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Dogecoin [DOGE] slides down the crypto ladder all the way to the 9th rank

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Both the bears and the bulls were residing in the crypto market. Dogecoin [DOGE] and Polakdot [DOT] were harboring the bears while all the other coins had the bulls grazing in their market.

After yesterday’s bearish wave, most of the coins were running towards the bull. Bitcoin [BTC] was trying to get back into its form by aiming for $50K. At press time, BTC was trading for $48,613. Additionally, the coin’s market cap witnessed a surge and finally moved beyond $910 billion. Solana [SOL] was back in the game as the asset was rising by a whopping 17.44% which further pushed the price of the coin to $163.

Dogecoin [DOGE] had a confusing year. With major fluctuations in its price, DOGE was left gasping for air. While most of the assets were surging, DOGE noted a 5.57% daily drop. The altcoin was trading for $0.24, during the time of writing. The asset barely made gains throughout the week.

Crypto rankings were significantly impacted. An array of new coins joined the top ten and prominent currencies lost their spot on this list. With assets like Solana [SOL] making a debut in the top ten, Dogecoin plummeted with regard to ranking. The altcoin was ranked at the 9th position with a market cap of $31.9 billion.

Dogecoin [DOGE] one-hour price chart on Binance

Dogecoin

The one-hour price chart of DOGE on the crypto exchange Binance noted the emergence of the bear. The Chaikin Money Flow [CMF] indicator remained over the zero median in the bullish area. However, the CMF marker was quite close to the bearish zone. The Klinger Oscillator indicator was still in a bullish crossover, but a bearish crossover wasn’t far away. Both the lines were extremely close to each other. This could mean that the bears could soon take DOGE down.

The Relative Strength Index [RSI] indicator noted no major buying or selling activity. The RSI marker stayed still at the 50 median.

PayPal finally opens its crypto doors to all UK customers

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Prominent payments firm, PayPal entered the crypto-verse and changed the market forever. The emergence of the crypto industry was identified by this major platform and it made a timely move with its entrance into the market. With an intention of further sprucing up its crypto game, it decided to expand its digital asset services all across the globe.

Back in August, PayPal had announced its interest in venturing into the UK. While the payments firm already has a well-established base all around the world, it was just starting to incorporate crypto into its system. Today, the firm finally revealed that it had opened the doors to its crypto services to all eligible customers of the UK.

With this announcement, the payments giant noted that UK customers would be able to buy, sell as well as hold an array of cryptocurrencies. This service was originally expected to go live back in the last week of August itself.

PayPal takes its crypto business to the UK

UK users would be able to choose from a wide range of crypto assets that include, Bitcoin [BTC], Ethereum [ETH], Litecoin [LTC] as well as Bitcoin Cash [BCH]. While the platform currently offers only four crypto assets, the community was seen urging it to add a few more prominent ones like XRP.

In its initial announcement PayPal’s Vice President and General Manager, Blockchain, Crypto and Digital Currencies, Fernandez da Ponte, stated that the firm intends to closely work with regulators in the UK. He also added that the payments giant wanted to “meaningfully contribute to shaping the role digital currencies will play in the future of global finance and commerce.”

The payments facilitator took to Twitter to announce the commencement of this service. The tweet,

“We are delighted to share that all eligible customers in the UK can now buy, hold and sell #Cryptocurrencies #Bitcoin, #Ethereum, #BitcoinCash & #Litecoin from their PayPal account. Look out for it in the PayPal app.”

Taking its crypto business into the UK would be considered PayPal’s first international expansion after the United States. The fervor around crypto could certainly surge in the UK as a fully established brand like PayPal had entered the game.

Why Africa has remains undisputed leader with respect to cryptocurrency adoption?

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Investors, big and small, novice and experts across the world, have fancied cryptocurrencies. But for Africa, it is a necessity. The average Joe’s across many countries have managed to rake in fortunes from their Bitcoin [BTC] and other crypto investment over the last decade.

The adoption seen in Africa reflects the need for a financial infrastructure to avoid the growing inflation. In developing countries, institutional investors are considered crucial in the crypto ecosystem. In contrast, the retailers and non-institutional traders of the world’s second-largest and second-most-populous continent are leading the crypto adoption. According to the latest report by data analytics company, Chainalysis, the crypto market in the region has expanded by more than 1,200% since 2020.

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Why Africa ranks high on adoption index?

Countries such as Kenya, Nigeria, South Africa, and Tanzania have emerged as the highest grassroots adoption globally and now rank in Chainalysis’s top 20 Global Crypto Adoption Index. The entire continent is not only the 3rd-fastest growing crypto economy but also has a much larger share of its total transaction volume that consists of retail-sized transfers than any other region.

