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Cardano [ADA] spotted leading the latest bull run

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The bull had entered the market and Cardano [ADA] was preceding this parade. Volatility had undoubtedly struck the market. Just yesterday, the crypto market was painted in red and certain assets were even seen witnessing a double-digit drop. However, the bull had taken over and scattered green all over the market.

Recovery was the emotion that was surfing the market. Bitcoin [BTC] jumped from $41K to $42K while its market cap climbed back over $800 billion. Ethereum [ETH] was seen upholding its efforts to move beyond $3K. Despite a 4.80% surge in the last 24-hours, ETH was still stuck at $2.9K.

Cardano [ADA] was the star of today’s crypto market. Even yesterday, the altcoin barely endured a significant loss. ADA was the first to find its way back into recovery. At the time of writing, ADA was trading for $2.33 with a 10.47% rise in the last previous 24-hours. When compared to the other assets, ADA had a favorable week. The altcoin experienced a loss of about 3.56% while other coins like Binance Coin [BNB] had lost 16% of gains.

ADA had established a stronghold on the third rank. With a market cap of $75 billion, ADA seemed undefeated. The overall market cap took a hit and dipped down below $2 trillion.

Cardano [ADA] one-hour price chart on Binance

Cardano

The short-term price chart of the trading pair ADA/USD revealed contradicting notions. The Awesome Oscillator indicator alerted a trend reversal. The indicator laid out red closing bars and announced the presence of bears in the ADA market. The MACD indicator was currently in a bullish crossover. However, the MACD line and the signal line were remarkably close to each other. The indicator looked like it would soon be heading in for a bearish crossover.

The Relative Strength Index [RSI] indicator noted that Cardano was still in the buyers’ arena. However, the RSI marker was pointed earthwards onto the sellers’ side.

Huobi bans new user registration from China following the crypto ban

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One of China’s biggest crypto exchanges, Huobi decided to adhere to the ongoing crypto ban by pulling the plug on new user registrations from Mainland China. This move was directly linked to the big crypto takedown that the Chinese government had formulated.

China stunned the world with its big crypto takedown. The Chinese government ousted an array of crypto platforms from the region. Just as the country prepares to roll out its very own virtual currency, the digital yuan, it was seen bidding adieu to the platforms associated with crypto. The government decided to shut several prominent crypto mining platforms that were well established in the region. Further elevating their power, several financial regulators of China joined hands and imposed a blanket ban on crypto.

Prominent cryptocurrency exchange, Huobi went on to respond to this blanket ban by eliminating the option of new accounts for the users of mainland China.

Huobi succumbs to China’s govt.

In a recent tweet, Chinese crypto journalist, Colin Wu revealed that Huobi had stopped taking in new users from China. Even though this was a temporary measure, Huobi could endure loss considering its reach and hold over China. In the tweet, Wu wrote,

“Exclusive: Huobi, the largest exchange in the Chinese region, suspends the registration of all new users in mainland China. […] The regulatory pressure in China this time may be very high. The exchange began to react.”

While not many exchanges were responding to China’s move against the crypto-verse, Huobi hit back by blocking new users. Additionally, another prominent news agency, 8BTC noted that the crypto exchange had deleted Mainland China from the country/region section of its APP registration. Mainland China was the only region out of the crypto application. Taiwan and Hong Kong still remained intact in the region.

Just yesterday, Wu shared an array of tweets noting how China’s big crypto crackdown would make the Bitcoin mining industry traverse to the United States. However, since the US isn’t very crypto-friendly exchanges and other crypto firms could move to Singapore, the Chinese crypto-journalist noted.

China’s latest move was seen dementing the growth of the crypto market.

Bitcoin [BTC] may be destined for bull run despite Chinese crackdown

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China’s central bank, People’s Bank of China [PBOC] has vowed to penalize Bitcoin and crypto-related businesses. Continuing its tough stance, the bank declared all activities such as trade offering, order matching, issuance of tokens and derivatives as illegal.

The latest move by the Chinese authorities reflects a similar event that transpired four years back. Bitcoin proponent, Lark Davis shared the same view. In his tweet, Davis drew parallel to the previous event of China banning ICOs and the present crackdown on Bitcoin and crypto-related activities and speculated that a bull run could be just around the corner. Exactly four years ago, China prohibited the sale of ICOs during its height of popularity leading to a slump in Bitcoin’s price from $4,892 to $3,194 in a span of a week. However, the downtrend was brief as Bitcoin skyrocketed near $20k, over a 526% surge in three months.

If history repeats, Bitcoin could witness a massive rally.

