Kategorie: Crypto News

• Solana (SOL) price traded to above $20.00, hitting $20.50 after bouncing off $18.40 earlier this month.
• Can bulls take advantage of positive sentiment for Solana to break higher?

Solana price has reached a key technical level, with the 24-hour upside to $20.50 retesting a 10-day high that’s an area of a previous support and resistance. With nearly 4% increase in the past 24 hours, Solana is outperforming all the top ten cryptocurrencies by market cap except XRP.

Bitcoin is back below $27k after latest SEC delays of decisions on multiple spot ETF applications, including that of BlackRock. Ethereum, buoyed by news of listing of the Valkyrie ETH futures ETF to near $1,700, has bounced lower too even as whales position themselves for a likely upswing.

What’s the outlook for Solana, an altcoin with a market cap of $8.3 billion? 

SOL price: what next for bulls?

SOL price’s uptick today comes as SOL bulls plot to stay above an ascending trendline support that’s anchored at the December 2022 buffer zone around $9.60.

As can be seen on the daily chart below, Solana has bounced higher (not perfect) off the positive trendline. The price action follows this week’s breakout from the downtrend line marked by the decline from July 2023 peak of $32.40.

The flipside of the above scenario is Solana price breaking lower beyond the $18.80 demand zone. Increased sell-side liquidity in this area could push SOL to around $17.60. From here, bulls may rely on the likely support near $14.50.

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Flare blockchain, often known as the blockchain for data, has forged a partnership with Arkham, a leading provider of blockchain analytics and intelligence solutions.

This collaboration, effective as of September 29th, brings Flare’s robust network data analysis capabilities into the fold of Arkham’s Intelligence Platform, offering a powerful suite of tools for Flare users.

Flare meets Arkham’s advanced analytics

Flare stands out as a unique blockchain platform, designed to optimize decentralized data acquisition.

With decentralized oracles seamlessly integrated into its structure, Flare empowers developers with trustless access to an extensive range of data at minimal cost and on a scalable basis. This utility layer has been instrumental in expanding the utility of blockchain technology and supporting the creation of new and improved use cases.

Arkham, on the other hand, is renowned for its proprietary artificial intelligence (AI) engine, ULTRA. This technology is used to algorithmically match blockchain addresses with real-world entities, thereby enhancing transparency within the crypto industry. By doing so, Arkham provides valuable data and analytics on the individuals and organizations behind blockchain activity, effectively bridging the gap between cryptocurrency transactions and real-world institutions.

Integration of Flare with Arkham’s platform

The integration of Flare with Arkham’s platform is a powerful synergy that benefits both Flare users and the broader blockchain community.

Flare users can now harness Arkham’s extensive analytics capabilities to make informed, data-driven decisions. They can submit queries to the Arkham Oracle to obtain actionable on-chain insights, providing them with a competitive edge in the ever-evolving blockchain landscape.

Moreover, Flare users can actively participate in Flare-related activities, including bounties and auctions facilitated through the Arkham Intel Exchange. This integration opens up exciting opportunities for users to engage with the Flare network and its ecosystem in ways that were previously unavailable.

Miguel Morel, the founder and CEO of Arkham, expressed his excitement about the partnership and their commitment to expanding support for additional blockchains. He stated that the commitment stems from their understanding of the industry’s need for radical transparency and data-driven decision-making.

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• Regulatory compliance issues have forced Gemini to suspend Dutch operations.
• Gemini is a New York-based cryptocurrency exchange.
• Gemini’s decision follows a similar move by Binance, which also ceased its activities in the Netherlands.

Gemini, one of the leading cryptocurrency exchanges based in New York, has revealed plans to temporarily suspend its cryptocurrency services in the Netherlands.

The exchange has attributed this decision to its inability to meet the stringent regulatory requirements set by the Dutch financial authority, De Nederlandsche Bank (DNB).

In a letter addressed to its Dutch user base, Gemini urged customers to withdraw their assets or transfer them to alternative wallet addresses. The suspension of services is scheduled to take effect on November 17, 2023, in compliance with regulatory obligations imposed by the DNB.

Gemini to re-enter the Dutch market after compliance

Despite the suspension of its operations in the Netherlands, Gemini expressed its commitment to re-enter the Dutch market once it has successfully aligned its operations with the new regulatory framework governing crypto assets. The reference to compliance with the Markets in Crypto Assets (MiCA) suggests that Gemini is considering adapting to the EU-wide regulatory framework, aiming to standardize requirements for cryptocurrency companies across the European Union.

To facilitate a smooth transition for its users, Gemini recommended Bitvavo, a licensed Dutch cryptocurrency exchange that is registered with DNB. Founded in 2018, Bitvavo is a member of the Dutch Association of Bitcoin Companies, providing a compliant alternative for Dutch crypto enthusiasts.

Crypto exchanges leaving the Netherlands

Gemini’s decision follows a similar move by global cryptocurrency giant Binance, which ceased its activities in the Netherlands earlier in the summer of 2023 due to regulatory approval challenges. This highlights the increasingly complex landscape that cryptocurrency exchanges face in meeting regulatory requirements in Europe.

As of now, the Netherlands has registered 37 virtual asset providers, including prominent platforms such as eToro, Coinbase, Crypto.com, and BitPay. Coinbase was however fined $3.6 million in January 2023 for non-compliance. These providers operate within the regulatory framework established by the DNB, underscoring the significance of regulatory compliance for cryptocurrency businesses in the Dutch market.

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