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Dogecoin Price Prediction as DOGE Eyes Big Bearish Breakout to This Key Support Zone🔮
Dogecoin (DOGE), the cryptocurrency that powers the Dogecoin blockchain, has dropped back after an attempt to push back to the north of the $0.076 level earlier in the day. A spike in the US dollar and US yields combined with downside in US stocks in wake of hawkish remarks from Fed Chair Jerome Powell is weighing broadly on crypto prices, hence the intra-day pullback.
📈Powell warned that the pace of interest rate hikes could rise once again and that interest rates could go higher than expected if inflationary pressures remain too hot. Dogecoin was last changing hands around $0.074, down around 1.0% on the session, having found support at the weekend lows in the $0.072s.
News of Dogecoin whales moving significant amounts of tokens off of Binance and into self-custody has failed to lift optimism in the Dogecoin market. According to blockchain monitoring Twitter account Whale Alert, 67,455,315 DOGE were transferred from the world’s largest exchange to an unknown wallet on Tuesday.
💰At the current price, those tokens are worth roughly $5.0 million. Typically, investors moving significant sums of tokens off of exchanges is seen as bullish for a cryptocurrency, as it implies they have no plans to sell the tokens on the exchange. On the contrary, significant exchange inflows is typically seen as bearish for a cryptocurrency, as it could be a lead indictor of increased sell pressure.
Bybit halts USD bank transfers citing partner outages.
Dubai-based🌴 Bybit is the latest crypto exchange to suspend U.S. dollar💰 wire transfers, claiming partner disruptions.
Dubai-based crypto exchange Bybit has suspended United States dollar deposits via bank transfers in response to “service outages from a partner.” Funds can be withdrawn through wire transfers until March 10.
In a blog post from March 4, the crypto firm said that “USD deposits via Wire Transfer (SWIFT) and Wire Transfer (For U.S. banks) are no longer available.“ Alternatively, users can continue to make USD deposits via the Advcash Wallet or with a credit card.
Withdrawals through the Advcash Wallet are scheduled to be available soon, noted the exchange. Bybit claims users’ funds are “safe and secure” but urges clients planning to withdraw USD to do so “as soon as possible to avoid potential disruptions.“
🔍Bybit is one of the companies with exposure to the crypto lender Genesis Global Trading, which filed for Chapter 11 bankruptcy on Jan. 20.
According to Bybit CEO Ben Zhou, the exposure amounts to $150 million via its investment arm, Mirana Asset Management. According to Zhou, $120 million of the funds were collateralized and had already been liquidated. Moreover, he stressed that all client funds go into separate accounts, and Bybit’s earn products do not use Mirana.
The halt comes just a day after Silvergate Bank announced plans to discontinue its digital assets’ payment network, claiming the termination is a “risk-based decision.” The network was a major on- and off-ramp for USD in the U.S. crypto industry.
Regulatory pressure and market outflows after the dramatic collapse of cryptocurrency exchange FTX in November 2022 are driving U.S. banks to reduce their exposure to cryptocurrency assets.
In February, Binance announced it would temporarily suspend bank transfers of U.S. dollars. Previously, in January, the exchange said its SWIFT transfer partner, Signature Bank, would only process trades by users with U.S. dollar bank accounts over $100,000. Signature Bank previously announced it was drastically decreasing crypto deposits.
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Aussie regulators review Binance Australia Derivatives over account closures.
A day after Binance Australia Derivatives sent notifications of account closures to users it wrongly classified, regulators in Australia said they’re looking into the company.
😨Binance Australia Derivatives sent an abrupt message to a select group of users on Feb. 23, saying it would be immediately closing their accounts due to a false classification of some users as “wholesale clients.”
This incident caused a flurry of responses from users on social media, and the next day, the Australian Securities and Investments Commission (ASIC) announced it would be conducting a 🔍“targeted review” of Binance’s local derivatives operations.
According to a statement from a spokesperson of the regulator on Feb. 24, the review of Binance Australia Derivatives will include the company’s “classification of retail clients and wholesale clients.“
The spokesperson added:
“It has not yet reported these matters to ASIC in accordance with its obligations under its Australian financial services license.”
