Bitcoin, Ethereum Technical Analysis: BTC, ETH Below $20,000 and $1,600 Respectively, on Saturday

Following a brief rally above $20,000 and $1,600 respectively, bitcoin and ethereum fell below these levels to start the weekend. The decline comes as momentum surrounding yesterday’s nonfarm payrolls report faded. Bitcoin moved closer to its support point of $20,500, while ethereum was trading close to its floor of $1,550.

Bitcoin

Bitcoin (BTC) was back below $20,000 to start the weekend, as prices of the token moved closer to a key support point.

Initial bullish momentum following last month’s payrolls has seemingly faded, with markets gearing up an economic downturn.

Although Friday’s figure of 315,000 jobs was better than expected, this was lower than July’s number of 528,000.

As a result of this, BTC/USD slipped to a low of $19,779.55 on Saturday, less than 24 hours after trading at a peak of $20,401.57.

Looking at the chart, bitcoin is now on the cusp of colliding with its price floor of $19,500, which hasn’t been broken since July 16.

However, should the relative strength index (RSI,) which currently tracks at 35.77, fall to its own floor of 33.95, then this breakout will likely occur.

Ethereum

In addition to BTC, ethereum (ETH) was also lower during Saturday’s session, as the token once again fell below $1,600.

Following a high of $1,643.18 on Friday, ETH/USD slipped by about $100, hitting a bottom of $1,542.30.

This drop sees ethereum briefly break out out of its own support at $1,550 to start the weekend, as bearish sentiment in crypto returned.

Earlier declines have now eased, as profit takers opted to abandon their positions as opposed to keeping trades open.

Although prices have since risen above the earlier floor, there are some who fear that further declines are ahead.

Bears are likely looking towards a floor of $1,420 as a possible target, should volatility in markets remain geared to the downside.

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Could we see ethereum hit $1,420 this weekend? Leave your thoughts in the comments below.

via Eliman Dambell

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Sanctioned Russian Bank Tests In-app Operations With Digital Rubles

A Russian bank, one of the country’s largest by assets, has conducted a successful trial with digital ruble transactions processed through its mobile app. The state-owned Promsvyazbank was one the institutions placed under Western sanctions earlier this year in connection with Moscow’s actions in Ukraine.

Russian Bank Experiments With Digital Ruble Transfers via Mobile Application

Promsvyazbank (PSB) is one of the first Russian lenders to join the trials of the central bank digital currency (CBDC) issued by the Bank of Russia. According to a report by the business news outlet Plus Journal, the bank has recently tested digital ruble transactions through its app for mobile devices.

To carry out the operations, participants had to pass a registration in the application and set up a digital wallet. Then, using their account, they were able to exchange regular electronic bank money for digital rubles and transfer digital cash to other clients of the bank as well as those of other banks taking part in the pilot project.

All the information about the performed transactions was provided by the digital ruble platform operated by the Central Bank of Russia (CBR), and was immediately reflected on the balances of the users’ digital wallets in the smartphone app, the report details. The platform’s prototype was launched by the monetary authority late last year.

“PSB is one of the first banks to implement a simple and understandable technology for making transactions with digital rubles in a mobile application and successfully test it. We see great potential in this instrument, which we expect will become a new settlement standard in the Russian economy,” stated Senior Vice President Alexander Chernoshchekin, who heads the bank’s digital business unit.

The top executive added that the successful testing lays down the foundation for future operations with the digital ruble and opens up new opportunities for the Russian public and companies. Reliable and secure transfers in digital currency will be available to the population while the state will have additional tools to administer budget payments and targeted social payments, he elaborated.

The new settlement technology will help businesses solve the issue of automating all payments and internal business processes, Chernoshchekin added. Bank of Russia is responsible for the storage and accounting in the digital ruble ecosystem and CBR officials claim all payments are subject to encryption and other measures to prevent fraud.

No less than a dozen credit institutions have decided to join the testing of the digital ruble, once their systems are ready to connect to the CBDC platform, as part of the trials that started in early 2022. This past summer, Russia accelerated the schedule for the project, aiming for a full launch of its digital currency in 2024.

