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UAE notes surging crypto demand as country deliberates regulations

2019 has seen large-scale blockchain adoption. With China trying to beat the world to its central bank-backed digital currency, the United Arab Emirates [UAE] too, has begun drafting regulations. Acco

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2019 has seen large-scale blockchain adoption. With China trying to beat the world to its central bank-backed digital currency, the United Arab Emirates [UAE] too, has begun drafting regulations. According to reports, UAE has been preparing for a rapid expansion in light of increasing demand for cryptocurrencies.

According to Google trends, the terms with an increased volume include, Bitcoin and cryptocurrency, along with other cryptos. However, apart from the search hike during the 2017-18 bull run, the trends for Bitcoin and cryptocurrency were at a rise in the UAE in 2019.

Source: Google Trends

Source: Google Trends

The search volume for Bitcoin remained quite high in the sub-regions of Umm Al Quwain, Ajman, and Ras al Khaimah. While ‘cryptocurrency’ search trends were high in Dubai, Abu Dhabi, and Fujairah.

Apart from the rising trend, the country has seen crypto transactions worth over $210 million, making it one of the top countries reporting digital asset transactions. At Dubai’s International Financial Centre the country registered 100 fintech firms, a three-fold growth since 2018.

In early 2019, two UAE startups raised almost $210.5 million in token sales, accounting for almost a quarter of the total capital amassed globally according to CoinSchedule in April.

Source: The National

Source: The National

According to reports, the increased trading has lured many institutional investors and may expand in Dubai mainly due to extensive inflows of institutional investors.

UAE had previously announced its Securities and Commodities Authority [SCA] had sought the opinion of financial industry partners for finalizing the draft. For which it invited various investors, brokers, financial analysts, researchers, media and other interested parties to review the draft.

SCA had also announced to introduce Initial Coin Offering [ICO] by the end of the first quarter, while it was working on the ICO token trading platform.

Source: https://market.ambcrypto.com/uae-notes-surging-crypto-demand-as-country-deliberates-regulations

Blockchain

Ripple Price Analysis: XRP Crashes To 3-Month Low Against Bitcoin, What’s Next?

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XRP/USD – Bulls Remain Inside Symmetrical Triangle Pattern

Key Support Levels: $0.237, $0.23, $0.228.

Key Resistance Levels: $0.251, $0.261, $0.271.

XRP has not been outperforming over the past seven days, but it remains inside the boundaries of a symmetrical triangle. The coin failed to break the upper boundary last week, which caused it to head into the support at the lower boundary.

It rebounded at the lower boundary but has struggled to remain above the 100-days EMA at around $0.243. XRP spiked higher yesterday and over the past hours, but the bears have banded together to suppress the price beneath the 100-days EMA.

The next direction for XRP will be dictated by the direction in which price breaks the symmetrical triangle, as shown in the following chart. A break toward the upside would result in XRP heading higher toward $0.26, but a break to the downside could see XRP heading back toward $0.215.

xrpusd-oct20
XRP/USD Daily Chart. Source: TradingView

XRP-USD Short Term Price Prediction

Looking ahead, the first level of resistance is located at the 100-days EMA. Above this, resistance lies at the upper boundary of the triangle, at around $0.251, where the bearish .382 Fib Retracement level lies.

Above this, resistance is located at $0.261 (bearish .5 Fib Retracement), $0.271 (bearish .618 Fib Retracement), and $0.28 (1.414 Fib Extension).

On the other side, the first level of support lies at the lower boundary of the triangle. Beneath this, support lies at $0.237 (200-days EMA), $0.23, and $0.228 (.618 Fib Retracement).

From a technical standpoint, the Stochastic RSI has produced a bullish crossover signal in oversold territory, which could lead to some positive momentum.

XRP/BTC – Is XRP Heading Beneath 2000 SAT?

Key Support Levels: 2050 SAT, 2022 SAT, 2000 SAT.

Key Resistance Levels: 2100 SAT, 2142 SAT, 2200 SAT.

XRP struggles heavily against Bitcoin after it dropped beneath the 2100 SAT level today to create a fresh 3-month low at the 2057 SAT level. The last time XRP/BTC was at that low was on July 28, 2020.

At the start of October, XRP attempted to push higher against BTC but was stalled by the 200-days EMA at around 2400 SAT.

From there, XRP headed lower throughout the month to reach 2057 SAT today, and it is likely to head further still.

xrpbtc-oct20
XRP/BTC Daily Chart. Source: TradingView

XRP-BTC Short Term Price Prediction

Looking ahead, the first level of support lies in the 2050 SAT area (downside 1.414 Fib Extension). Following this, support lies at 2022 SAT, 2000 SAT, and 1975 SAT.

On the other side, the first level of resistance now lies at 2100 SAT. Above this, resistance is expected at 2142 SAT, 2200 SAT, and 2250 SAT.

Both the RSI and Stochastic RSI are in extremely oversold territory, suggesting that the sellers are slightly overextended at this point.

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Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.

Cryptocurrency charts by TradingView.


Source: https://cryptopotato.com/ripple-price-analysis-xrp-crashes-to-3-month-low-against-bitcoin-whats-next/

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Bitcoin Price Will Skyrocket as Markets Riddled by Election Uncertainty, Analyst Says

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Octavio Marenzi, founder and CEO of capital markets consultancy firm Opimas LLC, recently predicted that the current economic situation will shoot Bitcoin’s price “through the roof.”

