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2021-12-31 10:13:36 ​Bitcoin, Ethereum Technical Analysis: ETH Falls Below $3,000 as Crypto Gains Encounter Resistance

Gains in cryptocurrencies slowed down on hump-day, as bitcoin and ethereum prices hit resistance levels. ETH fell below the $3,000 level, with BTC falling below its long-term ceiling of $42,500 during today’s session.

The global crypto market cap was 0.69% lower as of writing, as gains in BTC eased on Wednesday, and prices encountered resistance.

Following a high of $43,336 during Tuesday’s session, BTC/USD rose to an intraday low of $41,877.51 on Wednesday.

This came as BTC was unable to sustain yesterday’s breakout from the $42,500 resistance, as bulls likely liquidated positions, securing earlier gains in the process.

Despite this, momentum is still trending upwards, with the 10-day (red) moving average continuing its cross of the 25-day MA.

As a result, bitcoin is now nearly 5% higher than at the same point last week, despite the recent uncertainty in price action.

Should this momentum continue, a break of the 57 RSI level must occur, which is something that hasn’t taken place in over 20 days.

After climbing to a one-month high yesterday, ETH fell below $3,000 on Wednesday, as the strength of recent gains somewhat eased.

The value of ethereum has increased by over 10% in the last week, however prices were down 1.78% today, as its $3,020 resistance was hit.

So far in today’s session, ETH has fallen to an intraday low of $2,933.31, with some looking at the $2,844 support as a possible price target.

Similar to BTC, the 14-day RSI indicator on the ETH chart is currently hovering below resistance, if this does continue, we could see a lower low.

However, bullish pressure still remains in ETH, so a breakout towards resistance of $3,200 is also likely. Открыть/Комментировать

2021-12-26 14:48:34 ​Idea to Use Digital Ruble as Reserve Currency Circulated in Sanctioned Russia

A call to make the digital ruble a reserve currency has been issued in the State Duma, the lower house of Russia’s parliament. Meanwhile, concerns have been raised in the West that the new incarnation of the Russian fiat may be employed to evade sanctions that have been isolating the country.

In the face of mounting Western penalties, officials in Moscow have been mulling over ways to circumvent restrictions that have already limited Russia’s access to its foreign reserves and the global financial market.

Sergei Mironov, who leads the opposition ‘A Just Russia’ faction in the Duma, urged the federal government, the central bank, and the operational headquarters on countering sanctions to introduce the digital ruble, Russian media and Forklog reported.

The high-ranking parliamentarian has been quoted as saying that the goal of the initiative is to issue the central bank digital currency (CBDC) for specific purposes like financing of housing and other construction projects, as well as development of production and transportation infrastructure.

“The digital ruble should become a full-fledged investment and reserve currency for Russia,” Mironov elaborated. The deputy believes the CBDC will provide the Russian economy with needed funding without boosting inflation. The digital rubles cannot be deposited abroad or used for non-intended purposes, he added.

Western allies fear Russia may use cryptocurrencies, including the digital version of the ruble, to evade sanctions imposed over its invasion of Ukraine and have taken steps to close the loopholes. Recent statements by another lawmaker, and member of the crypto regulatory working group, Alexander Yakubovsky, indicated that Russia is interested in using digital currencies to restore its access to global finance.

The Central Bank of Russia (CBR), a strong opponent of legalizing cryptocurrencies, has been actively developing the digital ruble project. The monetary authority began contemplating a CBDC three years ago. A consultation paper was published in October 2020 and in April 2021, the bank released a digital ruble concept outlining its principal architecture.

Testing of the digital ruble platform began this year with the CBR announcing the first complete transactions between individual wallets in mid-February. A dozen Russian banks will participate in the trials expected to continue throughout 2022. Bank of Russia insists its digital currency will create new opportunities for Russian citizens, businesses, and the state.

The Russian Federation has also been trying to limit its dependence on the U.S. dollar. Last October, the Ministry of Foreign Affairs hinted that it’s possible to partially replace the greenback in Russia’s currency reserves and trade settlements with other currencies and even digital assets in the future. Открыть/Комментировать

2021-12-21 09:37:51 ​Idea to Use Digital Ruble as Reserve Currency Circulated in Sanctioned Russia

A call to make the digital ruble a reserve currency has been issued in the State Duma, the lower house of Russia’s parliament. Meanwhile, concerns have been raised in the West that the new incarnation of the Russian fiat may be employed to evade sanctions that have been isolating the country.

