Earlier this week, Bitcoin showed indications of bottoming out with the overall cryptocurrency market value up by 4.4 percent in the last 24 hours.
On Monday, after nine weeks of losses, Bitcoin reclaimed the $31,000 level in US hours. That move coincided with a relief bounce in Asian markets and technical data indicating that the asset may have bottomed out between $29,000 and $30,000.
With a 17 percent surge to nearly 64 cents on Tuesday, Cardano’s ADA coin led gains among cryptocurrency majors.
According to the price chart, ADA found support at 45 cents. Early this week, the Relative Strength Index (RSI), a metric used by traders to calculate the magnitude of an asset’s price move, plummeted to nearly 33, indicating that ADA was nearing a bottom. However, at 80 cents, the token may face significant pushback.
Even as gas prices plunged to new lows, Ether (ETH) gained 5.8%. A decrease in network fees usually indicates a decrease in network demand, implying that the move was driven by traders banking on a market-wide recovery rather than fundamental growth.
The value of XRP has increased by 5%. The combined value of Avalanche’s AVAX and Solana’s SOL was 4%. Dogecoin (DOGE) and Shiba Inu (SHIB), both meme coins, had minimal gains, climbing only 3.8 percent and 2.3 percent, respectively, to trail the market.
Metaverse tokens had a price increase in other places. Axie Infinity’s AXS is up 46%, while The Sandbox’s SAN is up 11%. The rise in AXS occurred just weeks after the game’s “Origin” version was released in April, causing a spike in interest for the tokens. The number of Coronavirus infections in China has fallen below 100 for the first time since early March, giving investors hope for a broader economic recovery.
On Tuesday, Asia’s rise remained strong. Since the start of the session, Hong Kong’s Hang Seng and China’s Shanghai Composite have risen more than 0.70 percent, while Nasdaq 100 futures have up 0.63 percent.
Binance Reaffirms Commitment to Fraud-Free Trading Amid Nigeria’s Currency Concerns
In response to growing concerns about exchange rate manipulation in Nigeria, Binance, one of the world’s leading cryptocurrency platforms, has issued a resolute statement reaffirming its commitment to maintaining a fraud-free trading environment.
The announcement comes amidst reports of heightened tensions regarding the devaluation of the Nigerian currency and suspicions of illicit activities on digital asset platforms.
Binance emphasized its dedication to providing users with a market-driven, transparent, and manipulation-free platform.
The company stressed its unwavering responsibility to safeguard users against fraudulent behavior and ensure the integrity of the trading ecosystem.
Binance asserted that any users found engaging in malicious or manipulative activities would face swift removal from the platform in line with its zero-tolerance policy for market manipulation.
The cryptocurrency exchange also highlighted its ongoing investment in enhancing processes and tools aimed at preventing fraudulent practices.
Measures include setting upper limits for advertisements, implementing rigorous ad screening procedures, and increasing deposit requirements for merchants posting ads.
As industry leaders, Binance reiterated its commitment to working closely with stakeholders to promote innovation while prioritizing user protection.
The platform assured users of its adherence to strict global security protocols across all products and services offered.
Binance’s statement underscores its proactive stance in addressing concerns related to market manipulation, emphasizing transparency, accountability, and the preservation of market integrity in Nigeria’s evolving cryptocurrency landscape.
Meanwhile, there were unconfirmed reports that the Nigerian government is considering blocking Binance and other cryptocurrency platforms amid concerns over alleged forex market manipulation and illicit financial activities.
Nigeria Mulls Blocking Binance, Crypto Platforms Over Forex Manipulation
Nigeria’s government is contemplating the drastic step of blocking Binance and other cryptocurrency platforms amid concerns over alleged forex market manipulation and illicit financial activities.
According to officials familiar with the matter, the move comes as the Nigerian currency experiences an unprecedented depreciation to an all-time low of N1,800 against the dollar in the parallel market.
Presidential and regulatory sources have cited reports indicating that currency speculators and money launderers are exploiting platforms like Binance to orchestrate criminal activities, which are believed to be contributing to the naira’s weakening.
Binance, a prominent digital assets platform, facilitates peer-to-peer transactions, allowing users to advertise their interest in buying or selling currencies.
Despite a warning issued by Nigeria’s Securities and Exchange Commission (SEC) in September 2023, cautioning against Binance’s operations as illegal, the platform continued to operate, drawing significant patronage, especially among urban youths and suspected speculators and money launderers.
Officials have raised concerns not only about economic sabotage but also about national security implications as these platforms are reportedly used by criminal groups for activities such as ransom payments.
Law enforcement sources have described the exploitation of digital asset platforms as a sophisticated scheme against the Nigerian economy, involving the manipulation of forex values through fake deals to influence market dynamics.
A senior executive at the Central Bank of Nigeria (CBN) emphasized the troubling trend of the naira’s depreciation, attributing it to artificial devaluation caused by speculative sites like Binance.
The potential ban on Binance and other crypto firms could follow actions taken by other countries like Malaysia, France, and Malta, which have implemented restrictions on such platforms due to similar concerns.
Bitcoin Market Cap Tops $1 Trillion Amid Broad Cryptocurrency Rally
The cryptocurrency market reached a significant milestone as Bitcoin’s market capitalization surpassed $1 trillion amidst a broad rally across various digital assets.
The climb, reflective of Bitcoin’s 22% year-to-date gain, marked the first time the cryptocurrency reached such heights since December 2021, as reported by data from CoinGecko.
This monumental achievement underscores the resurgence of Bitcoin and the broader cryptocurrency ecosystem, signaling a renewed investor confidence in digital assets.
Ether, the second-largest cryptocurrency, joined in the rally, ascending back to levels unseen since the collapse of the TerraUSD stablecoin nearly two years ago.
Ether’s 5% rise, coupled with the rally of altcoins like Avalanche, Polkadot, and Polygon, further fueled the overall market optimism.
Despite a higher-than-expected US inflation report on Tuesday which typically impacts risk sentiment, the digital asset market remained steadfast in its recovery.
The recent approval of Bitcoin exchange-traded funds (ETFs) by the Securities and Exchange Commission (SEC) has bolstered market sentiment, solidifying the narrative of cryptocurrencies as a legitimate investment avenue.
While Bitcoin’s resilience amidst market volatility is commendable, some analysts have cautioned about potential short-term corrections based on technical signals.
Nonetheless, the overall sentiment remains bullish, with investors eyeing the upcoming Bitcoin halving in April as a potential catalyst for further price appreciation.
The market’s response to the ETFs, coupled with anticipation surrounding the Bitcoin halving, underscores the growing mainstream acceptance and adoption of cryptocurrencies.
As Bitcoin continues its meteoric rise, traders and investors alike are poised for a potential continuation of the digital asset’s historic rally, with options markets signaling bullish sentiments towards surpassing previous price records.
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