CryptoNews of the Week by 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.

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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

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.

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

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

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

CryptoNews of the Week


- Cryptocurrency entrepreneurs should consider moving to a country with favorable regulation of the bitcoin industry. This was stated by Binance CEO Changpeng Zhao. He considers Dubai (UAE), Bahrain and France to be such jurisdictions. Zhao added that newcomers to the industry will definitely need legal advice in order to "not cross any of the red lines" set by regulators.
This advice came against the background of tightening regulation of the industry by the US authorities. In particular, we are talking about an investigation launched by the New York State Department of Financial Services against infrastructure company Paxos. The regulator later ordered the firm to stop issuing the Binance USD (BUSD) stablecoin. The SEC (US Securities and Exchange Commission) also announced its readiness to sue Paxos.
The CEO of Binance was supported by Uniswap founder Hayden Adams. ?It is a shame to watch the US efforts in the cryptosphere. Innovative companies get an additional incentive to go abroad. It's like if the government banned the development of the Internet 30 years ago,? he wrote.

- According to Politico, Senator Elizabeth Warren has begun building a coalition against cryptocurrencies and is actively recruiting conservative Republicans in the US Senate. By doing so, she wants to support her bills, which could have serious consequences for the crypto industry, and which imply tighter restrictions in the fight against money laundering, including additional requirements for verifying the identity of consumers. Warren positions herself as a leading digital asset legislator and enjoys the backing of the banking lobby.
The US Department of the Treasury is currently actively monitoring cases of illegal funding using cryptocurrencies. The Warren bill will extend these obligations to other agencies and entities, including service providers in the digital asset segment.

- Ethereum co-founder Vitalik Buterin sent 99 ETH (~$155,000 at the time of writing) to Ahbap, a non-profit organization that raises money to help earthquake victims in Turkey and Syria. According to Ahbap's official website, the organization has already raised over $4.2 million in cryptocurrencies.
According to the latest data, the disaster has claimed the lives of more than 25,000 people. More than 80,000 people have been injured in Turkey alone. The series of earthquakes has become the largest since 2010 in terms of the number of victims.

- Investor and star of the TV show Shark Tank, Kevin O'Leary, said on The Wolf of All Streets podcast that most of the 10,000 digital assets are worthless. ?They will eventually fall to zero due to the lack of volatility and [trading] volume. They are not needed,? he announced his verdict. O'Leary also talked about losing all of his crypto investments after the FTX crash in November 2022. However, after that, he has already opened new positions in bitcoin, ethereum and 5 other assets (previously his portfolio included 32 positions).

- The South Korean authorities have included in the sanctions list a number of North Korean hacker groups and individuals associated with cyber attacks and cryptocurrency theft. This was reported by the Ministry of Foreign Affairs of Seoul. The sanctions came just hours after South Korea and the United States announced a cybersecurity joint venture.
In particular, hackers working in the information technology sector at the North Korean company Chosun Expo Joint Venture were blacklisted. It is alleged to be a shell company associated with the Lazarus Group. North Korean hackers have stolen more than $1.2 billion worth of virtual assets since 2017, including $626 million in 2022, according to information provided by the Foreign Ministry.

- Former Goldman Sachs CEO Raoul Pal believes Ethereum is destined to reach a five-digit price in the next bull market. The macro expert has set a target price for ethereum around $10,000, primarily due to the good potential of the token. However, he believes that some of the main competitors will surpass him. ?ETH is the money of the internet. And I do not think that it will lose this status, but this does not mean that this is the best player, - said the financier. - Solana, I think, aims for the widest possible adoption, making it convenient for the consumer. [?] However, ETH is the easiest way because it probably has the least risk.?

- According to technical analysis by CryptoQuant expert Grizzly, BTC/USD has formed a unique pattern that has previously been observed at market lows. The specialist added the 200-day SMA and the realized price to the long-term chart and concluded that this could be a sign of a long-term uptrend. According to his observations, this was especially evident in 2019, 2015 and 2012.
At the same time, Grizzly noted that macroeconomic factors that put pressure on high-risk asset markets should not be overlooked. It is not known whether bitcoin will be able to ?separate? from assets such as stocks and demonstrate ?decent behavior? as a reliable hedge against inflation. According to the expert, only time will tell if the largest cryptocurrency maintains its upward trajectory.

