**News Flash: Salvadorans Say "No Thanks" to Bitcoin Transactions**
- Despite President Bukele's grand Bitcoin ambitions, a recent survey shows 92% of Salvadorans prefer to keep their wallets crypto-free. 🪙
- Only 7.5% of respondents use Bitcoin for transactions, a slight dip from previous surveys.
- While Bukele's crackdown on gangs gets a thumbs-up, Bitcoin isn't winning hearts, with just 1.3% seeing it as the future.
- Education and industry are the real MVPs for Salvadorans, who believe these should be the country's main focus.
Stay tuned for more crypto updates!
🚀 Coinbase's Security Chief, Phillip Martin, is on a mission to school lawmakers and the public on the real deal with crypto! At the Ripple Swell conference, Martin emphasized that educated lawmakers make better decisions, preventing "bad laws" that stifle innovation.
- Martin debunked the myth that crypto is the "king of illicit finance," revealing that only 0.34% of crypto transactions are illicit, compared to 33% of cash.
- With the US elections looming, Martin is optimistic about a friendlier crypto stance from future leaders.
Stay tuned, the crypto class is in session! 📚
**Crypto Education Key to Better Laws, Says Coinbase Security Chief**
Coinbase is on a mission to educate both the public and lawmakers about cryptocurrency, aiming to dispel myths linking crypto to illicit finance. Speaking at the Ripple Swell conference, Coinbase's Chief Security Officer Phillip Martin emphasized that informed lawmakers make better decisions, while a lack of education can lead to restrictive laws that stifle innovation.
Martin highlighted Coinbase's efforts to inform U.S. lawmakers about the robust consumer protection and security measures in place to combat illicit activities in the crypto space. He pointed out that only 0.34% of crypto transactions are illicit, compared to 33% of cash transactions used for criminal activities.
Martin also noted that the transparency of blockchain technology allows for better tracking of transactions, a level of visibility that is "impossible" in traditional finance. With upcoming U.S. elections, Martin is hopeful for a more crypto-friendly administration, noting a shift in the Democratic party's stance towards a fairer financial system.
**Bitcoin ETF Netflows: Retail Traders' Indirect Influence**
Recent analysis reveals that Bitcoin ETF netflows, typically associated with institutional activity, also indirectly represent retail trader involvement. Retail traders increasingly participate in Bitcoin ETFs through retail brokerage platforms, especially in regions where direct crypto exchange access is limited. Platforms like Robinhood and E*TRADE in the U.S. exemplify this trend, making Bitcoin ETFs accessible to retail investors.
Key observations indicate that significant netflows, marked by red rectangles, often correspond to notable changes in Bitcoin's price. However, positive netflows exceeding 400M USD in Bitcoin ETFs do not consistently lead to sustained price increases and frequently coincide with price corrections.
**Bitcoin ETF Netflows: Retail Traders' Growing Influence**
Recent analysis reveals that Bitcoin ETF netflows, traditionally linked to institutional activity, are increasingly influenced by retail traders. Retail investors are accessing Bitcoin ETFs through platforms like Robinhood and E*TRADE, especially in regions where direct crypto exchange access is limited. This trend highlights the growing role of retail investors in the crypto market.
Key observations indicate that significant netflows, marked by red rectangles, often align with notable Bitcoin price changes. However, positive netflows exceeding $400M USD do not consistently lead to sustained price increases and have sometimes coincided with price corrections.
**Crypto City Project Secures $525M Funding**
Praxis, an ambitious project aiming to create a tech-friendly city with fewer regulations, has announced a $525 million funding pledge. The funding comes from various firms, including crypto lending platform Arch Lending and investment firm GEM Digital.
- **Funding Breakdown**: GEM Digital is contributing $500 million, with Praxis needing to list crypto tokens on a public exchange to access the capital. Arch Lending is adding $25 million.
- **Project Goals**: The city aims to reduce regulatory barriers for companies in AI, crypto, biotech, energy, and advanced manufacturing.
- **Location & Timeline**: Potential locations include Latin America and the Mediterranean, with a final site selection expected by early 2025. The initial phase will cover 1,000 acres and house 10,000 people.
- **Previous Attempts**: Similar projects like Akon City and Satoshi Island have struggled to progress, raising questions about the feasibility of such grand plans.
