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Benzinga – by Mehab Qureshi, Benzinga Employees Author.
Main cryptocurrencies surged on Friday following reviews that international monetary powerhouse JPMorgan is venturing deeper into the world of cryptocurrencies. The corporate is alleged to be growing a cutting-edge blockchain-driven answer to facilitate seamless cross-border transactions.
| Cryptocurrency | Features +/- | Value (Recorded 9:30 p.m. EDT) |
| Bitcoin (CRYPTO: BTC) | +2.30% | $26,308 |
| Ethereum (CRYPTO: ETH) | +1.17% | $1650 |
| Dogecoin (CRYPTO: DOGE) | +0.37% | $0.063 |
What Occurred: Based on a Bloomberg report, JPMorgan has made important progress in growing the mandatory infrastructure to facilitate the implementation of a brand new deposit token. Initially, this token shall be launched for company purchasers with the purpose of streamlining fee and settlement processes.
Deposit tokens, not like stablecoins, are issued on a blockchain by a depository establishment to symbolize deposit positions. Nevertheless, it is very important observe that the system will solely change into out there as soon as regulatory approval is obtained in the US.
Crypto change Binance is increasing its zero-fee buying and selling promotion to incorporate forex spot buying and selling pairs in Argentina, Brazil, and South Africa. Beginning this Friday, Binance customers can commerce in style cryptocurrencies equivalent to Bitcoin, Ether, and Tether’s USDT stablecoin with the Argentine peso, Brazilian actual, and South African rand on the spot market with out incurring any maker charges.
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Prime Gainer (24 Hour)
| Cryptocurrency | Features +/- | Value (Recorded 9:30 p.m. EDT) |
| Render | +6.05% | $1.49 |
| Astar | +5.04% | $0.06083 |
| XDC Community | +4.94% | $0.05667 |
Presently, the worldwide crypto market capitalization stands at $1.04 trillion, a 0.2% enhance within the final day.
The Nasdaq Composite recorded its fourth consecutive session decline on Thursday, as worries in regards to the Federal Reserve’s rate of interest coverage path resurfaced. There are issues relating to whether or not policymakers will implement one other hike this 12 months. Amid this, the tech-heavy Nasdaq skilled a 0.89% drop, whereas the S&P 500 slipped by 0.32%.
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Analyst Notes: Michael Van de Poppe highlights that Bitcoin is presently sustaining an important stage of help at round $25,500. Nevertheless, the upcoming month of September might be a difficult one for cryptocurrency. Bitcoin is presently resting on the 200-Week Transferring Common (MA), which is a vital help stage that it ought to ideally maintain onto. By inspecting the historic and cyclical facets of the market, we will draw just a few conclusions.
In earlier years, each August and September have been unfavorable months for Bitcoin, notably in pre-halving years. For instance, in August 2015, there was a substantial correction towards the 200-Exponential Transferring Common (EMA), however Bitcoin by no means closed under it. Equally, in August 2019, there was a considerable correction, adopted by a smaller one in November of the identical 12 months.
Crypto Tony’s pleasure is palpable as he broadcasts, “Alerts simply went off for Bitcoin breaking resistance .. Guess I am up for just a few extra hours.”
Pseudonymous analyst
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