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Tag: Crypto

  • Crypto Weekly Overview: News Stories and Market Sentiment

    Crypto Weekly Overview: News Stories and Market Sentiment

    The crypto market has been showing all the signs of the raging bull finally awakening from its deep slumber. Yesterday, Bitcoin reached its highest level of the last 5 months, surpassing $21,400. Ethereum too has made it big, after it had finally made it to $1,600. It appears that the strengths of the crypto industry have dominated perceptions, and investors are eager to turn to digital assets as a store of value amid the anticipated recession of the following months.

    Highlights of the week

    • Amid the growing calls for regulating the cryptocurrency industry, Japan has recently called for the world to place strict controls and governance mechanisms on the crypto-realm, similar to that imposed on the banking industry. Top financial officials in the country have been increasingly stating that the FTX fiasco occurred due to loose regulations and weak internal controls.
    • South Korean regulating bodies have reportedly been working on the development of cutting-edge crypto monitoring tools. These assess risk levels and volatility, and could potentially play a major role in ensuring the financial stability of economies where cryptocurrency plays a major role.
    • Thailand’s Security and Exchanges Commission has brought in a new set of regulations, specifically aimed at companies that offer cryptocurrency custodial services. Each of these entities would now require sound digital wallet management systems that ensure security and efficient custody. The move is clearly one that denotes crypto mainstream acceptance, even across Eastern economies such as Thailand.
    • Ethereum’s recent rise to $1,600 has been celebrated across the market, however, the crypto asset has simultaneously been hit with a gas fee spike, during these last two weeks alone. On new year’s day, the cost stood at $2.93 per transfer, whereas presently it hovers above $4.52. This surge depicts an end to the low gas fee phase of ETH, which had been in play for several months during the bearish mode of the market.
    • In a recent update to the widely followed bankruptcy case surrounding the disgraced FTX exchange, $5.5 billion have come under discovery by the new CEO of the company, in the form of liquid assets. These are going to be committed to maximizing the recovery of the affected parties, while the sale of subsidiaries is also placed under consideration.

    Crypto fear & greed index

    Market sentiment surrounding cryptocurrencies is currently going through an epic recovery that was not present throughout most of 2022. Yesterday, for the first time since April, the crypto fear & greed index showed a result of 52, well within the greed rather than the fear zone, denoting the strong boost in market perception. Today, the index is down to 45, but still stands remarkably higher than any point it has been in, since the last 10 months.

    This sudden shift in market sentiment bodes extremely well for the future of crypto in the coming months and is evident through the remarkable recovery of Bitcoin and Ethereum prices. The timing of this market boost, as all macroeconomic indicators point to the coming of a recession could see investors flock to take refuge in virtual currencies, amid the growing weakness of fiat money.

  • Crypto News & Market Sentiment

    Crypto News & Market Sentiment

    The crypto market seems to be moving fully towards the road to recovery, as US economic data on inflation proved to be better than expected. In anticipation of these results, the market had been seeing an increase in bullish activity throughout the week, after which BTC surpassed $18,200 for the first time in a full month. Although the gain in the last 5 days stands at merely 4%, it is a much-awaited step in the right direction for the wider crypto market.

    Highlights of the week

    The latest US inflation report demonstrated a 7.1% rise in consumer prices, which was considerably lower than the October figures of 7.6%. This slowing in inflation had seen a positive reaction from across the financial markets, with stocks booming, and the likelihood of the Fed’s aggressive interest rate policy approaching a close. In these bearish conditions, BTC skyrocketed to above $18,000, and ETH to has been trading at a 5-week high.

    Officials from the Russian Energy Department announced the initiation of crackdowns against crypto-miners in residential areas. The action will be targeting those individuals that are employing subsidized electricity for residential purposes, in order to mine various cryptocurrencies. The officials further emphasized that miners would be charged with the commercial, rather than the subsidized cost of energy.

    According to the Argentine Central Bank, mobile payments are fast becoming the standard norm of payments, overtaking its more traditional competitors such as credit and debit cards. Statistics show that a staggering 60% of payments in the country were conducted via mobile payment platforms, and thus represent a ripe opportunity for crypto payment adoption.

