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Exchange Tokens Regain Footing After Sharp Drop

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Uniswap (UNI) has been decreasing since reaching an all-time high price of $45, on May 5. However, it has bounced at the $34.60 support area.

Binance Coin (BNB) reached a new all-time high price, on May 10. 

Curve Dao Token (CRV) has bounced at the support line of an ascending parallel channel it has been trading in, since the beginning of February.

Binance Coin (BNB)

BNB has been moving downwards since reaching an all-time high price of $691 on May 10. It began a sharp decrease on May 12, and reached a low of $541 the next day.

However, it bounced shortly afterwards and has reclaimed the $600 area. In addition, the area coincides with an ascending support line that has been in place since April 18. As long as it is trading above them, the trend can be seen as bullish.

However, technical indicators are turning bearish. The MACD has created the first negative momentum bar since April 3. The Stochastic Oscillator is close to making a bearish cross, while the RSI could soon fall below 50.

A breakdown could cause a sharp decrease all the way to the $450 support area. 

However, until BNB either bounces from this area or breaks down, we cannot accurately determine the direction of the trend.

BNB All-Time High
Chart By TradingView

Highlights

  • BNB reached a new all-time high price, on May 10. 
  • It is trading above support at $600.

UniSwap (UNI)

UNI has been decreasing since reaching an all-time high price, on May 3. It reached a low of $33.46, on May 10, and bounced.

While it decreased once more yesterday, it has created a higher low since and is in the process of creating a hammer candlestick, which can be seen as a bullish reversal signs.

Furthermore, the candlestick is being created right above the $34.70 area. This level has intermittently acted as both resistance and support, and the recent bounce confirms it as a support level. 

If UNI continues to increase, the next closest resistance levels are found at $45 and $52, respectively.

UNI High
Chart By TradingView

A breakout from the short-term descending resistance line in place since the aforementioned all-time high would confirm that UNI is heading for new highs.

UNI Resistance
Chart By TradingView

Highlights

  • UNI has bounced at the $34.70 support area.
  • It is following a short-term descending resistance line.

Curve Dao Token (CRV)

CRV has been trading inside an ascending parallel channel since Feb. 26. On April 26, it reached the support line of this channel, seemingly completing a running flat correction. This is potentially wave four (white) of a bullish impulse.

Technical indicators are bullish, supporting the possibility that CRV continues to increase. This is especially evident by the RSI cross above 50 (green arrow).

Potential targets for the top of the movement are found at $5.55 and $7.58, respectively. The former is also a horizontal resistance level.

CRV Channel
Chart By TradingView

Highlights

For BeInCrypto’s latest bitcoin (BTC) analysis, click here.

Disclaimer

All the information contained on our website is published in good faith and for general information purposes only. Any action the reader takes upon the information found on our website is strictly at their own risk.

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Valdrin is a cryptocurrency enthusiast and financial trader. After obtaining a masters degree in Financial Markets at the Barcelona Graduate School of Economics he began working at the Ministry of Economic Development in his native country of Kosovo.
In 2019, he decided to focus full-time on cryptocurrencies and trading.

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Source: https://beincrypto.com/exchange-tokens-regain-footing-after-drop/

Blockchain

The President of Tanzania Urges Central Bank to Start Exploring Bitcoin and Other Digital Assets

It has been recently revealed that the president of Tanzania wants the Central Bank of the country to start exploring Bitcoin and other digital assets.

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It has been recently revealed that the President of Tanzania Samia Sukuhu Hassan wants the Central Bank of the country to start exploring Bitcoin and other digital assets. With this, it can be assured that Tanzania is appearing to be the latest emerging economy poised to embrace Bitcoin and other crypto assets.

President Samia Sukuhu Hassan Urges Central Bank to Get Ready for Bitcoin

The Tanzanian President Samia Suluhu Hassan has recently urged the Central Bank of the country on June 14, 2021, to start exploring adapting to cryptocurrency assets and Bitcoin.

She laid an emphasis on the growing impact of these crypto-assets on global finance and stated:

“We have witnessed the emergence of a new journey through the internet.”

