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Tron’s [TRX] Strong Sellers’ Sentiment Could Hinder Its Growth

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Another bloodshed had struck the crypto-verse. Tron [TRX], Bitcoin SV [BSV], Monero [XMR] as well as the king coin, Bitcoin [BTC] along with an array of assets was seen plummeting. Bitcoin was back below $50K. At press time, BTC was trading for $46,290 with a 5.93% dip since the last 24-hours. Ethereum [ETH] was probably the biggest loser of this bear market as it had slumped by almost 8% in the last 24-hours. Cardano [ADA] was the only asset that was on an uptrend. ADA was trading for $1.10 with a 7% daily rise, during the time of writing.

Over the last couple of months, TRX had slipped down the crypto ladder. After a long stay in the top fifteen, TRX had made its way down to the twenty-fourth spot. Currently, the market cap of TRX was noted at $3.22 billion. At the time of writing, Tron [TRX] was seen trading for $0.044 with a 6.80% drop over the last 24-hours. The week was quite unfavorable for Justin Sun’s coin as it had secured losses of about $27.30%.

Tron [TRX] one-hour price chart on Binance

Tron

The short-term price chart of TRX was exhibiting a positive notion. The Bollinger Bands indicator was seen converging therefore, the volatility in the TRX market would possibly be lower than expected. The Awesome Oscillator indicator was formed green closing bars which further insinuated that the bulls were present in the TRX market.

The Relative Strength Index [RSI] indicator was seen exerting a sellers’ sentiment as the RSI marker was down by the 40 median.

Tron [TRX] one-day price chart on Binance

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The one-day price chart of TRX was adamant about the presence of bulls in its market. The MACD indicator went in for a bullish crossover, earlier this month and retained this trend. The Klinger Oscillator mirrored this crossover. The Money Flow Index indicator was under 50 median which suggested that the asset was being sold instead of being bought.

Bitcoin, Ethereum, And Other Coins Find Shelter At 177-Year-Old Bank

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The cryptocurrency industry has been gaining traction across the globe. Bitcoin [BTC], Ethereum [ETH], and an array of currencies were seen skyrocketing. All these assets were finding a place in several platforms all over the world. Several mainstream companies were seen diving into the crypto shores.

Traditional and centralized systems were also getting on par with the existing trend. A 177-year-old Swiss bank seems to be the latest to jump onto the crypto bandwagon.

Bitcoin Gets Back In Action

The driving demand for cryptocurrencies has forced platforms to onboard these digital assets onto their systems. Following a similar trend, Bordier & Cie SCmA revealed that cryptocurrencies were the latest addition to their services list. This would allow its users to trade cryptocurrencies as well as buy and hold them. Currently, the bank has added support to Bitcoin [BTC], Ethereum [ETH], Tezos [XTZ], and Bitcoin Cash [BCH].

The bank in its press release stated,

“We have seen increasing demand from our clients to diversify into alternative asset classes such as digital assets.”

The bank intends to incorporate Sygnum’s B2B banking platform to allow users to make use of the digital assets offered by the platform.

Bitcoin, at the time of writing, was seen trading for $51,526 and its market cap was once again trying to make it past $1 trillion. BTC witnessed a five-fold increase within a period of three months. This undoubtedly steered heads and Bordier & Cie SCmA seems to be making the right use of its resources.

Elaborating on the same, the managing partner of Bordier & Cie’s SCmA, Evrard Bordier said,

“We have seen increasing demand from our clients to diversify into alternative asset classes such as digital assets. By partnering with Sygnum Bank, we are providing our clients* with a one-stop, integrated solution while empowering them to invest in this new, high growth asset class with complete trust.”

The bank’s latest move could even spruce up the adoption of Bitcoin and other cryptocurrencies.

New York Bids Adieu To Tether And Bitfinex

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Cryptocurrency trading in the United States of America, especially New York has been comparatively tougher than it is in other countries as well as states. Several crypto platforms have been rolling out trading platforms exclusively for the citizens of the US. However, the state seems to be stringent particularly with platforms that have had a bad past. Bitfinex as well as the stablecoin, Tether seem to be reaping the mistakes of their past.

Bitfinex’s parent company iFinex’s tiff with the New York State has been going on for about two years now. Earlier this week, the case sought a conclusion through a settlement, which coerced the platform to get out of the American state.

