crypto summary 01.02

Binance bounces back: user focus key after US settlement

Hi there!

We have brought together the past week’s most exciting events in this Good Crypto digest. If you want these updates as soon as we post them, follow us on Twitter.

quick weekly news

Visa partners with Transak to enable direct crypto withdrawals on debit cards in 145 countries

Visa is making waves in the crypto world by partnering with Transak to enable direct crypto withdrawals to debit cards. This major move eliminates the need for centralized exchanges, simplifying the conversion process for users in 145 countries. Over 40 cryptocurrencies, including Bitcoin and Ethereum, can be instantly converted to fiat and spent at millions of Visa merchants worldwide.

Previously, converting crypto to spendable cash often involved using centralized exchanges, which could be cumbersome and time-consuming. This partnership streamlines the process, allowing users to directly sell their crypto to their Visa debit card.

This partnership isn’t just about convenience; it also prioritizes security. Transak ensures compliance with KYC/AML regulations, guaranteeing safe and legal transactions. Additionally, MetaMask users enjoy a particularly smooth experience, converting their crypto directly within the familiar wallet interface.

Binance bounces back: user focus key after US settlement

After navigating a turbulent 2023 marked by legal battles with US authorities, Binance appears to be charting a new course. The crypto exchange witnessed a significant rebound in its trading volume market share, jumping to 49% just two months after settling a hefty $4.3 billion fine with the US Department of Justice.

While the exchange faced challenges earlier in the year, its user base reportedly grew by a staggering 40 million in 2023, translating to a near 30% increase compared to the previous year. This growth, despite outflows reported by some data firms, highlights Binance’s continued appeal to crypto enthusiasts.

Looking ahead, the exchange seems determined to prioritize its users and usher in a “new chapter” of its operations.

confusion reigns as Global X pulls spot Bitcoin ETF application

The landscape of Bitcoin ETFs just took an unexpected turn. The Cboe BZX Exchange, which filed an application to list Global X’s spot Bitcoin ETF back in August 2023, has abruptly withdrawn the proposal. This move comes just weeks after the SEC greenlighted other spot Bitcoin ETF applications on January 10th.

While the reasons for the withdrawal remain under wraps, it throws a wrench into the already intricate world of Bitcoin ETFs. The SEC’s recent approvals suggested openness to physically backed products, but whether they’d welcome another application after multiple greenlights is unclear.

This could be a strategic move by Global X to refine their offering or address potential SEC concerns. Alternatively, it might reflect challenges in meeting regulatory requirements or securing partnerships.

multiple indicators hint at possible XRP price decline in coming months

XRP investors should buckle up, as several signals point towards a potential price decline in the coming months. A confluence of technical, fundamental, and on-chain metrics paint a worrying picture for the cryptocurrency.

Firstly, a bear flag pattern on the weekly chart threatens a 55% plunge to $0.24 by May or June. This bearish signal is further amplified by the whales dumping their XRP holdings, with large transfers to exchanges suggesting selling pressure.

To make matters worse, XRP faces technical sell-offs on shorter timeframes. A potential “death cross” and a head-and-shoulders breakdown pattern hint at further declines. Additionally, the lack of a spot XRP ETF approval, compared to Bitcoin, dampens demand for the cryptocurrency.

Adding fuel to the fire, the ongoing legal battle with the SEC and the absence of a futures ETF create further uncertainty for XRP’s future. While it’s impossible to predict the market with absolute certainty, these warning signs suggest a potentially rough ride ahead for XRP holders.

RSI vs. Stochastic

stochastic vs rsi

Traders love momentum indicators, and RSI and Stochastic are two of the most popular choices. But are they basically the same thing? Not quite! While both gauge overbought and oversold conditions, they each have their own quirks.

1️⃣ RSI – The OG Momentum Indicator

Imagine RSI as a strength meter for price movements. It focuses on recent gains and losses within a set period, giving you a score between 0 and 100. Overbought zones typically start around 70, while oversold areas kick in below 30.

2️⃣ Stochastic – Adding a Twist to the Momentum Mix

The Stochastic Oscillator takes the momentum analysis a step further. It compares the current closing price not only to past closing prices but also to the highest high and lowest low within its lookback period. This broader price range allows for a more precise assessment of overbought/oversold zones, potentially revealing subtle shifts invisible to RSI.

Which One Should You Use? 🧐 Both indicators have their strengths. RSI is straightforward and easy to interpret, while Stochastic offers a more detailed view. Ultimately, the best choice depends on your trading style and preferences.

If you are curious to learn more about the fascinating world of RSI and Stochastic? Check out our in-depth guide on Stoch – there’s a lot to discover!

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crypto meme 01.02

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February 1, 2024

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