Crypto Market Watch: What’s In Store For Bitcoin Price Ahead of Federal Reserve Chairman’s Speech
Bitcoin ended last week with a bearish trend for the first time in five weeks. It reached a high of $24k but dropped to below $23k during Monday’s Asian trading session. According to Coinglass, over $97 million was liquidated in the cryptocurrency market as traders took profits.
Moreover, there has been a shift in crypto funds moving from big-cap to small-cap altcoins such as BabyDoge, which rose over 200% in the past week.
As Bitcoin’s price is retesting the lower support level of a rising channel in a four-hour time frame, concerns of a market collapse have grown in the crypto community. Also, a well-known analyst known as il Capo of Crypto believes that Bitcoin’s price should not drop below $22.5K to maintain its bullish trend.
The crypto community is advised to stay alert for significant news, such as Federal Reserve Chairman Jerome Powell’s upcoming statement tomorrow. Powell holds significant power over the dollar and interest rates, which have caused inflation to soar.
Many analysts predict a recession later this year or early next year, and crypto investors are warned to keep this in mind as it could affect prices. However, the CEO of Wave Financial, Siemer, is more optimistic and believes that the recession will not be as severe as previous ones. He cites the resilience of consumers and the fact that the Fed’s actions are having a gradual effect, though the full impact on the economy may not be seen for another quarter or two.
Ray Dalio’s Opinion on Bitcoin and Crypto Has Shifted – Here’s What He Has to Say
Ray Dalio, an American investor and hedge fund manager, has appeared in a CNBC interview and talked about crypto. When asked about his updated opinion on the assets, Dalio said something that made it quite clear he had changed his mind about the assets.
Ray Dalio and Crypto
At the end of 2020, Dalio actually publicly voiced his support of Bitcoin specifically, saying that the token undeniably has value and has proven to be revolutionary. At the time, he said that he thinks we were entering an era where there is going to be a competition of monies because of the printing of fiat money and the depreciated value, and Bitcoin was a part of that competition. Bitcoin has two purposes; a medium of exchange and a store hold of wealth. He looks at Bitcoin as an alternative to gold.
It would seem that Dalio has revised his opinions on Bitcoin and other cryptocurrencies over the course of the last year. Fast forward to 2023 in the CNBC interview, Dalio started by admitting that it is quite amazing what Bitcoin has accomplished in the past 12 years. But he doesn’t think the token has any relation to anything.
“It’s a tiny thing that gets disproportionate attention.” —Ray Dalio
He went on to say that the value of one Bitcoin is less than a third of the value of one share of Microsoft stock. The investor believes that purchasing an inflation index bond rather than Bitcoin is a more effective way to protect themselves from the effects of inflation.
The crypto community on Twitter is probably not too pleased with Dalio, and they certainly do not agree with his assertions in the slightest. At the time of this publication, one bitcoin is now valued $23,317 and has a twenty-four-hour trading volume of $35 billion.
A ‘Crypto Crash’ Meeting Will be Held on Valentine’s Day! Here’s What Traders Can Expect
Although the market for cryptocurrencies started to rise at the beginning of 2023, the overall prognosis is still uncertain because of the ongoing economic downturn. Nevertheless, it is now safe to say that the cryptocurrency market had a declining trend in 2022.
For instance, the recent collapse of FTX, a Bahamian cryptocurrency exchange established by Sam Bankman-Fried, has created a significant deal of uncertainty in the cryptocurrency industry.
U.S. lawmakers are spinning two different stories about the aftermath of the FTX collapse. However, the Senate Banking Committee is all set to hold a hearing on February 14 to discuss safeguards for the financial system against the risks associated with digital assets. The hearing is called “Crypto Crash: Why Financial System Safeguards are Needed for Digital Assets.”
U.S. Sen. Tim Scott (R-S.C.), the chair of the Senate Banking Committee and the top Republican on the committee said in a statement on Thursday that he wanted to begin work on a bipartisan regulatory framework for cryptocurrencies on that day.
Sen. Scott said, “Recent years have seen expansive growth in the digital assets industry, including an increasing number of consumers interacting with cryptocurrencies. Several high-profile failures resulted in lost consumer assets, exposed regulatory gaps, and highlighted concerns with illicit finance.”
A Difference of Opinion
Congress had a meeting to discuss what Washington should do in the wake of the shocking collapse of the cryptocurrency exchange FTX. Senators urged for immediate legislative action to protect consumers, but there are still numerous differences of opinion over the specifics of such efforts. The debate over how precisely cryptocurrency should be regulated in the United States is expected to last for months.
The FOMC announcement on Wednesday brought bad news to the cryptocurrency industry, and the price of Bitcoin eventually fell below $24,000. However, on the flip side, the Fed’s shift to a dovish policy after remaining hawkish throughout 2022 has been a signal for the cryptocurrency market to rally, and the market has capitalized on this by increasing liquidations.
Crypto Market Watch: Why is Bitcoin Price Down Today?
Bitcoin price has edged 2 percent lower today to trade around $23.4k on Friday. After retesting $24k twice on the four-hour time frame, the RSI indicator has formed a falling divergence that most often leads to a price dump. Bitcoin bulls should be extremely careful with the death cross, which entails the 50 and 200 WMAs, not to happen for the first time since its inception.
Furthermore, the 50 and 200 WMAs have acted as a support line for the past ten-plus years and would turn to a resistance line if the death cross occurs.
Nevertheless, popular crypto analyst Rekt Capital thinks Bitcoin will break the macro downtrend next month or in April. Moreover, on-chain data shows Bitcoin miners have reduced their sell pressure after taking profits in the past few weeks. Additionally, whales continue to accumulate more Sats irrespective of the price volatility.
Bitcoin Market Under Macroeconomic Influence
By now, it is safe to say that Bitcoin price has a significant correlation with global market indexes due to high institutional adoption and crypto regulations. During the last few days, Bitcoin price has reacted to the high-impact news from the Fed statement regarding interest rates. As the United States dollar exhibited more weakness, Bitcoin price edged higher to $24k.
“I do expect it’s likely DXY will retest what was support and now overhead resistance. This would align with my inverse expectation on BTC and Crypto moving down a touch before a final ‘blowoff’ high (not much higher imo),” Mathew Dixon, CEO Evai, noted.
With more high-impact news expected from the United States later today on the unemployment rate, more volatility is expected in the crypto market during the weekend.
Stablecoin Dominance Ready to Strike Down- Will the Bullish Continuation for the Crypto Prevail?
The stablecoins like USDT, USDC, etc experienced a wider adoption throughout the year 2022 as the bear market restricted the rally to a large extent. However, as 2023 began with a kickstart of giant price action, the demand for these stablecoins dropped. Therefore, the dominance of these tokens is plunging by a huge margin and presently testing one of the important support levels.
Moreover, the strength of the rally also appears to be extremely weak and hence it may result in an explosive move toward the south. Moreover, the Trend Breakout Indicator(TBO) substantiates the weakening of the rally as it indicates the beginning of a deep bearish trend.
The combined market cap of the top 2 stablecoins has plummeted from around 15% and currently hovering just above 10%. If the levels fail to sustain above these crucial levels, then a continued downtrend may slash the combined market cap below 10% to reach 9.69%.
However, considering the individual market cap of both USDT and USDC, the USDC market capitalization has been slashing hard and faced rejection from $70 billion to drop below $65 billion. Meanwhile, the USDT’s market cap has been witnessing significant growth in the past week rising from $66.29 billion to reach levels just above $68 billion.
Therefore, it can be considered as the market participants are again betting on USTD as the USDC’s market cap is plunging comparatively. Therefore, the USDT is believed to maintain its dominance against USDC while the bullish market sentiments may prevail for the cryptos in the longer term.
Canada’s Largest & Longest Running Crypto Conference, the Blockchain Futurist Conference, Returns for a Fifth Year!
The fifth annual Blockchain Futurist Conference is scheduled to take place in Toronto, Canada, on August 15 and 16, 2023. The Rebel Entertainment Complex and Cabana Pool Bar, an unconventional venue providing a one-of-a-kind crypto experience, is all set to host the event once again. The conference is organized by Untraceable. A veteran blockchain events company that has been hosting the iconic crypto events for over a decade now.
The Blockchain Futurist Conference, Canada’s largest and longest-running cryptocurrency conference, brings together over 6500 people and 150 speakers to discuss the most recent advancements, trends, and innovations in the industry. The conference features three stages, two floors of expo booths, NFT galleries, crypto marketplaces, blockchain bootcamps, developer hackathon, networking events and many more.
Blockchain Futurist Conference is true to its ethos and enables everything to accept cryptocurrency onsite, including: outdoor vendors, food trucks, carnival stations, ticketing, Bitcoin ATMs, NFT access passes, and even crypto-enabled helicopter rides.
Additionally the conference is the grounds for sub-events directly at the venue. Last year, Futurist organised gatherings for BitBoy, Telos, and the Bored Ape Club Canada, as well as various happy hours, a women’s luncheon, private yachts, and more. The renowned Closing Cabana Party, which will be held this year on August 16, 2023, is also open to all ticket holders.
This year’s conference will again feature Untraceable’s event engagement token called UNNY.Attendees are encouraged to participate in activities like visiting expo booths and speaker sessions. Numerous participants earned UNNY last year, allowing them to redeem benefits including on-site access to food stations, front-row tickets to see Vitalk Buterin, and helicopter trips.
The conference features numerous panel dicussions, workshops, and keynote speeches from some of the most prominent figures in the industry. Charles Hoskinson, Founder of Cardano, CNN Legend, the late Larry King, and for two years in a row, Vitalik Buterin, Inventor of Ethereum, are some of the previous speakers inlcluded.
Opportunities to participate as a sponsor, exhibitor, media partner, NFT artist, or speaker are now available.
Purchase tickets at futuristconference.com right away.
Nearly $8.5M In Crypto Transferred To Alameda Wallet
The FTX collapse had a tremendous effect in the crypto space after which most of the cryptocurrencies tumbled down including crypto firms. This was the time when Bitcoin was pulled back hitting as low as $15,000 area along with other large cap cryptocurrencies. The investigation is still on where the founder Sam Bankman-Fried claims that he is not guilty.
