In the latest cryptocurrency news, we are reporting about the total crypto market cap which has recently jumped above the $185 billion level and is constantly gaining pace. The strong rally for Bitcoin was the main trigger here, forcing the price of BTC to go below $6,000 and forcing the market to add a lot of new money in a relatively short amount of time.
Meanwhile, in the coming altcoin news, we see that the influx of cash for Bitcoin also triggered a lot of altcoins to rise and add up to the growing crypto market cap. For instance, EOS price tested the $4.7 level and bounced back and is currently gaining, which is an indicator that it may go above the $5 mark soon. On the downside, the $4.85 level may be the main support for the bulls.
TRON is next as its price formed a decent support base near the $0.0230 mark and climbed higher days ago. Right now, the price of TRON is contributing to the crypto market cap with gains of more than 5% and recently broke the $0.0240 and $0.242 resistance levels – indicating that a near break above these barriers is close and could start a new upward move.
Cardano (ADA) is another cryptocurrency featured in the altcoin news for its recovery. Currently, ADA is climbing above the $0.0650 level and must clear the $0.0685 and $0.0690 levels before going in a positive zone. However, traders desire a move to the $0.0700 region so that its contribution to the crypto market cap could be greater and it could rise dramatically – eventually reaching a $200 billion market cap.
It seems that a new bullish trend is near us as Bitcoin is growing to $5,928 with a 4% daily increase. Ethereum (ETH) had a solid climb of 10%, adding more than $8 billion in daily trading volume to the crypto market cap. While Bitcoin’s dominance is at 55.7%, the total cryptocurrency market cap is now coming closer to $190 billion before it tests the $200 billion mark.
As many best cryptocurrency news sites reported, the growing crypto market cap is a sign that the market is relatively stable and fueled by institutional money. New price outbreaks are expected in the short run.
Binance Removes US Resident Ban: Launching In “A Month Or Two”
“3. Prohibition of use By accessing and using the Services, you represent and warrant that you are not on any trade or economic sanctions lists, such as the UN Security Council Sanctions list, designated as a “Specially Designated National” by OFAC (Office of Foreign Assets Control of the U.S. Treasury Department) or placed on the U.S. Commerce Department’s “Denied Persons List”. Binance maintains the right to select its markets and jurisdictions to operate and may restrict or deny the Services in certain countries at its discretion.”When comparing the wording to the one uploaded in June, it is clear that Binance removes US resident ban. The previous text read that "Binance is unable to provide services to any U.S. person," - which is why the difference is obvious.
China’s Digital Fiat Currency Is Not A Real Cryptocurrency
“Since last year, the staff at the Digital Currency Research Lab have been working 996 to develop the system. We can say the CBDC is now ready to launch at one’s call," was his speech, later shared by many best cryptocurrency news sites.The CBDC with this aims to replace MO, meaning cash in circulation through a two-tier system. The central bank will issue the digital yuan only to commercial banks, who will further issue it to the public. Meanwhile the PBoC and its Digital Currency Research Lab are the ones standing behind China's digital fiat currency - along with more than 50 patent applications which are all either invented or co-invented by Yao Qian. One patent application reads:
“The emergence of digital currency is an inevitable trend. So far, privately issued digital currency bears the features of anonymity and volatility. Central banks must take their impacts on the payments, monetary systems and financial stability seriously. As such, it’s inevitable for central banks to push for digitized fiat currencies to optimize their circulation.”However, physical cash is still arguably the only form of fiat money inside China that can remain anonymous. We can see that China's digital fiat currency is not close to cryptocurrency - and the only third-party methods which are compared to bank wire can be offered by companies like Alibaba or WeChat - both requiring real-name verification authenticated by users' IDs as well as additional banking information.
“Existing M0 (banknotes and coins) are subject to counterfeit and money laundering risks. … The [CBDC] system should follow the existing rules about anti-money laundering and anti-terrorism financing imposed on cash, and should report to the PBoC on large amounts and suspicious transactions,” Mu emphasized in a speech.
Market With Mixed Signals As Ether And Bitcoin Record Minor Gains
XRP Will Defy The Altcoin Apocalypse: Ripple Chart Analysis
"Although many of the technicals like RSI, and position relative to moving averages looks like XRP is severely oversold and could bounce, traders should be cautious because the token has been falling out of favor with many crypto market participants, and there are many competing projects with similar characteristics and arguably a much better value proposition that have come to market."
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