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Kazakhstan Blocks Access To Coinbase Website

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Kazakhstan’s Ministry of Culture and Information has formally declared that the Coinbase website is blocked in the country, in accordance with the Law on Digital Assets legislation that was passed in February.

According to local news outlets, the development comes after laws banning the issuing and trade of unsecured digital currencies were put into effect.

Accusation of Regulatory Violation

As early as September, local IP addresses were blocked from accessing Coinbase by Kazakhstani authorities. The Ministry of Digital Development requested that the measure be taken, and it was. Access to Coinbase was restricted after the Ministry of Digital Development accused the company of breaking the Law on Digital Assets.

The Law on Digital Assets, which was first proposed in 2023, makes it illegal to issue and distribute unsecured digital assets. Within the Astana International Financial Center (AIFC), a designated economic zone in Kazakhstan, there is an exception to this provision. The Astana Financial Services Authority offers licenses to run cryptocurrency trading platforms inside the AIFC (AFSA).

Several cryptocurrency exchanges have already received approval from the AFSA. Notable names among these approved exchanges include Binance, Bybit, CaspianEx, Biteeu, ATAIX, Upbit and Xignal&MT.

The Coinbase website was first reported to be having access problems in September. Finance.kz, a local Telegram media organization, referred to Coinbase as the “great Kazakh investment firewall.” This was not just a Coinbase barrier. Access to other significant international cryptocurrency exchanges, like Kraken, was also impacted.

Read Also: Ordinals Price Surges 48% Following Binance Listing Announcement

Stringent Regulation

Kazakhstan has adopted a very strict stance when it comes to regulating cryptocurrencies, especially when it comes to its substantial mining industry, which is one of the biggest in the world. Eight of the top cryptocurrency miners expressed their concerns about the difficult circumstances the business faces in an open letter to President Kassym-Jomart Tokayev in October.

BCD Company, TT Tech Limited, Green Power Solution, Kinur Invest, KZ Systems, AI Solutions, and VerCom were among those organizations. One major problem mentioned was the high cost of electricity for miners, which resulted in a “very distressful situation” in the sector.

In Kazakhstan mining got off to a bad start. There was an abrupt inflow of miners into Kazakhstan after May 2021, when China outlawed cryptocurrency mining. The unplanned nature of that development resulted in significant strain on the nation’s electrical grid. Consequently, there were blackouts.

Although Coinbase is disappointed about this situation in Kazakhstan, the company has seen more successful outcomes elsewhere. Information about the U.S. cryptocurrency exchange surpassing Q3 revenue projections surfaced last week. Having said that, it was also revealed that trade volumes on the exchange had decreased for the second straight quarter.

The decision by Kazakhstan to restrict access to Coinbase demonstrates the nation’s commitment to upholding its laws governing digital assets and is part of a global trend where governments are trying to regulate activity related to cryptocurrencies.

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Binance Lists ChainGPT (CGPT): Unlocking a New Era for AI-Powered Blockchain Solutions

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Binance Lists ChainGPT (CGPT): Unlocking a New Era for AI-Powered Blockchain Solutions – BitcoinWorld
































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$88K Critical for Bitcoin Momentum

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Bitcoin’s price trajectory is at a pivotal juncture, with $88,000 emerging as a key level for sustaining market momentum, according to on-chain analytics firm Glassnode. Using the UTXO Realized Price Distribution (URPD) metric, Glassnode emphasized the significance of the Short-Term Holder (STH) cost basis, noting minimal trading volume below this threshold.

The $88,000 level serves as a critical psychological and technical support, and a decisive loss could pave the way for further downside. This article explores the importance of this metric and what it could mean for Bitcoin’s future price movement.


Understanding Bitcoin’s STH Cost Basis

The Short-Term Holder (STH) cost basis represents the average price at which recently acquired Bitcoin has been purchased. This metric is essential for analyzing:

  • Price Momentum: Indicates the health of recent buyer confidence.
  • Support Levels: Highlights crucial price points where short-term investors are likely to defend positions.

