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Price Update August 20th : BTC, ETH, ADA, BNB, XRP, DOGE

Bitcoin has resumed its move toward $50,000 and this is most likely to send altcoin prices higher.

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Bitcoin has resumed its move toward $50,000 and this is most likely to send altcoin prices higher.

BTC/USDT

Bitcoin had a tough battle between the bulls and the bears near the 200-day simple moving average at $45,692 for the past few days. The bears pulled the price below the 200-day SMA on the 17th but could not break the 20-day exponential moving average of $44,183 support.

Aggressive buying was seen at the 20-day EMA and it pushed the price back above the 200-day SMA on 19th. The growing 20-day EMA and the relative strength index near the overbought territory showed that the bulls are in control.

ETH/USDT

Ether turned down from $3,335 on the 16th while bears tried to pull the price below the breakout level at $3,000 on 18th.  The price dipped below this support and the bears could not sustain the lower levels, which meant there was strong buying by the bulls.

ADA/USDT

The bulls flipped the $1.94 level to support on the17th and 18th. This intensified further buying which showed the bulls pushing ADA above the all-time high at $2.47. The ADA/USDT pair could now rally to $2.73 where it is again likely to face stiff resistance from the bears. If bulls bulldoze their way through this resistance, the pair could reach the psychological barrier at $3.

BNB/USDT

The Binance Coin turned down from the overhead resistance at $433 on the 17th but the bulls did not allow the price to break below the 20-day EMA at $384. A strong rebound off the 20-day EMA has pushed the price above the stiff resistance at $433. If bulls sustain the price above $433, the BNB/USDT pair could start its upward march toward $520 and then to $600.

XRP/USDT

XRP rose above the downtrend line of the descending channel and the overhead resistance at $1.07 on the 13th, which completed a rounding bottom pattern. The bears tried to pull the price back below $1.07 but the bulls blocked their attempt to do so.

DOGE/USDT

Doge coin broke and closed above the $0.29 resistance onthe14th, which cleared the path for a rally to $0.35. The bears mounted a stiff resistance at this level on the 16th and pulled the price back to the breakout level at $0.29.

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Binance tightens South African compliance rules for crypto transfers

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Binance is tightening compliance measures for crypto transactions in South Africa, announcing it will fully implement the country’s Travel Rule requirements beginning January 2025. The move aligns with regulations set by South Africa’s Financial Intelligence Centre (FIC) and reflects the exchange’s broader efforts to meet global anti-money laundering standards.

Under the new rules, Binance will require South African users to include verified personal information—such as names, addresses, and account details—when sending or receiving crypto between platforms. These changes are designed to increase transparency and traceability of digital asset transfers, making it harder for illicit actors to exploit decentralized networks.

Binance emphasized that users must complete know-your-customer (KYC) verification before transferring crypto to or from external wallets. Transfers to non-compliant platforms may be restricted or flagged, while internal transfers within Binance or to Travel Rule-compliant entities will remain unaffected.

The announcement follows South Africa’s decision in 2023 to designate crypto as a financial product, placing digital asset providers under the supervision of the FIC. The country has since taken steps to integrate crypto into its formal regulatory structure, including licensing requirements and mandatory reporting obligations.

With enforcement beginning in 2025, Binance urged users to familiarize themselves with the new procedures to avoid disruptions. The exchange also plans to provide additional guidance and tools to help users remain compliant as the deadline approaches.

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Ethereum bounces back as market dominance recovers from all-time low

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Ethereum has staged a notable recovery after recently experiencing its lowest market dominance since its early days. The turnaround comes as ETH surged nearly 4% in the past 24 hours, climbing back above the $3,100 mark and narrowing its underperformance gap relative to Bitcoin.

For much of 2024, Ethereum has trailed behind Bitcoin and a growing wave of altcoins, with its market share dropping below 15% — levels not seen since 2015. The slump was driven by investor focus on Bitcoin ETF momentum, lackluster institutional interest in ETH, and rising competition from layer-1 and layer-2 networks offering faster and cheaper alternatives.

Despite these challenges, Ethereum’s fundamentals remain strong. Data shows a healthy uptick in active addresses, transaction volumes, and total value locked in DeFi protocols built on Ethereum. Additionally, hopes remain high for the approval of a spot Ethereum ETF in the U.S., with analysts suggesting a potential turnaround in institutional flows if approved.

Traders are now watching whether this rebound signals a sustained trend reversal or just a temporary relief rally. With key upgrades and ecosystem developments still in the pipeline, Ethereum’s ability to regain dominance may hinge on reigniting both investor confidence and broader developer activity.

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SEC says it won’t re-file fraud case against Hex’s Richard Heart

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The U.S. Securities and Exchange Commission (SEC) has confirmed it will not pursue a retrial in its fraud case against HEX founder Richard Heart, effectively bringing an end to one of the agency’s high-profile crypto enforcement actions.

The decision follows a recent court ruling that dismissed several key allegations against Heart, including claims that he misled investors and violated securities laws through the promotion and sale of HEX, PulseChain, and PulseX tokens. While the SEC initially signaled it would consider further legal options, it has now opted to forgo additional litigation.

Heart, a controversial figure in the crypto world, had long denied the SEC’s accusations, framing the lawsuit as an overreach by regulators. The agency had alleged that Heart raised over $1 billion from investors while misrepresenting how funds would be used and failing to register the offerings.

With the SEC stepping back, the dismissal marks a rare instance in which the regulator has chosen not to continue a crypto-related fraud case, potentially signaling a reassessment of its approach amid growing legal pushback and mounting scrutiny over its enforcement tactics.

Although the case is now closed, legal analysts suggest the outcome could influence future regulatory efforts and may embolden other crypto founders facing similar challenges. Heart, meanwhile, has positioned the development as a vindication, reaffirming his stance that HEX and related projects were never in violation of U.S. securities laws.

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