VISA Launches a #Crypto Consulting Service, #Congress Holds a Crypto Hearing Session, as Biden Administration Unveils Plan Aimed at "Prosecuting the Criminal Use of Cryptocurrency."
Thoughts on the market 09.12.2021.
Yesterday, the level of 50,000 was broken through to reach $47,800. The fall nonetheless was quickly redeemed. We are now seeing a slight gradual decline again now trading at $49,750.
Bitcoin's sharp rebound coincided with the opening of trading in the American stock market, but there is hardly a correlation here, since there was no comparable enthusiasm in the latter.
The US Congress held hearings directly related to the crypto. Six leaders from the crypto industry were invited, Coinbase and FTX exchanges, the developers of Stellar, the management of the Circle startup, and others. They, like the congressmen, had to speak on the issues of cryptocurrency exchanges, stablecoins, digital asset regulation and federal regulatory actions. The most optimistic investors could pin some hopes on the positive attitude of the congressmen and their lack of desire to drive the industry into a strict regulatory framework.
Judging by the absence of sharp movements in the market after the completion of the hearings, this event did not have any immediate significant results, and could not have. The results will be new legislative initiatives from the Congressmen, which we will learn about later.
The breakout of the 50,000 level in both directions during the day reduced its technical value. Now the important levels are 49000 and 52000. The key ones are 46500 and 53500, and a breakout will be a signal for a further fall to 42000 or an increase to 59000, respectively.
Crypto Market capitalization: $2.35 Trillion.
BTC Dominance Index: 39.8%
Fear / Greed Index: 29
The dollar index: 96.01.
For today, trading in the range of 49000-52000. With Friday approaching and the latest US inflation data, the downward trend will prevail.
Interestingly, Visa launched a cryptocurrency consulting service for institutional clients. The crypto advisory practice, housed within its consulting and analytics division, will offer advice to financial institutions, retailers and other firms on everything from rolling out crypto features and exploring non-fungible tokens to developing wallets for central bank digital currencies. Source: cointelegraph.
The Biden administration has unveiled a plan aimed at "prosecuting the criminal use of cryptocurrency." Moves similar to India, It includes utilizing the government’s newly established task force, the National Cryptocurrency Enforcement Team, to focus on “complex investigations and prosecutions of criminal misuses of cryptocurrency.” A 38-page report outlines the U.S. government’s strategy to fight corruption globally. DOJ will utilize a newly established task force, the National Cryptocurrency Enforcement Team, to focus specifically on complex investigations and prosecutions of criminal misuses of cryptocurrency. Source : news.bitcoin
Huobi will completely exit the Chinese market by the end of December. Several cryptocurrency exchanges are slated to exit the Chinese mainland market by the end of the year as China rolled out its most detailed regulations on banning cryptocurrency transactions and mining three months ago. Other exchanges include: Binance and KuCoin.
Thoughts on the market 09.12.2021.
Yesterday, the level of 50,000 was broken through to reach $47,800. The fall nonetheless was quickly redeemed. We are now seeing a slight gradual decline again now trading at $49,750.
Bitcoin's sharp rebound coincided with the opening of trading in the American stock market, but there is hardly a correlation here, since there was no comparable enthusiasm in the latter.
The US Congress held hearings directly related to the crypto. Six leaders from the crypto industry were invited, Coinbase and FTX exchanges, the developers of Stellar, the management of the Circle startup, and others. They, like the congressmen, had to speak on the issues of cryptocurrency exchanges, stablecoins, digital asset regulation and federal regulatory actions. The most optimistic investors could pin some hopes on the positive attitude of the congressmen and their lack of desire to drive the industry into a strict regulatory framework.
Judging by the absence of sharp movements in the market after the completion of the hearings, this event did not have any immediate significant results, and could not have. The results will be new legislative initiatives from the Congressmen, which we will learn about later.
The breakout of the 50,000 level in both directions during the day reduced its technical value. Now the important levels are 49000 and 52000. The key ones are 46500 and 53500, and a breakout will be a signal for a further fall to 42000 or an increase to 59000, respectively.
Crypto Market capitalization: $2.35 Trillion.
BTC Dominance Index: 39.8%
Fear / Greed Index: 29
The dollar index: 96.01.
For today, trading in the range of 49000-52000. With Friday approaching and the latest US inflation data, the downward trend will prevail.
Interestingly, Visa launched a cryptocurrency consulting service for institutional clients. The crypto advisory practice, housed within its consulting and analytics division, will offer advice to financial institutions, retailers and other firms on everything from rolling out crypto features and exploring non-fungible tokens to developing wallets for central bank digital currencies. Source: cointelegraph.
The Biden administration has unveiled a plan aimed at "prosecuting the criminal use of cryptocurrency." Moves similar to India, It includes utilizing the government’s newly established task force, the National Cryptocurrency Enforcement Team, to focus on “complex investigations and prosecutions of criminal misuses of cryptocurrency.” A 38-page report outlines the U.S. government’s strategy to fight corruption globally. DOJ will utilize a newly established task force, the National Cryptocurrency Enforcement Team, to focus specifically on complex investigations and prosecutions of criminal misuses of cryptocurrency. Source : news.bitcoin
Huobi will completely exit the Chinese market by the end of December. Several cryptocurrency exchanges are slated to exit the Chinese mainland market by the end of the year as China rolled out its most detailed regulations on banning cryptocurrency transactions and mining three months ago. Other exchanges include: Binance and KuCoin.
Binance has acquired 18% of the shares of Singapore-based regulated trading platform Hg Exchange. Binance Asia Services, the Singapore entity of Binance, announced on Wednesday that it is acquiring an 18% stake in Hg Exchange, a Singapore-based private securities exchange. It is not clear how much Binance Asia is investing in Hg to acquire the stake. A Binance spokesperson declined to comment to The Block when reached. The deal is subject to regulatory approvals, and an expected closing timeline is unknown. Hg Exchange (HGX) is a private securities exchange built on the Zilliqa blockchain, which facilitates trading in tokenized shares of private companies. HGX is also working on listing alternative digital assets, including wine, art, and real estate, said #Binance. Source theblockcrypto.com
It's a mixture of news and development as we come close to the year. We shall see more market action towards the end of this week as $1.1B in Bitcoin options expire on Friday.
Follow your risk management defined strategies. This is not traditional investment or financial advice. #Decryptedge
It's a mixture of news and development as we come close to the year. We shall see more market action towards the end of this week as $1.1B in Bitcoin options expire on Friday.
Follow your risk management defined strategies. This is not traditional investment or financial advice. #Decryptedge
Thoughts on the market 11.12. 2021
Bitcoin went to a low of 47600 on Friday morning, and began a systematic recovery, after the publication of inflation data in the United States, instantly jumped by more than $1000 to 50250. Then the dynamics turned sharply south again, quickly flying down to $46,900. This correction was bought off and at the moment quotes are about 48,000.
Market capitalization: $ 2237 billion.
Dominance Index: 40.9%
Fear / Greed Index: 16
The dollar index: 96.04.
Biden brought some confusion to the markets. In an interview with reporters, he called inflation in November a record even before the publication of official data. Wall Street values began to move ahead of time, and investors began to adjust their portfolios in anticipation of high numbers. By the time the news was released,Bitcoin had significantly moved away from the lows and was trading at about $49,000.
Inflation in the US really turned out to be a record over the past 40 years, but at the same time, the figure completely coincided with the forecast of 6.8%. After an impulsive one-minute drop in the dollar across the entire spectrum of the market, the situation began to develop ambiguously. The dollar continued to fall in price against major currencies, gold, stock indices gradually got out into the green zone, and a wave of a sell off covered the crypto markets.
