- The price is going high as per Kusama price analysis.
- Bullish momentum has drawn price levels to $356.4.
- Support is still maintained at $290 level.
The recent Kusama price analysis is showing signs of bullish activity, as the bulls have returned back to the price charts. The price went down during the last week, but the bulls have managed to escape the bearish obstruction. The rise in price has been quite considerable as it has heightened up to $356 in the last 24-hours. Further increase in price can be expected as the hourly prediction is in the bullish direction as well.
KSM/USD 1-day price chart: KSM reverts back to $357 level after bullish recovery
The one-day Kusama price analysis is confirming an increase in the coin value after the bullish return. The bulls have made a successful attempt at making a comeback, as the price has increased up to $357 today. Although the past week hindered bullish price movement, the situation has improved today. The moving average (MA) value is present at $342, still quite lower as compared to the current price.
The volatility has decreased which means that a further uptrend is to follow in the coming week. The upper Bollinger band value has moved on to the $395 level whereas the lower Bollinger band value moved to $290. The Relative Strength Index (RSI) score has improved up to 52.6 as well, which indicates positive market sentiment for KSM.
Kusama price analysis: KSM sails past $350.87 resistance after bullish drift
The uptrend has been resumed as the bullish momentum has increased according to the fours hours Kusama price analysis. The price has climbed above the resistance level as well as it is now settled at $351. Further increase in price can be expected as the bullish momentum has been quite impactful. Moreover, the moving average value for the four hours price chart is now settled at $335.
The increasing volatility has changed the Bollinger bands average to $336.11. The upper Bollinger band value has now moved to $351 whereas the lower Bollinger band value has moved down to $321.34. The bullish trend has caused improvement in the RSI score as well as it is now at 61.32 going towards the overbought zone, however, the indicator stands neutral at the time of writing.
The technical indicators chart for KSM/USD is giving out a bullish hint today as the price has increased significantly. There are 17 indicators on the buying position, eight indicators on the neutral position whereas only one indicator is left on the selling position.
The moving averages indicator is giving a strong bullish signal as well as because of the constant upward trend. There are 14 indicators currently settled on the buying mark, with one indicator on the selling and zero on the neutral mark. The Oscillators are also going bullish as there are eight oscillators on the neutral level, three oscillators on the buying level whereas none is on the selling level.
Kusama price analysis conclusion
The one-day and four-hour Kusama price analysis is dictating a rise in price up to $356.4. The bearish momentum has been subsided, as now the bulls are leading the game. A crossover between SMA 20 and SMA 50 is to be expected in the coming days as well, as the bullish momentum is aggravating. The support at $289 is also making way for further improvement, however, KSM/USD price may observe a slight reversal at $358 mark.
Tether trials Notabene’s new travel rule technology to combat financial crimes
Tether Operations Limited, the firm operating Tether (USDT), announced on Tuesday that it will use Notabene, an end-to-end solution for cryptocurrency Travel Rule compliance.
Tether will begin testing Notabene’s cross-border transaction monitoring system for virtual asset service providers (VASP) to combat financial crimes such as money laundering.
Notabene is a new technology for monitoring cryptocurrency transactions in real-time, making the blockchain more transparent and allowing regulators to keep better track of cash flow.
The Know Your Customer infrastructure stack at the firm is built to span jurisdictions with little or no regulation of financial services.
In order to assist cryptocurrency exchanges, digital wallet providers, and financial institutions with the new FATF Travel Rule requirement, #Tether will begin testing the Notabene platform.⬇️https://t.co/9gUpq15As6— Tether (@Tether_to) October 26, 2021
Notabene claims to offer a low-risk environment to test sophisticated crypto use cases. Tether will use Notabene’s technology to determine whether it can securely transmit identifying data for clients in other VASPs. In particular, as it pertains to transactions conducted by VASPs, Notabene’s solution will help Tether protect its consumers.
The Financial Action Task Force, a worldwide group that sets Anti-Money Laundering standards, has determined that VASPs should adhere to the same rules as regulated financial institutions. The “Travel Rule” advises VASPs to exchange specific client information between counterparties for transactions worth more than a certain amount.
