CryptoNews of the Week by NordFX

[Stan NordFX]

CryptoNews

- Matt Maley, strategist at financial services firm Miller Tabak, believes the cryptocurrency market will face a major setback next year. According to him, the main coin may fall in price by about 25-30 percent in the first months of 2021
Bitcoin's capitalization currently stands at approximately $441 billion. According to Maley, the market is overheated due to large-scale investments, which is why corrections by one or several thousand dollars may become a norm next year.
“I consider cryptocurrencies to be a promising asset, but the minimum correction size next year will be 10%. At the same time, the fall may be at the level of 30% or even more. Therefore, it is worth being prudent before large-scale investments,” the specialist warns.

- Popular analyst and founder of Quantum Economics, Mati Greenspan, expressed an opposite view. In his opinion, the December rise does not mean that the market is "overheated", and a large-scale collapse awaits us. “We are at the very beginning of the period of massive entry of investors into the crypto sphere. This phase of the industry's development is qualitatively different from the rise and fall phases of 2017 and 2018. If demand continues to rise from current levels, and supply is constrained, then there is a possibility that we will see growth of 250% or more."
At the same time, Mati Greenspan excludes a scenario in which BTC will soar to $400,000. “The rally will certainly continue, but there is no need to talk about any astronomical figures yet,” the analyst summed up.

- 190 computers were stolen from the NATO military airbase in Emari (Estonia), which were illegally used to extract cryptocurrency. The Estonian Ministry of Defense reported that mining on the territory of the base was carried out by a certain employee who had access to classified documents. He worked for NATO for 14 years, after which he quit and decided to take the equipment with him. He took out the first computers from the base back in 2015, providing documents on their write-off. The remaining several dozen devices on the territory of Emari were networked and used for mining. In total, this "specialist" was able to mine cryptocurrencies worth 30,000 euros. The Ministry of Defense clarified that about 60% of these earnings would have gone to pay for electricity, but the attacker was using state resources.

- According to the analytical service Glassnode, the number of addresses with cryptocurrency worth more than $1,000,000 has reached 66,500. The increase in the second decade of December alone was about 150%. Analysts noted that some miners have not withdrawn funds from their wallets since the time when one pizza cost several hundred bitcoins. Now they have become dollar millionaires.

- Tesla and SpaceX founder Elon Musk once again spoke on Twitter regarding cryptocurrencies. There, he again confessed his love for Dogecoin and posted a frivolous picture, comparing bitcoin to fiat money and considering it "the same crap."
Recall that in 2019, Musk became the winner of a comic April Fools' poll, in which users were asked to vote for the most suitable candidate for the position of Dogecoin CEO. And last July, Musk spoke on Twitter about the prospect of using Dogecoin technology as a global financial system. After his tweet, the price of the token went up 17%.

- The legendary bitcoin meme HODL is seven years old. It was first used by a user under the nickname GameKyuubi in his post on the BitcoinTalk forum, who later became known as Mr.HODL. On December 18, 2013, being a little drunk by his own admission, he wrote that as a bad trader he prefers to “hodl” so as not to incur financial losses.
“I typed the title twice because I made a mistake the first time. Still a mistake. A girlfriend is stuck in a lesbian bar, bitcoin is falling, so why do I hold? I'll tell you why. Because I'm a bad trader and I know it. Yes, of course, you good traders can see the highs and lows and playfully make a million dollars,” GameKyuubi wrote at the time.
On that day Bitcoin fell in price by almost 40%, GameKyuubi tried to simultaneously talk to his girlfriend and trade bitcoin through a heavily lagging app. After several failed attempts, he went to his room and started drinking.
Hodl, Hodler, is an Internet meme, a slang name for those who buy cryptocurrencies and hold them (do not sell) regardless of the market situation. For the first time, this variant of the spelling appeared as a typo in the word holding.

- MicroStrategy, a mobile software company, announced the completion of the last stage of the allocation of reserve assets, during which it invested $650 million raised from investors into 29.646 BTC at an average of $21.925 per coin.
It now owns almost 70,470 bitcoins in total, having spent $1.125 billion at an average price of $15.964 per bitcoin.
The $650 million raised in December was raised through the sale of convertible bonds with a maturity of five years. “The purchase of additional coins confirms our confidence in bitcoin as the most widely used cryptocurrency and a reliable store of value,” said Michael Saylor, CEO of MicroStrategy.

- Mill Hill Books has released a 340-page book, Kicking the Hornet's Nest, containing all emails, forum posts, and other entries by the anonymous bitcoin creator Satoshi Nakamoto. All entries are collected in chronological order and, according to the publishers, have been published "with almost no editorial comment." The printed version of the edition sells for $29, and it can also be purchased on Amazon.

- Scott Minerd, investment director of Guggenheim Investments, considers bitcoin to be a grossly undervalued asset, even at current price levels of around $23,000. “Our fundamental work shows that bitcoin should be worth about $400,000,” he said in a conversation with Bloomberg TV.
Analysts at Guggenheim Investments came to this conclusion based on two factors: the limited emission of bitcoin and its value relative to gold. There are many common characteristics that cryptocurrency shares with the precious metal, Minerd said, but bitcoin, unlike gold, "has extraordinary value in the context of transactions."
At the same time, Minerd noted that buying bitcoin above $20,000 seems to him "a little more problematic." His company began investing in bitcoin at a rate of about $10,000.


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Forex | Forex Trading - NordFX

 

[Stan NordFX]

CryptoNews of the Week

- The bitcoin rate approached the June 19 low ($17,600), falling to $18,500 on September 7. Glassnode allowed BTC to fall further to support around $17,000. The specialists do not rule out such a wave of capitulation due to an increase in the proportion of "unprofitable" coins at the disposal of speculators (who traded in the previous 155 days). It rose to 96% (3.11 million BTC out of 3.24 million BTC). The situation was aggravated by the suspension of the bearish rally from June 19 to August 15. The rise in the price to $25,000 and its subsequent fall in just a few days transferred half of the speculators' coin reserves to the category of “unprofitable”.
In the short term, it is the stress testing of speculators that will determine the disposition in the market, since most of the on-chain activity was carried out by them. Three such episodes in the current downtrend had led earlier to sales with a short planning horizon and the subsequent formation of a local bottom. The long-term prospects of the first cryptocurrency, according to Glassnode analysts, remain constructive. This is confirmed by the increase in the number of coins at the disposal of hodlers.

- Analyst Kevin Swanson agrees with Glassnode's alarming prediction. He issued a warning about a possible downward movement of bitcoin as well. The US dollar soared to its highest level in 20 years, while bitcoin fell below the diagonal support that kept the asset afloat from its June lows of $17,600, Swanson said. Swanson admits further bearish scenario for bitcoin as the DXY dollar index is still in a strong uptrend.
Another expert, Naeem Aslam, believes that the fall will not be to the level of $18,000 or $15,000, but much lower, to about $12,000.

- Cryptoanalyst Nicholas Merten does not rule out either that bitcoin will soon collapse to a strong support level in the range of $12,000-14,000. He made this forecast based on the net unrealized profit and loss (NUPL), which shows the state of the positions of BTC holders. (When NUPL is above 0, most investors are in the black, if below 0, then more investors are in losses).
At the same time, Merten believes that the BTC movement can be unpredictable, since the asset has never been traded during a period of tightening monetary policy and raising interest rates. He also doubts the imminent return to quantitative easing (QE) by the US Federal Reserve, as it was in the past. “I would like to note,” the expert writes, “that there has never been a 50% recession, almost depressive correction or a bearish stock market in all 10 years during which BTC has been liquidly traded on exchanges, . There were typical bear markets around 20%, and then the Fed came to the rescue and saved the day. But the Fed cannot do the same now. If you print money and try to save the day, you can seriously exacerbate the problem of inflation.”

- A popular Twitter expert known as FatManTerra came up with a fake investment scheme as part of an experiment and raised more than $100,000 in bitcoins. On September 5, he tweeted about allegedly gaining access to a “highly profitable bitcoin farm” from an unnamed fund, and invited subscribers to join the farming. FatManTerra did not deliberately disclose additional details of the investment scheme, however, even without this information, he managed to collect this substantial amount in just a couple of hours.
“I want to send a clear message to everyone in the crypto world,” he wrote after the experiment, “anyone who offers you easy money is lying. Influencers who sell fast trading training or offer great investment opportunities are cheating on you.”
FatManTerra announced that he had returned all the money to users, and added that he had been inspired for the experiment by the Lady of Crypto account, which was accused of promoting dubious investment schemes among 257,500 subscribers.

- Ethereum co-founder Vitalik Buterin was sure that the previous cryptocurrency bull market would end sooner or later. “I'm actually surprised that the collapse didn't happen sooner. Crypto bubbles usually last about 6-9 months after breaking the previous peak. This is followed by a rapid fall quite quickly. This time, the bull market lasted almost a year and a half,” Buterin said.
According to him, this is a reflection of the “cyclical dynamics” inherent in cryptocurrencies. “When prices go up, a lot of people say that this is the new paradigm and the future, and when they go down, people start saying it’s doomed, and they are fundamentally wrong.” According to Buterin, periodic price downturns help to “identify clearly” the problems in the industry and as well as unstable business models. The latter thrive during the boom in the market due to the influx of new money, but their model stops working during the downturn. He cited the recent collapse of the Terra project and the BitConnect investment scam that collapsed in 2017 as examples.
Buterin acknowledged that bearish phases have a negative impact on the design and development of protocols, as it is difficult to support sprawling teams financially. “But I don’t claim to [have invented] a cure for these dynamics,” he concluded.

- Hackers stole 119.2 ETH (about $185,000) from the crypto wallet of famous actor Bill Murray. The funds had been received for the sale at a charity auction of the NFT “Beer with Bill Murray”, which gives the right to drink beer with the actor. The proceeds were to be donated to a non-profit organization helping veterans and rescuers.
Murray's team was partially successful in thwarting the break-in and protecting about 800 NFTs in the actor's collection and is now working with police and analytics firm Chainalysis to track down the intruders.

- According to the TradingView service, the ratio of ethereum to bitcoin has grown to its highest values for 2022. It was fixed at 0.0843 in the afternoon of September 06. The last time such a level was noted was in December 2021. 1 BTC is worth about 12.4 ETH at current values.
The ETH community has linked the growth of this indicator to the upcoming network merger. Many users have been talking for almost a year now that a revolution will happen in this tandem sooner or later. Then ethereum will overtake bitcoin in terms of capitalization and value. The Merge procedure is scheduled for the period between September 13 and 15, 2022, however, the preparatory part of the event will take place on September 07.
This merge is likely to be the most important event of 2022 in the cryptocurrency industry. This is because it will bring several key changes to how the network works. The main ones are a 99.99% reduction in energy consumption and a decrease in the emission of the ETH coin.

- Experts of the u.today portal noted that September 13, 2022 will be a key date for the cryptocurrency market, not only due to the merge of Ethereum (ETH) networks. There is one more factor. Fresh data from the US Consumer Price Index (CPI) will be published on the same day. According to analysts, this information will help investors understand what is happening with the inflation rate in the country and will directly affect the financial markets, including cryptocurrency.
U.today suggested that if the Merge update does not cause problems with volatility, liquidity and security, and the CPI shows a decrease in inflation, a bullish momentum can be predicted, otherwise the crypto market will continue to fall.


Notice: These materials are not investment recommendations or guidelines for working in financial markets and are intended for informational purposes only. Trading in financial markets is risky and can result in a complete loss of deposited funds.

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[Stan NordFX]

CryptoNews of the Week

- Inflation in the US in August that was published on September 13, has amounted to 8.3%. Although this is less than the previous indicator of 8.5%, the figures have not lived up to market expectations. The forecast had assumed a decline to 8.1%. Market participants decided that the US Federal Reserve will tighten its monetary policy more actively and raise interest rates in such a situation. It is expected that the rate will rise by at least another 0.75% next week. As a result, against this background, the dollar began to rise sharply, and risky assets, including bitcoin and ethereum, started to fall. BTC fell below $20,000, ETH fell below $1,550.

- Analysts recorded the largest outflow of funds from crypto funds since June. According to CoinShares, it amounted to $63 million from September 03 to September 09 against $8.7 million a week earlier. Over the past five weeks, the cumulative withdrawal of funds from cryptocurrency products amounted to $99 million. Trade turnover (~$1 billion) was 46% below the average for this year.
The outflow from Ethereum funds continued for the third week in a row at even higher rates ($61.6 million vs. $2.1 million a week earlier). Analysts attributed this to investors' fears about possible problems of The Merge scheduled for September 15.

- The transition of the Ethereum network from Proof-of-Work to Proof-of-Stake (PoS) will not solve the problems of scalability or high fees, but may lead to wider institutional adoption. The notable decrease in power consumption after The Merge will allow some investors to purchase this altcoin for the first time. This opinion was expressed by analysts of Bank of America (BofA).
“The ability to place ETH and generate higher quality returns (lower credit and liquidity risk) as a validator or through staking […] could also drive institutional adoption,” BofA admitted.

- A trader and analyst under the nickname filbfilb allowed in an interview with Cointelegraph the bitcoin to fall from current levels to $10,000-11,000. According to the specialist, bitcoin has become highly correlated with the Nasdaq, which is under enormous pressure due to the Fed's policies. The first cryptocurrency behaves as a risky asset, not as inflation insurance.
The expert noted that the upcoming winter will be a serious test for residents and politicians of the European Union, the consequences of which will have a negative impact on hodlers. The important thing will be how the countries of the Old World will cope with the energy crisis. According to him, everything is in the hands of diplomats who are able to prevent an emergency. Otherwise, risky assets will face a difficult future, which will also affect the positions of cryptocurrencies. The dialogue between Russia and NATO is important: the sooner it starts, the higher the bitcoin low will be, filbfilb emphasized.
The expert called the rally of bitcoin in the Q1 2023 "obvious". He sees two reasons for this. The first is the seasonal factor. Downtrends end 1000 days after the halving (which will be early next year. The second is a change in sentiments to positive ones, based on game theory. With a probability of 2/3, the expert suggested that Europe will survive the coming winter. But if things go badly, it will increase the likelihood of a dialogue with Russia that will bring stability in the short term.
The specialist also commented on the upcoming Merge on the ethereum network. He noted that the reduction in the issue of the asset could spur the growth of the coin. At the same time, filbfilb has not ruled out a dump after the event itself, citing the reaction of bitcoin after the halving, which is similar in effect to the merge.

- Another analyst and trader with the nickname Rekt Capital believes that everything is moving towards the final phase of bitcoin's decline. “A significant part of the BTC bear market is behind us, and the entire bull market is ahead. The bottom of the bear market will be in November, December or the beginning of the Q1 2023.”
The trader noted that the data signal a possible rise in BTC by 200%, but there is one caveat: Bitcoin could fall even more before it goes up. “Of course, in the short term, the BTC price could fall by 5%-10%,” Rekt Capital writes. “But in the long term, a rally of more than 200% is very likely.”

- Cryptocurrency analyst with the nickname Rager does not believe in the decline of BTC to $12,000. He noted that there are no guarantees when dealing with bitcoin, but it is very likely that the asset is forming a bear market bottom above $19,000. “A significant part of investors are wondering if the current levels are the low of the cycle. It is likely, but it is also worth noting that these levels are a good option for accumulating BTC for the long term. Everyone has seen bitcoin bounce around $19,000 several times, Rager writes. In addition, the analyst believes that the coin is still highly correlated with the S&P 500 index. And therefore, we will not see new cycle lows as long as it is above 3,896 points.

- The dependence of BTC on the US stock market weakened sharply in August and was at the annual low. However, it has begun to grow again and, according to the TradingView service, the correlation between bitcoin and the S&P 500 index has reached 0.59. The situation is similar with the Nasdaq. The correlation with it fell to 0.31 in August, and it rose to 0.62 in September. Analysts remind that the dependence of the crypto sphere on the stock market becomes strong after the correlation index rises above 0.5. When 0.7 is reached, the dependence becomes ideal.

- Despite the depreciation of BTC, MicroStrategy intends to continue the acquisition of this asset. It will reportedly sell $500 million worth of its own shares. The proceeds from these sales will be used, among other things, to replenish the cryptocurrency stocks.
Earlier, MicroStrategy founder Michael Saylor stepped down as CEO to focus on the company's plans to acquire BTC. MicroStrategy has grown its holdings of bitcoin under his leadership, making it the largest corporate holder of the asset. It currently owns 129,699 coins purchased at an average exchange rate of $30,664. The last purchase (480 BTC) was made in June.

- Eugene Fama, American economist, and Nobel Prize winner in 2013, believes that the first cryptocurrency will only have value if it is used as money. However, according to the scientist, the viability of bitcoin as a means of payment is greatly reduced due to its high volatility. “Monetary theory says that a unit of account will not survive unless it has a sufficiently stable real value. Its real price should not rise and fall sharply,” the Nobel laureate believes.
Fama disagrees with the claim that BTC is a store of value. According to him, the idea that bitcoin has value should be considered a temporary phenomenon. “There has to be something really useful in the product so that people want to keep it for a very long time. But bitcoin has nothing that gives it value other than the investors who hold it. […] So bitcoin will collapse at some point,” the economist says.

- Mike Novogratz, CEO of Galaxy Investment Partners, does not agree with Eugene Fama. He noted during his interview at the SALT conference that he is optimistic about the immediate prospects for the crypto-currency industry. In his opinion, many digital currencies can demonstrate their practical value in the foreseeable future. Novogratz also focused on the fact that the actions of market participants are formed taking into account the general rhetoric regarding a particular crypto project, and not its real functionality.
The expert added that BlackRock's entry into the crypto industry can be considered a monumental event that can have a significant impact on the entire segment in the future. Recall that BlackRock, Inc. is one of the world largest investment companies and the largest in the world in terms of assets.

- According to a survey conducted by Harris Poll, 70% of US crypto investors hope to become billionaires. Harris Poll interviewed 1,900 Americans from all age groups. Those who claim that cryptocurrencies can bring them billions are mostly millennials or generation Z. Analysts emphasized that American youth do not trust traditional financial instruments, while digital currencies, on the contrary, are becoming more and more attractive to them.


Notice: These materials are not investment recommendations or guidelines for working in financial markets and are intended for informational purposes only. Trading in financial markets is risky and can result in a complete loss of deposited funds.

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[Stan NordFX]

CryptoNews of the Week

- Analytical software provider MicroStrategy purchased an additional 301 BTC for $6 million. This is stated in the report submitted to the SEC. Michael Saylor, founder and ex-CEO of the company, said that purchases were made between August 2 and September 19 at an average price of $19,851 per BTC. MicroStrategy's previous investment in the first cryptocurrency took place in June: the firm purchased 480 BTC worth about $10 million.
MicroStrategy and its subsidiaries currently own 130,000 BTC, purchased at an average exchange rate of $30,638 per coin. Thus, unrealized losses on this investment exceed $1.5 billion.

