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Vietnam Once Again on Top in Adoption of Digital Assets

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Looking Back Over Bitcoin'S 14 Year Journey
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  • Vietnam was given a perfect score of 100 after applying ranking methodology.
  • 21 percent of Vietnamese consumers have used or owned digital assets at some time.

Adoption of digital assets has slowed in the previous 12 months owing to the crypto winter, according to Chainalysis‘ new research, “The 2022 Global Crypto Adoption Index,” but it is still higher than it was before the bull market.

Vietnam, the frontrunner in 2021, reclaimed the top spot, followed by the Philippines and war-torn Ukraine. In a surprising turn of events, China, where bitcoin’s popularity plummeted after the crypto prohibition in 2021 has returned to the top 10.

China Bounces Back

Chainalysis reports that the worldwide adoption rate of cryptocurrencies has slowed since the middle of 2019. Vietnam was given a perfect score of 100 when the organization applied its ranking methodology to 154 nations. Significant interest in blockchain-based gaming in South East Asia may be one explanation for the country’s second straight triumph.

21 percent of Vietnamese consumers have used or owned digital assets at some time in their life, according to another Chainalysis survey. The highest percentage of people who have ever used bitcoin or an alternative cryptocurrency is found in Nigeria, at 32%.

The Philippines comes in at number two on “The 2022 Global Crypto Adoption Index,” with a score of 0.753, followed by Ukraine at number three, with a score of 0.694. Due to the serious disruption of the Ukrainian economy caused by the armed war with Russia, some locals have opted to deal in digital currencies rather than currency.

Although two nations with high per capita incomes, the United States and the United Kingdom, have made it into the list of top performers, they sit at positions number five and seventeen, respectively.

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Uniswap Could Slide Below Support Zone

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Uniswap
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On Thursday, the $6.7 price range of Uniswap was rebuffed once again. The momentum has slowed on the shorter time frames, which is a bearish indicator for traders and investors.

It’s possible that the recent decline in Bitcoin’s value is responsible for UNI’s lag.

Statistics show that there is a moderately high relationship between UNI and Bitcoin.

Recent price changes for both coins show a strong correlation between them. UNI has been closely following Bitcoin’s price action.

As the bearish slump in Uniswap continues into its second day, the currency pair may be retracing its recent gains.

As of this writing, UNI is trading at $6.45, up 12% in the last seven days, data from Coingecko show, Friday.

Uniswap Indicator: Bearish

UNI fell to a closing price of $6.379 yesterday, 7.62% lower than its September 28 closing price of $6.555. Price action in the past is also suggestive of a developing bearish momentum.

The momentum indicator is at a bearish low at the moment.

Daily and 4-hourly trends tell the same pattern as well. The amount of UNI currency on hand is at an all-time high, per CryptoQuant statistics. Foreign exchange reserves on the rise portend worse conditions.

As of this writing, daily UNI transaction volume in the shorter time frames from September 27 to now has been volatile.

During this time range on September 27, UNI rallied and tested the $6.7 resistance level. This price trend mirrored that of Bitcoin.

Although demand for UNI is not very great, both BTC and UNI are currently exhibiting indications of recovery.

A Retreat, Or Advance?

A recent research predicted that UNI would decline to $5.50, a volatile region that might spark a bigger sell-off in the crypto.

A decline of this nature could prompt investors and purchasers to acquire a position inside the aforementioned price range, restoring the currency to its current value.

However, UNI’s technological aspects are relatively neutral. On the charts, this appears as a near-stabilization of the price, which is supported by the 38.20 Fibonacci level.

This neutrality of the technical indicators and the relatively stable price range can assist the bulls in gaining strength for a breakout.

However, UNI has struggled to surpass the $6.49 level of resistance.

A breach of this resistance might initiate a gradual rally toward the $6.7 price level.

As the price trend wanes, UNI has a same chance of falling to $5.5 or rising to $6.7.

UNI total market cap at $4.95 billion on the daily chart | Source: TradingView.com

Featured image from Brightnode, Chart: TradingView.com

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Binance Registers as Financial Service Provider in New Zealand

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Binance Registers As Financial Service Provider In New Zealand
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