Promsvyazbank is among the top 10 banks in Russia by assets and deposits. Once a private bank owned by Russian oligarchs, the brothers Dmitry and Alexei Ananyev, it was nationalized by the Russian government in 2018 and has since been recognized as a bank supporting Russia’s defense industry. It has been targeted with sanctions imposed over Russia’s military intervention in Ukraine.

Do you think Russia may introduce the digital ruble earlier than planned? Share your expectations in the comments section below.

via Lubomir Tassev

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Biggest Movers: MATIC Moves to 2-Week High, as Market Volatility Eases

Polygon was a notable mover on Friday as the token surged to a two-week high, while volatility in crypto markets eased. Traders have been tense this week ahead of the payrolls report, however following the release of the data, bulls returned to action. Chainlink also rose, hitting a ten-day high in the process.

Polygon (MATIC)

Polygon (MATIC) was one of Friday’s big gainers, as the token rallied by as much as 7% in today’s session.

Following a low of $0.8342 on Thursday, MATIC/USD moved closer to $1.00 today, as prices surged to a peak of $0.9083.

This sees the token climb to its highest point since August 17, and comes as prices marginally broke out of a key resistance point.

Looking at the chart, this ceiling was the $0.9015 mark, which has recently acted as a point of market uncertainty.

Friday’s breakout comes as the 14-day relative strength index (RSI) also rose, with the index hitting a nearly three-week high.

As of writing, the RSI is close to a ceiling of 60.00, which could see bears return, especially if bulls opt to secure gains, rather than maintain positions.

Chainlink (LINK)

Chainlink (LINK) also extended recent gains on Friday, with prices rising to a ten-day high earlier in the day.

LINK/USD rose to an intraday high of $7.15 in today’s session, which is a point that has also acted as resistance.

This rise is the strongest point for chainlink since August 26, which is the last time the token was trading at this current ceiling.

As seen from the chart, on that occasion, bears moved to engulf bulls, sending prices to a bottom of $6.40.

The RSI has hit a ceiling of 50.00, which could trigger history to repeat itself, however bulls have so far resisted this.

It appears that traders are targeting the $7.50 level as a potential exit point, which could mean a breakout of $7.15 may be on the cards in upcoming days.

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Do you believe chainlink can overcome its $7.15 resistance level? Let us know your thoughts in the comments.

via Eliman Dambell

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Mt Gox Creditors Updated, Trustee Says Rehabilitation Custodian Is ‘Currently Preparing to Make Repayments’

On August 31, 2022, the Mt Gox trustee Nobuaki Kobayashi explained in a recent letter that the rehabilitation custodian is “currently preparing to make repayments” to Mt Gox creditors.

Trustee Updates Mt Gox Creditors — Repayment Date and Exchange Still Unknown

Last week speculation and rumors concerning the release of 140K bitcoin (BTC) from Mt Gox littered social media platforms and headlines. Bitcoin.com News covered the situation six days ago as a number of people and Mt Gox creditors called the rumors “fake news.” During that same period of time, a bitcoin whale transferred 10,000 BTC to unknown wallets, and a 2018 annotation, heuristics, and clustering methods show the funds likely originated from the June 2011 Mt Gox hacks.

Following the mysterious whale transfer, last Wednesday, Mt Gox published an official update from the court trustee Nobuaki Kobayashi that explains the court is “currently preparing to make repayments” to creditors. Mt Gox creditors have been waiting for years to get access to the bitcoins held by the court in Tokyo. According to the website’s claim process, payments in bitcoin (BTC) will be made through an exchange designated by the rehabilitation custodian. The Mt Gox claims process states:

In order for a rehabilitation creditor to receive payment in bitcoin, it will be necessary to register as a user at such designated [exchange].

The Mt Gox creditors process has been extremely slow and when any creditor raised an objection, the court has had to stop progress in order to assess specific issues. While there is a deadline start date for the “Assignment — Restriction Reference Period,” the end date is marked as the “Base Repayment Deadline.”

