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  • dtcpay to phase out BTC, ETH support amid services shift

    dtcpay to phase out BTC, ETH support amid services shift

    • dtcpay has announced that it will be shifting its payment services to stablecoins only effective 2025
    • The Singapore-based platform will phase out Bitcoin and Ethereum by the end of the year

    Singapore-based payment institution dtcpay will no longer be supporting Bitcoin and Ethereum as payment modes.

    The licensed payment platform said the move will be effective in 2025, according to a report from Fintech News. It only intends to support stablecoins and fiat currency payment modes.

    The move focuses more on the stability of stablecoins and fiat currency rather than the volatile nature of crypto. Business operators and consumers are also assured of a more secure payment mode and in line with the country’s regulations.

    dtcpay eyes stablecoins in services pivot

    In its announcement, dtcpay mentioned that there will be a paradigm shift come January 2025. Announcing its cancellation for accepting Bitcoin and Ethereum, it intends to accept stablecoins USDT, USDC, Worldwide USD (WUSD), and First Digital USD (FDUSD) among others.

    dtcpay’s decision comes amid an increased trajectory that has seen the regulated digital payments provider’s users lean towards stablecoins. The growth is what the company is looking to tap into, with digital payments seen as the new frontier in revolution that’s crypto.

    Stablecoins make a huge chunk of this, with a Chainalysis report for Q2, 2024 indicating that the asset-backed tokens accounted for an estimated $1 billion in payments.

    dtcpay’s strategic move is a strong indicator of the need for a stable and most reliable way of digital payment.

    The platform’s good record in innovation, progressive growth in the digital world and different accolades has seen it become a darling to businesses.

    In October 2024, the payment platform, and the only Asia-based company, was picked for the Mastercard Starter Path programme. It also became the first to launch a regulated POS in Singapore enabling business owners to accept crypto payments.

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  • Binance to support Render token swap and rebranding, Solciety meme coin launches next week

    Binance to support Render token swap and rebranding, Solciety meme coin launches next week

    Binance to support Render token swap and rebranding
    • Binance will support Render’s RNDR to RENDER swap, suspending RNDR trades on July 22.
    • Solciety (SLCTY) meme coin, merging politics and memes on Solana, launches June 18 with a 30-day presale.
    • Solciety’s 30-day presale price is structured to increase from $0.000963 in the first stage to $0.002167 in the final stage.

    Binance has announced its support for the token swap and rebranding of the popular altcoin Render (RNDR) to Render (RENDER).

    Simultaneously, Solciety (SLCTY), a unique meme coin, is set to launch on the Solana network next week, promising to merge politics and memes for the “Degens.”

    Binance pledges to supports Render token swap and rebranding

    On July 22, 2024, Binance will suspend all RNDR deposit and withdrawal transactions. Additionally, all RNDR spot trading pairs, including RNDR/BTC, RNDR/USDT, and others, will be removed.

    Users are advised to complete their RNDR deposits before this date to avoid any inconveniences. The new RENDER trading pairs will become available on July 26, 2024, ensuring a smooth transition for all trading activities.

    Binance’s futures trading platform will close all RNDRUSDT perpetual futures positions on July 16, 2024. Similarly, margin pairs involving RNDR will be delisted, and all RNDR loan positions will be closed by July 17, 2024.

    Furthermore, Binance Pay will cease support for RNDR gift cards, converting any unused ones to RENDER gift cards automatically.

    The technical aspects of this token swap will be managed automatically by Binance, ensuring a smooth and efficient process for all users.

    Render tokens will be converted to RENDER at a 1:1 ratio, simplifying the transition.

    Upcoming Solciety (SLCTY) meme coin merges politics and memes

    Scheduled to launch on June 18th, Solciety (SLCTY) is set to become a notable addition to the Solana blockchain.

    By merging politics and memes, Solciety aims to cater to the “Degens,” individuals immersed in decentralized finance and internet culture.

    This strategic choice of Solana as the foundation leverages its high-speed transactions and low fees, making it an ideal platform for innovative projects like Solciety.

