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Top cryptocurrencies of the week: BTC, ETH & XTZ

Bitcoin is trying to form a higher low at $28,630 and if so ETH and XTZ could rally in the near term. After falling for eight consecutive weeks, the Dow Jones Industrial Average rebounded sharply last week to finish higher by 6.2%. BTC however has not been able to replicate its past performance and is threatening to paint a red candle for the ninth week in a row.

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Bitcoin is trying to form a higher low at $28,630 and if so ETH and XTZ could rally in the near term. After falling for eight consecutive weeks, the Dow Jones Industrial Average rebounded sharply last week to finish higher by 6.2%. BTC however has not been able to replicate its past performance and is threatening to paint a red candle for the ninth week in a row.

BTC

Bitcoin remains trapped inside a tight range between the downtrend line and the support at $28,630. The bears pulled the price below $28,630 on May 27th but could not endure the lower levels. This resulted in a rebound. The bulls will now try to push the price above the downtrend line and challenge the 20-day EMA of $30,538. If they are successful, BTC could pick up momentum and the rally could reach the 50-day SMA of $35,181.

ETH

Ethereum has been in a downtrend but the bulls are trying to delay the decline at the crucial support of $1,700. The price rebounded off this support and the bulls are now trying to build on the recovery. The RSI is forming a bullish divergence, indicating that the downtrend may be weakening. If bulls push the price above the 20-day EMA of$2,036, ETH could rise to the overhead resistance at $2,159. The bears are expected to defend this level aggressively.

XTZ

Tezos is consolidating in a downtrend. Although bulls pushed the price above the 20-day EMA of $2 they could not endure the recovery. The 20-day EMA is flattening out and the RSI is above 46, suggesting that the selling pressure is reducing. If bulls push the price above the 20-day EMA XTZ could rally toward the 50-day SMA of ($2.45).

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, 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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