It could be assumed that the reason was the switching of market participants' attention to the upcoming meeting of the Federal Committee on Wednesday(we already mentioned this) and the very likely tough statements by officials on the prospects for monetary policy in the United States. The futures markets have long been expecting the Fed to start raising rates in June, with three 25 basis point hikes next year accounting for almost all of the price. In addition, the growth of stock indices does not fit into this picture.
The reason for the fall of Bitcoin price is rather technical. Failure to gain a foothold above key levels and a quarter depreciation in just a month scare investors away more than any statements by officials. Hedging inflation with an asset that quickly loses 25% of its value is a below average idea.
On the other hand, low levels attract long-term investors who are confident in the future of crypto. To maintain a neutral picture, it is necessary to prevent the loss of $46,500 and decline to the recent lows of about $42,000. The immediate task will be to gain a foothold above $49,000, and then above $50,000.
For today and the weekend, trading in the range of 47000-50000 with a possible breakout to 46500.
Interesting: Bill Gates stated that in three years time all working meetings will take place in the metaverse. A source. (https://blockworks.co/bill-gates-meetings-will-be-in-the-metaverse-within-three-years/) Lastly, Facebook has made the metaverse available to US and Canadian users. Source(https://www.cnbc.com/2021/12/09/facebook-opens-horizon-worlds-vr-metaverse-app-.html)
Binance is in talks to launch a crypto exchange in Indonesia. Source.(https://cointelegraph.com/news/binance-reportedly-in-talks-to-launch-crypto-exchange-in-indonesia)
The Florida governor has suggested that the state government allow businesses to pay government fees in cryptocurrencies. Source.(https://cointelegraph.com/news/florida-governor-s-budget-proposal-wants-to-let-residents-pay-fees-in-crypto)
Brazilian Parliament to Consider Zero Tax Bill for Green Miners. Source.(https://cointelegraph.com/news/mecca-of-mining-brazil-considers-zero-tax-on-green-bitcoin-mining)
Happy Jamhuri Day to my Kenyan Brothers and Sisters,. Follow your risk management defined strategies. This is not traditional investment or financial advice. #Decryptedge
Bitcoin went to a low of 47600 on Friday morning, and began a systematic recovery, after the publication of inflation data in the United States, instantly jumped by more than $1000 to 50250. Then the dynamics turned sharply south again, quickly flying down to $46,900. This correction was bought off and at the moment quotes are about 48,000.
Market capitalization: $ 2237 billion.
Dominance Index: 40.9%
Fear / Greed Index: 16
The dollar index: 96.04.
Biden brought some confusion to the markets. In an interview with reporters, he called inflation in November a record even before the publication of official data. Wall Street values began to move ahead of time, and investors began to adjust their portfolios in anticipation of high numbers. By the time the news was released,Bitcoin had significantly moved away from the lows and was trading at about $49,000.
Inflation in the US really turned out to be a record over the past 40 years, but at the same time, the figure completely coincided with the forecast of 6.8%. After an impulsive one-minute drop in the dollar across the entire spectrum of the market, the situation began to develop ambiguously. The dollar continued to fall in price against major currencies, gold, stock indices gradually got out into the green zone, and a wave of a sell off covered the crypto markets.
It could be assumed that the reason was the switching of market participants' attention to the upcoming meeting of the Federal Committee on Wednesday(we already mentioned this) and the very likely tough statements by officials on the prospects for monetary policy in the United States. The futures markets have long been expecting the Fed to start raising rates in June, with three 25 basis point hikes next year accounting for almost all of the price. In addition, the growth of stock indices does not fit into this picture.
The reason for the fall of Bitcoin price is rather technical. Failure to gain a foothold above key levels and a quarter depreciation in just a month scare investors away more than any statements by officials. Hedging inflation with an asset that quickly loses 25% of its value is a below average idea.
On the other hand, low levels attract long-term investors who are confident in the future of crypto. To maintain a neutral picture, it is necessary to prevent the loss of $46,500 and decline to the recent lows of about $42,000. The immediate task will be to gain a foothold above $49,000, and then above $50,000.
For today and the weekend, trading in the range of 47000-50000 with a possible breakout to 46500.
Interesting: Bill Gates stated that in three years time all working meetings will take place in the metaverse. A source. (https://blockworks.co/bill-gates-meetings-will-be-in-the-metaverse-within-three-years/) Lastly, Facebook has made the metaverse available to US and Canadian users. Source(https://www.cnbc.com/2021/12/09/facebook-opens-horizon-worlds-vr-metaverse-app-.html)
Binance is in talks to launch a crypto exchange in Indonesia. Source.(https://cointelegraph.com/news/binance-reportedly-in-talks-to-launch-crypto-exchange-in-indonesia)
The Florida governor has suggested that the state government allow businesses to pay government fees in cryptocurrencies. Source.(https://cointelegraph.com/news/florida-governor-s-budget-proposal-wants-to-let-residents-pay-fees-in-crypto)
Brazilian Parliament to Consider Zero Tax Bill for Green Miners. Source.(https://cointelegraph.com/news/mecca-of-mining-brazil-considers-zero-tax-on-green-bitcoin-mining)
Happy Jamhuri Day to my Kenyan Brothers and Sisters,. Follow your risk management defined strategies. This is not traditional investment or financial advice. #Decryptedge
Blockworks
Bill Gates: Office Meetings Will Be In the Metaverse Within Three Years - Blockworks
The Microsoft co-founder believes that most virtual meetings for work will go from 2D images on a grid to full on 3D avatars in the metaverse.
Hackers Cashing Out on Crypto Vulnerabilities-Steals $77 Million, as Miami Mayor Opts for Part Payment Of Pension in Bitcoin. Thoughts on the market 13. 12. 2021
Throughout the weekend, Bitcoin has been smoothly recovering from 47,000 to 50,400. Volatility, as well as trading volumes, were relatively low. Which made it prone for erratic price movements.
The coming week will be rich in important news. US manufacturing inflation data is due on Tuesday. This is a less important indicator than the already published consumer inflation, since the Fed in its policy is repelled by the latter, but it serves as a good leading indicator, because the rise in prices in production over time translates into an increase in prices for finished goods. A rise in November to 9.1% on an annualized basis is forecasted, and a significant discrepancy with the actual value may have a significant impact on the market both in one direction and in the other direction.
A meeting of the Federal Committee will take place on Wednesday, accompanied by a statement and a press conference. As important as this event is, it is likely to have limited impact. As mentioned last week, tough statements, along with three hikes in the discount rate next year, have already been taken into account by the market. A surprise may be the soft statements of officials, which will be positive for cryptocurrencies, but the likelihood of this is small. The most significant, perhaps, will be the subsequent press conference. On it, the head of the FRS will be asked specific questions to which he, as expected, will give the most vague answers. Quite often, this leads to very loose interpretations and high volatility in the market.
The technical picture has not changed significantly yet. For a positive scenario to develop, bitcoin needs to gain a foothold above 50,000 and then break through the 52,000 and 53500 levels. A breakout of 46,500 will open the way to recent lows around 42,000 which is currently the picture now. Been a busy weekend for me, so I have tried to squeeze in this update.
Market capitalization: 2256 billion.
Dominance Index: 41.2%
Fear / Greed Index: 28
The dollar index: 96.17.
To some news, Hackers withdrew more than $ 77 million from hot wallets of the AscendEX bitcoin exchange. Source. (https://news.coincu.com/44440-hackers-stole-a-number-of-tokens-from-the-ascendex-exchange-hot-wallet-the-loss-was-estimated-at-77-7 -million)
The Governor of Miami will receive a portion of his pension in bitcoins. Source.
