Solana (SOL) is holding strong above the $160 mark after the broader market experienced a healthy dip to previous demand levels. Despite the dip, Solana has shown resilience, though the past few hours have been marked by short-term volatility with rapid price fluctuations. Investors are closely monitoring the next moves as Solana navigates this uncertain phase. Top analyst Carl Runefelt recently shared a technical analysis suggesting a potential surge for SOL in the coming days, with a target of $176. His analysis highlights key bullish patterns, but concerns about the broader market correction could drag Solana down if the correction intensifies. With the market in flux, the next few days will be crucial for SOL. Investors watch closely for signs of strength or weakness that could influence the price action. While optimism remains for a potential surge, caution is warranted as the market correction unfolds. Solana Testing Previous Supply As Demand Solana is currently at a critical level, holding strong above $160, a price that had previously acted as resistance since early August. SOL has broken above this level and found support, so it signals a potential shift in the monthly trend that has kept the price suppressed. Investors are watching closely to see if this shift will lead to continued bullish momentum. Crypto analyst and investor Carl Runefelt recently shared a technical analysis on X, offering insight into Solana’s short-term outlook. He revealed a 1-hour chart showing a symmetrical triangle, a bullish pattern often preceding strong price movements. The upper line of this triangle sits around $168, and Runefelt suggests that if SOL manages to break above this level, the next target would be $176. This would mark a significant push to new local highs, further solidifying Solana’s bullish trend. As Solana continues to hold above $160, the market is waiting. Investors are exercising patience and are aware that the next few hours and days could be pivotal for SOL’s price action. If the bullish pattern materializes and the price breaks out, it could lead to a significant rally. However, until that breakout occurs, traders are cautious, knowing that short-term volatility could still impact Solana’s performance. Technical Levels To Watch Solana is currently trading at $165 after facing a rejection from the $171 mark, a key resistance level that may hold the price down for a few days or weeks. Despite this setback, SOL has shown resilience, rebounding strongly from the daily 200 moving average (MA) at $150 and successfully breaking past the $160 resistance. This breakout is a significant development, signaling a potential upside once the broader market begins pushing up again. Holding above the $160 level is crucial for SOL, reflecting investor confidence and signals strength in the price action. Holding this support level would signal optimism about Solana’s ability to rally and reach new yearly highs in November. The coming days will determine whether SOL can keep bullish momentum or if a prolonged consolidation below $171 is in. Investors are closely watching for signs of strength and a continued push higher. Featured image from Dall-E, chart from TradingView

Norges Bank of Norway will make its final decision on introducing a CBDC by 2025. The deadline for the government task force to submit a report is on Nov 15. The central bank of Norway, Norges Bank, is on potential research to launch central bank digital currency (CBDC). The decision is to be finalized by 2025, as stated by Deputy Central Bank Governor, Pal Longva. The nation is in the pilot phase of CBDC exploration and Norway is among 134 nations planning to delve into this financial innovation. Norges Bank has released its insights from the fourth phase of CBDC trials. The findings concluded that a retail CBDC was unnecessary at the time. A retail CBDC would be appropriate for everyday public use, allowing users to conduct transactions using digital currency. On the other side, a wholesale CBDC would be limited to financial institutions to facilitate secure and efficient transactions between the central bank and other banks. Moreover, the Norges Bank has progressed to the fifth phase of its research into wholesale CBDC applications. The bank aims to make a final recommendation by 2025 by finishing the phase. However, Pal Longva emphasized that there is no urgency to accelerate the efforts, despite the European Central Bank’s preparations for a potential CBDC rollout. Longva’s opinions coincide with the upcoming November 15 deadline for a government task force to submit a report on improving the payment systems in Norway. It further includes recommendations for simple and safe payment mechanisms, incorporating digital central bank money. The final decision on whether Norway will introduce CBDC lies with the country’s lawmakers. The outcome of the discussions will determine the future of digital currency in the form—retail or wholesale. Highlighted Crypto News Is Solana (SOL) Signaling a Downside Correction Ahead?

The top three crypto gainers in the last 24 hours are GALA, MEW, and ICP. The global crypto market cap has dropped over 1.59% in the past 24 hours to $2.29 trillion. The global crypto market is balancing between gains and losses. After two weeks of stable performance, the extreme falls were witnessed today. However, the bear market is slowly trying the recovery phase, but still, major cryptocurrencies like Bitcoin (BTC) and Ethereum are facing pressure. Let’s focus on some of those recovering altcoins in this article. The top 3 crypto gainers for the day, according to CMC data, are cat in a dogs world (MEW), Gala (GALA), and Internet Computer (ICP). Gala (GALA) Market Cap: $826.28M 24H Trading Vol: $126.73M In the past 24 hours, the token has climbed over 9.71% from the low of $0.02236 to the high of $0.02453. At the time of writing, GALA has traded at $0.0232, retraced slightly, but is still above its crucial resistance level. If the token holds its foot above $0.22, it could see another jump above $0.25. GALA Price Chart (Source: TradingView) The 9-day EMA is above the price, indicating a bearish trend. Meanwhile, the RSI at 52.75 signals a neutral market condition, indicating that the asset is neither overbought nor oversold. But no extreme conditions are present. For the week, GALA is expected to trade in the range between $0.2109 support and $0.2532 resistance. cat in a dogs world (MEW) Market Cap: $835.48M 24H Trading Vol: $138.32M While the leading memecoins are on the down, cat in a dogs world have climbed approximately 7.76% in the past 24 hours. The memecoin was launched in April this year. Since its launch, cat in a dogs world quickly captured market attention and secured the 80th rank. Two days ago, on Oct 21, the token recorded an All-Time High (ATH) of $0.01043. MEW Price Chart (Source: TradingView) The MEW price is above the 9-day EMA, indicating a bullish trend, while the RSI at 61.36 suggests the asset is approaching overbought territory. This combination signals strong upward momentum. Internet Computer (ICP) Market Cap: $3.84B 24H Trading Vol: $84.13M Finally, the Internet of Computer (ICP) has soared over 4.35% in the last 24 hours, from a low of $7.83 to a high of $8.17. Internet Computer blockchain incorporates a radical rethink of blockchain design. However, ICP has been in a sideways consolidation phase for nearly three weeks, struggling to establish a decisive trend. At the press time, the altcoin was facing strong resistance amid uncertain conditions in the crypto market. ICP Price Chart (Source: TradingView) Further, the ICP price is above the 9-day EMA, signaling a bullish trend, while the RSI at 55.73 indicates that the asset is in a balanced range, not overbought or oversold. This combination shows positive momentum. Highlighted Crypto News US Elections Fuel Optimism in Crypto Markets as BTC Nears $69K