In the face of mounting Western penalties, officials in Moscow have been mulling over ways to circumvent restrictions that have already limited Russia’s access to its foreign reserves and the global financial market.

Sergei Mironov, who leads the opposition ‘A Just Russia’ faction in the Duma, urged the federal government, the central bank, and the operational headquarters on countering sanctions to introduce the digital ruble, Russian media and Forklog reported.

The high-ranking parliamentarian has been quoted as saying that the goal of the initiative is to issue the central bank digital currency (CBDC) for specific purposes like financing of housing and other construction projects, as well as development of production and transportation infrastructure.

“The digital ruble should become a full-fledged investment and reserve currency for Russia,” Mironov elaborated. The deputy believes the CBDC will provide the Russian economy with needed funding without boosting inflation. The digital rubles cannot be deposited abroad or used for non-intended purposes, he added.

Western allies fear Russia may use cryptocurrencies, including the digital version of the ruble, to evade sanctions imposed over its invasion of Ukraine and have taken steps to close the loopholes. Recent statements by another lawmaker, and member of the crypto regulatory working group, Alexander Yakubovsky, indicated that Russia is interested in using digital currencies to restore its access to global finance.

The Central Bank of Russia (CBR), a strong opponent of legalizing cryptocurrencies, has been actively developing the digital ruble project. The monetary authority began contemplating a CBDC three years ago. A consultation paper was published in October 2020 and in April 2021, the bank released a digital ruble concept outlining its principal architecture.

Testing of the digital ruble platform began this year with the CBR announcing the first complete transactions between individual wallets in mid-February. A dozen Russian banks will participate in the trials expected to continue throughout 2022. Bank of Russia insists its digital currency will create new opportunities for Russian citizens, businesses, and the state.

The Russian Federation has also been trying to limit its dependence on the U.S. dollar. Last October, the Ministry of Foreign Affairs hinted that it’s possible to partially replace the greenback in Russia’s currency reserves and trade settlements with other currencies and even digital assets in the future. Открыть/Комментировать

2021-12-17 18:37:40 ​Bitcoin, Ethereum Technical Analysis: ETH up to 2-Week High Following Fed Rate Hike

Ethereum climbed to a two-week high on Thursday, as markets continued to react to yesterday’s Fed decision. As expected, the Federal Reserve increased interest rates by 0.25%, whilst providing forward guidance for future hikes. BTC was once again trading above $40,000.

BTC was trading above $40,000 for a second consecutive session, as bullish pressure remained within the world’s largest cryptocurrency.

This momentum comes as traders were somewhat relieved by the Fed’s decision to lift rates, which helped remove some recent market tension.

As of writing, BTC/USD is 1.4% higher than yesterday’s low, and has risen to an intraday high of $41,323.26 during today’s session.

Even if a cross does occur, market uncertainty will likely remain until the current ceiling of $42,100 is broken.

This may only occur once another resistance point has been passed, this time in the form of the 14-day RSI.

As seen from the chart, the RSI is tracking at 53, which is marginally below its ceiling of 54.4. Bulls are likely anticipating a break beyond this point, prior to intensifying upside pressure.


ETH rallied to its highest level since March 4 during today’s session, as it approaches a new resistance level above $2,800.

Following yesterday’s low of $2,647.29, ETH/USD hit a peak of $2,807.80 on Thursday, as traders continued to push prices around from the long-term support.

Whilst we move away from support at $2,550, ETH is now on a crash course for resistance at $2,850, a level which hasn’t been broken in over two weeks.

Unlike BTC, price strength in ethereum appears to have peaked, as the 14-day RSI indicator currently sits right below resistance of 54.9.

This ceiling has not been broken since mid-February, and once it eventually does give way, we will likely be looking at the $3,000 level. Открыть/Комментировать

2021-12-15 09:55:43 ​Investors Predict Fed to Hike Rates This Week — Reactions From Crypto, Stocks, Gold Market Expected

The U.S. central bank is expected to raise its target fed funds rate on Wednesday for the first time since the onset of the pandemic. Analysts and economists are hyper-focused on this key event, as the Russia-Ukraine conflict continues in Europe. If the Federal Reserve decides to increase the rate by a quarter percentage point from zero, investors wonder how stock markets, crypto prices, and investments like precious metals will react to the news.

