Per the Securities and Futures Commission (SFC) of Hong Kong, the region’s newly authorized spot bitcoin and ethereum exchange-traded funds (ETFs) are set to commence trading on Tuesday, April 30, 2024. Anticipation Builds for the Rollout of Bitcoin and Ethereum ETFs in Hong Kong Recently, the SFC of Hong Kong announced its approval for several […]
Bitcoin News
Ethereum Price Starts Consolidation – Why Pullbacks Could Be Limited
Ethereum price is still struggling to clear the ,000 resistance zone. ETH might consolidate for some time above ,600 before the bulls gain strength.
- Ethereum traded to a new multi-month high above ,980.
- The price is trading near ,850 and the 100-hourly Simple Moving Average.
- There is a short-term breakout pattern forming with resistance at ,950 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could resume its increase if it clears the ,950 resistance zone.
Ethereum Price Revisits K
Ethereum price extended its rally above the ,900 level, like Bitcoin. ETH cleared the ,950 level and traded close to the ,000 resistance zone. It traded to a new multi-month high above ,990 and recently started a consolidation phase.
There was a pullback below the ,920 level. The price tested the 23.6% Fib retracement level of the recent wave from the ,211 swing low to the ,9983 high. Ethereum price is now consolidating near ,850 and the 100-hourly Simple Moving Average.
There is also a short-term breakout pattern forming with resistance at ,950 on the hourly chart of ETH/USD. If the pair stays above the ,800 level, it could attempt another increase. Immediate resistance on the upside is near the ,900 level.
Source: ETHUSD on TradingView.com
The first major resistance is near the ,940 level. The next major resistance is near ,000, above which the price might gain bullish momentum. In the stated case, Ether could rally toward the ,120 level. If there is a move above the ,120 resistance, Ethereum could even rise toward the ,220 resistance. Any more gains might call for a test of ,350.
Are Dips Limited In ETH?
If Ethereum fails to clear the ,950 resistance, it could start another downside correction. Initial support on the downside is near the ,800 level.
The first major support is near the ,600 zone or the 50% Fib retracement level of the recent wave from the ,211 swing low to the ,9983 high. The next key support could be the ,400 zone. A clear move below the ,400 support might send the price toward ,250. Any more losses might send the price toward the ,120 level.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is losing momentum in the bullish zone.
Hourly RSI – The RSI for ETH/USD is now below the 50 level.
Major Support Level – ,800
Major Resistance Level – ,950
BNB Price Starts Its Journey Toward $500, Why Dips Turned Attractive
BNB price is gaining bullish momentum above the 0 resistance. The price looks set for more gains above the 0 resistance in the near term.
- BNB price is showing bullish signs above the 5 resistance level.
- The price is now trading above 5 and the 100 simple moving average (4 hours).
- There is a key bullish trend line forming with support at 0 on the 4-hour chart of the BNB/USD pair (data source from Binance).
- The pair could continue to rise toward the 0 resistance zone or even 2.
BNB Price Extends Increase
In the last BNB price prediction, we discussed the chances of more gains above the 5 resistance zone. The bulls did remain active and were able to push the price above the 5 level.
BNB outperformed Bitcoin and Ethereum with a move above the 0 resistance. A high was formed near 0 and the price is now consolidating gains. It is trading above the 23.6% Fib retracement level of the upward move from the 5 swing low to the 0 high.
The price is now trading above 5 and the 100 simple moving average (4 hours). There is also a key bullish trend line forming with support at 0 on the 4-hour chart of the BNB/USD pair.
Source: BNBUSD on TradingView.com
Immediate resistance is near the 0 level. The next resistance sits near the 2 level. A clear move above the 2 zone could send the price further higher. In the stated case, BNB price could test 0. A close above the 0 resistance might set the pace for a larger increase toward the 2 resistance. Any more gains might call for a test of the 0 level in the coming weeks.
Dips Supported?
If BNB fails to clear the 0 resistance, it could start a downside correction. Initial support on the downside is near the 0 level and the trend line.