    The disgraced former CEO of FTX, Sam Bankman-Fried appeared in front of a Bahamian judge, with his lawyer requesting bail. The bail eventually saw denied, with SBF sent to prison until February, of the next year. The proceedings are on the radar of all stakeholders of cryptocurrency, given the implications it holds for the rules and regulations that will emerge, determining the future of the industry.

    In his congregational hearing, finance guru and Shark Tank star, Kevin O’Leary did not hold back, and went after Binance, blaming them for the FTX fiasco. He stated that Binance continuously chose to not comply with the regulator’s requests, which eventually led to the conditions that put FTX out of business.

    Crypto fear & greed index

    The crypto fear & greed index, for the fourth consecutive day, has been demonstrating gradual improvement in market sentiment. The index returns a figure of 31, which although well within the fear zone, is the highest it has been throughout the prior five weeks. This positive sentiment likely stems from positive data from the US economic report, which has always had bearing on the direction the crypto-market takes.

    With the market changing gears to a more bullish stance on cryptocurrencies, a recovery with Bitcoin and Ethereum may be due. The price movements of these top crypto-names, as well as overall market volume, would be metrics that are closely under watch.

  • Crypto News and Market Sentiment

    Crypto News and Market Sentiment

    The much-awaited interest rate hike by the US Federal Reserve had finally come to pass, with interest rates being raised by 75 basis points earlier yesterday. Much to the delight of crypto traders, the reaction in the cryptocurrency market had largely been positive, with both Bitcoin and Ethereum seeing price climbs. Digital assets are increasingly gaining notoriety in these inflationary conditions as being safe-haven assets, which may explain the growing demand. Market participants also expect the Fed to now move towards reversing gear on its aggressive stance.

    Highlights of the week

    • Singapore’s central monetary authority, yesterday, reiterated its instructions to crypto exchanges operating within the country to comply with sanctions leveled against the Russian Federation, and by extension, users that are based there. The call comes after the recent publishing of a report which has indicated that Russian citizens have raised millions of dollars through crypto-related transactions, which are being redirected to support the invasion of Ukraine.
    • In a groundbreaking development, the border-to-border payment and funds transfer giant, MoneyGram has finally launched crypto-transactions on its platform. It now allows users to buy, sell and simply hold Bitcoin, Ethereum, or Litecoin. At present this facility has only seen enabling in the United States, with expansion expected to gradually take place.
    • After successful results seen by central-bank-endorsed digital currencies across Asia, the Indian Central Bank too initiated its Digital Rupee pilot project, earlier this week. Nine national banks are collaborating on this project. In this initial phase, digital currency is seeing use in select locations, for retail purposes.
    • One of South Africa’s largest retail store chains, Pick n Pay has announced plans of accepting BTC as valid currency in all its locations across the nation. It further stated that customers may use any bitcoin transfer app, and scan with a QR code for high-speed payments. This comes as a major development for crypto-acceptance in the country.
    • The financial world’s titan, JP Morgan, for the first time ever, executed an international transaction by means of a DeFi tool, on a public blockchain. Singapore’s central monetary authority was a party to this transaction, which saw initiation with the intention of investigating blockchain applications for conventional financial markets.

    Crypto fear & greed index

    After its improvement, last week, from the ‘extreme fear’ to the ‘fear’ zone, the cryptocurrency market sentiment has impressively maintained its positioning. Following its step up, from the 25th of October, the index has on average stuck close to the 30 mark on the index, as it stands today. What is most positive about the sentiment today is that the market has maintained its perception of crypto assets, even after the US Federal Reserve hiked interest rates by 75 basis points.

    There was anticipation among many bears in the market of a potential collapse in prices after such a substantial move by the Fed, which has evidently subsided. Bulls in the market now have the go-ahead to continue upping their long positions in the market. Those who were on the fence, are likely to tilt toward crypto, now that market sentiment appears unchanged in the face of macroeconomic disruptions.

