Cryptocurrency

Despite the recent app removals, Binance confirmed that existing installations of their app would remain operational for users in India. The company has also indicated that they are in active discussions with regulatory bodies to align with local laws and address compliance issues.The backdrop to these developments is India’s stringent regulatory environment for cryptocurrencies. The country has imposed a 30% tax on crypto transactions and a 1% tax deducted at source (TDS) on transactions that exceed INR 10,000. These measures have contributed to a significant reduction in the volume of local cryptocurrency trading.Binance, which received compliance notices from the FIU in December 2023, is among the crypto service providers navigating these regulatory challenges. The exchange’s proactive communication aims to mitigate concerns among its users and work towards resolving the compliance matters with Indian authorities.This article was generated with the support of AI and reviewed by an editor. For more information see our T&C. More

The recent ETFs, including those from BlackRock and Fidelity, have attracted significant investor interest. Updates from social media platforms reveal that there has been over $819 million poured into these funds shortly after their introduction. This influx of investments indicates a strong market appetite for cryptocurrency-related financial products, even as the direct impact on Bitcoin’s price appears to be complex.The introduction of these ETFs represents a significant milestone for the cryptocurrency market, as it signals increasing interest and acceptance from traditional financial institutions. However, the current market dynamics also highlight the volatile nature of digital currencies and the influence of new investment vehicles on their valuations.Investors and market watchers will likely continue to monitor the performance of these new ETFs closely, as well as their long-term effect on the stability and growth of Bitcoin and the broader cryptocurrency market.This article was generated with the support of AI and reviewed by an editor. For more information see our T&C. More

Ethereum’s market movement has been extremely dominant following the approval of the Bitcoin ETF, with the asset recently piercing through significant resistance levels. After a sustained period above the 50-day and 100-day EMAs, ETH has shown formidable strength. Currently, Ethereum’s price hovers around $2,600, with the immediate resistance level now likely forming near the $2,700 mark, a point at which sellers previously stepped in. A decisive break above this level could open the gates for further escalation toward the $3,000 psychological barrier.ETH/USD Chart by TradingViewOn the flip side, local support can be identified at around the $2,500 level, where a confluence of the EMAs and historical price reactions provides a safety net against potential pullbacks. Should Ethereum retreat from its current levels, the $2,400 and $2,300 levels stand ready to act as secondary and tertiary support zones, where buying interest has coalesced in the past.The backdrop to this vigorous market movement is the speculation regarding the potential approval of an Ethereum ETF. The recent green light for a Bitcoin spot ETF has amplified discussions around its Ethereum counterpart. Such approval would be a significant catalyst for Ethereum, potentially drawing in a new wave of institutional and retail investment.The primary strength of a spot Ethereum ETF lies in its direct exposure to the actual asset, rather than the derivatives market that futures-based ETFs represent. This means that an ETF would purchase actual Ethereum, providing direct support to its price and reflecting true market sentiment more accurately. Moreover, it would offer investors a way to gain exposure to Ethereum without the complexities of managing cryptocurrency wallets and keys, thereby simplifying entry onto the crypto market.The approval of an Ethereum ETF would not only validate the asset’s maturity and market significance but also solidify its position as a mainstay in the portfolios of diverse investors. Given Ethereum’s foundational role in the development of DeFi and NFTs, an ETF would be a testament to its integral place in the digital economy.The relative calmness in Bitcoin’s price has provided a conducive backdrop for altcoins to shine. Ethereum (ETH) notably breached the $2,500 mark, and Solana (SOL) regained a $100 valuation, underscoring a night of triumph for alternative cryptocurrencies. This decoupling of Bitcoin’s movement from altcoin performance is a phenomenon that has been increasingly observed, suggesting a maturing market where assets can thrive on individual merit and ecosystem developments.The chart at hand paints a picture of consolidation for Bitcoin, with the price hovering around the $45,000 region. The lack of a significant corrective move post-ETF news has lent a supportive floor to the broader crypto market. Trading volumes, alongside price action, indicate a steady holding pattern, a sign that the market is digesting the recent developments without panic or overenthusiasm.Despite the current stability, the market should not discount the potential for an uptick in Bitcoin’s value. Historically, actual capital inflow following such regulatory milestones has been a precursor to upward movements in the cryptocurrency’s price. If history is to serve as a reference, the approval of a Bitcoin ETF may yet act as a delayed fuse, igniting a rally as new capital finds its way onto the market.Investors are advised to maintain cautious optimism. While current market conditions have not triggered the volatility many feared, the introduction of ETFs is a substantial change to the investment landscape of Bitcoin. As traditional investors and institutions increasingly engage with Bitcoin through these new financial products, the potential for a significant impact on the cryptocurrency’s value trajectory is tangible. 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