- The monetary policy of the US Federal Reserve has led to the emergence of "tumors" like bitcoin. This was stated by the philosopher and author of the cult work “Black Swan” Nassim Taleb. “I believe we had 15 years […] of Disneyland which basically destroyed the economic structure. The Fed missed the mark by cutting interest rates too much. Zero interest for a long period of time damages the economy, bubbles are created, tumors like bitcoin are created,” he said, calling for a return to “normal economic life.”

- Willy Woo, a well-known bitcoin investor and analyst, believes that the BTC rate is being held back for political reasons. As he noted, it is currently theoretically possible to sell unlimited amounts of BTC due to futures contracts, although in reality the offer is limited to 21 million coins. “Futures markets can control the BTC rate,” the investor says. “CME (Chicago Mercantile Exchange) has set up a kind of bitcoin casino where you can play in US dollars. Wall Street hedge funds loved it. What are the current restrictions on the sale of bitcoin? None, because fiat has no restrictions.”
Woo believes that due to the structure of the futures market, major players can suppress BTC by exerting pressure in the form of selling an asset: “Bitcoin should not be killed. Just the ability to short BTC is enough to suppress the exchange rate. Bitcoin will not be able to make a global impact without a high price. The SEC's policy is now aimed at increasing liquidity and the predominance of futures by approving futures ETFs, while spot ETFs are being rejected. Everything has turned into a political game now.”

- Nicholas Merten, an analyst and founder of DataDash, believes that after BTC's unsuccessful attempt to stay above $19,000, it will fall to $14,000. In his opinion, this is influenced by both technical and macroeconomic factors.
Thus, BTC's 200-week moving average (WMA) has become a resistance level, not a support level. Bitcoin has almost always remained above this indicator throughout its existence, with rare breakdowns to the downside, marking the bottom of the cycle. Currently, the 200-week WMA is around $23,250, and bitcoin is struggling to rise above this level.
Merten concluded that BTC's recent exchange rate movement could signal the end of a 10-year bull market, and it can no longer be a leading asset compared to other commodities and stocks. According to the analyst, the next bottom of BTC could be around $14,000, which would mean an 80% correction from the all-time high, as in the case of previous bear markets. “$14,000 is a potential low at the moment. However, investors should consider an even sharper fall to $10,000.”
As for ethereum, Merten expects the asset to retest the $800-$1,000 range, although he doesn't rule out a move lower.
The decline is facilitated by the actions of the Fed, whose hawkish monetary policy caused the collapse of the cryptocurrency and stock markets in 2022. Despite the potential dangers to the economy, Merten does not expect the US Central Bank to stop raising rates until a confident victory over inflation.

- An analyst with the nickname DonAlt believes that BTC will update the lows of 2022 against the backdrop of weak stock market performance. He predicts a fall below the $18,000-20,000 range and a new cycle low. “It often happens with such ranges that after it is broken, an increase occurs. And now there is a good chance to break through the $18,000-20,000 range and then form a bullish momentum. The only question is how low bitcoin can go because it can easily go all the way to $15,000.” “My forecast is based on the S&P 500 and looks terrible,” DonAlt writes. “It looks like this index is in for a serious drop and a return to support at 3680.”

- The ongoing cryptocurrency bear market is unlike any before it as the Fed is running the ship this time around. Ethereum has fallen by about 15% since September 15, the completion date for The Merge update. Bitcoin has fallen by about 3% over the same period.
Ethereum’s price had roughly doubled from its yearly lows in June, by far outpacing bitcoin’s rise, ahead of the network upgrade. And Vijay Ayyar, vice president of the Luno crypto exchange, believes that the Merger had already been “factored into the price” of ETH, and “the actual event has become a “news selling” situation.
Traders are now moving investments from ethereum and other altcoins back to bitcoin, Ayyar said, “as bitcoin is expected to do better in a few months.” At the same time, the specialist believes that any “change in the macroeconomic environment in terms of inflation or unexpected interest rates” could lead BTC to fall below $18,000, and the coin will test levels up to $14,000.

- Investors are wondering if ethereum’s regulatory status could change after the Merge. The reason for concern was the words of Gary Gensler, Chairman of the US Securities and Exchange Commission. This official said last week that cryptocurrencies operating under the Proof-of-Stake model that applies to ETH can be classified as securities. Thus, these assets fall under the competence of the regulatory authorities. Gensler did not specifically name ethereum, but it is clear that in this case, the coin will attract close attention of the SEC.

- Takis Georgakopoulos, head of the payments division at JPMorgan investment bank, said that customer demand for cryptocurrencies has plummeted over the past six months. Most likely, the situation is related to the fall of the crypto market, which dragged on for several months. More than $2 trillion has disappeared from the market. Well-known companies working with digital assets are on the verge of bankruptcy. For example, Celsius and Voyager Digital filed for bankruptcy in July due to lack of liquidity.
Recall that JPMorgan strategists recommended at the end of August that investors focus not on cryptocurrencies, but on stocks and long-term bonds until the economic situation stabilizes.

- Bloomberg Senior Analyst Mike McGlone is convinced that market signals indicate that the value of bitcoin is growing. The expert compared the current fall in cryptocurrency quotes with the fall of the NASDAQ index in 2002 and subsequent stable growth over a long period of time. Mike McGlone argues that bitcoin will benefit from a "new chapter in the economy" in which speculation is driven by more than just how much money the Fed is printing. “The days when unsustainable companies could exist are over. Now, if a business doesn't work, it's sinking. And this is good, because now that the market has cleared after a wave of bankruptcies, it is open to solid business,” he said.

- Central Bank Governor Patrick Njoroge complained at a meeting of the Kenyan Parliament that even in his inner circle there are many people who are trying to convince him to convert reserves countries into bitcoins. The official called the idea insane. And he added that if the country takes the path of legalizing bitcoin, he will oppose it, even under the threat of going to jail. “Can cryptocurrencies be called the best means for making settlements and payments? Are cryptocurrencies safer than a bank account? The answer is no," the governor of the Kenyan Central Bank said.
It is worth noting here that many Central Banks like to keep their reserves in gold bars. And according to a survey conducted by Paxos among regular buyers of physical gold, almost a third of respondents consider BTC as the best alternative to the precious metal. So the idea under discussion might not be that crazy.


Notice: These materials are not investment recommendations or guidelines for working in financial markets and are intended for informational purposes only. Trading in financial markets is risky and can result in a complete loss of deposited funds.

#eurusd #gbpusd #usdjpy #btcusd #ethusd #ltcusd #xrpusd #forex #forex_example #signals #forex #cryptocurrencies #bitcoin #stock_market

Forex | Forex Trading | NordFX

 

[Stan NordFX]

CryptoNews of the Week

- Analysts have estimated the “painful” breakeven threshold for miners at $18,300. According to Glassnode's calculations, 78,400 BTC could be at risk of liquidation if the price of bitcoin goes below this price, which follows from the mining difficulty regression model. This value is slightly higher than the June low of $17,840.
Against the background of price stability, mining metrics are improving, which is a signal that the situation will improve in the coming months. In particular, the hash rate reached a record 242 EH/s. The growth of computing power is due to the introduction of the most efficient ASIC devices. This confirms the dynamics of revenue per EH/s (4.06 BTC). In dollar terms, it ranges from $78,000-$88,000. The last time such values were observed was after the halving in October 2020, when bitcoin was worth half what it is now (~$10,000).
The balances of miners, which account for 96% of the current hash rate, have 78,400 BTC, the maximum number of coins that can increase sales in case of stress for this category of market participants. At the moment, most of the sales are carried out by miners associated with the Poolin pool. In September, representatives of this company admitted that there were problems with liquidity.
Glassnode experts also noted a growing likelihood of increased volatility after a long period of consolidation in the $18,000-20,000 range.

- McDonald's restaurant chain has started accepting BTC payments in Lugano, Switzerland. Back in March, Lugano authorities announced that they would make digital gold, USDT, and the city's LVGA token "de facto" legal tender. The decision was the development of an initiative to turn the city into the “Bitcoin Capital of Europe”.

- Robert Kiyosaki, the author of the bestseller Rich Dad, Poor Dad, called the strengthening of the US dollar an excellent opportunity to buy the first cryptocurrency and other digital assets. “Buy more. When the Fed turns around and cuts interest rates, you will smile while others cry,” he said.

- George Soros' former Quantum associate, billionaire Stanley Druckenmiller, predicted a revival of digital assets amid the collapse of the fiat-based economy. He said this at the CNBC conference. The financier expects a "hard landing" of the economy in 2023 against the backdrop of an aggressive tightening of the Fed's monetary policy.
In his opinion, quantitative easing and low rates led to bubbles in financial markets. These factors have not only been stopped now, but reversed. The Fed has begun cutting its $9 trillion balance and has already managed to raise the key rate five times to 3.25%, expecting its peak at 4.60%. “You don’t even need to talk about black swans to start worrying,” the billionaire said. In his opinion, if confidence in the actions of central banks is lost, cryptocurrencies “will play a big role in the revival”.

- Unlike global investors, ordinary people look at what is happening a little differently. The collapse in the crypto assets market forced not only the older generation, but also young people to reconsider their attitude towards them. The financial company Bankrate conducted a survey, according to which, the number of Americans who were comfortable investing in digital money has dropped sharply.
Millennials, who had previously been considered most open to new technologies, have lost confidence in cryptocurrencies more than others. The percentage of young people for whom cryptocurrencies were a convenient investment method fell from 49% in 2021 to 29% in 2022. People between the ages of 40 and 55 are losing trust in digital assets as well. Over the year, this figure fell from 37% to 21%. Among the older generation, the figure fell from 21% to 11%.
“It's much easier to invest enthusiastically in something when you see its value constantly increasing,” says Greg McBride, Chief Financial Analyst at Bankrate. “A real test of the faith happens when the market falls, and what you fervently believed until recently ceases to be profitable. Recent movements have forced many to reconsider their attitude towards the digital asset market radically.”

- Some different data was provided by The Block. According to their calculations, despite the global bearish trend, the number of active investors in the bitcoin network continues to grow. This trend is due to the serious economic crisis in Europe, against the background of which retailers are increasingly investing in the main cryptocurrency in order to diversify risks. According to The Block, the number of investors in the bitcoin ecosystem has grown by 4.5 million since January 1, 2022.
It is noteworthy that the number of bitcoin addresses with a balance of at least 0.01 BTC reached an all-time high of 10.7 million this month. About 47% of holders remain in profit, despite the flagship cryptocurrency's prolonged drawdown relative to its historical maximum.

- Galaxy Digital CEO Mike Novogratz suggested that a reversal could form in the stock market in October. The expert also stressed that the Fed's policy is likely to remain aggressive. And there are no clear signs so far that the US department is ready to cut interest rates, as such a drastic move would harm efforts to combat inflation. However, the expert did not rule out that the regulator may re-initiate the quantitative easing procedure at some point in order to stabilize the market situation.
The head of Galaxy Digital believes that bitcoin looks quite stable in the current macroeconomic conditions, and that BTC will still be able to reach $500,000 within a few years.

- Unlike many optimists, cryptocurrency strategist and trader Cantering Clarke expects BTC to crash to five-year lows amid stock market weakness. According to his calculations, bitcoin could fall by almost 40% from current levels if the S&P 500 stock index resumes its bearish trend. “If the S&P 500 drops to the next major area between 3,200-3,400 [pips], I think the correct assumption is that the crypto crash will be 2-3 times greater. This means at least that BTC will re-test the largest protrusion in five years: about $12,000-13,000,” the trader warns.
However, in the short term, he believes bitcoin bulls could bring back some confidence to the market if they manage to gain a foothold above $20,000. “If we can break these local highs, I think BTC will see some momentum,” Cantering Clark predicts.

- Social media users are vigorously discussing the fact that October 7 will be a key day for the cryptocurrency market this week. The fact is that the US authorities will announce updated data on unemployment and wages in the non-agricultural sector of the country this Friday. Employment and CPI data will signal how much the Fed will raise interest rates at its next meeting in November.
Experts are clearly divided on the future of the industry. Some of them predict a rapid growth in the exchange rate of the flagship cryptocurrency and altcoins due to the geopolitical situation in the world. Others, on the contrary, predict a protracted crisis. In their opinion, the industry will face a crypto winter in the next few years, so there is no point in waiting for prices to rise.

- According to US Treasury Secretary Janet Yellen, failure to regulate cryptocurrencies could harm the entire US financial system. According to her, this industry, left without regulation, is fraught with risks, although they do not pose a “real threat” to financial stability so far.
A true cascade of defaults and bankruptcies in the crypto industry has led firms like Celsius, Voyager, and Three Arrows to file for bankruptcy and prevent clients from withdrawing funds. We can recall the fall of the Luna token and the Terra stablecoin associated with it. All this led to the US Securities and Exchange Commission (SEC) deciding to increase its focus on the digital asset market by doubling its crypto division staff in May. And SEC chief Gary Gensler even called this entire industry the “Wild West”.

- Increased regulation of cryptocurrencies is often frowned upon by crypto investors, and the threat of such increased regulation has often been a bearish factor for bitcoin and other cryptocurrencies. However, the Commodity Futures Trading Commission (CFTC), which oversees the US futures market, believes that proper regulation could have a powerful bullish effect on the price of BTC.
CFTC chief Rostin Behnam explained that a clear regulatory framework could help increase the number of institutional investors. According to him, “these incumbent institutions in the crypto space see a huge opportunity for an institutional influx that will only happen if a regulatory structure is put in place around this market.” Behnam also noted that the bill submitted to the US Senate would make the CFTC the main regulator of the crypto industry, expanding the commission's powers and requiring crypto firms to register with the CFTC.

- The founder and CEO of The Birb Nest brand Ardian Zdunczyk shared his thoughts on bitcoin and what cryptocurrency can expect in the last quarter of the year. He noted that historically the fourth quarter was successful for BTC, and it would be interesting to see if the leader of the crypto market can repeat the previous successes. Zdunczyk cited historical data, proving that investors can expect good returns over the next two months. True, he made a reservation that no one would give guarantees.
Another argument in favor of the pre-New Year rally is the fact that the coins have risen slightly compared to their 200-day trends. Unlike fiat currencies that show roller coasters, bitcoin is stable in the range of $19,000 to $20,000. And now all markets are waiting for stability. They are already tired of the recession, the fall in company shares, the IMF's gloomy forecasts, and the ill-conceived policies of the Central Banks. Therefore, against such a background, bitcoin is becoming more and more attractive.


Notice: These materials are not investment recommendations or guidelines for working in financial markets and are intended for informational purposes only. Trading in financial markets is risky and can result in a complete loss of deposited funds.

#eurusd #gbpusd #usdjpy #btcusd #ethusd #ltcusd #xrpusd #forex #forex_example #signals #forex #cryptocurrencies #bitcoin #stock_market

Forex | Forex Trading | NordFX

 

[Stan NordFX]

CryptoNews of the Week

- Paul Tudor Jones, a trader and founder of the Tudor Investment Hedge Fund, said in an interview with CNBC that he continues to hold a position in the first cryptocurrency. “I still have a small bitcoin investment,” Jones noted. According to this Wall Street King, the first and second most capitalized cryptocurrencies will be valuable “at some point” because of too much money.
Jones pointed to the monetary policy of the US Federal Reserve. It was quite simple until 2018, but the regulator “went too far with quantitative easing” two years later to support the economy, and then changed its strategy drastically. “Inflation is a bit like toothpaste,” the famous trader explained. "Once you squeeze it out of the tube, it will be difficult to put it back. The Fed is furiously trying to wash that taste out of their mouths. […] If we go into a recession, it will have a really negative impact on a range of assets.”

- Mike McGlone, senior strategist at Bloomberg Intelligence, predicted a rise in the bitcoin price by the end of 2022. Digital gold and ethereum tend to outperform most major assets during economic downturns. Therefore, McGlone called the increase in interest rates by Central banks “a strong tailwind.”
He noted that October has been the best month for bitcoin since 2014. At the same time, the analyst believes that ethereum's transition to the Proof-of-Stake consensus algorithm can help ETH and BTC gain a foothold above the $1,000 and $20,000 levels, respectively.

- A popular crypto analyst known as Dave the Wave accurately predicted the bitcoin crash in May 2021. He believes now that if bitcoin equals gold in the long term in market capitalization, this will be equal to an increase in its price by about 40 times. According to the expert, this global goal can be achieved within two decades.
Dave the Wave also notes that the MACD momentum indicator may indicate soon if BTC has hit the market bottom. “The recent local downtrend is now equal to the previous uptrend. A monthly closure with a strength/contraction histogram will contribute to a significant assumption [if not confirmation] of the bottom.”

- Google has announced that it will soon start accepting payments for subscriptions to its own cloud services in cryptocurrency. This was reported by the CNBC news agency. The partner of the IT giant is the Coinbase crypto exchange. It is noted that Google will accept 10 types of cryptocurrencies, including bitcoin, Ethereum, Litecoin, Bitcoin Cash and even Dogecoin. The feature will become available in early 2023. At the first stages, only “a few corporate clients in the world” will be able to pay Google with cryptocurrency. However, a much larger number of Google users will later access it.
According to CNBC, Coinbase will receive a commission on each transaction, the amount of which has not yet been disclosed. However, it is noted that as part of the partnership, Coinbase will abandon Amazon's cloud infrastructure in favor of a similar solution from Google.

- Amsterdam Stock Exchange trader Michael van de Poppe believes that bitcoin's current low price volatility will begin to increase in the second half of October, after US inflation data is released. Together with the latest data on retail sales and labor market dynamics, it will have a strong impact on both Wall Street and the cryptocurrency market.
The next important point is early November, when the Fed is likely to raise the benchmark interest rate by 0.75%. The probability of this is estimated above 90% at the Chicago CME Group. If so, according to JP Morgan, the S&P 500 index, which has lost 24.21% since the start of the year, faces a new collapse of about 20%. Thus, investors will be able to receive less than $56 out of the $100 dollars that they invested in the shares of the 500 largest US companies.
Bitcoin's price is sure to react to such a move in the US stock market, but how? Opinions differ here. Wall Street stock prices, like any other risky asset measured in USD, are under pressure that the dollar DXY index is rising and is now reaching its highest level since May 2002 (113 points). However, the correlation of cryptocurrencies with the stock market is not stable: it either rises or falls. And it will become clear in the foreseeable future whether bitcoin can become a hedge asset against the risk of unwinding global inflation at this stage.

