DAILY CRYPTOCURRENCY NEWS

NPCI Leaves Decision to Ban Crypto to Local Banks

National Payments Corporation of India (NPCI) has stated that it does not intend to block the cryptocurrency trade and will leave the decision to the local banks to ban cryptocurrencies. Accordingly, each bank will be able to determine its own risk level.

Ethereum Outperforms J&J and Walmart

Ethereum has broken a new record by hitting a $4,000 band. Surpassing Johnson & Johnson and Walmart by market capitalization, Ethereum rose to 15th place just behind Visa and JPMorgan Chase & Co.

Judge Reaffirms the Order SEC Must Share the Related Documents with Ripple

Ripple had requested the court for the Securities and Exchange Commission to provide them with documents related to Bitcoin and Ethereum. Judge Netburn has now reaffirmed the order that the SEC must produce the said documents and hand them over.

Locked Assets in DeFi Protocols Continue to Increase

Interest in decentralized finance continues to grow. The market value of assets locked in DeFi protocols has risen to over $ 85 billion.

Bank of England Governor Warns Against Crypto Assets

Bank of England Governor Andrew Bailey has stated that digital assets have no intrinsic value and that people who invest in them should be very careful. Bailey has also added that "crypto asset" would be a better expression than “cryptocurrency”.

Arte Surfside Begins Accepting Cryptocurrencies as Payment

Arte Surfside, the most exclusive luxury building in Miami, has announced that it will accept various cryptocurrencies including Bitcoin and Ethereum as payment for its apartments.

Fantom Will Power E-Government Infrastructure of Tajikistan

Tajikistan continues its attempt to modernize its government with blockchain technology. Smart contract platform Fantom and the Ministry of Industry of New Technologies of the Republic of Tajikistan have signed an IT solutions agreement to power e-government infrastructure of Tajikistan.

Central Bank of Russia Tests Crypto Related Services

The Central Bank of Russia has examined three platforms offering crypto related services. Although details of the test results are not given in the 2020 annual report, if the results are positive, the Russian Central Bank is expected to present a roadmap for the integration of cryptocurrencies into the legal framework.

Chainlink CEO Nazarov Comments on DeFi Ecosystem

In a statement on the future of decentralized finance (DeFi), Chainlink co-founder and CEO Sergey Nazarov has stated that the DeFi ecosystem is growing very fast and the total value of locked assets could reach $1 trillion next year.

DAILY CRYPTOCURRENCY ANALYSIS

BITCOIN [BTC] 375828.81 TRY

Bitcoin is trading in the $59,300 zone this morning, up about 2%. Statements made by the Governor of the Bank of England on cryptocurrencies did not create greater pressure on the currently consolidated pricing, and were digested quickly across the market. It seems that BTC miners continue to tend to HODL over the long term rather than make early profit purchases. In addition to the BTC accumulated in mining pools, we see that the BTC flow transferred from exchanges to cold wallets is more voluminous than the BTC flow sent to the exchanges for sale. This is one of the factors that the liquidity crisis that may be experienced on the stock markets cannot keep up with the demand and may affect BTC pricing upwards. In the past two days, stablecoin transfers to the stock markets have increased rapidly and we can evaluate this as a product with a tendency to decrease in supply remaining in cash abundance.

When we consider the BTC/USD parity technically, we see that the price movement in the rising channel that has been formed since April 23 continues. With the corrections caused by the low volume in the cryptocurrency market on Sunday, the price pulled to the level of $56,200, with the reaction it saw from the 50% slice of the Fibonacci correction, which also corresponds to the same price level, it is testing the middle band of the channel by turning the direction of movement up again. If it breaks the $56,200 level upwards and holds on, it can be predicted that the channel may continue to rise towards the levels of $63,500-64,000, which corresponds to the upper band of the channel. The outlook is positive.

RESISTANCES 60.232 / 61.466 / 63.532
SUPPORTS 56.932 / 54.866 / 53.632

BITCOIN [BTC] 375828.81 TRY +7.00 +0.03 VOL 21 BTC

ETHEREUM [ETH] 25409.01 TRY

Ethereum  is up 5% this morning, pricing at over $4,116, close to its ATH of $4,140. Improvements to Uniswap v3, the largest DEX platform, increased interest in decentralized finance, allowing locked assets in DeFi to surpass $85 billion in valuation. At the same rate, while ETH 2.0 staking amounts are hovering in the ATH zone, Ethereum dominance reaches 19% and continues to steal the pie share from Bitcoin along with altcoins. In addition to decentralized finance protocols, institutional buyers also play an active role in multilateral purchases.

If the ETH/USD pair is technically analyzed, the pair gained 10% on a daily basis after completing the consolidation phase in the $3,530 zone on the Fibonacci last slice, closing near the $4,000 zone. The pennant formation, which started to form after the rise, although it was pressured around $3,900 afterwards, set the target of $4,400 after exceeding the psychological resistance of $4,000. The 4-hour histograms growing in the direction of MACD buying confirm the bullish trend along with the expiration lines. The outlook is positive on the upside.

