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Ethereum [ETH] accommodates the bear and slips below $3K

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Volatility had struck the crypto market. Ethereum [ETH], Solana [SOL], Polkadot [DOT] were seen majorly bruised by the bear. Almost every asset was drowning in the red sea. Bitcoin [BTC] continued to plummet and was at a low of $42K. Over the previous seven days, the king coin endured losses up to 11.36%. The coin’s market cap mirrored this notion as it dropped down below $800 billion.

The overall market cap of the crypto-verse was directly impacted by this downfall and the numbers were at $1.87 trillion, during press time.

Other assets witnessed a similar fate and Ethereum [ETH] was seen enduring the most daily loss. The altcoin was seen dipping by 4.75% over the last 24-hours. During the time of writing, ETH was trading for $2,926. ETH has been hovering around this zone for quite some time now. The altcoin’s efforts to move on towards $4K were depreciated. Over the previous seven days, ETH dropped by 14.43%.

Ethereum [ETH] has remained the second-largest crypto asset for the longest time. Similar to Bitcoin [BTC] the market cap of ETH was undefeated by any crypto asset. At press time, ETH’s market cap was at $343.7 billion while Bitcoin’s was at $793 billion.

Ethereum [ETH] one-hour price chart on Coinbase

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The short-term price chart of ETH noted a positive sign. The altcoin’s one-hour chart suggested that ETH could garner short-term relief by the bull. The Parabolic SAR indicator formed dotted lines below the candlesticks and laid out a line of support. The Awesome Oscillator followed this path and rolled out green closing bars. These bars signified the presence of bulls in the ETH market. The hope around ETH surging over $3K was put forth by all these indicators.

No major buying or selling activity was noted in the ETH market the Relative Strength Index [RSI] indicator affirmed. The RSI marker was exactly at the 50 median mark.

Dogecoin [DOGE] could be joining other crypto assets at the world’s largest movie chain, AMC

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The world’s largest movie chain, AMC has decided to further elevate its association with crypto by showing its interest in the meme coin, Dogecoin [DOGE].

Cryptocurrencies have entered almost every industry. Recently, they made a debut at the cinemas. With several platforms across the globe welcoming crypto with open arms, an array of cinema chains also joined in. The world’s largest movie chain, AMC decided to jump onto the crypto bandwagon. Back in August, the platform announced the inclusion of Bitcoin [BTC] into its system.

Furthermore, this list was extended with the addition of several other coins. Just last week, the CEO and Chairman of AMC, Adam Aron announced the incorporation of Ethereum [ETH], Bitcoin Cash [BCH] as well as Litecoin [LTC]. Soon after this, the crypto community went on to urge Aron to add Dogecoin [DOGE]. It seems like the Chairman of AMC was interested in adding DOGE as a payment option.

Dogecoin to make entrance into AMC?

In a recent tweet, Aron put out a poll and asked the community if they wanted AMC to add Dogecoin. With four options to choose from, the tweet read,

“I sincerely want to hear your opinion, via this Twitter Poll. By year-end 2021, AMC will take Bitcoin, Etherum, Litecoin and Bitcoin Cash for online payments. I hear from many on my Twitter feed we should accept Dogecoin too. Do you think AMC should explore accepting Dogecoin?”

About 69.1% of the 119,952 votes, were given to the first option “Yes, for sure do it,”. The second option, “Yes, but I won’t use it,” had only 8.5% votes, and the third one, “No, not that important,” had a total of 6.9% votes. Only 15.5% noted that they weren’t interested in the asset by choosing the last option, “No, a waste of effort.”

The first option was a clear winner. The community noted that they wanted the inclusion of DOGE. Despite the downfall of DOGE, the fervor and popularity surrounding to coin still seemed to be high. The meme coin could join the list of other coins that were waiting to join AMC by the end of this year.

Tron [TRX] ETN debuts on Europe’s biggest Stock Exchange

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Justin Sun-led Tron Foundation announced Tron’s [TRX] exchange-traded product has officially debuted on Xetra, which happens to be the electronic trading platform of Europe’s biggest Deutsche Börse German stock exchange. The new product is an exchange-traded note [ETN] dubbed ‘VanEck Vectors Tron ETN [VTRX]’ and is set to expand its foothold across Zurich, Paris, and Amsterdam.

This is s major breakthrough for TRX who’s an addition to the list that represents the third such mainstream crypto to have landed their ETN on the world-renowned fund management company after Bitcoin [BTC] and Ethereum [ETH].

