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Buyers’ swarm into Uniswap [UNI] market while it tries to hit $20

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The bulls seemed to be prolonging their stay in the crypto market. Assets like Uniswap [UNI], Ethereum [ETH], Litecoin [LTC], and several others went on to make the most of this bullish takeover.

A couple of days ago, Bitcoin [BTC] dipped below $30K, causing mayhem in the market. However, the king coin was quick to recover and was on its way to $34K. The market cap of the asset also saw a drastic rise over the $600 billion level.

Uniswap [UNI] was the star of today’s bull run. The altcoin managed to make the most gains over the last 24-hours. At the time of writing, UNI was priced at $18.68, with a 5.27% surge in the last couple of hours. The altcoin garnered profits of 14% over the previous seven days. The asset’s journey towards its all-time high of $44.97 made it stand out.

While Uniswap was doing fine in terms of price, it noticed a massive fall with regard to its ranking. The altcoin lost its spot in the top ten as its market cap subsided to $11.04 billion. Nevertheless, the asset remained above prominent coins like Bitcoin Cash [BCH] as well as Litecoin [LTC].

Uniswap [UNI] one-hour price chart on Binance

Uniswap

The short-term price chart of UNI was exhibiting a bullish notion. The Parabolic SAR indicator formulated dotted lines below the candlesticks. This line restricted any sudden drops in the price of the altcoin. Earlier today, the MACD line took over the signal line further forming a bullish crossover.

The Relative Strength Index [RSI] indicator revealed that UNI was being overbought. The RSI marker was way over the 60 median.

With the presence of bulls, UNI could be making its way on to $20 very soon.

In addition to its price, the total value locked in Uniswap on DeFi saw a significant drop. At press time, the total value of USD stacked in Uniswap was at a low of $5.46 billion.

Dogecoin [DOGE] and Binance Coin [BNB] struggle to amass gains

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The bull stayed longer than the crypto market expected. However, Dogecoin [DOGE], Binance Coin [BNB], and Cardano [ADA] garnered limited gains. On one hand, BNB was the only asset painted in red while all the others embraced the green. Dogecoin, on the other hand, noted dainty gains.

Dogecoin [DOGE]

Dogecoin’s emergence from being a mere meme coin undoubtedly put the altcoin under the crypto spotlight. Despite its fame, the asset’s price was at a low of $0.19 during the time of writing. The altcoin experienced profits of just 0.45% over the last 24-hours. The last couple of days were good for the asset as it bagged gains of about 5%.

The market cap of Dogecoin was at $25.10 billion, which allowed the asset a place in the top ten.

Dogecoin [DOGE] one-hour price chart

Dogecoin

All the indicators used in the short-term price chart of DOGE were inclined towards the bear. Chaikin Money Flow [CMF] indicator was below the zero median, which suggested a bearish momentum. The Awesome Oscillator indicator followed suit as it laid out tiny red closing bars, further announcing the bear’s presence.

The Relative Strength Index indicator revealed that the DOGE market was traversing from a sellers’ market to a buyers’ market.

Binance Coin [BNB]

Binance Coin [BNB] made the maximum benefits during the recent bull run. The altcoin recorded new highs almost every other day. However, the current bearish invasion destroyed the altcoin. At the time of writing, BNB was trading for $289, with a 1.98% drop over the last 24-hours. This was surprising as all the other assets in the market were seen harboring the bull.

The market cap of BNB was at $48.78 billion. With this, BNB managed to reside as the fourth-largest cryptocurrency.

Binance Coin [BNB] one-hour price chart

SMddyCFC

The one-hour price chart of BNB noted strong bearish sentiment. The Bollinger Bands indicator was converging at the moment; however, it looked like they were headed towards divergence. The MACD line remained below the signal forming a bearish crossover. Despite this sentiment, the Money Flow Index indicator affirmed a buyers’ notion.

Binance loses another UK-based bank after Barclays

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Binance’s latest fallout with regulators across the globe has left other crypto exchanges in fear. The constant pressure from financial watchdogs has proved to cause immense damage to the platform. So much so that Binance was losing out on significant partners.

Changpeng Zhao’s crypto platform emerged as one of the most prominent ones in the market. The exchange garnered the attention of crypto lovers from all around the world, which further led the platform to venture into different regions. However, certain regulators weren’t pleased with this. Particularly regulators from Japan, UK, Ontario, and the Cayman Islands expressed immense distress over this. They went on to accuse the crypto platform of operating without a proper license.