However, the spokesperson said the regulator “is aware of Binance’s social media posts,” which were made shortly after users began posting screenshots of the notices on Twitter.
Binance took to social media to clarify the incident, saying that it closed derivatives positions and accounts for some users who they incorrectly classified as “wholesale clients.” Currently the platform is only available to wholesale investors.
A few hours after its initial posts, Binance said 500 users were affected by the remediation.
A spokesperson from Binance reiterated that the exchange is “committed” to adhering to local Australian laws.
Changpeng “CZ” Zhao, the co-founder and CEO of Binance, tweeted that all users will be compensated of any losses and to ignore the FUD. He also mentioned that the company is looking into the situation to see if reopening futures in Australia will be an option in the future.
💵The Binance cryptocurrency exchange is the largest in the world and has been very public about its efforts to comply with the regulatory requirements of its local operations.
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Crypto Hub in the Making: Hong Kong Pushes Forward with Plans for Retail Crypto Trading📊
In a push toward reclaiming its position as a global crypto hub, Hong Kong has outlined plans to allow retail investors to trade certain digital currencies on licensed exchanges.
On Monday, Hong Kong's Securities and Futures Commission (SFC) published a consultation paper on its proposed regulatory regime for crypto trading platforms. The new rules are set to come into effect starting in June and will require all crypto platforms to be licensed by the SFC.
The regulator also said that retail investors would be allowed to trade certain “large-cap tokens” on licensed exchanges, given that safeguards such as knowledge tests, risk profiles, and reasonable limits on exposure are put in place.
The agency did not specify which large-cap tokens would be allowed. However, a report by the FT claimed Bitcoin and Ethereum, the two largest cryptocurrencies by market cap, would be opened up to retail customers.
The SFC also put forward criteria for which cryptocurrencies would be available for trading. Exchanges would be responsible for vetting the team behind a token, marketing materials, and legal risks and finding out "how resistant it [the token's network] is to common attacks." Furthermore, the token should have a relatively large market capitalization.
The agency defined large-cap virtual assets as tokens "which are included in at least two 'acceptable indices' issued by at least two independent index providers," one of which should have experience in the traditional financial sector.
SBF and FTX fraud ‘aided and abetted’ by Silvergate Bank, alleges lawsuit.
The filing is the latest proposed class action in a string of lawsuits aimed at Silvergate over the last two months about its links with Sam Bankman-Fried and defunct crypto exchange FTX.
Silvergate Bank and its CEO Alan Lane have been accused of “aiding and abetting” a “multibillion-dollar fraudulent scheme orchestrated by Sam Bankman-Fried (SBF)” and two of his entities, FTX and Alameda Research, in a newly proposed class-action lawsuit.
The proposed class-action lawsuit was filed in the United States District Court for the Northern District of California on Feb. 14 by lawyers representing a San Francisco-based FTX user who was frozen out of around $20,000 in crypto when the exchange collapsed last year.
Plaintiff Soham Bhatia alleges that Silvergate Bank, its parent company Silvergate Capital Corporation and CEO Alan Lane were aware of the use of FTX customer funds by Alameda Research and has accused them of concealing “the true nature of FTX” from its customers.
“At all relevant times, Silvergate, Bankman-Fried and Lane were each co-conspirators of the other,” according to the lawsuit, adding:
The lawsuit alleges Silvergate and Lane aided, abetted, encouraged and substantially assisted Bankman-Fried in jointly perpetrating a fraudulent scheme upon Plaintiff and the class.
“By aiding, abetting, encouraging and substantially assisting the wrongful acts, omissions and other misconduct alleged above, Defendants acted with an awareness of their wrongdoing and realized that their conduct would substantially aid the accomplishment of their illegal design.”
The suit seeks a combination of damages, restitution and disgorgement of profits with the amount to be determined in trial.
However, the lawsuit is yet to be certified by the district court, which is a necessary step before it can proceed as a class action.
The latest proposed lawsuit is just another class-action complaint against Silvergate over the last two months.
Terra Luna Classic Price Prediction as LUNC Spikes Up.
