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• This week, Bitcoin’s price soared by 30% on the back of major macroeconomic developments in the US.
• Silicon Valley Bank went bust, leaving many investors worried about their deposits.
• The US Government responded with a rescue plan, promising that all depositors will be made whole and lending $300 billion to banks.

Bitcoin Skyrockets 30% Weekly

This week Bitcoin has seen a surge in value, with its price reaching highs last seen nine months ago in June 2022. This marks a 30% increase, and it comes on the back of major macroeconomic developments in the United States.

Silicon Valley Bank’s Troubles

Silicon Valley Bank – a major financial institution in the US with a substantial amount of VC money in deposits – revealed a hole in its balance sheet and was unable to patch it through a share offering. As a result, depositors attempted to get their money out which caused authorities to shut down the bank.

US Government Bailout Plan

The US Government was quick to assemble a rescue plan, promising that all depositors will be made whole and lending $300 billion to banks. While they refuse to call it a bailout, many claim that this is exactly what it is.

Cryptocurrency Market Impact

The cryptocurrency market also saw changes as a result of these events; BTC’s total capitalization added $165 billion while sentiment escaped from fear zone temporarily.

Conclusion

This week marked an important shift for Bitcoin as well as for other cryptocurrencies whose prices have been increasing over the past few days due to these macroeconomic developments in the US. Although much remains uncertain about how this will affect global markets going forward, one thing is certain: investors are paying attention as more funds flow into crypto assets like never before

• Ripple’s price has increased in the last few days, while Bitcoin has fallen.
• Technical analysis suggests that the 200-day and 50-day moving average lines are located around the $0.4 level and a break past this could lead to a climb towards $0.43.
• Against Bitcoin, XRP has broken past the 0.000017 BTC mark and is currently climbing above the 0.000018 BTC resistance level with an RSI indicator approaching overbought levels.

XRP Price Increase

Ripple’s price has been on an upward trend in the last few days, while Bitcoin has seen a slight drop in value. Technical analysis suggests that there is potential for Ripple’s price to break past both its 200-day and 50-day moving average lines located around the $0.4 mark, which could push it up to $0.43 if successful.

XRP/USDT Daily Chart

The Ripple/USDT daily chart shows that the price of XRP is currently testing both its 200-day and 50-day moving average lines near $0.4, with a possible bullish breakout leading towards higher resistance at $0.43 if successful – however, rejection could result in a bearish drop towards $0.3 in coming weeks should it fail to break through these MAs.. The RSI indicator has also risen above 50%, which could be interpreted as a positive sign for near term prospects of success in breaking through these MA levels of support/resistance.

XRP/BTC Daily Chart

Against Bitcoin (BTC), things look even better for XRP as its price has broken through its 50 day Moving Average at 0.000017 BTC, pushing upwards towards 0.000018 BTC resistance with relative ease so far – however caution must be taken here since the RSI indicator is approaching overbought territory which may suggest fake breakout activity instead of true bullish momentum continuation.. If valid bullish momentum continues, then further continuation towards higher boundaries of large descending channels will likely occur soon afterwards as well..

Conclusion

In conclusion, there appears to be some upside potential for Ripple’s XRP token given current market structure and technical indicators such as RSI shows signs of bullishness – however caution should still be taken since fake out movements are still possible which may lead to losses if not properly managed or monitored correctly . As always when investing or trading cryptocurrencies please do your own research before committing funds and never invest more than you can afford to lose!

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• Multichain, the ultimate router for web3, has partnered with OKX Wallet, a leading self-custodial solution for digital assets.
• As part of the partnership, OKX DEX and OKX Discover have aggregated liquidity of Multichain while supporting it on their platform.
• The integration of Multichain with OKX Web3 Wallet will offer users seamless access to the Web3 ecosystem without switching wallets.

Partnership Overview

Multichain, a router for web3, has partnered with OKX Wallet, a self-custodial solution for digital assets. As part of this collaboration, OKX DEX and OKX Discover have integrated support for Multichain’s tokens and dApps in more than 40 chains and roll-ups. Additionally, Multichain has successfully integrated the OKX Wallet web extension into its product.