Just a couple of weeks ago, a prominent bank in the UK, Barclays withdrew support for transactions involving the exchange. More recently, another major commercial and retail bank, NatWest, revealed that it had dropped support for the crypto platform.

Binance transactions are no longer supported by NatWest

An array of people condemned NatWest’s decision. Revealing the reason behind its latest move, NatWest stated, the “increase in scams relating to cryptocurrency and regulatory uncertainty around Binance in the UK.” A Twitter used tweeted about the same,

Numerous people took to Twitter to condemn the bank’s decision and expressed angst over how banks determined how the public spent their money.

Another Twitter user with the username, Mean & Lean Fitness tweeted,

“Complaint raised to @NatWest_Help re – their recent msg restricting deposits to crypto exchanges like @binance. I will be removing my long-term custom, and I encourage others to do the same. I have not authorized them to make financial decisions on my behalf.”

While this is an ongoing debate, Changpeng Zhao revealed that he was taking his US branch public. Speaking at the blockchain virtual summit REDeFiNE Tomorrow 2021 noted that “Binance US was looking at the IPO route.”

Nigeria to kick start its CBDC pilot in October

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As the world takes on the digitalization wave, Nigeria revealed that it was getting on the journey.

Central bank digital currency [CBDC] rose to fame after China took a plunge into developing a digital version of its fiat currency. While China is way ahead in the game, several other governments have started to catch up. The Chinese government has moved past its research and development phase and has already kick-started its distribution stage. Alerted by this rapid development, other countries have begun developing their own digital assets.

Nigeria hoped on to the bandwagon and even went on to announce the launch of its forthcoming CBDC pilot scheme.

Nigeria takes a leap into digitalization

In a recent webinar, the Central Bank of Nigeria [CBN] pointed out that it would roll out the pilot program for the region’s CBDC project, ‘”GIANT,” on 1 October 2021.

The project was reportedly in the works since 2017 and operated on an open-source blockchain called Hyperledger Fabric. This project has been focusing on the development of blockchain-based solutions, applications as well as products.

Rakiya Mohammed, the information technology director for the Nigerian central bank that Nigeria took this plunge into the CBDC game as 80 percent of central banks across the globe were on the verge of launching or developing a CBDC. Nigeria did not want to lag or be left behind in this move towards digitalization, the bank noted.

In addition to this, the central bank hopes to garner macro-management as well as growth. Easing the process of cross-bored trading is also an added advantage.

While the country continues to embrace the CBDC side, recent comments from the government about cryptocurrencies have led to people thinking that it is anti-crypto. Despite this, crypto is being widely used across several industries in the region. Most recently a school in the country revealed that it would accept crypto for tuition fees.

Will Ethereum [ETH] glide towards $2K without heckles from the bear?

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The crypto market has been surfing over the volatility wave. The constant tussle between the bear and the bull has left coins like Ethereum [ETH], Binance Coin [BNB], and several others on the fence. While the bulls have been trying to push these assets to a new zone, the bears seemed to be pulling them back into the slump.

As Bitcoin [BTC] resides at $31K, investors have been hoping the king coin wouldn’t slip back below $30K [again].

Ethereum [ETH] has been trying vigorously to push past $2K. But the bears had laid down a strong line of resistance, making it impossible for the asset to leave its current spot. At the time of writing, ETH was trading for $1,986, with a 4.64% surge over the last 24-hours. The last couple of days helped the altcoin recover from the carnage caused by the bear.

Furthermore, the market cap of the asset was at $231.37 billion. This number allowed ETH to secure its spot as the second-largest cryptocurrency. ETH’s ranking wasn’t disrupted despite a slight drop in market cap. The market cap of the third-largest asset was at $61 billion; the disparity between the two is proof enough of how ETH was untouchable.

Ethereum [ETH] one-hour price chart on Binance

Ethereum

The short-term price chart of ETH saw an array of bears hibernating. The signal line took over the MACD line and formed a bearish crossover. This further indicated that ETH would take some time to shatter the barricade imposed at $2K. The Awesome Oscillator indicator followed suit and laid out red closing bars. These bars affirmed the presence of bears in the ETH market.

Even though the Ethereum market was currently harboring the bears, the Relative Strength Index [RSI] indicator suggested a buyers’ sentiment. The RSI marker was over the 50 median and was seen depreciating from the overbought zone.

