Binance has expanded its Monitoring Tag list to include Beta Finance (BETA), BarnBridge (BOND), Waltonchain (WTC), and NEM (XEM) as of October 4, 2023, according to Binance official blog. The Monitoring Tag serves as a risk indicator for tokens with elevated volatility and risk.
The Monitoring Tag is a feature on Binance that flags tokens with higher volatility and risk compared to other listed assets. Binance performs regular reviews of these tagged tokens based on a comprehensive set of criteria. These criteria include the team’s commitment to the project, the level and quality of development activity, trading volume and liquidity, and the stability and safety of the network from attacks, among others. Tokens that consistently fail to meet these criteria are at risk of being delisted from the platform.
To trade these tagged tokens, Binance mandates that users pass quizzes every 90 days on its Spot and Margin trading platforms. These quizzes aim to ensure that traders are fully aware of the risks involved in trading such volatile assets. Additionally, a risk warning banner is displayed on the trading pages for these tokens, serving as an extra layer of caution for traders.
Binance’s decision to extend its Monitoring Tag to these four tokens is part of a broader industry trend towards increased scrutiny and risk management. On September 6, 2023, Coinbase announced that it would suspend trading for BarnBridge (BOND) and other tokens. Similarly, OKX revealed plans to delist several trading pairs, including XEM, that did not meet its listing criteria on September 21, 25, and 26.
Binance has committed to conducting periodic reviews to reassess the Monitoring Tag status of tokens. This is part of the exchange’s broader strategy to foster a transparent and sustainable cryptocurrency ecosystem. The Monitoring Tag serves as a tool for both the exchange and its users to manage risk effectively, and its extension to include more tokens is indicative of a maturing market that is increasingly focused on risk management and compliance.
NEM nodes will vote on whether or not to merge into a subChain of Symbol.
NEM is known for pioneering the “proof-of-importance” consensus mechanism.
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NEM has announced its Harlock hard fork, which it says will “decide the future of #NEM.” The hard fork will enable voting on whether NEM will integrate into the Symbol blockchain.
Hardfork x7
Harlockwill allownodes to vote on whether they supportNEMbecoming a dedicated subChain of Symbol, an enterprise blockchain launched by the NEM project in March 2021. NEM nodes will vote on whether or not the NEM blockchainwill mergeinto Symbol as a “subChain,” or “a type of transaction-specific sidechain.”
Symbol was launched earlier this year, and thevisionof its founders has grown since then:
“…subChains will be a pinnacle of innovation: not just Symbol, but the broader blockchain space. We already have plans to collaborate with other chains on research and development, and we envision a future where other cryptocurrency projects are brought in as dedicated subChains of Symbol, supplying new logic and transaction types to the entire platform.”
The Harlock update represents NEM’s seventh hard fork—historically, roughly one every few hundred thousand blocks. The last hard fork occurred at blockheight 1,250,000 and represented a fee modification to the network. Harlock is expected to execute at blockheight 3,464,800.
NEM(New Economy Movement)was an early crypto project, launched in Q1 of 2015. Its native cryptocurrency is XEM. Ithas been prominentin Japan since 2016, seeing enterprise adoption and acceptance as payment in restaurants and hotels. According to NEM, it has also “inspired art exhibits and community-run cafes and even donation drives.”
The project maintains that its most important contribution is itsproof-of-importanceconsensus mechanism (rather than, say, proof-of-stake or proof-of-work), which seeks to “deter the concentration of wealth commonly associated with proof-of-stake.” It does this by rewarding on-chain activities, such as transfers, in addition to giving rewards based simply on the amount vested.
NEM’s XEM is responding to the news. At the time of writing, it is up roughly 7% on the day, with trading volume up approximately 330%.
Disclaimer: At the time of writing, the author of this piece held BTC, ETH, and several other cryptocurrencies.
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The totalcrypto market caplost $127 billion from its value for the last seven days and now stands at $1,273billion.Thetop 10coins were all in red for the same time period with Polkadot (DOT) and Dogecoin (DOGE) being the worst performers with 21.6 and 16.8 percent of losses respectively. Bitcoin (BTC)is at$31,206 at the time of writing. Ether (ETH) is currently trading at $1,860.