Now with the latest updates, one of the blockchain security companies, PeckShield Alert has cautioned against spotting money transfers into Alameda connected wallet. As per the company’s Twitter post, there is a transfer of nearly $13 million to an unknown wallet that is connected with Alameda Research. Alameda Research is a trading platform that is associated with a bankrupted FTX exchange.
Alameda Research Wallet Receives $13M Crypto Funds
As per the Tweet, this $13 million transfers was made via three cryptocurrencies such as ETH, USDT and USDC. Among this, over 6 million worth of USDT and 1,545 Ethereum (accounting to $2.5 million) were moved from Bitfinex exchange. Further another 4.6 million USDC was sent from an unknown wallet that had an address ending with -0x7889.
However, PeckShield is still trying to figure out the anonymous sender of 4.6 million USDC and the reason behind Bitfinex moving nearly $8.5 million worth of Crypto. Moreover, another $65,000 worth of LDO token was transferred from another Alameda wallet to the consolidated wallet.
Meanwhile, United States District Judge Lewis Kaplan has asked Sam Bankman-Fried to reveal the names of his guarantors in his $250 million bail. As per the filings, Judge Kaplan has approved the joint petition filed by eight media firms that have asked to make the two people involved in the bail public. These eight media firms also include Reuters, Financial Times and Bloomberg.
As per the speculations, the two people involved in Sam Bankman-Fried’s $250 million bail includes Shark Tank’s O’Leary and American billionaire investor Bill Ackman. As per the Judge’s statement, SBF’s lawyers are supposed to give out the names by February 7, 2023.
IRS Wants You to Declare Your Crypto Activities; What This Means for Bitcoin, Ethereum, and Snowfall Protocol Users?
The latest reporting obligations published by the Internal Revenue Service (IRS) require the general public in the USA to provide details of their crypto activities, whether they are a part of the crypto world or not. As of 2021, the IRS does not use the term “virtual money”. It has been replaced by “digital assets”. Every US citizen is required by law to answer all the questions related to their crypto activities.
Answering the Questions
Individuals have to answer questions about their crypto activities in three different tax forms. These are:
- 1040 Individual Income Tax Return
- 1040-SR U.S. Tax Return for Seniors
- 1040-NR U.S. Non-resident Alien Income Tax Return
All these 3 forms have questions about digital assets and income from them. IRS requires all individuals to answer their questions with a “yes” or a “no”. All U.S. citizens are now required to answer questions about cryptocurrencies irrespective of whether they participated in any digital asset transactions or not.
The IRS also wants to know if an individual has acquired, transferred, or sold digital assets in the financial year. Individuals should also report any financial gains from their crypto activities, including mining or staking cryptocurrencies.
IRS Tracks Popular Cryptos
Privacy is vital to the crypto space. After all, it is one of the tenets of the crypto-verse. But, in the U.S., IRS has many ways to reach crypto users and make them pay their taxes.
IRS has gotten better at tracking Bitcoin for multiple criminal investigations. They can also easily freeze assets in such cases. So, those who transact in famous cryptocurrencies like Bitcoin and Ethereum should keep tabs on legal changes and calculate their tax liabilities accordingly.
It is common for the IRS to gain information about the crypto trading of U.S. citizens by filing subpoenas against companies that run those cryptocurrencies. If you fail to report a loss, gain, or any activity in the crypto market, the IRS will charge you a fine in addition to the tax levied on your income. That can get quite costly.
Snowfall Protocol (SNW) Users & IRS Reporting
Snowfall Protocol (SNW) is yet to be launched in February. However, since its presale in the latter part of 2022, it has created impressive gains for its users. This includes the continuous appreciation in the price, and passive income from staking activities. Moreover, Snowfall Protocol (SNW) is predicted to grow from 1000% to 5000%.
However, when it comes to the new IRS ruling, Snowfall Protocol (SNW) users do not have to declare any gains from selling the tokens or staking the coin. The reason is simple. Snowfall Protocol (SNW) is based out of Europe. So, it does not come under the purview of U.S. laws. All users who buy Snowfall Protocol (SNW) outside the U.S. do not have to worry about paying taxes per the new US IRS laws.
The Snowfall Protocol (SNW) users do not have to go through the tedious process of filling out three forms declaring their “digital assets”.
| Disclaimer: This is a press release post. Coinpedia does not endorse or is responsible for any content, accuracy, quality, advertising, products, or other materials on this page. Readers should do their own research before taking any actions related to the company. |
Crypto Market Analysis: Bitcoin Bull Market is Back-Did the FOMC Rates Intensify the Rally?
Bitcoin price after recovering from the bearish engulfing in the past few days has now surged above the consolidation to reach the next milestone at around $24,000. The trading volume of the asset spiked by more than 36% to mark levels beyond $30 billion. The current trade set-up displays immense possibilities of a bullish breakout in the coming days that may even rise beyond the crucial levels of around $24,400.
The star crypto, after rising above a deep bearish trend, secures nearly 6 preliminary targets and now appears to be prepared to test the updated long-term targets. In the coming days, more upswing may be expected and higher targets could be reached that converge at $25,000 along with other indicators.
A huge convergence is witnessed at $25,000 where-in, the interim resistance, the 200-day MA and the 50-day MA levels collide, flashing the updated target for the BTC price rally. The recent FOMC meeting did add up to the prevailing bullish market sentiments that also assisted the current price rise.
The fresh FOMC rates were released that were raised by 25 bps to 4.75% after which the BTC price soared high, breaking the barriers at $23,800. Moreover, another 25 bps raise has been predicted for the coming month that could easily push the prices beyond $25,000.
Over the past few months, the US economic conditions, CPI or the GDP forecast, etc have shown positive dynamics. Interestingly, the prevailing conditions also have driven the traditional markets higher.
In the coming days, FOMC is committed to slashing the inflation rates to 2% from the current 6.5% and ensuring stability. Moreover, it believes that these rates can be achieved without a recession, while the economy will continue to grow along with Bitcoin & the entire crypto space.
Crypto Market Up Today, Bitcoin Price Holds Steady!
Run towards a bullish weekend! The cryptocurrency market has opened the market on a positive note as the majority of large cap cryptocurrencies have turned bullish. This bull rally is led by the first born crypto, Bitcoin price which has now jumped above $23,500 level and is strongly moving towards $24K. It’s just not that, even Ethereum, BNB, XRP, Cardano, Solana and other top altcoins have regained their lost price rally.
At the time of writing, Bitcoin is valued at $23,793 after a surge of 3% in the last 24 hrs. While Ethereum has gained 5.52% over the last 24hrs and is now trading at $1,667 leading the altcoin rally.
Crypto Market Surge With Fed’s 25 bps Interest Rate Hike
This wasn’t the scene a day ago as the crypto market was dwindling before the FOMC meeting results. However, during the FOMC conference, Federal Reserve chair, Jerome Powell claimed that the committee is focused towards the 2% inflation target. The Fed also claimed that even though inflation has dropped it is still too high and needs to be curbed.
After the Fed Chair’s above statement, the crypto market did react negatively, but soon bulls took control once the US Federal Reserve announced interest rate hike. Following the FOMC meeting, the US Federal Reserve held its meeting and concluded with an interest rate hike of 0.25% or 25 bps.
Last year the financial market witnessed one of the highest interest rate hikes by the Fed which was raised from 4.5% to 4.75%. This aggressive approach was to bring down the increasing inflation rate. Meanwhile, the US stock market which the crypto assets tend to follow has also gained wherein, the S&P 500 gained 1.05% and Nasdaq 100 is up by 2.16%.
On the contrary, what needs to be noted here is, during the FOMC meeting the Fed Chair claimed that the inflation still remains high and the job is not done. This suggests that the interest rate hikes will continue further and hence, the investors and traders should consider the crypto market volatility before making any further decision.
Jim Cramer’s Crypto Market Prediction: Sell or Hold On?
With the looming fear of inflation in the atmosphere, it is uncertain how the markets will perform in the coming days. It is projected that global growth will fall to 2.9 percent in 2023. Rising interest rates and the war in Ukraine continue to weigh on economic activity.
Jim Cramer, well known as the host of CNBC’s “Mad Money,” in which he tries to teach people how to think like professional investors. He recently stressed that investors should embrace the current market conditions and view any declines as opportunities to buy on a dip.
Jim Cramer’s most recent prediction
In a recent appearance on CNBC, Jim Cramer emphasized the need for investors to be ready for down days since they can present valuable buying opportunities. Despite recent stock declines, he observed that the market’s ability to rise further shows that the bull run still has further to go.
The market delivered solid gains on Tuesday, with the S&P 500 posting its best January performance since 2019, the Nasdaq Composite posting its best January performance since 2001, and Bitcoin closing January with a 40% gain.
These encouraging results have been attributed to strong corporate earnings and weaker-than-anticipated inflation data, and Cramer thinks they show that high-quality stocks will continue to recover despite short-term market fluctuations.
Community reaction
Crammer’s prediction has been met with criticism. Many of them have stated that he should not be taken seriously because his predictions never result in profitable trades. The community appears to have reservations about following the TV personality’s advice and predictions.
However, it is worth noting that market fluctuations leave a lot of room for investment changes. Having said that, each investor must conduct their own research before planning to invest in the market.
UCC Lawyers Refute Claims Of Leaked Bids for Celsius Crypto Assets
A recent Twitter Space named “town hall” saw lawyers from White & Case LLP, Gregory Pesce, and Aaron Colodny, refute claims that the bids for Celsius’ crypto assets were mostly abandoned.
To provide some context to the issue, recently a blogger named Tiffany Fong had written about this in a post in her blog on Jan 27, saying that five companies were interested in buying Celsius’s crypto assets, including Binance, Bank To The Future, Galaxy Digital, Cumberland DRW, and NovaWulf. The lawyers denied these claims during the town hall.
Fong had previously stated that the bids were “for the most part, abandoned,” citing a statement from a Celsius lawyer who proclaimed the bids they received so far “have not been compelling.”
However, Pesce and Colodny, representing the Celsius Official Committee of Unsecured Creditors (UCC), denied this claim and stated that the bids have not been rejected.
“The assertion that the bids have been rejected is just categorically false,” said Pesce. “Every day, we and the debtors are providing public messages and private messages to potential investors about where they stand in the process.” The UCC lawyers are now investigating the leak and aim to choose a path and bring the bankruptcy to a close as quickly as possible.
