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PlayStation Maker Sony Enters Crypto Exchange Market

Abdulkarim Abdulwahab
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PlayStation Maker Sony Enters Crypto Exchange Market

Sony, the Japanese multi-industry conglomerate behind PlayStation, is preparing to relaunch the local cryptocurrency exchange Whalefin.

In a Monday release, Whalefin’s parent company, Amber Japan, disclosed that it rebranded to S.BLOX. The rebranding move aligns with the broader efforts to revamp the local trading platform, introduce additional features, and make it more user-friendly. 

Specifically, the platform is undergoing a user interface redesign and developing new apps with a more intuitive user experience. 

Sony Launching Crypto Exchange in Japan

Notably, Sony’s subsidiary Quetta acquired Amber Japan in August 2023 and has operated as an affiliate of Sony Group since then. Sony plans to relaunch the rebranded local crypto exchange soon, but the exact date remains undisclosed.

This move marks Sony’s first significant foray into the crypto market, building on its previous Web3 explorations via partnerships and investments. The company previously collaborated with the Astar Network on a Web3 incubation agenda and has filed a patent for transferring NFTs between consoles and games.

Moreover, Sony’s business division, Sony Network Communications, formed an alliance with Japanese blockchain company Startale Labs in 2023 to develop a proprietary public blockchain network for the tech giant.

In a commentary on X, Startale Labs CEO Sota Watanabe revealed that the external director of Startale will lead Sony’s new crypto exchange. “We made a plan for the chain layer 1.5 years ago and entered the execution phase,” Watanabe remarked.

From DeCurret to Amber Japan to S.BLOX

Significantly, Amber Japan emerged in 2022 when the Japanese subsidiary of Singapore-based market maker Amber Group acquired DeCurret, a Japanese-regulated crypto trading platform. 

However, Amber Japan has now been rebranded as S.BLOX Co. LTD, effective July 1, and operates under the Sony Group umbrella.

As Asia-based reporter Colin Wu highlighted, Amber Group faced difficulties following the 2022 rebranding to Amber Japan, particularly after the collapse of FTX. 

According to him, the company was suspected of undergoing a complete debt-to-equity transaction with Fenbushi. Amber Group boasts an impressive list of investors, including Sequoia China, Temasek, Tiger, Pantera, and Coinbase.

Ethereum Records Largest Weekly Outflow Since August 2022

Lele Jima
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0
Ethereum Records Largest Weekly Outflow Since August 2022

Crypto investment products record another streak of outflow for the third consecutive week, totaling $30 million, with Ethereum losing $61 million. 

Leading digital asset company CoinShares revealed this in a recent report, emphasizing that while Bitcoin (BTC) saw inflows, Ethereum, the second-biggest cryptocurrency, witnessed outflows in the past week. 

Bitcoin Inflow Hits $10M 

According to CoinShares data, Bitcoin-related exchange-traded products (ETPs) saw an inflow of $10 million in the past week. 

While the figure may not be impressive, it is a significant boost compared to the previous report, where the products saw an outflow of $630 million. Following the latest performance, the total assets held across all Bitcoin ETPs have soared to an astounding $67.57 billion. 

In addition to Bitcoin, other digital assets witnessed inflows last week, with multi-asset ETP attracting $18 million. Furthermore, other altcoin-related ETPs also recorded positive netflows, including Solana ($1.6 million), Litecoin ($1.4 million), Chainlink ($600,000), and XRP ($300,000). 

Ethereum Witnesses Largest Outflow Since August 2022 

Conversely, ETPs related to Ethereum (ETH), the second-biggest cryptocurrency by market cap, ended the past week with outflows. According to the data, Ethereum registered its largest outflow for the first time since August 2022, totaling $61 million. 

Following the decline, Ethereum’s outflow soared to $119 million in two weeks, making ETH the worst-performing asset year-to-date (YTD) in terms of net flows. Per the report, the AUM (assets under management) across Ethereum’s ETP stood at $14.35 billion.  

Flows by asset
Flows by asset

This development comes as market watchers anticipate the SEC’s approval of S-1 documents relating to multiple spot Ethereum exchange-traded funds (ETFs). 

