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Updates 02nd October: BTC, ETH, ADA & BNB

Previous data suggests that October is a good month for Bitcoin bulls, and the push above $47,600 could be a signal of what’s to come for BTC and other altcoins.

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Previous data suggests that October is a good month for Bitcoin bulls, and the push above $47,600 could be a signal of what’s to come for BTC and other altcoins.

September stayed true to its billing as a historically weak period for crypto currencies. Bitcoin closed the month with a loss of about 7%, but October may bring cheer to the bulls because Bitcoin has risen in six of the past eight years.

BTC

The repeated disaster of the bears to sink Bitcoin below the 100-day simple moving average of $41,470 in the past few days could have attracted buying from aggressive bulls and short-covering from short-term traders. The bullish motion picked up after bulls pushed the price above the 20-day exponential moving average of $44,485.

ETH

The long wick on Ether’s candlestick shows that bears sold at higher levels but a positive sign is that bulls did not allow the price to break below the 100-d Aggressive buying in the past two days has pushed the price to the 50-day SMA ($3,290). The zone between the 50-day SMA and the downtrend line is critical for the bears to defend because if bulls push the price above it, the ETH/USDT pair could rise to $3,676.28.ay SMA ($2,794). This shows that bulls continued to accumulate at lower levels.

ADA

ADA bounced off the $2.02 level on , indicating that bulls are attempting to defend the zone between the psychological level at $2 and $1.94. The recovery could face stiff resistance at the 20-day EMA ($2.26).

If the price turns down from the 20-day EMA, it will suggest that sentiment remains negative and traders are selling on rallies. The bears will then make one more attempt to sink the price below the 100-day SMA of $1.89.

BNB

The sharp rally in Binance Coin in the past two days suggests short-covering by the bears and buying by the aggressive bulls. The buyers have cleared the hurdle at the 20-day EMA of $384 and may now challenge the overhead resistance at $433. If the price turns down from $433 but rebounds off the 20-day EMA, it will suggest that the sentiment has turned positive and traders are buying on dips.

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South Korea’s crypto investor surge drives CEX profits by 106%

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South Korea’s cryptocurrency market is witnessing significant growth, with a notable 21% rise in the number of active investors this year. This surge in participation is accompanied by a remarkable 106% year-over-year increase in profits for centralized exchanges (CEXs) operating in the region.

Data reveals that the uptick in investor activity is driven by a growing interest in digital assets, alongside favorable market conditions. As more individuals engage with cryptocurrencies, CEXs are capitalizing on this momentum, leading to substantial revenue gains.

Industry experts attribute the profit increase to a combination of factors, including heightened trading volumes and the introduction of new trading products that appeal to both novice and experienced investors. Additionally, many exchanges have enhanced their services, providing better user experiences and security features, which have helped attract more participants.

Despite regulatory challenges in the broader cryptocurrency landscape, South Korean exchanges are adapting to changes while continuing to foster a robust trading environment. As interest in digital assets grows, market analysts predict further expansion and profitability for CEXs in the coming months.

The rise in both investor numbers and exchange profits highlights the resilience of South Korea’s cryptocurrency market, positioning it as a key player in the global digital asset arena.

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Tron replaces Oracle provider with Chainlink

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Tron has announced a strategic partnership with Chainlink aimed at enhancing its decentralized finance (DeFi) offerings. This collaboration seeks to integrate Chainlink’s decentralized oracle network into Tron’s ecosystem, enabling developers to access real-time data and improve the functionality of their DeFi applications.

The partnership will allow Tron-based projects to leverage Chainlink’s robust data feeds, which provide reliable external information essential for executing smart contracts. This integration is expected to enhance the security and efficiency of various financial products on the Tron blockchain.

In a statement, Tron officials emphasized the importance of data integrity and accessibility in driving DeFi innovation. By collaborating with Chainlink, Tron aims to attract more developers and users to its platform, fostering growth within its DeFi ecosystem.

Chainlink’s oracles have been widely adopted across various blockchain networks, and this partnership marks a significant step in expanding their reach into the Tron ecosystem. As DeFi continues to gain traction globally, both companies are optimistic that this collaboration will yield new opportunities for innovation and investment.

This partnership comes at a crucial time as the DeFi sector evolves, and Tron is positioning itself to play a significant role in shaping the future of decentralized finance. By leveraging Chainlink’s technology, Tron aims to enhance its competitiveness in the rapidly growing DeFi landscape.

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Singapore bolsters fintech hub with Global Finance Technology Network

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Singapore has officially launched a new initiative aimed at enhancing its position as a global hub for financial technology. The Global Finance Technology Network is designed to foster collaboration between fintech companies, financial institutions, and regulatory bodies, promoting innovation and the development of cutting-edge financial solutions.

The initiative was announced during a recent fintech conference, where government officials highlighted Singapore’s commitment to creating a conducive environment for fintech growth. The network aims to connect local startups with international players, facilitating knowledge exchange and access to resources that can accelerate their growth.

Key features of the Global Finance Technology Network include mentorship programs, access to funding, and opportunities for partnerships. The initiative also emphasizes the importance of regulatory support, ensuring that fintech companies can operate effectively within a clear and supportive framework.

Officials noted that this network is part of Singapore’s broader strategy to remain at the forefront of the global fintech landscape, especially as competition intensifies from other financial centers. By fostering innovation and collaboration, Singapore aims to attract talent and investment, ultimately driving economic growth in the region.

As the fintech sector continues to evolve, the Global Finance Technology Network is expected to play a crucial role in shaping the future of finance in Singapore and beyond, positioning the city-state as a leader in financial technology innovation.

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