Bitcoin, Ethereum Technical Analysis: ETH Surges Above $1,200 to Start the Weekend
Ethereum was back above $1,200 on Saturday, as bullish sentiment returned to cryptocurrency markets to start the weekend. Following recent stints in the red, the global crypto market cap is trading 1.91% higher as of writing. Bitcoin was also back in the green.
Bitcoin (BTC) was marginally higher to start the weekend, as prices moved closer to a key resistance level.
Following a low of $16,456.65 on Friday, BTC/USD rose to an intraday high of $16,666.86 earlier in today’s session.
This move saw the world’s largest cryptocurrency move closer to a ceiling of $16,800, which it last hit on November 18.
Looking at the chart, Saturday’s surge sent the token to a ceiling on the relative strength index (RSI) of 41.00.
As of writing, the index is tracking at 40.00, following an earlier failed breakout attempt, which has since sent BTC lower.
Currently bitcoin is trading at $16,614.71, as earlier bulls moved to liquidate their positions.
Ethereum (ETH) was over 3% higher on Saturday, with the token climbing back above its $1,200 level.
ETH/USD raced to a peak of $1,222.81 to start the weekend, less than 24 hours after hitting a bottom of $1,184.87.
Today’s rally comes as the token extended its breakout of a key resistance level at the $1,180 mark.
As can be seen from the chart, price strength also broke out of a ceiling, with the RSI moving past a hurdle at the 43.50 point.
In addition to this, the 10-day (red) moving average has now fully shifted momentum, with the trend line no longer downward facing.
Bulls are likely waiting for further shifts in momentum before adding on to the bullish pressure.
Ethereum was back above $1,200 on Saturday, as bullish sentiment returned to cryptocurrency markets to start the weekend. Following recent stints in the red, the global crypto market cap is trading 1.91% higher as of writing. Bitcoin was also back in the green.
Bitcoin (BTC) was marginally higher to start the weekend, as prices moved closer to a key resistance level.
Following a low of $16,456.65 on Friday, BTC/USD rose to an intraday high of $16,666.86 earlier in today’s session.
This move saw the world’s largest cryptocurrency move closer to a ceiling of $16,800, which it last hit on November 18.
Looking at the chart, Saturday’s surge sent the token to a ceiling on the relative strength index (RSI) of 41.00.
As of writing, the index is tracking at 40.00, following an earlier failed breakout attempt, which has since sent BTC lower.
Currently bitcoin is trading at $16,614.71, as earlier bulls moved to liquidate their positions.
Ethereum (ETH) was over 3% higher on Saturday, with the token climbing back above its $1,200 level.
ETH/USD raced to a peak of $1,222.81 to start the weekend, less than 24 hours after hitting a bottom of $1,184.87.
Today’s rally comes as the token extended its breakout of a key resistance level at the $1,180 mark.
As can be seen from the chart, price strength also broke out of a ceiling, with the RSI moving past a hurdle at the 43.50 point.
In addition to this, the 10-day (red) moving average has now fully shifted momentum, with the trend line no longer downward facing.
Bulls are likely waiting for further shifts in momentum before adding on to the bullish pressure.
Bitcoin, Ethereum Technical Analysis: ETH Climbs Above $1,200 Ahead of US Consumer Confidence Report
Ethereum rose back above $1,200 on Tuesday, ahead of the upcoming consumer confidence report from the United States. The price comes following a breakout above a key resistance level of $1,180. Bitcoin also climbed higher in today’s session, ending a five-day losing streak.
Bitcoin (BTC) snapped a five-day losing streak on Tuesday, as prices moved away from a recent point of support.
Following a low of $16,054.53 to start the week, BTC/USD surged to an intraday high of $16,522.26 earlier today.
This surge saw bitcoin climb from its aforementioned price floor $16,175, which has been in play since earlier in the month of November.
Looking at the chart, although prices have surged, it will be a test to see if this momentum can be maintained, due to the relative strength index (RSI) colliding with a ceiling.
As of writing, the index is hovering marginally above a ceiling of 41.00, with a current reading of 41.12.
Should price strength continue in an upward direction, we could see more bulls entering the market, taking BTC closer to $17,000.
In addition to BTC, ethereum (ETH) also moved higher on Tuesday, ahead of the U.S consumer confidence report.
The Conference Board consumer confidence survey is expected to come in at a reading of 100, which is marginally below October’s reading of 102.5.
ETH/USD was back above $1,200 on Tuesday, hitting a high of $1,216.52 earlier in today’s session.
As can be seen from the chart, the move, which ended two straight days of losses, pushed ethereum to its highest point since Saturday.
Overall, this move comes as the RSI raced above its point of resistance at 43.70, and it is currently tracking at 46.10 as of writing.
A ceiling of $1,230 now awaits ethereum bulls, and should they overcome this hurdle, a move towards $1,300 will be on the cards.
Ethereum rose back above $1,200 on Tuesday, ahead of the upcoming consumer confidence report from the United States. The price comes following a breakout above a key resistance level of $1,180. Bitcoin also climbed higher in today’s session, ending a five-day losing streak.
Bitcoin (BTC) snapped a five-day losing streak on Tuesday, as prices moved away from a recent point of support.
Following a low of $16,054.53 to start the week, BTC/USD surged to an intraday high of $16,522.26 earlier today.
This surge saw bitcoin climb from its aforementioned price floor $16,175, which has been in play since earlier in the month of November.
Looking at the chart, although prices have surged, it will be a test to see if this momentum can be maintained, due to the relative strength index (RSI) colliding with a ceiling.
As of writing, the index is hovering marginally above a ceiling of 41.00, with a current reading of 41.12.
Should price strength continue in an upward direction, we could see more bulls entering the market, taking BTC closer to $17,000.
In addition to BTC, ethereum (ETH) also moved higher on Tuesday, ahead of the U.S consumer confidence report.
The Conference Board consumer confidence survey is expected to come in at a reading of 100, which is marginally below October’s reading of 102.5.
ETH/USD was back above $1,200 on Tuesday, hitting a high of $1,216.52 earlier in today’s session.
As can be seen from the chart, the move, which ended two straight days of losses, pushed ethereum to its highest point since Saturday.
Overall, this move comes as the RSI raced above its point of resistance at 43.70, and it is currently tracking at 46.10 as of writing.
A ceiling of $1,230 now awaits ethereum bulls, and should they overcome this hurdle, a move towards $1,300 will be on the cards.
Bitcoin, Ethereum Technical Analysis: ETH, BTC Higher Following US Nonfarm Payrolls Report
Ethereum moved closer to the $1,300 level on Dec. 2, as prices remained near a multi-week high. This comes as the latest U.S. nonfarm payrolls report showed that 263,000 jobs were added to the U.S. economy. Markets had expected this to come in at 200,000. Bitcoin was trading above $17,000 prior to the release of the data.
Bitcoin (BTC) was once again trading above the $17,000 level, following today’s U.S. nonfarm payrolls (NFP) report.
Today’s data was expected to show an addition of 200,000 jobs to the American economy, which would have been less than October’s figure of 260,000. However, the numbers came in better than expected, at a level of 263,000.
BTC/USD rose to a high of $17,197.50 ahead of the news, which comes less than a day after prices were at a bottom of $16,888.39.
As can be seen from the chart, the rally came as prices moved past a key resistance level of $16,800, with the relative strength index (RSI) also hovering near a ceiling.
The index is currently tracking at 48.68, which is marginally below a resistance point of 50.00, which seems to be the main obstacle in the way of prices extending earlier gains.
Bulls will remain optimistic despite this, with the 10-day (red) moving average closing in on an upwards crossover with its 25-day (blue) counterpart.
Like BTC, ethereum (ETH) also moved higher on Friday, as the coin continued to hover close to the $1,300 mark.
Following a low of $1,267.71 on Thursday, ETH/USD raced to an intraday high of $1,293.11 earlier in today’s session.
Friday’s move sees the world’s second largest cryptocurrency climb close to its recent resistance of $1,300, but the asset has so far been unable to move beyond this point.
This comes despite the 10-day (red) moving average appearing to have marginally crossed over its 25-day (blue) counterpart.
Should this crossover continue in an upward direction, not only will ETH move past the $1,300 point, but it will likely head towards a higher ceiling of $1,390.