  • Crypto-Market Weekly News

    Crypto-Market Weekly News

    After several tumultuous weeks, the cryptocurrency market is finally showing signs that indicate stability, to a large degree. The total crypto market cap presently exceeds the $1 trillion mark, which is always a positive for traders, indicating a wider bullish approach in the market. BTC prices continue their push to surpass the $21,000 mark, whereas ETH has climbed by over 20% in the last month alone. Many optimists in the market are taking these indicators as signs to significantly up their exposures and long positions on crypto-assets. In this Stocks Telegraph article, we go over the top news stories impacting the crypto market this week:

    Highlights of the week

    Following the recent bullish shift, bitcoin has been experiencing, both long and short-term skews in the BTC options market have climbed up to zero. This has happened for the first time since March, suggesting weakening demand for downside protection through put options.

    The crypto market is eagerly assessing the next announcement by the US Fed, as many expect an interest rate hike of at least 75 basis points this week. Although market sentiment has finally approached the neutral zone, after months of extreme fear, there remains uncertainty as to how the market will react to such a significant hike.

    Amid wider acceptance of digital currencies by central monetary authorities, Thailand’s central bank has stated that it is still pessimistic about the benefits of such an initiative. It further stated that the country could take several years until a retail digital currency is launched for the general public.

    In Paraguay, the National Power Administration voiced serious concerns about the country’s power stability in light of rapidly growing bitcoin mining operations. The country has been seeing a boom in the crypto activity, which entails large volumes of unregulated mining, where many users illegally access power sources without making payments.

    The popular author and finance guru, Robert Kiyosaki has once again gone on a tirade against, what he labels, ‘fake, paper money, citing fears of a crash, as the US Federal Reserve continues its path of interest rate hikes. Kiyosaki advised listeners that the safest option to protect one’s net worth would be stocking up on bitcoin. He further painted a gloomy scenario of a crash engulfing real estate, stocks, and bonds.

  • Crypto-Market Overview and Sentiment

    Crypto-Market Overview and Sentiment

    Following weeks of struggle, and a perception that the bears are on the verge of taking over, the cryptocurrency market is finally on its way to taking a bullish turn. This shift in trend can be most apparently observed in BTC prices which are at a six-week high, and finally above its narrow range of the prior month, pushing towards $21,000. Analysts suggest that the break has finally managed to come after a consistent weakening of the US dollar, which has increased BTC’s gold correlation by a significant margin. This increased safe-haven status that the cryptocurrency is enjoying definitely plays into this upward market surge.

    Highlights of the week

    • Both Etherium and Bitcoin prices have been trading at six-week highs, after months of uncertainty and an inability to rise beyond resistance points. Analysts state this trend in the wider market is borne directly from the weakening of global currencies and consistently falling confidence among US consumers.
    • Following the wide successes in launching a central bank digital currency in China and Hong Kong, the US Federal Reserve Governor, Christopher Waller, finally broke his silence on the phenomenon. He displayed serious pessimism about the concept, saying it offers little practical benefit and is essentially a checking account at the central bank.
    • The Public Opinion University Institute, earlier this week, published poll findings from El Salvador which showcase widespread unpopularity of the idea of BTC being legal national tender. The country’s highly popular president, Nayib Bukele is a vocal supporter of cryptocurrencies and a believer in its prospects. He had been profusely campaigning for wider crypto-asset acceptance, amid negative perception amongst El Salvadorians.
    • In the most recent App Store policy guidelines, Apple is seemingly taking a hard stance on digital assets, by only permitting approved exchanges on its platform. Considering that Apple is solely encouraging in-app purchase currencies, critics point out that the tech giant is attempting to restrict money flow to its own ecosystem.
    • In a potentially major milestone for crypto-acceptance, money transfer giants PayPal and Western Union have filed for trademarks covering wide cryptocurrency-related services. These filings point to the inevitability of crypto-assets entering the mainstream, with these giant financial services companies rushing to capture the growing opportunity presented.

    Crypto fear & greed index

    After a month and a half of lingering in the extreme fear zone, crypto-market sentiment has finally taken off in recent days, showing a significant improvement. The index, which hovered around the extreme fear zone of 20, since mid-September now stands at 32, indicating a sudden, market-wide shift in attitudes and perceptions about the future. Market sentiment, on the basis of these figures, saw an upgrade from ‘extreme fear’ to ‘fear’, coming as much-needed progress, and a step in the right direction.