Praxis, founded in 2019, has previously raised capital from notable venture firms and aims to demonstrate that building a great city in the 21st century is possible.
📊 LTC/USDT Chart Analysis and Prediction
🔍 Pair Overview:
This 4-hour chart of LTC/USDT shows Litecoin trading at $71.87, marking a +7.69% increase for the day 🚀. It reflects strong upward momentum following a breakout from a recent low of $59.00.
📈 Bollinger Bands Analysis:
•Upper Band: $71.31. •Mid Band: $66.91. •Lower Band: $62.51
The price has broken above the upper Bollinger Band, indicating an overbought condition and strong bullish momentum 🔥. This typically suggests an ongoing rally but can also indicate a potential short-term pullback, especially if buyers become exhausted. Immediate support may be found at the mid-band near $66.91 in case of a retracement.
📊 RSI Analysis:
•RSI(6): 90.34. •RSI(12): 83.32. •RSI(24): 73.40
The RSI is showing highly overbought conditions, especially the shorter-term RSI(6), which is over 90 ⚠️. This suggests that while the rally is strong, there’s a high risk of a pullback as prices are potentially overextended. A correction toward more neutral RSI levels (around 50-60) is plausible in the near term.
🚀 Trend Momentum:
• Recent Low: $59.00 on August 27.
• Current High: $73.07.
• The pair has surged after a period of consolidation, breaking resistance at around $68.61.
🔮 Doc’s Prediction
Given the strong breakout, LTC/USDT is likely to test $74 - $75 in the immediate term if bullish momentum continues. However, the overbought RSI suggests that a correction to $66 - $67 is very likely in the next few sessions. 📉
$LTC
{spot}(LTCUSDT)
#TrumpDeFi #MemeCoinTrending #USStockEarningsSeason #GrayscaleConsiders35Cryptos #BTCSurges67K
📊 TNSR/USDT Chart Analysis and prediction 🚀
🔍 Pair Overview:
This is a 4-hour chart for TNSR/USDT, currently trading at $0.3942, with a notable increase of +7.76% 📈. Key technical indicators like Bollinger Bands (BB) and Relative Strength Index (RSI) are displayed, providing insights into the current market momentum.
📈 Bollinger Bands Analysis:
•Upper Band: 0.4024. •Mid Band: 0.3612. •Lower Band: 0.3203
The price is trading near the upper Bollinger Band, indicating strong bullish pressure 🚀. Although this suggests potential continuation of the uptrend, it also signals the asset might be approaching overbought levels. If the price breaks above the upper band, we could see a further rally. However, a possible consolidation could occur around the mid-band at $0.3614 if momentum fades.
📊 RSI Analysis:
• RSI(6): 70.3807. • RSI(12): 68.9608. • RSI(24): 63.7246
The RSI(6) is hovering just above 70, suggesting that the market is entering overbought territory ⚠️. While this can be a sign of strong upward momentum, it also increases the likelihood of a short-term pullback. Traders should be cautious of potential retracements in the coming sessions.
🚀 Trend Momentum:
• The price hit a low of $0.2840 on September 10 and has since been on a steady climb 🔼.
• After reaching a peak of $0.4464, the price pulled back but has resumed its upward trajectory, recently bouncing off support near $0.3354.
🔮 Doc’s Prediction
The bullish momentum is likely to continue in the short term, with the price possibly testing the upper resistance at $0.41 - $0.42. However, given the current RSI levels, a retracement could bring the price back toward $0.36 or the mid-Bollinger Band range before resuming upward movement.
$TNSR
{spot}(TNSRUSDT)
#TrumpDeFi #MemeCoinTrending #USStockEarningsSeason #GrayscaleConsiders35Cryptos #BTCSurges67K
🚀 Ethereum's Layer 2 Boom! 🚀
📊 Despite a dip in DEX market share, Ethereum's Layer 2 solutions are thriving! CoinGecko's Q3 report shows a 17.2% rise in L2 transactions, hitting nearly 10M daily by September's end.
🔗 Base, Coinbase's Ethereum L2, surged with a 31.4% market share gain, overtaking Arbitrum. Solana also made waves, ending Q3 with a 22% share.
💬 What do you think about Ethereum's future? Drop your thoughts below! 👇
#Ethereum #Layer2 #CryptoNews #DeFi
Source: CoinGecko