Expectations of approval for Bitcoin ETFs in the US drive crypto asset inflows to their highest level in over a year and a half, with exchange-traded products attracting $346 million last week, led by Canada and Germany.
The surge comes as major asset managers prepare to launch spot Bitcoin exchange-traded funds,
which could in turn attract more investors to the cryptocurrency.
Overall, the total assets under management in digital asset products rose to $45.3 billion,
the highest level since May 2022. Ethereum products also saw inflows of $34 million last week,
recouping all outflows since the start of 2023.
Neil Macleod
Commenting on the developments, CoinShares Head of Research Neil Macleod said:
“It looks as though expectations of approval for Bitcoin ETFs in the US are driving crypto asset inflows
to their highest level in over a year and a half.
This trend is likely to continue if the applications are approved,
which could open the door to wider institutional inflows into crypto.”**
Theft of $110 Million in Cryptocurrencies Hits Digital Asset Network
In a massive cybersecurity incident, projects affiliated with the pioneer in digital assets,
Justin Sun, fell victim to two separate attacks.
The cryptocurrency exchange “HTX” (HTX) and the “HECO Bridge” were breached,
resulting in losses exceeding $110 million.
Confirmation came through a tweet from Justin Sun on Wednesday,
where he affirmed that the HTX exchange had temporarily halted deposit
and withdrawal operations while an investigation is underway.
Another statement from the exchange spokesperson confirmed
that around $30 million worth of cryptocurrencies were stolen from its wallet.
In a separate development, CryptoQuant, a research company,
reported a loss of over $85 million in Ether and other tokens due to a breach of the HECO Bridge.
Despite the independence of HECO Bridge from the HTX exchange,
both suffered simultaneous cyberattacks.
As of now, there has been no official comment from HECO Bridge,
and more details are expected to be revealed after the completion of investigations into the twin attacks.
Conclusion
These incidents come shortly after the announcement by Poloniex,
another cryptocurrency exchange supported by Justin Sun,
revealing a similar security breach resulting in the theft of over $100 million.
Additionally, HTX incurred losses of $8 million due to a security breach in September.
Justin Sun stated in a post on the former “X” platform, now known as Twitter,
that HTX would fully compensate for the losses from its wallet and
affirmed the resumption of services once the investigation concludes and
the reasons behind these massive cyberattacks are identified.
Theft of $110 Million in Cryptocurrencies Hits Digital Asset Network
Today’s top cryptocurrency news includes the announcement
that the world’s largest asset manager, BlackRock, is exploring the possibility of investing in Bitcoin futures.
MicroStrategy Makes Historic $23.9 Million Investment in Bitcoin
MicroStrategy buys another 1045 bitcoins for $23.9 million dollars;
the company now holds 140,000 bitcoins, worth about 4 billion dollars.
It is a publicly traded business intelligence firm, has once again made a significant investment in Bitcoin.
The company has announced that it has purchased another 1,045 Bitcoins for $23.9 million dollars,
bringing its total holdings to 140,000 Bitcoins, worth approximately $4 billion dollars.
The Company has been on a buying spree of Bitcoin since August 2020,
when the company first announced that it had invested $250 million dollars in the cryptocurrency.
Since then, the company has made several additional purchases,
with the most recent one being the largest since the initial investment.
The decision to invest heavily in Bitcoin has paid off for MicroStrategy.
The company’s Bitcoin holdings have increased significantly in value since the initial purchase,
with the cryptocurrency’s price skyrocketing in recent months.
This has led to a surge in MicroStrategy’s stock price, which has more than doubled since August 2020.
Dubai Government puts Binance Under Scrutiny
Binance, one of the world’s largest cryptocurrency exchanges,
has come under scrutiny from the Dubai government.
According to a report by Bloomberg, the government has requested more information
on the exchange’s ownership structure, governance, and auditing procedures.
The move by the Dubai government is part of a larger crackdown on cryptocurrency exchanges and trading platforms in the region.
In recent months, regulators in several countries, including the United States and China,
have taken steps to tighten regulations on the cryptocurrency industry
due to concerns about fraud, money laundering, and other illegal activities.
Binance has been one of the most successful and popular cryptocurrency exchanges in the world,
with millions of users and billions of dollars in trading volume each day.
