UN Report Urges Fed to Suspend Interest Rate Hikes, Presses for ‘Public Spending’ Increases
The United Nations Conference on Trade and Development (UNCTAD) has warned that the U.S. Federal Reserve’s interest rate hikes and the slew of other central banks raising rates, could pose harm to the global economy. UNCTAD calculated that for every Fed basis point rise, the economic output of wealthy countries declines by 0.5%, and for poorer countries, the value of all sales of goods and services is reduced by 0.8% for a duration of three years.
Monetary tightening measures may not be a good idea according to the United Nations (U.N.) agency UNCTAD. The entity, created in 1964, is an intergovernmental organization created to help developing nations enhance global trade. UNCTAD notes in an annual report that the recent interest rate hikes by the U.S. Federal Reserve and numerous central banks worldwide will reduce the economic output of both wealthy and poor countries between 0.5% and 0.8% over a three-year period.
“The world is headed towards a global recession and prolonged stagnation unless we quickly change the current policy course of monetary and fiscal tightening in advanced economies,” UNCTAD’s report notes. “UNCTAD projects that world economic growth will slow to 2.5% in 2022 and drop to 2.2% in 2023. The global slowdown would leave real GDP still below its pre-pandemic trend, costing the world more than $17 trillion — close to 20% of the world’s income.”
The annual report immediately digs into central banks raising benchmark lending rates and creating tougher monetary policy. UNCTAD blames the world’s economic hardships on “supply-side shocks, waning consumer and investor confidence,” and the Ukraine-Russia war. “Despite this, leading central banks are raising interest rates sharply, threatening to cut off growth altogether and making life much harder for heavily indebted firms, households, and governments,” the U.N. agency’s report explains.
The report, authored by UNCTAD’s secretary-general Rebeca Grynspan, says that Latin American countries and specific regions in Africa may “suffer [from] some of the sharpest slowdowns this year.” “The average growth rate for developing economies is projected to drop below 3% — a pace that is insufficient for sustainable development and will further squeeze public and private finances and damage employment prospects,” Grynspan details. UNCTAD’s call on the Fed and the rest of the world’s central banks is quite similar to the complaint written by U.S. Senator Elizabeth Warren (D-Mass).
Warren complained about the Fed raising the federal funds rate after it hiked the rate by 75 basis points (bps) on July 27. Using the news outlet the Wall Street Journal (WSJ), Warren published an opinion editorial that said the U.S. central bank could trigger “a devastating recession.” Warren further talked about the subject again on CNN’s State of the Union weeks later, after Fed chair Jerome Powell presented his economic outlook at the 2022 Jackson Hole Economic Symposium. Grynspan’s report is in kindred spirit, and it details that “interest rate hikes by advanced economies are hitting the most vulnerable hardest.”
UNCTAD’s report concludes by highlighting a few ways global leaders can address the problem and one of them is to “increase public spending.” The agency also urges governments to enforce “strategic price controls to directly target energy, food and other vital areas.” The U.N. agency calls on public and private executives to direct more funds toward green energy research and development. Lastly, the agency wants to see global leaders get behind the Black Sea Grain Initiative. The U.N.-led initiative would allow massive volumes of food and fertilizer exports from Odesa, Chornomorsk, and Yuzhny in Ukraine.
The United Nations Conference on Trade and Development (UNCTAD) has warned that the U.S. Federal Reserve’s interest rate hikes and the slew of other central banks raising rates, could pose harm to the global economy. UNCTAD calculated that for every Fed basis point rise, the economic output of wealthy countries declines by 0.5%, and for poorer countries, the value of all sales of goods and services is reduced by 0.8% for a duration of three years.
Monetary tightening measures may not be a good idea according to the United Nations (U.N.) agency UNCTAD. The entity, created in 1964, is an intergovernmental organization created to help developing nations enhance global trade. UNCTAD notes in an annual report that the recent interest rate hikes by the U.S. Federal Reserve and numerous central banks worldwide will reduce the economic output of both wealthy and poor countries between 0.5% and 0.8% over a three-year period.
“The world is headed towards a global recession and prolonged stagnation unless we quickly change the current policy course of monetary and fiscal tightening in advanced economies,” UNCTAD’s report notes. “UNCTAD projects that world economic growth will slow to 2.5% in 2022 and drop to 2.2% in 2023. The global slowdown would leave real GDP still below its pre-pandemic trend, costing the world more than $17 trillion — close to 20% of the world’s income.”
The annual report immediately digs into central banks raising benchmark lending rates and creating tougher monetary policy. UNCTAD blames the world’s economic hardships on “supply-side shocks, waning consumer and investor confidence,” and the Ukraine-Russia war. “Despite this, leading central banks are raising interest rates sharply, threatening to cut off growth altogether and making life much harder for heavily indebted firms, households, and governments,” the U.N. agency’s report explains.
The report, authored by UNCTAD’s secretary-general Rebeca Grynspan, says that Latin American countries and specific regions in Africa may “suffer [from] some of the sharpest slowdowns this year.” “The average growth rate for developing economies is projected to drop below 3% — a pace that is insufficient for sustainable development and will further squeeze public and private finances and damage employment prospects,” Grynspan details. UNCTAD’s call on the Fed and the rest of the world’s central banks is quite similar to the complaint written by U.S. Senator Elizabeth Warren (D-Mass).
Warren complained about the Fed raising the federal funds rate after it hiked the rate by 75 basis points (bps) on July 27. Using the news outlet the Wall Street Journal (WSJ), Warren published an opinion editorial that said the U.S. central bank could trigger “a devastating recession.” Warren further talked about the subject again on CNN’s State of the Union weeks later, after Fed chair Jerome Powell presented his economic outlook at the 2022 Jackson Hole Economic Symposium. Grynspan’s report is in kindred spirit, and it details that “interest rate hikes by advanced economies are hitting the most vulnerable hardest.”
UNCTAD’s report concludes by highlighting a few ways global leaders can address the problem and one of them is to “increase public spending.” The agency also urges governments to enforce “strategic price controls to directly target energy, food and other vital areas.” The U.N. agency calls on public and private executives to direct more funds toward green energy research and development. Lastly, the agency wants to see global leaders get behind the Black Sea Grain Initiative. The U.N.-led initiative would allow massive volumes of food and fertilizer exports from Odesa, Chornomorsk, and Yuzhny in Ukraine.
Binance Receives License to Operate in Kazakhstan
The latest development comes after the world’s largest cryptocurrency exchange secured preliminary approval from the Astana Financial Services Authority back in August.
Crypto exchange Binance has received a license to conduct business in Kazakhstan, the company said in a press release on October 6.
According to the press release, the newly acquired license from the Astana Financial Services Authority (AFSA) will now give Binance the status of a regulated platform that can operate as a digital asset and custody services provider at the Astana International Financial Center.
“We are proud to announce that Binance has taken another step in its quest to be a compliance-focused exchange,” Gleb Kostarev, Binance’s Asia director, stated in the press release.
The latest development comes after the world’s largest cryptocurrency exchange secured preliminary approval from the Astana Financial Services Authority back in August. The Astana International Financial Center is a regional platform dedicated to the development of services related to digital assets.
Earlier this year, the crypto exchange increased the size of its compliance team and received approvals and provisional approvals from other nations and jurisdictions, including France, Dubai, and Spain, after receiving criticism from regulators in the UK and Japan last year, as well as Uzbekistan and Israel this year.
Binance and Kazakhstan also announced earlier yesterday that they are joining forces in a partnership that will seek to ensure the safe development of the country’s crypto market.
The Memorandum of Understanding revealed that Binance and Kazakhstan’s Financial Monitoring Agency intend to inform each other about cases involving the use of digital assets for illegal activities.
Binance also promised to share data that can be used to identify and block cryptocurrency holdings acquired through illegal means, as well as those used in the financing of terrorism and the laundering of illicit proceeds.
Tigran Gambaryan, the company’s global head of intelligence and investigations, stated that Binance has the most comprehensive compliance program in the market. He added that this program includes tools to identify suspicious activity and accounts, as well as anti-money laundering and sanctions compliance principles.
In May, Binance and the Ministry of Digital Development and Innovation of Kazakhstan signed another Memorandum of Understanding, as part of which Binance will advise the government of Nur-Sultan on cryptocurrency regulations.
The latest development comes after the world’s largest cryptocurrency exchange secured preliminary approval from the Astana Financial Services Authority back in August.
Crypto exchange Binance has received a license to conduct business in Kazakhstan, the company said in a press release on October 6.
