CRYPTO NEWS: Latest BITCOIN News, ETHEREUM News, DEFI News, RIPPLE News
Bitcoin lacks momentum above $56,000, why the rally isn’t over yet
Bitcoin is showing positive signs above $54,000 against the U.S. dollar.
The bitcoin price remained in positive territory and climbed above $55,000 resistance. Bitcoin found support around $54,500 and the low was formed at $54,396. The price is now rising and trading above the $55,500 level. There has been a breakout above the 23.6% Fibonacci retracement level of the recent decline from a swing high of $56,500 to a low of $54,396.
It now faces resistance near the $55,500 level. There is also a key downward channel forming on the hourly chart of the BTC / USD pair with resistance near $55,650.
Bitcoin price remains in an uptrend
Ethereum miners receive nearly $2 billion in mining fees
According to behavioral analysis platform Santiment, the balance of Ethereum miners continues to grow as the figure reached a 50-month high.
The network and social metrics analytics provider noted that the amount of Ethereum stored by miners has reached its highest level since July 2016.
Miners are accumulating nearly $2 billion worth of ETH
Santiment noted on Twitter that the amount of Ethereum held by miners is at its highest level since July 13, 2016.
The price of Ethereum has risen 10.32% in the past 7 days, recently surpassing the $3,600 mark.
Ethereum miners get almost $2 billion
Bitmain says it will no longer supply bitcoin miners to mainland China
Bitmain, the maker of bitcoin mining equipment, will no longer ship its machines to mainland China addresses.
The Beijing-based firm has announced that it will comply with local regulations and suspend domestic shipping starting Oct. 11, but overseas operations will remain normal.
This move by Bitmain may not affect the company much, as its domestic sales have been declining since late last year amid rising mining in North America. The company’s move may formally mean the end of its domestic market share, which accounted for nearly 50% of revenue in 2017 and about 40% in the first half of 2018.
ConsenSys expects a $3 billion valuations, MetaMask promotes growth
ConsenSys, a leading blockchain startup, now has a valuation of $3 billion.
ConsenSys recently made huge profits thanks to a boom in decentralized finance. It is also leading the market for creating financial services applications and other automated software based on Ethereum.
Earlier this year, in April, ConsenSys raised $65 million from some of the leading financial giants such as Mastercard, JPMorgan, UBS, and others.
XRP reached $1.22, up more than 13%
Ripple-linked XRP rose to more than $1.20 overnight
According to CoinMarketCap, the sixth-largest cryptocurrency, XRP, has gained more than 13 percent in the last twenty-four hours as its price rose to $1.22.
Binance shuts down derivatives trading in South Africa
Global cryptocurrency exchange Binance is reducing its cryptocurrency trading offerings in South Africa.
On Oct. 8, Binance published a blog post announcing the immediate termination of futures, options, margin, and leveraged trading for users in South Africa. Users with open positions will be able to close them by January 6.
South Korea will not tax profits from NFT, even as it moves to tax cryptocurrency income.
South Korea is undecided on how it should tax profits from NFT.
That South Korea is going to start taxing cryptocurrency income starting in 2022 is no longer news, but the Asian country’s Economy and Finance Minister Hong Namqi said that the proposed cryptocurrency tax law would not apply to non-exchangeable tokens. The minister said this while speaking at the annual review of the National Assembly.
Total value locked in Defi exceeded $200 billion for the first time
According to Defi Llama charts, Defi’s dominance has increased dramatically in 2021, and recent reports show that the total value locked into DeFi has reached a record $210.5 billion.
The latest virtual currency adoption report from blockchain-based analytics firm Chainalysis also shows a surge in the Defi market in just one year. The report notes that the Central and South Asia and Oceania region has seen the highest use of cryptocurrency, with Vietnam, India, and Pakistan topping the charts, according to the Global Crypto Adoption Index.
In addition, it specifies that Defi activity has increased dramatically, as the share of total transaction volume dedicated to Defi activity has increased since May 2020, and will further exceed 50% by February. This activity was mainly driven by Uniswap, Instadapp, and dydx, with significant activity also on Compound, Curve, AAVE, and 1inch.
Total value locked in Defi.