UCC Lawyers Speak Out
The UCC lawyers also made comments in light of the recent examiner’s report on Celsius. “Mr. Mashinsky and many members of his team did wrong. They put themselves ahead of the company and its account holders,” said Colodny. The UCC is exploring options for recovery, including becoming a publicly-traded recovery corporation, selling off some of its mining equipment, winding down Celsius or transferring crypto to a third party.
The leaking of the bids has caused concern, with the UCC lawyers stating that there is a potential for manipulation by an investor involved in the process. Fong has responded to the accusation, claiming that the leaked bids were 100% free and not behind a paywall. Despite the controversy surrounding the leak, the UCC lawyers remain committed to finding the best outcome for Celsius account holders.
No Tax Relief For Crypto Investors & Traders
-
Indian budget 2023 mentions no reduction in crypto tax
-
Indian crypto investors and traders to continue its 2022 crypto regulation for 2023
Today is the day where the investors and traders are eagerly waiting for two of the important events that will mold the further days for the Cryptocurrency industry. The first is the FOMC meeting followed by Fed’s interest rate decision and next is India’s 2023 budget affecting future days of Crypto investors.
The Indian investors and traders have been looking forward to this year’s budget in terms of any change in the crypto regulation. However, it looks like the Indian crypto space has let down its investors as there is no change mentioned for the crypto. Just a few hours ago, the Indian Finance Minister, Nirmala Sitharaman placed the budget for 2023 where the Indian crypto investors and traders were taken aback after the budget mentioned no plans or tax relief for Crypto trading and other Virtual Digital Assets (VDA) for the Indian Space.
This move indicates that the Indian crypto investors and traders will continue last year’s crypto regulation. In 2022 India laid down the crypto tax slab where the investors and traders had to pay 30% tax on profits and a 1%tax deduction at source (TDS). Now, the same rules are set to continue even for 2023.
Kazakhstan Leads Innovation, Proposes Amendments To Crypto Trading Framework
Kazakhstan, an oil-rich nation in Central Asia, surpassed Russia in February 2021 and has since maintained its position as the third-largest contributor to Bitcoin BTC mining. Kazakhstan made up 13.22% of the overall Bitcoin hash rate as of January 2022, trailing just the two historical leaders, the United States (37.84%) and China (21.11%).
The nation is now taking additional measures to maintain its status as one of the largest contributors to Bitcoin mining. Read on to see what these steps are.
Kazakhstan Publishes Consultation Paper Enhances its Crypto Trading Framework
Kazakhstan published a consultation paper in order to evaluate public interest in suggested changes to the cryptocurrency trading regime. A consultation paper is a document published that outlines the current law’s shortcomings, providing justifications for and against potential fixes, and seeking responses.
On January 27, the Astana Financial Services Authority (AFSA), a Kazakh regulatory body, published the policy paper. The AFSA emphasized that the revisions aim to add some enhancements to the Digital Asset Trading Facility (DATF) regulatory framework, which was established by the Astana International Financial Centre in 2018.
The investigation by AFSA brought to light issues with the continued regulation of cryptocurrency exchanges, exposing “contradictions, ineffective rules, and ambiguous terminology within the system.” It suggested implementing risk mitigation strategies on a number of fronts, including governance, illegal activity, client funds security, and settlement.
What changes will this bring?
The AFSA believes that the policy proposals will result in a number of changes, including risk mitigation for crypto operations and the industry as a whole. Furthermore, the improvements will resolve the existing framework’s ambiguities and imprecise regulations. The end goal, according to AFSA, is to establish a conducive environment for crypto exchanges while promoting innovation. According to reports, the new changes will benefit the crypto exchange industry.
The study also revealed that the development of the “Digital Assets framework: Crypto exchanges, STO, and DASP” is one of three main development targets in the “AFSA’s Strategy for 2022” initiative, which is aligned with the review of the DATF framework.
Kazakhstan’s central bank has proposed establishing an in-house central bank digital currency (CBDC) in 2023, with a progressive increase in functionality and commercialization until the end of 2025.
Initiatives like this regarding cryptocurrency are very healthy in the market. Investor confidence in the industry was shaken as a result of the FTX crash. However, Kazakhstan’s move is a step in the right direction for cryptocurrencies.
Court Greenlights Blockfi’s Plan To Repay Creditors With Crypto Mining Sale
BlockFi, a cryptocurrency exchange, filed for Chapter 11 bankruptcy on November 28. BlockFi was a victim of the contagion brought on by FTX’s collapse. The bankruptcy of the crypto hedge fund Three Arrows Capital in June coincided with a liquidity issue at the New Jersey-based exchange, which marked the beginning of problems. During the June crisis, former FTX CEO Sam Bankman-Fried offered BlockFi a life raft, but it swiftly deflated as the FTX enterprise collapsed.
Here is the latest update on the Blockfi fiasco.
Blocki wins approval to auction assets
BlockFi has won approval from a New Jersey bankruptcy court to begin auctioning off its bitcoin mining assets. It has suitors looking to purchase all or a portion of the business. In a filing earlier this month, the company stated that it had contacted 106 prospective buyers about purchasing all or a portion of the business. BlockFi’s petition states that it hopes to receive buyer offers by February 20 and end the auction a week later. The company will next submit the motion of sale to the court by March 1 for any agreement it comes to.
The court agreed that the sale of the assets is intended to maximise the recovery and “realizable value” of the corporation. With the court’s approval, more bids for BlockFi’s crypto mining assets are expected to come in.
According to the document, “all qualified bids” were to be sent by the deadline of February 20 to the parties listed in the bidding procedures. The qualifying bidders must submit their bids to the court by March 2 and the representatives of the creditor have until March 16 to oppose the sale of the assets to them.
Why is the bid so important for Blockfi?
BlockFi’s tight deadline is an attempt to get offers as soon as possible in order to capitalize on current market conditions, which have seen most cryptocurrencies rise following months of sideways price action.
According to the newspaper, BlockFi’s lawyer, Francis Petrie, told the court that the business has already received offers for various assets and expects more to come.
On January 24, it was revealed that as part of the bankruptcy procedures, BlockFi has been selling off $160 million in loans backed by over 68,000 Bitcoin mining rigs. Given the state of the cryptocurrency market, some loans were already in default when BlockFi began the process of selling them off last year.
It seems like Blockfi believes that auctioning off as soon as possible would help improve their situation. The situation around the fiasco is likely to improve.
Crypto Assets Record 6-Month High Inflows, Bitcoin Tops The List
The first cryptocurrency Bitcoin has dropped below its crucial resistance of $23,000 area and has taken down the overall crypto market. The entire crypto market is quite bearish just a day prior to the FOMC meeting after which the Federal Reserve is set to announce interest rate hikes. As per Coinmarketcap data, currently, Bitcoin has lost 0.53% over the last 24hrs and is now trading at $22,980.
On the other hand, even though the inflation rate is decreasing, the Federal Reserve is expected to increase interest rate by 25bps.
Bitcoin Records Highest Inflows
Meanwhile, as per CoinShares the crypto investment products have registered a weekly inflow of $117 million in the last seven days. Also this happens to be the highest weekly inflow recorded since July 2022. Among all the cryptocurrencies, the King currency has once again proved its kingship as Bitcoin has recorded $116 million in inflows.
The above chart displays that in the last nine weeks the multi-asset crypto investments have registered an outflow of $6.4 million. Further, the total assets under management (AuM) has spiked 43% in the last two months and currently the AUM is at $28 billion.
Further, when the global flows are considered, Germany takes the top slot when it comes to inflow count as the country has registered $46 million inflows.
However, after a good start of the year the crypto market is now experiencing a slight correction and tomorrow’s FOMC meeting will give a new direction to the market.
Crypto Bloodbath on Feb 1st? Market Strategist Foresees Intense Turmoil
The bankruptcy of FTX, a $32 billion crypto exchange, has shaken investor trust in cryptocurrencies. Market participants are constantly attempting to assess the degree of the harm done and its effect on business in the coming years. In one of the greatest crashes ever, the prices of all major cryptocurrencies plunged immediately after FTX filed for bankruptcy.
However, it appears as if the tide has begun to turn since the beginning of 2023. The top players are rallying major assets. However, the influence of the most recent federal meeting increase in interest rates may be seen in a loss of gains across markets.
As a result of the recent Fed meeting, the cost of capital for companies is increasing, lending conditions for consumers are undoubtedly tighter, and there is still ambiguity about the level at which the Fed will pause its rate hikes to try to moderate inflation.
The Upcoming Fed Meet
Equities, precious metals, and cryptocurrencies have been on a tear in the final three weeks of 2023, and all eyes are now on the next Federal Open Market Committee (FOMC) meeting, which is taking place on January 31st and February 1st.
Governor of the Federal Reserve Christopher Waller stated on Friday that he supports raising the benchmark interest rate by a quarter point at the upcoming FOMC meeting. Analysts predict that the conclusion of the forthcoming Fed meeting will have an impact on the market’s present trajectory.
On Jan. 27, a market expert known as “The Carter” stated that “there will be blood on February 1,” referring to the market upheaval that may occur when Powell addresses the country. While some investors anticipate a dovish Fed and rate reduction, Carter believes Powell will continue to tighten and adopt restrictive policies.
The analyst points out that Powell previously discussed a “broader tightening project” in three stages: rapid hikes to reach a neutral rate, gradual hikes to reach a “sufficiently restrictive” rate, and staying at the terminal rate for a while.
Vermeulen’s Prediction
Chris Vermeulen, CEO and Founder of The Technical Traders, analyses the most recent surge. He explains that he expects gold, silver, and miners to reach a major bottom in the first half of 2023, but adds that this will be followed by a multi-year rally.
While metals may hold up till the end of the year, he still expects a “big top” in the stock market and a corresponding surge in the US dollar.
Crypto Markets Turning Greedy-Is it an Indication of the Start of a Bull Run?
The altcoins in the crypto space have flipped slightly as the bears are slowly gaining their dominance back. The Bitcoin price after trading close to $24,000 has dropped significantly in the past few hours and plunged below $23,000. However, the other major altcoins like Ethereum, Cardano, XRP, etc have been displaying enough strength as they continue to sustain above their gained levels.
The market sentiments are changing gradually, as the FUD appears to have flushed out largely. Meanwhile, the fresh spike has raised the speculation of Bitcoin price soaring beyond $25,000 due to which the markets now appear to have become greedy. With the rise in the Fear and Greed indicator, the markets are believed to remain bullish for some time ahead.
