The U.S. Securities and Exchange Commission announced today that it has filed charges against Binance, the world’s largest cryptocurrency exchange, for violating federal securities laws.
The SEC alleges that Binance mismanaged billions of dollars of client funds and deceived regulators and investors.
How might this affect the selection of the best cryptos to buy now?
According to a document published on the SEC’s website, the agency is accusing Binance and its CEO Changpeng Zhao of covertly transferring funds to a company owned by Zhao.
“Zhao and Binance were well aware of the regulations but deliberately chose to ignore them, putting their clients and investors at risk,” said Gurbir S. Grewal, director of the SEC’s Division of Enforcement, in a statement.
The SEC claims that Binance operated as an unregistered exchange, broker, dealer, and clearing agency, creating conflicts of interest and excessive risk for investors.
The complaint also alleges that Binance lacked transparency, relied on internal transactions, and falsely claimed to have measures preventing market manipulation.
The charges against the world’s dominant crypto exchange are likely to significantly impact the cryptocurrency industry, which is still recovering from the collapse of the FTX exchange and its founder Sam Bankman-Fried late last year.
Industry observers will be closely monitoring the SEC’s case against Binance, as its outcome may shape the future of cryptocurrency regulation and adoption. Binance faces potentially massive penalties if the charges are proven.
Despite the recent allegations against Binance, the market seems to be stabalizing and there are some good deals to be had, with WSM, MANA, ECOTERRA, SOL, YPRED, SAND, and DLANCE being some of the best cryptos to buy now.
Best Crypto to Buy Now? A Quick Glance at Wall Street Memes
Crypto enthusiasts, particularly those tracking the trend of meme coins, may find it worth taking note of Wall Street Memes ($WSM).
In a span of ten days, the presale period has already collected a noteworthy $4.34 million, escalating the price from $0.0271 to $0.0274.
Wall Street Memes is no stranger to success in this digital sphere. A glance at history reveals that the creators, leveraging the popularity of memes during the stock craze during Covid, successfully minted the Wall Street Bulls NFT collection in 2021, which sold out in a breathtaking 32 minutes and raked in $2.5 million.
Steering toward the present, Wall Street Memes has positioned itself favorably to transition from the ‘King of Stonks’ to a potential ‘King of Memes’.
The future launch of $WSM rides on the support of an engaged million-strong community spread across various social platforms.
Analysts’ predictions have been favorable, indicating the likelihood of substantial price appreciation post-launch.
Engaging the investors’ attention further is the sizable community backing this project.
With half a million followers on Instagram, 224k on Twitter, and an overall social media presence exceeding a million, Wall Street Memes boasts a strong support base, fueling a high demand for $WSM. $WSM represents a unique convergence of meme and financial cultures.
Investors seeking the ‘next big thing’ in meme coins, following the footsteps of Dogecoin and Shiba Inu, might find Wall Street Memes an attractive proposition.
Wall Street Memes is also planning for a debut on decentralized exchanges before considering larger centralized ones.
This strategic move caters to potential investors irrespective of their location’s regulations, offering a level playing field for all to participate.
Wall Street Memes is geared up to redefine the crypto-market landscape in the future through its inclusive community-centric model.
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Decentraland (MANA)
Despite Decentraland’s token, MANA, seeing a 6% rise earlier today, the cryptocurrency market as a whole has been impacted by the SEC’s case against Binance, leading to a sell-off.
Mana retouched the Fib 0.236 level at $0.5302, only to spiral downward by nearly 10% so far today, trading at $0.04541.
The current 20-day EMA stands at $0.4812, while the 50-day EMA is pegged at $0.5083, and the 100-day EMA at $0.5392.
MANA’s price is currently beneath these averages, signaling that the trend has been bearish. These EMAs should be seen as the first line of resistance should a reversal occur.
The RSI has plummeted from yesterday’s 55.52 to today’s 40.97. This drop suggests that bearish momentum is taking hold.
Traders often consider an RSI below 30 to be oversold, so this isn’t quite a panic station yet, but the current trend is certainly negative.
