10 Jan, 2025

Key Price Levels to Watch for Bitcoin Ethereum and Ripple This Week

The cryptocurrency market remains in flux as Bitcoin (BTC), Ethereum (ETH), and Ripple (XRP) encounter critical price levels. Traders and investors monitor these movements closely, assessing potential corrections or reversals in a volatile environment.Testing Crucial Bitcoin Fibonacci SupportBitcoin’s price retraced to its 38.2% Fibonacci support level at $92,493, a key zone derived from its November low of $66,835 to the December high of $108,353. The cryptocurrency faced a 9.47% dip this week, with bearish momentum evident in its RSI at 43 and a bearish MACD crossover. If BTC closes below $92,493, the psychological $90,000 support level could come into play. However, a recovery above $100,000 may reignite bullish momentum, targeting the $108,353 all-time high. Traders are advised to watch for decisive daily closes to guide their strategies.Ethereum Price Struggles Below $3,236 Key SupportEthereum’s price has fallen below its 50% Fibonacci retracement level at $3,236, marking a 12.7% decline. Currently trading near $3,252, Ethereum risks further downside toward the $3,000 psychological level if bearish signals persist. Technical indicators, including an RSI reading of 40 and a bearish MACD, reinforce the likelihood of continued correction. Conversely, a rally above $3,522 could signal recovery, making this resistance level a critical marker for traders.Ripple Price Outlook to WatchRipple’s XRP trades within a symmetrical triangle pattern, currently hovering around $2.28. A breakout above the $2.56 resistance could lead to a potential rally, targeting $3.63 based on technical projections. However, rejection from the upper trendline earlier this week contributed to a 6.11% decline. XRP’s RSI at 51 reflects indecision, while negative funding rates indicate bearish market sentiment. Spot traders, meanwhile, exhibit accumulation behavior, as suggested by net outflows from major exchanges like Binance and Kraken.Ripple President Monica Long’s comments about the RLUSD stablecoin and the possibility of an XRP ETF further fuel anticipation for XRP's long-term potential.Navigating Volatility in Crypto MarketsAs Bitcoin, Ethereum, and Ripple confront pivotal levels, traders should closely monitor RSI, MACD, and support zones for actionable insights. With bearish trends dominating, the coming weeks will determine whether the crypto market experiences a sustained correction or a broader recovery.

06 Jan, 2025

Crypto Trading Firm GSR Receives Approval From the UK’s Financial Conduct Authority

Quick TakeGSR Markets UK Limited can operate as a registered crypto asset business and to conduct asset trading for UK-based clients.Crypto Trading Firm GSR Receives Approval From the UK’s Financial Conduct AuthorityThe crypto trading and liquidity-providing firm GSR obtained approval from the UK's financial industry regulatory, the Financial Conduct Authority (FCA). The move gives GSR Markets UK Limited the green light to operate as a registered crypto asset business and to conduct, among other services, crypto asset trading for UK-based clients, according to a release shared with The Block. "Receiving FCA approval marks a significant milestone in our mission to shape a more transparent, inclusive global crypto trading ecosystem,” said GSR Group CEO Xin Song in a statement sent to The Block. “By achieving approvals from two of the world’s leading financial regulators, the GSR Group can confidently expand our services to institutional and professional clients globally while continuing to uphold the integrity and high-quality service that we are known for.”In April 2024, Singapore's Monetary Authority of Singapore also granted GSR's Singaporean entity a major payment institution to let the firm provide over-the-counter and market-making services. GSR also saw Rich Rosenblum, its co-founder and co-CEO, as well as its CTO, John MacDonald, leave the firm following another c-suite executive reorganization in mid-2024, The Block previously reported.