Kategorie: Crypto News

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Binance to serve Belgian users via Polish arm

  • Binance users in Belgium can continue accessing services via its Poland-based unit.
  • The exchange had revealed plans to work with the Belgian regulator in June.
  • Belgium’s Financial Services and Markets Authority (FSMA) had asked Binance to halt services.

Binance has announced that its users in Belgium will continue to access its services via Binance Poland, the crypto exchange’s Polish-regulated arm.

The crypto behemoth’s announcement read in part:

“Binance Poland sp. z o.o. is now the entity that provides Binance services for Belgian residents. By doing this, Binance ensures that it complies with its regulatory obligations and can continue to provide services to Belgian users.”

Users to resubmit KYC documents

To access services via Binance Poland, users in Belgium will have to accept the Polish platform’s Terms of Use for Belgian users. The exchange may also demand that users resubmit know-your-customer (KYC) documentation as part of the process of ensuring compliance with Polish regulation.

The move came about two months after the Financial Services and Markets Authority of Belgium directed that the exchange stop all of its virtual currency services in the country. Rather than exit the Belgian market as it did in other jurisdictions such as Canada, Binance revealed plans to work with the Belgian market regulator.

According to Binance, allowing its users across Belgium to access services and products via the Poland-regulated subsidiary is key to its commitment to regulatory requirements. Binance announced on Monday that its Polish arm offers crypto exchange and custody services as per the country’s guidelines to virtual assets service providers (VASPs).

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dYdX price: DYDX outlook ahead of $14M bump in token supply

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    The dYdX (DYDX) ecosystem is braced for the upcoming $14 million token unlock.

  • A bump in DYDX supply could be felt in the price reaction, with DYDX trading around $2.16.

According to Token Unlocks, DYDX is among several altcoins set to add numbers to token supply this week. Others poised for a September supply bump are Optimism, 1inch, and Hedera.

On August 29, the dYdX Foundation will unlock 6.52 million DYDX worth about $14.41 at the time of writing. The governance token has a total supply of 1 billion tokens, of which current circulating supply is 173 million DYDX.

Per the token’s allocation and distribution metrics, the entirety of the 1 billion DYDX will be released over five years. The initial distribution occurred on August 3, 2021. Currently, locked coins are for past investors of dYdX Trading, founders, advisors, employees, and consultants of dYdX Foundation.

DYDX token price outlook

The dYdX (DYDX) token traded around $2.16 on Monday, down 1.6% in the past 24 hours but nearly 12% higher this past week.

Ahead of the huge token unlock, the price of the native dYdX exchange token has ranged between $1.18 and $2.23.

 DYDX price chart

The MACD and daily RSI suggest bulls remain in control short term. However, the price might need to strengthen above the horizontal line that marks the range’s base for upside momentum to extend DYDX to next targets at $2.70 and $3.20.

If sell-off pressure mounts amid risk markets slowdown, we could see prices in the region of $1.54-$1.36.

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Solana-based protocol Clockwork to shut down

  • Clockwork is a Solana-based smart contracts automation tool that raised $4 million from Multicoin and other investors.
  • The Devnet and mainnet nodes will be frozen on October 31.

Solana ecosystem platform Clockwork is shutting down its nodes on Devnet and mainnet on October 31, founder Nick Garfield announced on Sunday.

The smart contracts project, which raised $4 million from investors in a round led by Multicoin Capital, however says the code remains open-source for any developer looking to fork it.

“Clockwork was initially conceived out of a need for an on-chain automation primitive. To that end, the team and I feel successful in completing our original mission and proud of the adoption it has seen. Ultimately the reason we are stepping away now is simple opportunity cost. We admittedly see limited commercial upside in continuing to develop the protocol, and have a growing personal interest to explore new opportunities,” Garfield noted.

Clockwork’s automation tooling was designed to enable smart contracts functionality for payroll payments and such other transactions. Commenting on what’s next for the project, Garfield explained:

“For those who currently rely on Clockwork, we will do what we can to ensure continued service. Understand this process is an accelerated transition to full decentralization. Its success will depend on you and the will of the Solana community.”

