Namibian Central Bank: Virtual Assets ‘Remain Without Legal Tender Status’ but Merchants Can Still Accept Them as Payment
The Bank of Namibia recently said it has brought virtual assets and virtual asset service providers under its fintech innovations regulatory framework, and that it plans to amend applicable laws and regulations. According to the central bank’s governor, there is an ongoing “battle between regulated and unregulated money on the one hand and sovereign versus non-sovereign money on the other.”
The Bank of Namibia (BON) has said that while cryptocurrencies have no legal tender status in the country, it has now brought “virtual assets (VA) and virtual assets service providers (VASP) under its Fintech Innovations Regulatory Framework in a phased approach, through its innovation hub.” The central bank added it is also considering amending “applicable laws and regulations diligently in consultation with other relevant authorities.”
In a recently issued statement, the BON also clarified that even though privately issued digital currencies are still not legally recognized, merchants and traders can accept payment in this form provided they are “willing to participate in such an exchange or trade.”
The bank’s new position on digital currencies appears to suggest the BON may be warming up to cryptocurrencies. As reported by Bitcoin News, the central bank has in the past said it did “not recognise, support and recommend the possession, utilisation and trading of cryptocurrencies by members of the public.” The bank also warned Namibians there would be no legal recourse in the event they lost money.
However, Johannes Gawaxab, the BON governor and a past critic of cryptocurrencies, is quoted in the statement acknowledging the future of money is now a critical point. He explained:
The future of money is at an inflection point. The battle between regulated and unregulated money on the one hand, and sovereign versus non-sovereign money on the other.
Still, Gawaxab said he believes central bank digital currencies (CBDCs) offer something which privately issued or created digital currencies cannot. The BON governor nonetheless cautioned that his organization, which is also exploring and studying the feasibility of rolling out a CBDC, will not be rushed into doing this.
“If CBDCs are explored and implemented with due care and caution, they could hold immense potential benefit for a more stable, safer, more widely available, and less expensive means of payment than private forms of digital money,” said Gawaxab.
Meanwhile, the BON revealed that it planned to release a consultation paper on CBDCs in October.
The Bank of Namibia recently said it has brought virtual assets and virtual asset service providers under its fintech innovations regulatory framework, and that it plans to amend applicable laws and regulations. According to the central bank’s governor, there is an ongoing “battle between regulated and unregulated money on the one hand and sovereign versus non-sovereign money on the other.”
The Bank of Namibia (BON) has said that while cryptocurrencies have no legal tender status in the country, it has now brought “virtual assets (VA) and virtual assets service providers (VASP) under its Fintech Innovations Regulatory Framework in a phased approach, through its innovation hub.” The central bank added it is also considering amending “applicable laws and regulations diligently in consultation with other relevant authorities.”
In a recently issued statement, the BON also clarified that even though privately issued digital currencies are still not legally recognized, merchants and traders can accept payment in this form provided they are “willing to participate in such an exchange or trade.”
The bank’s new position on digital currencies appears to suggest the BON may be warming up to cryptocurrencies. As reported by Bitcoin News, the central bank has in the past said it did “not recognise, support and recommend the possession, utilisation and trading of cryptocurrencies by members of the public.” The bank also warned Namibians there would be no legal recourse in the event they lost money.
However, Johannes Gawaxab, the BON governor and a past critic of cryptocurrencies, is quoted in the statement acknowledging the future of money is now a critical point. He explained:
The future of money is at an inflection point. The battle between regulated and unregulated money on the one hand, and sovereign versus non-sovereign money on the other.
Still, Gawaxab said he believes central bank digital currencies (CBDCs) offer something which privately issued or created digital currencies cannot. The BON governor nonetheless cautioned that his organization, which is also exploring and studying the feasibility of rolling out a CBDC, will not be rushed into doing this.
“If CBDCs are explored and implemented with due care and caution, they could hold immense potential benefit for a more stable, safer, more widely available, and less expensive means of payment than private forms of digital money,” said Gawaxab.
Meanwhile, the BON revealed that it planned to release a consultation paper on CBDCs in October.
30-Day NFT Sales Are 88% Lower Than They Were 8 Months Ago, Google Searches Nosedived
At the end of January 2022, non-fungible token (NFT) sales raked in $4.77 billion and NFT sales have slipped month after month since then. Last month, $549.82 million in NFT sales took place in September which shows monthly NFT sales are more than 88% lower than they were in January. Furthermore, after the search term “NFT” reached the highest score on Google Trends last January, tapping a score of 100, the last week of September’s score was 12, which is also 88% lower in terms of interest.
Non-fungible token (NFT) technology was very popular at the end of 2021 and during the first month of 2022. In fact, in terms of Google Trends data (GT), worldwide the term “NFT” scored the highest score a search query can get on the GT database, which is 100.
In fact, it was the first time the search term tapped this region according to the GT database, but today the score is 88% lower with a score of 12 during the week of September 25 through October 1, 2022. Today, China is the most active region according to GT metrics and the country is followed by Hong Kong, Singapore, Nigeria, and Taiwan.
Sales have slid since January as well, as records show that NFT sales were just above the half-billion mark or approximately $549.82 million. The number is approximately 88.49% lower than the $4.77 billion in NFT sales recorded eight months ago.
May was the last month that NFT sales printed above the $1 billion mark and that month $3.18 billion in NFT sales were recorded. The following month was a significant slide down to $879 million and in July, NFT sales saw $682 million. August sales slid lower after $633 million in NFT sales were recorded that month, and September’s sales are 13.27% lower.
So far, the first week of October 2022 has seen $105.22 million in NFT sales via 191,175 unique buyers. 30-day metrics indicate that the top NFT collection in terms of sales was Bored Ape Yacht Club (BAYC) as the collection printed $30,964,305 in sales last month.
However, that’s 37.49% lower than the sales BAYC recorded the month prior. Statistics aggregated by cryptoslam show the project QQL Mint Pass has seen $27.80 million in sales this month and Cryptopunks captured $23.49 million.
The generative art NFT project with artwork by Tyler Hobbs and Dandelion Wist Mané is a new collection with no prior market data, but Cryptopunks’ $23.49 million in NFT sales are up 12.27% higher than the 30 days prior.
Four specific projects saw three-digit gains this past month compared to last month’s NFT sales data which include Renga, Gods Unchained, Ethereum Name Service (ENS), and NFL All Day, respectively. During the past month, most of the sales volume derived from the Ethereum blockchain as it recorded $345,633,653 in sales.
Ethereum’s sales were followed by Solana’s $114.32 million, Flow’s $20.61 million, and the $18.95 million from Immutable X NFT sales. While Ethereum-based NFT sales dominated, month-over-month stats show ETH sales are down 21.26%. 30-day metrics indicate Solana-based NFT sales are up 109.23% and Flow NFT sales are up 40.58%. NFT sales that derive from the Immutable X network saw a month-over-month increase of around 125.30%.
Coincidently, the top five most expensive NFTs sold during the last 30 days stem from Yuga Labs’ associated NFT collections like the Bored Ape Yacht Club and Otherdeeds. The most expensive NFT sold within the past 30 days was Bored Ape #8585 for $1.03 million and the second most expensive NFT sold was Bored Ape #441 which sold for $350,991 19 days ago.
At the end of January 2022, non-fungible token (NFT) sales raked in $4.77 billion and NFT sales have slipped month after month since then. Last month, $549.82 million in NFT sales took place in September which shows monthly NFT sales are more than 88% lower than they were in January. Furthermore, after the search term “NFT” reached the highest score on Google Trends last January, tapping a score of 100, the last week of September’s score was 12, which is also 88% lower in terms of interest.
Non-fungible token (NFT) technology was very popular at the end of 2021 and during the first month of 2022. In fact, in terms of Google Trends data (GT), worldwide the term “NFT” scored the highest score a search query can get on the GT database, which is 100.
In fact, it was the first time the search term tapped this region according to the GT database, but today the score is 88% lower with a score of 12 during the week of September 25 through October 1, 2022. Today, China is the most active region according to GT metrics and the country is followed by Hong Kong, Singapore, Nigeria, and Taiwan.
Sales have slid since January as well, as records show that NFT sales were just above the half-billion mark or approximately $549.82 million. The number is approximately 88.49% lower than the $4.77 billion in NFT sales recorded eight months ago.
May was the last month that NFT sales printed above the $1 billion mark and that month $3.18 billion in NFT sales were recorded. The following month was a significant slide down to $879 million and in July, NFT sales saw $682 million. August sales slid lower after $633 million in NFT sales were recorded that month, and September’s sales are 13.27% lower.
So far, the first week of October 2022 has seen $105.22 million in NFT sales via 191,175 unique buyers. 30-day metrics indicate that the top NFT collection in terms of sales was Bored Ape Yacht Club (BAYC) as the collection printed $30,964,305 in sales last month.
However, that’s 37.49% lower than the sales BAYC recorded the month prior. Statistics aggregated by cryptoslam show the project QQL Mint Pass has seen $27.80 million in sales this month and Cryptopunks captured $23.49 million.