    As shown above, this sentimental improvement stems from failing confidence in global currencies, specifically the US dollar that is backing them. The result is cryptocurrencies increasingly becoming safe-haven assets to turn to during these wider uncertainties. As these trends are likely to continue, market sentiment is expected to arrive at a stable equilibrium point between greed and fear, within the foreseeable future.

  • Crypto-Verse Developments & Market Sentiment

    Crypto-Verse Developments & Market Sentiment

    The cryptocurrency market has been under close watch throughout the prior week with traders and investors attempting to determine whether or not the present conditions warrant an entry or exit point. The top crypto-names, Bitcoin and Ether have been showing resilience in these bearish conditions, holding ground but also proving unable to rise above their 20-day averages. BTC is trading at the same price it did a month ago, whereas ETH has dropped by a fractional 2% in the last 30 days. In this Stocks Telegraph briefer, we cover news developments and market sentiment during the prior week.

    Highlights of the week

    A major player in the French banking landscape, Societe Generale-Forge has recently acquired the licensing and go-ahead to commence operations in the country as a ‘digital asset service provider’. The entity is a subsidiary of Societe General Group, one of the largest banks in France, and could play a major role in the French and wider European cryptocurrency and blockchain market.

    One of the top names among Indian e-commerce players, Flipkart, recently announced that it has its visions set in the metaverse and is ready to launch an initiative focused on this web3 domain. The Walmart-backed company recently launched a pilot operation along with several brands that seek to incorporate loyalty points and gamification into the virtual shopping experience.

    Participants of a top Chinese economic think tank recently proposed the idea of a blockchain-based Asian currency that could ensure the region’s reliance on the American dollar is cut down substantially. These comments come against the background of China’s highly successful Digital Yuan pilot initiative, which has recently been expanded significantly.

    As the EU faces the pressure of limited energy supplies and an uncomfortable reliance on Russia, lawmakers are turning to target cryptocurrency mining in their latest attempt to implement an energy efficiency program. The energy cost of crypto-mining had been a point of contention previously, but this is the first time it has seen clamping down against in the EU zones.

    Amid BTC volatility and the present bearish conditions, traders anxiously await the ‘Uptober’ spell to realize before the end of the month of October. This optimistic anticipation is based on historical trends suggesting the crypto-king has seen a price surge in ten of the last thirteen October.

    Crypto fear & greed index

    The bearish sentiment surrounding the market appears to have lingered for a time period that hardly seems normal for a dry spell. The market continues its extreme fear positioning, with the crypto fear & greed index figure at 24. There has been a marginal improvement over the prior days, as sentiment has somewhat bettered from its low of 20. Despite this, however, the market is seemingly struggling to push itself out of this sentimental state, considering its fluctuation within the 20 zones for the last 40 days.

    A stretch this long suggests that the market is recalibrating its base sentiment towards the high-risk domain of cryptocurrencies, in the wake of the present macroeconomic conditions. Other analysts argue that this extreme fear sentiment does not stand justified in the resilience seen with BTC and ETH, signaling a strong buying opportunity.

  • Crypto-Market Weekly Updates and Sentiment

    Crypto-Market Weekly Updates and Sentiment

    It’s the calm before the storm in the crypto world, as market participants have their breath held, anticipating the release of the CPI report later today. The stock market took a beating amid these fears, but the crypto-verse has proven to be far more resilient. BTC has hardly changed throughout this week, maintaining a steady level below the $20,000 mark. The CPI report will be a make-or-break moment for the tense market. In this weekly Stocks Telegraph briefing, we go over the top stories in the market.