According to the press release, the newly acquired license from the Astana Financial Services Authority (AFSA) will now give Binance the status of a regulated platform that can operate as a digital asset and custody services provider at the Astana International Financial Center.
“We are proud to announce that Binance has taken another step in its quest to be a compliance-focused exchange,” Gleb Kostarev, Binance’s Asia director, stated in the press release.
The latest development comes after the world’s largest cryptocurrency exchange secured preliminary approval from the Astana Financial Services Authority back in August. The Astana International Financial Center is a regional platform dedicated to the development of services related to digital assets.
Earlier this year, the crypto exchange increased the size of its compliance team and received approvals and provisional approvals from other nations and jurisdictions, including France, Dubai, and Spain, after receiving criticism from regulators in the UK and Japan last year, as well as Uzbekistan and Israel this year.
Binance and Kazakhstan also announced earlier yesterday that they are joining forces in a partnership that will seek to ensure the safe development of the country’s crypto market.
The Memorandum of Understanding revealed that Binance and Kazakhstan’s Financial Monitoring Agency intend to inform each other about cases involving the use of digital assets for illegal activities.
Binance also promised to share data that can be used to identify and block cryptocurrency holdings acquired through illegal means, as well as those used in the financing of terrorism and the laundering of illicit proceeds.
Tigran Gambaryan, the company’s global head of intelligence and investigations, stated that Binance has the most comprehensive compliance program in the market. He added that this program includes tools to identify suspicious activity and accounts, as well as anti-money laundering and sanctions compliance principles.
In May, Binance and the Ministry of Digital Development and Innovation of Kazakhstan signed another Memorandum of Understanding, as part of which Binance will advise the government of Nur-Sultan on cryptocurrency regulations.
Bitcoin Mining Difficulty Surges to an All-Time High, Network Prints 2022’s Largest Retarget Increase
Bitcoin’s mining difficulty reached an all-time high on October 10, which means it’s more difficult than ever before to mine the leading crypto asset. Following the difficulty reduction on September 27, the network’s mining difficulty increased 13.55% higher at block height 758,016 as it printed the highest difficulty rise recorded this year.
Five days ago, Bitcoin’s hashrate reached an all-time high (ATH) when it tapped 321.15 exahash per second (EH/s) at block height 757,214. While the hashrate has been a whole lot higher, the speed at which blocks are found has been less than ten minutes per interval. When blocks are mined faster than usual, after 2,016 blocks are mined, the network’s difficulty adjustment retargets with increased difficulty. The opposite is true if blocks are discovered too slowly during the 2,016-block period (two weeks), and the difficulty will shrink.
After tapping the hashrate ATH on October 5, block times remained faster than the ten-minute average and on October 9, block intervals were spread by 7:65 minutes. At the time of writing, even after the latest difficulty increase, Bitcoin’s block generation times are around 8.7 minutes. Furthermore, the current hashrate following the difficulty change is around 244.03 EH/s. The 13.55% difficulty rise was a notable increase and the largest of 2022 so far, according to records, as the second largest increase (9.32%) took place on January 20, 2022.
The latest rise pushed the network’s difficulty above the previous all-time difficulty high that was recorded on September 13 at 32.05 trillion. Today, following the retarget, the current difficulty is 35.61 trillion and it will remain at that parameter for the next two weeks. Presently, the top mining pool on Monday, October 10, is Foundry USA as it commands 29.22% of the network’s total hashrate. Foundry has roughly 75.87 EH/s dedicated to the BTC blockchain and the pool discovered 149 out of the 510 blocks found during the last three days.
Antpool is the second-largest mining pool with 20.39% of the global hashrate or roughly 52.95 EH/s. The mining pool managed by Bitmain, Antpool, has discovered 104 blocks out of the 510 discovered in the last three days. Statistics show there are 12 known mining pools today dedicating SHA256 hashrate toward the BTC chain. Unknown hashrate, otherwise known as stealth miners, commands 5.09 EH/s on Monday, or 1.96% of the total hashrate recorded. Out of the 510 blocks found in 72 hours, unknown hashrate found ten of the block rewards.
With bitcoin prices so low, the network’s mining pools are making less money amid the highest difficulty rating recorded in over 13 years. Prior to the latest change, mining revenue per petahash per second (PH/s) was around $80 per PH/s and today it’s now $70 per PH/s. At $0.12 per kilowatt hour (kWh), only three mining rig models are profitable and at $0.07 per kWh in electrical costs, roughly 35 mining rig models are profiting today.
Bitcoin’s mining difficulty reached an all-time high on October 10, which means it’s more difficult than ever before to mine the leading crypto asset. Following the difficulty reduction on September 27, the network’s mining difficulty increased 13.55% higher at block height 758,016 as it printed the highest difficulty rise recorded this year.
Five days ago, Bitcoin’s hashrate reached an all-time high (ATH) when it tapped 321.15 exahash per second (EH/s) at block height 757,214. While the hashrate has been a whole lot higher, the speed at which blocks are found has been less than ten minutes per interval. When blocks are mined faster than usual, after 2,016 blocks are mined, the network’s difficulty adjustment retargets with increased difficulty. The opposite is true if blocks are discovered too slowly during the 2,016-block period (two weeks), and the difficulty will shrink.
After tapping the hashrate ATH on October 5, block times remained faster than the ten-minute average and on October 9, block intervals were spread by 7:65 minutes. At the time of writing, even after the latest difficulty increase, Bitcoin’s block generation times are around 8.7 minutes. Furthermore, the current hashrate following the difficulty change is around 244.03 EH/s. The 13.55% difficulty rise was a notable increase and the largest of 2022 so far, according to records, as the second largest increase (9.32%) took place on January 20, 2022.
The latest rise pushed the network’s difficulty above the previous all-time difficulty high that was recorded on September 13 at 32.05 trillion. Today, following the retarget, the current difficulty is 35.61 trillion and it will remain at that parameter for the next two weeks. Presently, the top mining pool on Monday, October 10, is Foundry USA as it commands 29.22% of the network’s total hashrate. Foundry has roughly 75.87 EH/s dedicated to the BTC blockchain and the pool discovered 149 out of the 510 blocks found during the last three days.
Antpool is the second-largest mining pool with 20.39% of the global hashrate or roughly 52.95 EH/s. The mining pool managed by Bitmain, Antpool, has discovered 104 blocks out of the 510 discovered in the last three days. Statistics show there are 12 known mining pools today dedicating SHA256 hashrate toward the BTC chain. Unknown hashrate, otherwise known as stealth miners, commands 5.09 EH/s on Monday, or 1.96% of the total hashrate recorded. Out of the 510 blocks found in 72 hours, unknown hashrate found ten of the block rewards.
With bitcoin prices so low, the network’s mining pools are making less money amid the highest difficulty rating recorded in over 13 years. Prior to the latest change, mining revenue per petahash per second (PH/s) was around $80 per PH/s and today it’s now $70 per PH/s. At $0.12 per kilowatt hour (kWh), only three mining rig models are profitable and at $0.07 per kWh in electrical costs, roughly 35 mining rig models are profiting today.
Brazilian Securities and Exchange Commission CVM Defines Rules to Classify Cryptocurrency Assets as Securities
The Brazilian Securities and Exchange Commission (CVM) has clarified the criteria by which different cryptocurrency assets can be considered securities. Through the issuance of a guidance opinion document, the CVM defines different classifications for existing cryptocurrency assets, specifies which can be viewed as securities, and explains how it will intervene in these markets.
The Brazilian Securities and Exchange Commission (CVM) has issued a new guidance opinion document that touches on the issue of crypto-based securities. The document, which acknowledges there is still a vacuum on the subject due to the absence of specific regulation, defines cryptocurrencies as digitally represented assets, protected by cryptography tech, that can be transacted and stored through Distributed Ledger Technologies (DLT).
According to the new criteria, tokens that can be considered securities must be digital representations of the following structures: shares, debentures, subscription bonuses; right coupons, subscription receipts, and split certificates relating to the securities; certificates of deposit of securities; and debenture notes.
In the same way, other kinds of tokens can also be deemed securities depending on their classification. The CVM further clarified that the tokenization of assets will not be subject to prior approval or registration with the organization, but if the resulting assets are considered securities, they will have to comply with already existing security regulations.
The document also divides cryptocurrency assets into three different classes. The first one is called payment tokens, comprised of assets that seek to replicate the functions of fiat currency, including unit of account, medium of exchange, and store of value.
The second class is denominated utility tokens and is comprised of all tokens used to acquire or gain access to certain products or services. The third class is denominated “asset-backed tokens,” including all tokens that are digital representations of tangible or digital assets. This class includes stablecoins, security tokens, and non-fungible tokens (NFTs).
