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Price analysis BTC, ETH, BNB & XRP

Bitcoin and altcoins are heating up ahead of the long-awaited Ethereum Merge. Bitcoin’s rally above $22,000 cleared the closely watched metric of the realized price, which is at $21,700. The next major barrier on the upside is the 200-week moving average near $23,330.

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Bitcoin and altcoins are heating up ahead of the long-awaited Ethereum Merge. Bitcoin’s rally above $22,000 cleared the closely watched metric of the realized price, which is at $21,700. The next major barrier on the upside is the 200-week moving average near $23,330.

BTC

Bitcoin is attempting to form a bottom. Buyers pushed the price above the 20-day EMA of $20,831 on Sept. 9 and the 50-day SMA of $21,944 on Sept. 12. This suggests that the bears may be losing momentum. If buyers sustain the price above the 50-day SMA, BTC could attempt a rally to the overhead resistance at $25,211.

ETH

Ether broke above the overhead resistance at $1,700 on Sept. 9 but the bulls are facing stiff resistance at $1,800. This indicates that bears have not given up and they continue to sell at higher levels. The bears will try to pull the price back below the moving averages while the bulls will attempt to defend this support.

BNB

BNB turned up from $258 and climbed back above the neckline of the head and shoulders pattern on Sept. 7. This suggests that the breakdown may have been a bear trap. The bears tried to stall the recovery at the 20-day EMA of $287 on Sept. 8 but the buyers bulldozed their way through and pushed the price above the moving averages on Sept. 9. Both moving averages are sloping up gradually and the RSI is in the positive zone, indicating an advantage to buyers.

XRP

XRPs tight range trading between $0.32 and $0.34 resolved to the upside on Sept. 9, and the price reached the 50-day SMA of $0.35. The bears are attempting to stall the recovery at this level but they have not been able to pull the price below the 20-day EMA of $0.34. This suggests strong buying at lower levels.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of CryptoNews. Every investment and trading move involves risk. 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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