The next major support is near the 2 level or the 61.8% Fib retracement level of the upward move from the 5 swing low to the 0 high. The main support sits at 0. If there is a downside break below the 0 support, the price could drop toward the 5 support. Any more losses could initiate a larger decline toward the 5 level.
Technical Indicators
4-Hours MACD – The MACD for BNB/USD is gaining pace in the bullish zone.
4-Hours RSI (Relative Strength Index) – The RSI for BNB/USD is currently above the 50 level.
Major Support Levels – 0, 2, and 0.
Major Resistance Levels – 0, 0, and 2.
US EIA Starts Requiring Energy Consumption Data From Cryptocurrency Miners
The U.S. Energy Information Administration (EIA), a statistics agency of the U.S. Energy Department, has sent letters to cryptocurrency miners requiring data related to energy consumption and configuration of their mining sites. According to one of the letters posted on social media, miners have until February 23 to report the info regarding the activities carried […]
Bitcoin News
Kraken Starts Requiring Info on Self-Custody Crypto Wallet Ownership in the UK
Kraken, a U.S.-based cryptocurrency exchange, has started requiring additional information in the U.K. regarding transactions of self-custody wallets made to and from its accounts. Kraken sent an email to some of its U.K. customers, stating that if the information required was not provided, it could result in an account lock until the required data is […]
Bitcoin News
Monei Starts Conducting Euro Stablecoin Tests
European payment platform Monei has announced the start of the testing phase of EURM, a euro-pegged stablecoin, as part of the Bank of Spain’s national financial sandbox. The token will leverage Ethereum’s and Polygon’s blockchains, allowing each one of a reduced number of users to issue 10 EURM during this phase.
Monei Rolls Digital Euro Token Pilot Under Bank of Spain Supervision
Monei, a European payment provider, recently rolled out the first tests for EURM, a 1:1 backed euro stablecoin, under the approval of the Bank of Spain’s national sandbox, which allows for introducing innovative projects with mitigated risks. The token will be issued using Monei’s wallet, which will hold the EURM tokens issued by the users, accepting deposits using Bizum, a popular national payment system.
During these first tests, only a small number of individuals will have the opportunity to issue 10 EURM. The euros backing the issued EURM will be under the custody of BBVA and Caixabank, two reference financial institutions in Spain, ready to be swapped at any moment.
On the relevance of EURM’s first batch of tests, Monei’s founder and CEO Alex Saiz Verdaguer stated:
EURM proposes an unprecedented innovation and we have in our hands the opportunity to make the management of collections and payments, and the sending of money more secure, programmable, economical, democratic and liberalized than ever.
EURM, issued on top of Ethereum’s and Polygon’s blockchain, is designed for applications where leveraging standard digital money would be impractical.
These include sending euros to pay transport and food quotas to employees several times a day, automatizing payments to providers depending on the funds available, organizing daily deposits to complete larger credit payments, and allowing companies to organize daily payments to employees without disrupting their workflow or paying excessive fees.
Monei expects to reach several million users with this product after the test, having a potential target of 57 million users in Spain only.
What do you think about the start of the testing phase of EURM? Tell us in the comments section below.
Bitfinex Securities Starts Operations In El Salvador – Here Are The Details
Over the last few years, El Salvador has been making considerable efforts to become Latin America’s crypto hub. Today, two and a half years after adopting Bitcoin as a legal currency in the country, Bitfinex Securities announced the launch of Bitfinex Securities El Salvador S.A., the first platform to offer tokenized securities.
Launching The First Licensed Digital Asset Platform In El Salvador
On January 31, 2024, Bitfinex Securities officially became the first registered and licensed digital assets service provider to launch in El Salvador, and it’s now accepting customer applications.
Last year, El Salvador approved the Digital Asset Securities Law, allowing Bitfinex Securities to apply for and receive approval for the first digital assets license under this regulatory framework.
This new law, as Juan Carlos Reyes, President of the National Commission of Digital Assets (NCDA), explained:
(…) carved out digital assets regulation from the traditional financial regulator and created the national commission of digital assets, that oversees the supervision and regulation of the ecosystem.