Enhanced Access to Web3 Ecosystem

The partnership between Multichain and OKX Wallet will allow users to gain enhanced access to the Web3 ecosystem including unlimited tokens and decentralized applications (dApps). Moreover, users can now transfer tokens across different chains without switching wallets. Further exposure is also gained through the OKX Discover Portal which provides insight into 10,000+ third-party DApps including crypto games.

Interoperability & Convenience

The integration of Multichain with OKX Web3 Wallet offers a new level of interoperability and convenience for users as they are now able to access the Web3 ecosystem seamlessly without needing to switch wallets in order to transfer tokens across different chains.

Benefits To The Development Of Blockchain Technology

This partnership will be beneficial to the development of blockchain technology as it allows users extended access to decentralized applications as well as increased interoperability between different blockchains. This ultimately leads to more widespread adoption of blockchain technology by making it easier for users to interact with each other across multiple blockchains at once.

Conclusion

In conclusion, this partnership between Multichain and OKX Wallet is a major step forward in expanding cross-chain capabilities in blockchain technology by allowing users unrestricted access to an extensive range of tokens and dApps from multiple blockchains at once while also enabling them to easily transfer tokens across different chains without having to switch wallets.

•Sensorium is announcing the launch of its VR multiplayer public playtest, as well as its first destination – PRISM, a virtual world dedicated to music.
•Inside PRISM visitors can experience 24/7 galactic Sensorium Party with AI avatars performing, and interact with others in VR and via voice chat.
•Sensorium Galaxy is emerging as the first AAA-inhabited metaverse powered by social AI technology for content creation and networking.

Sensorium Galaxy Public Playtest Launch

Sensorium is announcing that the Sensorium Galaxy metaverse has entered its much-awaited VR multiplayer public playtest as it opens up access to more virtual reality and content features inside virtual worlds.

PRISM – the First Destination

Delivering on its promise to develop a full-fledged metaverse with unparalleled entertainment offerings, Sensorium is unveiling PRISM, a virtual world dedicated to music, as the first destination to become available to users.

Experience Inside PRISM

Inside this environment, visitors can experience the 24/7 galactic Sensorium Party where Sensorium’s pioneering AI avatars can be seen performing. The new stage enables users to become familiar with the metaverse’s VR mechanics, its immersive environments, and avatar customization options. Users will also have the opportunity of interacting, for the first time, with others in VR and via voice chat, meeting not only other human participants but also AI virtual beings.

Powered by Social AI Technology

Sensorium Galaxy is emerging as the first AAA-inhabited metaverse with a community of AI-powered avatars populating its virtual worlds. Here, social AI is a core technology in powering next-generation networking relationship building and content creation, for users and artists alike.

Yonaka’s View on Metaverse Vision

Sensorium’s press secretary

• African students are coming forward to share their stories about how they were recruited into the now-defunct FTX exchange.
• FTX Africa had a promotional program offering 40% commission for members who referred friends to join the platform.
• The program was largely targeted towards African students, who were encouraged to get their friends and classmates to sign up.

FTX Targeted African Students

African victims are speaking up about FTX after a variety of promotional schemes lured them into putting their money into the now-defunct industry giant. One such deal was an ambassador program promising 40% commissions to members who invited their friends to join the exchange. Africans Speak Out FTX Africa promoted its ambassador program in early August – roughly 3 months before the exchange froze user withdrawals and filed for bankruptcy, due to a multi-billion dollar shortfall on customer and investor deposits.

Recruitment Process

The program was largely targeted toward African students, who were encouraged to get their friends and classmates to onboard the exchange. CNBC spoke with multiple students involved in the program. Gabriel Trompiz said he was contacted by FTX through LinkedIn, and recognized as someone who could promote the company at his college. Though he quickly applied and became an ambassador, no contracts were signed, and he ultimately was never paid. By contrast, a member of the existing campus ambassador program in Africa – Fortunate Atueyi – said he was paid, but only if he met key requirements like getting others to trade and deposit funds on the platform.