The Fear and Greed Index is a tool that helps investors to understand the sentiment of the market. It indicates to what extent the markets can be fearful and greedy. Presently, the index points towards 51 which is within the range of being greedy. The levels have now marked a 14-month high after being within an extreme fear for over 9 months. The last time, the index pointed to greedy levels was just before the beginning of the bear market in November 2021.
Today, the Fear and Greed Index marked a high around 65, despite the fresh BTC price reversal. Therefore, it can be assumed that the market participants are still bullish on Bitcoin. Hence a notable upswing may prevail that may rise the price significantly toward the interim target of $25,000.
However, Bitcoin’s (BTC) price is priced at $38,000 lower than November 2021 levels and 65% below the current ATH. Therefore, the greed levels may rise in the coming days which could spark a notable rally ahead.
The List of the Biggest Crypto Market Makers
Since the inception of Bitcoin in 2008, cryptocurrency trading has been gaining popularity. Every year, more individual and institutional traders get involved in the crypto industry, mostly investing and trading digital assets via trading exchange APIs. The concept of trading assets like stocks or crypto might appear simple: buy low and sell high. However, the maintenance of an active trading market is complex. The main characteristics are liquidity and a tight spread, and they determine the performance of any given asset, stock, or trading platform. These characteristics are guided by the market makers, that’s why it’s essential to be informed about the list of all cryptocurrency market makers.
Market makers play a key role in ensuring that this procedure goes smoothly behind the scenes. Understanding the function of market makers and liquidity in the cryptocurrency ecosystem is crucial for anyone involved in the crypto industry. The leading market-making firms discussed in this article are at the forefront of this development, given that trading wouldn’t be possible without the liquidity they provide.
Crypto market maker companies and their role
Simply put, a “market maker” is an individual investor or organization who trades in high volumes and has the ability to support the market by providing liquidity. It’s done by submitting both bid and ask limit orders at the same time. The service provider can quote for buy and sell prices of a crypto asset at the same time, as it helps to bridge the gap of prices and ensure liquidity.
It can be said that the market maker is the extra buyer and seller that makes sure orders get fulfilled. They make sure that an asset is operating properly and that other investors can buy or sell at any time and in large volumes without crushing or skyrocketing the price. They offer the liquidity any cryptocurrency exchange needs to function while earning money off the difference between the ask and bid prices.
Healthy liquidity that market makers maintain benefits all stakeholders. The asset is less volatile, and the price is fair. Without market makers, the spread — the difference between the asset’s current market price and the price at which it can be bought or sold — would widen. This typically indicates the asset has low volume and won’t be as appealing to investors. To avoid that, market makers actively facilitate liquidity and maintain tight spreads.
Who are the biggest crypto market makers
There are currently a select few market-making companies with robust features and positive feedback from clients. Let’s compare the leaders of the crypto market-making industry and what they offer.
| Gotbit | Kairon Labs | Wintermute | Keyrock | GSR | |
| CEX | + | + | + | + | + |
| DEX | + | + | – | + | + |
| Dashboard | + | + | + | – | – |
| Profit-sharing | + | + | – | ? | – |
Gotbit
Gotbit is a hedge fund that began offering market making services in 2017. Currently, the company is developed and operated by a team of 140+ experienced specialists, including investors and consultants. This includes former traders from the American multinational investment bank Goldman Sachs as well as managers from Deloitte, McKinsey, and KPMG. The algorithms of the Gotbit platform have been shown to execute more quickly and produce higher returns than those of other market-making service providers, thanks to the invaluable experience of the experts who built it.
Gotbit provides their clients with access to a dashboard that displays market making activity in real time, bringing the funds management transparency to the highest level. Gotbit’s market making approach provides projects with a full ecosystem in the market. Thanks to artificial intelligence and maths algorithms, end clients are provided with solid risk management, as well as uninterrupted and well-coordinated work in all of the selected markets under a supervision of a professional trading desk.
Every Gotbit’s client has a team of market making professionals assigned to them that creates and revises unique trading strategies. The execution of these strategies is managed by experienced traders around the clock. Gotbit also provides consultation and development services to various startups. They have a huge network of connections between different projects and developers in the crypto industry.
Their solid investment reputation is supported by 50+ successful IDOs, SFOs, VCs, angels, foundations, and private rounds. Client feedback confirms that GotBit provides high service quality and fast execution.
Kairon Labs
Established in 2018, Kairon Labs provides market-making services as well as exchange listings, advisory, sponsorships, and IP licensing. In the crypto ecosystem, the company is currently working with utility tokens and digital assets, which are traded on hundreds of CEXs and DEXs.
The company has recently collaborated on some notable crypto projects, including the Elastos ecosystem, the blockchain gaming launchpad Seedify (SFUND), and the yield farming protocol Harvest Finance.
The team at Kairon Labs consists of experts in algorithmic trading and highly skilled analysts, and they are working together to ensure that digital projects always have a suitable solution for their liquidity requirements. Kairon Labs also has a vast network of partners, including VCs, launchpads, and exchanges, who offer additional support for the projects they work on.
Wintermute
Wintermute offers an algorithmic approach to market-making in addition to its own OTC trading desk, NODE, and both spot and derivative markets. The NODE was created specifically for professional investors, and it has no execution fees and is accessible via both browser and API.
Overall, Winermute concentrates on early equity rounds and aids curated projects in entering the cryptocurrency market. It offers both DEX and CEX solutions for clients and has vast experience in the DeFi sphere.
Over 200 digital assets are available in spot markets through Wintermute at competitive, customized prices. Funds, brokers, family offices, blockchain projects, OTC desks, and other organizations and qualified individuals are among their partners and clients.
Keyrock
Keyrock is a Belgian crypto startup that was launched in 2017 and now operates internationally. It is a company that actively utilizes its own market-making technologies across important CEX and DEX platforms, which are maintained to be market-neutral and highly scalable.
Keyrock offers liquidity services to tokens, barters, and brokerages within the cryptocurrency ecosystem through a combination of in-house algorithmic trading instruments, high-frequency trading architecture, and industry expertise.
The key advantage of Keyrock is its agile, adaptable business model and inventory sourcing. This reduces the inventory risk and enables them to serve all markets, regardless of starting volume.
GSR
Since its inception in 2013, GSR has been a mainstay of contemporary financial markets. It is a multinational company with over 300 employees, many of whom are former executives from Goldman Sachs, Citadel, J.P. Morgan, Two Sigma, and other traditional financial institutions.
GSR uses a methodology based on pre-established bid-ask spreads and order book KPIs, which enables the company to guarantee performance metrics to its clients. Additionally, it uses a variety of risk management techniques to give its clients more hedging options.
GSR also provides specialized services for mining operations in the cryptocurrency space, giving its clients increased yield opportunities. Sixty trading venues, including the top DEXs in the world, are connected to its trading technology.
The importance of market making for crypto projects
Any type of trading in digital assets relies heavily on market makers. They create and develop markets for digital assets while allowing new trading venues to not only survive but also thrive. Market makers’ primary responsibility is to provide the liquidity necessary to maintain the stability of asset prices, which calls for the utilization of cutting-edge technology as well as industry expertise.
Crypto projects, platforms, and assets can benefit from the following advantages by working with a recognized and reliable market maker:
- Higher liquidity. Investors and founders can purchase or sell their positions more easily if the asset has enough liquidity.
- Higher trading volume. Lower volatility leads to increased interest from investors because dramatic price swings are less likely.
- Lower probability of price manipulation. Higher liquidity makes it more challenging to manipulate the asset price because more money is required to affect the prices.
- Higher interest in the asset or project. Increased interest and discussions are generated around the project as a result of higher volumes. Some market makers also provide additional promotional services like exchange listings and strategic partnerships that can grow the project.
- Listing on major crypto exchanges. Knowing that a market maker is committed to providing liquidity round-the-clock, reputable and well-known cryptocurrency exchanges are more likely to list the asset on their platform.
Top Reasons Why Crypto Market is Down Today
The four-week crypto relief rally has lacked upward momentum in the past two days. According to our latest crypto price oracles, Bitcoin and Ethereum have dropped approximately 4 percent in the past 24 hours to trade around $22,803 and $1,566 respectively. As major stock indexes edged lower in the past 24 hours – Dow, S & P 500, and Nasdaq down 1 percent today – Morgan Stanley analysts are convinced the new year rally will end this week.
“We think the recent price action is more a reflection of the seasonal January effect and short covering after a tough end to December and a brutal year,” wrote a team of strategists led by Wilson, Morgan Stanley’s chief equity strategist. “The reality is that earnings are proving to be even worse than feared based on the data, especially as it relates to margins.”
The selling pressure emanating from short-term holders and crypto miners seems to have outdone the buy squeeze from long-term holders and whales. Furthermore, a crypto correction had been predicted by most analysts in the past few weeks citing minimal buy momentum as observed with prior bull markets.
What Next for Crypto Market?
The crypto market has experienced heightened volatility amid the upcoming FOMC statement, which economists believe will encompass an interest rate hike. While the crypto market has previously shown a high correlation with macroeconomic factors, analysts anticipate more volatility in the next few days, in all directions.
Notably, over $160 million has been liquidated in the crypto market in the past 24 hours. Bitcoin, Ethereum, and Aptos have led in total liquidations with approximately $49M, $47M, and $9M respectively according to aggregate data provided by Coinglass.
Crypto Exchange Gemini Faces Scrutiny! New York Regulator Launches Investigation On FDIC Claims
The cryptocurrency market has seen a spike in popularity in recent years, with many investors jumping to this digital asset class with the hope of securing their financial future. However, the crypto space has also seen a growing number of bankruptcies, raising concerns about the stability and security of these investments.
Recently, crypto lender Genesis Global Capital has rocked the financial world with its stunning chapter 11 bankruptcy filing, leaving its largest creditor, crypto exchange Gemini, facing severe heat from the New York regulator on FDIC allegations, according to a report.
Gemini Prepares For A Legal Battle
Last year, the crypto world was sent into a frenzy when Gemini and its lending partner Genesis halted their operations. The popular Gemini Earn program, which offered a lucrative 7.4% interest rate on crypto deposits, was forced to suspend operations, leaving over 340K investors in the lurch and putting a staggering $900 million at risk. Moreover, Gemini stopped accepting withdrawals in November after being affected by the impact of FTX’s demise.