BTC/USD
Buyers pushed the price of BTC up to the multi-timeframe resistance at $34,700 on Sunday, July 11 in an attempt to save the weekly candle which was about to close below that level for the first time since January. However, they were rejected right there which caused bitcoin to end the week at $34,300 with a 2.8 percent loss.
On Monday, the leading cryptocurrency failed to break above the 21-period EMA on the daily timeframe and was forced to retrace down to $33,000, trading at $32,600 during intraday. The move resulted in a 3.4 percent pullback.
The Tuesday session was no different and the BTC/USDT pair continued to slide forming the second consecutive red candle on the daily chart by touching $32,600. What is worth noting is that bears managed to push the price down to the next weekly support zone around $32,200 – the neckline of the big head and shoulders pattern on the weekly timeframe.
The mid-week session on Wednesday came with a sharp 3.8 percent drop to $31,600 in the early hours of trading. The selling activity was quickly absorbed and BTC was able to recover to $32,800 at the candle close.
On Thursday, July 15, however, we witnessed how bears renewed the selling pressure and bitcoin once again lost the mentioned support line falling further to $31,800. The price of the coin revisited $31,000 during intraday for the first time since June 26.
The Friday session was no different and the biggest cryptocurrency continued to move South, this time reaching $31,368 thus entering the extremely important demand zone right above $30,000.
The weekend of July 17-18 started with a relatively calm day on Saturday during which the coin managed to stabilize in the above-mentioned area, staying flat.
Then on Sunday, it climbed up to $31,767 with a short green candle.
What we are seeing on Monday morning is a continuation of the downtrend.
ETH/USD
The Ethereum Project token ETH regained positions near $2,140 on Sunday, July 11, but failed to close the weekly candle above the 21-period EMA (which was then situated around $2,180). It lost 8.2 percent on a seven-day basis, which drove the price down below the 21-period EMA – a strong bearish sign.
On Monday, the ether was rejected at the short-term EMA on Daily and retraced down to $2,030, a 5.1 percent correction.
The Tuesday session was no different and the major altcoin fell further to $1,940, closing below the $2,000 mark for the first time since June 28.
The third day of the workweek saw ETH hitting another monthly low. First, it touched $1,867 in the morning, then recovered to $1,991 in the latter part of the session. The selling pressure was there, with strong momentum, but it is also worth noting that on the weekly chart, the ETH/USDT pair is in a Falling Wedge reversal formation and the price just hit its lower boundary.
On Thursday, July 15, ETH erased 3.5 percent to perfectly hit the lower part of the mentioned trading pattern. Some traders were already suggesting the downtrend is exhausted and the on-chain metrics are in favor of bulls that expect a short-term reversal.
The Friday session though proved them wrong. The ether continued to lose ground, this time touching $1,873.
The first day of the weekend came with a low volatility session, during which the leading altcoin remained around the price reached during the last 24 hours.
On Sunday, buyers made a short-lived reversal attempt by pushing the price up to $2,000 in the morning, but the rally was fully retraced later in the day.
As of the time of writing, the coin is trading slightly lower – at $1,860.
Leading Majors
Litecoin (LTC)
One of the oldest cryptocurrencies out there did not increase in price during the last week, but still managed to stabilize around its previous horizontal support.
The coin was last rejected in the zone near $170 where few important indicators met – the 21-day EMA, the horizontal resistance, and the lower boundary of the bearish pennant. This resulted in a heavy drop to the next support at $145 and then another sharp decline to May low of $117.
What is next for the LTC/USDT pair is to stabilize above the mentioned support level and attempt a break above the 21-day EMA and the diagonal resistance line above $135.
Altcoin of the Week
Our Altcoin of the week is NEM (XEM). The ecosystem of blockchain platforms, which is also one of the most popular legacy coins from the last bull run, added 15 percent to its value for the seven-day period.
The main reason for the recent surge in the price of NEM is the announcement from the Government of Colombia that its Ministry of Information Technology and Communications will collaborate with the software development company Peersyst Technology to experiment with blockchain in series of government projects. The company itself uses Symbol, NEM’s enterprise-grade blockchain solution.