The generative art NFT project with artwork by Tyler Hobbs and Dandelion Wist Mané is a new collection with no prior market data, but Cryptopunks’ $23.49 million in NFT sales are up 12.27% higher than the 30 days prior.
Four specific projects saw three-digit gains this past month compared to last month’s NFT sales data which include Renga, Gods Unchained, Ethereum Name Service (ENS), and NFL All Day, respectively. During the past month, most of the sales volume derived from the Ethereum blockchain as it recorded $345,633,653 in sales.
Ethereum’s sales were followed by Solana’s $114.32 million, Flow’s $20.61 million, and the $18.95 million from Immutable X NFT sales. While Ethereum-based NFT sales dominated, month-over-month stats show ETH sales are down 21.26%. 30-day metrics indicate Solana-based NFT sales are up 109.23% and Flow NFT sales are up 40.58%. NFT sales that derive from the Immutable X network saw a month-over-month increase of around 125.30%.
Coincidently, the top five most expensive NFTs sold during the last 30 days stem from Yuga Labs’ associated NFT collections like the Bored Ape Yacht Club and Otherdeeds. The most expensive NFT sold within the past 30 days was Bored Ape #8585 for $1.03 million and the second most expensive NFT sold was Bored Ape #441 which sold for $350,991 19 days ago.
Biggest Movers: QNT Remains Near Multi-Month High, HBAR 11% Higher
Quant continued to trade close to an eight-month high on Wednesday, as prices of the token rose for a second straight day. Hedera was another notable mover in today’s session, as it rose by as much as 11% earlier in the day. Overall, crypto markets are marginally down as of writing.
Quant (QNT) rose for a second consecutive day on Wednesday, as prices remained close to an eight-month high.
On Sunday, the token surged to a peak of $163.83, which is the highest point quant has hit since February 8.
Earlier in today’s session, QNT/USD was at a high of $157.80, which sees prices only $6 away from the aforementioned peak.
As a result of recent gains, QNT is now firmly in overbought territory, with the 14-day relative strength index (RSI) tracking at 70.19.
This is marginally below a ceiling of 71.00, which quant bulls will need to overcome, should they intend to send prices higher.
Price uncertainty will likely be heightened around this region, with bears potentially also waiting for the opportunity to reenter.
Hedera (HBAR) was another notable gainer on hump day, with the token climbing by as much as 11%.
Following a low of $0.05879 on Tuesday, HBAR/USD managed to rise to a peak of $0.06596 earlier today.
As a result of this surge in price, hedera has now hit its strongest point in one month, since when the token was trading above $0.0737.
Looking at the chart, HBAR has since fallen from earlier highs, as bears reentered the market following the failed attempted breakout of a ceiling at $0.06600.
Today’s move comes as the 10-day (red) moving average crossed over its 25-day (blue) counterpart, for the first time since September 13, which is when we last saw HBAR at these current levels.
Should we see this upwards momentum continue, then bulls will likely force a breakout of the resistance point referenced above.
Quant continued to trade close to an eight-month high on Wednesday, as prices of the token rose for a second straight day. Hedera was another notable mover in today’s session, as it rose by as much as 11% earlier in the day. Overall, crypto markets are marginally down as of writing.
Quant (QNT) rose for a second consecutive day on Wednesday, as prices remained close to an eight-month high.
On Sunday, the token surged to a peak of $163.83, which is the highest point quant has hit since February 8.
Earlier in today’s session, QNT/USD was at a high of $157.80, which sees prices only $6 away from the aforementioned peak.
As a result of recent gains, QNT is now firmly in overbought territory, with the 14-day relative strength index (RSI) tracking at 70.19.
This is marginally below a ceiling of 71.00, which quant bulls will need to overcome, should they intend to send prices higher.
Price uncertainty will likely be heightened around this region, with bears potentially also waiting for the opportunity to reenter.
Hedera (HBAR) was another notable gainer on hump day, with the token climbing by as much as 11%.
Following a low of $0.05879 on Tuesday, HBAR/USD managed to rise to a peak of $0.06596 earlier today.
As a result of this surge in price, hedera has now hit its strongest point in one month, since when the token was trading above $0.0737.
Looking at the chart, HBAR has since fallen from earlier highs, as bears reentered the market following the failed attempted breakout of a ceiling at $0.06600.
Today’s move comes as the 10-day (red) moving average crossed over its 25-day (blue) counterpart, for the first time since September 13, which is when we last saw HBAR at these current levels.
Should we see this upwards momentum continue, then bulls will likely force a breakout of the resistance point referenced above.
Biggest Movers: QNT Hits 10-Month High on Saturday
Quant rose to its highest point since the start of the year on Saturday, as prices climbed for a third straight session. In addition to this, tron was also higher, as the token attempted to break out of a key resistance point. Overall, cryptocurrency markets were down 1.95% as of writing.
Quant (QNT) was one of the notable movers to start the weekend, as the token surged to a ten-month high.
Following a low of $162.00 on Friday, QNT/USD surged to an intraday peak of $184.98 earlier in today’s session.
This move saw the token climb to its highest point since January 8, and comes following three days of gains.
As of writing, the 14-day relative strength index (RSI) is now deep in overbought territory, and is tracking at 80.19.
This is marginally above a ceiling of 79.00, and this could mean that bears could be looming, looking for any slips, before reentering.
Should bullish momentum remain high, we could see traders target an exit around the $190 level.
Tron (TRX) was another big gainer to start the weekend, as prices attempted to break out of a key resistance level.
TRX/USD raced to a peak of $0.06501 earlier in today’s session, which comes less than a day after hitting a low of $0.06174.
As mentioned earlier, the move saw tron collide with a ceiling of $0.0650, which hasn’t been broken since late-August.
Since hitting this peak, TRX has since slipped, and as of writing, is trading at $0.06264.
The 14-day RSI is now back below a ceiling of 57.00, and is tracking at a mark of 53.92, and seems to be headed to a support point of 50.50.
Should this target be reached, it is likely that prices of tron will be trading close to $0.06100.
Quant rose to its highest point since the start of the year on Saturday, as prices climbed for a third straight session. In addition to this, tron was also higher, as the token attempted to break out of a key resistance point. Overall, cryptocurrency markets were down 1.95% as of writing.
Quant (QNT) was one of the notable movers to start the weekend, as the token surged to a ten-month high.
Following a low of $162.00 on Friday, QNT/USD surged to an intraday peak of $184.98 earlier in today’s session.
This move saw the token climb to its highest point since January 8, and comes following three days of gains.
As of writing, the 14-day relative strength index (RSI) is now deep in overbought territory, and is tracking at 80.19.
This is marginally above a ceiling of 79.00, and this could mean that bears could be looming, looking for any slips, before reentering.
Should bullish momentum remain high, we could see traders target an exit around the $190 level.
Tron (TRX) was another big gainer to start the weekend, as prices attempted to break out of a key resistance level.
TRX/USD raced to a peak of $0.06501 earlier in today’s session, which comes less than a day after hitting a low of $0.06174.
As mentioned earlier, the move saw tron collide with a ceiling of $0.0650, which hasn’t been broken since late-August.
Since hitting this peak, TRX has since slipped, and as of writing, is trading at $0.06264.
The 14-day RSI is now back below a ceiling of 57.00, and is tracking at a mark of 53.92, and seems to be headed to a support point of 50.50.
Should this target be reached, it is likely that prices of tron will be trading close to $0.06100.
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Interpol Team Based in Singapore to Help Countries Combat Crypto Crime
A special team established by Interpol in Singapore will assist governments around the world in the fight against crimes involving virtual assets, the international police body announced ahead of its general assembly in India. Cryptocurrency and cybercrime will be the main focus of the forum.
Cryptocurrencies like bitcoin pose challenges to law enforcement agencies, especially in the absence of a legal framework, Interpol Secretary-General Jürgen Stock was quoted by the Indian press as stating. He arrived in New Delhi for Interpol’s 90th General Assembly which starts on Tuesday and will continue until Oct. 21.
During a press conference on Monday, the head of the International Criminal Police Organization (ICPO) also said that cryptocurrencies are emerging as a major threat across the globe. Stock also revealed that Interpol has formed a team in Singapore, home of its Global Complex for Innovation, that will help countries in their efforts to combat crimes committed using crypto assets.
Cryptocurrency and cybercrime will be the main focus of the agenda of the gathering as the 195 members of the body seek to improve cooperation in the field. “Huge developments in technology, internet of everything and digitalization – because of cryptocurrency – pose a challenge,” Stock elaborated.
Quoted by the Spanish news agency EFE, the German pointed out that quite often law enforcement agencies are not properly trained and equipped, to start with. At the same time, he emphasized that a large amount of assets generated by criminal activities are being laundered through cryptocurrency.
Praveen Sinha, special director of India’s Central Bureau of Investigations, noted that it’s increasingly difficult to decipher cybercrime. “The only answer is international cooperation, coordination, trust, and real-time sharing of information,” the Indian representative commented.
Both officials highlighted Interpol’s important role for improving global police cooperation. Jürgen Stock further detailed that its members intend to explore the future of police in an increasingly digitalized world in view of the task to finalize the organization’s 2030 vision.
