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Summary of Past Week Articles October 17, 2022

Cardano Price Prediction as ADA Rises 5% – Is it Time to Buy?:

Cardano’s price has risen 5.5% in the last 24 hours to $0.382443, recovering from an inflation-induced selloff yesterday.

However, it has fallen 11% in the last seven days, weighed down by bad macroeconomic conditions in the broader cryptocurrency market.

Since falling to a seven-day bottom yesterday, the ADA price has risen by 8.8%, with more gains likely shortly, given how undervalued the altcoin is to its actual value.

Despite having only a portion of Ethereum’s entire value locked in, it is the eighth-largest crypto by market cap. The ADA price might skyrocket if it experiences significant organic growth and acceptance.

While waiting for the next bull market may not be every trader’s idea of a good time, some intriguing newer altcoins have seen significant gains during the current bad market.

Terra Luna Classic Price Prediction – When Will the Next Binance Token Burn Take Place?:

Terra Luna Classic is poised for a bullish rise to $0.00037 after firmly holding the $0.00025 support.

However, a recent double-bottom formation on the four-hour chart suggests that a 26% move upward is possible.

The exchange’s efforts appear to be paying off, as about 8.5 billion tokens have been removed from the crypto project’s supply.

The price of Terra Luna Classic increased by around 68% in 24 hours after Binance CEO Changpeng Zhao (CZ) announced.

On October 1, LUNC increased from $0.00018 to $0.00037, doubling its value in less than a week. A trend reversal is usually expected when this pattern shows on the chart.

Traders who want to go long on Terra Luna Classic should wait until the price breaks above the pattern’s neckline, ensuring they escape bull traps.

It is worth noting that the Terra Luna Classic price will be met with resistance at $0.00030.

After a €150 million investment, Crypto.com has chosen Paris as its European headquarters:

Crypto.com, a significant cryptocurrency exchange, will locate its European regional headquarters in Paris, France’s capital.

According to a Wednesday blog post, the exchange has also announced a €150 million ($145 million) investment in the country to support the development of a regional headquarters and other market operations.

Aside from establishing its EU headquarters, the investment will be utilized to acquire local expertise in France to work on business development, compliance, and product. With over 50 million members, Crypto.com is one of the world’s largest crypto trading platforms.

According to CoinGecko, the exchange is the 12th largest crypto platform in volume, with more than $236 million in trading volume in the last 24 hours.

Binance €100 million invested in France Crypto.com, which is not the only exchange expanding its foothold in Europe.

As previously reported, Binance has deepened its engagement with the country, with its CEO Changpeng Zhao (CZ) referring to Paris as the financial hub of cryptocurrency in Europe.

CZ also described the EU’s Market in Digital Assets (MiCA) framework as “great” but “a little tight,” particularly about stablecoins.

In one year, Axie Infinity NFT Game loses 62% of its players:

Axie Infinity (AXS), a popular blockchain-based online video game, has recently experienced a significant loss of participants.

The game’s popularity has dropped below the level predicted for January 2021, with approximately 701,000 average monthly unique players over the last 30 days.

The non-fungible token (NFT)-based game lost more than 62% of its average unique monthly users between September 2022 and September 2021, falling from 1.955 million to 739,000.

The most recent results indicate the significant impact of the current crypto market collapse on the game.

According to data collected by the gaming industry portal Activeplayer.io as of January 30, 2021, Axie Infinity had approximately 850,000 average monthly players. This was a 21.3% increase over the level reported on September 30, 2022. 

Compared to the level reported on January 30, 2022, the drop in players is substantially more significant.

According to the game’s developer, the most costly Axie sold for $820,000.

Bittrex, a cryptocurrency exchange, has been fined for evading US sanctions:

The US Department of the Treasury’s Office of Foreign Assets Control (OFAC) fined Bittrex $24 million. It required it to execute a $29 million settlement with the department’s Financial Crimes Enforcement Network (FinCEN).

The fines stem from the exchange’s violations of anti-money laundering legislation and sanctions imposed on residents of specific nations and territories.

However, Bittrex was not checking this client information for phrases linked with sanctioned jurisdictions at the time of the transactions.

This information was not given freely, according to the declaration.

“For years, Bittrex’s AML program and SAR reporting breaches exposed the US financial system to threat actors,” said Himamauli Das, Acting Director of FinCEN. “Failures at Bittrex exposed users to high-risk counterparties like sanctioned states, darknet markets, and ransomware attackers.

Rio de Janeiro will allow citizens to pay property taxes in cryptocurrency beginning in 2023:

From next year, residents of the Brazilian city of Rio de Janeiro will be able to use their cryptocurrency to pay their property tax bills.

Taxpayers have the option of paying all of their IPTU obligations in one annual lump payment or monthly installments.

The city government said that its agreements with cryptocurrency firms would allow the municipality to obtain more value in cryptocurrency payments in fiat without incurring “extra cost” to city hall.

The proposal is the brainchild of the city’s pro-crypto Mayor, Eduardo Paes, who stated earlier this year that he was looking into methods for Rio to begin keeping cryptocurrency in its treasury.

Rio de Janeiro will be the first city in Brazil to accept cryptocurrency tax payments. According to Mayor Paes, Rio de Janeiro is a global metropolis and is the first city in Brazil to provide taxpayers with this type of payment choice.

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