No Crypto ATM’s in Singapore Until MAS Clarifies on New Guidelines

Two cryptocurrency ATM operators have acted quickly to the Monetary Authority of Singapore’s (MAS) new guidelines issued on Monday. Under the new guidelines, the central bank of Singapore said that crypto trading should not be promoted to the public.

Daenerys & Co. and Deodi Pte crypto ATM operators in the city-state have shut down quoting the MAS guidelines as an “unexpected surprise.”

“To comply with the sudden announcement, we have ceased to offer buy or sell services via our ATMs while seeking further clarification from the MAS,” a representative from Daenerys told FXEmpire.

Another operator, Deodi Pte has halted services from its public Bitcoin machine on Tuesday, pursuant to MAS notice.

Singapore crypto ATM
A Bitcoin ATM machine was removed on Tuesday in Singapore – Source: The Straits Times

Daenerys has five crypto ATMs, that accept fiat currency to lend cryptos, mostly Bitcoin, Ethereum, Ripple among others.

Alongside digital currencies’ increasing prominence in Singapore, the untraceable nature making it an attractive medium for illegal activities has made the regulator reiterate the risks it poses.

However, MAS did not impose any penalties from ATM operators for non-compliance.

MAS has restricted crypto businesses from providing physical crypto ATM services in the country. According to the watchdog, convenient access to Bitcoin ATMs might encourage “impulse-driven” trading activities, without considering the risks involved.

Daenerys has an “ongoing application” with MAS as a payment service provider and is waiting for the regulator to approve licensing, the company stated.

No Crypto Ban – Just Made It Less Accessible

Singapore’s financial regulator has clearly told crypto companies to refrain from advertising or promoting their digital currency services but has not banned its usage.

Users can still go and buy cryptos – but it will be more deliberate and less on impulse.

Having said that, with tougher rules spread out by the government, crypto entrepreneurs lured by the country’s crypto-embraced culture, find it difficult to get approval to legally operate in the city-state.

The cautious approach on every aspect is due to the fear of cryptocurrencies being abused for money laundering, terrorism financing, due to the speed and cross-border nature of the transactions.

“Digital payment token service providers in Singapore have to comply with requirements to mitigate such risks, including the need to carry out proper customer due diligence, conduct regular account reviews, and monitor and report suspicious transactions,” a MAS spokesperson told Nikkei.

Such steps by the government show how Singapore’s stance on digital assets has resulted in cryptos being less accessible to the public and the country being one of the most advanced and mature nations when it comes to crypto inclusion.

How Does It Work in Preventing Frauds

Singapore is one of the few countries that openly support cryptocurrencies and blockchain projects. According to a recent poll by fintech comparison website Finder.com, nearly 16 percent of Singaporean adults currently own cryptocurrency.

Bitcoin is the most popular coin owned by citizens, followed by Ethereum and Cardano.

However, some crypto ATM kiosks allow certain transactions to take place without acquiring any customer information other than their phone numbers. Some even use prepaid cellphones, that are disposed of after a transaction.

Shutting down crypto ATMs means that it is important for operators to set know-your-customers (KYC) standards to protect them from fraudulent activities and transactions. This is however been more challenging to implement in the cryptocurrency space where anonymity thrives.

UK’s HM Treasury Tightens Rules To Address “Misleading” Crypto Ads

The UK government has been proactive in cracking down on “misleading” cryptoasset advertisements.

The government on Tuesday tightened rules on crypto-related promotions, in order to bring them in line with other financial advertisements.

“We are ensuring consumers are protected, while also supporting the innovation of the cryptoasset market,” Rishi Sunak, Chancellor of the Exchequer said in a release.

Such a move would balance both innovation and makes sure that these crypto ads are “fair, clear, and not misleading.” The rules set out by the government will work to mitigate the risks of consumer harm, thus ensuring that people are aware of its volatility and investment risks.

The UK has been considering its regulatory response to the crypto industry with the Cryptoasset Taskforce, set up in 2018.

Nevertheless, the government has given a green signal to support innovations in cryptoassets and recognizes the benefits of products such as stablecoins, like Tether and Dai, as a means of payment.

In fact, an estimate of around 2.3 million young Brits hold cryptocurrencies, mainly Bitcoin, Ethereum, and Ripple, a detailed research conducted by FCA in 2021, revealed.

A Surge in Crypto Ads on London Transport

The move comes at a time when cryptocurrency adverts reached record levels on London public transport in 2021, attracting people into risky investments.

Around 39,560 crypto adverts from 13 firms appeared on London transport in a span of six months between April and September 2021, according to records obtained by the Guardian from Transport for London (TfL).

Crypto promotions on gambling, meme coin, and the infamous “time to buy Bitcoin” campaign by Luno exchange, was running across London’s underground networks and busses.

Crypto companies have totally spent £825,245 to advertise on TfL tube and train services since 2018, the Guardian data stated.

According to a spokesperson from TfL, all these ads contained a tiny disclaimer at the end – barely visible – stating that crypto is unregulated in the UK and the values are highly volatile.

Coinfloor’s ad with a small font disclaimer at the bottom – Source: BBC

Furthermore, the transport body has written to both the Financial Conduct Authority (FCA) and ASA, seeking further guidance on vetting ads that are being investigated by the ASA.

The ASA Has Been Busy Already

The UK’s advertising regulator, Advertising Standards Authority (ASA), classified crypto marketing as a “red alert priority”, banning seven crypto ads. The banned adverts include  Papa John’s Pizza promotion on free Bitcoin, Coinbase paid Facebook promotion, Payward: A digital poster for Kraken exchange among others.

Back in 2019, the ASA upheld complaints against promotion from BitMEX derivatives platform, which according to ASA featured a graph that exaggerated the returns on Bitcoin investments.

“Consumers need to know about the risks of investing in crypto-assets and companies should make sure that their ads aren’t misleading or socially irresponsible by taking advantage of consumers’ lack of awareness around these complex and volatile products,” Miles Lockwood, ASA’s director of complaints and investigations, stated last month.