Ethereum moved closer to the $1,300 level on Dec. 2, as prices remained near a multi-week high. This comes as the latest U.S. nonfarm payrolls report showed that 263,000 jobs were added to the U.S. economy. Markets had expected this to come in at 200,000. Bitcoin was trading above $17,000 prior to the release of the data.
Bitcoin (BTC) was once again trading above the $17,000 level, following today’s U.S. nonfarm payrolls (NFP) report.
Today’s data was expected to show an addition of 200,000 jobs to the American economy, which would have been less than October’s figure of 260,000. However, the numbers came in better than expected, at a level of 263,000.
BTC/USD rose to a high of $17,197.50 ahead of the news, which comes less than a day after prices were at a bottom of $16,888.39.
As can be seen from the chart, the rally came as prices moved past a key resistance level of $16,800, with the relative strength index (RSI) also hovering near a ceiling.
The index is currently tracking at 48.68, which is marginally below a resistance point of 50.00, which seems to be the main obstacle in the way of prices extending earlier gains.
Bulls will remain optimistic despite this, with the 10-day (red) moving average closing in on an upwards crossover with its 25-day (blue) counterpart.
Like BTC, ethereum (ETH) also moved higher on Friday, as the coin continued to hover close to the $1,300 mark.
Following a low of $1,267.71 on Thursday, ETH/USD raced to an intraday high of $1,293.11 earlier in today’s session.
Friday’s move sees the world’s second largest cryptocurrency climb close to its recent resistance of $1,300, but the asset has so far been unable to move beyond this point.
This comes despite the 10-day (red) moving average appearing to have marginally crossed over its 25-day (blue) counterpart.
Should this crossover continue in an upward direction, not only will ETH move past the $1,300 point, but it will likely head towards a higher ceiling of $1,390.
North Korean Lazarus Group Linked to New Cryptocurrency Hacking Scheme
The Lazarus group, a North Korean hacking organization previously linked to criminal activity, has been connected to a new attack scheme to breach systems and steal cryptocurrency from third parties. The campaign, which uses a modified version of an already existing malware product called Applejeus, uses a crypto site and even documents to gain access to systems.
Volexity, a Washington D.C.-based cybersecurity firm, has linked Lazarus, a North Korean hacking group already sanctioned by the U.S. government, with a threat involving the use of a crypto site to infect systems in order to steal info and cryptocurrency from third parties.
A blog post issued on Dec. 1 revealed that in June, Lazarus registered a domain called “bloxholder,” which would be later established as a business offering services of automatic cryptocurrency trading. Using this site as a facade, Lazarus prompted users to download an application that served as a payload to deliver the Applejeus malware, directed to steal private keys and other data from the users’ systems.
The same strategy has been used by Lazarus before. However, this new scheme uses a technique that allows the application to “confuse and slow down” malware detection tasks.
Volexity also found that the technique to deliver this malware to final users changed in October. The method morphed to use Office documents, specifically a spreadsheet containing macros, a sort of program embedded in the documents designed to install the Applejeus malware in the computer.
The document, identified with the name “OKX Binance & Huobi VIP fee comparision.xls,” displays the benefits that each one of the VIP programs of these exchanges supposedly offers at their different levels. To mitigate this kind of attack, it is recommended to block the execution of macros in documents, and also scrutinize and monitor the creation of new tasks in the OS to be aware of new unidentified tasks running in the background. However, Veloxity did not inform on the level of reach that this campaign has attained.
Lazarus was formally indicted by the U.S. Department of Justice (DOJ) in Feb. 2021, involving an operative of the group linked to a North Korean intelligence organization, the Reconnaissance General Bureau (RGB). Before that, in March 2020, the DOJ indicted two Chinese nationals for aiding in the laundering of more than $100 million in cryptocurrency linked to Lazarus’ exploits.
The Lazarus group, a North Korean hacking organization previously linked to criminal activity, has been connected to a new attack scheme to breach systems and steal cryptocurrency from third parties. The campaign, which uses a modified version of an already existing malware product called Applejeus, uses a crypto site and even documents to gain access to systems.
Volexity, a Washington D.C.-based cybersecurity firm, has linked Lazarus, a North Korean hacking group already sanctioned by the U.S. government, with a threat involving the use of a crypto site to infect systems in order to steal info and cryptocurrency from third parties.
A blog post issued on Dec. 1 revealed that in June, Lazarus registered a domain called “bloxholder,” which would be later established as a business offering services of automatic cryptocurrency trading. Using this site as a facade, Lazarus prompted users to download an application that served as a payload to deliver the Applejeus malware, directed to steal private keys and other data from the users’ systems.
The same strategy has been used by Lazarus before. However, this new scheme uses a technique that allows the application to “confuse and slow down” malware detection tasks.
Volexity also found that the technique to deliver this malware to final users changed in October. The method morphed to use Office documents, specifically a spreadsheet containing macros, a sort of program embedded in the documents designed to install the Applejeus malware in the computer.
The document, identified with the name “OKX Binance & Huobi VIP fee comparision.xls,” displays the benefits that each one of the VIP programs of these exchanges supposedly offers at their different levels. To mitigate this kind of attack, it is recommended to block the execution of macros in documents, and also scrutinize and monitor the creation of new tasks in the OS to be aware of new unidentified tasks running in the background. However, Veloxity did not inform on the level of reach that this campaign has attained.
Lazarus was formally indicted by the U.S. Department of Justice (DOJ) in Feb. 2021, involving an operative of the group linked to a North Korean intelligence organization, the Reconnaissance General Bureau (RGB). Before that, in March 2020, the DOJ indicted two Chinese nationals for aiding in the laundering of more than $100 million in cryptocurrency linked to Lazarus’ exploits.
Crypto Miners in Kazakhstan to Buy Only Surplus Power, Under Digital Assets Bill
Companies extracting cryptocurrencies in Kazakhstan will be allowed to purchase only excess electricity on a government-controlled market. The decision comes with new legislation approved by lawmakers which regulates the activities of the industry and the taxation of its profits.
The lower house of Kazakhstan’s parliament, the Mazhilis, has adopted the bill “On Digital Assets of the Republic of Kazakhstan” and four related draft laws which aim to regulate mining, among other crypto activities, local media reported.
In accordance with the legislation, miners operating in the country will be able to buy power from the national energy system only if it has a surplus to offer, and exclusively through the KOREM exchange, the country’s centralized electricity market.
Commenting on the new regime, Mazhilis member Ekaterina Smyshlyaeva pointed out that price restrictions have been lifted for that excess amount of electricity and insisted, quoted by Tengrinews, that trades will be governed by market mechanisms.
The bill also introduces two categories of mining licenses. The first type will be granted to entities that operate infrastructure such as data processing centers. They will have to meet certain equipment, location, and security standards.
The second one will be issued to owners of mining hardware who rent space in crypto farms and do not claim an energy quota. Mining pools will have to abide by additional rules such as the requirement to have their servers based in Kazakhstan and comply with local information security regulations, Smyshlyaeva added.
The Central Asian Nation, which has become one of the world’s main crypto mining destinations since China cracked down on the industry in 2021, has blamed its growing power deficit on the influx of miners. According to recent arrangements with Russia, Kazakhstan’s mining farms will be supplied with Russian electricity, too.
The authors of the law, which was approved on first reading in October, have also thought about taxation. Crypto mining companies will be subject to corporate income tax, calculated based on the value of the digital assets received as reward. The same tax for mining pools will be levied on their commission.
Individuals who carry out cryptocurrency transactions will be paying value added tax (VAT), the report revealed without providing further details or specifying the exact rates. Legal entities offering crypto exchange services will also have to pay corporate tax.
Smyshlyaeva remarked that the circulation and exchange of cryptocurrencies is prohibited in Kazakhstan and the trading platforms can only operate under the special legal regime of the Astana International Financial Center (AIFC), with a license issued by the financial hub but without the tax benefits offered to other registered organizations.
The authorities also plan to ban the advertising of cryptocurrency transactions. At the same time, different regulations have been adopted for secured digital assets, similar to those that apply to securities. A permission to issue and circulate such assets would depend on the availability of collateral.