New York, New York, October 23rd, 2024, Chainwire The global payments infrastructure company already covers more than 50 countries and 23 currencies for cross-border transfers, payouts, collections, onramps, and offramps. Borderless.xyz, a global payments infrastructure company that enables transactions using stablecoins and real-world assets (RWAs), announces its emergence from stealth with $3M in pre-seed funding led by Amity Ventures along with executives of leading companies such as Michael Shaulov of Fireblocks, Jess Houlgrave of WalletConnect, Anton Katz of Talos, among others. Traditional fintechs and remittance methods operate in closed systems that involve multiple intermediaries. According to the team, this approach can lead to inefficiencies and drive up costs for consumers and businesses. Borderless.xyz seeks to address this issue with a blockchain-based network called Global Transfer Protocol (GTP) which serves as a unified liquidity framework and orchestration layer between stablecoins and local fiat currencies around the world. Building on top of the tremendous progress made recently by locally licensed crypto-enabled infrastructure providers like Bridge, Borderless.xyz is already working with six Participating Financial Institutions (PFIs), to enable payments companies to bridge stablecoins with local fiat currencies around the world, providing real time and low cost settlement that allows for global money movement. To learn more about Borderless.xyz, users can visit their website: https://borderless.xyz/ and follow them on X (Twitter). About Borderless.xyz Borderless.xyz is a leading global payments infrastructure company designed to facilitate transactions using internet native money including stablecoins and real-world assets (RWAs). Covering more than 50 countries and 23 currencies, Borderless.xyz’s mission is to empower builders to create efficient money movement, deliver stable currencies to emerging markets, and drive the transition to onchain banking. To learn more about Borderless.xyz, users can visit https://borderless.xyz/. Contact CEO Kevin Lehtiniitty Borderless.xyz [email protected]

The Pantera-backed cryptocurrency exchange VALR is pleased to announce the launch of VALR’s Futures Trade Arena, a competitive trading platform where traders may compete for weekly and monthly rewards determined by their performance in terms of ROI and PnL. By rewarding performance rather than merely transaction size, this new program, which will be in effect from October 1, 2024, until at least April 30, 2025, levels the playing field. Monthly prize distribution at the Futures Trade Arena is based on the number of qualified players and may reach up to 120,000 USDT. The top 10 traders in each category get weekly rewards ranging from 25 USDT to 2,880 USDT, while the best traders by ROI and PnL receive monthly prizes ranging from 2,000 USDT to 10,000 USDT. Traders must have traded at least $2,000 in futures on any of VALR’s futures pairs during the 14 days prior to the commencement of a Weekly Competition Round in order to be eligible for the Futures Trade Arena. Traders are automatically entered into the subsequent Weekly Competition Round and the associated Monthly Competition Round of the same month after reaching the $2,000 trading criteria. This system guarantees fair competition for performance-based rewards and allows traders of all skill levels to participate, regardless of when they achieve the qualifying requirements. There are four successive Weekly Rounds in each Monthly Competition Round. Top performers are given prizes in both ROI percentage terms and absolute USDT-denominated PnL, giving traders many opportunities to succeed. All new and current fully KYC-verified VALR clients are eligible to enter the competition; however, VALR employees, contractors, and citizens of restricted nations are not. With the help of VALR’s latest product, traders of different sizes and backgrounds will be able to demonstrate their trading prowess without being overwhelmed by those who execute bigger deals. With performance-based rewards that open doors for all players, the Futures Trade Arena focuses on rewarding astute, successful trading tactics. Ben Caselin, Chief Marketing Officer of VALR, commented on the launch: Launched in May 2024, VALR’s Grand Slam of Trading Competitions is a worldwide futures trading program that is enhanced by the Futures Trade Arena. With up to 60 million USDT up for grabs over a 12-month period, the Grand Slam boasts one of the biggest prize pools in the world. The monthly prize pools, which vary from 33,000 to 5 million USDT based on the overall trading volume for the month, automatically include all customers trading Perpetual Futures on VALR. The Grand Slam is intended to draw in both retail and professional traders so that everyone involved may profit from the platform’s expansion. Some of the biggest trading companies have shown a great deal of interest in this worldwide project, which demonstrates VALR’s ongoing dedication to growing its presence in the global cryptocurrency market. Established in 2018, VALR is the biggest cryptocurrency exchange in Africa based on transaction volume, catering to over 950,000 individuals worldwide and more than 1,100 corporate and institutional customers. VALR, which has its headquarters in Johannesburg, is regulated by the Financial Sector Conduct Authority (FSCA) in South Africa. It also has initial approval from Dubai’s VARA and authority to provide services in Europe. Leading investors Pantera Capital, Coinbase Ventures, GSR, and Avon Ventures, a division of Fidelity Investments, have contributed $55 million to VALR’s fundraising. Offering safe, transparent, and creative solutions for both professional and retail traders, VALR sets itself apart with its customer-first mentality. Leading the African cryptocurrency sector, VALR links international markets by taking advantage of opportunities in Asia, Europe, Africa, and beyond. To learn more, go to valr.com.

