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Ukraine’s New Fiat Currency Restrictions To Benefit Crypto Sector

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Ukraine’s New Fiat Currency Restrictions To Benefit Crypto Sector
  • A currency devaluation of 25% was announced on Thursday.
  • Withdrawals from payment cards have now been capped to 12,500 hryvnia per week.

National Bank of Ukraine’s (NBU) new policies is a reaction to the changing economic foundations of the nation amid a continuous war with Russia. A currency devaluation of 25% was announced on Thursday by Ukraine’s central bank, along with additional restrictions on bank activities using the country’s fiat currency.

Banks may only sell non-cash foreign currency to their clients if the sums are deposited for at least three months without the ability to cancel the contract, according to the amended rules for private people, which were imposed on July 21.

Withdrawals and Transfers Capped

Withdrawals from payment cards formerly limited to 50,000 hryvnia have now been capped to 12,500 hryvnia ($340) each week. The limit on international peer-to-peer transactions from Ukrainian bank cards has been lowered from 100,000 to 30,000 hryvnia ($800). And the monthly limit for hryvnia card cross-border transactions has been set at 100,000.

Kyrylo Shevchenko, the governor of the National Bank of Ukraine, said that all of the measures taken since the start of the conflict are transitory and would enable the economy to survive. The effects on Ukrainians, particularly the millions of people who have been displaced and are unable to return, are significant.

According to Mikhail Chobanian, the founder of the Ukrainian crypto exchange Kuna, the current NBU limitations may lead to an increase in Ukrainians’ interest in cryptocurrency. “We expect an increase in turnover and use of cryptocurrencies. In Europe, 100,000 hryvnias is nothing.”

According to Chobanian, volunteers may be hindered since most humanitarian aid is bought using Ukrainian bank cards and held by people. After announcing that the central bank’s stance is “aggressive,” Chobanian cautioned that the Ukrainian banking system and the state budget stand to suffer as a result.

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TA: Bitcoin Price Won’t Go Down Quietly: Key Supports To Watch

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Bitcoin

Bitcoin extended losses below the $23,650 support zone against the US Dollar. BTC must stay above $23,200 to avoid more losses in the near term.

  • Bitcoin remained in a bearish zone and traded below the $23,650 support.
  • The price is now trading below the $23,650 level and the 100 hourly simple moving average.
  • There is a connecting bearish trend line forming with resistance near $24,000 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair could extend losses if there is a clear move below the $23,200 support in the near term.

Bitcoin Price Drops Further

Bitcoin price failed to stay in a positive zone above the $24,000 level. BTC started another decline and traded below the $23,650 support zone.

There was a clear move below the $23,500 level and the 100 hourly simple moving average. Finally, the price found support near the $23,200 zone. A low was formed near $23,193 and the price is now consolidating losses.

Bitcoin price is now trading below the $23,650 level and the 100 hourly simple moving average. On the upside, an immediate resistance is near the $23,500 level. It is near the 23.6% Fib retracement level of the recent decline from the $24,438 swing high to $23,193 low.

The first major resistance on the upside sits near the $23,800 level. It is near the 50% Fib retracement level of the recent decline from the $24,438 swing high to $23,193 low.

The main resistance is forming near the $24,000 zone and the 100 hourly simple moving average. There is also a connecting bearish trend line forming with resistance near $24,000 on the hourly chart of the BTC/USD pair. A close above the $23,800 and $24,000 resistance levels might start another increase.

Source: BTCUSD on TradingView.com

In the stated case, the price may perhaps climb towards the $24,500 resistance. Any more gains might send the price towards the $25,000 level.

More Losses in BTC?

If bitcoin fails to clear the $24,000 resistance zone, it could continue to move down. An immediate support on the downside is near the $23,320 level.

The next major support now sits near the $23,200 level. A downside break and close below the $23,200 level might spark another decline. In the stated case, the price might decline towards the $22,750 level.

Technical indicators:

Hourly MACD – The MACD is now losing pace in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level.

Major Support Levels – $23,320, followed by $23,200.

Major Resistance Levels – $23,500, $23,800 and $24,000.

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AscendEX Lists Betswap.gg (BSGG), a DeFi Betting Exchange

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Ascendex Lists Betswap.gg (Bsgg), A Defi Betting Exchange