- Real Vision founder and former Goldman Sachs CEO Raoul Pal said that the macroeconomic background is beginning to look attractive for investing in cryptocurrencies. Many investors are now in a state of extreme fear, fearing that the global financial system will soon collapse. And this could be a growth catalyst for risky assets like bitcoin and altcoins.
According to the businessman, investors are very negative and are playing it safe. Previously, the market had incredibly high amounts of investments, but the market does not work now, as sellers predominate over buyers. This situation may encourage the Fed to relax its monetary policy.
“There is currently no liquidity on the market, as only sellers are left there. I think this will cause huge problems in the future. Ultimately, businesses will demand more money to be issued and the situation on the market to be changed,” said Raul Pal. So once Central banks start printing money again, assets like bitcoin and altcoins will rise. “This is a sad state of affairs, but this is the real situation,” says the financier. “You will be able to see when the shift comes and use it to your advantage by investing in cryptocurrencies.”

- An experienced cryptocurrency market expert Zack Voell, who is a mining analyst at Braiins, shared a model that reflects the dynamics of bitcoin (BTC) prices in previous bear cycles. He studied the behavior of quotes in all past periods between highs and lows, on the basis of which he predicted a fall in the BTC rate to $13,800.
The analyst emphasized that he studied the behavior of the bitcoin price in 2011, then in 2013-2015 and 2017-2018, as well as during the current cycle, which began in November 2021. According to him, the value of the cryptocurrency lost more than 80% of its peak values the last two times. If history repeats, the rate will fall to at least this mark and may even go lower.
He noted among other things that the bearish cycle of 2011 led to a drop in the value of BTC by as much as 95%. However, this happened when the cryptocurrency was practically unknown to anyone and was not on the way to mass adoption.
Voell also noted that despite the negative sentiment, bitcoin was the most profitable asset in Q3 2022. Digital gold has shown extreme stability over the past months. In addition to BTC, according to statistics published by NYDIG, only precious metals and fiat USD turned out to be profitable in Q3.

- According to the analytical cryptocurrency platform Santiment, large bitcoin holders have increased their BTC savings by 46.173 coins (about $929 million) since September 27.
The list of so-called whales includes owners of addresses that store between 100 and 10,000 bitcoins. Analysts stressed that such activity by large coin holders is very rare this year. Apparently, bitcoins were bought with USDT stablecoins: the the latter's stocks in whales' wallets have fallen significantly.
It is quite possible that large holders expect the crypto market to grow. Indeed, bitcoin has been trading along the Power Point $20,000 for several weeks now, and this is an accumulation phase that should give way to an up phase. At the same time, 45.72% of all available bitcoins were stored on whale wallets at the end of September: this is the lowest figure in the last 29 months.
It has been repeatedly said that the fall in digital and other risky assets is associated with an increase in base rates by regulators in the United States and other world leading economies. However, financial analysts expect the Central banks of these countries to start cutting rates to combat the economic recession. This should push the price of bitcoin up.

- The bitcoin consolidation near the $20,000 level continues, and one of the tools used to determine the possible movement of the price of BTC is the Blockchain Center’s rainbow price chart. It shows how past price statistics can help predict the future behavior of an asset.
In the long term, the chart indicates that bitcoin could hit six figures at $626,383 by October 9, 2024. The flagship cryptocurrency will reach the “maximum bubble territory” then, marked in dark red.
Additionally, the chart indicates that the current crypto winter may have bottomed out. It is noteworthy that bitcoin's current price of about $19,500 is estimated to be in the “Main Sale” zone (marked in blue). Ahead of another bull run, the rainbow chart also shows that bitcoin’s “HODL” status will take effect at the end of the year when the asset trades at $86,151.
The color bars follow a purely logarithmic regression, which has no scientific basis. In addition, the bands have been adjusted to match past periods in the better way. However, the chart creators note that this is at least an interesting way to look at the potential future profitability of the main cryptocurrency.


Notice: These materials are not investment recommendations or guidelines for working in financial markets and are intended for informational purposes only. Trading in financial markets is risky and can result in a complete loss of deposited funds.

#eurusd #gbpusd #usdjpy #btcusd #ethusd #ltcusd #xrpusd #forex #forex_example #signals #forex #cryptocurrencies #bitcoin #stock_market

Forex | Forex Trading | NordFX

 

[Stan NordFX]

CryptoNews of the Week

- Most of the 564 crypto investors surveyed by MLIV Pulse think that bitcoin will continue to trade in the $17,600-25,000 price range until the end of 2022. Almost two-thirds (65%) of retail investors said that the regulation of the crypto industry was more attractive than a repulsive factor for buying digital assets. The figure was 56% among professionals.
Only a third of respondents admitted the possibility of flipping: the superiority of ethereum over bitcoin in terms of market capitalization in the next two years. After being asked to choose one word to describe the crypto industry, investors were almost evenly divided between opposite options: “Ponzi” and “future.”

- Katie Wood, the head of ARK Invest management company, shared her opinion on the capitalization of the first cryptocurrency. She predicted a rise to $4.5 trillion even when bitcoin was trading at $250. It was then that Wood asked Arthur Laffer, a well-known economist, and member of the US President Reagan's Advisory Board, to study the digital gold white paper. ARK Invest CEO was interested in the prospects of bitcoin as a unit of account, a means of preserving value and circulation. Laffer spoke positively about the first cryptocurrency. “I've been looking for this ever since we dropped the gold standard. Bitcoin is a rules-based monetary system,” he said. Laffer also compared the prospects for capitalization of digital gold with the size of the US monetary base.
Wood added that it was this conversation that prompted her to immediately invest more than $100,000 in bitcoin, which was 400 BTC at that time (about $8.0 million at the time of writing).

- The quotes of the first cryptocurrency will reach $100,000 next year, against the background of the approaching halving. This was stated by well-known trader Ton Weiss in an interview with Kitco. He also warned that the price of digital gold could fall to $14.000 before the bull market sets in.
According to Weiss, capital flows from Europe to the United States and the syndrome of lost profits can become the engine of growth. “They missed their chance to catch the low in 2018. This is another possibility. If bitcoin ever drops below $10,000, investors will immediately take advantage of this,” the trader explained.
He also noted the decentralization and resistance to censorship of the first cryptocurrency. According to Weiss, these characteristics will provide the asset with mass adoption. “We are seeing how governments, the Central Bank and ordinary banks freeze accounts. This year alone, we have seen how the West and the US confiscate funds from people because of their Russian passports,” he said.

- One of the events that could significantly push the price of BTC up is the halving, which is due to take place in 2024. This opinion is also shared by a well-known crypto trading specialist under the nickname PlanB. He provided an analysis of previous bitcoin price movements and made predictions for the future using a Stock-to-Flow (S2F) model. His colleague was supported by another trader and analyst, Josh Rager, who also expects bitcoin to grow significantly after the halving in 2024. At the same time, in his opinion, growth should not be expected before this event.
As we know, the last bitcoin halving took place on May 11, 2020, when the reward for each created block was halved to 6.25 BTC. This reward will again be halved to 3.125 BTC per block during the fourth halving, which is expected to take place in May 2024.

- The legendary trader and analyst Peter Brandt has a slightly different opinion. He said that bitcoin would reach a new all-time high in about 32 months, but it would first fall to $13,000. The expert believes that the first cryptocurrency will find this bottom at the beginning of 2023 and will not show “impressive” performance over the next year and a half.
According to Brandt, the US Federal Reserve is not going to ease monetary policy. He assumes that the regulator will raise interest rates by another 75 basis points at least twice more by the end of 2022 in order to combat inflation.
However, the analyst expects that the value of the first cryptocurrency will no longer depend on other markets at some point. “Bitcoin will eventually correlate with bitcoin,” Brandt explained. The expert also noted that the cryptocurrency will become the “main store of value” in the next 10 years.
Recall that Peter Brandt has been working in the financial markets for more than 40 years, he is the creator of the Factor Trading service, which provides expert reports and analysis of asset value charts. Brandt has repeatedly noted that bitcoin is one of the largest parts of his investment portfolio.

- According to an October survey conducted by the financial company Finder, the median forecast of analysts is that the price of BTC will reach $270,722 by 2030. They also think that the first cryptocurrency will be traded at $21,344 by the end of this year.

- His Majesty's former Treasury Chief, Rishi Sunak, became the new British Prime Minister on October 25. He was remembered for his benevolent attitude towards cryptocurrencies in his previous position. In his opinion, innovations can make payments cheaper and faster.
His department began developing regulation for stablecoins in 2020 and announced research on Central bank digital currencies (CBDCs). The future Prime Minister stated in April 2022 that he aimed to turn the UK into a "global hub for crypto-assets technologies." Sunak instructed the Royal Mint then to issue NFTs, and the Treasury announced plans to legalize stablecoins.
However, the agency ruled out the use of algorithmic stablecoins as payment mechanisms in May, amid the collapse of Terra. The Treasury has also considered additional measures to protect against “stable coin” disasters like UST.
Twitter users recalled that Sunak is easy to navigate popular NFT collections, and when taken a blitz survey, he chose both bitcoin and ethereum from the two leading cryptocurrencies.

- The bitcoin community is divided over whether BTC will rise or fall next year. There is reason to believe that BTC is likely to collapse sharply in the coming months but will then rise in middle to late 2023. Most analysts and technical indicators suggest that it could drop to $12,000-$16,000 in the coming months. This correlates with a volatile macro environment, stock prices, inflation, Fed data, and (at least according to Elon Musk) a possible recession that could last until 2024.
On the other hand, influencers, BTC maximalists and a number of other fanatical barkers claim that the price of the first cryptocurrency can soar to $80,000 and more. According to trader and analyst Kevin Swenson, we may see an 80-week bear market turn into a bull market around April. The deflationary nature of BTC, thanks to the halving, will contribute to this price increase.
Michael van de Poppe, CEO of trading firm Eight, has joined the cohort of analysts anticipating the rise of the first cryptocurrency. He believes that bitcoin has been consolidating around $20,000 for too long and should soon get out of the corridor to shake things up. “Bitcoin will break through all levels within two to three weeks. And I think it will be up. I think we'll get to $30,000."
The outflow of BTC from centralized exchanges also speaks in favor of a possible growth: this indicates that investors are withdrawing funds to cold wallets in anticipation of the growth of the first cryptocurrency.

- Other experts, on the contrary, believe that we will not see a surge either in the near future or in 2023. Gareth Soloway of InTheMoneyStocks has pointed out that there is a small chance that the coin could even crash to $3,500. “I think we will see a small bounce in the near future, then a wave down to $12,000-13,000, and then, I am afraid, we will move to $8,000-10,000, maybe even see a drop to $3,500,” he says. At the same time, Gareth Soloway warns that if BTC falls to $12,000 or below, it may not be profitable for miners to manage the ecosystem. This would mean that transactions are no longer being processed. And this, in turn, can not only damage the industry, but also destroy the bitcoin market.

- Frank Giustra, a billionaire who built his fortune on investments in the mining industry, believes that the US authorities will destroy cryptocurrencies sooner or later. He suggested that the US government plans to develop a jurisdiction for its own blockchain. “I think the US authorities really want to be ahead of the rest of the planet in terms of blockchain, not in bitcoin, but in a state-owned digital currency that they can fully control. Like all other countries, they don't need bitcoin competition. Therefore, I see BTC as a game against sovereign fiat money.” Giustra added that bitcoin has no chance of standing up to world governments.
The billionaire tried to convince crypto investors to invest in real gold. “If you invest in precious metals, the government will not be able to take them away from you when it destroys all assets not controlled by them in the digital world.”

- The correlation between the prices of bitcoin and gold over the past 40 days has reached a significant value of 0.5, which is a strong increase after it was almost zero in mid-August. At the same time, the volatility of bitcoin turned out to be less than that of the S&P 500 and Dow Jones. Accordingly, the price of the coin began to fluctuate less following the change in these two main indicators of the world's largest capital market.
Bank of America, in a letter to investors, expressed the opinion that “the decrease in bitcoin's positive correlation with the S&P 500 and the rapidly growing relationship with gold indicate that investors may be considering bitcoins as a relatively “safe haven” in a situation where there remains macroeconomic uncertainty in the world, and the “bottom” of the market may eventually be fixed.”

- As the most frightening holiday of the year approaches, there is another factor to consider when investing during this period: the “Halloween effect”. This is a popular sign among traders, which suggests that bitcoin and the stock market tend to perform well from the end of October to the end of May.
According to Finbold, BTC's price has only increased year-on-year over the past three Halloweens. However, it would be too reckless currently to assume that a digital asset could show growth for the fourth year in a row. But even stranger things happen in the world. According to estimates by 28,488 members of the CoinMarketCap community, the average implied BTC price on Halloween, October 31, 2022, will be $21,248, which is 65.17% lower than on the same day last year. Bitcoin was trading at $61,300 on October 31, 2021, with a market capitalization of $1.156 trillion, up 344.39% from BTC’s Halloween 2020 price of $13,794.


Notice: These materials are not investment recommendations or guidelines for working in financial markets and are intended for informational purposes only. Trading in financial markets is risky and can result in a complete loss of deposited funds.

#eurusd #gbpusd #usdjpy #btcusd #ethusd #ltcusd #xrpusd #forex #forex_example #signals #forex #cryptocurrencies #bitcoin #stock_market

Forex | Forex Trading | NordFX

 

[Stan NordFX]

CryptoNews of the Week

- October 31, 2022, marks 14 years since Satoshi Nakamoto published the bitcoin white paper. The white paper described how the peer-to-peer payment system worked that would revolutionize the financial technology world.
The bitcoin network was launched in January 2009. Satoshi Nakamoto disappeared two years later, and the public has never been able to find out who wrote the document that underpins the multibillion-dollar industry. It is unknown as well whether it was one person or a group of people.

- UN Secretary-General António Guterres has noted that new technologies have “unsurpassed potential to improve the lives of people” but are also used to finance terrorism. “Terrorists are abusing new technologies to spread disinformation, foment discord, recruit and radicalize, mobilize resources and carry out attacks,” he said.
The UN plans to involve states in regulating the industry, to combat abuse of digital assets. Few countries, however, have begun work on regulation, and even fewer have “successfully applied it” to curb illicit activity. At the same time, cash and hawala, an informal financial settlement system used mainly in the Middle East, remain the predominant methods of financing terrorism.

- According to the Coin ATM Radar center, after the failure in September (minus 459 devices), the number of bitcoin ATMs in the world increased in October by more than 200 units and reached 38,823.
Robocoin installed the world's first such ATM in a coffee shop in Vancouver (Canada) on October 29, 2013. 348 transactions worth more than $100,000 were made through the device during the first week. This operator no longer exists, and the focus of distribution has shifted to the United States: the country accounts for 88% of the total number of bitcoin ATMs. Canada retains the second line of the world ranking with a share of 6.6%. Spain came in third on October 22, 2022, with 215 bitcoin ATMs, or 0.6% of the total. Recall that analysts at Grand View Research predict that the bitcoin ATM market will reach $1.88 billion by 2028.

- Former Goldman Sachs CEO and macro investor Raoul Pal has allowed the digital asset market capitalization to rise to $300 trillion in the next 10-15 years. According to him, the capitalization of almost all financial markets ranges from $200 trillion to $300 trillion. Pal believes that cryptocurrencies will also reach this level in the future as part of the “fastest and most massive growth” in history.
The expert's forecast is based on the amount of activity around the digital asset industry and Web3. Pal also noted an influx of $60 billion in venture capital investments over the past 18 months. He is confident that the market capitalization of cryptocurrencies will soar immediately after the end of the macroeconomic turmoil.

- The author of popular comics and books, American cartoonist Zach Weinersmith said that the only meaningful argument he heard from cryptocurrency supporters is that they do not want centralized power over money.” According to Weinersmith, gold can be used in this paradigm. Vitalik Buterin joined the discussion of his tweet and gave three arguments in favor of cryptocurrencies as money: 1. Gold is incredibly inconvenient and difficult to use, especially when dealing with unreliable parties. 2. It does not support secure storage options such as multi-signature. 3. Today, gold is less common than digital assets.
“So, cryptocurrencies are the best choice,” concluded the ethereum co-founder.

- Blockchain security firm Peckshield shared some horrifying statistics on digital asset theft on Halloween night. As of October 31, 2022, $2.98 billion worth of digital assets have been stolen, according to published data, nearly double the $1.55 billion lost in all of 2021.
October has broken all records, fitting its new nickname "Haktober". During this month alone, the attackers stole assets worth a whopping $760 million (although $100 million was recovered). After October, the second largest amount of stolen funds was in March, during which just under $710 million was stolen. Most of the losses were related to the hacking of the Ronin bridge used in the Axie Infinity sidechain, as a result of which $625 million worth of crypto assets were stolen.

- BNY Mellon, America's oldest bank, said that 70% of institutional investors would increase investment in crypto, albeit under certain conditions, such as "custody and execution that would be available in recognized, reliable institutions."
The BNY Mellon report notes that "nearly all institutional investors (91%) are interested in investing in tokenized products." But at the same time, they are looking for ways to enter the cryptocurrency market safely, and not invest recklessly in the hope of high profits.

- Grayscale Investment has released the results of its survey. Experts planned to find out how ordinary Americans feel about the cryptocurrency industry. Only 52% of those surveyed agreed that cryptocurrencies are the financial future. And only 44% of respondents said they were considering investing in digital assets. At the same time, the majority of respondents (81%) agreed that cryptocurrencies need clear regulation rules.

- Coinbase CEO Brian Armstrong predicts that bitcoin will become a reliable asset over the next 5-10 years that can provide investors with security in difficult times. The billionaire believes that the market capitalization of BTC is not yet large enough for the first cryptocurrency to act as a serious hedge asset. However, according to the businessman, everything can change around 2030, when the crypto market will grow and “take a large share of the global economy.” Bitcoin can be then treated as digital gold, investments in which can protect during a crisis.
The head of Coinbase admitted that he has now overestimated the chances of bitcoin to act as insurance against inflation. “I thought that the situation in the economy could draw more attention to BTC, but it looks like it’s too early,” the billionaire said.
Cathie Wood, manager of ARK Invest, shares a similar opinion. In her opinion, the capitalization of bitcoin will grow to $4.5 trillion, and it can become more valuable than most fiat currencies, including the US dollar.

- The cryptocurrency market flagship continues to trade above the $20,000 key level. Kitco News analyst Jim Wyckoff noted that bulls are technically dominating bears. The specialist does not rule out that consolidation may form on the market in the near future before the quotes move into a phase of stable growth. Wyckoff has not ruled out either that bitcoin could experience increased volatility in the coming weeks.