- Another popular Twitter analyst, Kaleo, with 563,000 followers, also shared his prediction about the near future of bitcoin and ethereum. The analyst believes that a price of $30,000 is still possible for bitcoin. Ethereum, in his opinion, will repeat the movement of 2018-2020. The price of this altcoin rose from $80 to $480 then. At the time of writing the review, the ETH exchange rate is $1,580. According to Kaleo's calculations, the target level is located almost twice as high: around $3,000.

- The number of users of the first cryptocurrency will grow from the current over 300 million to 1 billion in the next three years. This would be riughly 12% of the world's population. This forecast was given by well-known analyst Willy Woo. He recalled that it took six months for bitcoin to form an audience of the first 1,000 users. It took five years for that number to rise to 1 million. The network achieved its current figures of more than 300 million, 13.8 years after the formation of the genesis block. For comparison, Woo cited the audience of PayPal (430 million people) and Twitter (400 million, most of which, he believes, are bots).

- Robert Kiyosaki, author of the bestselling book Rich Dad Poor Dad, stated that the price of bitcoin will rise to $500,000 by 2025. ?A giant crash is coming. Depression is possible. The Fed has been forced to print billions in counterfeit money. Gold at $5,000, silver at $500, and bitcoin at $500,000 by 2025,? he wrote. And he added that gold and silver are the money of the gods, and bitcoin is like a dollar for ordinary people.
Prior to this, Anthony Scaramucci, founder of the hedge fund SkyBridge Capital, said that the value of one bitcoin on the exchange could double to $50,000 over the next two to three years. Scaramucci called 2023 a ?recovery year? for bitcoin.


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

CryptoNews of the Week


- Regulation of the crypto market was one of the topics finance ministers and central bankers discussed at the G20 meeting chaired by India last weekend. As a result, US Treasury Secretary Janet Yellen said that regulation of the crypto industry is important, while Washington is not considering a complete ban. ?It is very important to create a reliable regulatory framework. And we are working [on this] with other governments,? she said in an interview with Reuters. IMF Managing Director Kristalina Georgieva agrees with her colleague: her organization also advocates for adequate regulation of digital assets and against their complete ban.

- Michael van de Poppe, the CEO of Eight, believes that bitcoin is currently the most undervalued asset. He has released a video review in which he predicts the growth of the coin to $40,000 this year. This forecast has been made against the background of recent news, according to which inflation in the US showed its teeth again: the Personal Consumption Expenditure Index (PCE) was 4.7% against the forecast of 4.3%. It has already been said that because of this, the Fed may raise the interest rate by 50 basis points in March and not by 25 bps, as previously expected.
According to cryptocurrency screener Cryptovizor, bitcoin reached a local high on February 21, and then began to fall. However, both the aggravation of macroeconomic data and the rollback of BTC quotes failed to dampen Van de Poppe's optimism. From his point of view, a pronounced bullish divergence on the weekly chart indicates that we have already reached the bottom. What is happening now is just a bounce off the 200-week moving average and consolidating. According to the trader, a sideways movement is most likely at this stage. In the worst case scenario, BTC/USD will fall to the low of the $18,000 range, and this fall will be a great investment opportunity.
According to Van de Poppe, there is no recession at the moment, but it may begin due to the collapse of the debt market and the real estate market. But before that happens, bitcoin could rise to $40,000, as the crisis usually unfolds 6-12 months after the Fed's significant rate hike. The signal for the start of a new bull rally could be either the lifting of the mining ban in China, or the adoption of cryptocurrency in Hong Kong.

- ?Despite the tumultuous events of the past year, US cryptocurrency ownership has remained largely unchanged since hitting an all-time high in early 2022. More than 50 million people in the country own cryptocurrencies, and 76% of them believe that this type of asset and blockchain technology are the future. 67% believe that the current financial system needs a major reboot. These conclusions were reached by Morning Consult experts based on the results of a survey commissioned by Coinbase.
Based on the survey results, Coinbase plans to focus on the development of the industry. The exchange intends to work with politicians and companies in the field of traditional finance, as well as launch an educational campaign explaining the role that cryptocurrencies can play in the renewal of the financial system. Coinbase CEO Brian Armstrong has previously stated that he wants to increase the global cryptocurrency user base to one billion people.