TrustWallet and MoonPay Partnership
TrustWallet, a popular cryptocurrency wallet, has announced a new partnership with MoonPay, a global payment platform. The partnership enables TrustWallet users to convert their cryptocurrencies to fiat currencies without the need for a centralized exchange.
The integration of MoonPay into TrustWallet’s platform will enable users to purchase cryptocurrencies
with their debit or credit cards and then convert those cryptocurrencies to fiat currency,
which can be deposited directly into their bank accounts. This will provide TrustWallet users with a convenient and secure way to convert their cryptocurrencies to fiat currency,
without the need for a third-party exchange.
TrustWallet was acquired by Binance in 2018 and has since become one of the most popular cryptocurrency wallets in the world, with millions of users worldwide. The wallet supports a wide range of cryptocurrencies, including Bitcoin, Ethereum, and Binance Coin.
Fabian Vogelsteller’s New Blockchain
Fabian Vogelsteller, a well-known figure in the blockchain world and the inventor of Ethereum’s ERC-20 token standard,
has announced the launch of a new layer-1 blockchain called Lukso.
The blockchain is designed specifically for creative individuals, including artists, designers, and fashion brands.
Lukso aims to provide a secure and scalable platform for creating and trading digital assets, including non-fungible tokens (NFTs).
The platform will also include features tailored to the needs of the fashion industry,
such as the ability to track the authenticity and ownership of luxury goods.
One of the key features of Lukso is its interoperability with other blockchains.
This means that developers can build applications that bridge multiple blockchains,
making it easier to create seamless user experiences across different platforms.
Interoperability is a critical issue in the blockchain space,
as it can help solve the fragmentation problem that has made it difficult for developers
to build applications that work seamlessly across multiple platforms.
Another important aspect of Lukso is its focus on sustainability and environmental friendliness. The blockchain is being designed to run on proof-of-stake consensus,
which is a more energy-efficient alternative to the proof-of-work consensus used by many other blockchains.
The Mystery Behind Long-Inactive Dogecoin Wallet’s Sudden Activity
Dogecoin, the popular meme-inspired cryptocurrency, has been making headlines recently due to a sudden surge in value. But now, it’s making news for a different reason: a wallet containing over 1.2 million Dogecoin,
which has been inactive for nearly a decade, has suddenly become active.
According to blockchain data, the wallet in question contains 1,215,614 Dogecoin,
which is worth over $340,000 at current market prices. The last time the wallet was active was in February 2012, over 9 years ago. There is no information about who owns the wallet or why it has remained inactive for so long.
The sudden activity of the wallet has sparked speculation among the Dogecoin community.
Some believe that the owner of the wallet may be a long-term holder who is finally cashing out,
while others speculate that the wallet may have been lost or forgotten about for years.
Whatever the reason for the sudden activity, it has certainly caused a stir in the Dogecoin community. The cryptocurrency, which started as a joke in 2013, has seen a massive surge in value recently.
Tether’s Abuse of the U.S. Banking System
Tether, the controversial stablecoin, has been accused of exploiting a loophole to gain access to the U.S. banking system. The accusation comes after a report revealed that Tether has been using Signature Bank to access the U.S. financial system.
Tether is a stablecoin that is pegged to the U.S. dollar.
It is designed to maintain a stable value and is widely used in the cryptocurrency market
as a means of transferring value between different cryptocurrencies.
However, Tether has been the subject of controversy in the past,
with many critics questioning whether it is backed by U.S. dollars, as it claims to be.
The recent report, which was published by Bloomberg, alleges
that Tether has been exploiting a loophole in the U.S. financial system to gain access to banking services.
According to the report, Tether has been using Signature Bank to hold its funds and process transactions. Signature Bank is a New York-based bank that is known for its willingness to work with cryptocurrency companies.
However, the bank has faced scrutiny in the past for its ties to the cryptocurrency industry,
and some regulators have expressed concern that it may facilitate illicit activities in the space.
The Ethereum Rebound, The Ethereum price has seen an impressive recovery in the last 24 hours,
as it has broken out of its bearish trend and surged back to $1,593.
The cryptocurrency had been facing a downward spiral since yesterday but managed to find some stability today.
This surge is indicative of a bullish market sentiment that could be further reinforced by positive news from the crypto world.
Looking at technical analysis, we can see that ETH/USD is currently trading
within an ascending channel formation which suggests further upside momentum for this pair in the near term.
