Author: Defx Intern

In a significant move towards dedollarization, Russia and Ethiopia are strengthening their currency ties to bolster economic stability and decrease dependence on foreign exchange. This development is part of a broader global trend of countries shifting away from the U.S. dollar in international trade.

The deepening of currency ties between Russia and Ethiopia underscores the growing importance of establishing alternative financial frameworks that provide greater autonomy and resilience. By reducing reliance on the U.S. dollar, these nations aim to insulate their economies from potential external shocks and geopolitical pressures.

This shift towards dedollarization could have far-reaching implications for the global financial landscape. As more countries seek to diversify their currency reserves and trade settlements, the dominance of the U.S. dollar may gradually erode. This could lead to a more multipolar international monetary system, with a greater role for alternative currencies and regional financial arrangements.

For Russia and Ethiopia, this move towards closer currency cooperation could open up new avenues for bilateral trade and investment. It may also encourage other nations to follow suit and explore similar arrangements, further accelerating the trend of dedollarization.

However, it is important to note that transitioning away from the U.S. dollar is a complex and gradual process. The dollar’s deep liquidity, widespread acceptance, and its role as a reserve currency continue to make it an attractive option for many countries. Nonetheless, the growing momentum behind dedollarization suggests that the international financial system is undergoing a significant transformation.

As this trend continues to unfold, it will be crucial to monitor its impact on global trade flows, currency markets, and geopolitical dynamics. The evolving financial landscape may present both challenges and opportunities for countries seeking to navigate the shifting tides of the global economy.

Tags: dedollarization, Russia, Ethiopia, currency ties, US dollar

Source: https://news.bitcoin.com/russia-and-ethiopia-take-steps-away-from-us-dollar-as-dedollarization-grows/

BNB price is showing signs of recovery after finding support at the $540 level. The cryptocurrency is now trading near $580 and aiming for a fresh move toward the $635 resistance.

The recent price action suggests that BNB is gearing up for a potential rally. However, it must first overcome the immediate resistance at $585. If successful, BNB could test the $605 level and possibly set the stage for a larger move toward $620.

On the technical front, the MACD indicator for BNB/USD is gaining pace in the bullish zone, while the RSI is currently above the 50 level. These indicators support the bullish outlook for BNB in the near term.

Despite the positive signs, BNB must maintain its position above the crucial $560 support to sustain the upward momentum. A breakdown below this level could trigger another decline, potentially leading to a retest of the $540 support or even a drop toward $510.

As BNB navigates this critical juncture, investors and traders should keep a close eye on the key resistance levels at $590 and $605. A decisive break above these hurdles could open the door for significant gains, while failure to overcome them may result in a period of consolidation or a corrective pullback.

Tags: BNB price, Binance Coin, crypto market, technical analysis, resistance levels

Source: https://www.newsbtc.com/analysis/bnb/bnb-price-rally-600/

Crypto analysts are predicting a potential 40% upside for XRP price in the near future, despite the current market pullback. ProjectSyndicate, in a recent TradingView post, noted that XRP’s 4-hour chart indicates a bullish outlook, with the ideal buy and hold level around $2.

The analyst suggests that the current correction, following XRP’s retest of its all-time high, presents a low-risk buying opportunity. With the pullback not yet complete, ProjectSyndicate expects XRP to drop to as low as $2 before witnessing the predicted 40% gains, potentially reaching $2.80.

XRP has been one of the hardest hit among the major cryptocurrencies during the current market downturn, losing its position as the third-largest crypto by market cap to USDT. However, several analysts, including ColdBloodedCharter, see this as an excellent accumulation opportunity, highlighting key support levels at $2.50, $2.25-$2.30, and $1.90-$2.

CasiTrades, another prominent analyst, suggests that this pullback could be the final low before a significant price liftoff. According to their analysis, XRP is in the fifth wave of an ABC pattern, with the sell-off extending the asset past its target. If this pattern completes, it could signal the end of the correction and the beginning of a massive Wave 3 up, potentially sending XRP past its previous all-time highs with minimal resistance.

As the market sentiment remains bearish, XRP’s ability to hold key support levels and maintain its bullish structure will be crucial in determining its short-term price action. Investors and traders should keep a close eye on these levels and consider the potential for accumulation as the asset prepares for its next major move.

Tags: XRP price prediction, XRP technical analysis, crypto market analysis, altcoin investing, cryptocurrency trading

Source: https://www.newsbtc.com/analysis/xrp/xrp-price-eyes-40-gains/

Sony’s blockchain platform, Soneium, has released its first music NFT collection in collaboration with Coop Records, featuring artist NUU$HI. This marks a significant step for the major label in exploring the potential of blockchain technology and NFTs in the music industry.

While the release showcases Sony’s interest in leveraging emerging technologies, questions remain about the mainstream viability and adoption of music NFTs. The success of this drop will likely depend on factors such as the artist’s fanbase, the unique value proposition of the NFTs, and the overall market sentiment towards digital collectibles.