- Investors are again showing an active interest in cryptocurrencies. According to the analytical company Glassnode, the 30-day inflow of capital into the market has exceeded the outflow for the first time in 9 months and has returned to the ?green? zone. The cumulative net realized market value position has also turned positive for the first time since April 2022. Over the past nine months, the metric has shown negative values.
According to analysts, another positive indicator is the fall in the number of bitcoin whale wallets to a three-year low. This means that the asset has become more distributed and less concentrated among a handful of large holders. This option is preferable for the entire ecosystem, as it eliminates the possibility of market manipulation by several players.
Glassnode also reported On February 27 that the percentage of active BTC supply just hit an all-time high of 28.2%. This suggests that the mass adoption of cryptocurrencies is steadily increasing despite the bear market and challenging times for the global economy.

- A 51-year-old American admitted during the trial that he tried to shoot down a bitcoin ATM for the benefit of the people. Last year, Matthew K. walked into the Vapor Maven store in Jefferson City, pulled out a gun, and fired five bullets at the ATM. Returning home, he told his wife about his act and called the police himself. Matthew explained his stunt by the hatred he feels for bitcoin ATMs. The unfortunate killer said that he decided to shoot the device so that "it could no longer take money from anyone." Despite such noble intentions, the court found Matthew guilty of damaging property and sentenced him to five years of probation. (For reference: the first Bitcoin ATM appeared in the US in October 2013, and there are now more than 35,000 of them).

- Robert Kiyosaki, author of a number of books on investing, including the bestseller Rich Dad Poor Dad, has long been a critic of the US Federal Reserve's monetary policy and expressed concerns about dollar devaluation. And now the writer has made a bold statement that, in his opinion, the fake dollar is leading to the decline of the American empire. This stance of Kiyosaki has drawn approval from the crypto community as it shows the benefits of bitcoin. Experts note that digital assets such as BTC, unlike fiat currencies, are not subject to inflationary pressure, since their supply is limited and predetermined by appropriate algorithms.
Recall that Kiyosaki has recently predicted that the bitcoin rate will rise to $500,000 by 2025. ?A giant crash is coming. Depression is possible. The Fed has been forced to print billions in counterfeit money. Gold at $5,000, silver at $500, and bitcoin at $500,000 by 2025,? he wrote. And he added that gold and silver are the money of the gods, and bitcoin is like a dollar for ordinary people.

- Matt Hougan, chief investment officer at Bitwise, said in a recent interview that he is ?epically optimistic for the next three years.? In his opinion, there will be a massive adoption of cryptocurrency in 2023-2025 and its prices will grow. ?This bull market cycle is going to be the biggest cycle in terms of user adoption, in terms of the cumulative increase in market capitalization, in terms of just about every other thing we care about,? the financier says. ?But it won?t happen perfectly up and to the right.? Also, ?I'm actually optimistic about regulation,? Matt Hougan added.

? Apple co-founder Steve Wozniak has changed his mind about bitcoin over the past few years. He called BTC "digital gold" in 2018. However, he said a year later that the fall of the crypto market reminded him of the dot-com crisis of the early 2000s.
Steve Wozniak was once again bullish this week. He predicted a BTC surge to $100,000. In his opinion, the main cryptocurrency has a huge potential and will increase in value in the coming years. ?Currently, only a small percentage of the world?s population owns bitcoin, so the infrastructure is expanding at an extremely slow pace. However, its adoption will accelerate in the future, both the number of BTC holders and users of projects deployed in the DeFi and NFT markets will increase,? Wozniak believes. At the same time, the co-founder of Apple admitted that he  has less than 1 BTC, and he does not plan to make money on investments in cryptocurrency.