(https://cointelegraph.com/news/reelected-miami-mayor-to-take-401k-retirement-savings-partly-in-bitcoin)
With that, wishing you a great day ahead, I will try my best to post an update in time tomorrow. My apologies for the delay. Follow your risk management defined strategies. This is not traditional investment or financial advice. #Decryptedge
Throughout the weekend, Bitcoin has been smoothly recovering from 47,000 to 50,400. Volatility, as well as trading volumes, were relatively low. Which made it prone for erratic price movements.
The coming week will be rich in important news. US manufacturing inflation data is due on Tuesday. This is a less important indicator than the already published consumer inflation, since the Fed in its policy is repelled by the latter, but it serves as a good leading indicator, because the rise in prices in production over time translates into an increase in prices for finished goods. A rise in November to 9.1% on an annualized basis is forecasted, and a significant discrepancy with the actual value may have a significant impact on the market both in one direction and in the other direction.
A meeting of the Federal Committee will take place on Wednesday, accompanied by a statement and a press conference. As important as this event is, it is likely to have limited impact. As mentioned last week, tough statements, along with three hikes in the discount rate next year, have already been taken into account by the market. A surprise may be the soft statements of officials, which will be positive for cryptocurrencies, but the likelihood of this is small. The most significant, perhaps, will be the subsequent press conference. On it, the head of the FRS will be asked specific questions to which he, as expected, will give the most vague answers. Quite often, this leads to very loose interpretations and high volatility in the market.
The technical picture has not changed significantly yet. For a positive scenario to develop, bitcoin needs to gain a foothold above 50,000 and then break through the 52,000 and 53500 levels. A breakout of 46,500 will open the way to recent lows around 42,000 which is currently the picture now. Been a busy weekend for me, so I have tried to squeeze in this update.
Market capitalization: 2256 billion.
Dominance Index: 41.2%
Fear / Greed Index: 28
The dollar index: 96.17.
To some news, Hackers withdrew more than $ 77 million from hot wallets of the AscendEX bitcoin exchange. Source. (https://news.coincu.com/44440-hackers-stole-a-number-of-tokens-from-the-ascendex-exchange-hot-wallet-the-loss-was-estimated-at-77-7 -million)
The Governor of Miami will receive a portion of his pension in bitcoins. Source.
(https://cointelegraph.com/news/reelected-miami-mayor-to-take-401k-retirement-savings-partly-in-bitcoin)
With that, wishing you a great day ahead, I will try my best to post an update in time tomorrow. My apologies for the delay. Follow your risk management defined strategies. This is not traditional investment or financial advice. #Decryptedge
CoinCu News
Hackers stole a number of tokens from the AscendEX exchange hot wallet, the loss was estimated at $ 77.7 million - CoinCu News
According to a report by PeckShield, it appears that some tokens on the AscendEX exchange (formerly Bitmax) have been abnormally removed from the platform's
Lots of Expectation and Fundamental News/Events This Week.
Thoughts on the market 14.12.2021
With the approach of important fundamental events, which are perceived by market participants as negative, and from which few expect pleasant surprises, there are fewer people willing to buy right now. Most people prefer to wait them out and buy later at lower prices, which pushes the market down at such times.
According to IntoTheBlock data, the outflow of funds from exchanges has increased significantly. Over the past week, tokens worth $ 3 billion were withdrawn. As a rule, the outflow of funds from exchanges portends growth, while large inflows are made with the aim of selling. This suggests that the key support level 42000 will not be breached in the coming days. If this ideal situation is maintained and respected.
Today, data on manufacturing inflation in the US will be published and figures of 9.1% and above may put additional pressure on the market.
Bitcoin resumed its decline, temporarily overcoming the lower border of the medium-term trading range of $46500 and set a minimum at 45750. This correction was quickly redeemed and at the moment quotes are around 47000.
Market capitalization: $ 2128 billion.
Dominance Index: 41.6%
Fear / Greed Index: 21
The dollar index: 96.42.
For today: It is possible to retest the minimum of 457500 with a spillage to 45000 and below. Growth will be capped at 50,000.
Interesting to some news: Switzerland's largest online bank is preparing to launch its own crypto exchange. Source. (https://www.fxstreet.com/cryptocurrencies/news/switzerlands-largest-online-bank-ready-to-launch-crypto-exchange-202112131515)
The Central Bank of the Russian Federation opposed the investment of mutual funds in cryptocurrencies. Source. (https://www.fxstreet.com/cryptocurrencies/news/bank-of-russia-to-ban-mutual-funds-from-investing-in-bitcoin-202112131430)
Binance has withdrawn its Singapore license application. Source.
(https://cointelegraph.com/news/binance-singapore-withdraws-crypto-license-application)
Only 10% of the total Bitcoin supply remains to be mined. Source.
(https://www.financialexpress.com/market/bitcoin-mining-only-10-left-of-total-21-million-btc-that-will-ever-exist-to-be-mined/2387758/)
The #UAE National Wealth Fund is ready to invest in cryptocurrency. Source.
(https://stockhead.com.au/cryptocurrency/one-of-the-uaes-biggest-sovereign-wealth-funds-aims-to-invest-in-crypto-ecosystem/)
I am on transit so will post this now..different time zones! Follow your risk management defined strategies. This is not traditional investment or financial advice. #Decryptedge
Thoughts on the market 14.12.2021
With the approach of important fundamental events, which are perceived by market participants as negative, and from which few expect pleasant surprises, there are fewer people willing to buy right now. Most people prefer to wait them out and buy later at lower prices, which pushes the market down at such times.
According to IntoTheBlock data, the outflow of funds from exchanges has increased significantly. Over the past week, tokens worth $ 3 billion were withdrawn. As a rule, the outflow of funds from exchanges portends growth, while large inflows are made with the aim of selling. This suggests that the key support level 42000 will not be breached in the coming days. If this ideal situation is maintained and respected.
Today, data on manufacturing inflation in the US will be published and figures of 9.1% and above may put additional pressure on the market.
Bitcoin resumed its decline, temporarily overcoming the lower border of the medium-term trading range of $46500 and set a minimum at 45750. This correction was quickly redeemed and at the moment quotes are around 47000.
Market capitalization: $ 2128 billion.
Dominance Index: 41.6%
Fear / Greed Index: 21
The dollar index: 96.42.
For today: It is possible to retest the minimum of 457500 with a spillage to 45000 and below. Growth will be capped at 50,000.
Interesting to some news: Switzerland's largest online bank is preparing to launch its own crypto exchange. Source. (https://www.fxstreet.com/cryptocurrencies/news/switzerlands-largest-online-bank-ready-to-launch-crypto-exchange-202112131515)
The Central Bank of the Russian Federation opposed the investment of mutual funds in cryptocurrencies. Source. (https://www.fxstreet.com/cryptocurrencies/news/bank-of-russia-to-ban-mutual-funds-from-investing-in-bitcoin-202112131430)
Binance has withdrawn its Singapore license application. Source.
(https://cointelegraph.com/news/binance-singapore-withdraws-crypto-license-application)
Only 10% of the total Bitcoin supply remains to be mined. Source.
(https://www.financialexpress.com/market/bitcoin-mining-only-10-left-of-total-21-million-btc-that-will-ever-exist-to-be-mined/2387758/)
The #UAE National Wealth Fund is ready to invest in cryptocurrency. Source.