In addition to this, she highlighted the lack of crypto acceptance and development in the East African region and said:

“Throughout the region, including Tanzania, they have not accepted or started using these routes. My call to the Central Bank is that you should start working on that development. The Central Bank should be ready for the changes and not be caught unprepared.”

South Africa Also Planning to Regulate Digital Assets Trading

As it has been recently revealed, South Africa has laid the foundation for finance watchdogs to set crypto-asset controls, as the country is looking forward to restraint surging cases of fraud and improve the management of cross-border flows.

The Intergovernmental Fintech Working Group of the nation said:

“Crypto-assets will be brought into the South African regulatory purview in a phased and structured manner. It is, however, reiterated that with or without regulation, crypto-assets remain inherently risky and volatile.”

In addition to this, the IFWG stated:

“The dynamic development of the crypto market must continue to be pro-actively monitored, including maintaining knowledge on emerging international best practices through standard-setting bodies.” 

READ  Bitcoin and Ethereum Indexes Launched by the S&P Dow Jones Indices

#Bitcoin #Digital Assets #Samia Sukuhu Hassan #South Africa #Tanzania

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://www.cryptoknowmics.com/news/the-president-of-tanzania-urges-central-bank-to-start-exploring-bitcoin-and-other-digital-assets

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Blockchain

The President of Tanzania Urges Central Bank to Start Exploring Bitcoin and Other Digital Assets

It has been recently revealed that the president of Tanzania wants the Central Bank of the country to start exploring Bitcoin and other digital assets.

Published

on

Table of Contents

Rate this post

It has been recently revealed that the President of Tanzania Samia Sukuhu Hassan wants the Central Bank of the country to start exploring Bitcoin and other digital assets. With this, it can be assured that Tanzania is appearing to be the latest emerging economy poised to embrace Bitcoin and other crypto assets.

President Samia Sukuhu Hassan Urges Central Bank to Get Ready for Bitcoin

The Tanzanian President Samia Suluhu Hassan has recently urged the Central Bank of the country on June 14, 2021, to start exploring adapting to cryptocurrency assets and Bitcoin.

She laid an emphasis on the growing impact of these crypto-assets on global finance and stated:

“We have witnessed the emergence of a new journey through the internet.”

In addition to this, she highlighted the lack of crypto acceptance and development in the East African region and said:

“Throughout the region, including Tanzania, they have not accepted or started using these routes. My call to the Central Bank is that you should start working on that development. The Central Bank should be ready for the changes and not be caught unprepared.”

South Africa Also Planning to Regulate Digital Assets Trading

As it has been recently revealed, South Africa has laid the foundation for finance watchdogs to set crypto-asset controls, as the country is looking forward to restraint surging cases of fraud and improve the management of cross-border flows.

The Intergovernmental Fintech Working Group of the nation said:

“Crypto-assets will be brought into the South African regulatory purview in a phased and structured manner. It is, however, reiterated that with or without regulation, crypto-assets remain inherently risky and volatile.”

In addition to this, the IFWG stated:

“The dynamic development of the crypto market must continue to be pro-actively monitored, including maintaining knowledge on emerging international best practices through standard-setting bodies.” 

READ  SandBox Price Prediction 2021-2025: SAND Token Can Hit $1 by 2025

#Bitcoin #Digital Assets #Samia Sukuhu Hassan #South Africa #Tanzania

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://www.cryptoknowmics.com/news/the-president-of-tanzania-urges-central-bank-to-start-exploring-bitcoin-and-other-digital-assets

Continue Reading

Blockchain

The President of Tanzania Urges Central Bank to Start Exploring Bitcoin and Other Digital Assets

It has been recently revealed that the president of Tanzania wants the Central Bank of the country to start exploring Bitcoin and other digital assets.

Published

on

Table of Contents

Rate this post

It has been recently revealed that the President of Tanzania Samia Sukuhu Hassan wants the Central Bank of the country to start exploring Bitcoin and other digital assets. With this, it can be assured that Tanzania is appearing to be the latest emerging economy poised to embrace Bitcoin and other crypto assets.

