Cryptocurrency
Bitfinex Unveils Securities Platform in El Salvador
Bitfinex, one of the oldest cryptocurrency exchanges, has announced the launch of a securities trading platform in El Salvador, the first country to recognize bitcoin (BTC) as legal tender.
According to a press release seen by CryptoPotato, Bitfinex Securities El Salvador will be the Central American country’s first registered and licensed digital assets service provider.
Bitfinex Securities Platform Launches in El Salvador
Bitfinex Securities El Salvador is currently accepting customer applications and has a pipeline of issuances awaiting launch.
The new platform launch follows the greenlighting of several Bitcoin exchange-traded funds (ETFs) by the United States Securities and Exchange Commission (SEC) two weeks ago. The move rides on the expectation that there will be substantial demand for similar financial instruments that give investors exposure to digital assets.
Around this time last year, El Salvador approved a digital asset regulatory framework, paving the way for fully operational and regulated Bitcoin markets. Bitfinex believes developing a tokenized securities industry in the country represents a leap for financial innovation in Latin America.
Expressing excitement for the latest feat, Paolo Ardoino, Chief Technology Officer of Bitfinex, said: “We are delighted to be able to announce the launch of Bitfinex Securities in El Salvador. This is not only an important market for Bitfinex given its adoption of Bitcoin as legal tender and the fostering of a Bitcoin -based economy, but it also gives El Salvador the opportunity to attract global investment flows, as issuers put out competitively priced securities offerings.”
First Set of Products to Go Live in H1
Bitfinex further classified El Salvador’s historic adoption of BTC as legal tender in 2021 as a visionary step towards a Bitcoin-centric economy. The decision would ease the launch of tokenized assets set to come into the market in the first half of the year.
“The new Digital Assets Securities Law, passed last year, carved out digital assets regulation from the traditional financial regulator and created the national commission of digital assets, that oversees the supervision and regulation of the ecosystem,” stated Juan Carlos Reyes, President of the National Commission of Digital Assets in El Salvador.
Meanwhile, users who seek access to all Bitfinex Securities issuances must be verified with the platform’s Kazakhstan arm and the new firm in El Salvador.
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Cryptocurrency
20% Crash or Renewed Rally for Ethereum (ETH) in the Short Term? Analysts Chip In
TL;DR
- ETH has dropped 11% over the past month, with analysts warning of a possible further decrease to $1,800 if key support levels fail.
- Others predict a potential rebound, citing a “bear trap” pattern and historical trends.
Further Pain for ETH Bulls?
Ethereum (ETH) has been among the worst-performing cryptocurrencies (from the top 10 list) lately, with its price dipping by 11% on a monthly scale. It is down 4% in the past 24 hours and currently trades at around $2,300 (per CoiGecko’s data).
One popular analyst who thinks ETH’s decline could be far from over is X user Ali Martinez. He outlined the $2,290-$2,360 range as a “key support” level, where 1.9 million addresses hold approximately $52.3 million worth of the asset.
The crypto enthusiast believes ETH could crash by 20% to as low as $1,800 should its price dip below that zone. Recall that its valuation briefly plunged to $2,260 a few hours ago.
Certain on-chain metrics also suggest that Ethereum could experience a further correction in the near future. One example is the “In the Money” indicator, which is down by 0.19% daily. It shows the change in the number of ETH investors currently sitting on paper profits. As of now, 54% are in the green, while 39% are underwater.
The Bullish Scenario
Contrary to Ali Martinez’s assumption, numerous other analysts are optimistic that ETH is poised for a revival. The X user Phoenix thinks the asset’s chart has formed a “bear trap,” signaling a potential resurgence in the following months.
JAVON MARKS claimed that Ethereum’s pattern seems to have mirrored the one from 2023, which led to a 165% price increase.
“2023 looks to have been the blueprint for another massive upside that can soon be transpiring in this crypto market. Target is at $4,723.5, and a break above can welcome $8,100+ into play, projecting another near 2X in price, if not much, much more,” the analyst argued.
Last but not least, ETH’s RSI has recently plummeted to a bullish ratio of around 30. The Relative Strength Index (RSI) helps traders assess overbought or oversold conditions and thus predict possible price reversals. Readings below 30 generally indicate that ETH is oversold, which could be a precursor of a rally. Conversely, a ratio above 70 could be interpreted as bad news for bulls since it can be followed by a correction.
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Cryptocurrency
Whale Selling Pushes ETH/BTC to 3.5 Year Low, Where Next for Ethereum?
Ethereum is at its weakest level against Bitcoin since early 2021 as the ETH/BTC ratio continues to break down.
The ratio is a measure of the price of ETH in Bitcoin terms, not in US dollars. Despite falling 21% from its all-time high, Bitcoin has remained robust, whereas Ethereum remains down 53% from its peak in 2021.
In a post on X on Sept. 16, ITC Crypto founder Benjamin Cowed predicted that the ETH/BTC ratio will “likely bottom between 0.03-0.04 and then trend up in 2025.”
It’s almost over.
I think #ETH / #BTC will likely bottom between 0.03-0.04 and then trend up in 2025.