- An analyst aka Plan B believes that bitcoin is on the verge of a new cycle. The expert predicts an uptrend for two reasons. First, thanks to the recent rise in the value of bitcoin, investors who collectively own more than 60% of the available coins have made profits. According to Plan B, this factor indicates the upcoming BTC price pump. Secondly, the RSI index speaks in favor of the increase in the value of bitcoin. The value of this technical indicator has recently dropped to its all-time low, that is, the market has fallen into an extreme oversold zone, so a reversal is inevitable.
Researchers at Glassnode agree with Plan B. Their latest report says that the bitcoin market is currently in an accumulation phase, leading up to a massive bull run. There is a trend at the moment, similar to what happened at the beginning of 2019 before the rapid increase in bitcoin's value more than threefold.


Notice: These materials are not investment recommendations or guidelines for working in financial markets and are intended for informational purposes only. Trading in financial markets is risky and can result in a complete loss of deposited funds.

#eurusd #gbpusd #usdjpy #btcusd #ethusd #ltcusd #xrpusd #forex #forex_example #signals #forex #cryptocurrencies #bitcoin #stock_market

Forex | Forex Trading | NordFX

 

[Stan NordFX]

CryptoNews of the Week

- The bankruptcy of the FTX exchange collapsed the crypto market. After it became known about the liquidity crisis of Alameda Research, a crypto trading company owned by FTX CEO Sam Bankman-Fried, Binance CEO Chang Peng Zhao published a message about selling FTT tokens. The relationship between Binance and FTX is a complex and long story, starting with Binance receiving $2.1 billion for withdrawing from FTX investments.
Recall that FTT is a token created by the FTX team, and Chang Peng Zhao’s actions immediately led to a rapid drop in its value. FTX users began to massively try to withdraw their savings. During the day, all BTC (about 20,000 units) were withdrawn from the exchange, and the exchange's balance is currently negative. In addition to FTT, the price of Sol and other tokens of the Solana project, which is linked to both FTX and Alameda, fell sharply as well. Other cryptocurrencies have also been affected by the decline.
Binance CEO Chang Peng Zhao announced on Tuesday, November 08 that his exchange is going to buy FTX, which is facing a liquidity crisis. However, this is currently just an intention that is not binding.
Against the background of all these events, bitcoin fell significantly in price, falling by 14.2% on November 8: from $20,701 to $17,756. Ethereum “shrunk” by 28%, it fell from $1,577 to $1,135. The total capitalization of the crypto market has decreased from $1.040 trillion to $0.853 trillion. As experts explained, “investors don't like to see any disruptions in any risky asset.”

- Nigerian presidential candidate Adewole Adebayo said that the introduction of the latest technology will help reduce unemployment in the country and promised to use blockchain and digital currencies to create 30 million jobs. His future administration intends to join forces with 2,000 local cryptocurrency companies to do this.
Residents of another country, Lebanon, whose national currency has fallen by 96% against the US dollar, see salvation in cryptocurrencies as well. Inflation has hit triple digits since August 2019, and the minimum wage has been cut from $450 to $17, according to CNBC. As a result, mining has replaced full-time jobs for some of the country's citizens.

- The total volume of lost bitcoins, as well as digital gold in the wallets of long-term crypto investors, has reached a five-year high. This means that the active market supply of cryptocurrency is decreasing, promising optimistic prospects for prices, provided that demand increases or remains constant.
Cumberland, the cryptocurrency arm of venture capital firm DRW, also believes that a “promising uptrend” is forming in the volatile digital asset market. “The dollar's seemingly inexorable rally ended up killing sentiment in all major risk asset classes earlier this year,” the firm said. “This rally seems to have peaked, probably as a result of expectations that the Fed will change course by mid-2023.” Another tailwind for digital assets, according to Cumberland, is the easing of geopolitical turmoil, namely the armed conflict between Russia and Ukraine, and the resolution of problems in supply chains.

- Many on-chain metrics, including Pewell's multiplier, RHODL Ratio, and Reserve Risk, signal that bitcoin is deeply oversold and is likely to reach the bottom of the bearish market. This is stated in October analytical report by ForkLog. At the same time, some indicators point to the risk of a new wave of redistribution and price consolidation in the range of $16,500-21,100.

- Having analyzed bitcoin’s previous price action, including its upper highs and lower lows since November 2021, crypto analyst Moustache concluded that the cryptocurrency has displayed a “bullish megaphone pattern.” In his opinion, the expanding model, which looks like a megaphone or an inverted symmetric triangle, indicates that bitcoin could reach $80,000 around the summer of 2023.
As for the shorter-term outlook, some analysts believe that bitcoin could regain a critical support level by the end of 2022 and possibly even regain its $25,000 high.

- Speaking at Web Summit 2022, billionaire Tim Draper predicted that the price of the first cryptocurrency would rise to $250,000 by mid-2023. However, this prediction is not new at all. Back in 2018, Draper predicted bitcoin at $250,000 by 2022, moved the forecast to early 2023 in the summer of 2021, and extended it now for another six months.
Draper is confident that women will be the main driver of the next bull market, as they control about 80% of retail spending. “You can’t buy food, clothing, and housing with bitcoin just yet, but once you can, there will be no reason to hold on to fiat currency,” the billionaire added.
He also called digital gold an insurance against mismanagement and noted that cryptocurrencies prevent the government from controlling the population. “You saw speculators get out of bitcoin. Only hodlers remain, they're into it. They say it creates a freer and more trusting world. [Bitcoin] is an honest currency, not tied to banks and governments. It is decentralized,” Tim Draper explained.

- Mastercard Chief product officer Michael Miebach believes that it will take longer than expected for cryptocurrency to become mainstream. In his opinion, this asset class will become much more attractive to people as soon as the supervisory authorities introduce the appropriate rules. Many people want but do not know how to enter the crypto industry and how to get the maximum protection for their assets.
Like Tim Draper, Miebach sees a future world where the majority of consumers around the world use bitcoin in their daily transactions and settlements. However, he believes that this will not happen in the coming months: “I think there is a long way to go before cryptocurrency becomes mainstream.”

- The Australian Securities and Investments Commission (ASIC) has determined that cryptocurrency fraud falls into three categories. The first relates to fraud, where the victim believes they are investing in a legitimate asset. However, the crypto app, exchange, or website turns out to be fake. The second category of scams involves fake crypto tokens used to facilitate money laundering activities. The third type of fraud involves the use of cryptocurrencies to make fraudulent payments.
ASIC says the top signs of a crypto scam include “getting an offer out of the blue,” “fake celebrity ads,” and asking a “romantic partner you only know online” to send money in crypto.
Other red flags include asking to pay for financial services in crypto, asking to pay more money to access funds, withholding investment profits "for tax purposes" or offering "free money" or "guaranteed" investment income.


Notice: These materials are not investment recommendations or guidelines for working in financial markets and are intended for informational purposes only. Trading in financial markets is risky and can result in a complete loss of deposited funds.

#eurusd #gbpusd #usdjpy #btcusd #ethusd #ltcusd #xrpusd #forex #forex_example #signals #forex #cryptocurrencies #bitcoin #stock_market

Forex | Forex Trading | NordFX

 

[Stan NordFX]

CryptoNews of the Week

- Cryptocurrency funds may lose up to $5 billion due to the bankruptcy of FTX. This is evidenced by a study by the analytical agency Crypto Fund Research. According to the experts, the crisis has affected 25-40% of industry investment structures that invested in FTX or its utility token FTT. Joshua Gnaizda, CEO of Crypto Fund Research, clarified that we are talking about 7-12% of assets under fund management.
Paradigm and Sequoia Capital reported that their potential losses due to the FTX crisis could be $278 million and $213 million, respectively. About $175 million has been blocked at the Genesis Trading brokerage company. As of November 8, Mike Novogratz's Galaxy Digital investment firm had $76.8 million in FTX-related positions. Multicoin Capital invested $25 million in the US division of FTX, and also held $2 million in USDC on the exchange itself. Investments in FTX US through the Venture Fund II, created in July, amounted to $430 million. Crypto Fund Research experts have estimated the value of Pantera Capital's FTX-related assets at approximately $100 million.
Industry participants admitted on condition of anonymity that the losses of asset managers could be even greater. “The number of funds absolutely destroyed by this bankruptcy is just beginning to be revealed,” one of the sources said. Researchers expect a record number of investor requests for refunds from crypto funds in November, up to $2 billion. The previous high of $1.3 billion was recorded in June after the Terra crash.

- The FTX incident has shown that the cryptocurrency industry needs “very careful regulation.” This opinion was expressed by US Treasury Secretary Janet Yellen, writes Bloomberg. The The Treasury Secretary added that the consequences of the collapse of Sam Bankman-Fried's empire could be even worse if the cryptocurrency market was more closely intertwined with the traditional financial system. “At least it's not as deeply integrated with our banking sector, and it doesn't pose more serious threats to financial stability at the moment,” Yellen said.

- While many investors around the world are panicking, experts at JPMorgan investment bank consider current events to be a positive catalyst. They said that the FTX crisis would benefit the industry and help it move several steps forward. The sudden collapse of one of the largest crypto companies will encourage regulators to speed up the process of forming regulations that allow effective control of the sector. And the introduction of a comprehensive regulatory framework will facilitate the institutional acceptance of cryptocurrencies.
JPMorgan analysts had warned earlier that the fall of major cryptocurrencies is not over, and the crisis related to the bankruptcy of FTX could lead to “cascading liquidations”. The market decline will continue for some time, reminiscent of the 2008 financial crisis. However, the JPMorgan team believes that the blow to total capitalization is likely to be less this time, as the TerraUSD episode has already caused a pullback in risk taking and a more wary attitude towards investing in dubious projects.

- MicroStrategy is not abandoning its strategy of buying and accumulating bitcoin, despite the continued market decline. This was stated by the executive chairman of the company Michael Saylor. He acknowledged that the situation looks like a "roller coaster" for digital gold. But at the same time, he recalled that bitcoin sank to levels that are still 33% higher than the levels when MicroStrategy first bought BTC in 2020. The company's shares have risen 38% over the period, outperforming tech giants like Apple or Amazon.
After acquiring 301 BTC worth $6 million in September 2022, MicroStrategy's reserves reached 130,000 BTC. The company has invested about $3.98 billion in cryptocurrency. The current value of the assets is approximately $2.25 billion.

- The People's Court of Shangrao (China) jailed a hacker for 10.5 years who, in the spring of 2018, used a Trojan to gain access to the imToken wallet on the victim's phone. During March-April, he made over 520 withdrawals for a total of 383.6 ETH. Subsequently, the attacker exchanged these coins for 109,458 USDT. After the hacker was arrested, the police returned all the stolen assets to the victim. In addition to imprisonment, the court fined him 200,000 yuan (about $28,000).

- A popular analyst named Dave the Wave told his 130,200 Twitter followers that cryptocurrency markets faced a huge loss of public trust after FTX filed for bankruptcy. However, Dave the Wave also reminded that bitcoin had previously remained in a long-term uptrend even when many announced its actual death. “Do not underestimate the speculative beast underlying the BTC market, as reflected in the LGC (logarithmic growth curve), which has demonstrated the ability to absorb the most terrible news and events,” the expert believes.

- Edward Snowden, a former CIA and US National Security Agency employee who once fled to Russia, shared his views on the crypto market. Snowden believes that after the collapse of FTX, the industry should switch to secure DEXs. Decentralized exchanges are an alternative to centralized exchanges and are managed solely by smart contracts without the participation of a third party. Thanks to full decentralization, DEXs in their original state should never face problems similar to FTX, as their reserves never fall below users' deposits.

- About three-quarters of bitcoin investors lost money due to the continued decline in the crypto market. This was stated in the Bank for International Settlements. BIS analysts analyzed data on cryptocurrency investors in 95 countries from 2015 to 2022. During the study period, the price of bitcoin rose from $250 in August 2015 to a peak of almost $69,000 in November 2021. The number of people using apps to buy cryptocurrency has grown from 119,000 to 32.5 million over the same period. In addition, the experts found that as the price of bitcoin rose, smaller users bought it, while the largest holders, on the contrary, sold it, receiving income from smaller users.
The study also found that the majority of new cryptocurrency investors (around 40%) are males under the age of 35, commonly referred to as the most “risk seeking” segment of the population.

- Bitcoin has stopped the fall caused by the collapse of FTX, and its supporters believe with a vengeance in its bullish future. Thus, experts from the cryptanalytical firm TradingShot conducted an “interesting fractal analysis at different time intervals”, which showed that if bitcoin stays above $16,628, its powerful rally is not ruled out in 2023. The results of the analysis suggest an increase in bullish potential, perhaps even up to $95,000 by 2024.

- Tesla CEO and new Twitter owner Elon Musk is confident that BTC will survive the bear market, although it will take a long time before its full potential is realized. Robert Kiyosaki, author of Rich Dad Poor Dad, also expressed optimism, who said that he is not concerned about the current price movement of the main cryptocurrency.
Elon GOAT Token (EGT) issuing company has created a monument to Tesla CEO Elon Musk “in honor of his many achievements and commitment to cryptocurrency.” The nine-meter aluminum monument, which depicts Elon Musk as a goat on a rocket, cost the company $600,000. The company drew attention to the fact that the image of the goat is not accidental. The name of the animal in English is goat, and in the case of the sculpture, the authors encrypted the phrase “Greatest Of All Time” in this way. “We thought it was a fun and creative way to get the attention of Elon and the world,” the company said. We will deliver it to Elon Musk on November 26. The donation will take place at Tesla's headquarters in Austin."

- Former stockbroker Jordan Belfort, who served time for securities fraud and is known as the “Wolf of Wall Street,” shared tips for managing finances during times of high volatility.
Tip No.1: Invest in bitcoin for 3-4 years. “If you take a three-, four- or five-year horizon, I would be shocked if you didn’t make money,” the expert says.
Tip No.2: Don't look at anything other than bitcoin and Ethereum. Belfort believes that despite the existence of thousands of cryptocurrencies, the attention of investors should be focused only on these two assets, as they have a solid foundation. In the case of bitcoin, limited supply and a rising adoption curve are key catalysts for an upward rally. As for Ethereum, it has become the first cryptocurrency to have really wide use cases in terms of decentralized finance (DeFi).
Tip No.3: Don't panic. “The whole crypto world is paralyzed by fear. [...] I'll say that if you get back into the game, this is the moment when the market is making the most money,” says The Wolf of Wall Street.
Belfort called the current market downturn a "cleansing." He also believes that the potential of bitcoin will be realized when the crypto sector becomes fully regulated.

- After cryptocurrency began to fall in price due to the bankruptcy of FTX, a video of Warren Buffet and Charlie Munger smashing cryptocurrency began to circulate on social networks. In a 2018 video, this legendary investor stated that the crypto industry is attracting a large number of charlatans who use people “who are trying to get rich because their neighbor is rich.” Then he said that cryptocurrencies are “rat poison squared” and a bad outcome awaits them. Buffett's right-hand man Munger, in turn, called cryptocurrencies "disgusting" and said that their price will fall to zero eventually.
“It turns out that old people really know what they are talking about,” economist Steven Geiger commented on the words of Buffett and Munger.

- Analyst Jason Pizzino opined that bitcoin bulls would not allow BTC to fall to $10,000. “We have a figure of $14,900 in the spot market as a cycle low and around $15,500 depending on which exchange you use.” According to Pizzino, “If we get above $18,500 or $18,600, that would be a strong indication that the whole thing was just a shake-up, and perhaps the losses will be offset during November and there will be a return to $20,000.”
“However, that doesn't mean that once we close above that $18,500, we can't go back down,” the trader added. “If the decline continues throughout November, then we will get a price of about $13,500, which is relatively well in line with the previous highs of the old 2019 cycle.”

- According to Morgan Stanley analysts, another sale may take place in the coming days. Traders will turn to selling due to the fact that BTC was unable to gain a foothold above $17,000. The result, most likely, will be a fall in the BTC rate below $15,000. In the event of such a rollback, the cryptocurrency can only qualify for immediate support in the $14,000 region. Moreover, Morgan Stanley does not exclude that bitcoin will find the bottom at $13,500 or even $12,500. But it will be the worst of scenarios.
Delphi Digital also came to a similar conclusion. Its report says that market consolidation has been delayed and that technical indicators hint at a new reset by the end of November. At best, bitcoin will be able to stay in the range of $14,000 to $16,000.


Notice: These materials are not investment recommendations or guidelines for working in financial markets and are intended for informational purposes only. Trading in financial markets is risky and can result in a complete loss of deposited funds.

#eurusd #gbpusd #usdjpy #btcusd #ethusd #ltcusd #xrpusd #forex #forex_example #signals #forex #cryptocurrencies #bitcoin #stock_market

Forex | Forex Trading | NordFX

 

[Stan NordFX]

CryptoNews of the Week

- A deepfake of FTX founder Sam Bankman-Fried was spread on Twitter, where he offered to take part in a cryptocurrency draw as compensation for the collapse of his exchange. The deepfake video directed people to a website hosting the “largest $100 million cryptocurrency give_away.” To participate in the “draw”, the scammers offered users to send any number of coins to a specific address.
The fake account was quickly banned. Apparently, the scammers used an $8 Twitter Blue subscription to pass off a fake Sam Bankman-Freed profile as a real one. For reference: Deepfake is a technology for creating and replacing elements on existing videos using artificial intelligence and neural networks.

- Ethereum co-founder Vitalik Buterin has recently shared a mysterious tweet that puzzled the cryptocurrency community. Without going into details, he wrote that "the rumor is that something important is about to happen." Dumbfounded by the strange text, readers are now trying to figure out if Buterin is trolling or is really trying to say something to the community.
This veiled warning comes after a dark tweet by renowned venture capitalist Paul Graham. He stated there that the crypto economy was about to experience “systemic risk” and referred to information he heard from a trustworthy person. At the same time, he added that he "does not know anything specific." So, it's possible that Buterin was simply making fun of Graham's vague doom warning.

- In addition, rumors have spread that Vitalik Buterin is getting rid of his Ethereum holdings. The wallet he allegedly owns has sold 3,000 ETH worth $3.75 million through Uniswap decentralized exchange. The question of whether this wallet really belongs to the Ethereum co-founder is debatable, but transactions were made with his other known addresses as well. These steps were taken in the middle of the night on Saturday, November 12, less than 24 hours after news of FTX's possible bankruptcy broke.

- Billionaire investor and CEO of Pershing Square Capital Bill Ackman is optimistic about the prospects for cryptocurrencies, despite recent industry events, including the FTX crash. “Cryptocurrencies are here to stay, and with proper oversight, they can benefit society and develop the global economy. All bona fide ecosystem participants should be highly motivated to expose and eliminate fraudulent projects, as they increase the risk of regulatory intervention,” Ackman said.
According to him, he was initially skeptical because he saw that the phone, the Internet and cryptocurrencies have “one thing in common”: “Each of these technologies helps the other in terms of improving fraud opportunities.” The billionaire also assumed that tokens have no intrinsic value and are simply a “modern version of tulip mania” but has now changed his point of view. The billionaire admitted that he has invested in several crypto projects. However, the share of such investments does not exceed 2% of his total portfolio.

