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Top cryptocurrencies to watch this week: BTC, LTC, ICP & THETA

Bitcoin is at stiff resistance at the 200-day SMA but if bulls can clear this hurdle, LTC, ICP, and THETA may extend their relief rally.

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Bitcoin is at stiff resistance at the 200-day SMA but if bulls can clear this hurdle, LTC, ICP, and THETA may extend their relief rally.

Bitcoin’s rally above $45,000 suggests that the short-term sentiment has turned to a  positive note and this in turn has increased buying interest across the board and pushed the total crypto market above $1.8 trillion.

Ether  broke above the $3,000 mark on Aug. 7. While the rally in the biggest altcoin is a positive sign, on-chain data shows the possibility of profit-booking in the short term.

BTC/USDT

Bitcoin broke the resistance of the range at $42,451.67 on Aug. 6, which shows that the bulls are attempting to start a new uptrend. The buyers are likely to face stiff resistance at the 200-day simple moving average ($44,879).

If the price turns down from the 200-day SMA but does not break below the breakout level of $42,451.67, it will suggest that the sentiment has changed from sell on rallies to buy on dips.

LTC/USDT

Litecoin broke and closed above the $146.54 resistance on Aug. 6, completing a double bottom pattern. If bulls sustain the price above the breakout level, it will suggest the start of a new uptrend.

The RSI is in the positive zone and the 20-day EMA ($140) has been moving up gradually, indicating that bulls are at an advantage.

ICP/USDT

Internet Computer is attempting to form a reversal pattern. The bulls pushed the price above the overhead resistance at $59.42 on Aug. 7, which completed a double bottom pattern.

The bears have other plans and they have pulled the price back below $59.42. The ICP/USDT pair could now drop to the 20-day EMA ($43).

THETA/USDT

THETA broke above the downtrend line on Aug. 4, suggesting that the selling pressure may be reducing. The price reached the 200-day SMA ($7.24) on Aug. 5 where the bears are offering stiff resistance.

The THETA/USDT pair formed a Doji candlestick pattern on Aug. 7, indicating indecision among the bulls and the bears. This uncertainty resolved to the downside today.

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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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