Furthermore, various indicators such as Moving Average Convergence Divergence (MACD)
and Relative Strength Index (RSI), both suggest that there’s still room for improvement
before reaching overbought levels on daily charts – indicating more upside potential ahead.
It appears Ethereum investors are feeling optimistic about their investments once again
after seeing a strong rebound from recent lows around the $1,400 level earlier this week;
with traders now looking forward to higher highs if current conditions remain unchanged
or improve even further going into next week’s trading sessions.
With all these factors taken into consideration, we can expect Ethereum prices will continue moving up toward new heights soon!
The Bullish Momentum of Ethereum
On the other hand, Ethereum’s market capitalization has also seen a significant increase
over the last 24 hours, going up from $182.2 billion to $185.9 billion
and further strengthening its position as one of the most valuable digital assets in circulation today.
This surge in value can be attributed to several factors such as increasing demand
for decentralized finance (DeFi) projects that are built on top of Ethereum’s blockchain network,
strong institutional interest in ETH-based tokens and coins,
and an overall positive sentiment among investors toward cryptocurrencies
due to their potential for long-term gains.
Overall, it appears that Ethereum is set for another period of bullish momentum
with prices likely to continue climbing higher if current trends remain intact throughout this week or beyond.
However, traders should keep an eye out for any sudden dips or fluctuations
which may occur due to unforeseen external events such as regulatory changes
or news releases related to cryptocurrency markets more broadly which could cause some short-term volatility
before things settle down again.
Maximizing Potential Profits with lower costs
The cryptocurrency market is always an interesting area to watch,
and Ethereum has been no exception. With the recent surge in prices,
many investors are wondering if this could be the start of a new bull run for Ethereum.
We’ve looked at some of the technical data surrounding Ether to see
what could be in store for its future price movements.
First off, we looked at RSI (Relative Strength Index) which currently stands around 53-54,
indicating that buyers have more control over sellers than vice versa right now.
This suggests that there may indeed be more upswings ahead as bulls try to overpower bears soon enough.
The MACD indicator also looks positive with both lines heading upwards and crossing each other regularly,
another sign pointing towards bullish trends being on their way shortly!
On top of these indicators, volume levels remain high when compared
with previous periods; suggesting strong investor interest despite current prices
already being quite high compared to historical averages too!
This indicates that buyers still believe there is room left for further upside movement
before any kind of correction or bearish trend sets in – though it should not come as a surprise
if such corrections do take place eventually given how volatile cryptocurrencies
can often get suddenly without warning signs beforehand.
Conclusion
To sum up then, Now Ethereum price analysis shows more upswing,
and bullish trends can be expected in the coming sessions,
as technical data suggest bulls might overpower bears soon,
though there are chances of price corrections or bearish trends if buyers fail to sustain their uptrends either
due to external factors like news events or simply because they become exhausted after long rallies.
All things considered; however, it’s looking likely that those who invest in Ether during this period
will benefit from higher returns down line provided they make sure the risks involved
are managed properly throughout the entire process too!
The Cryptocurrency Market: Ethereum & Bitcoin, today marks an important milestone in the world of cryptocurrency as Ethereum (ETH) rises above $1,300 for the first time.
Today marks an important milestone in the world of cryptocurrency
as Ethereum (ETH) rises above $1,300 for the first time.
This is a major achievement for Ethereum and its investors,
who have seen their investments grow exponentially over recent months.
Meanwhile, Bitcoin (BTC) remains stable above $17,000 after volatile weeks
that saw it reach new highs before dropping back down again.
Ethereum is on the rise
The news of Ethereum’s rise to such heights has been welcomed by many in the crypto community
who is excited at what this could mean for future growth and development within this sector?
With ETH now trading at record levels it shows that there is still plenty of room left
to grow even further from here on out; something which could be very beneficial
to those looking to invest or trade cryptocurrencies in 2021.
For those unfamiliar with cryptocurrencies – they are digital assets created using blockchain technology
which can be used as payment methods or traded on exchanges like any other asset class such as stocks or commodities.
They offer users an alternative way to store value outside traditional banking systems
without relying on centralized authorities like governments or banks;
making them attractive investments due to both the security and decentralization features they provide users with access to.
Cryptocurrencies have become increasingly popular over recent years due largely
thanks to increased adoption by businesses around the world who recognize their potential benefits
when compared to more traditional forms of payment processing solutions offered today.