These procedures are meant to assist nations and service providers in preventing money laundering, terrorist financing and complying with sanctions laws. Commenting on the new development, Tether chief compliance officer Leonardo Real stressed the importance of working with other VASPs, stating:
“As pioneers of blockchain technology and leaders in transparency, we are dedicated to not only keeping up with new rules but helping shape them. Because the Travel Rule traditionally applies to financial institutions, we see this as an opportune moment to foster cooperation across traditional and digital channels in order to create better services for customers globally. We are proud to lead the charge.”
According to a recent report from Cointelegraph, the United States Securities and Exchange Commission will be in charge of U.S. stablecoin regulation and enforcement. In 2021, the stablecoin market has seen tremendous development, and Tether’s market capitalization has soared this year, increasing by 229% since the start of the year to $69.6 billion.
Bank of Spain issues registration guidelines for crypto services
The central bank of Spain is introducing new registration guidelines for local virtual currency service providers, or VASPs, including banking institutions.
The Bank of Spain has issued instructions on VASP registration for Anti-Money Laundering, or AML, purposes, requiring institutions to submit their registration requests through an electronic registry, Cointelegraph en Español reported Oct. 25.
Issuing the guidelines on Oct. 19, the Spanish central bank noted that the obligation to sign up in the registry applies to “all individuals and institutions providing virtual currency exchange services” like cryptocurrency trading and custody services.
The regulator stressed that VASPs will have to register “regardless of whether they are also registered in other administrative records in the Bank of Spain or other related authorities.”
According to the official statement, institutions are required to proceed with the registration even if their end customers are not located in Spain. Individuals are also recommended to use the electronic registry form but may also proceed via other channels like mail, the central bank said.
The instructions specifically require both legal entities and individuals to issue reports on their measures for preventing illicit activity like money laundering and terrorism financing, including certain information on their clients.
According to the statement, the Bank of Spain will analyze data and evaluate potential risks while taking into account VASPs’ types of clients, operated countries, products, business relationship purposes, operated volumes and others.
According to the local news agency El País, the Bank of Spain initially announced plans to establish AML procedures for VASPs in June 2021. In August, Spanish lawmakers backed a legal initiative to legalize the usage of cryptocurrency for mortgage and insurance purposes.
Ethereum 2.0 inches closer with the Beacon Chain’s Altair upgrade
The price of Ether (ETH) nearly hit a new all-time high on Oct. 21 before falling below $4,000 after the $435-million options expiry on Oct. 22 soured the mood. The Ethereum network is set to take another step toward Ethereum 2.0 on Oct. 27 at epoch 74240 with the Altair upgrade to Beacon Chain. Eth2 will be an entirely proof-of-stake (PoS) network, for which the community has been gearing up for over a year now.
As per an Ethereum Foundation blog post explaining the development, Altair is an update to the Beacon Chain that brings support for light clients, pre-validator inactivity leak accounting, a rise in slashing severity, and clean-ups to validator rewards allowing for simplified stated management. This is the first scheduled upgrade to the Beacon Chain.
The blog post states that this update represents a “warm-up upgrade” for the Beacon Chain and its associated clients. Essentially, the update will bring several main features to the Ethereum 2.0 network.
First, the introduction of sync committees for light client functions allows light clients to easily sync up the header chain, with low computational and data costs.
Second, the incentive accounting reforms bring three main changes: The storing actions use a more efficient bit field format that reduces complexity, the “inactivity leak” quadratic is based per validator instead of globally — which is insignificant for validators that participate more than 80% of the time — and there are some bug fixes in the reward accounting.
Du Jun, co-founder of crypto exchange Huobi Global, told Cointelegraph: “Pre-Altair, if a chain stops finalizing for two weeks, fully inactive validators lose ~11.8% of their balance and validators active 75% of the time lose ~3.1%. Post-Altair, the fully inactive validator’s loss would be ~15.4% but the 75% active validator’s loss would only be ~0.3%.” This will make the inactivity leak more forgiving to honest, but irregular, validators.