UK Sees Highest Global Adoption Ranking for ETH, BTC Still Remains on Top

The last quarter of 2021 was a dramatically volatile time for the cryptocurrency market and saw the larger market’s sentiment swing from one extreme to another.

Amid the many sell-offs and overheated market spells, British cryptocurrency users were seen taking measured steps. 

A recent survey highlighted that while globally, crypto ownership jumped from 11.2% in October to 15.5% in December last year, some countries saw stunted growth in these terms.

The United Kingdom was among the few countries with the lowest growth rates in crypto ownership between the two surveys, with ownership rising merely by 1% in that time period from 5.2% to 6.1%. 

The Numbers are Perplexing 

The ongoing survey of Internet users in 27 countries found out that the crypto ownership rate in the United Kingdom is way lower than the global average of 15.5%.

In November 2021, it was noted that the United Kingdom ranked 23rd out of 23 countries in regard to positivity (positive sentiment) around cryptocurrencies, with merely 17% of respondents claiming they think cryptocurrency is a good investment.

Seemingly, a larger bearish sentiment swept over British crypto users which fell in line with the larger market’s bearish trajectory and consolidation for the most part of November and December 2021.

Bitcoin’s price after recording the all-time high of $69,000 on November 10, last year, made lower lows and lower highs as the crypto sentiment turned bearish from time to time. 

In hindsight, it is also worth noting that the total crypto market cap after reaching $3 trillion in November lost close to 30% value by the end of last year painting a bearish picture for the larger market.

Thus, UK’s declining crypto enthusiasm seemed to pretty much follow the larger market trend. However, there were some interesting findings regarding cryptocurrency adoption in the UK that instilled hope for Ethereum’s larger narrative.  

Ethereum Leading the Way

While everything else in terms of interest and adoption took a backseat, confidence in Ethereum seemed to be reignited in UK’s crypto crowds. ETH ranked as the UK’s second choice for crypto with 32.9% of crypto owners holding Ethereum, which is above the global average of 24.4% and places the UK third for ETH ownership.

While ETH statistics glimmered, Bitcoin still remained king and came out as the most popular cryptocurrency with 42.8% of crypto owners owning BTC. Ripple came in third with 17.4% owning XRP, while Solana’s ownership climbed to 15% and Dogecoin made a mere 1% gain.

OKB Soars by 5% in 24 Hours Despite Poor Market Performance

The cryptocurrency market performed well over the weekend but has been experiencing a bearish performance in the past few hours.

OKB Outperforms the Major Coins

OKB is the native token of the OKEx cryptocurrency exchange. The token allows users to access the special features offered by the cryptocurrency exchange. The OKB coin is used to calculate and pay trading fees, allow the users to gain access to voting and governance on the platform, and reward users for holding the OKB coins.

The coin has been performing well over the past few hours. In the last 24 hours, OKB has added more than 5% to its value. This means that it has outperformed some of the major cryptocurrencies, including Bitcoin, Ether, Binance Coin, Solana, XRP, Terra and Polkadot. Cardano is the only cryptocurrency amongst the top ten that has outperformed OKB in the last 24 hours.

Bitcoin is down by 0.2% in the last 24 hours and currently trades above $42,800 per coin. Ether has lost 1% of its value during that period and is still struggling to top the $3,300 resistance point.

There is no clear catalyst behind OKB’s latest rally. The OKEx exchange is set to list ASTR — the utility token of Astar Network on its platform later today.

OKB Could Rally Towards the $30 Level

The OKB/USD daily chart shows that the cryptocurrency is currently performing well. The technical indicators are positive, and OKB could rally higher over the coming hours and days.

OKB’s MACD line is below the neutral zone. Source; FXEMPIRE

OKB’s current rally saw it break past its 50-day moving average price of $27.07. If the rally continues, OKB could surpass the $30 psychological level before the end of the day. The MACD line is still within the negative region, but it has been moving higher in the past few hours.

The RSI of 52 shows that OKB is out of the oversold region and could enter the overbought zone if the rally continues. In the event of an extended rally, OKB could reach the $32 mark before the end of the day.

Ripple and Bitcoin Cash Elliott Wave Cycles Point Recovery Ahead

We can see a new intraday decline following stock market sell-off, which can still belong to a higher degree wave »iv« correction within downtrend according to our primary count.

However, we are also still observing a secondary count, where Crypto market could be unfolding a bigger three-wave A-B-C corrective recovery, where current drop could be a pullback in wave B.

XRPUSD remains nicely bearish in the 4-hour chart as expected and we can see a quite clear impulsive decline, so bears are probably still in control, just be aware of a potential A-B-C pullback before the downtrend resumes, as five waves down can be seen. Ideal resistance is in the 0.80 – 086 area, but keep in mind that we remain bearish as long as the price is below 1.02 invalidation level.

Ripple 4h Elliott Wave Analysis

Chart Description automatically generated

BCHUSD is making quite big intraday recovery, so wave 5 can be completed, but notice that it didn’t break below previous December 2021 spike low, so for now we are just observing a minimum three-wave A-B-C rally which can still belong to a higher degree correction within downtrend, while the price is below 544 level.

Bitcoin Cash 4h Elliott Wave Analysis

Chart, line chart Description automatically generateds

 

OneRoyal Chairman Rayan Al-Annan on Making 2022 a Royal Year

Not all success stories are loud, and OneRoyal is a prime example of that. Founded in the US in 2006, the broker saw global expansion and opening offices from Europe to Australia. In 15 years of successful operation, the company did not actively pursue PR and media exposure, opting to focus on providing its clients with premium trading experience instead. Now, the broker is stepping up its visibility. Today, we sat down with OneRoyal founder and Chairman Rayan El Annan to look at the company today, and the vision for success in 2022 and beyond.

From Florida to Australia, Cyprus, Lebanon – how did you end up with such geography?

I launched the company in 2006 in Florida. Regulated by the USA financial authorities (CFTC) and a member of the NFA at the time, it did exceptionally well. In mid-2008, we made a strategic decision to move the “ROYAL-RFXT.COM” brand to the Middle East (while maintaining the Global Support Office in the US). Driven by organic growth of the company and the ambition to expand globally, we acquired our CySec, ASIC, VFSC and FSA licenses. With our Market Research and Training arm based in Cairo, Egypt, we are exceptionally well positioned to service traders worldwide.