Despite a recent dip in Bitcoin’s price to $42,800 and a market capitalization of $841 billion, as reported by Coingecko, the launch of the spot Bitcoin ETFs has been received positively. These financial products are expected to make it easier for investors to gain exposure to Bitcoin and could further establish the legitimacy of cryptocurrency investments.While there are concerns about short-term selling pressures from stakeholders of the Grayscale Bitcoin Trust and the potential for increased volatility, these are viewed as temporary challenges. Mow suggests that investors should instead pay attention to the strong demand for Bitcoin against the limited supply, especially with the Bitcoin block reward halving event anticipated in less than 100 days. This occurrence is historically known to impact Bitcoin’s price significantly.The cryptocurrency community is keeping a keen eye on these developments, as the realization of Mow’s $1 million Bitcoin price target would represent a significant milestone for the digital asset.This article was generated with the support of AI and reviewed by an editor. For more information see our T&C. More

Per the Lookonchain outlook, another whale, “0x9314” also spent 7.29 million USDT to buy 2,800 ETH today, joining the host of accumulations of the second-largest cryptocurrency about two hours ago. This particular whale has a more robust portfolio, having stacked up a total of 82,780 ETH worth approximately $150.3 million at an average price of $1,816 since Jan 1, 2023.The intriguing switch to Ethereum by these whales complements the $8.2 billion in large transaction volumes according to data from IntoTheBlock. These large transactions, which involve ETH worth at least $100,000, have jumped by 65.99% in the past 24 hours.Ethereum’s whales are notably helping to change the game as the digital currency strives to recoup its lost ground to price action.This approval is boosting sentiment that the spot Ethereum ETF might also be on the way. This has further pushed retail sentiment as well, with Ethereum now notably eyeing the $2,700 benchmark.This article was originally published on U.Today More

The expert’s optimism is fueled by the recent approval of spot-based Bitcoin ETFs by the Securities and Exchange Commission for multiple companies.Addressing the current state of Bitcoin ETFs, Mow notes a period of market adjustment. The recent launch of Bitcoin ETFs with billions in trading volume and BlackRock (NYSE:BLK)’s acquisition of 11,500 BTC have contributed to the ongoing recalibration. Meanwhile, GBTC holders are exiting positions, creating sell pressure and pushing prices down. Mow believes this process will not be prolonged, as many are hesitant to sell due to substantial tax implications, eventually leading to Grayscale’s fee capitulation.As 2024 unfolds, Mow’s bold prediction adds an extra layer of anticipation and excitement to Bitcoin. The crypto community eagerly awaits to see if the expert’s foresight will indeed materialize in the imminent time.This article was originally published on U.Today More

Schiff noticed that Bitcoin (BTC) dropped from $49,000 to below $42,000 in less than a day. As such, the first cryptocurrency brought a double-digit decline to its holders straight after the most anticipated BTC milestone of 2024.Bitcoin (BTC) dropped as the dust settled after the overhyped launch of 11 Bitcoin ETFs in the U.S. Also, as covered by U.Today previously, the migration of liquidity from Grayscale’s OTC trusts might have contributed to the dropdown.SkyBridge Capital founder Anthony Scaramucci called the sell-off of GBTC shares a powerful trigger of the painful Bitcoin (BTC) price drop to two-week lows.As of printing time, the Bitcoin (BTC) price managed to start recovering from the losses: BTC is changing hands over $42,500 on major spot exchanges.While some experts treat the ongoing process as an ordinary “sell the news” event, BitMEX founder Arthur Hayes warned that BTC might turn into an ordinary TradFi asset.Ironically, Hayes’ words are echoed by the SEC Chairman Gary Gensler, who finds that the Bitcoin ETF is contradictory to Satoshi Nakamoto’s vision for his brainchild.This article was originally published on U.Today More