New York State Attorney General Calls Out Bitfinex And Tether

On Tuesday, the New York Attorney General Letitia James revealed that the iFinex case had finally come to an end. Both Bitfinex and Tether reportedly agreed to pay a fine of $18.5 million. With this, both these platforms were required to stop any trading activity in the state.

The Attorney General of the state further said in her statement that both the parties had “recklessly and unlawfully” concealed major damages to prolong their scheme.

The statement read,

“Tether’s claims that its virtual currency was fully backed by U.S. dollars at all times was a lie. These companies obscured the true risk investors faced and were operated by unlicensed and unregulated individuals and entities dealing in the darkest corners of the financial system.”

Just when the crypto industry is moving past its nascent stage in terms of adoption, Bitfinex and Tether would be losing a major region.

Attorney James even went on to tweet about the latest event and stressed the fact that those who engage in activities surrounding crypto would be subject to laws of the state. The tweet read,

Furthermore, New York Attorney General James suggested that this case and its legal repercussions could be used as a message against “corporate greed”.

XRP’s Bond With The Bears Could Push The Altcoin Below $0.40

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While almost all the assets surged to new highs during the latest crypto rally, XRP was probably the only cryptocurrency to have bagged the least amount of gains. Ripple squabble with the SEC was one of the primary reasons behind the destruction of the altcoin. As soon as the SEC went public with its lawsuit against Ripple for the trading of “unregistered securities” an array of crypto platforms dropped support for the asset.

The XRP community has been rooting for the asset to hit $1 for the longest time, however, the altcoin hasn’t made it past $0.74. At the time of writing, the altcoin was trading for $0.4768 with a 3.09% drop in the last 24-hours. The asset even incurred a loss of over 13% in the last seven days.

The altcoin witnessed a drop even in terms of market cap. The altcoin was dwelling as the fourth largest crypto for quite a while. However, currently, the asset sits as the seventh-largest coin with a market cap of $21.54 billion.

XRP One-Hour Price Chart On Binance

XRP

The short-term price chart of XRP was harboring both, the bears and the bulls. The Chaikin Money Flow indicator was rising over zero after its one-day stay below it. This is considered bullish and had restored some hopes for the altcoin. The Awesome Oscillator indicator was siding the bears as it formed red closing bars. The Money Flow Index that there was minimal buying or selling activity in the altcoin’s market.

XRP One-Day Price Chart On Binance

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The one-day price chart of XRP revealed that the bears were intact in the market. The Parabolic SAR indicator has formed a line of resistance over the candlesticks which restricted any upward flow of the altcoin. The signal line took over the MACD line earlier this month and this trend persisted throughout the month. The Relative Strength Index indicator announced that a sellers’ sentiment had struck the XRP market.

Indian Crypto Ban Receives Endorsement From Billionaire Jhunjhunwala

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The Indian government seems to be steering away from the path that several countries have been opting for. The surge in the value of the crypto market has paved the way for an array of countries to dive into the industry. While it all started with the acceptance of cryptocurrencies, currently several governments have been working towards incorporating crypto into the system.

Amidst this, a highly populated country like India revealed that it would be banning crypto very soon. Voicing his support for this move, prominent billionaire, Rakesh Jhunjhunwala aka India’s Warren Buffet appeared in an interview with CNBC.

Indian’s Could Be Banned From Using Crypto

Bitcoin was on the brink of hitting $60K, the latest crash posed as a major setback for the king coin. Yet, BTC emerged as one of the most valuable assets in the globe. Currently priced at $51K, BTC sits on the top as the world’s largest cryptocurrency.

While India’s Bitcoin ban was looked down upon by many, Jhunjhunwala was seen urging the government to speed up the process and rather focus on rolling out the digital rupee. CBDC’s have interested several governments across the globe. As nations like China and the Bahamas have already rolled out their central bank currencies, Jhunjhunwala seemed to be yearning for the launch of the digital rupee.

In the interview, the billionaire also suggested that he would steer clear of buying BTC. He added,

“I think it’s speculation of the highest order. I don’t want to join every party in town. I think the hangover is much worse.”

Earlier this month, news pertaining to the possible ban of crypto surfaced. This was when BTC was at its peak. The news undoubtedly shocked the Indians as they were given a time frame of three to six months to liquidate their funds in crypto. The former CTO of Coinbase, Balaji Srinivasan also commented on the potential ban and compared the Indian government’s move to an internet ban.