Companies extracting cryptocurrencies in Kazakhstan will be allowed to purchase only excess electricity on a government-controlled market. The decision comes with new legislation approved by lawmakers which regulates the activities of the industry and the taxation of its profits.
The lower house of Kazakhstan’s parliament, the Mazhilis, has adopted the bill “On Digital Assets of the Republic of Kazakhstan” and four related draft laws which aim to regulate mining, among other crypto activities, local media reported.
In accordance with the legislation, miners operating in the country will be able to buy power from the national energy system only if it has a surplus to offer, and exclusively through the KOREM exchange, the country’s centralized electricity market.
Commenting on the new regime, Mazhilis member Ekaterina Smyshlyaeva pointed out that price restrictions have been lifted for that excess amount of electricity and insisted, quoted by Tengrinews, that trades will be governed by market mechanisms.
The bill also introduces two categories of mining licenses. The first type will be granted to entities that operate infrastructure such as data processing centers. They will have to meet certain equipment, location, and security standards.
The second one will be issued to owners of mining hardware who rent space in crypto farms and do not claim an energy quota. Mining pools will have to abide by additional rules such as the requirement to have their servers based in Kazakhstan and comply with local information security regulations, Smyshlyaeva added.
The Central Asian Nation, which has become one of the world’s main crypto mining destinations since China cracked down on the industry in 2021, has blamed its growing power deficit on the influx of miners. According to recent arrangements with Russia, Kazakhstan’s mining farms will be supplied with Russian electricity, too.
The authors of the law, which was approved on first reading in October, have also thought about taxation. Crypto mining companies will be subject to corporate income tax, calculated based on the value of the digital assets received as reward. The same tax for mining pools will be levied on their commission.
Individuals who carry out cryptocurrency transactions will be paying value added tax (VAT), the report revealed without providing further details or specifying the exact rates. Legal entities offering crypto exchange services will also have to pay corporate tax.
Smyshlyaeva remarked that the circulation and exchange of cryptocurrencies is prohibited in Kazakhstan and the trading platforms can only operate under the special legal regime of the Astana International Financial Center (AIFC), with a license issued by the financial hub but without the tax benefits offered to other registered organizations.
The authorities also plan to ban the advertising of cryptocurrency transactions. At the same time, different regulations have been adopted for secured digital assets, similar to those that apply to securities. A permission to issue and circulate such assets would depend on the availability of collateral.
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Another Member of Russian Crypto Pyramid Finiko Arrested in UAE
Law enforcement authorities in the United Arab Emirates have detained a top Finiko representative, sought for his role in the crypto Ponzi scheme which defrauded thousands of investors around the world. This is the second arrest in the Gulf state of a high-ranking member of the pyramid announced in the past month.
Another individual involved in organizing Russia’s largest financial pyramid in recent years, Finiko, has been placed under custody in the UAE. The detention of Edward Sabirov in the Arab country comes after last month’s news of the arrest of the Ponzi scheme’s co-founder, Zygmunt Zygmuntovich. Both have allegedly played key roles in the embezzlement of millions from the fraud’s victims.
Sabirov was put on an international wanted list on Nov. 12, the Russian Prosecutor General’s Office told the RIA Novosti news agency. The National Bureau of Interpol of the United Arab Emirates announced his arrest on Nov. 30. Russia’s National Central Bureau of Interpol has already petitioned UAE authorities for a 60-day detention and stated Russian intentions to request his extradition from the country’s Ministry of Justice.
Another of Finiko’s high-profile representatives, Marat Sabirov, is still wanted. Investigators point out that the Sabirovs were directly related to the top management of the crypto pyramid, being close associates of its founder and mastermind, Kirill Doronin, who has been in Russian jail since July 2021. Along with Zygmuntovich, they managed to leave Russia as the scheme was collapsing.
Finiko, which was never established as a legal entity, was based in Kazan, the capital city of the Russian Republic of Tatarstan. It had branches in more than 70 other Russian regions which promoted investments in a virtual platform, offering extraordinarily high returns of up to 5% a day. Earlier this year, the Russian Ministry of Internal Affairs announced it had received around 10,000 applications from victims claiming losses exceeding 5 billion rubles (close to $80 million).
However, the actual damages from Finiko’s activities are likely much higher. The Ponzi scheme raised capital from unsuspecting investors in Russia, Ukraine and other countries in the former Soviet space, EU nations like Germany, Austria, and Hungary, the United States, and elsewhere. Many of the victims were asked to send cryptocurrency to Finiko’s wallets and according to a report by Chainalysis, the pyramid received more than $1.5 billion worth of bitcoin between December 2019 and August 2021.
Besides Doronin, Zygmuntovich, and the Sabirovs, more than 20 other people have been accused of taking part in the massive fraud. The list includes Lilia Nurieva and Dina Gabdullina as well as Finiko’s Vice President Ilgiz Shakirov who was arrested in Tatarstan. Anna Serikova, Finiko’s executive director better known under the pseudonym Tiffany, was also detained.
Law enforcement authorities in the United Arab Emirates have detained a top Finiko representative, sought for his role in the crypto Ponzi scheme which defrauded thousands of investors around the world. This is the second arrest in the Gulf state of a high-ranking member of the pyramid announced in the past month.
Another individual involved in organizing Russia’s largest financial pyramid in recent years, Finiko, has been placed under custody in the UAE. The detention of Edward Sabirov in the Arab country comes after last month’s news of the arrest of the Ponzi scheme’s co-founder, Zygmunt Zygmuntovich. Both have allegedly played key roles in the embezzlement of millions from the fraud’s victims.
Sabirov was put on an international wanted list on Nov. 12, the Russian Prosecutor General’s Office told the RIA Novosti news agency. The National Bureau of Interpol of the United Arab Emirates announced his arrest on Nov. 30. Russia’s National Central Bureau of Interpol has already petitioned UAE authorities for a 60-day detention and stated Russian intentions to request his extradition from the country’s Ministry of Justice.
Another of Finiko’s high-profile representatives, Marat Sabirov, is still wanted. Investigators point out that the Sabirovs were directly related to the top management of the crypto pyramid, being close associates of its founder and mastermind, Kirill Doronin, who has been in Russian jail since July 2021. Along with Zygmuntovich, they managed to leave Russia as the scheme was collapsing.
Finiko, which was never established as a legal entity, was based in Kazan, the capital city of the Russian Republic of Tatarstan. It had branches in more than 70 other Russian regions which promoted investments in a virtual platform, offering extraordinarily high returns of up to 5% a day. Earlier this year, the Russian Ministry of Internal Affairs announced it had received around 10,000 applications from victims claiming losses exceeding 5 billion rubles (close to $80 million).
However, the actual damages from Finiko’s activities are likely much higher. The Ponzi scheme raised capital from unsuspecting investors in Russia, Ukraine and other countries in the former Soviet space, EU nations like Germany, Austria, and Hungary, the United States, and elsewhere. Many of the victims were asked to send cryptocurrency to Finiko’s wallets and according to a report by Chainalysis, the pyramid received more than $1.5 billion worth of bitcoin between December 2019 and August 2021.
Besides Doronin, Zygmuntovich, and the Sabirovs, more than 20 other people have been accused of taking part in the massive fraud. The list includes Lilia Nurieva and Dina Gabdullina as well as Finiko’s Vice President Ilgiz Shakirov who was arrested in Tatarstan. Anna Serikova, Finiko’s executive director better known under the pseudonym Tiffany, was also detained.
Bitcoin, Ethereum Technical Analysis: BTC, ETH Remain Higher Ahead of Fed Rate Decision
Bitcoin continues to trade close to $18,000 on Wednesday, as markets remain bullish, following the latest U.S. inflation report. Following the data, which saw consumer prices rise to 7.1%, many expect the Federal Reserve to increase interest rates by 50 basis points. Ethereum was also higher today, and stayed close to a five-week high.
Bitcoin (BTC) was trading close to the $18,000 level on Wednesday, as markets remained higher following the latest U.S. inflation report.
Following a low of $17,412.19 on Tuesday, BTC/USD surged to a peak of $17,930.09 earlier in today’s session.
As a result of this move, BTC continues to trade close to its highest point since November 9, which is the last time price was above $18,000.