Amidst the chaos, Gemini made bold statements as it claimed that users’ assets were safe as they were backed by the Federal Deposit Insurance Corp (FDIC). However, this claim ignited controversies as it is illegal for a firm to falsely state an uninsured product as FDIC-insured. In addition, the Federal law stops anyone from claiming an uninsured product as FDIC–insured.
Gemini Put Customers In An Illusion
The statement from Gemini assured investors and users of the safety of their assets through a government agency, but the funds are still at risk. As a result, nearly $900 million is stuck on the platform, and users are unsure whether they will ever get their funds back.
To thrash the burden and bring back its reputation, Gemini accused its lending partner, i.e., the now-bankrupt firm Genesis, of halting transactions as Gemini deployed all its customers’ funds into it.
Both Genesis and Gemini now face strict actions from the SEC as the authority has accused Genesis Global Capital LLC and Gemini Trust Company LLC of offering unregistered services and selling securities through the Earn program.
The SEC commented, “Gemini Earn investors tendered their crypto assets to Genesis, with Gemini acting as the agent to facilitate the transaction. Genesis then exercised its discretion in how to use investors’ crypto assets to generate revenue and pay interest to Gemini Earn investors.”
Here Are The Key Events To Watch This Week For Crypto Market
The crypto market started the year on a positive note where most of the cryptocurrencies doubled their value. Since the start of 2023 Bitcoin has jumped nearly 40% and managed to hit a high of $23,861 just a day before, on January 29. This phenomenon pushed the overall cryptocurrencies on a brighter side where even the global crypto market cap has moved beyond the $1 trillion mark.
At the time of writing, Bitcoin is valued at $23,236 after a fall of 1.32% over the last 24hrs.
However, many industry experts have claimed that the upcoming week will not be a cakewalk for the crypto market. This is because they expect many global events that might rebound the positive market and the same is already felt as BTC loses nearly 2% in the last 24hrs.
Top Events Affecting Crypto Market
- Fed’s Interest Rate Hike
The Federal Open Market Committee or also known as FOMC is set to have its next meeting on February 1st. Even though most of the investors and traders expect the US Federal Reserve to reduce the interest rate hike by 25bps, the possibility for 50 bps is still under consideration. Further, this interest rate hike will influence Fed Chair Jerome Powell’s approach.
- Interest Rate Hike By European Central Bank
Next, as per the reports, the European Central Bank is expected to increase interest rate by 50 bps. Along with the European Central Bank, even the Bank of England is set to hike interest rates by 50 bps on February 2nd.
- Major Tech Companies To Release Quarterly Results
It’s a known fact that the crypto market is always correlated with the US stock market, especially Nasdaq 100. This week major tech companies like Meta, Apple, Google and Microsoft are set to release their quarterly report which will have a deep impact on Bitcoin.
- US Unemployment Data
This week the US Bureau of Labor Statistics will release the non-farm payrolls and their unemployment rate data. As of December 2022, the US unemployment data has decreased to 3.5% as the country’s economy had added 223,000 jobs during the same time.
The coming week will be extremely important for the crypto market because of which the traders and investors will have to reconsider their investment decisions.
Best New Zealand Crypto Online Casinos & NZ Sites
The popularity of New Zealand crypto casinos is on the rise. In this article, you can discover the ins and outs, how they work, and some advantages of using cryptocurrencies over fiat payment methods for gambling. You can also look at the best sites and find out how to claim the exclusive 5% rakeback bonus at Stake.com with the promo code: MIKBONUS.
Top New Zealand Crypto Gambling Sites
- Stake.com: The best operator for exclusive promotions for new players
- BC.GAME: Great perks and additional bonuses for VIP Club members
- Cloudbet: Trusted bitcoin betting brand since 2013
Compare New Zealand Crypto Casinos for Offers
In this table you can directly compare the offers, games and unique elements of the three operators mentioned above:
| Site | Best For | Welcome Offer | Games |
| Stake.com | Exclusive offers, high profile sponsorships and original games | 100% deposit match and exclusive 5% rakeback promo code: MIKBONUS | Slots, table games, game shows live casino, provably fair |
| bc.game | VIP Club perks | Reward up to $20,000 | Slots, table games, live casino, high volatility, provably fair |
| Cloudbet | Casino, sportsbook and esports crypto betting | 100% deposit match up to 5 BTC | Slots, table games, live casino, high rollers, virtuals, provably fair |
Win Money Playing at New Zealand Crypto Casinos
At a crypto casino, you have the same chance of winning money as you would at a conventional gambling site. In fact, the chance of winning at a crypto casino is statistically slightly higher, due to the presence of more highly volatile games, the lower house edge and the higher average RTP.
How Does the Currency System Work?
The currency system at a cryptocurrency casino differs slightly between operators. At an exclusive crypto casino, you will only be able to deposit and bet using cryptocurrency. Meanwhile, other cryptocurrency sites also accept fiat currency payments, meaning that you have a choice.
It is also important to highlight the difference between the currency you use to make your deposit, and your “account currency”. Because bitcoin and other cryptos are notoriously volatile, most operators will allow you to use a stablecoin, like USDT, or even a fiat currency like NZD as your account currency.
What this does is make it easier to track your bets, wins/losses and account balance. For example, a $5 bet on a game is easier to process at a glance than a 0.00029 BTC wager.
How Does The Coin System Work?
If you want to make a deposit into a casino account using cryptocurrency, you will have to buy some first if you don’t own any already. This can be done by getting a crypto wallet and then purchasing some coins at an exchange.
Sometimes, this can be done all on the same site. There are some crypto casinos that allow you to get a wallet and purchase crypto at an exchange directly from the banking section of your account on their site.
To start betting at a cryptocurrency casino, follow these steps:
1. Open a crypto wallet
2. Buy some cryptocurrency at a reputable exchange
3. Open an online casino account with your chosen operator
4. Make a crypto deposit into your account
5. Overt account currency to USDT or fiat (if available and if desired)
6. Start playing and betting
7. Withdraw winnings (if you get lucky and have some)
8. Rinse and repeat
How to Play Without Buying Coins
On the whole, it isn’t possible to play properly without buying cryptocurrency and making a deposit first. Many operators do have demo versions of their games that you can try out for fun using virtual currency before registering your account. However, you cannot win real money, as demo versions are only for test purposes.
Another way to play without buying coins is by seeking out a no-deposit bonus. Such offers are rare, but they do exist, and they allow you to play at least some slots properly before buying and depositing crypto into your casino account. You should note that pretty much all no-deposit bonuses will come with a wagering condition that will require you to make a real deposit before you can withdraw any winnings.
How to Get Free Coins
Opportunities to get free crypto coins at a casino site are rare, especially for new players. However, there is one notable chance at Stake.com.
If you register your account and use this promo code: MIKBONUS, you will activate a 5% rakeback bonus. This gives you 5% of the house edge back on every wager that you place on all games over a seven day period. At the end of the seven days, the bonus is paid directly into your account balance, effectively giving you free coins.
While this promotion at Stake.com is the only one open to new customers, you will find other offers for existing customers and VIPs elsewhere. For instance, at BC.GAME, high-level VIP Club members can get free coin bonuses without wagering daily.
Best New Zealand Crypto Casinos Online
There are three cryptocurrency casinos available online in New Zealand that stand out. A short review of each has been provided below, alongside some bullet points summarizing the main advantages each one offers.
The reason why Stake.com is considered to be the best crypto casino for customers is because of the extra bonuses available. The regular welcome offer consists of a 100% deposit match worth up to a potential $1,000. While this offer is good, it is pretty standard within the crypto casino industry.
What makes Stake.com really stand out, is that on top of that, new players can also claim an exclusive 5% rakeback bonus with the promo code: MIKBONUS. At most other casinos, such offers are generally reserved solely for existing customers in VIPs.
The casino lobby contains well over 3,000 games, including slots, game shows, table games and live dealers. You can find titles from top-quality providers, including The Dog House Megaways from Pragmatic Play. Additionally, Stake has its own series of original provably fair games.
On the whole, the games at Stake.com have an above-average RTP, which means you have a better chance of receiving a payout than at most other casinos. The platform is home to a crypto sportsbook as well, and the brand is involved with some high-profile sports-related sponsorships with Premier League football clubs and the UFC.
Advantages of Stake.com:
- Exclusive extra promotions for new customers
- Over 3000 casino games
- Provably fair original games with high RTP
- High-profile sponsorships and partnerships
>> Register Now at Stake.com & Use Exclusive Code MIKBONUS (5% Rakeback!) <<
BC.GAME – The best for VIP players
While Stake.com is the best for new players, BC.GAME has a lot to offer its most loyal members. VIP Club members who reach the higher levels of the program can enjoy massive perks, including exclusive bonuses, weekly rakeback, and even free crypto coin giveaways on a daily basis.
The BC.GAME brand has also built a massive community around its online casino. You can constantly communicate with other players on the live chat feed while playing games. In addition to that, BC.GAME has chat rooms and forums on the following channels:
- Telegram
- GitHub
- Twitch
- BitcoinTalk
You can make your deposits and withdrawals in any one of the 18 different cryptocurrencies on this platform. If you don’t have crypto already, you can buy it directly on the BC.GAMES site and store it in your account wallet.
Advantages of BC.GAME:
- Excellent range of VIP Club perks
- Possibility to buy crypto on site
- Large community built for players
- Thousands of games including originals
>> Register Now at BC.GAME & Use Exclusive Bonus <<
Cloudbet – A reputable operator since 2013
The company behind Cloudbet got into the crypto gambling game at the ground level, launching back in 2013. Since then, they have managed to build a secure platform for players who want to use bitcoin and other cryptos. As a result, Cloudbet has a longer track record to look back upon than most of its competitors.
Despite being one of the older platforms, it has consistently evolved and moved with the times. Here, you can also find provably fair games and even a selection of titles with raised limits for high rollers.
Most crypto casinos offer a higher level of transparency than their fiat currency counterparts, but Cloudbet has raised the game slightly. Below each game is a graphic that shows the live RTP.