Cardano [ADA] Tries To Reach For ATH Despite The Recent Crypto Carnage

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The crypto industry was seen trying to recover from its latest setback. Cardano [ADA] as well as Polkadot [DOT] seemed to be least affected by the latest crash. Almost all the assets in the crypto industry were seen bleeding. Bitcoin, during the time of writing, was seen swinging through the $49K to $50K zone. Polkadot, unlike all the other assets, hadn’t recorded major losses. XRP had, however, slumped down to the seventh position and retained its price above $0.45 despite the recent crash. Additionally, the overall crypto market cap was noted at $1.51 trillion, during press time.

Cardano, at the time of writing, was seen trading for $0.987, with a 3.25% drop in the last 24-hours. The altcoin had surged to a high of $1.02, just yesterday while all the other assets were seen slumping. These numbers affirmed that ADA was trying to make its way to its previous all-time high of $1.33, which it achieved about three years ago.

Cardano [ADA] One-Hour Price Chart

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The one-hour price chart of ADA announced that the bulls were hibernating in its market. The Parabolic SAR indicator had formed a line of support below the candlesticks which diminished the chances of a downward breakout. The MACD indicator retained the bullish crossover that it had formed yesterday. The Relative Strength Index indicator was exhibiting a neutral notion in the market with no major buying or selling activity.

Cardano [ADA] One-Day Price Chart

Cardano

The altcoin’s one-day price chart partially mirrored the short-term price chart of ADA. The Awesome Oscillator indicator, however, was delivering a bearish momentum with the formation of red closing bars. The Chaikin Money Flow index was sky high as it was over zero and has been around the same region for a while now. The Money Flow Index indciator announced that a buyers’ sentiment was still intact in the ADA market.

Ethereum 2.0’s Early Launch Could Limit Users From Opting For “Cheaper Alternatives”

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The Ethereum network has time and again been called out for its high gas fees. While several have been migrating into other networks citing gas fees as the reason, these “other networks” have been called Ethereum Killers.

The high gas fees could undoubtedly stagger the growth of the network. With the members of the network suggesting that Ethereum 2.0 could reduce the gas fees while making the network more secure, a crypto influencer urged the Eth devs to fasten the launch of ETH2.

Ethereum Killers Will Emerge If Eth2 Takes Longer To Launch

Ethereum’s transition from proof-of-work [PoW] to proof-of-stake [PoS] is still underway. With the launch of Phase Zero, the developers of the network affirmed that they were working towards this network-wide upgrade. Eth2 has had a notable past as it has been delayed multiple times. Any further delay could cost the network its users, a prominent crypto personality, who goes by the name, Crypto Lark asserted.

Lark Davis, recently published a video that focused on the repercussions of the high gas fees of the Ethereum network. In his video, Davis pointed out that the high gas fees were driving out small investors as only “rich investors” could afford to pay such transaction fees. Binance’s Smart Chain [BSC] has been garnering a lot of traction lately considering ETH’s fees. The BSC network even went on to record more daily transactions than that of the Ethereum network.

Elaborating on the solutions to these issues, Davis said,

“But we’re now to the point where ETH 1.0 – oh we need ETH 2.0 so soon, come on Vitalik, get it going, man – ETH 1.0, most regular users are priced out of using the majority of applications on Ethereum. […] A transaction on Uniswap costs $50 on average these days and that is just crazy.”

While the network intends to bring in Phase 1 by the end of this year, Davis suggested that it could possibly lose a few of its users by then.

Kraken Amasses Legal Threats After The Crypto Market Records A Slump

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The latest crypto rally paved the way for increased trading activity in the industry. This had required exchanges like Kraken, Binance, Coinbase, and other prominent crypto platforms to stay on top of their game. However, the crypto market experienced carnage as all the assets were plummeting.

The entire crypto market, during the time of writing, was seen drowning in the red sea. From a high of $57K, Bitcoin crashed to a low of $45K. Kraken, however, was seen experiencing a “flash crash” as the price of BTC slumped below $45K, while Ethereum dropped to a low of $700. This came across as surprising considering no other exchanges endured such a crash. The crash further insinuated the liquidation of leveraged trades on Monday.

These activities seemed to have infiltrated a sense of anger and worry in many Kraken users. An array of tweets and Reddit posts regarding the same were swarming in the crypto community.

Kraken Users Hit Back

The Kraken Support page on both Twitter and Reddit saw several queries concerning the funds of the users. While several complained that they had lost money, a few others revealed that their deposits/ withdrawals were stuck.