The statements come after last month the European Union Agency for Law Enforcement Cooperation (Europol) acknowledged that the growing use of cryptocurrencies across borders and industries comes with increasing abuse. Europe’s law enforcement agency also indicated it’s seeking to employ blockchain tools to investigate organized crime and money laundering.
A special team established by Interpol in Singapore will assist governments around the world in the fight against crimes involving virtual assets, the international police body announced ahead of its general assembly in India. Cryptocurrency and cybercrime will be the main focus of the forum.
Cryptocurrencies like bitcoin pose challenges to law enforcement agencies, especially in the absence of a legal framework, Interpol Secretary-General Jürgen Stock was quoted by the Indian press as stating. He arrived in New Delhi for Interpol’s 90th General Assembly which starts on Tuesday and will continue until Oct. 21.
During a press conference on Monday, the head of the International Criminal Police Organization (ICPO) also said that cryptocurrencies are emerging as a major threat across the globe. Stock also revealed that Interpol has formed a team in Singapore, home of its Global Complex for Innovation, that will help countries in their efforts to combat crimes committed using crypto assets.
Cryptocurrency and cybercrime will be the main focus of the agenda of the gathering as the 195 members of the body seek to improve cooperation in the field. “Huge developments in technology, internet of everything and digitalization – because of cryptocurrency – pose a challenge,” Stock elaborated.
Quoted by the Spanish news agency EFE, the German pointed out that quite often law enforcement agencies are not properly trained and equipped, to start with. At the same time, he emphasized that a large amount of assets generated by criminal activities are being laundered through cryptocurrency.
Praveen Sinha, special director of India’s Central Bureau of Investigations, noted that it’s increasingly difficult to decipher cybercrime. “The only answer is international cooperation, coordination, trust, and real-time sharing of information,” the Indian representative commented.
Both officials highlighted Interpol’s important role for improving global police cooperation. Jürgen Stock further detailed that its members intend to explore the future of police in an increasingly digitalized world in view of the task to finalize the organization’s 2030 vision.
The statements come after last month the European Union Agency for Law Enforcement Cooperation (Europol) acknowledged that the growing use of cryptocurrencies across borders and industries comes with increasing abuse. Europe’s law enforcement agency also indicated it’s seeking to employ blockchain tools to investigate organized crime and money laundering.
Celestia Raises $55 Million to Solve Blockchain Modularity Challenge
Celestia, a project that aims to solve the perceived centralization problem in current monolithic blockchains, has announced it has raised $55 million in its latest funding round. The round, which was led by Bain Capital Crypto and Polychain Capital, also saw the participation of Delphi Digital, Protocol Labs, Figment, Maven 11, and Spartan Group, among others.
Celestia, a project that aims to tackle the problem of blockchain deployment complexity, has announced it raised $55 million as part of combined Series A and Series B funding rounds. The company announced that the funding round was co-led by Bain Capital Crypto and Polychain Capital, with the participation of Placeholder, Galaxy, Delphi Digital, Blockchain Capital, NFX, Protocol Labs, Figment, Maven 11, Spartan Group, FTX Ventures, and Jump Crypto, among others.
The combined funding round was oversubscribed four times, and according to reports, gives Celestia a valuation of $1 billion.
The funds will supposedly allow Celestia to continue building its modular network to allow anyone to deploy their own blockchain in an easy way. According to the company, current-gen blockchains are very difficult to deploy and manage, due to their monolithic design. Celestia’s architecture adds a series of layers that offer more decentralization and flexibility.
Mustafa Al-Bassam, co-founder of Celestia, believes this kind of architecture might be the future of blockchain development. He stated:
Modular blockchains will define the next decade of Web3 innovation. We envision a blockchain ecosystem with modular data availability layers and execution environments that all integrate together. We believe modular blockchains are the next generation of scalable blockchain architectures.
The new raise comes after the company raised $1.5 million back in March 2021 in its seed funding round.
Celestia is already actively incubating projects to support companies and individuals willing to adopt modularity for the design of their blockchains. A program called Modular Fellows has already selected several individuals and teams, and will accompany and fund their projects for a period of three months, during which the teams will deliver several milestones and a demo of completed projects.
The project is already active in a testnet called Mamaki, which was launched in May. Celestia aims to launch an incentivized testnet for 2023, in which users will be rewarded with tokens for their participation on the network. Mainnet is also expected to be launched next year, although the company has not offered a specific launch date yet.
Celestia, a project that aims to solve the perceived centralization problem in current monolithic blockchains, has announced it has raised $55 million in its latest funding round. The round, which was led by Bain Capital Crypto and Polychain Capital, also saw the participation of Delphi Digital, Protocol Labs, Figment, Maven 11, and Spartan Group, among others.
Celestia, a project that aims to tackle the problem of blockchain deployment complexity, has announced it raised $55 million as part of combined Series A and Series B funding rounds. The company announced that the funding round was co-led by Bain Capital Crypto and Polychain Capital, with the participation of Placeholder, Galaxy, Delphi Digital, Blockchain Capital, NFX, Protocol Labs, Figment, Maven 11, Spartan Group, FTX Ventures, and Jump Crypto, among others.
The combined funding round was oversubscribed four times, and according to reports, gives Celestia a valuation of $1 billion.
The funds will supposedly allow Celestia to continue building its modular network to allow anyone to deploy their own blockchain in an easy way. According to the company, current-gen blockchains are very difficult to deploy and manage, due to their monolithic design. Celestia’s architecture adds a series of layers that offer more decentralization and flexibility.
Mustafa Al-Bassam, co-founder of Celestia, believes this kind of architecture might be the future of blockchain development. He stated:
Modular blockchains will define the next decade of Web3 innovation. We envision a blockchain ecosystem with modular data availability layers and execution environments that all integrate together. We believe modular blockchains are the next generation of scalable blockchain architectures.
The new raise comes after the company raised $1.5 million back in March 2021 in its seed funding round.
Celestia is already actively incubating projects to support companies and individuals willing to adopt modularity for the design of their blockchains. A program called Modular Fellows has already selected several individuals and teams, and will accompany and fund their projects for a period of three months, during which the teams will deliver several milestones and a demo of completed projects.
The project is already active in a testnet called Mamaki, which was launched in May. Celestia aims to launch an incentivized testnet for 2023, in which users will be rewarded with tokens for their participation on the network. Mainnet is also expected to be launched next year, although the company has not offered a specific launch date yet.
Biggest Movers: ADA Nears 1-Week Peak, as MATIC Moves to Highest Point Since September
Cardano closed in on a one-week high to start the week, as the token climbed for a fourth straight session. Polygon was also in the green, and collided with a key resistance level in the process. Overall, the global crypto market cap is currently 1.30% higher as of writing this analysis.
Cardano (ADA) climbed for a fourth straight day to start the week, pushing it closer to a one-week high in the process.
Less than 24 hours after falling to a low of $0.3498, the token surged to an intraday high of $0.3646 earlier today.
The move saw ADA/USD hit its highest point since last Tuesday, moving towards a price ceiling in the process.
Looking at the chart, the aforementioned resistance of $0.3755, which was last hit on October 18, and seems to be the target for current bulls.
In order to recapture this point, traders will first need to climb another resistance, this time on the 14-day relative strength index (RSI).
As of writing this, the index is tracking at 34.57, which is marginally below a ceiling of 36.50.
Another notable mover on Monday was polygon (MATIC), which rose to a multi-week high.
Following a low of $0.8284 during Sunday’s session, MATIC/USD raced to a peak of $0.9067 earlier today.
Today’s surge saw MATIC climb to its strongest point since September 13, when the token was trading at $0.94.
As can be seen from the chart, Monday’s high is slightly above a ceiling of $0.90, which has been in place for the last six weeks.
It seems apparent that traders are looking to break this ceiling, however, a hurdle of 64.00 on the RSI must first be overcome.
Both the 10-day (red) and 25-day (blue) moving averages seem to be trending higher, which could be a sign of further pending rallies.
Cardano closed in on a one-week high to start the week, as the token climbed for a fourth straight session. Polygon was also in the green, and collided with a key resistance level in the process. Overall, the global crypto market cap is currently 1.30% higher as of writing this analysis.
Cardano (ADA) climbed for a fourth straight day to start the week, pushing it closer to a one-week high in the process.
Less than 24 hours after falling to a low of $0.3498, the token surged to an intraday high of $0.3646 earlier today.
The move saw ADA/USD hit its highest point since last Tuesday, moving towards a price ceiling in the process.
Looking at the chart, the aforementioned resistance of $0.3755, which was last hit on October 18, and seems to be the target for current bulls.
In order to recapture this point, traders will first need to climb another resistance, this time on the 14-day relative strength index (RSI).
As of writing this, the index is tracking at 34.57, which is marginally below a ceiling of 36.50.
Another notable mover on Monday was polygon (MATIC), which rose to a multi-week high.
Following a low of $0.8284 during Sunday’s session, MATIC/USD raced to a peak of $0.9067 earlier today.
