$BTC 24 Hour High $20,561.13
$BTC 24 Hour Low $19,563.18
$ETH 24 Hour High $1,506.23
$ETH 24 Hour Low $1,425.17
Happy Wednesday from HKbitEX! Highlights from the week:
- China begins next phase of CBDC testing with e-CNY payment for public transport
- Dubai issues crypto marketing rules to better protect investors
- Russian PM takes cue from Iran’s crypto payment permit for imports
The $BTC and $ETH market
The price of BTC has experienced another significant decline of roughly 8% in 24 hours after breaking below the 50-day moving average line and a retest of it to confirm as support turned resistance. The bulls are fighting to hold the $20,000 level and several altcoins have seized upon the range-bound trading by rallying up to 10%. Buyers have pushed the price back above $20,000 on Aug. 29, which shows strong demand at lower levels.
The United States equities markets are attempting to stabilize after the carnage on Aug. 26. Although several analysts are bearish on Bitcoin in the near term, it has not stopped the whales from accumulating at lower levels. Data from on-chain research firm Santiment shows that the number of whale addresses holding between 100 to 10,000 Bitcoin has risen by 103 in the past 30 days.
Ether (ETH) turned down from the 20-day EMA ($1,638) on Aug. 26 and broke below the neckline of the head and shoulders pattern. This completed the bearish setup, indicating that the sellers are in control.
JPMorgan Strategist Advises Investors to Sell Bitcoin, Crypto After Fed’s Hawkish Stance
With the US Federal Reserve firming up its ante against inflation and dismissing discussions about any softening of monetary policy. JPMorgan’s chief global strategist, David Kelly, has made some suggestions for crypto investors concerned about the direction of the market.
Mainstream adoption & What’s in the news…
China officially began rolling out the next round of its central bank digital currency (CBDC) pilot test program. In the city of Guangzhou, it is now possible to pay for public bus rides with the digital yuan (e-CNY) CBDC on 10 transit routes, which is a first for the country. To do so, passengers simply need to download the e-CNY app, deposit funds and scan the QR code located in the bus payment section to pay for their ride.
Dubai’s Virtual Asset Regulatory Authority (VARA), the city’s dedicated crypto regulator, reportedly announced new regulatory guidelines on the marketing, advertising and promotions of virtual assets on Thursday.
In the rules, the VARA referred to all forms of outreach, communications and advertising, dissemination of information, building awareness, customer engagement, investor solicitation and others, the local news agency Gulf News reported.
Russia may soon be taking a cue from Iran by using cryptocurrencies for imports, according to comment the Russian prime minister. The prime minister added that digital assets provide a good opportunity to ensure uninterrupted payments for imports and exports.