BTC ALL graph coinmarketcap

The above announcement sent a flurry of reactions across several quarters, especially in the social networking platforms. US Senator, Patt Toomey took to Twitter last evening to express his thought on the recent development. In his tweet, the republican member slammed the country’s stance as ‘Authoritarian’ and calls for the US to seize the opportunity in terms of attracting resources and other structural advantages. In a series of tweets, he expressed regret as to how China’s economic intolerance has led down its people who value liberty and a high standard of living.

According to a translated version of the Q/A posted on the PBOC website, the central bank categorically stated that foreign cryptocurrency exchanges operating in mainland China would be banned and their usage of the internet to provide services to its denizens would also come under illegal financial activity.

The central bank stated,

“Overseas virtual currency exchanges that use the internet to offer services to domestic residents is also considered illegal financial activity.”

Furthermore, the domestic employees working for those overseas financial exchanges and other related institutions would be subjected to investigation. The Chinese authorities cited the reason behind the strict measures is to effectively monitor the rise of illegal and criminal activities associated with it and eradicate investments based on risk and speculations.

Will Bitcoin [BTC] repeat the history?

Earlier this year, China initiated a crackdown on Bitcoin [BTC] and crypto mining operations. The shutdown was reflective of China’s goal of becoming carbon-neutral by 2026 as crypto mining consumes more energy. However, the development sent both hash rate and price of Bitcoin on a downward spiral, triggering FUD in the market. Following the news, the cryptocurrency fell below $30k. Months later, the hash rate and price have recovered to a large extent.

Many experts believed that the recent announcement is harsh but its effects on the market will be short-lived.

Ripple willing to settle with SEC? Brad Garlinghouse drops hints

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Ripple’s fallout with the Securities and Exchange Commission [SEC] of the US has been a major highlight of the year. The SEC blatantly suggested that Ripple had engaged in the sale of unregistered securities i.e., XRP. Despite multiple efforts of the crypto platform, the SEC was adamant about its decision of slapping the platform with a lawsuit. While both the parties had previously made it clear that there were no chances of a settlement, the platform’s CEO Brad Garlinghouse went on to suggest that there could be a possibility of settlement. However, this could be possible only on a condition.

Despite garnering support from regulators across the globe, Ripple failed to convince the SEC that XRP wasn’t a security. Financial watchdogs from all around the world had released statements that XRP did not belong to the securities category, but SEC prolonged the lawsuit.

Over the last couple of months, during the course of the case, an array of things came to light. SEC went on to garner immense hate from people across the globe for being hostile towards XRP. While several exchanges had dropped support for the coin, “RelistXRP” surfaced on the internet.

As this case persists, Brad Garlinghouse, in a recent interview with Fox Business revealed that the platform was ready to settle. However, “absolute certainty” about XRP was needed.

Ripple vs. SEC

In his latest interview, Garlinghouse noted that he needed nothing more than certainty surrounding XRP. He stated,

“To the extent, we can find a constructive path forward with the SEC, we, of course, want to find that. There is no scenario though when we going to settle unless there is absolute certainty about what is XRP on the go-forward basis.”

He believed that Ripple has a definite sight of how XRP could be employed as a “powerful tool.”

Garlinghouse has time and again expressed his angst over the lack of regulatory clarity in the US. The CEO even suggested that the US had traversed from “lack of regulatory clarity to regulatory chaos.”

Additionally, speaking about regulations, Garlinghouse suggested that the crypto industry was regulated. But, the SEC possibly wants more power over the market, he added.

Solana [SOL] succumbs to the bear like every other coin

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Drained in red, the crypto market was seen captivated by the bears. Solana [SOL], Binance Coin [BNB], Dogecoin [DOGE], Ethereum [ETH], and XRP were the worst hit assets. With major losses, these coins lost all the gains gained over the last couple of weeks.

Bitcoin [BTC] joined the altcoins in the downward rollercoaster. The king coin dropped to $41K with a 5.83% daily dip. Ethereum [ETH] with a 9.23% plummet in the last 24-hours, was well below $3K, specifically at $2,791, during press time. All the other coins mirrored this emotion, except for Cardano [ADA]. ADA noted a daily drop of just 2.30% as its price stayed over $2.

With all the coins being a victim of the bear, Solana [SOL] was seen steering away from its hot streak. At the time of writing, SOL was trading for $132.16 with an 8.78% fall over the previous 24-hours. The entire week seemed quite bleak for the asset as its journey of going over $200 was disrupted by the bear.

