- Binance acquired a 50% stake in Gopax, a South Korean crypto exchange, on 23 February as part of their strategy to gain a foothold into the country.
- South Korean authorities have expressed concerns about Binance taking over and potential money laundering and financial crimes through unverified coins that are listed on the exchange.
- Despite these challenges, Binance recently announced the launch of Binance Pay in France through a collaboration with global payments provider, Ingenico.
Binance Acquires 50% Stake in South Korean Exchange Gopax
Binance has taken steps to expand its presence in South Korea by acquiring a 50% stake in Gopax, a native crypto exchange. This move is part of Binance’s strategy to gain a foothold into South Korea. Leon Gong, the former Asian Pacific representative of Binance recently took over as Gopax’s new CEO.
Regulatory Concerns Regarding Money Laundering
South Korean financial authorities are concerned about this move and worry that it could pave the way for money laundering and financial crimes through unverified coins that are listed on the exchange. They have reviewed alternative regulatory measures for Gopax after changes caused by Binance’s involvement. For Binance to maintain operations in the country they will need to conform to these regulatory requirements.
Binance Launches Pay in France
In spite of these challenges, Binance continues to make headway elsewhere and recently announced the launch of Binance Pay in France through a collaboration with global payments provider, Ingenico. This partnership enables users to pay with crypto through #Binances Pay which is another milestone for global crypto adoption.
BNB Struggles To Bypass Resistance
XRP Price Bounces From $0.37: Will It Break Out Above $0.395?
- Ripple [XRP] traded within a range and the bulls forced a bounce from the mid-range mark at $0.37.
- The VPVR tool showed the Point of Control (red) to lie at $0.387, with stiff resistance ahead for XRP at $0.395.
- Stalled Open Interest suggested sentiment remained bearish, with nearly $2.3 million worth of long positions liquidated on 13 February.
Introduction
This article provides an analysis of Ripple’s [XRP] price action. It looks at the key levels that may prove to be resistances and considers evidence from volume profile and open interest data to assess market sentiment.
Bounce From Mid-Range Mark
Ripple [XRP] traded within a range and the bulls forced a bounce from the mid-range mark at $0.37. While this bounce inspired lower timeframe bullish momentum, the evidence at hand showed that $0.395 could pose stiff resistance to the price. Hence, XRP buyers from the $0.37 area can use a test of the $0.38-$0.39 area to take profits. Thereafter, a breakout upward or a rejection will reveal the direction of the next move.
VPVR Tool Analysis
The VPVR tool showed the Point of Control (red) to lie at $0.387 as well as horizontal long-term significance level above it at $0.395, suggesting that stiff resistance lies ahead for XRP’s price action in this zone and any buy orders placed around $ 0 .37 could be sold around this area if needed..
Sentiment Remains Bearish
Stalled Open Interest indicated sentiment remained bearish with liquidation data showing nearly 2 .3 million worth of long positions being liquidated on 13 February following Ripple unable to break out past its range highs in February which saw its price drop to mid-range mark ($ 0 .37).
Conclusion
In conclusion , while lower timeframes show bullish momentum building up , higher timeframe structure remains bearish . The VPVR tool showed stiff resistance ahead for XRP around$ 0 . 395 , suggesting any tests taken by buyers may not be successful in breaking through this level . Furthermore , stalled Open Interest suggests that sentiment remains bearish despite recent price movements .
SAND Price Prediction: Unlocks and Inflows Point to Profits Ahead
- The Sandbox saw an influx of nearly 82 million tokens into exchanges in recent days.
- The upcoming token unlock event might be a motivating factor for the increase in price.
- According to metrics, The Sandbox is overvalued and this presents an opportunity for sellers to make profits.
Recent Inflow of SAND Tokens
The Sandbox witnessed close to 100 million tokens entering various exchanges in recent days. This could be due to the upcoming token unlock event that might have motivated investors to sell their tokens. Moreover, The Sandbox [SAND] has seen a significant increase in value at the start of 2023, but its price movement has slowed down recently.
NetFlow Indicator & Exchange Flows
A review of several crucial indicators revealed that some major events regarding the game token might take shape. According to the NetFlow indicator and data collected from Glassnode, it was observed that there was more inflow than outflow; with nearly 82 million tokens transferred by investors onto different exchanges for selling purposes.
Zig-zag Price Movement on SAND
As per analysis done on a daily timeframe of The Sandbox’s [SAND] performance, it was noted that there were high lows being formed. At press time, SAND had gained 1%, trading at $0.71 while having dropped 8% prior to the session. Despite this bull trend being weak as per RSI line (just over 50), there were certain concerns raised due to the drop and massive influx into exchanges.
Token Unlocks & Profitability
Lido Finance’s TVL Surpasses $8B, But LDO Slips 5.82%
- Lido Finance [LDO] surpassed MakerDAO [MKR] to become the biggest DeFi protocol in January 2021.
- The total value locked (TVL) of Lido’s smart contracts went past $8 billion in the same month.
- Despite its success, the native token was down 5.82% at press time.
Lido Finance Becomes Biggest DeFi Protocol
In January 2021, Lido Finance [LDO] overtook MakerDAO [MKR] to become the biggest decentralized finance (DeFi) protocol, according to DappRadar. The total value locked (TVL) of its smart contracts also crossed $8 billion during this period, showcasing a growth of over 36%. This surge in activity could be attributed to liquid-staking protocols becoming increasingly popular following Ethereum’s transition to the Proof-of-Stake algorithm.
ETH 2.0 Behind Growth?
As per DefiLlama, ETH tokens locked with Lido Finance surged by 30% in January due to the increasing staking activity. This rise can be attributed to Ethereum developers confirming the roll out of Shanghai Upgrade as users had an opportunity to earn rewards for their locked tokens. Data from IntoTheBlock revealed that ETH staked with Lido Finance was over five million at press time. Moreover, supply side fees or rewards accrued by stakers increased more than 30% while earnings jumped by 65%.
Competition From Centralized Exchanges
However, there were some worrying developments as well such as Lido’s diminishing market share in ETH staking market which currently stands at 29%, according to Dune Analytics. Additionally, it faces competition from centralized exchanges like Coinbase which could affect its TVL going forward.