A Reddit user, who goes by the username, RedditKenCann revealed that the individual had lost a whopping $215,000 in ADA on the exchange, the exchange’s latest glitch reportedly cost them their entire amount stored on the platform. This user further urged other users who have been affected by this to take this to a lawyer.

Another user reported that they had lost their life savings during the latest crash. The post read,

“I lost most of my life savings and haven’t received a response from a human. I’d think they would refund or they would lose all their customers. I’m sick to my stomach but will join the lawsuit with plenty of proof(screenshots) if not refunded”

While Kraken replied to certain users suggesting that an investigation was underway, several others were looking forward to a statement by the exchange.

XRP’s Sell Pressure Could Extend Loses To $0.3

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XRP followed the suit with damaging corrections that pushed the crypto-asset to the 7th spot by market cap on the leaderboard. The cryptocurrency market, in general, declined by 15.10% over the past day.

Several top cryptocurrencies tumbled following the market-wide correction. XRP, for one, reached lows last seen at the beginning of the month, as it slashed massive gains along the way.

Over the last 24-hours, XRP was down by 20% which drove its price to $0.464. At the time of writing, the crypto-asset recorded a market cap of $20.58 billion and 24-hour trading of $16.62 billion.

XRP Daily Chart:

XRP1

XRP consolidated between the range of $0.585 and $0.512 before taking a plunge to its press time price. The moving averages were also observed to be affected by the abrupt downfall.

The gauge between the 50 DMA [Pink] and the 200 DMA [Purple] was still rising steadily after undergoing the golden cross on the 12th of Feb which was positive for the coin.

However, the 100 DMA [Blue] continued to dominate both the moving averages depicting the bearish pressure in the market.

To top that, the 100 DMA and the 50 DMA touched the wick of the closing candle and depicting the bears have control of the market.

XRP 1

Even as the crypto-asset fell significantly, the Chaikin Money Flow [CMF] remained above zero in the bullish territory signifying inflow of capital into the coin market. This could potentially facilitate XRP’s price to climb higher.

The MACD, on the other hand, extended its fall after the bearish crossover to the negative side depicting a weak bearish pressure.

The RSI also tumbled below the 50-median line nearly a month later which demonstrated a rising sell pressure in the coin market.

XRP had earlier faced difficulty in sustaining its price level of $0.5 which, if breached, could aid the crypto-asset to target major resistance areas close to $0.0.63 and $0.69 respectively.

Besides, the coin found firm support from the DMAs at points $0.42, $0.39 and $0.34.

Binance Coin [BNB] To Endure Short-Term Slumps Before Taking On Long-Term Gains

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The crypto-market was seen painted red as prominent cryptocurrencies like Bitcoin [BTC], Ethereum [ETH], Binance coin [BNB], and several others were plummeting. Bitcoin slipped down by almost 9% in the last 24-hours. However, during press time, the king coin was seen getting back into the $50K zone. Ethereum, followed by XRP, Litecoin [LTC], Chainlink [LINK] as well as Bitcoin Cash [BCH] were experiencing a drop of over 10% in the last 24-hours. All the gains acquired by the assets, over the course of these last couple of months seemed to be going to waste.

Binance Coin [BNB], had transpired to become one of the most promising assets. The altcoin climbed up the crypto ladder not only in terms of price but also with regard to market cap. However, the latest crash caused the asset to drop by over 11% in the last 24-hours. At the time of writing, BNB was trading for $221.44 after it surged up to an all-time high of $342.88. The market cap of BNB also took a hit as Tether took over the position as the third-largest coin, while BNB dropped to fourth place.

Binance Coin [BNB] One-Hour Price Chart

Binance Coin

The short-term price chart of BNB revealed that the bears were in its market. The Parabolic SAR indicator was seen constructing dotted lines above the candlesticks which posed as a strong line of resistance which further blocked any possible uptrend. The MACD indicator was seen embodying a bearish crossover, which again suggested that BNB could witness a drop in its price. The short-term price chart of BNB was seen exerting a sellers’ sentiment, the Money Flow Index affirmed.

Binance Coin [BNB] One-Day Price Chart

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The one-day price chart of BNB announced that the bulls were still in its market. The Bollinger bands indicator with diverging bands pointed out that the asset was heading for an increase in its volatility. The Awesome Oscillator indicator formed green closing bars and suggested that the bulls were in its market. The Relative Strength Index [RSI] revealed that the asset was still exercising a buyer’s notion.