    Highlights of the week

    • Jamie Dimon, the CEO of the investment giant JPMorgan, issued a warning that the U.S. may enter a recession in as early as six months. The CEO emphasized that this was serious business and noted that the stock market might easily decline by another 20%. Such an event could lead to shifting dynamics which could be significant for the world of digital currencies.
    • The extensive Markets in Crypto Assets (MiCA) regulation has officially been endorsed in the most recent EU anti-money laundering campaign. The committee has called for a swift implementation of regulations for tracing digital asset transfer. The news brings a new milestone toward the normalization and acceptance of cryptocurrencies in the advanced EU economy under sustainable oversight.
    • According to an official release, Argentina saw a record number of interoperable QR payments in the month of September, amounting to 3.15 million transactions. The payment system is essentially a mechanism that enables all digital wallets in Argentina to process purchases with various vendors in the country. The payments include those made using cryptocurrencies that are already available in Argentina through exchanges such as Bitso.
    • In what comes as a major breakthrough in Web3 innovation, the tech giant Google has announced a strategic partnership with Coinbase. This established cooperation comes between Google’s ‘Cloud’ division and the crypto-exchange and would work to enable the acceptance of crypto-payments. In an issued statement, Coinbase CEO Brian Armstrong said that he was thrilled that his company was selected by Google for this venture, empowering developers substantially.
    • With the national budget planning underway for the upcoming fiscal year, Portuguese government officials have revealed in an early draft, plans to tax short-term cryptocurrency gains, by as much as 28%. The paper, which still requires legislative approval, marks a shift in the European country’s relaxed stance on crypto-investments.

    Crypto fear & greed index

    The tension surrounding the cryptocurrency market seems almost palpable, with traders collectively on edge regarding the next shift that cryptocurrency prices will take. During such high stake situations, undertaking a sentimental analysis of the wider market allows for clarity to come about, which can help in predicting upcoming trends.

    The crypto fear and greed index currently stands at a figure of 20, which is the extreme fear zone. In the last three months, the market found itself lying in the 20-point zone numerous times but never falling below it. This indicates that this figure is proving to be a resistance point that market sentiment is facing. Despite this extreme fear, the market is hellbent on its resilience, not letting sentiment fall to its mid-July levels of beneath 20. The release of the CPI report later today, however, could act as a major catalyst point, which would either see sentiment take off, or plummet further to untraversed new lows.

  • Crypto-Market News and Developments This Week

    Crypto-Market News and Developments This Week

    Just as the market as a whole began anticipating a cryptocurrency recovery after BTC prices began approaching the $25,000 mark, traders now realize that the turbulence is just picking up heat. Just yesterday, the price for the crypto-king touched the $18,400 mark, which was even below the fateful lows of June, causing it to hit its lowest point in the last year. Ethereum also tanked to the $1200 region, indicating fast diminishing confidence in the market. Although the reason for such a substantial capital outflow remains unclear, many assume it relates to further interest rate hikes in the future.

    Crypto Highlights of the week

    • After the tanking of most well-known cryptocurrencies, as well as the collective stock market, Bank of America market strategists have claimed that the summer bullish rally is finally approaching its close. Digital assets too are an asset class that has been a part of the wider market plummet. Analysts further anticipate a massive plummet within the week, as an interest rate hike announcement comes in the upcoming days.
    • According to the US Department of Justice, a man from Los Angeles, earlier this week, was sentenced to 38 months in federal prison for running a crypto Ponzi scheme worth $3.4 billion, from which he personally profited by $24 million. Victims of the scam totaled over 4100 individuals spanning 95 different countries.
    • Contrary to what many in the market had been expecting, Ethereum prices plunged after a successful transition towards its PoS model. Statistics from within the Ethereum system also point out that the network’s issuance rate has seen a dramatic slowdown since the merge. Many have pointed out this slowdown comes from ETH now essentially becoming a deflationary asset, as opposed to an inflationary one.
    • The US Department of Justice yesterday announced the establishment of a country-wide network of federal prosecutors to combat crypto-based cybercrime and fraud. The body, Digital Asset Coordinator Network, consists of 150 prosecutors, aiming to safeguard the American public from falling prey to the ever-growing threat of crypto-crimes.
    • Members of the Mohawk Nation from Kahnawake are considering using electricity from Hydro Quebec to fuel bitcoin mining activities, according to a report by Canada’s Local Journalism Initiative. In order to investigate alternative cryptocurrency mining options, the council established a research group to investigate energy sources. This will be a part of the Mohawk Council of Kahnawake’s (MCK) economic development agenda.
  • Crypto Winners and Losers of the Week

