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Price Update: BTC, ETH, BNB & XRP

Bitcoin and altcoins are holding their immediate support levels, but traders are probing for a trigger to push the market higher.

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Bitcoin and altcoins are holding their immediate support levels, but traders are probing for a trigger to push the market higher.

BTC

Bitcoin has been stuck inside a tight range between $19,520 and $20,576 for the past few days. This indicates indecision among the bulls and the bears. Although bulls are buying the dips, they have failed to clear the overhead resistance. The downsloping 20-day EMA ($20,775) and the RSI in the negative territory increase the likelihood of a break below $19,520. If that happens, BTC could drop to the strong support zone between $18,910 and $18,626.

ETH

Ether has been stuck between the 20-day EMA ($1,605) and the neckline of the head and shoulders pattern since Aug. 31 but this tight-range trading is unlikely to continue for long. If buyers push and sustain the price above the 20-day EMA, ETH could rally to the overhead resistance at $1,700. This is an important level to keep an eye on because a break and close above it could signal that bulls are back in control.

BNB

BNB has been trading near the strong support of $275 for the past few days but the bulls have not been able to achieve a strong rebound off it. This indicates a lack of demand at higher levels. The 20-day EMA ($286) has been sloping down and the RSI is below 41, indicating that bears have the upper hand.

XRP

XRP has been stuck between $0.32 and $0.34 for the past few days but this tight range trading is unlikely to continue for long. The bears will attempt to sink the price below $0.32. If they succeed, XRP could extend its decline to the crucial support at $0.30.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Crypto News. 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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