The CVM clarifies elements of this last class can be considered securities depending on the specifics of each token in the class. The document states the CVM will continue surveilling cryptocurrency markets and will act according to these new definitions. However, none of these criteria are final, and they can change in the future when regulation on the subject gets passed.
The Brazilian Securities and Exchange Commission (CVM) has clarified the criteria by which different cryptocurrency assets can be considered securities. Through the issuance of a guidance opinion document, the CVM defines different classifications for existing cryptocurrency assets, specifies which can be viewed as securities, and explains how it will intervene in these markets.
The Brazilian Securities and Exchange Commission (CVM) has issued a new guidance opinion document that touches on the issue of crypto-based securities. The document, which acknowledges there is still a vacuum on the subject due to the absence of specific regulation, defines cryptocurrencies as digitally represented assets, protected by cryptography tech, that can be transacted and stored through Distributed Ledger Technologies (DLT).
According to the new criteria, tokens that can be considered securities must be digital representations of the following structures: shares, debentures, subscription bonuses; right coupons, subscription receipts, and split certificates relating to the securities; certificates of deposit of securities; and debenture notes.
In the same way, other kinds of tokens can also be deemed securities depending on their classification. The CVM further clarified that the tokenization of assets will not be subject to prior approval or registration with the organization, but if the resulting assets are considered securities, they will have to comply with already existing security regulations.
The document also divides cryptocurrency assets into three different classes. The first one is called payment tokens, comprised of assets that seek to replicate the functions of fiat currency, including unit of account, medium of exchange, and store of value.
The second class is denominated utility tokens and is comprised of all tokens used to acquire or gain access to certain products or services. The third class is denominated “asset-backed tokens,” including all tokens that are digital representations of tangible or digital assets. This class includes stablecoins, security tokens, and non-fungible tokens (NFTs).
The CVM clarifies elements of this last class can be considered securities depending on the specifics of each token in the class. The document states the CVM will continue surveilling cryptocurrency markets and will act according to these new definitions. However, none of these criteria are final, and they can change in the future when regulation on the subject gets passed.
Localbitcoins, Crypto, Other Providers Suspend Services for Russians Under EU Rules
Complying with the latest EU sanctions targeting Russia, well-known cryptocurrency platforms like Localbitcoins, Blockchain, and Crypto have started to restrict or terminate services for Russian accounts. The moves follow the adoption of new European penalties in response to Moscow’s military escalation in Ukraine.
About a week after the European Union introduced another set of measures aimed at hurting Russia’s economy and finances, including its access to the crypto market, a number of service providers in the industry have taken steps to comply with the new requirements. In April, the bloc banned only high-value services, those for digital assets exceeding €10,000 in value ($11,000 at the time). Last Thursday, Brussels prohibited the provision of all crypto-related services to Russian residents and entities, regardless of the amount.
Localbitcoins, the peer-to-peer exchange platform, has recently told Russian citizens it can no longer offer them its services, Forklog reported. The only exception that can be made is for persons that also hold a passport issued by a country from the European Economic Area (EU member states plus Iceland, Liechtenstein, and Norway) and Switzerland, those who have a permanent residence permit in these jurisdictions.
The crypto news outlet also revealed that wallet operator Blockchain has sent out a notice informing customers that due to the EU sanctions, it’s unable to provide custodial and rewards services to Russian nationals. The company has asked affected users to withdraw their funds by Oct. 27, after which date their accounts will be blocked.
The crypto news page of the leading Russian business portal RBC, which confirmed this development, also posted about Crypto’s decision to add Russia to its list of countries, the citizens of which cannot take advantage of its services.
Complying with the latest EU sanctions targeting Russia, well-known cryptocurrency platforms like Localbitcoins, Blockchain, and Crypto have started to restrict or terminate services for Russian accounts. The moves follow the adoption of new European penalties in response to Moscow’s military escalation in Ukraine.
About a week after the European Union introduced another set of measures aimed at hurting Russia’s economy and finances, including its access to the crypto market, a number of service providers in the industry have taken steps to comply with the new requirements. In April, the bloc banned only high-value services, those for digital assets exceeding €10,000 in value ($11,000 at the time). Last Thursday, Brussels prohibited the provision of all crypto-related services to Russian residents and entities, regardless of the amount.
Localbitcoins, the peer-to-peer exchange platform, has recently told Russian citizens it can no longer offer them its services, Forklog reported. The only exception that can be made is for persons that also hold a passport issued by a country from the European Economic Area (EU member states plus Iceland, Liechtenstein, and Norway) and Switzerland, those who have a permanent residence permit in these jurisdictions.
The crypto news outlet also revealed that wallet operator Blockchain has sent out a notice informing customers that due to the EU sanctions, it’s unable to provide custodial and rewards services to Russian nationals. The company has asked affected users to withdraw their funds by Oct. 27, after which date their accounts will be blocked.
The crypto news page of the leading Russian business portal RBC, which confirmed this development, also posted about Crypto’s decision to add Russia to its list of countries, the citizens of which cannot take advantage of its services.
Biggest Movers: XMR Moves to 10-Day High, AAVE Remains Near 5-Week Peak
Monero raced to its highest point in ten days, as the token moved past a key resistance level on Wednesday. Today’s move sees the token rise higher for a fourth consecutive day, following a rebound from its long-term floor. Aave was also in the green, as it remained close to a five-week peak.
Despite cryptocurrency markets mostly trading lower on Wednesday, monero (XMR) was one of the exceptions, as it extended recent gains.
XMR/USD surged to an intraday peak of $148.46 earlier in today’s session, which comes less than 24 hours after it was trading at a low of $145.41.
Today’s move sees monero in the green for the fourth straight session, resulting in prices hitting their highest point since October 9.
Looking at the chart, hump day’s peak came following a breakout of a key resistance point of $147.00.
Another key observation can be seen from the 14-day relative strength index (RSI), which also moved past a ceiling of its own, at 52.75.
As of writing, the index is tracking at 53.88, which is its highest point since September 12.
Aave (AAVE) continued to trade near a multi-week high in today’s session, as the token remained near its recent ceiling.
Following a move to a five-week high of $83.33 on Tuesday, AAVE/USD hit a peak of $83.19 earlier today.
Yesterday’s high saw the token marginally break out of a resistance level of $83.30, with bulls attempting to stay close to this point today.
Bullish sentiment remains high, as the 10-day (red), and 25-day (blue) moving averages look set for an upwards crossover.
Should this happen, the current ceiling of $83.30 will likely be broken, with bulls potentially targeting the $90.00 level.
The RSI is currently tracking at 60.33, which is its strongest point since mid-August, and this could give an entrance for bears hoping to push the overbought market lower.
Monero raced to its highest point in ten days, as the token moved past a key resistance level on Wednesday. Today’s move sees the token rise higher for a fourth consecutive day, following a rebound from its long-term floor. Aave was also in the green, as it remained close to a five-week peak.
Despite cryptocurrency markets mostly trading lower on Wednesday, monero (XMR) was one of the exceptions, as it extended recent gains.
XMR/USD surged to an intraday peak of $148.46 earlier in today’s session, which comes less than 24 hours after it was trading at a low of $145.41.
Today’s move sees monero in the green for the fourth straight session, resulting in prices hitting their highest point since October 9.
Looking at the chart, hump day’s peak came following a breakout of a key resistance point of $147.00.
Another key observation can be seen from the 14-day relative strength index (RSI), which also moved past a ceiling of its own, at 52.75.
As of writing, the index is tracking at 53.88, which is its highest point since September 12.
Aave (AAVE) continued to trade near a multi-week high in today’s session, as the token remained near its recent ceiling.
Following a move to a five-week high of $83.33 on Tuesday, AAVE/USD hit a peak of $83.19 earlier today.
Yesterday’s high saw the token marginally break out of a resistance level of $83.30, with bulls attempting to stay close to this point today.
Bullish sentiment remains high, as the 10-day (red), and 25-day (blue) moving averages look set for an upwards crossover.
Should this happen, the current ceiling of $83.30 will likely be broken, with bulls potentially targeting the $90.00 level.
The RSI is currently tracking at 60.33, which is its strongest point since mid-August, and this could give an entrance for bears hoping to push the overbought market lower.
🔥 HYPE HEROS 🔥
Hype City is a digital networking platform & ecosystem developed by major companies, influencers, and blue-chip investors, aiming to have our own digital platform optimized with alpha strategies & information. Our team has been early to some of the top NFT projects, working as a group to better achieve & reach new goals and connect with fellow 6-7 figure investors in NFTs/crypto. By minting a HYPE HERO NFT you will be granted access to a private community with exclusive alpha for holders only.
