CRYPTO NEWS

ApeCoin shoots 15% above the breakout zone as retail interest grows

  • ApeCoin gained 15% on Wednesday amid growing investor interest
  • The token was accepted as a payment method by Gucci
  • APE remains supported above a breakout zone with an opportunity for further gains

ApeCoin APE/USD was the center of retail interest on Wednesday. The token rose more than 15%, with social media mentions growing. The gains were widespread across the crypto sector, suggesting that sentiment remains intact. 

The gains in ApeCoin come amid good fundamentals supporting the token. Italian high-end fashion house Gucci announced the acceptance of ApeCoin for purchases in the US. The move allows Gucci to become the first major brand in the US to accept payments in APE. Customers will be allowed to make in-store purchases with APE BitPay. 

The latest announcement increases the utility of ApeCoin’s token. The blockchain also has the Otherside metaverse project in the pipeline. Once the project becomes a reality, ApeCoin will hit new levels. For now, we believe APE has more upside potential, and investors should consider buying.

ApeCoin gains above the breakout zone after acceptance of token by Gucci

Source – TradingView

Technically, ApeCoin is initiating a new bullish momentum above the breakout zone of $6.1. The token is almost overbought, with an RSI reading of 67. That suggests that investors are circling the token amid positive developments. The moving averages also continue to support the token.

We believe ApeCoin will continue rising after the recent bullish push. The token will remain supported at $6.1, and any potential retracement will be rejected at the level. The target is at $9, although it could rise higher if the bullish momentum remains. 

Summary

ApeCoin is bullish after breaking above $6.1. The bullish momentum is supported by the acceptance of the token by Gucci. Crypto sentiment also remains strong. Buy on short retracements or at the current level.

The post ApeCoin shoots 15% above the breakout zone as retail interest grows appeared first on CoinJournal.

Dutch authorities arrests suspected Tornado Cash developer

The controversies surrounding Tornado Cash have taken another dimension. In the latest development, Dutch authorities have arrested an individual (29) whose identity remains unknown over his connection to Tornado Cash. In the early hours of today, the Fiscal Information and Investigation Service revealed how it arrested the fellow in Amsterdam.  According to the agency, the::Listen

The controversies surrounding Tornado Cash have taken another dimension. In the latest development, Dutch authorities have arrested an individual (29) whose identity remains unknown over his connection to Tornado Cash. In the early hours of today, the Fiscal Information and Investigation Service revealed how it arrested the fellow in Amsterdam. 

According to the agency, the suspect is the alleged developer of the secrecy tool. Further information by the FIOD disclosed that the suspect has appeared before an examining Judge. The announcement added that he had been detained on accounts that range from suspicion of promoting money laundering through the secrecy tool. 

According to the agency’s Financial Advanced Cyber Team, the FIOD has been investigating the secrecy tool since last month. The agency added that it is likely to commence the arrest of other individuals who have a connection to Tornado Cash.

A part of the announcement reads, “In June 2022, the Financial Advanced Cyber Team (FACT) of the FIOD started a criminal investigation against Tornado Cash, which is offered on the Internet using a decentralized autonomous organization (DAO).”

The agency illustrated that some investigations unravel how Tornado Cash aided several money laundering activities. The FIOD added that hackers had successfully made fortunes with the secrecy app through online crypto thefts. The agency alleged that some of these hacks are believed to have connections with North Korea.

Tornado Cash is an Ethereum-supported protocol that aids users in concealing the traces of their transactions. The secrecy tool is one of the most prominent protocols on Ethereum. The tool works so that when a deposit is made into it, users can withdraw them from another address. Thus, making it difficult to trace such transactions.

Recall that on Monday, the U.S Treasury Department’s Office of Foreign Assets Control listed Tornado Cash and its components on its blacklist. According to the U.S authority, the secrecy app has aided hackers in laundering funds from crypto platforms. The same reason the FIOD cited as the motive behind the arrest. The sanction on Tornado Cash represents the initial ban on a piece of code by the U.S government. Currently, Tornado Cash is inaccessible to people living in the U.S.

Consequently, Circle, dYdX, Github, Alchemy, and Infura have all heeded the sanction calls. However, the move has spurred controversies among crypto enthusiasts. Most of the debate focused on how firms are acting against the libertarian posture of crypto.

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ApeCoin shoots 15% above the breakout zone as retail interest grows

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