This combined with growing interest from institutional investors has meant
that prices across all major coins including Bitcoin, Ethereum, Litecoin etc
continue rising steadily despite occasional market corrections.
In conclusion, we can see why so many people remain bullish about cryptocurrencies going into 2021;
especially given how much progress has already been made throughout 2020 alone!
It will certainly be interesting watching where these markets head next year but one thing’s certain,
if you’re looking to make some serious money then investing/trading cryptos
should form part of your portfolio strategy moving forward!
848 billion dollars in cryptocurrency market cap
This week, the crypto market has seen an upswing as Ethereum (ETH) price managed to rise above the $1,300 mark.
Bitcoin (BTC), the world’s oldest crypto coin, remained above $17,000 on early Tuesday morning.
have experienced mixed results across their respective markets.
The Aptos token was one of the biggest winners of this surge in activity with a 24-hour gain of over 24%
The overall global cryptocurrency market cap currently stands at 848 billion dollars
according to CoinMarketCap data which is just 0.01% down from yesterday’s figure
showing that despite some losses there are still positive gains
being made throughout this period of growth for cryptocurrencies worldwide.
Investor confidence in cryptocurrencies remains strong and it appears
that these digital assets will continue to grow in popularity going forward
as more people become aware of their potential benefits over traditional forms of currency
such as fiat currencies or gold bullion investments
due to their decentralized nature makes them less susceptible to government regulation
or manipulation by large financial institutions like banks or hedge funds.
Overall investors should remain cautious when investing in any form of the asset class
but those who choose cryptos can rest assured knowing they are invested
in one if not the most innovative technologies available today!
BTC / ETH
The Bitcoin (BTC) price has been on a wild ride in the last few months,
reaching all-time highs and creating much excitement among investors.
Today, BTC is trading at $17,208.06 with a 24-hour gain of 0.11% according to CoinMarketCap
making it one of the most valuable digital assets out there today!
What makes this particularly impressive is that just two weeks ago
Bitcoin was valued at around $13K USD before its meteoric rise over the past week
or so, showing how quickly things can change in cryptocurrency markets!
This surge has been fuelled by institutional adoption as well as retail investor interest
which shows no signs of slowing down anytime soon.
In India, the WazirX exchange reported that the BTC price stood at Rs 14.67 lakhs,
highlighting yet again how popular cryptocurrencies are becoming across Asia too! It’s not only Bitcoin though;
Ethereum (ETH) also saw an increase today with prices standing at $1,323.12
and registering a 24-hour gain of 097% per WazirX’s report – bringing ETH closer to its all-time high
from earlier this year when it hit nearly the US$2K mark back in February 2021.
All these developments show why crypto traders should remain vigilant
about market movements and always be prepared for sudden changes
or volatility spikes like we have seen recently with both BTC & ETH prices jumping significantly
within such short periods of time!
With more institutional money likely entering crypto markets in the near future
coupled with strong retail investor demand already present –
there could be many more exciting days ahead for those invested heavily in cryptocurrencies like bitcoin & Ethereum alike.
Cryptocurrencies’ Bear Market, Despite the bear market, 2022 was an eventful year for crypto investors.
The DeFi boom exploded in June of 2022 and ushered in a wave of new projects, products, and services.
Ethereum saw its price skyrocket to all-time highs as users rushed
to take advantage of the new opportunities opening on the network.
This surge also brought with it renewed interest from institutional investors
who had been waiting on the sidelines for years before finally taking their first steps into cryptocurrency investing.
2023 offers plenty of reasons for optimism among crypto investors despite current market conditions.
Bitcoin is expected to benefit from increased institutional adoption throughout this year
due to its improved scalability solutions such as Lightning Network
and Liquid Network which make it more attractive than ever before for large-scale investments
by corporations or funds looking at digital assets as part of their portfolio diversification strategy.
The introduction of central bank digital currencies (CBDCs) could also give Bitcoin a boost
if they prove popular amongst consumers or businesses looking for alternative
payment methods outside traditional banking systems. Additionally,
Ethereum’s transition away from proof-of-work consensus algorithms towards proof-of-stake
will likely lead to further growth within that ecosystem over time once developers have fully migrated across platforms.
Overall, there are many reasons why 2023 could be an exciting year ahead
filled with potential opportunities that can help get crypto back onto a bull run again!
Why invest in BTC?
