Cryptocurrency

Commencing the day’s activity was a substantial Ethereum transfer, wherein 14,768 ETH, valued at $33.5 million, traversed from an undisclosed wallet to the esteemed Coinbase (NASDAQ:COIN) platform. This sizable transaction set the stage for a cascade of noteworthy movements within the cryptocurrency landscape.Following suit, 27.7 million XRP, equivalent to $14.48 million, flowed seamlessly to the Bitstamp exchange. Strong indications suggest this transfer is intricately linked to initiatives aimed at fortifying liquidity for the Ripple Payments service, for which Bitstamp serves as a pivotal provider.The zenith of today’s crypto transfers unfolded in recent hours, characterized by a momentous transfer of 3,249 BTC, valued at an impressive $137.3 million. This substantial movement transpired from an unidentified wallet to a Coinbase Institutional account, highlighting the evolving dynamics of institutional engagement within the cryptocurrency market. Concurrently, Coinbase Institutional’s vault witnessed a noteworthy outflow of 1,426 BTC, valued at $60.49 million, directed toward another undisclosed wallet.As the cryptocurrency market continues to experience dynamic shifts in wealth distribution and heightened institutional participation, the unprecedented transfer activities involving Bitcoin, Ethereum and XRP today beckon a nuanced exploration of the evolving digital asset landscape.This article was originally published on U.Today More

LONDON (Reuters) – Crypto companies based outside the EU will only be able to directly serve customers within the bloc under very limited conditions to avoid unfair competition, the European Securities and Markets Authority (ESMA) proposed on Monday.The EU approved the world’s first comprehensive rules for crypto markets last year, known as MiCA, a groundbreaking move in an online sector where national borders have been hard to police.The latest EU proposals on how crypto firms and regulators should apply the law in practice cover crypto asset firms from outside the EU that want to offer services to EU customers directly, rather than from a physical base inside the bloc.”The proposed guidance confirms ESMA’s previous message that the provision of crypto-asset services by a third-country firm is limited under MiCA to cases where the client is the exclusive initiator of the service,” ESMA said in a statement.Initiation by the customer is known as ‘reverse solicitation’ and a concept seen in other EU financial laws that the bloc’s policymakers have tightened up on, putting pressure on foreign firms to open a branch or subsidiary in the EU.”This exemption should be understood as very narrowly framed and must be regarded as the exception.”The proposal is out to public consultation until the end of April, with a final text due by the end of 2024 at the latest.ESMA said that it and national regulators in the EU would take “all necessary measures to actively protect EU-based investors and MiCA-compliant crypto-asset service providers from undue incursions by non-EU and non-MiCA compliant entities.”Actual solicitation of business in the EU by a third country firm, which would include undertaking a marketing campaign in the 27-country bloc, is prohibited, ESMA said. A non-EU firm could not rely on the exemption to subsequently offer further services, unless in the same context as the original transaction, it added.A second set of proposed guidance sets out circumstances whereby a crypto asset can be deemed to be a “financial instrument” like a stock or bond, and therefore also come under the bloc’s separate MiFID rules. More

The 200 EMA serves as an important barometer for the long-term trend and investor sentiment. For XRP, remaining below this level suggests that the asset lacks the bullish momentum needed to shift into an upward trajectory. This inability to secure a foothold above the 200 EMA raises questions about the stability of positive price action in the near term.XRP/USDT Chart by TradingViewTechnical analysis shows that the 200 EMA is a dynamic level of resistance that many traders watch closely. A consistent failure to breach this mark can lead to a self-fulfilling prophecy where the resistance level grows stronger, as more traders set their sell orders around this key price point. The ETH chart reveals a telling pattern; the absence of a new higher high is significant. Typically, in a bullish market phase, the price of an asset creates a series of higher highs and higher lows. However, Ethereum’s inability to push beyond its recent peak may suggest that the bulls are running out of steam and a reevaluation of market sentiment could be underway.Analyzing the chart, the local resistance level has been a tough ceiling for Ethereum to break. This resistance, where sell orders tend to cluster, is acting as a barrier preventing further upward movement. On the flip side, the support level represents a price point with a concentration of buy orders, offering a potential cushion against a price drop. If Ethereum fails to uphold the support level, it could trigger a price breakdown, signaling a shift to a bearish trend.If Ethereum’s price continues to struggle, the scenario could unfold where the asset drops further, testing subsequent support levels. While the underlying fundamentals of Ethereum, such as network upgrades and adoption rates, remain robust, the short-term price action could still be subject to corrective forces.The technical outlook for SOL is looking promising. After a period of bullish activity that piqued the interest of many investors, SOL has hit a snag near the $100 resistance level. This resistance level represents a significant psychological and financial barrier, as it is where sell orders tend to accumulate, putting downward pressure on the price.Despite efforts to rally, the asset has been unable to generate the necessary momentum to overcome this threshold with ease and currently consolidates at it. One of the key factors influencing this lackluster performance could be the market’s tepid reaction to the announcement of Solana phone Saga 2. The news, which might have been expected to inject some enthusiasm onto the market, failed to provide substantial support for Solana’s price.Looking at the chart, the local support levels are clearly delineated. The first line of defense for SOL lies around the $88-$90 price range, where previous dips have found buyers waiting. Should this level fail to hold, the next support may not emerge until it reaches the more robust $70 level, which could act as a stronger foothold for the price.Conversely, resistance beyond $100 is now more formidable than ever. With each rejection, the resolve of buyers weakens, and the $100 level transforms from a mere price point into a crucial psychological level you should not miss.This article was originally published on U.Today More