- According to Happycoin.news, Jordan Belfort, a former stockbroker convicted of fraud and commonly known as The Wolf of Wall Street, believes that the FTX trading platform's bankruptcy was intentional, and Sam Bankman-Fried is a sociopath who implemented FTX pump and dump schemes. Belfort called FTX's business model a "fraternity house," which is more like a hostel than an actual business. In addition, in his opinion, all Bankman-Fried decisions can be equated to madness, and regulators need to focus on clients who lost money as a result of the exchange crash.

- A number of US senators have sent a letter to the management of the holding company Fidelity Investments, calling for a reconsideration of the option to include bitcoin in retirement savings accounts. It was supposed to be available to employees of 23,000 companies that use Fidelity to manage their $2.7 trillion retirement plans.
“The recent FTX crash has made it clear that the digital asset industry is in serious trouble. It's full of charismatic geeks, opportunistic scammers and self-proclaimed investment advisors who promote products without a proper level of transparency,” the legislators explained their move.

- Robert Kiyosaki, author of the world-famous book Rich Dad Poor Dad, still believes in the bright future of the two flagship digital assets bitcoin and Ethereum. According to him, bitcoin is not the same as Sam Bankman-Freed. The situation around FTX must be considered as a special case, and conclusions about the entire industry cannot be drawn only on its basis.

- Analytics firm Glassnode said in their November 21 report that recent market weakness has “shattered the confidence of bitcoin holders” and the looming crypto winter is following in the footsteps of its 2018-19 predecessor. According to Glassnode, most of the whales (wallets with more than 1,000 BTC) are now lying on the bottom, waiting for better times.
At the height of the previous bear market, bitcoin fell by 84% from its maximum. It took just under a year for the asset to fall from $20,000 to $3,200 in November 2018. It took about the same time this time to drop 77.3% and crash from $69,000 on November 21 to a new cycle low of $15,482. At the same time, some analysts believe that BTC should not be expected to recover soon, because several months had passed after the collapse of 2018 before the first noticeable upward impulse appeared.
In addition, last week saw the fourth-largest spike in realized losses with a daily volume of $1.45 billion. This dumping of crypto assets by long-term players “is often a sign of fear and capitulation among this more experienced cohort,” the report notes.

- The November fall in the cryptocurrency market resulted in a sharp increase in the number of unprofitable bitcoin addresses. According to the IntoTheBlock platform, the proportion of wallets that bought BTC at prices higher than today is now just over 51%. The total number of BTC holders is now 47.85 million, of which 24.56 million addresses are suffering losses. About 45% of wallets are still in the black, and the remaining addresses are in the break-even zone.
The last time a similar situation was observed was after the March market crash, IntoTheBlock analysts say. At the same time, one of them added that the share of unprofitable addresses usually exceeds 50% at the moment when the market is at the bottom. Thus, he hinted that a more significant fall in cryptocurrency should not be expected. However, statistics show the opposite: the share of addresses that suffered losses reached 55% in January 2019, and this figure exceeded 62% during the dominance of the bearish trend in 2015.

- Dave the Wave, a well-known crypto analyst with over 130,000 Twitter followers, has published an updated Bitcoin Logarithmic Growth Curve (LGC) model. According to his charts, bitcoin is now right at the lower end of the long-term LGC, which has historically acted as support.
BTC's history has already seen price actions below this curve: for example, in the 2015 bear market or during the crash at the start of the COVID-19 pandemic in March 2020. However, such a drop did not last long in past cycles, and the cryptocurrency regained its long-term support quickly. This usually signaled the end of the bear market and the start of a new bull market.
The analyst noted in a comment to his tweet that special attention should be paid to the closing of the month. According to him, there is technically nothing catastrophic in the price action yet, but the lower border of the model is hardly holding. If bitcoin closes the month below $16,000, LGC support is highly likely to collapse, and the fall will continue. And vice versa: if it manages to stay on the lower logarithmic curve and bounce up, this may be a signal for the beginning of a new bull market.

- American economist Benjamin Cowen is one of the best-known proponents of bitcoin’s cyclical nature and the cycle lengthening hypothesis. He has recently published a chart comparing the current bear market with the previous three. We see here the return on investment (ROI) of BTC of those who bought it at its absolute peak. The chart shows that bitcoin is at a very interesting point today.
On the one hand, 376 days have passed since ATH (the all-time high). In the previous two bearish markets, this period was 363 days in 2018 and 410 days in 2015. On the other hand, the current ROI is 0.247. In previous bearish markets, it always fell below 0.2. If this happens now, bitcoin will face another fall.

- Arthur Hayes, former CEO of BitMEX, has increased the negative outlook for bitcoin to $10,000. The cryptocurrency has fallen below $16,000, but Hayes believes that the story will continue to develop. The market is again on alert, as reports are received about the possible bankruptcy of Genesis, a branch of the Digital Currency Group (DCG) fund. The Genesis Credit Branch stopped the withdrawal of funds by customers on November 16. This happened after the company failed to raise $1 billion in funding.
Binance was expected to join the deal. But the trading platform refused to participate in financing, fearing a conflict of interest. However, Genesis is not officially preparing for bankruptcy, and the funding target has been lowered to $500 million.


Notice: These materials are not investment recommendations or guidelines for working in financial markets and are intended for informational purposes only. Trading in financial markets is risky and can result in a complete loss of deposited funds.

#eurusd #gbpusd #usdjpy #btcusd #ethusd #ltcusd #xrpusd #forex #forex_example #signals #forex #cryptocurrencies #bitcoin #stock_market

Forex | Forex Trading | NordFX

 

[Stan NordFX]

CryptoNews of the Week

- A bull market will soon begin for bitcoin and other digital assets, but this will happen after a noticeable fall and reaching a real bottom. This opinion was expressed by cryptocurrency analyst Benjamin Cowen.
The expert expects the 2018 crypto winter scenario to repeat. At that time, digital gold demonstrated several stages of gradual recovery. But growth became stable after quotes fell to the minimum of the bearish cycle. “When the market is bearish, we see the following stages constantly: a fall, a consolidation, a small increase, and a failure again. We are following a simple signal: the intersection of the 200-day moving average and the bitcoin price chart,” the analyst said. According to him, such an intersection will take place on December 25-27. This is when we can expect the price to reach a real bottom and move to sustainable growth.
Cowen pointed to the duration of bearish markets, which has historically been about a year, as an additional argument. The 2014 cycle lasted 14 months, and the 2018 cycle lasted 12 months.
According to the expert's forecast, the bottom has not yet been reached so far. In addition to not crossing the BTC price with the 200-day SMA, Cowen also referred to the Puell Multiple indicator. The metric value at the minimum was about 0.3 in previous cycles. The indicator has so far dropped only to 0.375 this year.

- Mark Mobius, co-founder of Mobius Capital Partners LLP investment company, shared his prediction that bitcoin will continue to fall, and its immediate goal is $10,000. He added that he would not invest his own money or his clients' money in digital assets as "it's too risky." “But cryptocurrency is here to stay because there are some investors who still believe in it,” the famous investor “reassured” crypto enthusiasts.
Mark Mobius is not alone in his predictions. Deribit options data shows a large number of outstanding bitcoin put contracts, so called open interest, with an exercise price of $10,000 at the end of December.

- Analysts at IntoTheBlock note that bitcoin is currently experiencing a sharp backwardance: a situation where BTC futures are priced much lower compared to the current price of the asset in the regular (spot) market. This suggests that the market is under strong pressure from sellers. Traders are actively opening short positions, hoping that the price of bitcoin will continue to go down.
At the same time, IntoTheBlock points out that the times when futures contracts are backward tend to coincide with market lows, as was the case in March 2020 and May 2021. And it can also be a signal that the cryptocurrency has found a bottom now. A similar trend can be seen with extremely negative funding rates.

- Unlike Mark Mobius, Tom Lee, head of research at Fundstrat Global Advisors and well-known analyst, remains a bitcoin supporter and believes that this asset can still serve as an investment tool.
Lee agrees that the passing year has been a terrible year for the entire crypto industry. The macroeconomic events of early 2022, the collapse of Terra, which not only buried two TOP-10 cryptocurrencies, but also caused a domino effect that destroyed many industry participants. A new shock came in November when one of the market giants, the FTX crypto exchange, and related companies, collapsed. There are now rumors questioning the fortunes of Digital Currency Group and its subsidiaries, two of which are Genesis and Grayscale. However, despite all the tragedy of the current situation, Tom Lee believes that the above events are a "cleansing" moment for the industry, and next year should be better than this one.

- Michael Novogratz, CEO of the crypto investment company Galaxy Digital, said that digital assets will not leave the market, even though the industry is experiencing a crisis of confidence. “There are 150 million people who have chosen to store part of their wealth in bitcoin. […] Therefore, bitcoin, ethereum will not disappear. Other cryptocurrencies will not either,” he said.
Novogratz expects the recovery of the crypto industry and its slow growth. “You will see how people like ARK Invest CEO Cathy Wood will soon enter the crypto market and invest. I don't think this will be a quick recovery. It will most likely take a long time. It won't be easy to restore trust. Centralized companies will have to act differently,” the businessman said.
Cathy Wood herself, according to Yahoo, answered “yes” when asked whether she still sticks to her forecast of the BTC price of $1 million by 2030.

- Analysts at investment bank JPMorgan believe that the cryptocurrency industry will change significantly after the collapse of FTX. Primarily due to stricter regulations. They cite the bill on the regulation of cryptocurrencies in the European Union (MiCA) as an example.
JPMorgan expects regulators to pay close attention to the issues of storing crypto assets and protecting consumers. These areas should lead to the same level of security as in the traditional financial system. Another way to protect consumers could be the separation of roles for cryptocurrency companies. When, for example, a cryptocurrency broker cannot be a credit service or provide custodial services at the same time. It is also important to ensure the transparency of the crypto business and oblige companies to provide periodic reporting on their status.
JPMorgan researchers do not expect a significant increase in the role of decentralized exchanges due to numerous restrictions for such sites. “We believe,” they write, “that centralized exchanges will continue to play a huge role in the cryptocurrency ecosystem for the foreseeable future. Especially for large institutional investors, even despite the FTX crash.”

- Renowned crypto trader Ton Vays has described how bulls can end a year-long bearish market. According to him, they should push the price of the main cryptocurrency to the November high, and this will start an upward rally. “I want to see a move to $23,000. If there's a rebound, we'll need to hold on to $19,000 and then come back for a further $23,000. This is 95% to 98% likely to show that a bull market has begun.”
The crypto trader who predicted the collapse of bitcoin in 2018 accurately does not rule out that bitcoin will soon face a new sale. “Another scenario is we will fall to $11,000. I believe the bull market will start right after that because I just don't believe bitcoin could fall even lower.” In any case, under any of these scenarios, Vays expects bitcoin to reach $23,000 later this year or early 2023.

- Small retail investors (up to 10 BTC) are becoming increasingly optimistic about bitcoin and have accumulated a record number of coins despite the FTX crash and the ongoing crisis, according to a report by the Glassnode analytics platform.
It is reported that “shrimp” investors (less than 1 BTC) added 96,200 coins worth $1.6 billion to their portfolios after the FTX crash in early November, which is a “record high balance increase”. And now they own 1.21 million BTC in total, which is equivalent to 6.3% of the current turnover of 19.2 million coins. Meanwhile, “crabs” (up to 10 BTC) have bought about 191,600 coins worth about $3.1 billion over the past 30 days, which is also a “convincing all-time high.”
While crabs and shrimps were accumulating a record number of bitcoins, large investors were selling them. According to Glassnode, bitcoin whales have released about 6,500 BTC ($107 million) to exchanges over the past month. However, this is a very small fraction of their total holdings of 6.3 million BTC ($104 billion), which suggests that the whales remain somewhat optimistic as well.

- Texas Governor Greg Abbott sees bitcoin's value to the world, adding that his state “wants to be at the center of it all.” Abbott urged bitcoin companies to set up operations in Texas, promising that anyone who does so will be rewarded with ease of doing business and a lack of regulatory controversy.
According to a recent SmartAsset study on cryptocurrency-friendly states in the US, Texas ranked fourth along with New Jersey, behind Nevada, followed by Florida and California.


Notice: These materials are not investment recommendations or guidelines for working in financial markets and are intended for informational purposes only. Trading in financial markets is risky and can result in a complete loss of deposited funds.

#eurusd #gbpusd #usdjpy #btcusd #ethusd #ltcusd #xrpusd #forex #forex_example #signals #forex #cryptocurrencies #bitcoin #stock_market

Forex | Forex Trading | NordFX

 

[Stan NordFX]

CryptoNews of the Week

- According to a Bloomberg poll, about 94% of respondents believe that the FTX bankruptcy will be followed by further turmoil as years of easy lending give way to a tougher business and market environment.

- The FTX collapse will continue to affect cryptocurrency market sentiment, leading to a drop in bitcoin's price to $5,000 in 2023. This is the conclusion reached by Standard Chartered. Eric Robertsen, chief strategist at this multinational bank, allowed interest to shift from the digital version of gold to its physical counterpart. The conclusion about the fall of bitcoin follows from his forecast for the growth of the precious metal by 30%, to $2,250 per troy ounce. Robertsen stressed that the proposed version of the development of events is not a forecast, but it only suggests a possible deviation from the current market consensus.
The described scenario is possible due to the suspension by the world's leading central banks of raising interest rates in 2023 after they have risen in recent months. An additional factor will be the expected continuation of a series of bankruptcies among major participants in the crypto industry with a loss of confidence in digital assets. “Gold will benefit from problems in the crypto industry in the future,” Nicholas Frappell, Global General Manager at ABC Refinery, agreed with Eric Robertsen.

- Galaxy Digital founder Mike Novogratz maintained his forecast for the price of the first cryptocurrency to rise to $500,000 in a comment to Bloomberg Television. However, due to significant changes in the macroeconomic situation, it will now take bitcoin more than five years to achieve this goal. “The reason bitcoin dropped from $69,000 to $20,000 is [Fed Chairman] Jerome Powell’s decision to start fighting inflation with a series of rate hikes from 0% to 4%,” he explained. “For this reason, all assets that are considered inflation hedges have fallen in value.”
The founder of Galaxy Digital said in early October that bitcoin would resume growth after the Fed backed away from aggressively raising rates to fight inflation.

- According to a report by CertiK, a blockchain security company, fraudulent bots are rapidly gaining popularity on YouTube: the number of dubious videos increased sixfold in 2022. CertiK describes a wave of fraud through bots that promise instant profits and up to 10 times a day in its report dated December 1. The scam itself usually involves victims being asked to download virus software that is designed to steal their assets the moment they attempt to initiate a pre-transaction.
North Korean hackers of the Lazarus group, which spread the AppleJeus virus under the guise of a bot for cryptocurrency trading BloxHolder are among the attackers, according to IT analysts from Volexity. The extent of the cryptocurrency they stole is still unclear. However, it is already known that the AppleJeus virus is actively updated and encrypted using a special algorithm, which complicates its tracking by antivirus programs.

- Investors lost $10.16 billion in just one week in November as a result of the collapse of the second-largest crypto exchange in terms of capitalization, FTX. According to the figurative expression of analysts, this was not a “crypto winter”, but a “crypto massacre”. The FTX crisis was like a domino that led to the collapse of many other companies.
To complicate matters, between 73% and 81% of investors lost money due to investing in cryptocurrencies between 2015 and 2022. This is evidenced by data from a study conducted by the Bank for International Settlements (BIS). According to many experts, regulators will no longer be able to ignore the complaints of those who have lost their savings in such a situation and will have to move to proactive action.

- Peter Schiff, a well-known financier and investor, is widely known as a supporter of gold and an opponent of cryptocurrencies. He expressed confidence in his latest interview that the global inflation rate will rise significantly in 2023, and what is happening now is just the beginning. In his opinion, the cryptocurrency market should fall even more, unable to withstand such strong pressure.
Schiff called the rising inflation rate a certain tax on the population. He noted that every US dollar that the government spends must be paid by citizens in one way or another. The authorities are using a dishonest path. They simply print new money and then put it into circulation. When this happens, the price of everything people buy is constantly increasing. So instead of taking money through taxes, they're stealing purchasing power.

- Texas Senator Ted Cruz said that cryptocurrency mining is essential to the US energy system. First of all, miners can use energy which is excess in the extraction of oil and gas. When it comes to extreme weather conditions in the state, whether it's severe frost or drought, miners can also benefit the Texas power grid. The senator explained that the energy generated by mining can be used to heat households and businesses.
Cruz stressed that Texas creates favorable opportunities for the development of the cryptocurrency industry thanks to an abundance of cheap electricity. In addition, the state government supports free enterprise, and this attracts companies working with blockchain and digital assets. According to the politician, he likes bitcoin, and this is the only crypto asset in which he invests and buys it on a weekly basis.

- Mike McGlone, senior strategist at Bloomberg Intelligence, believes that cryptocurrencies are now going through the last stage before reaching the bottom. However, he warned that it will be very difficult to survive this phase: “Normally, markets do not just form a V-bottom. They make it as hard as possible with a lot of volatility, taking money from all investors.”
Bloomberg analyst noted that there is good news as well. Thus, ethereum has grown 12 times compared to 2019 and is still growing. McGlone claims that ETH has strong support close to the current price level. According to his forecast, this coin will outperform all cryptocurrencies, thanks to growing demand and shrinking supply.

- According to Michael Van De Poppe, a well-known trader and analyst, the market situation has stabilized slightly, and BTC bulls need now to break through an important resistance level in the $17,400-17,600 range. In this case, the price will continue moving towards $19,000 quite quickly. He noted that one of the first goals was to reach the $18,285 horizon. As for the price of ethereum, Van de Poppe believes that the key support level for this cryptocurrency is the price of $1,200.

- JPMorgan CEO Jamie Dimon has once again criticized cryptocurrency and digital assets. He stressed that some people can be fooled into buying anything. The head of the bank has previously called cryptocurrencies “decentralized Ponzi schemes” and urged to stay away from bitcoin. However, he wrote in his annual letter to shareholders that “decentralized finance and blockchain are real new technologies” and went on to promote the bank’s efforts to implement them. In addition, JPMorgan registered a trademark for its own crypto wallet at the end of November. the bank will provide services related to digital assets under the new brand, including the transfer and exchange of cryptocurrencies, as well as the processing of cross-border payments.