Dogecoin [DOGE] parks above $0.19 as intermediate-term downtrend slows down

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Dogecoin [DOGE] along with the rest of the cryptocurrency market posted recovery after Elon Musk’s revealed that he and Tesla still own Bitcoin. The cumulative crypto market cap soared above $1.31 trillion as several assets bounced off from crucial support areas. The volatility, however, stalled even as the momentum improved which is currently helping DOGE buyers to stay active above the $0.171 support level as bullish sentiment makes a comeback.

Dogecoin [DOGE] was trading at $0.191 after an uptick of 0.26% over the past 24-hours. At the time of writing, the meme-token registered a market cap of $25.0 billion and a 24-hour trading volume of $4.10 billion.

Dogecoin [DOGE] Daily Price Chart:

DOGE 1

DOGE saw the formation of two green candles as the price appeared to have bottomed out after touching the support area. The asset had maintained a consistent downward trajectory. Sell pressure grew after the 50 DMA [Pink] sustained a bearish crossover with the 100 DMA [Blue]. Following the upswing, however, the price moved over the 200 DMA [Yellow] depicting a rise in optimism. But, the low trading volume in the Dogecoin market could hinder the growth.

Indicators Rebound

DOGE2 1

All the indicators noted upward changes. The Awesome Oscillator [AO], for one, flipped green candles depicting a shift towards bullish momentum. The Chaikin Money Flow [CMF] also surged before a little for flattening out depicting that the outflow of capital continued to exceed inflow. The daily Relative Strength Index leaped closer to the 50-median line as buying pressure picked up which could encourage further selling over the short term. On the flip side, the RSI, rising from oversold levels, displayed a bullish divergence.

DOGE will need to breach the moving averages at levels $0.42, $0.56, and $0.69 respectively to target highs established in the early days of bull run. The rise in selling sentiment could prompt the digital asset to test support areas of $0.171, and $0.0.48

BNB tries to stay in the green as sell-off pressure increases

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Binance Coin [BNB]’s performance this year propelled it to the top of the charts with the cryptocurrency now sitting pretty at the number four position. Investors have been reassured by Binance CEO Changpeng Zhao about the coin’s use case and what it can do for the digital asset ecosystem in the future.

BNB’s price action over the past week was indicative of the rest of the market: price corrections followed by the bear’s pull once again. At press time, Binance Coin was trading for $292 with a total market cap of $49.28 billion. The cryptocurrency still had some ways to go before catching up to its nearest competitor, Tether [USDT].

In the last hour, BNB climbed by 3.5 percent to elevate its daily trading volume to $1.86 billion. Technical analysis of the cryptocurrency showed marked changes in price behavior since the start of July.

BNB 1 hour:

bnb 1 hr 2

BNB’s new immediate support was created on the 20th when the cryptocurrency fell to $255.4. The Relative Strength Index [RSI] rallied to the overbought zone after crashing below the oversold zone earlier. This meant that there was an increased BNB buying pressure.

According to BNB’s Chaikin Money Flow indicator, the capital influx was almost equivalent to the money leaving the market. The Parabolic SAR sided with the bull as the markers stayed below the price candles.

BNB 1 day:

bnb 1 d 1

In the long term, BNB’s price had settled into a slow price action after the creation of the new support. A hold near the $300 mark was considered safe for the cryptocurrency as long as buying pressure increases.

Daily charts painted the picture of a cryptocurrency struggling to get out of the bear’s thumb. BNB has not been able to climb back to the overbought zone levels since the start of May. The CMF had fallen below the zero line for the first time in the month and the sharp incline indicated a massive sell-off.

Even the Parabolic SAR pointed to a bearish takeover as the markers continued to stay atop the candles.

China takes its CBDC into the insurance industry

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China has been making immense progress in terms of its central bank digital currency [CBDC]. While countries across the globe have just initiated the research phase of their native CBDC, China’s digital yuan is already being used by the public. After being employed across various sectors, the Chinese government has decided to induce the digital yuan into the insurance industry.

China took the lead in the development of CBDC and managed to get on a pedestal with its fast-paced approach. The latest news reveals how much progress the country has been making.

A news portal noted that the digital yuan had ventured into the insurance industry. This program is being carried out by a local branch of the People’s Bank of China [PBoC], and the policies were issued in Shenzhen, South China’s Guangdong Province. Shenzhen subsidiary of Pingan Property Insurance

China continues to stay ahead in the CBDC game

The first batch of the Chinese CBDC insurance policies was issued by the PBoC’s Shenzen branch. With its latest move, the central bank of the region along with the government hopes to expand the use of the digital yuan across several industries. Previously, the use of the CBDC was limited to merely e-commerce platforms and for online payments.

