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Axie Infinity claims a new low. Are we set for a more bearish move?

Is the game over for Axie Infinity (AXS/USD)? Well, that could be the case going by the technical outlook of the native token AXS. The cryptocurrency has lost more than 94% since its $171 high in November 2021. AXS now trades at $8.6. Technical indicators show the token could halve to below $4. What’s happening?…


Is the game over for Axie Infinity (AXS/USD)? Well, that could be the case going by the technical outlook of the native token AXS. The cryptocurrency has lost more than 94% since its $171 high in November 2021. AXS now trades at $8.6. Technical indicators show the token could halve to below $4. What’s happening?

Gaming tokens rose to the limelight last year at the height of the crypto boom. However, they are the hardest hit in the bear market this year as expectations of economic tightening mount. Axie Infinity has been in the same boat as player counts on the platform go south. Accordingly, the player count on the popular play-to-earn platform has fallen by 74% since January. Arguably, investors are finding less fun in games in an exceedingly bear market.

Another elephant in the room is brewing for AXS. On October 11, the developers announced the unlocking of more Axie Infinity Shards. The move kicks off on October 24 and is expected to increase AXS token supply by about $185 million. AXS COO Leonard Larsen defended the move saying that the unlocked tokens are dissimilar to those in circulation. He described it as “business as usual” in response to community dissatisfaction.

However, the market has reacted adversely. For the past one week, AXS has plunged by 22%, with more downsides likely. Here is the technical outlook:

AXS eyes $4 bottom as price maintains a free fall

Source – TradingView

Technically, momentum is weak for AXS after the weekly decline. A bearish MACD crossover sets the tone for the AXS price action in the next few days. The next support lies around $4, the level it was before the bullish surge last year. That implies a potential 50% decline for AXS if bulls do not arrest further decline at $8.

Concluding thoughts

Sentiment and technical indicators reinforce a bearish market for AXS. At the current trading, AXS is exchanging hands at the lowest level this year. The cryptocurrency could continue to slide and find support at the $4 bottom amid a bear momentum. Investors should wait and buy at the potential bottom.

Where to buy AXS

eToro

eToro offers a wide range of cryptos, such as Bitcoin, XRP and others, alongside crypto/fiat and crypto/crypto pairs. eToro users can connect with, learn from, and copy or get copied by other users.


Buy AXS with eToro today

Bitstamp

Bitstamp is a leading cryptocurrency exchange which offers trading in fiat currencies or popular cryptocurrencies.

Bitstamp is a fully regulated company which offers users an intuitive interface, a high degree of security for your digital assets, excellent customer support and multiple withdrawal methods.


Buy AXS with Bitstamp today


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Vote postponed to renominate SEC commissioner Caroline Crenshaw

Senate Banking Committee chair Sherrod Brown called it a “disgusting smear campaign against Caroline Crenshaw” The vote was postponed minutes before it was due to begin by Brown No date has been set for Crenshaw’s renomination A US Senate vote to renominate Democrat Commissioner Caroline Crenshaw to the Securities and Exchange Commission (SEC) has been…


US SEC Commissioner Jaime Lizárraga to resign in January

  • Senate Banking Committee chair Sherrod Brown called it a “disgusting smear campaign against Caroline Crenshaw”
  • The vote was postponed minutes before it was due to begin by Brown
  • No date has been set for Crenshaw’s renomination

A US Senate vote to renominate Democrat Commissioner Caroline Crenshaw to the Securities and Exchange Commission (SEC) has been postponed.

The vote was originally scheduled on December 11; however, it was postponed minutes before it was due to begin, reports Bloomberg. Sherrod Brown, the Senate Banking Committee chair, delayed the vote. When Brown requested the vote occur later that day, Republican senators blocked his request.

Brown later released a statement saying that corporate special interests are running a “disgusting smear campaign against Caroline Crenshaw.”

No date has been set for her renomination.

Earlier this week, crypto and blockchain advocacy groups voiced their opposition to Crenshaw’s renomination.

