Monat: Januar 2023

• Ethereum Classic traded within a range from $20 to $23.88, with the mid-point at $21.94.
• Lower timeframe traders can look to long a revisit of the range lows, and short a test of the range highs.
• Neither indicator showed any favor to the bulls or the bears as ETC traded at the mid-range mark at the time of writing.

The cryptocurrency market is full of volatility and uncertainty on a day to day basis. Ethereum Classic (ETC) is no exception to this, as it has seen a wide range of price movement over the past few weeks. With ETC ranging between $20 and $23.88, there are a few key points to look out for in order to make successful trades.

The mid-point of this range is key to keep an eye on, as it is currently sitting at $21.94. This is important for traders who are looking to take advantage of the range-bound nature of ETC. Lower timeframe traders can look to long a revisit of the range lows, and short a test of the range highs. This could be a good way to capitalize on the range-bound nature of ETC.

When looking at indicators, both the Relative Strength Index (RSI) and the Chaikin Money Flow (CMF) are showing a neutral sentiment. The 4-hour RSI stands at 50, and the CMF is at zero. This indicates that neither the bulls nor the bears are in control of the market, as ETC is trading in the middle of the range at the time of writing.

Therefore, traders should be cautious when looking to take a position in Ethereum Classic. Although there is a higher timeframe bullish bias, the current price action indicates consolidation. Without significant momentum and volume, it is difficult to predict whether or not a breakout above $24 or a reversal beneath $20 will occur.

Overall, Ethereum Classic is currently trading in a range and key levels should be watched in order to capitalize on this range-bound nature. With the mid-point of the range sitting at $21.94, traders should look for opportunities to long a revisit of the range lows, and short a test of the range highs. However, caution should be taken when taking a position, as the current price action indicates consolidation.

• FTX’s new CEO, John J. Ray III, is looking into the possibility of rebooting the exchange to bring more value to customers.
• The token – FTT – has seen an increase of 25% in the last hour, and 60% in the past seven days.
• The new CEO dismissed the recent claims made by the former CEO – Sam Bankman-Fried – and said it was unhelpful.

The crypto exchange FTX.com is considering bringing itself back to life, according to an interview with the Wall Street Journal with the new CEO of the exchange, John J. Ray III. This news has been met with optimism, as the exchange declared bankruptcy in November 2022 after customers started withdrawing their assets from the platform aggressively.

The task force set up by Ray is currently looking into whether rebooting the exchange would bring more value to the customers than selling the exchange or liquidating the assets. Ray stated that “If there is a path forward on that, then we will not only explore that, we’ll do it.” This has been met with a positive response, as the token – FTT – of the exchange has seen an increase of 25% in the last hour, and 60% in the past seven days, according to CoinMarketCap.

Ray has also dismissed the recent claims made by the former CEO – Sam Bankman-Fried – as unhelpful. The new CEO added that there was no need to have a conversation with SBF to make any decisions.

The news of the potential revival of the crypto exchange has been met with much enthusiasm in the industry, as many are optimistic that it could bring more value to customers. The task force is currently exploring the possibility of reviving the exchange, and Ray has promised that if there is a viable path forward, it will be taken. It remains to be seen how the situation develops and whether FTX makes a comeback, but for now, the news has been a welcome respite for the crypto industry.

• El Salvador’s legislative assembly has passed a landmark law to establish a legal framework for digital assets, paving the way for the proposed Volcano Bonds.
• The law also establishes a National Digital Assets Commission to oversee the issuance of digital assets.
• The bond issuance was initially planned for March 2022 but was delayed due to the crypto winter.

The legislative assembly of El Salvador has recently passed a landmark law to establish a legal framework for digital assets. This groundbreaking legislation sets the stage for President Nayib Bukele’s proposed Volcano Bonds, a plan that he announced in 2022. This new law not only gives the green light to the issuance of these bonds, but it also creates a National Digital Assets Commission to oversee the process.

This initiative was first proposed by President Bukele in 2021, with the goal of issuing $1 billion in Bitcoin-backed bonds to fund the construction of a “Bitcoin City” at the base of the Colchagua volcano. The city would be powered by the volcano’s hydrothermal energy, and it was from this source that the bonds derived their name. In November 2022, a digital securities bill urging El Salvador’s lawmakers to create a legal framework surrounding the planned issuance of digital assets by the country was introduced in the legislative assembly.

