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Top cryptocurrencies of the week: BTC, ADA & XLM

The bears are trying to extend Bitcoin’s record of nine consecutive red weekly candles to ten weeks, but the bulls are trying to avert this negative occurrence.

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The bears are trying to extend Bitcoin’s record of nine consecutive red weekly candles to ten weeks, but the bulls are trying to avert this negative occurrence.

BTC

Bitcoin dropped below the 20 day EMA of $30,459 on the 1st of June. The bulls tried to push the price back above the 20 day EMA but the bears did not relent. The bears will try to pull the price below the strong support at $28,630. If they are successful, BTC could drop to the vital support at $26,700. The buyers are expected to defend this support zone with all their power because if they fail to do that, the downtrend may resume.

ADA

ADA broke above the downtrend line on the 31st of May but the bulls could not withstand the higher levels. Although the bears have effectively defended the downtrend line, a minor positive is that the bulls have held ADA above the 20-day EMA of $0.56. This increases the possibility of a break above the downtrend line. If so, ADA could rally to the 50 day SMA of $0.67 where the bears may pose a strong challenge.

XLM

XLM rallied above the 20 day EMA of $0.14 on the 30th of May, which was an indication that the selling pressure may be decreasing. The bears stalled the up-move near the 50 day SMA of $0.15 but they haven’t been able to sink and sustain the price below the 20 day EMA. This indicates that the bulls are buying on the dips to the 20-day EMA. If bulls drive the price above the 50-day SMA, it will suggest the start of a sustained recovery

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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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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