As reported earlier, Bloomberg’s ETF analyst Eric Balchunas projected that the SEC could approve these funds by July 2, 2024. Similarly, on June 19, Consensys’ product manager Jimmy Ragosa forecasted that the funds may be approved in days. It remains to be seen whether these predictions will come true. 

Regional Flows 

Meanwhile, the report also sheds light on net flows by region. Interestingly, the United States, Brazil, and Australia witnessed inflows to the tune of $43 million, $7.6 million, and $2.9 million, respectively. 

However, Coinshares pointed out that negative sentiments impacted crypto investment products in Germany, Hong Kong, Canada, and Switzerland, leading to outflows worth $29 million, $23 million, $14 million, and $13 million, respectively. 

Flows by region
Flows by region

Flows By Providers 

With respect to flows by providers, Grayscale’s converted Bitcoin Trust ETF led the charge in terms of outflow, totaling $153 million. 21Shares AG and CoinShares’ XBT also saw outflows of $29 million and $6 million, respectively. 

In contrast, BlackRock’s Bitcoin ETF attracted $84 million in inflows, followed by the ARK21Shares ETF, which saw $27 million worth of investments over the past week. Bitwise and Fidelity ETFs also saw inflows of $15 million and $13 million, respectively. 

Flows by provider
Flows by provider

Ripple Partner SBI Mints 920 NFTs on XRPL for the 2025 World Expo in Japan

Sam Wisdom Raphael
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Ripple Partner SBI Mints 920 NFTs on XRPL for the 2025 World Expo in Japan

Japanese financial giant and Ripple partner SBI begins the minting of XRPL-based NFTs for the 2025 World Expo in Japan, with 920 collectibles minted.

SBI Holdings has begun minting non-fungible tokens (NFTs) for the forthcoming 2025 World Expo in Osaka, Japan. This development follows the announcement of SBI’s plans to launch the “EXPO 2025 Digital Wallet NFT” service six months ago.

SBI Mints 920 XRPL-based NFTs

Emi Yoshikawa, Ripple’s VP for Strategic Initiatives, called attention to the latest development in a post on X, building on an official disclosure from SBI VC Trade, the crypto exchange subsidiary of the SBI Holdings group. Notably, Yoshikawa pointed to on-chain data that allows network participants to track the minting process in real-time.

Data sourced by XRPL explorer Bithomp shows that the company has now successfully minted 920 NFTs. Interestingly, the firm created 908 of these collectibles today, on July 1, marking a substantial step forward in their project.

SBI further shared further information on the project in a press release today. Dubbed Myakoon, the project will provide attendees of the World Expo with unique digital collectibles. The first 5,000 visitors will receive these NFTs as part of a commemorative initiative. 

Further Details of the SBI NFT Project

Per the release, the NFT project looks to engage both virtual and physical participants in the Expo, granting them an opportunity to collect and create exclusive NFTs. SBI Holdings is spearheading this project through collaboration with its subsidiary SBI VC Trade and SBINFT. 

The Myakoon service is integrated into the EXPO 2025 Digital Wallet, which will allow users to collect and view their NFTs on a dedicated site. Participants can earn these digital collectibles by engaging in various Expo activities, both in the real world and online. The acquired NFTs are non-transferable and non-resellable, ensuring they remain unique to each user.

Myakoon allows users the functions of collecting and making NFTs. Users can gather NFTs by participating in campaigns and selecting original images based on their status in the reward program. The program rewards users with higher statuses by granting them access to rarer images. 

Additionally, users can create their own NFTs by uploading chosen images, making the experience accessible even for newcomers to the NFT space.

To celebrate the launch of Myakoon, SBI is running several campaigns. The initial launch campaign will distribute special NFTs to the first 5,000 users. Furthermore, the firm introduced a gift campaign that will offer luxurious prizes to those who purchase tickets to the Expo. 

The 2025 World Expo in Japan

In addition, adult customers who purchase Expo tickets will receive “Myakupe,” digital assets that they can use for transactions both within and outside the Expo site, as well as Myakoon NFTs. The Expo is expected to hold between April 13 and October 13 next year.

The Osaka Expo will possibly attract over 28 million visitors, providing a vast audience for this digital wallet service. This endeavor comes nearly two years after the XRPL welcomed NFT functionality with the implementation of XLS-20D in August 2022. Since then, the XRPL has seen its NFT ecosystem grow.