Today’s surge saw MATIC climb to its strongest point since September 13, when the token was trading at $0.94.
As can be seen from the chart, Monday’s high is slightly above a ceiling of $0.90, which has been in place for the last six weeks.
It seems apparent that traders are looking to break this ceiling, however, a hurdle of 64.00 on the RSI must first be overcome.
Both the 10-day (red) and 25-day (blue) moving averages seem to be trending higher, which could be a sign of further pending rallies.
Nigerian CBDC Still Not Widely Used a Year After Launch
On October 25, Nigeria commemorated the first anniversary of the Central Bank of Nigeria’s e-naira, even as more residents continue to snub the digital currency. In a move aimed at boosting the use of the CBDC, the central bank is offering a 5% discount to motorized rickshaw drivers and passengers that use the e-naira. Kingsley Obiora, a deputy governor at the CBN, suggested that the digital currency needs “a little push from the government” if it is to be widely embraced.
As Nigeria commemorated the e-naira’s first anniversary on October 25, critics have claimed that the average Nigerian has still not embraced Africa’s first central bank digital currency (CBDC). They point to the e-naira wallet’s relatively low number of downloads as well as the still-growing use of cryptocurrencies when remitting funds or making cross-border payments.
In August, Bitcoin News reported that between January and June this year, peer-to-peer bitcoin traded volumes on Paxful alone amounted to nearly $400 million. The figure is more than half the $760 million that was recorded in the whole of 2021. According to Paxful, Nigerians were resorting to cryptocurrencies and peer-to-peer trading platforms because they provide “an opportunity for financial inclusion.”
Yet, despite the apparent snub of the CBDC by Nigerians so far, the Central Bank of Nigeria (CBN) is still projecting an eightfold increase in the number of e-naira wallet downloads. As previously reported by Bitcoin News, the central bank hopes to achieve this via the use of various initiatives that include enabling the unstructured supplementary service data (USSD) functionality to the wallet app.
The CBN has also engaged payment service providers like fintech giant Flutterwave, which has since added the e-naira to its list of payment options for merchants. In one of its latest moves aimed at boosting the use of the CBDC, the central bank is offering a 5% discount to drivers and passengers of motorized rickshaws that pay with the e-naira.
According to a statement released by Bitt — the CBN’s technology partner — the onboarding of banked customers and merchants is consistent with phase two activities of the central bank’s staggered rollout of the CBDC. In the third stage, the CBN said it will seek to onboard the “Nigerian Trade and Exchange platform.” This phase will also include “sector-specific tokens for grants and subsidies” as well as “programmable payments for e-naira payment scenarios.”
Remarking on the occasion to mark the CBDC’s anniversary, Brian Popelka, the CEO of Bitt said:
This year has been full of firsts for Africa. Being the first provides the opportunity to become the first to find solutions and chart the course for others to follow. Today’s one-year milestone is an exceptional achievement for both the Central Bank of Nigeria and Bitt teams. We look forward to continued partnership on this CBDC deployment journey and to provide additional features to expand eNaira’s value to all Nigerians and everyone, everywhere.
However, Popelka and the CBN’s optimism is not shared by everyone. Adesoji Solanke, a director with the investment bank Renaissance Capital, is one critic. With Nigeria facing ongoing foreign exchange shortages, Solanke, just like his fellow Nigerians, hoped the e-naira would turn out to be a stable alternative to the depreciating naira.
In remarks published by Bloomberg, Solanke insisted the CBN’s digital currency “does not address any of these basic use cases, so no surprise at its low adoption rates so far.”
Meanwhile, Kingsley Obiora, a deputy governor at the CBN, is quoted in the report suggesting that “a little push from the government” is needed if the CBDC is to take off. Josh Lipsky, director of the Atlantic Council’s Geoeconomics Center, reportedly said both the central bank and government must be involved in efforts aimed at helping more Nigerians become acquainted with the CBDC.
On October 25, Nigeria commemorated the first anniversary of the Central Bank of Nigeria’s e-naira, even as more residents continue to snub the digital currency. In a move aimed at boosting the use of the CBDC, the central bank is offering a 5% discount to motorized rickshaw drivers and passengers that use the e-naira. Kingsley Obiora, a deputy governor at the CBN, suggested that the digital currency needs “a little push from the government” if it is to be widely embraced.
As Nigeria commemorated the e-naira’s first anniversary on October 25, critics have claimed that the average Nigerian has still not embraced Africa’s first central bank digital currency (CBDC). They point to the e-naira wallet’s relatively low number of downloads as well as the still-growing use of cryptocurrencies when remitting funds or making cross-border payments.
In August, Bitcoin News reported that between January and June this year, peer-to-peer bitcoin traded volumes on Paxful alone amounted to nearly $400 million. The figure is more than half the $760 million that was recorded in the whole of 2021. According to Paxful, Nigerians were resorting to cryptocurrencies and peer-to-peer trading platforms because they provide “an opportunity for financial inclusion.”
Yet, despite the apparent snub of the CBDC by Nigerians so far, the Central Bank of Nigeria (CBN) is still projecting an eightfold increase in the number of e-naira wallet downloads. As previously reported by Bitcoin News, the central bank hopes to achieve this via the use of various initiatives that include enabling the unstructured supplementary service data (USSD) functionality to the wallet app.
The CBN has also engaged payment service providers like fintech giant Flutterwave, which has since added the e-naira to its list of payment options for merchants. In one of its latest moves aimed at boosting the use of the CBDC, the central bank is offering a 5% discount to drivers and passengers of motorized rickshaws that pay with the e-naira.
According to a statement released by Bitt — the CBN’s technology partner — the onboarding of banked customers and merchants is consistent with phase two activities of the central bank’s staggered rollout of the CBDC. In the third stage, the CBN said it will seek to onboard the “Nigerian Trade and Exchange platform.” This phase will also include “sector-specific tokens for grants and subsidies” as well as “programmable payments for e-naira payment scenarios.”
Remarking on the occasion to mark the CBDC’s anniversary, Brian Popelka, the CEO of Bitt said:
This year has been full of firsts for Africa. Being the first provides the opportunity to become the first to find solutions and chart the course for others to follow. Today’s one-year milestone is an exceptional achievement for both the Central Bank of Nigeria and Bitt teams. We look forward to continued partnership on this CBDC deployment journey and to provide additional features to expand eNaira’s value to all Nigerians and everyone, everywhere.
However, Popelka and the CBN’s optimism is not shared by everyone. Adesoji Solanke, a director with the investment bank Renaissance Capital, is one critic. With Nigeria facing ongoing foreign exchange shortages, Solanke, just like his fellow Nigerians, hoped the e-naira would turn out to be a stable alternative to the depreciating naira.
In remarks published by Bloomberg, Solanke insisted the CBN’s digital currency “does not address any of these basic use cases, so no surprise at its low adoption rates so far.”
Meanwhile, Kingsley Obiora, a deputy governor at the CBN, is quoted in the report suggesting that “a little push from the government” is needed if the CBDC is to take off. Josh Lipsky, director of the Atlantic Council’s Geoeconomics Center, reportedly said both the central bank and government must be involved in efforts aimed at helping more Nigerians become acquainted with the CBDC.
Thailand and Hungary Partner to Promote Blockchain Tech in Financial Sector
Industry associations from Hungary and Thailand plan to cooperate on implementing blockchain technologies in the financial services sector. The two sides hope to share experience and produce ideas for alternative services as part of their new partnership.
The Thai Fintech Association and Hungary’s Blockchain Coalition have signed a Memorandum of Understanding to support the introduction of new technologies to their financial markets. The agreement was inked during the first edition of the “Thai-Hungarian Fintech Forum: Powering the Financial Revolution Together,” the Bangkok Post reported on Saturday.
The event devoted to showcasing financial technology services was organized by the Hungarian embassy. Hungary’s Blockchain Coalition was established on the initiative of the Ministry of Innovation and Technology and the National Data Economy Knowledge Center in March, to promote the country as an innovator in the digital age. Its members come from the private, public, and academic sectors.
Digital financial services such as e-commerce, mobile payments and digital currency are growing rapidly in Thailand, with its increasing number of crypto holders, pointed out Chonladet Khemarattana, president of the Thai Fintech Association. In his opinion, the further development of financial technology requires international cooperation. He elaborated:
The future collaboration with Hungarian companies will help Thailand to gain more experience. It will also help both countries to initiate new ideas or services in the future.
Hungary believes it is of the utmost importance to promote the latest fintech solutions and establish deep cooperation with partners in that field, according to the Hungarian Ambassador to Thailand Sándos Sipos. He added that the diplomatic mission is recognizing the need to shape financial technology trends.
Sipos reminded that the two nations will celebrate the 50th anniversary of their diplomatic ties next year. He described the memorandum as another milestone in the financial cooperation between Hungary and Thailand after last month’s participation of Bank of Thailand Governor Sethaput Suthiwartnarueput in the Budapest Eurasia Forum held by the Hungarian National Bank.
Industry associations from Hungary and Thailand plan to cooperate on implementing blockchain technologies in the financial services sector. The two sides hope to share experience and produce ideas for alternative services as part of their new partnership.