    At the heart of Solciety lies the Meme Campaigner, an innovative meme creation platform. This tool empowers users to generate and customize memes effortlessly, featuring over 200 traits, backgrounds, and fonts.

    By integrating news and current events, the Meme Campaigner ensures that memes remain relevant and timely.

    Additionally, the platform incentivizes community engagement by rewarding users with presale tokens for sharing their creations on social media, fostering a vibrant ecosystem of content creators and meme enthusiasts.

    Solciety (SLCTY) will start with a 30-days token presale

    The Solciety presale, commencing on June 18th, will last for 30 days, offering early adopters the opportunity to secure SLCTY tokens at progressively increasing prices.

    The presale structure, with price increments every 72 hours, incentivizes early participation and rewards early supporters.

    With a total supply of 3 billion SLCTY tokens, Solciety ensures a balanced distribution across various areas, including marketing, development, partnerships, and liquidity, to fuel the ecosystem’s growth and sustainability.

    The presale is designed to encourage early participation by increasing prices every 72 hours, rewarding those who invest early.

    Early investors can buy SLCTY tokens at $0.000963 during the first stage, with the final presale price projected to be $0.002167.

    Solciety has a total supply of 3 billion SLCTY tokens allocated across presale, marketing, rewards, development, partnerships, treasury, and liquidity, ensuring a balanced distribution to support the ecosystem’s growth and sustainability.

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  • Bitcoin found support at $25k (again). YTD performance remains impressive.

    Bitcoin found support at $25k (again). YTD performance remains impressive.

    • Bitcoin found support at $25k (again)
    • YTD performance remains impressive
    • A dovish Fed may trigger even more strength

    Cryptocurrency investors may have been disappointed by the lack of volatility during the summer months—after all, Bitcoin, the leading cryptocurrency, only consolidated levels. 

    But one should keep in mind that Bitcoin rallied strongly in 2023. It returned over 61% in the trading year, and the bias remains bullish. 

    The bullish perspective is even more obvious if one looks at the yearly returns of Bitcoin. Since 2010, only in three years did Bitcoin deliver negative returns. 

    Buying the dip seems to have worked every time, even though the dips were quite scary. 

    Will the Fed’s decision boost Bitcoin?

    Tomorrow, the Federal Reserve of the United States (Fed) is expected to hold the funds rate steady. As always, the details in the FOMC Statement and the press conference will move markets. 

    Higher inflation than the Fed’s target was the main cause of rising interest rates. Now that inflation comes down from its highest levels, the Fed may feel comfortable that it will reach the target in a timely manner. 

    Therefore, a dovish Fed would trigger weakness in the US dollar and strength for Bitcoin. 

    The technical picture also favors more Bitcoin strength. The market bounced twice from $25k and now trades above $27k. A dovish Fed would send Bitcoin back to the $30k resistance area with big chances to move even higher. 

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  • Bitcoin touches $23k support as stocks fall on hot PCE data

    Bitcoin touches $23k support as stocks fall on hot PCE data

    • Bitcoin and crypto prices fell as markets reacted to January PCE data.
    • The Fed’s favourite inflation measure came in hot, jolting markets lower with S&P 500 declining nearly 1.4% and Dow dropping about 400 points.
    • Crypto analyst Rekt Capital says BTC price remains in positive territory as long as bulls hold support above $23k.

    Bitcoin price continues to struggle after the rejection from the $25k resistance, but today’s dip comes as the market reacts to hotter-than-expected Personal Consumer Expenditure (PCE) data.

    As stocks got whacked on Friday, with the S&P 500 falling nearly 1.5% and the Dow Jones Industrial Average dropping 400 points, BTC price retreated under $24k to hit lows of $23,130 across major exchanges.

    Crypto, Wall Street drops on CPE data

    The CPE is the Federal Reserve’s most preferred inflation measure and sentiment has shifted on the latest data release as investor jitters fill up again. 

    The Fed uses the CPE price index to assess how sharply prices have risen within the US economy, and data shows prices spiked 0.6% in January and 5.4% year-over-year. Core CPE also came in hot, at 4.7% against the forecast 4.3% to suggest inflation remains an issue.