✨ Implementing Utilities (Post-Mint) ✨
👉 Opening up our Alpha Server via discord.
👉 Gaining exclusive whitelist spots for our NFT holders.
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👉 Open up voting for our holders for future plans & ideas.
✨ Long Term Sustainability ✨
🔹 Get access to our private community receiving information from whales & blue chip investors leading you to information before others to invest before projects get big.
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Members will get EXCLUSIVE ACCESS To Hype Heros :
🚀 Exclusive access to Discord, chatroom, experienced traders, helpful information.
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🚀 In person parties & in metaverse
Whether you’re trading, developing, or a long term investor, we will make finding a way to increase your profit our top priority. 🥳
✅To Enter:
- Join their Discord: https://discord.gg/J2SzvXDjWt
- Follow their Twitter: https://twitter.com/BEHYPEHEROS
- Check our website : https://hypeheros.com/
Hurry and sign up for the pre-mint : https://www.premint.xyz/hype-heros/ ⌛️
1 ETH required in wallet to qualify
Hype City is a digital networking platform & ecosystem developed by major companies, influencers, and blue-chip investors, aiming to have our own digital platform optimized with alpha strategies & information. Our team has been early to some of the top NFT projects, working as a group to better achieve & reach new goals and connect with fellow 6-7 figure investors in NFTs/crypto. By minting a HYPE HERO NFT you will be granted access to a private community with exclusive alpha for holders only.
✨ Implementing Utilities (Post-Mint) ✨
👉 Opening up our Alpha Server via discord.
👉 Gaining exclusive whitelist spots for our NFT holders.
👉 Getting our holders to connect with blue chip whales.
👉 Open up voting for our holders for future plans & ideas.
✨ Long Term Sustainability ✨
🔹 Get access to our private community receiving information from whales & blue chip investors leading you to information before others to invest before projects get big.
🔹Access to our ALPHA strategies to fit your trading style weather you’re a long term investor or a short term trader.
Members will get EXCLUSIVE ACCESS To Hype Heros :
🚀 Exclusive access to Discord, chatroom, experienced traders, helpful information.
🚀 HYPE HERO bots & insights on trades & investing.
🚀 Online Events & Webinars
🚀 Exclusive Allow lists
🚀 In person parties & in metaverse
Whether you’re trading, developing, or a long term investor, we will make finding a way to increase your profit our top priority. 🥳
✅To Enter:
- Join their Discord: https://discord.gg/J2SzvXDjWt
- Follow their Twitter: https://twitter.com/BEHYPEHEROS
- Check our website : https://hypeheros.com/
Hurry and sign up for the pre-mint : https://www.premint.xyz/hype-heros/ ⌛️
1 ETH required in wallet to qualify
Discord
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Financial literacy 101 👇
You need to spend less each month than you earned in the previous month.
Income - Expenses = Delta
Delta>0 - investment resource
Delta<0 - first make it > then start investing
Goal is to save 10-20% of monthly income.
🔹Lifehack: get your paycheck, save up the delta and forget about it.
Then, calculate your daily budget: take your last month's income (minus the delta) and divide it by 30 days. Here you have your daily budget.
If you can't control yourself, you can set a limit in your bank account. If unforeseen expenses come up, than don't take from the next days, use the financial cushion you already have.
Just like that!
❗️If you don't learn to do this with your income now, than when your income grows your losses will grow with it.
🔹Remember the 50/30/20 rule:
50% - for your needs
30% - for your wants
20% - for your financial goals: savings and paying debts
By spending less on things that aren't that important, you will have more for what's really important.
In this blog I will try to simplify as much as I can from my education in investing.
Follow for crypto advice and investing tips:
👉Gene, CEO of Earnpark
You need to spend less each month than you earned in the previous month.
Income - Expenses = Delta
Delta>0 - investment resource
Delta<0 - first make it > then start investing
Goal is to save 10-20% of monthly income.
🔹Lifehack: get your paycheck, save up the delta and forget about it.
Then, calculate your daily budget: take your last month's income (minus the delta) and divide it by 30 days. Here you have your daily budget.
If you can't control yourself, you can set a limit in your bank account. If unforeseen expenses come up, than don't take from the next days, use the financial cushion you already have.
Just like that!
❗️If you don't learn to do this with your income now, than when your income grows your losses will grow with it.
🔹Remember the 50/30/20 rule:
50% - for your needs
30% - for your wants
20% - for your financial goals: savings and paying debts
By spending less on things that aren't that important, you will have more for what's really important.
In this blog I will try to simplify as much as I can from my education in investing.
Follow for crypto advice and investing tips:
👉Gene, CEO of Earnpark
Biggest Movers: QNT Extends Recent Gains, Climbing by 10% on Saturday
Quant moved higher for a second straight session on Saturday, as prices rose by as much as 10%. The move sees the token break out of a key resistance level, with many now expecting a move towards $200. Xrp was also higher, extending recent gains in the process.
Quant (QNT) was up for a second straight day, as prices rose by as much as 10% to start the weekend.
Less than 24 hours after hitting a peak of $179.15, the token surged to an intraday high of $193.75 earlier today.
Today’s move sees QNT/USD break out of its recent resistance point of $185.00, with many now expecting prices to move back to $200.
However, earlier gains have somewhat eased, and as of writing, the token is currently trading at $182.97
Looking at the chart, the 14-day relative strength index (RSI) is now tracking at 60.88, after failing to move past a ceiling of 65.00.
Should bulls eventually overcome this obstacle, it is likely that we will see the price move back above $200.00.
Another notable mover on Saturday was XRP, which rose by over 6% to start the weekend.
XRP/USD rose to a high of $0.4668 on Saturday, which follows up from Friday’s low of $0.4418.
The move sees prices bounce from a key support point of $0.4495, moving away from a three-week low in the process.
Looking at the chart, the move comes as the 14-day RSI marginally broke out of a resistance level of 49.00.
Currently, the index is tracking at 50.03, which is the highest point price strength has hit since Tuesday, signaling a return of bullish sentiment.
Should bulls continue to maintain upward momentum, we will likely see the token formerly known as ripple moving closer to a ceiling of $0.5000.
Quant moved higher for a second straight session on Saturday, as prices rose by as much as 10%. The move sees the token break out of a key resistance level, with many now expecting a move towards $200. Xrp was also higher, extending recent gains in the process.
Quant (QNT) was up for a second straight day, as prices rose by as much as 10% to start the weekend.
Less than 24 hours after hitting a peak of $179.15, the token surged to an intraday high of $193.75 earlier today.
Today’s move sees QNT/USD break out of its recent resistance point of $185.00, with many now expecting prices to move back to $200.
However, earlier gains have somewhat eased, and as of writing, the token is currently trading at $182.97
Looking at the chart, the 14-day relative strength index (RSI) is now tracking at 60.88, after failing to move past a ceiling of 65.00.
Should bulls eventually overcome this obstacle, it is likely that we will see the price move back above $200.00.
Another notable mover on Saturday was XRP, which rose by over 6% to start the weekend.
XRP/USD rose to a high of $0.4668 on Saturday, which follows up from Friday’s low of $0.4418.
The move sees prices bounce from a key support point of $0.4495, moving away from a three-week low in the process.
Looking at the chart, the move comes as the 14-day RSI marginally broke out of a resistance level of 49.00.
Currently, the index is tracking at 50.03, which is the highest point price strength has hit since Tuesday, signaling a return of bullish sentiment.
Should bulls continue to maintain upward momentum, we will likely see the token formerly known as ripple moving closer to a ceiling of $0.5000.
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Leech Protocol - is one of the first automatic cross-chain yield aggregators that provides farming on various blockchains and platforms without going out of the protocol. Leech Protocol plans to use various farming strategies to increase profitability.
Waitlist benefits:
✅ Early access to the App Leech Protocol
✅ Participation in the progressive retrodrop of project tokens
✅ Referral program - opportunity to earn on your referrals
Join 👉https://bit.ly/3slWfbN
Biggest Movers: DOGE Hits 1-Week High as Prices Rebound on Tuesday
Dogecoin rose to a one-week high on Tuesday, as the meme coin rebounded from recent losses. The token rose by as much as 3% earlier in today’s session, moving away from a recent point of support in the process. Monero was also higher, as bulls pushed it closer to a key resistance level.
Dogecoin (DOGE) was trading higher during Tuesday’s session, as bullish sentiment returned to the market.