The passing of this key legislation brings El Salvador one step closer to the issuance of these bonds. The bond issuance was initially planned for March 2022, but was delayed due to the crypto winter. The National Digital Assets Commission, created under the new legislation, will be responsible for establishing the necessary rules and regulations to ensure the successful issuance of these bonds.

The decision to pass this legislation is a major milestone in El Salvador’s journey towards becoming a crypto-friendly nation. President Bukele’s administration has been a strong proponent of digital assets and blockchain technology, and this move further cements the country’s commitment to the industry. With the legal framework now in place, it’s only a matter of time before the citizens of El Salvador witness the launch of the Volcano Bonds.

• Litecoin [LTC] has become one of the best-performing cryptocurrencies in Q4 2022, likely continuing this trend in Q1 2023.
• Recent observations have revealed significant interest in LTC, as it is currently the second most transacted cryptocurrency on BitPay.
• Litecoin’s price action during the last two or three months indicates that it is trading within an ascending price channel, retracing after coming into contact with the ascending resistance and bouncing off its ascending support towards the end of December.

Litecoin [LTC] has been gaining recognition in terms of transaction activity, making it ideal for fast-paced trading. After the cryptocurrency turned out to be one of the best-performing cryptocurrencies in Q4 2022, investors are now asking whether or not it will maintain this trend in Q1 2023. Recent observations have revealed significant interest in LTC, making a strong case for its potential as a good short trade as it swings within a 2-month range.

To understand the current state of LTC, it’s important to take a look at the recent updates. According to the reports, Litecoin is currently the second most transacted cryptocurrency on BitPay, the largest crypto payments processor in the world. To put it into perspective, roughly one out of every four transactions on BitPay involved Litecoin. This means that the cryptocurrency has been gaining traction and could potentially be a good short-term trade.

Analyzing Litecoin’s past performance is also key in determining its potential for the coming months. During the last two or three months, the cryptocurrency has been trading within an ascending price channel. It retraced after coming into contact with the ascending resistance and bounced off its ascending support towards the end of December, followed by a rally. However, the current rally seems to have lost momentum after reaching the resistance line, which could be an indication of a potential bearish trend in the near future.

The interest in Litecoin has been steadily increasing, with more and more investors turning to the cryptocurrency as a viable option. This could be a sign of potential gains in the future, but investors should still be cautious and keep an eye on the market for any changes. As the cryptocurrency continues to gain traction, it will be interesting to see how it performs in the coming months.

• The US law enforcement authorities have opened an investigation into Nishad Singh, former FTX executive, regarding his role in FTX’s collapse.
• The CFTC, SEC, and SDNY are looking into Singh’s activities, who had the code to transfer FTX funds.
• Singh could be charged by the end of the month if found to have played a part in defrauding investors.

The US law enforcement authorities have recently opened an investigation into the activities of Nishad Singh, the former Executive Director of Engineering at the now-bankrupt crypto exchange FTX. The Commodities and Futures Trading Commission (CFTC), Securities and Exchanges Commission (SEC), and the Southern District of New York (SDNY) are all looking into Singh’s role in FTX’s collapse.

Nishad Singh has been missing since FTX declared bankruptcy and has been the subject of controversy since then. Reports suggest that Singh had received over a $500 million loan from Alameda, while former chief executive Sam Bankman-Fried had taken a $1 billion loan from the investment arm. In addition, Singh held a 7.8% stake in the platform and was one of the three executives who had the code to transfer FTX funds. The other two were SBF and Gary Wang.

The US law enforcement authorities are now looking into Singh’s activities and whether he was involved in any wrongdoing with regards to FTX’s collapse. If the prosecutors find that Singh had any part to play in the multi-year scheme of defrauding investors, they could charge him by the end of this month. This follows Sam Bankman-Fried’s recent plea of not guilty to all eight counts of criminal and electoral fraud.

In the meantime, Singh remains out of the public eye and the case is still under investigation by the US law enforcement authorities. The CFTC, SEC, and SDNY will continue to look into his role in FTX’s collapse, and the public will be updated of any findings in due course.

• SAND rose from $0.38 to $0.44 in the new year after Bitcoin surged.
• The indicators on the four-hour charts showed an extremely bullish SAND, with buyers having the upper hand and on-balance volume reaching new highs.
• SAND could retest or break out above $0.4524, but a break below current support at $0.4319 would invalidate the bias.