    “Inflation remains too high. We’re going to have to do more to get back to 2%,” said Cleveland Federal Reserve President Loretta Mester. “I see a little more impetus in the inflation measures than my colleagues. We’re going to have to bring interest rates above 5% and hold there for a time,” she added during an interview with CNBC.

    Bitcoin price outlook

    The reaction on Wall Street also cascaded into the crypto market, with BTC price declining below a key support line recently highlighted as a “confluent support zone.” The uncertainty around the Fed’s interest rates saw most stocks scorched in early trades, a scenario also replicated in crypto with Ethereum dropping below $1,600.

    For Bitcoin’s short-term price outlook, popular crypto trader and analyst Rekt Capital says bulls could remain in control if BTC holds above $23k. However, a bearish outlook would materialize if price breaks lower.

    “BTC Weekly retest of the confluent area that is the Lower High and Monthly Range High resistance is now in progress. Price needs to hold here for the retest to be successful. However, Weekly Close below this area would be a bearish sign,” the analyst noted.

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  • Once Again Elon Musk Showed His Support For Dogecoin

    Once Again Elon Musk Showed His Support For Dogecoin

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  • Polygon (MATIC/USD) defends support as the last testnet launches with a huge milestone

    Polygon (MATIC/USD) defends support as the last testnet launches with a huge milestone

    • Polygon announced the second testnet before going live on mainnet 

    • MATIC has consolidated at $0.8 for the past week

    • The token could resist bear pressure to rise toward $1

    Polygon (MATIC/USD) traded at a support zone at $0.8 on Friday, a level it has held for a week. Although the consolidation is not positive for bulls, it should give hope for a potential recovery. That’s combined with positive cryptocurrency news for the Polygon network.

    According to the latest announcement, Polygon has launched its second and final public testnet. The testnet makes Polygon ready for the mainnet launch in Ethereum, expected in early 2023. The announcement indicated that the testnet was for a new upgrade, dubbed recursion. The upgrade is expected to boost Ethereum scaling significantly. 

    Polygon has lauded the upgrade, which says it is the first zkEVM, a new scaling technology on Ethereum. zkEVM is expected to enhance Ethereum’s speeds and privacy and cut transaction costs. That would make it easier to build dApps. 

    MATIC price is yet to react to the positive developments. However, data from PolygonScan shows that unique addresses on the network are rising. The addresses hit an all-time high of more than 201 million this week. The growth underlines continued growth in the activity that could boost MATIC’s price at a later date.

    MATIC defends the $0.8 zone from the bear pressure

    MATIC/USD Chart by TradingView

    The daily chart outlook puts bears in control of MATIC. The RSI remains below the midpoint, while the MACD indicator is bearish, with weak momentum. 

    However, from the price outlook, MATIC has stabilised around $0.08. Recovery could be underway if bulls continue to build up. Buyers are still few at the support. The price could head towards $1 next in the bull scenario.

    Concluding thoughts

    We remain in a largely bear market. However, MATIC price could find a short-term appreciation if the token recovers at the support. Activity is already building on the network to give buyers hope in the medium and long term.

    Where to buy MATIC

    eToro

    eToro offers a wide range of cryptos, such as Bitcoin, XRP and others, alongside crypto/fiat and crypto/crypto pairs. eToro users can connect with, learn from, and copy or get copied by other users.


    Buy MATIC with eToro today

    Bitstamp

    Bitstamp is a leading cryptocurrency exchange which offers trading in fiat currencies or popular cryptocurrencies.

    Bitstamp is a fully regulated company which offers users an intuitive interface, a high degree of security for your digital assets, excellent customer support and multiple withdrawal methods.


    Buy MATIC with Bitstamp today

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  • This analyst relies on on-chain metrics to support a Bitcoin price (BTC/USD) rally

    This analyst relies on on-chain metrics to support a Bitcoin price (BTC/USD) rally

    • Bitcoin rose to $17,000 on Monday.

    • InvestAnswers thinks BTC is about to become bullish based on realised value.

    • The token faces resistance at $19,000 and 50-day MA.

