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Home > News
Published: 26/03/2024
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Author: Leexim
Ethereum and XRP Maintain Positions Amid Market Volatility
An analysis indicates a potential surge in altcoin prices. Market indicators continue to decline for XRP and Ethereum.
Azcnews
Table of Contents
Recent market fluctuations notwithstanding, altcoins such as Ethereum (ETH) and Ripple (XRP) have managed to maintain their positions over the past week.
Indeed, recent analysis has hinted at another potential surge in altcoin prices in the coming days.
Amidst Bitcoinās (BTC) downward trend, which has seen the entire market lose value over the past few weeks, altcoins have been striving to hold their ground. According to the latest analysis from Rekt Capital, despite Bitcoinās 18% recovery post-halving, the altcoin market cap continues to hover around $315 billion as a support.
Is there a buying interest in ETH?
At the time of writing, there is significant selling pressure on ETH, evident through an increase in the tokenās supply on exchanges.
However, an intriguing observation is that despite the price decline and high selling pressure, the supply of ETH from leading addresses continues to increase. This indicates that whales are still bullish on the token.
Selling pressure on ETH was high
Source: Santiment
To see if whale confidence translates into reality, weāve examined ETHās daily chart. Despite the potential for altcoin price increases, ETHās figures remain unstable.
The tokenās MACD indicator suggests a price advantage in favor of declines at the time of writing. Additionally, its Relative Strength Index (RSI) has recorded a sharp decrease, further indicating a downward trend.
ETHUSD 2024 03 25 19 21 01
Source: TradigView
Whatās happening with XRP?
Following Ethereum, weāve looked into the status of XRP as itās also one of the leading altcoins. According to CoinMarketCap, XRP has risen by over 2% in the past seven days.
At the time of writing, the token is trading at $0.6301 with a market cap of over $34 billion.
Sentiment around XRP turned bearish
Source: Santiment
However, despite the price increase, the tokenās social volume is still decreasing. Its Social Sentiment is also declining, meaning bearish sentiment surrounding it is prevailing in the market.
Related: Ethereum Targets $3000 with Positive On-Chain Signals
Subsequently, weāve examined its daily chart to see if its figures resemble ETHās. Itās no surprise that the findings are similar. XRPās MACD indicator is also decreasing, and its RSI indicator is signaling a price decline.
XRPUSDT 2024 03 25 19 26 47
Source: TradingView
It will be interesting to observe the trajectory of altcoins in the coming days, particularly considering the downward price indicators of leading altcoins.
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Victor
26/03/2024 at 2:38 am
What a precise one
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Home > News
Published: 26/03/2024
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Author: Kane
Escalation of Tensions Between Nigeria and Binance
The Nigerian tax authority has charged Binance with four tax-related offenses. Tensions heightened further when one of the two Binance employees was detained by the Nigerian government.
Azcnews Breaking
The legal battle between cryptocurrency exchange giant Binance and the Nigerian government shows no signs of easing. In the latest development, the Federal Inland Revenue Service (FIRS) of Nigeria has officially charged Binance with four serious tax offenses before the Supreme Court in Abuja.
According to the allegations, Binance is accused by FIRS of evading value-added tax (VAT), corporate income tax, failure to declare taxes, and complicity in helping customers evade taxes through their platform.
This move comes after tensions escalated when Nigeria temporarily detained two Binance staff on February 28 and rumors circulated about demanding $10 billion in compensation from the exchange, although this was later denied by the government.
Related: BingX Launches P2P Merchant Recruitment Program in Nigeria
Binanceās Response
Binance (1)
In response to the confrontation, Binance suspended all services and delisted the Naira pairings from its platform. However, the Nigerian court continues to apply pressure, demanding that Binance hand over all transaction data of Nigerian users.
Of note is the shocking news from Premium Times that one of the two Binance employees detained by Nigeria, Africa Director Nadeem Anjarwalla, escaped after the Ramadan prayers on March 22.
The fate of this director remains uncertain, while Binance remains relatively silent. The legal battle continues to intensify with new developments emerging continuously.
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#Binance
#Nigeria
5.0/5
(28 votes)
Avatar of Victor
Victor
26/03/2024 at 2:45 am
Good job Nigeria
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Avatar of
Anonymous
26/03/2024 at 6:07 am
You are stupid
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Avatar of
Anonymous
26/03/2024 at 6:20 am
Good job for what. Is Binance Nigeria problem. Why should they detain Binance staffs
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Avatar of
Anonymous
26/03/2024 at 7:21 am
Which one is good Jobā¦. Binance is not the problem of Nigeriaā¦ The government better withdraw this case and try to fixed things not to waste things the more
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Avatar of
Anonymous
26/03/2024 at 9:57 am
What do you know about taxes and legal framework of multinational companies?
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Avatar of Victor
Victor
26/03/2024 at 2:58 am
Beautiful and well organized one
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Avatar of
Anonymous
26/03/2024 at 4:54 am
There is no sign that this battle will ease anytime soon. I do wonder why Binance keeps having regulation crises in most countries. However, I am not happy because 70% of my portfolio is in Binance but recently I had to switch to Bitget due to its regulatory compliance nature.
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Avatar of
Anonymous
26/03/2024 at 5:00 am
Why when they started operation the government kept quiet until this time.
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Avatar of
Anonymous
26/03/2024 at 8:27 am
$ is down to 1300 and the cost of living in Nigeria is still at 1900 and you say binance is the problem of Nigeria how
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Avatar of
Anonymous
26/03/2024 at 5:26 am
Well, weāre officially screwed now. Useless country
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Avatar of
Anonymous
26/03/2024 at 7:46 am
Useless Leaders NOT COUNTRY. I hope this will end well.
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Avatar of
Anonymous
26/03/2024 at 10:18 am
Tinubuuuu š¤š¤š¤š„¹š„¹š„¹
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Avatar of Anonymous
Anonymous
26/03/2024 at 8:02 am
The government is just looking for who to blame in mismanaging the Naira and economy. Binance is not our problem in Nigeria.
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Avatar of
Anonymous
26/03/2024 at 8:15 am
Govrt than banned crypto want to collect taxes from cryptoššš,itās like it is only taxes our government know how to collect.instead of liasing with binance to enable Nigerians benefit from the platform.
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Avatar of
Anonymous
26/03/2024 at 9:25 am
Hmm thatās Nigeria where nonesensity goes to survive
You Nigeria hate to see your citizens at ease maybe you just want everyone to be like that bandits, mtsww
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Avatar of
Anonymous
26/03/2024 at 9:41 am
Nigeria leaders should look for perfect way to solve the countryās problem not putting the fault on others
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Avatar of
Anonymous
26/03/2024 at 10:05 am
Selfish leaders. They will still loot the $10B
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