Last week, the world watched as financial sanctions were used against Russia and the price of gold soared to an all-time high reaching $2,060 per ounce. Energy stocks, oil, and a myriad of commodities also jumped considerably in value during the last seven days. Cryptocurrency markets last week were lackluster, volume is down, and action remained flat after a brief price jump on March 9, 2022.

Stocks on the other hand suffered a great deal and indexes like the NYSE, Dow Jones, S&P 500, and Nasdaq all closed the day in red on Friday afternoon (EST). Making matters worse, data stemming from the U.S. Labor Department’s Consumer Price Index (CPI) report shows consumer prices tapped a 40-year high at 7.9% in February.

A key event this week for all of the aforementioned markets will be on Wednesday. That’s when the U.S. Federal Reserve is expected to increase the benchmark bank rate for the first time since the Covid-19 pandemic. The increase is anticipated to be a mere quarter-point hike, but investors will also be wondering if the Fed reveals a series of rate hikes for the rest of the year.

During a panel discussion on March 11, Oxbow Advisors managing partner, Ted Oakley, said he expects a 25 basis point increase this Wednesday.

“I want to look at what we might see happen with the Fed. Obviously, next week, we’re expecting a 25 basis point increase there,” Oakley said. “A lot of concern that we saw the markets still didn’t seem to be that settled about what the Fed might do next. How do you plan around this? How do you position your portfolio when you’re not really sure how aggressive the Fed will be?”

CME’s Fed Watch Tool is also expecting the U.S. central bank to raise rates by 0.25 percentage points. A Bloomberg report published on Sunday further details that after the first rate hike, the Fed could get more “aggressive.”

“Futures markets show around 165 basis points of tightening this year, or the equivalent of at least six quarter-point increases,” Bloomberg’s Craig Torres and Olivia Rockeman explain. At the House Financial Services Committee meeting on Tuesday, Moody’s Analytics chief economist Mark Zandi said he thinks it’s a good idea to move forward normalizing rates. At the meeting, Zandi stated:

To ensure that the economy continues to expand and avoid recession, I do think that it’s important to normalize interest rates.

On Sunday afternoon, the price of one ounce of gold is lower than the $2,060 high it saw last week. An ounce of gold is currently exchanging hands for $1,980 per ounce of .999 fine gold. At the time of writing, the global crypto market capitalization is hovering around $1.78 trillion down 2.6% during the last 24-hours.

Crypto markets remain lusterless with only a few tokens gathering single-digit gains on Sunday. Digital currency supporters will be watching the Fed’s move on Wednesday to see if it affects crypto markets negatively. As far as most reports are concerned, there’s not much of a chance that the central bank won’t raise its target fed funds rate this month.

Just like the futures markets and CME’s Fed Watch Tool, most analysts and economists agree that Fed chair Jerome Powell’s and the U.S. central bank’s monetary easing tactics are coming to an end.

“[Jerome] Powell can’t really afford to be dovish at this point, it would be inconsistent with what sound policy is and where policy needs to be heading,” Derek Tang, an economist at Monetary Policy Analytics in Washington said on Sunday. Открыть/Комментировать

2021-12-08 19:09:06 ​South Korea Elects Crypto-Friendly President Who Vows to Deregulate Digital Asset Industry

South Korean voters have elected a crypto-friendly president. Yoon Suk-yeol of the conservative People Power Party has vowed to deregulate the crypto industry and introduce favorable tax laws for crypto investors. “To realize the unlimited potential of the virtual asset market, we must overhaul regulations that are far from reality and unreasonable,” he said.

South Korean voters elected Yoon Suk-yeol of the conservative People Power Party as their new president in the country’s most closely fought presidential election Wednesday.

Yoon served as South Korea’s prosecutor general between 2019 and 2021 under President Moon Jae-in.

In January, he vowed to “deregulate” the crypto industry to further promote its growth, according to local media. He was quoted as saying at a virtual asset forum:

To realize the unlimited potential of the virtual asset market, we must overhaul regulations that are far from reality and unreasonable.

He said that the crypto industry should be allowed to operate without regulations unless they have been explicitly prohibited, Yonhap News conveyed. “We must shift to a negative regulation system to ensure at least the virtual asset market has no worries,” Yoon reportedly said.

The South Korean president-elect also pledged to ease the tax burden for crypto investors. He suggested raising the tax threshold for cryptocurrency investments from the existing 2.5 million won to 50 million won.

