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Top Cryptocurrencies Watch Week: BTC, SHIB, ORDI

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  • The top cryptocurrencies to watch this week are Bitcoin (BTC), Shiba Inu (SHIB), and Ordi (ORDI)

Last week, a predominantly bullish trend occurred among the sector’s top cryptocurrencies, primarily attributed to a rise in the price of Bitcoin (BTC).

Altcoins such as Shiba Inu (SHIB) and ORDI (ORDI) experienced substantial gains, riding on Bitcoin’s momentum.

The upsurge observed in the market culminated in a 4.3% increase in the global crypto market capitalization, which rose to $2.66 trillion on March 31 as the market saw an influx of $11 billion in capital.

Here’s an analysis of some of those performances.

Bitcoin Reclaims $70,000

The previous week saw one of Bitcoin’s worst weekly performances. 

The premier crypto’s $73,794 all-time high gave way to bearish pressure, which saw Bitcoin break below the $70,000 territory — nearly relinquishing the $60,000 zone.

A recovery push rekindled investor optimism, allowing BTC to reclaim $70,000.

See Also: Top Three Data Privacy Issues Facing AI Today

A significant portion of the week’s upward trajectory occurred on March 25, when BTC soared to $71,213. Bitcoin concluded the day with a 4% increase, marking its largest intraday gain for the week.

This rebound also coincided with a positive shift in momentum for spot Bitcoin exchange-traded funds, or ETFs. These financial instruments ended five days of outflows when they recorded $15.7 million in net inflows on March 25.

The ETF market observed significant capital injections on March 26, with inflows reaching $418 million, the highest since March 13.

Bitcoin largely remained in a consolidation phase, encountering strong resistance at $71,754. However, the asset upheld the support at $68,362. 

Throughout this period, Bitcoin experienced fluctuating trends, yet it successfully retained the gains achieved earlier in the week.

At the time of reporting, Bitcoin is valued at $70,409, reflecting a weekly gain of 4.76%. 

While trading above $70,000, its daily relative strength index (RSI) remains below overbought levels at 58.62, implying a potential for continued growth.

Shiba Inu’s Winning Streak

Shiba Inu concluded last previous week with a bullish performance, which continued into this week, resulting in a four-day winning streak at the outset. 

Despite benefiting from Bitcoin’s upward momentum on March 25, SHIB only saw a modest 2.24% increase by day’s end.

This increase was adequate to sustain its three-day winning streak, which began on March 23.

Shiba Inu continued its upward trajectory into Tuesday, March 26, defying market trends with an intraday gain of 6.76%. With this rally, SHIB closed above $0.00003 for the first time in 12 days.

Despite a mild correction the following day, the meme-inspired token maintained its position above $0.00003. 

Shiba Inu utilized this price threshold as a launching pad for its subsequent price surge, reaching a peak of $0.00003285 on March 28, before moderating to end the day with a gain of 6.10%.

In the ensuing days, Shiba Inu encountered a significant correction. However, it managed to uphold the $0.000030 level, looking to push toward $0.000031.

The asset currently stands at an 8.5% increase for the week, with its current price resting at $0.00003048.

ORDI Among Top 24-Hour Gainers

Inspired by Casey Rodarmor’s Ordinals Protocol, the ORDI token emerged as one of the standout performers last week.

The asset experienced a significant underperformance initially, with a 4% decline from its opening price to a low of $60.9 on March 28.  This retest of the $60 level resulted in sufficient strength for a rebound.

The rebound propelled Bitcoin-centric cryptocurrency ORDI to achieve a substantial 8.78% gain on Saturday, March 30, marking its most significant intraday increase in the past ten days.

This performance led to the recapture of the $70 price level. Although the asset closed below $70 on March 30, it resumed its upward trajectory as of this morning.

With a notable 10.60% surge in the last 24 hours, ORDI has emerged as one of the top performers in the market, securing the fourth position among the largest gainers in the top 100. Additionally, the cryptocurrency has achieved a 10.25% increase for the week.

Disclaimer: The information provided is not trading advice. Bitcoinworld.co.in holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

#Binance #WRITE2EARN



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Press Release

South African Regulator Grants Approval to 59 Crypto Platforms

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South African financial regulator, the Financial Sector Conduct Authority (FSCA), has granted approval to 59 license applications from crypto platforms seeking to offer services to residents. 

During a financial conference, Felicity Mabaso, the FSCA divisional executive, revealed that the regulator received a total of 355 license applications, with 262 still pending.

In response to this influx, the FSCA set a deadline of November 30 for exchanges and cryptocurrency platforms to submit license applications or face enforcement measures. 

FSCA Commissioner Unathi Kamlana explained that the application processing is ongoing and being carried out gradually due to the high number of applications.

FSCA Uses South Africa’s Existing Regulations 

The FSCA has chosen to utilize South Africa’s existing Financial Advisory and Intermediary Services Act (FAIS) to regulate the crypto sector. 

According to Commissioner Kamlana, the FAIS provides a robust framework that covers crucial aspects of the crypto business, including user protections and enforcement actions when necessary. 

However, Kamlana acknowledges the possibility of future adjustments.

See Also: Hong Kong Approved Spot Bitcoin And Ethereum ETFs

“As we license and supervise, we will discover that perhaps there are gaps that cannot be closed by the existing regulatory framework, the FAIS Act. And we might need to build on that as we discover what those are.”

While specific details about the approved companies have not been disclosed, it is expected that the licensed entities include crypto exchanges and firms offering custody services. 

Regulatory oversight will also extend to crypto brokerage firms and payment processors involved in cryptocurrency transactions.