President Samia Sukuhu Hassan Urges Central Bank to Get Ready for Bitcoin

The Tanzanian President Samia Suluhu Hassan has recently urged the Central Bank of the country on June 14, 2021, to start exploring adapting to cryptocurrency assets and Bitcoin.

She laid an emphasis on the growing impact of these crypto-assets on global finance and stated:

“We have witnessed the emergence of a new journey through the internet.”

In addition to this, she highlighted the lack of crypto acceptance and development in the East African region and said:

“Throughout the region, including Tanzania, they have not accepted or started using these routes. My call to the Central Bank is that you should start working on that development. The Central Bank should be ready for the changes and not be caught unprepared.”

South Africa Also Planning to Regulate Digital Assets Trading

As it has been recently revealed, South Africa has laid the foundation for finance watchdogs to set crypto-asset controls, as the country is looking forward to restraint surging cases of fraud and improve the management of cross-border flows.

The Intergovernmental Fintech Working Group of the nation said:

“Crypto-assets will be brought into the South African regulatory purview in a phased and structured manner. It is, however, reiterated that with or without regulation, crypto-assets remain inherently risky and volatile.”

In addition to this, the IFWG stated:

“The dynamic development of the crypto market must continue to be pro-actively monitored, including maintaining knowledge on emerging international best practices through standard-setting bodies.” 

READ  Bitcoin May Lose Its Struggle to be Adopted as the World’s Reserve Currency

#Bitcoin #Digital Assets #Samia Sukuhu Hassan #South Africa #Tanzania

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://www.cryptoknowmics.com/news/the-president-of-tanzania-urges-central-bank-to-start-exploring-bitcoin-and-other-digital-assets

Continue Reading

Blockchain

Bitcoin Mining Difficulty Plunges 5% to 19.8 Trillion Following Xinjiang’s Order to Shutdown Operations

The Bitcoin mining difficulty plunged by around 5.3% on Sunday night on the back of a recent fall in the hash rate, plunged to the level of 19.8 trillion.

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The Bitcoin mining difficulty plunged by around 5.3% on Sunday night UTC on the back of a recent fall in the hash rate. On-chain data shows that the bitcoin mining difficulty of the Bitcoin Network plunges to the level of 19.8 trillion, a level which was not witnessed since the month of January.

Bitcoin Mining Difficulty Plunges on Bitcoin Network

Talking about the bitcoin mining difficulty, it is how the network targets to keep the production of the blocks at an even rate regardless of the broadly fluctuating hash rate

Depending on the hash rate of the network, the difficulty in the mining either drops or surges in order to accommodate the fluctuating hash rate.

On May, 30, the last adjustment in bitcoin mining was witnessed and since then, the hash rate of the network has managed to stay stable. However, on June 9, the miners in the Zhundong Economic and Technology Development Zone have obtained orders to shut down operations.

Well, it is a result of the high-level comment regarding the crackdown on Bitcoin trading and mining activities by the State Council of China.

Will Bitcoin Rise to $100,000?

Mike McGlone, the Chief Commodity strategist of Bloomberg, believes that the year 2021 shows a number of earmarks for the strong advance of Bitcoin as BTC is still targeting the level of $100,000.

Dan Tapiero, the Co-founder of Gold Bullion, recently released a statement mentioning the huge rise of the flagship cryptocurrency and the DLT analog saying:

“#Bitcoin has never topped with volatility this low. Massive upside still ahead. Twtr sht termers too negative. US Corp adoption unlikely despite @michael_saylor. #Btc biggest global macro event of all time. Smaller countries in NEED/alpha hungry lead.”

In addition to this, he said that he is aware of the fact that the US corporations won’t accept Bitcoin as of now, regardless of all the efforts of Michael Saylor.

READ  Bloomberg Analyst Mike McGlone Predicts Bitcoin To Reach $20,000 In 2020

#Bitcoin mining difficulty #Mike McGlone

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://www.cryptoknowmics.com/news/bitcoin-mining-difficulty-plunges-5-to-19-8-trillion-following-xinjiangs-order-to-shutdown-operations

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