Archive for Cryptocurrencies – Page 8

03 May

The cryptocurrency market digest (BTC, AVAX, PEPE). Overview for 03.05.2023

By RoboForex.com

The BTC on Wednesday is balancing near 28,641 USD. An important support for the leading crypto remains at 26,500 USD. There are no reasons for a steep decline yet.

However, anything may happen today. In the evening, the Federal Reserve System will close its two-days’ meeting and report its interest rate decision. If we suppose that the increase by 25 base points has already been accounted for by the market, we may even count on certain BTC growth at night.

Also, take a look at the Fed’s comments on the US public debt parameters as well.

The capitalisation of the crypto sector has dropped to 1.179 trillion USD. The part of the market taken by the BTC has dropped to 47.0%, and that of the ETH has increased to 19.1%.

Coiniar crypto exchange plans to work in the US market

An Australian digital asset exchange platform Coiniar does not quit its plans to get a place in the US market. The company considers North America to be a promising region for business even though control over crypto companies in the US is growing.

AVAX rose significantly

Over four months, the AVAX token increased by more than 65%. So, over Q1, 2023 the coin recovered from the losses of the second half of last year. These days the AVAX coin takes the 16th place in the rating of the most popular cryptocurrencies.

PEPE had a rally

The PEPE meme coin got on the Top 120 list of tokens and on the 17th line of the trade volumes rating. The market started talking about a new season of memecoins and wondering whether the DOGE and SHIB would catch up.

Gemini launched a new trading platform

Gemini launched a new trading platform for traders outside the US. Investors will be able to use perpetual contracts for the BTC against GUSD pair with leverage. The next contract to launch will be the ETH/GUSD one.

Article By RoboForex.com

Attention!
Forecasts presented in this section only reflect the author’s private opinion and should not be considered as guidance for trading. RoboForex LP bears no responsibility for trading results based on trading recommendations described in these analytical reviews.

Cryptocurrencies Financial News
28 Apr

The cryptocurrency market digest (BTC). Overview for 28.04.2023

By RoboForex.com

Investors remained unperturbed by the disappointing publication of the US GDP statistics for Q1 2023. The economy increased by 1.1%, two times less than expected. Today will also be tense: personal income and spending reports for March are scheduled for publication alongside the Core PCE inflation component.

Technically, the market still craves for securing above 29,800 USD. If so, the target for purchases at 30,000 USD will become easy to reach. The next targets lie in the range between 34,000-35,000 USD.

The capitalisation of the crypto market has increased to 1.210 trillion USD. The BTC part skyrocketed to 47.2%, while the ETH share remained at 19.0%.

California introduces a digital wallet for state services

Santa Cruz County (North California) reported the implementation of a blockchain-based digital wallet to be used in the frame of state services. Primarily, the system is used for digitalising paper documents, appointments, and services.

Google Cloud cooperates with Polygon

The Google Cloud platform signed an agreement with Polygon. This alliance can speed up the implementation of the key Polygon protocols into the corporate infrastructure and instruments.

CryptoSpotty was bought for 18 thousand USD

Primary sales of the CryptoSpotty token as a part of VKontakte NFT collection took just an hour to start and amounted to 18 thousand USD. 8 thousand NFTs were issued, featuring Spotty, the dog symbol of the social medium.

Article By RoboForex.com

Attention!
Forecasts presented in this section only reflect the author’s private opinion and should not be considered as guidance for trading. RoboForex LP bears no responsibility for trading results based on trading recommendations described in these analytical reviews.

Cryptocurrencies Financial News
21 Apr

EU’s landmark crypto legislation will drive cryptocurrency prices

By George Prior

The EU Parliament’s passing of the Markets in Crypto Act, or MiCA, on Thursday has been hailed as a “landmark moment” for cryptocurrencies that will “help drive prices” for the likes of Bitcoin, by the CEO of one of the world’s largest independent financial advisory, asset management and fintech organizations.

The comments from Nigel Green of deVere Group, come as Stefan Berger, the MEP who led the bill’s creation, said in an emailed statement that Europe is now the “first continent with comprehensive regulation for crypto assets.”

“In order for new coins to be approved in the EU, it must be ensured in future that their business model will not endanger our currency stability,” he said. “The new supervisory structures will also be a bulwark against Lehman Brothers moments like the crypto exchange FTX.”

The MiCA legislation means that the EU will have a unified approach to crypto asset regulation across all 27 member states, meaning firms approved in one country can “passport” their operations into others.