Announcing the same, the foundation stated,

“The successful listing of VTRX, on the heels of Bitcoin and Ethereum, is a fresh testimony to Tron’s robust crypto ecosystem and its successful drive to expand its global roadmap. It is also a significant milestone in Tron’s effort to keep up with the evolving regulatory environment.”

Why Tron?

VanEck has been one of the first asset managers to submit a Bitcoin ETF application to the US Securities and Exchange Commission [SEC]. Since then, it has launched several products. Last year, VanEck rolled out one of the world’s first Bitcoin ETNs [VBTC]. Next came Ethereum ETN [VETH] in 2021. The latest move of listing VTRX after launching BTC and ETH indicates TRX increasing “market recognition” as a prominent blockchain platform across the world.

Martijn Rozemuller, CEO at VanEck Europe, admitted that while Ethereum continues to lead the pack, younger platforms such as Tron provide additional advantages in the form of lower transaction costs or faster processes. Hence, adding these assets to an investor increases the diversification while reducing the overall risk, added the exec.

What does TRX ETN entail?

With TRX ETN, investors in the region will have a regulation option to invest in cryptocurrency. Xetra provides access to Europe’s largest ETF exchange. Another upside for the users is that there is no need to worry about wallets and encryption keys while trading ETN on stock exchanges. Additionally, investors can enjoy significantly lower risks of settlement to the central clearing systems.

According to the foundation overseeing the development of TRX, the listing will aid in reducing the gap between the crypto ecosystem and mainstream financial markets in Europe and will strengthen TRX’s position.

Cardano [ADA] bounces back with daily gains of 10%

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After a massive drop, almost every coin was seen bouncing back to its normal state. Cardano [ADA] was surging faster than all the other assets. The entire market witnessed a significant plummet which even pushed Bitcoin [BTC] down below $40K, for the first time in several weeks.

During press time, BTC was on its way to recovery as it was priced at $43K. The king coin’s market cap also nosedived below $900 billion. This further impacted the overall market cap of the crypto-verse. Ethereum [ETH] was trading for $3K. The persistence of bears could further push the asset below its current number.

Cardano [ADA] had major fluctuations with regard to its price. The altcoin rose up to a high of $3. However, the bears pushed the asset down back to $2. At the time of writing, ADA was trading for $2.19 with a 5.10% surge over the last 24-hours. The previous seven days didn’t go as planned for the asset as it slipped down by 8%.

The market cap of the asset surged to a high of $70.7 billion. Cardano noted significant transformation as it climbed up the crypto ladder. Currently, ADA surged to the third-largest cryptocurrency. Binance Coin [BNB] wasn’t too far off as it was at $68 billion.

Cardano [ADA] one-day price chart on Binance

Cardano

The one-day price chart of ADA suggested that the coin wouldn’t be garnering gains for a while. The MACD line dipped below the signal line which further formed a bearish crossover. This bearish crossover could persist considering the disparity between the lines. The Chaikin Money Flow [CMF] indicator dropped down below the zero median to the bearish zone. All these signs pointed towards the bear and ADA could remain in its current state or even drop below $2.

The Relative Strength Index [RSI] indicator revealed that ADA slipped into the sellers’ zone.

The RAPSCALLIONS (RAPS): Mooning NFT Project with True Breeding and Battles

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The Rapscallions is an exclusive gang. Membership in the gang requires you to own at least one of the 10,150 RAPS NFT. The Rapscallions will be available to mint from September 24th, 2021 at a cost of 0.06 eth each.

The team behind The Rapscallions has reimagined the whole concept of NFTs and the marketplace around it today. Having experience and vast knowledge in the NFT market, they have envisioned a whole world around the RAPS NFT and it will not end once the last RAPS NFT has been minted.

Their vision starts with The Rapscallions and their recruitment drive to find new members. Then comes the mysterious Axe gang that has been rivals with The Rapscallions for ages, of which more details on this NFT project will be unveiled in a few days after launch and will include a battle game between the gangs.

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Let’s get back to what is currently on the roadmap for The Rapscallions. Once they launch on Sep 24th, The Rapscallions will be hosting numerous Airdrops and giveaways including PS5 systems amongst their holders. At a later stage, a charity donation will be made at the behest of the Rapscallion community once they have decided on a suitable charity. The final stage which is already under development will be breeding between The Rapscallions NFTs, for which the dev team has included for the first time male and female NFTs. One of each will be required to breed NFTs in the incubation center, of which the offspring would take on the traits of their “Parents” or have a minute chance of unlocking even rarer traits.

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Each RAPS NFT has been created with 290+ uniquely hand-drawn traits with varying rarities from 10 different categories of individual traits. Listing on a major rarity evaluating website will be made available once 20% of RAPS have been minted.
To MINT / BUY, one must install metamask and fund it with Ethereum and connect on site to MINT/BUY after launch. It’s best to use a computer or laptop for this. They have fun and helpful community on Discord while you can check them out here.

