Bitcoin price climbed further higher above the $67,500 resistance zone. BTC is now consolidating and might clear the $68,350 resistance to continue higher.

• Bitcoin remained stable and extended gains above the $68,000 zone.
• The price is trading above $67,200 and the 100 hourly Simple moving average.
• There is a connecting bullish trend line forming with support at $66,800 on the hourly chart of the BTC/USD pair (data feed from Kraken).
• The pair could rally further if there is a close above the $68,000 resistance zone.

Bitcoin Price Remains Supported for More Upsides

Bitcoin price remained supported and extended its increase above the $67,500 resistance. BTC cleared the $67,800 resistance to move into a positive zone. The price even rallied above the $68,000 and $68,200 resistance levels.

The price traded as high as $68,328 and currently consolidating gains. There was a minor decline below the $68,000 level. The price dipped and tested the 23.6% Fib retracement level of the upward move from the $64,686 swing low to the $68,328 high.

Bitcoin price is now trading above $67,200 and the 100 hourly Simple moving average. There is also a connecting bullish trend line forming with support at $66,800 on the hourly chart of the BTC/USD pair.

On the upside, the price could face resistance near the $68,000 level. The first key resistance is near the $68,350 level. A clear move above the $68,350 resistance might send the price higher. The next key resistance could be $68,800.

A close above the $68,800 resistance might initiate more gains. In the stated case, the price could rise and test the $70,0200 resistance level. Any more gains might send the price toward the $72,000 resistance level.

Another Drop In BTC?

If Bitcoin fails to rise above the $68,000 resistance zone, it could start another decline. Immediate support on the downside is near the $66,800 level and the trend line.

The first major support is near the $66,500 level and the 50% Fib retracement level of the upward move from the $64,686 swing low to the $68,328 high. The next support is now near the $66,500 zone. Any more losses might send the price toward the $65,400 support in the near term.

Technical indicators:

Hourly MACD – The MACD is now losing pace in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.

Major Support Levels – $66,800, followed by $65,400.

Major Resistance Levels – $68,000, and $68,350.

TikTok may soon face scrutiny from the Financial Conduct Authority (FCA) over concerns that the platform is operating an unregistered crypto exchange in the UK.

This potential regulatory issue adds to TikTok’s growing list of challenges, including ongoing criticism regarding child safety and privacy concerns.

TikTok’s In-App Currency Attracts UK FCA Attention

Local media reported that a compliance expert wrote a letter to the FCA, the UK’s financial watchdog, detailing how TikTok may be operating an unregistered crypto exchange in the country. The allegation focuses on the platform’s virtual coin system and creator rewards program. Based on the report, these qualify as crypto asset-related activities under the FCA’s framework.

TikTok’s virtual economy, underpinned by its in-app currency called ‘TikTok Coins,’ allows users to purchase virtual tokens with real money. These can be exchanged for virtual gifts, and holders can send them to their favorite content creators.

For the platform, this system enhances user engagement and provides creators with a revenue stream. However, compliance experts see it as a tactic to facilitate unregulated financial transactions, citing regulatory loopholes in the FCA’s oversight.

Read more: Crypto Regulation: What Are the Benefits and Drawbacks?

According to compliance experts, TikTok’s virtual coin system should be subject to anti-money laundering (AML) and counter-terrorism financing (CTF) regulations as enforced by the FCA. This is because it enables the exchange of virtual assets for fiat currency.

Notably, the FCA’s list of approved firms shows TikTok has not registered with the regulator as either a money service business or a digital asset exchange. These two categories would require the social media platform to comply with stringent financial oversight.

Based on the letter to the FCA, the lack of such a registration creates a risk of inadequate supervision. Specifically, the origin of funds used to purchase TikTok Coins remains unclear, making the platform more susceptible to use for illicit activities, including money laundering.

The compliance expert also highlighted TikTok’s lack of transparency in verifying user accounts, particularly those with minimal information. According to the letter, this lack of clear identification could allow users to engage in illicit activities without detection.

In hindsight, however, TikTok banned cryptocurrency advertising on its platform in 2021. Still, many crypto bloggers using the platform continue to lure users into dubious crypto schemes. Last week, TikTok launched a new clicker game called SonicX based on the Solana blockchain.

