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Price Updates: BTC, ETH, BNB, SOL & ADA

BTC continues to lose ground , this is a signal that traders may be locking in their gains before the end of the year. The lack of a Santa rally in the U.S. equity markets indicates that the risk-off sentiment prevails due to the uncertainty regarding the spread of the COVID-19 omicron variant in several parts of the world.

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Price Updates: BTC, ETH, BNB, SOL & ADA

BTC continues to lose ground , this is a signal that traders may be locking in their gains before the end of the year. The lack of a Santa rally in the U.S. equity markets indicates that the risk-off sentiment prevails due to the uncertainty regarding the spread of the COVID-19 omicron variant in several parts of the world.

BTC

The bulls have been guarding the 200-day simple moving average of ($47,130) for the past few days, but they have not been able to push the price above the 20-day exponential moving average of ($49,622). This shows a lack of demand at higher levels. The bears pulled the price below the 200-day SMA on Dec. 20 and if the price sustains below this crucial level, the selling may pick up momentum. 

ETH

ETH has been trading inside a descending channel for the past few days. The bounce off the support line of the channel on the 13th failed to rise above the 20-day EMA of ($4,058), indicating that bears are selling on rallies. The down sloping 20-day EMA and the RSI below 43 suggest that the path of least resistance is to the downside.

BNB

The buyers effectively defended the 100-day SMA of ($509) for the past few days but they could not push (BNB) above the 20-day EMA ($552). This suggests that demand dries up at higher levels. The down sloping 20-day EMA and the RSI in the negative zone suggest that bears have the upper hand.

SOL

SOL turned down from the 20-day EMA ($183), indicating that bears are protecting this level with force. If the price slips and sustains below $167.88, a retest of $148.04 is possible.

ADA

ADA repeatedly bounced off the strong support at $1.18 in the past few days but the bulls have not been able to push the price above the 20-day EMA of ($1.35). This suggests a lack of demand at higher levels. The bears will now attempt to sink and sustain the price below $1.18.

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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