Terra Luna Classic price seems poised to print a series of green candles after bouncing off support at $0.0001584. LUNC trades at $0.0001666 after accruing almost 5% in gains on the day. If the technical picture stays bullish, Terra Luna Classic price may close the gap to $0.0002, where bulls are expected to push for an aggressive breakout from an ascending triangle pattern.
The daily time frame chart shows the formation of an ascending triangle pattern, with the potential to break out to $0.0002764. Ascending triangles come into the picture when the asset faces a horizontal resistance level and a slope of higher lows.
Attempts to push above the resistance level tend to fail several times but bulls often do not give up. As they gain strength, bolstered by the slope of higher lows, a breakout materializes above the triangle. If the resistance is too strong, the breakout shelves altogether and the triangle’s effectiveness fades.
For that reason, traders should closely watch the price movements within the triangle. Initial buy orders could be placed above the slope of higher lows for a plausible profit booking at the horizontal resistance. The second batch of buy orders may be triggered above resistance, as highlighted by the triangle’s x-axis at $0.0002.
Terra Luna Classic price expects a 36.44% move above the x-axis resistance. This breakout target equals the distance between the widest points of the triangle extrapolated above the resistance, as highlighted at $0.0002.
As Terra Luna Classic price gains momentum, more investors are attracted to join the uptrend. The Stochastic oscillator reveals that buyers have the upper hand by lifting from the oversold region. Traders betting on long positions in LUNC should consider staying put for gains above $0.0002.
Argo CEO follows resignation trend after company acquisition by Galaxy Digital.
The CEO of the cryptocurrency miner Argo Blockchain is the second executive to step down from the company after its acquisition by Galaxy Digital.
The cryptocurrency miner Argo continues to undergo a series of company changes in light of its major acquisition and newly filed lawsuit.
Peter Wall, the CEO of Argo Blockchain, announced his resignation from his executive position on Feb. 9.
According to the announcement, Wall will remain an adviser to Argo throughout the next three months to support the transition out of the position. He also commented that he was “pleased” to have spearheaded the recent Galaxy Digital acquisition deal.
In the same announcement, the company also revealed the resignation of Argo board member Sarah Gow. This development is due to health reasons.
However, just one week before these company changes, Argo lost its chief financial officer Alex Appleton in yet another resignation.
That announcement, on Feb. 1, said Appleton resigned to “pursue other opportunities,” according to a filing with the London Stock Exchange. This coincided with the finalization of the sale of the Helios facility to Galaxy Digital Holdings.
Appleton had been with the company in his executive role since September 2020.
This is the latest development in a series of changes for Argo, which began in late December 2022 when it reported insufficient funds and little assurance of avoiding filing for Chapter 11 bankruptcy.
A few weeks after this announcement, the company revealed that it sold its top Helios mining facility to the global crypto-focused financial services firm Galaxy Digital for $65 million. This helped Argo reduce its total debt by $41 million.
The acquisition was a factor that helped Argo regain compliance with the Nasdaq minimum bid price rule. This entails maintaining the stock’s minimum bid price of $1 for 30 straight trading days.
However, a lawsuit filed on Jan. 26 targeted Argo and several of its executives and board members for failing to disclose key information to investors.
The case claims the company failed to disclose its susceptibility toward capital constraints, electricity costs and network difficulties.
South Korean regulator provides guidance on security tokens.
Digital assets that fit the descriptions for security tokens will be regulated under the country’s Capital Markets Act.
South Korea established guidance that specifies which types of digital assets will be considered and regulated as securities in the country.
In a press release, the Financial Services Commission (FSC) highlighted that digital assets that fit the characteristics laid out in the country’s Capital Markets Act will be treated as securities.
The law considers securities as financial investments where investors are not required to make additional payments after their original investment. The FSC also provided examples of which digital assets will most likely be classified as securities. According to the FSC, this may include tokens that provide a stake in business operations, gives holders rights to dividends or residual assets, or provide profit to the investors.
Cryptocurrencies that fit the descriptions of security tokens will be regulated under the country’s Capital Markets Law. Meanwhile, digital assets that do not fit the characteristics of securities will be governed by other upcoming regulations.