- The government of Ras Al Khaimah (RAK), one of the UAE's emirates, plans to create a free zone for companies in the digital asset industry. The National News writes about this. According to the statement, RAK Digital Assets Oasis will become a hub for unregulated activities of industry participants. Applications will be accepted as early as Q2 2023.

- The correlation of cryptocurrencies with US stocks and macroeconomic indicators is weakening against the backdrop of the current flat movement in the price of bitcoin. It is reported by The Block, referring to the opinion of analysts from the investment company Bernstein. According to them, the market is balancing between bulls and bears, "waiting for further catalysts", and its susceptibility to events in the world of traditional finance "is not the same as before." The first cryptocurrency's correlation with the Nasdaq Composite index has fallen from 0.94 to 0.58 since early February.
The analysts also point out that the hurdles created by regulators are bearish for the market, as is the lack of institutional adoption of cryptocurrencies. On the other hand, the weakening of the correlation with the stock market is a bullish signal.

- The crypto market performed much better at the beginning of 2023 than most of its participants and experts expected. These are the findings of Bank of America researchers. They have published a report in which they emphasize that the market capitalization of digital coins and tokens has grown by 42% to $1.1 trillion. At the same time, Bank of America strategists remain cautious about further capitalization growth, as high dollar interest rates could put serious pressure on digital assets.

- We wrote earlier that Charles Munger, vice chairman of the holding company Berkshire Hathaway and Warren Buffett's right-hand man, called ?idiots? anyone who disagrees with him regarding a complete ban on cryptocurrencies. The 99-year-old billionaire said that crypto assets are nothing more than gambling and called them ?rat poison?. He also urged the US authorities to follow in the footsteps of China and ban cryptocurrencies.
And now he received an answer from Elon Musk. The Tesla founder said that Munger considered investing in the company in 2008, when it was valued at just $200 million, but declined. Now, Tesla's current capitalization is about 3,000 times that amount. In this regard, Chris Burniske, an analyst and former head of cryptography at ARK Invest, noted caustically that Munger knows exactly how to miss the chance to make 1000x profit.


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

CryptoNews of the Week


- Robert Kiyosaki, author of the bestseller Rich Dad Poor Dad and entrepreneur, has once again called for investing in gold, silver and bitcoin amid problems with US banks. In his opinion, regulators will print ?even more counterfeit money? to save the ?sick economy?. ?Take care of yourself. Crash landing is ahead,? Kiyosaki wrote.
Kiyosaki made his announcement amid the recent collapse of major US banks Silicon Valley Bank (SVB) and Signature Bank, which were taken over by the Federal Deposit Insurance Corporation. The latter, together with the Treasury and the US Federal Reserve, said that SVB and Signature Bank depositors will have access to all funds in full. In addition, the Fed announced the creation of the Bank Term Funding Program for banks that may face similar problems (BTFP). $25 billion will be allocated for this purpose. Interestingly, both of these banks were actively used by cryptocurrency companies as fiat gateways.

- Aggressive rate hikes by the Fed and balance sheet cuts have led to bank failures in the US. According to a number of experts, this has become an excellent advertisement for bitcoin, the rate of which is expected to skyrocket. Observers draw parallels to the 2013 Cyprus crisis, which highlighted the shortcomings in the fractional reserve system and drew attention to decentralized hedging as opposed to centralized banking.
?The 18th largest bank [SVB] has collapsed. We have learned how a record sell-off in US Treasuries resulted in billions of dollars of unrealized losses in the banking sector. Thus, we have received another example of the fact that a fractional reserve system has no savers, but only creditors,? writes The Bitcoin Layer.

- Bitcoin reacted with a bullish rally to the news that the US authorities provided liquidity to rescue depositors of Silicon Valley and Signature banks. Market analyst Tedtalksmacro called this move by the Fed the beginning of unofficial quantitative easing. Former BitMEX CEO Arthur Hayes was even more blunt: ?Get ready for a rally in risk assets. Money Printer Launched! - he wrote. - Helping the depositors to burst banks means injecting money into the economy, from which liquidity was only withdrawn during the year. This is a great fuel for risky assets.?