The deVere CEO says: “This is a landmark moment for crypto. It signals the maturing of the market and underscores that cryptocurrencies are now mainstream.

“Crypto has now come of age in Europe as it is being brought into the regulatory tent and being held to the same standards as the rest of the financial system.”

Nigel Green has long-been campaigning for regulation of the cryptocurrency market since he launched deVere Crypto, a pioneering crypto exchange in 2018.

“We’ve been lobbying authorities on this issue as greater regulatory scrutiny is needed as digital currencies, including Bitcoin and Ether, are set to play an ever-greater role in the international financial system.

“We’ve been pushing for a strong regulatory framework to be established and approved at an international level.

“As such, we’re thrilled that the EU, the world’s largest trading bloc, voted 517 to 38 in favour of the Markets in Crypto Act, or MiCA, as it seeks to reduce risks for consumers buying crypto assets, meaning providers can become liable if they lose investors’ crypto assets.”

He continues that with clear and consistent legislation in place, investors will have “more confidence in the market and feel more secure” in their investments.

“This will further attract more institutional investors who bring with them huge levels of capital, experience and influence, which can help increase demand and drive up prices in the long-term.”

The regulation will help reduce fraudulent activities in the market, serving to “improve the wider reputation of the industry and increase mass adoption” which will also maintain crypto prices on an upward trajectory.

The new rules are expected to be in force from next year.

The move puts the EU ahead of the US and UK, which are yet to bring in legislation for the crypto market. However, a UK official on Monday said regulation could be implemented within a year.

Nigel Green says: “The US and UK now have the opportunity to catch up with the EU on crypto regulation, which they inevitably will do – and probably sooner than many expect.

“Again, this must be welcomed as it will protect investors, tackle cryptocurrency criminality, and reduce the potential possibility of disrupting global financial stability, as well as offering a potential long-term economic boost to those jurisdictions which introduce it.”

He concludes: “Digital is the inevitable future of finance. Therefore, the proactive, forward-thinking work being done by central banks and governments, among others, in this area must be championed.”

About:

deVere Group is one of the world’s largest independent advisors of specialist global financial solutions to international, local mass affluent, and high-net-worth clients.  It has a network of more than 70 offices across the world, over 80,000 clients and $12bn under advisement.

Cryptocurrencies Financial News
19 Apr

The cryptocurrency market digest (BTC, PEPE, WOJ). Overview for 19.04.2023

By RoboForex.com

The BTC on Wednesday is balancing near 29,337 USD. By the way, the first half of the week was much better: the leading crypto rose to 30,470 USD.

Something curious is happening: the BTC lost 3% over a couple of minutes because the whole sector slumped into a deep correction. And then the situation normalised. Practically, growth perspective faced a market correction challenge. Now the BTC needs to return to 29,700-29,800 USD.

The capitalisation of the crypto market by today has dropped to 1.227 trillion USD. The BTC share rose to 46.2%, while the ETH part declined to 19.4%.

Islamic Coin will come out in May

The world’s first cryptocurrency going by Shariah norms will be the Islamic Coin, and it will appear this May. For now, only closed sales are being carried out. The global Islamic community is assessed as 1.8 billion people, which makes the coin appealing for the sector.

Meme tokens are growing

The Pepe coin rose more than 300% overnight. It got it’s name after an Internet frog. This is a curious story: five days after the coin appeared on the exchange, its capitalisation reached 115 million USD, making the coin number six meme token in the crypto market in terms of capitalisation. Another meme coin Wojak, a symbol of another social media character, grew 120%.

Article By RoboForex.com

Attention!
Forecasts presented in this section only reflect the author’s private opinion and should not be considered as guidance for trading. RoboForex LP bears no responsibility for trading results based on trading recommendations described in these analytical reviews.

Cryptocurrencies Financial News
10 Apr

The cryptocurrency market digest (BTC). Overview for 10.04.2023

By RoboForex.com

The BTC on Monday saw an increase to 28,272 USD. The weekly rise in the leading cryptocurrency amounts to 2.18%.

It should be noted that over three weeks starting on 23 March, trade volumes of the BTC have dropped almost five times, currently being about 75 thousand BTC a day. This fact might be a sign that the market is ready for a new rally. The quotes have been stuck in a rather narrow range for quite long, and this could also trigger nervous moves and attempts to break the resistance.

