SEC-Binance Case, Citi Expands Crypto Services, Significant Price Movement on LINK and MKR

New Hearing in SEC v. Binance

In the SEC-Binance case, the SEC’s request for an urgent audit of Binance.US was the most striking headline in the case. On Monday evening, the SEC filed a lawsuit alleging that Binance.US was slow to process documents and asked the court to order an immediate audit of the firm. The SEC also stated that the result from the audit of Binance.US explains that it would be quite difficult to say that the company is fully collateralized.

Judge Rejects SEC’s Application

In the news we mentioned above, the SEC rejected Binance.US’s request for access to its technological infrastructure. Judge Zia Faruqui suggested that the SEC should set a more targeted request for its next request and interview more witnesses.

Citi Expands Digital Asset Services

Citigroup continues to expand its digital asset services with its new digital asset custody cooperation. The bank will provide digital custody services for the bond exchange BondbloX and has also launched a pilot program to convert customer deposits into digital tokens.

Magic Eden to Support Solana’s Compact NFT Project

NFT market Magic Eden believes that reducing costs will create a new and easy access point for new users to enter the NFT sector. For this reason, it announced that it will support cNFTs (compressed NFTs) launched by Solana. “cNFTs are a new trend in NFT creation and can only be created on Solana. The “c” stands for compressed, which means that costs are significantly reduced.”

Outflows Continue in Digital Asset Funds

Digital asset funds saw outflows of $54 million last week. This is the 8th in the last 9 weeks. outflows, while the total amount of outflows during this period reached 455 million dollars. While 85% of the outflows, nearly $45 million, were from Bitcoin assets, Ethereum products saw outflows of $4.8 million and short-Bitcoin products saw outflows of $3.8 million. Although the months-long outflows seen in Short-Bitcoin products ended last week, we see that the outflows continue this week.

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BITCOIN(BTC)

Bitcoin is priced at $ 26,859 with a 0.36% gain in value as of today morning hours. After the upward breakout in Bitcoin, we see that the price rose to 27,400, but then returned to the 26,800 region with a similar sales movement. In addition to the FED interest rate decision this week, such withdrawals can be considered normal due to the Binance-SEC case seen yesterday. While 28,600 is the support level in BTC for now, we can specify 27,500 as the target level.

ETHEREUM(ETH)

ETH, which gained 0.03% as of morning hours, is priced at $ 1637. In Ethereum, we see a return from the resistance level formed at 1670 after the rise with the market. ETH, which returned to 1620 levels with this sales movement, managed to stay above this level for now. We can say that the levels of 1620 and 1600 dollars are critical in the downward movement, while the levels of 1645 and 1670 should be considered in the upward movement.

RIPPLE(XRP)

XRP is priced at $0.5092 with a 1.23% gain as of morning hours. We see that the upward movement in XRP continues in the 4 hours, there is a resistance level at 0.5090 and it has not yet broken this zone. If this breakthrough comes in XRP, we can target 0.5250 and 0.55 levels.

AVALANCHE(AVAX)

AVAX is pricing at $ 9.14 levels with a 0.43% gain in value as of morning hours. AVAX continues its weak price action in a strong market. We see that the support level seen in the 9.00-9.10 range is working but the price action remains quite weak. We can say that the negative divergence seen in AVAX, which also has a positive discrepancy in RSI, continues to increase compared to the entire market, and if $ 9 is broken after the descending movement, the decline may grow further.

SOLANA(SOL)

SOL is pricing at 19.82 with a gain of 0.92% as of morning hours. Although there is a rising movement in Solana and a rise up to the $ 20 resistance, we see that it cannot break this zone. With the rise from the 17.70 bottom level, we saw the upward break of the resistance level in the 19.30 region and the rise to $ 20 levels again. We can say that pricing in Solana looks positive and a 5% rise to $ 21 can be targeted in case of a $ 20 breakout.

CHAINLINK(LINK)

LINK, which gained 4.32% as of morning hours, is priced at 6.85. After breaking important resistance levels in LINK respectively, we see that the price rose again to the resistance level in the range of 6.75-6.90 and continued its rise. While no new developments on LINK are yet to be seen, we see that 18 million LINK tokens have been unlocked. If the 6.90 zone is broken on LINK, then we will be facing the resistance level of the long-term descending movement. If it can break this zone, we can say that an uptrend can be started in LINK.

MAKER(MKR)

MKR is pricing at $ 1264, up 2.10% as of morning hours. After the breakout of 1190 in MKR, we see that the price broke 1240 and rose to $ 1300 levels and formed a flag formation from here. For now, we can say that we can target 1380 levels after 1300 in case of a break in the flag formation, which we expect to break the resistance level.