In a letter to Brown and Senate Banking Committee Ranking Member Tim Scott, the Blockchain Association and the DeFi Education Fund argued that Crenshaw’s actions have undermined Congress’s mandate to establish clear regulatory policies for the crypto industry.

In their letter, they mention Crenshaw’s “continued opposition to the approval of a spot Bitcoin ETP.”

Following the news of Crenshaw’s reappointment, Brian Armstrong, CEO of Coinbase, took to X to say: “She tried to block the Bitcoin ETFs, and was worse than Gensler on some issues (which I didn’t think was possible).”

A Republican-majority SEC?

The delay to Crenshaw’s renomination opens up the possibility of a three-person Republican SEC once Donald Trump enters the White House in January. Crenshaw’s term at the SEC officially ended in June; however, if she’s renominated she would be the only Democratic SEC commissioner.

The SEC can make up to five commissioners, but no more than three can form the same political party. Current SEC chair Gary Gensler, a Democrat, is stepping down on January 20, and SEC Commissioner Jaime Lizárraga, also a Democrat, will step down on January 17.

Last week, Trump nominated pro-crypto Paul Atkins, a Republican, as chair of the SEC.

Including Gensler and Lizárraga, the three remaining SEC commissioners include Republicans Hester Peirce and Mark Uyeda.


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Australia fines Kraken operator $5 million for non-compliance

Kraken operator in Australia Bit Trade will pay a $5.1 million fine for non-compliance with regulatory requirements. The Australian Securities and Investment Commission accused the crypto platform of offering a credit facilty that did not comply with regulations. Kraken crypto exchange’s Australian operator firm has been slapped with a AU$8 million ($5.1 million) fine for…


Kraken shutting down its NFT marketplace just a year after its launch

  • Kraken operator in Australia Bit Trade will pay a $5.1 million fine for non-compliance with regulatory requirements.
  • The Australian Securities and Investment Commission accused the crypto platform of offering a credit facilty that did not comply with regulations.

Kraken crypto exchange’s Australian operator firm has been slapped with a AU$8 million ($5.1 million) fine for non-compliance with Australian regulations.

The Australian federal court fined Bit Trade following a lawsuit by the Australian Securities and Investment Commission. In its order, the court said that the Kraken crypto exchange operator must comply with the country’s crypto regulations.

The court ordered that the exchange ought to pay 8 million Australian dollars as a penalty for non-compliance with the local regulations. Notably, Kraken recently announced a licensed broker offering for clients in Australia.

Bit Trade failed to comply with regulations

In August this year, the court ruled in favour of the Australian Securities and Investment Commission. The regulator had filed a case accusing Bit Trade of issuing a credit facility without following the legal proceedings.

ASIC argued that Bit Trade did not make the target market determination, a requirement to protect investors. Between October 2021 and August 2023, ASIC stated that the firm offered a margin extension to 1,100 users which cost them a loss of over $5.2 million without following the legal requirements.

The market regulator’s demand was Bit Trade to pay a fine worth 20 million Australian dollars. On their argument, Bit Trade put their limit to a maximum of four million Australian dollars. The penalty follows these proceedings, and the Kraken operator in Australia has 60 days to comply with the order.

In addition, the firm would cover for all the commissions court proceedings costs.

Kraken has faced regulatory hurdles in the US too, with the Securities and Exchange Commission (SEC), suing the exchange earlier in November 2023.

SEC’s allegations include Kraken offering of unregistered activities and operating as an unregistered broker. In August 2024, a US court denied the exchange’s motion that sought to dismiss the SEC’s lawsuit.


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Saylor and Bukele Discuss How El Salvador Can Accelerate Global Bitcoin Adoption

Michael Saylor has met with Salvadoran President Bukele to discuss accelerating global bitcoin adoption as El Salvador strengthens its position, continuing to accumulate bitcoin despite IMF-driven policy adjustments. Michael Saylor Meets Nayib Bukele to Discuss Bitcoin Strategy Michael Saylor, executive chairman of Microstrategy (Nasdaq: MSTR), met with El Salvador’s President Nayib Bukele on Feb…
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