Ethereum price eyes $4,500 as a classic chart pattern, and onchain MVRV data align to signal renewed upside momentum this month. Key takeaways: Ether’s rebound from a key support confluence puts $4,500 back within reach. MVRV bands show ETH price holding above support, and eyeing a rally to $5,000. Read more
Ant Group and JD.com have paused their stablecoin initiatives in Hong Kong after Beijing regulators raised concerns over private firms issuing digital currencies. Chinese technology giants, including Ant Group and JD.com, have reportedly suspended plans to issue stablecoins in Hong Kong after regulators in Beijing voiced concerns over privately controlled digital currencies. The companies were instructed by the People’s Bank of China (PBoC) and the Cyberspace Administration of China (CAC) to pause these initiatives, the Financial Times reported on Sunday, citing sources familiar with the matter. “The real regulatory concern is, who has the ultimate right of coinage — the central bank or any private companies on the market?” one source familiar with the discussions told the FT. Read more
Japan’s Financial Services Agency is weighing reforms that could let banks hold cryptocurrencies like Bitcoin and operate licensed crypto exchanges. Japan’s Financial Services Agency (FSA) is reportedly preparing to review regulations that could allow banks to acquire and hold cryptocurrencies such as Bitcoin for investment purposes. The move would mark a major policy shift, as current supervisory guidelines, revised in 2020, effectively ban banks from holding crypto due to volatility risks, according to a Sunday report from Livedoor News. Per the report, the FSA plans to discuss the reform at an upcoming meeting of the Financial Services Council, an advisory body to the Prime Minister. The initiative aims to align crypto asset management with traditional financial products like stocks and government bonds. Read more
BitMine has $1.5 billion worth of Ether following the market crash, as Tom Lee remained bullish despite saying the DAT bubble may have burst. Fundstrat’s Tom Lee has echoed the sentiment that digital asset treasury hype may be coming to an end, but remains bullish on Ether, having purchased $1.5 billion worth since the market crash. BitMine Immersion Technologies has scooped up a total of 379,271 Ether (ETH) worth almost $1.5 billion since the record crypto market liquidation event last weekend. The acquisitions came in three separate purchases: 202,037 ETH after the weekend crash, 104,336 ETH on Thursday, and 72,898 ETH on Saturday, according to onchain data from Arkham Intelligence and ‘BMNR Bullz’, which tracks the firm’s purchases, though it has yet to be officially confirmed by BitMine. Read more
Technical analyst John Bollinger identified potential W bottom patterns in Ether and Solana charts, suggesting a major move could follow. Renowned technical analyst John Bollinger has identified patterns in Ether and Solana charts that could suggest a big move ahead, especially if something similar happens with Bitcoin. John Bollinger has identified “potential ‘W’ bottoms” in Bollinger Bands, a volatility indicator that he invented, on Ether (ETH) and Solana (SOL) charts, but the pattern has yet to form on the Bitcoin (BTC) chart, he said. ETH and SOL appear to be setting up double bottoms while Bitcoin is still forming its base. A ‘W’ bottom in Bollinger Bands is a bullish reversal signal that indicates potential upward price movement. Read more