As one of the first major labels to venture into the music NFT space, Sony’s move could inspire other industry players to follow suit. However, the long-term impact on the music industry will largely depend on whether NFTs can offer sustainable revenue streams for artists and labels, as well as provide compelling experiences for fans.

The Soneium and Coop Records collaboration also highlights the potential for partnerships between traditional music companies and blockchain-native platforms. Such partnerships could help bridge the gap between the mainstream music industry and the decentralized world of NFTs, ultimately driving wider adoption.

Tags: Sony Soneium, Music NFTs, Coop Records, NUU$HI, Blockchain in Music

Source: https://decrypt.co/304881/soneium-releases-first-music-nft-collection

XRP price has recently faced challenges in maintaining its upward momentum above the $2.75 level. After a brief recovery phase, the cryptocurrency is now experiencing a corrective phase, with resistance forming near the $2.50 mark on the XRP/USD hourly chart.

The price action suggests that XRP may continue to face selling pressure in the near term, as it struggles to clear key resistance levels. The 100-hourly Simple Moving Average has also turned into a resistance point, further reinforcing the bearish outlook.

If XRP fails to break above the $2.50-$2.60 resistance zone, it could potentially trigger a deeper correction. In such a scenario, the immediate support levels to watch out for are $2.260 and $2.1450. A breach of these support levels could pave the way for a decline towards the $2.00 handle.

On the other hand, a successful break above the $2.70 resistance could open up opportunities for XRP to target higher levels such as $2.80, $2.92, and potentially even the $3.00 psychological mark. However, the road to recovery may not be easy, as the bears seem to have a firm grip on the market sentiment.

From a market perspective, XRP’s lacklustre performance could be indicative of a broader slowdown in the cryptocurrency market. Investors and traders should keep a close eye on the overall market dynamics and exercise caution while making trading decisions in such volatile conditions.

Tags: XRP price, XRP/USD, resistance levels, support levels, market sentiment

Source: https://www.newsbtc.com/analysis/xrp/xrp-price-weakens-gradually-2-225/

Coinbase, a leading cryptocurrency exchange, is actively pushing federal regulators to establish clear and enforceable rules for crypto-related services within the traditional banking sector. The company argues that such regulatory clarity will pave the way for increased financial innovation, stability, and widespread adoption of cryptocurrencies.

This move by Coinbase highlights the growing need for a more defined regulatory framework as the crypto industry continues to evolve and integrate with the traditional financial system. By advocating for standardized regulations, Coinbase aims to bridge the gap between the crypto world and conventional banking, potentially opening up new avenues for growth and mainstream acceptance.

The implications of this development could be significant for the crypto market. If regulators heed Coinbase’s call and establish clear guidelines, it could provide a much-needed boost to the industry’s legitimacy and attract more institutional investors. Banks would have the confidence to offer crypto-related services, leading to increased liquidity and broader market participation.

However, the path to regulatory clarity is not without challenges. Regulators must strike a delicate balance between fostering innovation and ensuring consumer protection. They will need to address concerns such as money laundering, market manipulation, and the inherent volatility of cryptocurrencies.

As the crypto industry eagerly awaits the response from federal regulators, Coinbase’s push for banking integration serves as a reminder of the transformative potential of cryptocurrencies. If successful, this initiative could mark a turning point in the evolution of the financial landscape, ushering in a new era of crypto-inclusive banking.

Tags: Coinbase, crypto regulation, banking, financial innovation, market stability

Source: https://news.bitcoin.com/coinbase-pressures-regulators-to-let-banks-hold-crypto-game-changer-ahead/

Recent data from CryptoQuant reveals that Bitcoin network activity has slumped to its lowest level in a year. The Bitcoin Network Activity Index currently stands at 3,760, a 15% decline from its peak in November 2024. This downturn is primarily attributed to a sharp drop in the number of transactions on the network, falling by 53% from its all-time high in September 2024.

The decline in network activity is largely driven by a decrease in the use of the Runes Protocol for minting tokens on the Bitcoin blockchain. The daily number of OP_RETURN codes, used by the Runes Protocol to write data about token mints and transfers, has plummeted from a peak of 802,000 in April 2024 to just 10,000 currently.

Furthermore, the Bitcoin mempool traffic has also seen a significant reduction, with the total number of pending transactions waiting to be confirmed in a block falling by 99% since December 2024. This is the lowest level of mempool traffic observed since March 2022.

Based on the current network activity, CryptoQuant suggests that Bitcoin’s fair value lies between $48,000 and $95,000, implying that BTC may be overvalued at its current market price of around $98,000. However, some analysts argue that the current price presents a strong buying opportunity for investors looking to dollar-cost average their holdings, while others suggest that BTC is in the distribution phase of the market cycle.

Despite the short-term concerns, the long-term outlook for Bitcoin remains bullish, with some executives predicting BTC could reach $200,000 by the end of 2025. As the market continues to evolve, it will be crucial to monitor network activity and other key indicators to gauge the health and potential of the world’s largest cryptocurrency.

