Crypto Market Overview May 9th | Dex-Trade

BTC Flies Nowhere: Red Stripe of Crypto-Gold Dragged on For 6 Weeks

Today, Bitcoin opened the trading week with new anti-record: after yesterday’s and today’s drawdowns, the price of the digital asset “dived” below $33,000, marking the seventh consecutive week of the red market. The last time such a long downtrend was recorded in 2014, and BTC is now worth less than 50% of its November ATH. Now the coin is trading at the prices of July last year, despite the fact that no bullish signals are visible on the chart. Analysts are already noticing many similarities between the current state of crypto gold and the situation occurring at the end of September 2014. Both events take place 2 years after the halving, which is a period that is usually associated with bullish price development. By the way, in 2014, the downtrend did not stop, but only slightly corrected until the next crash in January 2015, when BTC hit a low of $155 per coin, which has not been repeated since. Thus, crypto experts recommend preparing yourself for the fact that the current price collapse may not be the last. According to market analyst Dylan LeClair calculations, based on data from Glassnode, the bottom of the downtrend should be sought at the level of the BTC realization price: it’s calculated by dividing the cost of buying all existing coins by the number of coins in circulation. At the moment, this price is $24,300. That is, it’s too early to relax…

 

Coinbase is Going to Close Accounts of Users from RF at The End of May

Representatives of the cryptocurrency exchange Coinbase have notified some russian clients that if they cannot prove that they are not under the sanctions of the EU, Britain, the United States and Japan, then their accounts may be blocked as early as May 31. At the same time, in a notification from the trading platform, users are offered to withdraw their funds if they cannot refute their presence on the blacklist of private traders and officials who support the war crimes of the russian dictator's army: “Until May 31, 2022, you must withdraw all funds from your account or provide us with special documents that confirm that you do not fall under these sanctions,” — the warning says. So, after this date, the funds on the accounts of sanctioned clients will be frozen, but something else is interesting: all assets transferred to accounts in the future will also be blocked, and there is no data on the terms and conditions for blocking accounts yet. Although, this step could be considered really useful only in the absence of such a warning. Recall that the current restrictions followed the fact that last month a ban on storing more than $11,000 for users from RF and Belarus was announced on the Binance crypto exchange.

 

Japanese Car Dealer Launches Sale of Used Cars for BTC and XRP

SBI Motor Japan, owned by SBI Africa Co., Ltd., has announced that its customers will now be able to pay for their used car purchases with BTC and XRP. Company representatives said that payments in BTC and XRP will be made at SBI VC Trade Co., Ltd, a cryptocurrency exchange owned by SBI Group. At the same time, the corporation promises to use all necessary security methods to prevent money laundering and terrorist financing through cryptocurrency transactions. The addition of crypto support is due to the growing demand for cryptocurrencies in developing countries, especially in Africa, where people still do not have access to centralized banking services. By the way, this is also a significant event for Ripple, as XRP will be used for the first time on a cross-border e-commerce site in Japan. According to Aliasgar Merchant, Developer Relations Engineer at Ignite, the support for XRP outside of the US is a great indicator that the US Securities and Exchange Commission’s lawsuit against Ripple as early as 2019 “shall not deter a technology from adoption.”