South Africa Considers Creating New Regulatory Framework

South Africa has been actively considering the creation of a new regulatory framework for the crypto industry since 2021. 

In 2021, the FSCA published a paper highlighting that crypto assets will be brought into the South African regulatory purview in a “phased and structured manner.”

Although the framework was initially expected to be completed by the end of 2022, the South African Reserve Bank (SARB) has already declared cryptocurrencies as financial assets rather than currencies. 

The FSCA aligns with this classification, stating that digital assets should be treated as financial products.

South Africa’s approach towards cryptocurrencies has become more proactive as adoption gradually increases. 

A survey conducted in 2017 revealed that 47% of South Africans had either invested in cryptocurrencies or expressed an interest in doing so. 

Additionally, Bitcoin wallet downloads in the country experienced a 100% increase in the same year. In 2020, crypto exchange Luno reported that South Africa had the third-highest level of crypto ownership worldwide, reaching 13%.

Meanwhile, as crypto adoption continues to rise, South African companies are actively embracing cryptocurrencies. 

Stitch, a South African payments infrastructure firm, introduced “Pay with Crypto” last year, enabling customers to use cryptocurrencies for purchases. 

Paycorp, another company, developed the CryptoExpress app, allowing individuals to withdraw crypto in South African Rands at over 3,000 ATMs.

Last week, cryptocurrency exchange Luno became one of the first firms to receive a license from the FSCA in South Africa, allowing the exchange to operate as a financial services provider in the country.

Disclaimer: The information provided is not trading advice. Bitcoinworld.co.in holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

#Binance #WRITE2EARN





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Doctor Doge (DRDOGE) Rally Over 8,000% Within 48 Hours

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  • Doctor Doge (DRDOGE), a newly launched Solana meme coin, is set to go viral and rally over 8,000%, challenging other popular dog-themed coins, like Shiba Inu (SHIB) and Dogecoin (DOGE).

It’s not surprising that many investors who bought SHIB and DOGE early are also investing into DRDOGE in the first hours and days of it being launched.

People who invested into Shiba Inu (SHIB) and Dogecoin (DOGE) while these coins had small market caps were able to turn hundreds of dollars into millions.

Doctor Doge (DRDOGE), a newly launched Solana meme coin, is set to go viral and challenge other popular dog-themed coins, like Shiba Inu (SHIB) and Dogecoin (DOGE).

DRDOGE was launched this morning, and the meme coin is inspired by Dogecoin – one of the largest meme coins, with its market cap currently being $23.5 billion.

See Also: Solana Releases Update To Alleviate The Ongoing Network Congestion

Due to the fact that Doctor Doge only began trading on decentralized Solana exchanges like Raydium and Jupiter around an hour ago, it has a market cap of just around $16,000.

This means that DRDOGE (contract address: 8uckaPYZWDs57Lm5eeEVnx4FGJDLhXuvrmryzKj7yUvv) has the potential to turn early investors into millionaires if its market cap eventually exceeds the $100 million mark.

In the short term, DRDOGE is set to rally over 8,000% in the next 48 hours, before then targeting further gains.

Additionally, numerous listings on centralized exchanges are planned for Doctor Doge later in April, and these listings could easily propel the memecoin’s market cap to above $20 million.

So it’s not surprising that many investors who bought SHIB and DOGE early are also investing into DRDOGE in the first hours and days of it being launched.

It will be exciting to watch how quickly Doctor Doge’s price will surge in the coming days and weeks, and to see if it can become a mainstream memecoin.

Disclaimer: The information provided is not trading advice. Bitcoinworld.co.in holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

#Binance #WRITE2EARN



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Whales Are Buying Ethereum Like Crazy Amid ETH Price Drop

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  • Amid notable drop in Ethereum’s price, prominent market whales are actively buying Ethereum like crazy.

In the midst of heightened global tensions, the cryptocurrency market witnessed a significant downturn, with the TOTAL index plummeting by a staggering 17% over the weekend, marking a loss of nearly $430 billion in market capitalization. 

While this turbulence affected all digital assets, Ethereum (ETH), the second-largest cryptocurrency by market capitalization, took a notable hit, experiencing an 18.43% decline, reaching a low of $2,852 per Ethereum.

Bitcoin and Ethereum ETFs Officially Approved In Hong Kong

However, amid the market chaos, a fascinating trend emerged – prominent players in the crypto sphere, often referred to as “whales,” showed unwavering confidence in Ethereum’s potential. Notably, large addresses were observed accumulating substantial amounts of ETH during the price drop. 

See Also: Crypto Whales Sold Holdings Before the Market Crash

Whale Activities

One such whale, identified as “0xE34,” seized the opportunity to accumulate 1,000 ETH, worth approximately $3.15 million, from Binance at the market’s lowest point. 

This particular address went on to accumulate an impressive 8,300 ETH, valued at around $25.12 million.

Furthermore, another significant player, a wallet associated with Matrixport, made a decisive move by withdrawing 16,300 ETH, amounting to a staggering $51.1 million, from Binance amid the market turmoil. 

This wallet has been consistently withdrawing ETH from exchanges since March 29, accumulating a total of 67,286 ETH, valued at approximately $228.33 million, at an average price of $3,393.

Matrixport, a prominent player in the crypto financial services sector, has been actively involved in facilitating digital asset management and trading for institutional and retail investors globally.

These substantial purchases of Ethereum during a period of market instability highlight the confidence of several major players in the potential of the leading altcoin. 

Despite geopolitical uncertainties and market volatility, Ethereum continues to maintain bullish sentiment among key holders.

Disclaimer: The information provided is not trading advice. Bitcoinworld.co.in holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

#Binance #WRITE2EARN





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