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Price Updates: BTC, ETH, BNB & XRP

Bitcoin and most altcoin prices have turned down and look to retest the underlying support levels.

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Bitcoin and most altcoin prices have turned down and look to retest the underlying support levels.

BTC

The bears successfully defended the 50 day SMA of $19,659. The failure to clear this obstacle may have tempted the aggressive bulls to book profits and the bears to initiate short positions, which pulled the price back below the 20-day EMA of $19,384. The sellers will once again try to challenge the immediate support at $18,843. If this level breaks down, the selling could pick up and BTC could drop to the critical support zone between $18,125 and $17,622.

ETH

ETH e-entered the symmetrical triangle pattern on Oct. 17 but the bulls could not sustain the recovery. The price turned down and the bears are trying to pull the price to $1,263. The downsloping 20-day EMA of $1,320 and the RSI in the negative territory suggest that the bears are at a marginal advantage. If the price slips below $1,263, ETH could drop to $1,190.

BNB

BNB has been consolidating between $258 and $300 for the past several days, the bears are trying to gain the upper hand by defending the moving averages. The sellers will now try to pull the price to the support of the range at $258. The repeated retest of a support level within a short time tends to weaken it. If this level gives way, BNB could plummet to the next support at $216.

XRP

XRP recovered and closed above the 20-day EMA of $0.47  but the bulls could not build upon this advantage. This shows that bears are selling on rallies. The price turned down sharply and slipped below the 20-day EMA on Oct. 18. The selling intensified and XRP dropped to the support line of the triangle.

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,  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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