The move helped the coin climbed up to #65 on CoinGecko’s Top 100 list with a market capitalization of approximately $1.27 billion.
The XEM/USDT pair peaked at $0.171 on Saturday, July 17 and as of the time of writing is trading at $0.138.
Bitcoin (BTC) is on the verge of closing another week that saw the price dip closer to $30,000 but the same bearish observation cannot be made for all altcoins. On Friday, several smaller-cap altcoins managed to shake off the bearish assault and post-double-digit gains before traditional markets closed for the weekend.
Data from Cointelegraph Markets Pro and TradingView shows that the top movers over the past 24 hours were NEM (XEM), Augur (REP) and district0x (DNT).
Top 7 coins with the highest 24-hour price change. Source:Cointelegraph Markets Pro
It’s worth noting that four of the top seven gainers are layer-one protocols, an interesting development that comes at a time when Ether’s (ETH) price is struggling below the $2,000 level and the community anxiously waits to see if the upcoming London hard fork improves Ether price and the process of transacting on the network.
NEM/USDT
Data from Cointelegraph Markets Pro and TradingView shows that after a month where the average 24-hour trading volume for NEM was $50 million, demand for the token surged on July 16 as the volume increased to $532 million and the price rallied 35% to $0.151.
XEM/USDT 4-hour chart. Source:TradingView
The uptick in price follows the July 13 announcement that Symbol (XYM), an enterprise blockchain protocol developed by the NEM group, had agreed to a collaborative project with the government of Colombia.
REP/USDT
According to data from TradingView, REP price began to surge on July 13 after the 24-hour trading volume spiked from a daily average of $17 million to more than $521 million on July 14.
REP/USDT 4-hour chart. Source:TradingView
As a result of the sudden increase in trading volume, the price of REP rallied 57% from a low of $14.60 on July 13 to an intraday high at $22.97 on July 16.
While there is no readily identifiable cause for the sudden increase in interest, a scroll through the Augur’s Twitter feed shows that forecasting on the network remains active with the most recent polls asking “Who would win the 2021 Major League Baseball Home-run derby?” and “Who will win the Ultimate Fighting Championship fight between Connor McGregor and Dustin Poirier?”
Related:Cardano grows closer to launching smart contracts with new testnet
DNT/USDT
The third-largest gainer on July 16 was Distric0x, a protocol that bills itself as a “network of decentralized markets and communities” and specializes in helping users launch their own decentralized autonomous organizations (DAO).
DNT/USDT 4-hour chart. Source:TradingView
Data from Cointelegraph Markets Pro and TradingView shows that DNT’s trading volume spiked from $3 million to more than $60 million on Friday, which led to a 73% rally from $0.112 to an intraday high at $0.193.
At the time of writing the price of DNT had since retraced to $0.133 which represents a 17.35% gain on the day.
The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.
Veteran crypto team NEM Group has announced the successful launch of its Symbol mainnet.
According to a March 17 announcement, NEM now comprises a “two chain ecosystem,” with NEM’s existing NEM NIS1 chain continuing to operate alongside Symbol.
Symbol’s launch wasn’t entirely smooth sailing, with the mainnet going live two days late.
Despite the team announcing the launch would be delayed due to the need to investigate unexpected node behavior amid its pre-mainnet rollout, sponsored posts celebrating Symbol’s launch were prematurely published by a number of crypto media outlets.
The issue preventing Symbol’s launch was identified within 24 hours, with NEM announcing on March 16 that a “network config issue” had resulted in its pre-mainnet forking on startup.
NEM describes Symbol as an interoperable Proof-of-Stake blockchain designed to support asset tokenization, including financial, physical, and intellectual assets. Assets created on Symbol are given unique identifiers — allowing conditional programming for tokens to be enforced at a protocol level. Symbol also supports both public and private deployments.
Symbol’s native XYM token is being airdropped to holders of NEM’s native token, XEM, at a one-to-one ratio according to balance snapshots as of March 12 — with 7.3 billion tokens from its almost 9 billion max supply being allocated to XEM holders.