Looking at the chart, this recent rise in momentum came as the 14-day relative strength index (RSI) raced to its highest point since early November.
As of writing, the index is tracking at the 60.00 mark, which is marginally below a key ceiling at the 60.75 mark.
Should bitcoin climb beyond this point, we could see the coin once again move above the $18,000 point.
Ethereum (ETH) was also trading near a multi-week high in today’s session, as traders geared up for the U.S. Federal Reserve policy meeting.
Many expect the Fed to increase interest rates by 50 basis points, following the better-than-expected inflation report.
ETH/USD hit a high of $1,341.44 on Wednesday, which comes less than 24 hours after trading at a bottom of $1,289.23.
As can be seen from the chart, ethereum remains close to a five-week high, with prices in the green for a third consecutive session.
Like with bitcoin earlier, the RSI is now hovering close to a key resistance level of 59.00, with a current reading of 58.06.
Market pressure could intensify should bulls force a breakout of this hurdle, potentially leading ETH towards $1,400.
Bitcoin continues to trade close to $18,000 on Wednesday, as markets remain bullish, following the latest U.S. inflation report. Following the data, which saw consumer prices rise to 7.1%, many expect the Federal Reserve to increase interest rates by 50 basis points. Ethereum was also higher today, and stayed close to a five-week high.
Bitcoin (BTC) was trading close to the $18,000 level on Wednesday, as markets remained higher following the latest U.S. inflation report.
Following a low of $17,412.19 on Tuesday, BTC/USD surged to a peak of $17,930.09 earlier in today’s session.
As a result of this move, BTC continues to trade close to its highest point since November 9, which is the last time price was above $18,000.
Looking at the chart, this recent rise in momentum came as the 14-day relative strength index (RSI) raced to its highest point since early November.
As of writing, the index is tracking at the 60.00 mark, which is marginally below a key ceiling at the 60.75 mark.
Should bitcoin climb beyond this point, we could see the coin once again move above the $18,000 point.
Ethereum (ETH) was also trading near a multi-week high in today’s session, as traders geared up for the U.S. Federal Reserve policy meeting.
Many expect the Fed to increase interest rates by 50 basis points, following the better-than-expected inflation report.
ETH/USD hit a high of $1,341.44 on Wednesday, which comes less than 24 hours after trading at a bottom of $1,289.23.
As can be seen from the chart, ethereum remains close to a five-week high, with prices in the green for a third consecutive session.
Like with bitcoin earlier, the RSI is now hovering close to a key resistance level of 59.00, with a current reading of 58.06.
Market pressure could intensify should bulls force a breakout of this hurdle, potentially leading ETH towards $1,400.
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Biggest Movers: ADA Hits Fresh Record Low, BNB Down for Seventh Straight Day
Cardano fell to a fresh all-time low on Saturday, as prices plunged by over 10% to start the weekend. The move saw the token drop for a third straight session, as a red wave swept through cryptocurrency markets. Binance coin also moved lower, dropping for a seventh consecutive day.
Cardano (ADA) moved to a fresh all-time low to start the weekend, as prices dropped for a third straight session.
Following a high of $0.3011 on Friday, ADA/USD moved to a low of $0.2603 earlier in today’s session.
The move saw the token plunge by nearly 13% earlier in the day, hitting a new all-time low in the process.
Looking at the chart, the drop comes as the 10-day (red) moving average crossed its 25-day (blue) counterpart.
This signals a shift in price momentum, and comes as the relative strength index (RSI) fell deeper into oversold territory.
As of writing, the index is tracking at 24.13, which is its weakest point since October 21.
Binance coin (BNB) was another notable token to fall today, with prices dropping for a seventh straight session.
Recent declines have come as financial firm Mazars halted its audit of Binance’s reserves.
As a result of this, BNB/USD fell to a low of $221.00, which comes a day after hitting a high of $264.25.
Overall, the token is now down by nearly 20% in the last week, and is down 10.88% as of writing.
Similar to cardano, the RSI on BNB is currently trading near the 24.00 mark, which is deep in oversold territory.
BNB is currently trading at its lowest point since July 13.
Cardano fell to a fresh all-time low on Saturday, as prices plunged by over 10% to start the weekend. The move saw the token drop for a third straight session, as a red wave swept through cryptocurrency markets. Binance coin also moved lower, dropping for a seventh consecutive day.
Cardano (ADA) moved to a fresh all-time low to start the weekend, as prices dropped for a third straight session.
Following a high of $0.3011 on Friday, ADA/USD moved to a low of $0.2603 earlier in today’s session.
The move saw the token plunge by nearly 13% earlier in the day, hitting a new all-time low in the process.
Looking at the chart, the drop comes as the 10-day (red) moving average crossed its 25-day (blue) counterpart.
This signals a shift in price momentum, and comes as the relative strength index (RSI) fell deeper into oversold territory.
As of writing, the index is tracking at 24.13, which is its weakest point since October 21.
Binance coin (BNB) was another notable token to fall today, with prices dropping for a seventh straight session.
Recent declines have come as financial firm Mazars halted its audit of Binance’s reserves.
As a result of this, BNB/USD fell to a low of $221.00, which comes a day after hitting a high of $264.25.
Overall, the token is now down by nearly 20% in the last week, and is down 10.88% as of writing.
Similar to cardano, the RSI on BNB is currently trading near the 24.00 mark, which is deep in oversold territory.
BNB is currently trading at its lowest point since July 13.
Indian Government Updates Parliament on Cryptocurrency Bill and Investigations of Crypto Exchanges
The government of India has provided some updates on its cryptocurrency bill and investigations of crypto exchanges in Lok Sabha, the lower house of India’s parliament. “Crypto assets are by definition borderless and require international collaboration to prevent regulatory arbitrage,” said the minister of state in the Ministry of Finance.
The Indian government answered two sets of questions about cryptocurrency and its regulation Monday by various members of Lok Sabha, the lower house of India’s parliament.
Parliament member Bhartruhari Mahtab asked the minister of finance to state “the current status of the cryptocurrency bill, which was due for being tabled during the winter session, 2021, of the Parliament” and “the timeframe within which the cryptocurrency bill would be tabled and subsequently be open for public inputs.”
Pankaj Chaudhary, minister of state in the Ministry of Finance, replied without providing a specific timeframe:
Crypto assets are by definition borderless and require international collaboration to prevent regulatory arbitrage. Therefore, any legislation on the subject can be effective only with significant international collaboration on evaluation of the risks and benefits and evolution of common taxonomy and standards.
Mahtab further asked the finance minister to state which ministry and/or department would regulate cryptocurrencies and crypto tokens, and which would regulate other types of “virtual digital assets,” such as non-fungible tokens (NFTs), decentralized applications (dApps), real estate tokens, and other blockchain-based assets.
Chaudhary simply replied:
Currently, policy related to crypto assets and related ecosystem is with the Ministry of Finance.
Another set of questions by several other parliament members requests “the details of crypto exchanges which are under investigation by the government for money laundering and tax evasion cases.”
Chaudhary explained that the Enforcement Directorate (ED) “is investigating several cases related to crypto frauds wherein a few crypto exchanges have also been found involved in money laundering.” The minister explained that as of Dec. 14:
Proceeds of crime amounting to Rs. 907.48 crores have been attached/seized, three persons have been arrested and four Prosecution Complaints have been filed before the Special Court, PMLA, in these cases.
Furthermore, under the Foreign Exchange Management Act 1999 (FEMA), assets amounting to Rs. 289.68 crores ($35,046,152) have been seized. In addition, one Show Cause Notice has also been issued to Zanmai Labs, which operates crypto exchange Wazirx, and its director under FEMA for transactions involving crypto assets worth Rs. 2,790.74 crores.
The minister added that 12 cryptocurrency exchanges have been investigated for evading Goods and Services Tax (GST). So far, 110.97 crore rupees, including interest and penalties, have been recovered. Moreover, eight cases are under further investigation and four cases have been closed. He provided Lok Sabha with the table below:
Chaudhary also clarified:
Currently, crypto assets are unregulated in India. The government does not register crypto exchanges.
