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ATOM Hits 2-Month High, as XRP Extends Recent Gains – Market Updates Bitcoin News
Cosmos rallied to a two-month high on Thursday, as cryptocurrency prices rebounded following Wednesday’s decline. Xrp was also mostly in the green in today’s session, extending recent gains in the process. The global crypto market cap is trading 0.17% higher as of writing.
Cosmos (ATOM)
Cosmos (ATOM) raced to a two-month high on Wednesday, as the token climbed to its strongest point since November.
Following a low of $11.10, ATOM/USD raced to a peak of $11.44 earlier in today’s session.
As a result of this latest surge in price, cosmos moved to its highest point since Nov. 12.
Looking at the chart, today’s rally occurred as the 14-day relative strength index (RSI) ventured deeper into overbought territory.
In addition to this, the 10-day (red) moving average (MA), continued its upward ascent versus the 25-day (blue) MA.
However, sentiment could soon be shifting, with bears looking to re-enter the market as the RSI is now tracking at a level not seen since last January.
XRP (formerly ripple) was another big mover in today’s session, extending recent gains to a fourth consecutive day.
So far on Thursday, XRP/USD has risen to an intraday high of $0.3691, which comes less than a day after hitting a bottom of $0.348.
Following this rally, xrp neared a four-week high, as prices moved to their highest point since December 16.
This latest price surge comes as the RSI moved beyond a resistance point at 57.00, and it is currently tracking at 59.41.
As a result of this move, the 10-day (red) moving average is now close to a crossover with its 25-day (blue) counterpart.
Should this upwards cross occur, it is likely that XRP will continue to move towards its long-term target of $0.40.
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Do you expect xrp to move closer to $0.40 this week? Let us know your thoughts in the comments.
Image Credits: Shutterstock, Pixabay, Wiki Commons
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BitPay and MoonPay, leading bitcoin and cryptocurrency payments infrastructure providers, have partnered “to provide BitPay users with significantly increased ways to buy cryptocurrency instantly, and at great rates.”
“BitPay’s unique marketplace experience also presents multiple rates for buyers, ensuring they receive the best possible price for their cryptocurrency purchases,” the press release states. “Additional benefits of the integration include fast delivery to any owned wallet address, as well as the ability for buyers to pay with their preferred method, including credit card, debit card, Apple Pay, Google Pay or a variety of local bank transfer methods.”
The announcement also states that for a limited time, BitPay users will be able to purchase bitcoin with no fees. Those seeking to access the MoonPay integration can do so at BitPay.com or on the BitPay Wallet app.
Bill Zielke, CMO of BitPay, said in the press release that, “BitPay’s partnership with MoonPay brings together two leaders of the crypto payments space to give BitPay users near-instant access to cryptocurrency.”
Echoing that statement, Harry Peatson, partner account manager at MoonPay, explained that, “This partnership will provide users with a greater variety of ways to buy cryptocurrencies, allowing them to use their preferred buying methods, and with much greater speed of delivery than previously.”
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Legislators need to educate themselves on Web3 if they care about protecting consumers, Steven Eisenhauer, chief risk and compliance officer at Ramp, writes.
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The Ministry of Justice in South Korea announced plans to introduce a crypto-tracking system to counter money laundering initiatives and recover funds linked to criminal activities.
The “Virtual Currency Tracking System” will be used to monitor transaction history, extract information related to transactions and check the source of funds before and after remittance, according to local media outlet khgames.
The South Korean Ministry of Justice will introduce a “cryptocurrency tracking system” in the first half of this year to strengthen the tracking of money laundering and recovery of criminal proceeds using cryptocurrencies. https://t.co/2CLkaLUrX6
— Wu Blockchain (@WuBlockchain) January 29, 2023
While the system is slated to be deployed in the first half of 2023, the South Korean ministry shared plans to develop an independent tracking and analysis system in the second half of the year. A rough translation of the ministry’s statement reads:
“In response to the sophistication of crime, we will improve the forensic infrastructure (infrastructure). We will build a criminal justice system that meets international standards (global standards).”
The South Korean police previously established an agreement with five local crypto exchanges to cooperate in criminal investigations and ultimately create a safe trading environment for crypto investors.
Related: South Korean prosecutors request arrest warrant for Bithumb owner: Report
The South Korean Supreme Court ruled that crypto exchange Bithumb must pay damages to investors over a 1.5-hour service outage on Nov. 12, 2017.
The finalized ruling from the supreme court ordered damages ranging from as little as $6 to around $6,400 be paid to the 132 investors involved.
“The burden or the cost of technological failures should be shouldered by the service operator, not [the] service users who pay commission for the service,” the court stated.
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