Trump’s potential presidency boosts crypto optimism and BTC prices near $69K. Upcoming NFP report critical for interest rate expectations and market movements. With just two weeks until the US elections, market sentiments are shifting as former President Donald Trump extends his lead over Vice President Kamala Harris in betting markets. As key swing states begin to lean Republican, traders are increasingly pricing in a potential Trump presidency, which has historically been viewed as more favorable towards cryptocurrencies. This political backdrop has contributed to a notable uptick in Bitcoin (BTC) prices, which are edging closer to $69,000. The increased enthusiasm for BTC can be attributed to a record high in open interest across cryptocurrency exchanges, currently sitting at $40.5 billion. The anticipation surrounding the elections, combined with Trump’s more crypto-friendly stance, has spurred positive momentum in the digital asset market, reports QCP. Meanwhile, in parallel, the US dollar has strengthened amid discussions of increased tariffs. And tax cuts, contributing to rising US bond yields. The S&P 500 index continues to climb toward all-time highs, while the yield on US 2-Year Treasuries has surpassed 4%. Such economic indicators are fostering a sense of optimism regarding sustained growth in the US economy. The upcoming Non-Farm Payroll (NFP) report, set for release next Friday. It is anticipated to play a critical role in shaping market expectations. As the last NFP report before the next Federal Reserve meeting, its findings will likely influence decisions regarding interest rates. Currently, the market is pricing in approximately 1.5 rate cuts for 2024. A robust labor market and growing confidence drive economic resilience. Intricate Relationship Between Politics And Crypto In light of this bullish environment, traders are exploring investment strategies designed to capitalize on potential price gains while mitigating risks. One such strategy is the “Principal Protected Sharkfin” for BTC and Ethereum (ETH). This investment plan allows for upside potential if prices rise, offering protection against downside risks. The strategy specifies a maturity date of December 27, 2024, with a strike price of $80,000 and a barrier set at $90,000. It presents a maximum payout of 64.26% annually. As the political landscape evolves and key economic data looms, all eyes remain on the cryptocurrency market. Highlighted News Of The Day Nigeria Withdraws Case Against Binance’s Tigran Gambaryan

For those looking to earn passive income from the cryptocurrency market, WEEX offers compelling opportunities through its WEEX Affiliate Program and WEEX Copy Trading Pro feature. Whether you’re an experienced trader or someone who prefers a more hands-off approach, these tools allow you to generate additional income streams without needing to engage in active trading all the time. WEEX Affiliate Program: Earn Up to 90% in Commissions One of the standout ways to earn passive income on WEEX is through its generous WEEX Affiliate Program. WEEX offers up to 90% commissions on the trading fees of your referrals, making it one of the most rewarding programs in the crypto industry. This means that every time someone you refer trades on the platform, you earn a portion of their trading fees—without lifting a finger. This is a fantastic opportunity for individuals with a large network or social media following. 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Join WEEX today and explore these passive income opportunities Find us on: Twitter | Telegram | Facebook｜LinkedIn｜Blog Sign up for a WEEX account now: https://www.weex.com/register Disclaimer: TheNewsCrypto does not endorse any content on this page. The content depicted in this press release does not represent any investment advice. TheNewsCrypto recommend our readers to make decisions based on their own research. TheNewsCrypto is not accountable for any damage or loss related to content, products, or services stated in this press release.

A crypto market analyst recently released a study that predicts a big rise in the price of XRP. This study fits with the current excitement in the crypto community, especially since Elon Musk made his first public reference to XRP. In a video that went viral on Crypto Twitter, Musk talked about how valuable cryptocurrencies like XRP are. This caused a purchasing frenzy. Musk didn’t fully back XRP, but his comments about how cryptocurrencies can help people’s freedom have made people wonder how this might affect the price of the altcoin. XRP’s Role In Global Finance It was brought up in the video that Musk was asked if he thought XRP could play a big role in the global financial system, given the SEC’s focus on regulating the cryptocurrency. His answer was simple, but it worked. He said that coins like XRP challenge centralized control and support personal freedom, but that was not a call to action. Although it did not express outright support, such statements by Musk have given hope to crypto investors because of the influence he has on the market. Crypto analyst Steph’s technological study fits this increasing buzz. Since 2018, he noted a symmetrical triangular pattern developing on the XRP/USD chart that points to a notable breakout perhaps just ahead. Musk’s Social Media Impact Currently at the top of this triangle, XRP reflects the 2017 situation that resulted in its spectacular surge and all-time high of $3.31. Investors are eagerly observing since Musk’s remarks seem to coincide with this pivotal technical turning point. Regulatory hurdles have long been a factor in XRP’s price suppression, Steph notes especially in view of Ripple’s ongoing legal battle with the SEC. Still, he believes the coin may be set to have a major breakthrough—just like it did in 2021 when it outperformed Bitcoin by 460%. Even if Musk doesn’t explicitly support the token, his mention of it can boost market sentiment because some speculators think the altcoin is currently more affordable than Bitcoin. Upbeat About XRP’s Future Essentially, Steph is positive about the future of the altcoin but stresses that what is exciting is the developing relationships Ripple has with huge financial institutions. The implications for this are that when CBDCs are going to be more in demand, XRP will be even more important within the global financial system. More than this, institutional interest in the asset is also depicted through recent registration for XRP-oriented ETFs from Canary Capital and Bitwise. These events with the words of Musk have revived hopes about XRP’s long-term possibilities again. Nevertheless, Steph cautions even with the good technical and fundamental signals. While he thinks XRP may probably hit $40, he said that a more realistic target range for it would be $5 to $10. Considering the highly volatile and uncertain market, he advised investors to use their judgment properly. Steph underlined the need for strategic and cautious investment in view of the unpredictable character of cryptocurrency markets, even though a new all-time high could be on horizon by the end of 2024. Featured image from Trackinsight, chart from TradingView

