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Top cryptocurrencies of the week: BTC, BNB, LUNA & MANA

Bitcoin and most major altcoins have been struggling to recover from the sharp fall. This indicates that traders may be nervous to buy at current levels due to the uncertainty regarding the new heavily-mutated coronavirus strain identified in South Africa.

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Bitcoin and most major altcoins have been struggling to recover from the sharp fall. This indicates that traders may be nervous to buy at current levels due to the uncertainty regarding the new heavily-mutated coronavirus strain identified in South Africa.

BTC

Bitcoin has been correcting in a descending channel for the past few days. The bulls are attempting to defend the 100-day simple moving average of $54,064 for the past two days but the shallow bounce indicates a lack of urgency to accumulate at the current level. The down trend of the 20-day exponential moving average of $58,521 and the RSI  below 39 indicate that bears are in control. If the price rebounds off the current level, the bulls may hit a wall at the 20-day EMA.

BNB

 BNB is seeing a battle between the bulls and the bears near the 20-day EMA of $590. Although the price dipped and closed below the 20-day EMA the bears could not build upon this advantage. The bears again pulled the price below the 20-day EMA today but the long tail on the candlestick shows accumulation at lower levels. The flat 20-day EMA and the RSI near the midpoint indicate a balance between supply and demand.

LUNA

Terra’s LUNA token is trading inside an ascending channel pattern. The bulls successfully defended the support line of the channel and have pushed the price above the 20-day EMA of $44.33 today. If bulls endure the price above the 20-day EMA, LUNA could rise to $52 and then retest the all-time high at $54.95.

MANA

 MANA turned down from $5.90 but the long tail on the candlesticks of the past two days shows that bulls are trying to defend the zone between the 38.2% Fibonacci retracement level at $4.48 and the 50% retracement level at $4.05.The bulls will now attempt to drive the price above the all-time high at $5.90 and resume the uptrend

The views and opinions expressed here are solely those of the writer 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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GameStop hints at future Bitcoin purchases following board approval

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GameStop is exploring the possibility of adding Bitcoin to its balance sheet, but any future purchases will require approval from the company’s board of directors. The move signals the gaming retailer’s continued interest in digital assets as it seeks to diversify its financial strategy.

The potential Bitcoin investment aligns with GameStop’s previous forays into the crypto space, including its NFT marketplace and blockchain gaming initiatives. However, the company has not yet committed to a specific timeline or amount for Bitcoin purchases.

Industry analysts suggest that if GameStop proceeds with Bitcoin acquisitions, it could follow in the footsteps of other publicly traded companies, such as MicroStrategy, that have adopted Bitcoin as a reserve asset. The decision could also serve as a signal to retail and institutional investors about GameStop’s long-term outlook on digital assets.

As the company awaits board approval, the broader market will be watching closely to see if GameStop makes a decisive move into Bitcoin, potentially influencing other corporations to consider similar strategies.

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SEC nominee Atkins discloses at least $327M in assets ahead of confirmation hearing

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Paul Atkins, a former commissioner of the U.S. Securities and Exchange Commission (SEC), is under scrutiny over financial disclosures related to his wife. The concerns emerged during a recent hearing, raising questions about transparency and potential conflicts of interest.

Atkins, who served at the SEC from 2002 to 2008, has been a vocal advocate for regulatory clarity in financial markets, including the cryptocurrency sector. However, lawmakers and regulators are now examining whether proper disclosures were made regarding financial assets linked to his wife.

The inquiry reflects broader concerns about ethics and accountability among financial regulators and policymakers. While Atkins has not been formally accused of wrongdoing, the situation highlights ongoing debates over financial transparency in government and regulatory agencies.

As the hearing unfolds, industry observers are closely watching for potential implications on SEC policies and oversight practices. The outcome could influence future regulatory discussions, particularly in areas where financial disclosures intersect with policymaking in traditional and digital asset markets.

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Brazil’s data watchdog upholds ban on World crypto payments

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Brazil’s data protection authority is ramping up its oversight of cryptocurrency payment platforms, reflecting growing concerns over data privacy and regulatory compliance in the digital asset sector. The move aligns with a broader global trend of increased scrutiny on crypto transactions.

The regulatory focus comes as crypto payments gain mainstream adoption in Brazil, with businesses and consumers increasingly using digital assets for everyday transactions. Authorities aim to ensure that companies handling crypto payments comply with data protection laws, safeguarding user information against misuse and security breaches.

This initiative follows global regulatory efforts to address concerns over illicit financial activities and privacy risks associated with digital currencies. While Brazil has been a leader in Latin America’s crypto adoption, regulators are working to balance innovation with consumer protection.

Industry experts believe that stricter oversight could enhance trust in the crypto sector, attracting institutional players while ensuring compliance with international standards. As regulations evolve, businesses operating in the crypto payments space will need to adapt to the changing legal landscape to maintain seamless operations.

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