Earlier in today’s session, DOGE/USD raced to an intraday high of $0.06098, which comes less than 24 hours after trading at a low of $0.05907.
Today’s surge saw DOGE move away from a recent price floor of $0.0585, where it has mostly consolidated since late September.
Looking at the chart, one of the triggers of this rise in price was a breakout which took place on the 14-day relative strength index (RSI).
The index moved past its recent ceiling of 50.00, which has been in place since October 9, and it is now tracking at 51.19.
It also appears that the 10-day (red) and 25-day (blue) moving averages could cross over, which may also trigger further upward movement.
In addition to dogecoin, monero (XMR) moved higher on Tuesday, as prices headed towards a long-term resistance level.
Following a low of $142.15 on Monday, XMR/USD raced to a peak of $144.79 earlier in today’s session.
This increase in price sees the token continue to move away from a floor of $139.40, and it now looks to be heading to a ceiling of $147.00.
However, bulls targeting this point may find difficulty, as price strength appears to be hovering near a point of resistance.
The RSI is currently tracking at 50.16, which is marginally below a ceiling of 51.00, which was last properly broken in mid-September.
Should this threshold be passed, we will likely see traders attempt to take the token to a higher ceiling of $153.00.
Dogecoin rose to a one-week high on Tuesday, as the meme coin rebounded from recent losses. The token rose by as much as 3% earlier in today’s session, moving away from a recent point of support in the process. Monero was also higher, as bulls pushed it closer to a key resistance level.
Dogecoin (DOGE) was trading higher during Tuesday’s session, as bullish sentiment returned to the market.
Earlier in today’s session, DOGE/USD raced to an intraday high of $0.06098, which comes less than 24 hours after trading at a low of $0.05907.
Today’s surge saw DOGE move away from a recent price floor of $0.0585, where it has mostly consolidated since late September.
Looking at the chart, one of the triggers of this rise in price was a breakout which took place on the 14-day relative strength index (RSI).
The index moved past its recent ceiling of 50.00, which has been in place since October 9, and it is now tracking at 51.19.
It also appears that the 10-day (red) and 25-day (blue) moving averages could cross over, which may also trigger further upward movement.
In addition to dogecoin, monero (XMR) moved higher on Tuesday, as prices headed towards a long-term resistance level.
Following a low of $142.15 on Monday, XMR/USD raced to a peak of $144.79 earlier in today’s session.
This increase in price sees the token continue to move away from a floor of $139.40, and it now looks to be heading to a ceiling of $147.00.
However, bulls targeting this point may find difficulty, as price strength appears to be hovering near a point of resistance.
The RSI is currently tracking at 50.16, which is marginally below a ceiling of 51.00, which was last properly broken in mid-September.
Should this threshold be passed, we will likely see traders attempt to take the token to a higher ceiling of $153.00.
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Hype City is a digital networking platform & ecosystem developed by major companies, influencers, and blue-chip investors, aiming to have our own digital platform optimized with alpha strategies & information. Our team has been early to some of the top NFT projects, working as a group to better achieve & reach new goals and connect with fellow 6-7 figure investors in NFTs/crypto. By minting a HYPE HERO NFT you will be granted access to a private community with exclusive alpha for holders only.
✨ Implementing Utilities (Post-Mint) ✨
👉 Opening up our Alpha Server via discord.
👉 Gaining exclusive whitelist spots for our NFT holders.
👉 Getting our holders to connect with blue chip whales.
👉 Open up voting for our holders for future plans & ideas.
✨ Long Term Sustainability ✨
🔹 Get access to our private community receiving information from whales & blue chip investors leading you to information before others to invest before projects get big.
🔹Access to our ALPHA strategies to fit your trading style weather you’re a long term investor or a short term trader.
Members will get EXCLUSIVE ACCESS To Hype Hero's:
🚀 Exclusive access to Discord, chatroom, experienced traders, helpful information.
🚀 HYPE HERO bots & insights on trades & investing.
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Whether you’re trading, developing, or a long term investor, we will make finding a way to increase your profit our top priority 💰
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Huobi Global to Delist HUSD — Stablecoin Slips Below $1 Parity to $0.89
On Thursday, the cryptocurrency exchange Huobi Global announced that the trading platform plans to delist the stablecoin HUSD and the delisting will begin at 08:00 (UTC) on October 28, 2022. Furthermore, users with HUSD held on the exchange will see their balances auto-converted to the stablecoin asset tether and the exchange expects to complete the full conversion by November 4.
Huobi is set to delist the stablecoin HUSD according to an update from the exchange published on Thursday. The trading platform detailed that it is “delisting HUSD in compliance with Article 11 of Huobi Global Token Management Rules.” The termination and delisting period will begin on Friday and amid the delisting period up until November 4, 2022, Huobi’s customers will see their HUSD auto-converted into tether (USDT) at a 1:1 ratio. The move follows Tron founder Justin Sun’s backing of Huobi and telling Bloomberg he’s “one of the biggest holders” of Huobi tokens worldwide.
HUSD is a stablecoin first introduced in a blog post published by Huobi Global on October 19, 2018, and it was originally built on top of Ethereum. The ERC20 token is backed 1:1 with the U.S. dollar and 187,817,004 are circulating in the wild today. In addition to Ethereum, HUSD is also compatible with other token standards like HECO, TRC20, and CRC20. Between all the chains the HUSD web portal says that it has a market valuation of around $223 million, while coingecko stats show $187 million.
While Huobi introduced HUSD, the stablecoin asset is issued and managed by the Hong Kong-based firm Stable Universal. After the announcement on Thursday, the stablecoin HUSD depegged from the token’s $1 parity down to $0.9549 per unit at 7:09 p.m. (ET). Thursday evening’s depegging event was not HUSD’s first rodeo derailing off of the $1 parity range. On August 18, HUSD slipped below the USD peg to $0.82 per token and on October 11, the coin dropped to $0.90 per unit.
The HUSD delisting and auto-conversions to USDT follow Binance’s move to auto-convert three different stablecoins into BUSD. Wazirx also opted to auto-convert its customers’ stablecoin assets into BUSD. Moreover, the top two stablecoins by market valuation — USDT and USDC — have seen their coins in circulation drop by tens of billions. On Friday morning at around 5:23 a.m. (ET), HUSD slid off the $1 peg again, dropping to a low of $0.899 per unit.
On Thursday, the cryptocurrency exchange Huobi Global announced that the trading platform plans to delist the stablecoin HUSD and the delisting will begin at 08:00 (UTC) on October 28, 2022. Furthermore, users with HUSD held on the exchange will see their balances auto-converted to the stablecoin asset tether and the exchange expects to complete the full conversion by November 4.
Huobi is set to delist the stablecoin HUSD according to an update from the exchange published on Thursday. The trading platform detailed that it is “delisting HUSD in compliance with Article 11 of Huobi Global Token Management Rules.” The termination and delisting period will begin on Friday and amid the delisting period up until November 4, 2022, Huobi’s customers will see their HUSD auto-converted into tether (USDT) at a 1:1 ratio. The move follows Tron founder Justin Sun’s backing of Huobi and telling Bloomberg he’s “one of the biggest holders” of Huobi tokens worldwide.
HUSD is a stablecoin first introduced in a blog post published by Huobi Global on October 19, 2018, and it was originally built on top of Ethereum. The ERC20 token is backed 1:1 with the U.S. dollar and 187,817,004 are circulating in the wild today. In addition to Ethereum, HUSD is also compatible with other token standards like HECO, TRC20, and CRC20. Between all the chains the HUSD web portal says that it has a market valuation of around $223 million, while coingecko stats show $187 million.
While Huobi introduced HUSD, the stablecoin asset is issued and managed by the Hong Kong-based firm Stable Universal. After the announcement on Thursday, the stablecoin HUSD depegged from the token’s $1 parity down to $0.9549 per unit at 7:09 p.m. (ET). Thursday evening’s depegging event was not HUSD’s first rodeo derailing off of the $1 parity range. On August 18, HUSD slipped below the USD peg to $0.82 per token and on October 11, the coin dropped to $0.90 per unit.
The HUSD delisting and auto-conversions to USDT follow Binance’s move to auto-convert three different stablecoins into BUSD. Wazirx also opted to auto-convert its customers’ stablecoin assets into BUSD. Moreover, the top two stablecoins by market valuation — USDT and USDC — have seen their coins in circulation drop by tens of billions. On Friday morning at around 5:23 a.m. (ET), HUSD slid off the $1 peg again, dropping to a low of $0.899 per unit.