Additionally, the NCDA Chair recalled the positive experience with the firm and praised it for its ‘regulatory high standards’ and ‘world-class’ knowledge of compliance.
In the announcement, Bitfinex Securities highlighted the “substantial leap for financial innovation in Latin America” that the development of the tokenized securities industry in El Salvador suggests. The firm also announced it has established a pipeline of potential issuances that it expects to come to the market throughout the year.
Bitcoin ETF Approval Provides An Optimistic Outlook
“We are delighted to be able to announce the launch of Bitfinex Securities in El Salvador,” said Paolo Ardoino, Chief Technology Officer of Bitfinex Securities. He expressed his excitement to take part in the “forefront of this financial revolution,” stating:
This is not only an important market for Bitfinex given its adoption of Bitcoin as legal tender and the fostering of a Bitcoin-based economy, but it also gives El Salvador the opportunity to attract global investment flows, as issuers put out competitively priced securities offerings.
The launch of the Bitfinex Securities El Salvador platform follows the approval of the spot Bitcoin Exchange-Traded Funds (ETFs) by the US Securities and Exchange Commission (SEC) on January 10. The successful launch of Bitcoin-based ETFs in the US makes the firm expect a significant demand for exposure to other regulated digital asset services.
Jesse Knutson, Bitfinex Securities Head of Operation, highlighted in his statement the progress that El Salvador has made since 2021:
Following up on El Salvador’s groundbreaking policy work and legislative frameworks over the past two and a half years, the official launch of Bitfinex Securities El Salvador is another important step in the evolution of capital markets and an important global proof of concept.
Knutson also expressed optimism over the “recent surge of institutional investor interest in Bitcoin-focused financial products.”
Bitcoin Repayments: Mt Gox Starts Verifying Addresses For 200,000 BTC In Payouts
Defunct Japanese-based cryptocurrency exchange, Mt. Gox has taken the next steps toward its Bitcoin distribution process to customers who were previously affected by its 2014 hack attack. The crypto exchange has delivered mass emails to account holders as they confirm wallet addresses for individuals eligible for its repayment process.
Mt. Gox Prepares For Bitcoin Repayments
Recently, Account holders at Mt. Gox reported in a Reddit post that they have been receiving new emails from the crypto exchange regarding an identity verification and confirmation procedure initiated by the exchange.
Mt. Gox disclosed that it has begun confirming wallet addresses from users who had officially owned accounts at the crypto exchange and had successfully completed their identity verification processes. The crypto exchange also revealed that it would be distributing Bitcoin (BTC) and Bitcoin Cash (BCH) as part of its repayment process to account holders, with the payout ranging from 142,000 BTC to 200,000 BTC.
Furthermore, Mt. Gox disclosed that the rehabilitation trustee has shared customer details with the custodian to facilitate the account verification process. The crypto exchange warned that customers with disabled or frozen accounts may not be eligible for the fund distribution program.
In September 2023, Mt. Gox declared an extension of its repayment deadline from October 2023 to October 31, 2024, attributing the decision to the need for further discussions to ensure proper disbursement of funds. During December 2023, the crypto exchange encountered a slight hiccup in its payment distribution process after it announced it had unintentionally issued double payments to specific users.
Following the error, Mt Gox urgently requested these users to return the excess funds, warning of potential legal consequences and the possibility of being excluded from the reimbursement plan scheduled later this year.
This year marks nearly a decade since Mt. Gox suffered a hack attack resulting in the loss of a substantial 850,000 Bitcoin. Recent developments in the repayment process bring hope to former customers of the crypto exchange who were adversely affected by the cyber theft.
BTC Faces ,000 Crash If Mt. Gox Customers Commence Bitcoin Sell-Off
About 200,000 BTC presently worth over .7 billion, is expected to spread through multiple wallet addresses owned by Mt.Gox creditors. This raises concerns about the potential impact this Bitcoin distribution could have on the crypto market.
Presently, Mt. Gox’s 200,000 BTC repayment amount surpasses the total value of Microstrategy and El Salvador’s Bitcoin holdings, which are among the largest in the world.
