Here is what you need to know on Thursday 24, September
BTC/USD is trading at $10,285 after more weakness and what seems to be a confirmation of the recent bear flag.
ETH/USD had a similar fate, although the digital asset has dropped even lower than Bitcoin. It is currently trading at $326 as bears are eying up $308 as the next target.
XRP/USD has established a new monthly low at $0.226 and has almost no support levels on the way down to $0.20.
Chart of the day: NEO/USD daily chart
Market
Flamingo Finance is the new DeFi project to launch. It will utilize the NEO blockchain and allow users to stake BTC, ETH, USDT, NEO and ONT in exchange for FLM tokens. Binance announced the listing of FLM this morning introducing a new LaunchPool.
Binance customers can use BNB or BUSD to farm FLM tokens. Around 4% of the total supply of FLM will be distributed among Binance users starting on September 27. The FLM token will be listed on Binance only seven hours later with BTC, BNB, BUSD and USDT trading pairs.
The news had a significant impact on NEO’s price pushing the digital asset 15% to the upside even though the market has been weak today.
Industry
According to recent reports from Venezuela, the government has legalized the mining of Bitcoin in the country. Citizens of Venezuela will be able to mine Bitcoin, build mining rigs, import them and transact with them freely. Anyone interested in any of these actions will need to obtain a license.
Venezuelans will need to create RIM registry which will grant them licenses to mine Bitcoin or build ASIC mining rigs at a national level. It is not known yet the cost of these licenses or any other fees.
Quote of the day
Cryptocurrency is such a powerful concept that it can almost overturn governments
– Charles Lee
Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.
Recommended Content
Editors’ Picks
Ripple on-chain metrics show bullish signs amidst legal struggle with SEC, XRP eyes recovery
![Ripple on-chain metrics show bullish signs amidst legal struggle with SEC, XRP eyes recovery](https://editorial.fxstreet.com/images/Markets/Currencies/Cryptocurrencies/Coins/Ripple/Ripple_Coin_31_02_XtraSmall.jpg)
Ripple made a comeback above $0.48 on Tuesday and hovers above that level in Wednesday’s European session. Ripple on-chain metrics such as transaction volume and Network Realized Profit/Loss have turned bullish, supporting a recovery in the altcoin.
Bitcoin price falls amidst German government transfers, miners activity
![Bitcoin price falls amidst German government transfers, miners activity](https://editorial.fxstreet.com/images/Markets/Currencies/Digital%20Currencies/Bitcoin/bit-coin-symbol-flag-3d-illustration-59931110_XtraSmall.jpg)
Bitcoin (BTC) extends correction on Wednesday and hovers around $61,000 after finding resistance near the $64,000 level on Monday. Recent on-chain data indicates heightened selling activity from Bitcoin miners early in the week.
Crypto Today: Bitcoin erases gains from end of June, Ethereum declines while Ripple holds
![Crypto Today: Bitcoin erases gains from end of June, Ethereum declines while Ripple holds](https://editorial.fxstreet.com/images/Markets/Currencies/Digital%20Currencies/Bitcoin/Bitcoin_2_XtraSmall.jpg)
Bitcoin wipes out gains from the last week of June and falls below $60,000 on Wednesday. Ethereum and top altcoins ranked by market capitalization erased gains as the inflation outlook worsened. Ripple holds on to recent gains and hovers above $0.48 on Wednesday.
Three reasons why altcoins could shake off losses this week
![Three reasons why altcoins could shake off losses this week](https://editorial.fxstreet.com/images/Markets/Currencies/Cryptocurrencies/cryptos_XtraSmall.jpg)
On-chain data from Santiment shows that altcoins are currently in the opportunity zone, or generating buy signals. The top three altcoins in the buy zone are Basic Attention Token (BAT), Chromia (CHR), and Highstreet (HIGH), per Santiment.
Bitcoin: BTC price correction could end in July, according to seasonal data
![Bitcoin: BTC price correction could end in July, according to seasonal data](https://editorial.fxstreet.com/images/Markets/Currencies/Digital%20Currencies/Bitcoin/bitcoin_5_XtraSmall.jpg)
Bitcoin (BTC) price appears poised for a decline this week, influenced by slight outflows in US spot ETFs, selling activity among BTC miners, and a combined transfer of 4,690.28 BTC to centralized exchanges by the US and German governments.