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Notcoin's fight for survival
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US Senate Democrats urge action against crypto ATM fraud targeting seniors
Key points:
US Senate Democrats urge action against crypto ATM fraud targeting seniors.
Bitcoin ATM fraud losses reached $65 million in the first half of the year.
News - A group of US Senators has called on leading crypto ATM operators to take immediate steps to prevent widespread fraud targeting elderly Americans.
The lawmakers, led by Senate Judiciary Committee Chair Dick Durbin, cited a significant rise in Bitcoin ATM scams that have resulted in substantial financial losses.
In letters addressed to ten major crypto ATM operators, the lawmakers highlighted the disproportionate impact of these scams on older adults, who are often more vulnerable to such schemes.
The Senators urged the crypto ATM operators to implement robust measures to protect consumers, including warning them about potential scams, setting transaction and deposit limits, and providing insurance against fraud.
They emphasized the need for the companies to take proactive steps to address the growing problem of elderly exploitation through crypto ATMs.
The call for action comes amidst a surge in crypto-related fraud cases. According to the Federal Trade Commission, losses from Bitcoin ATM scams have increased tenfold since 2020, with elderly individuals accounting for a significant portion of the victims.
ETH drops 6% amid Trump incident, anticipated rate cuts, and flood of ‘FUD’
Key points:
ETH drops 6% amid Trump incident, anticipated rate cuts, and flood of ‘FUD.’
The upcoming Federal Reserve rate announcement could further impact crypto markets.
News - Ether has experienced a significant decline in the past 24 hours. The asset's price has tumbled by 6%, falling from an intraday high of $2,425 to a low of $2,260. This marks the lowest level for Ether since January.
The broader crypto market has also faced challenges, with the total market capitalization retracting by 4.5% to $2.12 trillion. However, Ether has borne the brunt of the decline, outperforming the overall market downturn.
What contributed to ETH’s fall - Negative sentiment on social media platforms, particularly X, has contributed to the downward pressure on Ether's price. Analysts and industry observers alike have expressed concerns about the asset's prospects, with some even comparing it to the Brazilian footballer Neymar Junior.
The upcoming Federal Reserve rate announcement has also added to the uncertainty surrounding crypto markets. While the odds currently favor a 50 basis point rate cut, there is still a possibility of a smaller 25 basis point reduction. Analysts have suggested that a rate cut could lead to a dip in crypto prices, including Ether.
Despite a second assassination attempt on former US President Donald Trump, which had a temporary positive impact on crypto markets in July, the incident did not appear to have a significant effect on Ether's price during this latest downturn.
Circle advocates for global Stablecoin regulations as adoption grows
Key points:
Circle, the issuer of USDC, believes stablecoins will become mainstream.
Global regulatory harmonization is crucial for stablecoin issuers.
News - Circle, the company behind the world's second-largest stablecoin USDC, is confident that stablecoins will become a mainstream form of money, Dante Disparte, Circle's chief strategy officer stated.
Disparte highlighted the growing interest in stablecoins from various financial institutions as a strong indicator of their enduring popularity. He emphasized the importance of global regulatory harmonization to ensure compliance for all payment stablecoin issuers.
What’s more? As Circle prepares to relocate its headquarters to New York in early 2025, Disparte pointed out the need for a clear regulatory framework in the United States. The absence of such a framework could create opportunities for illicit activities and undermine American interests.
The stablecoin bill, introduced by the House Financial Services Committee in July 2023, has gained significant support and momentum. Disparte urged Congress to pass this bipartisan legislation, which would establish essential standards for anti-money laundering, counter-terrorism financing, and sanctions compliance for all stablecoin issuers.
Bearish momentum builds as Notcoin struggles to maintain support
Key points:
Notcoin has maintained price stability due to multiple support levels.
A breach of the $0.00732 support level could lead to a significant price decline.
News - Notcoin (NOT), the cryptocurrency linked with Telegram, has shown signs of short-term consolidation since early September. Despite several support levels helping it avoid sharp declines in recent months, the coin is approaching a critical threshold.