It’s 2022 and the Bitcoin network is running smoothly. After years of speculation, Bitcoin has proven its value as a secure, trustless asset that can’t be hacked or breached.
The downfall of other cryptocurrencies like Terra Luna
and the implosion of centralized exchanges
like FTX have only highlighted the importance of holding decentralized assets such as Bitcoin.
As we look ahead to 2023, there are even more exciting developments on the horizon for Bitcoin users.
Developers are hard at work creating Taro – a new protocol
which would allow users to mint assets such as stablecoins
and non-fungible tokens (NFTs) on top of the existing blockchain infrastructure in an easy manner
without any third-party involvement or risk associated with them!
If successful, this could open a whole new range of use cases for people
who want to make use of their Bitcoins while also encouraging further activity
within its network by providing incentives through NFTs etc.
The potential fanfare generated from these first-round releases could be immense,
it will certainly provide interesting times ahead!
Investors looking to diversify their portfolios. With a secure and stable network
that is resistant to manipulation or fraud, it’s no wonder
why so many people have chosen Bitcoin as their preferred digital currency.
Moreover, what makes Bitcoin even more attractive in this bear market
is its recent developments that are often overlooked by other cryptocurrencies.
For instance, over the past few months, there have
Additionally, with governments around the world beginning
to recognize cryptocurrencies as legitimate investments and financial instruments,
including countries like Japan which recently legalized them,
now would be an ideal time for savvy investors who want exposure in this space
but don’t want too much risk associated with it due investment volatility of altcoins (alternative coins).
Why invest in Ethereum?
The Ethereum network is constantly evolving, and the next major upgrade – Shanghai – could be coming as soon as March 2023.
This new update will bring significant changes to the way users interact with their Ether, allowing them to unstake their staked ETH and withdraw staking rewards for more flexibility.
Shanghai is part of a larger suite of upgrades known collectively as Ethereum Improvement Protocol 4844 (EIP-4844).
These improvements are designed not only to give users greater control over how they use their Ether but also lay the groundwork for sharding technology which should greatly increase transaction throughput on Ethereum while reducing user fees in what’s known as “gas.” Sharding works by breaking up large batches of transactions into smaller pieces called shards that can then be processed independently; this makes it possible for many more transactions to occur simultaneously without bogging down or clogging up the system.
There is tremendous potential for growth within Ethereum’s ecosystem in 2021 – especially considering that all-time transaction volume currently stands at $31 billion! As one of the world’s largest proof-of-stake cryptocurrencies, with an impressive track record for continuous improvements plus a roadmap detailing further upgrades ahead; now may be an excellent time to add some Ethereum into your portfolio during this crypto winter season!
The possibilities are endless when it comes to leveraging on what Ethereum has to offer: from creating custom tokens or building Decentralised Autonomous Organisations (DAOs), right through managing financial assets using DeFi protocols such as MakerDao or Compound Finance – you can do virtually anything on top of this powerful platform!
The future looks very bright indeed so don’t miss out on adding some ETH to your portfolio today and join millions around the world who are already benefiting from what this incredible platform has to offer.
The Unfortunate Arrest of Sam Bank, investing in cryptocurrency can be a daunting task.
With the market constantly fluctuating and new projects launching every day,
it’s hard to know which investments are worth your time and money.
It’s been a wild ride for Sam Bankman-Fried, the founder and former CEO of now-bankrupt crypto exchange FTX.
When he first started his venture in 2019, he had an ambitious goal:
to revolutionize the world of digital assets by providing investors with secure and reliable access to cryptocurrency markets.
Despite having a rocky start – including multiple hacks that caused losses totalling millions of dollars
Bankman-Fried was able to turn things around for his company.
Through hard work and dedication, FTX became one of the most popular exchanges in the crypto space with more than $3 billion worth of trading volume at its peak;
It also boasted some impressive features such as derivative products like
options contracts which gave traders more flexibility when trading cryptocurrencies.
Unfortunately, though, all good things must come to an end eventually;
after several months on top as one of the leading exchanges in terms of both liquidity and user base size,
FTX declared bankruptcy due largely due to increasing competition from other platforms
such as Binance which was able to offer a better fee structure & services.
Despite this setback, however, Bankman Fried has still managed to remain optimistic about future prospects;
he is currently working on launching new projects within the blockchain industry
while continuing to develop innovative solutions to help bridge the gap between traditional finance & digital asset market.