Advantages of Cloudbet
- Established secure crypto gambling site since 2013
- Transparent tools showing live RTP for all games
- Massive selection of games
- Huge welcome deposit bonus up to 5 BTC
>> Register Now at Cloudbet & Use Exclusive Bonus <<
Payment Options at New Zealand Crypto Casinos
There are many cryptocurrencies that you can use to make safe and secure deposits and withdrawals at an online casino site. Below, you can look at the five most popular coins for casino gambling in a little bit more detail:
Bitcoin
Bitcoin was the first cryptocurrency ever created back in 2009 and remains the most valuable and widely owned. Built upon the first-ever blockchain, it is a safe and secure deposit method that also offers users complete privacy and anonymity.
Ethereum
This cryptocurrency is built upon its own separate blockchain, which is similar to that of bitcoin but with a few added advantages. It is overall more efficient, meaning that your deposits will be generally processed quicker and you will be charged lower fees.
Ripple
Ripple (XRP) is another safe and secure casino deposit method that differs slightly from the two above. It is a token that is separate from all other cryptocurrencies and blockchains. This makes it cheaper, more efficient, and even more environmentally friendly than other cryptos, as less electricity is required in the transaction and mining process.
USDT
Tether (USDT) is the most popular and widely used “stablecoin”. It is tied to the US dollar, meaning that it is protected against the price volatility that affects other cryptocurrencies. This has made it popular for trading and also makes it ideal for online gambling, as 1 USDT is always equal to $1 USD.
BNB
BNB is the cryptocurrency and blockchain created by Binance, one of the biggest crypto exchanges in the world. Generally speaking, it is an ideal online casino deposit method as its blockchain is even cheaper and more efficient than other blockchains, even Ethereum.
How to Choose New Zealand Crypto Casinos
For newcomers to crypto gambling, the most important part of the process is selecting the right casino. With that in mind, here are a few things to consider that can help to point you in the right direction:
Games Selection
When using a cryptocurrency casino, the thing you are going to spend most of your time doing is playing games. Therefore, to ensure an enjoyable experience, it’s important to select an operator with plenty of games you want to play.
Offers and Free Coins
One of the big advantages crypto casinos have over conventional gambling sites is that cryptocurrency payment methods are much cheaper to support. As a result, you will find that crypto casinos often have larger bonuses with fairer terms and conditions.
Chance of Winning
At the end of the day, chance is the main element that will determine whether or not you win or lose when playing at an online casino. However, you can check out the fairness of the games – and crypto casinos are more transparent than other betting operators. Look for things such as RTP and volatility rating.
Mobile Gameplay
If you do most of your gaming on the move, you might think a mobile app is an essential feature. However, you will often find that a mobile-optimized website can, in some cases, do a better job – and with the added advantage that you don’t need to download anything.
What to Look Out for on New Zealand Casino Sites
As well as the elements mentioned above, you should also ensure that your chosen crypto casino site ticks these boxes:
Security
Even cryptocurrency casinos need to be licensed in order to be legit. On top of that, see what safety and security features are available on the site.
Usability
Test out the site before registering, if possible, and consider the following:
- Navigation
- Ease of use
- Gameplay
- Performance (lags/bugs)
Customer support
Ideally, customer support should be available 24/7 and throughout at least two or three of the following mediums:
- Live chat
- Phone
- Social media
Payment Methods
Always check to ensure that your preferred payment method and/or cryptocurrency is available. The list of cryptocurrencies accepted by an online casino can usually be found by scrolling down to the bottom of the homepage.
Terms and Conditions
Read the T&Cs, privacy policy and other relevant documents to give yourself peace of mind before registering your account.
New Zealand Crypto Casinos – Summary
Cryptocurrency casinos can provide players in New Zealand with an alternative to conventional gambling sites. While cryptocurrencies are notoriously volatile assets, using them for gambling does offer more privacy and security, as well as faster deposits or withdrawals. The most important thing is to use a reputable and trusted operator, such as Stake.com.
FAQ’s
Stake.com is the best crypto casino in New Zealand, and also one of the safest and most trusted. The brand has sponsorship deals with the likes of Drake, UFC and Premier League club Everton FC.
There is nothing in the law that prohibits adults in New Zealand from accessing and playing an overseas crypto casino site. However, crypto gambling operators cannot legally be based in New Zealand. As a player, you can legally deposit and gamble with sites like Stake.com and BC.GAMES.
Yes, in fact, you will often find that crypto casinos have better bonuses than fiat money gambling sites. For example, Stake.com has a 100% deposit match for new players plus an extra 5% rakeback bonus if you use the code: MIKBONUS
| Disclaimer: This is a guest post. Coinpedia does not endorse or is responsible for any content, accuracy, quality, advertising, products, or other materials on this page. Readers should do their own research before taking any actions related to the company. |
Best Canada Crypto Online Casinos & CA Sites
Crypto gambling online is increasing in popularity throughout the world, particularly in Canada. In this article, you can find details about how these websites work as well as all of the information you need to get started.
You can also discover more information about the top three Canada crypto casinos – Stake.com, BC.GAME, and Cloudbet. At Stake.com, new players can claim an exclusive 5% rakeback bonus with this promo code: MIKBONUS.
Top Canada Crypto Gambling Sites
- Stake.com – Massive 5% rakeback bonus for new players with promo code: MIKBONUS.
- BC.GAME – Best VIP club for loyal casino players.
- Cloudbet – Over 1000 crypto slots, live dealers and other games.
Compare Canada Crypto Casinos for Offers
Below, you can find a table with more information about the three crypto casinos mentioned above. At a glance, you can discover the welcome offer, range of games and site USPs.
| Site | Best For | Welcome Offer | Games |
| Stake.com | New customer promotions and original games | 100% match up to $1000 + 5% rakeback with promo code: MIKBONUS | Slots, table games, game shows live casino, Stake Originals |
| BC.GAME | Exclusive benefits for VIP players | Reward up to $27,000 | Slots, table games, live casino, high volatility, BC Originals |
| Cloudbet | Bitcoin betting | 100% deposit match up to 5 BTC | Slots, table games, live casino, high rollers, virtuals, provably fair |
Win Money Playing at Canada Crypto Casinos
When playing at a cryptocurrency casino, you have almost the exact same chance of winning as you would at a regular fiat currency betting site. Just make sure that you use a legit and reputable operator, such as one of those recommended on this page.
In the following section of the article, you can discover a little bit more about how the currency and betting systems work at your average crypto casino in CA.
How Does The Currency System Work?
One of the biggest concerns that new crypto casino players have is tracking their account balance and wagering. The volatility of cryptocurrencies means that the market value can quite literally change by the second.
However, there is no need to be overly concerned. The majority of crypto casinos will lock in your deposit at its market value at the time it is made. Additionally, most casinos at least give you the option to display your balance and wagers in a fiat currency, such as USD.
As crypto casinos are still new to the market in relative terms, there are many operators that also operate using a hybrid model. In other words, they accept both cryptocurrency and fiat deposits and withdrawals. Such sites can be a good option for first-time crypto casino players.
How Does The Coin System Work?
The process of depositing and withdrawing your crypto coins is a little bit different to that of using fiat currencies. Before you can make a deposit at a crypto casino, you first need to get a crypto wallet and buy some coins. Once you have coins you can make a deposit instantly, usually via a QR code or by using the payment address provided by the casino.
When it comes to withdrawals, things work the same, but in reverse. When you have selected the amount that you wish to withdraw in your chosen currency, you then have to enter your wallet address into the box provided. Once approved, your withdrawal will usually be processed within minutes – which is much faster than anything a fiat currency casino can offer.
The most popular crypto coins for betting are:
- Bitcoin
- USDT
- Ethereum
- Ripple
- BNB
How To Play Without Buying Crypto?
It is virtually impossible to play without buying crypto unless you opt to bet instead with a site that also supports fiat currency payments. However, if you deposit using a fiat currency, you will usually have to withdraw your funds to the same fiat currency payment account.
One other way that you can start playing without buying crypto is by finding a casino that offers a genuine no-deposit bonus. However, such offers are rare and will usually come with a condition that requires you to make a deposit before you can withdraw your bonus and any winnings.
How to get Free Crypto?
Opportunities to get free cryptocurrency are extremely rare for new players. In order to get started, you will almost always have to purchase crypto. However, there are some ways that you can get free coins as an existing player on some sites.
For example, VIP players at BC.GAME have the chance to claim free coins every day through boosts and other promotions. The percentage of coins that you can get depends on your VIP level, which is based on your spend and gameplay on the site.
At Stake.com, you can get free coins by signing up using the promo code: MIKBONUS. This gets you a 5% Rakeback bonus, meaning that you can passively win a percentage of the house edge back as a bonus for every wager that you place.
Best Canada Crypto Online Casinos
What follows here are short reviews about each of the three top Canada crypto casinos. A summary of the main advantages of each operator has also been provided to help you decide which one is right for you.
Stake.com has risen monumentally since it was launched in 2017, and it is now perhaps the best-known crypto betting brand in the world. This is thanks in part to some massive sponsorship deals with the likes of Drake, Everton FC and the UFC.
There are over casino 3000 games on the platform, including slots, table games, live dealers and plenty more. Additionally, you also have the Stake Originals – a range of provably fair games. These have proven to be trailblazing in the industry to the point that they now have their imitators.
Some of the best Stake Originals are Crash, Diamonds and Plinko. When it comes to slots, there are plenty of games from some top-tier providers, including Hacksaw Gaming, Pragmatic Play and Play’N’Go. As well as the online casino, Stake.com also has a crypto sportsbook, with markets and odds on a large selection of sports and esports contests.
When you register your account today, make sure to enter this promo code before you deposit: MIKBONUS. If you do, you can claim a 5% rakeback bonus on top of the 100% up to $1,000 welcome offer.
Pros for Stake.com:
- Extra welcome offer 5% rakeback with promo code: MIKBONUS
- Over 3000 slots and casino games
- Original series of provably fair games
- High-profile sponsorships and endorsements
>> Register Now at Stake.com & Use Exclusive Code MIKBONUS (5% Rakeback!) <<
BC.GAME: The top Crypto Casino for VIPs
This crypto casino has a lot to offer if you are a frequent and experienced online crypto gambler. The benefits of being a VIP include wagering-free coins, bespoke offers, weekly reloads and rakebacks plus a whole lot more.
As well as being points based, the VIP Club at BC.GAMES also has a range of tasks that you can complete to unlock rewards, and perks, which makes it more engaging. On top of that, the welcome offer is worth up to a potential $27,000, making this site popular with high rollers.