Shiba Inu Team Defines Key Initiatives Strengthening SHIB Ecosystem

Zabi
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0
Shiba Inu Team Defines Key Initiatives Strengthening SHIB Ecosystem

Lucie compares Shiba Inu growth to bodybuilding, stressing the importance of strategic partnerships and gradual ecosystem expansion for the token’s future.

Shiba Inu (SHIB) marketer Lucie has emphasized the token’s growing ecosystem and strategic partnerships. These collaborations aim to bolster the adoption and robustness of SHIB, enhancing its visibility and utility. She took to X to share insights, highlighting the progress and future potential of Shiba Inu.

 

Expanding the Ecosystem

Lucie noted that the power of SHIB lies in its ability to form strategic partnerships and expand its ecosystem. According to the marketing lead, the launch of the Shibarium layer-2 protocol focuses on metaverse and gaming applications, while ShibaSwap offers a decentralized exchange for liquidity and staking. 

Additionally, Shiba Inu has previously partnered with Playside Studios to develop Shiba Eternity, a high-graphics game centered around the art of Shiboshis NFTs. Other notable collaborations include K9 Finance for liquid staking, D3 for Shiba name service, and Zama FHE for encryption solutions.

The marketing lead remarked:

“These campaigns and partnerships are a testament to our dedication and vision for Shiba. We are constantly seeking new ways to strengthen the adoption of SHIB, BONE, LEASH, and SHEB and expand its reach.”

Lucie’s Optimism Despite Price Volatility

Despite a recent price collapse of over 14% in the last 14 days, Lucie remains optimistic about Shiba Inu’s future, particularly considering the recent developments. In a previous post by The Crypto Basic, she highlighted the developments and growth occurring behind the scenes for Shiba Inu. 

While acknowledging that these advancements may not immediately impact the token’s price, Lucie envisioned a bright future for the dog-themed token. She emphasized the ultimate goal of creating ‘something exceptional’ for Shiba Inu through ongoing developments and collaboration.

Merchant Adoption and Payment Solutions

Meanwhile, as part of the broader adoption push, Shiba Inu’s acceptance as a payment method has grown significantly in the near past. Since its addition to Binance Pay in November 2022, the exchange has continued to expand SHIB’s payment utility. As a result of this expansion, over 200 merchants have integrated SHIB payments through CoinGate by April 2023.

These include Wix merchants, Andromeda, and B12 Vitamin Store. Furthermore, Binance Pay’s partnership with Credencial Payments enhanced SHIB adoption in Latin America. This collaboration simplified Shiba Inu payments, expanding its reach in the region.

The Most Recent Partnership

The most recent development involves Kronos’ status as the first public company in the United States to accept Shiba Inu payments for its products. Ultimately, the crypto community has demonstrated growth and interest in Shiba Inu, with approximately 1.38 million SHIB wallet holders.

Bitcoin Cash Forecast: After 17% Losses in June, BCH Flashes $7M Bullish Signal

Mark Brennan
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Bitcoin Cash Forecast: After 17% Losses in June, BCH Flashes $7M Bullish Signal

Bitcoin Cash price reclaimed $390 price level on June 30 to post 17% negative growth performance for June 2024. But having reversed the majority of the losses recorded when it slid to a 100-day low during the crypto market crash on June 24, market data shows bull traders positioning for a positive start to July 2024. 

BCH Ends June Strongly Amid Volatile Market Conditions

The global crypto markets experience extreme volatility in June 2024. After a positive start to the month, the overheated jobs data released in the US on June 7 effectively ended hopes of a Fed rate cut in H1 2024, as many risk asset investors had anticipated. 

Unsurprisingly, from June 7, Bitcoin Cash (BCH) price was also caught in the crosshairs as the crypto market entered a 3-week tailspin that culminated in a major market crash on June 24. However, recent trends suggest that the June 24 crash may have marked the end of the bearish market phase, sparking hopes of another optimistic start to July 2024 for BCH and other crypto assets. 

Bitcoin Cash Price Action BCHUSD July 2024 TradingView
Bitcoin Cash Price Action (BCH/USD) | July 2024 | TradingView

Looking at the BCH price action chart above, the red patch shows how BCH’s price had declined from an open price of $454.75 on June 1 to close the month around the $390 level, booking 17% monthly losses in the process. 