The Thai Fintech Association and Hungary’s Blockchain Coalition have signed a Memorandum of Understanding to support the introduction of new technologies to their financial markets. The agreement was inked during the first edition of the “Thai-Hungarian Fintech Forum: Powering the Financial Revolution Together,” the Bangkok Post reported on Saturday.
The event devoted to showcasing financial technology services was organized by the Hungarian embassy. Hungary’s Blockchain Coalition was established on the initiative of the Ministry of Innovation and Technology and the National Data Economy Knowledge Center in March, to promote the country as an innovator in the digital age. Its members come from the private, public, and academic sectors.
Digital financial services such as e-commerce, mobile payments and digital currency are growing rapidly in Thailand, with its increasing number of crypto holders, pointed out Chonladet Khemarattana, president of the Thai Fintech Association. In his opinion, the further development of financial technology requires international cooperation. He elaborated:
The future collaboration with Hungarian companies will help Thailand to gain more experience. It will also help both countries to initiate new ideas or services in the future.
Hungary believes it is of the utmost importance to promote the latest fintech solutions and establish deep cooperation with partners in that field, according to the Hungarian Ambassador to Thailand Sándos Sipos. He added that the diplomatic mission is recognizing the need to shape financial technology trends.
Sipos reminded that the two nations will celebrate the 50th anniversary of their diplomatic ties next year. He described the memorandum as another milestone in the financial cooperation between Hungary and Thailand after last month’s participation of Bank of Thailand Governor Sethaput Suthiwartnarueput in the Budapest Eurasia Forum held by the Hungarian National Bank.
Economists Warn of Severe Recession as Fed Continues Raising Interest Rates to Fight Inflation
A growing number of economists have warned about a severe recession in the U.S. if the Federal Reserve keeps up its fight against inflation. “Each adverse development in the outside world implies the Fed is going to have to do more in order to bring the situation under control,” said one economist.
A growing number of economists have warned that the Federal Reserve’s fight against inflation, which remains at the highest level in decades, could lead to a severe recession in the U.S. At the upcoming Federal Open Market Committee (FOMC) meeting Wednesday, the U.S. central bank is expected to raise interest rates by another 75 basis points — the fourth 0.75 percentage point increase in a row. However, several economists cautioned that policymakers’ response to inflation could lead to a more severe downturn for the U.S. economy, the Financial Times reported Tuesday.
“Each adverse inflation report and each adverse development in the outside world implies the Fed is going to have to do more in order to bring the situation under control,” David Wilcox, a senior fellow at Peterson Institute for International Economics, was quoted as saying. He added:
Doing more means a higher probability of a recession, and if it happens, in all likelihood a deeper recession.
Franklin Templeton Fixed Income Group’s chief investment officer, Sonal Desai, opined: “The reality is we are going to need to see some slowdown in the economy to take some of that demand-side pressure off.”
ING’s chief international economist, James Knightley, warned: “By moving hard and fast, you just naturally have less control.” He elaborated:
The higher the terminal rate, the greater the window for all borrowing costs to continue to rise, which does suggest the growing risk of quite a severe downturn.
TD Securities’ global head of rates strategy, Priya Misra, noted: “If you look at the U.S. data, it is very hard to argue why they need to downshift. But the moment you look at the global picture, the U.K. situation should give them caution to downshift without pivoting.”
TS Lombard’s chief U.S. economist, Steve Blitz, explained:
What’s at stake if they make the wrong call is that inflation stays higher, and that means at some point down the road they’ll have to do even more to get inflation back to 2 percent.
Fed Chair Jerome Powell did not rule out the possibility of a recession after the last FOMC meeting in September. “No one knows whether this process will lead to a recession or if so, how significant that recession would be,” he told the press. Powell is also facing political pressure over the Fed’s interest rate hike decisions.
Last week, a survey of 257 economists showed that most believe that global recession is near. Another survey showed that 98% of chief executives are preparing for a U.S. recession. Recently, Rich Dad Poor Dad author Robert Kiyosaki stressed that the Fed’s continued rate hikes would destroy the U.S. economy, leading to market crashes. Economist Peter Schiff similarly warned that the Fed raising interest rates could lead to market crashes, a massive financial crisis, and a severe recession.
A growing number of economists have warned about a severe recession in the U.S. if the Federal Reserve keeps up its fight against inflation. “Each adverse development in the outside world implies the Fed is going to have to do more in order to bring the situation under control,” said one economist.
A growing number of economists have warned that the Federal Reserve’s fight against inflation, which remains at the highest level in decades, could lead to a severe recession in the U.S. At the upcoming Federal Open Market Committee (FOMC) meeting Wednesday, the U.S. central bank is expected to raise interest rates by another 75 basis points — the fourth 0.75 percentage point increase in a row. However, several economists cautioned that policymakers’ response to inflation could lead to a more severe downturn for the U.S. economy, the Financial Times reported Tuesday.
“Each adverse inflation report and each adverse development in the outside world implies the Fed is going to have to do more in order to bring the situation under control,” David Wilcox, a senior fellow at Peterson Institute for International Economics, was quoted as saying. He added:
Doing more means a higher probability of a recession, and if it happens, in all likelihood a deeper recession.
Franklin Templeton Fixed Income Group’s chief investment officer, Sonal Desai, opined: “The reality is we are going to need to see some slowdown in the economy to take some of that demand-side pressure off.”
ING’s chief international economist, James Knightley, warned: “By moving hard and fast, you just naturally have less control.” He elaborated:
The higher the terminal rate, the greater the window for all borrowing costs to continue to rise, which does suggest the growing risk of quite a severe downturn.
TD Securities’ global head of rates strategy, Priya Misra, noted: “If you look at the U.S. data, it is very hard to argue why they need to downshift. But the moment you look at the global picture, the U.K. situation should give them caution to downshift without pivoting.”
TS Lombard’s chief U.S. economist, Steve Blitz, explained:
What’s at stake if they make the wrong call is that inflation stays higher, and that means at some point down the road they’ll have to do even more to get inflation back to 2 percent.
Fed Chair Jerome Powell did not rule out the possibility of a recession after the last FOMC meeting in September. “No one knows whether this process will lead to a recession or if so, how significant that recession would be,” he told the press. Powell is also facing political pressure over the Fed’s interest rate hike decisions.
Last week, a survey of 257 economists showed that most believe that global recession is near. Another survey showed that 98% of chief executives are preparing for a U.S. recession. Recently, Rich Dad Poor Dad author Robert Kiyosaki stressed that the Fed’s continued rate hikes would destroy the U.S. economy, leading to market crashes. Economist Peter Schiff similarly warned that the Fed raising interest rates could lead to market crashes, a massive financial crisis, and a severe recession.
Microsoft Backs Wemade’s Blockchain Push in $46 Million Investment Round
Software giant Microsoft has made a $14.8 million investment in Wemade, a Korea-based blockchain gaming services company that has recently launched its own stablecoin, named Wemix. The company was part of a $46 million investment round, that also saw the participation of two more companies: Shinhan Asset Management and Kiwoom Securities.
Microsoft has participated in a $46 million investment round to back Korea-based blockchain gaming operator Wemade. The round, which involved Wemade selling convertible bonds, saw Microsoft purchase $14.8 million in these bonds. Two other companies also participated — Shinhan Asset Management and Kiwoom Securities — with bond purchases of $21.2 million and $10.5 million respectively, according to regulatory filings.
Founded in 2000 and having operated more than 20 blockchain games, Wemade sees this development as a big success, more so in the troubling economic times that the cryptocurrency industry is going through. In a press release, Wemade CEO Henry Chang stated:
This is a meaningful investment by reputable financial and strategic investors with proven track records. Wemade and Wemix will continue to exert efforts to attract more capital and actively invest to build the global digital economy platform.
Though Wemade’s primary focus is on its gaming operations, the company is also establishing a token economy via its gaming properties. On October 22, Chang launched the company’s own stablecoin, called Wemix, aiming for it to be established as an important part of the gaming ecosystem in the region.
The stablecoin, which is pegged to the U.S. dollar, is backed entirely in USDC and operates through a balancing protocol called Dios, which is designed to allow the price to be maintained even as the asset faces periods of peak demand. On this experimental launch, Chang stated:
If Wemix operates successfully as planned, it will not only contribute to the growth of the mainnet ecosystem of Wemix but also become a key currency for blockchain transactions.
While Microsoft’s Phil Spencer has been critical of what emergent tech like play-to-earn models, NFTs, and the metaverse bring to the traditional gaming table, this has not affected moves regarding other companies in the sector. On Aug. 5, Star Heroes, a blockchain-based game still in development, received a Microsoft grant to access tools available for other AAA game developers.
Software giant Microsoft has made a $14.8 million investment in Wemade, a Korea-based blockchain gaming services company that has recently launched its own stablecoin, named Wemix. The company was part of a $46 million investment round, that also saw the participation of two more companies: Shinhan Asset Management and Kiwoom Securities.