The Risk of Investing in Crypto
As investors, it is important to stay informed about the latest developments in the cryptocurrency space.
The news of Sam Bankman-Fried’s arrest has certainly sent shockwaves through the crypto community
and left many investors wondering what this could mean for their investments.
Sam Bankman-Fried is a well-known figure in cryptocurrency circles,
having founded and served as CEO of FTX – one of the most popular crypto exchanges
that recently declared bankruptcy following an alleged fraud scandal.
His arrest comes as a surprise to many given his prominent status within both traditional financial markets
and digital asset trading spaces alike.
It remains unclear exactly why authorities have arrested Sam or what charges he may face;
however, it appears likely that they are related to his involvement with FTX’s collapse due to potential criminal activity on behalf of its operators or customers.
As such, investors should remain vigilant when considering any new investment opportunities involving cryptocurrencies until more information becomes available regarding this matter from either Bahamian or US officials involved in this case moving forward.
Investors need not panic at these events but rather take them into consideration before making any decisions relating to their portfolios going forward – particularly those who may have held positions on FTX prior to its closure earlier this year.
It will be interesting to see how things unfold over time with regard to Mr Bankman-Fried’s fate, and we will continue monitoring closely all updates so our readers can make informed decisions based on accurate data points.
Is Binance following FTX?
One thing that all investors should pay attention to is whales – large holders of cryptocurrencies who move significant amounts of funds from one wallet or exchange to another, Crypto whales are a mysterious yet powerful force in the cryptocurrency world.
They can move large amounts of crypto assets with just one transaction, and their moves can often influence market prices. Today, we saw a major whale make its presence felt as it moved $32M worth of Ethereum (ETH) off Binance – one of the largest crypto exchanges in existence.
This is not only significant because it shows that this whale has confidence in Ethereum’s prospects but also because such large transactions usually cause price movements due to changes in supply and demand dynamics.
This means that investors should pay close attention when whales start moving around huge sums like these as they could be indicators for potential price action over short-term or long-term periods depending on how much ETH was bought or sold by them during each transaction.
It’s also important to note that Binance itself may see some effects from this movement since there will now be less ETH available for trading within its exchange platform which could result in reduced liquidity levels if no new buyers come into the market soon enough after this withdrawal occurs.
Therefore, investors should keep an eye out for any potential shifts caused by these types of events so they can adjust their strategies accordingly based on what happens next!
Just before midnight last night EST, the digital currency experienced some gains,
rising to $17,412.97, according to CoinDesk data.
This stability is good news for investors who are hoping that Bitcoin will continue to rebound
after its sharp decline earlier this year.
While prices are still well below the all-time high of nearly $20,000 that was reached in December 2017,
the recent stability shows that Bitcoin is slowly but surely regaining investor confidence.
It’s been a good week for Bitcoin, the cryptocurrency hit a high of $8,780 on Tuesday,
according to CoinDesk’s Bitcoin Price Index.
That’s the highest level since early November
and marks a nearly 10% increase from last week’s low of $7,972.52.
Investors seem to be betting that Bitcoin will continue to rise in value
as more people adopt it and use it for everyday transactions.
With its recent price surge, Bitcoin is now up about 20% from its 2018 lows
and is trading at around $8,300 as of this writing.
Since then, the cryptocurrency pulled back, and it was trading close to $17,050 at the time of this writing.
This is still a significant increase from where it was trading just a few months ago.
Bitcoin has seen a lot of volatility in its short history,
and this latest price swing is just another example of that.
While some investors are worried about the current pullback,
others see it as an opportunity to buy into Bitcoin at a lower price.
No matter what your opinion is, there’s no denying that
Bitcoin is one of the most interesting investments in recent years.
Is Now a Good Time to Invest
The digital currency markets have been through a lot in the last few weeks.
First, there was the news of the hack of major exchange Binance,
which sent shockwaves through the industry.
Then came reports that another major exchange, FTX, was facing serious financial difficulties
and might not be able to stay in business.
These events have had a profound impact on digital currency prices
and market activity. They have called into question the viability of investing in crypto coins or tokens.
There is no doubt that investing in crypto assets is a highly speculative endeavour.
The market for these assets is largely unregulated
and there is no guarantee that investors will be able to recoup their losses if things go wrong.
Anyone considering such an investment should be prepared to lose their entire investment.