Clockwork users looking to migrate to other platforms can look at projects such as the oracle as a service protocol Switchboard, RPC platform Helius and no-code automation service triggr.

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Ripple back under pressure, bears eye major support area

  • Ripple erased all the gains following the July federal court ruling
  • Dynamic resistance held
  • All eyes are now on the major support area seen at $0.3

Crypto investors cheered Ripple’s price reaction in July following news that the XRP token is not a security when sold to the general public. The price spiked from the $0.4 area to close to $1, and finding a single bearish trader following the news was impossible.

But markets often mislead traders.

As it turns out, the SEC (Security and Exchange Commission) wants to appeal the federal court ruling in Ripple’s case. Investors did not wait and sold, sending the XRP/USD rate back to where it was before the July news.

The round trip was completed recently when Ripple fully retraced the move following July’s announcement.

One can build both a bullish and a bearish case for Ripple by looking at the technical picture. But the main thing is that Ripple is back in the range, unable so far to break above or below major resistance and support areas.

Ripple chart by TradingView

The bullish case for Ripple

In 2021, Ripple’s price surged to over $1.8 as investors hurried to get exposure to the cryptocurrency market during the COVID-19 pandemic. But sellers quickly emerged, and a bearish triangle formed.

The triangular consolidation held until 2022. In the first half of that year, Ripple’s price broke lower. It did so by breaking support given by the lower edge of the triangle, and since then, it has not looked back.

Until this July.

Previous support turned out to be dynamic resistance. It is this resistance that kept bulls at bay following the July news.

However, despite the rejection, one can build a bullish case for Ripple. The $0.3 area acted as a major support in 2022, and the market has built a series of higher highs and higher lows ever since. As long as it holds above support, Ripple’s price might recover and attempt to break and hold above dynamic resistance again.

The bearish case for Ripple

On the other hand, the recent selloff alone has scared many traders. Optimism vaned, and with it, capital fled, too. If Ripple’s price drops below $0.4, the momentum then builds for further downside toward the major support area seen at $0.3. A break there, and it is game over for bulls that were so sure that Ripple’s time has come.

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JPMorgan analyst says weakness in Bitcoin ‘appears to be at its end phase’

  • Nikolaos Panigirtzoglou is convinced that worst is behind us in Bitcoin.
  • He agreed that there recently have been positive news in crypto market.
  • Price of a Bitcoin has declined nearly 17% in less than two months.

A JPMorgan analyst is convinced that the worst is behind us as far as the ongoing decline in the price of a Bitcoin is concerned.

Bitcoin is not the only one taking a hit

Nikolaos Panigirtzoglou attributes recent weakness in the world’s largest cryptocurrency to a bunch of long positions that were liquidated as positive news, including the pending approval of a Spot Bitcoin ETF continued to fade but added:

This unwinding of long positions appears to be at its end phase rather than its beginning. As a result, we see limited downside for crypto markets over the near term.

Note that Bitcoin is not the only risk-on asset that has had a tough few weeks. China-related concerns and higher real yields in the U.S. have been hitting the tech space at large.

Nasdaq Composite is now down about 7.0% versus its recent high.

Why are investors staying on the sidelines?

Panigirtzoglou agrees that there has been positive news in the crypto market including PayPal Holdings introducing its own dollar-pegged stablecoin (read more) and the launch of “Base” by Coinbase Global Inc.

But investors are staying on the sidelines and waiting for regulatory clarity partly because the Securities & Exchange Commission has appealed the recent decision in Ripple’s favour, as per his research note today.

Appeal could result in a trial with outcome not expected until next year, inducing a new round of legal uncertainty for crypto and making them sensitive to any mid-process news.

On Friday, Fed Chair Powell also said at the Jackson Hole symposium that rates may go even higher from here and signalled no near-term intent of cutting rates which doesn’t bode well for the cryptocurrencies either.

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