Bitcoin, Ethereum Technical Analysis: ETH Above $1,600 as Markets Begin to Anticipate Fed Rate Decision
Ethereum was trading above $1,600 on Monday, as markets prepared for the latest U.S. Federal Reserve policy meeting. The Fed is expected to hike rates by 75 basis points this week, as inflation remains at historical highs. Bitcoin also rebounded, hovering marginally below $21,000 in today’s session.
Bitcoin (BTC) remained closer to $21,000 on Monday, as markets rebounded from yesterday’s sell-off.
Following Sunday’s low of $20,461.72, BTC/USD surged to an intraday peak of $20,791.67 earlier today.
The move sees the token edge closer to Saturday’s high of $21,080, which was the strongest point the token had hit since September 13.
Looking at the chart, Monday’s surge sent BTC close to its long-term price resistance of $20,800, which hasn’t truly been broken since early September.
Price strength has also rebounded, with the 14-day relative strength index (RSI) now tracking at 61.47, which is close to its own ceiling of 63.00.
In order for BTC to move past $21,000, bullish pressure will first need to overcome this current threshold on the RSI.
Ethereum (ETH) was also in the green to start the week, as the token continued to trade above $1,600.
ETH/USD moved to a high of $1,623.68 earlier in today’s session, which comes less than 24 hours after trading at a low of $1,567.57.
Today’s rise in prices comes as the world’s second largest cryptocurrency climbed above its ceiling of $1,585.
As can be seen from the chart, the upward crossover of the 10-day (red), and 25-day (blue) moving averages seems to be reaching a summit, which could be a sign of slowing momentum.
The RSI is also in overbought territory, which means bears could be already positioning themselves for reentry.
Wednesday’s United States Federal Open Market Committee (FOMC) meeting could likely be the trigger which either extends current momentum, or shifts its direction.
Ethereum was trading above $1,600 on Monday, as markets prepared for the latest U.S. Federal Reserve policy meeting. The Fed is expected to hike rates by 75 basis points this week, as inflation remains at historical highs. Bitcoin also rebounded, hovering marginally below $21,000 in today’s session.
Bitcoin (BTC) remained closer to $21,000 on Monday, as markets rebounded from yesterday’s sell-off.
Following Sunday’s low of $20,461.72, BTC/USD surged to an intraday peak of $20,791.67 earlier today.
The move sees the token edge closer to Saturday’s high of $21,080, which was the strongest point the token had hit since September 13.
Looking at the chart, Monday’s surge sent BTC close to its long-term price resistance of $20,800, which hasn’t truly been broken since early September.
Price strength has also rebounded, with the 14-day relative strength index (RSI) now tracking at 61.47, which is close to its own ceiling of 63.00.
In order for BTC to move past $21,000, bullish pressure will first need to overcome this current threshold on the RSI.
Ethereum (ETH) was also in the green to start the week, as the token continued to trade above $1,600.
ETH/USD moved to a high of $1,623.68 earlier in today’s session, which comes less than 24 hours after trading at a low of $1,567.57.
Today’s rise in prices comes as the world’s second largest cryptocurrency climbed above its ceiling of $1,585.
As can be seen from the chart, the upward crossover of the 10-day (red), and 25-day (blue) moving averages seems to be reaching a summit, which could be a sign of slowing momentum.
The RSI is also in overbought territory, which means bears could be already positioning themselves for reentry.
Wednesday’s United States Federal Open Market Committee (FOMC) meeting could likely be the trigger which either extends current momentum, or shifts its direction.
Bitcoin, Ethereum Technical Analysis: BTC, ETH Move Lower on Thursday, After Hawkish Fed Rate Hike
Bitcoin fell towards the $20,000 mark on Thursday, after the U.S. Federal Reserve once again moved to increase interest rates. The Fed hiked rates by 75 basis points (bps), as it chose to maintain its current hawkish policy. Ethereum, which initially surged on the news, was also lower in today’s session.
Bitcoin (BTC) dropped in Thursday’s session, as bearish sentiment rose, following the aftermath of yesterday’s Fed meeting.
Following the Federal Reserve’s decision to maintain current hawkish policy by raising rates, BTC/USD surged to a peak of $20,742.81.
However, this sentiment has shifted, as markets now expect this to be the last such hike by the Fed, who may begin to pivot.
BTC/USD fell to a low of $20,087.13 earlier in the day, and came as bears attempted to take the token below $20,000.
As of writing this, the 14-day relative strength index (RSI) is now tracking at 51.84, which is below a floor of 53.00.
Should this momentum continue into the weekend, many expect BTC to be trading close to its long-term support of $19,600.
In addition to bitcoin, ethereum (ETH) was also volatile following the Fed’s decision to hike rates by 75 basis points.
ETH/USD which initially rose to a high of $1,613.41 on the news, slipped to a intraday low of $1,507.24 on thursday.
The move sees the token now fall for a fifth straight session, following last week’s gains, which saw prices hit a 6-week high.
Looking at the chart, the decline has sent the RSI to a long term floor of 58.00, with bears attempting to break below this point.
As of writing, bulls have so far rejected this, with the world’s second largest token somewhat rebounding.
ETH is currently trading at $1,531.53, with the 10-day (red) moving average still upwards facing, which could be a sign of resilient bulls awaiting the time to increase market pressure.
Bitcoin fell towards the $20,000 mark on Thursday, after the U.S. Federal Reserve once again moved to increase interest rates. The Fed hiked rates by 75 basis points (bps), as it chose to maintain its current hawkish policy. Ethereum, which initially surged on the news, was also lower in today’s session.
Bitcoin (BTC) dropped in Thursday’s session, as bearish sentiment rose, following the aftermath of yesterday’s Fed meeting.
Following the Federal Reserve’s decision to maintain current hawkish policy by raising rates, BTC/USD surged to a peak of $20,742.81.
However, this sentiment has shifted, as markets now expect this to be the last such hike by the Fed, who may begin to pivot.
BTC/USD fell to a low of $20,087.13 earlier in the day, and came as bears attempted to take the token below $20,000.
As of writing this, the 14-day relative strength index (RSI) is now tracking at 51.84, which is below a floor of 53.00.
Should this momentum continue into the weekend, many expect BTC to be trading close to its long-term support of $19,600.
In addition to bitcoin, ethereum (ETH) was also volatile following the Fed’s decision to hike rates by 75 basis points.
ETH/USD which initially rose to a high of $1,613.41 on the news, slipped to a intraday low of $1,507.24 on thursday.
The move sees the token now fall for a fifth straight session, following last week’s gains, which saw prices hit a 6-week high.
Looking at the chart, the decline has sent the RSI to a long term floor of 58.00, with bears attempting to break below this point.
As of writing, bulls have so far rejected this, with the world’s second largest token somewhat rebounding.
ETH is currently trading at $1,531.53, with the 10-day (red) moving average still upwards facing, which could be a sign of resilient bulls awaiting the time to increase market pressure.
Crypto Exchange Bybit Does Not Plan to Sanction Russian Users Despite MAS Call, Report
Cryptocurrency exchange Bybit has no intention to introduce restrictions for Russian traders, despite a recent reminder by the Monetary Authority of Singapore (MAS) about the obligations of crypto providers in that respect. According to a crypto media report, the platform shared its position in correspondence with partners.
Singapore-based crypto exchange Bybit will not restrict users from the Russian Federation, despite the city-state’s central bank reiterating this week that licensed coin trading platforms must comply with sanctions imposed over Moscow’s ongoing invasion of Ukraine.
In response to numerous queries and publications alleging that Bybit will not be available in Russia due to the measures introduced by Singapore, the exchange pointed out that it is headquartered and registered in Dubai and emphasized:
We have stated several times that we do not discriminate against crypto users based on their location and passport.
Restrictions may affect only clients in jurisdictions that do not allow futures trading without license, as is the case with the United States, Singapore, and China among others, Bybit said. It made the comments in a message to partners shared by a source with the Getblock Magazine and quoted by other Russian-language crypto news outlets.
According to the report, Bybit further insisted that its team is doing everything possible to provide all users with equal access to its platform and is working to ensure their funds are safe and they have the best trading experience.
On Monday, the MAS also said that pro-Russian groups have been using digital asset exchanges to raise millions of dollars in crypto donations to support Russia’s military effort in Ukraine, citing studies conducted by blockchain forensics firms Chainalysis and TRM Labs.
Established in 2018, Bybit currently offers almost 200 currency pairs, has a daily trading volume exceeding $900 million and over 1.6 million users, the report notes. The platform is not the only global exchange that has had to address the Russia sanctions topic.