“This is a critical period for BTC,” said Tim Enneking,
managing director of Digital Capital Management.
On the one hand, the post-FTX drop to $15.5k may have signalled a bottom.
This morning’s (in the US) move to almost $17.5k, the highest level in nearly a month,
supports that,” said Scott Minerd of Guggenheim Partners LLC in New York.
However, he emphasized how economic strength could give
Federal Reserve policymakers greater incentive to reign in red-hot inflation figures.
“If we get another leg up in inflation and it becomes more persistent then I think
the Fed is going to be much more inclined to take away accommodation sooner,” said Minerd
Technical Analysis
When it comes to digital currency, one of the most important things for investors to consider is technical analysis.
This type of analysis can help you understand where a particular asset is headed
and whether now is a good time to buy or sell.
In the case of Bitcoin, we are currently seeing some downward pressure.
However, there are key levels of support and resistance that could determine its future direction.
For example, $15.5k will be a decisive level if BTC loses the fight against upward pressure.
Should this happen, $14k will come into play as potential support.
On the other hand, if BTC manages to move up against downward pressure,
we could see it fighting for major resistance at each $1,000 level (as seen recently at $17k).
Even stronger resistance would be found at $20k.
So, investors should watch these key levels closely
to make informed decisions about their digital currency investments.
The digital currency industry has dealt a blow with the recent collapse of FTX.
However, some believe that this event will serve as a catalyst for change,
motivating key stakeholders to create a more effective regulatory regime.
With lawmakers and regulatory agencies acting, the industry is moving in the right direction.
Bitcoin (CRYPTO: BTC) and Ethereum (CRYPTO: ETH), the two most valuable cryptocurrencies in the world,
are both on the rise this morning.
Bitcoin is currently trading above $19,300 while Ethereum has moved above $1,300.
These gains come as institutional investors continue to show interest in cryptocurrencies.
Last week, hedge fund manager Paul Tudor Jones revealed that he has been buying Bitcoin as a way to hedge against inflation.
Jones is just one of many high-profile investors who have become interested in cryptocurrencies in recent months.
The growing interest from institutional investors is helping to drive up demand for both Bitcoin and Ethereum.
With prices moving higher, it seems that there is no stopping these two digital assets at the moment.”
Bitcoin and Ethereum have been on a tear lately, with both cryptocurrencies hitting highs.
Ethereum has surged past $1300 and is now trading at $1340.
This is a major breakthrough for the second-largest cryptocurrency as it continues to close the gap with Bitcoin.
Traders are now eyeing further gains as Ethereum looks poised to continue its uptrend.
The next level of resistance is around $1,800, which could be tested in the coming days if buyers remain in control.
On the downside, support levels are at $1,700 and $1,600 respectively.”
Ethereum and the Metaverse
Joe Lubin, the co-founder of Ethereum and CEO of ConsenSys,
believes that the current state of the metaverse is comparable to the internet circa 1994.
While there are still many technical challenges to overcome,
he is confident that augmented and virtual experiences will eventually become a part of daily life for most people.
After being introduced to Ethereum by Vitalik Buterin.
He was immediately impressed by the potential applications of smart contracts and decided to join the project as a co-founder.
Since then, he has been a driving force behind ConsenSys.
While acknowledging that there are still many challenges facing developers who want to build metaverse applications, Lubin remains optimistic about the future.
He believes that augmented reality (AR) and virtual reality (VR) will eventually become ubiquitous, changing how we interact with each other and our surroundings on a fundamental level.
When it comes to the virtual world, we’ve still got a long way to go, this was the sentiment expressed by ConsenSys CEO Joseph Lubin during a recent interview with CNBC. Lubin’s comments come at a time when some of the biggest companies in the world are taking an unprecedented interest in the metaverse – otherwise known as virtual reality (VR). Facebook, for example, has fully reoriented its efforts towards dominating VR; while Apple and Disney are quietly exploring the space. Even traditional brick-and-mortar brands like Walmart are diving in head-first.
Despite all this activity from mega-corporations and web3-native companies alike, however, VR still has yet to catch on as the accessible, entertaining, and smooth-functioning virtual haven it was initially promised to be. In order for that to happen, Lubin believes we need better technology – specifically around user experience (UX) design – and more investment from both public and private sources.