It could bottom as early as this week or as late as December
Based on prior capitulations, I think it will happen sooner rather than later
Will make a video about it tomorrow https://t.co/rwqj5u4n8A pic.twitter.com/lc7iMruoqf
— Benjamin Cowen (@intocryptoverse) September 16, 2024
He added that it could bottom as early as this week or as late as December, but “based on prior capitulations, I think it will happen sooner rather than later.”
Whales Offloading ETH
Head of research at Galaxy, Alex Thorn, also observed the disintegration of Ethereum prices, reporting that ETH/BTC just traded on a 0.03 handle for the first time in three and a half years.
ETHBTC just traded on a 0.03 handle for the first time in 3.5 years (apr 2021)
-53% since the merge in sep 2022
what stops this train? pic.twitter.com/Olj6SGEiVe
— Alex Thorn (@intangiblecoins) September 15, 2024
Meanwhile, analyst ‘Master Kenobi’ said that these patterns were cyclical. The ETH/BTC pair historically declined after a Bitcoin halving, with trend reversals occurring 168-224 days following the event in previous cycles. He added that a reversal is expected soon as it is currently around 150 days after the halving.
“Fundamentally, nothing has changed for Ethereum in a negative way,” he said before adding:
“The current movement is artificially driven by a lot of FUD in the market, and the reality is that they want you to sell your ETH at a low price. The underlying strength of Ethereum remains intact, and this downward pressure appears to be a tactic to shake out weak hands.”
On Sept. 16, Galaxy Trading observed that markets are now seeing the lowest sentiment for Ethereum since 2017 before adding:
“In my opinion, people are in such disbelief that they forget how quickly ETH can surge once it starts moving.”
“Right now, ETH is approaching its biggest support line since its inception,” they said before adding, “This isn’t the time to be bearish.”
Half of my feed is ETH FUD at this point.
— antiprosynthesis.eth ⟠ (@antiprosynth) September 15, 2024
ETH Price Outlook
On Sept. 16, industry observer Colin Wu reported that an “ancient whale” who received 16,636 ETH from ShapeShift at $5.23 per coin in February 2016 has now started selling.
This has added to the negative sentiment sending ETH plunging 6% on the day, dumping the asset to an intraday low of $2,260 during Monday morning trading in Asia.
Ethereum has been trading at its lowest level since January, but there is solid support here, which may remain until the overall market sentiment improves.
Even renowned analysts were piling on the ETH FUD:
How it started How it’s going pic.twitter.com/PdLawNI2yT
— _Checkmate ⚡☢️️ (@_Checkmatey_) September 16, 2024
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Cryptocurrency
Onboard Secures Funding from Coinbase Ventures & LAVA to Drive Global Expansion and Unlock Onchain Economy Potential
[PRESS RELEASE – Lagos, Nigeria, September 16th, 2024]
Onboard is excited to announce a significant expansion and rebrand, coupled with a successful capital raise from Coinbase Ventures and LAVA. This expansion marks the evolution of Onboard from a digital money app and a global P2P exchange, to a comprehensive platform and ecosystem designed to empower onchain builders and creators globally.
The world is facing unprecedented challenges, with over 3.5 billion people living below the poverty line, 75-90% currency devaluation, and rampant double to triple-digit inflation across various regions. Onboard believes that rather than battling outdated systems, the way we change this, is by focusing on the transformative possibilities of the onchain economy.
Onboard empowers independent builders and creators to help bring the world onchain. Onboard’s vision is to enable anyone, anywhere to come onchain and live a radically better life. Their gateway enables people to come onchain with as little as $1 in under 2 minutes. However, the true value lies in the applications and experiences that make this economy accessible, engaging, and transformative.
“To truly unlock the potential of the onchain economy, we need to support the creation of actually useful onchain apps and experiences. This is where builders and creators come in. This rebrand signifies our commitment to fostering a thriving onchain ecosystem that benefits everyone.” – Yele Bademosi, Co-Creator of Onboard.
Onboard is dedicated to building the ultimate financial platform and support community for onchain dreamers—those independent builders and creators. We believe that by inviting the world’s best minds to join us, we can create exceptional onchain applications and experiences that will inspire and enable more people to embrace the possibilities of this new economy.
The capital raised from Coinbase Ventures and LAVA will be pivotal in accelerating Onboard’s growth and expanding its offerings to meet the needs of the global onchain community. This funding will support the development of new financial tools, resources, and community initiatives aimed at empowering onchain creators and builders.
The onchain economy holds tremendous potential to empower people around the world. Onboard’s on and offramps enables safe, low-cost, and low-barrier entry to the onchain world, bringing the benefits of this new economy to people who need it most. We’re excited to partner with Onboard in making economic freedom more accessible to all.” – Shan Aggarwal, Vice President, Corporate & Business Development, Coinbase Ventures.
About Onboard
Onboard is building the ultimate financial platform and support community for onchain dreamers—independent builders and creators developing applications and experiences to bring the world onchain. With a mission to expand the onchain economy and make it universally accessible. Onboard is committed to enabling anyone, anywhere, to live a radically better life through the possibilities of the onchain economy.
Website: onboard.xyz
Farcaster: @Onboard
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