When it comes to the games, BC.GAMES is as good as any crypto casino, with thousands of options from well-known software studios. Like Stake.com, BC.GAME also has a selection of original games like Dice and Coinflip.
You can filter games based on their volatility, with high volatility games coming from the likes of Red Tiger and Spinominal. BC.GAME does have a sportsbook, however, it is not currently accessible for players in Canada.
Pros for BC.GAME:
- Lots of perks and rewards in the VIP Club
- Selection of high volatility games
- Massive welcome offer worth up to $27,000
- Rakeback and recharge bonuses for existing players
>> Register Now at BC.Game & Use Exclusive Bonus <<
Cloudbet: Best for transparency and high roller games
One of the best features of Cloudbet is the transparency with regard to how the games work. Below every single game graphic, you can see the RTP of the game displayed in blue. Move the cursor over this (or click on it if playing on your cell phone), and you can see other stats for the game, including the volatility rating, number of reels and bonus rounds.
Another notable feature of the Cloudbet site is the section dedicated to high roller games. Here you can find slots, table games and live dealers with raised minimum and maximum limits, which is ideal for big spenders.
Registration can be done quickly and easily through your Facebook or Google account. And as a new player, you can claim a 100% deposit match up to 5 BTC.
Having launched in 2013, Cloudbet is one of the longest-running and best-established crypto casinos in Canada. As well as the casino, there are also separate platforms for the crypto sportsbook and esports betting.
Pros for Cloudbet:
- Transparent with RTP and other game stats
- Selection of high roller games
- One of the oldest crypto casinos – launched in 2013
- 100% deposit match offer up to 5 BTC
>> Register Now at Cloudbet & Use Exclusive Bonus <<
Payment options at Canada Crypto Casinos
There are now hundreds of cryptocurrencies available in the world. However, when it comes to deposit and gambling safely and securely, these options are better than most:
- Bitcoin is the oldest and best-known cryptocurrency that is still the most valuable on the market. As a result, it is considered to be the safest option for first-time cryptocurrency gamblers. The disadvantage is that bitcoin transactions are slower than most other cryptos.
- Ethereum is built on a more efficient blockchain and peer-to-peer system. This means that ETH transactions often have lower fees and faster withdrawal times than Bitcoin. However, its price can be more volatile.
- Ripple is not attached to the blockchain, meaning that it is not decentralized in the same way as other payments. This has led many to consider it to be a safer option, and transaction speeds are also quicker.
- USDT is a stablecoin that is tethered to the USD dollar. This means that its value is exactly the same as the dollar so it offers stability to casino players that other cryptocurrencies cannot.
- BNB is the cryptocurrency that is anchored to the Binance crypto exchange. BNB offers fast transactions, and low fees and can easily be converted into other cryptos if your operator doesn’t accept it.
How to choose new Canada Crypto Casinos
When it comes to finding a new cryptocurrency casino, there are a few aspects that need to be considered. The most important points to consider have been highlighted for you below:
Game selection
Gaming forms a core part of any online gaming experience and so it’s important that the operator you choose to register has more of the games that matter to you. One of the main advantages of crypto casinos is that they usually offer a better selection of games with a lower house edge and higher average RTP.
Bonus offers and free spins
First and foremost, take a look and see if the casino has a decent welcome offer with reasonable T&Cs that suits your budget. Then see what other promotions are available for existing customers, including free spins and the VIP program.
Cash prizes
Naturally, you want to have the best possible experience at a crypto casino. While everything is randomized, crypto casinos are more transparent than conventional ones so you can check most games’ fairness, RTP and payout stats.
Is an app available?
Most players play games on their cell phones or tablets, at least some of the time, therefore an app is essential for many players. If an operator doesn’t have an app, make sure to test out the mobile website, which can often be an ample substitute or even an upgrade on an app.
What to look out for on Canada Crypto Casino sites
In addition to everything above, it’s also a good idea to look out for these features on a crypto casino site in Canada:
Security
Above all else, you want to make sure that you have a safe and secure experience, so ensure that your chosen site has the following:
- A valid gambling license
- Encryption technology
- Account protection like 2FA
- A track record of safety
- Good reviews from currency users
Usability
Test out the website and/or app to see if you find it easy enough to use and navigate.
Customer support
Of course, the best case scenario is that nothing goes wrong. However, if it does, you want to be comfortable with the knowledge that help is at hand. Look for 24/7 customer service via live chat, email, social media and phone.
Payment methods
Take a look to see if your preferred cryptocurrency is accepted for deposits and withdrawals. If you also want to use fiat currencies, make sure that is an option.
Terms and conditions
No one enjoys reading the small print, but doing so is essential to ensure that you will have a safe and secure experience overall when using the site of your choosing.
Conclusion – Best Canada Crypto Online Casinos
Crypto casinos offer players a number of advantages, including increased privacy, lower fees and faster withdrawals. Additionally, most operators also have a wider selection of games with a better payout ratio. For first time players, it’s worth using one of the top recommended crypto casinos in Canada:
Canada Crypto Casinos FAQ
Although cryptocurrencies are relatively new to the market, there are still a number of trusted and legit operators in Canada. Stake.com is the most trusted brand, thanks to its high ratings and big sponsorships with the likes of Everton FC, Drake, UFC and Sergio Aguero.
As well as being the most trusted brand, Stake.com is also considered to be the best crypto casino in Canada. There are over 3000 games in the lobby, with transparent payout systems and a high RTP. You can claim an exclusive 5% rakeback at Stake.com today with this promo code: MIKBONUS.
In general, cryptocurrency casinos have faster payouts than conventional fiat currency operators. The top three crypto casinos for fast payouts in Canada are:
1. Stake.com
2. BC.GAME
3. Cloudbet
| Disclaimer: This is a guest post. Coinpedia does not endorse or is responsible for any content, accuracy, quality, advertising, products, or other materials on this page. Readers should do their own research before taking any actions related to the company. |
Why Crypto Market Dropped Suddenly? Here Are The Top Reasons
The Bitcoin price saw a modest increase over the weekend, reaching near $24k, however, these gains were short-lived and were erased during the European trading session as the price fell to around $23k.
The crypto market saw a liquidation of over $116 million in the past 24 hours. According to the latest market update from Coingecko, the total crypto market capitalization has decreased by 2% to $1.087 trillion.
The decline in Bitcoin price is indicative of a dip in the entire crypto market, as expected. Ethereum is currently trading at around $1,578, a 2% decrease from its value earlier today.
Among meme coins, Floki Inu experienced the largest decline, dropping 17% and trading at around $0.00002375.
Factors Attributing To BTC’s Price Crash
The fluctuations in Bitcoin’s market can be attributed to various macroeconomic factors, including the upcoming statement from the Federal Reserve on interest rates.
Most analysts anticipate the Fed to raise interest rates by over 25 basis points, which Mathew Dixon, CEO of Evai.io, believes will drive the Bitcoin price upward.
Additionally, a declining dollar is seen as a positive for Bitcoin, which is widely considered as a hedge against inflation.
Despite this, there have been ongoing discussions about a potential correction in Bitcoin’s price.
Binance has been accused of manipulating the market by pumping up the price using its BUSD market. As a result, it is expected that short-term holders and miners will outnumber the whale buyers, leading to a correction.
As January 2023 draws to a close, crypto analysts will closely monitor the monthly close. According to popular analyst Rekt Capital, a close above $23.4k on the monthly candle would indicate bullish sentiment.
Meanwhile, long-term Bitcoin attributes indicate a possible multi-week consolidation towards next year’s halving event. Most analysts expect Bitcoin to retest ATH and enter the price discovery region after the 2024 halving.
As the crypto market continues to evolve, it will be interesting to see how the industry reacts to the latest developments. Do you think Bitcoin will bounce back or continue its downward trend? Let us know your predictions.
Breaking! Philippines Securities Regulator Wants Public Opinions To Draft The Country’s Crypto Law
The Philippines Securities and Exchange Commission (SEC) is taking a significant step towards regulating the crypto sector in the country as they have released a bunch of draft rules and regulations and are now seeking feedback from the public to finalize the laws.
This is a solid step for the crypto industry in the Philippines and a sign that the government is taking a proactive approach to providing a safe and encrypted environment for digital asset transactions.
Moreover, this is a crucial moment for the crypto community as users in the Philippines will be able to have their say and influence the future of the sector as the SEC is open to hearing from individuals, organizations, and businesses involved in the crypto industry and wants to ensure that the rules and regulations are fair, effective, and in line with international best practices.
Filipino Crypto Users Get In A Conversation With The SEC
The Philippines SEC is seeking public view to draft its crypto law and bring the crypto business under the general consumer protection law. Previously, the SEC stepped up to get crypto under rules and regulations in order to protect investors’ funds just after the sudden fall of the crypto exchange FTX.
Now, the regulatory body is inviting the public to comment on these draft rules, creating a chance for crypto enthusiasts to come together and shape the future of the industry in the Philippines.
With the implementation of the Financial Products and Services Consumer Protection Act signed by former President Rodrigo R. Duterte, the regulator is stepping up to ensure that everyone involved in the crypto space can provide suggestions with confidence.
However, the act does not indicate any specific names or crypto firms; the draft includes crypto in the classification of securities. The draft law will accept public views, including opinions and suggestions, till 7 February.
Crypto Adoption To Skyrocket In Philippines
The Philippines is on fire with the crypto fever that swept the nation in 2022! With the bull market at its peak, everyone wanted a piece of the action, and adoption skyrocketed. But as the market cooled and high-profile bankruptcies made headlines, regulators stepped in to bring stability to the wild west of crypto.
And now, the Philippines Securities and Exchange Commission (SEC) is taking charge and leading with its bold move to regulate the crypto space. But they’re not just talking the talk; they’re walking the walk with a draft of rules that will put the crypto industry in the Philippines on a level playing field with the rest of the world.
The draft law states, “Securities shall include ‘tokenized securities products’ or those which grew with the abstraction of key characteristics from cryptocurrency’s underlying distributed ledger technology to apply in the traditional financial sector.”
It further states, “It is the policy of the State to ensure that appropriate mechanisms are in place to protect the interest of consumers of financial products and services under the conditions of transparency, fair and sound market conduct, and fair, reasonable, and effective handling of financial consumer disputes, which are aligned with global best practices.”
