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#BinanceTournament Japanese financial heavyweight SBI has begun cooperating with issuer of $USDC stablecoin Circle as they plan to make a major transformation of the Japanese financial landscape using #USDC and #Web3🤝🥊🌐 Services based on this stablecoin.
Circle and SBI step in as Japan changes crypto environment
In a recent X post, Circle led by Jeremy Allaire spread the word about its new strategic partnership with the Japanese behemoth of the finance industry, SBI Holdings, which is also a leading partner of Ripple Labs in Japan.
Since the government of the country issued a revised version of its Payment Services Act in early June this year and set firm regulations for stablecoins, Circle and #SBI decided to take that opportunity and enter the Japanese market together in the form of a collaboration.
The above-mentioned regulation was made in order to stimulate both the creation and circulation of stablecoins with the goal of helping Japan to advance toward a Web3-based economy.
The newly revised Payment Services Act speaks of stablecoins that are pegged to a legal tender, i.e., have fiat collateral standing behind them. USDC is fully backed by cash USD and assets that are equivalent to cash, which makes this stablecoin easily redeemable for U.S. dollars.
Committing to complying with new regulations
The reserves backing this stablecoin are stored in different vaults from those to ensure that these collateral funds are thoroughly protected and will not repeat FTX's fate. As of mid-November this year, USDC boasts more than $12.7 trillion of on-chain transfers that involved USDC.
Now, Circle and SBI Group have signed a memo of understanding to ensure their upcoming collaboration. According to the document, they will together work toward Japanese users starting to utilize stablecoins more frequently, and USDC in particular.
The companies have also made a commitment to comply with the newly implemented regulatory rules regarding stablecoins and communicate with local authorities on compliance. The circulation of USDC in Japan will be conducted via SBI's own crypto exchange SBI VC Trade. Now this exchange is taking steps to register as a service that provides regulated electronic payment tools.
SBI Shinsei Bank will ensure that Circle gets banking services, which will ensure that Japanese institutional and retail users will have USDC access and liquidity. To cap it all, SBI Group intends to begin using Web3 service solutions provided by Circle. Those include Programmable Wallet, DLT infrastructure and tools for managing smart contracts.
Jeremy Allaire, Circle's chief executive, stated that the company's collaboration with SBI will help shape the future of crypto and also become a major milestone for Circle as it will begin rolling out its stablecoin in Japan and the Asia-Pacific.#ATOM

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#BinanceTournament Bitcoin bull Michael Saylor has made a huge prediction that BTC is "destined to be the apex ETF asset" amid potential capital reallocation
Michael Saylor, the founder and Chairman of Bitcoin-bullish business intelligence and software firm, MicroStrategy Inc has made some bold predictions about the top digital currency. Speaking at the Latin American Bitcoin & Blockchain Conference (LABITCONF), Michael Saylor said Bitcoin is destined to be the apex ETF asset.
Michael Saylor Makes Bold Bitcoin Predictions
It is common knowledge that Michael Saylor is one of the biggest proponents of Bitcoin today. Under his leadership, MicroStrategy has acquired as much as 174,530 Bitcoin units in line with its Treasury Reserve Allocation. At the conference, he said there is an endless economic war that is masked by the uneven distribution of Capital.
Talking about his favorite term “economic fuel” which denotes capital, Saylor shows how the total global asset of $900 trillion is currently allocated. With Bitcoin only taking $500 billion, gold is worth $12 trillion, government bonds pegged at $300 trillion, and real estate at $330 trillion to mention a few.
This unfavorable allocation to Bitcoin, he believes will change in due course once the world comes to understand the inherent value proposition of Bitcoin. With some of the largest asset managers in the world including BlackRock and Fidelity Investments now vying to launch Bitcoin spot Exchange Traded Fund (ETF) product, the potential flight to BTC is a matter of when not if.
Judging by its growth and popularity, Michael Saylor projects that BTC is on track to become the “apex commodity, technology, property, money, and ETF asset” judging by its multilateral utility and evolutionary potential.
Though there are thousands of ETF products with many tracking crypto assets, Saylor is optimistic #BTCETF will become dominant in no distant time.