(https://stockhead.com.au/cryptocurrency/one-of-the-uaes-biggest-sovereign-wealth-funds-aims-to-invest-in-crypto-ecosystem/)
I am on transit so will post this now..different time zones! Follow your risk management defined strategies. This is not traditional investment or financial advice. #Decryptedge
FXStreet
Switzerland’s largest online bank ready to launch crypto exchange
Swissquote is working on realizing its crypto ambitions, setting up a cryptocurrency exchange in 2022. The bank is keen on facilitating trade in vario
FED, ECB Meetings on Monetary Matters, Tesla To Accept #DogeCoin & Tether(USDT) now Sued. Thoughts on the market 15.12. 2021
Yesterday, bitcoin managed to move away from the recent low of 45,750, price quotes now are around 48200.
The US producer price index came out yesterday at 9.6%, beating the most daring forecasts of 9.2%. Such an unprecedented rate of inflation would cause the growth of cryptocurrencies, today there was the Federal Committee meeting and these high numbers indicate that there is no need to expect positive surprises. The distribution of cheap money, partly serving as a source of investment in crypto in America, is coming to an end, and an imminent increase in the discount rate will increase the profitability of less risky traditional instruments. Over time, these measures will reduce inflation and strengthen the dollar. This is already evident as they mentioned a cut back on their stimulus more quickly at a moment of rapid inflation and strong economic growth, capping a challenging year with a pronounced policy pivot that could usher in higher interest rates in 2022. More on this tomorrow.
The negative premium on bitcoin futures on CME became an alarming signal. One month contracts are quoted at a 14% discount to the spot price, the lowest level since the middle of last year. It turns out that institutional investors do not yet show demand for cryptocurrency and do not believe in its early recovery.
Is it all that bad? The market cannot keep the money invested to hedge against inflation, it is not the US monetary policy that is to blame for this, but the notorious volatility. An asset that loses 30% of its value in a month is risky by definition, and everything that introduces additional risks cannot serve as a hedge. Rather, maybe when it grows by tens of percent per month. During such periods, thoughts about risks fade into the background, and when it starts to fall, they come to the fore. A 30% drop is quite enough to safely assume that that kind of money has already left the market.
It is predicted that following the meeting, the bond redemption will be reduced by $ 30 billion. in January and another $ 30 billion. in February. Three 25 basis point increases in the discount rate are also expected during 2022, the first of which will occur no later than June. These forecasts are already included in the price and with such high expectations it will be very difficult for officials to surprise market participants with something. In addition, the ECB meeting will take place on Thursday, whose monetary policy is still far from tightening and the flow of cheap money from Europe may well be expanded. Based on this and following the rule of "buy the rumors, sell the news", tomorrow night more important talk points.
For today: Increased volatility is expected today with possible testing of lower levels. The fall should end in the range of 42000-45000, where there is currently a significant amount of buying interest, after which a reversal into growth will take place. The first targets are 51000 and 53500. The loss of 42000 will trigger an alternative scenario with an accelerated fall due to the triggering of stops and tests of the 39500-40000 area. It is advisable to buy in the event of a recovery that has begun, making sure that the 42000 level has resisted.
Market capitalization: $ 2196 billion.
Dominance Index: 41.6%
Fear / Greed Index: 28
The dollar index: 96.48.
Interestingly, Tesla will sell goods for Dogecoin cryptocurrency. Source.
(https://cointelegraph.com/news/dogecoin-gains-25-after-elon-musk-confirms-tesla-will-accept-doge-for-merchandise)
German banks plan to enable 50 million customers to use Bitcoin. Source.
(https://cointelegraph.com/news/german-savings-banks-want-to-enable-bitcoin-for-50m-clients-report)
Tether Sued Over USDT Stablecoin. Source. (https://cryptopotato.com/tether-lashes-out-against-another-lawsuit-calls-it-nonsense-and-copycat/)
Yesterday, bitcoin managed to move away from the recent low of 45,750, price quotes now are around 48200.
The US producer price index came out yesterday at 9.6%, beating the most daring forecasts of 9.2%. Such an unprecedented rate of inflation would cause the growth of cryptocurrencies, today there was the Federal Committee meeting and these high numbers indicate that there is no need to expect positive surprises. The distribution of cheap money, partly serving as a source of investment in crypto in America, is coming to an end, and an imminent increase in the discount rate will increase the profitability of less risky traditional instruments. Over time, these measures will reduce inflation and strengthen the dollar. This is already evident as they mentioned a cut back on their stimulus more quickly at a moment of rapid inflation and strong economic growth, capping a challenging year with a pronounced policy pivot that could usher in higher interest rates in 2022. More on this tomorrow.
The negative premium on bitcoin futures on CME became an alarming signal. One month contracts are quoted at a 14% discount to the spot price, the lowest level since the middle of last year. It turns out that institutional investors do not yet show demand for cryptocurrency and do not believe in its early recovery.
Is it all that bad? The market cannot keep the money invested to hedge against inflation, it is not the US monetary policy that is to blame for this, but the notorious volatility. An asset that loses 30% of its value in a month is risky by definition, and everything that introduces additional risks cannot serve as a hedge. Rather, maybe when it grows by tens of percent per month. During such periods, thoughts about risks fade into the background, and when it starts to fall, they come to the fore. A 30% drop is quite enough to safely assume that that kind of money has already left the market.
It is predicted that following the meeting, the bond redemption will be reduced by $ 30 billion. in January and another $ 30 billion. in February. Three 25 basis point increases in the discount rate are also expected during 2022, the first of which will occur no later than June. These forecasts are already included in the price and with such high expectations it will be very difficult for officials to surprise market participants with something. In addition, the ECB meeting will take place on Thursday, whose monetary policy is still far from tightening and the flow of cheap money from Europe may well be expanded. Based on this and following the rule of "buy the rumors, sell the news", tomorrow night more important talk points.
For today: Increased volatility is expected today with possible testing of lower levels. The fall should end in the range of 42000-45000, where there is currently a significant amount of buying interest, after which a reversal into growth will take place. The first targets are 51000 and 53500. The loss of 42000 will trigger an alternative scenario with an accelerated fall due to the triggering of stops and tests of the 39500-40000 area. It is advisable to buy in the event of a recovery that has begun, making sure that the 42000 level has resisted.
Market capitalization: $ 2196 billion.
Dominance Index: 41.6%
Fear / Greed Index: 28
The dollar index: 96.48.
Interestingly, Tesla will sell goods for Dogecoin cryptocurrency. Source.
(https://cointelegraph.com/news/dogecoin-gains-25-after-elon-musk-confirms-tesla-will-accept-doge-for-merchandise)
German banks plan to enable 50 million customers to use Bitcoin. Source.
(https://cointelegraph.com/news/german-savings-banks-want-to-enable-bitcoin-for-50m-clients-report)
Tether Sued Over USDT Stablecoin. Source. (https://cryptopotato.com/tether-lashes-out-against-another-lawsuit-calls-it-nonsense-and-copycat/)
Cointelegraph
Dogecoin gains 25% after Elon Musk confirms Tesla will accept DOGE for merchandise
Dogecoin gets fresh publicity from Elon Musk with DOGE Tesla merch purchases set to begin.
Follow your risk management defined strategies. This is not traditional investment or financial advice. Must do your own #research. #Decryptedge
UK Advertising regulator ASA Criticises Leading Players Including Coinbase and eToro over Misleading #Crypto Ads.
Thoughts on the market 16.12. 2021
Bitcoin resumed its decline on Wednesday, from the $48,800 it quickly dropped to $46, 500. After the publication of the decision of the Federal Committee, it resumed its growth, reaching a high at around $49, 500. It is now trading at around $48,750.