Adding to the tale of caution is the MACD histogram, which has seen a drop from yesterday’s 0.0055 to today’s 0.0031.
This is a bearish signal, suggesting that the bears are taking control and the downtrend could persist.
In terms of resistance and support levels, the 20-day and 50-day EMAs represent immediate resistance, whereas the Fib 0.236 level at $0.5302 follows.
MANA, on the other hand, is currently situated above its support range of $0.4342 to $0.4510.
However, if this support level fails, a decline to the lower support range of $0.3571 to $0.3699 could occur, which would represent a 17% drop from current levels.
A break above the EMAs could signal a bullish reversal, while failure to hold above the current support range could indicate a deeper correction.
The market sentiment at large, particularly with the unfolding Binance situation, could also play a major role in defining the direction of MANA’s journey.
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The Future is Green: Ecoterra’s $ECOTERRA Token is One of the Best Cryptos to Buy Now
ecoterra, a green crypto project, has recently hit an impressive milestone in its fundraising. The presale of its native crypto token, $ECOTERRA, has soared past $4.8 million.
With the price of $ECOTERRA at $0.00925, the token is now in stage 8, and investors are noticing.
ecoterra, driven by an inherent desire to encourage recycling, is building a unique web3 ecosystem.
Its Recycle-to-Earn (R2E) system is a first in the cryptocurrency market, incentivizing individuals and businesses to actively reduce their carbon footprints.
The scheme, supported globally wherever Reverse Vending Machines (RVMs) are available, will rewards users with the platform’s native $ECOTERRA token every time they recycle.
The forthcoming release of ecoterra also promises interesting features for the $ECOTERRA token. The token will be issued as an ERC-20 on the Ethereum blockchain.
Once the presale reaches $5.7 million, the $ECOTERRA price will increase to $0.01. The token supply is capped at two billion, with one billion (50%) accessible to presale investors.
Not only does it offer the potential for financial gains but also presents an opportunity to contribute towards a sustainable future.
ecoterra appears as a serious contender in the race to become one of the best cryptos to buy now.
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Solana (SOL)
Solana (SOL) has experienced a sharp decline in price today, currently trading at $19.85, down by 9.03% amid a broader cryptocurrency market selloff.
However, based on several key technical indicators, there could be a potential rebound in the near future.
The 20-day, 50-day, and 100-day EMAs are currently at $20.68, $20.98, and $21.194, respectively.
SOL attempted to break above these EMAs in the past week and reached the Fib 0.5 level yesterday, before giving back those gains in today’s selloff.
Despite the recent downturn, the EMAs are still relatively close together, suggesting that the market is consolidating and a potential uptrend may still be in play.
The RSI for Solana has dropped to 43.89 from yesterday’s 58.70, indicating that the cryptocurrency has moved from a neutral zone into a slightly oversold territory.
This could present a buying opportunity for traders, as the RSI suggests that selling pressure may be exhausted in the short term, and the price could bounce back.
Meanwhile, the MACD histogram has declined to 0.13 from yesterday’s 0.24, signaling a bearish momentum shift.
However, the MACD line remains above the signal line, and the histogram is still in positive territory, which indicates that the bullish trend has not yet been entirely invalidated.
SOL is currently facing immediate resistance at the Fib 0.382 level at $20.31, and a break above this level could signal a resumption of the uptrend.
On the downside, Solana finds immediate support at the Fib 0.236 level at $18.70. If this support holds, it could provide a strong base for a rebound in the near future.
Despite today’s selloff, the technical indicators for Solana (SOL) suggest that the cryptocurrency may be oversold, and a potential rebound could be on the horizon.
Traders should keep an eye on the key support and resistance levels, as well as the RSI, MACD, and EMAs, to gauge SOL’s next move.
yPredict’s AI Trading Tools: Simplifying Workflow & Delivering Valuable Market Insights
yPredict, an AI-powered crypto trading and market intelligence platform under development, has been making substantial progress with its presale.
yPredict is crafting an arsenal of tools for potential users, including a user management and task assignment system and an AI-backed content editor and scoring system.