The altcoin climbed the crypto ladder this month. Not only its price, but the market cap of the coin also witnessed a breakthrough. Sealing a spot as the seventh-largest coin, SOL overpowered several coins like Polkadot [DOT] and Dogecoin [DOGE], despite being fairly new to the market. During press time, Solana’s market cap was at $39 billion.

Solana [SOL] one-hour price chart on Coinbase

Solana

The one-hour price chart of SOL witnessed the take over of the bear. The Bollinger Bands indicator suggested an increase in volatility at this time. The possible surge in volatility was identified by the disparity between the bands. Such a notion during this time wasn’t feasible as the SOL market was crowded with bears. The Chaikin Money Flow [CMF] indicator affirmed the presence of the bear as the CMF marker was below the zero median in the bearish arena.

The Relative Strength Index indicator revealed a sellers’ notion in the SOL market.

Hong Kong’s regulatory heat forces crypto exchange FTX to move

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Hong Kong’s latest regulatory turnover has caused an array of platforms to flee from the region. Prominent cryptocurrency exchange, FTX was the latest to move away.

This year was all about regulations in the crypto-verse. Even though the crypto market started out to steer away from the harsh regulatory system put forth by centralized entities, the digital asset market succumbed to this regulative society. Just as the value of the market began surging, regulators across the globe started taking a keen interest in the industry. This further pushed several crypto platforms to shut shop or even turn into a centralized firm.

Hong Kong was one such region that began overseeing its crypto scene. With newly established regulations, crypto platforms in the region were obligated to abide by it or close shop. Crypto derivative platform, FTX took another route and decided to relocate from HK.

Hong Kong bids adieu to FTX

In a recent tweet, Colin Wu Chinese crypto-journalist revealed that FTX had shifted its headquarters from Hong Kong to Nassau in the Bahamas. The tweet read,

This moe was directly linked to the harsh regulatory climate in the region. Nassau which is the capital of the Bahamas is reportedly more crypto-friendly and the chances of FTX thriving in the Bahamas was higher.

Just a couple of days ago, the crypto exchange noted that its subsidiary, FTX Digital Markets had garnered a registration from the Securities and Exchange Commission of the region. Not only did this open the doors for new opportunities but it also paves the way for the crypto platform’s growth.

Ryan Salame was appointed as FTX Digital Markets’ CEO. Salame was previously serving as the Head of OTC at Alameda Research. Speaking about this shift and his new position, Salame said,

“I’m excited to plant the flag for FTX in The Bahamas. The relationship we have fostered with local regulators culminating with us being authorized under the framework offered through the DARE Act, gives me confidence that we’ll be able to work closely with regulators to make sure our offerings are compliant in multiple jurisdictions.”

Ethereum [ETH] see a double-digit price drop as market bleeds red

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As the week came to a close, the entire cryptocurrency market faced the wrath of the bear. Most tokens witnessed their price supports take a hit with many investors seeing it as an opportunity to “buy the dip”. Up until last week, altcoins were performing better than Bitcoin but it looks like the world’s largest altcoin was doing a better job fending the bear now.

On Friday, Ethereum took a hit with a daily drop of over 7 percent. This red bleed leaked into the weekly rate as the loss percentage shot up to 17 percent. At the time of writing, ETH was trading for $2855.92 while holding a market cap of $336.84 billion. The latest bear crash took a massive chunk out of the daily trading volume, clocking in at $19.2 billion.

Ethereum’s crash was also accompanied by a lot of people moving into DeFi investments. New investments were still coming in from supporters and crypto organizations.

Ethereum 1 hour:

eth 1 hr 1

The largest altcoin had its work cut out as the last red candle shattered immediate price supports. After the day’s price crunch, the new support was formed at $2872.

Relative Strength Index: The RSI fell below the oversold threshold just as the bear broke Ethereum’s price support. Massive sell offs are a part of major price crunches as displayed in the Ethereum ecosystem.

Chaikin Money Flow: Ethereum’s CMF followed the RSI’s footsteps by crashing abruptly. The fall below the zero line signified that the capital leaving the market had overtaken the influx.

Parabolic SAR: All the markers for the day stayed above the price candles as the last candle dropped an entire level.

Ethereum 1 day:

eth 1 d

In the long term, Ethereum’s recent crash paled in comparison to earlier drops. The support on the daily spectrum held near the $1700 mark, a marker created in July.

Chaikin Money Flow: Ethereum broke its bullish pattern by crashing below the zero line. Daily trading investments have decreased significantly since climbing to good heights in mid-August.