Popularity In The Region

The platform was popular in the region not only as a means of trading crypto, but for exchanging local currency into U.S. dollars, making FTX a de-facto bank for many. This increased its popularity among users looking for quick access to U.S Dollars without having access to traditional banking services or remittance companies like Western Union or Moneygram which often have high fees associated with them when sending money out of Africa..

Unpaid Earnings

Many ambassadors reported that after successfully recruiting new customers they would be unable to withdraw any earnings from FTX due to frozen accounts or unresponsive customer service representatives which left them feeling frustrated and taken advantage of by being promised these rewards but not able receive what they had worked hard for .

Conclusion

While it’s unclear why exactly FTX decided target African students specifically or what happened with all of those unpaid earnings , one thing is certain: this incident serves as another example of how vulnerable people can be exploited if they’re not aware of potential scams or illegitimate businesses practices within cryptocurrency markets

• XRP’s price has been consolidating below the $0.43 resistance level for some time, with the 200-day moving average providing support.
• If the $0.43 level is broken to the upside, a rally towards $0.55 could be expected in the short term.
• Against BTC, XRP has been declining for several weeks and may drop to 0.000015 if a bearish rejection occurs at 0.000018.

XRP Consolidates Below $0.43

XRP’s price has not yet shown any significant strength as it continues its struggle to surpass a critical resistance level over recent weeks. On the daily chart, the price has been consolidating in a tight range below the $0.43 resistance level for quite a while, with the 200-day moving average providing support and preventing it from dropping further. If this resistance is eventually broken to the upside, a rally towards $0.55 could be expected in the short term; however, if there is a bearish rejection at this level, then potential support levels would include 50-day moving average trending around $0.37 and key area of $0.3 which had previously stopped downtrend multiple times before.

XRP Struggles Against BTC

Against Bitcoin (BTC), XRP has not been doing too well either as it continues its decline over recent weeks and broke through major support level at 0.000018—potentially leading to further drop towards 0.000015 if confirmation of this breakout takes place in coming weeks; however, as RSI approaches oversold area there is still possibility of fake breakdown happening instead so if that proves true then surge upwards towards 0 that was last seen during August 2020 could be expected soon again..

Indicators

The Relative Strength Index (RSI) is currently hovering around 40 and indicates no clear trend or momentum in either direction on both USDT and BTC trading pairs making it difficult to assess where exactly will next move take us.. Moving Average Convergence Divergence (MACD) is also slightly bearish but both lines remain close together so no decisive conclusion can be made based off of them either..

Fundamental Analysis

On fundamental side Ripple recently announced new partnership with National Bank of Egypt which could bring more liquidity into XRP market but that doesn’t seem enough to push prices up significantly at this point in time since overall sentiment remains rather bearish due lacklustre performance throughout 2021 thus far..

Conclusion

Overall technical analysis suggests that unless major breakthrough happens soon chances are XRP will remain within current consolidation pattern for near future with majority of attention being directed towards critical resistance level at 43 cents and if even that one gets breached than another surge upwards could potentially follow shortly afterwards otherwise crypto might find itself stuck between two aforementioned levels until something else happens externally or internally change dynamics significantly for better or worse depending on perspective taken..

• A new bill proposed to the New York Senate seeks to make certain cryptocurrencies, including Bitcoin, Ethereum, Litecoin, and Bitcoin Cash, a legal form of payment for state agencies.
• This would include accepting crypto as payment for civil penalties, fines, taxes, and other fees charged by the state.
• The bill is part of an effort to make New York a leading force in the cryptocurrency industry, and provide the state with a modern and efficient payment infrastructure.

A new bill has been proposed to the New York Senate that would make certain cryptocurrencies, including Bitcoin, Ethereum, Litecoin, and Bitcoin Cash, a legal form of payment for state agencies. This bill is part of an effort to make New York a leading force in the cryptocurrency industry, and provide the state with a modern and efficient payment infrastructure.