Nigeria has dropped money laundering charges against Binance exec. Gambaryan will seek medical treatment abroad after being detained since February. Nigeria has withdrawn money laundering charges against Tigran Gambaryan, an executive at Binance. This decision comes as Gambaryan seeks medical treatment abroad, according to the government’s lawyer. The announcement occurred during a court session at the Federal High Court in Abuja on October 23. Gambaryan, a U.S. citizen, has been in detention since late February. He faced allegations of laundering over $35 million. Both Gambaryan and Binance have consistently denied these charges. Meanwhile, the Nigerian government plans to continue the case against Binance without Gambaryan. Regulatory Challenges for Binance in Nigeria The Economic and Financial Crimes Commission (EFCC) made this announcement. The EFCC lawyer stated that Gambaryan’s role at Binance was not senior. Thus, the focus of the case would shift to Binance itself. This clarification raises questions about the nature of the allegations against the company. Prior to the withdrawal, the court had scheduled a hearing for October 25. However, the EFCC reportedly held the hearing on October 23 to minimize public attention. Gambaryan’s detention sparked concerns about the treatment of foreign executives in Nigeria. He has remained in custody for more than seven months. During this time, he has faced various legal challenges. These challenges included separate tax evasion charges that still stand against Binance. Additionally, Nadeem Anjarwalla, the British-Kenyan regional manager for Binance in Africa, initially faced similar charges. However, Anjarwalla fled custody on March 22, 2024. This escape adds another layer to the ongoing saga involving Binance and its executives in Nigeria. The Nigerian government’s decision to drop charges may reflect a shift in its approach. As authorities grapple with these challenges, Binance remains under scrutiny. The company continues to navigate regulatory hurdles globally, particularly in emerging markets. Highlighted Crypto News Today Avalanche Adoption Rises to 24% Amidst AVAX Bearish Sentiment

Garanti BBVA partners with Ripple and IBM to improve the performance and security of its expanding digital platform. Ripple has transferred 260 million XRP to an unknown wallet since October 22. As Turkey’s cryptocurrency market expands, Garanti BBVA Kripto has announced a strategic partnership with Ripple and IBM to provide enhanced and secure crypto trading and custodial services to its customers. This partnership marks a significant milestone, as Garanti BBVA became the first major customer of Ripple’s newly launched Ripple Custody solution earlier this month. Garanti BBVA’s collaboration with these tech giants aims to elevate the performance and security of its crypto platform. Following a successful pilot program last year, the bank is preparing to roll out its advanced services across its entire customer base. The goal is to offer clients a seamless and highly secure trading experience, backed by IBM’s infrastructure and Ripple blockchain technology. Işıl Kılınç Gürtuna, General Manager of IBM Turkey, stressed the importance of strong security in handling cryptocurrencies. She emphasized that their joint efforts would ensure a high-performance platform for managing digital assets. Ripple’s Major XRP Transactions Stir Speculation Meanwhile, Ripple has been making headlines with a series of large XRP transactions. Today, the company moved 60 million XRP, valued at around $31.5 million, in two separate transfers of 30 million each. This follows a previous transfer of 200 million XRP, made yesterday. Together, these transactions bring the total amount transferred this week to 260 million XRP, valued at $136 million. Speculation is rife about the purpose of these transactions, with some linking it to Ripple’s ongoing legal battle with the U.S. Securities and Exchange Commission (SEC). However, the company has not provided any official explanation. Amid these developments, XRP’s price has seen a slight dip. Today the price of XRP fell nearly 3% from a recent high of $0.5362 to a low of $0.523 as the global crypto market faces pressure. Additionally, the daily trading volume of XRP has dropped by over 17% to $989 million. On the 4-hour chart, XRP is trading below the 20-day EMA, with the RSI at 44, indicating weakening momentum. At the time of writing, XRP was priced at $0.5256. Highlighted Crypto News Is Solana (SOL) Signaling a Downside Correction Ahead?

The Indian government in its survey for a discussion paper has begun considering a crypto ban. Officials had announced a release of a discussion paper for crypto regulations in September. The cryptocurrency sector faces regulatory discrimination on a daily basis and combating them isn’t a novelty. However, certain huge shifts may take us by surprise at first sight. For instance, in July, the US SEC’s approval of the spot ETH ETFs was entirely unexpected until a week before the approval. Similarly, recent news about the Indian government’s considering to ban cryptocurrency has baffled the community. According to a report from the Hindustan Times, several experts were consulted by the Indian government who suggested that the CBDC (Central Bank Digital Currency) could have more potential than private cryptocurrencies such as Bitcoin and Ethereum. Further, they suggested that the Digital rupee, the Indian CBDC can leverage the advantages offered by the other crypto assets. As per sources, the Indian government approached the experts in preparation for its discussion paper which is expected to be published soon. One particular anonymous official had stated that CBDCs perform all actions that crypto does, eliminating risks associated with private digital currencies such as Bitcoin and Ethereum. This has caused an unease among Indian community members evading the muddled waters of the Indian crypto regulatory landscape. However, the Indian government seemed to have received a positive response to blockchain chain technology. The aforementioned officials have expressed other use cases for blockchain apart from the crypto realm. How is the Indian Government’s Approach to Crypto? Over the past few months, the Indian government along with the RBI has been exploring its approach towards cryptocurrency regulations. In this attempt, officials announced releasing a discussion paper in September, which has been delayed. Moreover, the country recently allotted a 30% tax for digital assets when officials released this year’s financial plans. The country has shown hostility towards private cryptocurrencies in the past years. For instance, one of the largest crypto exchanges, Binance, was banned by the Indian government until recently. Moreover, after the ban was lifted, a local state government charged the exchange with GST fees apart from the penalty that Binance paid. Highlighted Crypto News Today: Avalanche Adoption Rises to 24% Amidst AVAX Bearish Sentiment