In October, the world’s largest coin trading platform, Binance, pointed to the lack of clarity regarding compliance with the EU restrictions. After previously banning only “high-value” crypto-asset services for Russian residents and companies, the Union’s eighth sanctions package prohibited European companies from providing all crypto wallet, account, or custody services to Russians.
During a press conference in Lisbon this week, Binance CEO Changpeng Zhao described the situation around the European sanctions as “tricky.” Replying to a question by Coindesk asking if the exchange would follow the decisions of other crypto companies and restrict Russian accounts, CZ admitted he did not have a definitive answer. He also noted that Binance is licensed in different jurisdictions and must comply with their regulations but emphasized the company is not against any people.
Cryptocurrency exchange Bybit has no intention to introduce restrictions for Russian traders, despite a recent reminder by the Monetary Authority of Singapore (MAS) about the obligations of crypto providers in that respect. According to a crypto media report, the platform shared its position in correspondence with partners.
Singapore-based crypto exchange Bybit will not restrict users from the Russian Federation, despite the city-state’s central bank reiterating this week that licensed coin trading platforms must comply with sanctions imposed over Moscow’s ongoing invasion of Ukraine.
In response to numerous queries and publications alleging that Bybit will not be available in Russia due to the measures introduced by Singapore, the exchange pointed out that it is headquartered and registered in Dubai and emphasized:
We have stated several times that we do not discriminate against crypto users based on their location and passport.
Restrictions may affect only clients in jurisdictions that do not allow futures trading without license, as is the case with the United States, Singapore, and China among others, Bybit said. It made the comments in a message to partners shared by a source with the Getblock Magazine and quoted by other Russian-language crypto news outlets.
According to the report, Bybit further insisted that its team is doing everything possible to provide all users with equal access to its platform and is working to ensure their funds are safe and they have the best trading experience.
On Monday, the MAS also said that pro-Russian groups have been using digital asset exchanges to raise millions of dollars in crypto donations to support Russia’s military effort in Ukraine, citing studies conducted by blockchain forensics firms Chainalysis and TRM Labs.
Established in 2018, Bybit currently offers almost 200 currency pairs, has a daily trading volume exceeding $900 million and over 1.6 million users, the report notes. The platform is not the only global exchange that has had to address the Russia sanctions topic.
In October, the world’s largest coin trading platform, Binance, pointed to the lack of clarity regarding compliance with the EU restrictions. After previously banning only “high-value” crypto-asset services for Russian residents and companies, the Union’s eighth sanctions package prohibited European companies from providing all crypto wallet, account, or custody services to Russians.
During a press conference in Lisbon this week, Binance CEO Changpeng Zhao described the situation around the European sanctions as “tricky.” Replying to a question by Coindesk asking if the exchange would follow the decisions of other crypto companies and restrict Russian accounts, CZ admitted he did not have a definitive answer. He also noted that Binance is licensed in different jurisdictions and must comply with their regulations but emphasized the company is not against any people.
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$MRST is being listed on the top tier global exchange OKX!
1️⃣ MRST deposits open at 8:00 am UTC on Nov. 7
2️⃣ MRST/USDT, MRST/USDC Spot trading open at 9:00 am UTC on Nov. 9
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Spot trading as well as DEX will be available!
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💜 Check out The Mars: Metaverse Project
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Bitcoin, Ethereum Technical Analysis: BTC at 2-Year Low, ETH Down 20% as FTX Turmoil Leads to Crypto Bloodbath
Bitcoin plunged to a two-year low on Wednesday, as the FTX token sell-off continued to weigh on cryptocurrency markets. After an initial 30% slide, FTX token fell by as much as 80%, as Binance confirmed its intention to absorb the failing exchange. Ethereum was also lower, dropping below $1,200.
Bitcoin (BTC) fell to its lowest level in two years on Wednesday, as markets continued to react to the volatility caused by the FTX/Binance affair.
The world’s largest cryptocurrency plunged to a low of $17,402.55 earlier in today’s session, less than a day after trading at a high of $20,582.24.
This move, which saw prices plummet by as much as 10%, took BTC/USD to its lowest level since November 2020.
As can be seen from the chart, the decline intensified when the token fell below its long-term support level of $19,000.
In addition to this, the 14-day relative strength index (RSI) has also slipped to a floor of its own, which is near the 29.75 level.
BTC has somewhat rebounded from earlier lows, with the token now trading at $17,718.95, with some bulls hoping for a support around $17,900 to be established.
In addition to BTC, ethereum (ETH) also fell considerably in today’s session, as prices dropped below $1,200 in the process.
Following a high of $1,564.55 on Tuesday, ETH/USD was down by as much as 20%, hitting a low of $1,157.23 .
This drop saw ETH move to its lowest level since July 14, when the token was trading slightly above $1,000.
Like with bitcoin above, the RSI on this ethereum chart is now tracking at 33.00, which is marginally above a floor of 32.50.
This reading, which is the weakest reading in the last five months, means that prices are now in oversold territory, which long-term bulls believe means that a bottom has been hit.
However, the 10-day (red) moving average continues to fall downward, and should this trend continue, it is likely that ETH will move below $1,000.
Bitcoin plunged to a two-year low on Wednesday, as the FTX token sell-off continued to weigh on cryptocurrency markets. After an initial 30% slide, FTX token fell by as much as 80%, as Binance confirmed its intention to absorb the failing exchange. Ethereum was also lower, dropping below $1,200.
Bitcoin (BTC) fell to its lowest level in two years on Wednesday, as markets continued to react to the volatility caused by the FTX/Binance affair.
The world’s largest cryptocurrency plunged to a low of $17,402.55 earlier in today’s session, less than a day after trading at a high of $20,582.24.
This move, which saw prices plummet by as much as 10%, took BTC/USD to its lowest level since November 2020.
As can be seen from the chart, the decline intensified when the token fell below its long-term support level of $19,000.
In addition to this, the 14-day relative strength index (RSI) has also slipped to a floor of its own, which is near the 29.75 level.
BTC has somewhat rebounded from earlier lows, with the token now trading at $17,718.95, with some bulls hoping for a support around $17,900 to be established.
In addition to BTC, ethereum (ETH) also fell considerably in today’s session, as prices dropped below $1,200 in the process.
Following a high of $1,564.55 on Tuesday, ETH/USD was down by as much as 20%, hitting a low of $1,157.23 .
This drop saw ETH move to its lowest level since July 14, when the token was trading slightly above $1,000.
Like with bitcoin above, the RSI on this ethereum chart is now tracking at 33.00, which is marginally above a floor of 32.50.
This reading, which is the weakest reading in the last five months, means that prices are now in oversold territory, which long-term bulls believe means that a bottom has been hit.
However, the 10-day (red) moving average continues to fall downward, and should this trend continue, it is likely that ETH will move below $1,000.
Biggest Movers: DOGE Surges Following Elon Musk Comments on the Meme Coin
Dogecoin was one of the only crypto tokens to trade higher on Saturday, as comments from Elon Musk boosted prices. Speaking in a Twitter Spaces centered around the FTX collapse, Musk was heard saying: “Doge to the moon.” Solana on the other hand extended its declines, falling by over 15%.
Dogecoin (DOGE) was one of today’s only gainers, as the token was boosted by comments from Tesla and Twitter CEO Elon Musk.
Following a low of $0.0793 on Friday, DOGE/USD rose to a peak of $0.09399 earlier in today’s session.
This surge saw the token climb by as much as 6%, breaking out of a key resistance level of $0.08900 in the process.
Speaking in a Twitter Spaces conversation hosted by Mario Nawfal, Musk added, “I think so, don’t bet the farm on DOGE, but I’m working hard on the DOGE.”
As can be seen from the chart, today’s spike has helped push the relative strength index (RSI) of 14 days above a key ceiling of 49.30.
Currently, the index is tracking at 50.87, with the next visible point of resistance at the 53.00 mark.
Solana (SOL) on the other hand was trading significantly lower, as prices of the token dropped for a second straight session.
After climbing to a high of $18.68 earlier in Friday’s session, SOL/USD sank to a bottom of $14.92 to start the weekend.
Overall, solana is now trading by nearly 60% lower in the past seven days, with some expecting further upcoming declines.
Looking at the chart, the downward trend caused by a crossover between the 10-day (red), and 25-day (blue) moving averages has extended.
In addition to this, the RSI is tracking at a level of 34.67, with a floor of 33.55 a likely target for bears.
However, should momentum take price strength below this point, many will likely expect SOL to fall towards a weaker floor of 23.30 on the index.