Sandbox [SAND] was an altcoin that experienced a surge in the new year after Bitcoin [BTC] rose from $16.52K on 1 January to $16.96K on 4 January. At press time, SAND was trading at $0.4418 and the indicators on the four-hour chart showed an extremely bullish outlook.

The Relative Strength Index (RSI) was in the overbought territory, indicating that buying pressure remained strong. The Directional Movement Index (DMI) also showed buyers having the upper hand at 36 points, with sellers at 12 points. There was a slight downward trend on the buyers‘ side, which could indicate a slight decline in buying pressure. On-balance volume (OBV) also reached new highs, indicating increased trading volume, which reinforced the recent buying pressure and price increase.

Based on the current momentum, SAND could retest or break out above the 100% Fib level at $0.4524. Risk-averse traders can take profits at this level. However, a break below the immediate support at $0.4319 would invalidate this bias. Such a downside move could find new support at the 61.8% Fib level of $0.4228. Weekly SAND HODLers saw gains as volume surged.

Overall, SAND remains a strong altcoin that could continue to surge in the new year if the current momentum holds.

• Algorand has experienced a relief rally of 16.5% in the past six days, though it has still lost 60% of its value in the past two months.
• There is an order block of resistance at $0.1874 that must be broken in order to invalidate the bearish market structure.
• Bitcoin is showing resistance at the $17.3k-$17.6k area, and bears can enter short positions once this area is broken.

Algorand has seen a relief rally of 16.5% within the past six days of trading, after reaching a low of $0.1598 on 30 December. Despite this, ALGO has still lost close to 60% of its value in the past two months. This move has been appreciable, but it has yet to break the higher timeframe trend of Algorand, which remains bearish.

At press time, Algorand is trading at $0.1874 and faces a region of stiff resistance. This resistance is highlighted in red and is a bearish order block on the daily timeframe. This order block has confluence with the horizontal level at $0.1874 and must be broken in order to invalidate the bearish market structure. The Relative Strength Index (RSI) has yet to breach the neutral 50 mark, and the On-Balance Volume (OBV) has not shown large gains in the past two weeks, indicating that this bounce is ripe for selling. A daily trading session close above the order block at $0.195 would invalidate this bearish notion and shift the trend in favor of the bulls.

Bitcoin is currently trading at $16.8k and is showing resistance at the $17.3k-$17.6k area. Although eager bears can wait for another move higher before entering short positions with conviction, a break above this area could herald another small rally for the altcoin market.

• The Judge has granted the platform the right to sell millions of dollars of stablecoin belonging to 600,000 Earn customers.
• The customers are now classified as unsecured debtors under bankruptcy law and will not be able to recover the full amount of their claims.
• The Judge has approved the sale of $18 million worth of stablecoins held by Celsius Network, despite objections from U.S. states.

The Judge has recently made a ruling in favor of crypto lending platform Celsius Network, granting it the right to sell millions of dollars of stablecoin belonging to 600,000 Earn customers. This move now allows the bankrupt platform to use the funds however it wants. This fund belonged to nearly 600,00o Earn program users who initially allowed customers to make interest on their crypto deposits.

With this, Earn customers are now classified as unsecured debtors under bankruptcy law. Moreover, the court document stated that there will not be enough funds to repay all the customers in full. On top of that, customers will have to „prevail with their arguments that they own the cryptocurrency assets in their accounts, they hope to recover 100% of their claims“.

The ruling also addressed the platform’s move to sell $18 million stablecoins it held in Earn accounts. The U.S. states had sought to block this sale arguing that it was unnecessary given Celsius Network still had money left to conduct operations for a few more months. The Judge, however, favored Celsius even in this matter, ruling, „it is unnecessary to resolve whether the proposed sale of stablecoins would be in the ordinary course of business because the sale should be approved outside the ordinary course of business“.

This ruling come as a major win for Celsius Network, which will now be able to use the funds as it wishes. For Earn customers, however, this is a major setback as they will not be able to recover the full amount of their claims. Moreover, the Judge’s approval of the sale of $18 million worth of stablecoins held by Celsius Network has been seen as a controversial move by U.S. states.

Regardless, the ruling has been made and it will be interesting to see how the platform utilizes the funds it now has control over. For Earn customers, the hope is that they can still recover some of the funds they had deposited with Celsius Network.