Crypto Weekly: 6 – 11 June 2023
The U.S. Securities and Exchange Commission (SEC) has filed a lawsuit against Binance and Changpeng Zhao, the CEO, on 13 charges. These charges include allegations related to pump-and-dump schemes, performance results, and Binance’s unregistered website in the United States.
Additionally, the European Union members are drafting the Markets in Crypto-Assets (MiCA) legislation to officially regulate the cryptocurrency market. The legislation, which includes provisions regarding stablecoins, is expected to come into effect in July 2024, with the remaining regulations for cryptocurrency service providers set to be implemented in January 2025.
Ava Labs has announced that the number of user accounts on the Avalanche blockchain network has surpassed one million after the introduction of the AvaCloud platform. AvaCloud enables developers to create subnets on the main network without the need for coding, resulting in a significant increase in user adoption.
Optimism is preparing to upgrade its Bedrock version, aiming to improve the usability of the chain by reducing gas fees by 40% and decreasing deposit confirmation times by 90%. This upgrade aims to bring the chain closer to becoming a Superchain.
Polygon has announced a partnership with Deutsche Telekom, a major German telecommunications company, to collaborate and support the infrastructure of blockchain technology. Deutsche Telekom will become one of the 100 validators on Polygon’s Proof-of-Stake platform.
According to data from The Block, centralized exchanges (CEX) experienced a 23.2% decrease in trading volume, totaling $307.4 billion in May. This marks the lowest level since November 2020. Despite the decline, Binance maintains its position as the leading market share holder, ranking first with a 71% market share.
Transaction fee revenues from Bitcoin mining reached a two-year high in May, with a share of 14.3% by the end of the month. This revenue growth is expected to be driven by the increasing number of ordinal transactions.
May saw the installation of 1,397 additional crypto ATMs worldwide. However, in the first four months of 2023, the number of global crypto ATMs decreased by 5,850. Currently, the United States remains the leader in Bitcoin ATM installations, accounting for 84.7% globally, followed by Canada with 7.6%.
Weekly Technical Analysis: 6 – 11 June 2023
BTC has experienced significant selling pressure. Although the support level at $25,000 has managed to hold strong, the short-term trend has turned bearish as it has been unable to establish new highs since mid-April. However, if the 200-day moving average support line at $25,000 continues to hold and BTC manages to break through the $28,000 level, the trend may recover.
While Ethereum has seen a smaller decline compared to BTC, the trend remains sideways without a clear direction. The key support level is at $1,700, while there is resistance at the $2,000 level. The market may trade within this range of support and resistance as the price trend is not yet well-defined.
RAY has seen an increase of +8.4% in the past week. However, the price is relatively volatile, and there is a possibility that the market may consolidate without breaking its important support level at the 6.60 THB level. Traders may consider buying and taking profits at the previous resistance level of 8.60 THB.
XRP has increased by +6.2% in the past week and is showing signs of recovery towards an upward trend. In the broader picture, the market may make the most of buying opportunities when the price consolidates or experiences a dip (Buy On Dip strategy). The first support level is at 17 THB, and if it can be maintained, the next target resistance level for XRP is at 19 THB.
Trading and Investment Considerations For The Week
-Cryptocurrency and Digital tokens are highly risky; investors may lose all investment money. Investors should study information carefully and make investments according to own risk profile.
– Past Returns/Past Performance does not guarantee future returns/performance.
*Materials on Bitazza Weekly Newsletter are intended to be used and must be used for informational purposes only. The views, information, or opinions expressed are solely those of the individuals involved and do not necessarily represent those of Bitazza and its employees. The information contained herein is not intended to be a source of advice or financial analysis with respect to the material presented, and the information and/or documents contained in this website do not constitute investment advice.
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