Microsoft has participated in a $46 million investment round to back Korea-based blockchain gaming operator Wemade. The round, which involved Wemade selling convertible bonds, saw Microsoft purchase $14.8 million in these bonds. Two other companies also participated — Shinhan Asset Management and Kiwoom Securities — with bond purchases of $21.2 million and $10.5 million respectively, according to regulatory filings.
Founded in 2000 and having operated more than 20 blockchain games, Wemade sees this development as a big success, more so in the troubling economic times that the cryptocurrency industry is going through. In a press release, Wemade CEO Henry Chang stated:
This is a meaningful investment by reputable financial and strategic investors with proven track records. Wemade and Wemix will continue to exert efforts to attract more capital and actively invest to build the global digital economy platform.
Though Wemade’s primary focus is on its gaming operations, the company is also establishing a token economy via its gaming properties. On October 22, Chang launched the company’s own stablecoin, called Wemix, aiming for it to be established as an important part of the gaming ecosystem in the region.
The stablecoin, which is pegged to the U.S. dollar, is backed entirely in USDC and operates through a balancing protocol called Dios, which is designed to allow the price to be maintained even as the asset faces periods of peak demand. On this experimental launch, Chang stated:
If Wemix operates successfully as planned, it will not only contribute to the growth of the mainnet ecosystem of Wemix but also become a key currency for blockchain transactions.
While Microsoft’s Phil Spencer has been critical of what emergent tech like play-to-earn models, NFTs, and the metaverse bring to the traditional gaming table, this has not affected moves regarding other companies in the sector. On Aug. 5, Star Heroes, a blockchain-based game still in development, received a Microsoft grant to access tools available for other AAA game developers.
Bitcoin, Ethereum Technical Analysis: BTC, ETH Hit 2-Week Lows, Ahead of US Midterms
Bitcoin fell below $20,000 on Tuesday, as markets prepared for the U.S. midterm elections. Cryptocurrencies were swept by a red wave today, as some Democratic investors expect that American voters will also be favoring such a wave in the political arena. Ethereum also moved lower, dropping below $1,500 for the first time in two weeks.
Bitcoin (BTC) prices fell for a third straight session on Tuesday, as traders prepared for the U.S. midterm elections.
Following a high of $20,882.38 to start the week, BTC/USD slipped to an intraday low of $19,448.53 earlier today.
This drop in price saw bitcoin fall to its lowest level since October 25, when the token was trading around the $19,200 mark.
Looking at the chart, today’s decline in BTC came as prices fell below a key price floor of $20,080.
In addition to this, the 14-day relative strength index (RSI) has also slipped below a support of its own at 52.60, and is currently tracking at 44.81.
BTC has somewhat rebounded from earlier lows, with bulls so far rejecting a move under $19,000. The token is trading at $19,727.23 as of writing.
Ethereum (ETH) also sank ahead of today’s vote, which many expect to be a clean sweep for Republican candidates.
The world’s second largest cryptocurrency fell to a bottom of $1,443.03, less than 24 hours after trading at a peak of $1,604.48.
Like with BTC, today’s move saw the token drop for a third consecutive day, hitting its lowest point in two weeks in the process.
As can be seen from the chart, ETH bears attempted to recapture a floor of $1,425, however prices have since rebounded.
The RSI has however hit a floor, and as of writing, the index is tracking close to its floor of 50.00.
Should we see this floor broken, then we could see traders once again attempt to take the token towards the $1,425 point.
Bitcoin fell below $20,000 on Tuesday, as markets prepared for the U.S. midterm elections. Cryptocurrencies were swept by a red wave today, as some Democratic investors expect that American voters will also be favoring such a wave in the political arena. Ethereum also moved lower, dropping below $1,500 for the first time in two weeks.
Bitcoin (BTC) prices fell for a third straight session on Tuesday, as traders prepared for the U.S. midterm elections.
Following a high of $20,882.38 to start the week, BTC/USD slipped to an intraday low of $19,448.53 earlier today.
This drop in price saw bitcoin fall to its lowest level since October 25, when the token was trading around the $19,200 mark.
Looking at the chart, today’s decline in BTC came as prices fell below a key price floor of $20,080.
In addition to this, the 14-day relative strength index (RSI) has also slipped below a support of its own at 52.60, and is currently tracking at 44.81.
BTC has somewhat rebounded from earlier lows, with bulls so far rejecting a move under $19,000. The token is trading at $19,727.23 as of writing.
Ethereum (ETH) also sank ahead of today’s vote, which many expect to be a clean sweep for Republican candidates.
The world’s second largest cryptocurrency fell to a bottom of $1,443.03, less than 24 hours after trading at a peak of $1,604.48.
Like with BTC, today’s move saw the token drop for a third consecutive day, hitting its lowest point in two weeks in the process.
As can be seen from the chart, ETH bears attempted to recapture a floor of $1,425, however prices have since rebounded.
The RSI has however hit a floor, and as of writing, the index is tracking close to its floor of 50.00.
Should we see this floor broken, then we could see traders once again attempt to take the token towards the $1,425 point.
Bitcoin, Ethereum Technical Analysis: ETH Moves Higher as Markets Continue to React to US Inflation Report
Ethereum was trading higher on Friday, as cryptocurrency markets continued to rebound, following yesterday’s U.S. inflation report. The better-than-expected 7.7% CPI (consumer price index) figure for October boosted prices, following recent bearish sentiment. Bitcoin briefly climbed back above the $18,000 level on Friday.
Bitcoin (BTC) moved higher on Friday, as the token rebounded following a recent spell of relatively large sell-offs.
Following a low of $16,290.27 on Thursday, BTC/USD surged to an intraday peak of $18,054.31 earlier in the day.
The move came as the world’s largest cryptocurrency continued to move away from a key support point of $15,800.
As can be seen from the chart, this surge occurred as the 14-day relative strength index (RSI) also rebounded from a recent six-month low.
Currently, BTC is trading at $17,339.58, with the index tracking at 36.89, which is below a long-term resistance point of 39.00.
In order for BTC/USD to continue this current momentum, the RSI ceiling will first need to be broken.
Ethereum (ETH) rose by as much as 8% in today’s session, as the token briefly recaptured the $1,300 level.
Soon after the U.S. inflation report was released, ETH/USD rose to a peak of $1,341.79, moving away from earlier lows of $1,199.24.
The token continues to trade above yesterday’s bottom, and as of writing is residing at the $1,272.95 mark.
Looking at the chart, the 10-day (red) moving average (MA) looks to be on the cusp of a downward cross with the 25-day (blue) MA.
Typically, such a move signals the beginning of a downward trend, which could mean that we have not yet reached a bottom.
Should this be the case, bears will likely be targeting a breakout below $1,000, after failing to move beyond this point earlier in the week.
Ethereum was trading higher on Friday, as cryptocurrency markets continued to rebound, following yesterday’s U.S. inflation report. The better-than-expected 7.7% CPI (consumer price index) figure for October boosted prices, following recent bearish sentiment. Bitcoin briefly climbed back above the $18,000 level on Friday.
Bitcoin (BTC) moved higher on Friday, as the token rebounded following a recent spell of relatively large sell-offs.
Following a low of $16,290.27 on Thursday, BTC/USD surged to an intraday peak of $18,054.31 earlier in the day.
The move came as the world’s largest cryptocurrency continued to move away from a key support point of $15,800.
As can be seen from the chart, this surge occurred as the 14-day relative strength index (RSI) also rebounded from a recent six-month low.
Currently, BTC is trading at $17,339.58, with the index tracking at 36.89, which is below a long-term resistance point of 39.00.
In order for BTC/USD to continue this current momentum, the RSI ceiling will first need to be broken.
Ethereum (ETH) rose by as much as 8% in today’s session, as the token briefly recaptured the $1,300 level.
Soon after the U.S. inflation report was released, ETH/USD rose to a peak of $1,341.79, moving away from earlier lows of $1,199.24.
The token continues to trade above yesterday’s bottom, and as of writing is residing at the $1,272.95 mark.
Looking at the chart, the 10-day (red) moving average (MA) looks to be on the cusp of a downward cross with the 25-day (blue) MA.
Typically, such a move signals the beginning of a downward trend, which could mean that we have not yet reached a bottom.
Should this be the case, bears will likely be targeting a breakout below $1,000, after failing to move beyond this point earlier in the week.
Manhattan District Attorney Freezes $1.3 Million in Crypto — Seeks to Return Funds to Fraud Victims
Manhattan District Attorney (DA)’s Office has frozen more than $1.3 million in cryptocurrency “during fraud investigations conducted over the past ten months.” The authority said: “We are returning that money to the victims of these schemes — while raising awareness to prevent future fraud.”
Manhattan District Attorney (DA) Alvin Bragg announced Thursday that his office has “frozen more than $1.3 million in cryptocurrency during fraud investigations conducted over the past ten months.”
Bragg detailed, “Using our blockchain analysis expertise, our investigators, prosecutors, and specialized cryptocurrency analysts were able to locate and freeze more than $1.3 million of stolen cryptocurrency in the past 10 months alone,” elaborating:
While many of these cyberthieves are overseas and currently out of our reach, the cryptocurrency they stole is not. We are returning that money to the victims of these schemes — while raising awareness to prevent future fraud.