According to the FSC, token issuers and brokers like crypto exchanges will evaluate which crypto will be classified as securities based on the regulations. The regulator also pointed out that the evaluation will be case-by-case.
The financial regulator also noted that the new guidance is part of preparations for the legalization, issuing and distribution of security tokens within the country.
South Korea has actively participated in the crypto ecosystem. On Jan. 19, the city of Busan revealed plans to establish a decentralized digital commodities exchange. Government officials noted that the platform would begin its operations this year.
Apart from this, the country’s Ministry of Justice also plans to deploy a tracking system for crypto. On Jan. 29, the South Korean government said it would introduce a tracking system to combat money laundering efforts and recover funds connected to criminal activities.
Is it Too Late to Buy Binance Coin? Crypto Analysts Give Their BNB Price Predictions.
BNB continues to trade just over 3.0% below earlier weekly monthly in the $320s, with traders reluctant to continue bidding the price higher ahead of a barrage of key upcoming macro risk events. These include Wednesday’s Fed policy announcement, Thursday’s ECB and BoE policy meetings and Friday’s US jobs report, as well as a smattering of other tier-one US data releases like the ISM PMI surveys and JOLTs job openings.
The Fed is expected to hike rate by another 25 bps to 4.50-4.75%. Fed Chairman Jerome Powell’s tone on the outlook for further rate hikes (markets are pricing just one more hike in March) will be the key thing for markets – some strategists expect Powell to come across as hawkish, despite a growing mountain of evidence that US inflation is falling back rapidly towards the Fed’s 2.0% target.
Conversely, if macro events this week turn out as a positive for crypto (i.e. a dovish Fed and weak US data spur Fed easing bets), BNB could be looking at an upside break of the $320 resistance area. That would open the door to a rally back towards November 2022’s highs close to $400, a potential 27% rally from current levels.
According to a Twitter post by crypto technical analyst World of Charts, BNB is on the verge of breaking to the north of a long-term pennant structure. If the breakout is confirmed, World of Charts noted, a test of all-time highs is to be expected.
Fed policy to align bank oversight could limit crypto activities by state banks.
The new policy would align the allowable activities for insured and uninsured state banks and OCC-supervised national banks by making rules for state banks more restrictive.
The United States Federal Reserve Board announced on Jan. 27 that it was issuing a policy statement regardin limitations on banks. The policy seeks to create a level playing field and limit regulatory arbitrage for state banks with deposit insurance, state banks without deposit insurance and national banks, which are overseen by the Office of the Comptroller of the Currency (OCC), by allowing them the same scope of permissible activities.
The new policy will limit the activities of state banks by not allowing them to engage in activities not permitted by national banks unless state legislation allows it. In the Federal Register notice, the statement specifically discusses crypto at length. It stated:
“The Board has not identified any authority permitting national banks to hold most crypto-assets. As principal in any amount, and there is no federal statute or rule expressly permitting state banks to hold crypto-assets as principal. Therefore, the Board would presumptively prohibit state member banks from engaging in such activity under section 9(13) of the Federal Reserve Act.”
The notice also said that state banks have proposed issuing “dollar tokens” — that is, stablecoins — and those banks now will be subject to OCC interpretative letters 1174 and 1179, as are national banks. It added:
“The Board generally believes that issuing tokens on open, public, and/or decentralized networks, or similar systems is highly likely to be inconsistent with safe and sound banking practices.”
The statement was issued on the same day that the Fed rejected the application of Wyoming’s Custodia Bank for Federal Reserve System membership.
The Fed beefed up scrutiny on banks engaging in crypto activities in August 2022, when it issued a letter requiring the banks it oversees to disclose plans that include crypto, with a reminder to ensure adequate risk management. The letter applied retrospectively to banks already active in crypto.
Investors Are Taking Notice of This New Electric Vehicle Crypto Project, Just $100,000 Left in Presale.
Electric vehicles (EVs) are set to play a crucial role in the drive for a more environmentally-sustainable transport system. According to recent data published by the European Automobile Manufacturers Association (ACEA), fuel and diesel-powered automobiles accounted for 52.8% of global vehicles.
