High risk warning:

Foreign exchange trading carries a high level of risk that may not be suitable for all investors. Leverage creates additional risk and loss exposure. Before you decide to trade foreign exchange, carefully consider your investment objectives, experience level, and risk tolerance. You could lose some or all your initial investment; do not invest money that you cannot afford to lose. Educate yourself on the risks associated with foreign exchange trading and seek advice from an independent financial or tax advisor if you have any questions.

Advisory warning:

FOREXLIVE™ is not an investment advisor, FOREXLIVE™ provides references and links to selected news, blogs and other sources of economic and market information for informational purposes and as an educational service to its clients and prospects and does not endorse the opinions or recommendations of the blogs or other sources of information. Clients and prospects are advised to carefully consider the opinions and analysis offered in the blogs or other information sources in the context of the client or prospect’s individual analysis and decision making. None of the blogs or other sources of information is to be considered as constituting a track record. Past performance is no guarantee of future results and FOREXLIVE™ specifically hereby acknowledges clients and prospects to carefully review all claims and representations made by advisors, bloggers, money managers and system vendors before investing any funds or opening an account with any Forex dealer. Any news, opinions, research, data, or other information contained within this website is provided on an “as-is” basis as a general market commentary and does not constitute investment or trading advice, and we do not purport to present the entire relevant or available public information with respect to a specific market or security. FOREXLIVE™ expressly disclaims any liability for any lost principal or profits which may arise directly or indirectly from the use of or reliance on such information, or with respect to any of the content presented within its website, nor its editorial choices.

Disclaimer:

FOREXLIVE™ may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.

Finance Magnates CY Limited

El Salvador’s Congress approved a reform to remove income taxes previously imposed on money from abroad.

• the aim of the change is to attract more foreign investment.

Money from abroad, such as remittances and investments in companies will now be exempt from tax.

Info via Reuters, a little more here.

–

After doubts about President Nayib Bukele and his move of the country to Bitcoin this guy is kicking ass.

He said recently on Twitter that the country generates four additional sources of Bitcoin revenue for the government, including:

• Revenue from its passport program
• Income generated from Bitcoin mining
• Profits from helping local businesses convert BTC to USD
• Revenue from undisclosed government services

The SEC must file its remedy-related brief by March 22 and Ripple by April 22. The remedy-related briefs could give insights into the likely outcome of the SEC v Ripple case.

While the outcome needs consideration, SEC plans to appeal against the Programmatic Sales of XRP remains the focal point. In July 2023, Judge Analisa Torres ruled that programmatic sales of XRP do not satisfy the third prong of the Howey Test.

A settlement would end SEC plans to appeal the ruling. However, hopes for a settlement have diminished as the SEC v Ripple case nears a conclusion. Fading hopes of a settlement have shifted focus to the SEC v Coinbase (COIN) case. A Coinbase victory may significantly alter SEC plans to appeal against the Programmatic Sales ruling.

Immediate investor attention is on the Coinbase Motion to Dismiss (MTD). In August 2023, Coinbase filed an MTD, arguing the SEC lacks the statutory authority to regulate crypto exchanges. If Judge Katherine Failla grants the MTD, legal precedence could end the SEC reign of regulation through enforcement. More importantly, an SEC loss may force the SEC to settle the Ripple case.

Coinbase Petition for Ruling Making and Conflicting SEC Statements

On Tuesday, Ripple Chief Legal Officer Stuart Alderoty shared a post from Coinbase Chief Legal Officer Paul Grewal. Paul Grewal posted highlights from the Coinbase filing to contest the SEC decision to deny the rulemaking petition, saying,

“Don’t want to read our entire 78-page brief in our Third Circuit suit against the SEC? Just read this to understand how broken the Commission’s approach has been.”

Cardano has been constructing a solid base that could support its ascent toward the $1 mark, indicating a bullish trend on the horizon. The price analysis of ADA shows a resilient structure as it bounces between significant support and resistance levels, laying the groundwork for a potential surge.

At the moment, ADA trades near $0.79, showing resilience and a potential for upside movement. The local support level can be identified around the $0.58 mark, where the 50-day moving average has provided a reliable safety net during retracements. This level has consistently encouraged buying pressure, propelling the price upwards.

On the resistance side, the $0.87 level is critical. It has previously acted as a barrier to further price ascents. A breakout above this resistance could signal a significant bullish momentum, possibly propelling ADA to the $1 target. However, this would require a considerable volume increase to sustain such a move, as resistance levels often gather sell orders that could halt upward movements.

Cardano’s DeFi ecosystem is showing impressive growth, attracting attention to ADA. This increasing interest in Cardano’s DeFi capabilities could be a primary catalyst for the rally, as more investors and users join the network, attracted by its potential in the decentralized finance space. 

NEAR breaches another resistance

The Near Protocol (NEAR) has seen its value soar, breaking past the $7 mark in a remarkable price surge. This uptick is not just a solitary peak but rather a part of a sustained rally that reflects the active development work behind the scenes at Near and the prevailing market sentiment that is favoring time-tested cryptocurrencies.

Analyzing the price chart of NEAR, it’s evident that the token has been on a steady ascent. After pushing past the $4.50 resistance level, NEAR experienced a swift rise, indicating strong buying interest and investor confidence. 

The $4.50 level, which previously acted as resistance, could now serve as a local support, bolstering the price during any potential retracements.

The significant volume spike accompanying the rise confirms the enthusiasm in the market for NEAR. As the protocol continues to build and deploy effective solutions in the decentralized finance and application space, its ecosystem growth has been a considerable driver of the rally.

The current price action for NEAR indicates a bullish trend, with the token’s value cutting through previous highs with relative ease. This upward trajectory is supported by solid fundamentals, including the platform’s performance and scalability capabilities..

Ethereum stays dominant

Ethereum continues to captivate the cryptocurrency market with an impressive rally that shows no signs of abating. As the leading altcoin, it not only sets the pace for the altcoin industry but also serves as the main engine driving the current market rally.

Examining the price chart of ETH, we observe a remarkable upward trend. Ethereum has surged past multiple resistance levels and now trades around the $4,050 mark. As we dissect the chart, a key resistance level to watch is the recent high of approximately $4,200. If ETH can break through this point, there may be little resistance until the next psychological level of $4,500.

On the support side, Ethereum finds strong backing at the $3,390 level, where the 50-day moving average lies. This moving average has historically acted as a dynamic support in uptrends, enabling Ethereum to gather momentum for subsequent rallies. Should there be a price correction, this level could be the first test of Ethereum’s resilience.

There is a potential for a price reversal, as with any parabolic move, particularly if the market becomes overextended. However, Ethereum has not yet encountered major scalability issues that could dampen the rally, largely thanks to Layer 2 solutions (L2s) that have absorbed much of the demand that would typically strain the main network.