He also called for measures that allow the crypto industry to produce unicorns. Furthermore, Yoon said he would introduce a law on digital assets and lay the groundwork for initial exchange offerings (IEOs) to embolden the crypto industry.

Yoon’s promises are popular among South Korean voters in their 20s and 30s who are interested in cryptocurrency. The president-elect said in January:

I will create an environment where virtual asset investors can invest with confidence.

Commenting on Yoon’s election win, the Korea Blockchain Association said: “We sincerely hope that President-elect Yoon Seok-yeol will be able to lead the promising future of Korea and the Korean blockchain ecosystem.” Открыть/Комментировать

2021-12-06 07:46:12 ​Renowned Investor Jim Rogers Sees the End of the US Dollar — Says ‘Washington Does Not Play Fair Anymore’

Veteran investor Jim Rogers, who co-founded the Quantum Fund with billionaire investor George Soros, says that “what is happening with the U.S. dollar now is the end of the U.S. dollar.” He explained that “an international currency is supposed to be neutral but in Washington, they are now changing the rules,” emphasizing, “Washington does not play fair anymore.”

Renowned investor Jim Rogers discussed the end of the U.S. dollar and the future outlook for cryptocurrency in an interview published by the Economic Times Sunday. Rogers is George Soros’ former business partner who co-founded the Quantum Fund and Soros Fund Management.

He was asked about the outlook for the U.S. dollar and where he sees the dollar index headed. “I own U.S. dollars partly because when turmoil comes, people look for a safe haven. They think the U.S. dollar is a safe haven for historic reasons,” Rogers began.

However, the veteran investor added:

But what is happening with the U.S. dollar now is the end of the U.S. dollar because an international currency is supposed to be neutral but in Washington, they are now changing the rules.

“Now if Washington does not like you, they put sanctions on you and you cannot use U.S. dollars,” he stressed.

“So, many countries are starting to look for a competitor — China or Russia or India, Iran, Brazil … some countries are starting to look for a competing currency, and they should because Washington does not play fair anymore,” he continued.

Since Russia began its invasion of Ukraine, the United States as well as a growing number of other countries have been placing sanctions on Russia.

Russia has about 16% of its reserves in U.S. dollars and 32% in euros. As billionaire investor Bill Miller recently described: “They have almost 50% of their reserves in currencies that are controlled by people who want to do them harm.” Miller agrees with Rogers that other countries are starting to look for alternative currencies to the U.S. dollar.

Rogers added:

Of course, the U.S. is the largest debtor nation in the world. So, for fundamental reasons and political reasons, people are looking for competing currency.

“I do not know what it will be yet. I hope I am smart enough to buy it when you find it. I do not like saying it. I am an American but I do not like to see what they are doing to the American dollar,” he opined.

Rogers was also asked, “Can cryptos ever be an alternative to the U.S. dollar index?” He replied: “Well it could be. Many people have made a lot of money trading crypto.”

He explained that crypto bulls say that cryptocurrency will be the new money. “I know that every country in the world is working on computer money now, including the U.S.,” he pointed out. However, he said that the U.S. will not say it is new money.

Regarding cryptocurrency, he noted that “Governments like control” and “Governments like monopoly.” The veteran investor elaborated:

I do not like it but that is the way governments are, and I just suspect that they will either tax it or regulate it or outlaw it or something because they do not want to lose control.

Rogers has warned that governments could ban cryptocurrencies on several occasions. He said it is the reason he did not invest in bitcoin. However, in May last year, he said he regretted not investing in BTC. Открыть/Комментировать

2021-11-30 10:08:18 ​Bitcoin, Ethereum Technical Analysis: BTC Falls Below $40,000 to Start Weekend

Bitcoin has fallen below $40,000 to start the weekend, as cryptocurrency markets extend recent losses. ETH was also lower on Saturday, falling to its lowest point this week in the process.

BTC fell for its fourth consecutive session on Saturday, as the world’s largest cryptocurrency dropped below its long-term support level.

The price of BTC/USD fell below its $40,000 floor during the session, hitting an intraday low of $38,777.04 in the process.

As of writing, BTC is down 5.27% on the day, and is currently trading at $39,151.54, with the 14-day RSI tracking at 45.4.

This decline in price strength comes as the floor of 47 within the RSI indicator was broken, and is now trading at its lowest since last Sunday.

As prices continue to fall, traders are naturally looking to find a stable floor, which appears to be around the $37,600 region.

However, as established on Friday, a rebound could also be imminent, as bulls historically have lived in the current price range.