India’s finance minister, Nirmala Sitharaman, said in October that the government plans to discuss crypto regulation with the G20 countries to establish “a technology-driven regulatory framework” for crypto. Ajay Seth, India’s economic affairs secretary, said last week that the G20 nations aim to build a policy consensus on crypto assets for better global regulation. Last month, U.S. Treasury Secretary Janet Yellen and Sitharaman discussed crypto regulation during the ninth India-U.S. Economic and Financial Partnership meeting.
The government of India has provided some updates on its cryptocurrency bill and investigations of crypto exchanges in Lok Sabha, the lower house of India’s parliament. “Crypto assets are by definition borderless and require international collaboration to prevent regulatory arbitrage,” said the minister of state in the Ministry of Finance.
The Indian government answered two sets of questions about cryptocurrency and its regulation Monday by various members of Lok Sabha, the lower house of India’s parliament.
Parliament member Bhartruhari Mahtab asked the minister of finance to state “the current status of the cryptocurrency bill, which was due for being tabled during the winter session, 2021, of the Parliament” and “the timeframe within which the cryptocurrency bill would be tabled and subsequently be open for public inputs.”
Pankaj Chaudhary, minister of state in the Ministry of Finance, replied without providing a specific timeframe:
Crypto assets are by definition borderless and require international collaboration to prevent regulatory arbitrage. Therefore, any legislation on the subject can be effective only with significant international collaboration on evaluation of the risks and benefits and evolution of common taxonomy and standards.
Mahtab further asked the finance minister to state which ministry and/or department would regulate cryptocurrencies and crypto tokens, and which would regulate other types of “virtual digital assets,” such as non-fungible tokens (NFTs), decentralized applications (dApps), real estate tokens, and other blockchain-based assets.
Chaudhary simply replied:
Currently, policy related to crypto assets and related ecosystem is with the Ministry of Finance.
Another set of questions by several other parliament members requests “the details of crypto exchanges which are under investigation by the government for money laundering and tax evasion cases.”
Chaudhary explained that the Enforcement Directorate (ED) “is investigating several cases related to crypto frauds wherein a few crypto exchanges have also been found involved in money laundering.” The minister explained that as of Dec. 14:
Proceeds of crime amounting to Rs. 907.48 crores have been attached/seized, three persons have been arrested and four Prosecution Complaints have been filed before the Special Court, PMLA, in these cases.
Furthermore, under the Foreign Exchange Management Act 1999 (FEMA), assets amounting to Rs. 289.68 crores ($35,046,152) have been seized. In addition, one Show Cause Notice has also been issued to Zanmai Labs, which operates crypto exchange Wazirx, and its director under FEMA for transactions involving crypto assets worth Rs. 2,790.74 crores.
The minister added that 12 cryptocurrency exchanges have been investigated for evading Goods and Services Tax (GST). So far, 110.97 crore rupees, including interest and penalties, have been recovered. Moreover, eight cases are under further investigation and four cases have been closed. He provided Lok Sabha with the table below:
Chaudhary also clarified:
Currently, crypto assets are unregulated in India. The government does not register crypto exchanges.
India’s finance minister, Nirmala Sitharaman, said in October that the government plans to discuss crypto regulation with the G20 countries to establish “a technology-driven regulatory framework” for crypto. Ajay Seth, India’s economic affairs secretary, said last week that the G20 nations aim to build a policy consensus on crypto assets for better global regulation. Last month, U.S. Treasury Secretary Janet Yellen and Sitharaman discussed crypto regulation during the ninth India-U.S. Economic and Financial Partnership meeting.
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💰Sound the alarm. We’re unlocking the vault and offering you the rarest opportunity to possess a piece of Lamborghini’s heritage – yours to keep forever.
🔒There will be 3 Limited Edition NFTs available for purchase for 24 hours each --- collect all 3 and receive 60-minutes of Early Access to the Rare Limited Edition NFT.
🚨HOLDER BENEFITS🚨
❗️Claim Lamborghini Wallpapers and Centro Stile Sketch Airdrops❗️
☑️ Collect ALL Silver or Gold NFTs to receive NFT token revealing The Epic Road Trip Puzzle!
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💎 Register and join Discord for Early Access
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Bitcoin, Ethereum Technical Analysis: ETH Nears $1,230 Resistance, Following Strong US GDP Data
Ethereum edged closer to a key resistance level of $1,230 on Dec. 23, as markets continued to react to better than expected U.S. GDP data. Gross domestic product in the United States was revised higher to 3.2%, better than the 2.9% expected. Bitcoin mostly consolidated in today’s session, with prices trading near the $16,800 mark.
Bitcoin (BTC) was once again in consolidation on Friday, as markets continued to react to the latest U.S. Q3 GDP figures.
Following a low of $16,592.41 on Thursday, BTC/USD was marginally higher, with prices rising to a peak of $16,880.87 in today’s session.
The surge in price pushed BTC above a key resistance point of $16,800, as bulls once again attempted to recapture the $17,000 mark.
As can be seen from the chart, recent price uncertainty comes as the 14-day relative strength index (RSI) remains close to a floor at 45.00.
Sentiment also seems uncertain following a recent crossover between the red 10-day moving average, and its 25-day (blue) counterpart.
If this downward trend continues, we could see BTC trading near $16,000 during the Christmas weekend.
Ethereum (ETH) was marginally higher to end the week, as prices moved closer to a key resistance level earlier today.
ETH/USD raced to an intraday peak of $1,224.21 in Friday’s session, less than 24 hours after hovering at $1,187.13.
Today’s move sees ETH bulls once again try to break out of the long-term resistance level of $1,230.
Looking at the chart, the 14-day RSI is now rallying above a resistance point at 47.00, and tracking at 47.92, with the next visible ceiling at 52.00
In order for bulls to continue to push ethereum higher, price strength will likely need to surge towards this upcoming resistance of 52.00.
Ethereum edged closer to a key resistance level of $1,230 on Dec. 23, as markets continued to react to better than expected U.S. GDP data. Gross domestic product in the United States was revised higher to 3.2%, better than the 2.9% expected. Bitcoin mostly consolidated in today’s session, with prices trading near the $16,800 mark.
Bitcoin (BTC) was once again in consolidation on Friday, as markets continued to react to the latest U.S. Q3 GDP figures.
Following a low of $16,592.41 on Thursday, BTC/USD was marginally higher, with prices rising to a peak of $16,880.87 in today’s session.
The surge in price pushed BTC above a key resistance point of $16,800, as bulls once again attempted to recapture the $17,000 mark.
As can be seen from the chart, recent price uncertainty comes as the 14-day relative strength index (RSI) remains close to a floor at 45.00.
Sentiment also seems uncertain following a recent crossover between the red 10-day moving average, and its 25-day (blue) counterpart.
If this downward trend continues, we could see BTC trading near $16,000 during the Christmas weekend.
Ethereum (ETH) was marginally higher to end the week, as prices moved closer to a key resistance level earlier today.
ETH/USD raced to an intraday peak of $1,224.21 in Friday’s session, less than 24 hours after hovering at $1,187.13.
Today’s move sees ETH bulls once again try to break out of the long-term resistance level of $1,230.
Looking at the chart, the 14-day RSI is now rallying above a resistance point at 47.00, and tracking at 47.92, with the next visible ceiling at 52.00
In order for bulls to continue to push ethereum higher, price strength will likely need to surge towards this upcoming resistance of 52.00.
Bitcoin, Ethereum Technical Analysis: BTC, ETH Consolidate on Monday as Markets Remain Sluggish Following Christmas
Cryptocurrencies were mostly consolidating on Dec. 26, as markets remained muted following the Christmas weekend. Bitcoin remained marginally above a key support point at $16,800, whilst ethereum remained near a ceiling at the $1,230 mark. Overall, the global crypto market is up 0.20% as of writing.
Bitcoin (BTC) remained slightly above a ceiling at the $16,800 level to start the week, as markets remained mostly unchanged following the Christmas weekend.
Trading volume typically slows down during the holiday period, with most financial markets shutting down.
Cryptocurrency markets however remained open, with BTC/USD moving closer to recapturing the $17,000 level.
As can be seen from the chart, Bitcoin hit a high of $16,908.86 earlier in today’s session, which is marginally above Sunday’s low of $16,755.25.
The move comes as the 14-day relative strength index (RSI) moved closer to a key ceiling at 49.00.
