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The SEC’s controversial Staff Accounting Bulletin 121 has received a steady flow of criticism since its publication in March 2022.
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Chainlink has remained bullish despite the bearish pressure in the broader crypto market. The crypto closed bullish at $7.4 yesterday, September 26, with over 7% increase.  LINK remains bullish, with an 11% seven-day price increase and over 2% gain in the last 24 hours. But while the token’s price continues to increase, data shows the trading volume has declined 17% in the last 24 hours. What could be the reason behind this contradiction? Chainlink Price Continues To Surge In an X post on September 24, Chainlink network announced it had recorded multiple integrations across six blockchains. These include Arbitrum, Ethereum, Optimism, Avalanche, Polygon, and BNB Chain. Also, yesterday, September 26, gaming platform BetSwirl announced that it integrated Chainlink’s CCIP across Ethereum, Polygon, Avalanche, and Arbitrum. According to the post, this CCIP integration will help “BetSwirl enable seamless, secure, and reliable cross-chain token transfers” Related Reading: XRP Price Analysis: 4-Month Chart Dynamics Decoded By Crypto Analyst This increased adoption across multiple chains expanded Chainlink’s user base, a plausible factor behind LINK’s resilience amid the prevailing bearish market. Although LINK briefly slipped off the $7.5 level to $7.3 yesterday, it has since recovered momentum. Given the ongoing movement, the crypto asset could break the $7.8 resistance and record higher highs soon. Meanwhile, Chainlink (LINK) is number 3 among the top weekly gainers after CRV and PEPE. It has also secured a position on the top daily gainers’ chart. Although the price strides are bullish, the trading volume, down 17%, raises concern about whether LINK can sustain the rally. It indicates reduced trading activity, a possible sign that buyers have reached saturation and paused to weigh their next move.  This setup bodes badly for LINK as it could signal the entrance of sellers, which will exert downward pressure on the token’s price. Price Surge Drops Chainlink (LINK) Supply On Crypto Exchanges According to Santiment’s report on September 24, Chainlink remains one of the best-performing cryptocurrencies in September. It outlined that, unlike most assets, LINK’s price often records an initial boost when holders move their tokens from exchanges. Santiment noted that the asset’s price increased 23% in two weeks as the exchange supply flowed back to cold wallets. Also, the analytics platform reported that LINK exchange supply increased by 17.2%, reaching a 2023 high on September 14. However, on September 24, 10 days later, the token’s exchange supply dropped to 16.4%. This observation is a plausible reason behind Chainlink’s declining trading volume.  Meanwhile, as of the time of writing, LINK trades at $7.64, with a 2.88% price increase in the last 24 hours. The token trades above the simple moving averages of $6.494 and $6.719 and two key support levels.  LINK is approaching the overbought area, forming a bullish candlestick as buyers vie to conquer the $7.823 resistance.