Dogecoin was one of the only crypto tokens to trade higher on Saturday, as comments from Elon Musk boosted prices. Speaking in a Twitter Spaces centered around the FTX collapse, Musk was heard saying: “Doge to the moon.” Solana on the other hand extended its declines, falling by over 15%.
Dogecoin (DOGE) was one of today’s only gainers, as the token was boosted by comments from Tesla and Twitter CEO Elon Musk.
Following a low of $0.0793 on Friday, DOGE/USD rose to a peak of $0.09399 earlier in today’s session.
This surge saw the token climb by as much as 6%, breaking out of a key resistance level of $0.08900 in the process.
Speaking in a Twitter Spaces conversation hosted by Mario Nawfal, Musk added, “I think so, don’t bet the farm on DOGE, but I’m working hard on the DOGE.”
As can be seen from the chart, today’s spike has helped push the relative strength index (RSI) of 14 days above a key ceiling of 49.30.
Currently, the index is tracking at 50.87, with the next visible point of resistance at the 53.00 mark.
Solana (SOL) on the other hand was trading significantly lower, as prices of the token dropped for a second straight session.
After climbing to a high of $18.68 earlier in Friday’s session, SOL/USD sank to a bottom of $14.92 to start the weekend.
Overall, solana is now trading by nearly 60% lower in the past seven days, with some expecting further upcoming declines.
Looking at the chart, the downward trend caused by a crossover between the 10-day (red), and 25-day (blue) moving averages has extended.
In addition to this, the RSI is tracking at a level of 34.67, with a floor of 33.55 a likely target for bears.
However, should momentum take price strength below this point, many will likely expect SOL to fall towards a weaker floor of 23.30 on the index.
Renault Launches Its Industrial Metaverse, Aims to Save $330 Million by 2025
Renault, one of the biggest automakers in the world, has announced it has built the first industrial metaverse, with all its production lines supplying data to this world. According to the company, this digital twin replica will allow it to save $330 million by 2025, diminishing warranty expenses, delivery times, and the carbon footprint of its activities.
Automobile company Renault has announced that it is already running an industrial metaverse of its activities, fueled by a series of processes that allow the company to monitor data from all of its production lines. This industrial world includes the interconnection of production lines, monitoring the totality of the supply chain, and almost all of the supply flows.
The company has stated that the implementation of this tech will produce substantial benefits, including savings in the order of $330 million by 2025. The industrial metaverse will supposedly allow the company to reduce delivery times by 60% and reduce the carbon footprint of vehicle production by 50%. Warranty costs will also be reduced by 60%, according to predictions by Renault.
Jose Vicente de Los Mozos, EVP, Renault industry group and head of country Iberia, stated:
Every day, billions of pieces of data are collected within Groupe Renault’s industrial sites. The metaverse provides real-time monitoring that increases the agility and adaptability of industrial operations, as well as the quality of production and the supply chain.
Renault’s metaverse is fed by a system based on digital twins, replicas of the factories and production lines the company operates, but in a virtual world. The system is then fed with data streams coming from the same factories and production lines, that have been equipped with a massive data capture solution called ID@scale, which is currently also being offered to other companies.
This platform has already contributed to safeguarding the production process of the company, with some of its components allowing it to detect 300 alerts, avoiding 300 production line halts. Patrice Haettel, vice president of industry strategy and engineering, stated:
This industrial metaverse is unique and allows us to activate efficiency and performance levers that were previously invisible, for the benefit of people and the environment.
Other companies are also leveraging the metaverse with an industrial implementation in mind. In October, Microsoft announced it was working to bridge its services with the metaverse, to provide its cloud services to help with industrial processes as well.
Renault, one of the biggest automakers in the world, has announced it has built the first industrial metaverse, with all its production lines supplying data to this world. According to the company, this digital twin replica will allow it to save $330 million by 2025, diminishing warranty expenses, delivery times, and the carbon footprint of its activities.
Automobile company Renault has announced that it is already running an industrial metaverse of its activities, fueled by a series of processes that allow the company to monitor data from all of its production lines. This industrial world includes the interconnection of production lines, monitoring the totality of the supply chain, and almost all of the supply flows.
The company has stated that the implementation of this tech will produce substantial benefits, including savings in the order of $330 million by 2025. The industrial metaverse will supposedly allow the company to reduce delivery times by 60% and reduce the carbon footprint of vehicle production by 50%. Warranty costs will also be reduced by 60%, according to predictions by Renault.
Jose Vicente de Los Mozos, EVP, Renault industry group and head of country Iberia, stated:
Every day, billions of pieces of data are collected within Groupe Renault’s industrial sites. The metaverse provides real-time monitoring that increases the agility and adaptability of industrial operations, as well as the quality of production and the supply chain.
Renault’s metaverse is fed by a system based on digital twins, replicas of the factories and production lines the company operates, but in a virtual world. The system is then fed with data streams coming from the same factories and production lines, that have been equipped with a massive data capture solution called ID@scale, which is currently also being offered to other companies.
This platform has already contributed to safeguarding the production process of the company, with some of its components allowing it to detect 300 alerts, avoiding 300 production line halts. Patrice Haettel, vice president of industry strategy and engineering, stated:
This industrial metaverse is unique and allows us to activate efficiency and performance levers that were previously invisible, for the benefit of people and the environment.
Other companies are also leveraging the metaverse with an industrial implementation in mind. In October, Microsoft announced it was working to bridge its services with the metaverse, to provide its cloud services to help with industrial processes as well.
Cheelee: GameFi short video platform. Watch. Play. Earn.
Cheelee is the first GameFi short video platform where the user can make money while viewing the feed. Upon registration of your in-app wallet, you receive special NFT glasses, and you can start making money.
The mechanics are based on the Attention Economy model, where user’s attention is treated as a commodity for which social networks begin to pay. I looked into WP and got to the point.
Let’s take a look at some of the highlights:
1. A sustainable financial model. An extremely important indicator in the current market.
Cheelee is a social network, whose revenue is by 30% provided by advertising, in-game purchases and collaborations with brands, while for most m2e projects this figure is no more than just 1%.
2. The project is focused on a wide audience of social networks, it is 4.6 billion people, and plans to reach the 1st billion in the next 4 years.
3. The Cheelee social network was not created from scratch. There are almost three years of development behind it, 100+ team members, experience and continuity in the form of NUTSon social network with more than 1.5M uploads.
4. Free project entry. You do not need to spend hundreds and thousands of dollars to become a member of Cheelee, you just need to sign-up and start using the app.
5. You can earn without changing any of your habits. Just scroll through the feed, watch videos and get tokens.
All this sounds cool, but what about the prospects for the token price?
The emission of tokens is limited. There is a deflationary economic model, while the complexity of the mining will increase.
To support the token rates (there will be two CHEEL and LEE), the project has a Stability Fund, where up to 100% of profits from NFT sales and in-app transactions and 70% of advertising revenue, in-game purchases and collaboration with brands will be donated.
Now there is a chance to get WL and take a part in the giveaway of 50 000$!!!
http://bit.ly/3UGuuav
Cheelee is the first GameFi short video platform where the user can make money while viewing the feed. Upon registration of your in-app wallet, you receive special NFT glasses, and you can start making money.
The mechanics are based on the Attention Economy model, where user’s attention is treated as a commodity for which social networks begin to pay. I looked into WP and got to the point.
Let’s take a look at some of the highlights:
1. A sustainable financial model. An extremely important indicator in the current market.
Cheelee is a social network, whose revenue is by 30% provided by advertising, in-game purchases and collaborations with brands, while for most m2e projects this figure is no more than just 1%.
2. The project is focused on a wide audience of social networks, it is 4.6 billion people, and plans to reach the 1st billion in the next 4 years.
3. The Cheelee social network was not created from scratch. There are almost three years of development behind it, 100+ team members, experience and continuity in the form of NUTSon social network with more than 1.5M uploads.
4. Free project entry. You do not need to spend hundreds and thousands of dollars to become a member of Cheelee, you just need to sign-up and start using the app.
5. You can earn without changing any of your habits. Just scroll through the feed, watch videos and get tokens.
All this sounds cool, but what about the prospects for the token price?
The emission of tokens is limited. There is a deflationary economic model, while the complexity of the mining will increase.
To support the token rates (there will be two CHEEL and LEE), the project has a Stability Fund, where up to 100% of profits from NFT sales and in-app transactions and 70% of advertising revenue, in-game purchases and collaboration with brands will be donated.
Now there is a chance to get WL and take a part in the giveaway of 50 000$!!!
http://bit.ly/3UGuuav
GiveLab.com
Cheelee is giving $50,000!
Hanging on social networks scrolling the feed for hours? Times are changing: your attention is your...