Parabolic SAR: The markers stayed above for the entirety of September with the latest crash contributing to the momentum shift. A price increase would enable the cryptocurrency to move into greener pastures.

Relative Strength Index: The sudden change in investor sentiment was on full show with the k-curve. The number of users selling their ETH tokens had surpassed the number of HODLers.

Crypto tipping is the latest addition to social media giant Twitter

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The crypto market witnessed the entry of an array of platforms. While several significant firms have been supporting the crypto-verse right from the beginning, they have started to elevate their presence in the market. Social media platform, Twitter has time and again expressed its interest in the digital asset industry. The founder of the social media giant, Jack Dorsey has been an avid supporter of Bitcoin [BTC].

Now, Twitter has added a new feature to further show its support for the market.

The value of the industry surged to an impeccable height. This further drove several prominent platforms, banks, and governments to incorporate crypto into their respective system. Twitter went on to add the crypto tipping option with which users can pay via the platform.

Crypto comes to Twitter

In a recent blog post, the social media giant revealed that it was adding crypto as an option to its tipping jar. The crypto tipping option would further allow users to pay through Twitter. In the elaborate post, the staff product manager of Twitter, Esther Crawford noted that the option was out and ready to use for iOS users. However, the platform is yet to launch this option for Andriod users.

Users would have the Tips option right next to the Follow button on the profile. Twitter users can use an array of payment options to tip in digital assets. Third-party applications including, Cash App, Patreon, Venmo, Chipper, Bandcamp, Razorpay, GoFundMe, PicPay, and Wealthsimple Cash have supported Twitter’s latest move. These options would be available to users according to the region they reside in.

Alongside this, Twitter tips can be sent through the Bitcoin Lightning Network. This would further allow payments through the Strike application.

Crawford further spoke about the social media giant’s latest addition and said,

“We want everyone on Twitter to have access to pathways to get paid. Digital currencies that encourage more people to participate in the economy and help people send each other money across borders and with as little friction as possible – help us get there.”

Users can tip accounts for an array of reasons. Users can even tip their favorite accounts or help small businesses.

UAE regulators signs deal with Dubai authorities to support crypto trading

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The UAE Securities and Commodities Authority approved a major deal with the Dubai World Trade Centre Authority [DWTCA] to encourage the trading of cryptocurrency assets in the free zone as the country continues to strengthen its digital economy.

Under the framework of the deal, the DWTCA will be able to issue the mandatory approvals and licenses to handle crypto assets-related financial activities. The initiative will also allow the Dubai authority to augment its existing business licenses, services, and incentives. On the other hand, SCA will manage important crypto-focussed activities, such as issuance, listing, trading as well as licensing processes.

UAE embracing blockchain to foster digital-led economy

Dr. Maryam Al Suwaidi, Acting CEO of SCA stated that the agreement comes in response to directives from Abdulla bin Touq Al Marri, who happens to be the Minister of Economy and SCA Board Chairman, in a bid to improve collaboration and exchange knowledge and expertise with different government departments, authorities, and institutions to work together and accomplish common objectives. The exec also added,

“The SCA will be responsible for the regulatory supervision of offering, issuing, trading and listing crypto assets and the licensing of financial activities related to them within the limits of the DWTCA free zone. The SCA will also supervise, control and investigate the licensed entities that operate within the free zone.”

This isn’t the first time that the two prominent UAE authorities have joined forces. Earlier in May, the DWTCA and the SCA had entered a similar agreement to spur the crypto industry development in the Dubai Airport Free Zone Authority.

While admitting that the UAE has been at the forefront of blockchain research and implementation, Helal Saeed Al Marri, Director-General of Dubai World Trade Centre Authority and Dubai Department of Tourism and Commerce Marketing [DTCM] revealed that the latest move is in line with the Emirates Blockchain Strategy. In addition to that, the Bitcoin Fund was listed on the Nasdaq Dubai exchange in June this year, marking the first of its kind to trade in the region.

Al Marri also touched upon the subject of increasing hype over non-fungible tokens [NFTs] and added that innovations such as this will play a crucial role in the future of commerce and that the DWTCA is exploring ways to provide a sustainable home for this ecosystem.

TurboXBT: A review of extremely profitable crypto short-term contracts platform

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Achieving consistency as a trader in the digital currency ecosystem has a lot to do with your skills, however, the trading model on the platform you choose also matters a great deal. There are exchanges whose underlying product offering generally makes it difficult to achieve consistent winnings but with the emergence of the TurboXBT synthetic asset trading platform, this narrative is beginning to change.

