Connect with us

Business

Top cryptocurrencies of the week: BTC, FTT& XTZ

Bitcoin managed to bounce off a critical support and if the higher levels hold, FTT & XTZ could attract buyers. Bitcoin is threatening to drop to its worst weekly close since December of 2020.

Published

on

Bitcoin managed to bounce off a critical support and if the higher levels hold, FTT & XTZ could attract buyers. Bitcoin is threatening to drop to its worst weekly close since December of 2020.

BTC

BTC broke below the trend line which cancelled the developing ascending triangle pattern. The bears maintained their selling pressure and pulled the price below the strong support of $28,630. The long tail on the June 12th candlestick shows that bulls are trying to defend the support at $26,700. If buyers push the price back above the breakdown level of $28,630, it will suggest that BTC may remain range bound between $32,659 and $26,700 for some time.

FTT

FTT has been in a downtrend for the past several months but the RSI has formed a positive separation, indicating that the bearish momentum may be waning. The bulls pushed the price above the 20 day EMA of $29 on 9th but could not sustain the higher levels. The bears pulled the price back below the 20 day EMA but the bulls did not give up much ground.

XTZ

 XTZ rose above the 50 day SMA of $2.14 on the 9th but the bulls could not build upon this strength. This signifies that the bears are active at higher levels. Strong selling by the bears pulled the price below the moving averages and XTZ dropped to the crucial support zone of $1.61 to $1.45. If the price rebounds off this zone, the bulls will again try to push the pair above the 50-day SMA and challenge the overhead resistance at $2.36.

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.

Business

Vitalik Buterin criticizes crypto’s moral shift toward gambling

Published

on

Ethereum co-founder Vitalik Buterin has expressed concerns over a “moral reversal” in the crypto industry, particularly regarding criticism of Ethereum’s stance on blockchain gambling. In a recent AMA, he noted that some have condemned Ethereum for not welcoming casinos, while other blockchains have embraced them. Buterin stated that if the community continues to shift its values in this direction, he may reconsider his role in the space.

Despite these concerns, Buterin emphasized that in-person interactions with the Ethereum community reassure him that core values remain intact. He urged developers to work toward a decentralized future aligned with ethical principles rather than just profit-driven ventures.

His comments coincide with the Ethereum Foundation’s shift in its funding approach. Following criticism of its Ether sales, the foundation recently allocated 45,000 ETH into DeFi platforms like Aave and Compound. This move was widely praised as a step toward supporting decentralized finance without market disruptions.

As Ethereum navigates these challenges, Buterin’s remarks highlight the ongoing debate about blockchain ethics and the industry’s future direction. The conversation around gambling applications and decentralized finance underscores the tension between financial innovation and maintaining a moral compass in crypto.

Continue Reading

Business

UAE saw 41% increase in crypto app downloads in 2024

Published

on

Crypto app downloads in the UAE surged by 41% in 2024, reaching 15 million, with a record 2.8 million installs in December, according to AppsFlyer. This increase was largely driven by market trends and rising adoption, especially in the latter half of the year.

Donald Trump’s election win and pro-crypto stance reportedly played a role in boosting adoption, with his surprise memecoin launch further attracting first-time investors. This trend also contributed to a rise in crypto app downloads in the U.S.

Aggressive marketing campaigns accounted for 60% of traffic, though retention remained a challenge, as one in five apps was uninstalled within 30 days. Despite this, crypto app downloads in the UAE hit 3.5 million in January, surpassing half of 2023’s total.

With 2025 projected to be a record-breaking year, market experts suggest crypto companies should continue leveraging marketing strategies to expand their user base. The UAE’s rapid growth in crypto adoption highlights the region’s increasing role in the digital asset industry.

Continue Reading

Business

Brazil approves first spot XRP ETF as local bank eyes stablecoin on XRPL

Published

on

Brazil has approved its first spot XRP exchange-traded fund (ETF), the Hashdex Nasdaq XRP Index Fund, which will soon begin trading on the country’s B3 exchange. The fund, managed by Hashdex, joins a growing list of crypto investment products in Brazil, including Bitcoin and Ethereum ETFs. The approval comes as the U.S. Securities and Exchange Commission (SEC) reviews multiple spot XRP ETF filings from major firms like CoinShares and WisdomTree.

In response to this development, XRP saw an 8% price increase, reaching $2.72, bringing it within 20% of its all-time high. This surge reflects growing investor confidence in XRP-based financial products. Meanwhile, market analysts expect the approval of additional crypto ETFs worldwide as regulators reassess their stance on digital assets.

Simultaneously, Braza Group, a financial institution in Brazil’s interbank market, announced plans to launch BBRL, a stablecoin pegged to the Brazilian real. Built on the XRP Ledger, BBRL aims to enhance international payments and digital asset accessibility in South America. Initially, the stablecoin will be available only to institutional clients, with broader adoption expected in 2025.

Braza Group’s participation in Brazil’s central bank blockchain initiative, DREX, underscores the country’s efforts to integrate digital assets into its financial system. With crypto adoption surging, Brazil’s latest moves in stablecoin and ETF approvals signal growing institutional confidence in blockchain-based finance. Read more.

Continue Reading

Trending

Copyright © 2025 cryptonews.lk