Speaking about the advancement of the digital yuan, Wang Peng, an assistant professor at the Gaoling School of Artificial Intelligence at the Renmin University of China stated,

“As more users get used to making payments with the digital yuan and the market matures, the application scenarios will be able to expand from the insurance industry to more scenarios such as financial services, life services, and even the purchase of funds and trading in securities.”

While the country has been making headway in this area, certain US senators recently expressed angst against the use of the digital yuan during the 2022 Olympics. The senators suggested that the Asian country would employ the digital yuan to surveil American athletes.

However, the country’s central bank, PBoC, hit back and released a statement that read,

“The US politicians should abide by the spirit stipulated in the Olympic Charter, stop making sports a political matter and stop making troubles out of the digital currency in China.”

Circle publishes USDC stablecoin attestation to increase transparency

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USDC stablecoin has managed to garner significant traction over the past few months. Since the beginning of the year, the dollar-pegged stablecoin had grown more than 2,600%. in terms of circulation. In the latest development, Jeremy Allaire, the CEO of the team behind the digital token, Circle has published a new post wherein he elucidated that the stablecoin is backed by trust, transparency, and accountability.

Allaire claimed in his blog post that Circle and the Centre Consortium has guaranteed the “pillars of trust” to ensure that the community recognises that USDC remains backed on a 1:1 basis with dollar-denominated assets. The exec also underscored that the “pillars of trust” includes ensuring that the USDC ecosystem remained under the governance of the highest level of regulatory and prudential standards.

While stating that the commitment to openness, competition, and responsible financial services innovation remains a foundation for both the Centre Consortium and Circle, Allaire went on to add,

“Providing assurances demonstrated by reserve attestations issued by Grant Thornton, one of the world’s leading accounting firms, that dollar-denominated assets can meet circulation for USDC outstanding. Core economic activities underpinning USDC are built inside the perimeter of the U.S. financial system, and not outside of it.”

Circle’s future plans for USDC

Allaire revealed pondering over different mechanisms to share this in an on-chain, Oracle-linked format while developing and publishing comprehensive analytics on the core liquidity profile of USD Coin, such as the history of creation and redemption behaviour associated with market conditions.

As the stabkecoin issuer moves ahead with its ambitious plans with the upcoming transition to a public company, Circle aims to enhance opportunities for greater transparency, accountability and disclosure around its wider business and functions. Collectively, Allaire asserted that this expanding public accountability can, in fact, aid in enhancing trust in Circle, the USDC stablecoin and ventures building on the standards and market infrastructure that the team has been generating over the past several years.

Binance coin [BNB] recovers from yesterday’s carnage and heads towards $300

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The volatility wave had hit the crypto market yesterday and kicked an array of assets to the curb. Binance Coin [BNB], Cardano [ADA], Dogecoin [DOGE], Polkadot [DOT], among many other assets, were seen recovering from yesterday’s downfall.

Bitcoin [BTC] investors were left in a state of tyranny after the king coin dropped to a low of $29K. Just when speculations started pouring that the asset might even drop to a low of $20K, it managed to navigate its way back over $30K. At press time, BTC was trading for $31,416 with a 5.98% surge over the last 24-hours.

The cryptocurrency exchange, Binance, has been undergoing immense scrutiny from regulators across the globe. This did not influence the price of the exchange’s native asset, Binance Coin [BNB]. The altcoin did not lose much yesterday; however, it seemed to be bagging the required gains. During the time of writing, BNB was trading for $286 with a 9.61% rise in the last 24-hours.

Additionally, the market cap of the coin was at $48.07 billion. This gave the altcoin leverage over Cardano [ADA] as BNB took over as the fourth-largest cryptocurrency.

Binance coin [BNB] one-hour price chart

Binance Coin

The short-term price chart of the Binance coin noted the arrival of the bulls and the departure of the bears. The Parabolic SAR indicator was seen reversing the trend by slowly laying out dotted lines below the candlesticks. This further indicates bullish momentum. Similarly, the MACD line took over the signal line forming a bullish crossover after quite some time. The disparity between the MACD line and the signal line revealed that a bearish crossover wasn’t in the books for some time.

The Relative Strength Index noted that BNB was heading towards the overbought zone. The RSI marker was seen going from the oversold zone all the way to the overbought zone in just a day.

With the bears taking over the BNB market, the altcoin could glide towards $300 without any hassle.