On paper a double-digits loss performance seems a hard read, however, zooming the data shows that Bitcoin cash has registered some significant upside since the bearish market phase bottomed out June 24. 

As seen below, Bitcoin cash price had slid to $344 during the market crash on June 24, its lowest in over 100-days dating back to March 2, 2024. But since then bull traders and strategic new entrants have swung into action to turn the tide. 

In the final week of June, BCH’s price gained 16% as it surged from $344 on June 24 to reclaim the $390 level at the time of writing on July 1. 

However, recent trends observed in the Bitcoin Cash derivatives markets suggests that traders are currently positioning for more gains to follow in July 2024. 

BCH Bulls Seize Control With 7 Million LONG Positions 

Bitcoin Cash price has reclaimed the $390 level at the time of publication on July 1, up 16% within the weekly-time frame. But after double-digit losses in June, more traders are mounting LONG positions on BCH in hopes that the bottom is in for the crypto markets, and that many traders in the stocks markets could reinvest some of their lofty profits in the second half of July into the crypto sector. 

In a clear indication of this, Coinglass’ Liquidations map data, which tracks the total value of active LONG/SHORT contracts listed for cryptocurrencies, shows that bulls are now in the driver’s seat in the BCH markets. 

Bitcoin Cash Liquidation Map July 1 24 BCH USD Coinglass
Bitcoin Cash Liquidation Map | BCH/USD | Coinglass 

Looking at the chart above, Bitcoin Cash’s active LONG positions have exceeded the $7 million mark as of July 1. Meanwhile, in comparison, the total value of SHORT contracts is still below $5.4 million. 

Essentially, this shows that the total value of bullish positions has exceeded the active leveraged short positions by more than $1.6 million. This alignment effectively means that traders are growing increasingly confident in the prospects that BCH price will continue on its current upward trajectory as July 2024 unfolds. 

If the bulls continue to support their bullish derivatives LONG contracts, with rapid purchases in the spot markets, there’s a chance that Bitcoin Cash price could reclaim the coveted $400 territory in the days ahead. 

BCH Price Forecast: Bull Must Reclaim $400 Territory to Stage July Breakout 

Bitcoin Cash’s price bounced back above $390, having maintained its upward trajectory in the last 7 days of June. More so, the $1.6 million excess LONG positions over SHORTs suggest that the majority of traders are anticipating more upside in July, which could possibly propel BCH price into a parabolic breakout towards the $450 area.

But first, technical indicators suggest the bulls must first scale the psychological resistance looming at the $400 level.

Bitcoin Cash Price Forecast 1 7 24 BCH USD TradingView
Bitcoin Cash Price Forecast | BCH/USD | TradingView

As depicted in the chart, the $400 level aligns closely with the 0.786 Fibonacci retracement level, making it a critical barrier for the bulls to overcome. Once above $400, the next target would be $438.13, followed by $460.45 at the 0.618 Fibonacci retracement level.

Clearing these resistance levels could open the path toward $450 and higher, potentially reaching the $500 area if bullish momentum persists.

However, in the event of further downside, the immediate support for BCH lies at $387.46, marked by the 1.618 Fibonacci extension level.

This level has been tested recently and has held firm, indicating strong buying interest. If BCH dips below this support, the next level to watch would be $305.47 at the 2.618 Fibonacci extension. This level represents a significant support zone that could prevent further declines.

Top Analyst Sets Minimum XRP Target at $6.4, Aligning with Monthly Fib 1.618

Sam Wisdom Raphael
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0
Top Analyst Sets Minimum XRP Target at $6.4, Aligning with Monthly Fib 1.618

Notable crypto analyst EGRAG expresses confidence in an XRP surge to the monthly Fibonacci 1.614 retracement level, which aligns with a target of $6.4.

EGRAG’s latest analysis comes as XRP follows the direction of the rest of the crypto market over the last few weeks. As a result, the prevalent market downturn has impacted its chances of a price run. This bearish condition pushed XRP below the crucial $0.50 price threshold in mid June, triggering more dips to $0.4620 on June 24.