However, the data does not stop there. The report also states that about 25.1% of total registered vehicles in the European bloc were hybrid electrics and battery electric, snapping up a sizable 10%. This change in trajectory shows a growing consensus amongst world leaders to pivot towards renewable energy in facilitating the movement of goods and services. While this shows promise for the EV industry, it grossly eliminates the end users of these battery-powered vehicles.
A new project is looking to change this narrative by providing a decentralized template that enables anyone to actively participate in the slashing of global greenhouse emissions from the comfort of their cars.
Climate experts and world governments have explored several options to reduce the global warming pandemic. One such solution has been the use of carbon credits. The concept sounds elitist, but it is quite simple. The idea is that people are granted permits to emit a certain amount of carbon dioxide into the atmosphere. Once they exceed their emission levels, they are required to buy more of these permits or credits, and if underutilized, they can sell the excess to another person.
The general pivot around this is to force the global populace to find innovative means of generating energy. While there is a growing ecosystem dealing in this industry, the carbon credit ecosystem is a gated or fenced city, and only companies are granted easy access. This is because carbon credits have not been made mainstream and accessible by the average car owner, but the C+Charge project aims to change this.
Launched in late 2022, C+Charge is creating a robust peer-to-peer payment facility for EV charging stations. The team behind the project wants to make carbon credit benefits accessible to the average car owner, besides the car manufacturers themselves. EV car owners will be provided with electronic wallets containing the platform's native token, CCHG, through which they can pay their charge fees and earn free carbon credits for their activities.
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Polygon and Mercy Corps bring blockchain to underserved communities.😋
The Polygon network and Mercy Corps Ventures partnership target underserved communities in blockchain awareness and education initiatives.
Blockchain technology continues to make its way into mainstream view, as many companies adopt it as a part of their operations. With the push for adoption comes the simultaneous need for more education about the technology.
A new partnership announced on March 2 between the Polygon blockchain network and Mercy Corps Ventures — the investment arm of the humanitarian organization Mercy Corps — focuses on bringing blockchain education and opportunities to underserved communities.
👉According to the announcement, the new partnership has three primary objectives in its effort to bring blockchain and Web3 solutions to “traditionally excluded and underserved communities.”
These objectives include funding blockchain pilots that enable access to the financial system, blockchain hackathons with developers serving users in emerging markets, and creating a blockchain boot camp roadshow in areas with a Mercy Corps presence.
The partners believe these efforts can help “provide educational and informational sessions for local educational institutions, NGOs nongovernmental organizations and other organizations looking to improve operations through blockchain technology.”
Last month, Mercy Corps Ventures launched its Crypto💰 for Good Fund II, which aims to launch a series of pilots utilizing blockchain technology to drive global financial inclusion and further climate resiliency. The first iteration of the fund launched in 2022 with almost 200 applicants.
😣In light of the recent earthquake that devastated parts of Turkey and Syria, Mercy Corps was involved in a series of donations coming from the crypto community to deliver aid.
It reported receiving a 50/50 split of funds donated by the cryptocurrency exchange Binance, which at the time was around $60,000 in total.
Additionally, Ripple tweeted that it would be donating XRP worth $1 million in light of the incident and highlighted Mercy Corps as one of the recipients of the funds.
Kucoin and Huobi Are Accused in Report of Enabling Russian Banks to Break Sanctions🏛
💱Huobi and KuCoin, two of the world's largest crypto exchanges have reportedly continued to provide services to customers of sanctioned Russian banks.
🚫The exchanges, both based in Seychelles, failed to take proper measures in order to block traders from transacting with debit cards issued by sanctioned Russian banks, including Sberbank, on their peer-to-peer platforms, Bloomberg reported, citing research from the blockchain analytics firm Inca Digital provided.
❌Adam Zarazinski, CEO of Inca Digital, said in an interview Friday that this could be a violation of US and European sanctions. He noted that the transactions often involve Tether, a dollar-pegged stablecoin launched by Tether Limited, which has been facing significant regulatory scrutiny over the past years.