To put things into perspective, Africa’s retail-sized figures stand at 7% versus the global average of 5.5%. In addition to that, the region also sees a more significant share of its transaction volume comprising of large and small retail-sized payments than the global average.

As a result of these smaller transfer sizes, which indicates higher grassroots adoption amongst daily market participants, the countries above in the region dominate Chainalysis’ adoption index.

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Reasoning

Peer-to-peer platforms are very popular in the continent compared to other parts of the world. The growth of P2P crypto exchanges has been steadily rising. As a matter of fact, Chaianlaysis observed that no other region uses P2P platforms at a higher rate than the crypto users based in Africa. They account for over 1% of all African transaction volume and 2.6% of BTC volume specifically.

This trend can be attributed to the fact that sending money to crypto businesses from customers’ bank accounts is tricky in countries such as Nigeria and Kenya. However, P2P platforms are non-custodial in nature, and hence, they enable customers to trade fiat for crypto amongst themselves.

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According to Adedeji Owonibi, CEO and founder of a Nigerian blockchain consultancy company, Convexity, the stringent Nigerian law that barred banks from enabling crypto transactions has spurred a new trend.

“Binance used to be the most popular platform by far, but after the central bank’s sanction, many are moving to P2P platforms, like Paxful and Remitano. Informal P2P trading is huge in Nigeria on Whatsapp and Telegram. I’ve seen young people and businessmen in these groups carry out transactions for several millions with popular OTC merchants.”

India’s SBI blocks crypto users from receiving funds via its UPI platform

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Just when financial institutions in India were reportedly softening their stance on crypto, a prominent bank in the country has stopped payments to crypto exchanges through UPI.

According to reports, the country’s largest lender, State Bank of India [SBI] has stopped payments to cryptocurrency exchanges using its UPI option. This news comes months after several banks in the country warned their users from sending money to these exchanges.

UPI, which is short for ‘Unified Payment Interface,’ enables account holders of a bank to send and receive money from their phones without the need for divulging bank account details or even net banking user ID and password. It is one of the most used ways to make payments in the country.

It is important to note that, National Payments Corporation of India [NPC], the umbrella organization for operating retail payments and settlement systems in the country that developed the instant payment system, have said that they are not banning crypto despite being a specialized division of Reserve Bank of India [RBI].

However, financial institutions such as the State Bank of India have their own decision-making abilities. With its latest move of blocking crypto users from receiving funds via its UPI platform, the payment avenues in the country appear to be shrinking at an alarming rate.

India’s WazirX affected by the latest move

Binance-acquired WazirX, which happens to be a popular crypto venue in the country, was also affected by the decision. Many users on the platform resorted to using one of the e-wallet services to transact. Its CEO Nischal Shetty said that they were trying to have a talk with the bank and put relevant points forward. He also added,

“WazirX follows KYC [know your customer] norms and AML [anti-money laundering] policies. Being the largest crypto exchange in India, millions of Indians are currently affected due to this move by SBI. We look forward to a positive resolution soon”

The lack of regulatory clarity in the country has been a major hindrance to crypto adoption. The latest decision by the bank will likely trigger other banks to follow suit. An official verdict on cryptocurrency exchanges in the country is yet to see the light of the day. Jayant Singh, Chairman of the Parliamentary Standing Committee on Finance, had recently stated that the government would take a “distinctive approach” to regulate the crypto ecosystem in India.

Crypto firm enters into lease agreement with Hong Kong’s biggest landlord

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Cryptocurrencies have certainly taken the world by storm. Despite cutting off ties with the dark web, regulatory systems from across the globe continue to haunt the industry. Even though the entire crypto industry was started to steer away from the shackles of centralized systems, the crypto market, unfortunately, found its way into extreme scrutiny. While garnering approval from a regulatory entity has become a must in the current world, cryptocurrency exchanges were seen grappling.

Similar to an array of governments across the globe, Hong Kong decided to jump onto the regulatory train and scrutinize the crypto-verse. After making it mandatory for digital asset exchanges functioning in the region to have a proper license, several firms were seen bidding adieu. However, a few others stuck around and managed to garner a license.

A firm called HashKey Group made news after amassing a license as well as a prominent property in Asia’s financial hub.

Crypto continues to boom in Hong Kong

Hong Kong’s major property landlord, Hongkong Land revealed that it had entered a lease agreement with HashKey Group, a local digital asset firm. This move comes after the financial watchdogs of Hong Kong clarified regulations surrounding crypto in the region.