XRP Demonstrates Resilience

However, market data confirmed that XRP displayed greater resistance against the bearish market forces than most assets. Despite closing June with a loss, XRP only observed an 8% drop, only behind Bitcoin’s (BTC) 7% decline. Meanwhile, Solana slumped 11.49%, while Ethereum dropped 8.62% in June. Dogecoin (DOGE) crashed 21%.

In his analysis, delivered on June 30, EGRAG stressed that XRP’s resilience has kept it above a pivotal level. Notably, this level is the Fibonacci 23.6% region on the monthly timeframe, which aligns with a $0.4521 price. According to the analyst, XRP was about to close June above this price territory, which is crucial for the next price movements.

He argued that the prevalent market was not out of the ordinary, tagging it a typical period of consolidation. Remarkably, XRP eventually closed June at $0.4761, registering a confident position above Fib. 0.236. This was significant, as the close above this Fibonacci level sets XRP up for a push toward its next target.

EGRAG’s chart puts this next target at Fibonacci 0.5, currently aligned with the $0.7512 price. The last time XRP saw this price level was in July 2023 when it spiked to $0.93. The token’s chances of reaching this next target are bolstered by its penchant for registering impressive performances in July. 

XRP’s Minimum $6.4 Target

Notably, over the past four years, XRP has recorded consecutive monthly gains in July, per CryptoRank data. These gains have averaged 29% within this timeframe. If XRP sees a 29% increase this July, its price could retest the $0.61 territory. Such a push would grant enough momentum for the bulls to aim for the $0.7512 target.

XRP Monthly Returns CryptoRank
XRP Monthly Returns | CryptoRank

EGRAG believes XRP could roam toward a new all-time high if it eventually conquers this $0.7512 target at Fib. 0.5. The analyst’s minimum target for such a rally sits at $6.4 (Fibonacci 1.618) after it breaches the resistance at $1.96. A rally to $6.4 would mandate a massive 1,237% increase from XRP’s current level.

Interestingly, EGRAG has persistently expressed confidence in XRP reaching this $6.4 target, leveraging different indicators. He previously presented this $6.4 price target for last June, calling attention to a weekly symmetrical triangle. Last month, he asserted that this target could be propelled by a “launching channel” on the 2-week chart. 

XRP Unusual Price Dump on Uphold Exchange: What Happened

Abdulkarim Abdulwahab
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XRP Unusual Price Dump on Uphold Exchange: What Happened

Members of the XRP community claimed to have observed an unusual price fall of XRP on the American exchange Uphold, which was not reflected in the broader crypto market.

U.S.-based XRP proponent Micah brought public attention to the observation in a post on X. He lamented that XRP has been randomly showing steeper falling candles on the Uphold but not on other trading platforms. The chart accompanying the tweet showed that XRP posted a 2.64% loss on the hourly time frame, falling from $0.47558 to $0.46227.

Micah tweeted this concern at 08:43 PM US time on Sunday. However, CoinMarketCap data shows XRP remained at around $0.4762 with no consequential drop during Micah’s observation period. 

Interestingly, CoinMarketCap indicated that the lowest price XRP sold for in the last 24 hours was $0.4716. As of now, XRP trades above $0.48, soaring by 2% today.

Essentially, the XRP price decline Micah spotted on Uphold does not reflect the realities of the broader market. The reported situation has attracted significant attention from community members amid Uphold’s positive history with XRP. 

Has It Happened Before?

X user “Sage Bolts” claimed to have repeatedly witnessed similar cases with other assets on Uphold. “Seems sketchy; I don’t know why it happens,” the commenter said. Some commentaries suggest users may be unable to acquire XRP at the dip price, suggesting it was a glitch.

Meanwhile, X user Marsha claimed otherwise, stating he received notification of an XRP price drop on Uphold and acquired some tokens after observing the asset trade higher at CoinMarketCap. However, he provided no proof of his claim.

Another commenter attributed the situation to insufficient liquidity, noting that a major sell order on an exchange could temporarily trigger the sharp price fall. A comparable scenario surfaced last August when XRP briefly traded $50 on Gemini due to dried-up order books amid the initial listing.

However, Uphold is an XRP powerhouse, boasting more XRP reserves than even Bitcoin. In particular, Uphold holds over 2 billion XRP, valued at approximately $ 1.08 billion for customers, compared to its users’ Bitcoin deposits of only $315 million.