Ethereum [ETH] shows meek resurgence signs after bouncing above $3K

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Ethereum [ETH] suffered a brutal setback as it sliced through a stable support floor and fell below the $3,000 level for the first time in over four weeks. Despite the bulls stepping in for recovery, the world’s largest altcoin was still down 7.75% over the past week. The sudden downtick stirred the volatility in the market.

Following the minor resurgence of bullish pressure of 1.08% over the past 24-hours, Ethereum [ETH] increased to a price of $3,033. At the time of writing, the crypto-asset registered a market cap of $360 billion and a 24-hour trading volume of $27.2 billion.

Ethereum [ETH] Daily Price Chart:

Eth

Sustained selling pulled ETH below the 50 daily moving average [Pink] which has hurt its price progression on the chart. On the other hand, the 100 [Blue] and 200 [Yellow] DMAs continued to hover beneath the candlesticks. The volume on the daily chart appeared to be moderate which could aid in pushing the price back higher.

Furthermore, the formation of a falling wedge pattern depicted that a potential bullish breakout could be on the cards even as price oscillated downward between the two trendlines. A successful breakout could erase the losses sustained during the latest sell-off.

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The technicals, however, do not look very promising. The Chaikin Money Flow [CMF], for one, dropped to the mid-point signifying that capital inflow in the coin market has taken a substantial hit following the downturn. A similar sentiment was echoed by MACD which flashed red. Additionally, the Relative Strength Index [RSI] fellow towards 40-line closely mimicking the price of action of ETH and indicating that sellers have an upper hand. But the falling wedge formation of the indicator showed reversal signs.

If buyers sustain the bounce, Ethereum could gradually move up toward the 50 DMA at $3,291 before targeting other resistance levels of $3,636, $3,962, and $4,183. The support levels for the asset stood at $2,721, $2,590, and $1,776 respectively.

Texas residents express interest in crypto as a payment method

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Following El Salvador’s footsteps, several governments were seen trying to accommodate crypto into their system. Texas, a state in the United States of America is the latest to express interest in crypto. However, the residents of the state were seen pushing for crypto payments.

Just as the world was traversing into the digital world, digital asset payments were seen thriving. While the value of crypto surged, the demand for it followed suit. The crypto industry noticed a drastic growth from its nascent stage to its fully-fledged current rate of adoption. Trying to keep up with the trend and reap the benefits of the crypto-verse, several governments across the globe were seen adopting cryptocurrencies.

As per a recent poll reported by Newsweek, it was noted that an array of people from Texas were interested in bringing crypto into the region. In a survey with 9,700 voters over various states of the United States from 20 to 22 August in California and 20 to 24 August in nine other states. About 37% of the residents from Texas were noted voting to make crypto legal. However, 42% of the crowd wanted crypto-friendly legislation.

This could further mean that about 10 million of the existing 29 million population of Texas were seen favoring the adoption of crypto in the region.

Texas to go crypto-friendly?

Redfield & Wilton Strategies, a UK-based platform, carried out a survey in light of the state’s efforts to recognize cryptocurrencies. While some parts of the US still remain hostile towards the emergence of crypto, regions like Wyoming and Texas seem to be driving the crypto bandwagon.

Additionally, several politicians have started to express support for crypto, particularly during campaigns. While some of them have a genuine interest in bringing crypto into the system, a few others could be using it to lure voters. Louisa Idel, the head of insights at Redfield & Wilton spoke about the same and said,

“If a party wants to catch these receptive voters, it should act swiftly—not only to beat the other party to the punch but also to preempt legislation that would prove difficult to reverse if enacted.”

Brazil’s BTG Pactual launches crypto trading platform mynt as users number spikes

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With each passing day, the world of digital assets seems to become closer and closer to mainstream adoption. The latest news from Brazil was a positive marker for an industry going through a bear market. On Tuesday, Brazil’s BTG Pactual launched its native platform for virtual assets trading.

South America has become a hotspot for cryptocurrency adoption with several countries considering cryptocurrencies as a legal tender. Brazil’s focus on crypto was helped along by a rapid influx of new traders into the ecosystem. BTG had earlier expressed their interest in entering the cryptocurrencies as the Mynt platform worked towards achieving that goal.