RESISTANCES 4261 / 4404 / 4668
SUPPORTS 3445 / 3589 / 3853

ETHEREUM [ETH] 25409.01 TRY +7.00 +0.03 VOL 21 ETH

AVALANCHE [AVAX] 323.55 TRY

AVAX is trading at $40.40 this morning, up 3%. When we examine the AVAX/USD parity technically, AVAX, which started its correction after its $60.00 peak on February 10, has been dominated by horizontal price movements for a long time. Testing twice the $39.40 level, which is the 61.80% slice of the Fibonacci correction of this move, AVAX continues to consolidate below this level for a long time. If AVAX, which has broken this important resistance now, makes its daily close above this level and succeeds to be permanent, the other resistance level is likely to be tested at $47.00, which corresponds to the 78.60% slice of the Fibonacci retracement.

RESISTANCES 41,88 / 43,58 / 46,79
SUPPORTS 32,05 / 33,76 / 36,96

AVALANCHE [AVAX] 323.55 TRY +7.00 +0.03 VOL 21 AVAX

RIPPLE [XRP] 9.19 TRY

Ripple is listed in the $159 zone this morning, up 4%. The press statements made after the SEC's decision of the emergency meeting ended with Gary Gensler's announcement that regulations on the basis of the general market should be accelerated. Although the regulations have positive effects in the long term, the news effect they carry is negative in the short term. Nevertheless, after the decisions made in favor of Ripple during the trial, XRP whale accounts have increased by 3.5% to 319 by 2021.

If the XRP/USD parity is examined technically, prices that could not hold the lower support of the $1.55 rising channel retreated to the $1.45 zone, but recovered in the daily term and held to the trend zone again. As the $1.60 resistance is a critical zone where pricing has been pressured before, retreats down to the $1.54 Fibo'61.80 slice may be possible as long as there is no close above this level. Above $1.60, we will see the $1.65 breakout resistance followed by the $1.73 Fibonacci retracement. Above $1.60, the consolidation phase can be left behind and the upward trend can be expected to accelerate, but for now the course is close to the horizontal.

 

RESISTANCES 1,6456 / 1,7028 / 1,7955
SUPPORTS 1,3458 / 1,4030 / 1,4957

RIPPLE [XRP] 9.19 TRY +7.00 +0.03 VOL 21 XRP

LITECOIN [LTC] 1010.14 TRY

Litecoin is trading around $400, up 3% this morning. LTC, which has been behind the market for a long time, has managed to attract the attention of investors with its rapid price increases in the recent period. When we look at chain data, the number of new addresses and the increase in the number of active addresses support LTC's recent popularity. When we look at the 7-day average of the number of transactions, which is another chain data, we see that it has reached the highest level in the last 7 months. We anticipate that investors' interest in LTC will continue in the coming days and we think that LTC will continue its price movements in a positive way.

When we consider the LTC/USD parity technically, LTC, which is priced within the boundaries of the rising channel that it started to create since November 2020, recently tested the lower band of this channel on April 25 and started its upward movement. LTC continued its upward movement yesterday, bringing the $335 level to support its previous peak and also the channel's mid-band. In the daily period, the MACD supports this rise, and LTC's next target zone is within the limits of $450 to $470.

 

RESISTANCES 427 / 454 / 496
SUPPORTS 288 / 315 / 357

LITECOIN [LTC] 1010.14 TRY +7.00 +0.03 VOL 21 LTC

Chainlink is pricing at $51.70 this morning, with around 1% retracement. Looking at the chain data, it shows that the net flow to the exchanges has reached its lowest level in the last month, meaning that LINK investors tend to HODL in the long term and their confidence that the LINK price will rise.

If the LINK/USD parity is considered technically, LINK has been priced just below the upper band of the channel it has created since December 23, for the past few days, and closed the day yesterday by breaking the upper band. If the price holds above the upper band, we think there will be new peaks for LINK. When we look at the MACD on a daily basis, the MACD, which gave a BUY signal with the cut that took place on May 1, continues this signal now. When we look at chain and technical data, we maintain our target of $60.00 in LINK.

RESISTANCES 53,93 / 56,26 / 59,57
SUPPORTS 42,65 / 44,98 / 48,29

BASIC ATTENTION TOKEN [BAT] 5.71 TRY

BAT is trading at $1.47, up 4% this morning. When we examine the BAT/USD parity, we see that it has continued its movement within the rising channel since April 23. Continuing its movement just below the channel mid-band, BAT can first cross the channel mid-band and continue its move towards the upper band of the channel, which corresponds to the level of approximately $1.59, if it rises above the Fibo'78.60 retracement level. The $1.59 level for BAT can be seen as a strong resistance level due to the profit realizations it has seen from these levels in previous weeks. If the BAT breaks above the $1.59 level, it can test the $1.65 level with rapid price action. If the channel does not hold on to the middle band, a price movement towards the $1.34 level, which corresponds to the Fibo'61.80 correction, may cause opportunity purchases.

RESISTANCES 1,5326 / 1,5964 / 1,6955
SUPPORTS 1,2068 / 1,2706 / 1,3697

BASIC ATTENTION TOKEN [BAT] 5.71 TRY +7.00 +0.03 VOL 21 BAT

We always love and support sports!

We support the Turkish sports and our sportspeople via our sponsorships agreements with 1907 Fenerbahçe Wheelchair Basketball Team, Cem Bölükbaşı, Erden Eruç, Emir Tanju and Turkish Automobile Sports Federation! In this very rewarding and helpful journey of ours, we will continue to enrich and strengthen the Turkish sports thanks to the new steps we take in reaching brand new sponsorship agreements.