UK FCA Increases Regulatory Scrutiny for Digital Assets

As these fears spur, it is worth mentioning that the FCA has been stepping up its efforts to regulate the digital asset sector. So far, only 48 crypto firms stand registered on the regulator’s list out of approximately 500 applications. This reflects the UK financial watchdog’s stringent standards, with an 87% rejection rate for crypto firms applying for licenses.

In July, the regulator reinforced its commitment to this mission by fineing Coinbase’s UK division for failing to meet AML standards.

“FCA just fined Coinbase UK subsidiary $4.5 million for serving high risk customers,” one user on X commented at the time.

On the other hand, TikTok’s virtual economy is not the first regulatory clampdown against social media-related platforms. In January, concerns were raised over the Telegram tap-to-earn game Notcoin, a meme coin circulating within the TON blockchain’s ecosystem, with its legitimacy questioned.

Meanwhile, the FCA’s expected probe into TikTok adds to the platform’s list of challenges. According to Forbes, thirteen state attorneys general in the US and the District of Columbia have levied a multi-state lawsuit against TikTok. The lawsuit centers on the platform “creating an intentionally addictive app” that is allegedly harming teenagers and children.

MoonPay, a cryptocurrency payment gateway, has announced its integration with Ripple, expanding partnerships for both companies as they work to enhance service delivery.

This move aligns with MoonPay’s vision of making cryptocurrency more accessible by offering simplified on-ramps for everyday users.

MoonPay Announces Ripple Partnership

The partnership represents a key milestone for MoonPay, granting its global user base seamless access to Ripple’s native token. This integration enables users to buy, manage, and store XRP directly within the MoonPay ecosystem.

“In partnership with Ripple, you can now buy, store, and manage your XRP directly within your MoonPay account. Whether you are a new recruit or a loyal soldier, welcome home,” MoonPay announced.

Read more: How To Buy XRP and Everything You Need To Know

In May 2024, MoonPay integrated PayPal for easier crypto purchases. This enabled users to buy digital assets via bank transfers through a streamlined and familiar interface. The latest partnership, therefore, is another step forward in simplifying cryptocurrency transactions for MoonPay’s growing user base.

The ability to buy crypto through PayPal, coupled with MoonPay’s latest XRP purchase features, reinforces the platform’s growing efforts in the mainstreaming of digital assets. It also highlights the growing relevance of Ripple’s powering token.

MoonPay’s integration is seen as a vote of confidence in XRP’s future despite Ripple’s legal challenges with the US SEC. As both companies expand their product offerings, this partnership places MoonPay and Ripple at the forefront of efforts to make crypto more accessible.

Ripple CLO Outlines Ripple vs. SEC Appeals Timeline

Meanwhile, Ripple remains embroiled in a legal battle with the SEC. Since 2020, the company has faced allegations that its sale of XRP tokens amounted to an unregistered securities offering. This high-profile case has drawn significant attention from the community, as its outcome could have far-reaching implications.

In July 2023, Ripple scored a partial victory but remains under legal pressure, as the SEC is still appealing parts of the ruling. The case remains unresolved, with the XRP community riding on hope. This leaves Ripple’s long-term regulatory standing uncertain, with the outcome still a key issue that could shape the future of XRP’s status.

Speaking to Fox Business correspondent Eleanor Terret, Ripple chief legal officer Stuart Alderoty reportedly outlined the timeline for the appeals process between Ripple and the SEC. Alderoty noted that the SEC has until Thursday, October 17, to submit Form C, which will provide insight into the specifics of its intended appeal.

Following this, Ripple reportedly plans to file its own Form C seven days later, detailing the arguments for its cross-appeal. This sequential filing process marks the beginning of what is anticipated to be a lengthy and complex legal battle.

Once both parties have submitted their respective forms, they will agree on a briefing schedule. The SEC will have up to 90 days to submit its opening brief. Alderoty expressed his expectation that the SEC would utilize the full 90 days to present a comprehensive account of its legal arguments.

Ripple will subsequently file a response and its own brief, kicking off an extensive briefing process projected to extend through July 2025. This timeline suggests a protracted legal engagement, highlighting the significant stakes involved.

Read More: Everything You Need To Know About Ripple vs. SEC

BeInCrypto data shows that XRP’s price has risen modestly by 1.17% following the news. As of writing, the token is trading at $0.5495.