    Crypto Winners and Losers of the Week

    With the crypto-markets now officially falling into dark territory, confidence in the wider market seems to be at a multi-month low. Despite these pessimistic and uncertain sentiments by traders and investors, a number of cryptocurrencies have still proven to be winners. At the time of the writing of this update, the following names stood tall as the biggest winners of this week:

    Metanept

    Metanept (NEPT) was part of a rocketing climb this week, growing far more than any other cryptocurrency could conceivably achieve, especially in the present climate of uncertainty. NEPT, by yesterday, had exploded from $0.0084 to over $0.32, in a growth spurt amounting to over 3700%. Although this peak was somewhat corrected almost immediately, the gains for the week still stand at almost 850%. Momentum seems to be well-charged, with NEPT doubling itself in just the last 24 hours, and trade volume presently standing at $1.3 million.

    Fidance

    Fidance (FDC) has been another name in the cryptoverse with a beyond-epic climb of over 730% since last week. FDC peaked for the week on Saturday, hitting $0.00234, at which point its gains stood at over 2000%. Ever since then, the cryptocurrency has been slowly falling, yet its climb remains incredible given the growth it has managed to retain post-correction. Its trade volume appears stable at present, at the $1.5 million mark.

    Qatar 2022 Token

    Qatar 2022 Token (FWC) has finally been seeing favorable action for the first time in at least six months, given an impressive take-off in an upward flight. FWC climbed by 300% in the last week, and 40% in the last 24 hours alone. This rush appears to hold momentum, which may very well continue to and through the FIFA world cup held in Qatar, in November this year. Trade volume at present remains somewhat modest at $1.7 million, yet this may very well surge as promotion and hype around the world cup ramps up across social media, as November approaches.

    Viberate

    Viberate (VIB) has been seeing incredible hype in the market, with both bulls and bears battling it out, and influencing the cryptocurrency’s price. VIB has gained 160% in the last week alone, with present trade volume exceeding the $33 million mark. Despite these spectacular figures, the past few days have seen hype somewhat diminishing for the cryptocurrency, as at one point its gains stood at over 720% and volume at a whopping $527 million. Despite this, its present gains, even after the cooldown, still put Viberate among the week’s big winners.

    LoopNetwork

    LoopNetwork (LOOP) too has turned out to be a name in the crypto-verse with a weekly performance that is certainly worth mentioning. For most of the week, the LOOP cryptocurrency has been on a slow but steady climb, constantly pushing upwards from its starting point of $0.025. In the first 5 days, it succeeded in making it to $0.032, but it was not until Sunday that LOOP truly took off. Earlier this morning, LOOP hit its all-time high at a price of $0.071, pushing its weekly gain up to an impressive 184%.

    Top Weekly Losers

    Although, despite the bleak circumstances surrounding crypto-markets, a number of winners certainly emerged. However, the market as a whole produced a far larger amount of losers, with the crypto-verse generally seeing a trend of traders pulling out, rather than pouring cash into the market. The result, therefore, was some seriously disappointing crypto-trends. As of the writing of this Stocks Telegraph update, the week’s losers are as follows:

    ETHPoW

    As many had already anticipated, following Ethereum’s merger with PoS, the biggest weekly loser was the ETHPoW. Interestingly, the cryptocurrency was off to a positive start during the week, climbing up from $30.71 to $60.68, almost doubling its price in just two days, till Thursday of last week. As the merge saw completion, however, ETHPoW saw a corrective plummet, which has it presently trading at $5.71, with a weekly loss of over 80%. With a trading volume of over $180 million, it seems apparent that sentiment surrounding this cryptocurrency remains overwhelmingly pessimistic.

