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Elon Musk’s love-hate relationship with bitcoin

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Bitcoin has dominated the news recently with Elon Musk’s announcement that his electric car company, Tesla, will be accepting the crypto as the car purchase payment.

But it seems that Musk’s enthusiasm with Bitcoin has changed recently with his announcement that Tesla will now stop accepting Bitcoin payments.

The reason behind this decision is that bitcoin mining consumes so much energy and negatively impacts the environment.

Because of this costly consequence, he was compelled to talk with bitcoin miners in North America to lay out a plan to use renewable energy to counter the negative effects of bitcoin.

It takes a tweet

“Spoke with North American Bitcoin miners. They committed to publish current & planned renewable usage & to ask miners WW to do so. Potentially promising,” Musk tweeted on Monday, according to CNBC.

His tweet about halting bitcoin payments and his commitment to implement renewable energy has caused both positive and negative effects for various cryptocurrencies and companies.

Cryptocurrencies such as ethereum, ripple, binance coin, dogecoin, and cardano have all suffered in value for the past few weeks.

But bitcoin companies like Marathon Digital Holdings and Riot Blockchain were able to gain 10% when almost everyone is going down.

These companies are known for operating large facilities filled with high-end hardware that are all tasked to solve highly complex mathematical problems, which in turn rewards them with bitcoins.

More challenges for the crypto

With cryptocurrencies‘ sudden surge in popularity, they were able to catch the interest of millions of people over the world — including the authorities.

In China, authorities have been launching a series of crackdowns against bitcoin. While in the U.S, the Treasury Department has released new guidance on how to implement a tax on the popular crypto.

But even with the challenges that Bitcoin is facing right now, various companies have come together to form the “Bitcoin Mining Council,” which is aimed at steering bitcoin in the right (and greener) direction.

Image courtesy of Cointelegraph News/YouTube

Source: https://bitcoinerx.com/blockchain/elon-musks-love-hate-relationship-with-bitcoin/

Blockchain

Over 60 South Korean Crypto Exchanges to Shut Down Next Week

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South Korean cryptocurrency exchanges that cannot meet up with the Financial Intelligence Unit (FIU) registration exercise are mandated to inform their customers before midnight today that they will be shutting down operations a week before the September 24, 2021 deadline.

The affected trading platforms have been instructed not only to inform their customers that they will be halting operations, but they will also need to provide detailed information about how their users can withdraw their funds.

“Should some or all services need to be closed, (cryptocurrency exchanges) should notify customers of the expected closing date and procedures to withdraw money by at least seven days before the closure,” South Korean Financial Service Commission (FSC) said in a statement published by Reuters today.

Compulsory AML Registration

Recall that the South Korean regulator instructed all digital asset exchanges operating within its regulatory purview to comply with its anti-money laundering (AML) rules by registering with the FIU or risk having their websites blocked if they fail to do so before the September 24 deadline.

Part of the registration exercise required exchanges to partner with banks to obtain accounts for real-name verification. Crypto trading platforms also have to get a security certificate from the Internet Security Agency.

Exchanges that obtain only the security certificates will be allowed to continue offering only a few services to South Koreans. However, platforms in this category will be prohibited from conducting settlements in the country’s official fiat currency – won.


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Four Exchanges to Continue Offering Full Services

Of all the exchanges operating in South Korea, only four such as Upbit, Bithumb, Coinone, and Korbit have successfully completed all the registration requirements of the FIU.

Reuters noted that nearly 40 exchanges have disclosed that they will be suspending all their services as they are yet to comply with the registration requirement.

28 trading platforms, including ProBit, Cashierest, and Flybit, have already secured security certificates, which will enable them to continue operating in the country without making won settlements.

According to reports, smaller exchanges had issues partnering with banks because most traditional financial institutions chose not to collaborate with these crypto-related firms due to accountability and hacking risks.

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Source: https://cryptopotato.com/over-60-south-korean-crypto-exchanges-to-shut-down-next-week/

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Sellers hold the aces in Ethereum Classic’s market, but it might not be game over

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Disclaimer: The findings of the following analysis are the sole opinions of the writer and should not be taken as investment advice

There hasn’t been much interest from retail traders in Ethereum Classic’s market. As a result, low volatility has kept the price restricted within the channel of $53.8 and $60.6 over the past week and a half. However, ETC has been taking shape within a symmetrical triangle. It presented chances of an incoming price swing.

Considering the current market dynamics, sellers can be expected to tip the scales in their favor, but a bullish argument also seems justifiable. At the time of writing, ETC was valued at $57.7, down by a marginal 0.5% over the last 24 hours.

Ethereum Classic 4-hour Chart

Source: ETC/USD, TradingView

A series of lower highs and higher lows gave rise to a symmetrical triangle on ETC’s 4-hour chart. The pattern was considered bearish in this situation since it took shape right after 7 September’s drawdown. Moreover, sellers would face the easier task of triggering a breakdown from this setup. The daily 20 and 50 Simple Moving Average lines ran bearish as momentum aided the bears.

If the price does break below the lower trendline, a 13% decline would be possible towards the $48-mark. A close under $53.5 would confirm such an outcome.