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On-chain data shows that Bitcoin long-term holders are making deposits to exchanges currently, something that could be bearish for the price. Bitcoin Exchange Inflow CDD Has Spiked Recently As explained by an analyst in a CryptoQuant Quicktake post, investors have been making deposits to spot exchanges recently. There are two relevant indicators here: the “exchange inflow” and the “exchange reserve.” The former of these keeps track of the total amount of Bitcoin that the holders are transferring to centralized exchanges, while the latter one measures the total amount sitting in the wallets of these platforms. When the value of the inflow metric spikes, it means that the investors are moving a large number of coins to the exchanges. As one of the main reasons why holders may make such transfers is for selling-related purposes, this kind of trend can be a sign that selling is occurring. Since selling activity occurs on the spot exchanges, the quant has restricted the exchange inflow and reserve indicators to track only the data related to the spot platforms. The analyst has also chosen another modifier on the exchange inflow: the “Coin Days Destroyed” (CDD). In simple terms, what the CDD checks for is the activity of dormant coins in the market. Tokens that have been sitting in wallets for a long time accumulate a large number of “coin days” (where 1 coin day corresponds to 1 BTC staying still for 1 day) and when these coins finally move, the coin days are reset or “destroyed,” which is the number that the CDD measures. The exchange inflow CDD naturally only keeps track of the coin days being destroyed through transfers to exchanges. Now, here are the charts that show the trends in the 7-day simple moving average (SMA) value of this Bitcoin indicator and the 14-day SMA exchange reserve: From the first graph, it’s visible that the Bitcoin exchange inflow CDD has registered a sharp spike recently. This would suggest that a potentially large number of dormant coins have been moved into these platforms. Usually, the CDD having large values like these can be a sign that the “long-term holders” (LTHs) are on the move. The LTHs (defined as holders carrying their coins since at least six months ago) are the most resolute bunch in the market, so their depositing to exchanges can be something to watch for, as it implies that the market has made even these diamond hands waver. As is visible from the second chart, the exchange reserve has also gone up alongside this spike in the exchange inflow CDD, suggesting that there haven’t been enough withdrawals to make up for these inflows. It now remains to be seen what effect these possible selling moves from the LTHs may have on the Bitcoin price in the coming days. BTC Price Bitcoin has continued its stagnant price action recently as its price is still trading around the $26,400 mark.
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The world of digital payments is rapidly evolving, with a rising number of alternatives to traditional behemoths like Visa and Mastercard. A slew of novel payment solutions have developed as consumers and businesses seek more diverse options for financial transactions. In this article, we look at some of the greatest Visa and Mastercard alternatives, highlighting their distinct characteristics and the benefits they provide to the ever-expanding world of digital payments.PayPal: A Digital Payments PioneerWhen it comes to online payments, PayPal is a household name. It was founded in 1998 and has been in the forefront of the digital payment revolution since then. PayPal accounts can be linked to bank accounts or credit cards, making online transactions simple and secure.One of PayPal's most significant advantages is its widespread adoption. It is connected into a variety of online markets and e-commerce platforms, making it an easy choice for both consumers and businesses. PayPal also has a digital wallet option that allows customers to store funds and make payments with a single click.Apple Pay: Convenience in the Apple EcosystemApple Pay is the company's first step into digital payments. It is designed particularly for Apple consumers and provides a simple and secure way to make payments using iPhones, Apple Watches, iPads, and Macs. Apple Pay makes use of Near Field Communication (NFC) technology to enable contactless payments in stores.One distinguishing element of Apple Pay is its emphasis on security and privacy. Tokenization is used to substitute critical card information with unique tokens for each transaction, offering an additional degree of security. Furthermore, biometric authentication, such as Face ID or Touch ID, is required for transactions, increasing security.Google Pay: Ease of Use and IntegrationGoogle Pay, another prominent participant in the digital payments market, was developed by Google. It allows customers to utilize their Android