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Polkadot (DOT) Inks 10% Rally In Last 7 Days, Makes Case As ‘Non-Security’ Asset

Polkadot (DOT) is riding a solid bullish momentum that enabled it to stay in the green for the past 24 hours and maintain significant gains in the last seven days.

According to tracking from Coingecko, at the time of writing, DOT is changing hands at $4.69, tallying a weekly hike of 10%.

Moreover, the 13th largest cryptocurrency in terms of market cap has managed to trim its 30-day losses down to just 11.4% although it is still several miles away from its all-time high value of $54.98%.

Holders, though, need to be cautious as some of its technical indicators show that Polkadot’s surge might be short-lived.

DOT might soon experience strong selling pressure as indicated by its Relative Strength Index (RSI) which is currently hovering at the 50% region.

DOT No Longer A Security

Although there’s a lot of uncertainty in DOT’s future as far as trading price is concerned, it would seem that the crypto asset has put itself in a very good position to avoid being choked by strict regulations that threatens the broader crypto space.

Following the collapse of the FTX exchange platform that made investors lost a lot of money and the continued proliferation of crypto scams, analysts expect that international governments will soon bring the hammer down to better regulate ownership, selling, buying, trading and use of cryptocurrencies.

Polkadot, however, could be safe from this looming threat as according to Web3 Foundation, the altcoin is no longer considered as a security but more like a software.

In addition, the team behind the project have been proactively working with the U.S. Securities and Exchange Commission (SEC) for a more sensible regulation.  In doing so, DOT might have just saved itself from this market landscape-changing development.

Polkadot Price Forecast

As there is no clear timetable yet for the enforcement of additional regulations for the crypto space, DOT investors need to turn their focus first on what awaits the digital asset in the days to come.

According to Coincodex, Polkadot’s price is poised slightly increase within the next five days as the digital currency is forecasted to change hands at $4.73.

The 30-day forecast for the altcoin is also bullish as it is predicted to make a significant jump from its current trading value all the way up to $6.26.

-Featured image: Coin Guru

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XRP Spikes 2% In Past 24 Hours Despite Recent Bearish Developments

Ripple has been locked in a bitter court battle with the U.S. Securities and Exchange Commission regarding whether XRP should be classified as a security or not.

Ripple’s CEO, Brad Garlinghouse, recently tweeted about him being optimistic but cautious of what 2023 brings in terms of regulations. 

Because of this, XRP has been trading sideways, a movement not altered since FTX’s collapse. Adding to the downward pressure is the significant whale activity on the market. According to Whale Alert, whales have been moving hundreds of millions worth of XRP to the open market with the biggest transfer worth $92 million. 

However, the market seems bullish despite recent bearish developments as XRP, as of writing, went up by 2% in the past 24 hours. XRP is currently trading at $0.3435, down 0.5% in the last seven days, data by Coingecko shows.

What XRP’s Case Mean For Crypto And Its Price

The day the SEC filed the complaint, December 21, 2020, XRP fell by 67.13% on the charts. However, December 5 proved to be a day XRP holders should rejoice. According to a report, the SEC failed to satisfy the three elements of the Howey Test which determines whether the asset is a security or not. 

This is a big win not just for Ripple but for the entire crypto industry as this would legitimize crypto’s place in the financial space. With the company and community hopeful for a win, Ripple released to escrow over 55% of XRP’s total supply out of which is a billion XRP. 

Although the market is very hopeful for a win, Garlinghouse’s statement shows a very mixed sentiment about what 2023 will bring for the company and for the world of crypto.

But he is very clear on what could – or better yet, should – happen this year; break the status quo in the current U.S. legislation about what crypto should and shouldn’t be or America will lose its innovation leader status. 

Investors Should Watch Out For This…

Currently, the sideways market movement could be broken in the next few weeks. As of writing, investors and traders of the token are pushing the price up to test the $0.3680 price resistance range. 

With low correlation with Bitcoin and Ethereum, it might only be slightly dampened by bad macroeconomics as recession fears grow. 

Crypto market FUD (fear, uncertainty and doubt), however, might become a problem. As of now, two events are sending negative signals to investors of crypto. First is Huobi’s decision to lay-off 20% of its workers, and the second is the Genesis-DCG fiasco. 

Any negative developments here might affect XRP’s ability to test its current resistance range. As the situation develops, investors and traders should capitalize on the token’s current bullish momentum.  

-Featured Image: The Daily Hodl

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Binance Acquisition Moves See BNB Riding A Wave of Enthusiasm

Crypto exchange Binance and its CEO Changpeng Zhao are making headlines once again as news of the company’s acquisition moves hit the industry.

According to recent news, Binance acquired a 41% stake on Korean crypto exchange Gopax. The deal was originally scheduled to be revealed last year, and it involved Binance buying the stock holding from Lee Jun-hang, Gopax’s top stakeholder.

BNB, Binance’s native token, took the news to heart with a weekly gain of 5.5%. As of this writing, BNB is trading at $255, data from Coingecko shows.

Binance And South Korea, A Mixed History

This has not been the first time Binance entered a business venture in Korea. In the period of 2020 to 2021, Binance KR trading pairs and a hard shutdown of the service in the country was completed. This was due to tight crypto regulation in the country. 

Gopax was hit hard after FTX collapsed. During this time, the exchange experienced a liquidity problem forcing the Korean exchange to suspend payments.

With the onset of Binance capital flowing into the exchange, we can expect Gopax to rebound from last year’s disaster. 

Binance, on the other hand, promised to comply with local regulation as they partnered with the port city of Busan in August of last year. This partnership will develop the city’s blockchain infrastructure for its future city-backed digital asset exchange. 

What Does This Mean To BNB?

With almost no barrier now, this development should push through in the coming weeks as the acquisition is being finalized. With this in mind, Binance’s presence in South Korea would further cement the company as a major player in the centralized exchange market. 

However, one can’t be too sure of the future. Nearly a month ago, a Reddit post regarding Binance’s supposed audit exposed a concerning development.

According to a post, the “audit” was not actually an audit but only an Agreed-Upon-Procedure (AUP) which does not guarantee the truth of its proof-of-reserves. 

Not to mention that right now, the company is under fire from the SEC as it aggressively tries to acquire Voyager Digital. Whether this acquisition pushes through or not, BNB bulls are poised to breach the $281 price resistance level. 

However, with the token being highly correlated with Ethereum, we might see BNB drop if macroeconomic indicators reveal a worsening situation. For now, investors and traders of BNB should consolidate their gains at $252. 

If ever the bears claw back their spot in the market, BNB can fall back to $240 for a reliable support range. With the Consumer Price Index (CPI) data being rolled out next week, investors and traders should be prepared to deal with volatility as any movement in ETH will determine whether BNB will go up or down. 

-Featured Image: CPA Practice Advisor