The technical picture of the BTC remains favourable, facilitating the return to 30,000 USD. The support is at 26,500 USD.

The capitalisation of the crypto market by today has risen to 1.185 trillion USD. The part taken by the BTC has increased to 46.2%. The part occupied by the ETH has dropped to 18.9%.

Capacity of Cardano network will grow

After the Ouribiros Leios update of the Cardano network, the speed of transaction processing must increase ten times. This can happen through the activation of nods that have not been used yet. They will get the function of making computations between blocks, while the result will be stored in the next blocks.

Coinbase will integrate The Lighting Network

The management of the Coinbase crypto exchange confirmed their plans to add The Lighting Network protocol on the trading platform. This can speed up transactions and make them cheaper. The integration is scheduled for the nearest future.

Article By RoboForex.com

Attention!
Forecasts presented in this section only reflect the author’s private opinion and should not be considered as guidance for trading. RoboForex LP bears no responsibility for trading results based on trading recommendations described in these analytical reviews.

Cryptocurrencies Financial News
07 Apr

What Binance’s US lawsuit says about the future for cryptocurrency regulation

By Andrew Urquhart, University of Reading and Hossein Jahanshahloo, Cardiff University 

The world’s largest cryptocurrency exchange, Binance, has been hit with a lawsuit by US regulator the Commodity Futures Trading Commission (CFTC). This is not the first time a cryptocurrency exchange has been charged by a regulator. But this particular case involves a regulator that does not directly oversee cryptocurrencies. This indicates how regulators – particularly those in the US – hope to clamp down on the cryptocurrency industry.

The CFTC’s lawsuit alleges that Binance violated US derivatives laws by offering its derivative trading services to US customers without registering with the right market regulators. It says Binance has prioritised commercial success over regulatory compliance.

The CFTC has also levied charges against Binance’s founder and CEO, Changpeng Zhao (known as CZ) and former chief compliance officer Samuel Lim. They are charged with taking steps to violate US laws, including directing US-based “VIP customers” to open Binance accounts under the name of shell companies. The regulator has pointed to chat messages as evidence of CZ and Sim’s knowledge of various criminal groups using the exchange.

People visit Binance nearly 15 million times a week to trade on the over 300 cryptocurrencies it offers in more than 1,600 different markets. CZ is an outspoken advocate for cryptocurrencies and regularly tweets about the industry and his company. He even tweeted a link to his initial response to the recent CFTC charges, which he called “unexpected and disappointing”. Promising full responses in due time, he said:

Upon an initial review, the complaint appears to contain an incomplete recitation of facts, and we do not agree with the characterization of many of the issues alleged in the complaint.

Last year CZ’s tweets arguably contributed to the collapse of FTX, one of his company’s main rivals. Binance saw its market share grow following FTX’s collapse.

So, this charge – against not only a crypto giant but also the company of an outspoken industry advocate – has created further upheaval in a market that has already suffered multiple crises in the last year. Investors withdrew a reported US$1.6 billion (£1.3 billion) from Binance within days of the CFTC’s announcement of its charges. These outflows could continue if US regulators tighten their squeeze on crypto companies further, causing major players like Binance to shift focus to other jurisdictions.

Creeping oversight

The CFTC aims to “protect the public from fraud, manipulation, and abusive practices related to the sale of commodity and financial futures and options, and to foster open, competitive, and financially sound futures and option markets”. Previous actions by this regulator in 2021 against Tether and Bitfinex resulted in major fines and a loss of credibility for the crypto industry.

But a statement published at the time by one of the CFTC’s five commissioners, Dawn Stump, pointed out that the CFTC doesn’t actually have responsibility for regulating cryptocurrencies. She warned that these fines might “cause confusion about the CFTC’s role in this area”. She said the action was based on defining stablecoins (a type of cryptocurrency) as a commodity, but: “we should seek to ensure the public understands that we do not regulate stablecoins and we do not have daily insight into the businesses of those who issue such”.

These latest charges against Binance focus on its activities in derivatives – financial contracts that are linked to the value of an asset such as oil or, in this case, cryptocurrencies. This is a market the CFTC does regulate.

Another US financial regulator, the Securities and Exchange Commission (SEC), has also been ramping up its crypto oversight activities. As well as focusing on the Initial Coin Offering market, it saw a 50% increase in enforcement actions against digital asset companies last year compared to 2021.