As the meeting of the Federal Committee approached, investors' attention turned to its possible results and the subsequent press conference by Jerome Powell, which carried a lot of risks, despite the high degree of predetermination. Bitcoin returned to $46,500 where it was redeemed again and met the main news at around $47,800.
In line with our review, the news caused high volatility in the market. Bitcoin, first soared to 49300, then fell to 47800, after which it began a gradual recovery.
Market capitalization: $2. 24 Trillion.
Dominance Index: 41%.
Fear / Greed Index: 29
The dollar index: 96.42.
The discount rate in the US remained at the same level, and the accompanying statement, although it was quite tough, at the same time almost completely coincided with expectations. The incentive program is being scaled back to $ 30 billion starting in January, and the scatter plot on which Committee members mark the projected level of the discount rate for future periods reflected three increases of 25 basis points during 2022.
Following the rule “buy rumors - sell the news,” the dollar, after the first upward impulse, began to quickly lose ground across the entire spectrum of the market. Oil, gold, stock indices, cryptocurrencies quickly won back losses from the impulse movement and then continued to grow.
For today, trading in the range of $47,000 - 51000. To develop a positive scenario, Bitcoin needs to overcome its upper limit, but this may require additional incentives.
Interestingly, The Swiss bank SEBA has launched a Regulated Digital Gold Token that grants ownership of physical gold. Source. (fxstreet.com)
Crypto lender Ledn raises $ 70 million and announces a new bitcoin-backed mortgage product. Source: theblockcrypto.com
UK watchdog bans seven crypto ads in ongoing crackdown. Saying crypto-assets are a 'red alert' priority. The seven companies whose ads were deemed to have broken the Advertising Standards Authority's (ASA) rules included trading platforms e-Toro and Coinburp; exchanges EXMO, Luno, Kraken and Coinbase; as well as a promotion from pizza chain Papa John's. The regulator said its rulings follow proactive monitoring of the adverts for cryptoassets, and will form part of an ongoing project which will look to shape specific guidance in 2022. The ASA said it would also monitor ads for fan tokens and NFTs.
Issues cited with the ads included taking advantage of consumers’ inexperience or credulity, failing to illustrate the risk of the investment, and misleading claims about future returns from bitcoin. Couldn't agree more on that.
Wishing you a great week ahead, remember you must always do your own research. This is not traditional investment or financial advice. Blessed day ahead. #Decryptedge.
Thoughts on the market 16.12. 2021
Bitcoin resumed its decline on Wednesday, from the $48,800 it quickly dropped to $46, 500. After the publication of the decision of the Federal Committee, it resumed its growth, reaching a high at around $49, 500. It is now trading at around $48,750.
As the meeting of the Federal Committee approached, investors' attention turned to its possible results and the subsequent press conference by Jerome Powell, which carried a lot of risks, despite the high degree of predetermination. Bitcoin returned to $46,500 where it was redeemed again and met the main news at around $47,800.
In line with our review, the news caused high volatility in the market. Bitcoin, first soared to 49300, then fell to 47800, after which it began a gradual recovery.
Market capitalization: $2. 24 Trillion.
Dominance Index: 41%.
Fear / Greed Index: 29
The dollar index: 96.42.
The discount rate in the US remained at the same level, and the accompanying statement, although it was quite tough, at the same time almost completely coincided with expectations. The incentive program is being scaled back to $ 30 billion starting in January, and the scatter plot on which Committee members mark the projected level of the discount rate for future periods reflected three increases of 25 basis points during 2022.
Following the rule “buy rumors - sell the news,” the dollar, after the first upward impulse, began to quickly lose ground across the entire spectrum of the market. Oil, gold, stock indices, cryptocurrencies quickly won back losses from the impulse movement and then continued to grow.
For today, trading in the range of $47,000 - 51000. To develop a positive scenario, Bitcoin needs to overcome its upper limit, but this may require additional incentives.
Interestingly, The Swiss bank SEBA has launched a Regulated Digital Gold Token that grants ownership of physical gold. Source. (fxstreet.com)
Crypto lender Ledn raises $ 70 million and announces a new bitcoin-backed mortgage product. Source: theblockcrypto.com
UK watchdog bans seven crypto ads in ongoing crackdown. Saying crypto-assets are a 'red alert' priority. The seven companies whose ads were deemed to have broken the Advertising Standards Authority's (ASA) rules included trading platforms e-Toro and Coinburp; exchanges EXMO, Luno, Kraken and Coinbase; as well as a promotion from pizza chain Papa John's. The regulator said its rulings follow proactive monitoring of the adverts for cryptoassets, and will form part of an ongoing project which will look to shape specific guidance in 2022. The ASA said it would also monitor ads for fan tokens and NFTs.
Issues cited with the ads included taking advantage of consumers’ inexperience or credulity, failing to illustrate the risk of the investment, and misleading claims about future returns from bitcoin. Couldn't agree more on that.
Wishing you a great week ahead, remember you must always do your own research. This is not traditional investment or financial advice. Blessed day ahead. #Decryptedge.
Russian Central Bank to Seek Ban on Investment In #Cryptocurrencies as US Senators Ready to Write Clarifying Legislation to Maintain U.S. Leadership in Crypto.
Thoughts on the market 17.12. 2021
On Thursday, Bitcoin traded in a narrow range of $48200- $49500. It was not possible to gain a foothold above $50,000 again. This led to the resumption of a sell off, quotes are now around $47800.
Unfortunately, the wave of enthusiasm after the meeting of the Federal Committee on Wednesday was not enough to immediately break the technical picture of a breakthrough above 51,000. Cheap money will soon run out, and the US interest rate will rise, and that's a fact.
Many market participants were positive about Jerome Powell's statement that cryptocurrencies do not yet pose a threat to the traditional financial system and that stablecoins can be effective if they are properly regulated. The negative point was the chiseled diagram, in which the members of the Committee noted their forecasts regarding the level of the discount rate for future periods. It turned out that in the long term, most of them see the rate at 2.5%, which is significantly higher than the projected 1.5-1.75%.
An unpleasant surprise was thrown by the Bank of England yesterday, unexpectedly raising the interest rate from 0.1 to 0.25%. In addition, today the expiration of options is to be expected and sellers should preferably keep the bitcoin rate below the 48000 level by the time of its occurrence. For months overview refer to here: https://t.me/decryptedge/860
To reverse the trend and resume growth, the absence of unpleasant surprises is not enough yet; additional incentives are needed. For today, another failure at around 49500 disappointed market participants. Apparently, new testing of the lower levels in the region of 46500-47000 is expected. This area has withstood more than one onslaught and a new attempt can also be quickly bought off. Nonetheless poses a significant risk, as once broken, fireworks will ensure.
Market capitalization: $2.22 Trillion.
Dominance Index: 40.8%
Fear / Greed Index: 23
The dollar index: 95.92.
The Bank of Russia plans to ban investments in cryptocurrencies due to the risks of financial stability. Russia has argued for years against cryptocurrencies, saying they could be used in money laundering or to finance terrorism. It eventually gave them legal status in 2020 but banned their use as a means of payment. The central bank is now in talks with market players and experts about a possible ban. If approved by lawmakers, it could apply to new purchases of crypto assets but not to those bought in the past, said one of the financial market sources, who requested anonymity due to the sensitivity of the matter.
Source. Reuters.com. My question is why now! Lastly, Six US Senators urged the Treasury to clarify the status of crypto brokers. The senators are trying to strike a balance in regulating a vast and growing marketplace of virtual currencies and are asking Treasury Secretary Janet Yellen to soothe investor worries that implementation of a law requiring transaction facilitators to report information to ensure appropriate tax collection will drive innovators away. Source. Nextgov.com.