A key support level to monitor is $0.00732; if Notcoin drops below this point, it could face substantial losses, potentially leading to a severe downturn.
The Relative Strength Index (RSI) for Notcoin is on a downward trajectory, indicating a bearish outlook. Since mid-July, the lack of bullish momentum has negatively impacted market sentiment around the altcoin. The RSI’s decline reflects a decrease in buying pressure, which could further affect Notcoin’s price if not reversed.
More details - Despite these bearish indicators, there is a glimmer of hope from the Chaikin Money Flow (CMF) indicator. The CMF suggests that investor interest persists, with gradual increases in inflows. A significant rise in the CMF, particularly if it crosses into positive territory, might help stabilize Notcoin’s price.
Currently priced at $0.00744, Notcoin hovers just above the crucial support level of $0.00732. If it can maintain this support, there is potential for a rebound toward $0.00855. However, if the negative trend continues, the coin could drop to $0.00572, representing a 23% decline, and lack of strong support at this level might intensify the drop.
More stories from the crypto ecosystem
Did you know?
There exist over 12,000 cryptocurrencies, some on centralized exchanges, while others are on DEXes and require their own wallets. However, the top 20 cryptocurrencies make up 87% of the crypto market cap.
Cryptocurrencies are favored due to their cryptographic algorithms, generally perceived to be unbreakable. However, quantum computers can easily break these encryption methods.
Every day, there are over 1.1 million Ethereum transactions, around 6 times more than Bitcoin on average. Its main use case is to conduct transactions on the Ethereum network itself. However, ETH is used for online gambling and sports betting too, due to its anonymity and transaction speeds.
Top 3 coins of the day
Kaspa (KAS)
Key points:
At press time, KAS was trading at $0.1727.
It was up 14% over the last seven-days.
What you should know - Based on the chart, KAS/USDT is currently trading within a symmetrical triangle pattern, suggesting consolidation before a potential breakout. The Bollinger Bands are contracting, indicating decreasing volatility, and the price is approaching the upper band, which could signal a move higher if bullish momentum continues. The recent bounce from the lower band shows buyer interest at support levels. The Choppiness Index (CHOP) is at 41.70, suggesting the market is in a neutral phase, with no strong directional bias yet. A breakout above the upper trendline of the triangle could lead to further upward movement, with resistance likely around $0.18. Conversely, a break below the lower trendline could see the price retest support levels near $0.15.
Injective (INJ)
Key points:
At the time of writing, INJ was trading at $18.81.
It was up by 12.88% over the past week.
What you should know - The chart for Injective (INJ) shows a descending wedge pattern, which is typically a bullish reversal signal. The price has recently bounced from the lower trendline of the wedge, indicating buyer interest at lower levels. A breakout above the upper trendline could signal further upward momentum. The MACD indicator displays a bullish crossover, with the MACD line crossing above the signal line, suggesting a shift towards bullish momentum. Volume has also increased, supporting the potential for a breakout. Immediate resistance is near the $22 level, which aligns with the upper wedge trendline. A successful breakout could push the price towards $24 and higher. Conversely, failure to break above the wedge could lead to a retest of the support around $16.
Binance Coin (BNB)
Key points:
On 16 September, BNB was trading at $551 with a premium of 0.73% over the last day.
Bulls had a slight dominance on a lower timeframe.
What you should know - The BNB/USDT chart indicates a consolidation phase within a descending triangle pattern, typically a bearish formation. The price is currently testing the upper trendline of the triangle around $551, which aligns with the 200-day EMA, a significant resistance level. The RSI is around 57.32, suggesting that momentum is neutral but slightly leaning towards bullish territory. If BNB breaks above the descending trendline and the 200-day EMA, it could indicate a bullish reversal, with potential targets around $600. However, failure to break above this resistance could lead to a retest of lower support levels near $520 and possibly down to $480.
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