Crypto market changes

So, Binance is up against two powerful US financial regulators. Some experts have warned that “significant regulatory action could prompt Binance to increasingly shift its business operations beyond the United States”. Certainly, the fact that Binance held a 92% share of the crypto market at the end of 2022 means it facilitates many transactions and offers a lot of liquidity to traders around the world, including in the US.

A trader’s capacity to find competitive prices when buying and selling, as well as sources of liquidity (or other people to trade with) would be affected by the loss of or pull back of one of the world’s top ten crypto exchanges. This would be bad news for retail and institutional investors who could be confronted with a smaller and potentially more expensive market as a result.

And even if the complaints and investigations by the CFTC and SEC take a while to conclude, as is likely, the US legislature may step in before that. A report published by the Financial Times days after the CFTC announcement alleges that Binance has hidden links to China for many years. A statement issued by the the exchange to the FT said this is not “an accurate picture of Binance’s operations” and that the paper’s sources were “citing ancient history (in crypto terms)”.

But recent actions against Chinese tech company Huawei and social media platform Tiktok indicate political leaders are keen to crack down on Chinese companies’ access to US technology systems and customer data. So any similar concerns could lead US politicians to start acting in this area as well.The Conversation

About the Authors:

Andrew Urquhart, Professor of Finance & Financial Technology, ICMA Centre, Henley Business School, University of Reading and Hossein Jahanshahloo, Assistant Professor in Finance, Cardiff University

This article is republished from The Conversation under a Creative Commons license. Read the original article.

Cryptocurrencies Opinions
04 Apr

UK banks’ crypto crackdown slammed as an “outrageous overreach”

By George Prior

UK high-street banks that are imposing limits and restrictions on their customers who are investing in cryptocurrency have been slammed as using “an outrageous, overreaching diktat” against account holders by the CEO of one of the world’s largest independent financial advisory, asset management and fintech organizations.

The criticism from deVere Group’s Nigel Green follows reports that some of the country’s biggest banks have “cracked down” by applying daily limits for customers, restricting credit cards from making crypto purchases, banning customers from buying stocks of companies with Bitcoin exposure and, in some cases, temporarily freezing accounts.

Nigel Green says: “Your bank has no business telling you how or what to invest in, if what you’re planning to invest in is perfectly legal – which crypto is in the UK.

“This kind of control over people’s private, personal financial decision-making sounds like something from the pages of Orwell’s 1984 and goes against the values of Britain’s proud banking heritage.”

Most of the banks say that they are imposing the new restrictions to help protect customers and to try and keep their money safe.

“Of course, this is a noble ambition and part of a bank’s remit.

“However, the actions that they are imposing imply that potential illicit activity is unique to crypto and not the traditional financial system – which is, of course, complete nonsense.

“Why have they decided to ‘step up’ on crypto but not in other areas where their customers may or may not decide to invest?” says the deVere CEO.

“It appears that some banks are using an outrageous, overreaching diktat against account holders because they are anti-crypto over concerns it poses a threat to the power and influence of traditional banking, presumably.

“But, again, you should be free to do with your own money as you please – even if they disagree with it.

“What comes next? Will they move on to placing restrictions on those who invest in alcohol, tobacco or energy companies, or those who make political donations to parties they deem unsuitable, for example?”

He adds: “It’s an infringement on your privacy, rights, and ability to control your own money.”

The comments from Nigel Green come as institutional investors are once again increasing their exposure to cryptocurrencies such as Bitcoin. Michael Saylor’s MicroStrategy is amongst them.

MicroStrategy, whose primary focus is on developing and selling software that enables companies to analyse and visualise large amounts of data, using tools such as dashboards and reports, has bought 6,455 Bitcoins over the last five weeks, according to a recent filing with the US financial regulator, the SEC.

Institutional investors, like individuals, are investing in cryptocurrencies for various reasons. These include portfolio diversification, the potential for high returns, a hedge against inflation, and access to a new future-focused asset class.

About:

deVere Group is one of the world’s largest independent advisors of specialist global financial solutions to international, local mass affluent, and high-net-worth clients.  It has a network of more than 70 offices across the world, over 80,000 clients and $12bn under advisement.

Cryptocurrencies Financial News
29 Mar

The cryptocurrency market digest (BTC, ARB). Overview for 29.03.2023

By RoboForex.com

The BTC on Wednesday is balancing near 28,080 USD. The leading cryptocurrency has recovered from a crash at the beginning of the week. The market did not retreat and kept safe an important support level. This let the market return to buying fast.