So officially, no one knows when the repayment process will begin. Kobayashi still has to update creditors on specific details of the repayment process, such as certain dates and the name of the exchange that will custody the crypto assets waiting for distribution. It’s likely that the creditors looking to be paid in BTC will need to register with the appointed crypto exchange after it is officially named. Presently, the Mt Gox rehabilitation trustee clearly shows signs he is preparing to make repayments, but it’s anyone’s guess as to when that will officially happen.

What do you think about the latest Mt Gox update? Let us know what you think about this subject in the comments section below.

via Jamie Redman

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Bitcoin, Ethereum Technical Analysis: ETH Surges, Following Latest Jobs Report

Ethereum was back above $1,600 on Friday, as markets reacted to the latest nonfarm payrolls (NFP) report. Figures released today showed that 315,000 jobs were added to the U.S. economy, better than the 300,000 expected. Bitcoin was marginally higher, as the token continued to trade above $20,000.

Bitcoin

Bitcoin (BTC) was trading above $20,000 on Friday, as markets reacted to the latest monthly jobs report.

Last month’s payrolls came in at 315,000, which is higher than the consensus estimate of 300,000.

Following the report, BTC/USD surged to an intraday high of $20,247.13, which comes less than a day after hitting a bottom of $19,653.97.

Looking at the chart, the surge pushes bitcoin closer to its recent resistance level of $20,600, as market uncertainty has somewhat eased.

Prices have mostly consolidated this week, ahead of today’s release, as traders anticipated the penultimate nonfarm payrolls (NFP) report for Q3.

Many now expect the jobs market in the United States to slow in Q4, as an inflation-led recession is predicted.

Ethereum

In addition to BTC, ethereum (ETH) was also higher in today’s session, as the token rose back above $1,600.

As of writing, the world’s second largest cryptocurrency raced to an intraday high of $1,648, climbing for a third consecutive day in the process.

Today’s climb sees ETH hit its strongest point in nine days, breaking out of an interim ceiling of $1,630 in the process.

Earlier declines have now eased, as profit takers opted to abandon their positions as opposed to keeping trades open.

This may also be due to the fact that the relative strength index (RSI) has collided with a ceiling of its own at 49.80.

Should ethereum bulls attempt to take prices even higher, we will likely need to see this obstacle overcome.

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Do you expect ethereum to hit $1,700 this coming weekend? Leave your thoughts in the comments below.

via Eliman Dambell

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LG to Launch Crypto Wallet Wallypto Later This Year

LG, the South Korean electronics giant, is currently developing a cryptocurrency wallet app that will be launched later this year. The wallet, called Wallypto, will be part of a new business phase for the company, which recently abandoned its mobile hardware business and pivoted to software solutions. Wallypto will support only Hedera Hashgraph assets at launch.

LG to Enter the Cryptocurrency Wallet Business

More and more tech and traditional finance companies are putting funds behind crypto-based businesses and operations. LG, the South Korean tech conglomerate, is getting into the cryptocurrency service business. According to reports from local media, the company is developing a new software cryptocurrency wallet, called Wallypto.

This development is part of the company’s strategy to diversify its product portfolio, as it pivots to include new activities. LG abandoned its mobile hardware division on July 2021, and is now moving to software and other platforms.

The wallet, which is currently in testing phases, will be launched later this year and might be linkable with LG appliances to make payments for certain services. According to Kim Seung-joo, a professor at the School of Information Security at the University of Korea, this would allow the company to design new and better service and product strategies.

When it comes to the assets supported, Wallypto will support only Hedera Hashgraph-based tokens at first, and will include support for other mainstream cryptocurrencies later. NFT support is also included, as the wallet will allow users to register and check their NFTs.

This is not the first endeavor of LG in the wallet sector. The company launched LG Pay in 2019, a digital wallet that uses the Visa and Mastercard networks to make payments.

Blockchain Focused

The launch of this new wallet comes on the heels of a newfound interest in crypto on LG’s part. During the latest general shareholders meeting in March, LG introduced blockchain technology as a part of its business focus, including the sector of development and sales of blockchain-based software as one of its possible business extensions.