The legislation, which was outlined on Thursday, would allow state agencies to accept crypto as payment for civil penalties, fines, taxes, and other fees charged by the state. This would provide individuals with the option to pay their taxes or fees in the form of a digital currency, which could provide a more convenient and cost-effective way to pay.

In addition, the bill would also provide the state with greater flexibility when it comes to tax collection and fee payment, as well as increased security. This is due to the fact that cryptocurrencies are powered by cryptography, which makes them much more difficult to hack and steal than traditional payment systems.

The bill has received widespread support from both the public and industry leaders. Many see it as an important step forward in the development of the cryptocurrency industry, and a way to make New York a leader in this new form of technology.

The bill is currently awaiting a vote in the Senate. If it passes, it could mark a major milestone for the cryptocurrency industry, as well as for the state of New York. It could also open the door for other states to follow suit, and provide even more options for individuals to pay their taxes and fees in the form of cryptocurrencies.

• Bybit founder Ben Zhao addressed concerns about Bybit’s exposure to the now-bankrupt crypto lender Genesis Global Capital.
• According to court filings, Genesis owes its top 50 creditors $3.4 billion, including Bybit’s investment unit Mirana.
• Zhao clarified that Mirana had already secured $120 million of collateralized positions and the Bybit Earn product does not use Mirana.

The crypto world was recently abuzz with news of the now-bankrupt crypto lender Genesis Global Capital. According to court filings, the company owes its top 50 creditors $3.4 billion, including Bybit’s investment unit Mirana. As a result, Bybit founder Ben Zhao took it to Twitter to address concerns regarding the company’s exposure to the struggling crypto lender.

The filing showed that Genesis owes its Mirana unit approximately $151 million. However, in response to a tweet mentioning Mirana’s exposure to Genesis, Zhao stated that the reported $151 million has around $120 million of collateralized positions. He further clarified that the Bybit Earn product does not use Mirana, so users of the product need not worry about any exposure to the bankrupt crypto lender.

It is worth noting that Bybit is one of the largest and most popular crypto exchanges in the world. The company is known for its competitive trading fees and high liquidity, which has made it a favorite among traders around the globe. It is also backed by a number of well-known venture capital firms, such as IDG Capital, Bitmain, and Matrix Partners.

With all this in mind, it is clear that Bybit is a reliable and secure platform for trading digital assets. While the company may have had some exposure to Genesis Global Capital, it appears that Zhao and his team have taken the necessary steps to protect their users and their investments. Bybit is confident that its users will be safe and secure on their platform.

• Ethereum’s price rally has seemingly come to a halt after hitting a resistance level of $1300.
• Technical indicators are suggesting a potential bearish pullback, with the RSI declining and the 200-day moving average at the $1400 mark.
• Warning signals are flashing, indicating that a reversal may be on the horizon.

The recent surge in Ethereum’s price has come to a halt after reaching the resistance level of $1300. After breaking multiple key resistance levels, the market seemed poised to enter a bullish phase, but technical analysis suggests that a bearish pullback may be in the cards.

The daily chart for Ethereum shows that the RSI indicator, which had been displaying an overbought signal for some time, is now decreasing. This decline indicates a potential pullback or even a reversal. In this case, the 200-day moving average and the $1300 level should act as key support levels. If the price fails to break these levels, it could be a sign of a reversal.

Furthermore, the Moving Average Convergence Divergence (MACD) is also declining, indicating a decrease in buying pressure. This could result in a bearish breakout, as the price may pull back to the $1300 level or lower.

In addition, Ethereum’s market capitalization is currently at $134 billion, which is the second highest in the market. This is an indication of the strong demand for Ethereum, but it could also be a warning sign as the market may be overvalued.

Overall, warning signals are flashing for Ethereum’s price as the rally appears to be cooling down. While the market could still enter a bullish phase, it is important to keep an eye on the key support levels and indicators to determine whether the price will continue to rise or if a reversal is in the cards.