handsets to make payments both online and in real stores. Peer-to-peer (P2P) transactions are also supported by Google Pay.One of Google Pay's merits is its connectivity with other Google services. Users can link their payment methods to their Google accounts, making it simple to make purchases on platforms such as Google Play, YouTube, and Google Store. This integration provides additional ease for Google ecosystem users.Square: Providing Assistance to Small BusinessesSquare is a fintech company known for its payment processing solutions, primarily for small businesses. Businesses can use Square's hardware and software solutions to collect payments, manage inventory, and even develop online stores.For businesses wishing to update their payment processing, Square's point-of-sale (POS) systems and mobile card readers are attractive options. Furthermore, Square Cash, the company's peer-to-peer payment software, enables users to swiftly and simply send and receive money.Stripe: The Powerhouse of Online BusinessesStripe is a player in the background that handles payment processing for online businesses. It gives organizations a developer-friendly framework for accepting payments online, managing subscriptions, and handling complex payment flows.Stripe's versatility and scalability are two of its primary assets. It serves a diverse spectrum of businesses, from startups to huge corporations, by providing tailored solutions to fulfill specific requirements. Because of Stripe's global reach, businesses can take payments from clients all around the world.Cryptocurrencies: The Digital Payments of the Future?Cryptocurrencies like Bitcoin and Ethereum are gaining popularity as viable alternatives to established payment methods. While they are not yet widely used, they provide unique benefits such as borderless transactions, security, and the possibility for price appreciation.Bitcoin, also known as "digital gold," has gained popularity as a store of wealth and a possible hedge against economic volatility. Some companies and internet platforms accept it as a payment mechanism. Ethereum, on the other hand, powers decentralized applications (DApps) and smart contracts, opening up new financial transaction possibilities.Zelle: Bank-Backed Peer-to-Peer PaymentsZelle is a peer-to-peer payment service endorsed by major banks in the United States. It enables users to transfer money directly from their bank accounts to the bank accounts of others by using only an email address or phone number. For those who prefer direct bank transfers, Zelle's connectivity with banks makes it a simple option.One of Zelle's assets is its speed. Zelle transfers are often handled in minutes, making it one of the fastest P2P payment systems available. Its extensive acceptance among banks means that it is accessible to a large number of users.Payment Processors' Future: On-Chain Innovations Reshape IndustryJP Morgan, a financial giant, is leading a transformative shift in payment processing, exploring a deposit token—a digital asset that can revolutionize cross-border settlements. This mirrors a broader trend in which traditional financial players are integrating blockchain and on-chain solutions.As payment processors like JP Morgan experiment with on-chain solutions, the industry's future becomes intertwined with blockchain. These innovations promise faster, more efficient, and accessible payments—benefiting consumers and businesses. While challenges persist, the industry's collective drive ensures that payment processing's future lies in on-chain innovations.JP Morgan's endeavor centers on deposit tokens, digital coins representing deposit claims against commercial banks. Initially dollar-denominated, they offer an innovative approach to traditional settlements. Unlike cryptocurrencies, deposit tokens streamline conventional transactions.This move reflects the industry's shift toward blockchain. Payment processors and financial institutions are adopting on-chain tech to enhance cross-border payments in terms of speed, security, and cost-efficiency.Conclusion: A Wide Range of OptionsThe digital payment landscape is fast evolving, providing consumers and companies with options beyond traditional credit and debit cards. PayPal, Apple Pay, Google Pay, Square, Stripe, Bitcoin, and Zelle each have their own set of capabilities and benefits.Individual tastes, use cases, and the amount of integration with certain ecosystems all play a role in determining the best alternative to Visa or Mastercard. As digital payments evolve, competition among payment solutions will almost certainly drive innovation, significantly improving the convenience and security of digital transactions. Whether it's the simplicity of PayPal, Apple Pay's ecosystem integration, or Stripe's developer-friendly approach, the future of digital payments is bright and vibrant. This article was written by Pedro Ferreira at www.financemagnates.com.