- According to PricePredictions machine learning algorithms, which include a number of technical indicators (MA, RSI, MACD, BB, etc.), the price of bitcoin may rise in the near future. According to this forecast, the main cryptocurrency will reach $18,797 on December 31, 2022. It should be noted that this forecast is lower than the expectations of members of the CoinMarketCap crypto community, who believe that BTC will be trading at an average price of $19,788 by the end of the year.


Notice: These materials are not investment recommendations or guidelines for working in financial markets and are intended for informational purposes only. Trading in financial markets is risky and can result in a complete loss of deposited funds.

#eurusd #gbpusd #usdjpy #btcusd #ethusd #ltcusd #xrpusd #forex #forex_example #signals #forex #cryptocurrencies #bitcoin #stock_market

Forex | Forex Trading | NordFX

 

[Stan NordFX]

CryptoNews of the Week

- Following the FOMC (Federal Open Market Committee) meeting, the US Federal Reserve will decide on the interest rate on December 14. Although its current level is still far from the expected peak of 5-5.25%, the US Central Bank may raise the rate not by 0.75%, but by 0.5% this time. Such a decision will signal the easing of monetary policy and that additional volumes of dollar liquidity may appear on the market. According to experts, this will have a positive impact on the prices of risky assets, including cryptocurrencies. If bitcoin settles above the $18,000 area in the near future, some experts estimate that it is likely to reach an extreme of $20,000 by the end of December.
In such a situation, the bitcoin price will again be on a growth parabola, according to an analyst known as Plan B. According to their latest forecast, BTC could reach $100,000 in 2023. Jim Wyckoff, Senior Analyst at Kitco News, also believes BTC is close to developing a sustained bullish rally in the current environment as strong buyers have stepped in.

- Sam Bankman-Fried (SBF), the 30-year-old founder of the collapsed crypto exchange FTX, has been arrested in the Bahamas after U.S. prosecutors filed eight felony charges against him. According to law enforcement officers, SBF colluded with partners to deceive, misappropriate funds from clients of the trading platform and use them to pay the expenses and debts of their companies. As a result of the leak of deposits, an $8 billion hole was created on the exchange's accounts. The charges also include money laundering and violations of US political campaign finance laws. Earlier, the US Securities and Exchange Commission (SEC) also accused SBF in defrauding FTX investors. According to the representative of the prosecutor's office, Bankman-Fried faces up to 115 years in prison in the aggregate of all criminal cases.

- ARK Invest CEO Catherine Wood said that Sam Bankman-Fried has always disliked bitcoin because it is transparent and decentralized, and he could not control it, including during the crisis caused by opaque centralized players.
Despite the difficult situation caused by the bankruptcy of FTX, the head of ARK Invest remains optimistic. In her opinion, DeFi will be further developed, as investors have learned how important fully transparent decentralized networks are thanks to the crisis. “When centralized crypto companies went bankrupt, investors who invested in transparent distributed networks saw what was happening. They were able to withdraw their assets on time. Even those who used high margin leverage were able to survive,” Catherine Wood said.
Recall that, in addition to the FTX bankruptcy in November, the crypto industry has experienced a number of major shocks this year. First of all, this is the collapse of the Terra ecosystem in May. Compute North, Voyager Digital, Celsius Network, Three Arrows Capital, and Blockfi also filed for bankruptcy. According to some estimates, approximately several million customers lost billions of dollars as a result of all these events.

- Arthur Hayes, the former CEO of the BitMEX crypto exchange, said that the first cryptocurrency reached the lowest level of the current cycle, as almost all “irresponsible organizations” ran out of coins to sell. Hayes explained that when facing financial difficulties, centralized credit companies often borrow first and then sell off their BTC holdings, followed by a collapse. “When you look at the balance of any of these ‘heroes’, you won’t see bitcoin there. They sold it before they went bankrupt."
This is how Hayes explains the reasons for the fall of the first cryptocurrency even before the bankruptcy of centralized credit companies. At the same time, the expert believes that the period of large-scale liquidations is over. In his opinion, the digital asset market expects a partial recovery in 2023 amid the next launch of the “printing press” by the US Federal Reserve.

- According to Bloomberg's leading strategist Mike McGlone, bitcoin is likely to outshine gold. The popular analyst added that the flagship cryptocurrency is currently only four times more volatile than the precious metal, which is negligible compared to what it was in 2018.
McGlone called next year the bitcoin market and a time of shine after a year and a half of direct downtrends. This will happen due to the fact that the Central Banks, primarily the Fed, will move from an aggressive tightening of monetary policy to its easing. If this does not happen, Bloomberg strategist says, the world could plunge even deeper into a recession with negative consequences for all risky assets.
Max Keiser, a former trader and now TV host and filmmaker, also believes that BTC will certainly catch up in 2023 and may stage an epic rally before the 2024 halving. In his opinion, the growth of the flagship cryptocurrency will continue over the next decades.

- The FTX crash gave additional arguments to those US officials who are skeptical about cryptocurrencies. For example, Senator Jon Tester, a member of the Senate Banking Committee, has recently said that digital assets failed the “tightness” test. “I haven't found anyone who could explain to me what their value is,” the senator says. “The problem is that if we regulate them, people will start to think that crypto assets are really legal.”
The decision of the US authorities to regulate cryptocurrencies will determine the further behavior of institutional players and large owners of bitcoins, which are often the same persons. So far, 80% of the losses that occur in the market of the main cryptocurrency are caused by the sale of BTC by “whales”, most wallets with a balance of more than 10 thousand BTC continue to sell more than buy digital gold since mid-July.

- The proportion of US adults who have ever invested in cryptocurrencies increased from 3% in 2020 up to 13% in June 2022. This is evidenced by a study conducted by JPMorgan analysts. The specialists of the financial conglomerate analyzed a sample of 5 million accounts and found that the majority of retail users invested in digital assets for the first time close to the price peak. The average purchase price for their first cryptocurrency is $42,400-$45,500. At the same time, most low-income investors bought at a higher price.
Retail investors' inflows of money into crypto accounts have far exceeded outflows from them over the past few years. The cash flow has become more balanced against the background of the market decline in the first half of 2022. At the same time, the researchers found that the average investment is relatively small: about $620, which is approximately equal to a weekly salary. Only 15% of investors have invested more than their monthly earnings in digital assets. JPMorgan analysts also noted that Asians with high incomes are most likely to invest in cryptocurrencies.

- Twitter's new CEO Elon Musk managed to silence cryptocurrency spam bots. The businessman had promised to solve the problem with a huge number of advertising messages before buying the social network and has already started working in this direction. The volume of mailings has decreased significantly, but Elon is not going to stop there.
“My guess is that there are a small number of people running a huge army of bots and trolls. Today [December 11] we will block IP addresses of known violators. Although this should have been done much earlier,” Musk said. Twitter will now immediately blacklist the IP addresses of spammers, so they won't be able to use the social network for a long time using the VPN service or the Tor browser. In addition, Elon Musk promised to punish all scammers, but has not yet said exactly how.
Dogecoin creator Billy Markus, known under the pseudonym Shibetoshi Nakamoto, has confirmed the effectiveness of anti-spam measures. After Musk announced the blocking of IP addresses, only one bot responded to Marcus' post instead of the usual 50. Thus, the social network has neutralized almost all spammers.


Notice: These materials are not investment recommendations or guidelines for working in financial markets and are intended for informational purposes only. Trading in financial markets is risky and can result in a complete loss of deposited funds.

#eurusd #gbpusd #usdjpy #btcusd #ethusd #ltcusd #xrpusd #forex #forex_example #signals #forex #cryptocurrencies #bitcoin #stock_market

Forex | Forex Trading | NordFX

 

[Stan NordFX]

CryptoNews of the Week

- The SEC and CFTC may need to consider banning cryptocurrencies. Sherrod Brown, Chairman of the US Senate Banking Committee, said this on NBC. “We [legislators] want them [regulators] to do what they need […] perhaps by banning them [cryptocurrencies]. Although this scenario is extremely difficult, since they [digital assets] will go offshore, and few people can predict what this measure will lead to,” the senator explained.
Sherrod Brown backed Jon Tester, who also sits on the banking committee. The legislator stated on December 12 that cryptocurrencies have not passed the “gut check”, and therefore there is no reason for them to exist.
Brown admitted that he has been “educating” senators and the public on the “dangers of cryptocurrencies” over the past 18 months, calling for immediate and aggressive action. “I've already reached out to the Treasury and Secretary [Janet Yellen] and asked for a nationwide assessment through all the various regulatory agencies [...] The SEC has been particularly aggressive,” he explained. Brown cited the collapse of FTX as justification for the position, adding that this is only part of a huge problem.

- According to the chairman of the US Securities and Exchange Commission (SEC) Gary Gensler, digital assets are too volatile and speculative, which puts investors at great risk. “It is important that cryptocurrency issuers, as well as other intermediaries, operate in accordance with clear rules,” he said. “Although the industry usually does not pose a threat to the traditional financial sector, we must be vigilant to prevent such a situation from developing.”
Gensler noted that the Financial Stability Oversight Council (FSOC) was able to effectively identify gaps in the regulation of the crypto industry. The FSOC has recommended passing bills that would empower federal financial regulators to control the spot market for crypto assets, similar to stock markets.

- Michael Burry, the hero of The Big Short, who predicted the 2007-8 mortgage crisis, called audits of the balances of cryptocurrency exchanges FTX, Binance and others pointless. This is how the investor commented on the news about the termination of services for crypto companies by the French auditor Mazars.
Mazars's audit of Binance's bitcoin balances was actively criticized by experts who said that it was not a full audit and that its results did not convince users of the safety of users' assets. Following the criticism, Binance faced a significant outflow of funds. The exchange also had problems withdrawing the USD Coin (USDC) stablecoin on some networks. Against this background, Binance CEO Changpeng Zhao was forced to refute rumors about a lack of liquidity on the platform.

- Edward Snowden, a former NSA and US CIA officer who now lives in Russia, proposed his candidacy for the post in response to Twitter owner Elon Musk's post about the search for the social network's CEO. “I accept payment in bitcoin,” Snowden wrote.
Elon Musk posted that he needed a CEO who could "keep Twitter alive." Earlier, the billionaire conducted a survey in his profile about the need for him to resign from the post of head of the social network. 17.5 million users participated in it, the majority of them (57.5%) voted for Musk's resignation, and he promised to follow the results of the poll.

- Elon Musk had admitted back in August that a recession could trigger a number of bankruptcies, and the period itself could continue until the end of 2023. Although the billionaire admitted that “making macroeconomic forecasts ¬is a lost cause,” he still assumed that the upcoming crisis will be “relatively mild”. In particular, he referred to the "relatively low debt levels for most companies." This allows us to hope that the recession will remain in the range of "mild to moderate, lasting about eighteen months," Musk said at the time.
Mike Novogratz, the head of the venture capital company Galaxy Digital, adheres to similar deadlines. In his opinion, bitcoin will continue to remain in the zone of uncertainty as long as the US Federal Reserve is trying to curb inflationary risks. He also suggested that it is high time for the crypto market to pause due to excessive activity.
Novogratz called the takeover of the American crypto exchange Coinbase “by some big traditional financier” one of the worst recession scenarios. Coinbase has long been cutting operating expenses in anticipation of worsening business in 2023.

- According to a number of analysts, there are currently no significant prerequisites for the growth of the bitcoin rate in the global cryptocurrency market. On the contrary, the anxiety of traders against the background of the bankruptcy of the FTX exchange may lead to a collapse in its value. According to RBC, “investors are now actively withdrawing funds from the Binance exchange, and in record volumes. The US intends to strictly regulate the crypto market and citizens' transactions. So we should expect that bitcoin will not grow, but will come to its lows soon. It is possible that its value will be at the level of $10,000 in the first half of 2023, or even in Q1.”
The tightening of the US Federal Reserve's monetary policy may also put pressure on the bitcoin rate. Its plans to raise the interest rate above 5.00% next year may limit the potential for BTC to rise in value. And as analysts at the British investment company AJ Bell predict, the main cryptocurrency rate will be very volatile in 2023.

- Given the deteriorating macroeconomic conditions, the crypto market is likely to face another collapse in quotes in the near future. This conclusion was reached by analysts at the Nansen research portal, considering the correlation between the S&P500 index and cryptocurrencies. Experts expect that the US recession will affect not only stocks, but also digital assets. At the same time, it is possible that this fall will be the last in the current cycle (until 2024). However, Nansen experts did not specify how soon it will happen and how long the market will be at the bottom.

- Bloomberg senior strategist Mike McGlone shares the opposite point of view. According to him, despite the fact that “the global benchmark digital asset was defeated in 2022”, it is ready to once again lean towards faster growth. The expert believes that the global economy may continue to fall in 2023, but BTC is likely to grow and become more actively used as digital security. The correlation of the digital asset with the Nasdaq index can be a supporting factor in this matter.
Mike McGlone had earlier predicted that the "macroeconomic global winter" could last up to three years. At the same time, he expects that the crypto industry will become stronger than ever in the next few years, and the bitcoin exchange rate will reach $100,000, and Ethereum at $6,000 by 2025.

- To circumvent sanctions imposed due to Russia's invasion of Ukraine, the Russian Parliament is studying the possibility of issuing a gold-backed cryptocurrency that is stored in the country's Far East. This is not the first initiative on the topic of gold backing of digital assets. Economists at Vnesheconombank of the Russian Federation proposed issuing a gold-backed stablecoin called the “golden ruble” last June. In their opinion, it will be impossible to block transactions with the crypto-gold ruble, since the exchange rate will be tied to the gold rate on the world market.

- The research company Solidus Labs has published a report on fraudulent schemes in the crypto industry. According to the firm, scammers released over 100,000 new "cryptocurrencies" (117,629 to be exact) from January 1 to December 1, 2022. This figure is 41% higher than the figure recorded in 2021. The BNB Smart Chain blockchain, developed by the Binance exchange, took the first place in terms of the number of coins issued by fraudsters. 12% of the tokens created on this network were issued by scammers. In second place is the Ethereum cryptocurrency blockchain, in which 8% of new coins were associated with scam projects.
The most profitable scam was the so-called honeypot, which is a trap for greedy people. To pull off this scam, attackers develop a smart contract with a vulnerability that supposedly allows you to withdraw cryptocurrency after making a deposit. In practice, those who fall for the bait of the scammers cannot take the coins from the "pot" and lose their assets. The authors of one of these virtual traps, based on Squid Game (SQUID) tokens, earned $3.3 million in just a few days.


Notice: These materials are not investment recommendations or guidelines for working in financial markets and are intended for informational purposes only. Trading in financial markets is risky and can result in a complete loss of deposited funds.

#eurusd #gbpusd #usdjpy #btcusd #ethusd #ltcusd #xrpusd #forex #forex_example #signals #forex #cryptocurrencies #bitcoin #stock_market

Forex | Forex Trading | NordFX

 

[Stan NordFX]

CryptoNews of the Week

- Billionaire Mark Cuban had an argument with Club Random podcast host Bill Maher regarding investments in bitcoin and gold. Maher noted that he is an opponent of the first cryptocurrency and believes in the value of the precious metal. In response, Cuban called those who invest in gold dumb. “I want bitcoin to drop lower so I can buy some more,” the billionaire said.
Cuban also criticized Maher's claim that gold is a hedge against inflation and other risks. According to him, buying the precious metal does not mean owning a physical ingot. “This is a digital transaction that proves ownership […]. Do you know what would happen if you had a gold bar in your hands? Someone would beat you to a pulp or kill you to take it,” Cuban added.

- The mining company BIT Mining Limited reported a hacker attack on the BTC.com pool under its control. “As a result of the cyber attack, certain cryptocurrencies were stolen, including assets of BTC.com customers worth about $700,000 and approximately $2.3 million owned by the company,” BIT Mining Limited said. According to Immunefi, the crypto industry's total losses from hacks and scams in Q3 22 amounted to $428.7 million.

- According to South Korea’s National Intelligence Agency, North Korean hackers have stolen $1.2 billion worth of cryptocurrencies and other digital assets over the past five years. More than half of this amount ($626 million) was stolen over the past year.
North Korea's hackers are considered among the best, as Kim Jong-un's regime is investing heavily in cybercrime. CNN has published a major investigation into how the North Korean regime is financing its nuclear program by creating a network of agents and hackers embedded in various crypto exchanges and crypto companies, mainly from the United States.

- Large institutional investors are still “staying away” from digital assets due to high volatility. This was stated by Jared Gross, Managing Director of JPMorgan Asset Management. In his opinion, bitcoin has not become an alternative to gold and a hedge against inflation, as many hoped, and for most large institutions, cryptocurrencies “actually do not exist” as an asset class. “[A lot of big investors] breathed a sigh of relief that they haven't entered this market and probably won't do so anytime soon,” added Jared Gross.

- Bobby Lee, co-founder and former head of the BTCC exchange, allowed the cryptocurrency bull market to return by early 2025, in an interview with CNBC. “It is difficult to determine exactly when this bear market will bottom out. I expect the bull market to return in two years,” he said.
The expert also believes that it is necessary to strengthen regulation, especially for companies providing custody services, to restore confidence in the digital asset industry. “I have always been a supporter of more regulation in the cryptocurrency market. To understand, I'm talking about regulating companies, not the asset itself, because it's inert. It is a commodity like gold and silver. No regulation can change the chemical composition of gold or silver. It’s the same with bitcoin,” Lee explained.

- Bitcoin has been recognized as a means of payment in Brazil. The law that has secured this status for it has been passed by Congress and signed by the president of the country. The Bank of Brazil is expected to be in charge of using the first cryptocurrency as a means of payment, while the Securities and Exchange Commission is expected to take responsibility for overseeing digital gold as an investment asset.
At the same time, the Chairman of the Bank of Brazil has repeatedly stated that he does not consider cryptocurrencies as an alternative to fiat. Based on this, according to a number of experts, the Central Bank will not help create favorable conditions for the use of bitcoin in mutual settlements.

- Ethereum's fundamentals are strong, but analysts expect ETH to further depreciate. The Ethereum blockchain is at its best since its launch. 100 days have passed since the transition from Proof-of-Work to Proof-of-Stake. The chain is now protected by almost half a million validators, and energy consumption has decreased by 99%.
In addition, Ethereum remains the best ecosystem of non-fungible tokens, or NFTs. According to Nansen, almost $24 billion worth of NFTs were minted and sold in 2022. However, these positive factors have not increased ETH quotes. The price of the coin is still close to $1,200, and some analysts predict a further drop in the rate to the $1,000 zone.