Hongkong Land has leased out a commercial office space for the digital asset firm. An entire floor will be used by the firm in the Three Exchange Square. The executive president at HashKey, Michel Lee noted that the Three Exchange Square was one among the “most prestigious office buildings” in the region. This deal has reportedly put the firm right at the “center of the business community.”

Speaking about the latest lease agreement, the director and head of office, commercial property at Hongkong Land, Neil Anderson said,

“The SFC’s recent decision to regulate digital asset exchanges in Hong Kong gives us confidence that this new asset class has a regulatory framework, and therefore a future within the finance industry,”

XRP jumps onto the bull bandwagon while climbing up the crypto ladder

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After witnessing stagnancy for a long time, the crypto market finally followed the bull. XRP, Binance Coin [BNB], Cardano [ADA], and a few others barely experienced any major fluctuations. However, assets like Solana [SOL], Polkadot [DOT], as well as Bitcoin [BTC], were seen bagging significant gains.

Bitcoin was trying to break free from the $45K zone and the bulls were seen aiding this move. BTC’s market cap dropped down to $863 billion and the overall crypto market followed suit as it plummeted to $2.09 trillion.

Despite encountering an array of hurdles throughout the year, XRP still managed to surge to a high of $1. The altcoin took years to push past a strong barricade put forth by the bear and move beyond $1. At the time of writing, the asset was trading for $1.08 with a 2.29% surge over the last 24-hours. The previous seven days were unfavorable for the altcoin as its price dipped by 16.73%.

Additionally, XRP climbed up the crypto ladder. The altcoin recently made news after it was pushed down by Solana [SOL]. SOL took over as the sixth-largest cryptocurrency after its market cap rose beyond that of XRP’s. However, during press time, the market cap of XRP surged to $50 billion and the altcoin took over the sixth rank, once again.

XRP one-hour price chart on Biannce

XRP

The one-hour price chart of the altcoin was noted harboring the bull. The Parabolic SAR indicator used in its short-term chart transitioned into the bullish arena. The dotted lines dropped below the candlesticks further forming a line of support. The Chaikin Money Flow [CMF] indicator was way over the zero median up by the hills with the bull. This positive notion could further push the price of the altcoin.

Furthermore, the Money Flow Index [MFI] indicator was still residing in the buyers’ market.

After crypto, Chinese media tries to alienate NFTs

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China has been ousting several prominent cryptocurrency firms from its region. Now the country seemed to be laying eyes on NFTs. Non-fungible tokens have undoubtedly taken the world by storm. Instead of jumping onto the bandwagon, the government was rather repelled by this idea. a media house, Securities Times of a Chinese Communist Party’s branch, People’s Daily revealed.

As the world has been steering towards digitalization, the touch of crypto to it was seemingly necessary. After digitalizing almost everything, taking art into the digital sphere worked out well for many. Despite being uninterested in crypto, an array of people were seen diving into the NFT space. Even though two prominent firms of the country were seen showing interest in NFTs, the Chinese government went on to castigate the value of NFTs.

NFTs next line to be banned in China?

While major firms like Alibaba Group Holding and Tencent Holdings were trying to take on the non-fungible tokens business, a Chinese state-run newspaper went on to label this a “huge bubble.”

The Securities Times in a recent article suggested that people using non-fungible assets were rather focused on it as format and weren’t that enthusiastic about the artwork or even the asset. Therefore, the Chinese media noted that there was a huge bubble in these transactions. A staff reporter and author Wang Junhui wrote,

“Once market enthusiasm wanes and the hype cools, the value of these many strange NFTs will greatly decrease.”

Collage creator, Mike Winkelmann who goes by the name Beeple further added,

“I absolutely think [NFT art is] a bubble, to be quite honest. I go back to the analogy of the beginning of the internet. There was a bubble. And the bubble burst. But it didn’t wipe out the internet. And so the technology itself is strong enough where I think it’s going to outlive that.”

Solana [SOL] Price Hike Hits Brakes As Reddish Hue Sets On Crypto Market

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Solana’s meteoric rise over the past few weeks put it on the map with a rush of new investors further elevating its market cap. The cryptocurrency seemed to ignore bearish signals earlier after SOL hit all-time highs. As the week comes to a close, SOL’s weekly gains were wiped off as it became the biggest loser in the top 10 cryptocurrency club.

In the past 24 hours, Solana witnessed a 15.2 percent dip in value as the token traded for $178.07 on Friday. If Solana’s weekly gains were compared with the rest of the market, it would ironically emerge as the biggest gainer. Solana also saw it’s daily trading volume dwindle to $9.18 billion after a hectic week on the floors.

