Category: Cryptocurrency news

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Top cryptocurrency exchange Binance to end Visa debit card program in Europe

The world’s leading cryptocurrency exchange by trading volume says Binance Card services will stop working in the European Economic Area (EEA) in December.

Binance notes that customer accounts will not be affected. The exchange encourages European customers to transition to Binance Pay, the company’s crypto payments technology.

Binance first launched the card in Europe in September 2020, allowing its customers to use the crypto assets in their exchange accounts to spend and transact at over 60 million locations worldwide.

The exchange did not provide a reason for the card’s closure, although the company has faced a number of regulatory issues in jurisdictions around the world this year.

Binance announced its exit from the Canadian market in May, citing new stablecoin regulations and limits on investors that the exchange said made doing business in the country “unsustainable.”

In June, the US Securities and Exchange Commission (SEC) sued Binance, the company’s CEO Changpeng Zhao, and Binance.US, alleging that the companies were violating securities laws.

In August, a Mastercard spokesperson told Reuters that the payments giant was ending its partnership with Binance.

In September, Binance said it would sell its entire Russian business to local cryptocurrency exchange CommEX, claiming that operating in the country no longer seemed compatible with the company’s business model. No specific details were provided.

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Coinbase launches perpetual futures for traders outside the US

Coinbase announced the launch of perpetual futures trading for its customers outside the US on Coinbase Advanced, a platform designed for sophisticated retail traders. Perpetual futures contracts allow traders to speculate on the price movements of cryptographic assets without an expiration date.

Starting today, eligible Coinbase Advanced customers in non-US jurisdictions can trade four perpetual contracts: Bitcoin (BTC), Ether (ETH), Litecoin (LTC), and XRP. These contracts are settled in USDC, a stablecoin backed by US dollars.

Users can now access perpetual futures with up to 5X leverage (except XRP at 3X) via advanced.coinbase.com, with mobile trading options coming soon. As part of an introductory promotion, customers will benefit from a low rate of 0% (maker) and 0.03% (taker).
A regulated and compliant platform

Coinbase enables perpetual futures for customers outside the US and has obtained regulatory approval from the Bermuda Monetary Authority (BMA), which is a leading digital asset regulator known for its robust crypto business oversight framework.

Also Read: Coinbase Steps Up Efforts to Crack Down on Hamas Crypto Links

In May 2023, Coinbase Exchange obtained a class F license from the BMA, allowing it to offer perpetual futures to institutions outside the US. Coinbase said it has built its perpetual futures products to strict compliance standards and aims to expand access to derivatives through Coinbase Advanced, serving a broader range of global customers.

A growing demand for crypto derivatives

Coinbase’s launch of perpetual futures coincides with a significant rise in the global crypto derivatives market. According to the CoinGecko report, as of March 2023, cryptocurrency derivatives accounted for a whopping 75% of the total cryptocurrency trading volume, which amounted to $2.95 trillion.

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Technical Analysis of Bitcoin and Ethereum: BTC Maintains High for Close to 2 Months After Strong US Retail Sales

Bitcoin held near a two-month high on Tuesday as markets digested the latest US retail sales figures. Sales, which represent two-thirds of the US economy, rose 0.7% in September, 0.4% more than expected. Ethereum briefly rose above $1,600.

Bitcoin

Bitcoin continued to trade above $28,000 on Tuesday following a better-than-expected increase in US retail sales.

Despite falling from a high of $30,000 on Monday, BTC/USD traded above $28,600 in today’s session.

Although gains have slowed, they are still considerably above yesterday’s low at the $27,855.21 level.

Overall, the recent uptrend means that Bitcoin is trading at its highest rate since August 18, which comes after the Relative Strength Index (RSI) broke through a key resistance level.

The index surpassed the 63.00 ceiling in yesterday’s session, reaching a peak above the 65.00 mark.

Since then, price strength has receded, although it is still slightly above the aforementioned resistance point.

Ethereum

Ethereum (ETH) fell in today’s session after briefly trading above the $1,600 mark for the first time in nearly ten days.

