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After falling more than 10%, the analyst points out where Bitcoin, Ethereum and XRP are going.

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After falling more than 10%, the analyst points out where Bitcoin, Ethereum and XRP are going.

price Bitcoin suffered a severe defeat due to negative news from China. In the end, the price dropped from an extremely close psychological level to stable support around $ 40,000.

Despite the sudden drop, BTC bulls took to the scene and seemed to begin a recovery.

According to the analyst Akash Girimat from FXStreet, bitcoin price it fell in the demand zone – from 38 207 to 42 206 dollars on September 21. But renewed buying pressure pushed him back.

As the analyst noted, a further increase in buy orders is likely to push the cryptocurrency towards the $ 44,705 resistance level.

“Overcoming this barrier will open the way to the critical supply limit of $ 46,833. While this area is difficult to overcome, it will pave the way to the $ 50,000 psychological level, ”he said.

As such, the analyst points out that regardless of the rally seen over the past 10 hours, if BTC fails to deliver a daily close above $ 42,206, it will indicate weakness among buyers.

“However, a $ 38,207 plunge would disprove a bullish premise and potentially trigger a sharp decline.”

Ethereum price is trying to enter a safe area

price Ethereum, which had a healthy uptrend after the September 7 crash, also melted with BTC.

Unlike Bitcoin, ETH closed below the bottom of that barrier at $ 3,015, Girimata said.

“ETH is trying to climb again, but there are huge consolidation sails in this area. So it will be extremely difficult for a short-term surge in buying pressure to overcome this, ”he said.

In this sense, the analyst noted that breaking the $ 3223 barrier would be the first sign of renewed optimism.

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“If buying pressure persists, investors can expect the price of Ethereum to rise to the fair value gap (FVG), which ranges from $ 3,716 to $ 4,071,” he notes.

1-day ETH / USDT chart

Ripples

Finally, the analyst also indicated that the price XRP it also cut the demand zone from $ 1.012 to $ 0.964 during the crash on September 20 and 21.

Based on this, the analyst explained that a potential increase in buying pressure, which would drive the token’s value up to $ 1,012, would confirm a bull revival.

“Clearing this level will force the bulls to retest the $ 1.267 resistance ceiling. This is a 35% increase over the current situation, ”he says.

XRP / USD chart 1 day

Read also: Michael van de Poppe indicated 5 cryptocurrencies that need to be bought by the end of September

Read also: Trader points to five cryptocurrencies that could skyrocket in price in October

Read also: After the Bitcoin crash, address returns fell from 82% to 70%.

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Economy

Bitcoin Down 87% On Binance US Platform – Executive Digest

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Bitcoin Down 87% On Binance US Platform - Executive Digest

An algorithm flaw on the Binance platform caused users in the US to see a false 87% drop in Bitcoin this Thursday morning to $ 8,200.

The transaction volume for that minute was 592.8 bitcoins, which is only $ 40 million at current price.

The Exchange immediately fixed the bug.

“One of our institutional partners explained to us that there is a bug in the algorithm. We are investigating what happened. The situation has been resolved, “says an email sent by Binance USA.

This is not the first time a crypto-asset platform has encountered this kind of error.

Earlier this month, DeFi’s platform, Synthetify, was forced to shut down for a while shortly after its debut due to a “bug” in the Pyth Network, a pricing channel maintained by some of the world’s most famous trading companies.

Pyth already made the same mistake in September, showing a 90% drop in bitcoin share.

Also a month ago, decentralized financial platform DeversiFi saw $ 24 million “slipped out of his hands” after that amount was paid in the form of a $ 100,000 transaction fee in Ethereum.

Later, the exchange managed to recover 7,626 Ethereum units using a miner.

See also  Bitcoin could crash on June 17, and Ethereum could crash along with other tokens
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Economy

Powell’s scandalous operation prompts Fed to ban high-level officials from buying and selling shares – markets

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Powell's scandalous operation prompts Fed to ban high-level officials from buying and selling shares - markets

“A robbed house, locks on the door.” THE The US Federal Reserve System (FRS) has decided to tighten rules for trading in capital markets by senior officials after it became known that the president of the institution, Jerome Powell reportedly sold the $ 5 million shares he held on a personal level last October, ahead of a Wall Street sell-off.

The new rules, announced this Thursday, will ban the purchase of certain securities, restrict active trading and require more frequent reporting and public disclosures, the Fed said.senior officials can only purchase diversified investment vehicles such as mutual funds, barring them from investing in stocks, individual and agency bonds, or derivatives.

“These tough new rules raise the bar to convince the public that our employees are focused only on the public mission of the Federal Reserve,” Jerome Powell said in a statement on the agency’s website.

Starting in the next few months, the Fed’s top management will have to give advance notice 45 days to buy and sell bonds, obtain prior approval and hold the investment for at least one year. In addition, movement during periods of heightened stress in the financial market is not permitted.

Jerome Powell reportedly sold between $ 1 million and $ 5 million in Vanguard Total Stock Market Index Fund on October 1, 2020. pandemic. In addition to this deal, there were other sales with no specific deadlines.

The Wall Street Journal reported that a Fed source indicated that the financial transaction was compliant with central bank regulations and was approved by the Office of Public Ethics.

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Economy

Diploma for limiting the fuel surcharge valid tomorrow

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Diploma for limiting the fuel surcharge valid tomorrow

NO documentstay decisive “The ability to set maximum marketing margins for simple fuels”, an initiative of the government, currently adopted by the Assembly of the Republic.

Thus, the diploma states: “regardless of the declaration of the energy crisis provided for in the previous numbers, for reasons of public interest and to ensure the normal functioning of the market and consumer protection, a margin may be established, in exceptional cases, in any commercial components that make up the retail the price of regular fuel or bottled LPG ”.

According to the law, which amends several decrees establishing general principles regarding the organization and operation of the National Petroleum System, the “maximum margin” can be “determined for any activity in the value chain of ordinary fuel or bottled LPG. set by the order of the members of the government responsible for the economy and energy, at the suggestion of the energy services regulator and after consultation with the anti-monopoly body. “

The diploma also specifies that “the maximum fields indicated in the previous numbers should be limited in time.”

In July, the government approved in the Council of Ministers (CM) a proposed law that would limit fuel sales margins by decree if it deems it too high “without justification,” according to the Minister of the Environment.

At a press conference, João Pedro Matos Fernández said that this diploma, which also applies to gas cylinders, will later be sent to the Assembly of the Republic, stressing that this measure will be “limited in time.”

The purpose of the law is to “give the government a tool to allow, when it is proven that the margin on the sale of fuel and gas cylinders is unusually high and unreasonable, this right, by decree, to limit the same margin,” the government official said. …

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“After approval [a proposta de lei]and the government, always listening to ERSE [Entidade Reguladora dos Serviços Energéticos] and the Competition Authority, by its decree, always for a limited period of time, which, I believe, is a month, two months, administratively sets the maximum margin for the sale of fuel, ”said João Matos Fernández.

The government official recalled that this markup “is also the sum of the markups associated with transportation, storage, wholesale and retail,” and these reference values ​​”continue to be calculated by ENSE on a daily basis.”

“As soon as this bill is approved, we will have this tool at our disposal,” he said, assuring that today “the state has no opportunity” to interfere in limiting prices for fuel and gas cylinders.

The initiative has been criticized by industry associations, which accuse the government of wanting to deflect attention from the weight of taxes on fuel prices.

Read also: Fuel and energy. Concerned parties are asking the government to take additional action.

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