By Alicia Maher
Discover an overview of recent happenings in the crypto world.
Bitcoin Movement
The king coin closed yesterday’s trading with a bearish manner after finally creating a Doji candlestick following eight consecutive bullish candlesticks. This is the third time bitcoin has failed to surge past the $40,600 price, and it coincides with the 0.383 Fibonacci retracement resistance levels.
Despite the failed breakout attempt, the 24-hour timeframe of the technical signals indicates bullishness for Bitcoin. The moving average convergence divergence (MACD) is slightly positive; the relative strength index (RSI) is over 70, and the stochastic oscillator has created a bullish cross. Its next resistance is predicted to be the $47,900 area, which coincides with the 0.619 Fibonacci retracement level.
Crypto Market Cap Declines
The entire market cap of the cryptocurrency market declined by 1% to about $1.58 trillion. In the past 24 hours, Ethereum gained about 1.3%, while Bitcoin declined by 4.3%. However, most of the top 100 cryptocurrencies fell in price.
With a 30% gain, Bitcoin Cash ABC is the top gainer of the day and now trades at $36.33. Thus, BCHA is back among the top 100 cryptocurrencies after surging by about 43% in value over the past week. Safemoon (SAFEMOON) lost the most today. It lost about 19% in the period under review and now trades at a 3-month low of $0.0000023.
Crypto Updates From Around The World
US Congressman Proposes A New Bill For Crypto Market Regulation.
Don Beyer, a congressman from Virginia, has proposed a new bill to regulate the virtual asset class. The bill is aimed at promoting innovation and protecting consumers. Beyer also suggested that the virtual assets be classified as monetary tools. Thus, they would now be subject to the bank secrecy act and anti-money laundering laws.
Iran Bans Crypto-Mining Following Months Of Power Outage
Iranian authorities have accused crypto miners of being the cause of months of power outages in the capital city and other big cities. A recent CNBC survey concluded that there had been an influx of crypto miners into the country following their ban from China.
The authorities also claim that most of the miners have no operating license. The high energy consumption of their mining plants is the cause of the continuous power outages in the area. The country’s president, Hassan Rouhani, announced that the ban takes immediate effect and might be suspended by September 22.
Apart from energy issues, the number of fraudulent crypto transactions in the country has been on the rise recently. Hence, the combination of these two factors is responsible for this crypto ban.
Wazirx Launches India’s First NFT Marketplace.
Top Binance-owned, Indian-based crypto exchange, WazirX, has launched the first India-owned NFT marketplace.
The marketplace is targeted at Indian artists to sell their digitized art collections. As of this writing, over 300 creators are displaying their digital arts for sale already. However, WazirX claims that over 15,000 creators applied to list their pieces on the platform. The company announced that artists aren’t limited to any specific background as those listed and would be listed include mural experts, automotive photographers, visual and street performers.