Solana trades at $165 after a brief spike in the last 24 hours. A potential bullish breakout might push SOL above $170. The crypto market has stepped into a positive outlook as the price movement of assets has recovered in the past few days. Eventually, the overall market has lost its momentum and the market cap has reached $2.29 trillion. The fifth-largest altcoin, Solana (SOL) has marked a 0.80% spike and struggling to trade in the bullish outlook for the day. Notably, in the early hours, SOL traded at a high of $170.76. Despite maintaining the price momentum, Solana signaled a brief downside rally and began plunging to the current price levels. At press time, Solana trades at $165.87 with the daily trading volume plummeting by over 5.65%, standing at around $3.25 billion, according to CMC data. On the other hand, SOL has shown positive momentum in the last seven days, with a 6.45% spike. At the beginning of the week, SOL was trading at $156 and eventually, it climbed to a high of $170. Meanwhile, the total value locked (TVL) of Solana reached $6.468 billion recently, marking its peak since January 2022. What’s Ahead for SOL Price? The four-hour technical chart of SOL highlights the current negative market sentiment and the altcoin is in the neutral zone. Moreover, Solana’s daily frame indicates the short-term 9-day moving average above the long-term 21-day moving average. The Moving Average Convergence Divergence (MACD) line of SOL is positioned below the signal line, suggesting the downside pressure and the incoming bearish trend. Besides, the Chaikin Money Flow (CMF) indicator stays at 0.15, which indicates the increased money flow with selling pressure. Looking at the price chart of SOL, it could test the immediate support level at $161. The price might further dip to a low of $156 range if the selling pressure grows. Conversely, if the bullish momentum returns, SOL could bounce to the $169 mark. Further upside correction will likely push the price to a high of $174. Disclaimer: The opinion expressed in this chart is solely the author’s. It does not represent any investment advice. TheNewsCrypto team encourages all to do their own research before investing.

Nexo (NEXO) continues to struggle to break the $1 resistance while Compound (COMP) experienced a significant decline in trading volume in a short period. These developments and more are the focus of this article. Zig Network (ZIG) also captures our attention, recently attracting interest from Nexo (NEXO) and Compound (COMP) investors. We explore what Zig Network (ZIG) is all about and what it offers the market. Nexo’s struggle to break $1 continues Nexo (NEXO) has dropped by 3% in the past month but continues to trade around the $1 mark. The digital assets institution has struggled to break past this price point since May 2022 and it doesn’t seem likely that it will rise above it anytime soon. Nevertheless, trading volume has recovered with a 10% increase in the past day. Nexo (NEXO) was established in 2018 with a mission to maximize the value and utility of digital assets. Since then, it is now valued at $645.62M and ranks among the top 15 cryptocurrencies by market capitalization. Compound’s trading volume drops by 20% Compound’s price has declined over the past month, dropping 3% from $46.33 to $44.85. Unlike Nexo (NEXO), its trading volume has dropped significantly, falling by 20% in the past day. Compound (COMP) reached an all time high of $911.20 in May 2021 but has since experienced a steady decline of over 95%. It dropped below its launch price of $93.27 in May 2022 and has remained under that level ever since. Compound’s value arises from its decentralized finance (DeFi) protocol which enables users to earn interest on their cryptocurrencies. Another DeFi innovator expected to reach new market heights is Zig Network (ZIG). Zig Network (ZIG) fosters natural growth and encourages participation Zig Network (ZIG) is a visionary layer 1 blockchain built on one idea only: revenue sharing. It combines Proof of Stake (PoS) and Delegated Proof of Stake (DPoS) to enhance security, decentralization and scalability. With its modular design, Zig Network (ZIG) is amenable to the integration of new features and upgrades. Zig Network (ZIG) generates revenue from partnerships, staking and transaction fees. Using a fair and transparent distribution formula, a portion of the total revenue is distributed among token holders in proportion to their holdings. Zig Network’s approach ensures that every user is rewarded based on their contributions and investments, fostering natural growth and encouraging participation in network activities. Zig Network’s (ZIG) smart contract has already undergone a third party audit and it is committed to regular audits to ensure the security and safety of funds. To find out more about Zig Network, use the links below Participate in Zig Network Read the Zignet Whitepaper Disclaimer: TheNewsCrypto does not endorse any content on this page. The content depicted in this Press Release does not represent any investment advice. TheNewsCrypto recommends our readers to make decisions based on their own research. TheNewsCrypto is not accountable for any damage or loss related to content, products, or services stated in this Press Release.

AVAX adoption rate reaches 24%, highlighting increased newcomer activity. Price down 3.5% in 24 hours; $30 psychological level remains significant. Avalanche (AVAX) is currently trading at $26.64, reflecting a 3.5% decline over the past 24 hours and a 4% drop over the week. Trading volume has also decreased by 13%, indicating a lack of momentum. Despite these recent setbacks, AVAX is witnessing a new adoption rate of 23.5%, with a notable two-day peak at $29.32. This price is still approximately 81% below its all-time high of $144.96, reached in November 2021. Since early August, AVAX has gained nearly 78% from its low of $15.01 on August 5. This surge has outpaced Bitcoin (BTC) and Ethereum (ETH), which have risen by 36.5% and 23.8%, respectively. However, while Avalanche’s recent performance has been commendable, the momentum appears to be waning. The Awesome Oscillator histogram indicates fading bullish momentum, and the Directional Movement Index (DMI) suggests that the current trend lacks strength, with the ADX below 20. Avalanche is currently facing revenue challenges, ranking 11th among Layer-1 blockchains with a modest revenue of $2.05 million over the past 90 days. Where To Next For AVAX? Technical analysis reveals that AVAX is in a precarious position. The price hovers near the critical $25 support level, having recently broken out of a long-term corrective channel. Although this breakout signifies a potential end to the bearish phase, there has been insufficient follow-through, keeping the price close to pre-breakout levels. AVAX Price Chart, Source: Sanbase However, positive developments are on the horizon. Avalanche is collaborating with Chainlink and other financial institutions to address fragmented data issues, leveraging decentralized oracle networks for improved interoperability. Additionally, the introduction of the Avalanche crypto card, usable anywhere Visa is accepted, may further enhance user engagement. Analysts predict a potential rally for AVAX. Nonetheless, market sentiments are cautious, as some forecasts suggest a possible correction in November. As the crypto landscape evolves, traders should remain vigilant, as external factors like the upcoming US Presidential elections could significantly impact market dynamics. Highlighted News Of The Day Japan’s Regulatory Caution Stalls Crypto ETF Progress