- After the aforementioned bankruptcy of these two banks, the BTC rate jumped by more than 30%. This made market participants think again about the potential of cryptocurrency as a tool for capital protection. Meanwhile, CNBC Mad Money host Jim Cramer continued to criticize the cryptocurrency industry. In the latest episode of his show, he expressed his skepticism regarding the coin's latest price rally. The host also called bitcoin a "strange animal". In his opinion, cryptocurrencies are secretly manipulated by large financial institutions and wealthy investors. ?Please don?t think that everything happens by itself,? Cramer warned the audience, adding that he never believed in bitcoin.

- The US Treasury has called for the introduction of an excise duty for mining companies in the amount of 30% of the cost of electricity consumed. This is stated in the Green Book of the department. The tax is planned to be introduced in stages over the next three years, increasing by 10% each year. In addition, miners will be required to report how much electricity and what power they use. The new excise is expected to reduce the total number of mining devices in the US.
Another provision concerns individuals. The US Treasury is proposing that people with foreign financial accounts holding more than $50,000 worth of cryptocurrencies report those assets on their tax returns. Among other things, the agency is discussing the possibility of assessing the market value of digital assets and is proposing to expand the rules for securities lending to include cryptocurrencies.

- Gracy Chen, CEO of Bitget, one of the largest crypto exchanges, has revealed the content of her investment portfolio. ?I have a cryptocurrency portfolio. About 41% is in BTC and ETH, 38% in USDT and USDC, 12% in BGB (this is the Bitget platform token). The rest is small amounts in such altcoins as BLUR, SHIB/DOGE, MANA/SAND, DODO, AVAX, YFI. I look forward to buying more BGB and BTC when the price drops. I have some NFTs, but they are not avatar pictures. I bought artistic NFTs, for example, VR paintings by French artist Anna Zhilyaeva. They are exclusively for my personal collections and not for speculation,? she admitted.
According to Gracy Chen, ethereum will face increased volatility and a pullback in the next 2-7 months after a short-term market rise. Due to the lack of external liquidity, as well as the fact that current investors are more speculative, in the medium term, the ethereum price may move in the range from $1,200 to $2,000. ?Capital inflows into the cryptocurrency market will begin to increase ahead of the bitcoin halving. ETH is expected to reach strong resistance in the $2,400-$3,500 range in 2024,? the expert believes.

- The US Federal Bureau of Investigation (FBI) has warned of scammers who create fake mobile gaming apps and use them to steal crypto assets. Criminals position their apps as blockchain games based on the Play-to-Earn concept. Attackers contact victims online and invite them to play online games where players can be rewarded in crypto assets for certain actions (Play-to-Earn). For example, for growing crops on a virtual farm.
To take part in the game, victims need to download the game app, create a cryptocurrency wallet and buy assets. The more funds a user keeps in their gaming account, the greater their reward will be in the game, the scammers convince. When users stop topping up their account, criminals empty their wallets with malware that is activated when the game is downloaded.

- US Congressman Tom Emmer has once again opposed the launch of the state cryptocurrency. According to him, the digital dollar can be "easily weaponized" and used to spy on US citizens and to "crush politically unpopular activities."
The congressman noted that the cryptocurrency economy worries the US authorities, as it ?takes power from centralized government institutions and returns it to the people.? Therefore, the idea of a controlled state cryptocurrency is becoming increasingly popular with regulators and law enforcement agencies.

- Henrik Zeberg, a trader and well-known macro analyst, has assessed the correlation between the US unemployment rate, the NAHB housing index, the stock market index and cryptocurrencies. The expert has noted the frightening similarity of the current scenario with the crisis of 1929, and has added that the markets are approaching an economic collapse that will drag on for several years. According to him, all markets were "extremely overheated, and the next recession could be much more serious than in 2007-2009." According to the analyst, the cryptocurrency market will also be hit very hard, and many digital coins will not withstand the pressure.
Zeberg has presented a forecast for a macroeconomic recession based on the Elliott wave theory. According to the study, wave 4 could reach its maximum level in early 2024. After that, large financial markets will be doomed to collapse. The specialist has emphasized that all attention should be focused on the economic performance of the third and fourth quarters of 2023, which could be the last bullish period of this market cycle.


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