At $88,000, the STH cost basis underscores its significance as a level where short-term traders might capitulate if breached, potentially triggering a larger sell-off.


The Role of the URPD Metric

Glassnode’s UTXO Realized Price Distribution (URPD) metric maps the distribution of Bitcoin trading volumes across different price levels. Key insights from the current analysis include:

1. Minimal Volume Below $88K

  • Glassnode’s data reveals limited trading activity beneath $88,000, suggesting weak historical support in this range.

2. Vulnerability to Downside Pressure

  • A breakdown below $88,000 could lead to accelerated selling, as short-term holders exit positions to minimize losses.

Why $88K Is Critical for Bitcoin

1. Psychological Benchmark

  • Round numbers like $88,000 hold psychological significance for traders, influencing decision-making and market sentiment.

2. Technical Relevance

  • The STH cost basis aligns closely with support and resistance levels derived from historical price action, making it a reliable marker.

3. Momentum Indicator

  • Holding above $88,000 would demonstrate resilience, while a breach could signal a shift in momentum toward bearish conditions.

Potential Scenarios Based on $88K Level

1. Holding Above $88K

  • Sustaining this level could reaffirm Bitcoin’s bullish momentum, encouraging accumulation by both short-term and long-term holders.
  • Positive macroeconomic news or institutional support could bolster price stability.

2. Breaching $88K

  • A decisive loss of $88,000 might lead to panic selling, increasing volatility and pushing Bitcoin toward lower support levels.
  • Traders may target $85,000 or lower as the next critical support zone.

Market Sentiment and Influences

1. Institutional Activity

  • Institutional investors closely monitor key levels like $88,000, adjusting strategies based on market strength or weakness.

2. Broader Economic Factors

  • Macroeconomic elements, including interest rate policies and inflation data, continue to impact risk assets like Bitcoin.

3. Short-Term Trader Behavior

  • As the primary holders at this cost basis, short-term traders play a pivotal role in determining Bitcoin’s near-term price movements.

How Traders Can Respond

1. Monitor Key Levels

  • Keep a close watch on Bitcoin’s behavior around $88,000, as this level is crucial for gauging momentum.

2. Set Stop Losses and Alerts

  • Traders should establish clear stop-loss levels to minimize risk in case of a breakdown.

3. Consider Accumulation Opportunities

  • If Bitcoin holds above $88,000, it could present a buying opportunity for those confident in a bullish continuation.

FAQs

1. Why is $88,000 significant for Bitcoin?
The $88,000 level represents the Short-Term Holder (STH) cost basis, a critical indicator of price momentum and market confidence.

2. What happens if Bitcoin drops below $88,000?
A loss of this level could trigger selling pressure, as short-term holders exit positions, potentially leading to further downside.

3. What is the URPD metric?
The UTXO Realized Price Distribution (URPD) metric tracks Bitcoin’s trading volume at different price levels, highlighting key areas of support and resistance.

4. How does $88K influence market sentiment?
Maintaining this level reinforces confidence in the market’s bullish momentum, while losing it could shift sentiment toward bearish expectations.

5. What should traders do at this level?
Traders should monitor Bitcoin’s performance around $88,000, set stop-loss levels, and consider accumulation if the level holds.


Conclusion

The $88,000 level is more than just a price point; it’s a pivotal marker for Bitcoin’s momentum and market sentiment. Glassnode’s analysis underscores its significance as the Short-Term Holder cost basis, with the potential to dictate Bitcoin’s next move.

Whether Bitcoin sustains this critical level or breaches it will determine its trajectory in the coming weeks. For traders and investors, staying vigilant and adapting strategies to this key metric will be essential in navigating Bitcoin’s dynamic market.

To learn more about the innovative startups shaping the future of the crypto industry, explore our article on latest news, where we delve into the most promising ventures and their potential.

Disclaimer: The information provided is not trading advice, Bitcoinworld.co.in holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

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Mantra Partners with UAE Real Estate Giant Damac to Tokenize $1B in Assets

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Mantra Partners with UAE Real Estate Giant Damac to Tokenize $1B in Assets – BitcoinWorld
































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