By Alicia Maher
Herald news presents a roundup of events in the crypto market that happened within the last 24 hours.
Bitcoin Failed Rally
Bitcoin attempted a new rally again today but failed. Instead, it developed one more long upper wick. Since then, it had declined to a low of about $32.6K. It has fluctuated around this price range for a little over two weeks now.
All the technical indicators do not agree with one another. The relative strength index (RSI) reading is at 50, while the stochastic oscillator can’t decide whether to make a bullish cross or a bear one. Also, the moving average convergence divergence (MACD) is slightly positive.
The leading cryptocurrency is yet to reach the targeted 0.383 Fibonacci retracement level. Hence, it continues to trade within the $31.5K and $40.6K levels.
BTC chart. Source: Beincrypto and TradingView
Top Altcoin Gainers
After some upward movement from the beginning of the week, the entire crypto market cap declined by about 6.9% today. The crypto market cap has fluctuated between $1.31 trillion and $1.55 trillion for almost three weeks now. But as of this writing, it is around $1.43 trillion.
Only one or two of the top 100 altcoins made significant gains today. Flow (FLOW) is the best performer among the altcoins, and it surged in value by over 19% within 24 hours. The same altcoin has surged by almost 61% throughout the week, making it among this week’s top gainer so far.
There have been losses too. The KuCoin token (KCS) ‘s loss was the highest. It declined by over 22%. Yet, it has surged in value by almost 53% and ranks among the top performers of the week.
Other Crypto Updates
- Argentinian Employees To Receive Salaries In Crypto
Jose Luiz Ramon, Argentina’s deputy for the city of Mendoza, has presented a bill for employees in specific industries to receive their entire salaries or part of it in crypto. Mendoza specifically mentioned employees in the exploration services and dependency relationship industry.
Part of Ramon’s proposal would allow employees to specify the cryptocurrency they want to be paid. If the legislature passes Ramon’s bill, Argentina would only be the second country after El Salvador, where employees can choose between receiving their salaries in fiat or cryptocurrency.
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New Zealand Planning A CBDC Launch
The reserve bank of New Zealand (which is the bank’s apex bank) has notified the public that it has started research on developing its own Central Bank Digital Currency (CBDC). Christian Hawkesby, the assistant governor at the bank, also revealed that the discussion would also delve into crypto-related issues. He hopes that the introduction of CBDCs would boost the digital payment industry.
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Robinhood Fined $11 Million
New York regulators have found digital currency exchange firm Robinhood guilty of cybersecurity breaches and anti-money laundering violations. Hence, it is expected to pay an $11 million fine, but the fine may be increased if the firm is also found guilty of careless security practices.
Consequently, it will be hard for the exchange to regain the trust of customers again.