By Alicia Maher
Heraldsheets.com presents a roundup of events that happened in the crypto market within the last 24 hours.
Bitcoin Changes
After creating a bearish-looking candlestick two days ago, it tried to surge upwards but failed, leaving a long upper wick instead (red symbol below). Also, the moving average convergence divergence (MACD) left a higher momentum bar instead of creating a bearish reversal signal. However, the stochastic oscillator indicated a bull trend. The $33K and the $41K levels remain the nearest support and resistance, respectively.
Bitcoin chart. Source: TradingView
Altcoins Lead the Way
There was a 1% increase in the entire crypto market cap today as the market seeks to become a $1.53 trillion market. There weren’t any significant changes in the prices of the top 100 cryptocurrencies. Over the last 24 hours, bitcoin declined by 0.6%, while Ethereum rose by 1.6%.
As it has been for most parts of the week, Axie Infinity (AXS) leads the rally amongst all altcoins. AXS rose by about 25% within the last 24 hours. Also, its value has risen by almost 205% growth rate in the last week. ECOMI (OMI) ‘s loss of 15% is the largest thus far. But it seems to be experiencing a little price correction. Even though it declined today, OMI’s last 7-day growth rate is about 86%.
Other crypto updates
– Binance Stops Payments from The SEPA Network
Crypto exchange giants, Binance, have revealed that it will no longer allow euro deposits in the European union’s single euro payments area (SEPA) network. Apart from being active in 28 countries, SEPA is arguably Europe’s major payment system.
However, Binance’s reasons for suspending payments across the SEPA network were simply due to “circumstances beyond their control,” as stated in an email sent to users yesterday night. The exchange giants reveal that withdrawals will still be allowed, but there will be a 7-day return for deposits.
With this suspension, Binance should expect some major retractions in addition to other regulatory actions facing it already. Binance’s dominance over the market might crumble if it doesn’t accede to the demands of regulators. However, the kind of compromises Binance might need to make would be fascinating to watch.
– Bybit Rolls Out an Updated Know-Your-Customer (Kyc) Policy
Part of the new KYC policy is that withdrawals over two BTC will necessitate a detailed KYC verification procedure. Any withdrawal below that won’t require any personal identification. Bybit’s bank and fiat transactions are similar to that of Binance. They are done via third-party payment solutions.
Hence, this updated KYC policy is strictly for crypto withdrawals. Also, the new mandatory requirements to make withdrawals of over 100 BTC are either a government-issued residence proof, bank statements, utility bills, or any valid proof of residential address.
– Bithumb Top Executives Allegedly Involved in Fraud
Multiple reports from various South Korean media indicate that Bithumb top-level executives are accused of fraud involvement in Hong Kong. However, the accusation is leveled against two Bithumb subsidiaries – Bithumb GBEX and global. The plaintiff argued that Bithumb’s claim of launching a Thailand branch for its exchange was to create artificial demand for its BXA coins.
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