What have been the highlights of the year 2021 for OneRoyal?

This year, we uplifted the brand from Royal to OneRoyal, to emphasize that we are THE ONE broker that our clients need. Our ambition is to be “the last broker our clients will ever register with” – simply because the trading experience and the products we provide meet and exceed their expectations. To reflect this ambition, we have updated our logo and are now gearing up towards the launch of the new website and the client areas, with a shortened and streamlined onboarding process.

When it comes to the product offering, we introduced 15 ETFs in May. We also expanded our deposit methods by adding crypto (USDT, BTC, ETH and XRP) to meet the demand of crypto-focused traders. Later in the year, we went further on crypto by adding Dash and Bitcoin Cash to our CFD offering. And recently, we have introduced Bitcoin as an account base currency on the MT4 platform.

What are OneRoyal’s plans for 2022?

2022 feels very special as this is our anniversary year, and we start it by reflecting on our 15 Years of Excellence as we keep going forward with new projects and goals that will propel us to further growth. Our website and refreshed client areas are in the making. We are updating our onboarding flow, so clients could start trading in 60 seconds, while also stepping up our offering for institutional clients. In the coming weeks, we will be moving to the new premises in Limassol, which will be our global hub, and gaining a more prominent exposure on the scene, as well as in the media and industry events.

Does the new HQ mean more hiring in Cyprus?

Yes, we have been actively hiring lately, mostly with the purpose to upgrade our top management team and set the company up for strategic growth. We have hired key players to our C-suite and I personally have faith in our renewed vision and the team’s capabilities of executing it.

What is this renewed vision exactly?

Internally, we have formulated our vision as redefining the relationship between brokers and traders towards stability and trust, while building an environment where it becomes a norm for brokers to give back to their community through supporting education and growth, creating a better future for the next generations. Our future decisions regarding potential partnerships, sponsorships and CSR initiatives will be made to foster this vision.

It makes sense that OneRoyal puts emphasis on stability and trust between brokers and traders. In over 15 years in the market, the company did not have any regulatory controversies and accusations – which is uncommon in the industry known for its bad reputation. What is the secret of that?

I don’t believe there’s any secret. I founded OneRoyal when I was 25, and I have always been determined to build a company that lasts over 100 years. Hence, regulatory compliance has always been among our core values, and we take it very seriously. That said, I do not believe that OneRoyal is unique in that, and being compliant is not a special secret. In fact, there are a lot of honest and reliable players in the industry. It’s unfortunate that there are some “bad apples”, be it companies or individuals, who mislead clients, thus contributing to the industry’s bad reputation. On a personal note, it is vital for me that we do things right, and I will always sacrifice short-term gains, no matter how big, for the long-term stability and future of OneRoyal.

Dogecoin Rebounds As Meme Coins Show Signs of Life

Dogecoin has recently made an attempt to settle above $0.1750 as the rebound in meme coins continued.

Dogecoin and Shiba Inu Enjoy Strong Rebound From Recent Lows

Shiba Inu managed to find support near $0.000027 and moved towards the $0.000033 level after Bitso listing, although it looks that general crypto market rebound served as the main catalyst for the move.

The same catalyst pushed Dogecoin above the $0.17 level, and the key question is whether this is a dead cat bounce or a beginning of a new upside trend.

According to CoinMarketCap, Dogecoin and Shiba Inu are ranked 12 and 13 in the list of biggest cryptocurrencies by market capitalization. Dogecoin has a market cap of $22.5 billion, while Shiba Inu has a market cap of $17.5 billion, so the combined market cap of two biggest meme coins is $40 billion.

The competition from Shiba Inu has clearly hurt Dogecoin. If we assume that all money that went into Shiba Inu would have been put into Dogecoin, Dogecoin’s market cap would have exceeded the market cap of XRP and put the coin directly behind Solana and Cardano.

Judging by market cap, it’s too early to say that meme coins are going out of fashion, despite the major pullback from highs. However, traders will need to watch this metric closely. In case Dogecoin and Shiba Inu lose market share to other coins, they will likely face additional selling pressure.

Dogecoin Tests Resistance at $0.1750

dogecoin daily january 13 2022

Dogecoin is currently trying to stay above $0.1710. In case this attempt is successful, Dogecoin will have a good chance to get to another test of the resistance at $0.1750. A move above the resistance at $0.1750 will push Dogecoin towards the next resistance which is located at the 50 EMA at $0.1810.

On the support side, the nearest support level for Dogecoin is located at the 20 EMA at $0.1650. If Dogecoin declines below this level, it will move towards the support at $0.16. A successful test of this level will push Dogecoin towards the next support at $0.1550.

dogecoin h1 january 13 2022

Taking a look at H1 chart, we can see that RSI has just moved back into the moderate territory. At this point, Dogecoin may need to go through a period of consolidation before it has a chance to gain additional upside momentum.

XRP Rallies as the Ripple v. SEC Case Might Be Pushed Back a Month

The case between the United States Securities and Exchange Commission (SEC) and blockchain company Ripple is expected to be pushed back for a month. However, XRP has added more than 7% to its value in the last 24 hours.

Ripple v. SEC Case Could be Delayed

Fox Business journalist Eleanor Terrett has revealed that the case between the US SEC and Ripple will be pushed back a month. The delay is due to the rapid spread of the Omicron variant. A source close to the matter told Terrett that the motion would be filed in court tomorrow, January 13.

The SEC vs. Ripple case has been going on since 2020 when the regulatory agency charged Ripple with launching and issuing unregistered securities as XRP tokens. The SEC also accused the company of illegally selling $1.3 billion worth of XRP tokens.

Ripple, the CEO and co-founder of the company, Brad Garlinghouse, and Chris Larsen are the defendants in this case. In November, Garlinghouse said he believes the SEC will be concluded this year as Ripple is making good progress.

At the time, he said, “We’re seeing pretty good progress despite a slow-moving judicial process.”

Earlier this week, Ripple opposed the SEC’s fair notice defense. Ripple’s lawyers filed a motion to strike the fair notice defense after the US SEC cited the out-of-circuit decision in the case against Fife.