In recent days, XRP’s price action has been characterized by its struggle to overcome a series of local resistance levels. A notable rejection was faced around the $0.63 mark, which has added to the narrative of an asset under pressure. Despite these rejections, the asset’s ability to stay afloat above the 200-day EMA suggests underlying strength and potential for growth.XRP/USDT Chart by TradingViewThe market’s oppressiveness toward XRP can be attributed to various factors, including lack of usecase for XRP and a poor performance throughout the 2023. However, the past has shown that XRP can swiftly shift from oppressed states to strong bullish rallies, often catching many off-guard.For a scenario where XRP’s growth continues, it is essential for the token to maintain its stand above the 200-day EMA. If this level holds, it can serve as a springboard for future bullish attempts. A decisive close above this moving average could stimulate investor confidence, potentially leading to a challenge of the recent resistance at $0.63. A break and hold above this level could signal a trend reversal and may pave the way for XRP to target higher resistances, possibly around the $0.70 to $0.75 regions.After dipping to a support level around $88 on December 20, 2023, Solana has rebounded, forming a higher low near the $90 mark. This movement suggests accumulating strength and a possible change in direction from the previous downward trend. The local trendline resistance, which Solana is currently testing, is evident at approximately $97.50. Two pivotal price levels stand out on Solana’s chart. The first resistance level after the trendline sits near the $100 psychological mark. This round number has historically been a challenging point for Solana to breach decisively. Beyond that, the $104 level looms as the next significant barrier, which was a previous local high around January 3, 2024.Conversely, on the support side, the level to watch is around $88, as mentioned earlier. This price has proven to be a firm foundation, with buyers stepping in to uphold Solana’s valuation. A secondary support level is present near $85, just below the 50-day moving average, acting as a safety net for any potential retracements.The rapid growth witnessed in the past few days has been nothing short of impressive. Ethereum, which lingered around the $2,400 mark in the early days of February, has seen a significant influx of buying pressure, leading to a breakthrough past key resistance levels. This positive price action posits two potential scenarios for the smart contract giant.In one scenario, Ethereum could continue its aggressive push, riding the wave of current market optimism towards the $3,000 target. If this momentum is maintained, and with the additional fuel from the recent high volume of trades, ETH could test $3,000 in the coming days. A consolidation above $2,600 would be crucial for this scenario to unfold, as it would establish a new support level, reinforcing investor confidence.Alternatively, given the volatile nature of the crypto markets, a retracement could occur before Ethereum reaches $3,000. This would likely see the asset retesting support at the $2,500 level, which if held, could serve as a springboard for a second wave towards and beyond $3,000.This article was originally published on U.Today More

This article was originally published on U.Today More

This article was originally published on U.Today More

This article was originally published on U.Today More

At the same time, he took a dig at the second-largest cryptocurrency by market cap, Ethereum.MicroStrategy has been adding large BTC chunks to its balance sheet regularly since August of 2020, and Tether holds Bitcoin among the assets that back the USDT supply issued by it. Michael Saylor’s business intelligence giant now holds an astonishing $8.7 billion worth of Bitcoin, and this, surprisingly, exceeds the company’s market capitalization by $1 billion.Earlier this week, by the way, Michael Saylor called on the cryptocurrency community not to sell their Bitcoin, despite the continuous BTC price plunge that is taking place despite spot ETF approval by the SEC regulatory agency.As for Tether, last quarter, it acquired another Bitcoin stash amounting to $380 million worth of Bitcoin. At the time of this writing, Tether holds 66,465 BTC.Mow stressed the importance of the global flagship cryptocurrency Bitcoin as opposed to the second largest one by market capitalization value – Ethereum.card Mow has recently been tweeting about his expectations for Bitcoin to reach $1 million. Elaborating on that forecast in one of his tweets, the Bitcoiner explained that this prediction should not be expected to be fulfilled instantly, like after the spot Bitcoin ETF was greenlit. What he meant was that the overall market fundamentals for Bitcoin have changed compared to how they stood before.In a tweet published earlier today, Mow stated that the Bitcoin price does not depend on the ETF approval, and it rises of its own accord and at its own pace.This article was originally published on U.Today More