Solana 1 hour:

sol 1 hr 1

With the immediate support near the $155 mark, Solana was still some ways off from breaking it. Technical indicators showed a bearish bump in the market as the momentum shifted downwards.

Relative Strength Index: Solana’s RSI fell towards the oversold zone after a change in investor sentiments. The sudden drop pushed more holders into selling their assets.

MACD: The short term MACD crashed below the histogram as the signal line and the MACD line diverged from one another. Solana’s MACD histogram continued to blink red as the amplitude increased.

PSAR: Markers stayed above the price candles as the sentiment stayed bearish.

Solana 1 day:

sol 1 day 1

In the long term, Solana broke away from its bullish pattern after the formation of two consecutive red candles. This had happened for the first time since the end of July. Solana’s long-term support stayed near the $70 mark with indicators pointing to a slowdown.

Parabolic SAR: The markers here were below the price candles as the current bear run wasn’t enough to disrupt the strong uptrend. A third red candle formation could possibly lead the markers to jump above the candle.

Relative Strength Index: As more people bought Solana in August, the graph stayed above the overbought threshold.

MACD: The signal line and the MACD line moved upwards in tandem, signaling a bullish overturn. According to the MACD histogram, the atmosphere was still bullish for traders to jump into the market.

Ukraine takes crypto out of the gray area and legalizes it

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Cryptocurrencies have caused an uproar around the world. Ukraine has caught the crypto bug and the government went on to legalize digital assets in the country.

Even though the last couple of years have been overwhelming, the digital asset world was seen thriving. The market managed to lure in an array of people from celebrities to the average Joe. This further boosted the value of the overall crypto market. Soon after this, an array of countries started embracing crypto. Governments drastically changed the hostile nature that they had set for crypto assets. After being highly monitored for trading crypto, Ukrainians were finally being granted financial freedom.

As per the recently adopted draft law, Ukraine gave crypto a legal stature in the country. The country’s Ministry of Digital Transformation would reportedly streamline the implementation of regulations governing crypto assets.

The Ministry of Digital Transformation’s Anastasia Bratko addressed the same and stated that the citizens of Ukraine would be able to declare their respective incomes in digital assets. Alongside this, the ministry affirmed that they would uphold “judicial protection of the rights to virtual asset owners.”

Ukraine says to crypto

The announcement from the ministry further read,

“[..]the country will receive additional tax revenues to the budget, which will be paid by crypto companies. The adopted norms establish rules for service providers related to the circulation of virtual assets and contribute to the market’s de-shadowing.”

An array of countries have started to recognize crypto and even legalize its use. El Salvador’s move was an inspiration to many. Even though several from the country condemned this move, the fear surrounding this remains in Ukraine as well.

While legalizing it, the government revealed that there were laws put in place to protect those holding Bitcoin [BTC] along with other assets. Additionally, the government hopes to lure foreign exchange into the Ukrainian market.

Russia lays focus on cryptocurrency mining; Regulations on the way?

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As the world moves towards the crypto-verse, Russia intends to move a step ahead with its latest announcement. The Russian government intends to accommodate crypto mining operators and regulate the mining industry efficiently.

Cryptocurrencies have started to garner the attention of the globe. China however decided to steer away from the same. The country went on to oust an array of crypto mining firms. As most of these firms settled in Khazakitsan, Russia revealed that it intends to open its doors to these businesses.

In a recent announcement, the chairman of the Russian State Duma Committee on Financial Markets, Anatoly Aksakov, revealed that the government was looking into giving the crypto mining business a place under the entrepreneurship category.

Russia to recognize crypto mining as a business

As per TASS news agency, Anatoly Aksakov said,

“As this [crypto mining] is a type of entrepreneurial activity, it is obviously necessary to include it into the state register, to regulate it as a type of entrepreneurship under an appropriate code, and impose relevant taxation.”

The government is reportedly working on several things. This included things pertaining to crypto mining, taxing crypto as well as the issuance of a potential digital currency. The government is primarily concerned about establishing a proper regulatory system for digital assets.

Aksakov further added,

“We still need to discuss what digital currency actually is, although we call it currency, it is rather used as a financial instrument or a financial asset that is a subject to investment, rather than a means of payment.”

The crypto mining industry has started to become more prominent and valuable. As the demand for these digital assets increases, the need for mining activity also surges. Therefore, the crypto mining industry would continue to flourish.

Russia’s move comes at the right time and would further facilitate the world’s transition into the digital world.