Ripple’s lawyers argued against the use of the term “investment contract,” adding that the Fife case is not relevant to the SEC’s allegations against it.

XRP Rallies by More Than 7% in 24 Hours

XRP has been rallying over the past 24 hours and is currently up by more than 7% during that period. At press time, XRP is trading at $0.795 per coin. The technical indicators are bearish at the moment but are improving, thanks to XRP’s ongoing rally.

XRP is trading below its 50-day moving average. Source: FXEMPIRE

The MACD line is below the neutral zone but is slowly moving into the positive territory. The RSI of 46 shows that XRP is now out of the oversold region. If the rally continues, XRP could break past its 50-day moving average price of $0.8620 soon.

Bitcoin Rallies As U.S. Inflation Hits 7%

Bitcoin and other leading cryptocurrencies rallied after U.S. reported that Inflation Rate grew by 7% year-over-year in December, in line with analyst estimates.

Bitcoin Gains Ground As Demand for Riskier Assets Grows

On a month-over-month basis, U.S. Inflation Rate increased by 0.5% in December compared to analyst consensus of 0.4%. Core Inflation Rate grew by 5.5% compared to analyst consensus of 5.4%.

Traders focused on the headline inflation number and rushed to buy riskier assets, including cryptocurrencies. Ethereum, Binance Coin, Solana, Cardano, XRP, Terra are all moving higher as traders look ready to buy all leading coins.

While the inflation number itself is scary, traders feared that Inflation Rate will exceed analyst expectations, and the Fed will be forced to act aggressively by raising the interest rate on each meating in 2022. In addition, the Fed has the option to reduce the size of its balance sheet, pushing Treasury yields higher, which will be bearish for all riskier assets, including cryptocurrencies.

It is important to note that the market is not treating any cryptocurrency as an inflation hedge. Instead, Bitcoin and other cryptocurrencies are viewed as risky assets, which benefit from lower rates and struggle when the Fed tightens its policy.

As inflation met analyst estimates, traders bet that Fed will not make additional moves to tighten its policy, and buy riskier assets like cryptocurrencies.

Bitcoin Tries To Settle Above the Resistance at $44,000

bitcoin january 12 2022

Bitcoin settled above the resistance level at $42,600 and is testing the next resistance at $44,000. In case this test is successful, Bitcoin will move towards the 20 EMA which is located near $45,000.

A move above the 20 EMA will push Bitcoin towards the resistance at $45,500. If Bitcoin manages to settle above this level, it will head towards the resistance near $47,000.

On the support side, the previous resistance at $42,600 will serve as the first support level for Bitcoin. If Bitcoin declines below $42,600, it will head towards the support level at $41,000. A move below this level will open the way to the test of the psychologically important support level at $40,000.

Digital Asset Fund Outflow in the First Week of January Tops $200 Million

Digital asset investment products recorded a huge outflow of funds in the first week of the year as the broader cryptocurrency market performed poorly.

Bitcoin Funds Lose Over $100 Million in a Week

CoinShares published the digital asset fund flows report for the first week of 2022 a few hours ago. Digital asset investment products recorded losses last week, in line with the bearish trend in the broader cryptocurrency market.

According to the report, digital asset investment products lost $207 million last week, bringing the 4-week total outflow to $465 million. Bitcoin investment products were the biggest losers, with a total outflow of $107 million.

CoinShares said the losses recorded by Bitcoin investment products could be tied to the FOMC minutes, which revealed the US Federal Reserve’s concerns for rising inflation.

Ethereum products recorded outflows totaling $39m last week, bringing the 5-week run of outflows to $200m. The losses were not limited to Bitcoin and Ether as the multi-asset funds also recorded huge outflows last week.

“The outflows from multi-asset funds totaling US$37m suggested investors were much less discerning in selling positions although Solana and XRP both saw minor inflows,” the report added.

Total Cryptocurrency Market Cap Drops Below $2 Trillion

The outflows recorded by the digital asset funds coincided with the broader cryptocurrency market losing hundreds of billions of dollars last week. At the start of 2022, the total cryptocurrency market cap was around $2.3 trillion.

However, the total cryptocurrency market cap now stands at $1.9 trillion. The market has lost more than $300 billion since the start of 2022. Bitcoin’s value has dropped by more than 10% over the past seven days.

Ether’s losses are even more significant as it is down by 17% during that period. The other leading cryptocurrencies, including Solana, Binance Coin, Cardano, XRP, Terra and Polkadot, have lost more than 10% of their values in the past week.

SEC Chair Won’t Comment on Whether Ethereum is a Security

The chairman of the US Securities and Exchange Commission, Gary Gensler, during a recent interview has refused to be drawn into conversations about if Ethereum is an unregistered security or not.

SEC Declines to Comment on Ethereum Question

During the interview, which was held by CNBC, the boss of the financial watchdog stated that the commission does not talk about specific projects nor does it give legal advice over the airwaves.

In his words,

We don’t get involved in these types of public forums, talking about any one project, one possible circumstance and give legal advice over the airways that way.”

The question was asked in relation to the ongoing litigation between the SEC and Ripple. According to the Gensler-led organization, Ripple’s native token, XRP is an unregistered security which the crypto firm alongside some of its top executives sold for profits.

While Ripple has constantly denied any wrongdoing, it has claimed that the SEC lawsuit was targeted at it and that authorities in Japan have stated that the XRP token was not a security. This, they believe, should count in their stead in the ongoing lawsuit.

Ripple Requests for SEC Docs on Ethereum

Apart from this, the crypto firm, as part of its defense, had filed for documents of the SEC on how it determined that Bitcoin and Ethereum, the two largest crypto-assets by market cap, were not securities.

Interestingly, the SEC has refused to provide these documents stating that the documents would be classified as privileged information. This is despite the fact that Judge Sarah Netburn ruled that the commission should furnish Ripple with documents discussing Bitcoin, Ethereum, and XRP. 