With Bitcoin currently at ,909, if Mt.Gox account holders receive their reimbursements and attempt a sell-off to take their profits, which have grown by a substantial 99,900%, the price of Bitcoin may dip below ,000. This would be a monumental crash for the pioneer cryptocurrency, bringing prices back to half of their present market value.
Bitcoin Price Starts 2024 With A Bang, Is ETF Approval Imminent?
Bitcoin price is up over 5% and it cleared the ,000 resistance. BTC is showing positive signs on rumors of spot ETF approval by the EOD.
- Bitcoin is gaining pace above the ,000 and ,400 resistance levels.
- The price is trading above ,000 and the 100 hourly Simple moving average.
- There was a break above a key ascending channel with resistance near ,500 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair is up over 5% after several rumors of BTC spot ETF approval by EOD.
Bitcoin Price Rallies Above K
Bitcoin price formed a base above the ,200 level and started a fresh increase. BTC cleared a few major barriers near ,200 to enter a bullish zone.
Several rumors circulating that spot ETF approval is possible by the end of today. The price is gaining pace on this rumor and broke the ,000 level. There was also a break above a key ascending channel with resistance near ,500 on the hourly chart of the BTC/USD pair.
Bitcoin even cleared the ,000 resistance. A new multi-week high is formed near ,499 and the price is now consolidating gains. It is trading well above the 23.6% Fib retracement level of the upward move from the ,300 swing low to the ,499 high.
Bitcoin is also trading above ,000 and the 100 hourly Simple moving average. On the upside, immediate resistance is near the ,500 level.
Source: BTCUSD on TradingView.com
The first major resistance is ,000. A close above the ,000 level could send the price further higher. The next major hurdle sits at ,800. Any more gains above the ,800 level could open the doors for a move toward the ,000 level.
Are Dips Attracted In BTC?
If Bitcoin fails to rise above the ,500 resistance zone, it could start a downside correction. Immediate support on the downside is near the ,000 level.
The next major support is near ,500. If there is a move below ,500, there is a risk of more losses. In the stated case, the price could drop toward the ,500 support in the near term.
Technical indicators:
Hourly MACD – The MACD is now gaining pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.
Major Support Levels – ,500, followed by ,800.
Major Resistance Levels – ,000, ,500, and ,500.
Bitcoin Price Starts 2024 In A Range, Can The Bulls Take Over?
Bitcoin price is holding gains above the ,500 zone. BTC is rising and might gain bullish momentum above the ,200 resistance zone.
- Bitcoin is attempting a fresh increase above the ,500 resistance zone.
- The price is trading above ,200 and the 100 hourly Simple moving average.
- There is a key bullish trend line forming with support near ,280 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could continue to rise if there is a close above the ,200 resistance zone.
Bitcoin Price Remains Supported
Bitcoin price declined and broke the ,200 support zone. BTC formed a base above the ,200 level and recently started a fresh increase.
A low was formed at ,317 and the price is now rising. There was a move above the ,000 resistance zone. The price climbed above the 50% Fib retracement level of the downward move from the ,792 swing high to the ,317 low.
Bitcoin is now trading above ,200 and the 100 hourly Simple moving average. There is also a key bullish trend line forming with support near ,280 on the hourly chart of the BTC/USD pair.
On the upside, immediate resistance is near the ,800 level. It is close to the 61.8% Fib retracement level of the downward move from the ,792 swing high to the ,317 low. The first major resistance is ,200. A close above the ,200 level could send the price further higher.
Source: BTCUSD on TradingView.com
The main hurdle sits at ,800. A close above the ,800 resistance could start a decent move toward the ,500 level. The next key resistance could be near ,000, above which BTC could rise toward the ,200 level.
Another Decline In BTC?
If Bitcoin fails to rise above the ,200 resistance zone, it could start a fresh decline. Immediate support on the downside is near the ,250 level and the trend line.
The next major support is near ,620. If there is a move below ,620, there is a risk of more losses. In the stated case, the price could drop toward the ,500 support in the near term.
Technical indicators:
Hourly MACD – The MACD is now gaining pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.
Major Support Levels – ,250, followed by ,620.
Major Resistance Levels – ,800, ,200, and ,800.