CBRT Interest Rate Decision Announced
The CBRT interest rate decision was increased by 500 BP from 25% to 30%. Significant fluctuations were seen before and after the announcement. In the press release, it was announced that the Monetary Policy Committee decided to continue the monetary tightening process in order to establish disinflation, anchor inflation expectations and control pricing behavior disturbances.
South Korean City Could Use Ethereum and Cosmos
Busan, the second largest city in South Korea, continues its efforts to become a Blockchain City. It is known that the city government, which has increased the city’s capacity and competencies in blockchain, plans to further increase its work on this issue. The administration plans to complete the project in 2026. It wants to advance this plan as part of its Busan Digital Asset Exchange (BDAE) projects. The city plans to use Ethereum and Cosmos in this project.
Will Tether Be Able to Pay Stablecoin Loans?
Tether announced that it would eliminate all collateralized loans in 2023. However, Celsius’ bankruptcy audit report revealed that Tether gave Celsius $1.823 million worth of loans. This has reignited concerns about the liquidity of Tether’s stablecoin reserves. Tether’s loans continue to raise questions about the credibility of the cryptocurrency market. If Tether can prove it can repay the loans, it could restore confidence in the market. However, if the loans cannot be repaid, the collapse of Tether could cause a major shake-up in the cryptocurrency market.
Liquity USD Abuse
The Linear Finance Protocol was subjected to an attack that resulted in the draining of all Liquity USD liquidity on both PancakeSwap and Ascendex, causing the Liquity USD price to drop to zero. The hacker printed an unlimited amount of Liquity AAVE and then traded it for Liquity USD on Linear Exchange before selling it on Pancake and Ascendex. The Linear Finance team stated that their first priority will be to cover losses.
A New Claim of Bitcoin’s 87% Fall in 2021
On September 20, 2023, a former employee of Alameda Research, founded by Sam Bankman-Fried, claimed that Bitcoin’s 87% drop on October 21, 2021 was caused by Alameda Research’s mispricing. The former employee of Alameda Research said the error was caused by the company’s proprietary trading bot selling Bitcoin well below the current market price. This allowed arbitrage traders to buy Bitcoin at a low price and reduce its market price by up to 87%.
Alchemy Pay Gets Money Transfer License in the US
Crypto payment company Alchemy Pay announced that it has received a Money Transfer License in the US state of Arkansas. The license was issued by the Arkansas Department of Securities and will allow Alchemy Pay to offer cryptocurrency payments to businesses and consumers in the state. Alchemy Pay went through a thorough vetting process to obtain the license and fulfilled all the necessary requirements to comply with state regulations.
Bitcoin is priced at $ 26647 with a 0.30% gain in value as of today morning hours. Although it dipped below 26500 yesterday, the price has managed to maintain 26500 levels at the moment. With the loss here, our first strong support zone seems to be between 25500 and 25250. If it maintains above 26800, the first target will be 28000 levels again.
ETH, which gained 0.54% as of morning hours, is priced at $ 1592. In Ethereum, we see that the pricing between 1580-1700 continues on the 4-hour chart. ETH, which received a good reaction from the 1570 level after the loss of the $ 1600 level, will first target the $ 1640 levels, the middle of the horizontal band. If it loses the $1580 level, our first support level seems to be $1550.
XRP is priced at $0.5122 with a 1.03% gain as of morning hours. In XRP, we see that the 0.50 level, which is the horizontal resistance level in 4 hours, is working as support and we are back to the horizontal movement between 0.51-0.55. The next resistance levels in Ripple seem to be 0.53 and then 0.55. With the realization of the retracements, 0.50 and 0.4885 levels will work as support.
AVAX is priced at $ 8.86 with a 0.34% gain in value as of morning hours. AVAX continues to make lower lows even though it seems to have reached the end of the descending movement. After the downside loss of the 8.80 level, we see that our next long-term support level is in the $7 region. In case of an upward movement, we will be targeting 9.40 levels in Avax.
SOL is priced at 19.67 with a 1.03% loss in value as of morning hours. The $20.50 resistance seen at the end of the upward movement in Solana was not broken, despite being tested several times yesterday, and the price remained below $20 again. 3 in the upward trend. The new target of SOL, which received a good reaction from the 19.25 level after the contact, will be to ensure persistence above $ 20.
LINK, which lost 0.703% as of morning hours, is priced at 6.7. On LINK, after the break of the horizontal band, we see that it was rejected at the $ 7 level. In case of retesting to the horizontal band again, there is a possibility that the $ 6.50 level will work as support. After the 7 dollar level is exceeded, our first resistance level will be 7.30 levels.
MKR is pricing at $ 1293, down 0.77% as of morning hours. In MKR, we see that the price rose up to 1360 resistance after the rise realized with the upward break of the flag pattern we mentioned. Even though the pattern target level was found at 1430 levels, MKR retreated back to 1280 support with the selling pressure it faced from 1360 resistance. If 1280 is broken downwards in MKR, the 1230 level will be important. In the upward movement, we can follow 1360 and then 1430 levels.