day one. – Wolfgang Rückerl, ENT Technologies AG

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