Tag: Support

Kraken expands offerings in crypto derivatives, adds PayPal support in Europe and UK

Kraken, a crypto exchange, is making strategic moves to broaden its offerings in trading and payment. After FTX’s downfall last November, Kraken’s subsidiary Crypto Facilities aims to target the lucrative derivatives sector, which had $1.85 trillion in trading volume across centralized exchanges last month alone. Concurrently, Kraken is also widening its payment methods, introducing PayPal deposits for its UK and European customers. Crypto Facilities, acquired by Kraken in 2019, is presently in talks with the UK’s Financial Conduct Authority (FCA) for permission to expand its custodial services, Bloomberg reported on…

Ethereum Price Could See Lift-off Unless This Support Gives Way

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Ethereum price is eyeing an upside break above $1,650 against the US Dollar. ETH must stay above $1,600 to start a fresh increase in the near term. Ethereum is slowly moving higher from the $1,620 support zone. The price is trading above $1,632 and the 100-hourly Simple Moving Average. There is a connecting bullish trend line forming with support near $1,622 on the hourly chart of ETH/USD (data feed via Kraken). The pair could start a steady increase if there is a close above the $1,650 resistance. Ethereum Price Eyes…

Bitcoin MVRV At Critical Support Line, Will Retest Be Successful?

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On-chain data shows the Bitcoin Market Value to Realized Value (MVRV) ratio is nearing a retest that could be crucial for the asset. Bitcoin MVRV Ratio Is Nearing In On The 1.2 Level As an analyst in a CryptoQuant Quicktake post explained, the 1.2 level of the MVRV ratio has historically been a support line for the cryptocurrency. The “MVRV ratio” is an indicator that measures the ratio between the Bitcoin market cap and the realized cap. The “realized cap” here refers to a capitalization model for BTC that assumes…

Ether price risks losing the $1.6K support as multiple ETH price metrics decline

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Ether’s price surged by 31.3% from March 10 to March 18, coinciding with the Federal Reserve’s injection of $300 billion to address the insolvency of Silicon Valley Bank. Since then, Ether’s (ETH) price has consistently maintained a daily closing price above $1,600.  However, investors are now casting doubt on Ether’s ability to sustain this support level, given the prevailing bearish sentiment in the cryptocurrency space and declining metrics on the Ethereum network. Over the past six months, the cryptocurrency sector has been plagued by negative developments. Notably, the Digital Currency Group (DCG), the…

Top US Crypto Exchange Coinbase Officially Rolls Out Trading Support for New PayPal Stablecoin PYUSD

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Coinbase customers can now buy and sell PayPal’s new US dollar-pegged stablecoin on the exchange’s website and mobile apps. The top US crypto exchange officially rolled out trading support on Thursday for PayPal USD (PYUSD), which aims to maintain a 1:1 peg with the US dollar. Coinbase first placed the asset on its listing roadmap last week. PayPal unveiled PYUSD earlier this month and said it is “backed by secure and highly liquid assets.” The payment giant’s customers can buy and sell the stablecoin through the PayPal app and website and…

Polygon’s new open-source L2 chain developer stack to support Ethereum ZK-powered layer 2s

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The Ethereum ecosystem could welcome a variety of new layer 2 (L2) protocols built on Polygon’s newly released open-source codebase, Chain Development Kit, which harnesses zero-knowledge proof (ZK-proof) technology to ensure security and fast finality. Jordi Baylina, co-founder and technical lead for Polygon, spoke to Cointelegraph exclusively about the new toolset, which is publicly available on a GitHub repository:  “The motivating idea is simple: It should be easy and seamless for developers to launch a ZK-powered layer 2 on Ethereum, tailored to the requirements of their project.”  According to Baylina, a…

Hedera Falls To Critical Support Level: Can HBAR Rebound?

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Hedera (HBAR) recently encountered a significant hurdle as it faced price rejection at a crucial weekly bearish order block. Currently hovering at the $0.0500 level, this juncture has emerged as a formidable obstacle for sellers looking to capitalize on the prevailing bearish sentiment. In a price report, it was revealed that HBAR’s funding rates have consistently remained in negative territory for the past few days. This bearish skew in the futures market further underscores the challenges HBAR faces in its price recovery.  The current HBAR price, as reported by CoinGecko,…

Ethereum Faces Rejection Yet Again, Can Bulls Protect This Key Support?

Ethereum price failed to reclaim $1,750 and trimmed all gains against the US Dollar. ETH could accelerate lower if it breaks the $1,630 support. Ethereum started a fresh decline below the $1,700 level. The price is trading below $1,700 and the 100-hourly Simple Moving Average. There is a key bearish trend line forming with resistance near $1,690 on the hourly chart of ETH/USD (data feed via Kraken). The pair could extend its decline if there is a close below the $1,630 support. Ethereum Price Trimmed Gains Ethereum’s price failed to…

Binance Phasing Out Support for BUSD Stablecoin by Q1 2024

Binance will delist BUSD as a loanable asset on September 6 and will suspend withdrawals of Binance-pegged BUSD tokens via BNB Chain, Avalanche, Polygon, and Tron on September 7. Renowned crypto exchange Binance has officially announced its decision to discontinue support for its native stablecoin, Binance USD (BUSD), by February 2024. Paxos’ Role in Binance’s Decision The decision to phase out BUSD support is closely tied to developments involving Paxos, the company responsible for minting new BUSD tokens. Binance disclosed that Paxos has decided to halt the minting of new…

Binance to halt BUSD support due to legal issues

On Aug. 30, Binance informed users via its in-app notification about its intended discontinuation of the BUSD stablecoin support in early 2024. Binance intends to cease support for the BUSD stablecoin. The move indicates a shift in Binance’s operations amidst ongoing legal battles. As Paxos has halted minting of new BUSD, #Binance will now gradually remove support for the stablecoin on our platform. BUSD will always remain backed 1:1 by USD, and we continue to support a wide range of other stablecoins. Find more details below. — Binance (@binance) August…