The quotes need to secure above 28,120-28,125 USD to reach the target of the growth at 29,000 USD. If the growth fails, the market could return to 26,500 USD.

The capitalisation of the crypto market on Wednesday is 1.162 trillion USD. The BTC takes up 45.8%, demonstrating a serious decline. The ETH occupies 18.8%, and its part of the market has increased a bit.

Reunit Wallet starts selling tokens

The project is the first inter-network wallet. It is created with the LayerZero technology. Reunit Wallet implies crypto transactions between blockchains by minimum actions, just by one click. This process does not include using bridges, which makes the process easier and cheaper.

A crypto whale bought ARB tokens

According to the Lookonchain platform, one of the major owners of the Arbitum token (ARB) bought the coins for 5.73 million USD. The tokens were deposited from the Binance exchange. This whale now holds the coins for 9.94 million USD.

Ethereum announced an update for Shapella

The Ethereum developers announced that they are ready to launch a Shapella update. It will start on 13 April in the morning. The update will implement new functions for the consensus mechanism and stacking.

 

Article By RoboForex.com

Attention!
Forecasts presented in this section only reflect the author’s private opinion and should not be considered as guidance for trading. RoboForex LP bears no responsibility for trading results based on trading recommendations described in these analytical reviews.

Cryptocurrencies Financial News
22 Mar

The cryptocurrency market digest (BTC). Overview for 22.03.2023

By RoboForex.com

The BTC stopped at 28,147 USD. Prices for digital assets are growing slowly because the market is saving power for the end of the March meeting of the Fed. The intrigue is whether the Fed will lift the interest rate or not.

Investors are ready to attack 29,000 USD, which will open a pathway to 35,000 USD. However, further events will directly depend on what and how the Fed will say.

The capitalisation of the crypto market on Wednesday is estimated as 1.179 trillion USD. The share of the BTC has dropped to 46.2%, while the ETH occupies 18.6% of the market.

Oasis Origin launches metaverse

The issue of metaverses remains topical: the Oasis Origin platform announced integrating GPT4-based AI in it to create an absolutely new metaverse. In it, users will be able to create avatars with the help of AI or interact with it directly.

Polygon network will get in game

Nexon, a game giant from South Korea, will use the features of the Polygon network for its new digital universe. At the moment, it is necessary for supporting NFT inside the MapleStory Universe game.

Article By RoboForex.com

Attention!
Forecasts presented in this section only reflect the author’s private opinion and should not be considered as guidance for trading. RoboForex LP bears no responsibility for trading results based on trading recommendations described in these analytical reviews.

Cryptocurrencies Financial News
20 Mar

The cryptocurrency market digest. Overview for 20.03.2023

By RoboForex.com

The weekly increase in the leading cryptocurrency is impressive – more than 25%.

The demand for risky assets grew after it became clear that the banking crisis in the US and Europe will be held back. Simultaneously, investors are interested in cryptocurrencies, while there are not many footholds in the US stock market.

The market has secured above important resistance at 25,250 USD. Practically, at the moment nothing prevents the BTC from growing to 35,000 USD. A more ambitious goal is 40,000 USD.

The capitalisation of the crypto sector is 1.181 trillion USD. The figure is growing, which is taken as a certainly positive signal. The share of the BTC keeps increasing and now amounts to 46.3%, while the ETH share is declining to 18.6%.

The FTX exchange might be restarted

Jefferies investment company is negotiating with potential FTX buyers over a potential restart of the exchange. The user base of the FTX looks like a very valuable asset, and the demand for it is high. In the market, they say that the start of the FTX in theory can liven up the whole sector.

Justin Sun missed the time to buy Credit Suisse

The TRON founder Justin Sun voiced a suggestion to buy the Credit Suisse bank for 1.5 billion USD. However, he missed the chance: UBS agreed to buy the troublesome bank for more than 2 billion USD. Its market capitalisation on Friday held above 7 billion USD.

Transaction volume in the Cardano network sky-rocketed

According to IntoTheBlock, the total volume of all transactions inside the Cardano ecosystem last week amounted to 30 billion USD. Last time the figures were so high in spring 2022.

Article By RoboForex.com

Attention!
Forecasts presented in this section only reflect the author’s private opinion and should not be considered as guidance for trading. RoboForex LP bears no responsibility for trading results based on trading recommendations described in these analytical reviews.

Cryptocurrencies Financial News
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