- Crypto trader Dan Gambardella, who runs a YouTube channel called Crypto Capital Venture, released a video on whether the crypto industry can reach a capitalization of $100 trillion by 2030. Gambardella quoted Raoul Pal, former Goldman Sachs chief executive and CEO of RealVision, who compared the cryptocurrency industry to the stocks, bonds and real estate industries, whose market capitalization ranges from $250-350 trillion. Based on this analysis, the top manager believes that a $100 trillion crypto market capitalization could become a reality.

- Popular analyst Benjamin Cowen believes that bitcoin’s current percentage drawdown from its all-time high is approaching the level that signaled the bottom of the 2018 and 2014 bear markets. According to Cowen's chart, bitcoin then fell by more than 80%, today its fall is 75.6% from the high set in November 2021. This figure indicates the approaching end of the bear market. But it is too early to say that the bottom has already been reached.
Cowen is also keeping a close eye on the percentage drawdown of total market capitalization from all-time highs. According to him, it is now down by 72%, which is also still less than the drawdowns observed during the previous two bear markets.


Notice: These materials are not investment recommendations or guidelines for working in financial markets and are intended for informational purposes only. Trading in financial markets is risky and can result in a complete loss of deposited funds.

#eurusd #gbpusd #usdjpy #btcusd #ethusd #ltcusd #xrpusd #forex #forex_example #signals #forex #cryptocurrencies #bitcoin #stock_market

Forex | Forex Trading | NordFX

 

[Stan NordFX]

CryptoNews of the Week

- It was on January 3, 2009, that a person or a group of people known as Satoshi Nakamoto launched the main bitcoin network, mining a genesis block with 50 BTC. Shortly before the network was launched, on October 31, 2008, the white paper of the first cryptocurrency was published. The first bitcoin transaction took place on January 12, 2009: Satoshi Nakamoto sent 10 BTC to Hal Finney. A version of Bitcoin_0.1 software was published three days earlier.
Nakamoto's identity and motives for creating bitcoin are still a mystery that the crypto community and beyond are trying to unravel. One of the probable reasons for the creation of bitcoin was the global financial crisis that broke out in 2007-2008, accompanied by the collapse of the largest investment banks, a widespread decline in production, falling demand and prices for raw materials, rising unemployment and active state intervention in the economy.

- The Italian Parliament approved amendments to the 2023 budget, which involve the introduction of a 26% tax on capital gains received from the trading of digital assets. The tax will be levied if there is a profit of more than €2,000 ($2,145), and citizens will be obliged to inform tax authorities about such investments.
The UK, by contrast, has offered tax breaks for non-residents and foreign investors when buying digital assets through local investment managers or brokers. The new rule came into effect on January 1, 2023 and is part of Prime Minister Rishi Sunak's plans to make the UK the world's crypto powerhouse.

- Sam Bankman-Fried, 30, founder of cryptocurrency exchange FTX, which collapsed in November, causing billions of dollars in losses to investors, pleads not guilty. He faces eight criminal charges, including electronic fraud, conspiracy to launder money, and campaign finance violations, for which he could spend decades in prison.
According to Reuters, the court has set the first date for the Bankman-Fried trial on October 2, 2023. In the meantime, the defendant has been released to his parents' home in California on $250 million bail. Parents are two of the four people who have paid bail. Lawyers said they were threatened with harm, so two more names have not yet been disclosed.

- The past 12 months have been particularly difficult for the cryptocurrency market, which has lost more than 70% of its total capitalization. However, many analysts seem to be quite optimistic about the short-term outlook for BTC.
Tim Draper, third-generation venture capitalist and co-founder of Draper Fisher Jurvetson, believes bitcoin will be worth $250,000.
It will take a rally of about 1,400% upside to reach this cosmic mark. Draper is also positive about the halving, which should take place in 2024, believing that this event will have a big impact on the price of the main cryptocurrency.
Another expert with a positive outlook is Carol Alexander, professor of finance at the University of Sussex. She had been prone to BTC falling to $10,000 in 2022 in her previous forecast. This did not happen, although the forecast almost came true.
However, the financier predicts now that the first cryptocurrency can reach $50,000 in 2023. The professor believes that the catalyst will be the influx of more “dominoes” that fell apart after the collapse of the FTX exchange. “2023 will be a managed bull market, not a bubble,” she writes. - We will not see a jump in the rate, as before. But we will see a month or two of stable trending prices interspersed with periods of limited range, and perhaps a couple of short-term crashes.”
Alistair Milne, IT Director of the Altana Digital Currency Fund, is also among those who gave several high-profile forecasts about the bitcoin rate. In his opinion, “We should see bitcoin at least $45,000 by the end of 2023.” That being said, Milne warns that “if central banks decide to allow a higher inflation target […] to avoid a recession, hard assets could become fashionable again.” He also tweeted that BTC should reach $150,000-300,000 by the end of 2024, “and this is probably the peak of opportunity for the bulls.”
Another expert joining the bull train is Eric Wall, Chief Investment Officer at cryptocurrency hedge fund Arcane Assets. It is also called the "altcoin killer". However, his forecast for 2023 looks much more modest: the expert believes that the bitcoin rate may exceed $30,000. Eric Wall often bases his comments on the BTC Rainbow Price Chart, an analytical tool created by BlockchainCenter. And this time he said that the $15,400 exchange rate was the bottom for bitcoin.
Unlike previous forecasts, strategists at the British international financial conglomerate Standard Chartered believe that the BTC rate may, on the contrary, fall to $5,000. In their opinion, “more and more crypto companies and exchanges are facing insufficient liquidity, leading to further bankruptcies and the collapse of investor confidence in digital assets.”

- Luke Dashjr (alias Luke-Jr), one of the main developers of the first cryptocurrency core, who has made more than 200 proposals to the bitcoin code since 2011, is now the victim of hackers. Luke-Jr claims to have lost "virtually" all of his BTC in a brazen hack that took place on New Year's Eve. The programmer said in a January 1 message that hackers gained access to his Pretty Good Privacy (PGP) key, a common security method. As a result, more than 215 BTC ($3.6 million) were stolen.
Dashjr said he had "no idea" how the attackers got access to his key. He only noticed the recent hack after receiving emails from Coinbase and Kraken about login attempts, he said.

- Dante Disparte, Head of Strategic Development at Circle, shared his opinion on the developments in the cryptocurrency sector over the past year and the prospects for the industry in 2023. According to the specialist, digital assets and blockchain will still remain indispensable tools of the economy, despite the terrible events in 2022, which indicate not a crypto winter, but a whole “ice age” for the industry. However, despite these setbacks, many major banks and financial institutions will continue to introduce cryptocurrencies into their product lines. As for the bankruptcy of several crypto-lenders and the collapse of the FTX exchange, these events, according to Dispart, can be a boon for the industry, as they lay the foundation for more responsible and affordable investments.

- Rich Dad Poor Dad author Robert Kiyosaki revealed that he is buying more bitcoin (BTC) at current prices. Kiyosaki explained that, unlike altcoins, bitcoin is likely to be able to dodge the hammer of regulators: “Why? Because bitcoin is classified as a commodity much like gold, silver and oil. Most crypto tokens are classified as securities, and the US SEC will crush most of them.”

- As it turns out, Darren Nguyen, a 25-year-old crypto trader who traded nearly $2 billion worth of crypto in 2021, was running his crypto empire from the comfort of his parents' home in Sydney. This is evidenced by an article published on January 2 in The Australian. Until now, the family has kept quiet about the crypto business Nguyen runs, and his mother refused to answer the question of whether she knew about what the child was doing under her roof.


Notice: These materials are not investment recommendations or guidelines for working in financial markets and are intended for informational purposes only. Trading in financial markets is risky and can result in a complete loss of deposited funds.

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Forex | Forex Trading | NordFX

 

[Stan NordFX]

CryptoNews of the Week

- Nine months before the collapse of the FTX bitcoin exchange, its top management spent $40 million on luxury hotels, flights and food. Business Insider writes about this with reference to court documents. Thus, the founder of the stock exchange, Sam Bankman-Fried, lived in a $30 million penthouse in the prestigious resort of Albany (New Providence, Bahamas) before his arrest. In addition, Bankman-Fried's parents, himself, and FTX executives have owned at least 19 luxury properties worth $121 million.

- The Hong Kong Financial Secretary announced that the jurisdiction is ready to accept cryptocurrency companies from around the world. The official noted that the authorities of this administrative region of China have recently completed work on a licensing regime for the industry. In accordance with the adopted rules, crypto companies are subject to the requirements that apply to the traditional financial sector. Earlier, the Hong Kong Financial Services and Treasury Bureau announced the introduction of regulatory mechanisms to protect investors.
Analysts expect that regulatory pressure on the crypto industry will increase in many countries in the coming year. The long-awaited law MiCA (Markets in Crypto Assets Regulation) will come into force. Most likely, the SEC will also do something important in terms of regulating cryptocurrencies. And it is possible that such steps will help restore investors' interest and confidence in the industry, lost after the turmoil of 2022.

- Despite the recovery of cryptocurrency markets after the collapse of the FTX exchange, the situation with Binance has not yet returned to normal. According to a recent Forbes report, the exchange lost $12 billion in assets due to users continuing to withdraw money from the exchange. Despite statements from Binance CEO Changpeng Zhao that the situation has calmed down, the outflow of funds is now only increasing.
According to a Forbes study, Binance lost about 15% of its assets. According to analytical company Defillama, customers of this largest crypto exchange withdrew approximately $360 million last Friday alone.
The performance of Binance Coin (BNB) and Binance USD (BUSD), the exchange's own tokens, is the best indicator of investor mistrust. According to Forbes, BNB has lost 29% of its value in the last two months and more than 37% compared to last year. In addition, the exchange was losing about $3 billion a year as a result of the cessation of bitcoin spot trading fees.

- Bill Miller, an American investor and fund manager, has confirmed his belief in bitcoin and called it a completely different asset. According to him, the Fed intervened actively in the situation in order to save the markets during the COVID-19 pandemic, and the BTC network, without any support, worked continuously and without interruptions. Miller also noted that the global market has risen by only 70% since the crash in March 2020, while the price of bitcoin has risen by 190% over the same period. Thus, BTC is a more efficient asset.
The expert also believes that it is wrong to link BTC to the bankruptcy of crypto companies such as FTX and Celsius. He emphasized that these are all centralized organizations, which should not be confused with the decentralized bitcoin network. In addition, Miller advised the public not to confuse volatility with value, stating that the price of the main cryptocurrency will rise by the end of the year.

- Cryptocurrency analyst Dave the Wave, known for predicting the collapse of bitcoin in 2021, believes that the coin is now on track to break its “long-term resistance diagonal”. In his opinion, "a technical movement within the next month or two" may be enough to break this resistance. Dave the Wave has previously said that its Logarithmic Growth Curve (LGC) model indicates that bitcoin could rise to $160,000 by January 2025.

- Ukrainian startup Global Ledger has become a partner of the United Nations Department on Drugs and Crime (UNODC) in launching a new educational course on cryptocurrencies. This will be the third such virtual resource program for UNODC.
Participants will be able to conduct real cybercrime investigations during the course, gain experience both on the basis of historical data and on "live" cases. In the context of the ongoing Russian-Ukrainian conflict, the program is designed to train representatives of the Ukrainian Cyber Police and other services to identify and prevent the use of cryptocurrencies in criminal and terrorist activities and circumvent international sanctions.

- The German Federal Financial Supervisory Authority (BaFin) has issued an official warning about the new Godfather malware that collects user data in banking and cryptocurrency apps. Experts discovered the Trojan back in 2021, but the program was underdeveloped then. The improved and finished build of The Godfather was discovered on Android devices in December 2022 for the first time.
BaFin said that the program targets more than 400 apps operating not only in Germany but throughout the world. The principle of operation of The Godfather is simple: the program simulates banking and cryptocurrency application websites, stealing user data at the time of entry. Moreover, the software can send push notifications to receive two-factor authentication codes. BaFin experts are trying to figure out how the malware gets on users' devices.

- Blockchain security company CertiK reported earlier that the level of fraud and hacking in the cryptocurrency industry will increase significantly this year as the industry becomes more popular. Another computer security company, Kaspersky Lab, believes that “a major cyber epidemic of unprecedented proportions may occur in 2023”, as the BlueNoroff cybergroup has again intensified its attacks on organizations working with cryptocurrencies, such as venture funds, banks and startups.
Kaspersky Lab experts discovered new BlueNoroff traps for startup employees in autumn 2022: 70 fake domains masquerading as well-known venture funds and banks from Japan, the USA, Vietnam, and the UAE. In addition, hackers are now experimenting with new file types to inject malware. For example, it can be an email with an allegedly important document in the “doc” format attached. If you open this file, the device will be immediately infected with malware, and attackers can monitor all daily operations and plan to steal funds.

– Galaxy Digital CEO Mike Novogratz said in a recent interview with CNBC that the prospects for cryptocurrencies are not so good, but everything is not so bad either. Bitcoin and Ethereum prices have remained stable lately despite the bad news. Leveraged traders closed out their positions in December 2022, creating what the entrepreneur called a “clean market.” In addition, market participants have significantly reduced their spending and will continue to do so in order to get through the transition period.
Novogratz also stressed that 2023 will be a defining year for the future development of the industry. At the same time, he pointed to the problems that exist between Gemini and Genesis, which could create an unpleasant situation for the entire digital asset market.

- The founder and CEO of BTC.TOP & B.TOP crypto projects, Jiang Zhuoer, studied the historical charts of the bitcoin and ethereum rates. All three previous bear markets took the same amount of time to go from the previous high to the bottom. Thus, the expert concludes that the four-year cycle is still working.
Based on this, Zhiang Zhuoer believes that we are now in the last sideways period of the bear market bottom. Events such as bankruptcies of crypto companies will no longer have a significant impact on prices. The optimistic estimate suggests that if the 2018 scenario repeats, BTC price could stay flat for another two months before the next bullish rally begins.
The analyst emphasized that Ethereum now looks much stronger than bitcoin. Currency freedom and increased opportunities for smart contracts have attracted new users and encouraged the creation of innovative apps. Zhiang Zhuoer noted that the decline in ETH was no more than that of BTC, and the ETH/BTC ratio was kept at a high level. Bitcoin's inflation rate was 1.72%, while after switching to the PoS algorithm, the same rate for ETH was only 0.01%. According to the expert, ETH deflation will have a very positive effect on its future price, and Ethereum will begin to grow in value earlier than bitcoin and will become the leader of the next bullish market. This should happen between March and May 2023.


Notice: These materials are not investment recommendations or guidelines for working in financial markets and are intended for informational purposes only. Trading in financial markets is risky and can result in a complete loss of deposited funds.

#eurusd #gbpusd #usdjpy #btcusd #ethusd #ltcusd #xrpusd #forex #forex_example #signals #forex #cryptocurrencies #bitcoin #stock_market

Forex | Forex Trading | NordFX

 

[Stan NordFX]

CryptoNews of the Week

- Texas A&M University (USA) will launch an educational program dedicated to bitcoin in spring 2023. The Bitcoin Protocol course will be included in the educational program of students at such university schools as as May Business School and College Engineering. The initiative is based on the book Programming Bitcoin by Bitcoin Core developer Jimmy Song.

- Shaktikanta Das, Governor of the Reserve Bank of India (RBI), said during a speech at the BT Banking & Economy summit that digital assets should be completely banned in the country. “The position of the RBI is extremely clear: all cryptocurrencies should be banned. However, blockchain technology needs to be supported as it has many other uses,” he explained.
Das emphasized the unreliability of cryptocurrency due to constant price changes and the “ambiguity” of the definition. According to him, some consider it an asset, others consider it a financial product. However, according to the manager, “disguising a cryptocurrency as a financial product or asset” is inappropriate. As for changing the price of coins, this is 100% speculation and gambling, which, by the way, are prohibited in India.

- Unlike India, the US has a more loyal attitude towards cryptocurrencies and other digital assets. Thus, the country's Congress has created a new subcommittee that will deal with new rules for regulators regarding digital currencies, as well as develop policies to further promote digital financial technologies.
The new organization will be led by Republican Congressman French Hill, who previously led the Fintech and Artificial Intelligence Task Forces. Hill noted in his statement that at a time of significant technological advancement and change in the financial sector, the subcommittee's job is to promote responsible innovation by encouraging the development of FinTech in the country.

- Bank of America (BAC) researchers believe that digital currencies, CBDCs and stablecoins are a natural evolution of money and payments. Central bank digital currencies can “revolutionize global financial systems and may become the most significant technological achievement in the history of money.”
BAC researchers believe that monetary regulators in developed and developing countries will focus on the efficiency of payments and their availability. However, some countries will not issue such means of payment even in the next ten years. But their central banks will have to “either innovate technologically or become irrelevant in the long term.”

- Kevin O'Leary, head of O'Leary Ventures and host of the TV show Shark Tank, expects even more crypto exchanges to crash in the industry. The reason for this, in his opinion, is people's ignorance. “If you ask me if there's going to be another crash to zero, 100% that's going to happen. And this is going to happen again and again... I don't think it's about regulation. It will not change the scale of fraud,” the investor said. Legislators are likely to put in place a solid regulatory framework soon, O'Leary said, but that won't do the industry any good.

- The value of bitcoin could increase to $50,000-100,000 over the next two to three years. This opinion was expressed in an interview with CNBC by the founder of the hedge fund SkyBridge Capital Anthony Scaramucci. The businessman called 2023 a “recovery year” for the main cryptocurrency.
Of course, the decisions of the US Federal Reserve will influence the digital gold rate. And if the financial regulator takes measures to stimulate the economy in the middle of the year, this will be a good impetus for the rise in the bitcoin price. This is evidenced by the January price jump caused by US inflation data for December. The market decided based on this data that the Fed could significantly ease its monetary policy, as a result, BTC quotes went up sharply.

- Positive sentiment dominates the cryptocurrency market, and its total capitalization reached $1 trillion on January 16, for the first time in a long time. In turn, bitcoin is firmly held above $20,000. Analyst Craig Erlam noted that digital assets have become the main beneficiary during the current increase in risk appetite.
In his opinion, it is also possible to say that the industry has recovered from the recent FTX collapse. On the other hand, there are no specific fundamental grounds for the development of a bullish trend at the moment. In the current conditions, it is necessary to monitor the macroeconomic situation, as it will have a strong impact on the dynamics of digital assets. At the moment, the consensus forecast of market participants is based on the fact that following the results of the February meeting, the Fed will raise the refinancing rate by only 0.25%. In this case, the bullish mood in the cryptocurrency market is likely to receive serious support.