The announcement adds that cryptocurrency worth $200,000 was seized and is now held in the DA’s accounts.
The Manhattan District Attorney’s Office explained that crypto scams involving romance, bitcoin ATMs, imposters, remote desktop downloads, and fake account balance screenshots have become increasingly popular.
A trending scam involving cryptocurrency that has duped many investors worldwide is called “pig butchering.” In recent months, several U.S. authorities have warned about the rising popularity of this type of scam.
Manhattan District Attorney (DA)’s Office has frozen more than $1.3 million in cryptocurrency “during fraud investigations conducted over the past ten months.” The authority said: “We are returning that money to the victims of these schemes — while raising awareness to prevent future fraud.”
Manhattan District Attorney (DA) Alvin Bragg announced Thursday that his office has “frozen more than $1.3 million in cryptocurrency during fraud investigations conducted over the past ten months.”
Bragg detailed, “Using our blockchain analysis expertise, our investigators, prosecutors, and specialized cryptocurrency analysts were able to locate and freeze more than $1.3 million of stolen cryptocurrency in the past 10 months alone,” elaborating:
While many of these cyberthieves are overseas and currently out of our reach, the cryptocurrency they stole is not. We are returning that money to the victims of these schemes — while raising awareness to prevent future fraud.
The announcement adds that cryptocurrency worth $200,000 was seized and is now held in the DA’s accounts.
The Manhattan District Attorney’s Office explained that crypto scams involving romance, bitcoin ATMs, imposters, remote desktop downloads, and fake account balance screenshots have become increasingly popular.
A trending scam involving cryptocurrency that has duped many investors worldwide is called “pig butchering.” In recent months, several U.S. authorities have warned about the rising popularity of this type of scam.
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Hanging on social networks scrolling the feed for hours? Times are changing: your attention is your...
New FTX CEO Says Sam Bankman-Fried Does Not Speak on Firm’s Behalf, After SBF’s Candid Interview With Vox
Following the former FTX CEO Sam Bankman-Fried’s (SBF) interview with the New York Times and several direct text messages with Reuters, SBF recently did a much longer and more candid interview with Vox journalist Kelsey Piper. After the interview done via Twitter direct messages, the current FTX chief restructuring officer and CEO John Ray explained that SBF has no ongoing role at FTX International, FTX US, or Alameda Research. Ray further stressed that the former FTX CEO “does not speak on their behalf.”
FTX’s former executive Sam Bankman-Fried (SBF) had a little more to say after telling the New York Times that he was sleeping better and playing video games to clear his mind. In a recently published interview stemming from the news publication Vox, SBF spoke with the reporter Kelsey Piper. “I didn’t want to do sketchy stuff, there are huge negative effects from it and I didn’t mean to,” SBF said. The FTX co-founder added:
Each individual decision seemed fine and I didn’t realize how big their sum was until the end.
After the article was published, however, SBF tweeted that the direct message (DM) conversation was never meant to be public. “Last night I talked to a friend of mine,” SBF said. They published my messages. Those were not intended to be public, but I guess they are now.” The former FTX CEO also detailed that “problems were brewing” at FTX that were “larger” than he realized.
In the Vox interview with SBF’s so-called friend Piper, the Vox reporter commented that SBF “was really good at talking about ethics, for someone who kind of saw it all as a game with winners and losers.” SBF responded and said:
Ya, hehe, I had to be. It’s what reputations are made of, to some extent. I feel bad for those who get fed by it. By this dumb game we woke westerners play where we say all the right shiboleths and so everyone likes us.
When the reporter asked about regulations and political lobbying, SBF said “F regulators,” and further insisted that they “make everything worse.” Vox published the article at 3:20 p.m. (ET) on Wednesday afternoon and a statement from FTX’s current chief restructuring officer and CEO John Ray followed the published interview. The message from Ray was published via FTX’s official Twitter account at 3:59 p.m. (ET).
The tweet said: “Statement from John Ray, chief restructuring officer and CEO of FTX, regarding Mr. Bankman-Fried’s recent public statements: As previously announced, Mr. Bankman-Fried resigned on November 11 from FTX International, FTX US, Alameda Research Ltd. and their directly and indirectly owned subsidiaries. Mr. Bankman-Fried has no ongoing role at FTX International, FTX US, or Alameda Research Ltd. and does not speak on their behalf.”
Vox journalist Piper said she reached out to SBF via Twitter’s DM feature on Nov. 13, days after the company had filed for bankruptcy on Nov. 11, 2022. The former FTX CEO has been tweeting a lot more and simply claims he got in over his head. SBF may have a lot more stories to tell to reporters at the New York Times and Vox, but according to FTX’s restructuring officer Ray, the former exchange executive doesn’t speak for what’s left of FTX’s remains.
Following the former FTX CEO Sam Bankman-Fried’s (SBF) interview with the New York Times and several direct text messages with Reuters, SBF recently did a much longer and more candid interview with Vox journalist Kelsey Piper. After the interview done via Twitter direct messages, the current FTX chief restructuring officer and CEO John Ray explained that SBF has no ongoing role at FTX International, FTX US, or Alameda Research. Ray further stressed that the former FTX CEO “does not speak on their behalf.”
FTX’s former executive Sam Bankman-Fried (SBF) had a little more to say after telling the New York Times that he was sleeping better and playing video games to clear his mind. In a recently published interview stemming from the news publication Vox, SBF spoke with the reporter Kelsey Piper. “I didn’t want to do sketchy stuff, there are huge negative effects from it and I didn’t mean to,” SBF said. The FTX co-founder added:
Each individual decision seemed fine and I didn’t realize how big their sum was until the end.
After the article was published, however, SBF tweeted that the direct message (DM) conversation was never meant to be public. “Last night I talked to a friend of mine,” SBF said. They published my messages. Those were not intended to be public, but I guess they are now.” The former FTX CEO also detailed that “problems were brewing” at FTX that were “larger” than he realized.
In the Vox interview with SBF’s so-called friend Piper, the Vox reporter commented that SBF “was really good at talking about ethics, for someone who kind of saw it all as a game with winners and losers.” SBF responded and said:
Ya, hehe, I had to be. It’s what reputations are made of, to some extent. I feel bad for those who get fed by it. By this dumb game we woke westerners play where we say all the right shiboleths and so everyone likes us.
When the reporter asked about regulations and political lobbying, SBF said “F regulators,” and further insisted that they “make everything worse.” Vox published the article at 3:20 p.m. (ET) on Wednesday afternoon and a statement from FTX’s current chief restructuring officer and CEO John Ray followed the published interview. The message from Ray was published via FTX’s official Twitter account at 3:59 p.m. (ET).
The tweet said: “Statement from John Ray, chief restructuring officer and CEO of FTX, regarding Mr. Bankman-Fried’s recent public statements: As previously announced, Mr. Bankman-Fried resigned on November 11 from FTX International, FTX US, Alameda Research Ltd. and their directly and indirectly owned subsidiaries. Mr. Bankman-Fried has no ongoing role at FTX International, FTX US, or Alameda Research Ltd. and does not speak on their behalf.”
Vox journalist Piper said she reached out to SBF via Twitter’s DM feature on Nov. 13, days after the company had filed for bankruptcy on Nov. 11, 2022. The former FTX CEO has been tweeting a lot more and simply claims he got in over his head. SBF may have a lot more stories to tell to reporters at the New York Times and Vox, but according to FTX’s restructuring officer Ray, the former exchange executive doesn’t speak for what’s left of FTX’s remains.
Nigeria’s Rising Inflation and Foreign Exchange Shortages Fueling Devaluation Speculation — IMF Mission
According to the International Monetary Fund (IMF)’s mission concluding statement, Nigeria’s rising inflation rate as well as the continuing shortage of foreign currency are fueling the naira devaluation speculations. To achieve a unified naira exchange rate, the global lender said Nigeria needs to dismantle “the various exchange rate windows at the CBN Central Bank of Nigeria”
The International Monetary Fund (IMF) has said Nigeria’s foreign currency shortages, the rising inflation, and the country’s limited debt servicing capacity are fueling naira devaluation speculations. This, in turn, hinders the “much-needed capital inflows, encourages outflows and constraints private-sector investment.”
In the global lender’s staff concluding statement of the 2022 Article IV Mission, the IMF reiterated its call on Nigerian financial authorities to consider moving “towards a unified and market-clearing exchange rate.” To achieve this, the IMF said Nov. 18 statement that the Central Bank of Nigeria (CBN) needs to abandon the multiple exchange rate system.
As has been reported by Bitcoin.com News, Nigeria officially pegs its currency at just under 450 nairas for every dollar. However, in practice, many Nigerian businesses and individuals can only source the greenback and other global currencies on the parallel market where the rates recently touched an all-time low of N900:$1.
Further, the IMF’s concluding statement suggested that the CBN’s influence or control of foreign exchange markets needs to be curtailed.
