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Crypto currency update: BTC, LUNA & ATOM

Bitcoin’s strong recovery to $49,000 has increased bullish sentiment and it may provide further incentive for LUNA & ATOM to short term rally. The sentiment in the crypto markets can change swiftly as evident from the Crypto Fear and Greed Index, which has risen from levels of extreme fear  to neutral today. The sentiment may improve further if Bitcoin breaks out and sustains above the level at $50,000.

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Bitcoin’s strong recovery to $49,000 has increased bullish sentiment and it may provide further incentive for LUNA & ATOM to short term rally. The sentiment in the crypto markets can change swiftly as evident from the Crypto Fear and Greed Index, which has risen from levels of extreme fear  to neutral today. The sentiment may improve further if Bitcoin breaks out and sustains above the level at $50,000.

BTC

Bitcoin broke above the 50-day simple moving average of $46,633 but the bears are attempting to stall the recovery near the resistance of $48,843.20. A positive sign is that the bulls have not allowed the price to dip below the 50-day SMA.

The 20-day exponential moving average of $45,141 has turned up and the relative strength index (RSI) is on the positive side, this shows an advantage to the bulls. If buyers push the price above $48,843.20, BTC could rally to $52,920.

LUNA

Terra protocol’s LUNA token broke over the downtrend line and bulls followed up with a break above the all-time high at $45.01. However the long wick on today’s candlestick indicates that bears are attempting to defend the $45.01 level aggressively. If the price turns down from the current level but rebounds off the downtrend line, it shows that sentiment remains positive and traders are buying on dips.

The bulls will then attempt to push the price above the $45.01 to $46.17 resistance zone and start the next stage of the uptrend. LUNA may rally to $65.

ATOM

ATOM effectively held the breakout level of $32.32 which suggests that sentiment remains positive and bulls are buying on dips. The bulls pushed the price above the 20-day EMA of $35.88 on September 30th but the energy has failed to pick up. This suggests that bears have not given up yet and are selling on rallies. The bulls will have to push and sustain the price above $44.80 to signal the continuation of the uptrend.

The views and opinions expressed here are solely those of the author and do not reflect the views of Crypto News. Every investment and trading move involves risk and the reader should conduct their own research when making a decision.

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7-Eleven South Korea to accept CBDC payments in national pilot program

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7-Eleven is set to participate in the testing phase of a central bank digital currency (CBDC) initiative, running from April to June. The retail giant’s involvement highlights the growing push for digital currency integration in everyday transactions.

The pilot program will assess the feasibility of CBDC payments at 7-Eleven stores, allowing customers to make purchases using the digital currency. The initiative is part of a broader effort to explore the real-world application of CBDCs in retail environments, potentially shaping future payment systems.

As central banks worldwide accelerate their digital currency research, private sector collaboration is seen as crucial for widespread adoption. If successful, 7-Eleven’s participation could pave the way for broader CBDC usage across retail and commercial sectors.

The outcome of the testing phase will provide valuable insights into consumer adoption, transaction efficiency, and potential regulatory considerations, influencing how CBDCs are integrated into mainstream financial systems.

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SEC and Gemini ask to pause lawsuit to explore ‘potential resolution’

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The U.S. Securities and Exchange Commission (SEC) and crypto exchange Gemini have agreed to pause legal proceedings as both sides explore a potential resolution to their ongoing lawsuit. The move signals a possible settlement in the high-profile case, which centers around Gemini’s now-defunct Earn program.

The SEC initially sued Gemini, alleging that the Earn program—designed to offer users yield on crypto deposits—operated as an unregistered securities offering. Gemini has pushed back against the claims, arguing that its operations complied with regulatory standards.

By pausing litigation, both parties may be looking for a compromise that could set a precedent for crypto lending products in the U.S. A settlement could also provide regulatory clarity for similar platforms navigating SEC scrutiny.

While the outcome remains uncertain, the crypto industry is closely watching the case, as its resolution could impact future enforcement actions and the broader regulatory approach toward digital asset lending services.

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GameStop finishes $1.5B raise to add Bitcoin to its balance sheet

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GameStop has successfully completed a debt offering, raising capital that may be used to acquire Bitcoin, signaling the company’s deeper foray into digital assets. The move aligns with its broader strategy to diversify beyond traditional retail operations and into emerging financial technologies.

While GameStop has not confirmed the exact allocation of the funds, market speculation suggests that a portion could be used to buy Bitcoin, following in the footsteps of companies like MicroStrategy. The potential investment would reinforce GameStop’s ongoing pivot toward blockchain and digital assets, an effort that began with its NFT marketplace and crypto-related initiatives.

Analysts see this development as part of a growing trend of corporations exploring Bitcoin as a reserve asset amid concerns over inflation and monetary policy. If GameStop proceeds with the acquisition, it could further validate Bitcoin’s role as a strategic investment for publicly traded companies.

The company’s board will ultimately decide how the newly raised capital is deployed. Investors and the broader crypto market are watching closely for any official announcements regarding GameStop’s Bitcoin strategy.

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