While the XRP Army has sought input from Uphold regarding the solitary price dump, the exchange has yet to respond at press time.

3 Key Factors That Can Spark Shiba Inu Big Rally

Lele Jima
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3 Key Factors That Can Spark Shiba Inu Big Rally

Binance’s continued support of Shiba Inu, Coinbase’s regulated SHIB futures contract, and Grayscale’s mention of the asset could set the stage for a significant rally. 

Many investors have been disappointed with Shiba Inu’s recent performance, which has caused a massive crash in the token’s price. Last week, Shiba Inu’s price crashed below $0.000017 for the first time in three months, hitting a low of $0.00001642 on June 24. 

Currently, SHIB is above the $0.000017 mark, with a unit trading at $0.00001719 at press time. This comes after the token witnessed a daily surge of 1.6%, according to data from TradingView. 

SHIBUSDT 2024 07 01 10 44 02
SHIBUSDT 2024 07 01 10 44 02

3 Factors That Can Drive SHIB Price 

Despite the slight rally, SHIB is still 61.53% below its March high of $0.000045. Nonetheless, three major factors can still pave the way for SHIB’s potential rally. 

They include Binance’s continued support of SHIB, Coinbase Derivatives’ upcoming regulated futures contract for Shiba Inu, and Grayscale spotlighting SHIB among the top 10 most valuable assets in the market. 

Binance Continued Support of SHIB 

Recall that Binance delisted the SHIB/TUSD spot trading pair on June 28, citing low volume and liquidity. Consequently, some media outlets misconstrued the announcement to suggest that Binance was delisting SHIB from its platform. 

However, the Shiba Inu ecosystem team dismissed this claim, clarifying that Binance was only removing one SHIB spot trading pair and not delisting the token completely. A further statement from the exchange also confirms that users can still trade Shiba Inu via other spot trading pairs. At press time, the exchange supported eight SHIB spot pairs, including SHIB/DOGE, SHIB/USDC, and SHIB/USDT. 

Binance’s continuous support of SHIB cannot be overstated. The exchange boasts a 24-hour volume of $9.66 billion, making it the biggest crypto trading platform globally.  

Coinbase Derivatives to Launch Regulated SHIB Futures Contract 

Another factor that could trigger Shiba Inu’s potential rally is Coinbase Derivatives’ upcoming regulated futures contract for SHIB. As reported earlier, the exchange filed an application with the U.S. CFTC to launch a futures contract for SHIB under a self-certification model. 

The fund’s potential listing date is scheduled for July 15, two weeks from now, giving investors more exposure to SHIB. 

Grayscale Spotlights SHIB Among Top 10 Most Valuable Assets 

The last factor that could propel a massive uptick in Shiba Inu’s price is Grayscale recently spotlighting of SHIB among the top 10 most valuable tokens in the market. Shiba Inu, which boasted a valuation of approximately $10 billion at the time of the publication, ranked in the 10th position with a year-to-date (YTD) return of 68.2%. 

The development stirred reactions among Shiba Inu enthusiasts, with many describing the feat as remarkable, given Grayscale’s relevance in the financial sector. 

Although the abovementioned factors could propel SHIB’s price for a potential rally, it is important to note that this article is for informational purposes. Hence, it should not be taken as financial advice. 

Kronos Becomes First American Public Company to Accept Shiba Inu Payments

Zabi
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0
Kronos Becomes First American Public Company to Accept Shiba Inu Payments

Kronos Advanced Technologies Inc., an air purifier firm, becomes the first public company in the United States to accept Shiba Inu payments for its products.

Kronos Advanced Technologies Inc., an innovator in air purification technology, has announced its acceptance of Shiba Inu (SHIB) crypto for its products. The company disclosed this in a recent filing with the U.S. Securities and Exchange Commission (SEC).

This move positions Kronos as the first public company in the United States to adopt SHIB as a payment method, demonstrating its commitment to innovation. Currently, there are about 1.38 million SHIB wallet holders, who could benefit immensely from this development.

Implications of the Kronos Adoption

Kronos’ acceptance of Shiba Inu payments signifies a notable advancement in the e-commerce sector. With the incorporation of Shiba Inu, Kronos looks to provide customers with a smooth and secure transaction process, catering to the growing community of crypto users.