The TurboXBT exchange is new in the crypto ecosystem. The trading platform comes off as a disruptive outfit when compared to the offerings being offered by existing competitors today. The exchange allows traders to easily take advantage of short-term changes in the prices of a wide array of digital assets for a chance to make instant profits. 

Despite its newness, TurboXBT has a number of features that have positioned it to be on track to take over as a major trading hub for both new and professional traders in the near future. This article gives an overview of TurboXBT, its features, trading model, and benefits for its early adopters.

All About the TurboXBT Platform

The TurboXBT exchange is a simple to use trading platform where users can enter into contracts to bet on price gains or losses. The design of the TurboXBT platform all works to support this innovative trading model that is one of a kind in the digital asset exchange world. The platform is designed to allow traders to enter UP or DOWN contracts depending on their prediction of the movement in the prices of the assets they wish to trade.

The distinguishing features on the TurboXBT platform are outlined below:

Trading Modalities on TurboXBT

  • Privacy
    Account registrations on the TurboXBT platform require no KYC. This allowance restores confidence for the new page visitors as it helps in keeping their personal account information private at all times.
  • Speed
    As a short-term trading engine, TurboXBT brandishes high speed for all of its platform functionalities. The process from the first visit to the first profit takes just about 3 minutes. Orders can be placed instantly within a few clicks after logging in.
  • A flexible trade entry point
    TurboXBT lets everyone trade at their own pace. Users are under no obligation to fund their accounts immediately after registering. Infact, they can start trading at whatever time they feel they are ready.
  • Simplicity
    Clearly defined profit and risk expectations are provided prior to positions being taken, with only two order types across different durations.
  • Style
    The platform design comes with a bold, user-friendly interface that is visually appealing to all users.
    Additionally, the primary offering of the TurboXBT platform requires a high degree of stability. This was factored in with the underlying design of the exchange and as such, the site boasts of a 99.9% uptime, ensuring that no profits are left on the table. The safety of funds is also guaranteed through the platform’s bank-grade security to safeguard all user’s funds. In all, TurboXBT offers a convenient funding mode that involves the four of the most traded digital currencies including Bitcoin (BTC), Ethereum (ETH), USDT, and USDC respectively.

TurboXBT supports as many as 38 trading pairs obtained from a broad range of 17 digital assets cutting across cryptocurrencies, commodities, indices, and foreign exchange. Each of the supported asset pairs comes with their own unique payout rates, some of which comes as a range. The payout rate is also a function of the underlying market conditions within the time frame chosen.

To trade on TurboXBT, the user will need to open an account in a few simple steps using a personalized email address and password. Once the account is opened, funds will need to be deposited using one of the above-listed funding cryptocurrencies. While the TurboXBT exchange charges no commission for using the platform, users will need to take note of the network charges when depositing funds.

With funds loaded up, here is the simple step to place the first trade on TurboXBT:

The user selects the asset pair to trade, for example, the BTC/USD pair. A suitable time frame ( which could be any from 30 seconds, 1 minute, 5 minutes, 10 minutes, or 15 minutes) that is visible on the chart interface is then chosen, and the trade is executed by clicking either the green UP button for the upward trend or the red DOWN button to bet on price falls.

Trade winnings are dependent on whether the traded pair gained or lost in value within the set time limit. 

While it appears that executing trades can be as easy as described, significant risks can be involved. As a result, users must trade with caution and employ a good risk management technique to help minimize losses. To understand how the platform works before funds are committed to trading, users may take advantage of the demo account accessible to them when their registration is successful. With the demo, live trades can be placed, with the user getting exposed to how winnings and losses are calculated per trade.

As highlighted earlier, the amount of profit earned per trade can be increased significantly depending on the trading pairs chosen and the accompanying payout rates. Assuming a user entered a DOWN contract on Brent with a 70-85% payout rate using $1000, and the price of the synthetic asset traded low in relation to the time frame chosen. The profit would range from $70 to $85 depending on a trusted algorithm computation using underlying marker conditions at the time.

Based on the estimation at the upper end of the range, the total amount that will be deposited in the user’s account will be $185 based on this simple computation. 

                       Total Earnings/Trade = Capital + [Capital x Payout Rate]  

Earnings are paid out instantly and there is no limit on withdrawals.

Taking the First Step

Beginning a profitable trading journey on TurboXBT should be accompanied by the assurance of the safety of data and funds. The platform offers simplicity and the needed support for all users irrespective of their level of experience in trading. TurboXBT’s global push has made it integrate 16 languages, a novel addition that seeks to make its innovative offerings within the reach of everyone around the globe.