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CRYPTO NEWS: Latest BITCOIN News, ETHEREUM News, DEFI News, RIPPLE News
Bitcoin remains in jeopardy, why $ 38,000 is the key to a new surge
The bitcoin price is struggling to gain traction above $ 37,500 and $ 37,800 against the US dollar.
After a decent close above $ 35,000, the bitcoin price started a new upward movement. The price even climbed above the $ 37,000 level and stalled above the 100-hour simple moving average. However, the price is still facing strong resistance near the $ 37,800 and $ 38,000 resistance levels. The high has formed around $ 37,294 and is currently correcting lower.
Following a $ 750 million Bitcoin distribution, Ruffer Investment claims BTC is at the start of its safe haven cycle
The zero interest rate makes investors desperate for new safe assets like bitcoin.
Amid recent warnings from the UK Financial Conduct Authority of cryptocurrency fraud, the giant asset manager Ruffer Investment backed its decision to set aside around 2.5% of its portfolio in BTC.
A UK-based company with over $ 27 billion said bitcoin adoption is still in its early stages as most investors “desperately need” alternative secure instruments during these difficult times.
Ethereum Breaks Key Resistance: Why ETH Might Move To New ATH
Ethereum rose more than 10% and broke the $ 1,250 resistance against the US dollar.
In the last 2-3 sessions, Ethereum started to rally above the $ 1200 zone and surpassed Bitcoin. The bulls gained strength, leading to a rally above the $ 1280 resistance. To start the rally, there was a break above the main contracting triangle on the hourly ETH / USD chart with resistance around $ 1245. Ether is now more than 10% higher and is trading well above the 100-hour simple moving average.
Ripple Price Analysis: XRP is consolidating below $ 0.30.
XRP posted a slight 3% price gain as it continues to move sideways in a consolidation pattern.
XRP has managed to maintain a 0.618 Fibonacci retracement around $ 0.263 over the past four days, and has recently rallied. Crypto still has a long way to go to recover from its catastrophic December numbers, and only a break above $ 0.35 will indicate that the bulls are ready to begin the recovery process.
XRP was extremely hesitant about Bitcoin in January 2021 as it was trapped in the 900 to 670 SAT range over the entire period.
Livecoin Exchange Announces Closure Following December Hack
Following an alleged breach in December, the trading platform is now stating that it will close and pay users the remaining funds.
The Russian-based exchange said in a notice on its website about the alternate domain that it has made a “difficult decision to close the business” and will return the remaining funds to users.
The amount of losses incurred as a result of the violation was not disclosed. The firm said, “Our service and team are suffering heavy losses, as are our customers.”
45,000 Bitcoin mining rigs confiscated by Iranian authorities amid network closure controversy
Iran’s actions against illegal bitcoin mining businesses continue.
Iranian authorities have confiscated 45,000 bitcoin mining rigs that used subsidized electricity to mine cryptocurrency. This is another major takeover in a Middle Eastern country with frequent power outages, which the government blames on BTC mining.
Local media reported that police confiscated about 45,000 drilling rigs that consumed 95 megawatts per hour of electricity at lower prices.
Huobi Global connects to the European banking system through the UK’s BCB Group
The crypto exchange has partnered with BCB Group to receive instant payments in GBP and EUR for its clients.
Regulated cryptocurrency payment services company BCB Group has partnered with Huobi Global to help the Seychelles-based exchange giant connect its trading desks to banking systems in the UK and Europe.
It was announced that Huobi OTC customers will be able to instantly pay for transactions in Euros and Pounds through the BLINC BCB network.
DeFi Explosion: Binance DeFi Index Reaches ATH As Total Value Locked At $ 25 Billion
DeFi continues to rally as Binance’s DeFi Composite Index sets a new all-time high while TVL expects $ 25 billion.
The decentralized financial sector continues to grow, reaching an impressive all-time high of over $ 24 billion. In addition, the Binance DeFi Composite Index, which measures the performance of multiple DeFi coins, has designated a new ATH.
Launched in August 2020, the DeFi Composite Index tracks and measures the performance of a “basket” of DeFi assets in what the company calls a “standardized way.”
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