“Tether is frequently used by Russians to move money out of the country," Zarazinski said. "It is absolutely used by these two exchanges in particular to provide crypto banking services to sanctioned Russian banks.”
KuCoin executives dismissed the report while Huobi advisor Justin Sun did not address the claim. “KuCoin does not support the withdrawal and deposit of the cards issued by Russian banks,” Johnny Lyu, chief executive officer at KuCoin, reportedly said.
The report also claimed the world's largest cryptocurrency exchange, Binance, offers “multiple methods for Russians to convert local currency into crypto,” including via their over-the-counter trading desk and a peer-to-peer marketplace.
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Decentralized Futures - Traders' Salvation in 2023
After the collapse of FTX and many investment funds, most users questioned the reliability of centralized exchanges. CEX exchanges hold user funds and also require KYC verification with personal information about users.
On the other hand, centralized exchanges have the main tool of traders - futures, which help traders to maximize profits from each transaction.
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Former FTX exec will plead guilty to federal charges with a deal.
Nishad Singh, the bankrupt exchange’s former director of engineering, went to a proffer session with prosecutors last month and is reportedly nearing a plea deal.
Nishad Singh, the co-founder and former chief engineer of bankrupt crypto exchange FTX, is working on a plea deal with prosecutors, Bloomberg reported on Feb. 17. The deal, which would see the 27-year-old Singh plead guilty to charges related to FTX’s collapse, has yet to be finalized, the report said.
Singh would be following in the footsteps of former FTX chief technology officer Gary Wang and former Alameda CEO Caroline Ellison, who pleaded guilty to federal fraud charges in December after reaching deals with prosecutors. Former FTX CEO Sam “SBF” Bankman-Fried has pleaded innocent to eight federal charges and is currently living with his parents in California.
Singh, a childhood friend of SBF’s brother Gabriel, was the author of some of FTX’s software and one of the roommates in SBF’s Bahamas penthouse. SBF told a Vox reporter shortly after the FTX collapse that Singh was “scared” and “ashamed and guilty” over the event.
Singh remained out of sight the longest among FTX’s leadership but reappeared in the first week of January for a proffer session at the office of the United States Attorney for the Southern District of New York. At a proffer session, an individual may be granted limited immunity to share their knowledge with prosecutors.
Federal criminal charges are only part of Singh’s legal worries. Singh and others from the FTX inner circle were subpoenaed on Feb. 14 in a class-action suit against venture capital firm Sequoia Capital and private equity firms Thoma Bravo and Paradigm.
Ellison and Wang have settled in cases brought against them by the U.S. Securities and Exchange Commission and Commodity Futures Trading Commission, but Singh could potentially be subject to actions brought by those agencies too. Among the charges against SBF are campaign finance violations. Singh was also a major contributor to the U.S. Democratic candidates and causes, reportedly donating $9.3 million since 2020.
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💎 Price: 0.02362$
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📅 History change
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30 days: +18.10% ↗️
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As Avalanche Price Explodes, These 3 Altcoins Might 20x in 2023.
AVAX, the cryptocurrency that powers Avalanche’s high-performance smart-contract-enabled layer-1 blockchain protocol, has been surging in 2023. The cryptocurrency is already up nearly 100% since the turn of the year, with AVAX last changing hands to the north of $21 per token, having ended 2022 under $11.
Avalanche has been benefitting from a broader uptick in crypto market risk appetite that has seen the likes of Bitcoin and Ethereum post 35-40% gains on the year. Traders have been betting that 2023 is going to be a much more favorable year on the macro front, as US inflation falls back rapidly, allowing the US Federal Reserve to ease up on its monetary policy tightening later in the year.
In mid-January, AVAX crashed to the north of its 200-Day Simple Moving Average (SMA) for the first time since April 2022 and has continually found support at its 21-Day SMA in recent weeks. If Avalanche can muster a sustained break to the north of resistance in the $21.80 area, this can open the door to a further push higher towards the August highs just above $30 per token, a further 45% rally from current levels.
Investors should consider investing in AVAX if they think the continued recovery in the cryptocurrency market's appetite for risk has legs. If a new bull market is here and AVAX does recover back to prior all-time highs, that would mark a 5-6x rally from current levels – impressive stuff.