Weekend gain
The cryptocurrency markets gained over the weekend, with global market capitalization pushing one % higher to US$929.7bn. Ethereum outpaced Bitcoin and has fared particularly well in the past 24 hours with a 2.1% jump to US$1,337, although it has been drawing back in Monday’s early trading hours.
Bitcoin’s price was last seen at $11,162 on the Bitstamp exchange after climbing as high as $11350 earlier in the day – its highest level since September 1st. On Saturday morning (UTC), bitcoin had already surged 5% following news that Chinese President Xi Jinping had endorsed blockchain technology during a speech at a Communist Party meeting. The move sent shockwaves through crypto Twitter and other online communities dedicated to digital assets.
The total cryptocurrency market capitalization stands at around $929 billion at press time – up from just under $920 billion yesterday.
Mastercard’s Big Crypto Move, the deal, which is set to be announced later today,
will see Mastercard act as a middleman between the banks and the crypto platform Paxos.
It’s expected to drive the adoption of crypto to investors who aren’t ready to jump ship to startups like Coinbase and Crypto.com.
This move by Mastercard comes hot on the heels of Google’s announcement that it would be partnering with
Coinbase offers crypto trading through its Google Pay app.
This latest partnership is yet another sign that mainstream financial institutions are starting to take cryptocurrencies seriously.
While details of the deal are still being finalized, it is thought that Paxos will be responsible for custody and trade execution,
while Mastercard will provide its network infrastructure and processing power.
This could potentially make it easier for small-to-medium-sized banks that don’t have their in-house cryptocurrency expertise or resources,
to offer digital asset trading services without having to build everything from scratch themselves.
Paxos has been a pioneer in the cryptocurrency space,
being founded in 2012 and becoming the first bitcoin exchange to be licensed by the
New York State Department of Financial Services.
Through its expansion with Mastercard,
Paxos will continue to provide innovative solutions that make it easy for consumers and businesses to use cryptocurrencies.
New Crypto Trading
The adoption of cryptocurrencies has been slow due to a lack of understanding
and trust from both investors and banks.
Mastercard is looking to change that with its new Crypto Source program.
This program will help banks with crypto analytics, transaction monitoring,
anti-money laundering, compliance, cybersecurity, and biometrics.
In addition, it will also include crypto spending and cash-out capabilities through products
like crypto cards, open banking and cross-border services.
This is a much-needed step in the right direction for the cryptocurrency sector.
With the backing of a major financial institution like Mastercard,
we could see mass adoption of digital currencies shortly.
The company is expanding its partnership with the crypto trading platform Paxos Trust.
With this expansion, banks will be able to offer their customers cryptocurrency
trading and custody services through the Mastercard network.
This will allow consumers to seamlessly trade cryptocurrencies through their bank’s interface.
Jorn Lambert, the chief digital officer at Mastercard,
discusses the payment processor’s pilot program to let banks offer crypto trading.
The program is designed to help banks meet customer demand for crypto services
and provide a way for them to participate in the growing market.
Lambert says, that Mastercard is committed to helping its customers navigate the evolving world of payments
and that this pilot program is one way it can do that.
He also notes that cryptocurrencies are still a relatively new phenomenon
and that Mastercard is constantly monitoring developments in the space
to ensure it can provide safe and secure services to its customers.
The benefits
Last year was a big one for a cryptocurrency (BTC / ETH) where
Mastercard made it easier for banks to offer rewards in the form of cryptocurrency,
and also began allowing startups focused on digital assets to join its Start Path program.
This gave these fledgling companies access to the network’s executives and technology, which helped them grow.
The purchase of Bakkt also showed that Mastercard is serious about making cryptocurrency a mainstream payment option.
2020 is shaping up to be an even bigger year for crypto, and Mastercard is leading the charge.
The announcement of a deal between Mastercard and several banks is big news for the crypto world.
For too long, cryptocurrencies have been the preserve of early adopters and tech-savvy investors.
But with major financial institutions now getting involved, that is all set to change.
This deal will allow banks to offer crypto trading services to their customers who might not otherwise consider investing in digital currencies.
Customers trust these banks and would be more likely to invest their money with them,
knowing that they won’t be scammed. Of course,
there is no escaping the volatility of investing in cryptocurrencies.
Prices fluctuate wildly, as we have seen over the past year.
However, this should not deter people from considering investing in digital currencies.
After all, what goes down must eventually come up – and when it does,
those who have invested early could stand to make a lot of money.”