Tags: Bitcoin, BTC, network activity, Runes Protocol, mempool, overvaluation, market cycle

Source: https://www.newsbtc.com/bitcoin-news/bitcoin-network-activity-slumps-to-one-year-low-is-btc-overpriced/

Ethereum’s price has started a recovery wave, moving past the $2,650 level. However, the bulls are now struggling to break through the $2,880 and $2,920 resistance levels. The price action suggests that the recent upward momentum may be fading.

The price managed to surpass the 50% Fibonacci retracement level of the prior downward wave from $3,400 to $2,120. However, the bears have shown strength below the key $2,880 and $2,920 zones, pushing the price lower. A break below the bullish trendline support at $2,800 on the hourly ETH/USD chart indicates a potential shift in market sentiment.

If Ethereum fails to clear the $2,800 hurdle, it could trigger another decline. The immediate support lies near $2,630, with the major support around the $2,600 mark. A decisive close below $2,600 might expose ETH to further downside, possibly reaching $2,500 or even $2,420 in the near term.

On the other hand, a successful break above the $2,920 resistance, which coincides with the 61.8% Fibonacci level, could open the doors for a rally towards $3,000. An extended bullish scenario might see Ether targeting the $3,050 or $3,120 resistance levels.

The technical indicators suggest that the bullish momentum is waning. The MACD is losing steam, while the RSI has dipped below the 50 level, indicating a potential bearish shift in the market.

As Ethereum navigates this critical juncture, traders should keep a close eye on the $2,800 and $2,920 levels. A decisive break in either direction could set the tone for the market’s near-term trajectory.

Tags: Ethereum, ETH price, ETH/USD, technical analysis, crypto market

Source: https://www.newsbtc.com/analysis/eth/ethereum-price-stuck-2800/

Ethereum has been facing significant headwinds in the cryptocurrency market, struggling to maintain upward momentum amidst a persistent market slump. However, recent data from derivative exchanges suggests that there might be a silver lining for ETH.

According to Amr Taha, a contributor on the CryptoQuant QuickTake platform, Ethereum’s netflow on derivative exchanges dropped below -300,000 ETH for the first time since August 2023. This substantial outflow of ETH from derivative exchanges could potentially alleviate selling pressure and create favorable conditions for a price increase, provided that demand remains stable or grows.

The nature of these outflows can lead to short-term market volatility, especially if the withdrawals are driven by the liquidation of leveraged long positions. However, such a scenario often results in a healthier and more balanced market structure over time.

Additionally, the broader financial system’s liquidity conditions, as measured by the Fed Net Liquidity metric, have shown improvement. The metric recently increased from 5.85 trillion to 5.95 trillion, indicating that more capital is available to flow into markets like cryptocurrency. Historically, higher net liquidity has been correlated with increased asset prices, which could bode well for Ethereum’s outlook.

Traders and investors should also keep a close eye on Ethereum’s liquidation map, as certain price levels might force short positions into capitulation if ETH continues to climb. This could trigger further upward movement if market conditions remain favorable.

While the recent ETH outflows from derivative exchanges and the improving liquidity conditions offer a glimmer of hope for Ethereum, it is essential to approach the market with caution. The cryptocurrency market is known for its volatility, and short-term fluctuations can be influenced by various factors. As always, thorough research and risk management should be prioritized when making investment decisions.

Tags: Ethereum, ETH, derivative exchanges, outflows, liquidity, market structure, price analysis

Source: https://www.newsbtc.com/news/ethereum/ethereum-outflows-on-derivative-exchanges-hit-record-lows-what-it-means-for-eth/

A bipartisan group of U.S. lawmakers has introduced a resolution in the House of Representatives calling for a clear regulatory framework for blockchain technology and digital assets. The lawmakers warn that without swift action, the United States risks losing innovation to global competitors in the rapidly evolving crypto industry.

The resolution underscores the growing recognition among policymakers that regulatory clarity is crucial for the healthy development of the crypto sector in the United States. By providing a supportive and unambiguous legal environment, the U.S. can foster innovation, attract talent, and solidify its position as a leader in the global crypto landscape.

Moreover, the bipartisan nature of the resolution highlights the increasing awareness that blockchain technology and cryptocurrencies are not partisan issues but rather opportunities for economic growth and technological advancement. As the crypto industry matures and gains mainstream adoption, it is essential for regulators to collaborate across party lines to create a comprehensive and cohesive framework.

The introduction of this resolution is a positive step towards providing the regulatory certainty that the crypto industry needs to thrive in the United States. As lawmakers continue to engage with stakeholders and experts, it is hoped that clear and innovation-friendly rules will be established, enabling the U.S. to harness the potential of blockchain technology and digital assets while mitigating risks and protecting consumers.

Tags: US crypto regulations, blockchain technology, digital assets, bipartisan resolution, regulatory clarity

Source: https://news.bitcoin.com/bipartisan-resolution-calls-for-clear-us-rules-on-crypto-and-blockchain/