Unlike bitcoin, ETH appears to have found its floor to start the weekend, despite also falling to its lowest level in the last seven days.

Earlier in today’s session, ETH/USD hit an intraday low of $2,587.75, however these losses have somewhat eased, and ethereum is now trading at $2,645.77.

This is marginally lower than today’s peak of $2,705.25, however as Saturday’s session matures, many remain hopeful of increases in price.

The floor of $2,550 seems to be the target of bears, which have been firmly present since prices were trading at the $3,000 resistance point.

History has shown that bulls tend to rally at the current level, as seen the last few times we were at this support point around $2,600. Открыть/Комментировать

2021-11-27 08:55:33 ​EU Data Act Proposes Shutdown Function for Smart Contracts

The European Union has published its new Data Act, a law proposal that aims to regulate the generation and handling of data by the actors that harness it. The act, in its large scope, touches on the subject of smart contracts and proposes that every smart contract should have a termination function to stop the flow of transactions when required.

The newly proposed EU Data Act, published on February 23, aims to regulate and control the ways in which data is being generated, bringing legal clarity to the data market in Europe. According to a press release, the new Data act seeks to “ensure fairness in the digital environment, stimulate a competitive data market, open opportunities for data-driven innovation and make data more accessible for all.”

However, due to its large scope, this new act touches the subject of smart contracts, which are pieces of software designed to execute certain tasks based on data inputs. The document, in its article 30, titled “essential requirements regarding smart contracts for data sharing,” defines the requirements that smart contracts must fulfill to be deployed in conformity with EU laws.

One of these requirements, called “safe termination and interruption,” states that approved smart contracts shall:

…include internal functions which can reset or instruct the contract to stop or interrupt the operation to avoid future (accidental) executions.

Another requirement for smart contracts to be validated by the EU includes the ability to audit the contracts, with the possibility of obtaining a record of the transactions made in the past by the software.

The proposal of interruptible smart contracts and the standardization of these smart contracts to the new requirements imposed by the Data Act were received negatively by some analysts, who criticized the scope and the applicability of the document. This is the case with Thibault Schrepel, Associate Professor of Law at VU Amsterdam, who stated:

Now, this is absolutely huge/controversial. It imposes smart contracts (that make data available) to be stoppable. So… basically, all oracles *shall* be redesigned (but how?), or else they will infringe the law.

Schrepel further stated that the approval of this act would make millions of online smart contracts illegal in the proposed jurisdiction, with no way of adapting them to the requirements presented in the document.

The EU has had its sights on cryptocurrencies recently, with some of its countries lobbying for the creation of a crypto AML watchdog in the region, according to reports. Открыть/Комментировать

2021-11-21 09:26:17 ​Private Banks Propose to Help Design Digital Currency in Mexico

Private banks in Mexico want to join efforts with the central bank of the country in the creation of a new digital currency. The president of the Mexican Bank Association (ABM) met with the governor of the Bank of Mexico to offer the help of the group of private banks for the creation of a national digital currency in the future.

Members of the Mexican Bank Association have stated their intention of helping the central bank of the country in the design and issuance of a potential central bank digital currency (CBDC). The president of the association, Daniel Becker, met with the governor of the Bank of Mexico, Victoria Rodríguez Ceja, to review some important factors related to making banks more accessible for Mexican citizens.

About the meeting, Becker stated:

If Banxico determines that the banking opinion can help build better elements or a cryptocurrency, count on us and the best banking opinion so that it is something that provokes and has a more efficient and robust financial system that reaches more Mexicans as a consequence.

Becker also welcomed the introduction of a digital currency to lower the cost of transactions and achieve better interoperability using blockchain.

Mexico is one of the countries with less banking penetration in its community, according to several reports. Many believe that cryptocurrencies and their introduction in the country might improve financial inclusion, but the Bank of Mexico has not made a direct statement on the potential issuance of such a national digital currency.

However, the official account of the presidency of Mexico did announce the creation of a digital version of the peso back in January. At that time, the institution stated the bank had plans to issue this currency and mentioned 2024 as the target date for this development to be ready. This is why private banks are approaching the Central Bank of Mexico to be included in the planning phase of this hypothetical upcoming digital currency.

This would put Mexico in a group of countries that are currently planning or already developing their own digital currencies, including China and the Bahamas. the European Union is also studying to launch its own digital euro, with the European Commission planning to launch consultations for the currency in March. Открыть/Комментировать