Dogecoin (DOGE) skyrocketed 10,000% in 2021, reaching an all-time high of $0.74. Could a new player like Rexas Finance (RXS), currently priced at $0.06, see similar growth? With forecasts predicting a strong surge post-launch, the crypto market is eager to find out if Rexas has the potential to follow in Dogecoin’s meteoric footsteps. The RXS token is positioning itself as a top contender, driven by its innovative approach to real-world asset (RWA) tokenization. As more investors explore new opportunities in crypto, RXS stands out, offering solutions that could rival DOGE’s past success. With its presale stages progressing swiftly and substantial investments already pouring in, Rexas Finance is capturing attention. Rexas Finance’s Real-World Asset Tokenization Rexas Finance has introduced a unique concept to the crypto market—tokenizing real-world assets such as real estate, commodities, and even art. Investors can now purchase fractions of these assets with ease, bypassing the traditional high entry barriers. Whether it’s full ownership or fractional ownership, Rexas has opened doors for everyday investors to own a share in lucrative markets like real estate, where high costs often prevent participation. Rexas Finance offers a suite of tools designed to simplify asset tokenization. Its Rexas Token Builder allows users to tokenize any real-world asset, enabling greater accessibility and transparency. With the Rexas Launchpad, individuals can raise funds for their tokens, bringing new projects and ideas to life. The Rexas Estate further enhances the platform’s ability to tokenize real estate, while tools like the Rexas Quickmint Bot, Rexas GenAI, and Rexas AI Shield aim to bridge the gap between blockchain technology and real-world assets. Rexas Token Sale Progress and Future Potential Rexas Finance’s token, RXS, is an ERC20 token, and its presale has already attracted strong investor interest. Stages 1-3 of the presale sold out quickly, raising $2.75 million. Now, in Stage 4, RXS is priced at $0.06, with over $3.7 million raised to date. Investors in this stage can expect a 3.3x increase in value upon the token’s official launch. RXS offers a generous staking pool, allocating 22.5% of the total supply to incentivize holders. With 42.5% of the total 1 billion tokens reserved for presale, Rexas Finance has structured its tokenomics to benefit early investors and foster long-term growth. Importantly, despite the clear demand, Rexas chose to avoid raising capital from venture capitalists, instead opting for a public presale to give everyone a chance to participate. To further engage the community, Rexas Finance has launched a $1 million giveaway, offering 20 lucky winners a chance to win $50,000 USDT each. With a strong focus on community-driven growth and innovation, Rexas Finance continues to build momentum. Why Rexas Finance Could Become the Next Dogecoin Like DOGE, which gained attention for its meme appeal and explosive growth, Rexas Finance stands to attract investors with its unique value proposition. While Dogecoin relies heavily on community-driven hype, Rexas has real-world applications and a solid foundation in asset tokenization. This difference could propel RXS beyond Dogecoin’s path, as it offers tangible benefits to investors beyond just speculation. Furthermore, Rexas Finance has gained increased visibility by being listed on CoinMarketCap, a key platform that boosts its exposure to millions of users. This listing lends legitimacy and credibility to the project, encouraging more investor interest. Community engagement has surged, and as more traders adopt RXS, liquidity and trading volume are expected to increase. Final Thoughts With a presale price of $0.06 and predictions of a Dogecoin-like rally, a surge to $17 in 2025 seems possible for Rexas Finance. By tokenizing real-world assets, including real estate and commodities, Rexas is doing more than just imitating Dogecoin’s success—it is creating a new way for investors to participate in the crypto market. With its innovative tools and strong community engagement, Rexas Finance could indeed become the next big thing in the crypto world. For more information about Rexas Finance (RXS) visit the links below: Website: https://rexas.com Win $1 Million Giveaway: https://bit.ly/Rexas1M Whitepaper: https://rexas.com/rexas-whitepaper.pdf Twitter/X: https://x.com/rexasfinance Telegram: https://t.me/rexasfinance Disclaimer: TheNewsCrypto does not endorse any content on this page. The content depicted in this article does not represent any investment advice. TheNewsCrypto recommends our readers to make decisions based on their own research.