Wishing you a great weekend ahead, remember you must always do your own research. This is not traditional investment or financial advice. Blessed day ahead. #Decryptedge.
Thoughts on the market 17.12. 2021
On Thursday, Bitcoin traded in a narrow range of $48200- $49500. It was not possible to gain a foothold above $50,000 again. This led to the resumption of a sell off, quotes are now around $47800.
Unfortunately, the wave of enthusiasm after the meeting of the Federal Committee on Wednesday was not enough to immediately break the technical picture of a breakthrough above 51,000. Cheap money will soon run out, and the US interest rate will rise, and that's a fact.
Many market participants were positive about Jerome Powell's statement that cryptocurrencies do not yet pose a threat to the traditional financial system and that stablecoins can be effective if they are properly regulated. The negative point was the chiseled diagram, in which the members of the Committee noted their forecasts regarding the level of the discount rate for future periods. It turned out that in the long term, most of them see the rate at 2.5%, which is significantly higher than the projected 1.5-1.75%.
An unpleasant surprise was thrown by the Bank of England yesterday, unexpectedly raising the interest rate from 0.1 to 0.25%. In addition, today the expiration of options is to be expected and sellers should preferably keep the bitcoin rate below the 48000 level by the time of its occurrence. For months overview refer to here: https://t.me/decryptedge/860
To reverse the trend and resume growth, the absence of unpleasant surprises is not enough yet; additional incentives are needed. For today, another failure at around 49500 disappointed market participants. Apparently, new testing of the lower levels in the region of 46500-47000 is expected. This area has withstood more than one onslaught and a new attempt can also be quickly bought off. Nonetheless poses a significant risk, as once broken, fireworks will ensure.
Market capitalization: $2.22 Trillion.
Dominance Index: 40.8%
Fear / Greed Index: 23
The dollar index: 95.92.
The Bank of Russia plans to ban investments in cryptocurrencies due to the risks of financial stability. Russia has argued for years against cryptocurrencies, saying they could be used in money laundering or to finance terrorism. It eventually gave them legal status in 2020 but banned their use as a means of payment. The central bank is now in talks with market players and experts about a possible ban. If approved by lawmakers, it could apply to new purchases of crypto assets but not to those bought in the past, said one of the financial market sources, who requested anonymity due to the sensitivity of the matter.
Source. Reuters.com. My question is why now! Lastly, Six US Senators urged the Treasury to clarify the status of crypto brokers. The senators are trying to strike a balance in regulating a vast and growing marketplace of virtual currencies and are asking Treasury Secretary Janet Yellen to soothe investor worries that implementation of a law requiring transaction facilitators to report information to ensure appropriate tax collection will drive innovators away. Source. Nextgov.com.
Wishing you a great weekend ahead, remember you must always do your own research. This is not traditional investment or financial advice. Blessed day ahead. #Decryptedge.
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#ElSalvador to Issue $1 Billion #Bitcoin Bond to Fund '#BitcoinCity' Thoughts on the market 22.11. 2021
Over the weekend, #bitcoin continued its short recovery to 59,700, on Sunday it managed to reach 60029 (Binance). Thereafter it took a down correction…
Over the weekend, #bitcoin continued its short recovery to 59,700, on Sunday it managed to reach 60029 (Binance). Thereafter it took a down correction…
DeFi & Hackings & 4 Ways to Protect Yourself From Common Crypto Scams.
- Crypto-Markets news and this week updates.
- Open Q & A session
Join Zoom Meeting
https://us02web.zoom.us/j/2451273744?pwd=dlM3UkdvS0gxWWtSMEVrWS9nSzAzQT09
Meeting ID: 245 127 3744
Passcode: BITCOIN101
- Crypto-Markets news and this week updates.
- Open Q & A session
Join Zoom Meeting
https://us02web.zoom.us/j/2451273744?pwd=dlM3UkdvS0gxWWtSMEVrWS9nSzAzQT09
Meeting ID: 245 127 3744
Passcode: BITCOIN101
Reserve Bank of India(RBI) Supports a Full Ban on #Cryptocurrencies in #India as #Japan’s Financial Services Company SBI Group Launches Diversified Crypto Fund.
Thoughts on the market 20.12. 2021
After setting a minimum of $45500, Bitcoin spent the weekend in a smooth recovery and managed to reach 48300 on Sunday. However, a correction began again from there, and the first cryptocurrency quickly returned to $47000 level. Quotes are now around $46400.
Market capitalization: $2.197 Trillion.
Dominance Index: 40.4%
Fear / Greed Index: 25
The dollar index; 96.60.
The upcoming holiday week will be poor in important news, therefore, the dynamics of Bitcoin and other cryptocurrencies will be determined mainly by technical factors. With the approach of Christmas, trading volumes will decline, increasing the risk of sharp price movements.
The correction did not receive its development over the weekend and the demand area of 42000-46000 was able to withstand another onslaught. With the return of liquidity to the market, one can expect further attempts to break below, but the volume of buying interest in this zone is still high. Technically, this area solidifies with every failure.
For today: Trading in the range 45500-49500, with a possible test of the lower border and a deep to 43000-44000. If there is no correction and a fall below 45500 can be avoided, the main cryptocurrency will test the upper border of this range for strength.
To some news, the largest financial company in Tokyo SBI Group has launched a cryptocurrency fund for Japanese investors. crypto asset fund that consists of seven different digital currencies. The crypto fund launched by the Japanese company includes bitcoin, ethereum, xrp, litecoin, bitcoin cash, chainlink, and polkadot. The financial services company is calling it “Japan’s first cryptocurrency fund for general investors.” Japanese investors need to “fully understand the nature of crypto assets and risks related to investment in crypto assets,” the press release explains.
The Reserve Bank of India is in favor of a total ban on cryptocurrencies, Economic Times of India writes. The news comes from anonymous sources familiar with the bank’s deliberations.
The RBI made a presentation to its board recently in which it said it had “serious concerns” as to the stability and exchange management of cryptos. In addition, the bank also highlighted the difficulties of putting regulations on intangible currencies which did not even originate in the country. “Cryptocurrencies are a serious concern to RBI from a macroeconomic and financial stability standpoint,” RBI governor Shaktikanta Das has said previously. “As the central banker, we have serious concerns about it and we have flagged it many times.”
Wishing you a great week ahead, remember you must always do your own research. This is not traditional investment or financial advice. Blessed day ahead. #Decryptedge.
Thoughts on the market 20.12. 2021
After setting a minimum of $45500, Bitcoin spent the weekend in a smooth recovery and managed to reach 48300 on Sunday. However, a correction began again from there, and the first cryptocurrency quickly returned to $47000 level. Quotes are now around $46400.
Market capitalization: $2.197 Trillion.
Dominance Index: 40.4%
Fear / Greed Index: 25
The dollar index; 96.60.
The upcoming holiday week will be poor in important news, therefore, the dynamics of Bitcoin and other cryptocurrencies will be determined mainly by technical factors. With the approach of Christmas, trading volumes will decline, increasing the risk of sharp price movements.
The correction did not receive its development over the weekend and the demand area of 42000-46000 was able to withstand another onslaught. With the return of liquidity to the market, one can expect further attempts to break below, but the volume of buying interest in this zone is still high. Technically, this area solidifies with every failure.
For today: Trading in the range 45500-49500, with a possible test of the lower border and a deep to 43000-44000. If there is no correction and a fall below 45500 can be avoided, the main cryptocurrency will test the upper border of this range for strength.
