Right after the cryptonews showed that Bitcoin, Ether and XRP are gaining a nice momentum, the total cryptocurrency market retraced below $250 million in a move that now shows a lot of bearish signs below its resistance area. The biggest losers affecting for the total market cap decrease today are XRP, ADA, EOS and BSV.
We can also see that the Bitcoin price is struggling to climb above the $9,400 resistance area for a third day in a row. Meanwhile, BTC is bearish and is probably the leader of crypto which is expected to take a swing soon and rise.
In the Bitcoin Cash news today, we can see that there was a decent rise in the BCH price above the $285 resistance area days ago, but the bears showed that they are here and have put up a fight. This resulted in a total market cap decrease for both BCH and the crypto market overall. If there is an upside break, we could see BCH trading above $300 but at press time, this is a very difficult prediction. Conversely, a break below the $280 support area is also on the table.
Bitcoin SV (BSV) is one of the losers today, dropping by more than 3%. Despite the BSV price breaking the $135 resistance area and consolidating below the $140 resistance, the price could test the $150 level.
Binance Coin (BNB) has been trading in a range above the $20 and $20.20 support levels. As we can see, the BNB price is currently facing a lot of hurdles near the $21.00 and $21.20 above which it could rise towards the $22.00 zone. On the downside, the main support is near the $20.00 and $20.20 areas.
When looking at the total market cap and the 4-hours chart, there are a lot of bearish signs emerging below the $249 billion mark and the upper $250 billion resistance level. It seems like the market cap is losing momentum and recently broke a bullish trend line near the $244 billion support zone.
A chances of a bearish wave for Bitcoin, Ethereum, ADA, XRP, XLM, BNB, ICX, BCH and EOS are expected in the coming sessions. Conversely, there are also hurdles for the bulls near the $249.5 billion and $250 billion levels. A clear break above $250 billion is the most obvious need right now for more gains.
Swiss-Based Crypto Bank SEBA Provides Support For BTC, ETH, XLM
‘’The banking licence of the Swiss Financial Market Authority FINMA is not only a milestone for SEBA, it sets a new standard for banking in the Blockchain and digital asset economy. This moment has significance far beyond the Swiss financial industry.”SEBA will offer its customers online banking services, mobile banking and a new SEBA card that can be used at more than 40 million merchants worldwide. The bank also plans to extend its services beyond Switzerland by the end of December. SEBA is the second Swiss-based bank to receive approval from the regulator after its rival Sygnum which also received the FINMA approval in August this year. Sygnum operates out of Switzerland and Singapore.After getting the approval, the co-founders Mathias Imbach and Gerald Goh set their goals on getting a license in Singapore and they stated that ‘’in order for us to provide a full suite of services, we need to operate as a bank.’’ While Switzerland is considered to be a crypto-friendly jurisdiction, banking remained a weak point. The blockchain companies were denied all types of banking services deemed as too risky to provide the clients services. As per the SEBA press release:
“… a limited range of services is intended specifically for Swiss blockchain companies and their employees. SEBA gives these companies access to a corporate account with a Swiss bank, thereby closing an important gap in the local ecosystem.”Finding banking partners that the clients can rely on, regarding jurisdictions that welcomed blockchain and crypto companies has been extremely hard so far. Binance and other VC supporters started the process of seeking a banking license from the European Union for Founders Bank but there is still no further information about this idea.
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Royal Bank Of Canada (RBC) Is Set To Open A Crypto Exchange
“To individual users, managing cryptographic keys and transacting with different cryptographic assets can be a challenge. In some situations, cryptographic asset transactions may take time to be confirmed, and/or may not be compatible or supported by merchant systems or point-of-sale devices." an excerpt from the patent paperwork noted.Analysts right now are also commenting on the case. As Marc Kaufman who is a Washington DC based partner at Rimon Law said, "I can’t think of one of the big banks anywhere in the world that has a patent that directly relates to a crypto exchange."The CEO of Royal Bank of Canada (RBC), David McKay, spoke about the bank's experiments with blockchain technology, too. He was in the blockchain news earlier this year when he said that "blockchain is an opportunity in the future to take assets that are less liquid and make them more liquid. I think that’s exciting."If the Royal Bank of Canada proceeds with the crypto exchange launch, it might immediately become the most prominent domestic exchange in the sector and a major international player. As stats from the recent report show, the net income for Q3 at RBC was USD 2.5 billion, while the quarterly revenue was USD 8.7 billion in the same period. When it comes to assets, it possessed more than USD 1 trillion at the end of Q3.
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