    ITSBLOC

    ITSBLOC (ITSB) was an especially disappointing crypto player this week, primarily given its anti-climatic price trajectory. The cryptocurrency started off as a rising star, and many expected to make it to the list of big winners of the week. In just two days ITSB doubled its price from $0.36 to $0.72, and then took an instantaneous plummet, pushing it down to $0.12. The following days saw an attempt at a fightback, with its present price at $0.14, and its loss for the day and the week standing at 81% and 62% respectively.

    hiODBS

    hiODBS has been another disappointing name that was a big loser this week, falling spectacularly by 72%. This cryptocurrency initiated trade in the markets only last week, and the timing for this has been unfortunate, given some of the most bearish climates the wider crypto-sphere has seen this year. hiODBS initially climbed from $0.0190 to $0.0240 on its first day but has been falling ever since. At present, it is down to $0.0052, with its downward trajectory hardly showing signs of a slowdown.

    Phoenix Global

    Phoenix Global (PHB), after its spectacular performance throughout the prior month, climbing by over 470%, finally saw its hot spell dying down with its dismal performance in the last week. In the last 7 days alone, PHB fell from $2.36 down to $0.93, a loss which translates to almost 60%. With its $35 million trade volume for the day, it appears evident that holders are pulling out their capital from the cryptocurrency in large numbers. This comes in wake of the bearish conditions anticipated in the coming days and weeks.

    AirDAO

    AirDAO (AMB), also proved to end up in disappointment for those that were backing it, with its prices cut down to almost half in just the last seven days. Its descent from $0.042 to its present price of $0.021, indicates how the market seems wary of AirDAO. Based on the trends, it is likely that this selloff may very well cool off and attain stability, as trade volume has come down from $190 million, a week ago, to a mere $7 million at present.

  • Crypto-Market Standing and Perceptions This Week

    Crypto-Market Standing and Perceptions This Week

    With some glimmers of hope in the previous week, cryptocurrencies still power through the uncertainties of the market. There remains little clarity as to which direction the crypto market is actually heading. Although BTC briefly surpassed the $ 25,000 mark last week, there still remains noticeable pessimism amongst many traders moving forward. At present, the state of the market exists in a grey area and has yet to cross critical thresholds to once more gain market-wide confidence. Both Bitcoin and Ethereum are on the verge of major price movements in the days to follow. What is yet to be seen is whether these will be price booms or substantial corrections. This will ultimately depend on where each coin will close, and how traders will react to that.

    Highlights of the week

    • Coinbase CEO, Brian Armstrong has stated that the company is ready to shut down Ethereum staking in case they are pressurized by regulating bodies to censor transactions. This comes after the US treasury department banned Tornado Cash, which is essentially a crypto ‘mixing,’ service that pools and distributes cryptocurrencies to new addresses.
    • The widely popular virtual currency exchange, crypto.com was given the go-ahead to initiate operations in the UK, by the country’s Financial Conduct Authority (FCA). The FCA’s register authorizes the exchange the right to provide “certain crypto-asset activities” and gives it Money Laundering Regulation Status.
    • The blockchain analysis firm, Chainalysis published a report which indicates that tokens worth a staggering $1.9 billion had been stolen through hacks this year, up by 58% since the prior year. Of this, $1 billion links back to North Korean hacking groups targeting DeFi protocols.
    • Leading equity analyst from JP Morgan & Chase, Kenneth Worthington has hailed news of the upcoming merger between Ethereum and Coinbase. He stated that Ethereum could benefit significantly given Coinbase’s 15% market share in ETH assets.
    • Canine-themed crypto-coins, Shiba Inu and Dogecoin each power through their price rally, amidst their intense rivalry. Both coins have been seeing some of the biggest price surges experienced in months. Interest in both these meme-coins has pushed up their volumes to immense proportions. 

    Crypto fear & greed index

    Our best bet on gauging the direction of crypto-markets is to assess figures that indicate sentimental stances amongst the broader market, as a whole. The best tool for this would be the crypto fear and greed index, which is down to 30 after an eventful week. The quantity of this metric suggests that the market is still in a fear zone in regards to digital assets. The trend of the last week further points to worsening sentiment in the market in recent days.

    Last week Thursday, the figure stood at 31 and saw a gradual climb in the coming days. The index peaked at 47 on Sunday, which is somewhat close to the neutral territory between fear and greed. This represented the highest confidence in the market since early April. However, this soon began dropping throughout the following days, eventually reversing the bullish progress made throughout the week, with the index presently standing back down at 30.