CRYPTO NEWS

Biggest Movers: APE, XLM Move Close to 1-Month Highs

Apecoin was up by over 13% on Tuesday, despite bearish sentiment remaining largely present in cryptocurrency markets. The token stayed close to a one-month high in today’s session, despite current market turbulence. Stellar was also in the green, nearing a four-week peak.

Apecoin (APE)

Apecoin (APE) was one of Tuesday’s big movers, with the token climbing by as much as 13% in today’s session.

Following a low of $5.12 to start the week, APE/USD surged to an intraday high of $6.12 earlier today.

The move saw the coin climb past a key resistance level of $6.00, moving closer to a four-week high in the process.

Earlier gains have somewhat eased, as the 14-day relative strength index (RSI) collided with what appeared to be a ceiling.

As of writing, the index is tracking at 55.64, which is below its current resistance point of 58.50.

It appears that earlier bulls have secured gains and closed positions, and could be waiting for tomorrow’s rate decision to come, before potentially reentering the market.

Stellar (XLM)

Like apecoin, stellar (XLM) was also in the green in today’s session, with bulls pushing it closer to a one-month high.

On Tuesday, XLM/USD found itself trading at a high of $0.1158, less than 24 hours after hitting a low of $0.1047.

As a result of today’s rally, the token is now near a resistance point of $0.1160, which has been in place since August 19.

In order to move beyond this point, XLM would likely need to see gains in the RSI which is currently being held up by a point of resistance.

This ceiling appears to be the level of 58.00, which has also been in place since mid-August.

Should a breakout occur, bullish sentiment will likely begin to return, with traders looking to push the token towards $0.1200.

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Could we see stellar surge to this point in the next 24 hours? Let us know your thoughts in the comments.

Moscow Exchange Suggests Issuing Crypto Receipts for Those Afraid of Blockchain

The Moscow Exchange has proposed to legalize the issuance of receipts for digital financial assets. The trading platform says this will allow custodians to offer clients who are not ready for distributed ledgers to essentially work with securities. MOEX also plans to become a licensed crypto exchange operator. Largest Russian Stock Exchange Gears Up to::Listen

Moscow Exchange Suggests Issuing Crypto Receipts for Those Afraid of Blockchain

The Moscow Exchange has proposed to legalize the issuance of receipts for digital financial assets. The trading platform says this will allow custodians to offer clients who are not ready for distributed ledgers to essentially work with securities. MOEX also plans to become a licensed crypto exchange operator.

Largest Russian Stock Exchange Gears Up to Enter Digital Asset Market

The leading exchange for equities and derivatives in Russia has drafted new legislation that would authorize depositories to issue receipts for digital financial assets (DFAs). In current Russian law, the broad term ‘DFAs’ encompasses cryptocurrencies in the absence of a more precise definition, but mainly refers to digital coins and tokens that have an issuer.

Under such arrangement, DFA receipts can be traded as securities, explained Sergey Shvetsov, who heads the supervisory board of the Moscow Exchange (MOEX). During the latest edition of the International Banking Forum, the official emphasized that the exchange “will naturally enter this market” and stated:

We have prepared a project that allows you to issue receipts for digital assets, then these receipts are circulated as securities.

MOEX has already filed the respective bill with the Central Bank of Russia (CBR) and will also coordinate the initiative with the Ministry of Finance. The legislation will provide those who are not ready to work with distributed ledgers and afraid of custodial risks an opportunity to transfer these risks and be able to issue securities, Shvetsov added.

“In order for DFAs to develop, we want to propose that the market itself makes the choice – blockchain accounting or depositary accounting,” he further elaborated, reminding the audience that the Moscow Exchange also wants to obtain a license from the CBR to operate as a digital asset exchange. In August, MOEX announced its intention to launch a DFA-based product by the end of the year.

“If such a law is adopted, Russian depositories will be able to accumulate DFAs on their accounts in the blockchain and give receipts against them to their clients. As soon as a customer needs the underlying asset, he would cancel the receipt and receive his digital asset on his blockchain account,” Shvetsov was quoted as saying by the Prime business news agency.

Support has been growing in Moscow to permit the use of digital assets such as cryptocurrencies for international settlements amid sanctions, while it’s still unclear if regulators will allow their free circulation inside the country. In any case, Russia must create its own crypto infrastructure, according to the head of the parliamentary Financial Market Committee. Anatoly Aksakov recently said that the stock exchanges in Moscow and Saint Petersburg are ready to provide it.

Do you expect the Moscow Exchange to become a major player in Russia’s crypto market? Share your thoughts on the subject in the comments section below.

Biggest Movers: APE, XLM Move Close to 1-Month Highs

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