Currently, the index is tracking at the 47.55 mark, with bulls likely to continue to push towards the aforementioned resistance level.
Like BTC, ethereum (ETH) mostly consolidated on Monday, with prices continuing to trade below the $1,230 point.
Following a low of $1,203.72 on Christmas Day, ETH/USD raced to a peak of $1,222.61 earlier in today’s session.
As a result of today’s move, ethereum continued to trade below its key resistance level of $1,230 for a sixth straight day.
Looking at the chart, the failure to break out of this point comes as the RSI continued to hover near a resistance of its own at 48.00
As of writing, the index is tracking at 47.33, which comes after two weeks of residing under the 48.00 mark.
Despite this, the 10-day (red) moving average (MA) has begun to move closer to its 25-day (blue) counterpart, which could mean an upward cross is pending in the coming days.
Cryptocurrencies were mostly consolidating on Dec. 26, as markets remained muted following the Christmas weekend. Bitcoin remained marginally above a key support point at $16,800, whilst ethereum remained near a ceiling at the $1,230 mark. Overall, the global crypto market is up 0.20% as of writing.
Bitcoin (BTC) remained slightly above a ceiling at the $16,800 level to start the week, as markets remained mostly unchanged following the Christmas weekend.
Trading volume typically slows down during the holiday period, with most financial markets shutting down.
Cryptocurrency markets however remained open, with BTC/USD moving closer to recapturing the $17,000 level.
As can be seen from the chart, Bitcoin hit a high of $16,908.86 earlier in today’s session, which is marginally above Sunday’s low of $16,755.25.
The move comes as the 14-day relative strength index (RSI) moved closer to a key ceiling at 49.00.
Currently, the index is tracking at the 47.55 mark, with bulls likely to continue to push towards the aforementioned resistance level.
Like BTC, ethereum (ETH) mostly consolidated on Monday, with prices continuing to trade below the $1,230 point.
Following a low of $1,203.72 on Christmas Day, ETH/USD raced to a peak of $1,222.61 earlier in today’s session.
As a result of today’s move, ethereum continued to trade below its key resistance level of $1,230 for a sixth straight day.
Looking at the chart, the failure to break out of this point comes as the RSI continued to hover near a resistance of its own at 48.00
As of writing, the index is tracking at 47.33, which comes after two weeks of residing under the 48.00 mark.
Despite this, the 10-day (red) moving average (MA) has begun to move closer to its 25-day (blue) counterpart, which could mean an upward cross is pending in the coming days.
Kraken Shutting Down Crypto Exchange in Japan Citing Weak Global Crypto Market
Cryptocurrency exchange Kraken is shutting down services in Japan. The company explained that the current Japanese market conditions and a weak global crypto market do not justify the resources needed to further grow its business in Japan at this time.
Cryptocurrency exchange Kraken announced Wednesday that it has decided to “cease its operations in Japan and deregister from the Financial Services Agency (JFSA) as of January 31, 2023.”
The company explained that the decision to exit the Japanese crypto market is part of its “efforts to prioritize resources and investments” in the areas that align with the company’s strategy and “will best position Kraken for long-term success.” The announcement details:
Current market conditions in Japan in combination with a weak crypto market globally mean the resources needed to further grow our business in Japan aren’t justified at this time.
“As a result, Kraken will no longer service clients in Japan through Payward Asia,” the exchange affirmed. Payward Asia Inc. operates Kraken’s services in Japan.
All affected clients have until Jan. 31 to withdraw their fiat and crypto holdings, the announcement adds, noting that deposit functionality will be removed on Jan. 9. Kraken also assured customers that it is “fully funded to ensure all affected clients can withdraw their assets in a timely manner.”
The crypto market has suffered significantly this year, with bitcoin falling more than 65% year-to-date. The Terra ecosystem collapse in May and the FTX implosion last month have negatively impacted many crypto companies, and a number of firms ended up having to file for bankruptcy, including FTX, Three Arrows Capital (3AC), Voyager Digital, Celsius Network, and Blockfi.
“Since the start of this year, macroeconomic and geopolitical factors have weighed on financial markets. This resulted in significantly lower trading volumes and fewer client sign-ups,” Kraken CEO Jesse Powell detailed last month. “Unfortunately, negative influences on the financial markets have continued and we have exhausted preferable options for bringing costs in line with demand.” Kraken announced in November that it is reducing its global workforce by 30% or approximately 1,100 people “in order to adapt to current market conditions.”
Cryptocurrency exchange Kraken is shutting down services in Japan. The company explained that the current Japanese market conditions and a weak global crypto market do not justify the resources needed to further grow its business in Japan at this time.
Cryptocurrency exchange Kraken announced Wednesday that it has decided to “cease its operations in Japan and deregister from the Financial Services Agency (JFSA) as of January 31, 2023.”
The company explained that the decision to exit the Japanese crypto market is part of its “efforts to prioritize resources and investments” in the areas that align with the company’s strategy and “will best position Kraken for long-term success.” The announcement details:
Current market conditions in Japan in combination with a weak crypto market globally mean the resources needed to further grow our business in Japan aren’t justified at this time.
“As a result, Kraken will no longer service clients in Japan through Payward Asia,” the exchange affirmed. Payward Asia Inc. operates Kraken’s services in Japan.
All affected clients have until Jan. 31 to withdraw their fiat and crypto holdings, the announcement adds, noting that deposit functionality will be removed on Jan. 9. Kraken also assured customers that it is “fully funded to ensure all affected clients can withdraw their assets in a timely manner.”
The crypto market has suffered significantly this year, with bitcoin falling more than 65% year-to-date. The Terra ecosystem collapse in May and the FTX implosion last month have negatively impacted many crypto companies, and a number of firms ended up having to file for bankruptcy, including FTX, Three Arrows Capital (3AC), Voyager Digital, Celsius Network, and Blockfi.
“Since the start of this year, macroeconomic and geopolitical factors have weighed on financial markets. This resulted in significantly lower trading volumes and fewer client sign-ups,” Kraken CEO Jesse Powell detailed last month. “Unfortunately, negative influences on the financial markets have continued and we have exhausted preferable options for bringing costs in line with demand.” Kraken announced in November that it is reducing its global workforce by 30% or approximately 1,100 people “in order to adapt to current market conditions.”
Bill on Digital Ruble Submitted to Russian Parliament
A draft law devoted to the digital ruble has been filed with the State Duma, the lower house of Russian parliament. The legislation introduces rules determining how the new form of national fiat will be issued and amends a series of legal acts to facilitate its implementation.
A group of Russian lawmakers, led by the Chairman of the Financial Market Committee Anatoly Aksakov, have submitted draft legislation on the digital ruble, the central bank digital currency (CBDC) minted by Russia’s monetary authority. The document suggests legislative changes meant to create the conditions for its introduction.
According to the explanatory notes to the bill, quoted by the crypto page of the Russian business news portal RBC, its main purpose is to develop the necessary payment infrastructure for the digital ruble. This, the sponsors believe, would provide Russian citizens, businesses, and the state with access to fast, convenient, and low-cost money transfers.
The proposal aims to amend several existing laws such as the law on “On the National Payment System” to which the members of Duma want to add definitions pertaining to the CBDC. The new provisions assign to the Bank of Russia the role of sole operator of the CBDC platform. They also establish the procedures for opening wallets for the digital ruble and accessing its platform.
An amendment to the law “On Currency Regulation and Currency Control” secures the status of the digital ruble as a currency of the Russian Federation and defines CBDCs issued by the central banks of other nations as foreign currencies.
Changes to the Federal Law “On Personal Data” allow Russia’s central bank to process personal information without obtaining consent and without the need to notify in advance the Russian authority responsible for protecting the rights of subjects of personal data.
The Central Bank of Russia presented the concept for its digital currency in October 2020 and finalized its prototype platform in December 2021. The pilot phase was initiated in January of this year. In May, the monetary authority said it plans to start tests with real transactions and customers in April 2023.
In June, amid mounting Western sanctions imposed over Moscow’s military invasion of Ukraine, the regulator said it’s accelerating the schedule for the project, aiming for full launch in 2024. Over a dozen Russian banks and other financial institutions are currently participating in the trials.