To some news, the largest financial company in Tokyo SBI Group has launched a cryptocurrency fund for Japanese investors. crypto asset fund that consists of seven different digital currencies. The crypto fund launched by the Japanese company includes bitcoin, ethereum, xrp, litecoin, bitcoin cash, chainlink, and polkadot. The financial services company is calling it “Japan’s first cryptocurrency fund for general investors.” Japanese investors need to “fully understand the nature of crypto assets and risks related to investment in crypto assets,” the press release explains.
The Reserve Bank of India is in favor of a total ban on cryptocurrencies, Economic Times of India writes. The news comes from anonymous sources familiar with the bank’s deliberations.
The RBI made a presentation to its board recently in which it said it had “serious concerns” as to the stability and exchange management of cryptos. In addition, the bank also highlighted the difficulties of putting regulations on intangible currencies which did not even originate in the country. “Cryptocurrencies are a serious concern to RBI from a macroeconomic and financial stability standpoint,” RBI governor Shaktikanta Das has said previously. “As the central banker, we have serious concerns about it and we have flagged it many times.”
Wishing you a great week ahead, remember you must always do your own research. This is not traditional investment or financial advice. Blessed day ahead. #Decryptedge.
DeFi Platform Grim Finance Hacked, Lost $30 Million in Crypto as Pro-Crypto SEC Commissioner to Step Down in January 2022. & Dubai World Trade Centre to Create New CryptoHub and Become Regulator.
As I expected, on Monday, Bitcoin continued its attempts to break below the recent low of 45500, which again proved to be unsuccessful. The last correction was quickly redeemed, sending Bitcoin back to the level of 48880, where price is hovering at the time of this writing.
Contrary to the emerging trend of a tightening monetary policy in the United States and Great Britain on Monday morning, the People's Bank of China unexpectedly cut its interest rate from 3.85% to 3.80%. The market has not reacted in any way to this event, but if you think a little, this very insignificant cut of a rather high discount rate looks like a nervous preemptive response to the impending crisis in the construction sector of the Chinese economy. From this point of view, this fact is quite indicative. Let me remind you that recently the largest Chinese construction holding Evergrande missed the payment for servicing its $310 billion debt, after which its credit rating was downgraded to "junk", and the share price fell by more than 80%. The government is still trying to save the situation, however, in the event of a negative development of events, the consequences will eventually overtake not only the Chinese economy, which, in turn, can make adjustments to the process of raising interest rates.
In the meantime, the technical picture of bitcoin has improved somewhat. The good news is that sellers fail to set a new low and their resolve is running out. Liquidity in the market continues to fall on the eve of Christmas, which makes it possible for large players to push the market in one direction or the other, all depending on fundamental factors. The situation is becoming poorly predictable, which is why it is advisable to refrain from active trading action for the time being.
For today, trading in the range of $45500-50,000. Strong technical levels of 49500 and 51000 lie in the way of Bitcoin recovery. The short-term prospects of the first cryptocurrency will depend on their overcoming. Another failure will bring the price back down. A breakout of the 42000 level will trigger the stops and fall into the 38500-40000 area. Growth will be limited to the area of 47500-48500.
Market capitalization: $ 2.25 Trillion.
Dominance Index: 40.8%
Fear / Greed Index: 27
The dollar index: 96.49.
Interestingly, another crypto heist, DeFi-platform Grim Finance leaked $30 million to hackers. The platform fell victim to a cyberattack, on Sunday, the Yield compounding tool had $30 million worth of fantom tokens siphoned off, “The attackers' address has been identified with over 30 million dollars worth of theft here,” Grim Finance developers tweeted on Sunday morning. “The exploit was found in the vault contract so all of the vaults and deposited funds are currently at risk.” It is not going to be the last. Just this weekend we talked about this.
Dubai World Trade Center will create a new crypto hub and become a digital asset regulator. The United Arab Emirates (UAE) continues to emerge as one of the world’s biggest cryptocurrency-friendly jurisdictions as the government of Dubai has a new initiative to support local crypto development and regulation. “The World Trade Center will deliver and oversee a new world-class regulatory framework of Virtual Asset legislative and enforcement policies,” the statement reads. Binance CEO Changpeng Zhao was among the first people in the crypto community to celebrate the new announcement from the DWTC. Zhao has apparently been growing interested in the crypto ecosystem in the UAE as he reportedly bought his first home in Dubai in October. Source; Cointelegraph.
As I expected, on Monday, Bitcoin continued its attempts to break below the recent low of 45500, which again proved to be unsuccessful. The last correction was quickly redeemed, sending Bitcoin back to the level of 48880, where price is hovering at the time of this writing.
Contrary to the emerging trend of a tightening monetary policy in the United States and Great Britain on Monday morning, the People's Bank of China unexpectedly cut its interest rate from 3.85% to 3.80%. The market has not reacted in any way to this event, but if you think a little, this very insignificant cut of a rather high discount rate looks like a nervous preemptive response to the impending crisis in the construction sector of the Chinese economy. From this point of view, this fact is quite indicative. Let me remind you that recently the largest Chinese construction holding Evergrande missed the payment for servicing its $310 billion debt, after which its credit rating was downgraded to "junk", and the share price fell by more than 80%. The government is still trying to save the situation, however, in the event of a negative development of events, the consequences will eventually overtake not only the Chinese economy, which, in turn, can make adjustments to the process of raising interest rates.
In the meantime, the technical picture of bitcoin has improved somewhat. The good news is that sellers fail to set a new low and their resolve is running out. Liquidity in the market continues to fall on the eve of Christmas, which makes it possible for large players to push the market in one direction or the other, all depending on fundamental factors. The situation is becoming poorly predictable, which is why it is advisable to refrain from active trading action for the time being.
For today, trading in the range of $45500-50,000. Strong technical levels of 49500 and 51000 lie in the way of Bitcoin recovery. The short-term prospects of the first cryptocurrency will depend on their overcoming. Another failure will bring the price back down. A breakout of the 42000 level will trigger the stops and fall into the 38500-40000 area. Growth will be limited to the area of 47500-48500.
Market capitalization: $ 2.25 Trillion.
Dominance Index: 40.8%
Fear / Greed Index: 27
The dollar index: 96.49.
Interestingly, another crypto heist, DeFi-platform Grim Finance leaked $30 million to hackers. The platform fell victim to a cyberattack, on Sunday, the Yield compounding tool had $30 million worth of fantom tokens siphoned off, “The attackers' address has been identified with over 30 million dollars worth of theft here,” Grim Finance developers tweeted on Sunday morning. “The exploit was found in the vault contract so all of the vaults and deposited funds are currently at risk.” It is not going to be the last. Just this weekend we talked about this.
Dubai World Trade Center will create a new crypto hub and become a digital asset regulator. The United Arab Emirates (UAE) continues to emerge as one of the world’s biggest cryptocurrency-friendly jurisdictions as the government of Dubai has a new initiative to support local crypto development and regulation. “The World Trade Center will deliver and oversee a new world-class regulatory framework of Virtual Asset legislative and enforcement policies,” the statement reads. Binance CEO Changpeng Zhao was among the first people in the crypto community to celebrate the new announcement from the DWTC. Zhao has apparently been growing interested in the crypto ecosystem in the UAE as he reportedly bought his first home in Dubai in October. Source; Cointelegraph.