Per her judgment,

Intra-agency memoranda or formal position papers discussing Bitcoin, Ethereum, and XRP must be searched for and produced subject to a privilege assertion. Examples of such documents include Division reports, final reports of internal working groups, or formal position papers submitted to the Commissioners.

Gensler Discusses Regulations in Crypto

The SEC chairman during his interview also touched on the subject of regulations in the crypto industry. Gary Gensler noted that too many projects in the space were not regulatory compliant.

He continued that these projects usually tend to claim to be something else so as not to register with the commission whereas many of them are securities.

The SEC, under Gary Gensler, has repeatedly urged crypto projects to register with the commission in order to further protect members of the public.

After a Week to Forget, What Lies Ahead for Bitcoin (BTC) and the Crypto Market?

The crypto market has been on the back foot since November. For Bitcoin (BTC) and a number of other majors, including Ethereum (ETH), the pullback comes after having struck new all-time highs in late 2021.

Bitcoin (BTC) and Key Crypto Market Drivers

It was a week to forget for Bitcoin (BTC) and the broader crypto market. In the week ending 9th January, Bitcoin (BTC) slid by 11.51% to end the week at $41,856. It was Bitcoin’s (BTC) largest weekly decline since a 13.74% slide in the final week of November. More significantly, the loss was the 6th in 8-weeks.

For the Bitcoin (BTC), avoiding a 7th consecutive day in the red and sub-$40,000 were key. The last time Bitcoin (BTC) fell for 7 consecutive days was back in 2018.

Things were not much better elsewhere, with Ethereum (ETH) tumbling by 17.79% to end the week at sub-$3,200 levels.

For the crypto market, the start of the year sell-off left the crypto market cap down $1,964bn. Back in November, before the current reversal, the market cap had hit a high $3,009bn.

BTC Monthly Mkt Cap 100122

The key driver in the week included more hawkish than anticipated FOMC meeting minutes. Bitcoin (BTC) fell by 2.7% in the hour following the release of the minutes. Pressuring Bitcoin (BTC) and the broader market in recent weeks, however, continues to be a pickup in regulator chatter and activity. With news hitting the wires of a U.S Congress sub-committee preparing to hear on the effects of cryptos and Bitcoin (BTC) mining on the environment, downside risks remain.

Key Drivers for the Week Ahead

While it has been a more positive start to the week, it could be another testy week ahead. On the U.S economic calendar, inflation figures for December will likely have an impact on the crypto market. A further pickup in inflationary pressure would price in a March rate hike, which would be crypto market negative.

On the monetary policy front, FED Chair Powell is due to give testimony on Tuesday, which will be another test. Hawkish chatter will also be considered crypto market negative.

Looking at regulatory news, any updates on the SEC lawsuit against Ripple’s Lab (XRP) will need monitoring. We will also need to look out for chatter from Capitol Hill and from regulators in key jurisdictions.

Bitcoin (BTC) Price Action

For the week ahead, Bitcoin (BTC) would need to move back through to $43,500 levels to shift sentiment. A move through this week’s $43,361 pivot would bring $45,000 levels into play. The week’s first major resistance level sits at $46,167.

Failure to break back through to $43,500 levels would leave Bitcoin (BTC) in the hands of the bears for another week. A fall through last week’s key support level at $40,500 would bring sub-$40,000 into play for the first time since September 2021. The week’s first major support level sits at $39,051.

BTCUSD 100122 Weekly Chart

Bitcoin (BTC) and the Broader Crypto Market Sink Again as Investor Jitters over FED Policy Lingers

It’s been a particularly bearish start to the year for Bitcoin (BTC) and the broader market. As bullish BTC price predictions for 2022 hit the news at the turn of the year, a New Year’s Day rally had provided hope.

The 1st January rally, however, was an outlier in what has been an active 1st week of the year on the news front.

A marked increase in regulatory chatter and activity coupled with FED monetary policy have hit the markets early in the year.

Monetary Policy

On Wednesday, the FED released its FOMC meeting minutes from the December meeting. Catching the markets off-guard, Committee members talked of the need to lift rates sooner to curb inflation. There was also the talk of needing to begin reducing the balance sheet.

Bitcoin (BTC) slumped by 2.7% within the first hour of the FOMC meeting minutes being released. On the day, Bitcoin (BTC) ended the day down by 5.19% and things were not much better elsewhere.

Ripple’s XRP fell by 5.92%, with Litecoin (LTC) and Ethereum (ETH) seeing losses of 7.59% and 6.50% respectively on Wednesday.

Regulator Activity

Ahead of the FOMC meeting minutes that caused a market stir, regulatory chatter and activity had also tested crypto market support.

At the turn of the year, news hit the wires of Indian tax authorities searching 6 exchanges on suspicion of tax evasion. There was also news of a U.S Congress sub-committee preparing to hold a hearing on the impact of crypto mining on the environment.

All of this, coupled with the talk of a global regulatory framework and the SEC lawsuit against Ripple Lab delivered early pressure.

Bitcoin Price Action

On Friday, Bitcoin (BTC) fell by 3.61% to end the day at $41,548. It was a 6th consecutive day in the red and left Bitcoin (BTC) down 10% for the first 7-days of the year. The early pullback has been in stark contrast to the first week of 2021, when Bitcoin (BTC) had surged by 36%.

Key through the Friday session was avoiding a return to sub-$40,000 levels. Finding support at $40,500, Bitcoin (BTC) ended the day at $41,000 levels.

Having seen red for 6 days in a row, avoiding a return to Friday’s low $40,750 will be key. For the bulls, a move back through Friday’s high $43,136 would be needed to avoid further losses.

At the time of writing, Bitcoin (BTC) was down by 0.61% to $41,799.

BTCUSD 080122 Daily Chart

Elsewhere

Ethereum (ETH) slid by 6.08%, to lead way down on Friday. Bucking the trend at the start of the year, however, has been Chainlink (LINK). Following a 1.85% gain on Friday, Chainlink (LINK) is up 33% year-to-date. News of an Ethereum (ETH) whale purchasing $4.6m worth of LINK has contributed to the upside. Chainlink’s (LINK) decentralized oracle network continues to draw interest, contributing to this week’s gains.