A draft law devoted to the digital ruble has been filed with the State Duma, the lower house of Russian parliament. The legislation introduces rules determining how the new form of national fiat will be issued and amends a series of legal acts to facilitate its implementation.
A group of Russian lawmakers, led by the Chairman of the Financial Market Committee Anatoly Aksakov, have submitted draft legislation on the digital ruble, the central bank digital currency (CBDC) minted by Russia’s monetary authority. The document suggests legislative changes meant to create the conditions for its introduction.
According to the explanatory notes to the bill, quoted by the crypto page of the Russian business news portal RBC, its main purpose is to develop the necessary payment infrastructure for the digital ruble. This, the sponsors believe, would provide Russian citizens, businesses, and the state with access to fast, convenient, and low-cost money transfers.
The proposal aims to amend several existing laws such as the law on “On the National Payment System” to which the members of Duma want to add definitions pertaining to the CBDC. The new provisions assign to the Bank of Russia the role of sole operator of the CBDC platform. They also establish the procedures for opening wallets for the digital ruble and accessing its platform.
An amendment to the law “On Currency Regulation and Currency Control” secures the status of the digital ruble as a currency of the Russian Federation and defines CBDCs issued by the central banks of other nations as foreign currencies.
Changes to the Federal Law “On Personal Data” allow Russia’s central bank to process personal information without obtaining consent and without the need to notify in advance the Russian authority responsible for protecting the rights of subjects of personal data.
The Central Bank of Russia presented the concept for its digital currency in October 2020 and finalized its prototype platform in December 2021. The pilot phase was initiated in January of this year. In May, the monetary authority said it plans to start tests with real transactions and customers in April 2023.
In June, amid mounting Western sanctions imposed over Moscow’s military invasion of Ukraine, the regulator said it’s accelerating the schedule for the project, aiming for full launch in 2024. Over a dozen Russian banks and other financial institutions are currently participating in the trials.
Square Enix to Deepen Its Blockchain Efforts in 2023
Square Enix, the Japanese gaming giant, is preparing to announce more blockchain-based titles in 2023. As part of a now traditional new year’s letter issued by Yosuke Matsuda, CEO of the company, the executive announced some of the moves Square Enix will make regarding blockchain tech, and also pondered several situations which surrounded blockchain in 2022.
Blockchain tech is becoming an important part of several entertainment-based companies all over the world. Square Enix, the Japanese gaming company responsible for franchises like Final Fantasy and Dragon Quest, revealed it has some games using this tech prepared to be announced during 2023.
The statements come from a new year’s letter published by Square Enix’s CEO Yosuke Matsuda, who considers 2022 a year in which blockchain tech acquired a bigger significance. Matsuda explains that last year might have been the year of consolidation for decentralized tech in gaming. He stated:
I think it is fair to say that blockchain gained significant recognition as a field in 2022, as evidenced by ‘Web 3.0’ becoming a firmly established buzzword among businesspeople.
Matsuda recognizes that, while blockchain gaming was indeed at the forefront of the discussion of what makes games fun, most of this discussion was focused more on the monetization side of the tech. This is changing, as Matsuda states that the new vision considers blockchain tech as just “a means to an end.”
Even with all the problems that arose in the crypto and blockchain ecosystems in 2022, the company is pushing its blockchain-related products to the market this year, with Matsuda believing that blockchain gaming will transition to a new stage of growth in 2023. On this, he declared:
Our group has multiple blockchain games based on original IPs under development, some of which we announced last year, and we are undertaking preparations that will enable us to unveil even more titles this year.
However, the executive did not offer more details on the new games that might be using blockchain tech this year. The company did announce the launch of NFT-powered Symbiogenesis, an interactive experience, in November.
The interest of the company in this field was revealed by Matsuda in Nov. 2021, with the company contemplating a “robust entry” into this sector as part of its business strategy. Since then, Matsuda has supported the introduction of Web3 technologies as part of entertainment and gaming on several occasions, even investing in other companies in the Web3 gaming field.
Square Enix, the Japanese gaming giant, is preparing to announce more blockchain-based titles in 2023. As part of a now traditional new year’s letter issued by Yosuke Matsuda, CEO of the company, the executive announced some of the moves Square Enix will make regarding blockchain tech, and also pondered several situations which surrounded blockchain in 2022.
Blockchain tech is becoming an important part of several entertainment-based companies all over the world. Square Enix, the Japanese gaming company responsible for franchises like Final Fantasy and Dragon Quest, revealed it has some games using this tech prepared to be announced during 2023.
The statements come from a new year’s letter published by Square Enix’s CEO Yosuke Matsuda, who considers 2022 a year in which blockchain tech acquired a bigger significance. Matsuda explains that last year might have been the year of consolidation for decentralized tech in gaming. He stated:
I think it is fair to say that blockchain gained significant recognition as a field in 2022, as evidenced by ‘Web 3.0’ becoming a firmly established buzzword among businesspeople.
Matsuda recognizes that, while blockchain gaming was indeed at the forefront of the discussion of what makes games fun, most of this discussion was focused more on the monetization side of the tech. This is changing, as Matsuda states that the new vision considers blockchain tech as just “a means to an end.”
Even with all the problems that arose in the crypto and blockchain ecosystems in 2022, the company is pushing its blockchain-related products to the market this year, with Matsuda believing that blockchain gaming will transition to a new stage of growth in 2023. On this, he declared:
Our group has multiple blockchain games based on original IPs under development, some of which we announced last year, and we are undertaking preparations that will enable us to unveil even more titles this year.
However, the executive did not offer more details on the new games that might be using blockchain tech this year. The company did announce the launch of NFT-powered Symbiogenesis, an interactive experience, in November.
The interest of the company in this field was revealed by Matsuda in Nov. 2021, with the company contemplating a “robust entry” into this sector as part of its business strategy. Since then, Matsuda has supported the introduction of Web3 technologies as part of entertainment and gaming on several occasions, even investing in other companies in the Web3 gaming field.
Crypto Miners in Kazakhstan Start Paying Higher Electricity Fees
Since the beginning of 2023, cryptocurrency miners operating in Kazakhstan are obliged to pay new fees for the power they need to mint digital coins. A surcharge introduced in 2021 now depends on the price of electricity consumed by bitcoin farms and can be much higher than the original levy.
Starting from Jan. 1, an electricity fee imposed on crypto miners in Kazakhstan is being calculated according to a progressive scale. The initial universal surcharge of 1 Kazakhstani tenge ($0.002) per kilowatt-hour (kWh), first adopted in the summer of 2021, can now reach 25 tenge (over $0.05).
The rate in each case depends on the source and price of electrical energy used to extract digital currencies. The new mechanism to determine the tariff was introduced with a bill amending the country’s Tax Code which President Kassym-Jomart Tokayev signed into law in July 2022.
The base for the levy is the average price of electricity consumed by a miner during a given tax period. If a company paid 24 tenge or more per kWh, the minimum fee of 1 tenge would be charged, as per the latest tariff scale quoted by Interfax Kazakhstan and other local media.
The lowest rate will also be offered to crypto farms using renewable energy, not taking into account the cost of the electricity. And for energy produced from other sources — the cheaper the power utilized, the heavier the tax burden. The fee can go up to 25 tenge per kWh, the reports detail.
Kazakhstan became a mining hotspot after China’s crackdown on the industry in 2021, attracting crypto miners with its low, subsidized electricity rates. The influx of mining companies has been blamed for the country’s growing power deficit.
The authorities in Nur-Sultan have been going after unauthorized mining farms and taking steps to more comprehensively regulate the sector. A provision in a new bill adopted by Kazakhstan’s parliament in December aims to oblige miners to buy surplus electricity on a government-controlled market.
An earlier legislative proposal, which was submitted by a group of lawmakers in October, limits mining to only registered firms. It also allows non-resident entities to mine in the country as long as they have agreements with locally licensed data centers.
Since the beginning of 2023, cryptocurrency miners operating in Kazakhstan are obliged to pay new fees for the power they need to mint digital coins. A surcharge introduced in 2021 now depends on the price of electricity consumed by bitcoin farms and can be much higher than the original levy.