But in a cryptocurrency bull market, investors may be able to secure even more impressive gains, perhaps in the region of 20x, if they invest in the right crypto presales. Here is a list of crypto presales reviewed by the team at Cryptonewscom.
Next 5-10 years are probably your last opportunity to make x100-x1000 in the Crypto market.
What can I (and you) do here:
✔️use 10-20% of monthly income to buy crypto: BTC, ETH or DCA into stablecoins and find yourself a safe platform which will grow that supply
✔️invest into infrastructural blockchain project with actively developing ecosystems
In my blog I will try to simplify as much as I can from my education in investing and 7+ years of experience in crypto.
Follow for crypto advice and investing tips:
👉Gene, CEO of Earnpark
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Crypto to play 'major role' in UAE trade: foreign trade Minister.
UAE’s minister of state for foreign trade Thani Al-Zeyoudi noted that as the country has attracted a lot of talent from the crypto sector, the UAE now needs to roll out the correct regulation to support further growth.
Crypto will play a “major role” in the United Arab Emirates' global trade moving forward, says the UAE’s minister of state for foreign trade Thani Al-Zeyoudi.
Speaking with Bloomberg on Jan. 20 in Davos Switzerland — where world leaders are currently gathered for the 2023 World Economic Forum — Al-Zeyoudi provided a host of updates regarding the UAE’s trade partnerships and policies heading into 2023.
Commenting on the crypto sector, the minister stated that “crypto will play a major role for UAE trade going forward,” as he outlined that "the most important thing is that we ensure global governance when it comes to cryptocurrencies and crypto companies.”
Al-Zeyoudi went on to suggest that as the UAE works on its crypto regulatory regime, the focus will be on making the Gulf country a hub with crypto-friendly policies that also have sufficient protections in place:
“We started attracting some of the companies to the country with the aim that we’ll build together the right governance and legal system, which are needed.”
The comments from Al-Zeyoudi come just a week after the UAE Cabinet introduced new regulation which essentially ensures that entities engaging in crypto activities must secure a license and approval from the Virtual Asset Regulatory Authority (VARA).
If companies fail to do so they will face fines of up to $2.7 million under the new law. The move adds to the “Guiding Principles” for digital asset regulation and supervision that were published by the financial regulator of Abu Dhabi’s Global Market free economic zone in September.
The principles outline a friendly stance towards crypto while also pledging to comply with international standards in Anti-Money Laundering (AML), combating the financing of terrorism (CFT) and supporting financial sanctions.
New Bitcoin Address Momentum Looking Bullish, What This Means For BTC Price.
A shift in new Bitcoin address momentum is sending a signal that the world’s largest cryptocurrency might be in the beginnings of a new bull market, data from crypto analytics firm Glassnode reveals. According to Glassnode, the 30-Day Simple Moving Average (SMA) of New Addresses has now been above the 200-Day SMA since the start of November, despite the collapse of cryptocurrency exchange FTX early that month.
Indeed, the data may suggest that new Bitcoin investors used the drop in Bitcoin’s price as a result of FTX’s implosion as a dip-buying opportunity. Moreover, the data might reflect a post-FTX shift in Bitcoin investor preference towards self-custody as opposed to leaving crypto assets on the exchange.
Either way, the 30-Day SMA of New Addresses moving above the 200-Day SMA is a bullish sign – in the past, the 30-Day SMA has typically been above the 200-Day SMA during Bitcoin bull markets.
With inflationary pressures in the US, the world’s largest economy, likely to continue to drop rapidly as growth slides, investors are increasingly paring betting that the US Federal Reserve won’t be able to keep interest rates at elevated levels for long. In that sense, 2023 looks set to be a very different year to 2022 – a year dominated by a historic hawkish shift in the Fed’s policy.
With crypto prices currently coming from a much lower base and against a much more dovish macro backdrop, 2023 could be a much better year for Bitcoin. And New Addresses Momentum isn’t the only indicator screaming that a new bull market might be underway. Bitcoin is back above its 200-Day Moving Average and Realized Price - both are just under $20,000 and both are considered key psychological levels.