While the deadline for pre-snapshot opt-ins for the airdrop expired on Jan. 9, XEM holders will be able to claim their tokens for up to six years after Symbol’s mainnet launch.
Opportunistic investors looking to cash-in on the airdrop appear to have driven a violent pump and dump in the XEM markets, with the token gaining 250% from $0.23 at the start of February to $0.8 on March 4.
However, most of the gains were short-lived, with XEM having retraced back to $0.6 by March 12, before tanking back down to $0.33 over the next three days. As of this writing, XEM last changed hands for $0.37.
NEM/USD, 90-day chart: CoinGecko
XYM is currently trading for $0.4, a roughly 8% premium over NEM, suggesting that Symbol is the 31st-largest crypto asset by market cap, ranking above FTX Token and below IOTA, according to CoinGecko/
The NEM NIS1 blockchain first launched in 2014, and was the first chain to support on-chain multi-signature wallets. Symbol expands on this functionality by allowing the signatory of multi-sig accounts to also comprise multi-signature accounts with unique co-signers.
“This allows users to simplify the creation of complex signature requirements, which streamlines business processes such as payroll,” NEM said in an announcement.
As Bitcoin has soared in the past week and has touched the psychological barrier of $55K today, most virtual currencies have risen as well. Despite the crypto market being generally bullish at the moment, altcoins have differed in their performances. Cardano (ADA) and NEM (XEM) for example, have had completely different trajectories.
Cardano, with a market cap of more than $37,494,584,458, is currently ranked fourth. The altcoin has fallen by 5.45% in the past 7 days. As for NEM, it has become the virtual currency with the largest decline, as high as 22.72% within 7days.
Cardano(ADA) Price Analysis
Source: ADA/USD Daily via TradingView
From the daily candlestick chart of Cardano(ADA), it can be observed that ADA has been on a downtrend since its rise to a new all-time high (ATH) of $1.485 on February 27. At the time of writing, ADA is trading at $1.1621.
Although ADA’s chart indicates a pattern of candlesticks that have all closed above the 20-day Moving Average line for the past four days, a shrinking trading volume can be observed. This means that the bulls have failed to prompt a strong rebound for ADA.
It can be seen from the MACD chart that the blue MACD line has already crossed the signal orange line, forming a death cross. Since there is currently a lack of active buying, the price of ADA will continue to undergo a downward trend in the short-term.
From a technical perspective, according to the Fibonacci Retracement levels that indicate where support and resistance are likely to occur, the bears may now manage to push ADA’s price to the 20-day moving average support level of around $1.10. If ADA fails to sustain itself at the $1.10 level, the altcoin may move downwards to $1.08. If ADA breaks down from $1.08, it may fall to a 61.8% level Fibonacci Retracement level of $0.8365, a clear bearish signal.
However, if ADA manages to rebound higher from $1.10, it may retest its previous high of $1.48.
NEM(XEM) Price Analysis
Source: XEM/USD Daily via TradingView
It can be seen from the daily candlestick chart of NEM(XEM) that since the highest point of $0.93406 was created on March 3, the broader market correction has hurt the price of NEM, which has dropped by 23.54% in the past 7 days and by 10.55% in 24 hours. At the time of writing, NEM is trading at $0.6414.
Although XEM is showing a downward trend, the rebound of the cryptocurrency from its various support levels such as the exponential moving average ribbon on the chart shows that XEM is still in a healthy upward trend within the ascending channel we draw in the figure.
Currently, the bears are retesting the 20-day Exponential Moving Average around $0.625 level of support and are doing their best to push the price out of the rising channel. Therefore, whether it can close in the lower support line of the rising channel today will be crucial.
From a technical perspective, RSI points downward from the 60 mark. In the short term, it should still be in a short-lived bearish market. The first support level is the 20-day Exponential Moving Average. If XEM can stand over $0.625, then the bulls will still control the whole market and the price will not correct sharply.
If the bulls fail to maintain this level, then the bears will suppress NEM’s price, forcing it to test the next support level 50-day of $0.48821, which is the 50-day Exponential Moving Average.