Greg Rubin, CEO of Kronos Advanced Technologies Inc., expressed his excitement about the new payment option. “We are excited to be the first public company to accept SHIB for our air purification products,” said Rubin. He stressed that the move exemplifies their desire to meet growing demand.

To celebrate this milestone, Kronos is offering a special promotion: customers who use SHIB to purchase an air purifier will receive a 10% discount on their order. Those who wish to leverage this opportunity should use the discount code SHIBArmy10.

Kronos’ acceptance of SHIB is part of a broader strategy to include various cryptocurrencies as payment options. 

Previously, Kronos became the first publicly traded company to accept Dogecoin (DOGE) and other cryptocurrencies for its products. 

Shiba Inu Payments in Diverse Industries

This represents the latest development surrounding Shiba Inu’s adoption as a payment method, as multiple firms warm up to the token. 

The xPortal app, which operates on the MultiversX blockchain, now has Shiba Inu in the list of crypto assets available for use with its card service. The update allows users to top up their cards with various cryptocurrencies, including Shiba Inu, and spend them instantly.

Additionally, U.S. dental firm Amoré Orthodontic Aligners also recently made a move to accept Shiba Inu as a payment method for its services. With this new payment option, patients can now use Shiba Inu to pay for braces, retainers, and other orthodontic services offered by the firm.

In a similar move reported in May, BlockDAG, a blockchain technology company, expanded its payment options to include a variety of digital assets, including Shiba Inu, Bitcoin, XRP, and Cardano, among others.

Ethereum Price Stabilizes as Rebound Signal Emerges On 3-Day Chart

Mark Brennan
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0
Ethereum Price Stabilizes as Rebound Signal Emerges On 3-Day Chart

Ethereum maintains its price above $3,400 and appears poised for a significant rally as analyst Ali Martinez predicts an imminent surge.

Over the past 24 hours, Ethereum’s (ETH) price has increased by 2.9% to trade at $3,485 amid a 66% surge in daily trading volume to $9.7 billion.

Analyst Matinez Predicts A surge in ETH Price

The recent rise in Ethereum’s price aligns with analyst Martinez’s observations on X. He notes that the TD Sequential indicator has signaled a buy on Ethereum’s 3-day chart. This tool, which helps pinpoint trend exhaustion and potential price reversals, suggests a bullish turnaround for ETH. 

 

Martinez predicts that this could lead to a rebound, with one to four candlesticks moving upwards, suggesting that the Ethereum price may continue to rise in the upcoming days. 

Recently, Ethereum tried to rally but didn’t have enough bullish momentum to sustain the climb. It couldn’t hold above the $3,700 resistance level and began to decline. The drop went beyond $3,600 and fell below the $3,550 support level, hitting a low of around $3,430. 

Now, similar to Bitcoin, Ethereum is showing signs of a breakout that could push its price above $4,100.

ETH Trading View New1101101
ETHUSDT Analysis

Ethereum Price Could Surge on Bullish Technicals

The falling wedge pattern has formed, signaling a potential bullish reversal that could prompt optimistic investors to drive prices higher. Presently, the price is above both the 50-day and 200-day simple moving averages (SMAs), with bulls aiming to break out above the wedge pattern to initiate a rally.

The Relative Strength Index (RSI) shows signs of recovery, hovering around 49, just above the midpoint of 50. This indicates significant buying pressure. A surge in bullish momentum could afford more strength to the bulls, confirming expectations of an impending rally.

Meanwhile, the Moving Average Convergence Divergence (MACD) indicator is bullish. The blue line has crossed above the orange signal line towards neutrality, signaling a shift in momentum from bearish to bullish. Additionally, positive histogram bars indicate momentum in price movement, further supporting the optimistic outlook.

Ethereum Price Further Upside Potential: Possible $4,100 Breakout

Ethereum’s price is at a crucial point, with bulls fighting to maintain upward momentum and target the $4,100 mark. The presence of a falling wedge pattern supports bullish sentiment, with hopes of pushing towards Ethereum’s all-time high of $4,880.

However, if bears capitalize on weakness near the wedge’s upper boundary, they could initiate a downside move toward the $3,450 support level, which is aligned with the wedge’s lower trendline. Traders and investors should closely watch these levels for potential changes in market sentiment and price movements.

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