This confluence of features offers a promise to simplify workflow and deliver valuable insights for creating engaging content.
The progression of artificial intelligence technology into various sectors underscores its transformative potential.
It’s influencing the functionality and effectiveness of diverse industries, including financial markets.
With yPredict’s impending launch, AI’s potential in identifying overlooked trends in large quantities of price data could give traders a much-needed edge.
The $YPRED token, integral to the yPredict ecosystem, promises to be an attractive feature.
While still in the fundraising stage, the $YPRED token is intended to provide access to yPredict’s premium features. The token will initially list on major exchanges for $0.12 later this year.
The horizon holds promise as AI and crypto converge, with yPredict’s arrival on the scene providing a compelling option for investors in search of the best crypto to buy now.
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Sandbox (SAND)
Sandbox (SAND) has been on a strong uptrend for the past 10 days but is currently experiencing a significant retracement, with the price trading 12.79% lower so far today at $0.5164.
The 20-day EMA for SAND is currently at $0.5427, while the 50-day EMA stands at $0.5578, and the 100-day EMA at $0.5895.
As the price is trading below all three EMAs, it indicates that the short-term, mid-term, and long-term trends have turned bearish.
This situation suggests that traders should be cautious and consider taking profits if they have not already done so.
The RSI has dropped significantly from yesterday’s 64.01 to 44.05 today. This decline in the RSI shows a shift in momentum from the bullish side to the bearish side.
The MACD histogram has also decreased from 0.0098 yesterday to 0.0052 today, signaling a potential trend reversal.
Today’s trading volume for SAND is 124.78 million, a significant increase compared to the previous day’s volume of 42.464 million and the volume moving average of 36.092 million.
This surge in volume during the retracement indicates heightened selling pressure, which could lead to further declines in the short term.
SAND is currently facing resistance at the Fib 0.236 level of $0.5346. If the price manages to break above this resistance, it could signal a potential recovery.
However, given the current bearish indicators, traders should keep an eye on the immediate support levels.
The current swing low horizontal support level ranges from $0.4779 to $0.4947. A break below this support zone could lead to further declines in the price of SAND.
The technical indicators for Sandbox (SAND) are currently pointing towards a bearish bias, with the price experiencing a deep retracement.
Traders should monitor key support and resistance levels, as well as the RSI, MACD, and volume, to make informed decisions about their next move in the immediate future.
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Subtle Surge: Best Crypto to Buy Might be Hidden in the Gig Economy
DeeLance is becoming a noteworthy contender in the cryptocurrency market.
Its intent is to create a decentralized, transparent web3 hub where freelancers and employers can converge without the intervention of corporate intermediaries.
After initiating its presale only a few weeks back, DeeLance has seen a significant influx of investments, surpassing $1.26 million so far.
As the presale progresses, it has now reached stage 4, with the price of $DLANCE rising to $0.038.
DeeLance seeks to address the $761 billion recruitment sector and redefine remote work by intertwining the realms of cryptocurrency, NFTs, and freelancing.
This vision targets eliminating the overreach of platforms like Upwork and Fiverr that have had significant control over the industry.
Eyes are currently on DeeLance, with industry observers dubbing it one of the more promising crypto projects of 2023.
Once the presale hits $1.7 million, the $DLANCE price will ascend to $0.043.
An impressive strategic investment from Bitgert Ventures has propelled DeeLance’s journey further. With $1.12 million in funding, Bitgert has shown faith in DeeLance’s ambitious blueprint.
This web3 platform’s development will likely be accelerated by this injection of funds and expertise from Bitgert, who have diverse investments across the web3 sphere.
Parallel to this substantial backing, DeeLance has refreshed its website, introducing a feature that simplifies buying $DLANCE with BNB and USDT via the Binance Smart Chain.
Across various social media platforms, excitement is building for DeeLance, which has successfully created a buzz and cultivated a rapidly growing community.
As leading crypto news and analysis websites take note of its potential, it’s evident that DeeLance is gaining traction in the industry.
As DeeLance continues its development journey, it might indeed prove to be the best crypto to buy for investors looking for a fresh, value-driven prospect.
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