The crypto-industry-positive SEC member will step down in January 2022. Elad Roisman, a Republican member of the Securities and Exchange Commission, has announced that he is going to leave the agency by the end of next month. Earlier this December, Roisman and "Crypto Mom" Hester Peirce issued a joint statement in which they criticized Chair Gary Gensler's agenda. While describing it as "ambitious," the two Republicans took issue with its content. The statement touched upon Gensler's approach to crypto regulations, claiming that the SEC head had failed to formulate clear rules that would allow investors and regulated entities to safely interact with cryptocurrencies, including the ones that are designated securities. In July, Roisman and Peirce publicly opposed enforcement action against crypto firm Blotics. Their dissent was used by Ripple attorney Michael Kellogg to make an argument about the lack of clarity.
Roisman's upcoming departure means that Peirce will be the only sitting Republican SEC commissioner.
Wishing you a great week ahead, remember you must always do your own research. This is not traditional investment or financial advice. Blessed day ahead. #Decryptedge.
Roisman's upcoming departure means that Peirce will be the only sitting Republican SEC commissioner.
Wishing you a great week ahead, remember you must always do your own research. This is not traditional investment or financial advice. Blessed day ahead. #Decryptedge.
#Binance to Help Dubai World Trade Centre establish a #Crypto #Regulatory Framework as Secret #Bitcoin Miners in #China at approx 20% of Global #Hashrate
Thoughts on the market 22. 12. 2021
On Tuesday, bitcoin managed to develop an upward movement, however, growth was once again limited by the level of 49500, which again could not be overcome. Today, it has managed to reach the level of 49600, but it is still not able to gain a foothold higher.
The dollar weakened practically across the entire spectrum of the market amid a return to risk appetite among investors. Part of the reason for this was Erdogan's recent announcement of his readiness to take the most effective measures to strengthen the Turkish lira and protect its investment attractiveness. This led to an increase in the lira exchange rate from 19 to 11 lira per dollar and added confidence and positive sentiment to market participants, which was reflected in the dynamics of cryptocurrencies.
However, practice shows that such regional news is not able to reverse global trends and the fuse from them is not enough for a long time. At the same time, in a thin pre-holiday market, they can serve as a good reason to start a strong movement. In this regard, it is advisable for bitcoin to quickly overcome the levels of 49500 and 51000, which will change the medium-term technical picture, inspire buyers and involve a wider range of players in the movement. Otherwise, a return to the 45500-47500 range will be highly probable.
Market capitalization: $2.28 Trillion.
Dominance Index: 40.6%
Fear / Greed Index: 45
The dollar index: 96.56.
For today: Trading in the range 47500-50000 with a possible breakout of the upper border. A break below 47500 will return a test of key support at 45500 to the agenda.
Clandestine mining in China accounts for 20% of BTC hashrate according to CNBC. In a recently detailed data from Chinese cybersecurity firm Qihoo 360, published in November, which points to an average of 109,000 active crypto mining IP addresses in China every day. Qihoo 360 says the majority of these addresses are centered in Guangdong, Shandong, Zhejiang, and Jiangsu. If true, the data would undermine earlier estimates from Cambridge University’s Bitcoin Electricity Consumption Index (BECI), which indicated Bitcoin hashrate in China effectively went to zero between May and July.
#Binance has joined the new #cryptohub of the Dubai World Trade Center. Crypto exchange Binance announced Tuesday that it has signed a memorandum of understanding with the Dubai World Trade Centre authority to help it establish a crypto regulatory framework. Binance said it will share its experience in collaborating with global regulators with the authority to aid the development of "progressive" crypto regulations. Binance's partnership with the centre comes amid reports that the exchange is planning to set up headquarters in the UAE. Binance has reportedly been in talks with officials from special economic zones Abu Dhabi Global Market (ADGM), Dubai International Financial Centre (DIFC), and Dubai Multi Commodities Centre in that regard. Binance CEO also recently bought his first home in Dubai. "The government there is very progressive, and it's a very good business environment," Zhao said in a media interview.
Lastly, a dormant bitcoin wallet with 321 BTC was activated eight years later. For one reason or another, the wallet has not transacted for years despite having what is considered life-changing money. The wallet had not been used since 2013, barely a few years after the mysterious Bitcoin creator Satoshi Nakamoto disappeared. The wallet currently contains $15 million worth of BTC, and it’s unclear who owns this account or why it was reactivated on Tuesday. After eight years, the value of this amount has increased from $6,594 to a staggering $15,103,046. By now, the funds in the wallet had appreciated almost 2,300 times.
What are your thoughts on such an activation?
Thoughts on the market 22. 12. 2021
On Tuesday, bitcoin managed to develop an upward movement, however, growth was once again limited by the level of 49500, which again could not be overcome. Today, it has managed to reach the level of 49600, but it is still not able to gain a foothold higher.
The dollar weakened practically across the entire spectrum of the market amid a return to risk appetite among investors. Part of the reason for this was Erdogan's recent announcement of his readiness to take the most effective measures to strengthen the Turkish lira and protect its investment attractiveness. This led to an increase in the lira exchange rate from 19 to 11 lira per dollar and added confidence and positive sentiment to market participants, which was reflected in the dynamics of cryptocurrencies.
However, practice shows that such regional news is not able to reverse global trends and the fuse from them is not enough for a long time. At the same time, in a thin pre-holiday market, they can serve as a good reason to start a strong movement. In this regard, it is advisable for bitcoin to quickly overcome the levels of 49500 and 51000, which will change the medium-term technical picture, inspire buyers and involve a wider range of players in the movement. Otherwise, a return to the 45500-47500 range will be highly probable.
Market capitalization: $2.28 Trillion.
Dominance Index: 40.6%
Fear / Greed Index: 45
The dollar index: 96.56.
For today: Trading in the range 47500-50000 with a possible breakout of the upper border. A break below 47500 will return a test of key support at 45500 to the agenda.
Clandestine mining in China accounts for 20% of BTC hashrate according to CNBC. In a recently detailed data from Chinese cybersecurity firm Qihoo 360, published in November, which points to an average of 109,000 active crypto mining IP addresses in China every day. Qihoo 360 says the majority of these addresses are centered in Guangdong, Shandong, Zhejiang, and Jiangsu. If true, the data would undermine earlier estimates from Cambridge University’s Bitcoin Electricity Consumption Index (BECI), which indicated Bitcoin hashrate in China effectively went to zero between May and July.
#Binance has joined the new #cryptohub of the Dubai World Trade Center. Crypto exchange Binance announced Tuesday that it has signed a memorandum of understanding with the Dubai World Trade Centre authority to help it establish a crypto regulatory framework. Binance said it will share its experience in collaborating with global regulators with the authority to aid the development of "progressive" crypto regulations. Binance's partnership with the centre comes amid reports that the exchange is planning to set up headquarters in the UAE. Binance has reportedly been in talks with officials from special economic zones Abu Dhabi Global Market (ADGM), Dubai International Financial Centre (DIFC), and Dubai Multi Commodities Centre in that regard. Binance CEO also recently bought his first home in Dubai. "The government there is very progressive, and it's a very good business environment," Zhao said in a media interview.
Lastly, a dormant bitcoin wallet with 321 BTC was activated eight years later. For one reason or another, the wallet has not transacted for years despite having what is considered life-changing money. The wallet had not been used since 2013, barely a few years after the mysterious Bitcoin creator Satoshi Nakamoto disappeared. The wallet currently contains $15 million worth of BTC, and it’s unclear who owns this account or why it was reactivated on Tuesday. After eight years, the value of this amount has increased from $6,594 to a staggering $15,103,046. By now, the funds in the wallet had appreciated almost 2,300 times.
What are your thoughts on such an activation?
Wishing you a great week ahead, remember you must always do your own research. This is not traditional investment or financial advice. Blessed day ahead. #Decryptedge.