BTC Holds On After SEC Crackdown, Bears in Control
Altcoin prices took a hit following the announcement of lawsuits by the SEC against Binance and Coinbase.
The SEC also classified 23 additional cryptocurrencies as securities, stirring unease among investors and bringing the total to 67. Amid the chaos, Bitcoin and Ether remained relatively stable, hinting at institutional investors’ resilience.
While the uncertainty may cause some investors to be cautious, BTC and ETH are expected to thrive when market sentiment rebounds.
However, at the moment, the BTC bears seem to be in control. As last week ended, Bitcoin tested the crucial support zone around the $25,400 mark. It has tested it a couple of times, but it seems to be holding on.
The zone between $25,400 and $24,000 is important, and a loss of support in that zone could trigger panic selling. In this case, a price of $20,000 wouldn’t be out of the realm of possibility. There is still buying at lower levels, however, and the bulls will be expected to protect these levels.
Any potential upside at the moment has to be preceded by the recapturing of the 20-day EMA first. Even beyond that, the BTC price has to contend with the 50DMA; any uptick at the moment seems out of reach, but one never knows.
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Tel Aviv Stock Exchange (TASE) Reaches Milestone with First Minted Digital Government Bond and Tokenized Shekel
The Tel Aviv Stock Exchange, in partnership with the Israeli Ministry of Finance, has reached a critical milestone in their ambitious Project Eden, completing the minting of the first “dummy” digital government bond as an ERC-1155 security token.
This represents a significant step in integrating blockchain technology with traditional financial assets. The project has also seen the tokenization of the Israeli shekel, the national fiat currency, with this digital payment token set to power future transactions.
During the settlement process, a smart contract for bond management ensures all transactions are verified and void of inconsistencies. The proof-of-concept, built on an Ethereum Virtual Machine (EVM)-compatible blockchain, opens the door for integration with other blockchain technologies in the future.
Blockchain firms Blockfold and Fireblocks have been instrumental in creating the distributed ledger infrastructure, enabling seamless interactions across wallets and token standards for treasury bond issuance and trading.
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