The Philippines Securities and Exchange Commission (SEC) is making it known that they mean business when it comes to regulating the crypto industry! As the crypto industry is getting bigger every day, the SEC wants to make sure everyone is abiding by the rules.
Therefore, a violation of the law will force the authority to suspend a director, executive, or employee of a crypto firm. Additionally, if a firm is found to violate the new regulations, the SEC has the power to suspend their entire operation. In addition, the country’s Market Securities and Registration Department (MSRD) will be deployed to review firms offering crypto services and securities to the residents of the Philippines.
China To Welcome Crypto Adoption – Predicts Tron Founder Justin Sun
The People’s Republic of China has been very hostile towards the crypto market in the past decade ranging from the miners’ ban to the crypto trading ban. However, Justin Sun – the Permanent Representative of Grenada to the WTO and the founder of Tron Foundation – has insisted that crypto adoption in China is imminent with the recent implementation of transactions’ tax. Notably, China has implemented a 20 percent personal income tax on all crypto profits.
According to Sun, China’s global influence on other worldwide economies may push the to move in a similar direction in future.
“The crypto tax in China is a positive development for the global cryptocurrency market and may set a precedent for other countries to follow,” he noted.
He added that the Tron ecosystem and Huobi crypto exchange have a strong focus on innovation and have been instrumental in driving the growth and development of blockchain technology in China
Bigger Picture of China Crypto Adoption
The global crypto market is expected to significantly benefit from China providing clear regulations amid a time when accountability is needed to ensure mainstream adoption. Furthermore, the FTX and Alameda saga, which has been described as the fastest big corporate failure in American history, triggered a global crypto regulatory need.
China has been easing Covid related restrictions following a string of lockdowns in major cities. As the country rejoins the world’s supply chain, the use of cryptocurrency is expected to widen the country’s economic outlook. Furthermore, the country has tested and rolled out its CBDC, digital yuan, in the past few years.
More crypto regulations in China will help onboard mainstream organizations like traditional banks in the country that needs digital assets exposure. Furthermore, the high inflation has caused traditional organizations to adopt Bitcoin and digital assets as hedge factors.
Why Crypto Market is Up Today? Is It a Precursor to a Giant Rally or a Smoke of Hopium?
The post Why Crypto Market is Up Today? Is It a Precursor to a Giant Rally or a Smoke of Hopium? appeared first on Coinpedia Fintech News
The crypto market is rising today as the global market capitalization gained more than 2% and attempting to reach $1.1 trillion at the earliest. The trading volume also spikes by 25% to mark levels close to $50 billion at the moment.
The total value locked in DeFi is also surging as they approach $50 billion with a jump of 1.49%. Moreover, Bitcoin’s dominance is also surging which stands at around 42.25% with a rise of 0.17%, for the first time in the past 6 months.
But What Changes the Market Sentiments? Why the Crypto Market Is Rising Today?
Bitcoin and the traditional markets have been impacted by external events and FOMC is at the top of the list. Each time, the agenda for the next meeting is discussed, markets react notably and with the announcement of the fresh rates, BTC prices jump, uplifting the entire crypto space. Presently, the crypto space is surging but may be impacted any moment-says a popular analyst Rager.
FOMC this week
Be open to understanding that things can change regardless of how good things look
Unfortunately, Bitcoin price movement can still be impacted by the Fed, hopefully it's good
— Rager
(@Rager) January 29, 2023
Meanwhile, the BTC price is expected to be impacted positively by the upcoming Fed announcement where-in the possibility of a massive upswing emerges. Along with this, the traditional markets are also believed to rise as both S&P 500 and Bitcoin are testing one of the crucial levels along the trend line.
Crypto Market Analysis: Top Predictions for Bitcoin(BTC), Ethereum(ETH) & Ripple(XRP) for February 2023
Bitcoin (BTC) Price Analysis
Bitcoin appears to accumulate gains as the price levels have been hovering around $23,000 for nearly a week. The RSI is displaying a bearish divergence while the MACD is about to flash a bearish crossover. Therefore, the BTC price is expected to face a minor rejection during the weekend that may trigger a bullish close for the month ahead.
The BTC price is manifesting both the possibilities of rising beyond the interim resistance at $24,400 and surging below $21,800. An equal bullish and bearish impact is been recorded due to which the volatility of the asset has been slashed hard.
However, the upcoming weekend may turn the tables for the BTC price and either of the targets may be achieved. Meanwhile, a bearish outcome is more likely which may slash the price below $21,000 but the upcoming week could be bullish.
Ethereum (ETH) Price Analysis
The Ethereum price in constantly trading along the resistance of the falling wedge for more than a week now. The price slightly deviates towards the south and hence the bears are slowly gaining strength and may display a giant action during the weekend. Moreover, the Bolinger Bands are also displaying a contraction which reduces the bullish possibilities to a larger extent.
The current trade setup displays the possibility of a minor pullback and plunges down. However, in case of an extended bearish action, the price may find a base to rebound at 200-day MA which is located at $1424. This may trigger a notable upswing that could uplift the price levels beyond the upper resistance and reclaim the crucial levels at $1767 in the coming month.
Ripple (XRP) Price Analysis
Ripple price broke above the bearish trade set up after the first fortnight of 2023 and began to consolidate heavily around the resistance. The price just made a failed attempt to rise beyond $0.43 intensifying bearish action and slashing the levels close to $0.41 at the moment. However, the upcoming weekend is believed to be highly volatile that may display a giant price action.
The XRP price is testing the crucial resistance levels and displays huge possibilities of a bearish breakout in the next 24 to 48 hours. While the lower support levels are fragile and hence may not hold the rally. However, the bulls may not allow the price to drop heavily as they appear to be well in a position to defend the gained levels. Therefore, after a brief consolidation, the XRP price is believed to rebound finely to reclaim levels above $0.45 soon.
The Newest Platform xBitcoin Club Is under the Crypto Spotlight
The cost of putting money in digital currencies can be high. Even if the majority of tokens are selling substantially beneath their ATH, placing digital currencies in your wallet can be expensive. Furthermore, due to the volatility of these crypto assets, there is always a chance of suffering financial distress.
However, if we advise that you could make money with cryptocurrencies just by reading up on the different coins and ideas used in the digital market? Come along to understand which platform provides this information, as well as how much you can make.
Even though trading in cryptocurrencies is very prevalent these days, if you want to do it properly, you need to have the correct equipment at your disposal. This does not entail purchasing a technology that will ensure your profitability, as there is no such thing in the crypto realm. Having a platform that can suit your trade characteristics and strategy is what it really entails. So let me introduce you to xbitcoincapex.app. This crypto platform will enable you to remain motivated and mentored without feeling unrestrained, despite your degree of experience.
xBitcoin Club: In A Nutshell
Using a broker-based system, a broker will get in touch with you after you register to familiarise you with the platform. Keep a close eye on every piece of information that follows since it will help you understand all the crucial aspects of the platform that you need to be aware of in order to make an educated alternative.
The advantages that this new platform might provide its consumers are listed below:
Speedy Confirmation
Xbitcoin Capex app wouldn’t prefer that you lose out since the crypto market is always open. They offer quick results, and after signing up, they will connect you with a broker so you can grab a number of trading opportunities in a short amount of time.
Trustworthy Connections
XBTC club conducts market research to assist you in finding the best brokers in your area who can grant you links to powerful auto trading tools and educational materials. By sharing your interests and trading restrictions with your broker, XBTC Capex club connects you with a broker who can assist you in identifying trades that fit your objectives. Your broker will then inform you about trading opportunities that are suitable for you.
24/7 Client Support
Trading may not be ideal for everyone, but we think that with the correct assistance, you can develop a successful trading plan. To help you seize previously unheard-of chances, their partners offer 24-hour assistance. Xbitcoin Capex club was created to make time-consuming chores easier, such as analysing the trends and keeping track of trades in the extremely volatile and always accessible crypto market.
High-Security
The fact that your privacy is secured is the best reason to establish a XBTC Capex account. They use strong authentication algorithms and are completely transparent about how they handle your information. No more data leaks or unauthorised access. Nevertheless, it is your duty to get familiar with the privacy regulations of the external parties you utilise.
Generous Possibilities
xBitcoin club doesn’t claim that you’ll generate enormous profits. In reality, you run the danger of losing all of your money. But then, investing offers more than just financial gain. You have the exceptional opportunity to participate in a brand-new financial system that provides competitive solutions and accountability to both veteran traders and novices. One of the most advanced auto-trading platforms in the market, XBTC Capex is a requirement for both newbies and skilled traders who want to succeed in the crypto markets thanks to its versatile and advanced features. The most innovative technologies for simultaneously capturing several trading chances are available on the platform.
Numerous Trading Options
We are all aware that there is no universal approach to trading. The best part is that their partners have a wide range of resources and options available. Rookie traders can experiment with the demo and copy trading options available, while professional traders can use trading bots to continue putting trades while surfing the tides of the highly competitive market.
Trial/Demo Trading Account
The demo account feature, which you can use to perform fictitious transactions using artificial funds, is another highlight of Xbitcoin Capex club. This is a fantastic opportunity for new traders to put their abilities to the test, improve from their errors, and simply become more market smart in the hopes of improving as traders through experience. You can use this tool, even if you have some trading background, to explore your trading style and determine if it is effective before investing money that you risk losing.
Conclusion
Undoubtedly, one must have some passion for the subject of crypto trading. But you would anticipate that in the beginning, you should still look into a possible platform. The xBitcoin club’s approach is uncomplicated. Study with enthusiasm and develop your knowledge. Consequently, this trading platform is for you if you’ve never exchanged before but want to learn. In a different scenario, you might have previously engaged in trading to some extent. You may have even purchased Bitcoin in the past, but your level of skill hasn’t yet grown to the point where you can describe yourself as a professional trader. Think about XBTC club if you fall into such a category and are looking for a new platform that may take the crypto market to the next level.
Lastly, you might have a lot of experience trading crypto. To ensure that you are consistently making the best transactions feasible, this could entail having a keen sense of your environment and strong research skills. XBTC Capex has plenty to show you at this point.
| Disclaimer: This is a guest post. Coinpedia does not endorse or is responsible for any content, accuracy, quality, advertising, products, or other materials on this page. Readers should do their own research before taking any actions related to the company. |