At the time of writing, Chainlink (LINK) was up by 1.31% to $26.29. A breakout from Wednesday’s high $27.45 would bring $30 levels into play, last struck in mid-November. A pullback to sub-$20 levels, however, would test support at December’s low $15.38.

LINKUSD 080122 Daily

New York City Mayor Eric Adams to Take Bitcoin (BTC) Salary

The U.S government and cryptos have been both friend and foe in recent years. Late last year, the City of Miami was in the news, with Mayor Suarez announcing plans to pay locals Bitcoin (BTC) dividends. Incentivizing Miami residents, “the city is offering to pay Bitcoin (BTC) dividends to any locals who create a digital wallet”. The Miami mayor is no stranger to the crypto market. In early November, news hit the wires of Mayor Suarez taking a Bitcoin (BTC) pay check. With a reported annual salary of $97,000, that would have given him a 0.13BTC pay check in November.

Sports and cryptos have also embraced in recent years, with a number of high-profile athletes taking crypto as either salaries or as endorsement pay-outs.

With inflationary pressure lingering and with the greater adoption of cryptos, it come as no surprise that others are willing to take the plunge and accept crypto salaries.

Mayor Eric Adams and Bitcoin (BTC)

Overnight, New York City Mayor Eric Adams confirmed that he will take his first 3 pay checks in Bitcoin (BTC). The mayor had previously spoken of his plans to take a crypto pay check before taking office.

Mayor Adams joins the mayors of Miami and Tampa, who had also announced plans to take Bitcoin (BTC) pay checks. Mayor Adams served with the New York City Transit Police and then the New York City Policy Department before retiring at the rank of captain.

U.S Government and Cryptos

It’s not all upbeat news, however, with the SEC and Congress taking a harsher stance on cryptos. In late 2020, the SEC filed an action against Ripple Labs Inc (XRP) and two of its executives. The complaint alleges that the defendants failed to register their offers and sales of XRP or satisfy an exemption from registration. This was deemed to be in violation of the registration and provisions of the federal and securities laws. Just this week, the U.S government and cryptos were back in the news. News hit the wires on Wednesday of a U.S Congress sub-committee preparing a hearing to assess the impact of cryptos and mining on the environment.

The outcome of the SEC case and findings of the sub-committee hearings could end up hitting the pockets of the mayors of Miami, Tampa, and New York City.

Bitcoin Price Action

At the time of writing, Bitcoin (BTC) was down by 3.37% to $41,643. This morning’s pullback comes off the back of a sharp decline on Wednesday, as the market reacted to the FOMC meeting minutes, released on Wednesday.

Another fall today would make it 6 consecutive days in the red for Bitcoin (BTC), which faces the prospect of a return to sub-$40,000 levels. Bitcoin (BTC) last visited sub-$40,000 back in September of last year.

Looking at today’s moves, Bitcoin (BTC) found strong support at the $41,000 psychological support level. A fall through to sub-$41,000 levels would bring sub-$40,000 into play on the day. A break back through to $43,000 levels, however, would bring $45,000 into play.

BTCUSD 070122 Daily Chart

Nowhere To Hide: Ethereum Retreats Amid Broad Crypto Market Pullback

Ethereum declined towards the support level at $3,400 amid broad crypto market pullback which was triggered by the release of FOMC Minutes.

There Are No Safe-Havens Among Leading Cryptos

Crypto traders should get accustomed to the fact that general financial issues will have a material impact on all leading cryptocurrencies.

Yesterday, FOMC Minutes, which is a summary of FOMC discussion at its latest meeting, indicated that Fed was more hawkish than previously expected. At this point, it looks that Fed may start raising rates in March.

In addition, the Fed may reduce the size of its balance sheet, which means that it will sell Treasuries. This move will lead to higher rates, which are usually bearish for riskier assets.

Crypto markets have clearly received the message. Leading cryptos like Bitcoin, Ethereum, Binance Coin, Solana, Cardano, XRP, Terra are down by 7% – 11% in the last 24 hours.

Put simply, there is nowhere to hide. Going forward, crypto traders will have to closely monitor the developments in U.S. government bond markets. Higher rates are a real threat to riskier assets, and the continuation of the current trend in Treasury yields may put even more pressure on cryptocurrencies.

As Ethereum has now became a part of many portfolios which are run by traditional investors rather than crypto enthusiasts, traders should not think that ETH may have immunity due to some internal developments. If rates continue to move higher and markets believe that it is a major threat to riskier assets (which is the current consensus), Ethereum will move to new lows.

Test of Support at $3,400 Will Define Near-Term Trajectory

eth january 6 2022

ETH declined below the support at $3,580 and made an attempt to settle below the next support level at $3,275. If ETH settles below this level, it will head towards the next support at $3,170. A successful test of the support at $3,170 will open the way to the test of the next support at $3,060.

On the upside, the previous support level at $3,580 will serve as the first resistance level for ETH. In case ETH gets back above this level, it will move towards the next resistance level at $3,715. If ETH manages to settle above the resistance at $3,715, it will head towards the resistance at the 20 EMA at $3,820.

Bitcoin (BTC), Ethereum (ETH), Ripple (XRP), Bitgert (BRISE) & Terra (LUNA) – Best Crypto To Invest This Year?

Most cryptocurrencies are now rising the December plunge, and soon there might be a bull run in the market like in Q3 and early Q4 2021. But this will depend on the cryptocurrency one will have invested. Let’s see why these 5 cryptocurrencies are the best to invest in this year.

1. Bitcoin

The term Bitcoin is almost synonymous with cryptocurrencies today. As the first cryptocurrency, the coin has made a name and has been a controlling factor in the crypto market. It is the largest cryptocurrency in terms of market value, and a slight movement of the price affects the entire market.

Bitcoin is widely being used as a storage for value, where people are buying it instead of gold. This is because of the high stability the coin has shown over the years. The number of people buying Bitcoin is always increasing, and this is why the price of Bitcoin is expected to grow bigger than in 2021.

With more jurisdictions planning to adopt this cryptocurrency as legal tender and more businesses accepting it as a form of payment, the value of Bitcoin is expected to skyrocket in 2022. This makes it one of the best investments this year.