    Bitcoin price (BTC/USD) was up marginally on Monday as most cryptocurrencies made slight recoveries. BTC was back to $17,000 even as data by crypto derivatives exchange Deribit showed that sentiment had shifted in favour of the cryptocurrency. But as this happens, a popular crypto analyst is projecting a rally.

    InvestAnswers, a popular crypto analyst, says that on-chain signals suggest BTC is overdue for a rally. The pseudonymous analyst examines Bitcoin’s realised price or RP metrics in making the argument. Normally, RP posts the value of all BTC at the price the tokens were bought and then divides it by the number in circulation. InvestAnswers says that BTC never stays below the RP for long. 

    The analyst says BTC has been under RP for 170 days. In 2020, BTC stayed below the RP for 8 days, while in 2018, it was 115 days. In 2015, it stayed a little longer at 240 days and only 110 days in 2011. According to the analyst, the RP of BTC lies at $21,000. Using the analogy, he says that the Bitcoin price is about to soar.

    Besides the RP, InvestAnswers says that the rising weakness in the US dollar index suggests a likely rally. The index is inversely correlated to the risk-on assets, meaning that if it goes lower, cryptocurrencies go the other way.

    BTC price analysis and outlook amid slight recoveries

    BTC/USD Chart by TradingView

    BTC trades above the 20-day moving average. Bulls have been winning the war at $16,000, although the bears are still relentless. The RSI remains below the midpoint, and the bullish momentum looks somewhat weak but improving.

    Bulls will have the next test at the 50-day MA and the $19,000 resistance.

    Should you buy BTC?

    BTC is still largely bearish. However, all indications are buyers looking for the next opportune moment. In the meantime, BTC’s eyes $19,000 and a recovery past the level could usher in more upsides.

    Where to buy BTC

    eToro

    eToro offers a wide range of cryptos, such as Bitcoin, XRP and others, alongside crypto/fiat and crypto/crypto pairs. eToro users can connect with, learn from, and copy or get copied by other users.


    Buy BTC with eToro today

    Bitstamp

    Bitstamp is a leading cryptocurrency exchange which offers trading in fiat currencies or popular cryptocurrencies.

    Bitstamp is a fully regulated company which offers users an intuitive interface, a high degree of security for your digital assets, excellent customer support and multiple withdrawal methods.


    Buy BTC with Bitstamp today

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  • Should you buy Optimism (OP) as token tests support

    Should you buy Optimism (OP) as token tests support

    Optimism (OP) remains in a bullish market. The token tested a monthly-high resistance of $1.37, although it is not cooling down. Its trading volumes are, however, up 54% at $355 million in the past day. The blockchain has been recording significant trading activities. 

    Data from DefiLlama shows a significant gain in Optimism’s TVL over the last three months, peaking at $1.15 billion in August. The growth could be attributed to developers looking for scalability in Ethereum. 

    Optimism is a layer-2 blockchain on Ethereum aimed at the scalability of decentralised applications. The platform launched its testnet in September 2020. Its native OP token allows end users to access dApps on Ethereum cheaply. OP is also useful in governance by granting holders voting rights in the Optimism Collective.

    The current price dynamics of OP token is not tied to anything specific in the industry. However, the fundamentals around scalability have growth potential. Specifically, Optimism rollups, which wrap up transactions into one, could popularise the layer-2 platform.

    OP retraces to $1 support amid a bullish momentum

    Source: TradingView

    The daily technical chart above shows that OP is retesting the support at or around $1. The token looks to have slightly lost the $1 level, although we need further confirmation. A close of the daily candlestick will confirm if a bearish breakout has occurred. To the upside, the immediate resistance is at $1.4, while $1.9 is the longer-term resistance level.

    MACD looks bullish, while the RSI has remained below the overbought zone, meaning it could go higher. 

    Concluding thoughts

    Based on the fundamental aspects, OP could bring value to its users in the long term. From the technical chart, the token is retesting support with a bullish momentum. Although the token is on a retracement, a bounce off from the support level could occur.

    A confirmation of a bullish price action signal would welcome an upside momentum for Optimism. At the current price, it would be prudent to exercise patience until proper buy signals pop up at the immediate support level.

    Where to buy OP

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