Bitcoin to Disrupt Digital Market Investments
When Satoshi Nakamoto invented Bitcoin, the primary value proposition was to serve as an alternative currency to move money. The coin’s uses over the years have changed and besides serving a role as a hedge against inflation, companies like MicroStrategy use it as a store of value in place of more established products like stocks and bonds.
With #bitcoinetf approval in view, a new shift may be created as investors on Wall Street will find it easier and sensible in terms of regulatory allowance to gain exposure to Bitcoin. The likely shift from equities to Bitcoin #etf may bring such disruption to digital markets investing, a trend Michael Saylor is convinced will fuel the growth of the top coin over other traditional assets in the future.#Web3Wallet
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#BinanceTournament The U.S. Securities and Exchange Commission (SEC) has officially acknowledged Fidelity Investments' filing for a spot Ethereum #exchange -traded fund (#etf ). This follows Fidelity's application on Nov. 17.
The filing kicks off a public comment period, during which interested parties can voice their views on the viability of such a product. The SEC is supposed to announce its decision after 240 days.
Fidelity's Ethereum gambit
Earlier this month Fidelity Investments filed for a spot Ethereum ETF, extending its crypto investment offerings beyond its earlier #bitcoinetf application.
The application stressed the importance of such a product for U.S. investors, suggesting that a regulated Ethereum ETF would provide safer investment options compared to the current alternatives.
This move gained further relevance against the backdrop of a recent court ruling questioning the SEC’s stance on rejecting spot crypto ETFs while allowing futures-based ETFs.
High approval odds
Analysts James Seyffart and Eric Balchunas have expressed optimism about the approval odds for Ethereum ETFs, citing a recent surge in similar applications and the SEC's evolving approach to crypto-based financial products.
They estimate a 75% chance of Ethereum futures ETFs being approved, particularly in light of the SEC's prior approval of Bitcoin futures ETFs.
However, the market's response to existing Ethereum futures ETFs, which debuted in early October, was underwhelming. These ETFs recorded a total trading volume of around $1.7 million in their initial hours, a sharp contrast to the successful launch of the first futures-based Bitcoin ETFs. #BTC

#FDUSD 1 The Algorand coin’s price increased by 2.50% over the last week.2 The price of ALGO coin is trading at $0.11425 and the 52-week range is $0.09853 – $0.29788.
Algorand (ALGO) has a fully diluted valuation (FDV) of $1,141,164,983. This is a hypothetical market cap, assuming all 10 Billion ALGO tokens are circulating today. This is according to the crypto data and information website Coingecko. However, the actual FDV may take years to reach, depending on how the ALGO tokens are distributed over time.
As per Coinmarketcap, Algorand crypto plummeted by 2.97% in market value and by 32.49% in trading volume in the last 24 hours. Its market value is $890,404,530 and its trading volume is $54,697,594. There are 7,810,458,410 ALGO in circulation.
Algorand coin’s (ALGO) open interest is $37.06 Million. As per Coinglass, another crypto analysis website, it fell by 3.57% in the previous session. The long versus short ratio for 24 hours is 0.9361. The total number of short positions added in the last 24 hours is $4.58 K against longs of $66.48 K.
ALGO Coin Price Technical Analysis in the 1-Day Timeframe
ALGO coin price showed a downward trend for the past three months, decreasing by 32.34% during this period. At the time of publication, the ALGO Coin price is trading at $0.11425, and the price took support at the $0.09852 level and broke the trendline resistance.
Therefore, if the ALGO Coin price sustains the current level and rises, then it might hit the nearest resistance levels of $0.12237 and $0.13978.
However, the ALGO coin price could continue to move downwards and reach an all-time low at $0.09853. If it fails to maintain the current level.
Source: ALGO/USD.1D.BITSTAMP by TradingView
At the time of publishing, the ALGO coin price (BITSTAMP: ALGO) is trading below the 50, 100, and 200-day EMAs (exponential moving averages), which are rejecting the ALGO Coin price trend.
However, 20-day EMA is supporting the trend if more buying volume adds up then the price might conquer rejecting EMA’s by making higher highs and lows.
Hence, ALGO Coin price prediction estimates the prices to move upwards, indicating a bullish outlook over the daily time frame chart for its price.