2. Ethereum (ETH)

ETH has been the second largest cryptocurrency in market value for many years now. The biggest evolution this blockchain protocol brought is the smart contracts. The technology has been a game-changer as it has enabled thousands, if not millions, of dApps to be developed and launched on its network.

Ethereum is projected to still be one of the best crypto investments of 2022 because of the expected developments. The Eth 2 upgrade is still ongoing, and Q2 2022 is when the second phase or Phase 1 is launching. The upgrade from the old protocol is expected to improve the network by addressing most of the current problems, including costly gas fees and scalability.

The upgrade includes switching from PoW to the PoS consensus mechanism to address security issues and shard chains technology to fix scaling problems. The last phase of the Eth2 upgrade might also launch in 2022. There are also many utilities coming up in 2022 that make the project an attractive investment.

3. Ripple (XRP)

Ripple has been one of the most influential DeFi projects in the crypto market. Started in 2012, the project’s objective was to help decentralize the financial industry. The team is still working on this goal by addressing the rising problems in the decentralization process. Though a huge number of people are still using the centralised financial systems, billions of dollars have been transferred through the XRP payment platform.

The team is currently working on increasing the adoption of the XRO currency globally. Getting more people to join blockchain is the key to success for a cryptocurrency. So the team is working to make the payment widely used across the globe.

The 2022 roadmap is majoring in improving the RippleNet to make it a better payment platform. The improvements include enhancing user experience, reducing the cost of transactions by cutting gas fee, and so on. The Ripple team is also adding more utility to the platform in 2022, which will make it an ideal investment.

4. Bitgert

Bitgert is a cryptocurrency that should be on every crypto investor’s radar. The crypto project is relatively new since it is only 5 months old but has accomplished so much in such a short period. The team is building a DeFi protocol on the Binance Smart Contract. The project includes a powerful global payment platform with the aim of building a complete Bitgert ecosystem.

The team has already launched multiple products in this short time. The Brise dApp wallet, Swap, and the $BRISE staking process are some of the major products already launched. But the products in the 2022 roadmap will be the game-changer.

The team has announced the launch of the centralized Brise exchange in Q1. The beta version is coming up end of February. But it is the zero gas fee blockchain that will make this cryptocurrency the best investment of 2022. The gasless blockchain is also launching in 2022 but is currently in the development stages. The team is also doxxing in Q1 2022. Visit the Bitgert website for more information.

5. Terra (LUNA)

Terra (LUNA) has been doing very well in the market since late July 2019, when the cryptocurrency launched. The objective of the project was to provide a platform where crypto traders can have a safe haven from the fast fluctuating tokens. That’s why LUNA coin is pegged to stablecoins to help stabilize users’ investments.

The Terra cross-chain protocol uses fiat-pegged stablecoins to protect token holders from high price fluctuation losses. To avoid making losses, users can easily swap to a stable coin. In addition, Luna holders earn some income when they swap the coin with stablecoins like the U.S. dollar, South Korean won, and Mongolian tugrik.

Besides the Terra 2022 roadmap and its utility, the number of people looking for stable coins is increasing every day. Therefore, this is one of the cryptocurrencies likely to surge as more people adopt crypto in 2022.

These are reasons why these cryptocurrencies might be the best investment of 2022. There are so many developments happening on every cryptocurrency, but Bitgert looks like the most aggressive of the 5. Thought research is recommended before investing.

 

Terra (LUNA) Is The Only Leading Crypto With A Strong Upward Trend

LUNA Continues To Rally While Other Leading Coins Lack Upside Momentum

While most leading coins have lacked momentum at the start of the year, Terra has started the year 2022 on a strong note.

Terra, which is world’s second-largest DeFi blockchain, has quickly gained popularity in 2021, and traders bet that it will show strong performance in 2022.

Among leading coins like Bitcoin, Ethereum, Binance Coin, Solana, Cardano, XRP, Polkadot, Avalanche, Dogecoin, Shiba Inu, LUNA is the only cryptocurrency which enjoys a strong upside trend right now.

It should be noted that AVAX is in a general upside trend as well, although its has recently failed to reach highs of the previous rebound. Other leading coins are all in a pullback phase, which highlights LUNA’s strength.

LUNA Looks Ready To Move Closer To $100

luna daily january 3 2022

LUNA received support near the $88 level and is trying to settle above the resistance at $92.50. In case this attempt is successful, LUNA will move towards the next resistance level at $98. There are no important levels between $92.50 and $98 so this move may be fast.

A successful test of the resistance at $98 will push LUNA towards the resistance at $101.50. In case LUNA gets above this level, it will head towards the next resistance level at $103.50.

On the support side, the nearest support level for LUNA is located at $88. In case LUNA declines below this level, it will head towards the next support at the 20 EMA near the $84 level. A move below the 20 EMA will open the way to the test of the support at $81.20.

luna h1 january 3 2022

Taking a look at H1 chart, we can see that RSI remains in the moderate territory despite the recent upside move, which means that LUNA has a good chance to gain upside momentum in the near term. It should be noted that trading volume has declined a bit in the first days of the year, but it will likely pick up in case LUNA manages to settle above $92.50.

Solana Remains Under Pressure As Crypto Market Sell-Off Continues

Bitcoin’s Move Below $50K Put Significant Pressure On Leading Coins

The recent Bitcoin‘s move below the important $50,000 level has put material pressure on other leading coins. Solana found itself under the most significant pressure among top-10 coins, and it has already lost more than 7% of value in the last 24 hours. However, it remained the world’s 5th cryptocurrency by market capitalization as other coins like Cardano, XRP, Terra, Polkadot and Avalanche also faced a material sell-off.

It should be noted that the current pullback is not correlated to any sell-offs in other riskier assets. For example, S&P 500 futures are currently moving towards all-time highs that were reached yesterday, which shows that traders’ appetite for risk remains strong.

It is a worrisome development for crypto bulls as the simultaneous sell-off in leading coins shows that some market players are moving their capital out of the crypto segment. However, it is not clear whether this trend will be sustainable as funds may rush to establish new positions at the very beginning of the next year, which may be bullish for most riskier assets, including cryptocurrencies.