ETH/USD hit a high of $1,628.16 earlier in the week following a tweet from Cointelegraph suggesting that Blackrock’s spot bitcoin ETF was approved.

After these claims were proven incorrect, the cryptocurrency crashed, falling to a low of $1,570.89 today.

As a result of Tuesday’s decline, bears went on a four-day winning streak and could now reach a low of $1,540.

It is clear from the chart that the failure to surpass the 49.00 ceiling on the RSI indicator also contributed to today’s decline.

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Analyst predicts 1,500% price increase for Dogecoin

Recently, the price of Dogecoin (DOGE), the largest meme coin by market cap, has been struggling along with the overall cryptocurrency market. However, the latest price action shows an encouraging and positive outlook for the cryptocurrency.

Renowned crypto analyst Ali Martinez recently shared a new view of Dogecoin, speculating on an upcoming price rally for the meme token.

The formation of the Dogecoin descending triangle

Ali Martínez – through a publication on the X platform (formerly Twitter) – presented a target price of $1 for Dogecoin. This price projection revolves around the formation of a multi-year descending triangle on the weekly price chart of DOGE.

The descending triangle is a prominent technical analysis pattern that indicates a bearish market trend. While it is usually a bearish signal suggesting a breakout of the downtrend, it can also be a significant reversal pattern.

In this specific scenario, Dogecoin price has been in a continuous downward trend since May 2021. Prior to this sustained bear run, the cryptocurrency had enjoyed a parabolic rise, with DOGE price reaching the 0 level, $7 (an all-time high). . in April 2021.

As already inferred, this positive streak was short-lived, with the meme coin falling to a low of $0.058 in October 2021. While Dogecoin’s price has momentarily reached the $0.1 mark several times since then, it is currently trading in a range, and at approximately the same price of $0.058.

According to the analyst, this new bull run could cause the value of the meme coin to skyrocket to $1, which implies a significant recovery of 1,580% with respect to the current price.

Be careful with this level, says analyst

Although the chances of a new bull run seem great for Dogecoin, the possibility of a crash still looms. Specifically, Ali Martínez praised $0.0482 as a price level to watch.

This price zone, which is located at the base of the descending triangle, represents an important support zone. The analyst said that any weakness in this area could cause the DOGE price to hit a new yearly low.

At the time of writing, Dogecoin was valued at $0.059329, reflecting a 1.7% price increase from the previous day. According to data from CoinGecko, the daily trading volume of the meme token is $163.3 million, representing a negligible increase of 0.2% from the previous day.

Dogecoin remains among the top 10 cryptocurrencies on the market, with a market value of over $8.3 billion.

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Bitcoin Lightning Network Sees 1,212% Growth in Routed

Transactions in Two Years, According to BTC Tech Company
The Lightning Network has seen huge growth in transactions over the past two years despite the falling price of Bitcoin (BTC), according to a BTC technology firm.

River, a company that offers Bitcoin brokerage and custody services, analyzed data from node operators that comprise 52% of the public capacity of the Lightning Network, a layer 2 solution for BTC that aims to solve scalability issues.

River estimates a lower bound of 6.6 million Lightning transactions routed in August and notes that the upper bound estimate could be several times that number, but is not quantifiable because the data was not available for transactions between just two participants or private transactions . Routed transactions involve more than two nodes.

Explain the signature,

“This represents a 1,212% increase over the estimate of 503,000 Lightning payments for August 2021 by K33 (formerly Arcane Research). This growth occurred despite a 44% drop in the price of Bitcoin and a 45% drop in search interest. “This is the equivalent of 2.5 transactions per second (TPS), compared to Bitcoin’s on-chain average of 4.4 TPS and the August 2021 K33 benchmark of 0.2 TPS.”

According to River, gaming, social media tipping and streaming are behind 27% of the growth in network transactions.

The company also notes that the Lightning Network processes at least 47% of on-chain Bitcoin transactions daily.

At the time of writing, Bitcoin is trading at $26,892.