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Analysis September 6th: BTC, ETH, ADA & BNB

If the bulls flip the $52,000 to support line, Bitcoin could see a substantial breakout that is likely to pull more buyers into select altcoins.

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If the bulls flip the $52,000 to support line, Bitcoin could see a substantial breakout that is likely to pull more buyers into select altcoins.

BTC/USDT

Bitcoin’s range between $46,200 to $50,500 resolved to the upside. The bulls pushed and closed the price above the $50,500 to $51,000 overhead resistance zone, meaning the resumption of the uptrend. The bears will try to pull the price back below the $50,500 level and trap the aggressive bulls. If they do that, the BTC/USDT pair could drop to the 20-day exponential moving average $48,476.

ETH/USDT

Ether broke above $4,000 but the bulls could not sustain the higher levels. This indicates that the bears are defending this level aggressively. A positive sign is that buyers have not given up much ground. This suggests that bulls are in no hurry to book profits because they anticipate the up-move to continue.

ADA/USDT

The bears have halted several attempts by the bulls to push ADA above the $2.97 to $3.10 overhead resistance zone. The negative divergence on the RSI also indicates that the bullish momentum is slowing down. The ADA/USDT pair could drop to the 20-day EMA ($2.65), which is likely to act as a strong support. If the price rebounds off this level, the bulls will again try to propel the pair above the overhead zone. If they succeed, the pair could start its journey toward $3.50.

BNB/USDT

The bulls are finding it difficult to drive the Binance coin above the overhead resistance at $518.90 but a positive sign is that they have not allowed the price to dip below the 20-day EMA ($467). This suggests accumulation at lower levels. If the price again bounces off the 20-day EMA, the buyers will try to thrust the BNB/USDT pair above $518.90. If they manage to do that, the pair could resume its uptrend and rally to the next target at $600.

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Vitalik Buterin criticizes crypto’s moral shift toward gambling

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Ethereum co-founder Vitalik Buterin has expressed concerns over a “moral reversal” in the crypto industry, particularly regarding criticism of Ethereum’s stance on blockchain gambling. In a recent AMA, he noted that some have condemned Ethereum for not welcoming casinos, while other blockchains have embraced them. Buterin stated that if the community continues to shift its values in this direction, he may reconsider his role in the space.

Despite these concerns, Buterin emphasized that in-person interactions with the Ethereum community reassure him that core values remain intact. He urged developers to work toward a decentralized future aligned with ethical principles rather than just profit-driven ventures.

His comments coincide with the Ethereum Foundation’s shift in its funding approach. Following criticism of its Ether sales, the foundation recently allocated 45,000 ETH into DeFi platforms like Aave and Compound. This move was widely praised as a step toward supporting decentralized finance without market disruptions.

As Ethereum navigates these challenges, Buterin’s remarks highlight the ongoing debate about blockchain ethics and the industry’s future direction. The conversation around gambling applications and decentralized finance underscores the tension between financial innovation and maintaining a moral compass in crypto.

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UAE saw 41% increase in crypto app downloads in 2024

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Crypto app downloads in the UAE surged by 41% in 2024, reaching 15 million, with a record 2.8 million installs in December, according to AppsFlyer. This increase was largely driven by market trends and rising adoption, especially in the latter half of the year.

Donald Trump’s election win and pro-crypto stance reportedly played a role in boosting adoption, with his surprise memecoin launch further attracting first-time investors. This trend also contributed to a rise in crypto app downloads in the U.S.

Aggressive marketing campaigns accounted for 60% of traffic, though retention remained a challenge, as one in five apps was uninstalled within 30 days. Despite this, crypto app downloads in the UAE hit 3.5 million in January, surpassing half of 2023’s total.

With 2025 projected to be a record-breaking year, market experts suggest crypto companies should continue leveraging marketing strategies to expand their user base. The UAE’s rapid growth in crypto adoption highlights the region’s increasing role in the digital asset industry.

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Brazil approves first spot XRP ETF as local bank eyes stablecoin on XRPL

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Brazil has approved its first spot XRP exchange-traded fund (ETF), the Hashdex Nasdaq XRP Index Fund, which will soon begin trading on the country’s B3 exchange. The fund, managed by Hashdex, joins a growing list of crypto investment products in Brazil, including Bitcoin and Ethereum ETFs. The approval comes as the U.S. Securities and Exchange Commission (SEC) reviews multiple spot XRP ETF filings from major firms like CoinShares and WisdomTree.

In response to this development, XRP saw an 8% price increase, reaching $2.72, bringing it within 20% of its all-time high. This surge reflects growing investor confidence in XRP-based financial products. Meanwhile, market analysts expect the approval of additional crypto ETFs worldwide as regulators reassess their stance on digital assets.

Simultaneously, Braza Group, a financial institution in Brazil’s interbank market, announced plans to launch BBRL, a stablecoin pegged to the Brazilian real. Built on the XRP Ledger, BBRL aims to enhance international payments and digital asset accessibility in South America. Initially, the stablecoin will be available only to institutional clients, with broader adoption expected in 2025.

Braza Group’s participation in Brazil’s central bank blockchain initiative, DREX, underscores the country’s efforts to integrate digital assets into its financial system. With crypto adoption surging, Brazil’s latest moves in stablecoin and ETF approvals signal growing institutional confidence in blockchain-based finance. Read more.

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