Japan’s FSA is cautious while the U.S. and Hong Kong embrace spot crypto ETFs. Crypto gains face tax rates of up to 55%, while ETF gains are taxed at 20%. Japan’s regulatory stance on crypto exchange-traded funds (ETFs) remains cautious, even as the U.S. and Hong Kong make strides in launching spot crypto ETFs. Despite the increasing demand for these financial products globally, Japan’s Financial Services Agency (FSA) continues to play it safe. The country’s crypto investors face tax hits as high as 55% on their gains, while ETF holders enjoy a 20% rate. This stark contrast is raising questions about Japan’s reluctance to embrace spot crypto ETFs. Investors are eager for change, but regulators seem hesitant due to concerns over potential scandals. The shadow of the MTGox debacle, where over 850,000 bitcoins were stolen in 2014, still looms large over the Japanese market. Although big players in the financial industry, such as SBI Holdings and Franklin Templeton, are preparing for the possibility of spot crypto ETFs in Japan, the FSA has yet to give the green light. These firms are positioning themselves to act quickly once the rules shift in favor of crypto ETFs. For now, however, Japan remains cautious and continues to monitor global developments. The Innovation Dilemma in Japan Unlike the United States, where the Securities and Exchange Commission (SEC) is showing signs of softening its stance on crypto ETFs, Japan’s regulators remain focused on protecting consumers. They are concerned about potential market risks. Moreover, Hong Kong’s more recent initiatives to introduce spot crypto ETFs have placed even more pressure on Japan. This pressure is prompting the country to reconsider its stance. With global momentum building, Japan risks being left behind. Crypto advocates in the country argue that the FSA’s cautious approach may hold back innovation in the financial sector. By not offering crypto ETFs, Japan could be missing an opportunity to attract global investment. However, the FSA maintains that protecting investors from risk remains its top priority. Until the regulatory environment changes, the country remains stuck in a holding pattern. Big names in finance are preparing for a shift, but Japan’s regulatory caution continues to slow progress. Investors are waiting for the FSA to reconsider its position on crypto ETFs, but for now, Japan remains on the sidelines while other global markets forge ahead. Highlighted Crypto News Today Can MAGA (TRUMP) Token Sustain Its 68% Monthly Rally?

In a new technical analysis of the XRP price in the weekly chart (XRP/USD), crypto analyst Dark Defender warns of a potential last major crash. The analysis uses the Elliott Wave theory and dives into the historical and projected paths for XRP, marked by critical price levels and wave patterns. Final Crash Ahead For XRP Price? According to Dark Defender, XRP concluded its Wave 1 at a high of $0.9327 in mid July last year, significantly surpassing initial targets set when the price was just $0.28. “The ones know, know, that we targeted $0.89 and above when XRP was at $0.28. However, XRP closed the Wave 1 at $0.9327. So, we haven’t decided on that, right? We set the limits and targets and then see it. So, right after the initial target, XRP started consolidating,” Dark Defender commented. The chart analysis shows that after peaking, the price action found a firm base at $0.3917, a level that was closely approached with a touch at $0.3814, underscoring the accuracy of the predicted support levels based on the Elliott Wave theory. “We all knew that our lowest level was $0.3917, which we set. Later, XRP almost precisely touched $0.3814.We then underlined that this area was the lowest Fibonacci zone several times,” the analyst declared. Moving into more recent activity, Dark Defender has placed significant emphasis on the $0.6649 mark, describing it as an “extraordinary level” and “the strongest of all.” The analyst notes, “And as soon as we see XRP above $0.66, a day, a week, a month, then we will see tremendous moves.” However, the latest weekly Wave indicator provides a red signal, suggesting possible downward pressure. Dark Defender cautions investors, “at the moment, the weekly indicator gives us a red signal, which can be false but tells us that, guys, think about the support levels of $0.5286, $0.4850, and the lowest probability of $0.3917 as a double dip.” Although there is potential for a decline, the likelihood remains low, according to Dark Defender. “Can XRP touch here again!!! Oh God, yes but it is less likely.” Despite the short-term bearish signal, the monthly wave trend remains green, which typically overrides the weekly indicators, suggesting the red signal could be premature. “Although the weekly signals red now, the monthly wave trend is green which trumps the weekly. This made me think that the weekly is a fake signal at this stage,” the analyst explains, reinforcing the potential for continued bullish momentum in the longer term. Remarkably, the wave indicator also gave false signals on the weekly chart during the first wave, which underlines the long-term theory of Dark Defender. He still believes that XRP’s Wave 3 “possible targets are at $0.88, $5.85 and $18.22 respectively.” However, before the price can rally this high, there is one last major resistance. “As long as $0.48 and most importantly $0.3917 is maintained, XRP targets are clear, especially after $0.6649. Please do not underestimate and think what the hell is $0.66? It is the red thin line.We know, and see what is going on in the background. Less people remain on the ship, we see. But I trust myself, Ripple, and XRP. Exciting times are ahead of us,” he states. At press time, XRP traded at $0.5302.

On-chain data shows the Bitcoin Profitability Index is at 202% right now. Here’s how this compares with past bull runs of the asset. Bitcoin Average Profitability Index Has Been Rising Recently In a new post on X, CryptoQuant author Axel Adler Jr. discussed the latest trend in the Average Profitability Index of Bitcoin. The “Average Profitability Index” is an on-chain indicator that tells us about how the spot price of the asset compares against its realized price. The “realized price” here is a measure of the cost basis of the average investor or address on the Bitcoin network. The Average Profitability Index is calculated as a percentage, with the 100% mark corresponding to the spot price being equal to the realized price. When the value of this indicator is greater than 100%, it means the asset is currently trading above the cost basis of the average investor, so the overall market could be assumed to be in a state of profit. On the other hand, it being under this cutoff suggests the holders as a whole are carrying their coins at a net unrealized loss. Now, here is a chart that shows the trend in the Bitcoin Average Profitability Index over the past decade: As displayed in the above graph, the Bitcoin Average Profitability Index has been above 100% since last year, which suggests the investors as a whole have been enjoying profits. The indicator’s value had spiked to particularly high values earlier in this year when the rally towards the new all-time high (ATH) had occurred. With the latest recovery run that the coin has seen, the indicator has been picking up once again, although it’s still a notable distance away from the level seen during the ATH. At present, the BTC Average Profitability Index is floating around 202%, which implies the spot price is double that of the realized price. Historically, the indicator reaching extreme levels has generally led to tops for the asset. This is because the investors’ temptation to participate in profit-taking increases the larger their gains. “When the index rises above 300%, investors are likely to start taking profits actively,” notes the analyst. The chart shows that the last two times that the Bitcoin Average Profitability Index surpassed this 300% mark was during the heights of the 2017 and 2021 bull runs. Thus, according to this historical pattern, Bitcoin’s current bullish period may not end until the indicator enters the zone above 300%. BTC Price At the time of writing, Bitcoin is trading at around $67,400, up 1% over the last seven days.