LG rivals, such as Samsung, have been more active when it comes to Web3 and cryptocurrency developments. Samsung introduced its first cryptocurrency wallet in 2019, with the launch of its flagship Galaxy S10 series. The company recently signed a memorandum of understanding to build an NFT ecosystem, and also launched its own metaverse experience, called “Space Tycoon.”

What do you think about Wallypto, LG’s cryptocurrency wallet? Tell us in the comments section below.

via Sergio Goschenko

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LBank Exchange Will List Town Star (TOWN) on September 2, 2022

PRESS RELEASE. INTERNET CITY, DUBAI – LBank Exchange, a global digital asset trading platform, will list TownCoin (TOWN) on September 2, 2022. For all users of LBank Exchange, the TOWN/USDT trading pair will be officially available for trading at 21:00 (UTC+8) on September 2, 2022.

As the world’s first play and earn town builder developed by Gala Games, Town Star enables players to own their in-game items and earn rewards for playing. Its native token, TownCoin (TOWN) will be listed on LBank Exchange at 21:00 (UTC+8) on September 2, 2022.

Introducing Town Star

Town Star is a competitive farming game developed by some of the same people who created Farmville 2, Words with Friends and Zynga Poker. It’s the flagship game of Gala Games, built on Gala’s decentralized network utilizing the Ethereum blockchain.

In Town Star, players can use owned NFTs in-game to give themselves advantages to gameplay. Additionally, in the initial phase of Town Star Play-to-Earn (now complete), players were able to complete daily gameplay challenges to unlock daily TOWN rewards. The amount of these rewards were determined by the amount and rarity of NFTs owned by the player.

The initial phase of Town Star Play-to-Earn is complete, and the team (led by 30-year industry veteran Mark Skaggs) is hard at work on the next yet-to-be-revealed system of TOWN reward distribution to players and NFT owners. Until that next phase begins, TOWN is not being distributed to anyone, but can be used exclusively to purchase certain in-game items in the Town Star store.

In Town Star, the player’s goal is to grow, gather and craft their way to building the most efficient and productive town possible in a limited area. Each week, the top players on the leaderboard win prizes in GALA, the core cryptocurrency of the Gala Games Ecosystem. In May of 2022 alone, thousands of top players were awarded $2 million in GALA. Regular Town Star competitions are currently taking place, and there is no ownership requirement to be eligible for prizes.

About TOWN

TOWN is a token that was created by Gala Games as the official reward token for Town Star. Some exclusive NFT items are only purchasable with TOWN, and by holding TOWN, players can enjoy various in-game upgrades and benefits like Gala Power and Town Power.

The TOWN ERC-20 token has a total supply of 1 billion (i.e. 1,000,000,000) tokens. It will be listed on LBank Exchange at 21:00 (UTC+8) on September 2, 2022.

Learn More about TOWN:

Town Star Official Website: https://townstar.com

TOWN Contract Address: https://etherscan.io/token/0x3Dd98C8A089dBCFF7e8FC8d4f532BD493501Ab7F

Discord: https://discord.gg/FGBqErAbZQ

Twitter: https://twitter.com/GoGalaGames / https://twitter.com/TownStarGame

Facebook: https://www.facebook.com/TownStarOfficial

YouTube: https://www.youtube.com/c/GalaGames

About Gala Games

Gala Games is a Web3 gaming company that brings AAA-quality games to the Web3 world. With player-operated Node networks, reward-based gaming economies, and real in-game item ownership, Gala is empowering players all over the world. Gala.Games

About LBank

LBank is one of the top crypto exchanges, established in 2015. It offers specialized financial derivatives, expert asset management services, and safe crypto trading to its users. The platform holds over 7 million users from more than 210 regions across the world. LBank is a cutting-edge growing platform that ensures the integrity of users’ funds and aims to contribute the global adoption of cryptocurrencies.

Start Trading Now: lbank.info

Community & Social Media:

l Telegram

l Twitter

l Facebook

l LinkedIn

l Instagram

l YouTube

Contact Details:

LBK Blockchain Co. Limited

LBank Exchange

marketing@lbank.info

business@lbank.info

 

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This is a press release. Readers should do their own due diligence before taking any actions related to the promoted company or any of its affiliates or services. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in the press release.

via Media

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