“In the medium term, the CBN should step back from its role as main FX intermediator, limiting interventions to smoothing market volatility and allowing banks to freely determine FX buy-sell rates,” the IMF statement explained.
Despite expressing its concerns about Nigeria’s exchange rate policy, the global lender’s concluding statement still lauds the CBN for tightening liquidity and curbing “inflationary pressures through increasing the monetary policy rate (MPR) by a cumulative 400 basis points.” A tighter monetary policy is often adopted by central banks when prices are rising too fast or when an economy is growing quickly.
However, in the statement, the IMF mission insisted that overall conditions remain accommodative — Nigeria’s monetary policy rate (MPR) of 15.5% is below the inflation rate which peaked at 21.1% in October. The global lender’s mission also said that the funding for the country’s budget and as well as the central bank’s “directed lending schemes continue to drive strong monetary expansion.”
On financial inclusion, the IMF mission said Nigeria “continues to fall short of its inclusion targets, particularly in access to financial products.” However, the mission commended the CBN’s plan to launch a regulatory sandbox for fintech. It also urged authorities to “provide more targeted training in using financial products, and extend the e-naira further to the unbanked population.”
According to the International Monetary Fund (IMF)’s mission concluding statement, Nigeria’s rising inflation rate as well as the continuing shortage of foreign currency are fueling the naira devaluation speculations. To achieve a unified naira exchange rate, the global lender said Nigeria needs to dismantle “the various exchange rate windows at the CBN Central Bank of Nigeria”
The International Monetary Fund (IMF) has said Nigeria’s foreign currency shortages, the rising inflation, and the country’s limited debt servicing capacity are fueling naira devaluation speculations. This, in turn, hinders the “much-needed capital inflows, encourages outflows and constraints private-sector investment.”
In the global lender’s staff concluding statement of the 2022 Article IV Mission, the IMF reiterated its call on Nigerian financial authorities to consider moving “towards a unified and market-clearing exchange rate.” To achieve this, the IMF said Nov. 18 statement that the Central Bank of Nigeria (CBN) needs to abandon the multiple exchange rate system.
As has been reported by Bitcoin.com News, Nigeria officially pegs its currency at just under 450 nairas for every dollar. However, in practice, many Nigerian businesses and individuals can only source the greenback and other global currencies on the parallel market where the rates recently touched an all-time low of N900:$1.
Further, the IMF’s concluding statement suggested that the CBN’s influence or control of foreign exchange markets needs to be curtailed.
“In the medium term, the CBN should step back from its role as main FX intermediator, limiting interventions to smoothing market volatility and allowing banks to freely determine FX buy-sell rates,” the IMF statement explained.
Despite expressing its concerns about Nigeria’s exchange rate policy, the global lender’s concluding statement still lauds the CBN for tightening liquidity and curbing “inflationary pressures through increasing the monetary policy rate (MPR) by a cumulative 400 basis points.” A tighter monetary policy is often adopted by central banks when prices are rising too fast or when an economy is growing quickly.
However, in the statement, the IMF mission insisted that overall conditions remain accommodative — Nigeria’s monetary policy rate (MPR) of 15.5% is below the inflation rate which peaked at 21.1% in October. The global lender’s mission also said that the funding for the country’s budget and as well as the central bank’s “directed lending schemes continue to drive strong monetary expansion.”
On financial inclusion, the IMF mission said Nigeria “continues to fall short of its inclusion targets, particularly in access to financial products.” However, the mission commended the CBN’s plan to launch a regulatory sandbox for fintech. It also urged authorities to “provide more targeted training in using financial products, and extend the e-naira further to the unbanked population.”
Estonia, US Arrest 2 Suspects in $575 Million Crypto Fraud Scheme
Law enforcement officers from Estonia and the United States have arrested two men for allegedly committing a large-scale cryptocurrency fraud. The Estonian nationals, who ran a crypto mining service and a fake virtual currency bank, laundered their proceeds, spent on cars and real estate, and donated to a politician.
Two Estonian citizens, suspected of fraud involving cryptocurrency and money laundering, have been arrested by the Estonian National Criminal Police and the U.S. Federal Bureau of Investigation (FBI). The United States is now seeking their extradition.
Sergei Potapenko and Ivan Turõgin, both 37, have been accused of defrauding hundreds of thousands of people, the Estonian state broadcaster Eesti Rahvusringhääling (ERR) reported. They were detained as a result of a joint investigation on Sunday, Nov. 20.
Some of the victims were persuaded to enter into fraudulent equipment rental contracts with their mining service called Hashflare. Others invested in Polybius Bank, a virtual currency bank which was never a bank and did not pay out the promised dividends.
According to an announcement by the U.S. Department of Justice, investors paid over $575 million to the platforms set up by the pair, who then laundered their proceeds through shell companies and used some of the money to buy properties in Estonia and luxury cars.
Potapenko and Turõgin tried to hide the rest of the money in bank accounts and cryptocurrency wallets around the world. U.S. and Estonian authorities are working to seize and restrain these assets, said U.S. Attorney Nick Brown for the Western District of Washington, who also emphasized:
The size and scope of the alleged scheme is truly astounding. These defendants capitalized on both the allure of cryptocurrency and the mystery surrounding cryptocurrency mining, to commit an enormous Ponzi scheme.
The Estonian police and the FBI collaborated closely, with 100 police officers, including over a dozen federal agents from the United States, involved in the investigation, which the head of the Cybercrime Bureau of Estonia’s National Criminal Police Oskar Gross called “long and vast.” Quoted by ERR, he stated:
The sheer volume of this investigation is described by the fact that this is one of the largest fraud cases we’ve ever had in Estonia.
“Technology has broadened the risk of fraud and before trusting one’s money to a venture or a person, an in-depth gathering of background information should be conducted,” commented State Prosecutor Vahur Verte, who warned people to look after their money.
On Tuesday, the local media also revealed that Potapenko and Turõgin were among the biggest donors of Estonian politician and lawmaker Raimond Kaljulaid during his campaign for a seat in the European Parliament in 2019. Kaljulaid, who received €12,500 from them, claims he learned of their involvement only this week.
“There are many legitimate ways to turn cryptocurrencies into business, but choosing a shortcut through deception or opaqueness is not a way to go about the venture,” Oskar Gross insisted. The case is not the first crypto-related crime in Estonia, ERR noted in its report. In October, the Estonian police arrested suspects linked to the Dagcoin crypto investment fraud.
Law enforcement officers from Estonia and the United States have arrested two men for allegedly committing a large-scale cryptocurrency fraud. The Estonian nationals, who ran a crypto mining service and a fake virtual currency bank, laundered their proceeds, spent on cars and real estate, and donated to a politician.
Two Estonian citizens, suspected of fraud involving cryptocurrency and money laundering, have been arrested by the Estonian National Criminal Police and the U.S. Federal Bureau of Investigation (FBI). The United States is now seeking their extradition.
Sergei Potapenko and Ivan Turõgin, both 37, have been accused of defrauding hundreds of thousands of people, the Estonian state broadcaster Eesti Rahvusringhääling (ERR) reported. They were detained as a result of a joint investigation on Sunday, Nov. 20.
Some of the victims were persuaded to enter into fraudulent equipment rental contracts with their mining service called Hashflare. Others invested in Polybius Bank, a virtual currency bank which was never a bank and did not pay out the promised dividends.
According to an announcement by the U.S. Department of Justice, investors paid over $575 million to the platforms set up by the pair, who then laundered their proceeds through shell companies and used some of the money to buy properties in Estonia and luxury cars.
Potapenko and Turõgin tried to hide the rest of the money in bank accounts and cryptocurrency wallets around the world. U.S. and Estonian authorities are working to seize and restrain these assets, said U.S. Attorney Nick Brown for the Western District of Washington, who also emphasized:
The size and scope of the alleged scheme is truly astounding. These defendants capitalized on both the allure of cryptocurrency and the mystery surrounding cryptocurrency mining, to commit an enormous Ponzi scheme.
The Estonian police and the FBI collaborated closely, with 100 police officers, including over a dozen federal agents from the United States, involved in the investigation, which the head of the Cybercrime Bureau of Estonia’s National Criminal Police Oskar Gross called “long and vast.” Quoted by ERR, he stated:
The sheer volume of this investigation is described by the fact that this is one of the largest fraud cases we’ve ever had in Estonia.
“Technology has broadened the risk of fraud and before trusting one’s money to a venture or a person, an in-depth gathering of background information should be conducted,” commented State Prosecutor Vahur Verte, who warned people to look after their money.
On Tuesday, the local media also revealed that Potapenko and Turõgin were among the biggest donors of Estonian politician and lawmaker Raimond Kaljulaid during his campaign for a seat in the European Parliament in 2019. Kaljulaid, who received €12,500 from them, claims he learned of their involvement only this week.
“There are many legitimate ways to turn cryptocurrencies into business, but choosing a shortcut through deception or opaqueness is not a way to go about the venture,” Oskar Gross insisted. The case is not the first crypto-related crime in Estonia, ERR noted in its report. In October, the Estonian police arrested suspects linked to the Dagcoin crypto investment fraud.
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