Simultaneously, he suggested that the traditional financial markets will suffer as the COVID-19 fears grow.

Opimas CEO: Bitcoin Will Shoot Through The Roof

Appearing on RT’s Boom Bust, Marenzi was asked about the current state of the financial world and his prediction by the end of the year. He seemed somewhat cautious in providing precise numbers. Nevertheless, the CEO of Opimas outlined four factors that he believes drive the markets now.

According to Marenzi, those are the growing spread of the coronavirus, the stimulus deal proposed by the US government, the Federal Reserve’s policy, and the 2020 US presidential elections. He emphasized the importance of the upcoming vote as “people are starting to get nervous about that.”

The elections’ unknown developments could lead to a “messy” outcome, resulting in even more concerns among investors. Such circumstances could prompt severe price drops within traditional financial assets. However, Bitcoin might emerge as the winner.

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“There’s a substantial chance that it’s going to be a contested election and will be very, very messy indeed. We will see the markets overall trending down, while things like Bitcoin shooting through the roof.”

Opimas CEO Octavio Marenzi
Opimas CEO Octavio Marenzi. Source: CNBC

COVID-19 Second Wave To Damage The Markets?

Once reports started emerging in early 2020 that a new virus coming from China was infecting people, the financial world took a beating. The worst came in mid-March during the so-called liquidity crisis, which saw massive price slumps among all assets.

The markets have mostly recovered since then, but the COVID-19 pandemic hasn’t disappeared. In fact, it seems that the dreaded second wave has just begun to develop. The number of confirmed cases grew above 40 million on Monday.

Several countries, mostly in Western Europe, have brought back some of the strict restrictions. Those include even full lockdowns.

Apart from health concerns, this also raises worries among investors. Bitcoin was not exempt from the first price drops, as it plummeted by over 50% in a day.

However, BTC is among the best-performing assets on a yearly-scale, with its 65% increase. Should Marenzi’s words materialize, the primary cryptocurrency could see even further long-term price appreciation.

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Source: https://cryptopotato.com/bitcoin-price-will-skyrocket-as-markets-riddled-by-election-uncertainty-analyst-says/

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Trader Lays Out “Worst Case” Technical Scenario For Yearn.finance (YFI)

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Yearn.finance (YFI), the decentralized finance (DeFi) darling that led the DeFi market upsurge in the third quarter, is stagnating. Technical analysts are now considering the worst possible scenario for the DeFi giant.

A pseudonymous DeFi trader known as Aaron, who created Tokenviz, says YFI is currently sitting on a major support area.

“Here’s my worst case » Read more

” href=”https://www.newsbtc.com/dictionary/bear/” data-wpel-link=”internal”>bear scenario for $YFI/ $ETH.  Price is sitting right on critical support with a lot of open air below.  If 35 ETH gives then 17 ETH is next major support. This is not necessarily isolated to $YFI as #DeFi price action is looking bearish across the board,” the trader said.

If YFI drops further, the trader said it is vulnerable to a potential drop to 17.2 ETH. At the current Ethereum price of $377, that would be sub-$7,000.

yearn finance yfi

The daily chart of Yearn.finance (YFI). Source: YFIUSDT on TradingView.com

Overall Sentiment Around YFI is Improving, Could It Offset Technical Weakness?

The general sentiment around Yearn.finance has improved in recent weeks. Andre Cronje, the deployer of YFI, has become less active, which led the developer community to become more operational.

The trader previously said the YFI market is maturing as a result, which might benefit the growth trajectory of the project. He said:

“I have seen some bullish maturing in the $YFI market: 1) The hypersensitive $YFI market is becoming desensitized to sensationalist news. 2) The market is finally accepting that @iearnfinance is not a corp. and Andre is not its CEO 3) Kirby is gone.”

Atop the lower dependence on Cronje, which could be a positive factor for long-term growth, Yearn.finance approaches product launches.

On October 16, the Yearn.finance developer community said it is testing Yearn v2 vaults on the Ropsten testnet. Yearn.finance vaults have been the most popular product of the DeFi protocol, which allows users to earn yields by storing their funds in the vaults.

“On-going testing (on Ropsten) of Yearn v2 vaults. We are testing the ability for a single vault to simultaneously fund 3 different strategies,” the Yearn.finance team said.

Whether the maturing YFI community and the launch of new products could prevent another major correction largely depends on the DeFi market sentiment.

DeFi Market Remains Vulnerable

Currently, the DeFi market and major altcoins are lagging behind Bitcoin. When Bitcoin rises, DeFi tokens and altcoins stagnate. When BTC falls, they fall in tandem, so the entire » Read more

” href=”https://www.newsbtc.com/dictionary/altcoin/” data-wpel-link=”internal”>altcoin market is in a vulnerable position.

Although there are potentially positive catalysts that could trigger a YFI recovery, the pessimistic market dynamics for altcoins make it more difficult for YFI to rebound.

Over the past 48 hours, the dominance of Bitcoin over the cryptocurrency market, both in terms of valuation and trading activity, has significantly grown. For large-cap DeFI tokens, this complicates the road towards recovery.

Source: https://www.newsbtc.com/news/yearnfinance/trader-lays-out-worst-case-technical-scenario-for-yearn-finance-yfi/

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