Decentral Block Post

Digital asset exchange Crypto.com has just been given the green-light for “certain cryptoasset activities” in the United Kingdom, after receiving registration confirmation from the Financial Conduct Authority (FCA) on Tuesday. 

According to an Aug. 16 entry in the FCA’s Financial Services Register, ‘FORIS DAX UK LIMITED’ has been registered to conduct "certain cryptoasset activities", whilst also obtaining Money Laundering Regulation Status.

FORIS DAX UK LIMITED is listed as the registered UK trading name for Crypto.com.

Details on the registration are scarce at the time of writing and Crypto.com and the FCA are yet to comment on it, however, the FCA website suggests that businesses carrying on crypto asset activity in the UK must register to be compliant with money laundering, terrorist financing and transfer of funds regulations.

As defined by the FCA, crypto asset activity includes exchanging crypto assets for money or money for crypto assets, or automating a machine to do so, and exchanging crypto assets for crypto assets.

Play-to-earn (P2E) blockchain-based games gathered investors’ attention in late 2021, with Axie Infinity leading the pack with over 2 million active users. In P2E games, players are awarded tokens or nonfungible token assets (NFTs) as they progress throughout the game. These digital assets can be sold using marketplaces and cryptocurrency exchanges, generating income in a decentralized manner.

However, there is a large discrepancy between P2E and traditional PC and console gaming experiences. In that sense, crypto games are a couple of decades behind due to the restrictions imposed by blockchain technology.

Yes, most crypto games lack a decent user experience

Although the promise of AAA-level crypto games eventually developing exists, so far, most of the launches gravitate toward digital trading card battles, decentralized finance disguised as role-playing games, and collectibles.

Unsurprisingly, crypto games critics focus on the lack of fun, or a comparable user experience versus the traditional market, as pointed out by analyst Udi Wertheimer.

According to Anton Link, the CEO of NFT renting and leasing protocol Unitbox Protocol:

Bitcoin (BTC) showed weakness on Aug. 15, posting a 5% loss after testing the $25,000 resistance. The move liquidated over $150 million worth of leverage long positions and has led some traders to predict a move back toward the yearly low in the $18,000 range.

The price action coincided with worsening conditions for tech stocks, including Chinese giant Tencent, which is expected to post its first-ever quarterly revenue decline. According to analysts, the Chinese gaming and social media conglomerate is expected to post quarterly earnings around $19.5 billion, which is 4% lower than the previous year.

Moreover, on Aug. 16, Citi investment bank slashed Zoom Video Communications (ZM) recommendation to sell, adding that the stock is "high risk." Analysts explained that a challenging post-COVID dynamic, plus additional competition from Microsoft Teams, potentially caused a 20% drop in ZM shares.

The overall bearish sentiment continues to plague crypto investors, a movement described by influencer and trader @ChrisBTCbull, who mentioned that a simple rejection at $25,000 caused traders to post sub-$17,000 targets.

Margin traders remain bullish despite the $25,000 rejection

Monitoring margin and options markets provides excellent insights into understanding how professional traders are positioned. For instance, a negative read would happen if whales and market makers reduced their exposure as BTC approached the $25,000 resistance.

Solana (SOL) price rallied by approximately 75% two months after bottoming out locally near $25.75, but the token's splendid upside move is at risk of a complete wipeout due to an ominous bearish technical indicator.

A major SOL crash setup surfaces

Dubbed a "head-and-shoulders (H&S)," the pattern appears when the price forms three consecutive peaks atop a common resistance level (called the neckline). Notably, the middle peak (head) comes to be higher than the other two shoulders, which are of almost equal height.

Head and shoulders patterns resolve after the price breaks below their neckline. In doing so, the price falls by as much as the distance between the head's peak and the neckline when measured from the breakdown point, per a rule of technical analysis.

It appears SOL has been forming a similar bearish setup on its longer-timeframe charts.  

On the weekly chart, the token has been forming the right shoulder of the overall pattern, suggesting a correction toward the neckline at $27 during the second half of 2022. Meanwhile, a breakdown below $27 could result in an extended correction toward $2.80.

Solana (SOL) price rallied by approximately 75% two months after bottoming out locally near $25.75, but the token's splendid upside move is at risk of a complete wipeout due to an ominous bearish technical indicator.

A major SOL crash setup surfaces

Dubbed a "head-and-shoulders (H&S)," the pattern appears when the price forms three consecutive peaks atop a common resistance level (called the neckline). Notably, the middle peak (head) comes to be higher than the other two shoulders, which are of almost equal height.

Head and shoulders patterns resolve after the price breaks below their neckline. In doing so, the price falls by as much as the distance between the head's peak and the neckline when measured from the breakdown point, per a rule of technical analysis.

It appears SOL has been forming a similar bearish setup on its longer-timeframe charts.  

On the weekly chart, the token has been forming the right shoulder of the overall pattern, suggesting a correction toward the neckline at $27 during the second half of 2022. Meanwhile, a breakdown below $27 could result in an extended correction toward $2.80.

Bitcoin (BTC) sank to intraday support on Aug. 16 as concerns emerged over the fate of United States stock markets.

U.S. stocks face stiff resistance

Data from Cointelegraph Markets Pro and TradingView showed BTC/USD hitting $23,685 on Bitstamp, nearing lows from Aug. 12.

After an eerily calm 24 hours, downside set in at the day's Wall Street open as previous highs in excess of $25,000 looked increasingly like a double top.

Analyzing the potential outcomes, a typically conservative Il Capo of Crypto warned that upside was now highly unlikely given Bitcoin's inability to break out.

"Two options, both bearish," he began a fresh Twitter update on the day by saying.