In the fast-paced world of cryptocurrencies and blockchain technology, developments and news can significantly impact the industry. In this blog post, we will explore the recent bullish surge of Chainlink (LINK), Chase U.K.’s decision to ban crypto-linked payments, and Coinbase’s ambitious blockchain platform called Base. These events highlight the dynamic nature of the blockchain space and its potential to reshape various industries.
Part 1: Chainlink’s Bullish Breakout
Chainlink (LINK), a popular cryptocurrency, has recently broken out from a descending resistance line, approaching its yearly high. Technical analysis across both weekly and daily timeframes points to bullish signals, indicating further price increases. Reclaiming its horizontal support area and showcasing a bullish divergence on the weekly RSI, LINK has the potential to see a significant surge, with the closest resistance at $9.40. Additionally, the Elliott Wave count suggests a potential high near $12, emphasizing the positive outlook for Chainlink’s price. However, a loss of momentum or rejection from the resistance line could result in a 20% drop to the $5.90 support area.
Part 2: Chase U.K.’s Crypto Ban
Chase U.K. recently announced its decision to ban crypto-linked payments for its clients, effective October 16. Citing concerns over fraud, the bank will decline customer payments related to crypto assets. However, customers are still allowed to use other banks or providers for their crypto investments. This move reflects the ongoing cautious approach of some traditional banking institutions towards cryptocurrencies. Finding crypto-friendly banks in the U.K. remains challenging, as credit institutions have a history of restricting customer access to crypto services. The Financial Conduct Authority has been involved in facilitating discussions between banks and crypto firms to address this issue. Chase U.K. specifically cited the increasing use of crypto assets by fraudsters as the main reason for their ban on crypto-linked payments.
Part 3: Coinbase’s Ambitious Blockchain Platform
Coinbase, a leading cryptocurrency exchange, has introduced Base, a blockchain platform that has gained significant traction in Ethereum-based layer-2 chains. Hosting hundreds of decentralized projects, Base has recorded a high number of transactions and new addresses. Coinbase’s aim is to bring a billion users and a million builders onto its blockchain platform by 2030. To achieve mainstream adoption, Coinbase believes that three key aspects need to be addressed: reducing the cost of using blockchain applications, improving the user experience, and developing better identity infrastructure. By choosing to build its layer 2 on the Ethereum blockchain, Coinbase leverages the extensive ecosystem and developer community associated with Ethereum. While scalability challenges persist, progress has been made in reducing fees and increasing transaction throughput through layer-2 rollups. Coinbase envisions a future where numerous blockchain applications empower individuals worldwide with economic freedom, rather than a single “killer app.”
The blockchain industry continues to evolve rapidly with various factors influencing its trajectory. Chainlink’s bullish breakout, Chase U.K.’s decision to ban crypto-linked payments, and Coinbase’s ambitious Base blockchain platform exemplify the ongoing developments within this space. As always, it is crucial to conduct thorough research and seek professional advice before making any financial decisions. The blockchain revolution is still in its early stages, and events like these highlight the potential for both rewards and challenges as the industry continues to mature.