Singapore, Singapore, October 23rd, 2024, Chainwire On October 23, MEETLabs officially announced the launch of its incubated TON ecosystem fishing clicker game, COINFISH. As of now, the Telegram community channel has surpassed 130,000 users. COINFISH (https://t.me/CoinfishBot) is a Web3 game combining fishing and simulation management. In the game, players engage in fishing by clicking to feed stray cats, participate in the fish market management, and nurture the cats, enriching the game’s interactivity and entertainment. Players can also receive in-game cash rewards by inviting friends to join the game. It is reported that COINFISH (https://t.me/CoinfishBot) is set in a fictional world where it tells the story of a group of stray cats and the polar bear Og’s adventures. In this world, due to war and environmental pollution, the ecosystem has been destroyed. The stray cats rebuild their home in “Pearl Bay” and begin a new life. The game’s character design is inspired by popular brand icons such as the Sanrio family, which potentially enhancing the game’s appeal and cultural resonance. Og, the polar bear and star of the circus, is intelligent and brave, and together with the stray cats, embarks on a journey to find a new home and save the Earth’s environment, becoming their loyal companion and bodyguard. Over time, their life in “Pearl Bay” becomes more colorful, as they accumulate a large amount of fish coins and build deep friendships through mutual support and encouragement, bringing peace and beauty to this fragile world. The game features of COINFISH (https://t.me/CoinfishBot) include a parallel combination of fishing and simulation management modes. Players are not required to be online continuously to fish; they can increase the “hourly profit” parameter through fish market simulation management. The game has a referral system and diverse gameplay, with daily activities and task systems to simplify the gaming process, allowing players to earn daily rewards and engage in beneficial interactions with friends. Players can also invite friends to join the game and earn in-game cash rewards. Additionally, players can create their own cat-raising circle, invite friends to jointly care for virtual cats, share Bonus rewards, enhancing the social aspect and engagement of the game. Furthermore, MEETLabs’ incubated Crypto Gaming project, CryptoPlay, includes a series of large-scale Web5.0 game products such as CoinFishing, CoinHunting, and Monopoliverse (available for both PC and mobile). These games utilize neural networks and AI deep learning technologies to achieve deep matching and dynamic balancing of user parameters and in-game values, delivering highly personalized experiences for each player. This brings significant iterative advancements to traditional gaming products. Among these, CryptoPlay’s first release, CoinFishing, is set to launch in Q4 2024, further enriching and deepening the gameplay experience of COINFISH (https://t.me/CoinfishBot). As the pre-launch operational phase of the fishing game CoinFishing, COINFISH will continue to provide more Play2Earn opportunities for community contributors and highly engaged players. About MEETLabs MEETLabs is an innovative lab focusing on blockchain technology and the cryptocurrency field, and also serves as the incubator of MEET48. MEET48 is considered one of the largest Web3 application project teams globally, with a technical and R&D team of 500 people, spanning regional operational networks in Singapore, Hong Kong, Taipei, Tokyo, Seoul, and Dubai. MEET48 aims to achieve mass adoption of Web3 technology through its AI UGC content ecosystem, focusing on AIGC (Animation, IDOL, GAME, and Comics) for Gen Z trend entertainment content, as well as its graphical and intelligent metaverse social platform. MEET48 Official Website: https://www.meet48.xyz/ Twitter (X): https://x.com/meet_48 Telegram: https://t.me/MEET_48 Discord: https://discord.gg/meet48 Contact Marketing Director Siyu Yang MEET48 [email protected]

MAGA token faces volatility amid US election tensions and trader uncertainty. Dormant wallet withdrawal signals potential strategic movements affecting market dynamics. The current US election cycle has not only ignited political discourse but also intensified activity in the world of PoliFi tokens. The MAGA token, which saw a meteoric rise to $3.35 with a triple-digit surge earlier, is now down by 4% over the last 24 hours, trading at $3.07. This sudden drop follows a broader downturn in similar politically themed tokens such as PEOPLE, TREMP, and STRUMP, all facing declines ranging from 2% to 8%. Despite this short-term drop, TRUMP remains up 68% for the month, perplexing traders with its volatility. The token’s correlation with political headlines suggests that the fluctuation may be driven by market sentiment linked to election news. Meanwhile, a dormant wallet’s recent activity added fuel to the speculation. After two months of inactivity, this wallet withdrew 4.26 million TRUMP tokens (worth $13.9 million) from the MEXC exchange, prompting theories about possible election-related strategic plays. What MAGA Traders Can Look Forward? Technical indicators for MAGA (TRUMP) suggest that the token is testing a support level around $3, with resistance near $3.40. A breach below support could result in further losses, while holding this level might signal a potential rebound, especially as political drama surrounding the elections continues to unfold. TRUMP Prie Chart, Source: Sanbase Traders remain cautious but hopeful that political developments and social media buzz could drive the next wave of growth for MAGA and other PoliFi tokens . Given the high sensitivity to news cycles, market players are likely to rely on sentiment-driven strategies in the near term. The daily RSI of the MAGA is at 46, indicating that is nearing oversold condition, stressing the prevailing bearish momentum. With elections around the corner, both the political and crypto landscapes are expected to stay intertwined, with tokens like MAGA poised to react to even the slightest shift in electoral momentum. As always, market participants should brace for continued volatility. Highlighted News Of The Day Vitalik Buterin Charts Ethereum’s Next Phase with ‘The Verge’