On the other hand, a few of ETC’s indicators seemed to disagree with such a prediction. If the triangle functions as a reversal pattern, ETC would eye a 7% hike to 8 August’s swing high of $63.4. A close above $59 on relatively stronger volumes would heighten the chances of a bullish prediction.

Reasoning 

A look at ETC’s On Balance Volume painted a rather concerning picture. Based on its recent trajectory, there has been a dearth of buying pressure in the market, with sellers maintaining an advantage. However, a few other indicators seemed to disagree.

Higher lows were observed on the RSI after it recovered from an overbought reading 10 days ago. The index even managed to climb above 60 recently – A sign that the market was strengthening.

Such a trajectory was also seen on the MACD. The index climbed towards the half-line, although momentum was flat over the past few sessions.

Conclusion

As ETC oscillated within a symmetrical triangle, its indicators flashed mixed signals and a breakout in either direction can be expected at this point. Although chances of a downwards move seemed higher, a bullish outcome cannot be discounted.

Traders should keep an eye on the aforementioned levels to get a better understanding of where ETC is heading.

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Source: https://ambcrypto.com/sellers-hold-the-aces-in-ethereum-classics-market-but-it-might-not-be-game-over

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MIOTA Technical Analysis: Trading Above the Support Level of $1.41, Tested the Level Twice Daily

MIOTA Technical Analysis: Trading Above the Support Level of $1.41, Tested the Level Twice Daily

Rate this post MIOTA (IOTA) is a distributed ledger on the proprietary technology which is known as Tangle. There is no fee that has to be paid to the miners because it is not built on blockchain, and it does not require mining. IOTA allows safe and secure transactions which are recorded immutably on the network. Let us look at the technical analysis of IOTA. Past Performance On 11th September 2021, IOTA started trading the day at $1.54 and on 17th September 2021, it closed at $1.74. Thus, in the past week, not much change has been measured in the IOTA price range. In the last 24 hours, IOTA has traded between $1.49-$1.76. https://www.tradingview.com/x/UKThRKwE/ MIOTA Technical Analysis At the time of writing, IOTA is trading at $1.68 and has increased approximately by 12.31% in the past 24 hours. Since 2nd September, IOTA broke out of its long-term resistance and created support at around $1.41 level. This might be an accumulation period as the volume has also increased by almost 200% during the same time, indicating a trend reversal. The MACD is currently completing its bearish crossover after a small pullback to the support level going forward we might see a bullish trend. The lines are above the zero range. Thus, suggesting a buy on this token. The Relative Strength Index has been pulled towards its support zone, near the equilibrium. Thus, indicating the sellers are dominating the market. After this strong accumulation period is over, the price can retest the resistance level. A breakout from that level will indicate a bullish strength. Day-Ahead and Tomorrow  As per the Fibonacci pivot levels, the MIOTA price is trading above the support level of $1.41. It has tested the level twice on the daily chart. And has bounced back from the support level. If the price crosses this level on the downside, traders can short the position with an immediate target of $1.17 and the stop loss at $1.46. On the other hand, if the price bounces back from this support level, traders can take a long position keeping the target at $1.98 followed by $2.12 and the ideal stop-loss level would be $1.77.

The post MIOTA Technical Analysis: Trading Above the Support Level of $1.41, Tested the Level Twice Daily appeared first on Cryptoknowmics-Crypto News and Media Platform.

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MIOTA (IOTA) is a distributed ledger on the proprietary technology which is known as Tangle. There is no fee that has to be paid to the miners because it is not built on blockchain, and it does not require mining. IOTA allows safe and secure transactions which are recorded immutably on the network. Let us look at the technical analysis of IOTA.

Past Performance

On 11th September 2021, IOTA started trading the day at $1.54 and on 17th September 2021, it closed at $1.74. Thus, in the past week, not much change has been measured in the IOTA price range. In the last 24 hours, IOTA has traded between $1.49-$1.76.

TradingView Chart

MIOTA Technical Analysis

At the time of writing, IOTA is trading at $1.68 and has increased approximately by 12.31% in the past 24 hours. Since 2nd September, IOTA broke out of its long-term resistance and created support at around $1.41 level. This might be an accumulation period as the volume has also increased by almost 200% during the same time, indicating a trend reversal.

The MACD is currently completing its bearish crossover after a small pullback to the support level going forward we might see a bullish trend. The lines are above the zero range. Thus, suggesting a buy on this token.

The Relative Strength Index has been pulled towards its support zone, near the equilibrium. Thus, indicating the sellers are dominating the market. After this strong accumulation period is over, the price can retest the resistance level. A breakout from that level will indicate a bullish strength.

Day-Ahead and Tomorrow 

As per the Fibonacci pivot levels, the MIOTA price is trading above the support level of $1.41. It has tested the level twice on the daily chart. And has bounced back from the support level. If the price crosses this level on the downside, traders can short the position with an immediate target of $1.17 and the stop loss at $1.46.

On the other hand, if the price bounces back from this support level, traders can take a long position keeping the target at $1.98 followed by $2.12 and the ideal stop-loss level would be $1.77.

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Source: https://www.cryptoknowmics.com/news/miota-technical-analysis-trading-above-the-support-level-of-1-41-tested-the-level-twice-daily/

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