Starting from Jan. 1, an electricity fee imposed on crypto miners in Kazakhstan is being calculated according to a progressive scale. The initial universal surcharge of 1 Kazakhstani tenge ($0.002) per kilowatt-hour (kWh), first adopted in the summer of 2021, can now reach 25 tenge (over $0.05).
The rate in each case depends on the source and price of electrical energy used to extract digital currencies. The new mechanism to determine the tariff was introduced with a bill amending the country’s Tax Code which President Kassym-Jomart Tokayev signed into law in July 2022.
The base for the levy is the average price of electricity consumed by a miner during a given tax period. If a company paid 24 tenge or more per kWh, the minimum fee of 1 tenge would be charged, as per the latest tariff scale quoted by Interfax Kazakhstan and other local media.
The lowest rate will also be offered to crypto farms using renewable energy, not taking into account the cost of the electricity. And for energy produced from other sources — the cheaper the power utilized, the heavier the tax burden. The fee can go up to 25 tenge per kWh, the reports detail.
Kazakhstan became a mining hotspot after China’s crackdown on the industry in 2021, attracting crypto miners with its low, subsidized electricity rates. The influx of mining companies has been blamed for the country’s growing power deficit.
The authorities in Nur-Sultan have been going after unauthorized mining farms and taking steps to more comprehensively regulate the sector. A provision in a new bill adopted by Kazakhstan’s parliament in December aims to oblige miners to buy surplus electricity on a government-controlled market.
An earlier legislative proposal, which was submitted by a group of lawmakers in October, limits mining to only registered firms. It also allows non-resident entities to mine in the country as long as they have agreements with locally licensed data centers.
Biggest Movers: SHIB Surges to 5-Week High, APE up for Fifth Straight Day
Shiba inu moved to a five-week high during Tuesday’s session, despite cryptocurrency markets mostly consolidating. As of writing, the global crypto market cap is trading 0.20% lower, however the meme coin is up by nearly 5%. Apecoin also surged in today’s session, as it rose to its strongest point since November.
Shiba inu (SHIB) was one of Tuesday’s notable gainers, as prices of the token rose for a sixth straight session.
SHIB/USD surged to an high of $0.000009593 earlier in the day, which comes less than 24 hours after trading at a low of $0.000008603.
As a result of this latest surge in price, shiba inu climbed to its highest point since December 5.
From the chart, it appears as though today’s rally came following an upwards crossover of the 10-day (red) and 25-day (blue) moving averages.
In addition to this, the 14-day relative strength index (RSI) has risen above a recent ceiling at 65.50.
Currently, the index is tracking at 67.50, with the next visible ceiling at the 73.00 zone.
Apecoin (APE) was another big mover in today’s session, extending recent gains to a fifth consecutive day.
Following a low of $4.50 to start the week, APE/USD raced to an intraday peak of $4.98 earlier in the day.
The move pushed apecoin to its highest level since November 5, and came following a breakout of a price ceiling at $4.60.
As a result of today’s surge, the RSI on the APE chart is now at its strongest point on record, with a reading of 79.09.
This means that prices are now deep in overbought territory, which could mean that bears are preparing for reentry.
Despite this potential reversal, bulls are seemingly still targeting a ceiling at $5.30, which hasn’t been hit since October 11.
Shiba inu moved to a five-week high during Tuesday’s session, despite cryptocurrency markets mostly consolidating. As of writing, the global crypto market cap is trading 0.20% lower, however the meme coin is up by nearly 5%. Apecoin also surged in today’s session, as it rose to its strongest point since November.
Shiba inu (SHIB) was one of Tuesday’s notable gainers, as prices of the token rose for a sixth straight session.
SHIB/USD surged to an high of $0.000009593 earlier in the day, which comes less than 24 hours after trading at a low of $0.000008603.
As a result of this latest surge in price, shiba inu climbed to its highest point since December 5.
From the chart, it appears as though today’s rally came following an upwards crossover of the 10-day (red) and 25-day (blue) moving averages.
In addition to this, the 14-day relative strength index (RSI) has risen above a recent ceiling at 65.50.
Currently, the index is tracking at 67.50, with the next visible ceiling at the 73.00 zone.
Apecoin (APE) was another big mover in today’s session, extending recent gains to a fifth consecutive day.
Following a low of $4.50 to start the week, APE/USD raced to an intraday peak of $4.98 earlier in the day.
The move pushed apecoin to its highest level since November 5, and came following a breakout of a price ceiling at $4.60.
As a result of today’s surge, the RSI on the APE chart is now at its strongest point on record, with a reading of 79.09.
This means that prices are now deep in overbought territory, which could mean that bears are preparing for reentry.
Despite this potential reversal, bulls are seemingly still targeting a ceiling at $5.30, which hasn’t been hit since October 11.
Belarusian Fined $1 Million for Illegal Crypto Trading
A Belarusian citizen will have to pay a hefty fine for illegally organizing the exchange of cryptocurrencies online. Law enforcement authorities in the country, where certain crypto activities are legal, do not plan to impose other penalties besides the administrative measure.
The Supreme Court of the Republic of Belarus has rejected the appeal of a Belarusian against a lower-instance ruling ordering him to pay 2,700,000 Belarusian rubles (around $1 million) to the state for trading digital assets outside the law.
The man, identified only by the initial ‘A,’ is accused of using the Telegram messenger to set up an online cryptocurrency exchanger in January 2021. He allegedly made 5,400,000 rubles as income from his illegal activities.
According to a post by the Belarusian Ministry of Taxes and Duties, quoted by the crypto news outlet Bitsmedia, investigators were able to trace his transactions and submit the gathered evidence to the judiciary. The fine was imposed by the Economic Court of Minsk.
The department believes the decision to confiscate half of his proceeds is fair, given that the court could have ordered him to part with the full amount. While the trader did not dispute the illegal nature of his business, he was unhappy with the size of the fine and decided to file a complaint with the high court, which upheld the original ruling.
Belarus legalized crypto-related activities such as mining and trading with a decree signed by President Alexander Lukashenko which entered into force in 2018, as long as they are performed by entities registered under the special legal and tax regime of the Belarus Hi-Tech Park.
However, the government has been going after illegal operations with cryptocurrencies. In May of last year, the head of the Investigative Committee revealed the country’s law enforcement had managed to seize digital assets linked to crime worth millions of U.S. dollars.
In August, the Belarusian authorities issued an international arrest warrant for the owner of the country’s ‘largest crypto exchanger,’ Bitok. Following a two-year investigation against Vladislav Kuchinsky and three of his accomplices, he was accused of large-scale tax evasion.
A Belarusian citizen will have to pay a hefty fine for illegally organizing the exchange of cryptocurrencies online. Law enforcement authorities in the country, where certain crypto activities are legal, do not plan to impose other penalties besides the administrative measure.
The Supreme Court of the Republic of Belarus has rejected the appeal of a Belarusian against a lower-instance ruling ordering him to pay 2,700,000 Belarusian rubles (around $1 million) to the state for trading digital assets outside the law.
The man, identified only by the initial ‘A,’ is accused of using the Telegram messenger to set up an online cryptocurrency exchanger in January 2021. He allegedly made 5,400,000 rubles as income from his illegal activities.
According to a post by the Belarusian Ministry of Taxes and Duties, quoted by the crypto news outlet Bitsmedia, investigators were able to trace his transactions and submit the gathered evidence to the judiciary. The fine was imposed by the Economic Court of Minsk.
The department believes the decision to confiscate half of his proceeds is fair, given that the court could have ordered him to part with the full amount. While the trader did not dispute the illegal nature of his business, he was unhappy with the size of the fine and decided to file a complaint with the high court, which upheld the original ruling.
Belarus legalized crypto-related activities such as mining and trading with a decree signed by President Alexander Lukashenko which entered into force in 2018, as long as they are performed by entities registered under the special legal and tax regime of the Belarus Hi-Tech Park.
However, the government has been going after illegal operations with cryptocurrencies. In May of last year, the head of the Investigative Committee revealed the country’s law enforcement had managed to seize digital assets linked to crime worth millions of U.S. dollars.
In August, the Belarusian authorities issued an international arrest warrant for the owner of the country’s ‘largest crypto exchanger,’ Bitok. Following a two-year investigation against Vladislav Kuchinsky and three of his accomplices, he was accused of large-scale tax evasion.