As of now, Mynt platform users can purchase Bitcoin and Ether in a few quick steps. The bank further added that it had plans to add other cryptocurrencies to it’s roster in the future. Post the latest announcement, BTG Pactual’s head of digital assets Andre Porhilo said:

“At this first moment, we will have the two main assets of the market but we will include other cryptos for trading over time. We will have a complete platform with blockchain-based assets. With the support of BTG Pactual, Mynt has fundamental differentials in security and credibility characteristics that are fundamental in a new category of investments with which most people are not used to.”

Officials close to the bank claimed that the massive demand for cryptocurrency trading amongst users was the main factor for Mynt’s origins. BTG Pactual CEO Robert Sallouti also informed the public that the company would take the onus of informing the public of the burgeoning market. The bank plans to launch educational content about blockchain and virtual assets with the mission of acclimatizing the new entrants.

BTG Pactual’s foray into cryptocurrencies has also made it the first major institution in Brazil to do so. The bank assured users that the platform was being assessed by the Brazilian Securities Commission and the local central bodies for total credibility. We now have to wait and watch how the platform takes of in the South American country.

SEC on a warpath with crypto; NY crypto event attendee allegedly subpoenaed

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The United States SEC has been at odds with the crypto community for years. While any regulatory clarity involving the industry is yet to see the light of the day, it has now resorted to summoning speakers at crypto events. Even before taking the podium of the Mainnet 2021 crypto conference in New York, an attendee claimed to have witnessed a speaker subpoenaed by the SEC.

The development sparked off massive uproar amid growing tension in the crypto community. Many speculated the reason behind the move. One such was a prominent lawyer and General Counsel of Compound Finance, Jake Chervinsky who pointed out that summoning someone at a conference could either be due to the fact that the “target” lives outside the US or the SEC wanted to see the entire fiasco unfold live to send a message or intimidate dissents.

SEC vs Crypto: the final straw

Messari was the organizer of the blockchain conference that kicked off amidst regulators at the state and federal levels intensifying scrutiny in the crypto space. Naturally, the founder of the crypto research firm Ryan Selkis wasn’t pleased. In a series of tweets, the exec stated revealed offering compensation event passes for regulatory, which they refused. He concluded that the regulators had no intention of learning about the space and that they wanted to shut the entire industry down. However, Selkis made no mention about the regulator being SEC but confirmed the subpoena reports.

SEC had previously hammered cryptocurrency exchange Coinbase and blockchain firm, Ripple. While the latter is still fighting the regulators, Coinbase, on the other hand, has made a compromise by dropping its plans to launch the LEND product. Nevertheless, serving at an event where there were invited to appeared to be an aggressive move. Selkis, who happens to be one of the most vocal crypto proponents, announced plans to run for the U.S. Senate in 2024 after the event.

His tweet regarding the same read,

“If you’re wondering when I actually decided to run for Senate, it was when these fuckers came to my event, didn’t buy a ticket, and served one of the speakers a subpoena. Enough talk. More war on our out-of-control regulatory state. Selkis 2024. Time to activate the crypto political machine.”

Binance decides to pull the plug on futures and options trading in Australia

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One of the world’s largest cryptocurrency exchanges, Binance has been undergoing extreme scrutiny from regulators across the globe. The regulatory pressure surrounding the exchange has been surging by the day. This has further pushed the exchange to shut shop in several parts of the world. Australia was the latest country to lose certain services of Binance.

The crypto-verse has been subject to heat from regulators despite being known for its decentralized nature. Governments have started to pry into the crypto industry just as its demand began to surge. Binance recently had a major fallout with not just one regulator, but with regulators from several different regions. As the exchange continues to put in place better compliance methods, it was seen pulling the plug on various services it offers.

In a recent announcement, the exchange revealed that it would no longer offer futures and options trading services to its Australian customers by the end of this year. In a detailed post, Binance noted that Australian users would be given a period of 90 days to reduce and close their positions on derivative offerings.

Binance Australia to end derivatives offerings by December

The exchange noted that it intends to comply with the regulations put forth by the Australian government. In order to do so, the exchange would be discontinuing futures, options as well as leveraged tokens services in the country.

With a total of 90 days starting from 24 September 2021, Australian users would not be able to reduce or close their positions post 23 December 2021. Any positions that exist after this date would be closed automatically.

Additionally, during this period, Aussie users would still have access to certain services like being able to top-up margin balances to avoid liquidations and margin calls. However, the option of increasing or opening up new positions would not be allowed.

A spokesperson from the exchange reportedly stated,

“We proactively review our product offerings and activities on an ongoing basis, against user demand, evolving regulatory requirements, and future opportunities, to determine changes and improvements.”

The exchange clearly seemed to be enduring immense loss following the hold on an array of its services in its numerous branches. Recently CZ even admitted to the need for a “centralized entity.”