Source: ALGO/USD.1D.BITSTAMP by TradingView
The MACD line at 0.00136 and the signal line at 0.00227 is below the zero line and both lines crossed each other a bullish crossover is observed in the MACD oscillator, suggesting bullish signals. The current value of the RSI is 52.81 points and the 14-day SMA is below the median line at 44.06 points, which indicates an upward direction and bullish sentiments in the market for the ALGO coin.
Conclusion
ALGO coin price prediction highlights the bullish sentiments and perspectives of investors and traders regarding the ALGO coin in the daily time frame. Algorand price action highlights a bullish view at the time of publishing. Moreover, the technical parameters of the Algorand price suggest the continuation of the uptrend over the daily time frame chart. Major trustworthy indicators MACD, RSI, and EMA, provide positive signals regarding the $ALGO crypto prices.
Technical Levels
Support levels: The nearest support levels are all-time low at $0.09853.Resistance levels: The nearest resistance levels are $0.12237 and $0.13978.
Disclaimer
In this article, the views and opinions stated by the author, or any people named are for informational purposes only, and they don’t establish the investment, financial, or any other advice. Trading or investing in #crypto assets comes with a risk of financial loss.#crypto2023 #MultiChain #BinanceTournament

#BTC After the initial excitement surrounding Ripple Lab’s partial legal victory against the US Securities and Exchange Commission (SEC) subsided, XRP experienced a decline that led it to test its 4-month support line at $0.4240.
However, the cryptocurrency has demonstrated resilience by reclaiming its important psychological level of $0.50 and reentering its previous consolidation or accumulation zone. This renewed stability has sparked optimism among bullish investors, indicating a potential rebound for XRP.
Presently, XRP is trading at $0.5295 with a 24-hour trade volume of $1,419,623,015.56. This reflects a 1.89% increase in price over the last 24 hours and a 1.60% increase over the past 7 days.
These gains and a promising chart formation suggest that XRP may be poised for further growth in the days and months ahead.
Potential XRP Breakout As 2-Month Candle Nears Conclusion
Crypto analyst Egrag Crypto, known for insightful market analysis, recently took to the social media platform X (formerly Twitter) to highlight an intriguing development in the XRP market.
As the two-month candle for XRP draws to a close, it displays the potential formation of an inverted hammer pattern.
For further context, the inverted hammer is a technical analysis candlestick pattern that typically appears at the end of a downtrend. It is characterized by a small body at the candle’s upper end, with a long upper shadow and little to no lower shadow.
The inverted hammer pattern suggests a potential reversal in price direction. It indicates that buyers have stepped in after a period of selling pressure, causing the price to bounce back from its lows.
As seen in Egrag’s chart above, throughout 426 days, XRP has demonstrated remarkable resilience, maintaining its market structure and solidifying its foundation amidst market fluctuations. On this note, Egrag further claimed:
The chart unequivocally illustrates this trend, consistent with my earlier analyses wherein I underlined the significance of the 0.80c mark as a pivotal macro resistance level. Establishing this price range as a foundation marks a highly bullish macro stance.
Notably, per the information compiled by the analyst, this consolidation around the mentioned price range indicates a highly bullish macro stance for XRP
Egrag Crypto predicts a scenario where the upcoming candle could propel $XRP towards the $2.3 range. However, this achievement would merely serve as a stepping stone within a larger macro range of $3.3 to $5.5, signaling a seamless continuation of XRP’s upward trajectory.
Egrag Crypto’s symbolic reference to Valhalla beyond the $5.5 threshold reflects the analyst’s belief in the substantial potential for XRP’s future growth. While these words evoke a sense of grandeur, they emphasize the possibility of #XRP reaching unprecedented heights in the market.
Amidst growing anticipation within the #crypto community, all eyes are on the impending conclusion of the two-month candle, which holds the key to a potential breakout indicated by the inverted hammer formation.
This pivotal moment raises questions about whether the #cryptocurrency and the broader market are on the cusp of another upward trend, supported by favorable macro conditions, or if they will face a test of lower resistance levels again.
Featured image from iStock, chart from TradingView.com#BinanceTournament