Solana May Break Out Of The Recent Upside Channel

solana daily december 29 2021

Solana is currently trying to settle below the support level near $178. Importantly, it is also trying to break out of the recent upside channel. In case Solana manages to settle below $178, it will gain additional downside momentum and move towards the next support level which is located at $170.

A move below the support at $170 will push Solana towards the support at $164. In case Solana declines below this level, it will head towards the support at $157.

On the upside, Solana needs to get back above the 20 EMA near $186 to have a chance to develop sustainable upside momentum. The next resistance level is located at the 50 EMA near $190. A move above the 50 EMA will open the way to the test of the resistance near the $200 level.

solana h1 december 29 2021

Taking a look at H1 chart, we can see that RSI has recently moved back into the moderate territory, so there is enough room to develop downside momentum in the near term. There are no material support levels between $178 and $170, so Solana may quickly get to the test of the next support level in case the crypto market pullback continues.

Bitcoin Slips Back Below $50K Amid Crypto Market Pullback

Bitcoin Lost Momentum, Other Leading Coins Also Moved Lower

Bitcoin failed to settle above the 50 EMA near the $52,000 level and pulled back below the psychologically important $50,000 level. This move had a negative impact on crypto market mood, and all leading cryptocurrencies have found themselves under pressure.

Ethereum declined below the support level at $4,000 and is trying to settle below the next support near the $3,900 level. Solana failed to settle above the $200 level and tested the support at the 20 EMA at $187.50. Binance Coin, Cardano, XRP, Terra, Avalanche are all moving lower as traders reduce their positions after Bitcoin’s move back below the $50,000 level.

The current situation is especially disappointing for crypto bulls as there is no global rush out of riskier assets. S&P 500 futures are trading near all-time high levels, gold remains stuck in the $1800 – $1815 range while U.S. dollar is mostly flat against a broad basket of currencies. This means that the current pullback is limited to the crypto space.

50 EMA Is A Strong Obstacle On The Way Up For Bitcoin

bitcoin december 28 2021

Bitcoin faced strong resistance near the 50 EMA and declined below the 20 EMA which is located near the psychologically important $50,000 level. This is a major disappointment for the bulls who hoped that Bitcoin will be able to gain strong upside momentum after it managed to get above the $50,000 level.

If Bitcoin settles below the 20 EMA, it will move towards the next support level at $48,000. A move below this level will push Bitcoin towards the support at $47,000. In case Bitcoin declines below the support at $47,000, it will continue its pullback ana head towards the support at $46,200. A successful test of this level will push Bitcoin towards the recent lows near $45,500.

On the upside, Bitcoin needs to settle back above $50,000 to have a chance to develop upside momentum in the near term. The next resistnace level is located near the 50 EMA at $52,000. The recent trading action indicated that it is a very important resistance level for Bitcoin, so a move above this level will provide Bitcoin with an opportunity to gain strong momentum and get to the test of the next resistance at $53,500. A successful test of this level will push Bitcoin towards the resistance at $55,500.

Ripple’s XRP Price Prediction for 2022

2021 was a particularly bullish year for Ripple’s XRP and the broader crypto market. A number of the crypto majors, including Bitcoin (BTC) and Ethereum (ETH) struck new all-time highs late in the year.

Increased adoption and greater market awareness of NFTs, the metaverse and Web 3.0 drove the market cap from a January year-low $736bn to a November year high $3,009bn. The total crypto market cap stood at $2,380bn at the time of writing.

Demand for alt-coins were also on the rise with Bitcoin’s (BTC) dominance taking a hit. BTC dominance had stood at 73.63% in January before sliding to a 2021 year low 39.56% in September. BTC dominance stood at 40.1% at the time of writing.

According to CoinMarketCap, XRP is the 7th largest crypto, with a market cap of $43.77bn. XRP had sat at the number 3 spot for a significant period of time before losing ground.

The fall from the number 3 spot came in spite of XRP surging by 319% in the year. Others have simply done better, with the SEC lawsuit against Ripple Lab pinning XRP back from larger gains.

Binance Coin (BNB), now ranked 3rd by market cap, is up 1,356% for the year, with Cardano’s ADA (ranked 6th) up 691%. Solana (SOL), currently ranked 5th by market cap, is up by an impressive 12,764% for the year.

XRP Moves in 2021

In January 2021, XRP’s had fallen from a previous year high of $0.7872 to a Jan-2021 low $0.2108. Finding support from the broader market, XRP struck a 2021 year high $1.9660 in April before sliding back to $0.50 levels.

The SEC lawsuit against Ripple Lab led to the sell-off. Late in the year, however, hopes of a favorable settlement with the SEC saw XRP test resistance at $1.00.

The SEC action against Ripple Lab and two executives alleges that over $1.3bn was raised through an unregistered, ongoing digital assets securities offering. Key to the claim is that the SEC classified XRP as a security. This was in contrast to ETH. In June, the SEC had stated that ETH offers and sales are not securities transactions. The announcement supported an ETH run to an ATH $4,868 in November.

XRP’s market cap, now sitting at $43.77bn had recovered from a Jan low $10.78bn to reach a year high $83.51bn before falling back.

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What’s next for Ripple’s XRP in 2022?

The markets are bullish for the year ahead. Much, however, will depend upon the outcome of two lawsuits.

A claim of bias against the SEC filed by Empower Oversight, a non-profit government watchdog, will be key. Empower Oversight claims that SEC officials were biased against Ripple Lab and XRP. A verdict in favor of Empower Oversight would give the SEC more reason to close out the claim against Ripple Lab, which should favor XRP.

Such an outcome to the claims could see XRP breakout from its January 2018 ATH $3.35. Some are talking of hitting $5.00 levels in the year. An unfavorable outcome, however, would have a devastating impact on XRP and XRP holders. While torn, the markets have been more optimistic than earlier in the year.

Aside from the outcomes of the two lawsuits, broader crypto market movements will also influence, however. A bearish year for the crypto markets could see XRP fall back to $0.50 levels. The downside risk to the broader crypto market remains greater regulatory oversight.

XRPUSD 261221 Hourly Chart