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Chainalysis, the blockchain data analytics platform, has released the results of the fourth chapter of the Geography of Crypto Report, dedicated to the Middle East and North Africa (MENA) region. The report provides a comprehensive overview of the current state of crypto markets and their use around the world. Specifically, the data reveals that MENA, with Dubai at its center, is now the sixth largest crypto economy among all regions surveyed this year. Middle East and North Africa embrace crypto with Dubai experience As anticipated, the Middle East and North Africa (MENA) region ranks sixth in economic size in the crypto world based on data collected between July 2022 and June 2023, with an estimated on-chain value of $389.8 billion.  This figure constitutes about 7.2 percent of the global transaction volume during the period examined. In addition, MENA has three countries in the top 30 in this year’s index of crypto economies: Turkey in 12th place, Morocco in 20th and Iran in 28th.  However, Turkey leads in raw transaction volume, as highlighted below. Overall, transaction volumes in MENA follow a similar distribution to other regions, both in terms of transaction size and platform type. However, significant variation emerges among countries within the region. Not surprisingly, several maps compare some of the major activities in MENA’s top crypto economies by platform type over the past year. One notable finding concerns the United Arab Emirates, which stands out for the significant percentage of cryptocurrency-related activity occurring through DeFi protocols, with the exception of Israel, among neighboring countries in the region.  This phenomenon could be attributed to the fact that the UAE has become a global hub for cryptocurrencies, thanks to innovation-friendly regulations that allow cutting-edge crypto platforms to develop in a regulated environment that ensures consumer safety.  These regulations have attracted many cryptocurrency entrepreneurs and enthusiasts to the region, potentially explaining the growing use of DeFi, a cutting-edge blockchain technology, in the area.  On the other hand, Turkey shows a greater preference for centralized exchanges, as its users seem to focus primarily on acquiring cryptocurrencies to protect themselves from currency devaluation. UAE: an innovative ecosystem at the forefront of blockchain technology As we know, the United Arab Emirates has a long history of attracting top financial talent, young tech entrepreneurs, and cutting-edge companies from around the world due to its emphasis on innovation-friendly regulations.  This nation is also renowned for pioneering the adoption of advanced technologies to improve business efficiency and the quality of life for its citizens, including blockchain technology. The UAE’s progressive approach to blockchain dates back to 2016, when Dubai, the country’s most populous city, launched its first blockchain strategy. Since then, UAE regulators have continued to dictate industry trends.  In 2018, the Abu Dhabi Global Market (ADGM) introduced the world’s first regulatory framework for cryptocurrencies, aiming to establish futuristic regulations that promote innovation while protecting consumers, ensuring that the UAE is a driving force in the digital economy.  In 2022, Dubai created its Virtual Asset Regulatory Authority (VARA) with similar goals. Later this year, the UAE passed additional regulations at the federal level, giving flexibility to local regulators such as VARA to regulate and develop economic free zones in order to attract crypto innovation.  Regarding this, Akos Erzse, Senior Manager for Public Policy at BitOasis, a popular Dubai crypto trading platform, said the following:  “VARA has brought new momentum for forward-thinking regulatory clarity in the region, which has attracted a large number of crypto players to the UAE. There are separate rules for staking, broker-dealers, advisory services, custodians, making it easier for companies to understand what the specific regulatory requirements are for providing certain services.” Turkey: a global hub for crypto, why? In addition to its 12th place ranking in the Global Crypto Adoption Index, Turkey ranks fourth globally in terms of raw crypto transaction volume, registering a flow of about $170 billion in the past year.  This position puts it behind only the United States, India and the United Kingdom. Yasin Oral, CEO and founder of Turkish crypto exchange Paribu, pointed out that the wide adoption of cryptocurrencies in Turkey is not surprising, thanks to several factors such as the country’s recent macroeconomic environment and its young population’s interest in innovation and technology, explaining:   “A difficult global year was characterized by the impact of restrictive monetary policies, which also affected Turkey. Under such conditions, people tend to look for alternatives, such as cryptocurrencies, to preserve value, diversify their investment portfolios and venture into new asset classes. This behavior has led to growing adoption of cryptocurrencies, as each market cycle attracts new investors and adopters, helping to spread understanding of the promise and benefits of blockchain technology.” Turkey has faced a significant increase in inflation, which reached nearly 60 percent in August 2023. In addition, the Turkish lira suffered a severe depreciation in 2021 following the central bank’s 100 basis point interest rate cut.  Since then, the currency has failed to recover, hitting record lows in mid-2023. Logically, the devaluation of the Turkish lira has affected interest in cryptocurrencies.  Indeed, we highlight significant spikes in USDT purchases of Turkish lira, particularly starting on March 30, when analysts predicted a significant devaluation of the lira regardless of the outcome of the May elections.  This interest continued after a steady decline, resuming in late July when the lira reached a new low of less than $0.04 and people were waiting for the central bank’s announcement on interest rates.
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