- Bloomberg Intelligence senior strategist Mike McGlone believes that the bottom in the cryptocurrency market has already been passed. But his opinion on the Fed's monetary policy differs from that of other analysts.
McGlone has noted that the charts are reminiscent of the 2018 dynamics, when the price of the first cryptocurrency rebounded from $5,000. However, the macroeconomic situation is now completely different, which is why the bitcoin growth may stop at current values. Thus, the NASDAQ index may continue to fall, and the correlation between bitcoin and the stock market has been quite significant in recent years. “We are still pulling liquidity from global markets, and there are reasons for this. And even if equities and other risky assets rise, liquidity will remain limited by central banks. The big difference from 2018 is that the Fed had already begun to ease its policy then, and we do not see any easing today,” the Bloomberg strategist explained.
“Look at the NASDAQ, the chart is breaking through the 200-week SMA. This has only happened 3 times in history, and the Fed has always eased its monetary policy. But the US Central Bank is aggressively tightening it now. The overall picture is optimistic for bitcoin, but the situation is unprecedented now, so anything can happen,” McGlone said.

- Legendary stock trader and analyst Peter Brandt, who, among other things, predicted the 2018 BTC correction accurately, gave a fresh forecast for the bitcoin movement in the short and long term.
According to the specialist, BTC will be able to realize growth to levels near $25,000 in the near future. After that, a correction is not ruled out by the end of spring, that will give the cryptocurrency strength for a new rally. As a result, the coin will reach its previous highs near $68,000 in the second half of 2023. After that, another correction and a subsequent update of the absolute high are possible.
Peter Brandt does not rule out bitcoin rising to $150,000 by early 2025. However, he warns that this is nothing more than his guess. Nobody knows how the main cryptocurrency will actually behave, according to the eminent trader.

- Peter Brandt was supported in this opinion by artificial intelligence (AI) of the ChatGPT test platform. This platform has become popular due to its ability to solve a wide range of tasks with high accuracy, including asset trading.
Experts from Finbold asked the artificial intelligence what the bitcoin price will be in 2030. Finbold suggested that ChatGPT would be able to provide a fairly accurate forecast based on historical BTC price data, market data, technical and fundamental analysis, and other indicators. But the AI didn't live up to expectations. It was never able to predict the exact rate and admitted that it is hard to name the price of the coin in the long term. The AI cited high market volatility and unclear regulatory rules as the reasons. However, the AI, like Peter Brandt, believes that the flagship cryptocurrency has potential for growth in the coming years. This will be possible due to the development of technology, the maturation of the cryptocurrency market and their massive
distribution.

- Ben Armstrong, a popular cryptocurrency YouTuber, believes that the price of the flagship cryptocurrency will jump to $30,000 by the end of February 2023. However, analyst and investor Ali Martinez disagrees. According to him, miners have recently been actively selling their assets to lock in profits. In addition, according to the expert, traders trading on the world's largest crypto exchange, Binance, massively opened short positions on BTC. According to analytical resources, as of the morning of January 17, 51% of the users of the trading platform had bitcoin shorts. This number then increased to 57%.


Notice: These materials are not investment recommendations or guidelines for working in financial markets and are intended for informational purposes only. Trading in financial markets is risky and can result in a complete loss of deposited funds.

#eurusd #gbpusd #usdjpy #btcusd #ethusd #ltcusd #xrpusd #forex #forex_example #signals #forex #cryptocurrencies #bitcoin #stock_market

Forex | Forex Trading | NordFX

 

[Stan NordFX]

CryptoNews of the Week

- Jamie Dimon, the head of JPMorgan said on CNBC that he was not sure that the bitcoin issuance is really limited to 21 million coins. "How do you know? Maybe it will go up to 21 million, and Satoshi's photo will pop up and laugh at all of you,” he suggested. The top manager already publicly expressed skepticism in October 2022 regarding the code embedded in the algorithm of the first cryptocurrency. “Have you all read the algorithms? Guys, do you believe in all this?” Damon grinned at the time.
Given the programmed halvings, reaching the bar of 21 million should occur by 2141. At the same time, experts say that the limit on bitcoin emissions is provided by only five lines of the code. It is open for study, and anyone can verify this.

- According to Cathy Wood, CEO of Ark Invest, the cryptocurrency market will enter a new phase in 2023. The growth of bitcoin and other virtual currencies will be the result of the US Federal Reserve's easing of monetary policy in the second half of this year. It is this move that will become a trigger for investors testing stock markets and digital currencies. Earlier, Bloomberg strategist Mike McGlone expressed a similar point of view, pointing to the possibility of BTC rising to $30,000.

- Adam Farthing, Chief Risk Officer at crypto company B2C2, noted that the first cryptocurrency needs to overcome the key level at around $25,000 in order to continue the rally. “It will be a tough nut to crack,” the expert shared his opinion. According to him, after passing the designated milestone, interest will resume from outsiders who want to return to the market.
Analysts at the brokerage company Bernstein are convinced that such a rally is unlikely to continue at the moment, as there are no signs of “any new injections” into the industry. However, in their opinion, institutional capital will still begin to show more interest in cryptocurrency this year, as it becomes an increasingly regulated asset class.

- Brian Armstrong, head of crypto exchange Coinbase, called bitcoin “the right long-term bet” for Brazil and Argentina. According to the Financial Times, the two countries intend to create a single currency to reduce dependence on the US dollar and stimulate regional trade. The Argentine Minister of Economy spoke about plans to offer participation in the bloc to other Latin American countries. The FT estimates that the new union will cover approximately 5% of global GDP and will be the second largest in the world after the EU (14%). “I wonder if they would consider switching to bitcoin. That would probably be the right long-term bet,” Armstrong said.
Former Goldman Sachs executive and macro investor Raoul Pal criticized Armstrong's idea because of the volatility of the first cryptocurrency. “No one can currently afford a national currency with 100% volatility, which falls by 65% and rises tenfold. Businesses are fighting to plan and hedge this,” he wrote.

- The Binance exchange press service said that an unknown artist under the nickname Sabunir tried to sell his digital image for bitcoins for the first time in the world. This happened 13 years ago, on January 24, 2010. The picture was a desktop wallpaper for a personal computer and was designed in a resolution of 1280x960 pixels. Sabunir tweeted at the time that he wanted to try to earn some bitcoins. He priced his picture at $1 and stressed that he plans to get 500 BTC for it. It is not known whether this deal took place, but if it did, Sabunir would now be a wealthy man, as these coins are worth more than $11 million.

- Carley Garner, senior commodity strategist & broker at DeCarley Trading, recommended staying away from virtual currencies and choosing gold instead as a hedge against rising inflation and economic chaos. Garner studied the daily chart of BTC and Nasdaq 100 futures since March 2021 carefully, and noted that the picture was almost identical, and the price movements were in sync. According to her, this indicated that bitcoin is more of a risky asset than a means of saving capital.
Garner's opinion was referred to by Jim Cramer of CNBC. “Mad Money” TV presenter also highlighted the risks associated with the flagship cryptocurrency in light of the collapse of the FTX marketplace. He noted that a similar situation could happen at any time with any other large crypto company. In his opinion, no one knows what the big players in the industry are really hiding. And there are no guarantees that they are actually honest with their customers. Any new scandal will cause a sharp drop in bitcoin quotes, which means that investors' assets are at risk.

- The first nuclear-powered bitcoin mining center will open in Pennsylvania (USA). Cumulus Data has completed construction of the country's first zero-carbon data center. The new data center will have a capacity of more than 40 MW, achieved through a direct connection to the Susquehanna nuclear power plant in northeast Pennsylvania. In addition to server equipment for cloud computing, the data center will house equipment for mining the main cryptocurrency.
Cumulus Susquehanna is the first in Cumulus Data's future network of 18 combined data centers with a combined capacity of more than 470 MW. They will be used to deploy the first Nautilus Cryptomine mining complex in the United States, which operates exclusively on nuclear energy and produces “carbon-free crypto assets”.

- “Buying bitcoin at the end of the first day of the Chinese New Year and selling it ten trading days later guarantees an average profit of more than 9%,” Markus Thielen, director of research and strategy at Matrixport, found out. The scheme has been profitable in 100% of cases for the last eight years, from 2015 to 2022. Such an operation would bring the greatest profit in 2017: 15%. Even in 2018, against the backdrop of the previous crypto winter, the investor received income, although only 1%.
To implement the scheme In 2023, it was necessary to buy digital gold on January 22, and sell the assets 10 days later, on February 1. Bitcoin was trading near the $22,900 mark on the day of the proposed purchase, January 22. Thielen believes its price should approach $25,000 by the beginning of February.
We will soon find out whether the phenomenon will be justified this time. And if anyone decides to follow Thielen's recommendations in the future, we would like to inform you that the next Chinese New Year begins on Saturday, February 10, 2024.

- Nicholas Merten, a cryptocurrency analyst and creator of the DataDash channel, noted that cryptocurrencies have a bright future, but many people underestimate the global situation. The damage done by FTX, Celsius, Three Arrows Capital and Terraform Labs has left an indelible mark on the industry. In addition, the macroeconomic component should also be taken into account, since many countries are struggling with rapid inflation, and supply chains have not fully recovered after the coronavirus pandemic. According to the expert, investors need to understand that the long-term bullish trend is over. Unfortunately, the digital asset industry needs to prepare for new challenges, and the current bullish trend in the market is only a local correction within the overall bearish trend.

- Thanks to the recent bullish rally, the capitalization of the flagship cryptocurrency has exceeded $443 billion, and has surpassed all key traditional financial institutions, including global world banks, in this indicator. For example, the capitalization of the American banking giant JPMorgan Chase is $406.42 billion, while Bank of America has a capitalization of $277.56 billion. In addition, BTC is ahead of companies such as Alibaba ($317.01 billion), Samsung ($335.37 billion), Mastercard ($365.09 billion) and W_almart ($385.15 billion). However, it has slightly lost to Tesla ($454.72 billion).
According to CompaniesMarketCap, bitcoin is the 16th most valuable asset in the world. The leaders of the rating are gold ($12.77 trillion), Apple ($2.25 trillion) and Saudi Aramco ($1.94 trillion).


Notice: These materials are not investment recommendations or guidelines for working in financial markets and are intended for informational purposes only. Trading in financial markets is risky and can result in a complete loss of deposited funds.

#eurusd #gbpusd #usdjpy #btcusd #ethusd #ltcusd #xrpusd #forex #forex_example #signals #forex #cryptocurrencies #bitcoin #stock_market

Forex | Forex Trading | NordFX

 

[Stan NordFX]

CryptoNews of the Week

- Bitcoin has had its best start to the year since January 2013. The rate rose by 51% then, the growth was 40% last month. It happened against the backdrop of the weakness of the US dollar. “At the same time, 85% of the contribution to the rally is associated with investors from the United States,” says Markus Thielen, head of research at crypto services provider Matrixport. The bullish stance of US companies is also confirmed by the renewed premium in bitcoin futures listed on the Chicago Mercantile Exchange. “We interpret this as a sign that faster institutional traders and hedge funds are actively buying back the recent fall in the cryptocurrency markets,” Thielen said.
Deutsche Digital Assets made a similar observation earlier, on January 20, drawing attention to the increase in Coinbase's premium as evidence of increased buying interest from sophisticated US investors. An institutional-led bullish reversal in bitcoin could be a good sign for the US stock market, given that the cryptocurrency bottomed a few weeks before the S&P 500.

- Binance Bitcoin Exchange reported that user interest in digital assets remains high. According to the survey, more than 88% of Binance customers plan to continue investing in cryptocurrencies, and only 3.3% do not consider this possibility. Bitcoin is still the dominant asset, owned by 21.7% of those surveyed. The top three also include Tether (17.8%) and BUSD (10.3%).
Over 40% of respondents bought digital assets last year for investment purposes. Other motives were the decline in the value of bitcoin and the general bearish trend. Almost 8% cited the geopolitical situation in the world as a reason for the purchase, and 11.5% expressed distrust of the traditional financial system. 40.8% do not use traditional investment opportunities (buying shares, investing in real estate, mutual funds), while 32.4% do use them. At the same time, 79.7% are sure that cryptocurrencies are necessary for the development of the global economy, and 59.4% of respondents believe that deposits in cryptocurrencies will be able to replace bank deposits over time.
According to statistics, the total number of digital wallets with a balance of $1,000 or more in bitcoin or ethereum has increased by 27% in 2022.

- Despite the fact that 2022 was a challenging year for the crypto industry, 82% of millionaires considered investing in digital assets like bitcoin. This follows from a survey conducted by financial consulting company deVere Group. The results of the survey, published on January 30, show that 8 out of 10 surveyed clients of the company, with assets to invest from $1.2 to $6.1 million, turned to financial advisers for cryptocurrency advice.
Nigel Green, CEO and Founder of the deVere Group, believes that while the group surveyed is “generally more conservative,” its interest stems from the core values of bitcoin: “digital, global, borderless, decentralized, and secure from unauthorized access". Green also notes a growing interest in crypto services from older financial institutions such as Fidelity, BlackRock and JPMorgan, and considers this a good sign for the industry. He predicts that the momentum of interest will build as the “crypto winter” of 2022 thaws due to changing conditions in the traditional financial system.
For the record: A June 2022 report by Pricewaterhouse-Coopers found that roughly a third of 89 traditional hedge funds surveyed had already invested in digital assets like bitcoin.

- The Fear and Greed Index, a metric showing the community's general attitude towards bitcoin, entered the “Greed” zone for the first time since March 30, 2022. This is due to the increase in the bitcoin rate in the first month of the year and the general revival of the entire market. It is worth noting, however, that the increased confidence among crypto investors should not be directly viewed as a catalyst for the resumption of bullish growth in the bitcoin price. In fact, a Fear or Extreme Fear metric could indicate a good buying opportunity, and too high a Greed reading could mean the market is headed for a downward correction.

- Tron founder Justin Sun said that the legalization of cryptocurrency will not only make it easier to buy and sell goods and services but will also give the public more control over their financial future. “Cryptocurrency can become a powerful tool for financial inclusion and improving the lives of people in all corners of the world. […] Let's work together to create a more inclusive and equal future for all,” wrote Justin Sun.
For the record: TRON is a decentralized entertainment content platform based on blockchain and using the TRX token. The platform also offers tools that allow developers to build and launch their own dApps.

- Jordan Belfort, a former stockbroker widely known as “The Wolf of Wall Street”, also believes that regulation of the digital asset segment may be a bullish catalyst for bitcoin in the future. According to the entrepreneur, the flagship cryptocurrency will only benefit from this. He also emphasized that if world governments continue to print money uncontrollably, more and more users will see bitcoin as a reliable tool to protect against inflation.

- The price of bitcoin on Nigeria's popular NairaEx exchange jumped in terms of local currency to almost $40,000, which is about 70% higher than the global market. The discrepancy is due to the limit imposed by the country's Central Bank on withdrawing funds from ATMs. The regulator took this step in order to reduce the share of cash in cash turnover.

- Arizona Senate Member Wendy Rogers has once again proposed approving bitcoin as legal tender in the state. In a tweet, Rogers quoted Goldman Sachs data that the first cryptocurrency is “the world's most profitable asset this year.” If the law is passed, the cryptocurrency will receive the same status as the US dollar.

- Billionaire founder of Galaxy Digital Holdings Ltd Mike Novogratz, having endured a challenging 2022, is now determined to increase investment in bitcoin mining. His focus is Texas, where Galaxy Digital Holdings Ltd is buying the Helios mining operation from Argo Blockchain for $65 million.
There are currently almost 30 mining companies in Texas. In total, they have already created about 2,000 new jobs directly, and indirectly, about 20,000 more. The Governor's Blockchain Working Group believes that Texas, which leads in oil production, is able to maintain leadership in the US in bitcoin mining as well.

- According to Matrixport experts, the flagship cryptocurrency rate may reach $45,000 by Christmas 2023. Researchers released a report in which they shared a historical observation: when January's bitcoin quotes on the chart were in the “green” zone, the price rally usually continued in the following months of the year.

- A popular analyst Plan B has outlined a scenario that, in his opinion, could raise the bitcoin price to $1 million by 2025. As for this year, he predicts the price will rise above $100,000. The analyst also said that the January bitcoin pump confirms that the asset's 4-year cyclical price bottom is over.
Plan B is known for the "Stock-to-Flow" model, which attempts to model the price of bitcoin based on its scarcity. His concept involves a parabolic jump in the price of an asset every 4 years due to halving. That being said, the analyst was heavily criticized in 2022 due to an unfortunate prediction that BTC would rise well above $100,000 at the end of 2021. After that, he adjusted his model based on 18-month statistics, as a result of which a smoother growth of the main cryptocurrency was incorporated into it.

- Cryptocurrency analyst Benjamin Cowen said that bitcoin has a “long year” to look forward to. According to the expert, it may appear that BTC has significant strength, while in fact the asset is likely to be in the process of forming a wide sideways range as a base. Cowen explained that sideways movement is not always an indicator of the growth of the first cryptocurrency and may also signal a fall in quotes.
The analyst reminded traders that a bearish cycle is usually followed by a year of sideways movement. Thus, there were three upward impulses in 2015, and only the last one turned into a real rally. There were also periods of growth in quotes in 2019, then their active fall followed, and a cycle that brought the crypto market to new highs started only after that.
The analyst noted that 2023 can be seen as a year of accumulation and that investors can take advantage of this period to increase their holdings of BTC. In addition, Cowan believes that the US Federal Reserve should ease monetary policy in order to increase cryptocurrency prices.

- Peter Brand, a well-known cryptocurrency trader, has a bearish forecast for the near future, as BTC has not been able to gain a foothold above $23,500 for a long time and is in consolidation. As the expert noted, many traders and investors are now waiting for a certain pullback in order to enter the market at better prices. The specialist believes that the flagship of the crypto market may reach the level of $25,000 in the near future, after which there will be a correction closer to $19,000. Brand remains optimistic from a medium-term perspective, predicting bitcoin to rise to $65,000 in the middle of this year.

- This release of CryptoNews was prepared a few hours before the meeting of the US Federal Reserve, following which the decision on the key rate will be announced. If the rate, according to forecasts, increases by 0.25%, and at the same time the head of the Fed, Jerome Powell, clearly hints at the dovish attitude of the regulator, this will most likely weaken the dollar and push the quotes of risky assets, including cryptocurrencies, up. On the other hand, if, contrary to the expectations of investors, the refinancing rate rises by 0.50%, a wave of panic sales in the crypto market cannot be ruled out. You can find out what will actually happen in NordFX's regular analytical review, which, as usual, will be published at the end of the week.


Notice: These materials are not investment recommendations or guidelines for working in financial markets and are intended for informational purposes only. Trading in financial markets is risky and can result in a complete loss of deposited funds.

#eurusd #gbpusd #usdjpy #btcusd #ethusd #ltcusd #xrpusd #forex #forex_example #signals #forex #cryptocurrencies #bitcoin #stock_market

Forex | Forex Trading | NordFX