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Bitcoin dropped to $ 28.5k, why important support turned into resistance
Bitcoin price fell more than 15% and it broke many supports around $ 32,000 against the US dollar.
BTC was unable to rise above $ 34,500 and began a strong decline.
This opened the door to more falls below $ 32,000, and the price settled well below the 100 hour simple moving average. The price even dropped below $ 30,000. It was trading close to the $ 28,500 support and is currently adjusting losses.
Ethereum Begins Recovery Why ETH May Face Resistance Around $ 1250
Ethereum fell nearly 20% and tested the $ 1050 zone against the US dollar.
Over the past 3-4 sessions, Bitcoin and Ethereum have dropped below $ 32,000 and $ 1,200, respectively. ETH price fell almost 20% and broke many supports such as $ 1150 and $ 1120.
It traded around $ 1,040 and fell well below the 100-hour simple moving average. The low has been formed around $ 1042 and is currently correcting upward. There has been a break above the $ 1,100 resistance level and the price is showing several positive signals.
LINK Fights For $ 20 After 10% Daily Crash
Chainlink’s price is up 25.6% this week and is up even higher to hit the new ATH price of $ 24.70.
Despite declining 20% over the past four days, LINK is still up 25.6% this week. It rallied, breaking the previous ATH price and setting a new one at $ 24.70.
There it encountered resistance at 1.272 and the ad began to decline. Today it has plummeted 10%, dropping from $ 22 to the current level of $ 19.85. However, LINK is still above the $ 19.20 support provided by the 0.382 Fibonacci retracement.
Japan Supports XRP As Ripple Faces US Litigation
Unlike the US, Japan considers XRP to be a cryptocurrency, not a security.
Makoto first bought the XRP digital token in 2017, a year after its issuer, San Francisco-based Ripple Labs, formed a joint venture with one of Japan’s most respected financial institutions, SBI Holdings Inc.
Now Japan’s love of XRP is being put to the test after the US Securities and Exchange Commission filed a lawsuit against Ripple Labs in December 2020.
eToro Stops XRP Trading For US Citizens Due To SEC Allegations
Israeli multi-asset exchange eToro will stop trading XRP for US clients from January 24th.
The US Securities and Exchange Commission, which levies on Ripple, pushed another platform, namely eToro, to suspend trading in its own cryptocurrency company. The Israeli exchange will ban XRP buying and trading for US citizens from January 24th.
The US branch “has decided to prohibit the purchase of XRP on the eToro platform and to prohibit any conversion of XRP held in the client’s eToro wallet.”
Grayscale Receives $ 300 Million In Bitcoin In 24 Hours
Grayscale hedge fund has added $ 300 million worth of cryptocurrencies to its Bitcoin Trus according to Bybt
Between January 19 and January 20, hedge fund Grayscale Investments added 8,762 BTC to its Bitcoin Trust, according to Bybt analytics website, which equates to a staggering $ 300 million.
According to a tweet posted by the company, Grayscale now owns $ 27.2 billion worth of cryptocurrency.
Signature Bank crosses $ 10 billion in deposits from crypto clients
Signature deposits of $ 10 billion from the crypto business are now double that of competitor Silvergate.
Deposits from customers using digital currencies currently account for nearly 16% of total deposits at Signature Bank in New York.
Signature reported that customer deposits in the crypto industry are now $ 10 billion – double that of California rival Silvergate Bank.
Signature Bank CEO Joseph DePaolo added that the blockchain-based Signet payment platform is the main driver of deposit growth in digital asset banking, and that institutional adoption is driving the vertical “growing by leaps and bounds.” Prominent clients include Voyager
$ 900 Million Liquidated In 24 Hours As Bitcoin Drops To $ 30K
In the last 24 hours, a total of about $ 900 million has been liquidated.
In less than a day, both long and short positions totaling $ 900 million were liquidated in the cryptocurrency derivatives market.
Given the nature of the market, it should come as no surprise that most of the volume comes from liquidated long positions, accounting for 80.77% of the total, or roughly $ 725 million.